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The
ommfrria' j
REG.
COPYRIGHTED IN 1937 6Y WILLIAM 8. DANA COMPANY,
NIWYORK.
VOL. 144. 'a8"edw;f5yp,^raCopy~
PAT. OFFICE
0.
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UNDER THE ACT OF MARCH 3, 1879.
NO. 3754
NEW YORK, JUNE 5,1937
CHASE
THE
NATIONAL BANK
OF
THE
CITY
The
OF
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YORK
chase is tra-
ditionally a bankers' bank.
For
years
many
served
a
it has
large number
of banks and bankers
as
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Financial
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Foreign
Leading Out-of-Town
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH
BIRMINGHAM
New
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(ESTABLISHED
NEWARK
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(With which the Western Australian Bank and The
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Jersey State & Municipal Bonds
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Paid up
Capital
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6,150,M0
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The
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every
description
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Produce Credits arranged.
DETROIT
Specimltzing in
Head Officet
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39 Threadneedle
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Paid-up Capital (Hongkong Currency)-..H820.000.000
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(Hongkong Cur¬
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—H810.000.000
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(Hong¬
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kong Currency)
A.
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of EGYPT
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FULLY
PAID
RESERVE
...
CAPITAL
FUND.
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Bankers
Over
to the
Yeara
CHIEF
LONDON AGENCY
of
Commercial
Banking
3
Head Office:
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principal Towns in
SUDAN
in
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
DEPARTMENT
Subscribed Capital
OFFICE—Edinburgh
General Manager
William Whyte
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Uganda
26, Bishopsgate, London, E. C.
Btshopsgate, London, England
King William Street, E. C. 4
Branches in aU the
Government in Kenya Colony
and
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Branches
C and 7,
NEW YORK
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.........
Deposits
£3,000,000
.
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Incorporated by Royal Charter 1727
Capital (fully paid)...
Reserve fund...
Head Office.
H820.000.000
G.
Total number of ofTlces. 254
Associated Bank. Williams Deacon's Bank, Ltd.
Paid
Up Capital
Reserve Fund
£4,000,000
£2,000,000
£2,200,000
The Bank conducts every
description of
and exchange business
banking
Trusteeships and Executorships also
undartaken
■
AV*-'
CONTENTS
Editorials
PAGE
Financial Situation
American
..3728
Shipping and Its Problems
..3740
...
Unemployment Insurance Program Needs Revision.
Changes and Crises in Europe
Death
Begins in January...
_
..3742
..3743
...
..3745
Comment and Review
Week
the
European Stock Exchanges
Foreign Political and Economic Situation
on
Foreign Exchange Rates and Comment
.3732
.3733
3737 & 3777
Course of the Bond Market
3748
Indications of Business Activity
3748
Week
on
the New York Stock
Week
on
the New York Curb
Exchange.
..3730
Exchange
3777
News
Current Events and Discussions
Bank and Trust
.....3758
Company Items
...3772
General Corporation and Investment News...
3825
Dry Goods Trade
State and
.3868
Municipal Department..
3869
Stocks and Bonds
Foreign Stock Exchange Quotations
3777 & 3778
Dividends Declared
3781
Auction Sales
3824
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..3790 & 3800
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
Quotations
Canadian Markets—Stock and Bond
Quotations.
3790
3806
3809
3812
3817
Over-the-Counter Securities—Stock & Bond Quotations.3820
Reports
Foreign Bank Statements
3736
Course of Bank
3773
Clearings
Federal Reserve Bank Statements
3787
General Corporation and Investment News
3825
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Crops
3860
3862
.3866
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and
Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March
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On account of the fluctuation in the rates of exchange, remi tanc •for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
form of
THERE is a feelingqualified is gainingofstrength
which students current
well
affairs that the gloom
that has settled down
financial community is
ful surveys
ally being made by
going
many
well informed
as
gold problem
merly that
that may
sion
during the
real
any
magnitude that
do not
mere
denials of imminency of action
effectively soothe uneasiness about the situa¬
The President has
tion.
obviously failed to account
for
"Regional Planning"
In
will be of substantial pro¬
plain, of
It is
portions.
that the current sit¬
course,
uation is
the
So also
uneven.
the
with
case
of
his
"Log-Rolling"
or
course
message
tain
on
But
evasion
it
is
not
by and large,
the present rate of activity
in
industry and trade and
the outlook for
lic
ance
of
a
good rate of activ¬
ity
are
by
these
dents
prices
sup¬
As for next
and
opinions
as
for profits,
less uniform
are
strongly held with¬
in these groups,
but
whole the question
on
President
the
could
man
deny
in
the
denial
of
the
wisdom
securities
business, where both price
and
trends
leave
volume
ing in the financial
com¬
as
longer term outlook is
in
the
con¬
all thoughtful
itself
circles, is certainly not be¬
this
lack of
establish
out
encountered
way
out of the present im¬
any
invitation
natural
name
to
passe
and
The
then
maintain
to
effected
had
of the beneficial
of
It
of
in evidence of various national
years.
Indeed, all things
considered, it probably would not be going too far to
say
that
current
of
part.
have here the major
cause
of most of the
depression of mind about the future, although
course
pean
we
the
newly arisen complications in the Euro¬
situation have
without question played their
At home the week has in this respect been fea¬
tured by another crop of rumors, again
apparently
originating in Europe, of impending action, national
or
international, concerning the price of gold, and by
a
politically shrewd oration by the President in the
very
months ago
ever,
mous
and
ports
of
rapidly
far short of
a
over
continuing im¬
gold,
and
the
reserves
of
banks, that it
was
necessary
the
reserves
a
in¬
to
re¬
member banks.
excess
reserves
billion dollars.
are
Severa
the present plan of "sterilizing" gold
three-quarters of
so
largely
thought
double
how¬
enor¬
and
creased
member
Con¬
did,
such
lead to
conceived and given effect.
well
It
action.
Yet
today not
promised by
consequences
been its shame.
tangled web of
The in¬
price of gold
early in 1934 has
none
quired of
now
a
the advocates of that line
domi¬
its
weakness
in the
realization of both the dif¬
consequences
when
policies
resources
has been notorious.
lamentable
is sought.
crease
gigantic
a
ing helped by the growing
policies of the past few
moYe
ties
in the face of such tactics has through¬
ficulties and the serious nature of the
maneuvered
perhaps
magnitude of the difficul¬
effrontery in the use of such schemes, here¬
tofore largely left to local politicians, first to
gress
has
are
fully realized than is the
guise of "regional planning."
The present regime in Washington has from
the first been characterized by its skill and
nance.
gold
absurdity
tion into which the Admin¬
istration
is, however, equally true that nothing is to be
gained by adopting a politically conceived
and politically controlled scheme under the
The state of mind exist¬
cerned,
of
worthy of the
Where the Trouble Lies
munity, and, so far
result
past our
much to be desired.
of
and costliness of the posi¬
log-rolling contest.
Such plans as these doubtless obtain a
large part of their popular support among
those without interest in "getting anything"
from Washington from the fact that in the
ticularly in the
not
men
the
situation,
a
financial
par¬
to
Gold Difficulties
from
Washington,"
"complete picture in
which no local detail has been overlooked,"
but they will also feel sharp misgivings about
and in the reference to
the
and
indi¬
naturally
are
As to the so-called
of
rather too much gloom in
circles,
be,
affairs.
the
that
ap¬
"everything
directing
is raised
to whether there is not
as
local detail had been overlooked."
may
and
legislation
encouraging
ing" scheme ever devised in this country.
It is a discouraging commentary upon the
naivete of the present generation that it is
not
generally so regarded today.
Realists
will
of
course
quickly recogn^e the fine
Italian
hand, politically speaking, of the
higher
reflect
will
costs,
a
as
pub¬
directly in the form
rectly,
ages
when the retail
autumn,
of
the capital of
Thus, the
complete picture in
grandiose plans which the President envis¬
in this message and to which he refers at
various points as "prudent husbandry of our
national estate," "coordination of many re¬
lated activities," and the like, would have
been generally regarded ten years ago as the
most
elaborate and high-powered "log-roll¬
stu¬
popularly
are
no
informed
No
upon
competent
posed to be.
and less
which
being better than
as
they
looked
now
both
re¬
uncertainty
hearings of the sort
come to
Congress would receive
inadequacy of
parently planned
the Nation for final coordination.
cer¬
alleged
to what the results of
wise
graphical regions and
continu¬
a
of
avoidance, and
or
and
turns
to direct everything
National planning should
start at the bottom, or, in other words, the
problems of townships, counties and States
should be coordinated through large geo¬
"But
out¬
by citing
instances
both the
from Washington.
look.
receipts from the
tax laws
new
"regional
planning," the President at one point said:
"Taking care of our natural estate, together
with
the
stopping of existing waste, and
building it back to a higher productivity is a
national problem.
At last we have under¬
taken a national policy.
months
summer
the
esti¬
Treasury
poor
mates of
reces¬
take place
has
its hands of such importance and
on
less certain than for¬
now
is
a
of the keenest of these analysts are
some
the uneasi¬
about gold prices, but
rumors
the evident fact remains that the Administration
possible about what is
anything in the nature of a serious recession in
business, and
produced by the
ness
who report that trade statistics do not yet
on,
Official denials have once
Congress.
again been issued in an effort to stem
bankers, and others who
as
avoidance, in which he demanded action
at this session of
the
Care¬
of industrial and trade activity are natur¬
need to be
reveal
upon
being rather overdone.
to Congress on the subject of tax
message
a
evasion and
among some
was
Gold to the amount oi
billion dollars
in the so-called inactive account of the
now
stands
Treasury, at
a
correspondingly heavy cost to the taxpayers of the
country, who ought by this time to know well enough
that
we
have
least
an
open
to
no
need for the metal and that it is at
question whether it will
the metal continues to flow into
precedented rates.
peatedly
circulate
Little
our
Meanwhile,
coffers at
wonder that
that the
be possible
ever
dispose of it at the price paid for it.
rumors
Treasury is
about
un
re¬
to
Volume
make
that
Financial
144
change of
a
vince
gold policies, and
some sort in its
denials, repeated
often, do not avail to
as
con¬
skeptical world.
a
Yet
is
is
understand
to
does not know what to do.
of great
it
is
It simply
Difficulties (of its own
but
true,
the
why
Treasury is inactive in the circumstances.
making,
difficulties)
nonetheless
magnitude confront it in whatever direction
it may turn for
an
propitious time in which to undertake to reach inter¬
national agreements
the
difficult
not
from its dilemma.
escape
To
a reduction in the
price at which the Treasury
willing to buy gold without increasing the theoreti¬
cal gold content of the dollar
correspondingly (by
Act of Congress, if
necessary) would render our 1934
tions, particularly Great Britain, are too engrossed
in rearmament and related
in
than it is now,
number
serious
of
of
Such
sort.
leviated the evils
an
ounce
To reduce the price
of
metal,and at the
of the dollar
suffer
as a
conse¬
gold content
correspondingly, would result in
loss to the Federal
obvious that such
Treasury—a loss
a
so
a
large
large and
so
step probably must be set down
We
now
it
would
a
cost
the
Treasury
few simple figures.
have something more than
$12,000,000,000
gold hoarded in the vaults of the Treasury. A re¬
duction of
a
what
be indicated by citation of
may
in
of
25% in the current price of gold (that is
$26.25 an ounce) would cost the Treas¬
reduction to
ury
a
cold $3,000,000,000.
have been issued in the
Since gold
total
amount
certificates
gold certificate fund
dent that
included), it is at
are
once
evi¬
25% reduction in the price of gold and
a
tion
than
wipe out the stabiliza¬
resulting from reduction in the weight of
gold dollar," and the gold working balance.
have
been
never
desirability of
greatly impressed by the need
any
such stabilization fund
carried, and the other
now
"claims"
on
We
or
as
the
that
the gold
hoard
represented by the inactive gold fund, the so-
called
gold profit, and the working balance are at
best
hardly
more
than bookkeeping entries, but ob¬
viously the implications of their extinguishment
not
event would
many
other inextricably interwoven trade and
*
times
r\
itself, they would be worthy of a Gilbert
message
and
rise to the Presi-
dent's tax message on Tuesday last, and the
Sullivan
operetta were they not of such far-
It is difficult to
reaching importance.
President's heated and not
gaining the impression that he believes that
of
affairs
can
reasonably be expected to be
to pay any amount in taxes which a politically
eager
minded
government expresses a kingly wish that they
But this is a real world in which to live, and
pay.
moral
one's
small,
and
large
taxpayers,
normal
affairs in
such
legal ways as will
minimum of tax costs.
a
fraudulent
should be
tax returns
Complaints of
lodged with the
The courts are also open
courts, not with Congress.
Treasury for the purpose of determining the
meaning of provisions that
may
pute between the tax collector and the
If the law is
tent"
human
question is involved in the management of
business
exact
are
It is sheer demagoguery to assert that any
beings.
tical
read the
always courteous words
so
drawn that it does not
results in accordance with the
of
Congress
shortcomings
or
be in dis¬
taxpayer.
give
prac¬
supposed "in¬
its master, the President, its
hardly be laid at the door of the
The fact of the matter is that the Presi¬
taxpayer.
dent is
can
complaining of
a
state of affairs which in¬
evitably arises when taxes of unreasonable magni¬
tude
levied and the amounts of which
are
nature of the case be determined
can
in the
only by the applica¬
accounting
cedures and
be good politics
are
price of gold, the difficulties in that
multiply
to inspire faith in an
tion of intricate and controversial
merely political in nature. As to any larger re¬
duction in the
as
S TO the situation which gave
a
fund, the inactive gold fund, the balance of "the
increment
the
more
in several
The Tax Message
a
to the
corresponding increase in the gold content of the
dollar would rather
exists nor,
now
questions.
something
$9,000,000,000 (when the claims in the so-called
over
other
result in
of
it
as
least, the manner of men in control of
policies is such
and many
men
What Gold Price Reduction Would Cost
idea
instances at
without
politically out of the question for the time being.
Some
national situation
of gold sufficiently
we
Realization of this
fact, and of the further fact that neither the inter¬
without writing
time increase the
same
they have each in turn created fresh problems of
intricate and difficult type.
early beginning of a return to real sanity in these
earlier large increase in the price of the
our
greatly al¬
national
be
moreover,
or even
arising from this initial blunder,
a
the vast quantities
on
A
a
of
uncertainties
would,
loss
a
remedy the evils from which
quence
as
and
action
admitting
gold purchased at $35
off the loss.
to
and in addition would introduce
complications
tantamount to
hollow mockery
problems and tasks.
made in raising the price of gold
1934, and successive steps related thereto taken
but
a
was
subsequently have not remedied
an
of
mistake
grave
is
even more
about either the price of gold or
relationships of currencies. Most European na¬
effect
model gold standard
3729
Chronicle
but it is
legal concepts. It
pro¬
certainly not real statesmanship to go to
Capitol Hill
over.
may
as
to a "wailing wall" to Complain of
the results obtained from the tax bill of last year.
Other Difficulties
But the difficulties encountered
The
are
not measured
wholly by the direct cost to the Treasury of a sub¬
stantial reduction in the
price of gold and
a corre¬
sponding change in the gold contenj of the dollar.
The reader will not, we are confident, allow himself
to think that
the
subscribe to the theories
automatic
direct,
prices
we
upon
of
time it would
price of gold in 1934. At the
be
injected into the
com¬
modity price situation at several points should this
country take drastic gold price action independently,
and
so
far
as can
contrary, the first duty of
in this Act and to
of
reason
reshape its provisions in the light
and good
hard
sense.
It will then be time'
enough to be certain that the statute is free of "loop¬
holes" and that all tax payers are
fully meeting the
exactions imposed therein.
commodity
obviously not do to ignore the
uncertainties that would
the
to
Congress is to reconsider the fundamentals embodied
Federal Reserve Bank Statement
the price of gold which were responsible
for the increase in the
same
dependence
concerning
President
be determined the present
is not
a
CHANGES in the conditioncombined, remain 12
statement of the of
Reserve banks,
Federal
relatively little importance,
ures,
which
statistics.
to
are
as
against the gold fig¬
reflected only in part by the banking
The credit summary indicates additions
the monetary
gold stock of the country in ;the
3730
Financial
Chronicle
June 5, 1937
aggregate of $50,000,000 for the week ended Wednes¬
1936.
day night, and the total stocks
ports, but in the first months of 1937 they were
000,000.
Gold
to
amount
acquisitions in
$1,618,000,000.
now
$12,027,-
are
the last
52
weeks
The Treasury in Wash¬
Exports have not increased
nevertheless
April
rapidly
im¬
as
27.63% higher than in that period of
1936; imports
ington continues to insulate the credit system of the
as
were
42.37% higher.
$269,171,000, and im¬
exports aggregated
country from the effects of the gold arrivals through
ports $287,252,000, leaving a balance of $18,081,000
the mechanism of the inactive
on
established
was
had to
never
late
give
last
gold fund.
December
Since it
gold fund
gold, but steadily found it
up
neces¬
to absorb offerings at the $35 figure, less han¬
sary
dling charges.
The inactive fund
now
000,000, and in itself accounts for
the
the
exceeds $800,-
borrowing being done by the Treasury.
only is
immediate end of the gold flow from
an
Europe unlikely, but all signs point to
arrivals
Not
than
been
have
common
in
heavier
even
recent
weeks.
balance
$202,779,000
To
which the reiterated
denials
Secretary Morgenthau have failed to dispel.
over,
States have increased again,
require
The
owing to the
by the latest Spanish
discomforts and
less.
war scare
crisis.
war
The
potential dangers of this situation
emphasis.
no
all but color¬
are
needs, and because of this factor
member
tions
reserves
legal
over
re¬
Raw cotton
in
"other cash"
thus fell
Reserve
a
because
sizable recession
of
the
need
for
circulating medium, and total
$23,'628,000 to $9,122,437,000.
in
notes
actual
circulation
re¬
Fed¬
increased
365,242 bales, worth $22,763,704, were
when
ago,
shipped, but were considerably lower than in March,
497,132
valued
bales,
$34,271,765,
at
were
exported.
Imports in all commodity groups were higher than
in
April, 1936, but the most sizable increases were
in
vegetable food products, machinery and vehicles,
non-metallic
minerals,
textile fibers and
Gold
June 2, but
also considerably higher.
were
shipments abroad in April of 401,141
bales, valued at $28,569,721, were higher than a year
related
on
manufactures, and chemicals and re¬
products
reported $80,000,000 lower at $860,-
are
the hand-to-hand
serves
balances of
responsible for the gain in
were
Exports of inedible animal products, tex¬
tile fibers and
Gold certificate holdings dropped $13,000
$8,838,401,000
occurred
Excess
sharply.
quirements
000,000.
reserve
banks with the 12 Federal Reserve institu¬
fell
manufactures
lated
Currency circulation increased sharply in the
week, owing to month-end and holiday
But to a
vehicles, non-metallic mineral products, and metals
when
banking statistics themselves
last statement
eral
More¬
due to the higher
was
large degree increased shipments of machinery and
capital movements from Europe to the United
occasioned
to
by
exports in April, 1937,
commodity prices prevailing this year.
exports.
Treasury,
extent the rise in
compared with April, 1936,
by fears of
States
of $192,795,000 by
exports
.
some
and
change in the gold policy of the United
exceeded
$9,984,000.
as
In April, 1936, imports of
$51,138,000.
was
Dehoarding of gold has been stimulated in London
a
In March exports were $256,-
import side.
390,000 and imports $307,528,000, and the import
good deal of
a
the
month
imports in April
this year,
manufactures,
well
over
months
were
the highest of
previous months imports of gold
$100,000,000, and the total for the
$611,858,000.
In the
same
exports were no more than $64,000.
$51,072,000 to $4,235,114,000. Total deposits with the
Imports
of 'the
Reserve
106,000.
Silver imports in April of $2,821,000
banks
were
down
$60,586,000 to $7,224,-
263,000, with the account variations consisting of
drop of member bank balances by $89,887,000
$6,853,710,000;
account
an
balance
a
to
increase of the Treasury general
by $34,613,000 to $115,099,000;
any
and amounted to $215,825,000 ; in
four months amounts to
four
and
products.
each of the three
were
metals
manufactures, and chemicals and
metal in
1936,
April,
$28,-
were
com¬
with $5,589,000 in March and $4,490,000 in
pare
Exports
April, 1936.
the same level
were on
as
in
previous months and amounted to $468,000.
a
The New York Stock Market
drop in foreign bank deposits of $2,292,000 to $121,-
749,000, and
decline of non-member bank deposits
a
by $3,020,000
System
to
$133,705,000.
Discounts by the
trading
dropped $175,000 to $22,232,000.
fers
on
Open market operations
were
in complete
suspense,
the
to
$6,261,000, and holdings of United States Govern¬
occasions
were
quite unchanged
at
$2,526,-
barely
caused
on
more
The week
hands.
Unfortunate
ForeignJTrade of the^United States
low
this week.
Exchange reached their
Not in
any
session
1,000,000-share level approached, while
the Memorial
290,000.
a
slow and desultory, and stock trans¬
the New York Stock
holdings of bankers' bills increased merely $1,000
securities
was
lowest level in two years.
as
ment
at
was
$17,485,000, while
increased $1,787,000 to
industrial advances
BOTH speculative and investment interest in the
securities markets
ebb
The
than 500,000 shares changed
was
a
brief
one
in any
Day suspension occurred
event, as
on
Monday.
developments in the Spanish civil
sharp reaction when trading
a
was
on some
was
war
resumed
Tuesday, but thereafter the tone improved and
APRIL was the the country's trade in which im¬
of fifth successive month
the the
net
port side, but the amount of the excess was sub¬
The market drifted
stantially less than in March, due to exports being
fication of the confused
greater in April and imports less than in March.
tion
The rise
policies of leading nations would be effected again
^
balance
was on
in exports over
March, which
was
seasonal, amounted to $12,781,000, or 5%.
contra-
The im¬
changes for the week again
were
was
in
awaited.
tary
$132,052,000 compared with
Roosevelt
same
Of
ance
one
of $13,241,000 in the
greater
should
interest than the rising import bal¬
be the fact that both
imports and
ex¬
ports are on a considerably greater scale than in
Rumors that
on
yesterday,
concerned.
period of 1936.
so
a
a
were
clari¬
denied by Secre¬
far
as
A Presidential message to
was
President
the United States is
Congress
considered little
smoke-screen to hide the difficulties
tered in the
as
change in the gold
Tuesday and by
tax avoidance and evasion
than
inconsequential.
political and business situa¬
circulation, but they
Morgenthau
port balance for the first four months of 1937 is
were
idly most of the time,
on
more
encoun¬
Supreme Court packing plan, but it also
Volume
Financial
144
suggested
Strike
capital, whether justified
on
remains
news
Tuesday, after
The Presidential message on tax
scare.
appeared the
ness
Chicago and the authorities there.
the
There
decline, with all
sion
The
Tuesday to
on
closing hour
without
were
ses¬
feature
was a
great extent dissipated.
a
In
mild recovery in prices set in,
a
trading was a feature.
On Thurs¬
significance, and the market continued
its rather dull but
cheerful, but gains
more
was
Dulness
day fluctuations in the major portion of equities
the
year on
of issues affected.
groups
Wednesday
on
lows for the
were many
Spanish situation and its influence on the
and steadiness in
circumstances, with leading issues off 1 to 4
points.
price of gold, coupled
Wednesday, with much of the market's nervous¬
on
Prices dropped
Re¬
consistently lower trend.
a
revision in the
uneasiness in trading here.
were
unsettling reports of strife between steel strikers in
in these
Tuesday, the first trading
on
of Europe, accounted in large part for the
peace
avoid¬
day, and there also
same
a
with the
dominated
were
by
newed talk of
by the Spanish situation and the general European
ance
market
accompanied
on
three-day suspension, dealings
war
stock
day of the week, resumed its post-holiday dealings
not.
or
discouraging.
When the stock market resumed
the
The
continuance of the bitter Administra¬
a
attacks
tion
3731
Chronicle
even
Yesterday's market
way.
excite the interest of
appeared only in a few groups, and most of the mar¬
held little to
ket
merely drifted.
at the slowest pace
weak
in
two
commodity stocks
compared with the close on Friday of last week,
others, while rail issues
price changes for the market in general, yesterday,
Trading
Industrial
years.
and
showed better results than
weakened
on
proposals for reorganization
Haven.
New
weak
about
New
York
omission
on
Thursday
was
were
equally
Steam
dividends.
of
New
that bond
trials
better
week; Consolidated Edison Co. of N. Y. at 35 against
Public Service of N. J. at 39
by the
national
general in
Roebuck
&
Ward
Co.
session yesterday.
extremely dull
Indus¬
in somewhat better demand than railroad
were
groups
Harvester
&
against 166.
were
erratic.
against 58
United States Government securities varied
only by
&
smallest
ferred
fractions,
dealers
as
await the
to
much the
High-grade corporate bonds
sort of
same
European
In the commodity markets the trend
some
scare.
are
movements in sterling and francs, but
to
absorb
Gold
obviously were operating at
the offerings
of European
by the gold uncertainty and the
was
engaged in huge amounts for
German marks
were
On the New York Stock
8
Exchange 2 stocks touched
high levels for the year while 160 stocks touched
On the New York Curb
low levels.
stocks
touched
Stock
touched
new
new
low levels.
Exchange
high levels and 142 stocks
Call loans
on
the New York
Exchange observed Memorial
Day by suspending trading from Saturday to Mon¬
inclusive.
shares;
on
Sales
New York Curb
respect
to
Tuesday
were
on
on
Tuesday
were
746,170
Wednesday, 535,480 shares; on Thursday,
551,500 shares, and
shares;
against 156%; National Cash Register
against
International Nickel
34;
at
59%
the
on
Friday, 778,100 shares.
The
Exchange took similar action with
Memorial Day holiday.
209,575 shares;
on
Sales
on
Wednesday, 156,710
Thursday, 170,825 shares, and on Friday,
156,215 shares.
Sulphur at 35% against 36%; Continental Can
54% against 55%; Eastman Kodak at 169 against
at
at 22
against 21%; United States Industrial Alcohol
34% against 33%; Canada Dry at 28% against
at
27%;
Distillers
Schenley
National Distillers at
of
a
week
ago.
at 42 against 42, and
30% against 31%.
The steel stocks show
that
an
improved position
United
over
States Steel closed
yesterday at 102% against 100% on Friday of last
week; Inland Steel at 99 against 96%; Bethlehem
Steel
at
86% against 85; Republic
Steel at 35%
against 35%, and Youngstown Sheet & Tube at 85
against 83%.
closed
In the motor group, Auburn Auto
yesterday at 22% against 23% on Friday of
week; General Motors at 55%
against 55%;
Chrysler at 114 against 113%, and Hupp Motors at
3% against 3%.
In the rubber group, Goodyear
Tire & Rubber closed
on
yesterday at 39% against 38%
Friday of last week; United States Rubber at 60
against 58, and B. F. Goodrich at 44 against 44.
railroad shares
Exchange remained unchanged at 1%.
The New York Stock
day,
Gulf
last
weak.
new
at 157
34
at
small, compared to
Foreign exchanges showed
early this year.
speed
rather sharp recessions
But the variations in im¬
Thursday in grains.
narrow
Tuesday, but recovered
shipment to the United States.
new
Friday of last week; Allied Chemical
inghouse Elec. & Mfg. at 144 against 140%; Lorillard
war scare,
currencies induced
war
Western Union closed yesterday at 57
172%; Standard Brands at 12% against 12%; West-
the stabilization funds
high
on
uncertainty that dominated
portant staples currently
only
53% against 52%; Woolworth at
Foreign dollar bonds weakened
uncertain, with
the rise
Sears,
23%; National Biscuit at 24% against 25%; Texas
subsequently.
was
109%;
against 60; National Dairy Products at 22% against
equities section.
noted
against
Dye at 229% against 232; E. I. du Pont de Ne¬
mours
pre¬
offering, to
steady, but the speculative sections displayed
the
at
111
at
89% against 86%; Montgomery
Secretary Morgenthau
Monday.
notes will be floated.
were
at
Thursday that $800,000,000 of Treasury
indicated
on
new
v
be announced next
the
and investors
of the
terms
Co.
47% against 46%, and American Tel. & Tel at 167
quiet.
were
In the listed bond market movements
against 40; J. I. Case
Threshing Machine at 170 against 160 bid; Inter¬
an an¬
were
General Electric closed
35%; Columbia Gas & Elec. at 11% against 11%;
will be met
interest
As
on
on
Small gains
utility issues, but all
or
was
irregular.
traders, and in
established.
were
Manufacturing stocks im¬
numerous.
Jersey Central.
another
Movements
somewhat
were
were
yesterday at 54% against 53% on Friday of last
quite
were
fractional and gains and losses
proved, and the tone in rails
nouncement
issues
the
on
trading small-scale gains
are
The
irregularly changed for the week.
Pennsylvania RR. closed yesterday at 41% against
42
on
Fe at
Friday of last week; Atchison Topeka & Santa
84% against 83; New York Central at 44%
against 45%; Union Pacific at 137% against 136;
Southern
Pacific
at
52%
against
53;
Southern
Railway at 37% against 38%, and Northern Pacific
at
33% against 33%.
Among the oil stocks, Stand¬
ard Oil of N. J. closed
yesterday at 67% against 67%
on
Friday of last week; Shell Union Oil at 28%
against 29%, and Atlantic Refining at 29% against
3732
29%.
Financial
In the copper group, Anaconda Copper closed
yesterday at 54% ex-div. against 54%
Friday of
on
last
week; American Smelting & Refining at 90%
against 90%, and Phelps Dodge at 47% against 47%.
Trade
and
industrial
statistics
reflect
to
some
Chronicle
and
they served to dispel the apprehensions to
Gold
degree.
some
amounts
of
the London market also increased
offerings
on
ment is
shipments. The belief exists,
hand, that the London dehoarding
on
move¬
approaching its natural culmination through
estimated by the American Iron and Steel Institute
exhaustion of
at
storation
77.4% against 91.0% last week and 68.2% at this
huge
and
because of Russian
Steel
were
brought
deposit boxes in London, however,
the other
ending today
hoarders
the metal out of
degree the steel strikes and other similar incidents.
operations for the week
fane S, 1937
supplies, and this factor aided in
optimistic tone in the securities
an
re¬
mar¬
time last year.
kets.
Trade and industrial
reports from Europe in¬
to the
dicate maintenance of the
high rate of activity at¬
tained with the aid of the
heavy armaments
The decline was attributed entirely
stoppage at plants of three important com¬
panies.
ended
Electric power
May 29
production
for
the
wTeek
reported by the Edison Electric
was
Institute at
2,206,713,000 kilowatt hours,
figure that
compares
hours in the
preceding week and with 1,954,830,000
kilowatt
the
May 29
revenue
reported
were
American Railroads at
of
15,579
freight for the week
by the Association
794,855
This is
cars.
of
gain
a
the previous week and of 148,043
the
week of 1936.
same
indicating the
Stock
London
with reports that
United States
partments of the market suffered in
of
liquidation.
gold mining securities
can
with
declined
dent
indications
be
122%c. against 125%c. the close
on
Friday of
were
South Afri¬
lower.
especialy weak, and
were
commodity issues, also suffered. International
issues
of last week.
at
All de¬
general wave
a
Gilt-edged issues fell sharply, and
home industrial stocks also
on
at Chicago closed yesterday
se¬
the gold buying program of the
business
corn
depressed
was
Treasury might be changed.
kets, the July option for wheat in Chicago closed
yesterday at 111c. against 116c. the close on Friday
July
Exchange
verely last Monday, as the Spanish crisis coincided
other
of the commodity mar¬
course
The
record
kilowatt
cars over
cars over
As
a
corresponding week of last
Car loadings of
year.
to
hours in
with 2,198,646,000
expen¬
ditures.
on
others.
the
There
Tuesday, but the tone
surmounted.
that the
Gilt-edged
little
was
confi¬
was more
Spanish crisis would
issues
not much
were
changed, while industrial stocks displayed
irreg¬
an
last week.
ular tone.
at
reported in commodity stocks, but the international
July oats at Chicago closed yesterday
42%c. as against 45%c. the close on Friday of
last week.
The
yesterday at 13.20c.
against 13.30c. the close
as
Friday of last week.
yesterday
on
The
19.81c.
was
Domestic
yesterday at 14c., the close
20
5/16
ounce
on
the
transfers
as
price of bar silver yesterday
against 20%
was
pence
matter
on
per
yesterday at 45c., unchanged from
of
the
against $4.93 13/16
on
on
British
corporations
while large
There
item
exchanges, cable
other
commodity issues, while interna¬
day, but gilt-edged
improved., A plethora of gold
sues
Friday of last week.
weak.
were
only a little.
The
were
flected
the
yesterday.
Gold
owing to the Spanish
war
might spread to
Europe. The early losses
were
recovered,
the Paris Bourse, last Monday, re¬
on
universal
unsettlement
caused
The list sagged as
point
The
they
are
and
as
more
decided nature than the
that
the
retaliatory shelling of
ground.
The upswing
Wednesday that the
decided
to
profits tax
measure
equal
all
abandon
on
the
usual state of affairs.
Rumors
would abandon their
regarded
were
on
were
crisis
a
Confi¬
lower.
would
be
sur¬
better tone
some
on
small gains
equities, while others held
Commodity stocks and international
best results for the session.
A
more
Cabinet
Bourse, owing to reports of the favorable movement
had
a
simpler
as
almost
a
in continual cir¬
States and Great Britain
gold programs, but reassuring
issued
issues showed
material
raw
decided
expected to produce at least
now
while
made known
much-disputed growth of
culation tnat the United
were
British
aided materi¬
Gold problems continued to unsettle
markets, but this is
statements
was
corporations in favor of
that could be
revenues.
new
was
also
firm, and
recorded in French
ally, especially at London, when it
on
wrere
were
the port
or
the French market
Rentes
their
and the
of Almeria.
issues
international
bombing of the German
cruiser Deutschland
whole,
average,
called in Paris, suffered heavily,
international
dence
Tuesday.
even
the
commodity issues,
stocks,
mediation
an
on
equities.
mounted gave
prevent repercussions of
a
by the
a
larger losses appeared in bank, utility and other
however, when it appeared that British and French
wrould
mining
sharply lower.
with rentes off about
a
crisis and the fear that the conflict
the rest of
com¬
Gilt-edged issues and industrial
irregular
were
Dealings
yesterday at 4.45%c.
STOCK exchanges in the principal European finan¬
high degree of unsettleearly this week,
Thurs¬
on
issues remained steady, while
industrial stocks weakened
shares
European Stock Markets
cial centers reflected
on
general advance also in gold, copper,
a
Spanish developments.
ment
on
steady,
were
offerings disconcerted the London market
Friday of last week, and
on
chief
gains appeared in the industrial section.
was
tional issues likewise
yesterday at $4.93 9/16
against 4.46%c. the close
the
Wednesday, at London. British funds
stocks
Paris closed
growth of profits tax
proved
modity group was uncertain, and international is¬
foreign
London closed
Neville Chamberlain of his
rubber and
Friday of last week.
Friday of last week.
cable transfers
as
copper closed
Friday of last week, and spot silver in
on
New York closed
In
on
pence per ounce as
the close
price for rubber
against 20.42c. the close
as
Friday of last week.
In London the
spot
on
were
Abandonment by Prime Minister
improved.
group
spot price for cotton here in New York closed
Wide variations in both directions
both sides of the Atlantic
at
developed
upswing
London.
Rentes
were
only
Wednesday
a
on
the
little higher, but
large gains appeared in French equities and interna¬
tional
securities.
greatly.
almost
The
The trend
all
issues
only
a
losses
on
in
Thursday, and
the
irregular
Rentes and French
equities
little, but large recessions appeared in
international
declaration
reversed
suffered
downward movement.
fell
commodity stocks benefited
was
securities, owing mainly to
by the Royal Dutch
company
a
dividend
that failed
,
Financial
Volume 144
to meet
expectations.
In
rentes drifted lower and
the
equities section.
Like other
qniet session yesterday
German Government
uncertain tone marked
a
in the form of
an
Foreign issues
were
markets, the Berlin Boerse fell sharply
of the
tions
Reich
Spanish civil
which affected the
war,
directly. An announcement that
extra of¬
an
fering of Government securities had been absorbed
considered
was
favorable, but this development
than offset
more
clines of 2 to 3
domestic
tional skies
improved
issues.
other
but firm.
Tuesday,
on
as
stag¬
were
the interna¬
brightened, and the previous recessions
made up
were
recorded in almost all
were
equities, while industrial bonds
The tone
nant.
was
by the international situation. De¬
points
in mining, chemical, electrical and
Fixed-income
The
upswing
obligations
was
continued
quiet
were
on
Wednes¬
day, with bank, utility and industrial stocks all
ticipating.
Shipping shares
good results
were
noted
par¬
quiet but firm, and
were
in the fixed-interest
even
section.
Good results
day,
indications of increasing business activity.
on
again
Industrial stocks and the
more
than
tion
on
modest
but
Berlin,
potash issues
others, but gains
a
scale
offerings
reported
were
were
was
were
noted
Thurs¬
favored
Liquida¬
general.
absorbed
were
on
yesterday
at
slight
supplied full information
soon
statement about the
a
"unheard-of,
scarcely imaginable case." The bombed vessel turned
better.
Monday because of the international complica¬
on
3733
Chronicle
at
re¬
cessions.
out to be the
pocket-battleship Deutschland, which
lying quietly at anchor with the
was
mored
crew
in
unar-
quarters, forward.
Two bombs struck, even
single shot
fired by the ship, accord¬
though
no
was
ing to the German statement, and a score of sailors
died, while the wounded numbered 73.
British
anchored
steamed
the dead
left, and it
to
24
In
its
would
The
Gibraltar,
for
immediately
seriously wounded were
more
that the fatalities
increased
were
seriously wounded succumbed.
more
formal
warned
and
appears
the
as
were
either side of the German vessel.
on
Deutschland
where
French and
ships, which patrol the rebel coasts,
statement, the German Government
onslaught"
ominously that the "criminal
compel the Berlin authorities to take
meas¬
ures.
The
measures
were
not
long in developing, for at
dawn, last Monday, five German warships appeared
off the
loyalist port of Almeria and systematically
Some 300 shells
shelled that town.
were
indicated, and about 30 Spaniards
Women and children
wounded.
many
the
fired, it
were
was
killed and
were among
casualties, and the incident caused the most in¬
tense
perturbation throughout the world.
It was
pointed out everywhere that the proper German pro¬
Spanish War Crisis
cedure should have been
EUROPE was plunged into a fresh war unsettling
scare this
highly
week
of that
pean
the
Spanish civil
war.
The difficulties
conflict, and the danger it entails to Euro¬
the most graphic illustration
gained
peace,
when
result of series of
a
as
in
events
airplanes dropped bombs
on
a
German
war¬
matic
ists
through established diplo¬
methods, and through reparations if the loyal¬
was
directed at
further noted, should properly have been
military objective, if it was consid¬
some
Nor did it escape
ered unavoidable.
Germans selected for their
ship in the Mediterranean and the German authori¬
that is the next
ties
the Mediterranean shore.
retaliated
meria.
These
by shelling the loyalist port of Al¬
incidents, alike inexcusable, loosed
flood of threats and
the
to
many
protests, and gave a
Non-intervention
new
a
aspect
control, from which Ger¬
and Italy withdrew.
The British and French
Retalia¬
airplanes acted without provocation.
tion, it
notice that the
artillery practice
objective in
any
Press
a
port
rebel advance along
correspondents
re¬
ported that hardly a building was undamaged in
Almeria
during
the
would have been far
bombing,
casualties
the
and
if the Spanish
numerous
more
authorities had not warned the inhabitants to take
Governments exerted all their diplomatic resources
to the woods and fields some time before the
to
began the bombardment.
prevent open breaks or the actual involvement of
the fascist Powers
other.
The
openly for
It
on
side, and Russia
States
United
a
one
Government
the
on
appealed
peaceful adjustment of the situation.
appeared, finally, that there would be no further
still
Government
German
The
more on
tension
the
Monday by announcing its withdrawal
Commission of London,
from the Non-intervention
and from
increased
ships
participation in the patrol that ostensibly
repercussions from the outrages, and Britain took
prevented entry of war materials for either comba¬
prompt advantage of the lull to propose changes in
tant.
the control
ticipation, for the withdrawal was declared effective
plan that might at least minimize the
dangers of similar incidents in the future.
European
the
m
use
of
But the
remains tense and a sudden increase
scene
airplanes
on
both sides, which seems to
belie the effectiveness of the Non-intervention con¬
trol, augments the danger of further "incidents."
incidents in
The
swift succession
all
the Mediterranean followed
and,
as
in
is usual in such cases, not
aspects are clear and free from doubt and un¬
certainty.
The loyalist authorities at Valencia re¬
ported last Saturday that a German battleship, pre¬
sumed at the time to be the Admiral
bombed
flight
on
Scheer, had been
by two airplanes making a reconnoisance
over
the Balearic Islands. Anti-aircraft guns
ship had opened the attack, it was declared,
the aircraft retaliated. This incident occurred
the
and
at the island of
since
German
Iviza, which is in rebel hands, and
and
Italian
ships
patrol
loyalist
coasts, the fine question was raised as to the propri¬
ety
of the German
ship's presence at Iviza.
The
But the door
was
not closed to
a
resumed par¬
only until "sure guarantees" were received by the
Reich
against
repetition of the incident. The Ital¬
a
ian Government
Berlin
also
and
Commission met
immediately associated itself with
withdrew.
The Non-intervention
immediately, but hardly
position to cope with the situation.
British
and
French
was
in
a
Leaders of the
Governments took
customary
diplomatic steps and labored to prevent further ex¬
acerbation
of international
Government stated late
on
of Almeria terminated the
the Reich was
matter.
It
was
establishment
the
feelings.
The German
Monday that the shelling
reprisal and,
so
far
as
concerned, ended that phase of the
suggested at the
of neutral zones,
same
time that the
in which ships of
patrol fleets might rest in perfect safety, might
answer
the requirements of the
situation.
The dis¬
closure also was made that an Italian warship had
been bombed previously from the air and six Italian
officers killed.
3734
Financial
The tension
for much
persisted
Italian intentions.
ships
Tuesday and Wednesday,
on
uncertainty remained
as
to German and
and 15 loyalist airplanes were reported shot down
declared that
sources
considered in Rome to have set
with
once more
Italian
that
Italy free to supply
and
arms
was
Rome also
men.
by
a
new
The
superior rebel air squadron.
air
rebel
of the
source
Several
strength is not yet clear.
loyalist commercial ships were torpedoed by submarines
the last week-end, and here also some
over
be
additional light as to the source of the attacks might
by the rules of the London commission, and
bound
be welcome, for the submarines never come to the
surface in the vicinity.
The bitter struggle for
time it
a
An intensive aerial battle was re-
ported Thursday over the Guadarrama Mountains,
withdrawal from the Non-intervention scheme
for
Barcelona, in which 70 were killed and more than
100 wounded.
being rushed to the Mediterranean for
were
stated
June 5, 1937
Berlin reports stated that war-
contingencies, while Italian
the rebels
Chronicle
warships
longer
no
could
feared that indiscriminate attacks
was
might be madeUpon Russian vessels trading in loyal-
Bilbao continued, meanwhile, with the rebels still
ist ports.
engaged in fierce attacks upon the Basque defenses,
quickly
But in these respects the Italian views
brought into conformity with those of
were
Berlin, and
the Non-intervention
lated,
given
assurances were
Thursday that
on
agreement would not be vio-
attacked the rebels north
The loyalist forces
but not much progress was reported,
reprisals taken, unless further unfortunate
or
incidents
should
proposed
Thursday
on
British
The
occur.
League Council
Government
three-point plan for safe-
a
17^
the League of Nations Council
some years
guarding the patrol ships through the establishment
A
of
British and French policies
neutral
in
zones
both sides to
Spanish ports, guarantees by
prevent molestation of ships, and
sultation of the commanders of all four
the event of attacks.
in
that the presence
It
was
con-
patrol fleets
insisted at London
of the Deutscliland at Iviza
was
not unusual.
that
of the United States Govern-
in
reflected
was
an
announcement, Tuesday,
appeals had been addressed to the German and
Spanish Governments for peaceful settlement of the
of State Cordell Hull
Secretary
difficulty.
has
been little
ferred with both the
con-
Spanish and German Ambassa-
more
than
on
an
echo of joint
international affairs
of importance, and in the session that ended last
Saturday that aspect of the Council
prominent than usually is the
was even more
The opportunity
case.
afforded the League by the Spanish civil war and its
international
numerous
The grave concern
ment
of
Madrid in an attempt to end the siege of the capital,
almost studied neglect.
ramifications
After
a
received
week of futile
an
ses-
sions, the Council adopted two resolutions calling
for
withdrawal
the
of
foreign
combatants from
Spain, and endorsing the work of the London NonCommission.
Intervention
Mild
regret
pressed that the development of the
ex-
was
situation in
dors, and in these diplomatic representations the
Spain "does not
"earnest
further reper-
the various governments"
on
previous recommenda-
The French Government used
tions of the Council have
as
yet had the full effect
hope"
was
expressed that
cussions would follow.
all its influence to
no
prevent the Spaniards from
tinuing the reprisals, and the risk of
thus
a
general
con-
desired, and
war
tion to world
This does not end the in-
slowly diminished.
the
Valencia
Government
completing this heroic contribu-
upon
the Council adjourned.
peace,
It
was
noted in the resolution that the international control
is in force, but fortunately for the Coun-
cidents,
of
lodged
vehement protest with the League of Na-
cil the comment was made before the bombing of
cions, in which the German authorities were accused
the German warship Deutscliland and its sequelae
of
a
for
to suggest that steps taken by
seem
course,
having issued orders to their warships to fire
on
loyalist airplanes before the Iviza incident occurred,
It
that the German
declared also
was
ships
were
obligated under the control regulations to remain
10 miles from rebel
posed
ports.
Wednesday
on
incidents
for
Spain, and the
such
a
move
foreign
mere
They called also
of all foreign
fighters from
fact that the loyalists desire
on
Mussolini and the German Defense
studying the military position.
of
control
of
use
as
declared
has
some
Spanish origin.
This
decided augmentawar,
with
increased,
time
ago
although
that
any
the
the rebels
undersea craft
Rebel airplanes late last week
city of Valencia and killed 200 inhabitwas
followed
by
own
destiny."
urged to "spare
no
a
cessation of the struggle and give
an
opportunity to decide their
The utter inadequacy of such pious
over
European Diplomacy
/ORDINARY European diplomatic conversations
were
view of the
rebel air attack
on
not especially significant this week, in
Spanish crisis and the effort to „avoid
repercussions that might lead to
conflict.
rebels.
a
a
the Spanish people
son
apparently again in rebel hands,
also
without delay to
The Russian Soviet
hardly be in possession of
bombed the
ants.
reported
of its belief that Ger-
been, meanwhile,
of the air
loyalists
could
secret
were
airplane combat in the Spanish
Submarine
were
Minister, Werner
and Italy would use the opportunity to in-
There has
tion
Members of the League
the last week-end.
Spanish situation, and they
their aid to the
with-
phrases—and of the League—was demonstrated
Premier
the
crease
a
side.
Blomberg, conferred in Rome late this week
many
don Non-intervention Commission to obtain
drawal of all non-Spanish combatants from Spain.
strength of the
either
von
no
ex-
hope that early success of these efforts will lead
serving
Government made
was
of German vessels at Iviza
indicates the relative
legions
"Very great satisfaction"
became known.
pressed by the Council with the efforts of the Lon-
effort in this direction," and the Council added "the
that followed.
withdrawal
full
a
pro-
now
full inquiry by the World
a
Court into the presence
and the
Loyalist spokesmen
scheme
deserve
formed
There
were
a
few
consideration.
a
a
general European
incidents, however, that
Premier
Leon
Blum
in-
gathering of French Government employees
last Saturday that
a new
international
move
for dis-
armament has been started, and he appeared quite
sanguine of results.
:
The French Premier left his
hearers with the impression that fresh proposals
would result from
a
meeting of the League of Na-
tions Disarmament Bureau, which started last Monday.
Italian intimations that
an
American
move
Volume
Financial
144
for world disarmament
a
little
might be welcome attracted
attention, but they
were not
taken very seri¬
ously on either side of the Atlantic.
Of
im¬
more
Chronicle
ister
the
by
persuasive address in which he urged that
a
making of profits is
penalized.
portance was an Italian "trial balloon," thrown out
Mr.
last
refreshed
Sunday in the form of
between
alliance
cratic
the
suggestion for
a press
European fascist and demo¬
States, which presumably would be directed
against communism.
make
even
But Italy
unwilling to
seems
modest contribution toward
any
a
end, for the Italian boycott of British
tinues, and
necessary
the controlled
and
veyed late last week, in the
his
capacity
Keich.
Some
agreement,
con¬
information is being relayed to
France
visit to the French
such
news
Italian press via Berlin.
between
relations
in
an
Economic
Germany
course
of
were
a
sur¬
three-day
capital by Dr. Hjalmar Schacht,
Minister of
as
Economics
indicate
reports
eliminating
the
that
of
trade
new
a
the
"clearing"
current
3735
virtue which must not be
a
"If the capitalist system is to survive,"
Churchill
remarked, "it must be continuously
by enterprises produced by the genius, in¬
ventiveness, calculation, sacrifice and audacity of
individuals.
If
legislation
took the form of
once
suggesting that initiative is to be discouraged, then
in fact
we are
abandoning the capitalist system and
ought, in logic, to
to the other extreme."
go
Chamberlain heeded the
he would
a
replace the
larger yield.
than
Mr.
appeal and announced that
by
measure
a
simpler tax with
He admitted that it would be less
prudent and rather stupid to insist upon a
"particular method" when simpler
complish the
be introduced before the
final
could
means
ac¬
The fresh proposal will
object.
same
budget bill
for the
comes up
reading.
arrangement, may result from the conversations.
Imperial Conference
British
Policies
T
TNDER
vJ
the
SOME indications were afforded this week of the
plans and policies of the
British Cabinet,
Britain,
headed
wealth of Nations
new
by Neville Chamberlain,
and it is highly
satisfactory to note that they include
and
a
well
flexibility
might be emulated in the United States.
his
first
quietly
important
that
aside
put
profits" tax
011
controversial
that part
would
measure
be
placed in the
for
revenues
receipts.
The change in the Cabi¬
It is
current
The
London
are
its
of Lords.
travagantly, but
who
He
was
place in
a
eulogized rather
ex¬
of the tributes paid to the
many
really ruled England for the better part
of 14 years
doubtless
were
deserved.
In assuming
leadership of the Conservative party last Satur¬
day, Mr. Chamberlain dwelt soberly
on
the critical
European affairs and the necessity of work¬
ing for reconciliation and appeasement.
The
new
ing, and this change
Washington, it
don
list of
a
The devel¬
useful in negotia¬
prove
seems,
already has submitted to Lon¬
"bargaining items,"
transmitted
was
minion
on
strict
in
representatives.
confidence
cessions
they
are
It will be
pact.
a
willing to make in
now
a
consistently with maintenance of the credit
of the nation
of the
and
with
due
pact, largely because of the salutary
political effect in Europe.
regard to the burdens
The Spanish crisis pro¬
Chamberlain
Commons
on
opportunity for
and world
a
appeared before the House of
of
his
own
proposal for taxing progressively the growth
corporate profits in coming years.
and
forward
War.
by
The
ously
as
any
Repre¬
parties described the tax as "mon¬
the
most unfortunate
proposal put
British Government since the World
Prime
unhappy
tinned.
as
Minister
was
described
as
obvi¬
the denunciatory speeches con-
He demonstrated
a
welcome
flexibility the
next
day, by withdrawing the increase of profits levy
and
by
announcing
profits tax would
posal.
was
given
over
The Australian desire
regime
ate interest in such
an
was
said to have
no
immedi¬
arrangement.
Monday for the first time as Prime
sentatives of all
strous"
strictly political
pact again was studied, reports state,
Japanese Cabinet
Minister, and he encountered universal hostility to
of British
a
European troubles in particular
politics in general.
Pacific
but the London
taxpayers."
Mr.
another
to consideration
for
general
any
prevails that the British Government
trade
discussion, and the mid-week meeting
be done
Do¬
the
to
treaty, London dispatches state, but the con¬
a
culture will be
can
treaty
long and tedious task to formu¬
vided
living standards "whenever and wherever that
a
The principal Empire dele¬
opment of industry and the improvement of agri¬
sought, and efforts made to improve
which
gates were asked to inform London of the main con¬
which still
ing the return of confidence in Europe.
indicated last
presumably would be based, and information finally
favors
delay¬
was
reciprocal trade treaty with this country.
a
members, but also will endeavor
are
It
Monday that efforts had been started for a basic
viction
causes
of considerable im¬
may prove
portance to the United States.
late
the
veered
of defense services should be considered at the meet¬
informed the party
remove
has
viewpoint that only
political relations of Empire units and coordination
regime will continue the rearmament program, he
steadily to
June 15, and
on
apparently
original
ting
has taken
third week
a
that results will be modest.
Government
from
Common¬
Empire Conference in London.
expectations
somewhat
Great
of
British
the
planned to end the conference
understanding that would
now
Minister
have concluded
Stanley Baldwin
the House
state of
now
of discussions at the
of
accomplished smoothly, and former Prime
was
Minister
man
of
of the rearmament program which is to be
met from current
net
"growth
British corporations and announced
substitute
a
As
official act, Mr. Chamberlain
his
budget bill to provide the necessary
the
a
responsiveness to business considerations that
Prime
representatives
Chamberlain,
Neville
of
guidance
newly-appointed
that
a
"simpler"
corporate
replace the much-disputed
pro¬
Winston Churchill assisted the Prime Min¬
ALTHOUGH Japanese politics remain in the twilight
of
almost Feudal obscurity,
i
zone
indication
of
sentiment
was
an
some
growing responsiveness
a
afforded last
tion of the Cabinet headed
ashi.
After
the
recent
Monday by the resigna¬
general elections, in which
Hayashi regime suffered
the
Premier
a
resounding defeat,
proclaimed time and
again
that
he
disregard the popular expression and remain
in power.
ashi
public
by Premier Senjuro Hay-
the
would
to
But the "unseen" supporters of Mr. Hay¬
withdrew
their
promptly followed:
support,
and the resignation
Representatives of the Emperor
3736
Financial
Prince Kimmochi
consulted
Elder
Statesman, and
date to form
Fumimaro
a
on
a
general policies
former
folio
profound changes
no
to be expected.
are
Koki Hirota,
Premier, accepted the Foreign Affairs port¬
Thursday, and the Finance post
on
to Okinobu
of the
subject,
were
Army and Navy.
consultation than
of
the
two
to
known
have
fascism
handed
usual, to the approval
as
There is likely to be
more
formerly, however, with the lead¬
major parties.
little
a
called
"national
middle
Gold holdings a year ago
of
The
Bank's
reserve
compared with 61.01% last
The
selection
of
Mr.
aggregated 57,021,-
71,778,728,648
ago
ratio is
55.33%,
now
An increase
year.
ap¬
peared in credit balances abroad of 1,000,000 francs,
in French commercial bills discounted of 804,000,000
francs and in creditor current accounts of
212,000,000
shown in note circulation of
A gain was also
francs.
398,000,000 francs, which brought the total up to
Circulation
84,705,12j3,770 francs and the
stood
a year ago
before at 82,-
year
Bills bought abroad, advances
775,905,560 francs.
against securities and temporary advances to State
registered
namely
decreases,
francs,
46,000,000
65,000,000 francs and 12,000,000 francs respectively.
Below
-
57,358,993,881
now
505,659 francs and two years
francs.
at
of
extremes
path based upon what is loosely
policies will be unchanged.
the total
with
patience
interest."
which is
francs,
francs.
85,745,885,000 francs.
Foreign Minister suggests that foreign
as
THE statement increaseweek of May 28 showed an¬
other slight for the in gold holdings of 29,471
Prince Konoye is
socialism, and his regime is likely to
or
follow
Hirota
was
Kaya, former Viee-Minister of Finance.
All selections
ers
pushed rapidly,
was
and the selections indicate that
in
handed to Prince
was
Cabinet
new
Bank of France Statement
man¬
Konoye, who heads the House of Peers.
Construction of
June 5, 1937
Saionji, last surviving
Tuesday the imperial
regime
new
Chronicle
furnish
we
a
comparison of the different items
for three years:
Discount Rates of
Foreign Central Banks
THERE have been no changes during the week in
the discount
of the foreign central
Changes
Present
rates
the
at
Francs
leading
centers
are
FOREIGN
CENTRAL BANKS
8,346,807,136 19,380,733,850 7,136,753.229
1,173,597,635
1,037,799,907
1,286,860,161
3,777,624,298 3,380,905,013 3,371,353,575
-+-398,000,000 85,745,885,000 84,705,123,770 82,775,905,460
+212,000,000 17,920,995,605 8,759,158,822 15,085.495,431
—46,000,000
—65,000,000
Note circulation
Rate in
Pre¬
Effect
Date
June 4
Established
Rate in
vious
Rate
3 y2
Mar.
Austria
3+1
July
Batavia
4
July
2
vious
Established
2
2 1936
Hungary.
Aug. 28 1935
3
Nov. 29 1935
334
_.
Dec.
May 15 1935
6
Aug. 15 1935
7
Canada
2 +;
Mar. 11 1935
Chile.
4
Jan.
24 1935
4*4
Java
3
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Lithuania..
534
634
Ireland
Jan.
3
1936
1
3
Italy
June 30 1932
4*4
Japan
Czechoslo¬
vakia
May 18 1936
3.29
Jan.
Oct.
5
14 1937
Feb.
1 1935
634
July
1 1936
6
Morocco
5
Norway
4
Dec.
Poland
5
Oct.
May 28 1935
5 1936
25 1933
55 33%
—0.33%
Includes bills purchased In France,
resenting drafts
Jan.
3+2
19 1936
a
334
6 1936
3*4
2 1937
4
hand to sight liab.
3.65
Apr.
b Includes bills discounted abroad,
10-bllIlon-franc credit opened
Treasury on
on
73.35%
61.01%
Gold holdings of the Bank were revalued Sept. 26,
c
Rep¬
Bank.
at
1936, in accordance with de¬
4
valuation
legislation
enacted
Immediately following devaluation,
that date.
on
10.000.000.000 francs of the Bank's gold was taken over by the French stabilization
434
'
4
on
434
India
—12,000,000 19,979,307,016
out int.to State..
234
4
Bulgaria
Danzig
ad vs. with¬
temp,
c
Propor'n of gold
4+J
2*4
Denmark..
Credit current accts
Rate
Holland
1 1935
Belgium
Date
June 4
1936
1
Pre¬
Effect
4~
10 1935
Argentina..
Country
Francs
+ 804,000,000
b Bills bought abr'd
Adv. against secure.
Country
1935
31,
1936 May
Francs
French commercial
a
bills discounted.,
DISCOUNT RATES OF
29,
1937 May
Francs
;
+29,471 57,358,993,881 57,021,505,659 71,778.728,648
975,918,370
139,415,582
13,301,556
+ 1,000,000
Gold holdings
Credit bals. abroad,
shown in the table which follows:
28,
May
for Week
rates of any
banks.
COMPARATIVE STATEMENT
BANK OF FRANCE'S
334
6
England
2
June 30 1932
2 +2
Portugal...
5
Dec. 13 1934
534
Estonia
5
Sept. 25 1934
534
Rumania
7 1934
4
Dec.
4 1934
434
South Africa
May 15 1933
4
France
4
Jan.
28 1937
2
Spain
5
July
10 1935
534
234
134
Dec.
1 1933
3
Nov. 25 1936
pean
6
Finland
434
334
Dec.
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
See notation to table "Gold bullion In Euro¬
gold had been returned to the Bank.
Banks" on
subsequent page of this Issue.
2
.
.
4
_.
Sept. 30 1932
5
Sweden
6
Germany
Greece.
Jan.
4 1937
7
Switzerland
a
Note—"Treasury bills discounted" appeared In blank In the statement of Sept. 25:
as
all
these
bills
had
Bank of
Bank of
this
of
attended
was
circulation,
now
with
by
£433,452,483
off
expansion of £333,000 in
an
fell off £363,000.
£475,552,000
aggregate
a year
latter
consists
transferred
to
the account
Germany Statement
compares
Public deposits fell
ago.
of bankers'
rose
£17,948,220.
which
THE bankanother slight increase in gold and May
statement for the last quarter of bul¬
showed
lion of 70,000
marks, which brought the total
69,992,000 marks
marks.
with
The
in
a
and the
reserve
1.70% last
Reserves
Gold
marks.
68,605,000
year
year
up
now
1.52%, compared
and 2.27% the previous
foreign
decreased
currency
to
aggregated
before 82,397,000
year
ratio is
ago
year.
106,000
in¬
marks, silver and other coin, 77,880,000 marks and
investments, 253,000 marks, while notes in circula¬
creased £179,165.
The
proportion
curities
was
£353,319.
25.70%.
£469,218.
discount rate.
items with
proportion dropped
week
ago;
Loans
and
last
year
the
government se¬
on
other
on
securities
The latter consists of discounts and
which fell off
increased
a
£3,350,000
rose
accounts
reserve
29.60% from 30.50%
2%
since been
£18,127,385 and other accounts which de¬
creased
vances
Gold hold¬
which
£14,632,000 and other deposits
The
to
as
reserves
ings
have
England Statement
THE bank's statement for in gold holdings June 2
shows
loss
£30,821 the week ended and
a
and
matured
"Temporary advances without Interest, to the State."
as-
Below
we
show
made in the
the
different
June 5
June 6
1935
1934
475,552 000 433,452,483 395,890,877 378,886,154 378,462,948
10,231 000
8,217,312
16,253,428
7,611,996
8,925,218
Other deposits
146,800 147 126,814,476 138,701,347 133,949,692 140,643,302
Bankers' accounts. 109,499 480
89,718,476 102,591,704
97,992,427 102,409,999
Other accounts
37,300 667
37,096,000
36,109.643
35,957,265
38,233,303
Govt, securities..... 102,822 534
98,543,310
89,976,044
77,780,318
76,288,403
25,485, 180
19,593,597
16.606,610
17,049,571
21,831,574
4,749. 339
6,242,981
5,380,405
6,128,333
11,073,188
20,735, 841
46,537, 000
13,350,616
34,717,811
57,563,713
11,226.205
10,758.386
10,921,238
69,274,596
73,216,042
208,170,294 193,454,590 192,102,316 187,737,544
reserve
Bank rate
bilities
of
of
2%
25.70%
2%
24,972,000 marks
8,927,000 marks.
and in other lia¬
Below
39.34%
48.74%
2%
2%
furnish
we
a
years:
Changes
for Week
Assets—
29.06%
also
2,288,000 marks, in other daily maturing
1933
Circulation
to liabilities
of
June 7
1936
Public deposits.....
Proportion of
was
and checks of 557,414,000
REICHSBANK'S COMPARATIVE STATEMENT
June 3
322,090, 041
against 4,429,-
as
An increase
ago.
marks, in advances of 16,520,000 marks, in other
STATEMENT
£
Securities
year
comparison of the various items for three
years:
1937
Reserve notes & coin
a
shown in bills of exchange
obligations
was
The total of circula¬
4,901,000,000 marks,
795,000 marks
No change
June 2
Coin and bullion
now
assets
BANK OF ENGLAND'S COMPARATIVE
Disct. & advances.
464,000,000 marks.
rose
tion is
£115,899 and securities which
comparisons for several
Other securities
tion
46.31%
2%
Reichsmarks
Gold and bullion
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checks.
Silver and other coin
+70,000
No change
—106,000
May 31, 1937 May 30. 1936 May 31, 1935
Reichsmarks
Reichsmarks
Reichsmarks
68,605,000
69,992,000
82,397,000
19,359,000
23,572,000
22,028,000
5,854,000
5,457,000
4,035,000
+557,414,000 5,413,676,000 4,643,807,000 3,794,585,000
—77,880,000
+ 16,520.000
172,131,000
113,806,000
125,642,000
50,039.000
Investments
—253,000
414,266,000
+2,288,000
774,815,000
59,749,000
538,660,000
534,272,000
662,101,000
Other assets
Advances
85,978,000
644,642,000
Liabilities—
Notes in circulation
Oth. daily matur. oblig.
Other liabilities
+464,000,000 4,901,000,000 4,429,795,000 3,810,015,000
+24,972,000
+ 8,927,000
803,863,000
192,443,000
728,546,000
183,841,000
202,574,000
—0.16%
1.52%
1.70%
2.27%
770,404,000
Propor'n of gold & for'n
curr. to note
clrcul'n.
Volume
Financial
144
3737
Chronicle
Discount Rates of the Federal Reserve Banks
Foreign Money Rates
INbills Friday market discount rates 9-16%
LONDON open 11-16% against for short THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
on
were
of
Friday
last
months' bills
week.
and
on
call at London
At Paris the open
in Switzerland at
rates
on
11-16@%%
against 9-16@%%
as
Money
as
week,
on
three
for
Friday of last
on
Friday
was
%%•
The
now
the
for
of
classes
various
in effect
the
following is the schedule of rates
different
at
paper
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
market rate remains at 4% and
1%.
Rate in
Effect on
Date
Previous
June 4
Federal Reserve Bank
New York
Established
Rate
Money Market
8 1934
Feb.
2
Boston..
2
2
New York
market
QUIET conditionsthis week, with the New York
prevailed in
IX
Feb.
2 1934
Philadelphia
2
Jan.
17 1935
X
2X
2
indicated
was
bills,
mainly by Treasury discount
which moved at smaller discounts than
recent weeks.
late last
The
week,
one
115-day bills
of
$50,000,000 due in 273
against 0.617%
similar issue
on a
while
an
0.562%
at
week before.
a
rates
were un¬
Call loans
on
Exchange held at 1%, and time
available at 1%% for datings to 90 days,
four
months'
six
to
quoted 1%%, all unchanged.
accommodation
The brokers' loan
was
com¬
pilation of the New York Stock Exchange showed
recession in
9 1935
2X
Jan.
14 1935
2X
Chicago
2
Jan.
19 1935
2X
2
Jan.
3 1935
2X
Minneapolis
2
May 14 1935
2X
2
May 10 1935
2X
Dallas
2
May
8 1935
2X
2
Feb.
16 1934
2H
a
May of $35,066,396 to $1,152,212,988.
New York
Course of
the dollar
STERLING exchange shows a slightlylargely under¬
wing easier to the
tone in terms of
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
was
ruling quotation all through the week for both new
The market for time money is
loans and renewals.
extremely quiet,
Rates continued nominal at
reported this week.
134%
up
transactions having been
no
to 90 days and 1%% for four to six months'
Prime
maturities.
commercial
paper
has
quite freely at 1% throughout the week.
mand has been brisk and
ply of
at
paper
a
moved
The de¬
steadily improving
has been available.
Rates
are
sup¬
unchanged
1% for all maturities.
The steadiness in quotations is
the United States.
due to the active intervention of the exchange
of the countries adherent to the
week
and
$4.92
between
been
has
sight bills, compared with
$4.93% and $4.94% last week.
The
very
The demand has been
shortage of high class bills.
as
New York
unchanged.
The official quo¬
issued by the Federal Reserve Bank of
for bills up to and including 30 days are
are
%%hid and 7-16% asked; for bills running for 60 and
90
days, 9-16% bid and %% asked; four months,
%% bid and 9-16% asked; for five and six months,
The bill-buying rate of
%% bid and %% asked.
the New York Reserve Bank is
from 1 to 90
%% for bills running
days, %% for 91- to 120 day bills and
1% for 121- to 180-day bills.
Bank's
The Federal Reserve
holdings of acceptances increased from $6,-
$6,261,000.
260,000 to
Open market dealers
are
quoting the same rates as those reported by the
Federal Reserve Bank of New York.
The rates for
open
market acceptances
are as
—.-180 Days
follows:
range
for cable
$4.93%,
The
week
a
of between $4.93 13-16 and
a range
ago.
outstanding feature of the foreign exchange
market is the persistence
that there will be
a
of the United States
open
of fears widely held abroad
change in the gold-buying price
or
that in any event the London
market gold price must decline below current
This attitude has resulted in heavy sales of
levels.
gold owned largely by foreign interests and held in
the
underground vaults of the various London bank¬
Daily at the time of price fixing and
ing houses.
sometimes later in the
the market in large
day, this gold has rushed into
volume,
that the British
so
eligible bills
......
major share of all offerings in order to prevent its
Bid
Asked
Bid
Asked
X
X
X
%
X
916
90 Days——
F©R
30 Days
60 Days
Asked
Bid
Asked
Bid
Asked
9,6
X
9,6
X
X
716
DELIVERY WITHIN THIRTY
Eligible member banks
Eligible non-member banks
ate
tions of the British
are
of
the
six
days
aggregated
£12,668,000.
total
opera¬
with the views
Washington authorities.
from
clusive, the total gold
hour
The
equalization fund in this respect
known to be in close cooperation
the
In
of
disproportion¬
a
drop in the price of gold in London.
of
an
on
*
Saturday to
Friday,
offer in London at the fixing
all-time record for
record
all-time
six days
any
Included in this amount
£4,200,000,
in¬
Friday's
was
for
any
one
day at the time of price fixing.
It is reported from
London that
has only one-fourth
one
major bank
the amount of hoarded
now
gold that it held for customers
prior to the gold scare which started in April.
this condition
Should
prevail for all banks, it might be
con¬
cluded that the dehoarding is very nearly completed.
It is
expected that dehoarding
heavier scale from
more
Asked
Bid
Prime eligible bills
ex¬
now
on
as
may
develop
on a
hoarders of gold come
generally to believe that
no
further apprecia¬
120 Days-—
150 Days
Bid
Prime
for
of between
transfers has been between $4.92 1-16 and
the
THE market quietprime week, dueacceptances has
for this bankers' largely to the
been
tations
$4.93 9-16
a range
shipment to New York and to avert
Rates
was
change equalization fund has been compelled to take
Bankers' Acceptances
steady.
funds
currency
The range for sterling this
market in New York.
bankers'
tripartite
On Monday, Memorial Day, there
agreement.
no
compared with
Money Rates
o
heavy movement of dehoarded gold from London to
$4.94%
still
Sterling Exchange
issue
further series
a
changed, with little business done.
the New York Stock
on
days went
Bankers' bill and commercial paper
money was
May
series of $50,000,000 due in 108
week earlier, while
a
May 11 1935
2
Treasury sold two series of bills
days going at 0.375% against 0.430%
of
in
IX
2
San Francisco
This
greater ease in short-term money discernible.
Cleveland
Atlanta
Kansas City
toward
mild tendency
a
Richmond.
St. Louis
money
,
DAYS
—
price is likely.
K% bid
Holders
now
face loss from
storage charges and loss of interest, plus the risk of a
decline in the price.
It is understood in
the Dominions and
% % bid
.
tion in the
that
Russia
will
banking circles in London that
owners
continue
of
gold shares
are
alarmed
heavy shipments to the'
3738
Financial
Chronicle
June 5, 1937
United States and Great Britain, and it is felt that
replace this proposal by
this might
levy" which would require less administrative
eventually
break
a
cause
in the United
States gold price unless a stable price can be arranged
chinery, but would yield
by all producing nations.
as
The
extraordinary activity in the
market and the erratic character of the
since
London gold
gold movement
shortly after April 15 has given rise to the
opinion in financial London that
members of the
tripartite
an
a
pact
currency
close to
are
joint statement guaranteeing
around current levels.
agreement
In 1933 the Dominions
agreement with London to follow the
an
policy
rency
under the
are
Great Britain.
as
signed
same
The Dominions
cur-
now,
leadership of Canada and South Africa,
stressing this agreement, urging the need of
stable
guaranteed
gold
the
for
price
a
producing
nations.
The first official suggestion
for international
regu-
gold production to prevent the supply from
dangerously
becoming
June 1
inflationary
made
was
on
by Dr. L. J. A. Trip in his annual report
President
the
of
Bank
The
of
Netherlands.
as
threatens to influence the price
level seriously.
urged that
the part of business
cautious policy
a
interests and banks and
banks
the
of issue
and
latter
on
rigid control of credit by
a
gravely needed, but
are
gold sterilization
ineffective in the
long
He
will
probably be
further steps
run,
as
are
neces-
Dr.
coins
Trip expressed the belief that the issue of gold
is
impossible unless made after
He
bilization.
price,
also
rejects
he believes that
as
a
currency sta-
lowering of the gold
respect is unlikely and that such a reduction would
the
make
gold price the
and
economic
characterized
financial
as
developments,
assembled in London
now
and the United States.
that Prime Minister Chamberlain, contrary to prior
opinion, is
elude
cessor,
believed to be
now
former Prime Minister Baldwin,
chequer,
on
June 1 made
a
negative
Ex-
to
answer
berlain is prepared to make
every
difficulties in the path of
any
The first definite action by
any
a
was
announced
tatives of the
on
May 28 at The Hague by
seven
.1
Secretary
Morgenthau
that "there is
same
time he
,.
consideration.
stated,
nothing imminent"
also
June
on
Under the terms of the agreement, all trade restricsuch as quotas, which now exist between
members of the Convention with respect to imports
and exports of their
own
also agreed that
was
madevin tariff duties
products, will be abolished,
further increases will be
no
on
imports from member
restrictions will become effective
tions
are
1,
At the
praised the working of the tripartite
concessions to other countries difficult.
way,
.j.
lightly parried
been
..
a
in the control of
the
-
.,
the gravity of the gold
gold was only one factor
On
strictly
Denmark, Finland, Nor-
commercial account
of
the
with Washington to steady
change rates and to keep the price of gold
v
4.
-4.-l
4.1^
tt
•+
a
alignment with the United States
ounce,
British
A.
more
•
price
ex-
nearly
ar®qk
of $35
an
gold continues to flow to New York from all
parts of the world where gold is either held or
pro-
duced.
The London financial markets have become
buoyant since
on
more
June 1, to the intense relief of
British industrial and business interests, Prime Minister Chamberlain
withdrew his proposal for taxing
growth of profits, which had aroused more criticism
than any other financial measure in the past quarter
of
a
century or more.
He announced that he would
a
the foreign
ex-
heavy demand for
the part of tourists is expected to
on
continue for many weeks. It is believed that before
the summer closes British note circulation will
have
k> exceeding the high touched
an
May 19.
Money rates in Lombard Street continue unchanged
from recent weeks.
Call money against bills is in
on
21
wag^
Two- and three-months' bills
usua^
ag
.
m
are
19-32%, and six-months'
32q/"m°n^S'
,1"
Gold on offer
vc T
a
the London
i
A
ii.-
1
market this week
"unknown destination."
taken for
open
However, it is thoroughly understood that the major
part
cooperation
The signa-
treaty include the
new commerce
lands East Indies.
.,
exchanges.
active
equalization fund
in
He
minimum.
inquiries as to
situation and asserted that
Despite
at
lL
,
This de-
Sweden, Luxembourg, Holland and the Nether-
ju~ji
market have
July 1.
to be continued for the present.
supply at J^%.
v,,
on
It is believed that the Danish exchange restric-
crisis, pointing out that fluctuations in the foreign
exchange
na-
The lifting of the
tions of the Oslo Convention.
monetary agreement in the face of the new European
..
represen-
tions,
reached
gold.
on
group
nations of the Oslo Convention,
British funds
remedy against annual accumulations of
£250,000,000 sterling fresh gold, but added that the
1
important
of countries to eliminate international trade barriers
tization
,
away
pact with
the United States.
change market is limited, but
i
effort to clear
a commerce
would control output of gold or discuss its demone-
matter was under constant
Mr. Wal-
It is believed that Mr. Cham-
the Baldwin Cabinet.
question in the House of Commons as to whether he
as a
or
Runciman, President of the Board of Trade in
governments of Belgium,
of the
con-
treaties with Great Britian and Germany, which make
Instead, he
Chancellor
anxious to
more
American agreement that either his prede-
an
cision is understandable in view of the Danish trade
gold production.
British
a
It is understood in London
of world
Simon,
urging
are
strong trade agreement between the entire empire
tory Powers to the
John
new
the third reading,
now pass
would attack the problem by regulation and planning
Sir
His
he
which
extremely undesirable.
His
more.
of
regulator
permanent
perhaps
The British Dominion delegates to the Imperial
Conference
general agreement in this
a
and
to have gained the complete appro-
seem
revised bill will
It
sary.
proposal
ma-
for defense
revenue
bation of the Commons and it is expected that his
He
pointed out that the increasing gold accumulation
central
proposals
ter
lation of
original
much
as
aim is to produce £25,000,000 annually.
on
world price for gold
a
his
"simpler corporate profits
a
was
taken for
the British
equalization fund
At the time of
acting to support the gold price.
price fixing, there
f
£1,815,000,
was on
offer
0n™^jn<^Jr
on Wednesday
on
Saturday last
0n rn[ues jay
£1,780,000, on Thursdav
Friday £4,200,000.
At the Port of New York the gold movement for
the week ended June 2, as reported by the Federal
Reserve Bank of New York, was as follows:
£2,533,000, and
on
gold movement at new york, may 22-june 2, inclusive
s23,056,ooofromE^iand
Exvor"
3,655,000 from France
iliooiooo from ?n<iiada
None
$30 457 ™
'
'
m Change in Goli
Decrease:
/or
$5,683,000
AccoufU
Volume
Financial
144
above
The
figures
the
for
are
ended
week
on
On Thursday $11,758,100 of gold was
Wednesday.
received, of which $9,213,400
$2,544,700 from Canada.
of the metal
from England and
came
There
exports
no
were
or
change in gold held earmarked for
foreign account.
On Friday $2,943,700 of gold was
received from England.
the metal, but
There
were
no
assurance
ac¬
Government's
Gold held in the inactive fund, as
indicated in the
the
magnitude of the expenditure which
Treasury will have to meet between now and the
end of the year
solely by short-term borrowing.
The Finance Minister has declared that the powers
granted to him to issue Treasury bonds will suffice
the
insure
being placed
the market, financial circles are
daily Treasury statements issued during the week
now
far from sharing the optimism
day changes
are own
GOLD HELD IN
Amount
Date
Date
Daily Change
Amount
May 27_$747,113,520
+$1,290,856
752,323,438
+5,209,918
June
1_
$793,861,973
+ 5,611,121
June
2.
795,615,982
+1,754,009
Increase for the
balances abroad show
funds
ranged this week between
Montreal f nds
steady.
is
discount of 1-64% and
a
a
premium of 3-32%.
rate
on
mean
London check
market gold price,
open
LONDON
CHECK RATE
Saturday, May 29
110.65
Monday,
May 31
June
110.62
1
Thursday,
June 3
I Friday,!
June 4
LONDON OPEN MARKET GOLD PRICE
140s. 8d.
Saturday, May 29
140s. 7%d.
Wednesday, June 2
Monday,
May 31
140s. 9%d.
Thursday,
June 3
140s. 9d.
Tuesday,
JuneJ 1
140s. 9d.
Friday,!
June 4
I409- 5d.
STATES (FEDERAL
FOR GOLD BY THE UNITED
RESERVE
BANK)
Wednesday, June 2
.—$35.00
Monday,
May 31
35.00
Thursday,
June
35.00
Friday,
June 4
...
35.00
35.00
Referring to day-to-day rates, sterling exchange
Banked
was
inclined to
ease
on
in a limited market.
$4.93%@$4.93 9-16; cable trans¬
$4.93 7-16@$4.93%.
On Monday, Memorial
fers
sight
Day, there
was
was no
market in New York.
On Tues¬
The
$4.92%@
day the pound was easier.
range was
$4.92% for bankers' sight and $4.92%@$4.93 for
On Wednesday sterling was steady.
cable transfers.
Bankers' sight was
fers $4.92
fluctuated
$4.92%@$4.92 11-16; cable trans¬
On Thursday sterling
9-16@$4.92 13-16.
within
narrow
level of franc
ex¬
resort to some such
may
renewed
to
of the
devaluation
currency.
On
May 28
interest
of the German mark shows no change.
a new
rate
The law is
the
on
law
announced cutting the
a 4% maximum.
was
foreign loans to
especially drastic for it not only quashes
contracts
concerned, but overrides
cisions of the Reich courts,
held that where repayment
de¬
express
which have consistently
of foreign
currency
debts
The
limits.
maturity is prevented by the Reich's embargo
on
the transfer of funds,
$35.00
June 3
Tuesday,
Saturday last
of capital make it
on
Saturday, May 29
1
reported in financial circles in
monopoly of foreign exchange deal¬
a
than
The position
110.61
110.60
.110.68
disposition to bring their
no
continued exports
as
rather
ings
PARIS
Wednesday, June 2
110.70
Tuesday,
I
ON
is
change, the Government
paid for gold by the United States:
MEAN
PRICE PAID
that if
It
difficult to maintain the present
expedient
tables show the
Paris, the London
and the price
home.
Paris
May
$189,937,765
The following
There is no
holders of French
Capital continues to leave France.
marked outward movement, but
Week Ended Wednesday
Increase in
exchange
condition.
Holiday
May 31_
$49,793,318
Canadian
Persistent weak¬
in rentes has resulted from this
ness
+$35,927,414
May 29. 757,934,559
May 28.
of M. Auriol. The bonds
public and the Paris market shows
slight interest in Treasury issues.
THE TREASURY'S INACTIVE FUND
Daily Change
on
do not attract the
calculations:
Nevertheless,
resources.
necessary
judging by the difficulty with which such bonds are
ended last Wednesday, was as follows.
The day-to-
the
difficulties merely served
budgetary
confirm the
to
to
$4,655,000.
concerning the domestic situation.
is felt
Recent debates in the Chamber of Deputies about
exports of
gold held earmarked for foreign
count decreased
3739
Chronicle
range
was
$4.92@$4.92 7-16 for bankers' sight and $4.92 1-16®
creditors cannot be
pelled to accept blocked marks
of the
In such
obligations.
stated that any
liability to
as a
cases,
com¬
valid discharge
the courts have
which is temporarily
pay
unenforceable remains intact and the conditions of the
loan
are
unchanged.
unusable and
Apparently the
depreciated blocked marks in full dis-<
charge of the obligations
tion of the interest to
A recent
law will
new
with-the alternative of accepting
confront creditors
or
a
of submitting to
maximum of
a
reduc¬
4%.
dispatch from Berlin stated that the net
import of 119,000,000 reichsmarks in gold and silver
during the first four months of 1937 is explained
having been made by the Reichsbank
as
behalf of
on
was
its customers,
such
The range was
$4.92%@$4.937-16 for bankers' sight and $4.92%@
which possess
foreign currencies and have purchased
gold
Closing quotations
cies.
On Friday sterling
$4.92% for cable transfers.
steady
on
equalization fund support.
cable transfers.
$4.93 9-16 for
as a
hedge against fluctuations in these
and therefore
were
bills at $4.92 1-16,
documents for payment (60 days)
curren¬
private nature
the weekly Reichs¬
table shows the relation of the lead¬
ing European currencies to the United States dollar:
$4.92%, and seven-day grain bills at $4.92%.
at
a
bank statement.
The following
of
are
do not appear in
$4.93 7-16 for demand and $4.93 9-16
Commercial sight bills finished
Friday
for cable transfers.
at
large firms like the dye trust,
All these transactions
$4.93%, sixty-day bills at $4.92 5-16, ninety-day
on
as
Cotton and grain
France
(franc)
New Dollar
Parity
for payment closed at $4.93%.
Old Dollar
Parity (a)
Belgium (belga)
Continental and Other Foreign Exchange
Italy (lira)
3.92
6.63
13.90
....
16.95
,
Range
This Week
4.44% to
4.46%
16.82% to 16.86%
5.26% to
5.26%
THE French franc situation shows no changewithin
from
weeks.
The spot rate fluctuates
recent
narrow
limits and is relatively
steady with respect to
sterling and the dollar, owing to the intervention
the
equalization fund.
Forward francs
are
8.91
19.30
32.67
22.79% to 22.84
Holland
40.20
68.06
54.96
a
at sharp
(guilder).
New dollar
unfavorabe incidents in
the
Spanish
as
before devaluation of the European currencies
The London check rate
at
110.68, against 110.66
New York
recent
parity
to 54.99%
between Sept. 25 and Oct. 5,1936.
of
discounts.
The
5.26
Switzerland (franc).•
sight bills
on
on
on
Paris closed
on
Friday
Friday of last week.
In
the French center finished at
4.45%, against 4.46 3-16
on
Friday of last week;
the Paris market and
cable transfers at
exclusively to the
un¬
belgas closed at 16.82% for bankers' sight bills and at
satisfactory financial condition of the Treasury
and
civil
war
have less effect
on
the lack of confidence is due
the growing foreign
trade deficit.
Progressively less
16.82%
16.87%.
for
cable
4.45%, against 4.46%.
transfers,
against
Antwerp
16.87%
Final quotations for Berlin, marks
and
were
3740
40.04
Financial
for
bankers'
sight bills and 40.04 for cable
Chronicle
June 5, mi
The
agreement.
Brazil's favorable
and at
lars
5.26% for cable transfers, against 5.26% and
5.26%.
Austrian schillings closed at 18.72, against
18.75; exchange
3.48%;
at
looks
Czechoslovakia at 3.48%, against
on
Bucharest at 0.74, against 0.74;
on
18.96,
18.98; and
against
against 2.18%.
on
Poland
on
Finland at 2.18,
Greek exchange closed at 0.90%,
askance
Brazil's
at'
routing
United
States
Germany of
to
trade balance of millions of dol¬
derived from American
Argentine
paper
trade."
closed
pesos
Friday, official
on
quotations, at 32.90 for bankers' sight bills, against
32.94
on
Friday of last week; cable transfers at 32.90,
The unofficial
against 32.94.
30.45
was
or
free market close
@ 30.48, against 30.50 @ 30.65.
zilian milreis,
against 0.90%.
said: "The
paper
transfers, in comparison with 40.15% and 40.15%.
Italian lire closed at 5.26% for bankers' sight bills
official rates,
Bra¬
8.81. against 8.82.
are
4
The unofficial
EXCHANGE on the countries neutral during the
close sympathy with sterling.
war
in
moves
The successful conclusion at The
Hague of agreements
the abolition of international trade
for
above in the review of sterling exchange.
part of the gold offerings in the London
A large
market
open
degree to Swiss sales,
some
the Bank of Switzerland is disinclined to relieve
as
The Dutch situation is most
satisfactory.
In his
Dr. Trip, President of the Bank of The
Holland
decidedly favorable.
that there has been
a
general business
the cost of living has risen
pointed
out
while
recovery,
by only 1.7% since Sep¬
He stated that the Bank of The Nether¬
tember.
lands
He
is
adopting
slightly
a
flexible attitude
more
toward the embargo on foreign loans, investigating
each
application
Bankers'
at
on
sight
its
on
own
4
EXCHANGE steady, moving in close sympathy
on the Far Eastern countries is
and
firm
with sterling,
54.99, against 54.99
closed at
54.97,
at
22.81
for
against
checks
and commercial
54.96.
and at
Swiss francs
22.81
transfers, against 22.84% and 22.84%.
cable
for
Copenhagen
checks finished at 22.03 and cable transfers at 22.03
against 22.04% and 22.04%.
Checks
Sweden
on
closed at 25.44 and cable transfers at 25.44, against
25.46% and 25.46%; while checks
Japanese
of gold to defend the
yen
of the
Japanese import
kong
30
is especially steady
yen
currency
closed
on
30.45
at
against the
checks yesterday
yen
@ 30.46,
against
30.57
57.90, against 58.05; Bombay at 37.23, against 37.30;
and Calcutta at
37.23, against 37.30.
European Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at
bullion
of
par
exchange) in the principal European banks
to
not
are
quoted in New York.
shown for the
corresponding dates in the previous
four years:
Banks of—
1937
1936
1935
1934
£
£
£
£
1933
£
322,090,041
208,170.294
193,454,590
192,102,316
France
458,871,951
2,462,300
c87,323,000
342,575,000
94,172,000
102,500,000
456,172,045
574,229,829
3,021,950
626,216,805
89,106,000
90,780,000
90,513.000
342,575,000
63,024,000
83,591,000
73,962,000
67,460,000
77,067,000
61,216,000
25,735,000
Spain
Italy.
Netherlands
4
Denmark..
EXCHANGE on the There American countries is
South
and
steady movement
firm
of
active.
is
M.
Ortiz, in his report to Congress promised
four months
first
156,000;
up
of
1937
16% from
a
considered
year
as
reported
year
ago,
Souza Costa,
excess
Finance
This
for
action
$146,-
of the
is
a
Amount
was
Minister,
Germany
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.
American
$46,769,000.
Sr.
Arthur
de
recommen¬
mean
trade.
that the
reci¬
forth in its declaration of
widespread in Brazil
over
the Ger¬
man-Brazilian compensated trade agreement.
It is
development of its for¬
that the United States
shall have
its
tial
year-old
editorial
condemning
the
commerce
(a) sufficient to
commerce
on
commerce
naval and
at all
carry
substan¬
United
and
foreign water-
times, (b) capable of serving
military auxiliary in time of
national emergency,
the
a
all routes essential for main¬
taining the flow of such domestic
a
and
of the United States and to pro¬
shipping service
as
a
merchant marine
portion of the water-borne export and import
entirely to the disadvantage of Brazil.
"Correio Da Manha" reprinted
a
commerce
domestic water-borne
borne
con¬
29, 1936, sets
policy that "it is necessary
eign and domestic
pointed out that the agreement has worked thus far
The
of June
for the national defense and
vide
30
Shipping and Its Problems
The Merchant Marine Act
Dissatisfaction is
May
c Amount
that
foreign
on
are
the franc's gold content somewhere between 43 and 49
milligrams.
However,
on the basis on which the Bank of
France has revalued Its gold holdings
the parity between francs and pounds
sterling Is approximately 165 francs to the
Last
year.
Brazilian-American
interpreted to
servative newspaper
held Oct.
29, 1935, latest figures available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
held Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be
exactly determined, aa
yet, since the legislation enacted Sept. 26, 1936, empowers the Government to fix
Bank of
reported as £967,950
procity agreement is due to receive modifications.
■
71,278,000
12,031,000
7,397,000
6,569,000
1,232,471,292 1,042,650,189 1,148,447,369 1,222,913,121 1.257,304,859
Prev. week. 1,226,177,377 1,045,992,925 1,182,855,532
1,216,506,365 1,259,205.180
figure normally
asked officials of the American Cham¬
increasing
76,400,000
15,091,000
7,397,000
6,577,000
Exports there¬
ber of Commerce in Rio de Janeiro to file
dations
as
while exports
satisfactory for the whole
Brazilian
6,601,000
16,697,800
90,374,000
70,483,000
69,744,000
Total week.
the period by $212,030,000,
the four-months' trade balance
The
6,602,000
...
53,850,000
92,862,000
44,252,000
18,978,000
7,394,000
5,311,000
calculated
were
$358,200,000.
fore exceeded imports for
all-time record and in
bal¬
a
Argentine imports for the
1938.
increased 107.7% to
an
On
Argentine Finance Minister, Dr. Roberto
anced budget for
56,984,000
101,164,000
49,103,000
23,944,000
6,554,000
6,604,000
6,549,000
Norway
2,273,850
187,737,544
648,493,515
a
foreign funds into Argentina for investment.
June 2 the
of
by special cable yesterday (Friday); comparisons
us
are
Sweden
pesetas
as
respective dates of most recent statements, reported
Switzerland
Spanish
@
30%; Manila at 50.20, against 50.20; Singapore at
Nat. Belg._
24.81%.
and
were
Hong¬
11-16; Shanghai at 29.82 @ 30, against 29.90
Germany b.
24.81%
pressure
Friday of last week.
England.1..
ished at 24.79 and cable transfers at 24.79, against
as
season.
Closing quotations for
28.72, against 28.76
Norway fin¬
on
are
Japan has shipped abroad 150,000,000
Gold Bullion in
transfers at 54.99%, against 54.99;
sight bills
The
controls.
Friday
on
Fridy of last week; cable
on
which the Far Eastern units
to
allied either by legal enactments or through exchange
merit.
Amsterdam finished
Peru is nominal at
25.50, against 25%.
Netherlands, stated that he considered the position
of
Chilean exchange is nominally
quoted at 5.19, against 5.19.
since March
private owners of their gold holdings.
annual report
against 6.45 @ 6.52.
barriers be¬
tween the countries of the Oslo Convention is noted
this week is ascribed in
free market in milreis is 6.55 @ 6.65,
or
States
war or
(c) owned and operated under
flag by citizens of the United
Volume
Financial
144
States in
far
so
as
be practicable, and (d) com¬
may
3741
Chronicle
"On
the
other
hand," Mr.
Kennedy continued,
posed of the best equipped, safest and most suitable
"every legitimate encouragement should be given to
types of vessels, constructed in the United States
private enterprise
and
may
manned
with
trained
a
efficient
and
citizen
The
personnel."
The administration of the Act
States
United
Act transferred
The
bers.
intrusted to
was
Maritime Commission
Federal property
to
of
five
Commission
the
a
mem¬
all
and interests previously controlled
by the Department of Commerce
successor
as
to
United
States
Shipping Board, and dissolved
the United
States
Shipping Board Merchant Fleet
the
Corporation. In place of the mail subsidies formerly
ship operator is, of
ping industry
that in the
are
whatsoever.
far
concerned,
.
costs
between
authorized.
were
American
and
Commission
The
foreign
was
also
national
ships
and
more
to
conditions in ocean-going shipping, and
wage
incorporate in operating contracts which it
authorized
mum
wage
make
to
minimum
manning and mini¬
scales and reasonable working conditions
for officers and
The Commission
crews.
ized to have constructed in Atlantic
such vessels
as
it
judged
was
author¬
or
to
necessary
Pacific yards
carry
out the
of the Act, and to have old vessels recondi¬
purposes
tioned
was
remodeled, with the proviso that if satis¬
or
construction
factory contracts for such
or
recon¬
than
statute
things which the Commission is
expected to study is also "the advisability of enact¬
suitable
of
ment
mission, in
economic
the farmers and
to aid
ment
an
legislation authorizing the Com¬
commercial
or
emergency,
cotton, coal, lumber and ce¬
producers in any section of the United States
in the
transportation and landing of their products
in any
foreign port, which products can be carried
in
dry-cargo vessels, by reducing rates, by supplying
additional tonnage to any
American operator, or by
operation of vessels directly by the Commission, un¬
til
time
such
Commission
the
as
shall deem
such
In
the
after
entered upon
in New York
City
its duties. In an address
May 22, at the annual dinner
on
Propellor Club of the United States, the Chair¬
of
man
April 16 last, nearly ten months
approval of the Act, that the permanent
Commission
of the
the
Commission, Joseph P. Kennedy, out¬
lined
the
Act.
"The determination
general policy to be followed under the
said, "is certain to be
be
not
a
of
a
proper
subsidy," he
difficult task dependent
on
variables. In the beginning our approach may
many
as
you may
scientific
be
as
we
would like.
But of this
We shall not forget the terms of
sure.
the statute that
we
do
not
as
serve
guarantors of
We have not been appointed to subsidize
profit.
laziness,
inefficiency
and
poor
management.
No
greater blight can come upon the shipping industry,
or,
for that matter, upon any operating enterprise,
than
the belief that its
mined
ment.
pens
ship construction industry, if
of the
prolonged and violent labor dis¬
far
Kennedy's remarks
success
or
failure is deter¬
by the profit it can make out of the govern¬
.
.
when
.
We
have
seen
shipping ventures
Washington law offices."
too
are
on
labor
first-
ships," Mr. Kennedy said, "is
on
important
more
pre¬
encourage
"The Commission's job to
personnel
which
1936-37, special in¬
than the building of the
even
ships themselves." The provisions of the Act relating
to minimum
able
manning, minimum
working conditions
determines the
now
life at sea—and the
tional cost."
count
can
mean
wages
and
reason¬
"that the government
standards
of
a
self-respecting
taxpaying public
pays
the addi¬
Shipping labor, Mr. Kennedy declared,
getting "a
upon
deal" from the
square
Commission, and "in return the Commission trusts
that the American
and the
seamen
taxpaying public
will
give the Commission
a square
deal.
going to make this thing succeed, the
think and act in the
who
leaders
be
can
no
honest
excuse
for
and
No business
ice
from
every
In
cause.
forego
exists
can
survive
a
If
we are
seamen must
spirit of this law.
are
They must
sincere.
...
costly and bitter faction¬
alism which is harmful to every one
not until
for
to stop profiteering."
terest attached to Mr.
There
was
pay more
participate. "There need be
vailed in the fall and winter of
the benefit of the American farmers and such
It
will
will be paying for
we
gain from increased business, American
enter the
to
view
want
ducers."
course we
But
turbances at Pacific and Atlantic ports
special rate reduction and operation unnecessary for
pro¬
"Of
just the ships themselves," for while the
necessary,
class
many
mer¬
profiteering. The government is permitted by the
no
policy.
have the work done in United States navy yards.
replacement of the
require that the shipbuilding industry
labor and material will
Act, cannot be obtained from private shipbuilders, it
Among the
the
and
constructed.
builder will
struction, in accordance with the provisions of the
may
shipbuilder is
effort to subsidize his industry,"
an
preserved.
so
the
as
other
or
standing
no
being that, in the judgment of Congress,
defense
shall be
to have
must frankly recognize that the stat¬
we
chant marine
impowered and directed to investigate employment
So
.
.
represents
differentials, to be ascertained by
interna¬
an
application of the law political
improper considerations
reason
upon
.
tionally competitive business, will be eliminated, and
Department, subsidies for construction and
Commission,
.
The American ship¬
.
advantage, arising out of its position in
ute
tion, based
.
.
.
success
take heart that any present dis¬
may
the
the
capital
new
the key to the
course,
of the whole program.
granted and administered through the Post Office
opera¬
that much-needed
so
be attracted to the shipping business.
in the long
constant threat to its
sort of fanciful and
run.
serv¬
irresponsible
particular, labor ought to be willing to
resort
to
extreme
measures
when
there
peaceful machinery for adjusting its griev¬
ances."
Objectionable
as
private enterprise
lic
government subsidies in aid of
from the pont of view of pub¬
are
policy, the Act makes it clear that the policy is
not to be abandoned.
ter upon
the
construction
tion.
out
Mr.
that
and
in
new
cen¬
plan in stimulating
improving and extending
in
five
not less than
years
merchant marine
A
opera¬
the
the United
will
be
85%
of the
"fit for retire¬
Washington dispatch of May 23 to the
New lrork "Times"
ures
Interest, accordingly, will
of the
Kennedy, in his New York address, pointed
American
ment."
success
hands
stated,
of
the
on
the authority of fig¬
Commission, that while
States, during the past ten
years,
had
often what hap¬
replaced only 1% of its merchant tonnage, British
from
replacement had reached 41%, German 31%, French
managed
15% and Japanese 17%.
Super-liners of the Queen
3742
Mary
Financial
Normandie
or
it
type,
Chronicle
Unemployment Insurance Program
said, were not
was
June 5, 1937
Needs Revision
planned, partly because of the cost and partly be¬
profitable operation was regarded as doubtful,
cause
the Commission
and passenger
Elaborate
favoring
combination
cargo
vessels of not more than 25,000 tons.
studies will be needed to determine the
differentials
in
building
which subsidies will be
whether the
seen
cargo or
and
operating
based, and it
costs
remans
on
to be
larger operating companies will
accept the requirements of the Act in order to ob¬
The effect of the
tain subsidies.
subsidy plan in
couraging construction, and the willingness of
ers
to
are
approaching the 20-year
en¬
own¬
vessels that have already reached
scrap
or
that outlook at the
regarded
Mr.
present moment cannot be
clear.
as
good
to
reason
speak
out
frankly about the obligations of labor if the aims of
the Act
between rival unions
over
violent demonstrations
strikes
law
and
ship
reasons,
What with controversies
to be obtained.
are
assed to the
that the decisions of the
challenging problems surrounding their venture
a
survey
strikes
owners
questions of jurisdiction,
by rival organizations, out¬
suggests that the real problems to be encountered
unemployment insurance part of the program
in the
Many will not be perceived, even by the
lie ahead.
for
administrators,
time to come, and the
some
point of exasperation. Special interest,
therefore, attaches to the Bland Bill, which
proposes
comprehend them only
public and the worker may
when it is too late.
An all too meager
the
of
framing
experience was relied upon in
store of actual
compensation
unemployment
the
accumulated the largest
experience with the subject is Great
indeed for
of the
problems encountered there, will be duplicated in
Britain, yet there seems small reason
feeling that much of that experience, or many
this
country's venture.
Yet the
English record is by no means encourag¬
ing to the outlook for our system of unemployment
insurance.
The financial and economic experience
with the British scheme can be
ignored for our pur¬
to amend the Merchant Marine Act
by extending to
poses,
marine workers the functions of the
Railway Media¬
employment in this country will ever
tion
Board.
The
hearings
House Merchant Marine
in
on
the bill before
Committee, which
the
part of marine labor organizations as well as by
believing that
fluctuate in a
since there seems no reason for
manner
similar to that of
From the
are now
have shown strong opposition on the
progress,
Prob¬
Security Act.
scheme contained in the Social
suddenly called for trivial
and operators have been har¬
Actually, however,
security.
of the economic and political probabilities
ably the country which has
had
Kennedy
the
into the field of social
limit, will also de¬
age
pend a good deal upon the outlook for foreign trade,
and
New Dealers may feel
Supreme Court last week have swept away all of
England.
political point of view, however, it is
significant to note that the English system has
been
president of the American Radio Telegraphers' As¬
Ever since the enactment of
the original unemployment insurance measure in
1911 it has been customary for the Parliament to
sociation, who appeared also as spokesman for a
change the law in some particular at
number of maritime unions on the Pacific
session? Jdany
certain
government
agencies.
Merwin
Rathbone,
Coast,
op¬
posed the measure on the ground that the machinery
of the Labor Relations Act was sufficient for
marine
disputes, and expressed the opinion that factional
controversies made the maritime
such
The Labor Relations Board,
this time."
to
industry unfit for
regulatory legislation as the bill proposed "at
according
Representative Bland, opposed the bill unless la¬
bor
was
to be
protected
as
it is by the Labor Rela¬
Act, and the Department of Labor was also
tions
stated to be
of the
Ira A.
bill,
definitely in opposition.
The principles
the other hand, were commended by
on
Campbell, counsel for the American Steam¬
ship Owners' Association, as "in the interest of the
a
As far
as
labor relations go,
a
hard one.
The
improvement of operating conditions will be greatly
impeded if operations are to be repeatedly inter¬
rupted by strikes, yet it is by no means clear that
even the one-sided favor which
marine labor wants
the Labor Relations Act
bestows,
or
that it is dis¬
posed to give up the vexatious strike policy which
has
long been pursued.
is labor so
irresponsible
In
as
no
other industrial field
it is in the shipping in¬
dustry. The Commission has also to show that, even
with
it became
Commission to explore
the entire subject.
This commission completed its
comprehensive studies in 1931, and there followed a
complete revision of the British law. It has been
stated that the present British system bears not the
slightest resemblance to the law enacted in 1911.
The English are now engaged with the problem of
extending their system to agricultural workers. In
a
highly competitive field in which
profit depends upon very uncertain world condi¬
tions.
If, under such circumstances, the Commission
is able to
give effect to the main principles of the
Act which it
administers, it will merit more than
ordinary praise.
'
to appoint a Royal
view of the recent
changes in the law, it is not an
exaggeration to state that the British have not
than
more
much
begun their experiment in unemployment
insurance.
lish
from the Eng¬
The services of almost 25,000 em¬
experience.
British system
job-finding, yet
they have only slightly more than half as many
workers eligible for insurance as this country will
have.
Moreover, the English have a single central¬
ized system while America must establish 48 sepa¬
ployees are required to administer the
of
unemployment
and
rate
distinct
and
benefits
staffs
administer
to
the
law.
Obviously the bureaucracy which will be created in
this
country will far outstrip anything the
have
English
experienced.
A survey
discriminating subsidies, private capital can
be drawn into
almost every
after the first law was passed,
One other lesson needs to be drawn
the problem of the
obviously
years
despite the numerous amendments,
and
necessary
public, the employers and labor."
Maritime Commission is
long time evolving.
result
of
of the State laws already enacted as a
the
stimulus
provided
by
the
Social
Security Act shows that most of the Legislatures
have not hesitated to
of
ignore
one
cardinal principle
unemployment insurance, a principle proven
what
the 47 statutes
passed
so
by
Thus, only eight of
far provide for contribu-
experience is available.
Volume
tions
Financial
144
by the employee as well
the employer.
as
All
foreign statutes levy taxes on both, and most call
for
The
the
of
simplest argument for such contributions by
employee as well as the employer is the necessity
providing for a compensation fund the largest
amount of revenue that is feasible.
any
depression will quickly drain
can
be
accumulated.
also contribute to the
seeking
All
away
cost, there is
some
a
gamble with
assigning the entire burden to employers, most
of the State
Legislatures
seem
willing to allow the
system to become bankrupt as soon as possible.
Perhaps of even greater moment than any of the
considerations
certain
seem
each
arise
because
the
unemployment
system is to be administered by the 48
insurance
The
States.
already outlined are problems that
to
specter of 48 different bureaucracies
competing for Washington's favor—each seek¬
ing larger appropriations
which the Social
for operating expenses
Security Board must dole out—is
were
State
would
all such matters of
politics, personnel
problems caused by workers moving from
and the
one
still
remain
a
of the States
is there for assuming that employ¬
during coming years?
Yet by encour¬
aging each of the States to accumulate the same
amount of funds
within the
(relative to the number of workers
State), the Social Security law is based
of
course
employment in manufacturing in¬
during the depression illustrates the type
dustries
this Federal-State
From 1929 to 1933 manufacturing employ¬
the country as a whole declined by 31%.
problem likely to result under
system.
ment for
Yet in
States the decline in factory
seven
ment for that
Conversely,
employ¬
35%.
in four
period amounted to more than
manufacturing
States fell less than
employment
15% from 1929 to 1933, and
20%.
Data on
employment in factories since 1933
demonstrate, also, that the recovery in employment
varies widely among the States.
The probabilities
are, therefore, that under the present form of the
law the next depression will find some States with
bankrupt compensation funds, some with funds con¬
taining only a narrow margin of safety for workers,
and some, perhaps, with comfortable surpluses.
Of course, States could voluntarily recognize this
situation and impose heavier taxes in anticipation of
others
ence
In
reported decreases of less than
likelihood
the
that their
own
absence
of
any
employment experi¬
than that of other States.
will be less favorable
the
compulsion in the Social
is extremely difficult to
heavier taxes on
employees than will be levied
Security Act, however, it
conceive of
their
own
Legislatures imposing
employers or
of
that
begun
an
effective administrative framework and
legal basis, and
Neville
of
Great
Chamberlain
as
Britain, in succession to
Stanley Baldwin, cannot be said to have
and the
Mr. Baldwin's retirement
auspiciously.
very
cessor
of
designation of Mr. Chamberlain as his suc¬
were,
to be sure, effected without an adverse
vote of the House of Commons such as has
preceded
usually
change of Ministry; on the contrary, the
a
change has been for some time expected, the only
may
be regarded
of both the House of
favor
the
as
enjoying
Commons and the
The contrast between the
electorate.
Baldwin
To that extent the
office.
choose to retain
Prime Minister
new
long Mr.
question being how
practical
would
personalities of
however, is striking.
Mr. Baldwin
the
two
popular qualities which came in time to impress
men,
both Parliament and the
country, and he succeeded,
spite of some serious mistakes, in maintaining a
in
than the
more
Mr.
lar
figures of party affiliation would in¬
Chamberlain, unfortunately, lacks popu¬
qualities and has few intimate friends, and his
aside from that which is derived from
influence,
membership in
a
distinguished family long identified
public service, has been due mainly to his suc¬
cessful work as Chancellor of the Exchequer in the
with
Baldwin Government.
the
Commons
hand, the apparent acquiescence of
and the country in an arrangement
by which the premiership was
one
incumbent to
experienced personnel, the outlook
quietly passed on from
another is
not to be explained
wholly by the subservience of the House of
Com¬
mons,
although the House has for some time shown,
in its
yielding to leadership, a temper suggestive of
of recent American Congresses.
that
situation
The policy of the Government
with embarrassments.
in connection with the abdication of
and his
The political
of Great Britain at the moment is beset
Edward VIII
subsequent marriage, and the persistent hos¬
tility shown to him by leaders of the Church
of
England, have deeply stirred the British public, and
episode did not greatly affect Mr. Bald¬
while the
win's
personal popularity it obviously somewhat im¬
paired his prestige.
The political situation on the
Continent, especially in regard to the war in Spain,
has gone
ness
of
rapidly from bad to worse as the hollow-
pretended neutrality has more and more ap¬
peared, at the same time that the cost of armament
has borne
was
heavily
upon
the British taxpayer. There
much reason, under
such conditions, for avoid¬
ing even the appearance of a party rupture
House of
tion which
Mr.
in the
Commons, or precipitating a general elec¬
nobody wants just at this time.
Chamberlain's
has carried with it the
in other States.
Given
Minister
On the other
just such an assumption.
of
administration
The
vital and fundamental diffi¬
disregarded,
unemployment will vary similarly in each
ment and
The
Changes and Crises in Europe
dicate.
reason
possible heavy burdens for
taxpayer.
practically undisputed hold upon a House whose
be
the law.
on
the
personal and factional differences were considerably
to
culty with the Federal-State system set up under
What
ment for the worker and
there
another
to
laws, make the future more certain than
uncertain, and that certainty promises disappoint¬
had
hardly an encouraging prospect.
Even
48
chance that
future, but in refusing to levy taxes on employees
and
the
Prime
unemployment insurance is only
The handicaps natural to the
system, and the failure of the State
Legislatures to regard sound principles in drafting
"bloc" always
pressure
a
unemployment insurance would
highly speculative.
what funds
increase in benefits.
an
be
Moreover, where employees
will not constitute
they
the
Limited experi¬
with unemployment insurance does teach that
ence
for this venture in
Federal-State
contribution from the government as well.
a
3743
Chronicle
position
as
Prime
Minister
leadership of his party. The
speech on Monday in which he accepted the Conser¬
vative leadership gave no
indication of a policy dif-
Financial
3744
ferent from that of his
predecessor. "The new Gov¬
ernment," he declared, "remains a national Govern¬
It will continue
ment like the one it has succeeded.
our
well under way—of the re-estab-
program—now
lishment of
that
It will combine with
constant effort to remove the causes
a
still
defense forces.
our
Chronicle
been
complete demonstration of the hollowness
a
whole non-intervention
of the
neither Great
which
day may
Technically,
but each of those Powers
far involved in the
so
policy.
Britain, France, Germany, Italy nor
Soviet Bussia is at war,
is
delaying the return of confidence in Europe.
are
June 5, 1937
Spanish struggle that
their formal participation virtually
complete.
It will not
cease
to
promote the development of in¬
dustry and the improvement of agriculture.
And,
see
It is no longer possible to pretend that
substantial outside aid is not being given to both
Spain, for if it were not the fighting must
sides in
finally, it will seek to raise still further the stand¬
long since have ceased with the exhaustion of
ards of
tions and other necessary
people whenever and wherever that
our
be done
he
regard to the burdens
taxpayer." In the House of Commons, where
accorded
was
did
can
demonstrative
a
the
others in
all
welcome, he out¬
extravagant praise that was
poured out upon Mr. Baldwin. "Many comparisons,"
he
said, "have been made between Baldwin and other
great Prime Ministers.
For
part I have often
my
thought that, making all due allowance for differ¬
of education and
ences
upbringing, he
comes near¬
enthusiasm
destined
was
be
to
short-lived.
policy will be remains
but there is no reason as yet for expect¬
ing that it will be very different from that of the
Baldwin Government. The Baldwin policy, it will
recalled, had involved the maintenance of cordial
be
with
relations
France,
intervention in
direct
no
Spain, and keeping .Germany and Italy as far as
The continuance of that policy has
possible apart.
been aided
by recent events at Geneva and the atti¬
The elaborate charges
tude of Berlin.
which
est to Abraham Lincoln."
The
to be seen,
of
against Italy
presented to the Council of the League
were
Nations, on May 27, by a representative of the
Government at Valencia was not accom¬
Monday, the resentment of British business at
loyalist
the
profits tax which Mr. Chamberlain,
panied by similar charges against Germany.
lor
of the
On
Exchequer, had only
proposed burst in
the
criticism
torrent of
tax
described
was
Minister," the correspondent of
"Times"
York
New
storm over the House of Com¬
a
Prime
"No
mons.
disastrous
as
John
the
.
.
.
a
The
the most
as
proposal any Government has put for¬
Simon, who
as
Cabinet
The only
member
the Gov¬
on
the proposal
was
Sir
Chancellor of the Exchequer in
officially obliged to defend
was
Confronted with
the tax.
day.
'monstrous' and
side who supported
new
"ever faced such
wrote,
his first
on
ward since the war."
ernment
Chancel¬
as
short time before
a
an
opposition
more over¬
also noticed that action on the
cil
asked.
not
was
stepped the issue by approving a recommendation
of the London Non-intervention
in
war
all
foreign combatants.
cords with British
the further British
The
suggestion of
is reported
Bussia
it does not
simpler and, presumably, more acceptable.
hailed
was
and the fact
was
the
a
by
that
some as an
no
on
ac¬
courage,
the proposal
urged was regarded as a favorable omen, but
action
nevertheless
was
confession of weakness.
the tax any more
was
exhibition of
adverse vote
His
widely interpreted
as
The debate did not make
objectionable than it was when it
proposed; it only gave voice to the widespread
opposition. It was difficult to deny that Mr. Cham¬
who is
berlain,
should
not
been
have
an
inexperienced politician,
successful in gauging the
more
probable effect of his proposal upon business and
financial
opinion, and his failure raises a question
armistice.
as
favoring it in prin¬
of
The atti¬
contemplate further reprisals.
visit of Marshal von
tion
an
The Hitler Government has announced that
whelming than the House has known for many years,
tax, promising to replace it shortly with something
The proposal not only ac¬
policy, but it also supplements
League action was approved by France, and
Soviet
ciple.
Committee that the
Spain be further localized by withdrawing
Mr. Chamberlain
Tuesday withdrew the proposed
It was
charges by the Coun¬
The Council, accordingly, side¬
tude
on
muni¬
supplies.
Mr. Chamberlain's
What
consistently with maintenance of the credit
of the Nation and with due
of the
any
Italy has not been made known, but the
Blomberg, German War Min¬
ister, to Italy for a conference with Premier Mus¬
solini has resulted in a defensive
on
whose influence
Friday,
As the matter
now
entente, announced
may
be far-reaching.
stands, both Germany and Italy
have withdrawn from the London
committee, Italy
has announced its intention to fire upon any
loyalist
planes that seem to menace its war vessels and to
stop any Bussian vessels carrying supplies to Spain,
the
force
German
in
the
strengthened, and France
Mediterranean
is
being
and Great < Britain are
exerting themselves to keep either side in Spain from
provoking
It
was
a
general war.
to be
expected that the bombings and
re¬
prisals in Spain should have their repercussions at
considerable
has been
regarding the reception which his new tax project
Washington, and
will be likely to meet.
put upon President Boosevelt to take a hand in the
the Continent
struggle by applying the Neutrality Act to Italy and
suddenly to have moved toward a crisis. An
Germany. The pressure, we are glad to say, has been
Meantime the
seemed
attack by
battleship
political situation
on
loyalist Spanish airplanes on a German
on
May 29, followed on Monday by the
bombardment of Almeria
by five German warships,
brought Italy and Germany together in what seemed
destined to be
an
end
of
a
policy of reprisals and threatened
the non-intervention
those countries had
would seem,
joined.
which has
program
Thanks
very
in which
largely, it
to the exertions of the British Govern¬
ment the armed intervention of
Italy and Germany
long been dreaded appears to have been
averted, and the bellicose attitude of the two Pow¬
ers
pressure
has been modified.
The incident, however, has
resisted.
A
proclamation of neutrality directed at
Italy and Germany would be tantamount to a dec¬
laration that those Powers
were
at war,
which for¬
mally, at least, they are not, and it could in any
case
have
no
effect upon the actual
induce either of them to agree
belligerents
to an armistice.
or
The
until
desolating
conflict must, apparently,
exhaustion
stops the fighting, or until some further
incident ends the
go
on
pretence of non-intervention and
brings other Powers directly into the field. On the
whole, the key to the situation appears still to be
held
by Great Britain, and there will be general hope
Volume
that the Chamberlain
it will be to
and which under normal conditions may be economically operated as a single interconnected and
coordinated system confined in its operations to a
Government, hard pressed as
maintain
the appearance
even
of nen-
trality, will nevertheless be successful in its efforts,
'
n
,
Death
'
V
'
r
.
.
Begins
or
By Ernest r. Abrams
The death sentence for
less
than
existence
at the
months
seven
of
discretion of
a
and thereafter the
away,
interstate
our
com-
region, in one or more States, not so
region affected) the advantages of localized man-
regulation."
The perplexities surrounding an intelligent limi-
the first day of 1938,
on
area or
agement, efficient operation, and the effectiveness of
public utility holding
panies becomes effective
single
large as to impair (considering the state of the art
-
January
in
3745
Chronicle
Financial
144
holding
will be
groups
Federal bureau.
The Public
tation
on
the size of an integrated public utility sys-
tern under this definition are immediately apparent
when consideration is given to the extent of inter-
Utility Act of 1935 requires that the Securities and
connection
Exchange Commission, all of whose members
electric utilities of the country.
presidentially appointed, "shall examine the
rate structure of
every
and
subsidiary
extent to
simplified,
existing between the major operating
For, today, by
transmission lines of 60,000 volts and over, physical
connection exists between major generating stations
thereof" to determine the
from New Hampshire to Minnesota, from Michigan
corporate structures may be
such
to Alabama, from Vermont to Florida, and from
complexities therein elimi-
unnecessary
nated, voting
corpo-
now
registered holding company
company
which
are
Montana to Washington to southern California,
Imagine the problems presented by this definition
the security holders, and "the properties and
among
fairly and equitably distributed
in the State of Texas alone, where 19 operating cornpanies associated with nine holding company sys-
business
power
thereof
confined
to
those
appropriate to the operations of
necessary
or
integrated public
terns and one unassociated operating company serve
an area 213 times that of Rhode Island and exceed-
specifically, the Act directs that the Com-
ing by nearly 16,000 square utiles the combined areas
an
utility system."
More
mission
shall
"require by order, after notice and
of Maine, New Hampshire, Vermont, Massachusetts,
opportunity for hearing, that each registered hold-
Connecticut, Rhode Island, New York, New Jersey,
ing company, and each subsidiary company thereof,
Pennsylvania, Delaware, Maryland, Virginia and
shall take such action
West Virginia.
limit the
necessary
to
company
system
the Commission shall find
as
operations of the holding
to
...
public utility system.
.
.
that the Commission shall
ing
integrated
.
public
utility
integrated
Provided, however,
permit
to continue to
company
single
a
registered hold-
a
control
one
if
systems,
or
.
more
.
it
.
finds that—
"(a)
independent system without the loss
as an
of substantial economies which
can
retention
holding
of
control
by such
be secured
by the
of
company
such system;
"(b)
one
All of such additional systems are located in
State,
in adjoining States,
or
foreign country
so
or
in
of
control
from Chicago to New Orleans.
thermore,
eight
Yet such
a
trans-
would be wholly intrastate.
Fur-
of
these
Texas
electric
utilities
render service in adjoining States, and another ren-
ders service in
a
contiguous foreign country, while
at least four additional are physically connected
with non-associated electric utilities in adjoining
States,
As the Act apparently recognizes, State boun-
such
nomically integrated
areas,
and the problems of
effective regulation for both the public and the
utility are at once complicated when service is rendered in two or more States by a single operating
company.
Accordingly, the Commission should
recognize that any attempt to lay the maps on the
table and establish the geographical limits of an
integrated public utility system from the location of
its service area or its proximity to the service areas
of other operating utilities alone would largely
holding
company
to impair the advantages
as
management, efficient operation,
effectiveness of
or
regulation."
under
the
visions of the. Act "shall be
the
-
Any action required to be taken by
holding company
death
a
registered
sentence
complied with within
proone
year
from the date of such order; but the Commis-
sion
shall
.
extend
.
.
such
period not exceeding
such extension necessary or
for
or
the
time
one year
for
an
ad-
if it finds
result in confusion and inefficiency to the utilities
and consumers alike.
appropriate in the public
protection of investors
or
con-
a
One of the largest integrated service areas under
single control in the country is that of the six
Southeastern subsidiaries of the Commonwealth &
sumers."
Not
of the State to the other, a distance
equivalent to that from St. Louis to Baltimore or
is not
of localized
interest
arise, electric energy could be relayed
one corner
daries do not necessarily mark the outlines of eco-
and
;
region affected)
ditional
an emergency
from
(considering the state of the art and the
large
area or
connected with one or more of the others and, should
contiguous
a
The continued combination of such systems
"(c)
under the
these 20 operating electric utilities is physically
mission of energy
Each of such additional systems cannot be
operated
Almost without exception, each of
only is the language of Section 11 of the Act—
the death sentence—indefinite and
outline of the
inadequate in its
of action to be pursued
Southern Corp., covering roughly the eastern half of
Mississippi, practically all of Alabama, all but the
by the
southern strip and the eastern tip of Georgia, the
appalling discretion has been
western strip of Florida, the southwestern quarter
permitted the Commission in the determination of
of South Carolina, and the central half of Tennessee,
What, for instance, is "an inte-
These six electric utilities, each of whose operations
Commission
course
but
questions of fact.
an
grated public utility system?"
as
"a
system
The Act defines it
consisting of one or more units of
is confined to
a
single State, are so completely inter-
connected by transmission lines that they could be
generating plants and/or transmission lines and/or
operated as a unit without loss of efficiency, yet
distributing facilities, whose utility assets, whether
their combined service
connected
Rhode Island and
or
capable
of physical interconnection
more
area
is 125 times that of
than three times that of
3746
New
Financial
York
State.
Will
this
efficiently operated
of interconnected electric utilities be held to
group
serve
an
area
large "as to impair
so
.
.
advantages of localized management, efficient
opera-
tion, and the effectiveness of regulation"?
limitation will be
placed
on
the size of
an
the
.
What
integrated
Chronicle
might be confined to
size be determined?
few States, and, when the
a
shifting of operating properties had been carried
far
as
possible, they could sell those operating sub-
as
sidiaries which failed to fit into their
holding
other
own or
patterns to any buyers who might
company
legally acquire them.
public utility system and by what formula will the
proper
June 5, 1937
Both of these
of action
courses
fraught with
are
Most of the major holding
major difficulties.
corn-
Next, the Act permits the Commission to continue
registered holding company in control of "one
a
panies
or
preferred stock, and common stock in the hands of
integrated public utility systems," provided it
the public, and the millennium would certainly have
mdre
debts, at
have funded
least
class
one
of
finds each additional system could not be
operated
arrived if all of the security holders of any holding
independently without the loss of substantial
company
mies, each added system is located in
adjoining States,
in
or
econo-
State,
one
contiguous foreign
a
or
in
coun-
each
nation
lently
laige
so
as
to impair the three advantages
Any
in
sophisticated
United
the
selection
sion
States
American
to
were
of
the
three
best-
could
one
or
rule that
as
Co.
of its
and
of
that
their
substantial minority of
a
holders would protest vio-
security
interests
were
being adversely
committees would quickly be formed
for their protection.
Multiply this situation fifty-
fold and some idea of the confused conditions ma¬
dent to
wholesale
gained.
This
realignments
property
enormous
may
be
readjustment of ownerships
four integrated
with the conflict between interests it would provoke
that honestly-managed
would be consumptive of both time and money, since
not only do the utility regulatory bodies of most
major operating
States have control
ing the non-consolidated
Power
swaps
would be compelled to dispose of
company
more
hardly fail to include
Co., and yet, unless the Commismany as
systems could be retained,
holding
class
affected and
managed and efficiently-operated utility groupings
North
More likely,
advantage.
try, and the added systems do not render the combi-
previously mentioned.
to agree that any property
were
which the management might propose were to their
its
investment
Gas & Electric and Detroit
Exclud-
American
North
groups.
and
over
must approve
the
Light &
financial operations of the electric utilities under
holdings in Pacific
their jurisdiction, but the approval of the Federal
Edison, North American
Power Commission must be secured of all financial
subsidiary systems serving Washington,
C., and suburban territory; Cleveland and adjoin-
operations of interstate electric utilities and the
Securities and Exchange Commission must approve
ing communities in northern Ohio; St. Louis and
such operations of both interstate and intrastate
Co. controls
D.
smaller communities in
and Milwaukee
other
with
its
communities
in
Each of these groups
public
utility
Missouri, Illinois and Iowa;
metropolitan district plus
Wisconsin
should qualify
system
under
with
450 miles
tion in mind when it recently sponsored legislation
but,
with
which would secure to it wide control
over reor-
sepa-
ganizations,
protective
areas,
committees.
areas,
does the
qualification "in one State, or in adjoining
States," apply merely because Illinois adjoins WisIowa and Missouri
What
by
Lake
owning
the
entire outstanding capital
& Reading Railway Co.,
company
stocks
of
Philadelphia
and others. Its capitalization at Dec. 31, 1919, was
comprised of $70,000,000 common stock, $28,000,000
might
be
accorded
American
first and $42,000,000 second 4% preferred stocks.
sub-
Both preferred issues
were
sidiary companies in the 14 States of Washington,
values at the option of the
Oregon,
preferred
Texas,
Montana,
Kansas,
Missouri,
sota, Wisconsin
and
Arizona,
New
Mexico,
Nebraska, Iowa, Minne-
Florida?
Economically and
through physical connection, its operations fall into
six
integrated systems, yet certain
opposite
corners
of the country.
of them lie in
Will
major
our
holding companies eventually be forced to confine
their
and
equity holdings to
one or
two
or
three States
dispose of ownerships of those operating sub-
sidiaries which
lie
outside
problems which such
their
a program
erty realignments would present
boundaries?
The
of wholesale propare
appalling, not
only to utility operations but to those with intimate
experience in the readjustment of capital structures.
Should the Commission
on
the number of
which any
two
arbitrarily place
a
limit
integrated public utility systems
interstate holding company might retain,
general
courses
of action would be
open to
they could first enleavor to swap properties
themselves to the end that each of their
simple
of the Reading Co., a holding
adjoins
Michigan,
Light Co., with operations through
Idaho,
even a
case
Philadelphia & Reading Coal & Iron Co., Philadel-
treatment
&
Illustrative of the time consumed in
dissolution is the
phia & Reading Terminal Co., Reading Coal Co.,
adjoin Illinois,
Ohio?
Power
and
or
peninsula
upper
solocitations
proxy
body of Michigan, separated from
because the main
the
that the latter Commission had this probable situa-
penin-
consin while
uncertain
integrated
Act
between the upper
some
in the electric
no means
as an
the
Michigan and the Cleveland service
of
It is by
Michigan,
rating the Milwaukee and the St. Louis service
sula
holding companies
and light field.
and
approximately 300 miles of "foreign" territory
and
operating and
power
them;
among
ownerships
was
retirable at their face
company,
while the second
convertible into one-half share each
of first preferred and
common
stocks.
The outstand-
ing funded debt totals $123,853,315 and
was
corn-
prised of $96,524,000 Reading Co. and Philadelphia
& Reading Coal & Iron joint general mortgage 4s of
1997,
$23,000,000 Jersey Central collateral 4s of
1951, $534,000 Delaware River Terminal extension
5s
of
1942,
$500,000
Delaware
River
Terminal
5s of 1942, 1,295,000 Wilmington & Northern RR.
4%
stock trust certificates payable
as
lot, $1,200,000 Reading Co. purchase
drawn by
4s of
1952, $10,950,000 equipment trust obligations, and
$800,315 assorted mortgages and ground rents,
In
September
of 1913
the
Federal
money
Government
instituted action against the Reading Co., contending that it controlled railroads and coal companies
in violation of the anti-trust laws, and
on
April 26,
1920, the United
States Supreme Court sustained
that contention.
The
case
was
handed back to the
three-judge United States District Court in Phila-
Volume
delphia which,
Chronicle
Oct. 8, 1920, filed
on
order fixing
an
most of the
90
days from date for the filing by the Reading Co.
of
a
plan of dissolution.
In compliance with that
order, the Reading Co. filed a plan with the court
Feb.
on
14, 1921, which
1921, again
1923.
protective
were
formed
June
on
June
On
May 10,
legal
for
small
the
Feb. 16, 1921, while
Court in
was
1923,
United
the
District
States
Philadelphia accepted this third ihodified
plan and entered its final decree, directing dissolu¬
tion
within
six
months, and
stockholders of the
voted to
and
appear
on
Oct. 15, 1923, the
Reading Co. approved the plan
comply with the decree.
Under this
responsible
pated this
bility,
parties, the mortgage securing the joint 4s
closed with two-thirds of the
liability assumed
acquire these "orphaned" operating com¬
panies at pawnbroker's prices and convert them into
public
competition, forced certain operating sub¬
of the Commonwealth & Southern Corp.
sidiaries
portions of their distribution facili¬
prices equivalent to but 65% of book values
and into
the
right to exchange their bonds for
Co.
merged with Philadelphia & Reading Rail¬
was
way
companies, and the Reading
Co., thereby becoming an operating company.
Here
was
in
others
simple dissolution in
a
the
same
were
free to
which could not be
purchase those properties
tained, yet three years,
market where
a
of endeavor
fields
re¬
five months and 19 days
the
sale of their bonds at
which
at
underwriters in
over
acceptance of a plan of dissolution by
shorter
somewhat
a
period of time, that situation involved only
stocks and
common
stocks
effected in
was
no
debt securities
or
preferred
outstanding to dispute the equity of the
were
distribution of assets.
If would,
certain that any widespread
accordingly,
seem
realignment of property
orders
spaced
were
over
a
considerable period of
the
been
substantially
group
of
a
member of the
of bankers has failed to over¬
those
with
at
vital interests
because a pending change in the
majority of the presently-constituted Commission
a
have but because other members of the Commis¬
tested that
these
Had this sale
consummated,
membership of that body may disturb or destroy any
constructive attitude toward electric utilities which
not be
the Act requires, unless
a
doubts
the
come
sion
which
have
would
Co.
stake, not only
conflicting.interests that surely would develop could
order
been
reassuring remarks of
Commission to
may
date of
originally distributed by
14% of which was in the hands of the public.
ownerships with the enromous controversy between
accomplished within the two years from the
were
liquidation value of the $6 preferred stock,
The recent
While it is true that the
parties.
Standard Oil dissolution
refunding 5s of 1970 the
96%% of face value—the price
facilities
Service
and the final
Public
utility assets remaining with Tennessee
value of the
Public
Tennessee
September of 1930.
distribution
of
lapsed between the decision of the Supreme Court
interested
bonds
the
of
the Authority proposed directly to
consummated,
the holders of the first and
under the
all
facilities
Knoxville, Tenn., which was never
in
Co.
portions of
while in the attempted purchase
distribution
Reading Coal & Iron Co., while the holders thereof
offered
withdrawal from the affected
their service areas,
Service
bonds of the two
to
It will be remembered that the
TVA, through threats of duplication of facilities and
ruinous
of
new
Recent events would tend
operations.
support this belief.
by the Reading Co. and one-third by Philadelphia &
were
for the growing belief in
condition and that, in all proba¬
very
delphia & Reading Coal & Iron Co.
was
would
publicly-financed holding company will be
a
into the sale of
outside
owners
utility circles that the sponsors of the Act antici¬
ties at
sold to
present
This probable paucity of
"orphaned" properties is in no
buyers for
plan the stocks of Reading Iron Co. and of Phila¬
were
their
to
losses
way
Under these conditions
prices.
certain result.
a
formed to
15, 1922.
28,
substantial
attempt to "steal" the proper¬
an
distressed
at
on
committees
on
ties
June
protective committee for the joint 4s of 1997
formed
6,
equities would doubtless be advanced by
sharpshooters in
on
stock and for the combined first and second
preferred stocks
a
modified
was
May 29, 1922, and again
on
Meanwhile,
common
3747
Financial
144
a
in
recent
public statements have rather con¬
While it is improbable that
reassurance.
flood of orders will be directed at the
panies
holding
com¬
the death sentence becomes effec¬
as soon as
years.
tive, it does appear equally as probable that the
A
large proportion of all disrupting orders to be issued
wholly different set of problems would be pre¬
the sale of those untraded
sented in
sidiaries
which
any
holding
operating sub¬
company
was
denied
permission to retain and which failed to fit into the
pattern of
cash purchase.
Due in
no
other power
the
that
these
projects
soon
the threatened
to
tactics
will
be extended to
to be placed in operation,
creation of flood-navigation-
projects of the TVA type in all sections of
country
advocated
as
by certain
influential
legislators, the equities of electric utility companies
study
already had close to two years in which
holding
some
company
of 1935 is
confusion of
ment
presidential compulsion, is of
the contrary,
the
Proposals for the purchase
equities
would
prices, but
a
probably
be
of certain of these
made
at
reasonable
large majority of the proposals for
That it is
it is the law of the land.
creation and destruction of man-made laws that the
impossibility
of erasing
economic laws
sentence
properties whose equity securities could
no mo¬
product of fickle minds, so accustomed to the
paucity of legal buyers would doubtless exist
longer be retained in holding company portfolios.
an
today since, until the highest court rules to
and
no
in
ignorance of public utility economics and born in a
gotten, is likewise unimportant now.
those
Utility Act
economic monstrosity, conceived
an
longer attractive to investors or business men,
a
and very
structures,
rather definite plans have been formu¬
are no
for
Administration
The Com¬
That the death sentence of the Public
holding companies and operating
utilities, to the unfair competitive tactics of
fear
the
power
present
lated.
a
wholly controlled Tennessee Valley Authority,
and
to
antagonistic attitude of the Federal Govern¬
electric
to
with the funds
the
from control in January of 1941.
mission has
likely
to
ment toward both
its
company
before
appear
passes
small part
necessary
to the
holding
some
will
of
the
Act becomes
was
for¬
That the death
effective
on
Jan.
1,
1938, and that thereafter interstate utility holding
companies will exist at the discretion of a Federal
bureau is most
to
investors
would appear
important today, for widespread loss
in
many
classes of utility securities
to be the probable result.
3748
Financial
Chronicle
The Course of the Bond Market
Utility bonds have been moderately stronger.
maintained
A
short trading
week,
with two days out
the holiday, has brought no
account of
on
Among the lower grades, there has been
same
Works & Electric
levels.
for utility bonds to firm up after several weeks of declining
prices, while rails have tended to sell lower.
will offer
ment
about
$800,000,000 of Treasury notes on Monday,
quiet market.
York
3%s,
1997,
gained
%,
Pacific 4s, 1947, closed % higher at 113.
road
a
With
Atchison gen. 4s, 1995, at 110%; were up %;
Central
bonds have been
96%;
at
generally steady.
Baltimore & Ohio
down
The most
at 75%;
Erie
5s,
1975,
at
78%
outstanding feature of the second-grade railroad
RR. Co. of New Jersey 5s and 4s, 1987, which lost 3 and
4%,
respectively.
Apparently this
pany's rather
poor
in reflection of the
was
earnings position and its important tax
litigation with the State of New Jersey.
of
bankruptcy by the New York
during the week
several of its
marked
was
bond
U. S.
All
Govt.
Domes¬
Bonds
by
the absence of
plea
a
Western
bids
the
on
PRICES
Corp.*
the
an
conversion privileges, the trend of indus¬
Packing company
of Goodyear Tire & Rubber 5s,
2%.
off
Hudson Coal 5s, 1962,
steels have been generally
The
at
Most of the oils moved forward, Socony-Vacuum
90%.
3%s, 1950, rising 1 to 105.
The speculative issues among foreign bonds recorded mod¬
declines, while a firming tendency has been notice¬
Japanese bonds.
The balance of the list moved
erate
able
in
within
limits.
narrow
bond prices and bond yield averages
tables:
Moody's computed
given in
the following
MOODY'S
BOND YIELD
AVERAGES
(REVISED)
(Based on Individual Closing Prices)
120 Domestic
by Ratings
Corporate by Groups*
Baa
Sound
was
Outstanding in the rubber section has been
46%,
at
(REVISED)
A
Puget
There
exception of speculative issues and those with
Average Yields)
Aa
83;
80.
%;
up
Nevada-
quiet, although Otis Steel 4%s, 1962, closed 1% points higher
on
120 Domestic Corporate *
Aaa
1 to
gained 4 at
Coal company issues receded,
closing
tic
120
rose
1950,
%-point gain to 105%
1957.
are
BOND
(Based
1937
The filing of
Susquehanna &
issues.
MOODY'S
Daily
Averages
com¬
1956,
ing 1 to 106%.
were
bond market has been the sharp decline in prices for Central
5s,
5s,
were
84;
obligations have been strong, Swift & Co. 3%s, 1950, advanc¬
%; Southern Pacific 4%s, 1968, advanced % to 89%.
%,
Electric
Light
2 to
trial bonds has been moderately upward.
Second-grade rail¬
1960, lost
advanced
stock purchase or
Union
4%s,
1969,
of the first for capital expenditures entirely.
one
virtually unchanged in
were
&
% point over
offering of $10,000,000 Cincinnati Gas & Electric 3%s, 1967,
$500,000,000 of which will be "new money."
High-grade railroad bonds
New
Power
up
5s, 1946, at 100%
5s,
California
"The govern¬
American Water
6s, 1975, closed at 107,
Utilities
Kentucky
High grades
and lower grades recovered fairly
week ago; Alabama Power
a
slight tendency
a
firm tone,
a
well from the low levels of former weeks.
materia^hange in bond prices.
High grades and governments have held at the
June 5, 1937
RR.
P.
U.
All
ndus.
120 Domestic Corporate
120 Doinestic
1937
120
by Ratings
Corporate by Groups
Dally
Averages
Domes-
tlcCorp.
30
For-
Aa
Aaa
Baa
A
RR.
,
P.
U.
Indus,
June
4— 108.59
101.58
113.48
110.24
100.35
85.65
95.46
4—
3.91
3.29
3.45
h,
3- 108.60
101.41
113.27
110.24
100.35
85.52
95.46
100.70
109.05
3—
3.92
3.30
3.45
3.98
4.93
4.27
3.96
3.51
2—
108.56
101.41
113.27
110.04
100.35
85.65
95.46
100.53
109.05
2-
3.92
3.30
3.46
3.98
4.92
4.27
3.97
3.51
1..
108.62
101.41
113.07
110.04
100.35
85.52
95.46
100.53
108.85
1—
3.92
3.31
3.46
3.98
4.93
4.27
3.97
3.52
Stock
Exchan ge
Exchan ge
eigns
May 31.
29.
_
.
Stock
100.70
109.05
Clos ed—•
"Clos
June
3.98
Stock
Exchan ge
29.. Stock
Exchan ge
4.27
3.96
3.51
5.19
.«--
mmm
mmm
Clos ed—
Clos ed—
May 31
ed—
4.92
—
28- 108.73
101.41
113.27
110.04
100.35
85.65
95.62
100.53
108.85
28-
3.92
3.30
3.46
3.98
4.92
4.26
3.97
3.52
27- 108.53
101.41
113.27
109.84
100.35
85.52
95.46
100.53
108.66
27-
3.92
3.30
3.47
3.98
4.93
4.27
3.97
3.53
26- 108.50
101.58
113.07
110.04
100.53
85.79
95.62
100.70
108.85
26-
3.91
3.31
3.46
3.97
4.91
4.26
3.96
3.52
3.91
25- 108.47
■
101.58
113.27
110.04
100.35
3.30
3.46
24- 108.46
101.58
113.27
109.84
100.35
85.93
95.62
100.88
108.66
24—
3.91
3.30
3.47
3.98
4.90
4.26
3.95
101.41
113.07
109.84
100.18
85.93
95.46
100.70
108.85
22-
3.92
3.31
3.47
3.99
4.90
4.27
3.96
„
„
mmm
mmm
3.53
22— 108.27
«.
:
3.52
21
85.93
95.62
100.88
108.66
25-
4.90
3.98
4.26
3.95
3.53
.mmm
'
mmm'
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
20- 108.09
101.41
112.86
109.64
100.18
85.93
95.46
100.70
108.66
20-
3.92
3.32
3.48
3.99
4.90
4.27
3.96
3.53
19— 108.10
101.41
112.86
109.64
100.18
85.93
95.13
100.70
108.66
19-
3.92
3.32
3.48
3.99
4.90
4.29
3.96
3.53
18— 108.16
101.23
112.45
109.64
100.00
85.93
95.13
100.70
108.27
18-
3.93
3.34
3.48
4.00
4.90
4.29
3.96
3.55
17- 108.23
101.06
112.45
109.44
99.83
85.93
94.97
100.88
108.08
17-
3.94
3.34
3.49
4.01
4.90
4.30
3.95
3.56
15-
108.11
101.23
112.25
109.44
99.83
86.21
94.97
100.88
108.08
15-
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.56
14—
107.97
101.23
112.25
109.44
99.83
86.21
95.13
100.88
108.27
14—
3.93
3.35
3.49
4.01
4.88
4.29
3.95
3.55
5.38
3.55
/
—
13-.
108.04
101.23
112.25
109.44
100.00
86.50
95.29
101.06
108.27
3.35
3.49
4.00
4.28
3.94
12-
108.04
101.58
112.45
109.44
100.35
86.92
95.62
101.23
108.27
12-
3.91
3.34
3.49
3.98
4.83
4.26
3.93
108.25
101.58
112.45
109.44
100.35
87.07
95.78
101.23
108.27
11
3.91
3.34
3.49
3.98
4.82
4.25
3.93
':
'."mmm
■m-*m
mm
3.55
3.55
—
10— 108.30
13-
3.93
—
4.86
101.76
112.66
109.44
100.53
87.21
95.78
101.41
108.27
10-
3.90
3.33
3.49
3.97
4.81
4.25
3.92
8-
108.21
101.76
112.66
109.24
100.35
87.35
95.95
101.41
108.27
8-.
3.90
3.33
3.50
3.98
4.80
4.24
3.92
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
107.94
101.23
112.25
108.85
100.00
86.92
95.46
101.23
107.69
6-.
3.93
3.35
3.52
4.00
4.83
4.27
3.93
3.58
—
:m
m
mmm
3.56
6-
m
m
■
3.55
7—
m
m
3.55
11
5.27
mmm'
mmm
mmm
5.37
'
•
mmm
5—
107.93
101.23
112.05
108.85
100.00
86.92
95.62
101.06
107.49
5-.
3.93
3.36
3.52
4.00
4.83
4.26
3.94
3.59
"mmm-
4-
107.79
101.06
111.64
108.66
99.83
86.78
95.29
101.06
107.30
4..
3.94
3.38
3.53
4.01
4.84
4.28
3.94
3.60
'mmm
3-
107.70
100.88
111.84
108.27
99.66
86.64
95.13
100.88
107.30
1—
107.58
100.88
111.64
108.27
99.66
86.64
95.13
100.70
107.11
Weetly—
3-
3.95
3.37
3.55
4.02
4.85
4.29
3.95
3.60
1
3.95
3.38
3.55
4.02
4.85
4.29
3.96
3.61
3.96
3.39
—
mmm
.mmm
100.70
111.43
108.27
99.48
86.50
94.97
100.70
106.92
Weetly—
Apr. 30—
3.55
4.03
4.86
4.30
3.96
3.62
23-
107.17
100.70
111.23
107.69
99.48
86.92
95.29
100.70
106.54
23..
3.96
3.40
3.58
4.03
4.S3
4.28
3.96
3.64
5.31
16-
107.79
100.70
111.03
107.88
99.48
87.21
95.62
100.70
106.54
16-
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3.64
5.33
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
105.41
9-
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
Apr. 30— 107.59
2-
107.19
100.18
110.63
107.49
95.13
99.83
106.17
2-
3.43
3.59
4.07
4.29
4.01
3.66
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar.25—
3.93
3.37
3.53
4.03
4.76
4.23
3.96
3.60
5.33
19-
109.32
101.23
111.84
108.46
99.14
87.93
96.11
100.88
107.30
19-
3.93
3.37
3.54
4.05
4.76
4.23
3.95
3.60
5.26
12..
110.76
102.30
112.86
109.24
100.35
89.40
97.45
101.76
108.27
12-
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
5.30
5.. 111.82
Feb. 26.. 112.18
103.74
Mar.25— 108.40
98.80
86.64
5.41
3.99
4.85
5.36
110.43
101.76
90.75
98.45
103.38
109.44
5-
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5.24
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
112.12
104.11
114.30
110.83
102.48
91.05
98.97
104.11
109.44
19..
3.77
3.25
3.42
3.86
4.55
4.06
3.77
3.49
5.13
11-
112.20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11-.
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
5..
Jan.
114.09
103.93
19-
112.34
105.04
115.78
111.84
103.38
91 66
1CO.OO
105.04
110.63
5-
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
112.21
22.. 112.39
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
29..
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
106.17
117.72
113.27
104.30
92.3S
101.23
105.79
112.05
22..
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
29—
15— 112.53
Jan.
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
15..
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
5.41
112.71
106.36
117.94
113.89
104.48
91.97
101.23
106.17
112.25
8..
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
Hlgh1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.13
Low 1937 107.01
1 Yr. Ago
99.48
109.64
107.11
98.28
85.52
94.17
99.31
105.41
High 1937
4.03
3.48
3.61
4.10
4.93
4.35
4.04
3.70
5.43
June 4 '36 109.97
2 Yrs.Ago
June 4 '35 108.32
100.88
114.51
10S.85
98.28
3.95
3.24
3.52
4.10
4.92
4.38
3.92
3.54
6.06
91.05
106.54
99.48
90.44
4.55
3.64
4.03
4.59
5.94
5.13
4.42
4.10
5.82
8..
1
Yr. Ago
85.65
93.69
101.41
108.46
June 4 '36
72.98
82.79
93.06
98.28
June 4 '35
2 Yrs.Ago
1
*
These prices are computed from average yields on tne D&sis oi one
rypicRi
Donci
/q coupon* inctturing; 111 ou ycursj mio. cio not purport to snow eitner tue 8iVGrft§[o
level or the average movement of actual price
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
quotations,
murlrot.
yield averages, the latter being the truer picture of the bond market.
Indications of Business
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
has
operated
hardest
Friday Night, June 4, 1937.
In
spite of labor disturbances and their depressing effect,
hit
Activity
this
year.
by strikes.
The
Youngstown
Operations
are
pared with S4% before the trouble started.
Lorain
district
district
is
down to 45%
the
com¬
The Cleveland-
80% to 55%, while the
is down from 86% to 63%.
Retail sales of
dropped
from
especially in the steel industry, business activity is holding
Chicago
to its recovery
1,502,963 passenger cars and trucks during the first four
months of 1937, topping the record of any
previous corre¬
sponding period in the motor car industry, were reported
Wednesday to the Automobile Manufacturers Association
peak of last week.
According to the "Journal
of
Commerce" the index declined only fractionally to 105.5,
as
compared with
a
revised figure of 105.8 for the previous
week and 91.1 for the corresponding week of last year.
a
As
result of strikes that have wholly or partially shut down
plants
of
three
major
steel
companies,
the
rate
of
steel
production has fallen to 77%% of capacity compared with
a
revised
ports.
figure of 85% for last week, the "Iron Age"
re¬
The current rate is the lowest at which the industry
>
meeting
the
area
at
Ford
Detroit.
Motor
Co.,
The figures do not include sales of
only producer not a member of the
Association.
and power
Production of electricity by the electric light
industry of the United States for the week ended
May 29 totaled 2,206,713,000 kilowatt hours, an increase of
12.9% over production in the corresponding week of 1936.
Although exports rose contra-seasonally during April for
Financial
144
Volume
recent record, for the first four months of
a
the
the year before
period
same
according
the
this country's unfavorable trade
in
increase
Department
to
was
year
balance
almost
the
$120,000,000,
of
because of the large foreign orders booked in
March that were not shipped until after
April.
Moreover, it is pointed out that improved crop
prospects indicate larger shipments of farm produce in the
ing months
and
latter half of the year,
reported today
were
of
15,579
especially the grains.
794,855
This
cars.
increase
an
or
and the highest total so far this year.
advanced
Car loadings
was
2.0% compared with the preceding week;
of 148,043, or 22.9% compared with a year ago,
cars,
increase
an
as
the
to
highest level
Retail trade volume
since late
March, showing
gains of 3% to 6% above the previous week and 8% to 18%
ahead
of
the
and
work
similar
Late
Bradstreet.
period
of
advices from
1936, according to Dun &
Detroit report
new strikes
shutdowns, throwing nearly 17,000 employees out of
in four big automotive units in Detroit and
Pontiac,
Mich., today.
There
Revenue
Freight
Car
Loadings
Cars
15,579
in
Loadings of revenue freight for the week ended May 29,
1937, totaled 794,855 cars. This is a gain of 15,579 cars, or
2.0%, from the preceding week; a gain of 148,043 cars, or
22.9%, over the total for the like week of 1936, and an in¬
crease of 232,173 cars, or
41.3%, over the total loadings for
the
corresponding week of 1935. For the week ended May
were 14% above those for the like week of
1936 and 30.2% over those for the corresponding week of
1935.
Loadings for the week ended May 15, 1937, showed
a gain of
13.5% when compared with 1936 and a rise of 32.7 %
when comparison is made with the same week of 1935.
The first 17 major railroads to report for the week ended
May 29,1937, loaded a total of 351,412 cars of revenue
freight on their own lines, compared with 348,987 cars in the
preceding week and 290,541 cars in the seven days ended
May 30, 1936.
A comparative table follows:
22, 1937, loadings
REVENUE FREIGHT LOADED
AND
RECEIVED FROM CONNECTIONS
(Number of Cars)
nothing sensational in the weather
developments of the past week.
However, the government
reports that the weather was exceptionally favorable for
agriculture.
Gain
Week Ended May 29
over
Commerce figures.
A much
better showing in our export trade is expected in the com¬
February
3749
Chronicle
was
Over the
Eastern
half
of
United
the
Loaded
on
Received from Connections
Weeks Ended—
Own Lines
Weeks Ended—
,
May 29 May 22 May 30 May 29 May 22 May 30
States
1937
-
1936
1937
1937
1936
1937
•.
weather,
warm
abundant
sunshine, and mostly sufficient
moisture were highly favorable for
growth of vegetation
and for farm work, though locally rainfall would now be
helpful in parts of the Ohio Valley and some sections of
South.
the
the
In
weather
interests.
the
ideal
was
A
Atlantic
favorable
much
of the interior
rather
generally for agricultural
development of the week was the
rains that occurred
generous
and
area
large area of the West,
persisted, especially from western Texas
where drought had
over
a
and eastern New Mexico northward almost to the Canadian
border.
The rainfall
needed,
and the general outlook
has
of
heaviest where moisture
was
immeasurably improved.
the Rocky Mountains the
abnormally
fall
much
over
New
warm weather and
York
in
In
this
area
all
dry belt
sections
the country.
4,572
14,993
11,151
10,616
8,497
6,333
10,630
8,409
8,424
10,785
2,417
1,437
1,552
2,086
2,016
2,238
1,763
2,711
7,145
39,225
8,810
14,121
23,499
14,099
22,922
12,267
21,026
17,382
8,510
15,540
16,772
Gulf Coast Lines
3,341
15,435
3,521
International Great Northern RR
1,991
2,258
Missouri-Kansas-Texas
4,482
4,496
4,015
3,002
14,013
14,278
44,970
11,872
38,151
9,757
6,418
9,524
1,272
2,959
Missouri Pacific RR
RR
New York Central Lines.
46,081
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
5,665
5,445
4,669
22,991
19,378
4,893
Pennsylvania RR._
74,218
58,275
49,016
Pere Marquette Ry
6,594
21,524
71,968
6,767
7,744
31,393
9,898
42,415
10,348
5,044
48,656
5,602
5,476
5,338
6,870
21,878
7,972
x8,869
7,299
x9,196
Pittsburgh & Lake Erie RR
8,286
30,263
Southern Pacific Lines
Total..-
10,161
4,296
41,194
5,053
6,042
x6,739
351,412 348,987 290,541 208,736 207,540 176,706
Excludes
x
43,463
cars
interchanged between S. P. Co .-Pacific Lines and Texas & New
Orleans RR. Co.
TOTAL LOADINGS
AND
CONNECTIONS
RECEIPTS FROM
(Number of Cars)
■
Weeks Ended—
"/' y V
■;
May 29, 1937
May 22, 1937
May 30, 1936
24,898
25,126
31,500
15,313
31,546
13,832
23,041
29,516
14,602
71,711
70,504
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco Ry
Total-
The Association of American Railroads in
week ended May 22, reported as
67,159
Reviewing the
follows:
Loading of revenue freight for the week ended May 22 totaled 779,276
Montreal, 54 to 64, and Winnipeg, 50 to 84.
This
cars.
,;.;V
17,461
10,581
36,467
20,755
.___
vail, with occasional showers.
land, Me., 52 to 58; Chicago, 58 to 66; Cincinnati, 64 to 76;
Cleveland, 60 to 72; Detroit, 54 to 78; Charleston, 74 to 86;
Milwaukee, 54 to 70; Savannah, 72 to 88 ; Dallas, 64 to 88;
Kansas City, 64 to 72; Springfield, Mo., 64 to 74; Oklahoma
City, 68 to 82; Salt Lake City, 50 to 78; Seattle, 56 to 72;
18,414
35,361
18,950
27,035
23,576
Chesapeake & Ohio Ry
Chicago Burlington & Quincy R.R.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
to pre¬
Today it was fair and warm
here, with temperatures ranging from 60 to 75 degrees. The
forecast was for partly cloudy, with moderate temperatures
tonight and Saturday.
Overnight at Boston at was 56 to 66
degrees; Baltimore, 66 to 80; Pittsburgh, 58 to 74; Port¬
6,367
24,097
east
In the
temperatures continued
warm
6,042
24,134
Baltimore & Ohio RR-
week was characterized by
by substantial to heavy rain¬
of the Western half of
City
Western
nearly
most
was
Atchison Topeka & Santa Fe Ry_
correspond¬
increase of 95,686 cars or 14.0% above the
was an
•+>
ing week in 1936 and an increase of 180,880 cars or 30.2% above the cor¬
Wholesale
Commodity Prices Declined During Week
May 29, According to National Fertilizer
Ended
Association
responding week in
Loading of
5,607
»
again resumed the downward trend which had been in pro¬
gress since the first part of April.
Based on the 1926-1928
average of 100%, the index last week registered 88.0% as
compared with 88.3% in the preceding week.
A month ago
it stood at 87.5% and a year ago at 75.8%.
The Associa¬
tion's announcement under date of June 1
cars
The most important decline during the week occurred in the farm product
wheat, and livestock quotations moving downward.
The farm product price average, however, is still 25% higher than it was a
year
Lower prices for lumber and glass took the building material
ago.
index to the lowest point reached since last February, but it remains sub¬
stantially above last year's level.
The textile price index again moved
downward
fourth
last
week,
Last week's decline
was
burlap, jute, and silk
group
making
consecutive
weekly
recession.
primarily due to lower prices for fibres; cotton, wool,
were
all lower during the week.
Declines in the food
counterbalanced the advances, resulting in the group index remaining
the previous week's level.
at
the
monium
A mark-up in the spot quotation for
am¬
sulphate took the fertilizer material price index to a new high point
for the recovery period.
Thirty-three price series included in the index declined during the week
and 22 advanced; in the preceding week there were 23 declines and 42 ad¬
vances; in the second
WEEKLY
Compiled
by
preceding week there were 35 declines and 18 advances.
WHOLESALE
The National
COMMODITY
PRICE
Fertilizer Association.
INDEX
cars
an
increase of 584
week in
above the corresponding week in 1935.
Loading of merchandise less than carload lot freight totaled 170,150 cars,
increase of 127
an
cars
above the preceding week,
8,056
above the
cars
corresponding week in 1936 and 12,916 cars above the same week in 1935.
Coal loading amounted to
the preceding week,
11,089
4,507 cars above the
same
117,249 cars,
cars
an
increase of 987 cars above
above the corresponding week in 1936 and
week in 1935.
Grain and grain products loading totaled 26,154 cars, a
cars
continued:
loading totaled 327,740 cars,
above the preceding week, 43,368 cars above the corresponding
1936, and 97,852
in
with cotton,
freight for the week of May 22 was an increase of
revenue
seven-tenths of one per cent above the preceding week.
Miscellaneous freight
During the week ended May 29 the weekly wholesale com¬
modity price index compiled by the National Fertilizer As¬
sociation, which had advanced sharply in the previous week,
group,
cars or
1935.
below the preceding week, and 5,196 cars below the
1936 but
increase of 342
an
cars
above the
same
decrese of 751
corresponding week
Western Districts alone, grain and grain products loading for the
May 22 totaled 15,583
cars, a
Live stock loading amounted to
week in 1936.
13,713 cars,
an
increase of 1,146 cars
above the preceding week, 2,560 cars above the same week in
above the
same
week in 1935.
of live stock for the week ended
889
cars
week in
week ended
decrease of 448 cars below the preceding week,
and 3,742 cars below the corresponding
cars
1936 and 2,372
In the Western Districts alone, loading
May 22 totaled 10,945 cars, an increase of
above the preceding week and 2,523 cars above the corresponding
1936.
Forest produces loading totaled
41,747
cars,
an
increase of 2,266 cars
above the preceding week, 8,333 cars above the same week in 1936,
666
cars
In the
week in 1935.
above the
same
and 17,-
week in 1935.
Ore loading amounted to 72,272 cars, an increase of 1,206 cars above the
preceding week, 25,416 cars above the corresponding week in
40,988
cars
1936, and
above the corresponding week in 1935.
Coke loading amounted to 10,251 cars, an increase of 42 cars above
the
preceding week, 2,060 cars above the same week in 1936 and 4,237 cars
above the
1926-1928=100
same
week in 1935.
All districts reported increases in the
number of
cars
loaded with revenue
freight, compared with the corresponding weeks in 1936, and 1935.
Per Cent
Latest
Preced'g
Month
Year
Each Group
Week
Week
Ago
Ago
May 29
May 22
May 1
May 30
1937
1937
1937
1936
84.5
84.5
84.2
78.2
Fats and oils
79.6
79.0
79.1
65.8
Cottonseed
94.1
93.1
92.5
83.6
Five
Bears
to
Total
Index
25.3
the
Group
Foods
-
oil
Loading of
revenue
follows:
1937
85.8
70.0
Four weeks in
72.8
73.4
72.9
65.0
Four weeks in March
Grains
113.3
113.5
113.4
67.2
Four weeks in April
83.0
84.1
79.5
70.9
Week of May
1
85.1
85.0
83.5
79.6
Week of May
8..
10.8
Miscellaneous commodities.
Textiles
7.1
Metals
6.1
February
—
2,766,107
2,512,137
2,330,492
2,415,147
2,408,319
2,543,651
782,423
2,302,101
568,927
575,020
Building materials
.
72.0
Week of May 15
773,669
670,888
668,866
681,408
80.1
Fuels
8.2
v
1935
2,974,553
80.5
81.1
66.7
Week of May 22
779,276
683,590
598,396
105.2
Livestock
17.3
88.6
87.6
Farm products
1936
3,316,886
2,778,255
3,003,498
2,955,241
weeks in January
Cotton
23.0
freight in 1937 compared with the two previous years
105.2
105.4
82.8
95.5
80.1
15,156,729
13,150,240
12,132,312
89.8
89.5
92.9
91.6
89.5
Chemicals and drugs
93.7
93.7
94.8
Fertilizer materials
72.5
71.9
71.4
65.6
.3
Fertilizers
77.3
77.3
77.0
70.7
.3
Farm
95.6
95.6'
94.3
92.6
88.3
87.5
75.8
Total
-
767,481
-
--
582,950
94.4
.3
—
1.3
100.0
machinery
All groups
combined.
88.0
,
In the
following we undertake to show also the loadings
for separate roads and systems for the week ended May 22.
During this period a total of 111 roads showed increases
when compared with the same week last year:
3750
Financial
Chronicle
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Railroads
Freight Loaded
Eastern
OF CARS)—WEEK
1937
ENDED
MAY
Railroads
Freight Loaded
1937
1936
22
Total Loads Received
Total Revenue
from Connections
1935
1936
1937
(NUMBER
Total Loads Received
Revenue
Total
June 5, 1937
from Connections
1936
1935
1936
1937
Southern District—(.Concl.)
District—
Ann Arbor
521
Boston & Maine
Chicago Indianapolis & Louisv
Central Indiana..
Central Vermont.
445
574
2,134
8,703
1,526
Bangor & Aroostook
1,723
7,740
1,179
1,532
430
371
7,835
11,151
2,305
10,067
1,954
1,184
1,239
1,107
1,120
1,004
1,051
Piedmont Northern
412
399
393
938
832
Richmond Fred. & Potomac—
429
342
311
4,111
9,388
7,852
21,719
18,987
7,303
16,603
4,703
4,011
14,815
3,464
12,415
444
395
320
612
490
172
165
133
753
722
105,911
94,207
83,156
67,593
57,592
2,162
9,943
Norfolk Southern
Seaboard Air Line
26
21
15
64
54
1,339
6,087.
11,281
1,103
6.455
1,158
5,491
2,286
2,065
Tennessee Central...
10,695
6,788
7,022
Winston-Salem
8,881
7,817
7,017
436
Delaware & Hudson
Delaware Lackawanna & West
Detroit & Mackinac
317
236
138
172
1,188
3,010
13,979
Detroit Toledo & Ironton
Detroit & Toledo Shore Line-
2,488
1,366
423
377
275
14,311
3,152
Erie
13,648
13,043
4,483
2,895
15,544
7,909
Grand Trunk Western
2,605
5,695
5,392
276
212
198
2,061
1,641
Monongahela
2,164
9,798
2,945
4,293
8,884
2,970
4,041
Montour
2,494
1,858
40,345
10,218
4,869
9,113
3,005
3,747
1,893
36,618
10,106
2,224
4,438
6,857
4,817
6,278
5,410
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
New York Central Lines
N. Y. N. H. & Hartford
44,970
11,376
1,613
5,445
—
New York Ontario & Western
N. Y. Chicago & St. Louis...
I-
Pittsburgh & Lake Erie
1.810
7,925
6,767
Pere Marquette
144
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia.
283
7,555
1,959
1,400
7,569
1,864
1,116
8,318
2,791
2,467
267
232
44
42,415
38,001
11,535
12,845
22
21
354
386
180
228
1,076
1,550
638
627
609
5,242
5,483
4,846
Wheeling & Lake Erie
5,451
3,825
3,701
2,084
1,055
9,049
3,704
168,448
152,075
143,161
Northwestern District—
843
170,781
982
908
882
2,138
19,734
2,574
20,396
3,821
22,479
1,494
9,319
18.754
16,042
2,146
16,319
3,167
9,088
10,785
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
& North Western
Great Western
Milw. St. P. & Pacific.
St. P. Minn. & Omaha
Duluth Missabe & Northern—
Duluth South Shore & AtlanticFt. Dodge Des Moines &
Great Northern
1,214
Wabash
-
Elgin Joliet & Eastern
953
Rutland
Total
Southbound—
8,952
5,981
5,190
7,118
5,338
324
Southern System
1.918
2,062
10,348
320
_
Total
1,034
1,233
7,770
3,410
208
242
976
441
569
5,805
6,882
4,859
134
403
300
178
21,938
17,870
14,421
3,361
3,253
617
570
577
610
509
3,661
2,170
1,102
1,456
4,966
6,003
Ishpemlng
1,659
1,855
6,755
Minneapolis & St. Louis
Minn. St. Paul <fc S. S. M
6,529
8,966
10,006
Northern Pacific
N
77
82
1,863
1,669
2,534
2,295
3,887
3,253
210
189
143
328
317
1,057
1,630
1,475
1,203
106,562
85,023
49,584
44,302
24,097
3,126
19,963
2,863
17,364
2,542
6,367
2,529
4,782
2,250
513
327
215
95
62
14,099
1,527
12,219
2,556
14,145
8,409
7,469
1,388
11,971
1,393
777
737
11,986
10,419
9,012
2 252
2,926
788
Spokane International
3,565
1,807
127,771
8,170
751
790
1,611
2,425
2,109
1,758
2,951
7,303
2,357
1,165
2,926
Spokane Portland & Seattle...
-
Total
155,091
»
2,671
2,825
8,424
3,529
458
South.
Green Bay & Western
Lake Superior &
2,562
19,343
3,805
12,427
1,456
7,698
Central Western District—
Allegheny District—
Akron Canton & Youngstown
Baltimore & Ohio
631
428
782
677
30,990
5,570
26,725
17,461
4,538
2,975
16,667
2,272
287
330
278
8
7
1,181
7,906
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
564
36,467
.7,678
901
1,237
6,879
14
10
/
Atch. Top. & Santa Fe System.
Alton..
Bingham & Garfield..•-
597
614
45
37
229
298
39
22
Chicago Burlington & Quincy..
Chicago & Illinois Midland
Chicago Rock Island & PacificChicago & Eastern Dlinois
87
Cumberland & Pennsylvania
Ligonler Valley
Long Island
928
187
Central RR. of New Jersey..
Cornwall
50
24
41
29
Colorado & Southern.
827
3,126
1,390
48,656
41,803
Fort Worth & Denver City
15,983
5,702
11,832
10,741
630
884
Penn-Reading Seashore Lines
Pennsylvania System...
Reading Co
1,425
71,968
1,113
910
60,941
55.622
13,832
13,335
13,092
Union
16,971
12,560
5,628
19,031
7,602
30
50
48
2
3,816
3,461
3,374
7,145
5,820
163,693
137,608
120,522
120,149
103,199
(Pittsburgh)
West Virginia Northern
Western Maryland
2,261
1.237
5,633
//,
v.
0
Denver & Rio Grande Western.
;
435
384
361
25
25
994
807
1,865
1,029
1,367
1,132
Illinois Terminal
1,126
1,954
1.442
1,314
Nevada Northern
1,857
1,459
154
114
112
877
818
845
381
318
138
116
61
33
80
23,518
19,067
16,223
5,905
4,744
256
398
220
1,426
12,806
10,953
9,623
9,080
1,246
8,228
Denver & Salt Lake
North Western Pacific
Peoria & Pekin Union
Southern Pacific
Total
2,654
—
(Pacific)
Toledo Peoria & Western
Union Pacific System
Utah
186
170
136
10
8
1,546
1,551
1,342
2,365
2,117
106,049
93,961
80,065
58,590
48,050
225
203
190
5,432
4,514
173
127
127
329
175
95
121
268
221
3,521
2,258
2,539
2,499
2,351
1,912
1,552
2,238
1,229
1,860
Western Pacific
Pocahontas District—
Chesapeake & Ohio
23,499
Norfolk & Western
21,524
19,032
17,436
11,151
1,353
4,262
1,082
3,247
1,120
1,043
50,491
46,484
40,627
18,668
16,912
Total
10,525
5,044
912
4,103
22,504
19,353
1,095
3,532
Norfolk & Portsmouth Belt Line
1,365
Virginian.
Southwestern
Total.
District—
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
—
Gulf Coast Lines
Southern District—
International-Great Northern.
Alabama Tennessee & Northern
258
229
252
180
143
Atl. & W. P.—W. RR. of Ala..
820
688
621
1,368
1,161
Atlanta Birmingham & Coast.
Atlantic Coast Line
690
724
571
918
592
10,013
4,457
8,846
3,776
8,032
3,839
4,597
3,981
569
449
2,893
1,188
2,645
665
_
Central of Georgia..
Charleston & Western Carolina
Clinchfield
868
.
191
216
137
1,978
2,082
1,557
1,032
1,893
1,771
1,776
1,511
1,374
1,121
1,328
Louisiana Arkansas & Texas._.
129
497
152
373
401
Litchfield & Madison
216
287
127
1,274
1,033
471
450
511
237
Kansas Oklahoma & Gulf
Kansas
City Southern
Louisiana & Arkansas
Midland Valley
Missouri
&
—
1,072
1,035
2,063
1,543
491
305
221
282
255
Missouri-Kansas-Texas
Durham & Southern
Florida East Coast
169
157
149
338
317
111
103
253
269
4,279
14,259
3,828
2,959
2,802
11,661
9,898
8,816
30
Natchez & Southern
579
838
784
46
58
46
54
34
89
77
Quanah Acme & Pacific
126
85
36
107
87
905
714
1,616
1,236
St. Louis-San Francisco
7,895
7,570
6,160
329
317
367
542
378
St. Louis Southwestern.
2,200
1,929
20,296
1,616
19,463
20,665
1,522
16,830
1,007
11,974
10,752
5.547
4,593
1,916
6,233
4,259
2,637
3,842
2,511
2,825
4,214
17,455
2,254
7,875
5,563
2,651-
4,447
3,307
Georgia.
Georgia <fc Florida
Gulf Mobile & Northern
System
Louisville & Nashville
Macon Dublin & Savannah
23,920
910
Taxes & New Orleans
Texas & Pacific
—
Terminal RR. Assn. of St. Louis
165
140
465
358
159
148
333
303
Wetherford M. W. & N.
1,978
Nashville-Chattanooga & St. L.
1,747
2,702
1,547
2,737
2,051
2,239
1,512
2,116
3,044
Note—Previous year's figures revised
"Annalist"
4,451
2,538
287
Total
23
3,291
4,236
20,620
18,110
52,693
67
72
65
35
40
45,842
29
W—
13
207
64,982
57,272
216
46
Wichita Falls & Southern
195
Ohio
6,539
56,913
200
Mississippi Central
Mobile &
Lines..
883
551
Gainesville Midland..
Central
275
283
Missouri Pacific
904
836
4,496
14,278
Arkansas
1,293
Columbus & Greenville
Illinois
203
'
* Previous figures.
of Wholesale Commodity
During Week Ended June 1
Prices of silk, rubber, wheat, corn, hogs and cotton de¬
clined, while cocoa and wool advanced.
There was no net
Sharp declines in the grains and in livestock and meats
change for hides, silver, steel scrap, copper, lead, coffee and
Weekly
Index
Prices Again Declined
carried
The
"Annalist"
Weekly Index of Wholesale Com¬
modity Prices again lower last week.
The index declined to
142.5 on June 1 from 143.4 (revised) on May 25, the "Anna¬
list" further announced:
whole.
and cocoa
206.2
Holiday
2 weeks ago, May 21
Month ago, May 4-Year ago, June 4
commodities
Tues.
June
2-
Holiday
204.4
Butter and eggs were also lower, along with tin, while cotton
Wed.
June
2
Fri.
two groups
there was little of iterest in
the
Thurs. June
"ANNALIST"
WEEKLY
INDEX
COMMODITY
OF
Farm products.
146.4
Mat/ 25.
1937
.
.
Metals
7-148.6
110.9
131.1
120.8
H28.9
103.7
177.0
176.7
171.0
138.4
110.5
r
_.
99.4
10*.8
142 5
All commodities
All commodities on old dollar basis.
Preliminary.
138.5
99.4
104.8
_
Miscellaneous.
--228.1
203.1
of Labor Reports Wholesale
Commodity Prices Unchanged During Week Ended
May 29
June 2, 1936
130.6
Fuels
Low—May 12
1937 High—April 5
Low—June 3-...
United States Department
1937
P12S.4
_____
-
1936 High—Dec. 28-
PRICES
June 1,
Textile products
4
June
204.2
...203.1
203.5
209.2
208.2
163.7
208.7
162.7
WHOLESALE
(1913=100)
Food products
3..
Fri.
up.
com¬
follows:
May 21
THE
p
as
May 28
May
were
Chemicals..
parisons, is
during the week, with
Sat.
Apart from these
a
yy
The movement of the index
Mon
The decline in the grains reflected needed rains throughout the West.
as
sugar.
7-143.4
7*84.7
71.8
97.1
86.0
^
Revised.
commodity prices of the Bureau of
Statistics, United States Department of Labor, re¬
unchanged during the week ended May 29, according
announcement made June 3 by Commissioner Lubin,
mained
to
120.4
84.2
The index of wholesale
Labor
an
in which he stated:
The all-commodity index, said Mr.
1926 average,
May 1.
Lubin,
closing the month at the
same
now
stands at 87.4%
level
as
of the
during the week of
It is 11.5% higher than the corresponding week in 1936 and shows
nearly 50%
increase over the low point of 1933.
During the first three
months of this year, wholesale prices steadily advanced to 88.3 for the week
Moody's Commodity Index Declines Sharply
Moody's Index of Staple Commodity Prices continued to
decline sharply this week, closing on Friday at 203.5, as
compared with 206.2 a week ago. A new 1937 low of 203.1
was established this Thursday.
ended
to
April 3 after which prices steadily declined for
seven
consecutive weeks
86.9 for the week ended May 15.
Of the
10
major commodity groups included in the index,
higher during the week.
These
materials, chemicals and drugs,
were
4 averaged
metals and metal products, building
and housefurnishing goods.
Farm prod¬
ucts, foods, hides and leather products, textile products, and miscellaneous
Volume
Financial
144
remained un¬
commodities averaged lower and fuel and lighting materials
changed from the preceding week.
Compared with
the indexes
a year ago,
1.8% for fuel and lighting materials to 19.9% for farm products,
raw materials declined 0.3%
and
ago.
0.8% below
are
month
a
corresponding week of last
modity prices is 0.1%
They
below
are
The index for semimanufactured com¬
year.
the level prevailing
lower than a month ago but is
17.5% above
week ago and 1.5%
a
The finished prod¬
a year ago.
advanced 0.2% over the preceding week and is 0.6% above 4
ucts group
weeks ago and
9.2%
higher than the corresponding week of May
1936.
Non-agricultural commodity prices, measured by the index for 'all com¬
modities other than farm
month ago.
products', advanced 0.2% to equal the level of a
The index for the group is 9.7% higher than last year.
index for the large group "all commodities other than farm products
The
and
foods", remained unchanged for the fifth consecutive week and is 9.5%
They
Insurance
following
ment:
increases
group
sheets
copper
for the week—0.3%—was recorded in
Higher prices for laundry tubs, millwork, and
the
Paint and paint materials and lumber, including yellow pine
red
cedar
shingles,
showed
fractional
flooring, lath,
Higher
decreases.
prices
for
agricultural implements and certain nonferrous metals accounted for the
0.1%
in the
increase
index for
metals and
metal
The sub¬
products.
of iron and steel, motor vehicles, and plumbing and heating materials
groups
showed
change from
items
showing
substantial price increases were grain binder, cultivator, grain drill,
harvester
no
thresher, tractor plow,
the
previous
week.
Individual
antimony, pig tin, quick silver, and copper and
second
the
Due
chiefly to advancing prices for denatured alcohol,
ammonia
copra,
12%
being
South
while chemicals de¬
Columbia reported increased life
38% over April, 1936.
Some of the sales gains follow:
Pennsylvania and Mississippi, each 28%;
Wisconsin and1 Connecticut, each 27%; Ohio and Maine, each 24.
Nebraska
sales were unchanged compared with April, 1936, but West Virginia reported
a
decline of 2%, and Nevada 4%, from the new ordinary life insurance
sales
April,
States
modity
in
1936
pulp remained
and
paper
un¬
for
prices
goods
cotton
declined 0.3% because of continued falling
and
"other
jute, and cotton twine.
the decrease.
products,"
textile
including burlap,
corn, oats, rye,
alfalfa
(New
hay, fresh
milk
York),
Oregon), and domestic wools
onions,
19.9% higher than
wholesale
products
a
and
and wheat flour,
The current
(Boston and Chicago).
month ago but is
foods,"
due to lower prices for
0.2%
also declined
group
"other
including
eggs,
and cottonseed oil.
coconut oil
lard,
oleomargarine,
Average prices of rye
yellow corn meal, white bread, canned fruits, cured and
fresh pork, dressed poultry, cocoa
beans, coffee, canned salmon, and edible
The present food index—
higher than in the week before.
84.9—is 0.4%
poultry, oranges,
year ago.
food
granulated sugar,
(Portland,
potatoes
Individual items showing sub¬
were lower.
and white potatoes
potatoes,
were
paid-for
$1,044,492,000.
$2,539,666,000,
in the
aggregated
and
ordinary life
$2,654,136,000
same
month.
of Electricity for
below 4 weeks
age
April, 1937, 8% Above
wheat, sheep, cotton, eggs, lemons,
seeds,
farm products index—91.0— is 0.5% below the level of a
tallow
with
1930,
new
during the week.
stantial price increases were calves, cows, steers, hogs, live
dairy
Wash¬
ordinary life insurance compare with $596,754,000
$875,313,000 in April, 1931, and the record for that
Production
0.2%
prices of farm products fell
Average prices of barley,
The
North Dakota, Oklahoma, South Dakota, Utah,
Average prices of clothing and woolen and worsted goods
Wholesale market
sweet
Some of the more notable
1% to 24%.
Lower prices for raw silk also contributed to
unchanged.
were
life
in
insurance in the first four months
which contrasts with $2,324,332,000
1935 period.
The bulge in the
1935
period resulted from the fact that many companies raised their
rates on Jan.
1, 1935.
In anticipation of the advance, a heavy volume
of business
was
booked in December, 1934, and paid for the following
in
and
gains
the same months of
sales of
1936;
of
1937
tubes
registered
over
South Carolina, 23%; Connecticut, 22%, and Nevada, 21%.
period compared with that of 1936 were recorded by:
April,
of
The textile products grcup
raw
April,
Sales
caused the index for the miscellaneous com¬
changed from the preceding week.
1937
of
months
this
for
April
month,
Automobile tires and
groups.
four
Columbia
of
District
first
ington and Wyoming.
drop 0.4%, the largest decrease for any of the commodity
group to
the
Delaware, Kentucky,
the index for housefurnishing goods.
in mechanical wood pulp
crease
the
and
in
sales
1936, the increases ranging from
tableware, oil stoves, and metal beds resulted in a
Sharp declines in prices of cattle feed and crude rubber and a small de¬
of
1936.
of
Forty
The
Minor increases in
Mountain, each 5%, and Pacific, 4%.
April, gains ranging from 1% to
in
maceuticals.
fractional advance in
Middle
10%;
District
and the
States
Forty-five
insurance sales
Declines
The subgroups of fertilizer
paid
Only Two States Lag in April
gains follow:
No change was reported in the index for drugs and phar¬
States
United
the new business
in
sections and their percentage rises
Atlantic, 9%; West South
Other
each.
of the
sections
noted
corresponding period of a year ago,
the
over
Central,
■
■
increases
Central, 6% ; West North Central and
chemicals and drugs group rose fractionally.
materials and mixed fertilizers shared in the increase,
the
in
months
four
East
sulphate, and mixed fertilizer in the southern markets, the index for the
clined slightly.
this
celebrating Life
was
Section
Atlantic
South
and
place
first
gains
insurance
brass products.
Nation
the
was
.
Central
North
for
follow:
sheller, grain thresher, rakes, manure spreader,
corn
country
11%.
Central,
for in
of
section
cement, and structural steel remained at the levels of the preceding week.
and
here while
received
Brick and tile,
largely responsible for the advance.
were
the
further
represented in the increase in life
insurance business during April, with the East South Central States leading
the Nation with their gain of 21% over April, 1936.
...
New England and the East North Central sections of the country tied
for second place in gains shown in April new business over the same 1936
month, their increases each being 19%.
Other sections and their per¬
centage gains follow:
Middle Atlantic and South Atlantic, each 16%; West
North Central and Mountain, each 14%; Pacific, 12%, and West South
their
largest
building materials group.
Bureau
total ordinary life insurance sales in
represent the
were
Gains in Every
Every
East
also contained in Mr. Lubin's announce¬
was
Research
The
period.
Week.
tied
The
1936
same
These statistics
higher than the corresponding week of last year."
The
the
reported:
country.
during the week
15.0% above the level for the
b Wholesale market prices of
of
ranging from
for each of the commodity groups were higher, the increases
3751
Chronicle
Year Ago
monthly electrical
report disclosed that the production of electricity for public
use in the United States during the month of April,
1937,
totaled 9,609,551,000 kwh.
This is a gain of 8% when
compared with the 8,893,000,000 kwh. produced in April,
1936.
For the month of March,
1937, output totaled
9,957,310,000 kwh.
Of the April, 1937, output a total of 4,101,794,000 kwh.
produced by water power and 5,507,757,000 kwh. by
fuels.
The Survey's statement follows:
was
PRODUCTION
OF
ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
declined fractionally.
Total by Water
Prices of hides and skins and leather averaged slightly lower while shoes
and "other leather
a
The Federal Power Commission in its
but is 8.3% above last year.
The index for the hides and leather products group
Public Use During
Power and Fuel
Division
products," which includes gloves and luggage, remained
April, 1937
March, 1937
February, 1937
stationary.
Fractionally lower prices for bituminous coal were insufficient to have any
effect upon the index for the fuel and lighting materials group.
were
reported for
The
index
of
Bureau
of
on
the average for the year 1926 as
modities for the past five weeks and for May
markets and
100.
The following table shows index numbers for
615,375,000
657,027,000
614,695,000
1,080,381,000
1,211,532,000
1,182,641,000
375,265,000
438,099,000
446,152,000
470,383,000
Mountain
355,412,000
435,811,000
the main groups of com¬
1,050,904,000
1,156,604,000
8,965,323.000
Pacific
392,557,000
481,202,000
441,383,000
1,146,608,000
9,957,310,000
9,609,551,000
30, 1936, June 1, 1935, June 2,
Total United
(1926=100)
States
production of electricity for public use in April was
The daily average
June
June
June
May
8,
May
1,
May
1937
1937
1937
1936
1935
1934
87.3
87.4
78.4
80.2
73.9
89.3
91.0
91.5
75.9
80.7
60.6
53.2
85.1
84.2
84.7
85.2
78.4
84.4
67.7
61.0
107.6 107.7 106.8
79.9
daily pro¬
63.8
91.2
320,318,000 kwh., which is practically the same as the average
1933
86.9
May
22,
May
29,
1937
1937
87.4
87.4
.
91.0
...
84.9
May
630,770,000
2,400,540,000
2,319,155,000
East South Central.
South Atlantic
1934, and June 3, 1933:
Commodity Croups
2,404,856,000
West South Central
784 price series
weighted according to their relative importance in the country's
is based
2,518,328,000
West North Central
Statistics includes
Labor
664,670,000
2,291,892,000
2,150,813,000
Middle Atlantic
East North Central
of the other subgroups.
any
the
No changes
599,129,000
New England
15,
1,
30,
2,
3,
The normal change from March to
duction in March.
The production of electricity
by
April is —0.6%.
of water power in April was 43%
use
of the total.
All commodities.
.
_
_
......
TOTAL
Farm products
^
Foods
x
94.3
89.9
87.7
78.2
78.3
78.6
69.2
69.3
72.7
57.5
78.2
78.2
78.2
77.9
76.8
74.4
73.7
61.1
95.1
95.0
95.0
94.8
95.1
85.7
85.6
88.7
78.2
97.2
96.9
96.9
96.8
96.6
85.7
84.9
87.6
71.8
83.6
83.5
83.9
84.4
Hides and leather products.. 107.0 107.1
Textile products
77.9
78.1
....
Fuel and lighting materials.
Metals and metal products..
78.2
Building materials
.
MONTHLY PRODUCTION OF ELECTRICITY FOR
85.2
77.4
80.8
75.3
90.9
90.8
90.8
90.8
90.8
82.9
82.0
83.6
71.9
M iscellaneous
80.2
80.5
80.4
80.4
80.6
69.1
69.0
69.6
59.2
Chemicals and drugs
Raw materials.
86.6
87.8
88.1
76.0
87.2
87.4
87.7
88.4
74.1
*
*
87.7
87.3
87.4
87.4
80.5
*
*
87.4
87.7
Semi-manufactured articles..
87.1
Finished products
87.9
All
(
commodities
farm
All
other
86.7
other
86.3
86.4
86.5
79.0
86.3
86.3
86.3
86.3
86.3
9,849,712,000
8,965,323,000
9,957,310,000
9,609,551,000
January
February-..
March.
80.1
66.2
77.8
79.0
67.3
9,247,000,000
7
11
39
8,601,000,000
8,906,000,000
8,893,000,000
4
15
39
34
12
11
39
43
8
14
43
45
17.4
12.9
9,088.000,000
9,160,000,000
_
_
Total
Sales Research Bureau
New
life
sales
insurance
the
United
States
during
were
the largest
for that
month since April, 1931,
according to figures made public recently by the Life Insur¬
Bureau, Hartford,
Conn,
April sales
ance
Sales Research
were
16% ahead of those of the same month a year ago and
totaled
new
$692,062,000.
In the first four months of this year
the Nation were 9% above those
life insurance sales in
Special
years
the
April
32
14
31
comparison
between
18
31
15
33
13
34
15
35
14
36
actual comparable
data for respective periods,
Compensated for extra Saturday in February, 1936.
Note—The output and fuel consumption shown in above tables for the year 1937
are not
in
36
16
113602000,000
December
x
43
16
9,785,000,000
10,528,000,000
September..
y
13
9,682,000,000
9,814,000,000
9,722,000,000
10,176,000,000
July.
November..
April Sales of Life Insurance in United States Largest
for Month in Six Years, According to Life Insurance
36
11.7
October
Not computed.
1936
yll.2
August
78.8
1937
Kilowatt-Hrs.
Kilowatt-Hrs.
May
than
farm products and foods..
*
86.5
1937
Water Power
Over
1936
June
76.7
1936
Over
1936
April
than
products
commodities
*
*
1937
1936
Over
73.2
Housefurnishing goods
% Inc. % Inc. % Produced by
Inc.
1937
1937
PUBLIC USE
exactly comparable with similar data for
corresponding months of previous
due to the following changes:
Beginning with the report for January, 1937,
and fuel consumption for street and interurban railways, electrified
output
railroads,
steam
and miscellaneous Federal,
in separate tables.
State and other plants were grouped
Also, all manufacturing plants, which formerly produced some
electricity for public use but no longer produce any except for their own use, have
been eliminated.
The figures, therefore, In the table for 1937 for the entire United
States
are
approximately 4.7% lower than they would be on the former basis.
The
months of the previous year have
State varies with transfers of
energy from one State to another, with stream flow conditions and other factors,
and is not necessarily an Index of the consumption within the State.
percentage changes in output from corresponding
been
dropped
as
the
electricity
produced
in
any
3752
Data
public
and
Financial
solicited from
are
all
Federal,
State,
and
other
Accurate data
plants.
received each month representing approximately 98%
shown; the remaining 2% of the output is estimated and corrections
made
as
rapidly
as actual
for the current month
are
figures
are
available.
are
Thus, the figures shown
corrected in accordance with actual reports received and vary slightly
below
the
stocks
9,563,462
held
the
net
April
on
This
tons.
1.
April,
utility plants
power
There
was
Bituminous
1937.
Of this amount,
157,677 tons
3,293,541
anthracite,
were
consumed
decrease
a
coal
of
2.3%
decreased
stocks
tons
bituminous
were
decreases of 8.3%
of coal in
coal
and
and 9.2%, respectively,
consumption)
amounted
was
balance
net
a
to
$307,528,000 in
with
from
with
compared
$281,717,000
of merchandise
merchandise imports
of $9,984,000.
one
In
of $18,081,000.
imports
net balance of merchandise imports
a
$51,138,000 and in April 1936
amounting to
For the year to date
have exceeded exports by $132,052,000.
larger shipments of coal, petroleum and products, iron and steel manufac¬
on
hand
on
May 1, 1937, to
machinery,
tures,
electrical
and
apparatus
vehicles.
motor
Exports
of
foodstuffs, raw cotton, tobacco and lumber registered smaller values in April
than
enough bituminous coal
last 77 days and enough anthracite for 202 days' requirements.
The Coal
for
March 1937 there was
In terms of days' supply, which is calculated at the current rate of con¬
was
$287,252,000 compared
to
The increase in value of April exports over March was due primarily to
3,451,218 net tons
when compared with consumption in March.
sumption, there
amounted
tion channels immediately upon arrival in the country, plus withdrawals
2.4% and anthracite stocks decreased 0.8%.
Electric
country)
Imports for consumption (goods which entered merchandising or consump¬
$295,983,000 in March 1937 and $199,776,000 in April 1936.
The total stocks of coal held by electric power utility plants on May
1,
to
(goods entered for storage in bonded warehouses, plus
March 1937 and $202,779,000 in April 1936.
warehouse
Coal Stocks and Consumption
amounted
General imports
goods which entered merchandising channels immediately upon arrival in
preliminary while those for the preceding months
are
from the preliminary data.
1937,
$256,390,000 in March 1937 and $192,795,000 in April 1936.
are
of the total output
June 5, 1937
Exports, including reexports, amounted to $269,171,000 compared with
plants engaged in generating electricity for
and in addition from electric railway, electrified steam railroad,
use,
miscellaneous
Chronicle
in March.
Apart from the influence on values of the rise in commodity prices during
the past year, the higher export value compared with April of 1936 was due
mainly to an expansion in shipments of machinery and vehicles, nonmetallic
Division, Bureau of Mines, cooperates in the preparation of
these reports.'
mineral products,
and metals and manufactures, which groups registered
gains in value of 42%, 46% and 116%, respectively.
Exports of three other commodity groups, namely, inedible animal prod¬
ucts, textile fibres and manufactures, and chemicals and related products
Total Sales of
Electricity to and Revenues from Ultimate
Consumers During Month of March, 1937
The
following statistics covering 100% of the electric
light and power industry were released on May 27 by the
Edison Electric Institute:
each approximately 27% larger in value and of three additional ones,
were
wood
namely,
and
articles from 16 to
paper,
edible
TO ULTIMATE
Month
ENERGY AND
Exports of edible animal products
and
miscellaneous
lower,
were
ahead of April 1936
only 11%
5% smaller in value.
were
During the four months ended April, exports of metals and manufactures
SALES
were
CONSUMERS
90% larger in value than in the first four months of 1936, and two other
commodity groups—machinery and vehicles and non-metallic mineral prod¬
of March
ucts—31%
■iVf-
products
in value, while exports of inedible vegetable products, mainly, because the
value of tobacco exports was
SOURCE AND DISPOSAL OF
vegetable
21% higher than in April 1936.
and
27%
respectively.
larger,
Exports
of
seven
other
com¬
modity groups registered increases in value between these two four months
\
Percent
1937
1936
Change
periods, which ranged from 8% for edible animal products to 22% for textile
fibres and manufactures, and one group, inedible vegetable products, a de¬
Kilowatt-hours Generated
*{Net):
By fuel
cline of
6,040,477,000
3,623,977,000
sources
+ 16.6
174,203,000
+72.1
116,373,000
Total kilowatt-hours generated
Additions to Supply—
Energy purchased from other
8,290,347,000
299,744,000
...
4,843,259,000
3,447,088,000
9,664,454,000
_
By water power
82,273,000
+ 14.1
._
Net international imports
Total..
+24.7
+5.1
The decline in the April import value from that of March was mainly due
to smaller importations of
256,476,000
+62.2
46,680,000
125,632,000
52,792,000
—11.6
118,538,000
+6.0
Deductions from Supply—
corn,
tably
raw
April
over
Energy lost in transmission, distribution, &c
Commercial—Small light and power (retail).
Large light and power (wholesale)
comparison with
April of last
year,
imports for consumption of all
commodity groups were substantially larger in value in April 1937.
1,253,769,000
+ 13.7
edible animal products, wood and paper, miscellaneous articles, and inedible
1,255,899,000
+ 15.5
+24.8
vegetable products, the increases varied from 20 to nearly 35%.
3,648,576,000
180,761,000
Railroads—Street and interurban
414,452,000
120,050,000
72,562,000
Electrified steam.
Municipal and miscellaneous.
Total sales to ultimate consumers
+0.6
+ 18.3
+ 15.6
+ 18.9
209,448,000
393,720,000
vegetable food products, machinery and vehicles,
68,525,000
+ 14.4
+5.9
6,913,035,000
+ 18.9
$165,650,200
+7.2
+5.3
metals and manufactures, textile fibres and manufactures and chemicals and
In the imports of five groups, namely, edible and in¬
The following gains in actual value over April 1936 of $6,700,000 in un¬
manufactured wool imports, of approximately $6,000,000 in both grains
sugar,
in
imports of
silk,
raw
newsprint,
furs
and
Percent
_
...
1936
.
except
70,836,807,000 58,707,946,000
38,295,277,000 36,688,370,000
..
By water power
Total kilowatt-hours generated
;
109132 084,000 95,396,316,000
Purchased energy (net)
3,430,734,000 3,235,446,000
Energy used in electric railway & other depts 2,101,319,000
2,182,291,000
Total energy for distribution
.
_
110461499,000
Energy lost in transmission, distribution, &c 17,602,504,000
Kilowatt-hours sold to ultimate consumers..
92,858,995,000
Total revenue from ultimate consumers
S2,098,009,400
Important Factors—
+20.7
+4.4
to
$28,106,000 in April 1936.
MERCHANDISE TRADE BY
Including
+ 11.5
16,406,841,000
+7.3
80,042,630,000 + 16.0
$1,939,543,800
+8.2
743
688
+8.0
4.63
4.93
—6.1
Exports.
$2.87
$2.83
+ 1.4
Imports
_
„
-
power
:
1,112,949
18,081
13,241
1933
1934
1935
1936
1937
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
(582,468)
(217,784)
April
21,865,890
3,829,722
21,115,849
3,740,755
487,689
65,232
June
July
January
150,022
559,054
120,589
101,515
172,220
176,223
162,752
163,007
108,015
105,217
190,938
179,427
185,026
164,151
131,899
114,148
114,203
160,197
165,459
119,790
170,519
106,830
—
February
144,109
161,672
170,244
173,230
172,126
198,803
221,296
220,538
264,934
269,838
223,469
226,364
229,800
153,972
154,876
135,095
May
70,839
August
25,409,525
for
certain
September
108,599
132,037
160,119
191.313
153,090
193,069
206,413
138,834
131,614
184,256
192,638
194,712
November
December
4 mos. ended
*
April..
10 mos. ended April..
12 mos. ended Dec...
Country's Foreign Trade in April—Imports and Exports
131,473
171,984
170,654
April, with comparisons by months back to 1932.
The
follows:
A contraseasonal increase
during April brought the value of our export
trade above all preceding months of this year to the
highest seasonally ad¬
justed level reached since the third quarter of 1930, while a more than sea¬
lowered
the
adjusted value of imports.
Compared with
March of this year, exports, including reexports were 5%
larger in value,
whereas general imports were 7% smaller in value.
of last year,
Compared with April
exports were 40% and imports 42% larger in value.
General Imports—
January--
135,520
February
130,999
March
131,189
96,006
83,748
94,860
April
126,522
88,412
May
112,276
June-.--
110,280
79,421
91,102
98,411
105,499
104,468
97,087
106,869
122,197
142,980
154,918
146,643
150,867
128,541
133,518
August
SeptemberOctober
November
December
4 mos. ended
April.
_
10 mos. ended April..
12 mos. ended Dec...
198,564
182,024
222,238
195,113
256,390
269,171
192,795
233,098
200,768
185,680
180,390
178.974
593,964
435,336
705,337
688,408
768,495
980,897
1,702,287 1,206,340 1,711,001 1,785,156 2,027,258 2,281,898
1,611,016 1,674,994 2,132,800 2,282,874 2,455,945
July
The Bureau of Statistics of the
Department of Commerce
Washington on June 2 issued its statement on the foreign
trade of the United States for
April and the ten months ended
at
decrease
+212,402
+331,213
1,000
(801,911)
(287,670)
deductions
sonal
980,897
1932
33,496,100
26,325,505
as
Dollars
1,000
497,400
plants not considered electric light and power enterprises.
report is
1,000
Dollars
132", 052
October
Other ultimate consumers
with
1,000
768,495
781,736
~9~, 984
March__.
_
(included with commercial, large).
_
1,000
Dollars
Ex-ports, Including
Reexports—
9,007,900
34,206,800
Total generating capacity in kilowatts
Number of Customers—
,
1,000
Dollars
269,171
287,252
23,990,800
616,500
Commercial—Small light and
Large light and power
Increase (+)
1937
1936
9,509,700
Internal combustion
Domestic service
Ending April
1936
Dollars
24,080,600
Water power..
area
Trade
Month or Period
Generating capacity (kw.)- -Steam.
Farms in Western
of
Decreased—)
1937
192,795
202,779
Excess of imports.
(included with domestic)
Balance
Excess of exports
31
1937
area
and
38.5
1,000
of March
MONTHS
Imports,
4 Months
April
1936
Use)—
as
General
Exports and Imports
Avge. ami. consumption per customer (kwh.)
Average revenue per kilowatt-hour (cents).Average monthly bill per domestic customer
Farms in Eastern
Re-exports,
96,449,471,000
35.1
Information
Imports of silver amounted
Exports of both gold and silver continued relatively small.
Exports,
Per cent of energy generated by water
power
Domestic Service (Residential
Basic
the quantity
substantially larger in April
was
$2,821,000 compared with $5,589,000 in March and $4,490,000 in April
1936.
+ 11.4
+6.0
—3.7
crude rubber,
Imports of gold amounted to $215,825,000 compared with $154,371,000
in March 1937 and
.
each
precious
1937.
Change
'
tin,
While higher prices influenced
the changes in value of most of the above-mentioned items,
1937
By fuel
$3,000,000
manufactures,
stones, cotton manufactures, and hides and skins, accounted for three-fifths
imported of each,
■'
and
of nearly $5,000,000 in vegetable oil and oilseeds, of close to $4,000,-
000 each in crude rubber and cocoa, and of $2,000,000 to
of the advance in the total import value.
12 Months Ended March 31
non-metallic minerals,
related products were in no case less than 40% and in several instances ap¬
—13.7
83,098,000
8,216,989,000
$177,579,300
from ultimate consumers....
Kilowatt-hours Generated *(Net):
The
commodity groups, namely,
171,330,000
8,375,493,000
1,462,458,000
6,913,035,000
Municipal street lighting.
•
no¬
March.
proximately 55%.
Domestic service
''
some¬
few items,
1,425,199,000
1,450,910,000
4,553,055,000
Total energy for distribution.
revenue
a
172,312,000
9,908,259,000
1,691,270,000
8,216,989,000
Kilowattrhours sold to ultimate consumers..
Sales to Ultimate Consumers (Kwh.)—
Total
Only
silk, crude rubber and expressed vegetable oil imports increased in
relative increases in the value of imports of six
Total
hides and skins, unmanu¬
what smaller imports of many other commodities.
In
Energy used in electric railway departments
Energy used in electric and other depts
coffee, flaxseed,
factured wool, wood pulp and t}n, although the figures also recorded
416,117,000
.
8%, because of the reduction in quantity and value of leaf tobacco
exports.
135,706
132,753
158,105
146,523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
166,832
152,491
177.356
170,500
170,533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
187,482
192,774
198,701
202,779
240.464
277,706
307,528
287,252
191,697
191,077
195,056
193,073
215,701
212,692
196,400
244,723
524,230
363,026
573,087
781,736 1,112,949
667,179
1,507,714
939,014 1,430,354 1,458,391 1,834,754 2,370,594
1,322,774 1,449,559 1,655,055 2,047,485 2,422,157
Volume
Financial
144
FOR RECENT WEEKS
DATA
Exports of United States Merchandise and Imports for Consumption
Exports and Imports
Per cent
Change
Week Ended
1936
1937
1936
1937
1,000
1,000
1,000
1,000
Dollars
(THOUSANDS OF KILOWATT HOURS)
Increase (+)
Decreased—)
4 Months Ending April
April
3753
Chronicle
1929
1932
1935
1937
1936
1937
from
Dollars
Dollars
—
189,574
264,852
757,049
965,401
Imports for consumption
199,776
281,717
770,039
1,066,670
Exports (U. S. mdse.)
1936
1,000
Dollars
Dollars
+208,352
+296,631
3
Apr.
Apr.
1932
Period
or
1933
1934
1937
1936
1935
17
24._
1.679,589
1,867,093
+ 15.0
1,712,863
1,480,208
1,916.486
+ 13.6
1,700,334
1,465,076
1,663,291
1,933,610
2,146,959
2,176,368
2.173,223
2.188,124
10
Apr.
Month
Apr.
+ 12.4
1,725,352
1,696,543
+ 14.3
1,701,945
1,480,738
1,469,810
1,914,710
1,709,331
1,947,771
+ 12.7
1,701.702
1,454,505
1.429,032
1,436,928
May 22
2,198,646
1,961.694
+ 12.1
1.700,022
1,435,731
1,699,822
1,688,434
1,698,492
1,704,426
January
146,906
118,559
169,577
173,560
195,689
218,637
May 29
2,206,713
1,954,830
+ 12.9
1,696,051
1,425,151
1,705.460
February
99,423
159,617
229,644
June
5
1,922,108
■
1,628,520
187,418
252,268
June
12
1,945,018
April
132,268
103,265
176,490
160,511
May
128,553
111,845
117,517
157,161
159,791
192,405
189,574
197,015
1,381,452
1,435,471
1,615,085
106,293
160,312
181,667
179,381
March
151,048
151,403
167,278
181,373
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Exports—U. S
Merchandise—
July
109,478
104,276
141.573
167,902
159,128
167,865
August
106,270
129,315
169.851
169,683
129,538
157,490
188,860
196,040
151.035
203,536
136,402
128,975
189,808
168,442
218,184
267,258
220,931
1.673,295
+ 12.8
1,698,178
1.724,491
June
-
December
-
4 mos. ended
April._
10
mos.
DATA
(THOUSANDS
MONTHS
RECENT
FOR
mos.
ended Dec...
Percent
Change
223,920
1936
February
8,664,110
9,908,259
June
Consumption—
+ 13 0
7,585.334
+ 11.2
7,762.513
7.048,495
7,011,736
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,791,969
8,926,760
March.
January
May.
imports for
6.494,091
+ 18.3
7,500,566
6,771,684
6,850,855
7,380,263
7,382.224
7,544,845
7,404,174
7,796,665
8.078,451
7.795,422
8,388,495
8.197,215
8,521,201
6,294 302
7,285 359
6.219,554
7,486,635
7,220,279
9,103,490
January
134,311
92,718
128,976
168,482
186,377
228.749
July
February—
129,804
84,164
125,047
260.221
130,584
153,396
141,247
152,246
175,485
189,590
March
194,296
295,983
August——
September
166,070
199,776
281,717
October
9,670,229
147,467
166,756
189,008
November
9,237 905
194.311
December
123,176
May
112,611
109,141
June
112,509
April
...
123,931
1929
from.
226,666
1932
1935
1937
1936
1937
Month of
April
91,893
88,107
KILOWATT-HOUR*
OF
177,006
581,625
427,540
693,101
757,049
965,401
676,050
1,670,056 1,184,035 1,683,421 1,758,022 1,997,009 2,248,900
1,576,151 1,647,220 2,100,135 2,243,081 2,418,936
ended April..
12
192,156
1,689,925
264,852
262,157
November
190,842
181,291
+ 13.5
1,928,803
2,194,620
May 15—
1,932,797
217.925
October
2,193,779
2.176,383
1...
8
175,825
September
May
May
135,067
155,313
July..
79,934
141,018
124,010
173,096
93,375
152,714
117,262
180,381
200,783
9,262,845
9,850,317
6,112,175
6,310,667
6,317,733
6 633,865
6,507,804
6,638,424
7.484,727
7,773 878
7.523,395
8.133,485
7,681,822
7,871.121
197.458
August
9,275.973
— —
6,130,077
218,425
213.419
102,933
147,599
149,893
168,683
October...
104,662
105,295
149,288
125,269
137,975
November-
149,470
189,806
162,828
95,898
127,170
126,193
179,760
September..
—.....
December.
200,304
at
Highest
Levels
According to Wells Fargo Bank
& Union Trust Co.—Reports Work on Golden Gate
International Exposition 93% Completed
Since
4 mos. ended April—
517,875
mos.
ended April..
1,507,744
mos
ended Dec...
10
12
356,882
547,766
770,039 1,066,670
662,283
938,979 1,390,824 1,467,086 1,824,593 2,337,288
1,325,093 1,433,013 1,636,003 2.038,905 2,423,980
GOLD
AND
SILVER
4 Months Ending
April
April
lncrease(+)
Decrease(—)
Exports and Imports
1937
1936
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
51
13
Gold—
64
26.341
—26,277
+ 522,974
28,106
215,825
88,884
611,858
28,055
215,811
62,543
611,7 94
535
468
+871
2,821
1,165
88,625
2,037
4,490
Imports.
said the Wells Fargo Bank & Union Trust Co., of San
Francisco, in its monthly "Business Outlook" of May 20
The bank added:
Dollars
Exports...-
Early 1930,
"Since the first of the year, general business activity in
California, after allowing for the usual seasonal expansion,
has maintained itself at the highest levels since early 1930,"
BY MONTHS
Exports, Imports and Net Balance
1936
25,336
—63,289
At the beginning of May, the
month
99.1
earlier,
year
average
100) stood at 109.8,
as
earlier, and 114.5 in May,
California
against 111.1 a
The slight
1930.
month of April was the resultant of moderate statistical
production, bank debits, and department-store sales,
with the fourth element in the index, freight carloadings, holding even.
Building expenditures continue in much larger volume than that of a
Imports.
the permits issued at 59 California cities
year ago,
have
occurred in
"V, 956
2 ,353
23", 299
87,459
brick, and other building materials.
Waterborne
Gold
March,
1935
1936
1937
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
4,715
Exports—
363
338
11
859
1,248
253
612
January
51
46
23,637
734
1,661
141
44
540
2,315
39
665
3,128
237
346
37
62
51
13
1,425
1,593
535
May
1,780
49
5
1,638
2,885
203
June...
6,586
166
77
2.404
1,717
197
March
....
April
♦
-
-
-
114
59
695
1,789
102
32
1,741
2,009
22,255
86
42
1,424
1,472
2,173
76
117
1,162
November
310
242
127
December
140
170
99
August..
September
October...
been
new
ex¬
high
The bank also
presented the following in its report on the
of the work on the Golden Gate International
Exposition, which is scheduled to open Feb 18, 1939:
The
May 15 progress report on the Golden Gate International Exposition,
400
acres
in extent, being built on the shcals in the middle of San Francisco
93%
of two
Construction
complete.
exhibit
palaces,
to
cost
143
Bay—is
204
$800,000 and to be used after the Exposition as aviation hangars, is 70%
260
268
complete;
512
411
1,014
'4,846
1,011
26,341
10 mos.end.Apr. 277,795
40,558
27.075
1.175
1,960
27,534
52,759
a
progress
769
236
.
as
a
permanent administration building
ferry slips
terminal),
($7,000,000),
12 mos.end.Dec.
has
February; during
1,698
64
4 mos.end.Apr.
trade,
the Panama Canal set
opening Feb. 18, 1939, indicates that work on the site—an artificial island,
138
1,547
14,556
July...
611
intercoastal
the strike settlement early in
westbound tonnage through
monthly record.
468
February
particularly
commerce,
ceptionally active since
Silver
Period
1934
Consequent in¬
of lumber, cement, plaster, tile,
the production
~
Excess of Imports—-
(863,971,304 for January-
April) being 33% larger than corresponding 1936 figures.
creases
Excess of exports
or
a
recessions in industrial
Silver—
Exports
Month
bank's index (in which
business activity for 1923-25 equals
decline during the
♦'+++:
Excess of exports.—
Excess of imports.—
Maintained
Business
California
240.230
93,420,266 77,442,112 90.277,153
107035740
Total
are
all
well
(($450,000),
advanced;
($800,000, to be used later
and temporary exhibit buildings
building
of highway
connections
3,682
7,630
1,165
2,037
($600,000) between Exposition site and San Francisco-Oakland Bay Bridge
19,924
16,457
7,734
3,437
is started.
16,551
18,801
2,965
The total cost of the Exposition construction program is $16,-
000,000; of construction and operation together, $25,000,000.
Imports—
1,947 149,755
45,981 121,336
3,593
19,085
58,483
2,846
February
452,622 122,817
16,351
17,536
14,080
237,380
13,543
7,002 120,326
7,795 154,371
2,128
March
1,823
20,842
8,115
5,589
April
54,785 148,670
28,106 215,825
1,955
11.002
4,490
2,821
May
35,362 140,065 169,957
4,435
13,501
4,989
June
70,291 230,538 277,851
10,444
23,981
January
July
16,074
5,431
2,458
30,230
21,926
30,820
8,363
13,010 315.424 218,929
26,931
4,451
16.2S7
51,781
46,085
Levels
14,425
45,689
48,898
121,199 210,810
75,962
15,011
60,065
92,249 190,180
57,070
8,711
47,603
2,267
88,884 611.858
9,498
67,281
88,625
25,336
43,146 150,642 351,930
90,558
September
October
November
December
4 mos.end.Apr. 746,735 434,786
10 mos .end. Apr. 756,418 769,069 1024474 1219283
12 mos.end.Dec.
102,725 354,531
1186671 1740979 1144117
The
prices of
1182.816
Output for Week Ended May 29 Reaches
2,206,713,000 Kwh.
Edison
Electric
Institute,
in
many raw
monthly
conditions in
The Institute's statement follows:
INCREASE
OVER
PREVIOUS
Reserve
materials and semi-finished products."
of general business and financial
summary
the United
upon
Week Ended
Regions
May 29, 1937
New England
Middle
Central
West
Atlantic
Industrial
Production, Employment, and Trade
continued at
rose
further,
118% of the 1923-1925 average.
reflecting increased
output
In
the first
1929.
Manufacturing production
of durable goods.
steel mills was at a rate slightly higher than in
pand.
Rocky
States
Mountain
Ended
Week
Ended
May 15, 1937
Week
May
Ended
8, 1937
14.1
13.1
14.2
14.2
12.7
11.0
9.6
15.1
14.9
15.5
6.9
7.1
6.3
8.0
16.8
15.1
16.2
15.4
21.2
25.1
24.8
23.7
6.6
4.8
4.2
4.0
12.9
12.1
12.7
12 8
Pacific Coast
in
Automobile production continued to
three weeks of May output in these industries
At textile mills
has been at a high level in recent months there was a slight
11.4
At bituminous coal mines output declined sharply following an increase
in March, when consumers
strike.
accumulated stocks of coal in anticipation of
Crude petroleum output, which
to March,
a
had risen sharply from November
showed further growth in April.
Production of most metals also
increased.
Value of construction contracts awarded, as reported by the
Total United States.
ex¬
was
Increases in output
April were also reported for lumber and plate glass.
where output
Activity at
March and about equal to
reduction in activity.
14.9
Central
Southern
Week
May 22, 1937
statistics for
The Board's seasonally adjusted index of industrial production in April
that in the peak month of
YEAR
States, based
maintained at the levels reached at the close of April.
Major Geographic
System—
April and the first three weeks of May, issued May 26, the
Board also had the following to say:
in its weekly statement,
electricity by the electric
light and power industry of the United States for the week
ended May 29, 1937, totaled 2,206,713,000 kwh., or 12.9%
above the 1,954,830,000 kwh. produced in the corresponding
PERCENTAGE
Federal
April and Early May
disclosed that the production of
week of 1936.
of
Governors
According to the Board of Governors of the Federal Re¬
serve System, "industrial activity in April and the first half
of May was maintained at the relatively high level of recent
months.
The general level of wholesale commodity prices
declined somewhat, reflecting considerable reductions in
In its
Electric
of
Industrial Production Maintained at Recent High
16,637
20.831
Board
6,574
67,524
3,585 156,805 171,866
52,460
—
August
Summary of Business Conditions in United States by
Corporation, increased more than seasonally
F. W. Dodge
from March to April and con-
3754
Financial
tlnued higher than a year ago, reflecting, as in earlier months of the year,
a
larger volume of residential building and of other privately-financed work.
Contracts awarded for
publicly-financed construction have been consider¬
ably smaller in the first four months of this year than in the corresponding
period of 1936.
Employment
of
April.
further between the middle of March and the middle
rose
There was
considerable growth in the number of persons
a
ployed in manufacturing and
em¬
the railroads, little change in those em¬
on
ployed in the public utility industries and in trade, and a decline at bitumin¬
At factories the principal
coal mines.
ous
increases in employment were
Chronicle
payrolls 3.4%, it was announced on May 26 by Peter T.
Swanish, Chief of the Division.
"The rates of change in
both employment and' total wage payment," Mr. Swanish
said, "represents contra-seasonal increases."
"Working forces at textile
employed in the clothing industry declined.
mills were maintained, although a decrease is
usual at this
Factory
season.
the Division of Statistics and Research show that the aver¬
March-April changes in employment and total wages
were decreases of 0.8 of 1%
and 0.6 of 1%.
Mr.
age
paid
Swanish also noted
The
changes in
ments
variety stores
In
13.9% in employment and 28.9%
of
The general level of wholesale commodity
88.4
to
in
index of the Bureau of Labor Statistics, declined from
and
88.3% of the 1926
the beginning of April to 86.9 in the middle of May.
of nonferrous metals, steel scrap, cotton, and
there were also decreases in the prices of grains, cotton
goods, silk,
of shoes and clothing showed further
hides, and chemicals, while prices
Since the middle of May prices of hogs and pork have
advances.
small
Prices
rubber declined considerably
on
May 1,
excess reserves
reflected in
were
of member banks declined from $1,600,-
United
decrease in interbank balances and in
a
greater
of 1936,
States
Government
for
securities,
Reports
their
States
Government
Holdings of United
May 19.
obligations and other securities showed some decline,
offset in part by increases in loans.
was
clined further, balances of foreign banks and other
its at reporting member
3.4%,
de¬
Weekly
Yields
on
May 24 compared with a high point of 0.74% on
Other short-term rates have shown little change in recent weeks.
May 3.
long-term Treasury and other high-grade bonds have
on
declined
♦
rolls of Pennsylvania
factories increased nearly 1% and the amount of wage dis¬
bursements rose over 5% from the middle of March to the
middle of April, according to indexes compiled by the Fed¬
eral Reserve Bank of Philadelphia on the basis of reports
received from 2,306 manufacturing establishments employ¬
ing 545,000 workers whose compensation averaged some $14,870,000 a week.
These changes were more favorable than
usual, as declines of 1% in employment and 2% in payrolls
ordinarily occur in this period.
In an announcement issued
May 17 the Bank also had the following to say:
which recently have been especially numerous in the iron and steel
well
as
woolen
hours
the
in
as
of industries
case
fabrics, chemicals,
actually
March
to
worked
April,
earnings have
but
containers, and food products.
paper
in
plants
2,064
virtually
showed
28% greater than
were
industry
producing building materials, silk and
year
a
risen sharply since early March
Employeechange from
no
Average weekly
ago.
mid-April
and in
were
the
preliminary
indexes
ago,
these
Estimates
made
year
the
had
Increased
reports
and
by this
report
their
in
a
in
Industries
in
wage
noticeable
wage
and
census
earners
respectively.
41%,
data
indicate
Pennsylvania
a
that
manufacturing
receiving
approxi¬
April
and
the
in
was
steel
most
in the lumber,
Increases in payrolls were
pronounced
groups.
including
groups
iron
and
steel,
lumber,
and stone, clay and glass products.
industries expanded
April, continuing a marked upward trend since early last year.
producing consumers' goods, on the other hand, reported declines
wage
the
in
payments
and payrolls
industries
April
durable goods
for the second successive month.
index
of
employment
was
84.7
In durable
and that of
the 1923-25 average; similar indexes
99.9 and 95.3, respectively.
112.5, relative to
earnings was
consumers'
for
in
iron
metal, chemical,
employment
goods
988,000
compared with
week.
metal, and
Employment and
further
employ
the
and that of
91.8,
was
average;
16%
gains of
registered
current
covered
employment
particularly
non-ferrous
1923-25
from
mately $26,400,000
non-ferrous
April
in
period
payroll
industries
employment
relative to the
payments 103.1,
wage
in
index of
goods
were
As to employment conditions in
factories in Delaware, the
Philadelphia Reserve Bank stated:
Delaware
7%
with
and
a
74
plants
ago
in
April experienced gains of 3% in employment and
shown
as
year
in
time
factories
payrolls,
in
was
show
by
reports
nearly
5%
from
greater
80 establishments.
Working
than in March.
Comparisons
that the number of wage
the amount of wage disbursements rose
earners
increased 30%
46%.
Gains
Noted
in
Industrial
According to a statistical summary of data submitted to
the
Division of Statistics and Research of the Illinois De¬
partment of Labor by 6,344 reporting manufacturing and
non-manufacturing enterprises in Illinois, employment in
that
State
in
April increased
0.5
of 1%
over
March and
in
industries
reporting
all
$16.59 for
and
men
women.
In the
weekly
average
female
earnings
manu¬
weekly earnings averaged $25.86
$26.16
workers;
were
for
female
$14.96 for
for male and
workers.
Changes in Man-Hours During
male
and
workers
female
April
number
of
workers
during April decreased
female
workers
In
the
reported
decreased
Total hours worked by
by
hours
and
industries,
of
2,157
workers combined,
female
worked
0.1
were
1%
of
less
enterprises
in
these
April
than
and
in
March.
male
and
workers and
In
the
female
manufacturing establishments reporting man-hours
workers
decreased
separately,
in
man-hours
total
this
Within
by
of
of
1%
male
and
industries,
female
1,302
for male
decrease
a
workers
concerns
the^ptal man-hours worked by male and
com¬
showed
a
increase
the total number of man-hours worked by female employees.
1.6% in
Average actual hours worked in
3,898
0.1
1,741 enterprises reported
worked
classification
6.7% in
decreased
2.7% for female workers.
non-manufacturing group,
2.1%
decrease of
of
1%.
1.2%, while total hours worked
classification
male
for
the total
0.5 of
decreased
2.1%.
manufacturing
man-hours
enterprises
in
man-hours
Compared with March
as
combined, in all reporting industries, the
male
enterprises
April by 507,756
reporting man-hours
41.2
were
as
wage
an
earners
compared
in
with
the
41.7
in March.
In
the manufacturing establishments,
were
41.4
In
the
as
the
compared with 41.9 in March,
Weekly
Report
of
40.4,
or
hours worked in April
average
decrease of 1.2%.
or a
non-manufacturing classification,
worked per week during April was
the
average
number
of
hours
1.2% less than in March.
Lumber
Movement,
May 22, 1937
Week
Ended
Tlie lumber industry during the week ended May 22,
1937, stood at 83% of the 1929 weekly average of production
and 78% of 1929 shipments.
Reported new orders were
somewhat below the preceding week and only 1% heavier
than in the corresponding week of 1936.
Shipments and
about the
were
above similar
weeks of
same as
1936.
the previous week and
Reported production is
run¬
ning the heaviest of any weeks of this year or last.
During
the first 20 weeks of 1937 to date, production was 5% above
similar weeks of 1936; shipments were 11% above ship¬
ments of the 1936 period, and new orders were 8% above
orders reported in the 1936 period.
In the 20 weeks ship¬
ments were 11% above production and orders 7% above
production.
National production reported for the week
ended May 22 by 3% fewer mills was 0.4% below the output
of the preceding week; shipments were 0.3% above ship¬
ments of that week; new orders were 6% below that week's
orders, according to reports to the National Lumber Manu¬
facturers Association from regional associations covering
the operations of important hardwood and softwood mills.
Reported new business during the week ended May 22,1937,
was
shown by mills reporting for both 1937 and 1936 as
14% above the corresponding week of 1936; shipments were
16% above shipments of last year's week, and new orders
were 1% above orders of that week.
The Association fur¬
ther reported:
During the week ended
feet
of
hardwoods
feet;
of
Mills,
were:
ment
and
booked orders
Employ¬
and Payrolls in Illinois During April
Contra-Seasonal
combined
sexes
for
industries,
male
production
highest since the late fall of 1929.
The
both
for
$30.10
payments was due primarily to wage rate increase!,
wage
.
non-manufacturing
the
bined.
The number of wage earners on the
.
.
In
of
—Gains Also Noted in Delaware Factories
increases 2.6%.
$27.97 for male and
$30.48 for male and $17.01 for female workers.
for
Employment and Payrolls in Pennsylvania
Increased Favorably from Mid-March to Mid-April
increase in
earnings
$27.35;
Hours worked in 2,036
Factory
during April
workers increased
respectively,
employed,
paid to female workers
wages
workers combined;
somewhat.
The
workers
Total wage payments to male
March.
facturing. industries
Treasury bills
H % on May 7, and the rate on nine-months
of
which designated the sex
enterprises
industrial
female
total
90-day bankers' acceptances, which between
January and the latter part of March had advanced from 3-16 to 9-16%,
declined to 0.62%
prior to 1936.
female
demand and time depos¬
Money Rates
reduced to
number
Average Weekly Earnings—April
For
was
and
while total
banks increased.
The open-market rate on
male
compared with
as
both
Government deposits
While domestic interbank and United States
from 4,258
of
averaged
Total loans and investments of reporting member l>anks showed a small
which
per¬
month of April of this year
of persons affected during the entire
working forces showed increases of 0.2 of 1% and 0.1 of 1% in the
number
adjustment to the new requirements and preserving orderly conditions in
the middle of April through
that the number of
show
during the
increases
the total
Division
the
of
are
in any one month of the three years
or
of easing the
the purpose
the money market.
decline from
records
wage
than
was
small increase in
The Federal Reserve System in April purchased $96,000,000
borrowings.
of
Adjustments by banks to the new requirements
level.
new
a
by
April
of
month
Changes in Employment and Total Wages Pair, According to Sex
000,000 to about $900,000,000, and in the first three weeks of May fluc¬
tuated around the
the
The
affected
sons
Following upon the final increase in reserve requirements, which became
effective
The index
in total wage payments.
of wage increases received by the
during
March.
in
as
Credit
Bank
to
Division of Statistics and
exceptionally noteworthy.
The
395
reports showed that wage rate increases during April affected the
pay envelopes of 150,424 workers,
or 23.1% of the number reported em¬
ployed.
The weighted average rate of increase was 10.4%, the same
Research
year
advanced sharply and grain prices have also risen.
point
period.
same
The reports
by the
wage pay¬
year
from 77.6 in April, 1936,
April, 1937, while the index of payrolls rose from 64.1 to 82.6
during the
prices, as measured
this
employment for all reporting industries rose
declined.
Commodity Prices
of
February-April
months
growth in industrial activity in Illinois.
comparison with April, 1936, the April, 1937, indexes show increases
of
In April sales at department stores showed little change and mail order
sales were also maintained at the March level, while sales at
average at
three
the
during
:
number of workers employed and total
the
further net
payrolls increased more than employment, reflecting chiefly further increases
in wage rates.
He explained
14-year period, 1923-36, inclusive, the records of
that for the
reported by the steel, machinery, and automobile industries, while the num¬
ber
June 5,
566;
production,
regions but Northern
below production
Coast,
combined;
mills produced 288,601,000
shipped
264,584,000
feet;
Revised figures for the preceding week
289,596,000
feet;
shipments,
263,824,000
cypress
of
and
hardwoods and
All but Southern pine,
Northern hardwoods reported
orders
corresponding week of 1936; all but Southern pine, Southern
the
1936,
hardwood reported both orders and shipments
during the week ended May 22.
Southern
above those of
week
1937, 552
May 22,
softwoods
orders, 237,625,000 feet.
All
West
and
223,433,000 feet.
two
and
hardwood
groups
all but Southern
hardwoods reported production above
reported
cypress,
shipments
above similar
Northern pine and Northern
the 1936 week.
wood
reported for the week ended May 22,
totaled
mills
same
mills.
Financial
144
Volume
Lumber orders
214,894,000 feet,
Shipments
as
feet, or 8% below production.
Reports
or
9% below production.
23%
the
was
mills give
new
Shipments
1937, by 465 soft¬
below the production
week
same
Production
105 hardwood
from
or
for
reported
were
277,296,000 feet.
business
10,242,000 feet, or 24% below production.
Production
8,539,000 feet,
as
reported for the
as
of the
254,842,000
week were
same
11,305,000 feet.
was
Identical Mill Reports
Last
week's
production of
456 identical
softwood mills
was
276,198,000
feet, and a year ago it was 240,556,000 feet; shipments were, respectively,
feet
253,404,000
feet
and
and
212,482,000
215,868,000
feet.
In
the
feet,
case
and
of
orders
received,
hardwoods, 83
214,576,000
identical
mills
reported production last week and a year ago 9,063,000 feet and 9,600,000
feet; shipments, 7,869,000 feet and 9,546,000 feet, and orders, 7,220,000
feet and 8,197,000 feet.
Retail Purchases of Motor Vehicles During First Four
Months Set new all Time Record
More motor vehicles
were purchased by highway users in
during the first four months of this year
than in any corresponding period in the history of the in¬
dustry.
This and other new records for motor industry
operations were reported on June 3 by Alfred Reeves, VicePresident and General Manager of the Automobile Manu¬
facturers Association at the Annual Meeting of that organiza¬
tion held in the General Motors Building at Detroit.
The industry's total retail sales of passenger cars and
the United States
trucks for the first four months of this year amounted to
1,502,963 units—Mr. Reeves announced.
This eclipsed
the previous record of 1,480,031 units set by the industry in
The
1929.
the
industry's retail sales this
period of 1936.
same
The figures on retail sales
are
year are
13% above
summarized below:
Retail Motor Vehicle Sales in United States
April, 1937.
March, 1937
April, 1936
4 months, 1937
459,780
482,135
457,314
1,502,963
1,322,952
4 months. 1936
Petroleum
and
Its
Products—Crude
Oil Output Sets
Connally Act Extension—
Oil Conspiracy Charge Voided—Taxes on Oil In¬
dustry Rise
New Peak—House Passes
An increase of 23,250 barrels in
daily average crude oil
production during the final week of May established a new
record high of 3,573,700 barrels, the American Petroleum
Institute report disclosed. The new high was 230,800 barrels
above estimated May requirements of 3,332,900 barrels set
by the United States Bureau of Mines and 629,750 barrels
above actual production in the
corresponding 1936 period.
All major States—with the exception of
California—par¬
ticipated in the increased total with most of them producing
in excess both of their State quotas and the levels recom¬
mended by the Bureau of Mines.
Sharpest expansion was
shown
in
Oklahoma
where
an
increase
of
11,100
barrels
3755
Chronicle
"The bill
otiginally was enacted to control illegal practices
production and sale of oil.
It was aimed at so-called
"bootleggers" who produced more Oil than their quota re¬
strictions allowed and disposed of it illegally."
Pacific Coast private reports indicated that the possibility
of a small increase being posted for California crude is daily
strengthening. While crude in many fields commands a pre¬
mium over the posted price, there has been no change in the
official postings since early in 1936 when prices were lifted.
The gasoline market, the reports indicated, is rapidly ap¬
proaching the point where it could absorb the necessary in¬
crease to justify higher crude
prices.
The Washington Supreme Court on Thursday handed
down a unanimous decision upholding the lower court rulings
denying validity of the State's charges that virtually all
operating oil companies in the State were guilty of con¬
spiracy. The fight against the oil companies has been in
progress since 1935 when the State started its attempt to
disenfranchise the companies on the conspiracy charges.
The State Supreme Court ruling, however, put a decisive
in
end to the action.
Taxes paid to Federal and State Governments by and
through the petroleum industry have averaged approxi¬
mately eight times the industry's earnings in the past decade,
according to a study of the relationship between petroleum
taxes and earnings carried out by the American Petroleum
Industries Committee, which found that the estimated oil
tax bill of 1936 totaled $1,180,876,256, or approximately
three times the 1927 tax bill of $398,922,804.
In 1936, the
tax collector received a return in taxes of about 8.62 % on
the industry's capital investment, or more than three times
the industry's own return, and during the past decade has
enjoyed a return of about 6.57%, whereas the industry
averaged 0.83%.
The study disclosed that in the six-year period 1931-1936,
taxes on the industry and its products reached the total of
$5,785,661,369, whereas the industry had a net loss of
$37,757,824.
In the 10-year period 1927 through 1936,
earnings were estimated at only 12.57% of taxes. Estimated
earnings totaled $1,002,017,051, taxes $7,968,417,930.
Particularly heavy losses were sustained in 1931, 1932 and
1933.
Improved earnings in 1936 offset these losses to a
degree, but still the return on the industry's invested capital
in 1936 was estimated only at 2.54%.
Earnings of the in¬
dustry, even in boom years, apparently never were above
5% on invested capital, whereas taxes in 1936 alone amounted
to 8.62%, or more than three times 1936 earnings.
In 1922,
taxes were only 1.65% of the investment but have grown
steadily despite the depression.
There were no crude oil price changes.
Prices of
Typical Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Lima (Ohio Oil Co.)...
Corning, Pa
are
not shown)
$1.27
52.671 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and over..
1.42 Darst Creek
Illinois
1.35
Western
1.40
1.35
1.09
Central Field, Mich—
lifted output to 660,800, in contrast to the State
quota of
622,700 barrels, which is the same as the May level sug¬
Kentucky
Mld-Cont't, Okla., 40 and abovo-.
Rodessa, Ark., 40 and above
1.25
gested for Oklahoma by the Bureau of Mines.
Texas production, rising 8,400 barrels
during the week,
totaled 1,433,300 barrels, compared with the Railroad Com¬
mission's allowable of
1,411,236 and 1,340,800 barrels
recommended by the Federal agency. Louisiana
gained 4,150
barrels to 246,600 barrels, which is higher than the State
quota of 240,900 but substantially below the Federal figure
for the State of 249,400 barrels
daily during May. Kansas,
with production up 5,100 barrels, reported total
output of
202,650 barrels, against the joint State-Federal allowable of
Smackover, Ark., 24 and
0.90
1.42
1.20
1.22
1.40
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
Petrolia. Canada.
187,100 barrels.
Wyoming entered the spotlight with a 6,400-barrel reduc¬
in daily average production to 800 barrels above the
tion
Federal level of 49,800 barrels daily.
The State, with the
exception of New Mexico and California, both of which
showed nominal recessions, was the sole
reporting area to
show any major loss in production
during the week. Cali¬
fornia, at 658,100 barrels daily, was 100 barrels lower, and
compared with 602,230 fixed by recommendation of the
Central
Committee
of
California
Oil
and
the
domestic
and
Producers
Bureau
A
of 583,300 barrels.
decline of 394,000 barrels in
stocks
of
foreign crude oil—the first net withdrawal since the week
ended January 23 which saw the establishment of a new 15year low in inventories—during the week ended May 22
pared holdings to 304,971,000 barrels, the United States
Bureau of Mines reported on June 2.
Since January 23 stocks
have risen some 18,000,000 barrels as week-by-week new
highs in daily average crude production diverted millions of
barrels of crude to empty storage tanks.
The Dies bill extending the Connally "hot oil" act for two
years was sent to a House-Senate conference committee for
adjustment of differences with a permanent measure passed
by the Senate, a United Press dispatch from Washingtonprinted in the New York "World-Telegram" of June 4 re¬
ported.
"The House passed the Dies bill late
yesterday, 118 to
92," the dispatch stated.
Representative Martin Dies (D.
Texas) its sponsor, said he expected the conference committee
probably would
four to seven-year extension.
Extension of the legislation is part of the Federal Govern¬
ment's attempt to prevent the gutting of oil markets with
products obtained in violation of various State regulations.
agree upon a
REFINED
over
1.30
PRODUCTS—NEW
YORK
ADVANCED—CONTRACT
FUEL
CITY
DIESEL OIL ADVANCED—MOTOR
Standard Oil Co
OIL
2.10
GASOLINE
PRICES
HIGHER-
PRICES
FUEL STOCKS
DIP
of New
York, marketing subsidiary of
Socony-Vacuum Oil Corp
posted an advance of J/£-cent a
gallon on all grades of gasoline and all methods of delivery
in the Metropolitan New York area June 1, effective June 3.
Other companies met the advance immediately.
Fuel oil prices for the New York City area posted by
major companies in mid-week carried No. 1 at 9 cents, with
a 10-cent
top; Nos. 2, 3 and 4 at 7l/i cents, with an 8^-cent
top in the tank-wagon market, or more than 1 cent above
last year's top price.
In the New York Harbor tank-car
market, the new prices were 6.30 cents a gallon for No. 1,
and 5.30 cents for Nos. 2, 3 and 4.
Other increases in the refined field during the week took
in the New England and Atlantic Coast territory
Standard
Oil of New Jersey on Wednesday lifted Diesel oil and heavy
marine Diesel oil 10 cents a barrel to $2.20 at New York,
Baltimore, Norfolk and Charleston.
Boston prices were
up 10 cents to $2.25.
Other companies met the advances.
Standard of New Jersey on June 2 also posted prices of
Esso-heat medium fuel oils 24-cent a gallon at New York,
Baltimore, Norfolk, Charleston and Wilmington and heavy
heating oil the same amount at the first three ports.
Light
industrial fuel oils were lifted J^-cent at New York, Balti¬
more and Charleston.
Colonial-Beacon, the New England
marketing subsidiary of New Jersey Standard, made corre¬
sponding increases in its territory.
Seasonal expansion in consumption of motor fuel gains
momentum, the figures for the May 29 period (which did
not include the heavy week-end
holiday demand) disclosing
a
dip of 323,000 barrels in holdings of finished and un¬
finished gasoline, according to the American Petroleum
Institute report, which set the total at 79,504,000 barrels.
Total holdings at refineries were off 648,000 barrels during
the final week of May, against a gain of 378,000 barrels in
,
.
bulk terminal stocks.
A decline in inventories of unfinished
gasoline of 53,000 barrels brought the net reduction for the
323,000-barrel total.
Holdings of gas and fuel oils were up
1,112,000 barrels in keeping with the usual seasoning trend,
rising to 96,223,000 barrels.
3756
Financial
Refinery operations
backed
1.3 points from
away
Chronicle
the
1937
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily Refining
Crude Runs
Capacity
to Stills
A 20,000-barrel cut in
daily average production of
cracked gasoline pared the total to 730,000 barrels.
Representative price changes follow:
June 1—Standard Oil of New York posted a
GAS AND FUEL OIL, WEEK ENDED MAY 29,
GASOLINE AND
record high of 84.1% set in the previous week, reporting
units placing the rate at 82.8% of capacity.
Daily average
runs of crude oil to stills
dipped 45,000 barrels to 3,245,000
barrels.
June 5, 1937
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Stocks
of Finished and
Unfinished Gasoline
Stocks
of
Finished
District
tial
*$-cent increase in all grades
Total
Rale
P.
Oper¬
At Re¬
age.
Reporting
ated
and
fineries
C.
P.
Gas
of
Terms., Nap'tha
Daily
Aver¬
Poten¬
Unfin'd
C.
Fuel
Distil.
&c.
Oil
and deliveries of gasoline in the metropolitan New York City area, effective
June 2—Standard of New Jersey lifted Diesel oil and heavy marine Diesel
oil 10 cents a barrel to $2.20 at New
Boston
ton.
June
New
of
mington.
Heavy heating oil was also up
%-cent at the first three ports
while industrial heating oil was lifted %-cent at New York, Baltimore and
Charleston.
Colonial-Beacon, Standard subsidiary, made similar advances
throughout its New England territory.
U. S. Gasoline
New York
New York—
—
146
Texas
.08
Gulf
Tide Water Oil Co
.08 %
Shell Eastern
OiKCal.)
Orleans.
Gulf
ports
Tulsa.
(Bayonne)
$.04
I New
| Los Angeles.. .03*$-.05
|
California 24 plus D
...$1.35
Diesel 28-30 D
05
-.05%
New York
Brooklyn
Tulsa
$.04%l
I
76.1
1,371
162
434
1,504
707
93.4
8,369
263
1,752
6,662
La. Gulf
164
158
96.3
144
91.1
648
455
272
1,995
54
No. La.-Ark.
91
58
63.7
42
72.4
305
Rocky
Mtn.
89
62
69.7
54
87.1
1,920
California...
821
746
90.9
501
67.2
10,843
3,627
88.8
3,004
82.8
'
$.053
$1.65
Boston
$.175
I Chicago
177
,
Petroleum
Institute
Imports of petroleum for domestic
estimates
a
daily
average
45,480
22,330
7,136
3,741
610
201
93,966
2,257
4,084
4,084
3,245
49,221
22,940
7,337
96,223
May 22 '37
4,084
4,084
3,290
49,869
22,568
7,390
95,111
42,645
22,151
6,932 101,722
U.S.Bu.ofM.
z2,924
of 177,714 barrels, compared with
a
Estimated
Bureau of Mines basis,
on
Coal
of
The total
z
May 1936 dally average.
During Week Ended May 22, 1937
production of soft coal during the week ended
weekly coal report of the U. S. Bureau of Mines.
the
Compared
this shows but little change—an
less than
or
1%.
Production in
corresponding week of 1936 amounted to 6,819,000 tons.
Anthracite
the
that
of 60,000 tons,
increase
ended
production in Pennsylvania during the week
May 22 is estimated at 1,406,000 net tons.
gain of 29,000 tons,
compares with
week of 1936.
ESTIMATED
2.9%
or
STATES
UNITED
a
PRODUCTION OF COAL AND BEEHIVE
(IN
Week Ended—
Bituminous coal:
This is
the preceding week, and
over
939,000 tons produced in the corresponding
COKE
NET TONS)
May 22, 1937
May 15, 1937
May 23, 1936
a
Total, including colliery fuel
7,280,000
7,220,000
6,819,000
Dally average.. L............i.
1,213,000
1,203,000
1,136,000
1,046,000
989,000
174,300
996,000
1,017,000
169,500
996,000
74,400
82,800
20,100
12,200
13,800
Pennsylvania anthracite: b
Total, Including colliery fuel
Dally average
.
Commercial production.c
164,800
942,000
Beehive coke:
Total
for
Daily
and receipts in bond at principal
use
States ports for the week ended May 29 totaled
67,3(^3
May 29 '37
:
daily average gross crude oil production for the week ended
May 29, 1937, was 3,573,700 barrels.
This was a gain
of 23,250 barrels from the output of the previous week.
The
current week's figures remained above the 3,332,900 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during May.
Daily average production for
the four weeks ended May 29, 1937, is estimated at 3,541,300
barrels.
The daily average output for the week ended
May 30, 1936, totaled 2,943,950 barrels.
Further details,
as
reported by the Institute, follow:
United
748
1,236
241
with the preceding week,
I Buffalo
.17
j._.
362
2",214
May 22 is estimated at 7,280,000 net tons, according to the
..$.02 *$-.03
| Tulsa
28 30 D
82
108
457
...
Production
Daily Average Crude Oil Output Rose 23,250 Barrels in
Week Ended May 29
American
3,039
76.1
153
95.5
1.35
zNot including 2% city sales tax
The
601
289
56.6
757
.$1.05
Phila., Bunker C
Chicago
I Newark
.19
2,780
84.6
201
.03*$-.04
....
New Orleans C
$1.00-1.25
I
$.19
...
5,402
380
355
x
Gasoline, Service Station, Tax Included
z
5,009
Orleans.$.05%-.05*$
Gas Oil. F.O.B. Refinery or Terminal
i
636
1,232
793
2.20
N. Y. (Bayonne)—
27 plus
231
2,936
449
-.05*$
Fuel Oil, F.O.B. Refinery or Terminal
—
Bunker C
1,335
9,674
x\Tay 29 '36
I North Texas
\
1,291
97.0
6,648
1,188
Inland Texas
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)....---$.05%
85.3
453
12,131
Texas Gulf..
.06*$-.07
.05*$
.07*$
N. Y.
110
92.1
467
5,657
xEst.tot.U.S.
$.05
New
07 %
Warner-Quinlan..
Chicago
.07%
.08%
.07%
88.4
129
507
Est. unrepd.
Other Cities—
Stand. Oil N. J..$.07%
Socony-Vacuum..
Richfield
Appalachian.
Ind., Ill.,Ky.
Kan.,
Reported
(Above 65 Octane), Tank Car Lots, F.O.B. Refinery
82.4
Okla.,
Mo
Jersey advanced Esso heating oil medium
gallon at New York, Baltimore, Norfolk, Charleston and Wil¬
a
669
lifted 10 cents to $2.25.
was
2—Standard
%-cent
York, ^Baltimore, Norfolk and Charles¬
551
669 100.0
East Coast..
June 3.
average.
period
3,350
1,244,000 barrels,
daily average of 104,429
Calendar Year
Date—
to
1937
1936
1929
barrels for the week ended May 22 and 153,357 barrels daily for the four
Bituminous coal:
weeks ended May 29.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended May 29 totaled 256,000 barrels, a
compared with
and
23,107
a
daily
average
daily
average
of 36,571 barrels,
including colliery fuel
Dally average
Pennsylvania anthracite: b
181,946,000
1,514,000
Total. Including colliery fuel.
of 7,857 barrels for the week ended May 22
barrel estimated daily potential refining capacity of the United States, in¬
Total
for
Dally
to
ran
stills,
on
a
Bureau of Mines'
basis, 3,245,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
pipe lines
as
bulk terminals,
in transit
and in
of the end of the week, 79,498,000 barrels of finished and
un¬
finished gasoline and 96,223,000 barrels cf gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
on
a
Bureau of Mines'
basis, produced
an
average
a
as a
AVERAGE
CRUDE
OIL
h
f?
f»
1,471,000
coal,
and
shipped
coal
by
based on railroad carloadings and
trade association and State sources.
Revised,
f Adjusted
three years,
whole,
545,000
2,530,800
12.058
to
4,467
20,744
make
truck
from
current
c
b Includes wasliery and
authorized
production
comparable
the
ooerations. Estimates
furnished through
d Subject to revision,
reports
Excludes colliery fuel.
number
of
working
days
in
the
g Comparable data not yet available.
ESTIMATED
WEEKLY
of 730,000 barrels daily
PRODUCTION
OF
COAL, BY STATES (IN
THOUSANDS OF NET TONS)
[The current weekly estimates are based on railroad ear loadings and river ship¬
ments and are subject
to revision on receipt of monthly tonnage reports from
PRODUCTION
district and State sources or of final annual returns from the
(Figures in Barrels)
B. of M.,
fi
(I
period
during the week.
DAILY
g
Includes lignite, coal made into coke, and local sales,
dredge
e
charging capacity of all cracking units indicates that the industry
1.697,000
n
average.
whole
205,295,000
1,344,000
Beehive coke:
dicate that
the industry as a
161,492,000
Dally average
Commercial production.c.
barrels for the four weeks ended May 29.
Reports received from refining companies owning 88.8% of the 4,084,000
a
Total
Four
operators.]
Week Ended-
Dept. of
State
Interior
Allowable
Ended
Ended
Ended
May 15
May 8
Calcu¬
May 1
May 29
Previous
May 29
May 30
1937 p
1937 p
1937
Week
1937
1936
2
2
3
2
100
57
215
183
333
8
8
14
14
49
100
82
64
63
109
lations
Week
Change
from
Weeks
Week
(May)
Stale
May
Alaska
Alabama
Oklahoma..
622,700
622,700
660,800 + 11,100
654,100
531,600
Arkansas and Oklahoma
Kansas
187,100
187,100
202,650
+ 5,100
196,200
155,300
Colorado
Georgia and North Carolina
1
1
May 16 May 18 May 18
1936
...
r
1935
1929
*
*
Aver.
1923 d
s
s
398
66
168
s
s
Panhandle Texas
83,374
87,100
+2,150
Illinois
516
508
583
538
813
1,292
66,528
+200
58,850
Indiana
218
199
247
233
299
394
West Central Texas
65,350
74,050
32,950
79,600
72,900
62,450
North Texas
+ 100
32,850
25,450
Iowa
32
28
46
53
56
89
West Texas
187,915
209,900
+ 1,350
209,200
177,700
Kansas and Missouri
71
74
74
73
90
131
East Central Texas
120,153
124,050
-t-1,200
122,550
51,850
Kentucky—Eastern.
783
788
710
537
834
679
East Texas
459,300
462,200
435,650
123
226,862
201,754
236,350
+750
+2,100
461,050
Southwest Texas
206,700
+ 550
233,250
205,200
150,950
182,850
Western
Total Texas
123
92
110
193
183
19
17
26
20
42
47
Michigan
1
1
3
12
14
12
Montana
41
33
35
42
47
42
+8,400 1,416,600 1,145,750
New Mexico
30
27
26
21
46
57
+2,600
+ 1,550
76,950
84,600
Ohio
167,850
Coastal Texas
169,300
148,650
246,600
+4,150
246,250
233,250
1,340,800 1,411,236 1,433,300
North
North Louisiana.
78,750
Coastal Louisiana
—.
Maryland....
and
South
18
Dakota
249,400
240,900
28,500
+ 50
27,200
29,850
117,400
Eastern
27,150
119,650
+ 1,500
+200
117,300
114,600
44,500
32,950
6,400
53,000
36,150
—700
16,100
17,050
Michigan
34,900
44,450
Wyoming
49,000
49,800
Montana
15,200
15,400
4,800
3,600
Colorado
99,800
New Mexico
114,000
112,200
—
3,950
""—50
4,600
112,500
Total east of Calif.. 2,749,600
583,300
X602.230
3.332,900
860
3,578
78
52
80
72
95
121
16
14
31
234
15
12
18
36
27
52
74
223
172
155
230
250
28
25
23
19
38
44
1,620
1,596
1,485
1,205
1,873
1,380
532
456
686
862
74
93
96
110
1
s3
s5
5,872
9,102
10,878
Virginia
Washington
West Virginia—Southern.a
565
Northern, b
554
61
Wyoming
.
56
*
*
22
74,850
2,915.600 +23,350 2,887,700 2,375,950
—100
658,100
653,600
568,000
3,573,700 +23,250 3,541,300 2,943,950
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.
x
sl4
389
2,685
27
1
Other Western States.c
a
and
Total United States.
sl2
360
1,554
Texas
Total bituminous coal
California.
17
314
1,865
Utah
Arkansas
10
428
2,037
Tennessee-
Total Louisiana
16
443
2,084
.
Pennsylvania bituminous
7,220
6,980
6,744
Includes operations on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
on the B.
& O. in Kanawha. Mason and Clay Counties, b Rest of
State,
Including the Panhandle District and Grant, Mineral and Tucker Counties,
cludes Arizona,
California, Idaho, Nevada ana Oregon, d Average weekly
for entire month,
and South
*
p
Preliminary,
Dakota included
Less than
1,000 tors.
with
r
Revised,
s
c
In¬
rate
Alaska, Georgia, North Carolina
"other Western States."
\
Financial
Volume f144
Fair
Inquiry for
Lead—Copper
Quiets Down
on
3757
Chronicle
Steel
Declines
Production
"Metal & Mineral Markets" in its issue of June 3
reported
that demand for lead was in fair volume, but copper and zinc
were inactive during the last week.
Buying interest in tin
was light.
Strike news in the steel industry disturbed buyers
of metals and a fresh war-scare from Spain also gave the
market a setback, particularly abroad.
The Spanish de¬
velopments caused London prices to drop sharply on May 31,
but as the political tension relaxed quotations soon steadied
A revision of the proposed British tax on rearmament profits
is now being considered, which greatly encouraged London
operators in metals.
"M. & M. M's." index number for
non-ferrous metal prices for May was 93.25, against 98.62
in April and 103.78 in March.
The publication further
reported:
-
market continued to
less excited.
in
tons
faded
the London
as
here became
consumers
Sales for the period were 5,982 tons, compared with
the previous
week.
26,141 tons in April.
14c., Valley.
than in
during the last week and
ease
During May 43,130 tons were sold,
but
18,299
against
The spot position continues tight and the price firm at
Producers estimate that deliveries in May were slightly lower
excise
of
announcement
expected
disagreement centering
taxes,
There
had
soon.
.
resolution
a
v.,-,
.
.
the copper tax is
these and
covering
Developments in the Spanish situation
the holiday are thought to
over
has
to
large.
of
been
(
the
largest
Chicago company whoso plants are operating has
a
volume
backlogs will be able
Meanwhile,
many consumers are
The companies
received
The
drawing upon their stocks, which for¬
jobbers* stocks also
adamant
stand
which strikes have been declared
against
of sympathetic support
assurances
who will await resumption
have influenced speculators and consumers abroad to
of additional tonnage,
ample in many cases for some weeks, and
are
plentiful.
have
However, some companies with large
to take only a moderate amount
giving firsi, consideration to their own regular customers.
are
tunately
are
toward the placing
plants that can take such business for reasonably early
with
shipment undoubtedly will develop.
they
If the strikes are
weeks.
cf business in seven
to be likely, a further tendency
as appears
business
companies affected by
but the amount of this so far has not been
not,
are
from
of orders
diversion
some
those that
For example,
prolonged,
extension
automobile taxes,
oil and
on
from
customers,
many
of full production if it is possible for them to do so.
taken
by the Republic,
and Youngstown
Inland
buy copper on June 1.
Yesterday's (June 2) higher market in London, the trade believes, was in¬
Sheet & Tube companies against the signing of an agreement with the
fluenced
Workers Organizing Committee indicates a finish fight against
by Prime Minister Neville Chamberlain's action in withdrawing
the proposed tax
of the union, for which there is no legal excuse
growth of profits.
on
No announcement has been made
the London meeting of foreign pro¬
on
Act.
Stocks
of
United
in
copper
Kingdom official
warehouses
on
May 22
16,186 long tons, of which 12,081 consisted to refined and 4,105 of
V-
unrefined..
_V
,
is
cepted
pares
for the last
satisfactory showing under present conditions.
as a
with 4,660 tons in the preceding week.
This total com¬
The buying was well di¬
versified among the important consuming outlets for the metal, and, through
July delivery
was
on
Some producers believe deliveries
of refined lead for May will exceed 50,000 tons and that surplus
were
intake problem.
an
the American
Sales
Smelting
reported by St.
were
Refining
&
Joseph Lead
time on developments in Spain.
a
tistically, foreign lead is said to be in
excellent position.
an
Sta¬
World produc¬
April, excluding Spain, totaled 151,597 short tons, against
common
grades of zinc to
for the week ended
consumers
May 29 continued tin good volume, totaling 7,428 tons.
The strike at some
of the independent steel mills forced some galvanizers to defer deliveries.
Sales of zinc for the week
were
in moderate volume, all
being booked at 6.75c;, St. Louis.
no
on
Monday, May 31, naturally caused
influence
prices,
on
rate for the
wise
as
greater influence
tural
that market firmed up
was
MtTbe statistics
on
industry seemed to have
buyers of tin than the developments abroad.
quiet
all
week.
De¬
Prices
steadied,
however,
on
reduction of 872 tons.
a
tons in
States
23,721 long tons, against
^'Chinese tin, 99%,
29th,
Deliveries of tin
during May amounted to 6,425 tons, against 6,995
April and the peak for the
54.500c.;
The visible supply at the end of May,
carry-overs, was
month previous and 18,380 tons a year ago.
the United
are
signs of an important let-down in con¬
no
future.
near
lettings totaled about 31,000 tons, including
Mississippi river dam, 5,000 tons for
for
a
:■
.
.
New projects of 22,000 tons include 10,000 tons for a Govern¬
There were also awards of more than
printing plant in Washington.
14,000 tons of steel sheet piling, mostly for dams, and reinforcing bar awards
totaled 6,100 tons.
Pig iron makers
Although there is
taking orders for third quarter at unchanged prices.
are
no
buying rush because of the lack of price incentive,
are
well booked and
predict
was
of 9,080 tons in March.
year
nominally
as
May 27th, 54.625c.; 28th,
follows:
54.500c.; 31st, holiday;
Electrolytic Copper
June
1st,
54.750c.; 2d,
55.250c.
Straits
Dom.,Refy. Exp., Refy.
Lead
Tin
New York
New York
Zinc
St. Louis
St. Louis
May 27
May 28
13.775
14.175
55.750
6.00
5.85
6.75
13.775
14.100
55.625
6.00
5.85
6.75
May 29
13.775
14.100
55.625
6.00
5.85
6.75
May 31
Holiday
13.750
Holiday
Holiday
Holiday
Holiday
June
1
13.775
13.800
55.875
6.00
5.85
6.75
June
2
13.775
14.000
56.375
6.00
5.85
6.75
13.775
13.988
55.850
6.00
5.85
6.75
Average.
Average
_
prices
will hold at a high rate.
summer
an
active demand in late summer for
fall consumption.
scrap
prices have shown
further decline at Pittsburgh and Chicago, but a drop at Philadelphia
reduces the
"Iron
Age" composite price to $17.75, the year's low.
The
undertone of the market is stronger, however, and brokers predict an ad¬
when the strikes are settled.
Lake
ore
the month
shipments in May, totaling 10,043,856 tons, broke all records for
and almost
equaled the best months of past peak years.
The
combined April-May movement by water was 172% above that of the same
period last
year.
Pig iron output in May totaled
3.520,000
gross
tons,
although this is
subject to revision because of difficulty experienced at strike-bound plants
in
arriving at accurate figures.
The April total was 3,391,665 tors.
daily rate of 113,000 tons in May
last month had
a
one more
was
about the
On June 1 there
day.
same as
were
The
that of April, as
189 furnaces in blast,
gain of two.
THE
"IRON
AGE"
COMPOSITE PRICES
June 2, 1937, 2.605c. a Lb.
'
court house at Boston, 3,800 tons
a
Finished
'
Struc¬
5,500 tons for a
Fisher Body plant at Flint. Mich,, 3,500 tons for an express highway
ment
higher
for May were better than expected, the world's visible sup¬
including the Arnhem and Eastern
24,593 tons
whole in July might be higher than would other¬
there
:
previous.
in
steel
Furnaces
some
quotations in London, spot Straits settling at 56.375c., against 56c. a week
a
as a
as
substantial
with
Thus the operating
Orders for steel for construction purposes have been outstanding.
vance
tin
industry
expected,
Despite the influence of the steel strikes, steel
1
fW Continued serious labor difficulties in the steel
ply showing
be
sumption of steel within the
no
Tin
for
changeover to new
the strike-bound companies
operating and to leave
unshipped orders with which to start production again.
following day.
M
mand
a
orders for sizable lots of sheets have been placed for July and August
foundry consumption throughtout the
London
uneasiness here but had
a
are
business in Prime
The spot position for all grades
firm.
The weakness in
the
models and
of the recent decline in steel business, but
Should the strikes continue for the greater part of this month, the probable
port, N. Y.
Zinc
Deliveries of
on
some
viaduct in New York, and 1,100 tons for a General Motors plant at Lock-
148,659 tons in March.
continued
Preparations by the automobile manufacturers
in good volume.
delivery.
premium.
a
London prices were unsettled for
tion of lead in
moderate way
a
Quotations held at 6c., New York, which
basis of
Co., and at 5.85c., St. Louis.
in the Eastern market at
firm in all directions, particularly in
was
producer is still offering lead in
one
also the contract settling
Western
up
declining rather sharply just
effect would be to fill up any vacant spaces in schedules of companies that
view of the fact that
was
holding
steel business had been
but specifications against contracts were and still are
for completion of production runs on 1937
stocks again
reduced.
The undertone of the market
because of
investigation.
an
models have accounted for
inquiry for
business,
of the
good part
a
prompt and June continued in evidence.
new
prior to the strike,
new
specified
time for
consumes
r-
6,428 tons, which was ac¬
The legal recourse of the union
appeal to the National Labor Relations Board to order an election,
an
which
The volume of
week amounted to
obviously
done in the Jones & Laughlin case, but
as was
which has been refused in this instance.
Lead
Sales of lead
election,
Steel
the demand
under the Wagner Labor
The strategy of the Steel Workers Organizing Committee is
to force a consent
ducers.
totaled
of
result
a
Age" in its issue of June 3 reported that as a
result of strikes that have wholly or partially shut down
plants of three major steel companies, the ingot production
rate has declined to 77}^%, compared with a revised figure
of 85% for last week.
This is the lowest rate at which the
steel industry as a whole has operated this year.
The
Youngstown district, where average operations are down to
45% from 84% before the strike, is" the hardest hit; the
Cleveland-Lorain district has declined from 80% to 55%,
and the Chicago area is down from 86% to 63%.
Other
districts are unaffected by strikes, but there have been a few
minor declines owing to ordinary business factors.
The
"Age" further reported:
as
April.
The Ways and Means Committee delayed action on June 2 on
of the
as
The "Iron
strikes
Copper
The rumored price rise in copper of the previous week
77Mj%
to
Strikes
Unsettlement in London Prices
i
Steel
Based on steel bars, beams,
tank plates,
One week ago
One month ago
2.605c.
wire, rails, black pipe, sheets and hot
2.605c.
rolled strips.
One year ago
2.097c.
These products represent
85% of the United States output.
Low
1937
High
2.605c.
Mar.
9
2.330c.
Mar,
1936....
2.330c.
Dec. 28
2.084c.
Mar. 10
1935.
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Jan.
2
2.015c.
Apr. 24
Oct.
3
2.008c.
1933
1.867c.
Apr.
18
2
2
8
for calendar
week ended May
29
Domestic copper f.o.b.
are:
13.775c.; export copper, 14.188c.; Straits tin, 56.092c.; New York lead,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 6.75c.; and silver, 44.975c.
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.
1.977c.
Oct.
4
1.926c.
Feb.
1931
refinery,
1932...
2.037c.
2.273c.
Jan.
13
1.945c.
Dec. 29
1930
Jan.
7
Dec.
1929
2.317c.
Apr.
2
2.018c.
2.273c.
Oct.
29
1928.
2.286c.
Dec.
11
2.217c.
July
17
June
2, 1937, $23.25
One week ago
One month ago
Pig Iron
Based on average of basic iron at Valley
Gross Ton
furnace and foundry irons at Chicago,
$23.25
23.25
Philadelphia,
18.84
One year ago
1937
a
9
Southern iron at Cincinnati.
High
—.$23.25
Mar.
Buffalo,
Valley,
and
Low
16
Copper
Lead
Tin, Std.
Zinc
$20.25
19.73
Nov. 24
18.73
Aug. 11
1935..
Copper, Std.
9
1936
Daily London Prices
18.84
Nov.
17.83
May 14
Jan. 27
-
5
Feb.
61
60 %
58
May 31
June
1
59%
June
2
61%
58^
58 %
573,6
58 %
59 %
(.Bid)
64
Spot
3M
248%
247%
244%
64
249%
248%
245%
249%
64
255
254
64
62
248
Spot
23%
24
23716
23%
247,6
3M
23",6
23%
235,6
23%
245,6
Spot
3M
17.90
May
16.90
Dec.
5
13.56
1932
14,81
Jan.
6
13.56
Deo.
6
1931
May 27
May 28
3M
1934
1933
Electro.
Spot
15.90
Jan.
6
14.79
Deo.
15
18.21
Jan.
7
15.90
Dec.
16
3
23%
1930
22%
22%
22%
23%
23
1929
18.71
May 14
18.21
Dec.
17
22%
22*5,6
1928
18.59
Nov. 27
17.04
July
24
Steel
23%
prices for copper and tin are the official closing buyers' prices
in pounds sterling per long ton (2,240 lb.).
June 2, 1937, $17.76 a Gross Ton
One week ago
$17.92
Metal Exchange;
One month ago
19.58
All
One year ago
12.92
Jan.
22%
Prices for lead and zinc are the official prices for the first session of the London
are
16.90
1
Scrap
Based
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
3758
Financial
High
1937.
Chronicle
Low
521.92
Mar. 30
517.75
June
1936
17.75
Dec. 21
12.67
June
9
1935
13.42
Dec.
10.33
Apr.
23
10
2
1934.
13.00
Mar. 13
9.50
12.25
Aug.
8
6.75
Jan.
3
12
6.43
July
5
of
1932.
8.50
1931
Jan.
11.33
producers.
Automobile production continues at
record established
compared with
a
a high rate, only slightly under the
Last week 134,940 units were made,
few weeks ago.
134,500 the preceding week.
General
Motors
6
8.50
Dec.
29
1930
15.00
Feb.
18
11.25
Dec.
9
figure nearly 500, while Ford and Chrysler fell off somewhat.
1929
17.58
Jan.
29
14.08
Deo.
3
carbuilders increased
13.08
July
2
1928.
Jan.
16.50
The
American
Iron
and
Steel
Dec. 31
Institute
June
on
1
an¬
nounced that
efforts
Bookings in the Pittsburgh district recently have been about
equal to capacity, preventing gain on backlogs.
Sept. 25
1933
June 5, 1937
In sheets delivery shows little improvement in spite of the best
their
raised its
The smaller
output/considerably.
In scrap the situation is clouded by effects of suspensions due to strikes.
Dealers in many cases were caught unawares with cars
in transit
and
are
telegraphic reports which it has received indi¬
operating rate of steel companies having
97.7% of the steel capacity of the industry will be 77.4%
of capacity for the week
beginning May 31, compared with
13.9% one week ago, 91.0% one month ago and 68.2% one
year ago.
This represents a decrease of 13.6 points, or
14.9% from the estimate for the week of May 24, 1937.
Weekly indicated rates of steel operations since May 4, 1936,
for third quarter delivery it is believed present prices will be reaffirmed for
follow:
that delivery.
cated
that
the
1936—
1936—
May
4
70.1%
May 11
69.1%
May 18
69.4%
May 25.....67.9%
June
1
June
8
June
15
July
6
13
July
3
70.0%
July
7
Sept. 28
Aug. 10
Aug.
Sept.
Sept. 14
Sept. 21
69.0%
70.9%
71.5%
71.4%
20
27
July
Aug. 31
70.0%
70.2%
74.0%
67.2%
June 22—;
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
74.1%
74.3%
Aug. 24
68.2%
69.5%
June 30
1936—
Aug. 17
Oct.
5
Oct.
12
Oct.
19
Oct.
26
Nov.
2
Nov.
9
Nov. 16
Nov. 23
Dec.
7
Dec.
75.9%
76.6%
79.2%
77.0%
77.0%
14
Deo. 21
Dec.
28
Mar.
Apr.
4
Jan.
18
Jan
25
Feb.
1
Feb.
8
Feb.
15
Apr.
26
3
May 10
91 0%
91.2%
90.0%
91.0%
82.5%
85.8%
Mar.
1
May 17
May 24
May 31
77.4%
"Steel" of C leveland, in its summary of the iron and steel
markets
on
May 31, stated:
Closing of several steel plants by strikes in the Youngstown, Cleveland
Chicago districts has thrown the market into confusion, production
and
and deliveries
being stopped to
sufficient degree to
a
cause
apprehension
among consumers supplied from affected mills.
Should the interruption be of long duration steel
users
dependent
on
the
idle plants for supplies will exert pressure on other
suppliers in the effort to
obtain materials.
With deliveries still considerably delayed
by their normal
customer demands these steel-makers probably are not in a
position to
give
much
help.
Strikes
brought
a
closing
plants
some
at
Cleveland,
Youngstown
sharp recession of operations in these
16 M
points to 75%.
and
and
centers
many uncertainties
declines in rate included
Pennsylvania, off
one
the
Youngstown dropped
Other
Pittsburgh, two points down, to 94%; Eastern
point, to 7214;
New England off 45 points to 55%.
and Buffalo three points, to 91%.
Last week, for the first time in several weeks, steelmaking grades held their
own
at
Chicago and Pittsburgh,
While
no
moderate resumption
territory, which
quarter requirements.
A
Detroit off five points, to 95, and
Wheeling gained two points, to 96%
No change
was
made at St. Louis, 94,
of buying by wire and strip
may
be
Books
expected to be opened within
are
but in smaller tonnages, most
nages on
for
books for equipment
freight
cars are
now on
builders.
car
Inquiries
few
a
A decline of 29 cents is registered in the steel and iron
scrap composite,
bringing it to $17.60, practically the level of the last week
in December and
the first week in January.
This was brought about largely by weakness in
The iron and steel composite lost eight cents to
$39.89, through
scrap reductions.
The finished steel composite is unchanged at $61.70.
the East.
Because of the strikes against Republic
Steel, Inland Steel
Youngstown Sheet & Tube Co. which started about
the middle of last week, steel ingot
production for the week
and the
ended
seven
May 31 shows a drop of 93^ points from the previous
days according to the "Wall Street Journal" of June 4.
The "Journal" further stated:
'
,
All the less is recorded among the leading
independents which are down
about 16 points.
U. S. Steel Corp., on the other hand, is estimated at
89H%, an increase of H-point over the preceding week, and a new
high
record
for
the
current
upward
movement
in
production
by the leading
For the week ended May 31,
last, the "Journal" compilation places the
output at 83%, against 92
ago.
in the previous week and 92% two weeks
U. S. Steel is estimated at 8914%. compared with 89% in the week
before and 88^ % two weeks ago.
Leading independents are credited with
77%, against 94% in the preceding week and 93% two weeks ago.
The following table gives a
comparison of the percentage of production
with
the nearest
approximate
corresponding week of previous years, together with the
in points, from the week immediately
preceding:
changes,
is noted in
users
consumer
stocks
Industry
1937
83
v. s .Steel
89 X
—9X
68^
—1
buying during May was close to 75%
April volume, which is sufficient to keep mills busy for some time when
1934
59 ^
1933
44
+2
+2H
are
that
added to
the extensive backlogs already on books.
Some lessening of de¬
mand, due to impending model changes in automobiles, is felt as partsmakers
In spite
41
79 H
75^
decreased $90,000,000.
Reductions in member bank
Federal Reserve banks, offset in part by increases of $16,-
000,000 in Reserve bank credit and $2,000,000 in Treasury
and
than
decreases
of
inactive gold,
and
other
$8,000,000
and
cash,
Reserve
accounts.
June 2
were
decrease of $80,000,000 for
a
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3787 and 3788.
Changes in the amount of Reserve bank credit outstanding
and related items during the week and the
year ended
June 2, 1937, were as follows:
Increase
(+)
or
Decrease
June 2, 1937
May 26,1937
June 3, 1936
$
17,000,000
+ 1,000,000
6,000,000
+ 11,000,000
+ 3,000,000
+ 96,000,000
2,526,000,000
Industrial
advances
(not Including
$17,000,000 commitm'ta—June 2_.
Other Reserve bank credit
22,000,000
—8,000,000
1,000,000
+ 14,000,000
—19,000,000
2,573,000,000
12,027,000,000
2,548,000,000
+ 16,000,000
+84,000,000
+ 50,000,000
+1,618,000,000
+55,000,000
6,854,000,000
6,487,000,000
Treasury cash
3,182,000,000
Treasury deposits with F. R. bank..
115,000.000
Non-member deposits and other Fed¬
—90,000,000
+ 88,000,000
+ 42,000,000
+ 1,141,000,000
+ 35,000,000
—390,000,000
-6,000,000
—130,000,000
Total Reserve bank credit
Gold stock
Treasury currency
Member bank reserve balances
Money In circulation
._
eral Reserve accounts.
511,000,000
+2,000,000
+ 534,000,000
+ 603,000,000
—
1H
92^
H
76
—7
80^
2
—
67 lA
71
2
—
cur¬
coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
-New York City
Loans and
May 26
June 3
June 2
1937
1937
1936
1937
$
investments—total..
Commercial,
$
$
Chicago
May 26 June 3
1937
$
1936
$
$
Industrial,
8,392
8,320
8,959
1,989
2,009
1,875
3,856
Loans—total
3,808
3,472
657
657
519
and
agricultural loans:
On securities
227
229
*
32
33
*
1,433
1,410
*
395
396
*
*
29
30
*
43
44
82
81
Otherwise secured & unsee'd
Open market
Loans to
paper
brokers
and
dealers
160
158
1,140
1,124
280
276
129
129
133
14
14
74
69
57
8
3
246
241
*
22
23
*
167
172
*
32
33
*
3,060
Obligations fully guaranteed by
United States Government-428
3,014
3,809
942
961
429
557
95
95
95
In
securities
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
1,176
*
Other loans:
On securities
(—
Since
U. S. Government securities
+
40
week, issued in advance of full statements of the member
banks, which latter will not be available until the
Assets—
The statement in full for the week ended June 2 in
Bills bought
83 ^
:
■<!$
■
rent
estimated to be
gold included in the gold stock and
Treasury cash amounted to $796,000,000 on June 2, an
increase of $50,000,000 for the week.
__
+ V*
—4H
+ 1
+ 3
Below is the statement of the Board of Governors of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks for the
Excess
Inactive
Bills discounted
—4
99 ^
June 2
on
approximately $860,000,000,
week.
Treasury
-2H
75
-
2
—
51
Federal
$6,000,000 in non-member
Federal
of member banks
in
68
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
bal¬
resulted from increases of $88,000,000 in
money in
circulation
and
$35,000,000 in Treasury deposits with
-
+2
+ 1H
—16
72
44
1932 not available.
The Week with the Federal Reserve Banks
reserves
-
78
^
36 Yi
42
—2X
95
1927
currency
Independents
H
M
—
48
—2
71
■
+
+
63 ^
38 H
-
1931
1928
reserve
-
1929
of the gradual de¬
During the week ended June 2 member bank
-
1930
cline in buying the situtation is said to be better than for the
corresponding
season since 1929.
reserves
Ex¬
Steelmakers have large ton¬
order from
appearing and further buying is expected within
42
deposits
few days.
being for foundry
weeks.
1936
other
price
Railroad buying has entered a quiet period after the heavy
placing of
cars, locomotives and rails in earlier months.
1935
ances
a
a
grades.
going into production promptly.
estimate indicates
reach the end of their orders for 1937 models.
the
by pig iron producers of
advance sign of further covering for third
an
It tends to support the belief that
large and that current shipments
close
of the
indication that the decline is losing
an
announcement has been made
Cincinnati, 90, and Birmingham, 83.
are not
At the moment
face the market that the situation is largely nominal.
momentum.
Chicago
carried
50 points to 30%, Chicago 10 to 75%, Cleveland 17 points to
65%.
A
that the market
interest.
national operating rate down
eastern
are
Renewal of buying may cause a further dip before the rise.
so
92 3%
May
81 6%
22
19
Mar. 29
79 6%
80 6%
Feb.
12
Mar. 22
79.4%
78.8%
80.6%
77.9%
11
Jan.
5
Apr.
Apr.
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
Mar. 15
1937—
Jan.
8
Indications
has come close to the low of the current decline and is scraping bottom.
port inquiry continues
1937—
Nov. 30
faced with the problem of diverting them.
Otherwise secured & unsee'd
U. S. Govt, direct obligations...
55
*
15
6
967
Other securities
1,048
1,069
1,121
295
Reserve with Fed. Res. bank3_.
Cash in vault
296
294
2,440
2,561
2,163
596
593
702
51
26
27
Balances with domestic banks..
Other assets—net
Liabilities—
36
70
71
76
166
168
211
480
483
504
64
64
75
6,359
6,465
6,385
1,498
1,523
1,453
727
721
549
450
449
488
23
41
195
74
78
101
1,933
1,867
2,326
554
547
589
Demand deposits—adjusted
Time deposits
64
United States Govt, deposits...
Interbank deposits;
Domestic banks
Foreign banks
518
Borrowings
54
512
378
7
9
7
4
....
Other liabilities
99
409
447
20
20
Capital account.
30
78
1,474
1,473
238
237
234
*
Comparable figures not available.
Volume
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
June 2 that France and Great Britain had reached agree¬
on
this
of
weekly
member
reporting
banks
in
1.
Federal Reserve banks and $103,000,000 in demand
York
district
"other loans" increased
the
of
York
ing member banks, and declined $43,000,000 in the Philadelphia district
Time deposits increased $18,-
$11,000,000 in the St. Louis district.
000,000 in the New York district and $17,000,000 at all reporting member
Deposits credited to other domestic banks declined $50,000,000
banks.
will be
fleets
under
banded
direction
common
for
protection, to satisfy Berlin and Rome.
State
of
Hull
1 conferred with the
June
on
Ambassadors
Spanish
in Europe
as
loyalist
Washington,
to
and
result of the German bombardment yesterday '
a
of
port
summoned
German
both
conveyed his '
envoys.
privacy '
Dieckhoff to the
Hans
Ambassador
Hull
Secretary
Almeria,
conversations with
personal
in
first
his
Mr.
banks.
in the New York district and $83,000,000 at all reporting member
Spanish
informally of this Government's urgent hope for a peaceful settlement of the Almeria incident.
The Spanish Ambassador,
Fernando De Los Rios, called at the State
Department today to express to the Secretary of State his Government's
emphatic protest over what he termed Germany's violation of the non¬
intervention agreement and of international law in firing on Almeria.
In reply, Mr. Hull repeated to him virtually the same message he con¬
veyed yesterday to Hans Dieckhoff.
,
Elaborating at his press conference on his discussions with the two
envoys, which were of a character most unusual in diplomatic procedure,
district, $35,000,000 in the Chicago district and $103,000,000 at all report¬
and
■'
'
pledge that their warships will not enter
control
Spanish
He
New
will
and
crisis
the
message
securities" declined
in
punitive operations against innocent
no
Invoking the good offices of this Government in an attempt to ward off a
serious
of
by the United States
$98,000,000
pledge
advices of June 1 described these conferences as follows:
Loans to others
carrying securities declined $7,000,000 and
increased
pro¬
urged each to exercise his utmost efforts to maintain peace
between the two countries.
Associated Press Washington
$5,000,000 at all reporting member banks.
deposits-adjusted
four
German
$15,000,000 at ail reporting member banks.
Demand
Powers
Secretary
101
deposits-adjusted, and
Government declined $3,000,000 and holdings of "other
sections
German
and patrol their
plan
non-intervention
'
The
4.
States Government obliga¬
holdings of obligations fully guaranteed
will
Powers
their mutual interests and
Holdings of United States Government direct obligations declined $6,-
000,000,
the
to
return
control
their
extend
of all Spanish waters until
survey
ports.
Holdings of open market paper decreased $5,000,000.
than brokers for purchasing or
four
The
3.
$44,000,000 at all reporting member banks.
and
The
2.
Commercial, industrial and agricultural loans increased $25,000,000 in
New
ships
persons.
tions, $15,000,000 in other securities and $20,000,000 in borrowings.
the
Italian
neutral
a
will
Britain
Great
and'
sections.
Increases of $29,000,000 in loans, $36,000,000 in reserves with
decreases of $6,000,000 in holdings of United
France
and
leading cities shows the following principal changes for the week ended
May 26:
follows:
as
visionally to insure
close of business May 26:
statement
United Press Paris advices of June 2 summarized
Berlin.
explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
condition
four-point program to be submitted to Rome and
ment on a
As
The
3759-
Chronicle
Financial
144
apartment yesterday and told the envoy
said
Hull
Deposits credited to foreign banks increased $24,000,000 in the New York
States
district and $26,000,000 at all reporting member banks.
he
that
called
their
the
attention to
•
<
fact that the United
the maintenance
of
by
all;
governments.
added
aggregated $4,000,000
He
May 26. a decrease of $20,000,000 for the week, of which $16,000,000
world
Borrowings
on
was
of weekly reporting member banks
in the New York district.
A
reporting member banks, together with changes for the week
and year ended May 26, 1937, follows:
Increase
May 26, 1937
Loans—total
(—)
-
492,000,000
1,324,000,000
Open market paper
Loans to
—>
+1,000,000
told
*
*
loans
purchasing
tor
*
+15,000,000
715,000,000
—7,000,000
—1,000,000
—8,000,000
712,000,000
Otherwise secured and unsec'd
783,000,000
U. S. Govt, direct obligations.
8,308,000,000
Obligations fully guaranteed by
United States Government
1,159,000,000
Other securities
3,186,000,000
Reserve with Fed. Res. banks.... 5,385,000,000
Cash in vault
33S.OOO.OOO
Balances with domestic banks
1,796,000,000
x—6,000,000
x 4-11,000,000
—6,000,000
*
*
—612,000,000
—3,000,000
—15,000,000
—131,000,000
—119,000,000
+695,000,000
—51,000,000
—523,000,000
+45,000,000
Mr.
-
+36,000,000
+9,000,000
+15,000,000
first,
make no requests of the United
has
purposes," he said.
two
"The first is to present
Foreign banks......
...
Borrowings.
because the German action was in direct violation of the non-inter¬
second,
and,
agreement,
because it was in direct violation of the
international law."
of
31 the Spanish Government, in an official note to
Nations, charged Germany with committing
"acts
of aggression against Spanish
ports and vessels,"
according to Associated Press accounts from Geneva, which
On May
also
said:
note delivered to Secretary
The
General Joseph Avenol by Julio Alvarez
Spanish Government's assertion that the German
pocket battleship Deutschland provoked the bomb attack on her Saturday
by Spanish airplanes by firing first on the planes.
reiterated the
Yayo
+103,000,000
+17,000,000
+966,000,000
+194,000,000
181,000,000
—1,000,000
—566,000,000
—83,000,000
—417,000,000
violate the non-intervention agreement or to execute
553,000,000
4,000,000
+26,000,000
—20,000,000
+175,000,000
+4,000,000
reprisals against
Comparable figures not available,
x
May 19 figures revised.
i
»
Spanish Loyalist Attack on German Vessel and Subse¬
quent
Naval Bombardment of Almeria Provoke
International Crisis—Great Britain, France and
United States Act to Preserve European Peace—Secretary Hull Confers with German
and Spanish
Ambassadors
It
20 members of the
Deutscliland's crew were killed in the bombing, and many
others were injured.
Spanish loyalists claimed that the
vessel was anchored nearer the coast than authorized under
Committee.
revealed
was
More
than
whereby the foreign vessels watched to pre¬
the importation of arms and war materials into Spain.
retaliation for this attack five German naval vessels
June 3 that Italy had agreed
on
not to
further
Spanish loyalists for bombarding Italian
ships unless the incidents are repeated. On the same day
Great Britain submitted to France, Germany and Italy a
three-point plan for dealing with the Spanish situation, and
induce Germany and Italy to rejoin the Non¬
The plan would guarantee against
further interference with non-intervention patrol vessels.
designed to
intervention Committee.
Roosevelt
President
on
June 2
conferred
regarding
the
Spanish situation with Secretary of State Hull, Ambassadorat-Large Norman H. Davis and Under-Secretary Welles.
A Washington
week to pre¬
cipitate a major international crisis containing the possi¬
bilities of a general European war, after Spanish loyalist
planes on May 30 had bombed the German battleship
Deutschland, which formed part of the international fleet
patrolling Spanish waters under the supervision of the Non¬
Spanish civil war again threatened this
to,
government's account of the unprecedented attack on Almeria.
is to present to him my Government's emphatic protest,
the League of
Inter-bank deposits:
Domestic banks
in
He
bombardment.
crisis precipitated by the Almeria
5;032,000,000
United States Government deposits
intervention
and the German bombardment
"an outrage against humanity." . . .
felt by high officials here
was
15,528,000,000
5,222,000,000
Demand deposits—adjusted...
Time deposits
The
Foreign
second
vention
del
Liabilities—►
*
Spain,
that he expected to
men
mission
Hull my
principles
Other loans:
On securities
>
,
the
on
Government.
"The
1,161,000,000
110,000,000
carrying securities
Loans to banks
before
"My
+170,000,000
or
Real estate loans
Affairs Committee,
said the Spanish attack on the German
official reports from abroad.
entering the Secretary of State's office, the Spanish envoy
newspaper
States
*
brokers and dealers in
securities
Other
x__
x+44,000,000
x—5,000,000
of the
studying at length
after
only
Just
564,000,000
--
of New York,
the international
over
part
any
Hull's unusual action mirrored the anxiety
Mr.
acted
in
opportunity to urge upon each government con¬
involved may find a way for peace¬
battleship Deutschland was "justifiable"
$
arise
differences.
their
of
the ranking Republican
Meanwhile,
cultural loans:
Otherwise secured and unsec'd 3,668,000,000
conditions
peace
its earnest hope that those
adjustment
Representative Fish
Commercial, industrial, and agri¬
On securities
urges
exceptional
reprisal against Almeria,
May 27, 1936
+5,000,000
+368,000,000
+29,000,000 +1,230,000,000
22,182,000,000
9,529,000,000
-
or Decrease
Since
$
$
Assets—
Loans and investments—total
(+)
May 19, 1937
and
while preserving its own separate and independent '
neglects an
never
cerned alike
able
when
that
the United States,
course,
of the principal assets and liabilities of the
summary
preaches
constantly
dispatch of June 2 to the New York "Herald
Tribune" outlined this meeting as follows:
White
The
House
ity
act
that
of
this
to minimize
the
significance of
the
two-hour
was
1937
Indications
oughly.
sought
thought that the advisability of invoking the neutral¬
with respect to Germany and Italy was debated thor¬
discussion, but it
country
were
that the State Department
continue to
should
keep
was
strictly
still of the opinion
of
out
the
Spanish
imbroglio and leave he task of localizing warfare in that country to the non¬
intervention committee of European powers.
Senate
The
for
Relations
Foreign
makers who want
consideration
an
Committee
sought
to
mollify
the
law¬
embargo declared by restoring to the Senate calendar
tabled motion
the
by Senator Gerald P. Nye, Republican,
the agreement
of
vent
cept those on the South American Continent.
In
bombarded the loyalist Spanish seaport of Al¬
meria, killing more than 20 civilians and wounding scores.
On the same day both Germany and Italy resigned as mem¬
bers of the Non-intervention Committee and announced that
on
May 31
longer participate in the international naval
of Spain unless they received adequate assur¬
that their vessels and men were safe from attack by
Senator
ances
Spanish loyalists. For a time it was feared that this action
might develop even graver international consequences, but
Great Britain and France conferred on the matter and urged
Germany to
maintain a peaceful attitude.
It was revealed
Key
Pittman,
mittee, who reflects
ment,
President
"and
if
the
shipment of
Democrat,
of
arms
Nevada,
to all countries ex¬
chairman
of
the
com¬
the views of the White House and the State Depart¬
warned against
"The
said,
country's becoming involved.
authority to decide if a state of
this
has
neutrality
act
war
exists,"
he
should be invoked."
On June 3 United Press advices from London
they would no
supervision
Dakota, which would ban
North
stated that
Great Britain had submitted to France, Germany and Italy
a
three-point
plan
designed
to restore friendly
relations
with the Spanish situation and to induce Germany
and Italy to return to the Non-intervention Committee. The
in dealing
plan, it was added, guaranties against further interference
with non-intervention
patrol ships, on which Italy and
3760
Financial
Germany insist. < Further
(from Itome), stated:
<
Italy
has
Rome, it
given
was
said
to
assurances
United
,
Press
advices,
June
3
Ambassadors
in
..
three
prominent
foreign
good authority today, that Italy will not violate the
on
non-intervention
agreement or execute further reprisals against the Spanish
Loyalist Government for bombardments of Italian ships unless there is a
repetition of the incidents.
Funds-
Remitted
Coupons
on
for
Payment of 32}^% of June 1
City of Porto Alegre (Brazil) 8% Gold
Bonds External
j*
Loan
of
1921
Ladenburg, Thalman & Co., as special agent, is notifying
holders of City of Porto Alegre (United States of
Brazil) 40year 8% sinking fund gold bonds, external loan of 1921, that
funds have been deposited with them sufficient to make a
payment in lawful currency of the United States of America,
of 32}/2% of the face amount of the coupons due June
1,
1937, amounting to $13 for each $40 coupon and $6.50 for
each $20 coupon.
An announcement in the
matter also said:
.Pursuant to the Decree of the Chief of the Provisional
Government, such
payment, if accepted by the holders, must be accepted in full payment of
such
coupons and of the claims for
interest represented thereby.
No present provision, the notice states, has been made for the
coupons
due Dec. 1, 1931 to Dec. 1, 1933 inclusive, but they should be retained for
ftiture adjustment.
Chronicle
Exchange, members traded for
their own account during the week ended May 8, according
to the
SEC, to the amount of 461,625 shares, against total
transactions of 1,223,995 shares, a percentage of 18.86%.
In the preceding week (ended May 1), member trading on
the Curb Exchange was 20.51% of total transactions of
2,345,740 shares, the member trading having been reported
by the Commission at 962,055 shares.
\
The data issued by the Commission is in the series of cur¬
rent figures being published weekly in accordance with its
program embodied in its report to Congress last June on
the Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended May 1 were given in these columns of May 29,
page 3592.
In making available the data for the week ended
May 8 the Commission stated:
^
The figures
round-lot sales of stock effected
the
volume
7.8%
was
Brokers'
larger
29
Amount
Reported
at
$1,152,212,988—However,
is
$182,215,149 Above Year Ago
According to the monthly compilation of the New York
Stock Exchange, issued June 2,
outstanding brokers' loans on
the
Exchange decreased $35,066,396 during May, to $1,152,212,988 May 29 from $1,187,279,384 April 30.
This drop
followed an increase of $28,595,179 in
April.
However, as
compared with May 29, 1936, when the loans outstanding
amounted to $969,997,839, the figure for the end of
May,
1937, represents an increase of $182,215,149.
Demand loans outstanding on
May 29 were below April
30 but above May 29, 1936, while time loans were less than
the
on
two
earlier
dates.
The
demand loans
May 29
totaled $777,836,642 as
compared with $804,749,884 April 30
and $559,186,924 at the end of
May, 1936; time loans at the
latest date were reported at
$374,376,346, against $382,529,500 and $410,810,915,
respectively, a month and a year ago.
MThe monthly compilation of the Stock Exchange for
May
29, 1937, as issued by the Exchange on June 2, follows:
1937,
aggregated
York,
as
volume
on
the
ticker.
Exchange and the New
York
Curb
These reports are classified
the
New
1,223.995
Exchange by their respective
N.Y. Stock
N.Y.Curb
Exchange
Exchange
1,073
866
Reports
showing transactions:
As specialists *—
Other than
as specialists:
Initiated on floor
:
192
__
/%>-y.
v': v'
:
Initiated off floor
*
-v
268
85
302
139
488
Reports showing no transactions-"In
103
' 'C
:
—
558
v
Note—On the New York Curb Exchange the round-lot transactions of
specialists
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
dealer
as well as
The
than
those of the specialist.
number
the
of reports
number
of
in
reports
the
various
received
classifications
because,
at
may
times,
a
total
more
single report
may carry entries in more than one classification.
NEW
YORK
STOCK
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBERS *
Week Ended May 8,
IN
ALL
Total for
Week
Total volume of round-lot sales effected
on
the
STOCKS
(SHARES)
1937
Exchange
Per
Cent
a
4,453,150
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
1.
Initiated
on
the floor—Bought
282,680
_
Sold
343,950
Total.
626.630
2. Initiated off the floor—Bought.
on
collateral
from
New
7.04
220,585
Total.
$737,318,542
40,518,100
(1) and (2) above
The scope of the above compilation is
exactly the
port issued by the Exchange a month ago.
717,000
31,336,550
same as
specialists
In
stocks
In
5.66
which
Time Loans
Total Loans
$
$
865,780
Total round-lot transactions of members, except
transactions
of odd-lot dealers in stocks in which
registered—Bought..
Sold
Total
1,996,155
334,199,000
1.
In round lots—Bought
808.589,298
Aug. 31
349,335,300
372,553.800
362,955,569
Oct.
418,266,300
781,221,869
335,809.469
456.612.10C
439,457,000
792.421,569
235.780
—
—
104,920
768.934,748
Sept. 30
22.42
792,541,031
419,599.448
399.477.668
935,495
1,060,660
registered:
Sold
320,871.000
9.72
Transactions for account of odd-lot dealers In stocks In
which
$
471,670,031
474.390,298
432,230
433,550
Total.
in the loan re¬
Demand Loans
ms—
of
Sold
$374,376,346
two-year compilation of the figures:
May 31
transactions
registered—Bought
Combined total of time and demand
borrowings...
$1,152,212,988
Total face amount of "government securities"
pledged as collateral
for the borrowings included in items
a
503,745
$373,659,346
Round-lot
$777,836,642
furnish
283,160
Time
York
banks or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
City of New York
we
the
follows:
as
Number of reports received
of the close of business May 29,
;k
Below
On
week.
same
Sold
;
for
the New York Stock Exchange, 4,453,150 shares,
than the volume reported
$1,152,212,988.
Demand
borrowings
Stock
distinguished from
as
round-lot
York Curb Exchange, total round-lot volume in the
on
The detailed tabulation follows:
(1) Net
York
shares exceeded by 7.1 % the ticker volume 'exclusive of rights and
warrants).
The data published are based upon reports tiled with the New York
The New York Stock Exchange member total net
borrowings on collateral,
contracted for and carried in New
The total
Loans
During May—Total
May
those exchanges
on
reported by the ticker.
week ended May 8, on
members.
Decline of $35,066,396 in
Outstanding
on
New York Stock
Exchange
for total round-lot volume for the New
given
Exchange and the New York Curb Exchange represent the volume of all
Stock
*
June 5, 1937
On the New York Curb
June 30
31
July
31
Nov. 30
Dec. 31
406.656.137
547,258,152
.,
31-.—
571,304,492
591,906,169
598,851,729
661.285.603
708,177,287
324,504,713
292.695,852
243,792,915
375.107.915
410.810.915
407,052,915
396,076,915
381,878,415
372,679,515
313,642,415
275,827.415
Dec.^31 —
768,439.342
282,985.819
Jau-
30
Fob.
27
719,105,327
734.435.343
340.396.796
792.419,705
804,749,884
777,836,642
366,264,500
382,529,500
374,376,346
Mar. 31
Apr.
30
May 29
688.842.821
559,186.924
581,490,326
-
June 30
July 31
Aug. 31
SePt-30
Oct.
-
31
Nov. 30
M&r. 31
Apr.
30
May 29
Bought
Total
and
988,543,241
967,381,407
973,784.684
Week Ended May 8,
974,928,018
Round-lot
1,996,155
shares
the Commission noted, or
Initiated
100-share
»p]^g
4,862,605 shares of stock bought and sold
for the account of members
during the
of
10,932,120
Tas 22*24% of
shares.
on
1937
of
members,
the
except
Exchange
transactions
transactions,
eompa^g
the
Per
Cent
a
1,223,995
on
the
of
floor—Bought
55,580
45,720
Sold
Total
2.
Initiated off the
101,300
floor—Bought-
Total.
Round-lot
transactions
79,690
of
specialists
4.14
47,335
32,355
Sold
in
stocks
In
3.26
which
131,225
149,410
Total
280,635
11.46
Total round-lot transactions for accounts of all
members:
234,140
Sold.
227,485
by the Securities
18.86% of total transactions
^,453,150
a?ge
in
transactions
on
STOCKS
specialists in stocks in which registered:
1.
984,004,702
Exchange Commission yesterday (June
4).
Member
on
the Stock Exchange
during the latest week
ALL
(SHARES)
1,051,425,161
1,026.372,092
1,074,832,139
1,158,684,205
1,187,279,384
1,152,212,98
IN
Total for
Week
Total volume of round-lot sales effected
971,531,244
trading
amounted
MEMBERS*
969.997.839
307.266,765
announced
OF
1,063.950.736
of trading in stocks on the New
during the week ended May 8 by all
members, except odd-lot dealers, was
higher than in the
preceding week, member trading on the New York
Curb
was
EXCHANGE—TRANSACTIONS
ACCOUNT
996,894,018
While the percentage
York Stock Exchange
lower, it
1,494,428
CURB
FOR
924,320,544
Trading on New York Stock and New York
Curb Exchanges
During Week Ended May 8, 1937
was was
YORK
924.704,335
Member
Exchange
703,854
790,574
Sold
NEW
600,199,622
631.624,692
753,101,103
Feb. 29
340,700
2. In odd lots (Including odd-lot transactions of
specialists):
846,113,137
938.441,652
391,183,500
1936—
Jan.
772,031.468
Total.
Total
461,625
18.86
Odd-lot transactions of specialists in stocks
in which registered:
Sold.
102,316
73,943
on
176,259
with
Exchange
previous week ended
total trausactions that week
partners, including special partners.
a Percentage
of members' transactions to total
calculating these percentages the total of members'
Exchange transactions.
In
transactions Is compared with
Exchange volume for the reason that the total of members'
trans¬
actions Includes both purchases and
sales, while the total Exchange volume includes
twice the total
only sales.
Volume
Financial
144
Speyer & Co. in Telegram
Unfounded
Regarding Their Firm At¬
Incident to Hearing of Senate Rail
tributed to Him
Finance
Investigating Committee
Statements attributed to
Rail
Declare
to Senator Truman
Statements
Finance
To Hon. Harry S. Truman,
United States Senate,
'■
•
Washington, D. C.
your
yesterday's remarks concerning
firm
our
correctly reported
are
in the "New York Times" of
today, we herewith advise you that you are
entirely misinformed, and
foundation in fact.
any
your assertions
of
concerning
comparison
we
with
Mr.
our
;:A
■" A.
A
Speyer had
interview
an
and
Inevitable and
exercise
of
in
New
Buying
as
Wholesome"
Stating that "the reports of business during May have
same general character as in
April," the National
City Bank of New York, in its
"Monthly Letter" of June 1
work
on,
and
industries
production
have
well-filled
in most
levels, past the time when
expected."
lines
books
order
is
limits
both
of
and,
;
to expedite
up
to labor,
with commendable success.
sought to win political
has it permitted employers to
nor
the rights of the
that a spirit of
cooperation between employers and organized workers, with a minimum of
governmental interference, works best for the public welfare and, in the
long run, brings material benefits to all participants in the industrial
process.
The government has contributed to this better understanding
between
capital and labor by assuming the responsibility of offering
guidance, not by arbitrarily imposing its will.
privilege
the
at
of
expense
taken the position
has
government
Rising Living Costs and Wages
explanation of the relative calm within the ranks of labor in Great
One
Britain
that
during
of
1927,
and
in
in
period
the
the Trade Disputes and Trade Unions
In
some
placed
were
higher
cases
indices
in
wages
upon
were
strikes
and
occurred
they
were
operative in lessening industrial
automatically adjusted according to
living, and in other instances wage
also
were
the
a
failed
that is to say, they were local, not national,
wages
of
ironing out
in
this
where
devices
Other
scope.
differences.
The chief
negotiations between the parties concerned,
direct
was
cases
settling labor dis¬
the machinery for
that
is
effective
very
individual firms;
to
strife.
rates
was
of settlement
even
were
of
cost
Also,
sliding scale according to selling prices.
obtained in the coal, shipbuilding and railroad industries
by collective bargaining.
to
holding at peak
National
First
of
Bank
Reports
Boston
Business
Operations Best Since Recovery Started
seasonal tapering off is usually
a
The
has been set
operated
has
far,
with
confronted
minor nature in
labor questions has not
on
special
The
man.
fluctuations
been of the
"the
a
clearly defined by the Act of 1927
guide, machinery
a
been
has
countries.
other
many
were
thus
attitude
oppressive
working
Act
at Peak Levels—Views Reaction
Slackening
as
which,
disputes,
Parliament's
confined
^°S**^nes Hiding
in
Markets
in
Britain
they have been of
years,
support by showing partiality
method
that
those
definitions
Great
While
recent
putes, developed since the passage of
"A A .SPEYER & CO.
City Bank of New York Sees Production
adds
in
with
these
trade
When about two years age Senator Wheeler
protested and
lessons that may be gained from a study of the
many
labor.
firm are without
our
with him and stated to him the truth and
actual facts.
National
are
British
disturbances
labor
This would be clear to you if you would take the
trouble to investigate the facts.
made similar remarks
Certainly there
status
capital and labor activities
Senator Truman of the Senate
Investigating Committee on the senate floor
prior to a session of the Committee on June 3, in which he
was reported to have criticized
financial activities of various
bankers, prompted the sending of the following telegram to
Senator Truman by
Speyer & Co. yesterday (June 4).
W If
3761
Chronicle
In its current
England Letter" the First National
"New
The bank points out that "on the other hand,
slackening of newT business in the industries which ap¬
peared in April, has carried over into May also," and in
part
country has been well maintained despite the pessimism that
it
has
^
the
continues:
There
and
is
25% above the corresponding period of a year ago," accord¬
ing to the bank, "while profits of leading corporations
ceding.
a
to
reason
In
the
last
very rapid
find
the movement
mystery in
any
was
a
the reaction
in
most
men
for
time to
a
the
by
two
the increase
which
were
prices
was
American
is
centers
part
also,
of
most acute
other
made
too
It
high
not
they
be
of
is
fair
to
too
nor
over-burden
the
forward
when
Of
their
that
result
The
speculators
relieved
speculators
in
turning
two
sellers.
in
It has been most
commodity
staple
our
to
disturbance
abroad,
uncertainty
the
A
good
would
the
to
course
fall
over¬
business.
no
one
rapid
more
sold
far
ahead buyers
obviously
yet foretell what the situation will
can
business.
more
they
be
will
and prolonged
back
forward
If
buyers have not
in
the
markets
in
movement
in
trade
likely to induce over-buying and accumulation
the contrary,
this is the uncertain factor.
and
Finds
in
Uprisings Unique in Broadness of
Guaranty Trust Co. of New York—
Says
Relations
Between
Employers and Workers
Great Britain More Satisfactory Than in Other
Countries
"Tlie current labor uprisings are
unique only in the broad¬
of tlieir scope, which is
probably due to the severity
and long duration of the
depression, and in the tactics em¬
ployed
by
desired
York
labor
organizations
objectives,"
in
its
June
says
1
some
Guaranty
the
issue
in
countries
to
Trust Co.
of
New
"The
of
observes that
is
an
upward cyclical movement of industry and
usually accompanied
ment within the ranks of labor.
by some degree of unsettleAccording to the "Survey,"
"relations between employers and workers in Great Britain
since the beginning of recovery are generally regarded as
having been
tries."
more
"The
labor in
more
satisfactory
than
cooperative spirit
in many
other
between
Great Britain during the depression
stages of recovery," says the "Survey,"
and
unions
higher
did
wages
"was probably due
adversity.
not
attempt to obtain better conditions
that were obviously impossible, nor did
situation warranted."
of current
becomes
into
In
part, the "Survey"
adds:
the most striking impression to be gained from
a
brief survey
labor conditions in Great Britain is that the less organized labor
politically
the affairs
involved
and
of labor unions,
the
the
less
more
government
satisfactory
agencies
are
penetrate
labor conditions
likely to be, both from the point of view of the workers and the employers.
of 1934.
during
decline
a
in
the summer
the
that may occur,
volume
of
Such a
months.
new
business
however, will likely be but a temporary
+.
of
Tenders
$319,255,000
Received
to
Offering
of
$100,000,000 of Two Series of Treasury Bills Dated
June 2—$50,112,000 Accepted for 108-Day Bills at
Rate of 0.375% and $50,030,000 for 273-Day Bills
fr*» *
■
..A
May 28 by Henry Morgenthau Jr.,
at_Rate of 0.562%
if was" announced
on
Secretary of the Treasury, that tenders of $319,255,000 were
and $100,142,000 accepted, to the offering of
received
thereabouts, of Treasury bills, which were
each.
One series of the
108-day securities, maturing Sept. 18, 1937, and the
other 273-day bills, maturing March 2, 1938.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, May 28, as noted in our issue of
May 29, page 3595.
Details of the bids to the two issues of
bills, as announced by Secretary Morgenthau, follows:
$100,000,000,
or
offered in two series of $50,000,000
bills
was
: ,t
108-Day Treasury Bills, Maturing Sept. 18, 1937
For
this
amount
The
series,
which
was
for
$50,000,000, or thereabouts,
the tota1
applied for was $140,170,000, of which $50,112,000 was accepted.
accepted bids ranged in price from 99.895,
per annum,
annum, on a
to 99.885,
equivalent to a rate of
equivalent to a rate of about 0.383% per
bank discount basis.
latter price was accepted.
Only part of the amount bid for at the
The average price of Treasury bills of this series
to be issued is 99.888 and the average rate
is about 0.375% per annum on a
bank discount basis.
273-Day Treasury Bills, Maturing March 2, 1938
For
this
amount
series,
which
was
for
$50,000,000, or thereabouts, the total
applied for was $179,085,000, of which $50,030,000 was accepted.
The accepted
bids ranged in price from 99.868, equivalent to a rate of about
0.174%
per annum,
annum,
on a
to 99.561,
equivalent to a rate of about 0.579%
bank discount basis.
latter price was
accepted.
per
Only part of the amount bid for at the
The average price of Treasury bills of this series
to be issued is 99.574 and the average rate
is about 0.562% per annum
on a
bank discount basis.
+»
New
and
employers attempt to impose less favorable terms than the
Perhaps
by
letdown
•
■
Offering of 273-Day Treasury Bills in Amount of
or Thereabouts—To be Dated June 9,
$50,000,000,
and the early
to the fact that both factions were companions in
Trade
coun¬
capital
a
continued with but minor set¬
It would not be surprising, therefore, if there
has
activity
industrial
in
slackening
a
cated
gain
Guaranty Survey," its
monthly review of business and financial conditions, wThicli
trade
The bank also notes:
increase
0.350%
ness
the recovery move¬
the best since
been
same
prospect is indi¬
being placed
Any
interrup¬
tion to the general upward movement.
The major forces behind the busi¬
ness
recovery
are
still at work and should continue effective for some
time to come, for after such
a prolonged period of depression there is
still a large amount of deferred demand to be filled.
were
prices
in
advances, and
markets during the first quarter
are
begin to need
a
Labor
Scope,
The
of
have
began."
ment
are
+.
Current
gain
months
four
autumn
main
during this
In many respects business operations for thea first
producers,
balance
working
have menaced
the
put up
in
returns
the rapid
of
the
for
40%
a
period.
here.
outlook
approximately
showed
be¬
and
to government
as
heavy backlogs of unfilled orders, against which
The slackening in new business is explained by
prices is admittedly
than
been
commodity prices
continuation
requirements
However,
inventories
has
they give reasonable
psychology,
with
manufacturers
good time.
of
requirements was
markets where
drop
creating
now
working.
backlogs, for when the industries
covered.
by
The
consumers.
are
over-estimated
and
and
corrected,
say
low;
buying which
industries
well
are
the
congestion
sensitive
were
Conversely,
these
in
forward
all
helping
were
considerations.
labor difficulties, questions
advances
boom
the
there
and our security markets were af¬
abnormally- large foreign investments in
them
costs,
conditions
promotes trade.
The
1937
decline,
the
extension
left
cover
inevitable and wholesome.
was
world
speculative
improved.
this
production,
because
securities
the
do
to
outweigh all other
speculation.
the
both
and
neither
quarter of
and in the commodities entering international trade,
of
rising industrial
With
first
buying ahead, speculators
were
months
in
pronounced in London,
policy,
the
backs since the fall
past
The reaction in the markets
cause
and
active.
During
fected
1936
both in prices and business and business activity,
Business
temporary congestion,
ways,
and
of
along, and the inducement
enough
were
quarter
rise,
the world.
great
Aggregate production of
in some quarters.
representative industries for the first four months was about
slackening of new buying.
Business tends normally to swing for¬
backward, and each swing is a reaction from the conditions pre¬
the
was
prevailed
activity in this
the markets
no
ward and
over
Bank of Boston states that "manufacturing
1937
Announcement of
a new
offering of $50,000,000,
or
there¬
abouts, of 273-day Treasury bills made on June 3 by Secre¬
of the Treasury Henry Morgenthau Jr.
Tenders,
Secretary Morgenthau said, will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m., East¬
ern
Standard Time, Monday, June 7, but will not be re¬
ceived at the Treasury Department, Washington.
The new bills, which will be sold on a discount basis to
the highest bidders, will be dated June 9, 1937, and will
mature on March 9, 1938.
On the maturity date the face
tary
3762
issue
the bills will be
payable without interest.
An
$50,147,000 of similar securities will mature on
The following is from Secretary Morgenthau's
of
June
Financial
of
amount
9.
Chronicle
June 5, 1937
passed by Congress at its present session.
avoided discussion
on
The President
the statement made June 3 by Senator
Robinson, of Arkansas, majority leader, that the Adminis¬
might submit to a compromise on the proposal.
announcement of June 3:
tration
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000
(maturity value).
following
No
tender for
an
less
amount
than
$1,000 will be considered.
Each
tender must be in multiples of $1,000.
The price offered must be expressed
the basis of 100, with not more than three decimal
places, e. g., 99.125.
on
Fractions
must not be used.
Tenders will be accepted without cash deposit from
incorporated banks
and trust conlpanies and from responsible and
recognized dealers in invest¬
ment securities.
of
Tenders from others must be accompanied by a deposit
10% of the face
are
amount of
accompanied by
bank
or
an
Treasury bills applied for, unless the tenders
express guarantee of payment
by
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal Reserve banks
to the
an
incorporated
trust company.
or
on
June 7, 1937,
branches thereof up
closing hour will be opened and public announcement of the accept¬
as soon as possible thereafter, probably on the follow¬
able prices will follow
ing morning.
to
The Secretary of the Treasury expressly reserves the right
reject any op all tenders or parts of tenders, and to allot less than the
amount
applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the
Federal
Reserve banks in cash
or
other immediately available funds
June 9, 1937.
on
except
estate
and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gift tax.)
shall be allowed
as
a
of any tax
or
hereafter imposed by the United States
now
a
deduction,
or otherwise
recognized, for the purposes
or
any
of its
possessions.
The above offering is in accordance with the
Treasury's
decision announced last week, and referred to in these col¬
of May 29, page 3596, to
again issue securities only
in amount of current maturities.
During the past several
on
The President exprossed the opinion at his press conference
yesterday, that the people of the nation want court reform.
He also took occasion to point out that the Supreme Court
had adjourned for its Summer vacation leaving several im¬
portant cases undecided.
He also pointed out that inasfar
as he could determine at
present his legislative program for
this session had been completely submitted to Congress.
In summarizing the President's conference, United Press
advices from Washington, yesterday, to the New York
"World-Telegram" of last night, said in part:
The possibility of compromise on enlargement of the Supreme
was
doubtful.
Court itself
Enlargement foes contend they can defeat in the Senate a
two-justice compromise almost
as
readily
as
the original six-justice program.
They express complete confidence that the six-justice program can be beaten
and voiced threats of filibuster tactics, if necessary,
to block other court
proposals.
Mr. Roosevelt advanced two
with the court battle.
He cited
for the
new reasons
He said these
why he is determined to proceed
reasons
showed the necessity for enact¬
judiciary program.
as
his first
summer on
reason
the fact that the Supreme
Court had recessed
Tuesday of this week leaving important cases involving
the administration's power program
undecided.
The specific cases cited by Mr. Roosevelt were the new
of the Tennessee
constitutional test
Valley Authority which the government asked the court to
review and which the court refused to take
pending
lower court
trial; the
challenge of Public Works Administration power loans which the Court ac¬
cepted
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
'
made to newspaper men
was
two-hour conference with President Roosevelt
June 3.
ment of his
The Treasury bills will be exempt, as to principal and interest,\and
any
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
Senator Robinson's statement
over
the protest of the administration, and the Electric Bond and
Share test of the Utilities Holding Company act, which
speed in spite of
a
the Court refused to
joint request by the government and the utility.
In Associated Press advices from Washington
bearing
on
the conference between the President and Senator Robinson
said:
umns
weekp the Treasury has been offering bills in
$100,000,000 in two series.
amount
of
The President and Senator Robinson also discussed the general legislative
program,
the Senator said, adding that while there
was no
"must" list, it
would be desirable if Congress acted on the following:
1.
Legislation to help tenant farmers become land owners.
2.
♦
Low-cost housing and slum clearance.
3.
Treasury
to Offer
$800,000,000 of Notes in June 15 Fi¬
nancing—$500,000,000 Will Represent "New Money'
—Details to be Made
Secretary of the
nounced
at
this
Henry Morgenthau Jr. an¬
conference June 3 that the Treasury's
financing will consist of the sale of an issue of $800,000,000 of notes, details of which will be revealed June 7.
It was announced that $300,000,000 of the
proceeds to the
offering will be used for the purpose of paying off a like
amount of Treasury bills maturing around the middle of
June.
The balance of the proceeds,
$500,000,000, will rep¬
resent "new money," to be added to the
Treasury's general
balance and the public debt will be increased in that amount.
The debt will be further increased this
month, it is reported,
by the issuance of around $502,000,000 of special bonds
bearing 4H% interest to the United States Life Insurance
Fund pursuant to a provision of the act
passed a year ago
providing for a payment of the soldiers bonus.
The bonds
to be issued to the Fund
are to
recompense it for loans made
against adjusted service certificates.
It is now
estimated that the gross debt of the
Treasury on June 30,
1937, will be about $36,200,000,000, which compares with
to veterans
an
estimate of
$35,026,000,000 for that date made by Presi¬
Budget Message to Congress on Jan.
dent Roosevelt in his
8, last.
However,
up to June 2 last, $795,615,982 of gold had
purchased by the Treasury for its inactive account,
in pursuance of the sterilization
program inaugurated in
the latter part of December, 1936.
been
♦
President
Roosevelt
Memorial
ences
on
Day
Visits
Week
Return
to
Park,
N.
Y.,
Several
Over
Confer¬
Washipgton
Washington
June 2.
During his absence from the CapiM he kept in
touch with Washington
by telephone and telegraph. Upon
on
his return to the White House on June
2, the President held
several conferences, as noted in the
following Washington
advices to the New York "Times" of June 3:
Mr.
Roosevelt discussed with Senator Bulkley of Ohio the
appointment
district judge to fill the vacancy left
by the death of George P. Hahn of
Toledo but no decision was reached, Mr.
a
Bulkley said.
The President received
and
W.
a
5.
Minimum wages and maximum hours.
President
Roosevelt
Asks
Creation
of
Seven
New
Re¬
gional Agencies Similar to TVA—Message to Con¬
gress Urges Nation-Wide System of Authorities for
and
Conservation
Flood
Control—Senator
Norris
and Representative Mansfield Introduced Bills In¬
cident to
Proposal
HPresident Roosevelt, in a special message to Congress on
June 3, asked the passage of legislation creating seven new
regional authorities similar to the Tennessee Valley Au¬
thority and designed as bases for the formation of a Federal
system of hydro-electric power projects. In his message the
President mentioned power only indirectly, and he stressed
the
contention
would be
that
the
first
task
of
the
new
authorities
to
plan and execute soil conservation and flood
control projects.
Intelligent consideration of the problem
of flood control, Mr. Roosevelt said, required extensive
measures of prevention and control
along tributary streams
and throughout entire headwater areas.
Immediately after the reading of the President's message
to Congress, Senator Norris introduced a bill to establish
seven river valley authorities to
develop navigation, flood
control and electric power.
These authorities would be
modeled along the lines of the TVA except for a
provision
designed to prevent issuance of injunctions by district courts
against any of them except upon posting of bond to compen¬
sate all groups involved for any
injury or loss of profits.
A similar bill
Hyde
End—Holds
President Roosevelt spent several
days of last week at the
home of his mother in Hyde Park, N. Y.
The President ar¬
rived in Hyde Park on May 30 and returned to
of
Government reorganization.
Known June 7
Treasury
press
June 15
Extension of nuisance taxes and closing loopholes against tax dodgers.
4.
report of "progress"
from Secretary Wallace
W.
Alexander, the Resettlement Administrator, and discussed
Pennsylvania's public works with Senator Guffey.
Charles Edison, Assistant
Secretary of the Navy, discussed problems of
ordnance with the President and in the afternoon
Mr. Roosevelt
for some time with Daniel W. Bell,
was
closeted
Acting Director of the Budget.
was introduced at the same time
by Repre¬
Mansfield, Chairman of the House, Rivers and
Harbor Committee; according to the Washington corres¬
pondent of the New York "Chamber of Commerce" Clarence
L. Lenz, the chief difference between the two bills was in
sentative
the fact that the House draft provided for
vesting control
of rates for power projects undertaken
by regional authorities
in the Federal Power Commission.
United Press
ton advices
the Norris
of June 3 outlined
measure as
the
Washing¬
principal provisions of
follows:
The bill proposed the following seven region authorities:
1.
The Atlantic seaboard authority, covering the drainage basins of rivers
flowing into the Atlantic
ocean
and into the Gulf of Mexico, from the east,
below the Suwannee river.
2.
The Great Lakes-Ohio
Valley authority, for the drainage basins of the
flowing into any of the Great Lakes and of the Ohio river, except the
drainage basins of the Tennessee and Cumberland rivers, and of the rivers
rivers
flowing into the Mississippi river above Cairo,
3.
111., from the east.
The Tennessee Valley Authority, for the
drainage basins of the Ten¬
and Cumberland rivers, of the rivers
nessee
flowing into the Mississippi
river below
Cairo, 111., from the east and of the rivers flowing into the Gulf
of Mexico east of the
Mississippi river, except the rivers below the basin of
the Suwannee river.
President Roosevelt Predicts
Congress Will Pass Court
Reform Bill This Session—Comments on Failure
of
Court to
Measures
President
Dispose of Certain Cases—Congressional
Cited
as
Roosevelt
Favored for Enactment
his press conference
yesterday
(June 4) predicted that his court reorganization bill would be
at
[This would expand the existing TVA to include the Cumberland river
and
4.
some
additional territory.!
The Missouri Valley
river and the
Authority, for the drainage basins of the Missouri
Red River of the north, and of the rivers flowing into the
Mississippi river above Cairo, 111., from the west.
5. The Arkansas Valley Authority, for the drainage basins of the Ark¬
ansas, Red, and Rio Grande rivers, of the rivers flowing into the Mississippi
Volume
Financial
144
111., from the West, and of the rivers flowing into the
river below Cairo,
determine what shall be undertaken and provides the Congress
with a com¬
of each one of the regions, but of the
relationship of each of the regions to the whole of the Nation.
plete picture not only of the needs
Gulf of Mexico west of the Mississippi river.
The Southwestern Authority, for the drainage basins of the
6.
3763
Chronicle
Colorado
before it at this session a
needs I think its task in pro¬
been an
If, for example, the Congress could have had
of the California-
river and the rivers flowing into the Pacific ocean south
Oregon line, and the great basin, that is, the drainage basins of the rivers in
complete picture of immediate and long-term
the western
viding for flood prevention and drought emergencies would have
7.
United
States
having no outlet to the sea.
The Columbia Valley Authority, for the drainage basins
bia river and of the rivers flowing into the Pacific ocean
fornia-Oregon line.
of the Colum¬
easier
one.
For nearly a year I have
north of the Cali¬
,
complete text of President Roosevelt's
to
message
Congress is given below:
members of the Senate and House of Re¬
My recommendations in this message fall into the same
presentatives.
The
studied this great subject intensively and have
discussed it with many of the
category as my former recommendation
Nature has given recurrent and poignant warnings through
dust storms,
relating to the reorganization of the
I hope, therefore, that both of these
executive branch of the Government.
this session.
important matters may have your attention at
floods and droughts that we must act while there is yet time if we would
preserve
for ourselves and
posterity the natural sources of a
our
virile
Experience has taught
estate requires
in
are
ued
a
bounties.
Prudent
Methods
problem must be approached
one
as
main streams at the places where
must
be
also
measures
embrace
must
not
throughout
grasses
on
and
area,
such
as
applied conservation
restoration
of forests and
inferior lands, and encouragement of farm practices which di¬
on
care
waste and
At last
A comprehensive plan of flood
major tributaries, but also smaller dams
on
drainage
minish runoff and prevent
Taking
areas.
the lesser tributaries, and measures of
entire
an
and control among tributaries and
down-stream levees and floodways,
only
retarding dams and reservoirs
and reservoirs
There
major disasters threaten to occur.
of prevention
throughout the entire head-waters
control
involving more than great works on
of
our
have undertaken
higher productivity is a National problem.
a
National policy.
a
But it is not wise to direct everything from Washington.
ning should start at the bottom
counties and
gions and
or in
National plan¬
other words, the problems of townships,
States, should be co-ordinated through large geographical re¬
the Capitol of the Nation for
come to
Thus
final co-ordination.
the Congress would receive a complete picture in which no local
frequently confer special benefits
upon
regions immediately affected, and a
of co-operation from State and local agencies in the
under¬
Any division of the United States into regions for the husbandry of its
resources must possess some
problems dependent
degree of flexibility.
The area most suitable
But other
other combinations of natural economic and social
upon
factors may require a somewhat different area to permit
functional program.
the most effective
For instance, the problem of the great plains area is a
problem of deficient rainfall, relatively high winds, loose, friable soils and
unsuitable agricultural practices.
The natural area for solution of the great
plains drought problem is different from that for the solution of dynamic
area
for
region for
one
The
great plains rehabilitation program
number of parallel major tributaries of the
type of comprehensive program, parts or all of the same
be included in
may
a
It should therefore be kept in mind that in establishing
Mississippi River.
area
of
administration
the drainage areas of a
crosses
a
by the rivers which traverse that area.
problems presented
rational
a
different region for another type of compre¬
hensive program with the result of a Federal system, as it were, of programs
and administrative
areas
for solution of basically different yet
ism for regional husbandry can at the start
mechan¬
be projected upon any single
But it is important that we set up without delay some regional
machinery to acquaint
with
us
problem.
our
I think, however, that for the time being we might
the creation of
Lakes and Ohio Valley; a third for the
second for the Great
a
give consideration to
regional authorities or agencies; one on the Atlantic
seven
drainage basin of the Tennessee and Cumberland Rivers; a fourth embracing
the drainage basins of the Missouri River and the
a
Mr. Roosevelt quoted a
Red River of the North;
fifth embracing the drainage basins of the Arkansas,
Rivers;
a
Red and Rio Grande
sixth for the basins of the Colorado River and rivers flowing into
the Pacific south of the California-Oregon line,
and
a
seventh for the Col¬
And in addition I should leave undisturbed the Mis¬
umbia River basin.
sissippi River Commission which is well equipped to handle the problems
where "the law
individuals and corporations to avoid their
equitable share of the tax burden." The President asserted
that Mr.
Morgenthau's report revealed tax evasions "so
widespread and so amazing both in their boldness and their
ingenuity that further action without delay seems im¬
perative."
itself
Senator Harrison to create a
of six members each from
bodies, at least in their early
plans
to
soils,
waterpower,
conserve
years,
would consist chiefly in developing
safeguard the prudent use of waters,
and
and other resources of the areas
forests
entrusted to
Such regional bodies would also provide a
consultation among the various
be effected for the
activities.
Projected
useful mechanism through which
Governmental agencies working in the field
development of integrated programs of related
programs
checked and revised in light of
National planning policies.
had the projects
National budgetary considerations and of
When the National Planning Board is estab¬
lished, I should expect to use that agency to coordinate the development
of regional
but not to
executive authority over the construction
planning to ensure conformity to National policy,
give to the proposed NPB any
of public works or over management
of completed works.
Projects authorized to be undertaken by the Congress could then
carried out in whole or in
part by those departments
best equipped for the purpose, or
be
of the Government
if desirable in any particular case by one
of the work
done by the various agencies of Government to prevent friction, overlapping
and unnecessary administrative expense and to insure the integrated de¬
velopment of related activities.
There should be the closest co-operation
also with the developing State and local agencies in this field, particularly
the State, regional and local planning boards and the commissions on in¬
terstate co -operation which work through interstate compacts ratified by
the Congress and through interstate administrative arrangements.
And
provision should be made for the effective administration of hydro-electric
projects which have been or may be undertaken as a part of a multiple
purpose watershed development.
The waterpower resources of the Nation
must be protected from private monopoly and used for the benefit of the
of the regional bodies.
There should be a close co-ordination
A
however, when the House Rules Committee eliminated an
entire section of the resolution which would grant to the
This proposal is in the interest
of economy and the prevention of over¬
lapping or one-sided developments.
authority to conduct the tax inquiry on
Treasury
It leaves the Congress wholly free to
behalf
This change left the resolution in a form that
would provide exclusively for an investigation by a joint
committee of 12 members of Congress who would have no
of Congress.
the Treasury, although
the services, information
and
personnel of any executive department or agency.
Action on the resolution by the Rules Committee was noted
as follows in a Washington dispatch of June 1 to the "Wall
right to delegate their authority to
they would have to power to use
Street Journal":
action
This
"the
came
his
in
as
a
direct blow to the
message
to Congress
Administration, since President
expressed confidence that
Tuesday,
the Treasury all authority necessary to
Congress will give to
expand
investigation," including, of course,
full authority to summon witnesses and compel their testimony.
The Administration-drafted resolution, which passed the Senate Tuesday
after
the reading of
the President's message, provided that the joint
committee could authorize "any one or more" officers or employees of the
Treasury to conduct any part of the investigation.
Also, the committee
could give the Treasury Department power to subpoena witnesses and to
require the production of books and records.
Representative O'Connor (Dem., N. Y.), and chairman of the Rules
Committee, declared on the floor of the House that this "is probably the
greatest surrender and delegation of legislative power ever suggested to
complete the present preliminary
and
House of
the
Representatives."
Committee
Rules
formation
and
the authority to delegate powers to the Treasury,
amended the resolution to require that all
further
the
in¬
committee shall be submitted to the Ways
in the House and the Finance Committee in the
obtained for the joint
Committee
Means
Senate,
the
reported
and
revised resolution
favorably.
said that the action of the Rules
Committee, if approved by the House and agreed to by the Senate, will
handicap the investigation as planned since the Treasury would not have
a
the
Treasury
free hand
Most
tax
the
to
of
Department it was
proceed.
the President's
message
consisted of the letter
After citing the need for reform of
laws, he said that "the example of successful tax
Mr. Morgenthau.
from
rich individuals breeds efforts
other laws as well as tax laws."
message
the President said "the three great
of the government have a joint concern in this
dodging by a minority of very
by other people to dodge
his
In
branches
situation."
He added:
loopholes devised by
unethical advantage of society and
First, it is the duty of the Congress to remove new
attorneys for clients willing to take an
their
own
Second,
government.
it
is
the
duty of the
executive branch of the government to
fully all questionable cases, to prosecute where
wrong has been done, and to make recommendations for closing loopholes.
Third, it is the duty of the courts to give full consideration to the intent
collect taxes,
of
the
to investigate
Congress in
passing tax laws and to give full consideration to all
objective of evasion on the part of the taxpayer.
evidence which points to an
In
his
letter
indicating the
various methods of evasion,
Secretary Morgenthau said, in part:
I
by
people.
mentioned by the Presi¬
legislation designed to cor¬
the evils of which he complained.
setback for the President's plans occurred on June 2,
rect
would be reported by the regional bodies
annually to the Congress through the President after he has
joint congressional committee
the Senate and House to conduct
public investigation of the matters
At
their charge.
the
by
dent and to formulate emergency
After striking out
Apart from the TVA, the CVA and the MRC, the work of these regional
could
permits
Immediately after the President's message was read
unanimously approved a resolution sponsored
immediately attending the channel of that great river.
integrated
letter from Secretary of the Treasury
Morgenthau, in which he listed eight different kinds of tax
avoidance and evasion, and also proposed three methods
Roosevelt
Neither the exact scope nor the most appropriate administrative
seaboard;
not only to save millions in public revenues, but also
meet a challenge to "the decency of American morals."
to
interrelated
problems.
blue print.
He said that this action is neces¬
rich individuals."
very
sary,
region for the carrying out of an integrated program designed to prevent
floods is the basin including the watersheds of a pivotal river.
water
to Congress on
enactment of legislation to close loopholes
present tax laws to prevent evasion "by a minority of
in
a
taking and financing of important projects may fairly be asked for.
as a
President Roosevelt, in a special message
Senate
It is also well to remember that improvements of our National heritage
measure
Providing for Congressional
Message—House
Committee
of Inquiry Power to Treasury
June 1, asked the
detail had
been overlooked.
large
Whereby
whereby the law should be improved in cases
erosion on arable lands.
natural estate together with the stopping of existing
building it back to
we
Morgenthau Listing Eight
Statutes Are Evaded—Senate
Eliminates Delegation
of many
made clear that the
Laws—Quotes
Tax
Secretary
Resolution
Inquiry—Text
of
related activities.
For instance, our recent experiences of floods have
Legislation to
Congress for
Present
in
Adopts
but carefully formulated
Such plans require co-ordination
recurrence.
from
Letter
demands not merely
management
works which will guard against these calamities,
plans to prevent their
National
manifestations of nature's refusal to tolerate contin¬
sense
of her
Loopholes
Plug
Floods, droughts and dust storms
far-sighted management.
real
very
abuse
that the prudent husbandry of our
us
Roosevelt Asks
President
National life.
herewith
taxpayers
taxes
which
enumerate some of the
principal devices now being employed
with large incomes for the purpose of defeating the income
normally be payable by them.
As we continue our
would
..
preliminary examination, other devices are being disclosed.
3764
The
'1.
Financial
device
corporations
where
of
in
taxes
evading
the
Bahamas,
low and
are
taxes
by
setting
Panama,
foreign
up
Newfoundland
Chronicle
personal holding
and
other
1.
places
June 5, 1937
of
evading
taxes
in the Bahamas alone in 1935
have
Americans
1936, and 22 more were organized by Americans in the Bahamas
during the past two months.' Panama and Newfoundland seem to be even
to
fertile
territory, since their
who
ascertain
The device of
2.
Two
ance
New
3.
The
The
of
of
with
formed
to
difficult
more
interest
.
time
insure
that
of insur¬
an
the combined rates
directors,
64
$322,000
income to
him.
the two taxes would
of
their
upon
Many
the
wealthy
law
yachts
yielding
The
device
Taxpayers
of artificial
seeking
are
companies,
transactions
of
surtax
6.
dodging
are
personal
the
provisions
of
for
or
deductions
interest
shifting income from
another
to
rates
The
device
of
them
to
personal
them
to
their
by
of
holding
from
leaves
and
many
by
ways
effect
hands.
same
as
two
the
by their
family
taxes
personal
but
These
trusts.
mainly
are
an
family subject to lower rates.
multiple trusts
for relatives
of
greater
For
leaving
the
retains
thus
Splitting
all for the
while
of
creator
and
intact.
trusts,
many
saving,
the
trustee,
income
trust
full
7.
The
device
the family income
into
in,
8.
The
For
for
still
10
partnerships,
of
beneficiaries,
actually
money
the
over
.
income
family income
constitutes
father
or
may
in
himself
the
his
or
investment
and
children
partnerships.
which
is
if the children
or,
eplit
to
taken
are
that
he
pension
of officers
groups
this
of
fashion
trusts
which
directors who
and
tion
therefor,
from
tax.
the
A
in
the
hope
that
the
fund
small
high income brackets.
accumulate
may
embodying
message,
The
2.
can
Nation
free
borrowed
the
the
evasion of tax
serious
so
liability,
widespread and
so
so
amaz¬
face
a
challenge to the power of the government to collect, uni¬
fairly and without discrimination, taxes based on statutes adopted
by the Congress.
formly,
individuals,
many
"Taxes
however,
instances
are
others
are
of
the letter
to
All
law.
of
of those who
the
ill
they
that
to
All
pay.
the government's
shoulders
of
are
Some
are many.
color
of
legality;
plainly contrary
determined
effort
less
others
just
Treasury:
SECRETARY OF
able
THE
Washington
even
on
the part
to
in mulcting
and
pay,
the Secretary of
organized
The
in
•
investigation.
time because
will
filed
the
returns
the
present
individual
audit
revenues
by
confined
is
can
a
will
taxpayers
taxes
which
preliminary
undertook
we
can
be
Furthermore,
year.
have
corporations
almost
report
for.
wholly
discloses
More
It
made
to
this
at
returns
since many
not
data
tax
an
yet
been
disclosed
of
filed,
by the
than
seems
conditions
the
clear
usual
that
so
serious
examination
if
tax
evasion
with
would
large incomes
normally
examination,
be
other
for
from
our
becoming
four
a
Bahamas
lawyers apparently think
taxes
any
his
on
profits,
Bahamas, and that he has adroitly
agents have caused the organization
interest
policies.
ingenious
an
Americans who
the entire
that
taxes
into
secure
for
scheme
went
the
the
scheme
Under
sum.
the
plan the
large deduction for interest
a
interest
no
really
was
paid.
so-called
this loan,
on
This
fraud
not
plus
evaded,
know
how
discovered
was
By this
means
Treasury's
submitted offerB to pay the
now
Until
interest.
similar
many
by the
is
investigation
our
companies
have
may
citizens;
do
nor
been
yet
we
newly-invented type of fraud has other ramifications.
of domestic personal holding companies.
of
tax
the
at
of insur¬
view to enabling taxpayers to
a
through
applicable to personal
time
of
the
holding companies
enactment
reduced
were
undistributed
the
of
profits tax.
believed at that time that the combined rates of the two taxes would
sufficient to insure the
distribution
the
of
entire
incomes
of these
their
upon
himself
$322,000 by causing his
com¬
This
owners.
large personal holding company saved
one
distribute
to
company
to him.
another case,
In
a
and his wife saved
man
of its income
none
;
third
a
$791,000 through the
use
of
the personal holding company reported over $500,000
of net income, but the total taxes
paid by the two stockholders, husband
and wife, were less than
$60,000, due principally to credits for payments
case,
indebtedness
on
payable
devices
purpose
by
are
holding
prudently
company
the
If
owners.
the
stockholders
personal
would
incurred
holding
have
paid
in accumulating
had not been
company
$200,000
over
additional
taxes.
Another favorite device
is
to organize
considerable number of personal
a
holding companies, not only for the sake of reducing the tax, but of increas¬
ing the Treasury's difficulties in auditing transactions between companies.
last
At
accounts
scattered
all
one
holding
had
man
the
over
caused
country.
Two
be
to
other
set
96
some
up
individuals
companies
utilizing
were
23
companies.
4.
The device of incorporating
yachts and country estates.
Many wealthy taxpayers today are dodging the express provisions of the
denying deductions for personal expenses by incorporating their yachts
or their
country estates, turning over to the yacht or to the estate securi¬
ties
yielding an income just sufficient to pay the entire expenses of
law
operation.
Hundreds
avoided
this way.
in
Thus,
with
its
million
income
a
thousands
of
dollars
in
income tuxes
dollars
of
in
securities.
He
holding
the
are
annually
along
company,
the
rents
far less than the cost of upkeep,
sum
from
expenses
of
of
man's yacht is owned by his personal
one
three
company for
yacht
and the
from
his
company uses
securities to
pay the wages of the captain and crew,
operating the yacht, and an annual depreciation allowance.
items
these
would
be
deductible
this
if
individual
owned
the
great many wealthy taxpayers are utilizing a similar arrangement for
the operation of their
country places and town houses.
One
tion ;
The
being employed
of defeating the income
them.
being
As
we
disclosed.
continue
our
placed
his
$5,000,000
tax
company
savings
were
he
thus sought
to
city residence
obtain through
in
the
such
use
a
corpora¬
of the holding
$140,000.
One
wealthy woman has improved on the general plan of evasion by
causing her personal holding company, which owns her country place, to
employ her husband
5.
now
has
man
another his racing stable, whose losses last year were nearly $200,000.
pocket
at
a
salary to
it.
manage
and in effect claims
money,
She
tax
a
can
thereby supply him
deduction
for
the
expense-
maintaining him.
The device
of artificial deductions for interest, losses, &c.
seeking greatly to reduce their personal income taxes byclaiming deductions for interest on loans to them by their personal holding
Taxpayers
companies,
normally
principal devices
the
the
for its
existence,
income
and
and
Treasury.
of the
his
and
free
escape
expectation has not been realized.
of
promptly stopped through legislation and regulations
special investigation a very large portion of the deficiency
some
He
panies, and the consequent imposition of surtaxes
that
be
be restored to the
of
days later organized
other countries, and utilized by our
in
1936
with
called
herewith enumerate
I
this
Treasury is needed.
resulting from
in
balance of
preliminary
action
avoidance
Therefore,
preliminary report
a
To
device
retired
a
American
A
returns.
this
the
Only
estimates.
manufacturing
is
report
even
by
large
tax
immediate
tax
of
budget
complete investigation covering all the income
require the
the
But
the
to
the
return.
of
yacht personally.
As you know, the Treasury was
surprised and
by the failure of the receipts from the income tax on March 15
up
for
was
do
we
rates
was
the
My dear Mr. President:
measure
that
a
valuable
large profit.
used
the
in
from
$1,500,000
over
large single premium for their policies, but immediately
a
of
The device
3.
TREASURY
May 29, 1937.
immediate
insurance
know whether this
None
to
six
holding
Americans sought to evade nearly $550,000 in income taxes
•
THE
disturbed
and
he
return
deduction
personal
taxes.
fact
amount
due.
attention the following letter from
your
character is
very
investigators and all of the taxpayers have
personal
alike in that failure to pay results in shifting
the
to
the
have
discount.
a
dodge the payment of taxes which Congress based
are
of
commend
to
appear
represent a
to
I
at
definitely contrary to the spirit of the
are
they
load
the
civilization
legality; others
the Treasury
tax
for civilized society."
pay
law.
that
them
use
ability to
on
in
alike
are
which
we
from tax liability
escape
borderline of
the
alike
are
All
avoidance
the
on
what
are
want the
Methods of escape or intended
removing
personal holding companies in 1936.
developing during the past few months
said
his
income of
an
,
ing both in their boldness and their ingenuity, that further action without
delay seems imperative.
Holmes
in
he
his personal
on
by
income
a
securities
1932 to 1936.
years
in
Justice
laws,
taxes
practically
five prominent
in
efforts at avoidance and
Mr.
that
object of charity, for his personal
no
at
securities.
his
insurance
back
properties
Too
catching
of foreign insurance companies.
life
of
The Secretary of the Treasury has given me a
report of a preliminary
study of income tax returns for the calendar year 1936.
This report reveals
We
his
him
of this
sell
policyholders sought to obtain
In
that the Congress and the people are entitled to information
.:'
'
it.
successful
due to the large
was
to
large
a
to
tax
income
York
purported to pay
be
deduc¬
Morgen-
Secretary
loss
made
case
with
citizen,
sell
no
deductions
issuance
generous
income
from
1936, though it has not yet filed
desires
hold
now
are
device
spurious
It
Congress of the United States:
to the
of
Jamaica.
so
large net loss
a
companies in the Bahamas with
ance
In
follows in full:
has been
acquisition
successive years from
Bahamas
Canada, had
in
Thus, the single stockholder of
President's
condition
about
only
time the corporation claims a
same
the
a
the
loan
a
flagrant
he
escaped American
...
thau's letter,
To
the
in
are
beneficiaries
as
high-salaried officers seek to provide themselves with
retiring allowances, while at the
The
include
difficult
more
the stockholders
payment of $1,700.
a
in
officer
to
there
completed
pension trusts.
contributions
creation
it
Revenue
in
and
been
the
to
in question is
man
Canadian
corporations
since
full
thereto, and exempting the trust itself from tax.
Recently the exemption has been twisted into a means of tax avoidance by
the
prevent
Internal
he. has
upon
part,
on
inheritance
naturalized
...
years the Revenue Acts have sought to encourage pension trusts
employees by providing corporations with a special deduction on
of
to
Columbia,
that
showed
organized
Army
and
by
dividends
Perhaps the most
although
.
and
like the multiple trusts,
artificially into two parts;
smaller fractions.
device
aged
account
husband and wife
of
of these
purpose
the
same
the
often
control
disposition of the fund itself and of its income.
The
in
even
.
.
.
and de¬
between husband and wife, reduces
ways,
family
means
much
a
wife
But the
company,
American
Two New
Splitting income
interest
for
American
pendents.
taxes
make
be
is defying
$250,000 fee has has received; and
he has offered to compromise his admitted tax liability
considerable
In
claims
income
income
artificial
member of the family subject to high
one
creation
their
purpose,
member of the
the
interest, losses, &c.
loans
on
business
no
of
reduce
to
loans
on
normally have
1936.
securities
greatly
alone
to
seem
Moreover,
tax returns
States
tax
a
individual
another
company.
incorporating their
to the yacht or to the estate
over
believes
United
the
from
of insult,
way
Still
he
express
by
expenses
Brunswick, British
individual
of $33,000 for past years
its
...
claiming deductions
means
for
Bahamas
The companies are
frequently
dummy incorporators and dummy
with
prevent the Bureau of
to
Treasury to collect
an
in this way.
holding
of
none
income just sufficient to pay the entire expenses of
Hundreds of thousands of dollars in income taxes are annually
operation.
avoided
saved
company
distribute
to
company
their country estates, turning
or
securities
5.
today
the
laws
are.
devices
companies.
foreign lawyers,
the
incorporating yachts and country estates.
taxpayers
of
their
in
and Newfoundland
stockholders
manner
assets
for
denying deductions
companies
organized by Americans in the Bahamas
Panama
actual
all
his
This
owners.
New
Another
com¬
by
large personal holding
one
his
causing
holding
that the names of the real parties in interest do not appear.
citizen with a $3,000,000 Bahamas corporation has
appar¬
so
in
towns
...
The device of
4.
by
by
such
were
with him by filing his individual
up
It
expectation has not been realized.
Thus, the single stockholder of
more
regarding
ently attempted
reduced
were
profits tax.
entire incomes of these
panies and the consequent imposition of surtaxes
himself
personal
One American
holding companies
the
the
to
organized through
.
the undistributed
the distribution of
who
resorted
information
enabling taxpayers to
ingenious scheme for
holding companies.
the enactment of
of
foreign
up
territory since their corporation
ascertain
to
organization
to
through
.
personal
fertile
more
have
the
1936, and 22
during the past two months.
...
view
a
applicable to personal
time
believed at that
was
be sufficient
for
domestic
tax
the
at
laws make it
are.
agents have caused
Bahamas
life insurance policies.
device
rates
in 1936
the
deductions
of
corooration
stockholders
insurance
in
spurious
issuance
actual
and
1935
foreign insurance companies.
York
companies
secure
the
the
setting
where
and
more
by
corporations in the Bahamas, Panama, Newfoundland, and other places
taxes are low and corporation laws lax.
corporation laws lax.
Americans have formed 64 such companies
device
The
of
are
or
on
have
loans
no
rates
to
Thus,
made
to
another
one
her
to them
business
shifting income from
member of
woman
claims
by their family trusts.
purpose,
but
member
of the
one
the
a
by her husband
artificial
means
surtax
merely
an
family subject to lower rates.
large annual
as
These transactions
family subject to high
are
trustee
of
deduction for interest
a
trust
which
she
on
a
created
loan
for
Volume
144
children.
their
Financial
The
contribution to
the
mother
thereby
children's
seeks
to
secure
her
tor
deduction
a
support, and since the trust is revocable by
her
husband, the parents still have
and
its income.
In
the
the
desired
control
the property
over
tion
of
the
insure
to
account of
on
3765
tightening of the withholding provisions in
more
The
aliens with
ticular
attention
to
it
in
In
conclusion,
before
me.
closed
by
I
have
the
In
said
before,
been
filed.
The
effect
theless, it is likely that the
wife
as
greater
For the
trustees,
saving,
creator
and
thus
One
of
the
full
and of
immediate
$485,000 in
one
family,
and
the
control
its
thrifty taxpayer has formed 64
his
leaving
actually
money
the
over
the
in
trust often constitutes himself
retains
disposition of the fund itself
of
while
his
or
and
investment
income.
trusts for the benefit of four members
thereby
claims
have
to
saved
them
over
large
number
not
so-called
the
bearing
their
equally
upon
affect
the
beneficial
often between
interests
of
their
accounts, which do not actually
but
owners,
which
designed
are
There
are
is
in
1935
two
8.
of
the
of
one
amounted to
The device
For
for
cite
admitted into
girls,
1936
to
of
this
of
case
kind;
New
a
brokerage
firm
which
the
partners.
The tax
of
contributions
this
fashion
deduction
free
from
Thus,
to
high-salaried
therefor,
trust
in the hope
for
retire
the other will
the
at
the
intent
some
establish
of
holes
the
the
benefit
to
high
income brackets.
themselves
provide
with
time the corporation claims
same
the
60
fund
accumulate income
may
chief
two
the corporation
One
owners.
a
sufficient to show that there is
are
of
Internal
Revenue,
indeed proceed
or
session
category of
under
existing law,
the ground of
on
many
therefore, that legislation should
Congress in order to eliminate these loop¬
this
finally
but
fraud;
can
and
summer
close
further
any
the
autumn
as
next
loopholes
result
a
session
which
instances
avoid
1.
in
these
to
of
cases
moral
fraud,
there
be
may
and
corporations
to
Since
perhaps
1928
from
most
glaring loophole in
5% to 27^% of their gross income
of
the
mining
wells,
or
to deduct
allowance for the depletion
as an
the deduction may be taken even though the
been completely recovered.
Thus, in 1936, one
and
property has
What
and
its
stockholders, and
Similar
annual losses
panies
and
alone
be
is
2.
The
about
eliminated,
remained
of
$584,000,
are
$152,000.
gift from the United States
the
in
revenue
$557,000,
$75,000,000.
but
the
done
of
cases
of
a
in
taxpayer
$818,000.
was
few "other
typical
$267,000,
due
revenue
1933
that
at
this
to
thereby
$272,000,
loss
recommended
was
lost
we
$512,000,
annual
I
nothing
that
revenue
estimated
that
time;
this
to
this
and
source
of
due
States
3.
by his wife
reported
payable by the two will be only $18,626.
to this unjustifiable discrimination
Taxation
The
be
and
Federal
The total loss of
against the residents of 40
Act
eliminated
our
requirement
that
non-resident
a
First,
and
depends
system
completely
upon
authority be given
be conducted.
may
to
mean
than
The cost of 6uch
to the Treasury of the
over
4
is
me
that
we
before
ever
to curb avarice,
budget.
another
have reached
of
processes
relieve
to
confident, be
am
our govern¬
and
suffering
to prevent booms and
depres¬
Taxation necessary to these ends in the
When
finance.
of
admirable
not
legitimate
our
revenues
government is attacked.
our
when
they
undermine
tionable
the
the
collect
government to
to
cases,
where
prosecute
for
Second,
government.
"Clever
foundations
concern
remove
in this
loopholes
new
unethical advantage of
an
it is the duty of the executive
investigate
to
taxes,
has
wrong
closing loopholes.
joint
a
to
for clients willing to take
own
recommendations
to
branches of the government have
it is the duty of the Congress
by attorneys
of
been
fully
all
ques¬
and
to
make
done,
Third, it is the duty of the courts
give full consideration to the intent of the Congress in passing tax laws
and
of
to
give full consideration to all evidence which points to
evasion
the part
on
be
the
evasion
objective
an
of the taxpayer.
the issue immediately before
Very definitely,
ing to
unethical avoidance
or
is the single
us
of existing
one
relat¬
That should
laws.
kept clearly in mind by the Congress and the public.
to
befog this issue
Already certain
appear.
Already efforts
publishers are seek¬
newspaper
ing to make it appear—first, that if an individual can devise unanticipated
methods to avoid taxes which the
do
viduals
earnings
not
tax,
red
many
But it
to
regard
or
duty
the undistributed
the
of
Congress
In other words, not one
empower
the
this end
that legislation to
and
That is a
to revise tax schedules.
subject.
that
to
subject,
have
I
should be
the
November
basis
first
duty of the Congress is to
with legislation
indicated
have
I
next
the
the
in preparation.
are
session there
this
that at
tax,
he is doing
indi¬
pay,
because certain
income tax brackets,
gains
that the first
me
that
reduction of those taxes.
or
confused
different
In
capital
second,
and,
to stop these evil practices,
not be
wholly
on
the
herrings
seems
government
should
of high
approve
or
Congress intended him to
unethical;
or
be the repeal
to
the
no
taxes and
new
no
Congress
the
to
changes of rates.
Congress that the Treasury will be prepared
to present
of which
suggested
already
the appropriate
to
Congress
may,
information
committees
undertake revisions
if it chooses,
the
tax
The
long-term problem of tax policy is wholly separate from the imme¬
of
diate
structure.
In
problem of glaring evasion and avoidance of existing law.
this
The
alien
immediate
problem the decency of American morals is involved.
example of successful tax dodging by a minority of very rich indi¬
breeds
efforts
by other people
dodge
to
other
laws
as
well
as
laws.
It
is also
a
matter of
the Bar not
tax
avoidance
the
clients,
with
I
only have advised and
are
We hear too often
sentiment,
"It
is
are
actively
from
right
all
advising their clients to utilize
these devices
as well
using
in
to
it
do
if
you
their own
as
lawyers,
from their
can
get away
it."
that
confident
am
session
ture
deep regret to know that lawyers of high standing
devices, but
personal affairs.
the Congress
will wish to enact legislation at this
specifically and exclusively aimed at making the present tax struc¬
evasion-proof.
confident
am
authority
the
cheerfully
already
are
revenue
Treasury,
as
adequate appropriation in order that a
an
governmental
are
three great
branch
I
of non-resident aliens.
1936
schemes"
devised
tax
the
forth
set
sound
society and their
community
into the millions.
runs
and who
of
the
serious that I recommend that
so
balance the
to
situation.
eince
community property laws.
A New York resident with a salary of $100,000
pays
about $32,525 Federal income tax; a Californian with the same
taxes
It
the
it
society.
at
income
by
well.
the other members of
upon
success
attacked, the whole structure
little
property States.
revenue
are
trying harder
are
foundation of
are
viduals
one-half to
The
by
demoralizing
the taxpayer.
facts
We
sions—and
provision
has
it
This is another major cause of revenue loss, which is unjustifiable because
obtained at the expense of taxpayers in the 40 States which do not have
cause
share.
our
com¬
unchanged.
may
taxation
administration
want, to protect the weak,
$202,000,
The division of income between husband and wife in the eight
salary
of
of
evasion
or
only
not
demoralizing to those who practice
burden
bulk
great
House.
the
ment.
by
sheer
is
major difficulty in the maintenance of the normal
And
a
community
'
The White
of the
was
avoidance
President,
deducted nearly $3,000,000 under this provision, although
it had already completely recovered the cost of its
property.
The amount
company
deduction
The
HENRY MORGENTHAU JR.
The
law.
revenue
large oil and mining corporations have been entitled
their mines
cost
present
our
careful
Faithfully,
but
the
business
United States.
should
Percentage depletion.
is
fair
fair
devices.
less able to bear it,
nothing, unpatriotic
three other major
are
which the law itself permits individuals
equitable share of the tax burden.
their
This
of
of
.
addition
by the usual
and the small merchant
man
investigation will be returned many times
an
legal though highly immoral avoid¬
a
It seems,
of the
investigation
should
a
the
on
discovered.
In
the
of
monthly pension of $1,725,
monthly pension of $1,425.
a
prliminary investigation has proved; and that
our
Congress
its
65 with
with
intent of the law.
further
of
of
practice
Bureau
fall in the
at this
which
the
the
liability
a
be passed
of
the
part of some taxpayers to defeat
to tax incomes in accordance with ability to pay.
Congress
cases
of
ance
seek
that
tax avoidance
and
purpose
cases
of these
in
are
is annually appropriated by
the age
retire at
These eight types of
well-defined
In
who
officers
$$43,000
case
it is
disclosures
The
one
will
co-owners
and
directors
Never¬
symptomatic of
are
Legalized
complete and immediate investigation
tax.
in
pension
a
and
retiring allowances, while at the
generous
a
officers
of
groups
dis¬
are
is just beginning.
feeling of indignation on-reading this letter will, I
yours, as it was mine.
of pension trusts.
use.
evidence
the
given above
A
thereto, and exempting the trust itself from tax.
Recently this exemption has been twisted into a means of tax avoidance
by the creation of pension trusts which include as beneficiaries only small
In
the
to the Treasury Department with
saving he sought thereby in
the Revenue Acts have sought to encourage pension trusts
employees by providing corporations with a special deduction on
aged
similar
or
honestly made.
of
are
honest returns by
10 years
account
from
have
disclosed
be
late
$50,000.
par¬
effectively
having been in
make
I
returns
will
but to illustrate the point, it
York
partnership the four minor children, two boys and
over
1936
which
these
are
additional
an
community who
The
instances
many
sufficient
to
revenues;
throws
solely to reduce tax liability.
7. The device of husband and
wife or father and children partnerships.
The purpose of these
partnerships, like the multiple trusts, is to split
the family income
artificially into two parts; or, if the children are
taken in, into still smaller fractions.
legislation
as
I have digested above
cases
others,
leaders
transactions
on,
of
resort
thrifty pair have constituted 40 trusts for their relatives, and a
prominent lawyer and his wife.utilize 16 trusts for the same
purpose.
The
first pair maintains numbered
brokerage accounts, and only at the end
of the year are the beneficial
owners
identified.
In this way innumerable
carried
Congress devoted
by
to
place, the instances
place, the ordinary salaried
5,500,000 returns
to
are
applied to
aB
check of comparatively few individual returns.
As I
most of the large corporation returns have not yet
general audit of
the second
does
the
Another
tend
income
audit.
In
in taxes.
year
a
quick
a
observations
two
first
have
much
and
1934,
will
lower
The practices outlined above can and should be stopped in the same way.
of the creation of multiple trusts for relatives and dependents.
ways, between husband and wife, reaches income
taxes and leaves the
family income intact.
Splitting the family income
many ways by means of many trusts, all for the same
beneficiaries, may
a
The
new.
put a stop to many evasive devices discovered then
The device
hands.
and
the
in
not satisfactory
higher brackets.
is not
1933
aliens
1936
are
the
in
incomes
problem of tax avoidance
Splitting income two
same
non-resident
from
revenue
brackets, the present taxing provisions
non-resident
$125,000 against his income from his business,
operating a chicken farm.
over
losses in
6.
Although
6ame
category are losses deducted by taxpayers who claim that
their racing stables or
hobby farms were operated for profit, even though
a profit is
never realized.
Thus, a prominent manufacturer seeks a deduc¬
his
Chronicle
gation,
necessary
also
the
that
Congress
will
give
to
the
Treasury all
to expand and complete the present preliminary investi¬
including, of
full authority to
course,
witnesses and com¬
geographical scope of a
summon
(without United States office or business) should file a return; fixed the
withholding rate for individuals at 10%, and freed the non-resident alien
complete investigation make it necessary to utilize every power of govern¬
from
ment which
upon
taxation
a
citizen
(in
$25,000
American
on
gains.
Since
the
of
case
a
married
individual
with
withholding rate has proved in practice to be too low
non-resident
resident
what
Thus,
from
prior
one
large
American
country
be
tax
There
incomes
as
number
a
are
from
American
cut
to
dependents), the
applied to wealthy
no
of
of
cases
trusts
with
or
woman
in 1935 of
approximately
one-third
or
in
from
1935.
can
The
contribute
ramifications
to
the
end
woman
nearly
who
American
an
Englishman had
$300,000.
as
against
married
trusts,
on
a
Her tax
over
for
an
income
1936
$160,000
Frenchman
which
Her tax is reduced to about
White House,
she
has
paid
$15,000
a
by
an
tax
will,
under
income
of
June 1,
$81,736,000 Second
desired.
ROOSEVELT.
1937.
the
of
about
the 1936 law.
Deficiency Bill Sent to President
Roosevelt—Measure Authorizes
TVA
who married
$30,000
and the
FRANKLIN D.
The
one-fifth
•
American
$150,000
$55,000
testimony.
non¬
large
law.
Another
over
Federal
they paid under the prior Act.
this
herefore,
with
investments whose taxes have been
American
of
individuals.
alien
aliens
total
their
resident amounts to 10% of his total net income at about
or
the
capital
pel
on
Start of
Work By
$112,000,000 Gilbertsville, Ky., Power Dam
Congressional action on the $81,736,000 second deficiency
was completed on May 28 when the Senate approved a
conference report on a minor disagreement with the House,
which had approved the report the preceding day.
The
measure has been sent to President Roosevelt for his signa¬
bill
ture.
3766
Chronicle
Financial
The bill gives permission to the Tennessee Valley Authority
to
begin work
The bill passed the House on
the $112,000,000 Gilbertsville, Ky., power
explained in Washington, Associated Press,
advices of May 28 that no money was authorized for actual
work on the dam but for preliminary surveys
only. Actual
work on the dam, it is stated, is not
expected to start for at
dm.
It
June 5, 1937
on
March 24; it
amended
was
and
passed by the Senate on May 10, the House concurring
in the amendment on May 13.
was
Passes $1,500,000,000 Work
House
Amendments
least another year.
Seeking
Relief Bill—Rejects
Earmark One-Third of
to
Amount—Measure Sent to Senate
♦
By
Senate and House Conferees Compromise on CCC Bill—
Would Limit Corps' Life to Three Years
Senate and House conferees
sent
on
velt.
♦
Overrides
Measure
of
Permitting
Insurance
Congress
President
velt's veto of
1
voted
bill to grant
n
5-Year
Veto
of
Extension
Policies
June
on
Roosevelt's
Veterans
override
to
President
Roose¬
Remaining in session almost until midnight, the House accepted the
23,000 World War veterans the
compromise
Congress
had
overridden
since the
veto
a
cratic
enactment
1
the
over
veto
by
Senate vote, June 1, was 69 to 12.
in either chamber.
372
of
vote
a
to
There
13,
was
while
than
declared
20,000
"These
into
veterans to
men
the
the
veto,
and
would
reduce
failure
the
House
saying
unable
be
its
Senator
vote,
that
either
of
many
forced
when
amount
would
measure
commit
force
to
George
the
to
asked
the
converted
it
the
Senate
to
override
policies
year-term
veterans'
the
the
to
answer
President's
would
policies,
assertion
constitute
that
additional
an
He
types
of
but
would
reduced
be
The
12
dividends
who
Borah
of
renewal
cost
burden
paid
the
of
and
North
the
support the veto
following
Carolina,
Bankhead
other
the
Federal
veterans'
policies
on
ministration
The temporary
after
the
lower
rate
life
nary
The
than
or
give
Brown
them
would
be
term insurance,
as
life
paired against
was
insurance
of
periods
of
of
the
were
Colorado,
New
ance
it not
have
task
his
compromise
would,
This was the Republican relief program and received
from that side of the chamber.
and
$150,000,000 for Federal roads—were taken
five
who
on
the
Without
at
years
such
engineered the compromise between
one
five
each,
years
renewed
was
the rebels and
the
three
times
a
$1,500,000,000
record
the amount to be spent upon relief, the
as
107.
the House rejected
vote,
of Alabama
earmarking
amendment by
an
Repre¬
$55,000,000 for flood control.
$300,000,000 to the Public Works Administration.
On
of the policyholders
higher premiums for the
The vote was 231 to 147.
the
extensions
to
by Congrss, all of the term policyholders
their policies into permanent insur¬
convert
was
Friday,
message,
"warranted,
Mr. Roosevelt said he
ultimately will
or
did
believe the
not
profitable to the indi¬
prove
Roads
a
standing yote, the House rejected the Cartwright road amendment,
167 to 147, and when the ayes and nays were demanded, voted 207 to 168
to
required
on
for
concerned."
veto message
War
reject it.
The
,
amendment
by
Representative
Hopkins' salary to $10,000,
Under
a
was
May of Kentucky,
reducing Mr.
rejected by roll-call, 273 to 96.
demand by Representative Boileau of Wisconsin, leader of the
liberal bloc, the House was forced to vote separately on every amendment
that had been adopted in committee of the whole.
The House adopted an amendment by Representative Lanham of Texas
that
declared
term
Insurance
"not
insurance
that
term
May 28, and in his
said:
Risk
by
on
later
Act
than
which
five
proclamation
shall
be
insurance
authorized the
of
years
the
converted,"
was
be
to
of the
after
the
President
thus
termination
of
clearly
temporary
in
writing of life insur¬
military and naval forces
the
of
United
manifesting
character
the
the
and
of
The House also voted to give
the
intent
limited
pointed
program is warranted or
individuals
out that
the bill would
Furthermore,
breach
of
ultimately will
concerned."
In
part,
prove
the
profitable to
President's
veto
faith
enactment
on
the
of
part
this
proposed
legislation would constitute
a
of the Federal
Government toward the large
body of converted policyholders contributing to tbe government life insur¬
ance fund, and on two counts:
1.
The
small
carry
their
great
majority
2.
The
verted
group
life
of
term
insurance
of
reserve
at
converted
which
insurance
considerably
policyholders
have
been
built
policyholders would
lower
continue
rates
that
to
the
allowed:
are
up
premium
almost
entirely by the
con¬
policyholders would continue to be drawn off to meet undue losses
sustained in carrying low-premium term policies.
Should
Supreme
"provide
added:
message
had
bitterly fought by the
preference to American citizens and World
Joint Congressional Labor Commitee Opens Hearings
on Bill to Establish Minimum
Wages and Maximum
Hours
in
Industry—Robert
H.
Jackson
Says
for a fourth postponement," and he asserted that "it is not
believed that any further delay in adoption of an insurance
the
was
War veterans in the granting of relief.
Measure
President
This amendment
war
States
duration.
The
refused private employment.
liberal group last week, when it was adopted in committee of the whole.
by the government for the members
stated
as
Ad¬
It then voted, by roll-call, to reject the Caldwell-Beiter amendment
allotting
85%
although
insurance and paid
President Roosevelt vetoed the bill
The
by
bill.
Starnes
sentative
a
ordi¬
as
out
which would deny relief to any unskilled or agricultural worker who
ance
on
Appropriations Committee.
Vote
policies
term
permanent
for
been
veto
extension
viduals
the bill to the
Then it fixed
bill.
drop the protection entirely.
or
In
Roosevelt's
First, the House voted 223 to 123 to stay in session until it finished its
longer protection.
Were
through
ministration.
Hamp¬
issued to veterans
for
coverage
required for permanent insurance,
holding
of
converted, them to
would
sit
endowment policies.
privilege
additional
of Utah,
policies, known
to
war
along the lines of President
roll-call vote being 271 to
Democrat
to
under the leadership of Representative Rayburn of Texas, the majority
leader,
Adams
:
Wyoming.
King,
Democratic colleagues forced
—$55,000,000 for flood control, $300,000,000 for the Public Works Ad¬
Guffey of Pennsylvania, Hughes of Delaware, Minton of Indiana,
O'Mahoney of Wyoming, Radcliffe of Maryland, Robinson of Arkansas and
Senator
worked
its chief support
were:
Alabama,
it
funds spent on relief.
shire,
Schwartz of
seeing their
The three amendments, which had earmarked $505,000,000 of the funds
other
Democrats:
of
of
relief program so as to force the States to contribute one-fourth of the total
one,
voted to
Hopkins'
The motion to this effect, by Representative Bacon of New York,
five-
of
of
holders
to
be placed
would
holders
to
the amendment restoring Mr.
upon
if adopted, have placed the House on record as favoring a revamping of the
"slightly."
Senators
Senator
Bailey
additional
no
said
and
measure,
to recommit
veterans'
;'vv:r
■
asserted that
the
the demands laid down in his special message of April 22, the House declined
greatly
or
Mr. George said all veterans' organizations had endorsed
bill.
Treasury,
the
by the President.
tedium.
As
seriously disabled
were
policies.
In
had
Motion to Recommit Rejected
other
to
and
bloc
All attempts by the Republicans were easily defeated, but they had the
satisfaction
drop their insurance altogether
they
to the form desired
measure
-
policyholders
Administration
salary to $12,000. after it had been cut to $10,000 during the "rebellion."
more
these short-term policies
convert
the
The Republican side, which had joined the Democratic bloc during the
"revolt," had its last fling at the relief bill and Harry L. Hopkins, Relief
Administrator, by forcing roll-calls on the bill itself; upon a motion to re¬
Rankin of the World War Veterans
pass
by
powerful, rebellious
majority since the Holding Company Act's death-sentence clause
restored the
little debate
drop their insurance.
financially
are
to
permanent forms of insurance," he said.
more
After
that
a
trol, Public Works Administration and Federal road projects, the House
the
Associated Press Washington advices of
The House acted first after Chairman
which
By rejecting three amendments, earmarking $505,000,000 for flood con¬
June 1 reported the action of Congress as follows:
Committee
week-end
the
rejected two years ago.
was
approving the veterans' bonus payment more than
ago.
The House passed the insurance measure on
year
June
during
forced leaders to accept in the most serious "uprising" of the huge Demo¬
of the law
a
extended
rejected most of the amendments
privilege of extending their temporary government insurance
policies for a period of five more years.
This was the first
time
vote of 326 to 44 the House on June 1 passed, and
the Senate, the $1,500,000,000 work relief bill in
practically the same form as requested by President Roose¬
In passing the measure on June 1 the House rejected
three amendments pressed by revolting members and ap¬
proved on May 27 by the Committee of the Whole House
designed to earmark $505,000,000 of the funds for flood con¬
trol, public works and Federal road projects
The House on
June 1 also defeated another amendment of May 27 which
would have reduced the salary of Harry L Hopkins, Works
Progress Administrator, from $12,000 to $10,000 a year.
Approval of the amendments by the Committee of the Whole
House was referred to in our issue of May 29, page 3599.
As noted in that item, Administrator Hopkins had warned
on May 26 that unless the
earmarking amendments were
defeated it was probable that between 500,000 and 600,000
persons would have to be dropped from relief rolls, in addi¬
tion to the 400,000 who will be eliminated in any event
through curtailment of the program
The action of the House on June 1 in defeating the amend¬
ments and approving the bill in the form asked for by the
President, was summarized as follows in Washington advices
that day to the New York "Times" of June 2:
May 28 agreed on a com¬
promise bill fixing the life of the Civilian Conservation Corps
at three years, with a maximum enlistment of
315,000 men.
The House had passed the bill on May 11 limiting the
Corps'
existence to two years, beginning July 1; however, the Senate
on May 20
rejected the House proposal and voted to make
the Corps a permanent agency.
President Roosevelt had
requested Congress to make the Corps permanent.
The
action of the Senate and House in
approving the measure was
referred to, respectively, in our issue of May 22,
page 3424,
and May 15, page 3260.
Under the compromise bill agreed on by the conferees on
May 28, the personnel of the CCC would be composed of men
who are unemployed and in need of
employment.
Main¬
tenance of the organization would be fixed at
$350,000,000
yearly.
Congress
a
to
Court
Robert
Johnson
Be
on
Enacted
1918
Child
Urges Bill
as
as
Challenge
Labor
in
to
Decision—
Interest of
Em¬
ployers
The invalidation in
1918 by the United States Supreme
prohibiting child labor was a "perversion of
our
Constitution," Robert H. Johnson, Assistant Attorney
General, told a joint hearing of the Senate and House
Labor Committees on June 2.
Mr. Johnson appeared at the
initial session of the committees as they considered the newAdministration bill to establish minimum wages and maxi¬
mum hours in
industry and to abolish child labor.
Intro¬
Court of
a
law
duction in this
3598.
time
noted in our May 29 issue, page
explaining the new bill, said that the
challenge and reargue the Supreme
measure was
Mr. Jackson,
has arrived to
Court's decision.
Another witness who testified
on
behalf
Volume
Financial
144
the bill was Robert Johnson, President of a surgical
supply manufacturing company, who on June 3 told the
joint committee that the measure was compatible with
"enlightened self-interest of employers."
Mr
Jackson's remarks were reported as follows in a
Washington dispatch of June 2 to the New York "Herald
of
Child labor is
them,
of the labor practices
one
Mr.
outlaw.
Jackson
which
maintained
Black-Connery bill
the
properly
belonged
it
among
though its inclusion directly challenged the child-labor decision.
even
The first witness to appear at the joint hearing,
which later will explore
the economic complexities of competition between varied labor
and living conditions in different
standards
States, Mr. Jackson talked all morning
and all afternoon.
pending
He went through
drafted
to
the bill section by section, explaining how each one
comply with
Supreme Court interpretation
some
interstate commerce power of Congress and contended the
of the
bill was clearly
He admitted,
constitutional. except for the decision in the child labor case.
when the
question of the invalidation of the National Recovery Act was
raised, that "if the
Supreme Court is going back to the Schechter case
reasoning it will be most unfortunate."
The bill proposes to set up a board to fix maximum
with industries in interstate
the board
commerce.
It contemplates giving
discretionary power, with certain limits, to change these minima
and maxima in various sections of the country.
much
hpurs and minimum
products across State lines, or which
wages in industries which send their
compete
bill could have been drawn,
simpler
Mr. Jackson admitted a
not allowing
this flexibility,
"but it would raise hell with the country."
Flexibility seemed the only
throwing
some
of setting a minimum wage without
means
of work,
out
persons
limiting
the delegation
wages or
hours
although he agreed with
possible, thus
he said,
are
board.
the
of power to
No specific figures on
in the bill, and the committee will hear expert
testimony
before deciding wbat standards to set.
Press Washington
Johnson as follows:
As the head of
a
advices of June 3 quoted
Company Act by taking the test case directly
employing 5,000 persons in plants scattered
company
employer reaction to the bill at hearings conducted by a joint
urging that this bill be approved in accordance with the
thing for business and
a great
a
great thing for millions of
American
ations
The
bill
would
board
five-man
a
Government wanted this suit dismissed.
by
was
by
within limits set by Congress, for Industries
wages,
commerce
It would also outlaw in
by child labor or under
goods made
4 to 4 vote. Justic
a
7 to 2 vote.
a
The court held for reargument in
ment with respect to
"oppressive"
that the bill be amended to classify all industry
Mr. Johnson proposed
different maximum work week for each,
efficiency of the labor of each.
on
them.
The orders for reargument were
rest With Justice
its workers
"semi-modern industry" be required to employ
than 35 hours per
no more
required to maintain
of the cost of a finished product, be
Industries
the
in
40-hour maximum work week.
a
40-hour
class
would
pensions brought by 945
State of Washing¬
regulate motor tugs in harbor waterways, and an attack on the occu¬
pation tax of the State of Washington brought by several contractors work¬
Chicago school teachers,
a case
put
Johnson
in the
ment
urged
that
strongly
as
advance to the
ing on the Grand Coulee Dam.
Mr. Johnson said,
opportunity in establishing this day for
no
is now equipped to operate
clause bonds called for redemption.
as
unemployment
The lowest
"I feel that we
all industry that
industry on the 6-hour day as
problem."
board could
set
has
been
left
Court on June 1.
in a Washington
dispatch of that date to the New York "Times":
Many minor orders were issued by the
were
summarized in part as follows
Puerto Ricans Lose
a
ten years,
Loses Initial Arguments in Utility Cases
Supreme Court—Tribunal Adjourns
United
States
Orders
Supreme
Until
It denied
a
review to St. Louis property owners
Court,
at
the meeting
on
involving
public utilities.
The Court adjourned until Oct. 4.
The
session marked the final day on the bench of Associate
Justice Willis Van Devanter, who previously had announced
his forthcoming retirement.
At its session on June 1, the
Court agreed to review next Autumn the Constitutionality
of the Government's authority to make Public Works Ad¬
ministration
loans
operated electric
attacks
on
in three leading
Court upholding a 1% gross revenue
The court said there was no substantial
enterprises.
cases
It also agreed to hear
the Administration's gold clause policy and on the
Home Owners Loan Act.
A
Washington dispatch of June 1 to the New York "Herald
date as follows:
Tribune" described Court rulings on that
After
sustaining the Federal
issues during the last
Government on important constitutional
six months, the court gave it three rebuffs on pro¬
cedural points today
of the Alabama Power Co. and Iowa City
Light and Power Co. for a writ of certiorari in cases testing the constitution¬
and loans for municipal electric power projects. Hav¬
ing been upheld in five different United States Circuit Courts of Appeals,
the Government wanted the petition dismissed.
As a result of the court's
ality of PWA grants
action today,
another six months will be added to the more than three
Federal question
Louisville Bank Case
An appeal was
sue
denied in
suit to force directors of the Louisville Trust
from alleged mismanage¬
a
former directors for damages arising
ment.
Wins
application
bank deposits of deceased
law providing that
to the bank of the Philippine
been dormant for
to the Insular Treasury.
and all deposits of funds in accounts that have
persons
ten
Bank
Bank won a review in its suit against
The National City
years
must be turned over
Suit
for
Greens
Taxes
named special master in the suit by
State of Texas to determine the rights of various States to impose in¬
John S. Flannery of Washington was
the
Edward H. R. Green, son of the
New York State is a litigant in this case.
late Hetty Green.
to
another
case
which the Court refused to review,
June 1, said:
United Press advices from Washington,
attack on provisions of the
1932 Revenue Act, which permits a taxpayer to deduct as losses sustained on
stocks and bonds only an amount equal to gains from sales of stocks and
The Supreme
Court today refused to review an
bonds.
The
a
provision was attacked by Samuel H. Davis
net income
of New York city, who
offset a loss from
Appeals ruled
of $17,160, against which he sought to
The Second Circuit Court of
against him.
From
Washington advices to the "Wall Street
Journal"
In an
shown that the tribunal
official Supreme Court statement it is
remaining on its docket for con¬
the October term, compared with 102 at the end of the term in
closed its term yesterday with 110 cases
sideration at
June, 1936, and 109 at the end of the term in
There were
1,052
cases on
June, 1935.
the dockets in the term just closed,
compared
which closed in June, 1935.
Included in the cases carried over are 12 original cases which constitute
controversies between states, which sometimes take years to settle.
with
1,092 last year, and 1,040 in the term
Strikes
Close
Automobile
Plants of Three Chrysler
Body Plant and Pack¬
Units in Michigan—Fisher
ard Motor Car Co. Also Affected
Automobile workers in Detroit and
reported idle yesterday (June 4) as a
result of strikes and shutdowns.
From Detroit Associated
Some 15,000 or more
Pontiac, Mich.,
were
Press accounts said:
Closing of the Jefferson and Kercheval plants
affecting
11,000
men,
of the Chrysler Corp. here,
followed a company announcement that a sitdown
strike had started in the Jefferson Ave. plant.
Shortly
Utility's Petition Granted
First, it granted the petition
tax on receipts
involved.
and grants for municipally owned and
power
and other
of the action
firm of Giragi Brothers
publishers failed to obtain examination
newspaper
of
Their
Tax
Newspaper
Members of the newspaper publishing
from advertising.
project.
take other steps.
attorney said they would now
Arizona
fighting construction
sued to enjoin the
the Jefferson National Memorial, who
of June 2, we quote:
^
June 1, which concluded one of the most important terms of
the Court in its history, issued three rulings in which it de¬
nied Government petitions
conspiracy to overthrow
Government.
stocks and bonds of $13,285.
The
leader of the Na¬
serving six to
Rico, and seven others, now
after conviction on charges of seditious
the United States
had
Oct. 4—Issues Many
Appeal
review to Pedro Albizu Campos,
tionalist movement in Puerto
As
possibility that a move would be made to include in
provision to restrict imports, to protect manufacturers
from foreign competition was reported in Washington advices
June 3 to the New York "Times" which stated that members
of the Joint Congressional Committee in charge of the bill
had indicated that such a move was being considered.
The
the bill
Before
Robert A. Taft, son of
United States.
Chief Justice of the
and
President
blank in the Black-Connery bill.
Government
because it lost a similar
by the court originated in a suit brought by
late
gold
the Court of
One of the cases to be re¬
in the Fourth Circuit Court of Appeals.
case
heritance taxes on the estate of Colonel
week the
work
maximum
The Government won in
National City
possible be
possible to accomplish the end we have in mind, namely, the solution of
the
gold or its old equivalent on
Claims, but consented to the Supreme Court review
viewed
With the consent of
the right of the
Act.
agreed to review cases challenging
Government, it
Government to refuse to pay interest in
Furthermore, it seems to
under such a plan.
be necessary to place as much of American
additional suits attacking the con¬
The court refused consideration of two
stitutionality of the National Labor Relations
Johnson's plan.
industries
I do that the 6-hour day is the most efficient arrange¬
as
of hours for modern industry,"
should lose
many
to
30-hour class immediately.
"Believing
involving the right of the
ton to
Co. to
be required
35-hour group within a fixed period under Mr.
Mr.
the determining vote may
Among the cases to be re¬
argued is the suit to recover reductions in their
week; and that "backward industry,"
where labor contributed more than 50%
taken to indicate that the court is so
Devanter's successor.
Van
of the Arizona Supreme
that "modern industry" be placed in codes with a 30 hour
He suggested
maximum work week; that
the position of the Govern¬
closely divided on the merits in these cases that
Arizona
under three general codes, with a
and made the
the autumn six cases
that the Attorney General state
unusual request
working conditions.
depending
minor, on their merits today.
Sutherland not participating, and another
only three cases, all
The court decided
One
Jefferson National Memorial
authority to fix maximum
goods into interstate commerce.
sending their
interstate
in
vest
minimum
Court in Tennessee of
Authority power oper¬
Co. and others. The
of Tennessee Valley
Tennessee Electric Power
brought by the
employees," Mr. Johnson told the committee.
hours and
that it consider a Circuit Court
trial in the Federal District
the suit to enjoin the extension
The court refused
principle
enlightened self interest and that in passing this legislation you will be
doing
result, the case must
a
Third, it rejected the Government's plea
of Appeals order for a
congressional
labor committee.
of
As
Court in New York.
These
through the East and South, Mr. Johnson was the first witness to present
am
of the Public Utility Holding
from the Federal District
be argued in the Circuit
constitutionality of the registration provisions
the
Associated
"I
final determination of the
Electric Bond and Share Co. that it
the
members that the law should set the standard as closely as
Mr.
a
Second, the court rejected the plea of the
was
was
been blocked by injunctions
constitutional issues involved.
Federal Government and of the
expedite a final determination of the
that this phase of the PWA program has
years
Court of Appeals in New York.
Tribune":
seeks to
3767-
Chronicle
afterward the
employing 1,500, was
and bodies provided by the
De Soto division plant,
forced to close because of a shortage of motors
idle Chrysler plants.
Absence of union
employees of the
Packard Motor Car Co. stamping
kept
division caused a material shortage that
men
The Fisher Body plant in
between
2,500 and 3,000
'
from working.
Pontiac, a General Motors unit, closed,
ing 3,300 employees out of work.
throw¬
E. R. Leeder, plant manager, said
the
3768
shutdown
Financial
was
ordered because'of "excessive heat."
Chronicle
An unconfirmed report
that the action was intended to forstall a
sitdown strike said to have
been considered by union leaders to force
members to pay their dues.
was
\
Richard T. Frankensteen, union organizer, conferred with
nition of the shop steward
system and
objections to
a
the Packard
It has been suggested that the
Governor Herbert H. Lehman, of New York
State, signed
May 26 the Stephens bill amending, consolidating and
clarifying Articles III and V of the State Banking Law, which
the world, and arrest
over
Treasury in its acquisition.
Congress of the United States adopt legis¬
lation that will authorize the President to reduce the price of gold to some
reclassification of jobs.
Recodifying New York State Banking Law Signed
by Governor Lehman—Consolidates Sections Re¬
lating to Banks and Trust Companies
definite program must be adopted
some
that will halt this excessive flow of gold from all
point between the now statutory value and that which
to 1933.
Bill
later,
sooner or
the tremendous expenditures by the
A union spokesman said the
dispute centered about recog¬
management.
June 5, 1937
Unquestionably,
effect prior
was in
Assuming that the price is again reduced to $20.67
per
Troy ounce,
then the loss which would be sustained by the Federal Treasury on the gold
it
has in its possession would exceed
now
$5,000,000,000
of $2,800,000,000 at the time the price was raised
as
against the profit
to $35 per Troy ounce.
In addition to that, the deflationary effect of such an action would result
once
in
more
major budgetary deficits.
new
on
sections relate to banks and trust
companies. The purpose
effect of the new bill, which was recommended
Reorganization of Banking Structure Is Necessary to
Avert Inflation, Dr. J. E. Goodbar Tells
Society
for Stability in Money and Banking
and
by
Governor Lehman in his annual
message to the Legislature,
is to eliminate existing formal differences
between ordinary
State banking institutions and State trust
companies.
The
new bill will become effective on
June 30, 1937.
^sfcThe Manufacturers Trust Co., of New York, has issued a
pamphlet summarizing and explaining the major
changes
effected by the new bill.
It said that "banks not exercising
fiduciary or trust powers are but slightly affected by the new
legislation, whereas practically all of the differences between
banks exercising fiduciary or trust
powers and trust com¬
panies have been eliminated."
The following bearing on the new
measure
signed by
Governor Lehman on May 26 is from
Albany advices, that
day, appearing in the New York "Herald-Tribune" of
May 27:
■
V _: \'V/■"
\ It
(the bill) clarifies
repeals certain provisions, eliminating
duplications,
and among other changes provides for transfer of
abandoned funds, author¬
or
izes the Banking Board to increase reserves
against deposits and adds a new
section to the Finance Law for the
custody, preservation and disposal of
abandoned funds.
In
his
memorandum
on
the bill the
Governor noted
that
the
Superin¬
tendent of Banks in his 1936 report pointed out that
Articles III and V had
become quite similar in both form and
content, by reason of amendments
over a period of years which had conferred
all commercial
banking
upon trust companies, and which had authorized
powers
the superintendent to
per¬
mit banks to exercise trust powers.
"Obviously," the Governor
>
went
on,
"since banks and trust companies
practically the same powers and are subject to almost identical re¬
strictions, only confusion results from the regulation of the two
types of
possess
institutions by separate statutory provisions.
"In drafting this recodification, a number of
in the existing statutes for the purpose of
some
plan for averting inflation by reorganizing the banking
was offered yesterday (June 4) by Dr. Joseph E.
Goodbar, President of the Society for Stability in Money
and Banking, in an address before an Economic Conference of
the Society at Richmond, Va.
Dr. Goodbar proposed the
complete segregation of checking accounts from time and
savings deposits, stabilization of the total amount of demand
or
checking accounts, and limiting banks, in their use of
funds on demand deposit, to the
making of self-liquidating
loans and to investments in
government obligations.
His
address was summarized in part as follows by the
Society:
Government deficits must be ended, as a matter
of-course, if inflation is
to be
avoided, he continued, but warned the public against losing sight of
the true
formal charges
simplifying
or
were made
clarifying them.
of the 1929
causes
"Important
disaster, saying;
it is, for our government to set its own fiscal house in
order—and I know of nothing more
important to us here, or to the entire
as
country—there is nevertheless
a
danger that, in
grave
placing
so
much
emphasis
on that necessity at the present
time, we may lose sight of the
fact that the smash in 1929 crushed all the
high hopes of the "New Era."
despite the fact that, for a number of years our Federal budget had not
only
been balanced, but had
provided for a rather rapid repayment of some of
the debt incurred
during the World War!
lg|"What
from
a
calamity it would be if, in
a
anxiety to prevent the danger
our
continued lack of balance in the Federal
budget, we should lose sight
of the fact that there
is, and has been inherent in
disruptive force that, only eight
years
banking system,
our
played
ago,
a
leading role in the
a
greatest economic tragedy this
country has ever known!"
Asserting that demand deposits
90%
of
financial
our
though they
Since Articles III and V, at several points are not
identical in substance, the
consolidation in
A
system
two
used
are
as
of payment in over
means
transactions, and therefore must be thought of
were money,
major functions.
Dr. Goodbar pointed out that
It
serves
as
services in relation to each other.
as
performs
money
yardstick in measuring goods and
a
And it facilitates the exchange of goods
and serves.
cases
necessarily makes applicable to both types of
institutions statutory provisions which now are
applicable to only one, and
in other cases, eliminate entirely provisions now
applicable to only one type.
In addition, other substantial
changes not necessitated by the consolidation
but considered by the Department of Banks as sound
banking principles
are
R. S. Hecht Cites Sound Liberalism of Banks in
with
New
Problems as Well as
Dealing
Banking—Tells
Alabama
embodied in the bill."
In
Sincere
issue of Jan. 16, 1937, page
373, we referred to the
remarks of Superintendent of Banks
our
Banking Law.
Frank C. Rathje Says Problem of Inflation
Deflation
Retarding Recovery—Head of Illinois Bankers
Association Says Pending Legislation Causes Un¬
certainty
The United States is at present
facing
flation of commodity prices and credits
either another de¬
or
an
inflation in
commodity prices, Frank C. Rathje, President of the Illi¬
nois Bankers Association, told the Association's annual
con¬
vention at Chicago on May 24/ Mr.
Rathje drew this con¬
clusion from pending efforts to induce the
Treasury to lower
the price of gold and to promote Government action further¬
ing a|rise in commodity prices which would permit them to
reach
level
a
proportionate to the rise in gold.
Another
problem which he said is retarding an orderly recovery is
that
of
an
international
agreement
to
restrict
gold
duction.
*
pro¬
In
discussing various legislative proposals, both State and
Federal, affecting banking, Mr. Rathje said:
<
I appeal to the Executive and Legislative branches of
our
attract competent men.
period of 50
Our dual system of banking
as
it has existed
over
years or more should be preserved for the best interests of the
people of this State and the Nation.
It has done much to build this
great
Commonwealth.
America still faces many urgent economic
problems.
emergency
relief and budgetary deficits
are the
to
that
are
ers
Industrial strife,
subject matter of
Chief Executive of the
United
per Troy ounce, and since then, the
sistently maintained
a
ounce.
By Congressional authority the
States increased
the
price of gold to
Treasury of the United States has
$35
the United States at the time of the
revaluation, viz., Jan. 31, 1934.
Activity
of
of
Result
the
Alabama Bankers Association, at
May 28, under the title "Bourbonism
in
ideas
our
Banking,"
to prove
us
suited
that
only
liberals'
It.
we
S.
to
Hecht
declared
not 'Bourbons'—
are
past
conditions'—but
willing to contribute
in
our
attitude to the efforts which wise lead¬
which
are
arising with such irresistible
force,
and which
will not be denied."
Mr. Hecht, who is Chairman of the Board of the Hibernia
National Bank of New
Orleans, commented upon the Bank¬
ing Acts of 1933
these
and
1935, observing that "in formulating
the
measures
Administration and the Congress had
the full and constant
cooperation of the American Bankers
Association and other banking
groups.
In other words, we
bankers were not 'Bourbons' nor
'standpatters' opposed to
any new
banking legislation, but
we
proved ourselves 'sound
liberals' in making concrete
suggestions, as well as offering
constructive criticism."
In his
A
real
concluding remarks Mr. Hecht said:
challenge is
what
presented
to
our
fraternity
to
do its full part to
is
best and soundest in our
present social and economic
structure, and to insure the continuance of free play of private enterprises
and
individual initiative.
A way must be
found to bring into proper
preserve
relationship the several conflicting elements which make
of
national
our
of
the
life
and
the
problem
country between
of
capital,
the
proper
up
the
sum
distribution
of
employees
and
management
total
the
must
be solved.
I
think
nesses
that too
solely
as
for
long have
we
collectively regarded
respective busi¬
our
the
the
means of selfishly enriching ourselves without sufficient
public welfare and the rights of others.
Perhaps it is
because heretofore we have not
voluntarily contributed enough toward the
happiness and protection of the aged and unemployed that we are now
regard
forced
of
By this increase in the statutory price of gold the Treasury of the United
States profited to the extent of $2,800,000,000. This profit in book value
was based on $4,000,000,000 of
gold in the possession of the Treasury of
Relief
Need
are
to
provide
should
us
con¬
market for foreign and domestic
gold at that price.
Intolerant
Sees
making to reach constructive satisfaction of those
demands for higher standards of
living for all of our people
comment
reaching problem of the Treasury's acquisition of gold,
popularly referred to
as "the rising tide of
gold." You will recall that prior to 1933, gold had a
Be
but
Hampering Business
on
'sound
thinking and in
income
In recent weeks, leading economists of the
country have discussed the far-
statutory value of $20.67 per Troy
we
the
Should
Work
Government
Liberalism
behooves
'devoted
oh every hand
'
Sound
that "it
Governments,
both State and National, to treat fairly with the
banks; to place them and
the stockholders thereof on the equality, to the end that
the ownership of
bank stock may attract competent capital and the
management of banks
a
Speaking before
Birmingham, Ala.,
None
Welfare
Lest
in Tax Burdens
vs.
or
Is
Social
Caution
White, contained in his
annual report, explaining the reason for the
consolidation of
Articles III and Y of the State
Bankers
social
be
welfare
to
crush
activities
Nor
should
(According to the latest reports, the Federal Treasury now has in its
possession approximately $12,000,000,000 in gold or an average
increase,
government
since Jan.
for
individual
development of
proper
them
by law.
in
legislation, but
governmental
as
for
intolerant,
permit
we
we
social
initiative
business
the
Under
principle,
take
must
relief
and
and
all the
circumstances
no
one
toward the objectives of sincere
lest
care
will
so
become
a
the
heavily
serious
multiplicity of
increase
taxation
deterrent
to
the
industry.
public
to
can
on
live
under
the
illusion
that
our
Nation.
31, 1934, of
has reached
a
more
than
$130,000,000
peak of $50,000,000 per week.
per
month.
Recently it
The greater part of this in¬
has come by reason of the importation of
gold from foreign countries.
How long is it economically sound for the
Treasury of the United States,
crease
operating at a deficit, to continue the purchase of this huge supply of gold?
tures
In
it
is
cares
some
of
so
rich
to
that
make
it
without
reading I
go
serious
indefinitely making
harm
ultimately
expendi¬
befalling the
any
a quotation from the
writings of the great economist, John Stuart Mill, which, although written
nearly a century ago, seems to me particularly applicable to what the
attitude of the banking fraternity should be at this time.
Mill said:
my
recently
came
across
Volume
"History
Financial
144
place within
munities only
half conscious of that which Is bafalllng them.
Wise men foresee
what time is thus bringing and try to shape Institutions and mould men's thoughts
office,
It
on one hand and
behooves
bankers
we
to
us
shall
ment
to
see
be
it
that
classed
this
in
of
era
changes
the
constructive
our
proper
and
place
the
our
as
which
service
will
assure
the leaders of the Nation, and only
among
tude will still
reputation
conscientious
criticism that
we
guilty
are
in
us
the "sound liberals" that I believe
in which
be
may
banks
of
it
established
of such
laws
branches
of
seeming fairness
State
within
for
its
organized
principal
its
has
in
operated
or
authorize the
State
the
under
any
establish¬
of
laws
the quoted language should not blind us to iti
of
It
by
we are.
bill,
of
branches
of
relation whatever to
no
its borders of branches
within
of
its
banka
own
State permission
bank from outside
a
'
j
State autonomy in banking.
It if
■
would destroy
if enacted,
should
,
.
We
be
opposed vigorously and promptly by
therefore
that
urge
Senators, and that
banks
every
State bank and
your
Representatives
unit National bank.
very
and
At the final session of the convention H. A. Pharr, Presi¬
dent of the Parker National Bank in Mobile, was elected
has
State borders
own
entering wedge of the most vicious nature.
an
such an atti¬
establishment
the
for
that State.
The
future
permission
the establishment
of
"Bourbons," and instead establish
are
time the
operation
district
Reserve
branch
no
the
insidious nature.
of
ignorant opposition to inevitable changes, but rather than we should be
helpful in molding peoples' thoughts and ideals as to fit in with the
changes that are "silently coming on."
Only if we are imbued with that spirit can we bankers render society
who
Federal
that
State."
The
great economic
unwise
the
among
and
such
Ignorant opposition to change on the other."
not
the
provided
State, "Unless at
and purposes In accordance with the change that Is silently coming on.
The unwise
are those who bring
nothing constructive to the process and who greatly Imperil
the future of mankind by leaving great
questions to be fought out between ignorant
change
3769
Chronicle
snows that great economic and social forces flow like a tide over com¬
and
"Don't pass
President of the Association; W. 0. Bowman, President of
the First National Bank of Montgomery, was chosen First
do
contact
call this to the attention of non-member State
and urge that they take like action.
resolution"—write, telephone
wire
or
Representatives in
your
Congress.
Vice-President; Maclin F. Smith, Vice-President and Trust
immediately
you
you
unit National banks,
Ask
Officer of the Birmingham Trust & Savings Co., was elected
Second Vice-President, and M. A. Vincentelli, President of
A
committee
interest
the
on
Cullman,
W.
C.
(May
28)
the next meeting of the Legislature
State
President
is composed of
Friday morning
appointed
was
debt.
The
to
at the request
investigate
Mr.
ure.
of Governor Graves,
It
is
fight
Bowman, Montgomery, and Mr. Robertson.
Urges New Federal Transportation
Policy—Says Unless Solution to Railroad Problem
Is Found, Government Ownership Will Result
which
tions
would
end
the
railroads
on
petitors
on
Club
Federal
new
Louis
transportation
accumulation of
and
St.
of
burdensome
the
his
fight alone to
be most affected
will
into
community
the
.
.
McAdoo
his
and with what
measure,
would
measure
ever,
policy
banking
as
change
does
would
credit
smaller
remote
from
with
it
ahead Bhould
lie
banking
permit branch
not
it
institutions
banking.
defense against such
to
It
would
how¬
systm,
a
sought
expanded and
for
centralization
business,
it
dangerous
communities,
the
and
sources
the banker's
is
>'
banking would be
the
in
ture
well, for
as
to acquaint
would
surrounding States
in
institutions
the law here.
Branch
restric¬
It
it.
and
Illinois
affect
not
eventually endanger the Illinois legal
to
by
confidence
is the
It
measure.
.
directly, since the State law
on
this
oppose
the farmer and the manufacturer
man,
who
ones
behind
law.
The
regulate and tax their com¬
equality with them.
The principal problem
an
.
condemned
was
bankers'
business
take
lies
become
Matthew S. Sloan, President of the Missouri-Kansas-Texas
Traffic
are
to
what
Sloan
the
of the
task
the
\
in the Senate Banking and Cur¬
now
Schmidt said, in part:
not
they
Lines, speaking before
May 27, advocated a
merchants to
that something is really done.
see
as "an insidious attack
systems" by J. F. Schmidt,
Waterloo, 111., President of the Illinois Bankers Association,
Chicago, on June 1, who urged bankers and those they
serve throughout the State to voice opposition to the meas¬
M. H. Sterne, Birmingham, Chairman; H. A. Pharr, Mobile;
Matthew S.
independent
both the unit and dual banking
on
committee, appointed by M. L. Robertson,
of the Association,
to
up
is
Committee,
rency
plan for lowering
a
likewise, then follow
The bill, which
National Bank of Montgomery, was reelected
Secretary Treasurer.
The Birmingham "Age-Herald" of May 29 reported:
,
leading stockholders and
Please write to me, giving the results.
the Alabama
and report prior to
directors,
your
would
of
industry and agricul¬
the
mean
funds
tightening
financial
in
of
institutions
those communities.
involving the railroads, Mr. Sloan said, is whether service
is
to
be
rendered along
lines
or
whether
rail
the
The
"progressive, efficient and low-cost
lines
shall
be
forced
opposition of the New Jersey Bankers Association to
the bill
into bank¬
indicated in our May 29 issue, page 3602.
was
'
'
ruptcy and, finally, into government ownership and politics."
of
The railroad problem, Mr. Sloan asserted, is the problem
the public.
He declared that the railroads cannot go
indefinitely
on
of
means
In
the
meeting
problems
of
rising
costs
Education of Public
discussing
booklet
A
recently issued by the Transportation Association
that
out
$26,000 worth
for
each
labor's
of
railroad
silent
in the
tools
worker
to
partner—invested
in
of America
capital—has
shape of tracks, locomotives
use
and
facilities,
Without argu¬
is
the
factor
encouraging the belief that such a
public's growing antipathy towards the
ownership of
the
Such
railroads.
already staggering national debt.
industry into politics.
ties,
of them
many
it would,
largely dependent
ownership is
to all communi¬
sums
rail service and make it
up
In
at
not
spite of these dire and inevitable results government
all
impossible
treatment is accorded the
unless the
public
it that fair
to
sees
Captain W. C. C. Innes, Chairman of the Commercial Bureau of Canada,
said
in
address
an
is
debt
which, he said,
he
of
that
last
Canada
declared,
then
he
of
the
that
believe the business
solution
acute
warrants,
eration.
that
the
to
a
If I
before
pressing
be found
and
the
in
settles
it
be
"must
problem
found
among
It
the
by
facing
Railways,
is
a
question,
country."
business
And
men
our
Canada.
railways
"It
is
a
before
vital
it
reaches
problem
and
have
succeeded in
a
the
it
is
worth
degree in convincing you
fighting
for,
from
a
moral,
good-buBiness standpoint, then I have accomplished the
pure
visit here
my
the smallest
even
policy
with
Smith
you.
The
four
legislation
principles
established
the
with
munities
as
savings
First,
operation.
Chamberlain,
President
A.-—President
B.
State
Schmidt
Bank Division of
Illinois Bankers
of
a
letter
addressed
to
members
of
the
State
Division of the American Bankers Association, H. M. Cham¬
President of the Division, calls attention to the
McAdoo national branch banking bill, which he declares "is
far
so
an
entering wedge of the most vicious nature."
If enacted,
Mr. Chamberlain, the bill "would destroy State auton¬
omy in banking."
Immediate contact with representatives
in Congress is urged to "vigorously and promptly" oppose
the
The following
bill.
is the letter
Mr. Chamberlain,
who is Vice-President of the Walker Bank & Trust Co. of
Salt Lake City,
Senate
facilities.
Second,
and
for the individual of small
Comptroller
a
of
introduced on May 6, 1937, by Senator McAdoo,
national banking association may, with the approval of the
the
Currency,
establish
and operate
new
branches at
any
set
to be
was
up
com¬
operated1
to be rede-
were
which
to provide a safe
was
means.
.
.
.
Savings deposits bear 2% interest,
increase in the
the
the total
limit
of $500
originally placed
on
might be deposited by any one individual,
ample evidence that competition does exist" between the
are
,system and banks.
In urging the education of the public
inflation, Mr.
The
general
extent
upward
result of
taken
bank loans.
on
the
building
in
movement
place since
The funds
economic
these
and
activity
disbursed this
money
stock
significant
are
the
in relief and
The funds trickled down through
recipients ultimately
the
outright
owned
are
the
any
The government obtained cash by sale of
accounts, and thereby swelled the total of
which
and
which this activity is based
to the banks, and' it
structure,
deposits,
the dangers of
is not based to
1932
upon
government borrowing.
their bank
on
Smith declared:
which has
market
by
deposited
deposits.
their
them
in
It is upon
depositors,
the
that
upward movement in security prices and the upturn in building construction
are
based.
have
should be observed
little
control
depositors
make
restriction
of the
By
no
there
is
a
adequate
as
the
activity by adopting
do
however,
this
period
powers
taken.
If
Banks have
and
money,
upward
I
control
to
the
therefore
be taken
that
as
we
an
we
have
impressing
question, an
banks directly
indication that
in the views of
legislation has given the authorities
been
situation,
favored
with
provided;
somewhat
the
necessary
more
those principles
upon
our
our
customers.
than
steps
average
responsibility
Beyond
any
informed public, alive to the dangers of inflation, aware that
booms
are
of
complex forces at work in the financial system—such
the
use
force
...
bankers
in
the
necessarily going
are
I have confidence
familiarity with the principles of money and banking, it is
aid
over
cannot
stringest loan policy.
statement
my
drastic inflation.
of
control
no
banks
a more
wish
movement to
economists who hold that recent
those
are
their
of this chain ©f events banks
consequence
possibility of controlling it, and that
no
have
to
that in
this upswing.
over
of
means,
control
cannot
to
Bf^l 2347,
provides that
the system
The fourth and final principle
"The fact that Postal
of
Utah:
System
furnish bankless
possible, in the banks located in the communities where
as
originated.
method of saving
berlain,
says
Savings
to
was
the funds deposited in the Postal Savings System
the funds
It
Bank
Sulphur Springs,
the^recently completed
System by the Commit¬
supplement to chartered banks rather than in competition with them.
a
Third,
Association Also Declares Against Measure
In
of inflation
dangers
Postal
it
public works and all its other activities.
A.
the
as
described
also
which
for its
securities, largely
McAdoo National Branch Banking Bill Would "Destroy
State Autonomy in Banking" According to H. M.
>.
Banking Studies of the American Bankers Associa¬
on
and
politically minded people."
alive to
are
'
the
taxpayers of this country will find
confronting
reached
transportation
and
of
purpose
settled
solution
never
tee
I said at the outset, your most careful and thoughful consid¬
as
new
economic
be
men
problem
has
it
stage
most
Canadian National
threatens Canada's national life.
the
taxpayers because it will
I
the
that
government-owned
"must
that
added
month
Mr.
Va.
posited, in
carriers.
of
"Ef¬
Most
tion, saying:
vast and vital
a
District
is
against financial difficulty
investigation of the Postal Savings
to our
railroad tax payments, and
upon
believe, slow
persons
unbearably
turning
mean
It would add tremendous tax
now
all thinking
so
expensive.
more
It would
policy is possible
new
add
Public
Against Financial Difficulty
public,
that booms
aware
W.
thought of government
mere
would
move
a
informed
A.—Tells
Bankers Association convention, in White
day," is entitled to consideration, and it is for this "labor of yesterday,"
as
well as the labor of today, that a new deal for the railroads is needed.
Another
B.
unhealthy as panics," Tom K.
Smith, President of the American Bankers Association, said
on
May 27 in an address before the District of Columbia
"the labor of yester¬
as
"an
is
furnished
and
earning his livelihood.
invested capital, referred to in the booklet
ment,
A.
Informed
The most effective safeguard
said, in part:
points
Bankers
of
fective Safeguard"
solution of the railroad problem, Mr. Sloan
a
Smith
Columbia
improved equipment and better operating methods.
Dangers of InflationJUrged by
on
President
by
as
unhealthy
as
panics,
and able to understand the significance
an informed
,
3770
public
Financial
the
is
financial
effective
most
safeguard
nation
any
could
have
of
Tax
Corporations
Undistributed
on
Recommended
Federal Taxation of
Treasury
I.
B.
Earnings
Committee
by
of
A.—Changes Submitted
and
Department
House
and
Senate
In
Recommendations
modification
for
of
the tax
undis¬
on
May 31, by the Committee
on
Federal Taxation of the Investment Bankers Association of
America.
Minot Jr., of Jackson & Curtis,
J.
of
the
committee, emphasized, in
mendations, that they
unwise
Boston, Chair¬
offering the
designed only to
were
recom¬
mitigate
the
of the tax which <fwe believe strongly to
consequences
if all
be
suggestions are accepted."
recommendations, which
were approved by the Board of Governors of the Associa¬
tion, and made public at Chicago, said that balancing of the
Federal budget was "imperative," and added that if govern¬
mental expenditures were not reduced an increase in other*
an
The
even
one
statement
our
accompanying the
forms of taxes should be the alternative rather than further
borrowing.
Adoption
that
of
tures
and
creased
sufficiently
reduced
exemption
lowering
then
mendations
decrease
an
revenues
from this tax
the tax
in
increase
on
1.
special
if
or
the
on
is
revenue
personal
not
income
sufficiently in¬
tax or in some
might be made
by
up
a
have suffered
losses
severe
during the depression
penalized by inability to retain all earnings in order to recoup
are
2.
which
Corporations
A
deficits
making it
impossible to
where changing conditions make it necessary to retain
corporation
of earnings to finance
large proportion
4. A
whole
5.
in
or
A
definite
no
that
assurance
new
equipment purchases.
fund requirements
they
can
to
meet
on
which
be considered a deduction, in
part, under the law.
engaged in mining which can never escape some
corporation
undistributed
6.
sinking
having
corporation
there is
on
incurred
have
dividends under the laws of the States of their incorporation.
3.
a
tax
its depletion account.
profits owing to
A corporation,
small in size but growing, which cannot expand prac¬
tically except through reinvestment of its earnings.
Stressing the interest of investment bankers in the effect
of the tax
citing
on
the credit structure of corporations, although
well its "tendency to make booms bigger and de¬
as
deeper,"
pressions
the
holds
union
special
memorial
Local officials feared that the
for the victims of last
services
Sunday's riot.
Steel Workers
The
with
Organizing Committee today distributed
heavy black border of mourning.
a
dead murdered
police for the Republic Steel Corp.
by the Chicago
Bodies will lie in state
9233 Houston Ave., Thursday, June 3, at 2 p. m.
a.
m.
to 2 p. m.
Join the picket line.
Join the union.
Win the
they gave their lives for."
cause
The union expects large
to
on
Funeral services for Steel Union Martyrs at Eagles Hall,
Memorial Day.
from 10
handbills
The handbills read: "Honor our
attend the
mass
delegations from other CIO unions in this area
funeral services tomorrow and anticipates a crowd of
No formal plans for a demonstration outside the steel mill have
25.000.
been made,
according to union officials, but the police tonight were ex¬
...
at work in the South
Chicago steel mill were at their posts today.
An inspection tour of the plant under the
guidance of company officials
indicated, however, that there were perhaps as many as 600 men at work.
They sleep and eat within the plant.
union
be
statements
far
to
the contrary.
below the plant's
Steel is still being produced, despite
The production rate, however, must
capacity.
general increase in corporation taxes.
previous losses.
pay
Altogether 950 policemen are now
policemen.
feel that the loss occasioned by adoption of our recom¬
we
Corporations which
now
Republic Steel plant here today.
huge
outside the
peaceful
pickets paraded outside the main gate under the scrutiny of
hundred Chicago
assigned to duty at the Republic Steel Mill.
after
those
Examples of the harmful effects of the undistributed
profits tax noted by the committee included the following:
and
score
According to union claims, less than 150 of the 2,500 employees normally
classifications we have men¬
paying out less than 80% of their net earnings.
If expendi¬
by
other way,
will
possible need of
a
coming within the
not
not
are
Two
was
several
proposals the committee also said:
recommendations
our
recognize
we
corporations
tioned
challenged the steel companies
peace," he added.
All
pecting trouble.
In submitting its
so
had
augmented police detail might be called into action tomorrow afternoon
James
man
blamed
officials
accept this proposition or forever keep
"Let the steel companies
dent.
on
police
"carry their case" against signing contracts with the union to the Presi¬
their
Committee,
the
heads of the strikers.
Ind., Van A. Bittner, Steel Workers
Organizing Committee regional director,
to
upon many cor¬
examples of the hardship the tax works
Sunday's riot,
the police did not fire on the advancing pickets
radio broadcast from Hammond,
a
porations, were submitted to the Treasury Department, to
the Ways and Means Committee of the House, and the Sen¬
'
after
until after rocks had been hurled at the police and until after they
In
Finance
issued
statements
the strikers, saying that
fired warning shots over the
tributed earnings of corporations, supported by specific typi¬
dispatch
Geoffrey
Parsons Jr.:
on
Committees
ate
plants of the independent steel
was summarized as follows in a Chicago
of June 2 to the New York "Herald Tribune" from
companies
Modification
cal
June 5, 1937
Status of the strike at the
against
difficulty.
to
Chronicle
recommended
committee
the
specific
exemptions for:
Rules,
Regulations and Forms Issued by SEC Under
Utility Holding Company Act now Available
Single Compilation
Public
in
The Securities and
Exchange Commission announced on
May 26 that its rules, regulations and forms under the Public
Utility Holding Company Act of 1935 are now available in
a single
printed compilation.
The compilation contains all
such rules, regulations and forms, as amended, to and in¬
cluding May 15, 1937, except the Uniform System of Ac¬
counts for Public Utility Holding Companies and the Uni¬
form System of Accounts for Mutual Service Companies
and Subsidiary Service Companies.
The latter are available
in separate printed pamphlets.
In printing the rules, regu¬
lations and forms certain necessary typographical changes
have been made.
The following rules have been amended
in certain respects and are included in this compilation, as
amended: Rules 5A-3, 5B-1, 6B-1, 7A-1, 10A-1, 13-3, 13-11,
13-21, and 17C-9.
Copies of the compilation may be obtained from the SEC,
Washington, D. C., upon request.
(a) Companies in weak financial condition.
(b) Those
deficits
with
make the payment
which
of dividends illegal
Attack
under State laws.
(c)
for
Those which can reasonably
rehabilitation
distinct
as
(d) Those whose losses
prove
from
over
new
the need of credits for expenditures
(e) That
corporations with small
earnings
should receive special treat¬
ment.
(f) That there
payments,
considered
should be
whether
as
(g) That
a
no
a
fixed
a
clarifying amendment so that sinking fund
amount
or
a
percentage
of earnings,
can
be
deduction.
tax
on
undistributed earnings should be imposed on those
corporations paying out 80% of their net earnings after allowable credits.
(h) That corporations should not be forced to guess their earnings and
should, therefore, be given
fiscal year
what, if
to
any,
pay
a
Murray Butler, President of Columbia Uni¬
speaker on June 2 at the annual luncheon of
the Alumni Federation of the University, and again on the
same day, spoke at the commencement exercises, when he
ridiculed the "notion" that the age of a man's mind and soul
is measured by years, as is his body.
Some of his hearers
interpreted this address as an indirect defence of the United
States Supreme Court.
Dr. Butler's commencement address
was reported in part as follows in the New York "Times"
at least three months
after the
close of their
year.
was a
of June 2:
final dividend which would be counted in determining
tax on undistributed profits they should pay for the previous
Delivered!by Dr. Butler at
Function—University
Defends Young Minds in Aged Men
Commencement
Dr. Nicholas
versity,
Additional recommendations were:
Communism
President Also
plant expansion.
period of years have exceeded their gains.
a
on
Columbia
Some of the older graduates
expressed the belief that
Dr.
Butler
was
defending the United States Supreme Court indirectly when he not only
quoted Cicero on the achievements of Plato in his old age but cited the
achievements of the aged
CIO Officials Assert 80,000 Have Joined Strike Against
Three
Independent
Steel
Companies—Youngs-
Inland Refuse to Sign Agree¬
at
Republic's Chicago Plant
Fight with Police
Pope Leo XIII, Bismarck, Cardinal Newman,
Disraeli, John Marshall, Elihu Root, General Jan Christiaan Smuts and
Pope Pius XI.
"The plain fact," Dr. Butler added, "is that the world's best work is
town, Republic and
ments—Six Strikers
being done and has always been done, by
Killed in
heads and
Approximately 80,000
men
were
on
strike this week in
protest against the refusal of Republic Steel Corp., Youngstown Sheet & Tube Co. and Inland Steel Corp. to sign collec¬
tive bargaining contracts with the Steel Workers Organizing
Committee, a subsidiary of the Committee for Industrial
Organization.
Strikers picketed plants of all three inde¬
pendent steel companies, but only the Republic Steel.
Corp. sought to continue operations.
Meanwhile Governor
Horner of Illinois and Governor Davey of Ohio sought to
mediate, but it was not considered likely that the dispute
would be settled before next week, at the earliest.
Six strikers were killed, and many strikers and police were
wounded, in rioting at the Chicago plant of the Republic
Steel Corp. on May 30.
CIO officials charged the police
with full blame for the riot and asserted that they would take
legal action against the City of Chicago.
Police asserted,
on the other hand, that strikers had advanced
against the
plant and had attacked them with clubs and stones before
they fired into the mob.
facing minds,
no matter
brought
how
age to
many years
men
of time
now
of youthful and forward-
may
have passed
over
their
their physical frames."
The New York "Herald Tribune" of June 2
Dr. Butler's luncheon address of the
as
quoted from
preceding day in part
follows:
"Most of the advocates of progress today are trying to take our civiliza¬
tion backward, not one generation, but centuries," Dr. Butler said.
"What
civilization existed in the forests of Africa 3,000 years ago?
munism or the form of Government we now see in
Was it
com¬
England and the United
States ?" he asked.
Other speakers,
Hall
on
who addressed the 500 alumni
the Morningside
Heights
campus,
gathered in
Judge John C.
John
Jay
Knox, of the
United States District Court of the Southern District of New York; Herbert
A. L. Fisher, Warden of New College, Oxford
University,
England; the
Right Rev. Winfred H. Ziegler, Bishop of Wyoming, and Paul Windels,
Corporation Counsel of the City of New York.
Advocates of communism
and
are
suggesting that civilization retrace its steps
that the people of the world
go
back to Africa "to sit down under
tropical trees and diein comfortable equality". Dr. Butler asserted.
The fundamental fact for this generation to grasp is the understanding
that
the
United
States could not operate the Constitution drawn up
Alexander Hamilton without the philosophy of Thomas Jefferson,
clared.
by
he de¬
Volume
"For 150 years we have been taught that
forJETamilton and Jefferson
outiboth the American
Court
the other were
removed from his path," he said.
N Historians and biographers
2.%The Justice spent his last day on the Supreme
bench, on which he served 26 years, on June 1, when
the Court adjourned until next October.
In a letter sent to
Mr. Van Devanter, the other members of the Court ex¬
pressed "a poignant sense of regret" over losing his "wise
counsel."
Mr. Van Devanter intends to spend most of his
time on his farm in Maryland.
Justice Van Devanter volun¬
tarily tendered his resignation to President Roosevelt in a
letter bearing date of May 18.
He had said that since he
was 78 years old he had decided to retire under the privileges
accorded by the law passed in March providing for retire¬
ment pensions.
Reference to the Justice's resignation was
made in our issue of May 22, page 3434.
The letter sent by the remaining members of the Supreme
Court to Justice Van Devanter, and the latter's reply, were
summarized as follows in Washington advices, June 1, to the
'
have struck a false note in this contention,
withand
supplementary to one another, and
were
Constitution would never have been drawn up
adopted and this Government could
never
have been started upon its way,
he said.
|K,On June 2, Dr. Butler, sailed
the annual
attend
for
the French liner Normandie to
on
of the Committee of the Carnegie Endowment
meetings
International Peace in Geneva
June
on
15 and 16.
Death of George F. Baker, Chairman of First National
Bank of City of New York—Had Succeeded His
Father
H^ad of Institution
as
George F. Baker, Chairman of the Board of Directors of
the First National Bank of the City of New York, died on
30
May
of
Honolulu
aboard
peritonitis
Mr.
harbor.
Baker
with
signed by Chief Justice Hughes and Justices
"Your decision to avail yourself of the rights
the close association it has been our privilege to
islands
and privileges specified in
Bank
and
succeeded his father, George F.
May 2, 1931. His father, who was
a dominant figure
in the country's banking and industrial
life, aided in founding the First National, and at his death,
at the age of 91, was dean of American bankers.
The
younger Mr. Baker was born in New York on March 19,
1878, and graduated from Harvard in 1899. He immediately
went to work in the offices of the late J. P. Morgan, business
Baker Sr., who died on
A year later he joined
knowledge of precedents
precision of statement have enabled you to
your
invaluable service in
conferences and your labors have
our
the very warp and woof of the
since May 12, 1931, having
affection, and
we
render
entered into
jurisprudence of the court.
"You will carry into your retirement the assurance
warm
the loss of
enjoy for so many years.
"Your temperament and industry, your exact
and practice,
an
McReyand read
.
the recent Retirement Act gives us a poignant sense of regret at
February
The yacht was homeward bound when
associate and friend of his father.
was
follows:
as
59 years old,
Mr. Baker had been Chairman of the First National
It
other members of the court
departure and praised him highly for his industry
nolds, Brandeis, Sutherland, Butler, Stone, Roberts and Cardozo
stricken.
was
letter sent to Justice Van Devanter, the
a
and advice.
to Honolulu,
only to suffer
aboard his yacht last
coast
In
voiced their regret over his
25 while the
on
party of friends for a cruise to the South Sea
a
by way of Hawaii.
he
operation
emergency
the Atlantic
left
had
an
New York "Times" of June 2:
in
week and
last
stricken
May
Viking was at sea.
The yacht was rushed
arriving there May 29.
The financier rallied
a relapse late
May 29.
Mr. Baker, who was
underwent
Viking,
the
yacht,
his
was
June
on
Hamilton and Jefferson were in
such contradiction that neither could make progress unless
3771
Chronicle
Financial
144
of our high esteem and
trust that you will have many years
of continued
vigor.
"
We shall greatly miss your wise counsel
and delightful
Justice Van Devanter replied, addressing his "dear
"I
am
grateful for
brethren."
In¬
words of esteem and affection.
generous
your
companionship."
timate association with you in the work
of the court has been to me both
enjoyable and inspiring; and I shall carry into my retirement happy memo¬
with profound respect and true affection
ries of that association, together
for each and all of
you."
National, and in the subsequent years rose from
the First
clerkship to a Vice-Presidency, advancing from that office
to the Vice-Chairmanship and finally Chairmanship.
Mr.
Baker was a director of the American Telephone & Tele¬
a
graph Co., the General Electric Co., the United States Steel
Corp., the General Motors Corp., the Pullman Co., the New
Jersey General Security Co., the New York Central RR. Co.,
the Consolidated Gas Co. of New York, and the West Shore
RR., and also a trustee of the United States Trust Co. and
Life Insurance Co. of New York.
However, in
Raymond B. Stevens Nominated to Tariff Commission
by President Roosevelt
on June
1, sent to the Senate the
Raymond B. Stevens, of New Hampshire, to
the United States Tariff Commission.
Mr. Stevens resigned
from the Commission a few months ago to support the Presi¬
dent's court reorganization plan.
Reference to Mr. Stevens
resignation was made in our issue of April 10, page 2412.
Roosevelt
President
nomination of
the Mutual
♦
June, 1936, he retired from the directorships of the United
Steel
States
Corp.,
Pullman
the
Co.,
York
the New
and
Virgil Jordan Retained
trial
Central and West Shore RRs.
Cross
of
Baker
Mr.
1917
In
War
was
Council,
determine the plan and scope
1918 he enlisted
as
a
with
affiliated
the
rank
commission to visit Italy, to
of work to be done there.
In
of a
private and was sent to Camp Zachary
Taylor for training.
Mr. Baker is survived by his wife, two sons,
Baker
T.
Mrs.
Suffern
Mrs. John M.
had
Kane
Grenville
and
Jr.
George Fisher
Baker, and two daughters,
the former Florence T. Baker, and
Tailer,
Mrs. Baker
Schiff, the former Edith B. Baker.
reapplied Hawaii by trans-Pacific plane and
bedside before his death.
the banker's
Baker's
was
at
Arrangements were
the
Matson liner Lurline, sailing from Honolulu today (June 5).
made
take
to
Mr.
body
San Francisco
to
on
Francisco the
San
body, accompanied by Mrs. Baker
and her daughters, will be transferred to New York on a
From
private railroad car.
Tributes were paid to Mr. Baker by
of
life, several of which follow:
Herbert
Governor
of
death
the
of
force
structive
George F.
W.
Thomas
for
to
me
and
of
close
so
Lamont,
of J.
partner
associate
an
of
loyal
father,
he
life of his
was
a
to hear
great con¬
city and country.
I
and
so
men.
of
think
help
The
a
Morgan & Co.—George F. Baker
friend that it is hardly possible
of
Trubee
During
its
of
George Baker was
undertook he brought great
he
sound decision.
community without
a
It will be hard
George F. Baker
Stock Exchange—Mr. Baker
high place in the esteem of the financial community.
a
our
Davison,
many
most
he carried
distinguished financiers,
President of the American
years
History
Mr. Baker
and
the years of the
one
was
of its
a
most
His
loss
to
Museum
trustee of
on
of the National Indus¬
Board, held May 27 at the Waldorf-Astoria,
City, Elon H. Hooker, President of the Hooker
elected Chairman, and John Henry
Hammond, of Hines, Rearick, Dorr & Hammond, Honorary
Chairman.
Dr. Virgil Jordan was retained as President and
Chief Executive of the Conference Board, and Fred I. Kent,
in New York
Electrochemical Co., "was
of
director
Bankers
the
Trust
Co.
of
New
York,
re¬
was
also
The following Vice-Chairmen were
elected Treasurer.
elected:
Irenee
du
Pont,
director
E.
I.
du
Pont
de Nemours
&
Co., Wilming¬
Delv
ton,
E.
Kent
Hubbard,
President
of the Manufacturers Association of
Con¬
necticut, Hartford, Conn.
Walter J.
W.
Kohler,
Chairman Kohler Co., Kohler, Wis.
Carey Jr., President Yale & Towne Mfg. Co., New York City.
Gibson
After introductory
and
President
entirely to
remarks at the meeting by the Chair¬
of the Board,
the consideration
devoted
discussion was
of 'The Influence of Public
Opinion and Education upon Economic Progress in Amer¬
ica."
Five of the principal aspects of this general problem
considered
by national authorities in their respective
fields.
David
Ford
Appointed Assistant Governor of FHLBB
May 29, the Federal Home Loan Bank Board appointed
David Ford of Atlantic City, N. J., Assistant Governor of
the FHLBB.
Mr. Ford, who is head of the New Jersey
On
Building and Loan League, will assist Preston Delano, the
Board's Governor, in directing activities of the 12 regional
Home Loan Banks.
He assumed his new duties on June 1.
in the
generous
of Natural His¬
the American
and active
the
as
such
a
Treasurer
powerful backer in
institution is irreparable and will be deeply
by his fellow trustees and the members of the staff.
The death of
Mr.
Baker Sr.
was
noted
The Board of Governors of the Federal Reserve
columns
given.
Van
Devanter
Associates
Leaves U.
S. Supreme
Court—
Express Regret Over Losing His "Wise
the current year.
Bank of Atlanta for the remainder of
The Board also announced the following
appointments:
unexpired portion of term ending Dec. 31, 1939, Gilbert Prole of Batavia,
N. Y.
Federal Reserve Bank of Atlanta—Birmingham Branch—Branch
tor, for unexpired portion of term ending
Huntsville,
resignation of Willis Van Devanter
as an
Associate
Justice of the United States Supreme Court became effective
on
Federal Reserve Bank of New York—Buffalo Branch—Branch Director,
Counsel"
The
System
May 28 announced the designation of W. H. Kettig of Bir¬
mingham, Alabama, as Chairman and Federal Reserve Agent
for
Justice
Appointed Chairman and Federal Reserve
Agent of the Federal Reserve Bank of Atlanta—
Other Appointments
at the Federal Reserve
in these
May 9, 1931, page 3432, at which time also a sketch of his
career was
W. H.Kettig
Museum
supporters.
museum's greatest development he was
Chairman of the Finance Committee, and
growth.
felt
mind,
Gay, President of the New York
one
Natural
of
task that
Chairman
tradition.
tory—For
and
every
generous
York banking
Elected
Hooker
He was the kindest
Like his father before him,
its best traditions.
on
R.
his merits,
son
F.
the New
carry
won, on
finest
and
open
an
of
Charles
To
candor.
utter
At the twenty-first annual meeting
were
P.
dear
outstanding integrity, a man of extraordinary independence of judgment
application,
to
Like his
speak of him except in such relationships.
most
and
to
Baker.
business and civic
sorry
sympathy to his family.
offer my sincere
was
the
in
deeply
am
H.
Board—E.
Conference
trial Conference
man
New York—I
Lehman of
H.
in various walks
men
<
President of National Indus¬
Chairman and J. H. Hammond Honorary
appointed by the American Red
Chairman,
Lieutenant-Colonel,
as
Ala., New Orleans
Branch—Branch
portion of term ending Dec. 31, 1938, Alexander
Miss.
Direc¬
Dec. 31, 1939, Howard Gray of
Director, for unexpired
Fitzhugb of Vicksburg.
*
.
,
3772
Financial
Chronicle
Federal Reserve Bank of
Chicago—Detroit Branch—Branch Director, for
unexpired portion of term ending Dec.
31, 1938, L. "Whitney Watkins of
Manchester, Mich.
1
Federal Reserve Bank of St.
Louis—Memphis Branch—Branch Director,
for unexpired
portion of term ending Dec. 31,1937, Oscar Johnston of
Scott,
Miss.
Houston
Elected
President
of
New
York
State
Association—Also Heads Officers
Repre¬
senting New York Banks in Councils of A. B. A.—
State Association Asks Balanced
Budget and Cur¬
tailment of Postal Savings
System
the
concluding
May 31 of the four ty-f our th
annual convention of the New York
State Bankers Associ¬
ation, on board the S. S. Washington enroute from Bermuda
to New
York, Frank K. Houston, President of the Chemical
Bank & Trust Co., New
York, was elected President of the
sesson
Association, succeeding Raymond N. Ball, President
Lincoln-Alliance Bank & Trust Co., Rochester.
ton
Vice-President of the
was
Association
of the
Mr. Hous¬
the
past
year.
He is succeeded to this office
by Thomas A. Wilson, Presi¬
dent of the Marine Midland Trust
Co., of Binghamton.
Joseph E. Hughes, President of the Washington
Irving
Trust Co., Tarry town, was elected
Treasurer of the Associ¬
ation.
Previous reference
issue of May 29,
the
to
convention
3593.
page
The
S.
made
was
S.
in
our
Washington
Be it Resolved, That this
Association urge the balancing of the Federal
budget through a reduction of expenditures and the
lessening of the cost
of government.
f
Whereas, the Postal Savings System was
inaugurated some twenty-five
primarily to serve sommunities lacking
banking facilities,
Now, Thertfore, be it Resolved, that we
urge upon Congress the desirability
of limiting the Postal
Savings System to those communities which lack
adequate banking facilities.
years ago
Mr. Brown also announced that Mr.
Houston, the
new Presi¬
slate of officers elected
to represent the banks of New
York State in the councils
of the American Bankers
Association.
Mr. Houston, Mr.
Brown said, was elected to the
Association, also heads
John R. Evans,
a
Executive Council, govern¬
ing body of the A. B. A.
at
He further announced:
Vice-President and Cashier of the First National Bank
Hudson, N. Y., was also elected to the A. B. A.
Executive Council.
Miiford II. Whitmer, President of the
Citizens National Bank at
ville, N. Y.,
Spring-
elected Vice-President of the A. B.
A. from New York
was
State.
George V.
Police
New
McLaughlin, former New York Bank Superintendent and
Commissioner, now President of the Brooklyn Trust
Co., was named
York member of the A.
H.
Griswold, President
Elmira, his alternate.
Vice-Presidents
were
B.
of the
A. nominating
committee, and Herman
First
National
also elected for the four
follows:
as
National Bank Division:
J.
L.
Bank
&
Trust
at
E.
Company,
divisions of the A. B. A.
Jacobs, President of
the
National Bank.
State Bank Division:
Tupper Lake
W. Garrison, Cashier of the
Hempstead Bank
Hempstead, Long Island.
Savings Division:
E. A. Stebbins, President of the
Rochester Savings
employees of the Exchange and of member firms
completed the full course of study.
In addition,
40 employees of member firms received "Customers' Man
Certificates" for
Francis
P.
McGinty, President
of the
First
Bank & Trust Co., Utica.
Citizens
Exchange Commis¬
Mr.. Landis|has)been pre¬
vailed upon to remain with the Commission
untif Fall when
he is expected to
resign to become Dean of the Harvard Law
sion, of which he is Chairman.
School.
Mr. Landis' present term as a
Commissioner will expire
June 6, but bis term as Chairman
will not end until
June 30.
It is not known whether he will
be re-elected
on
Chairman.
Elected
to
Membership in the New York State
Chamber of
Commerce
the last regular
monthly meeting before the summer
recess on June
3, the Chamber of Commerce of the State of
New York elected the
following as members:
S.
S.
Rodgers, President, The Texas Corp.
Everett W. Nourse,
President, Manhattan Fire & Maine
William B.
Warner, President, the McCall Corp.
Percy S. Vermilya, President, Marc Eidlitz &
Son, Inc.
Cooper, Vice-President. American Telephone &
Insurance Co.
Harrison
R.
Weaver,
Vice-President
and
Treasurer,
Telegraph Co.
International
Hurlbut, Vice-President, International
Paper Co.
Coulter I). Young,
Secretary, International Paper & Power Co.
Carl
William A.
phone Co.
I. Tanenbaum Son & Co.
Vice-President and General
Manager, New York
Engineering Corp.
Robert S. Davis, of the
Irving Trust Co.
J. D. Stetson Coleman, of William
Cavalier & Co.
this
graduates
the guests of honor at
were
\
.
.
The
dinner in the
a
Stock
Exchange Luncheon Club, given by the Committee of
Arrangements of the Exchange and the Association of Stock
Exchange Firms to more than 500 employees of the Exchange
and of member firms
attending Institute or college classes
Bishop G. Bromley Oxman, Bishop of the
Methodist Episcopal Church in the Omaha
area, and for¬
merly President of De Pauw University, was the principal
speaker.
Charles R. Gay, President of the Exchange,
Edward F. Bradley, Youth's
Day President, and Marshall
Dodge, Jr., a partner of J. W. Davis & Co., also spoke
briefly.
during the
year.
ITEMS1ABOUT
William
Haas
BANKS,
TRUST
COMPANIES,
&c.
was
recently elected a Vice-President
the Manufacturers Safe Deposit
Co., New York.
of
•
The Board of Directors of
Co. have
elected
William
Sterling National Bank & Trust
R.
Yorkston an Assistant Trust
Officer in the 42nd Street and
Lexington Avenue office.
»
The
Board
Inc., at
of
Governors of
meeting held
the
Commodity Exchange,
June 2 voted to close the Exchange
for all business on Saturdays in June and
September, 1937.
At an earlier meeting of the Board,
May 12, it was voted
to close the Exchange on
Saturdays during July and August.
Reference to this announcement was given in our issue of
May 15, page 3267. As a result of the latest decision, the
a
on
Commodity Exchange will be closed for all business
Saturdays from June 5 to Sept. 25, 1937, inclusive.
on
*
More than 95%
of the eligible officers and employees of
City Bank of New York and its participating
banking affiliates have subscribed to a plan of group life
insurance, which became effective June 1, according to an
the
National
announcement
board
of
national
by James H. Perkins, Chairman of the bank's
directors.
Because
character—with
of
71
the National
branch
banks
City's inter¬
in
23 foreign
countries, in addition to its 72 branches in New York City—
the plan of group protection is
regarded as one of the most
far
reaching ever written. The insurance program is on a
contributory basis, with the cost shared by the National
City Bank and the insured employees.
The total number of
insured
employees is believed to exceed the number sub¬
scribing for group coverage in any other bank.
The
ag¬
gregate
of
amount
life
group
protection
is
estimated
at
approximately $24,000,000. In announcing the adoption of
the plan, Mr. Perkins said:
The
management
plan
of
for
the
its
believe
that
the
bank
officers
tribution to their welfare.
I
believes
and
am
protection
greater feeling of security.
The
plan
Assurance
administer
America.
has
been
Society
it,
and
Those
to
that
employees
the
by
of
this
group
genuine
a
con¬
delighted that the plan has been adopted
afforded will give the
employee a
United
the
whom
adoption
represents
thus
underwritten
of
the
by
the
States,
Prudential
the
insurance
Equitable
which
Insurance
was
Life
will
also
Co.
offered
of
com¬
prised, in general, members of the New York City staff and
those sent abroad by and from Head Office
(who had been
employed six months or more) and present pensioners who
if in active service would
have been eligible for insurance
under the plan. A liberal feature of
the plan is that present
pensioners
and insured officers and
employees after they
become pensioners will not be
required to contribute toward
the cost of their
insurance, the entire cost being paid by
the bank.
Amounts of insurance to which officers and em¬
ployees
are
eligible to subscribe range between
$1,009 and
a
maximum
of
a
minimum
$20,000, depending
upon the
amount of
salary, the length of employment, and the class
grouping to which each belongs. Those eligible to
participate
have been
grouped in classes according to
ing to whether they are active or retired.
The
affiliates
of
the
age and
accord¬
National
City Bank of New York
officers, employees, and pensioners are eligible under
group insurance plan are City Bank Farmers Trust
Co., International Banking Corp., National
City Realty Corp.,
National City Safe
Deposit Co. The National City Bank of
New York
(France)
A., The City Co. of New York, Inc.,
and City Bank Farmers
Trust Co., Ltd.
*
Tele¬
Kietzman, General Commercial
Manager, New York Tele¬
James B.
Herzog, of S. Stern, Stiner & Co.
John R. Todd, of Todd,
Robertson, Todd
of
.
Tanenbaum, Vice-President,
Whitmore,
phone Co.
graduates
the
William N.
Samuel A.
special, two-year
"Customers' Man
whose
Charles P.
Paper & Power Co.
this
mers' Men.
of
At
William
completion of
special course are eligible to become senior customers' men
without the usual examinations of the Committee on Custo¬
and
President Roosevelt Renames James M.
Landis to SEC
On June 3, President Roosevelt sent to
the Senate for confirmation the nomination of James M. Landis
forjjreappointment as a member of the Securities
and
15
the
This is the first year that the
Certificates" have been offered.
The
course.
insurance
Division:
Annual
The New York Stock Exchange Institute at its
Sixteenth
Annual Commencement Exercises June 2 awarded Certifi¬
Bank,
Trust
Exchange Institute Holds
Commencement Excercises
on
which the
proceedings were held, sailed from New York on
May 27 and arrived in Bermuda May 29; it left Bermuda
on
May 30 and arrived in New York June 1.
Upon his
return from the
cruise, W. Gordon Brown, Executive Man¬
ager of the Association, announced that the
convention, at
the
concluding session, adopted resolutions urging the necessity^ of a balanced budget and curtailment of the Postal
Savings System. These two resolutions were as follows:
dent of the
June s, 1937
Stock
who have
Bankers
At
York
cates to 21
„
+
F. K.
New
The National State Bank of
Newark, N. J., on June 1
celebrated the 125th
anniversary of its establishment.
Founded in a war period,
1812, as the State Bank at Newark,
it was one of a
group of New Jersey institutions sponsored
by the State. William E. Pennington was its first President.
He
later
W. Paul
resigned to become Governor of New Jersey.
Stillman, the present, and 12th, President of the
Volume
Financial
144
institution, is compiling
history of the bank (we quote
1), which the officers and
a
Chronicle
3773
Mr. Redding entered Florida banking in 1888 through the private bank¬
from the Newark "News" of June
ing firm of Blair, Dismukes & Dunn at Ocala and later became associated
directors plan to publish.
Mr. Stillman will be host at a National State Bank party
to be held June 9 at the Robert Treat Hotel.
with the Merchants National Bank of Ocala.
«
In
commemoration
of
He
Bank
anniversary of its
attractive illustrated booklet entitled "Thirty-five
Years with the Plainfields."
The trust company opened for
an
business
capital
June 4,
on
1902, in
Its
modest store building.
a
$100,000 and its deposits $124,000.
Of trust
funds were were none.
Today the company has a capital
of $1,850,100, deposits of
$17,214,818, and total resources of
$19,144,611. Its trust funds, which are separate, aggregate
$26,808,962. Present officers of the institution are: Harry
H. Pond, President; De Witt Hubbell, Executive Vice-Presi¬
dent; Arthur E. Crone, F. Irving Walsh (and Secretary),
H. Douglas Davis and C. Everett Murray, Vice-Presidents;
Russell C. Doeringer, Treasurer and Assistant Secretary;
Harold M. Eckert and Richard M. Lea, Assistant Secretaries
and Assistant Treasurers; Omer T. Houston, Trust Officer,
and John V. Trumpore, Assistant Trust Officer.
was
#
At
a
regular meeting of the Board of Directors of the
1898 to take
position with the National
a
National Bank, remaining there
the Barnett
now
until 1905, when he became cashier of the Florida Bank & Trust Co.
Vice-President of the Florida National Bank
a
He
than 15 years
more
aKO.»
founding, the Plainfield Trust Co. of Plainfield, N. J., has
issued
Jacksonville in
of Jacksonville,
became
the thirty-fifth
to
came
In
trntrfd
1934
Mr.
Redding
was
President of the
elected
Florida Bankers
Association.
Advices
by
the
Associated Press
from Miami, Fla., on
5% dividend, amounting to $351,053,
ready for distribution to the 10,500 depositors of the
closed Bank of Bay Biscayne, Miami, Fla.
The institution
May 19 reported that
a
was
failed in 1929.
Three
dator
previous
Carl
The dispatch continued;
5% each have been paid,
dividends of
Meeks
said
affairs of the bank
are
fifth
a
and
distribution
final
and State Liqui¬
will
be
before
made
terminated.
It is learned from Associated Press advices from Spokane,
Wash.,
Court
May 21, that Judge J. B. Lindsley of the Superior
that day ordered a 5% dividend, aggregating
on
on
$120,000, paid to depositors of the defunct American Bank
Spokane. The dispatch added that this will be the eighth
dividend, bringing the total disbursements to 47%.
The
of
bank
closed in 1932.
was
Union National Bank of Reading, Reading, Pa., held June
I, William Y. Conrad was elected President of the institution
to succeed Ferdinand Thun, who
resigned, and Robert E.
The following changes in the official staff have been an¬
nounced
by
the
Royal Bank
of Canada,
head office
Gehret
Montreal,
title
elected Vice-President, while
was
retaining his former
Cashier.
as
*
D.
According to the Richmond "Dispatch" of May 30, more
than $800,000 was to be distributed to 38,404 depositors of
the
defunct American
Bank
&
Co.
Trust
P.
a
charter
new
J.
State Corporation
May 21, the Farmers' & Mer¬
Commission of
by
the
Virginia, on
Cape Charles, Va., became the North¬
ampton County Trust Bank, it is learned from Cape Charles
advices appearing in the Richmond "Dispatch" of May 29,
chants' Trust
which went
The
as
of
May
21,
assumed
and
the
Corporation,
all
depositors'
deposits
as
will
the
was
liabilities
be
insured
plan
of
the old
by the
which
under
Merchants'
Bank
the general
institution
Federal
the
Deposit
Farmers'
&
policies of the former bank will continue.
The
officers
operated.
the
of
There
bank
new
will
be
J.
are:
no
R.
change
Parsons,
in
personnel
and
President; Guy L.
Webster,
First Vice-President;
W.
W.
Dixon,
Second
Vice-President;
Clayton P. King, Cashier, and A. S. Mills, Assistant Cashier.
•
W.
W.
tional
Wood
Bank
III,
First Vice-President of the Piqua Na¬
Trust Co., Piqua, Ohio, since 1922, was
&
elected Chairman of the
late
Allen
G.
directors.
Youngson,
B.
P.
Rundle
At the
Board of Directors to succeed the
at
recent
a
special
meeting
of
the
time the position of Executive Vice-
same
President was created, and August S. Clouse, Cashier of the
since 1929, promoted to the office.
Mr. Clouse will
take over part of the duties of President George M. Peffer,
had
asked to be relieved of full responsibility.
A
dispatch, printed in "Money and Commerce"
of
May 22, from which this information is obtained, added,
Piqua
in part:
Other changes
include the elevation of Logan A. Frazier to
President, and Charles B. Upton from
Vice-Presidency.
Edward Folk,
employee since 1903,
a
First Vice-
member of the Board to
Cashier since 1929
Assistant
a
and
Second
a
bank
made Cashier.
was
The following,
with reference to the affairs of the Home
Savings Bank of Kalamazoo, Mich., appeared in the "Michi¬
gan Investor" of May 29:
Approximately 2,200
for them at the Home
depositors
found
checks
Savings Bank, Kalamazoo,
totaling
on
payment
which
total
$57,400
May 26, in
a
waiting
scheduled
deposit prior to the bank holiday of 1933.
will bring
the pay-off at the bank
up
to 69.125% of
the
be Assistant
to
A.
G.
Brooks,
formerly
head
at
office,
of
Manager at
formerly Assistant
Ottawa,
H.
Fairman,
A.
Stace, formerly Assistant Accountans at Vancouver, to
formerly Manager at Elrose,
C.
de
E.
W.
Ward,
formerly Manager at
Moron,
to be Manager
G.
Crichton, of Melfort, Sask., branch, has retired
by
the
that
the
Bank
H.
appointed
Nova
of
W.
Scotia
Sainthill
(head office
Manager
of its
receiver
the
payment
11,500
being
checks
can
now
possible
be put into
the
at
distribution
on
the
has
Hintonburgh,
For the half year
ended Mar. 31, the directors of Barclays
Colonial and Overseas), London, have
declared dividends at the rate of 8% per annum on the
cumulative preference shares and at the rate of 5^% per
Bank
(Dominion,
annum
on
the
"A" and "B"
shares.
This distribution of
the "A" and "B" shares represents an
5^2%
per
compared
annum
increase from 5% to
the distribution made
with
twelve months ago.
Course of Bank
Clearings
Bank
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, June 5),
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 24.9% below
those for the corresponding week last year.
Our prelimi¬
nary total stands at $5,715,792,150, against $7,612,564,519
week in 1936.
same
the week ended Friday of
mary
At this center there is
31.7%.
a
loss for
Our comparative
sum¬
for the week follows:
Clearings—Returns by Telegraph
Week Ending June 5
Per
$4,056,104,193
295,660,958
329,000,000
202,934,000
80,062,685
88,000,000
120,879,000
127,631,793
93,776,853
71,178,106
63,411,693
28,959,000
—31.7
$5,557,598,281
701,068,990
—28.0
572,508,692
$4,572,633,720
1,143,158,430
$6,258,667,271
1,353,897,248
—26.9
$5,715,792,150
Chicago
1936
$2,770,496,269
233,816,261
New York
1937
$7,612,564,519
—24.9
266,000,000
153,328,000
71,271,807
73,000,000
103,674,000
100,301,417
San Francisco
Pittsburgh.
.
Baltimore
53,140,375
30,077,000
as
soon
as
time
was
balance
of
made
of
bank's
the
to
cloeing.
depositors.
claims
after
that
Twelve cities, five
days.
$4,000,125,028
-
Other cities, five days.
operation.
coming dividend will be the third oaid by the bank, in addition to
distribution
Halifax)
Cent
—20.9-
—19.1
—24.4
—11.0
—17.0
—14.2
—21.4
—13.7
—10.0
—
16.2
-1-3.8
ready for distribution about June 15, Murray M.
the
said,
issuing
figured
pension.
Ottawa, branch.
New Orleans
also quote:
Dividend checks will be
were
on
It is learned from the Toronto "Financial Post" of June 5
80,933,819
a
recently
5%
at Oiego
Cuba.
Avila,
W.
64,086,080
a
be Acting
Manager at Dunbar and 17th Ave., Vancouver.
Cleveland
5%
Assistant
to be Manager at Melfort,
Detroit..
a
St.
at
Sask.
Boston
Comptroller of the Currency,
according to the "Michigan Investor" of May 29, from which
closed
at Moron,
to be
F.
authorized
The
at
•
10%
dividend
totaling approximately
$500,000 by the First National Bank of Pontiac, Mich., was
machinery for
Manager
Manager
Montreal.
St, T,oi)ls
Ashbaugh,
be
to
Kansas City
we
of
formerly accountant at Havana, to be Manager
Philadelphia
+
Payment
Post"
Manager at Toronto.
for the
♦
on
formerly at head office,
Robertson,
bank
who
"Financial
to say:
on
bank
new
Insurance
Co. of
T.
Godinez,
Lawrence & Craig,
A.
issued
Toronto
Cuba.
-—♦
Under
the
to
Ottawa.
of
Richmond,
Va., on June 1. The payment represents the June 1 dividend
to those who suffered loss when the institution was
closed,
the paper stated.
according
June 5:
When
the
bank
Subsequent
dividends
payment.
The
total
days
All cities, one day
—18.3
—15.6
first
bring the
Total all cities, five
Total all cities for week.
FThe retirement of W. A. Redding as a Vice-President of
the Florida National Bank of Jacksonville, Fla., was an¬
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
nounced
of the week in all
dividend
dividends
40%
was
to
and
the
second
15%.
The next
will
65%, in addition to the original 5%.
May 29 by George J. Avent, President of the
Following a month's vacation, Mr. Redding's
retirement will become effective July 1.
In outlining his
banking career, the "Florida Times-Union" of May 30, au¬
thority for the foregoing, said in part as follows:
on
institution.
»
Behind Mr.
Reading lie 49 years of Florida banking, 32 of them spent
in the employ of the Florida
the Florida Bank &
National Bank and its immediate predecessor
Trust Co.
In the
cases
has to be estimated.
elaborate detailed statement, however, which we
present further below,
able to give final and complete
previous—the week ended May 29.
was an increase of 42.1%, the aggregate
of clearings for the whole country having amounted to
$6,008,939,535, against $4,228,954,452 in the same week
in 1936.
Outside of this city there was an increase of 50.9 %r
results
for
the
week
For that week there
we are
Financial
3774
the
clearings at this center having recorded a gain
We group the cities according to the Federal
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show an expansion of 41.7%, in the
Boston Reserve District of 32.7%, and in the Philadelphia
Reserve District of 53.4%.
In the Cleveland Reserve Dis¬
trict the toals are larger by 53.9%, in the Richmond Reserve
District by 48.9%, and in the Atlanta Reserve District by
19.3%.
The Chicago Reserve District records an improve¬
ment of 44.0%, the St. Louis Reserve District of 33.1%, and
the Minneapolis Reserve District of 35.6%.
In the Kansas
City Reserve District the increase is 32.6%, in the Dallas
Reserve District 44.3%, and in the San Francisco Reserve
District 46.0%.
•
'
In the following we furnish a summary by Federal Reserve
of
Chronicle
We
bank
41.5%.
June 5, 1937
append another table showing the clearings by Federal
Reserve districts for the five months for four years:
Reserve districts in which
5 Months
Federal
Reserve
5 Months
Inc.or
5 Months
5 Months
1937
1936
Dec.
1936
1934
$
$
%
$
Dists,
$
3rd
Phlladelphial7
"
9,070,691,655
+11.0
+2.8
7,912,351,948 + 14.6
4th
Cleveland.. 19
5,813,282,073
+25.6
4.734,072,987
4,139,414,318
Richmond .10
"
"
7,300,230,408
6th
3,082,756,703
2,573,197,329
+ 19.8
2,247,332,512
2,024,146,403
6th
Atlanta
16
"
3,591,298,844
2,836,940,185
2,551,819,561
2,203,589,940
7th
Chicago ...31
11,512,886,010
9,752,520,149
8,359,979,113
6,906,426,493
St. Louis.. 7
Minneapolisl6
10th KansasClty 18
"
"
"
"
+26.6
+18.0
3,168,509,990
2,736,932,227
+ 15.8
2,449,687,812
2,169,987,153
2,173,475,139
1,897,300,618
+14.6
1,778,691,187
1,555,892,262
4,040,357,220
3,518,778,362
+ 14.8
3,175,584,446
2.685,762,318
11
"
2,394,000,664
1,961,492,450 +22.1
1,639,168,456
1,489,613,666
Fran..20
"
5,863,798,108
5,044,500,312
+ 16.2
4,514,444,198
3,890,183,043
1st
New
York. 15
8th
9th
11th Dallas
12th San
6,194,603,077
5,581,942,817
4,939,871,638
4,756,692,511
"
85,252,992,818
82,902,569,685
78,952,217,325
74,697,727,313
7,126,889,099
6,200,534,539
14 cities
Boston
2nd
.
+8.4 122,469,758,334 122,719,969,759
52,034,607,584 + 17.6 45,741,250,791 39,961,916,259
194 cities 143,645,600,636 132,531,808,155
Total
Outside N. Y. City
61,172,295,478
districts:
SUMMARY OF BANK CLEARINGS
Inc.or
1937
Week Ended May 29, 1937
1936
32 cities
Canada
Our usual
1934
1935
Dec.
1st
$
12 cities
Boston
York. 13
2nd
New
3rd
Philadelphia 9
4th
Cleveland..
6th
$
254,016,720
ft
3,458,438,679
Richmond
428,354,838
6th
Atlanta
7th
St.
Louis..
89,484,674
188,777,093
90,985,710
89,187,946
118,940,542
+19.3
97,410,535
345,125,434
313,489,586
152,687,871
114,758,187
+44.0
+33.1
111,871,032
93,217,715
97,687,266
72,048,688
+35.6
74,499,393
65,848,082
137,675,862
103,789,942
88,914,487
41,818,232
38,980,964
33,409,868
257,117,821
176,1*2,982
+32.6
+44.3
+46.0
100,579,735
60,328,791
175,627,626
146,613,589
6,008,939,535
4,228,954,452
1,782,964,639
298,543,333
290,602,574
+2.7
277,476,790
407,135,042
99
99
Ill cities
Outside N. Y. City-
Bonds
Railroad & miscell. bonds $137,945,000 $160,832,000
We also furnish
today a summary of the clearings for the
May.
For that month there was a gain for
the entire body of clearing houses of 7.3%, the 1937 aggre¬
gate of clearings being $26,599,544,565 and the 1936 aggre¬
gate $24,779,150,469.
In the New York Reserve District
the totals show an increase of 1.4%, in the Boston Reserve
District of 11.0%, and in the Philadelphia Reserve District
of 13.4%.
In the Cleveland Reserve District the totals
register a gain of 23.8%, in the Richmond Reserve District
of 16.3%, and in the Atlanta Reserve District of 19.1%.
The Chicago Reserve District has managed to enlarge its
totals by 16.3%, the St. Louis Reserve District by 11.8%,
and the Minneapolis Reserve District by 11.0%.
In the
Kansas City Reserve District there is an improvement of
15.2%, in the Dallas Reserve District of 23.9%, and in the
San Francisco Reserve District of 18.4%.
of
May
Inc.or
May
of transactions
volume
1936
Dec.
1935
1st
14 cities
Boston
1,160,482,060
%
1,045,010,940 +11.0
14,921,368,678
+1.4
1,534,618,565 +13.4
2nd
New
York. 15
"
15,132,752,406
3rd
Philadelphlal7
"
1,740,086,275
4th
Cleveland.. 19
"
1,493,637,978
1,206,088,933
5th
Richmond .10
599,588,131
515,446,474
6th
Atlanta
M
"
7th
Chicago ...31
8th
St.
9th
Mlnneapollsl6
16
Louis.. 7
10th KansasClty 18
699,064,600
587,129,737
2,268.439,598
"
"
"
"
1,951,106,454
629,o74,922
562,889,659
448,699,065
404,305,501
794,024,597
689,245,604
Shares
course
14,404,525
15,850,057
54,565,349
56,829,952
29,900,904
179,102,685
49,663,714
141,296,205
39,609,538
29,845,282
20,613,670
22,408,575
30,439,671
of bank clearings at
19,409,132
25,335,680
leading cities of the country
May and since Jan. 1 in each of the last
for the month of
is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN MAY
May
1936
1935
1937
1937
1934
Jan. 1 to May 31
1936
1935
$$$$$
1934
$
$
$
5,304
5,796
4,260
1,649
1,457
1,487
1,290
8,604
7,489
6,846
399
368
343
298
Pittsburgh
629
521
424
401
San Francisco
623
538
524
443
Baltimore
295
249
Cincinnati-
273
222
249
214
235
182
2,496
1,153
999
2,178
1,066
874
418
349
375
294
2,138
1,710
1,378
431
336
291
259
2,050
1,747
2,507
2,838
1,258
1,100
1,809
1,573
1,572
2,024
432,920,940
1,992
3,107
3.241
1,497
1,352
72,758
4,382
4,132
5,934
1,389
1,781
1,317
1,182
286
258
253
216
1,386
1,183
1,104
1,002
800
2,527
737
656
638
2,102
633
668
239
459
793
527
666
211
406
647
551
1,873
561
577
182
329
585
481
548
460
477
494
1,480
492
579
170
268
550
408
382
327
287
238
662
627
571
329
306
281
Chicago
1,034,250,050
997,347,915
15,634,247,845
14,860,053,831
1,551,343,961
1,343,737,275
1,011,564,091
910,805,375
478,181,029
514,382,222
450,451,706
1,810,605,565
1,537,133,251
Boston
Philadelphia
St.
82,473
7,173
14,567 14,453 15,174 14,459
1,382
1,199
1,123
976
982
888
885
864
Louis—
515,964,031
446,649,147
Kansas
403,120,749
328,995,366
Cleveland
690,218,863
565,280,466
Minneapolis.
153
131
108
City
— —
11
"
469,064,741
378,528,248
+23.9
327,046,461
290,148,055
Fran..20
"
1,164,130,192
983,411,676
+ 18.4
976,005,251
791,696,534
Detroit
519
423
398
151
121
113
127
76,729
5,230
96
Omaha.
80,497
6,098
93
323
Louisville
12th San
No.
Shares
No.
67,201,745
60,884,392
51,016,548
New Orleans
109
11th Dallas
1934
1935
Shares
18,549,189
—
May...
four years
No.
34,606,839
First quarter
Month of April
The
Shares
159,265,706
February
March
omitted)
3
+23.8
+16.3
+19.1
+ 16.3
+11.8
+ 11.0
+15.2
the
on
58,671,416
50,248,010
50,346,280
Month of January.
1934
Reserve Oists.
properties
1936
1937
No.
New York
Federal
in share
for the five months of the years
1934 to 1937 is indicated in the following:
May
1937
147,227,000
130,904,000
166.841,000
253,049,000
$179,649,000 $200,410,000 $1,525,455,000 $1,567,822,000
Total bonds
(000,000s
May
$1,105,525,000 $1,289,691,000
23,565.000
16,013,000
21,103,000
20,601,000
State, foreign, &c., bonds
U. S. Government bonds
New York Stock Exchange
month
239,325,893
212,421,734
20,613,670
18,549,189
Stock, number of shares.
The
32 cities
1936
1937
1936
1,671,797,646
99
Fran.. 11
Five Months
May
1937
4,494,474,303
1,778,028,729
+42.1
+50.9
4,450,978,539
2,682,955,903
4
Month of
Description
91,466,838
375,245,923
99
Canada
274,784.573
190,916,464
May and the five months of 1937 and 1936 are given below:
2,909,662,475
279,609,752
141,928,349
Minneapolis 7
Total
2,759,146.513
540,172,957
99
99
10th KansasClty 10
11th Dallas
6
12th San
199,101,051
+53.4
+ 53.9
+48.9
99
10
9th
225,600,465
133,224,589
Chicago ...18
8th
279,214,842
347,305,792
99
6
.
186,225,381
191,477,626
99
99
5
The results for
is appended.
%
$
%
+32.7
2,440,405,349 +41.7
6,212,632,624
6,483,157,548
monthly detailed statement of transactions on
the New York Stock Exchange
Federal Reserve Dists.
+5.5
7,512,738,447
7,927,284,284
26,599,544,565
—32 cities
Canada
24,779,150,469
12,032,122,269
10,326,237,123
+7.3
+16.5
8,496,304,511
1,536,279,067
1,653,725,688
1,674,831,325
1,597,411,967
131
129
46
39
38
79
73
57
160
128
126
116
106
97
101
81
133
107
103
90
81
69
65
54
155
131
129
116
73
68
58
51
404
818'
406
167
136
134
95
786
655
549
454
Salt Lake City
22,955,219,861
9,773,412,689
88
69
58
51
46
341
2084
57
53
52
41
279
282
252
251
Hartford.
24,946,930,148
Providence
Milwaukee
194 cities
Total
Outside N. Y. City
222
182
Buffalo
St. Paul
The following
compilation
since Jan. 1, 1937 and 1936:
covers
the clearings by months
—-
Denver
Indianapolis
Richmond
Memphis
MONTHLY CLEARINGS
Seattle
Clearings Outside New York
Clearings, Total All
36
Month
1937
1936
1937
1936
$
$
%
$
%
$
+8.2 12,400,970,597 10,876,517,032 + 14.0
29,924,287,813 27,663,352,857
+8.2 10,750,471,638
9,502,491,474 + 13.1
Feb— 26,070,426,220 24,084,886,600
Mar
32,233,110,651 28,937,356,633 + 11.4 13,244,083,177 10,465,721,409 +26.5
1,927
132,532 122,470 112,720
52,035 45,741
39,962
26,600 24,779 24,947 22,955 143,646
all
Total
2,170
2,581
Other cities
Jan—
130,755 121,736 113,277 104.813
1,634
12,891
10,796
9,193
7,907
24,019 22,609 23,020 21,321
Total
Outside New York. 12,032
10,326
9,773
8,496
61,172
__
1st qu. 88,227,824,684 80,685,596,090
+ 6.5 12,744,647,797 10,863,640,546 + 17.3
+ 7.3 12,032,122,269 10,326,237,123 + 16.5
We
+9.3 36,395,525,412 30,844,729,915 + 18.0
April.. 28,818,231,387 27,067,061,596
now
for each
May.. 26,599,544,565 24,779,150,469
CLEARINGS FOR
years
add
our
detailed statement showing the figures
city separately for May and since Jan. 1 for two
and for the week ended May 29 for four years:
MAY, SINCE JANUAR Y 1, AND FOR WEEK ENDING MAY
Month of
Week Ended May
Five Months Ended May 31
May
Clearings at—
1937
ve
Fall River—•
Holyoke
Lowell
—
fc Springfield-
1936
Dec.
1937
1936
$
%
$
$
%
$
$
Conn.—Hartford
New Haven
—
R. I.—Providence
N. H.—Manchester—
14,314,947
12,257,393
+ 16.8
2,473,387
+ 23.4
8,894,889
981,764,277
8,534,678
888,307,252
+ 4.2
43,473,048
44,108,323
—1.4
+ 10.5
+ 22.6
4,795,999,506
13,500,573
+ 10.6
2,374,003
5,304,280,726
15,251,744
+ 13.0
1,562,976
+ 2.0
8,365,235
7,640,577
+ 9.5
1,613,115
+ 2.4
2,936,785
+ 0.5
9,603,700
46,204,100
2,325,527
's
38,845,000
+ 18.9
2,193,514
+ 6.0
8,733,087
15,329,812
72,879,989
46,484,623
279,460,660
95,845,090
39,161,100
239,159,500
11,863,516
1,045,010,940
+ 11.0
6,194,603,077
12,543,949
+ 12.3
X 7,560,258
52,570.290
16,839,733
6,656,000
+ 24.4
+ 9.2
+ 10.8
+ 44.3
"
Total
(14 cities)
Dec.
1,160,482,060
810,492
2,261,312
217,799,136
722,399
449,532
1,725,495
164,178,377
459,116
1935
1934
$
$
+ 80.3
475,223
511,167
+ 31.1
+ 32.7
2,179,688
157,794,655
1,308,546
170,132,308
+ 57.3
504,458
500,028
%
District— Boston—•
9,404,181
57,380,942
18,655,229
Worcester
Waterbury——
1937
2,909,840
1,594,734
1,652,342
2,951,521
14,087,679
\
Portland
Mass.—Boston
^
Dec.
3,053,099
Maine—Bangor
New Bedford
1936
$
First Federal Reser
29
Inc. or
Inc. or
Inc. or
29.
"
249,398
7,648,798
14,084,049
64,140,693
+ 14.2
34+473
"295",364
+ 1+6
248,890
+ 8.8
618,719
—10.2
+ 13.6
3,262,048
689,132
2,281,978
35,884,398
252,085,008
83,080,809
29,507,000
210,588,000
+ 29.5
2,127.194
+ 50.3
+ 10.9
10,887,818
1,415,768
0,301,163
+ 15.4
4,534,870
3,214,519
+41.1
465,368
2,323,276
1,083,258
9,183,899
3,662,343
+ 13.6
lo",10+766
6", 97+300
+44" 8
7,816". 900
11,417,690
+ 3.9
548,559
490,882
+ 11.7
487,423
563,652
5,581,942,817
+ 11.0
254,016,720
191.477.626
+32.7
186,225.381
199,101,051
+ 42.9
+ 17.1
+ 32.7
537,809
2,531,743
952,950
11,640,288
3,095,462
7,077",700
J.
Volume
CLEARINGS
(Continued)
Five Months Ended
Month of May
3775
Chronicle
Financial
144
Wee]t Ended May 29
May 31
Clearings at1937
1936
erve
Dec.
%
1935
1934
%
District —New York-
11,234,786
1,272,370
38,500,000
2,971,415
+ 17.1
16.110,014
2,275,582
+ 36.0
16,121,128
11 735,315
14,567,422,296 14,452,913,346
30,331,522
34,623,807
+0.8
82,473,305,158
80,497 ,200,571
+ 2.5
+ 14.2
177,055,484
99,451,538
18,636,329
78,262,609
157 ,518,320
+ 12.4
85 ,460,020
+ 16.4
15 ,704,055
+ 10.4
+ 21.6
8 ,523,544
+ 14.1
2.877.737
4.206.738
383,971
399 ,465,899
+ 11.5
21,669.470
716 ,903,860
+ 8.9
37,998,573
+ 6.7
10,529,514
4,821,357
5,444,909
+ 18.7
70 ,889,527
74 ,294,006
36,053,177
Blnghamton
Buffalo
5,003.142
Elmira
3,480,571
3,093,928
Jamestown
160, 960,276
206,337,513
28,164,863
792,837,300
+ 56.0
+ 25.6
127,839,685
56.253,471
6,283,206
160,434,158
Rochester
Dec.
$
+28.2
+ 11.3
+ 22.5
+ 16.0
+ 37.4
N. Y. Albany
New York
1936
1937
%
1936
1937
Dec.
$
$
Second Federal Res
Inc. or
Inc. or
Inc. or
+ 25.5
647, 130,843
13 887,001
25, 305,735
1,025.175
620,960 + 104.9
+ 46.4
26,300,000
436.649
+ 34.8
797,062
786,795
24,000,000
510,192
428,122
25,191,430
568.708
380,917
378,152
672,322
3,325,983,632 2,350,898,723
5,491,106
7,466,838
3,509,151
6,147,067
+ 77.8
2,346", 950
+ 22" 6
2,180,592
1,669,226
+ 5.8
2.498,015
2,340.374
+ 64.9
308,139
359,223
+ 34.7
15,889,979
+ 93.8
30,528,499
15,476,140
24,963,789
+41.5 2,668,013,900 2,822,676,657
5,256,256
5,825,861
+ 36.0
3,914,400
+46.7
3,988,446
Syracuse
19,559,569
16,739,476
+ 16.8
Utlca.
4,063,837
17,257,976
3,130,200
14,969,644
+29.8
Conn.—Stamford
18,497,066
+ 16.1
N. J.—Montclair
1,974,152
15,932,459
1,733,673
84.149,141
122,736,685
4,589,531
+ 20.6
—4.1
90,317,573
9,721,721
445,214,075
780,872,861
20,584,652
17 ,590,713
+ 17.0
15,132,752,406 14,921,368,678
+ 1.4
85,252,992,818
82,902,569,685
+2.8
+ 17.4
538,302
*450,000
+ 19.6
282,641
+ 23.2
853,174
b
416,212
*350,000 + 143.8
277,042 +50.2
258,144
+ 10.1
254,570
246,355
1,521",014
"967",520
+57.2
943", 995
854,426
270,000,000
266,000,000
Westchester County
87,408,223
Newark
147,998,579
Northern N. J
4,401,567
Oranges
Total
(15 cities)
Third Federal Rese
rve
Harrisburg
4...
Lebanon
Norrlstown
Scranton
1,694,882
+ 25.2
2,197,569
1,457,000.000
5,677,654
9,627,689
4,782,062
6,014,620
1,285,719
471,378
2,747,042
10,675,279
—13.0
31,142,766
9,774,821
10,905.504
+ 13.3
8,604,000,000
7,489,000,000
+14.9
+ 15.2
30,529,837
+ 7.6
25,595,694
52,337,643
22,665.828
+ 19.3
+3.1
+4.3
415,000,000
1,442,278
2,224,993
901,739
30,662,196
6,987,967
2,163,745
+ 23.5
1,565,426
12,943,916
70,148,746
12,031,200
+ 38.4
53,947,700
23,643,997
37,856,937
7,439,168
2,950,196
14,140,726
74,414,617
92,777,700
88,097,300
+ 9.2
+6.1
+ 5.3
1,534,618,565
+ 13.4
9,070,691,655
7,912,351,948
+ 14.6
51,198,931
39,792,287
1,099,672,165
1,572,540,571
+28.7
+ 22.7
+ 30.3
+ 20.4
+ 11.3
+ 66.4
+ 54.6
+ 28.1
+ 34.2
+ 25
+ 34.9
62,725,816
+ 11.5
10,597,179
+ 38.5
11,154,320
5,567,461
1,461,062
9,265,623
5,053,566
7,903,715
1,607,291
615,863
3,096,388
12,447,533
16,653,200
Wilkes-Barre
York
Pottsvllle
Du Bols
Hazel ton
Del.—Wilmington
N. J.—Trenton
1,740,086,275
(17 cities)
11,452,743
7,893,326
273,394,375
+ 12.2
+ 8.6
+ 6.7
+ 5.7
+ 31.4
+ 25.0
+ 30.7
+ 12.7
+ 16.6
7,337.633
48,078,554
222,153,253
+ 45.1
430,913,705
52,997.300
335,622,182
+ 28.4
1,351,680,803
2,049,593,353
45,463,800
+ 16.6
271,860,400
2,078,388
1,795,549
2,048,067
Lorain
1,048,302
+ 89.3
7,939,558
Mansfield
9,368,430
6,242,185
+ 50.1
45,263,161
13,920,917
10,559,475
+ 31.8
66,836,823
6,363.688
5,023,849
+ 26.7
31,530,795
52,180,566
23.491,185
23,536.544
839,209
17,773,983
+ 32.4
116,779.857
93.361.482
768,122
+ 9.3
528,348
467,777
+ 12.9
4,750,840
2,447,042
3,521,858
2,339,133
1,633,718
1,260.089
+29.7
629,491,362
520,538,744
+ 20.9
Cincinnati
Cleveland.
Columbus
Hamilton......
Youngstown
Newark
Toledo
Pa.—Beaver Co..;
Franklin
+ 23
+1
632,899
4,545,868
+28.4
7,208,193
3,107,126,460
33,983,765
53,481,012
3,753,381
35,989,493
8,336,019
+ 22.1
47,426,793
31,336,632
44,429,913
3,130,008
26,863,659
37,445,654
1,493,637,978
1,206,088,933
+23.8
7,300,230,408
5,813,282,073
8,021,000
+ 25.5
9,321,993
+ 13.3
723,117
...
Oil City
6,389,000
10,558,891
Erie
Warren
Ky.—Lexington
W. Va.—Wheeling
(19 cities)
'District-
Fifth Federal Reser
+ 14.3
1,155,716
+ 55.9
7,451,312
10,340,000
+ 15.1
154,619,442
5,517,107
130,931,051
4,645.367
+ 18.1
60,681,000
818,481,473
28,737.479
41,480,950
26,385,154
66,980,884
1,802,325
Richmond
S. C.—Charleston
+ 18.8
Columbia
7,914,002
7,250,072
+ 9.2
Greenville
5,131,637
4,044,738
+ 26.9
+ 19.0
+ 21.4
+ 6.2
+ 35.5
1,273,295
1,923,529
+ 10.3
769,705
2,079,377
1,245,888
+ 34.7
1,130,873
941,455
3,891,700
2,580,600
+50.8
3,773,000
2,184,000
428.354,838
279,214,842
+53.4
279,609,752
274,784,573
44,180.000
+42.0
104,117,161
10,823,300
67,054,370
7,908,400
+ 55.3
41,459,392
54,573,814
+ 36.9
7,167,100
40,198,513
55,848,062
8,566,100
1,892,423
1,421,380
+ 33.1
872,733
876,834
x
x
894,246
+ 6.5
+ 36.3
105",036",315
+59" 7
86,843",425
83,287,584
+ 25.6
347,305,792
225,600,465
+ 53.9
190,916,464
188,777,093
,939,655
+ 50.8
+ 9.3
111,508
171,927
+20.9
+ 23.6
+31.3
443,454
2,743,000
38,155,235
1,414,869
229,752
50 ,203,000
1,877,000
+ 46.1
24,171,789
901,637
+ 57.9
1,880,000
25,639,078
1,914,000
23,996,584
+ 56.9
900,000
631,865
48,592,454
+ 8.4
+ 20.4
+ 19.9
+ 34.0
+26.7
4
662 ,051.122
21 883,617
37 ,874,409
+ 9.5
20 ,354,074
67,992,036
46,624,325
+45.8
48,104,552
22,475"995
15,680,171
+ 43" 3
14,350",572
13", 881+16
90,985,710
89+87,946
3,082,756,703
2,573,197,329
+ 19.8
133,224,589
89,484,674
+48.9
3,396,326
18,562,597
48,600,000
1,020,322
2,226,690
12,950.548
44,200.000
950,472
+ 52.5
2,442,663
2,014,909
+43.3
11,740,468
33,400,000
853,658
10,941,133
29,700,000
732,502
94,295,112
599,588,131
515,446,464
(10 cities)
+ 4.6
+29.5
+ 23.7
167,747,092
2,507.412,955
+ 16.3
1,602,818
103,997,339
+ 22.7
...
64 ,926,458
6 ,495,116
District— Atlanta—
Sixth Federal Reser
14,452,365
+ 22.0
84,432,651
68,999,092
+ 22.7
76,798,649
63,705,439
+20.6
390,095,188
312,404,749
+ 24.9
241,300,000
+ 16.5
1,227,100,000
963,200.000
+ 27.4
5,554,454
207,200,000
4,727,637
2,882,138
3,525,285
63,362,462
5,008,404
91,382,160
73,344,653
7,968,635
3,426,377
5,998,849
17,383,610
Tenn.—Kno xville
Nashville
Ga.—Atlanta
5,186,150
—..
4,134,729
Columbus.—..-—
23,145,306
+ 25.6
19,912,140
21,759,483
14,291,104
16,367,461
+ 39.3
+ 18.4
414,231,333
+ 10.9
29,609,718
+ 24.6
449,610,833
+ 32.8
2,828,705
+ 21.1
3,122,000
+ 7.3
~
~
705~605
+ 23.3
"686", 053
"478",630
327,504,425
+ 26.5
17,199,000
13,632,000
+ 26.2
12,463,000
10.519,000
26,692,669
+ 11.2
349,225,945
27.558,151
16,138,601
+ 28.7
20,101,517
1,744,047
16,112^612
+ 24". 8
12,777^064
13",727",396
37,781,521
18,606,878
1,274,548
+36.8
998,393
950,677
+ 53.9
25,171,000
19,077,000
4,809,317
+ 30.9
32,553,025
1,153,228
497,890
130,511,365
+ 23.0
7,225,619
24,930,492
6,432,817
+ 21.5
2,834,962
638,137,411
97,044
30,337,140
88,362
26,800,305
89,584
79,476
+ 17.5
3,929,181
800,217,010
+31.9
+ 28.9
+ 12.3
+ 38.6
+25.4
+ 9.8
153,303,443
+ 13.2
21,959,652
22,323,115
699,064,600
...
Mobile
Montgomery
587,129.737
+ 19.1
3,591,298,844
2,836,940,185
+ 26.6
141,928,349
118,940,542
+ 19.3
97,410,535
91,466,838
+ 7.7
382,486
140,080,878
209.168
+ 82.9
584,388
93,377,944
+ 50.0
82,997,115
583,549
73,851,555
3",132+69
2+)96~904
4,805,000
6,294,821
1,418,425
..
Jackson
Meridian
604,839
—
La.—New Orleans
(16 cities)
Seventh Federal Re
29,063,264
+27.7
870+56
*75,000,000
Tampa
Vlcksburg
+ 9.7
+ 43.5
+ 10.0
+ 32.9
4,503,308
Macon..
Fla.—J ackson ville—
Miss.—Hattiesburg
x
x
446 ,055,076
+ 18.5
1,306,658
D. C.—Washington
x
x
+ 10.3
—2.2
248,733.066
serve
Flint
1,078,674
+ 50.7
423,392,063
+ 22.6
9,097,626
2,527,424,869
8,450,134
2,102,059,363
4,185,635
11,547,809
1,823,985
6,733,102
+ 20.1
25,309,807
23,396,287
57,820,662
2,424,300
2,086,462
4,596,033
+ 17.5
14,281,122
+ 22.3
69,411,000
+ 17.4
13,837,830
Grand Rapids
Jackson
2,083,492
Lansing
6,784,079
Muskegon
2,847,400
Bay City
2,750,744
Ind.—Fort Wayne
Gray
Indianapolis
...
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Sheboygan
Watertown
Manitowoc
Iowa—Cedar Rapids..
Des Moines
Sioux City
Ames
111.—Aurora
Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield
Sterling
(31 cities)
+ 37.1
+ 15.3
District —Chicago—
5,028,418
Detroit
1,625,940
519,240,992
Mich.—Ann Arbor
South Bend
269,000,000
+49.0
1,258 ,414,802
12,744,694
294,637,343
Ala.—Birmingham
+ 53.7
968,221
1,642,096
817,613
1,161,750
1,497,254,671
8,053,583
527,250,197
12,461,118
Md.—Baltimore
Total
+ 13
+29.6
+ 3.2
+ 19.0
+24.0
+ 18.2
N. C.—Durham
Augusta...
338,826
Richmond—
11,905,000
W. Va.—Hunt'ton.
Va.—Norfolk.
Total
5,567,767
5,838,749
Pittsburgh
Total
11,379,748
225,819,200
10,227,978
4,871,560
29,277,500
10,181,945
Greensburg
Frederick..:
+41.7 2,759,146,513 2,909,662,475
Re serve District —Cleveland—
Federal
Ohio—Canton
Total
3,458,438,679 2,440,405,349
9,023,054
9,050,800
6,661,864
42,516,839
26,173,169
8,051,105
10,272,082
2,119,925
*2,000,000
1,649,000,000
6,538,259
10,363.733
Philadelphia
Reading
3,974,486
232,912
16,084,317
19,602,429
''
Philadelphia
5,941,189
2,122,084
1,912,054
Chester
Fourth
+ 3.9
2,769,958
1,639,246
10,059,334
Bethlehem..
Total
+ 13.9
2,362,862
Pa.—Altoona
Lancaster
District
+ 13.9
5,032,406
17,465,919
81,486,733
7,071,483
22,371,036
4,742,190
88,217,147
2,091,141
3,206,008
,
+ 19.8
70,863,909
+ 14.2
10,763,313
+ 0.8
33,555,032
14,610,926
13,796,323
24,300,485
+ 31.8
+ 9.5
5,813,095
+ 21.6
19,992,808
3,656,218
79,320,455
1,642,278
+ 11.9
2,647,125
+ 21.1
+ 29.7
+ 11.2
+ 27.3
75,677,992
404,344,110
32,232,909
108,447,787
23,402,618
458,785,164
10,422,778
14,921,817
2,608,721
419,070
+ 20.1
1,359,947
1,208,829
+ 12.5
4,678,635
39,284,261
13,197,969
779,402
4,801,617
—2.6
7,049,083
23,329,122
39,340,381
—0.1
185,510,271
14,372,166
636,352
—8.2
65,802,957
+ 22.5
4,095,602
1,897,289
2,010,719
+ 39.7
+ 30.1
+ 15.3
7,032,463
5,864,661
691,225
1,198,929,047
3,260,100
19,336,132
4,152,067
5,428,805
681,716
2,268,439,598
1,951,106,454
503,141
2,650,130
2,615,728
1,382,281,980
3,893,602
17,723,496
+ 19.4
9,097,012
30,130,025
11.823,268
11,385,784
21,677,192
55,030,152
326,653,000
24,074,648
96,649,944
18,532,357
406,339,274
+20.2
+ 8.2
+49". 4
1,773",767
1,373,774
1,388,573
832~00i
+ 66~9
1,127+77
"945", 907
1,039,872
789,826
+ 31.7
687,518
652~080
+23.8
+ 33.9
+ 12.2
+ 26.3
18,355" 000
12~,9~92~666
+4L3
11,646",000
107755-,666
775,672 + 107.8
4,089,831
+ 27.7
742,962
691,332
3,407,304
3,612,685
+ 12.9
19,491,349
17",502",951
+il".4
14",262"665
12,289,418
1,061,741
7,354,362
3,098,352
932,969
7,049,181
+ 13.8
+4.3
774,536
6,658,023
5,011,569
2,784,060
+ 11.3
2,448,333
2,076,714
322,569 + 136.0
4-22.6
+ 18.3
+ 11.4
~
+ 23.6
+ 21.2
+ 12.1
"
+ 37.5
2,263,236
+22.0
+ 19.0
+ 15.3
6,186,553
+ 13.9
20,640,792
169,208,112
66,842,296
3,087,699
+ 13.0
1,612,063
5,221,650
8,540,638
12.538.388
+ 9.6
—1.6
416,019
+ 32.6
10,960,936
7,105,576
+ 54.3
9,985,619
8,439,170
+ 18.3
7,173,306,483
19,587,928
6,098,496,054
16:041,342
+ 17.6
84,944,178
19,309,551
23,134,195
—8.3
90,562,284
+ 69.4
30,099,372
+ 8.0
+ 1.4
28,801,891
3,228,276
+ 16.3
11,512,886,010
2,623,267
9,752,520,149
+ 22.1
761,424
328,922,797
994,549
225,233,051
647,626
+ 46.0
325,763
213,294,707
+ 53.6
622,098
340,798
196,670,591
752,204
4,285,364
1,576,410
3,797,409
+ 12.8
+ 55.9
820,032
+ 92.2
1,413,618
992,726
+42.4
2,287,555
674,620
810,903
2,055,594
600,251
+ 24.5
540,172,957
375,245,923
+44.0
345,125,434
313,489,586
+0.7
810,546
+ 23
+ 18.0
3776
Financial
Chronicle
CLEARINGS
Month of Mag
June 5, 1937
(Concluded)
Five Months Ended Mag 31
Weet Ended Mag 29
Clearings at—
J.
1936
1937
Dec.
$
Eighth Federal Res
Mo.—St. Loula
Cape Girardeau—
Independence--
-St.
367,524,757
+ 8.4
1,991,797,026
2,790,494
403,441
121,409,947
+ 19.3
16,864,052
2,541,855
737,042,590
68,231,247
+ 7.5
217,773
+ 40.3
406,219,983
1,359,484
2,647,000
2,312,000
+ 14.5
629,574,922
Ninth Federal Rese
562,889,659
rve
10,472,274
St. Paul
Winona
Fergus Falls
N. Dak.—Fargo
11,101,402
258,329,629
1,180,590
481,633
Rochester
Grand Forks
632,812,944
33,768*802
16,059,069
12,685,000
329,284,146
1,130,662
10,152,000
+ 11.8
3,168,509.990
2,736,932,227
+ 23.9
64,804,339
1,386,478,429
6,072,263
526,898,062
1,183,446,485
5,390,739
+ 24.3
Huron
+ 10.7
+ 7.3
+ 9.5
+ 6.6
+ 3.7
2,072,739
8,183,446
784,000
721,160
2,595,133
+ 28.0
44,135,687
6,717,849
588,048
2,404,455
3,159,668
667,802
2,883,364
3,306,149
10,801,915
254,319
+ 5.2
480,908,192
6,701,723
1,960,138
41,363,837
3,418,000
3,239,556
11,442,837
32,017,618
2,582,718
11,373,597
13,930,674
3,915,000
+ 44.4
4,158,076
13,429,027
31,522,066
2,903,531
+ 24.3
—5.0
+ 13.6
+ 19.9
9,756,296
249,131
+ 10.7
+ 2.1
13,063,978
15,011,809
50,547,648
1,156,113
404,305,501
Tenth Federal Rese rve District— Kansas CityNeb.—Fremont-467,815
452,584
Hastings
532,193
567,680
Lincoln..
12,146,703
11,413,680
Omaha
127,061,269
130,872,822
Kan.—Kansas City—
15,986,652
13,605,943
Manhattan
557,617
553,858
Parsons
740,703
689,848
^ Topeka——
8,270,773
8,121,376
Wichita
12,692,617
10,959,245
Mo.—Joplin
2,007,804
1,983,995
Kansas City
418,171.811
349,149,608
St. Joseph
11,194,129
11,745,524
+ 11.0
2,173,475,139
Great Falls
Lewlstown
Total
(16 cities)
-
448,699,065
—
—
Carthage
Okla.—TulsaColo.—Colo. Springs.
1,257,762
435,898
34,596,605
2,578,605
106,681,840
2,773,585
1,149,989
794,024,597
689,245,604
515,574
.
Pueblo
Wyo.—Casper
Total
(18 cities)
Eleventh Federal R
eserve
Texas—Austin
Beaumont
El Paso
Galveston
Houston
Wichita Falls
15,613,281
Total
(11 cities)
Twelfth Federal Re
Seattle
469,064,741
——
Spokane
Yakima
Idaho—Boise
Ore.—Eugene
Portland
Salt Lake City
Calif.—Bakersfield
Berkeley
Long Beach
—...
+ 21.5
478,000
315,000
114,758,187
+ 33.1
111,871,032
93,217,715
3,247,532
65,911,447
2,472,620
+ 31.3
2,159,979
47,688,201
+38.2
47,696,579
2,287,33344,824,711
22,869*256
17*52*3*663
+30*6
20**1*6*2*455
14,829^829
1,841*846
l",477*665
+24*6
1,4*8*5+18
1,2*82*820
+ 4.6
+5.7
+ 6.7
+ 14.5
+ 28.4
"
"*7*7*4*519
+ 17.4
*706,439
"5*01", 100
+41*6
""418*557
"*291",492
1,868,260
+2*5*6
2,023*534
1,9*56", 180
97,687,266
72,048,688
+35.6
74,499,393
65,848,082
80,181
85,901
—6.7
82,534
73,882
2,089,300
24,107,516
+ 85.8
68,953
95,676
49,448
+ 12.8
2,354,579
22,984,461
1,804,036
21,922,488
+ 7.8
+ 6.8
1,897,300,618
+ 14.6
+ 6.3
■
2,344,553
+ 6.7
2,818,442
57,350,604
656,085,254
2,433,481
+ 15.8
137,253
57,000,711
+ 0.6
2,357.332
667,601,602
—1.7
28,580,129
+ 1.2
+ 19.8
2,137,784,305
—4.7
65,483,800
+ 18.3
—6.9
—1.8
+ 15.8
+ 18.6
37,765,505 + 113.0
+ 5.1
2,610.026
80,516,257
2,743,935
3,679,150
47,568,509
66,994,244
10,280,663
+ 0.7
381*717
2,336,227
+ 14.9
47,315,319
1,087,219
2,167,575
—2.9
"
*5*5*2* 871
+ 49*6
+ 12.4
—7.5
+ 17.5
5*17,779
—1.5
—3.3
—6.0
*
3,595,430
44,613,525
+2.3
+ 6.6
1,523*605
1,372*255
+
1*1*6
1,370*822
l",i"86"730
60,810,038
+ 10.2
2,932,328
2,256,008
+30.0
2,012,580
2,423,337
9,872,573
1,809,434,353
62,298,903
3,032,798
175,000,813
13,045,201
+ 4.1
98*.5*02*625
70,500,491
3*9*7
68,72*2" 551
58*.*346*449
2,383,765
2,406,313
—0.9
2,260,640
2,103,939
+ 18.1
+ 5.1
+
—3.7
+ 9.4
5,457,144
+6.8
+ 15.2
4,040,357.220
3,518,778,362
+ 14.8
137,675,862
103,789,942
+ 32.6
100,579,735
+ 18.6
24,159,005
+23.3
1,118,951
798,925
+ 40.1
3,429,028
747,830
+ 19.6
29 776,640
22 238,160
19,411,252
+ 14.6
891,284,207
+ 20.0
44,841*796
31,9*99*776
+*4*0". 1
28*.*298*, 897
25*,'4*7*1*, 027
8,391,884
1.983,000
5,006,290
+6*7*6
4,566*082
3*.*9*32*922
+ 12.0
1,069 837,779
99 046,252
155 312,183
56 576,000
1,292,000
+ 53.5
998,000
1,506,000
+ 26.7
378,528,248
+ 28.6
+ 5.5
+ 24.5
+ 19.7
548,239,201
13,622,505
+ 16.5
+ 10.1
*504*781
*466*666
+*2*6*2
*340*.000
"*179*582
+21.4
+5.1
673,863
*498*276
+35.2
*38*2",615
"81*5*802
88,915,487
+ 18.9
+ 20.8
+ 48.5
+ 52.5
80,566,188
+ 22.3
7,663,882
848 405,351
10 .237,312
+22.9
126,967,549
46,474,000
681,943,302
+ 33.6
+21.7
+ 24.4
16,015,780
+ 20.1
*838*785
"*57*9*886
+4*4*6
~a*76~5~722
+ 44.7
19 237,772
6 523,653
+ 25.8
76 809,562
4,730,835
62,276,450
+23.3
3,154,375
2,721,247
+ 15.9
1,688,957
l",752*089
+23.9
60,328,791
41,818,232
+44.3
38,980,964
33,409,868
+ 31.8
'
b
+ 37.9
2,394,000,664
1,961,492,450
+22.1
2,380,359
136,482,814
34,804,000
3,276,710
—16.0
10 888,154
11,561,439
—5.8
+ 22.3
654,574,200
4,539,009
+ 10.5
Franc!
SCO—
768,000
+ 51.4
+ 23.4
+ 18.5
+45.0
341, 279,130
83, 890,994
36, 267,162
+ 47.7
108, 801,583
+ 24.3
26*."7*56",710
+ 4*3*1
24,417*043
18,059*759
8,204,000
847,200
6,548,000
+ 25.3
+29.2
571,825
+ 48.2
6,291,000
615,296
5.716,000'
396,268
21,982,491
3,801,000
544,688,399
12,684,994
282,480,072
66,538,924
25,312,337
14, 813,806
38*.2*9*3*206
+ 9.6
15,964,059
650, 500,150
+ 13.9
+ 5.4
+25.4
+20.1
167,376,000
785, 902,838
183, 431,000
20, 621,476
24, 163,637
5, 043,000
107,802,016
2,341,885
58,197,163
13,184,796
5,459,100
18,288,162
68,990,870
16,389,438
7,916,514
27,020,211
17,669,595
Ariz.—Phoeni x
461,000
2,919,860
203,911,916
14,357,621
665,548,035
14,319,472
5,827,578
-San
District
1,163,000
132,974,675
2,668,389
■
Utah—Ogden
9,609,925
X
152,687,871
+ 15.8
*2,000,000
166,858,909
36,686,000
4,109,610
serve
.
19,692", 790
11,769,637
560,000
5,017,745
Wash.—Bellingham
22**8*2*3*395
+ 23.0
131,712,170
1,472,877
2,876,581
863,793
12,412,255
3,790,839
1,249,819
Texarkana.
La.—Shreveport
+47.4
13,057,242
9,255,000
166,869,632
2,246,528
Port Arthur
22*96*7",534
3.572,771
171,111,451
16,303,205
24,126,599
19,693,757
35,829,771
10,368,000
Fort Worth
63,600,000
Distric t—Dallas—
5,720,508
4,272,255
203,410,351
Dallas
76,800,000
4,821,546
44,498,507
2,721,190
132,795,528
3,319,069
Denver.
,/•
+30.6
X
51,121,966
7,306,372
464,423
3,225.101
6,383,442
—
"
Helena
S
78,332,411
1,441,584
1,041,000
Mont.—Billings
$
102,300,000
96,628,687
825,000
Mlnot
S. Dak.—Aberdeen
Sioux Falls
1934
%
District— Minneapolis
13,750,334
286,042,610
1,266,584
105,760,598
1,536,940
Minneapolis
1935
%
2,058,634
305,554
Minn.—Duluth.
Dec.
$
14,165,038
+ 17.7
73,290,819
(7 cities)
1936
1,747,328,803
3.328,941
474,684
150.958,048
—
-
Inc. or
1937
Louis—
398.569,876
Ky.—Louisville
Tenn.—Memphis.
111.—Jacksonville—
Qulncy
Total
1936
Dec.
%
1937
%
District
erve
Inc. or
nc. or
+ 9.9
28*.*88+355
19*.9*9*6*,305
+4*4*4
19*.*34*0* 975
16*.*6*8*5*669
16,334*665
11*. 5*5+3 73
+*4*1*4
10,*31*0*,778
8*.6*1*4*259'
3,834,247
3*.61*8*251
+6*6
5,863,752
3,467.679
2,130*.091
+ 6*2*8
2*.037,786
1,837*653
+32.7
+ 19.4
+ 16.8
+20.8
+ 26.1
+43.3
+ 8.6
92, 513,054
92,444,889
85,456,997
+ 17.7
+ 8.3
+37.8
16, 891,000
13,352,000
+ 26.5
+ 24.6
92, 409,941
73,732,672
+ 25.3
+ 13.6
20, 294,249
3,241, 418,189
18,757,460
+ 8.2
2,837,766,488
+ 14.2
151,394*666
100",784",660
+ 50.2
100,"249',305
90,37*l",140
1,437,561
2*.*119+06
4,022,861
623,254,884
11,588,925
16,266,733
2,558,000
13,429,342
3,540,244
538,155,839
8,835,139
+ 15.1
2,376,993
5,271,644
+ 15.3
9,457,265
7,830,721
+ 20.8
45, 649,547
27,721,439
38,456,601
+ 14.2
Stockton
1,324,585
2,156,891
1,525,485
891,783
1,769,159
+ 55.8
6,078,662
57, 371,377
31, 647,821
49,847,851
Santa Barbara
1,164.130,192
983,411,676
+ 18.4
5,863,798,108
5,044,500,312
+ 16.2
257,117,821
176,142,982
+ 7.3 143,645,600,636 132,531,808,155
+ 8.4
6,008,939,535 4,228,954,452
+ 42.1 4,450,978,539 4,494,474,303
+ 17.6
2,682,955.903 1,778,028,729
+ 50.9 1,782,964,639 1,671,797,646
Modesto-
3,526,000
Pasadena
16,736,639
Riverside.
San Francisco-San Jose..--.
Total
(20 cities)
Grand total (194 cities. 26,599,544.565 24,779,150,467
Outside New York
12,032,122,269 10,326,237,123
+ 15.8
+ 31.2
+ 16.5
CANADIAN CLEARINGS FOR
52,031,607,584
61,172,295,478
+ 18.7
+48.5
724,192
+ 21.9
1,339,938
1,297,326
696,623
784,046
+ 46.0
175,627,626
146,613,589
MAY, SINCE JA NUARY 1, AND FOR WEEK ENDING MAY 27
Month of Mag
Five Months Ended May 31
Week Ended
Mag 27
Clearings at—
Inc. or
1937
1936
$
$
Canada-
Inc. or
Dec.
1937
1936
%
$
$
Toronto
503,909,580
566,532,068
—11.1
Montreal
440,365,457
261.122,157
+ 6.5
2,766,995,546
2,469,741,499
—26.8
Vancouver.
468,983,750
191,254,192
77,054,132
74,931,474
+ 2.8
Ottawa
148,580,199
133,415,677
+ 11.4
23,036,850
18,210,768
10,035,835
Winnipeg
Quebec..
___
Dec.
%
+ 5.1
803,074,885
2,632,725,931
2,088,096,367
1,070,630,158
—25.0
420,719,848
372,236,719
+ 13.0
478,998,492
457,086,037
+ 4.8
+26.5
103,149,969
84,382,758
+ 22.2
+ 6.7
52,920,778
45,866,827
+ 15.4
+ 18.3
—3.2
+20.7
350,450
—3.2
416,956
+ 37.3
1,110,661
382,830
11,700,576
—5.9
59,069,892
+ 1.0
Edmonton
17,345,203
17,789,714
1,213,510
1,826,808
12,429,516
16,199,247
18,146,983
1,253,714
77,074,991
+ 7.0
67,584,459
5,621,979
8,978,700
26,950,857
10,578,447
17,446,231
13,393,663
6,159,537
Moose Jaw
+ 1.2
28,514,118
2,366,340
+ 19.6
Brantford
4,351,287
4,031,890
+ 7.9
Fort William.
3,246,958
2,919,220
939,580
2,746,409
4,447,093
—27.0
12,672,717
20,622,203
15,853,217
2,617,142
1,000,249
2,630,902
+ 11.5
13,315,748
—6.1
4,378,154
3,109,149
5,141,594
13,104,927
1,441,612
3,416,152
2,333,354
2,340,531
2,003,404
4,227,147
2,585,508
4,641,387
12,919,665
1,472,186
3,020,806
2,369,394
2,049,640
2,070,050
+ 20.3
13,229,684
+ 11.4
22,773,014
+ 1.4
—2.1
3,953,913
1.597,411,967
1,674,831,325
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham.
Sarnla
Sudbury
Total
*
(32 cities)
Estimated,
x
Figures
not
available.
t
+4.4
12,101,869
4,687,236
12,760,584
11,578,421
13,315,887
18,144,868
3,356,235
1,212,030
London
6,236,184
2,830,848
+ 8.5
43,909,627
13,084,811
1,173,475
572,504
+ 15.4
Saskatoon
+ 6.4
+ 5.8
+ 17.0
—2.0
+ 8.9
314,188
7,742,637
6,978,515
1,863,984
—12.8
15,301,650
13,111,024
379,367
9,060,050
7,233,430
Lethbridge
46,721,698
16,274,676
14,277,738
3,779,436
2,109,385
90,169,274
78,823,543
—2.2
+4.4
5,868,547
8,779,706
+ 19.4
229,959
+ 16.1
120,942,663
35,552,460
34,312,754
+ 7.1
98,657,286
80,295,269
S
222,549
94,817,224
126,237,923
41,010,451
36,781,102
59,678,544
82,500,652
74,947,899
—3.2
—7.6
91,192,947
95,871,963
40,743,394
1935
+4.4
110,093,580
—14.0
—2.0
%
+ 10.9
+ 21.2
28,259,721
Brandon.
Dec.
1,271,066
1,315,607
2,226,897
2,832,620
2,698,103
19,007,870
24,291,241
Regina
$
1,579,103
1,438,199
2,138,042
3,598,520
3,322,324
23,035,439
Calgary
+ 3.7
1936
$
4,438,377
4,816,460
10,708,937
Hamilton
Victoria
1937
3,482,686
1,885,044
3,835,920
5,202,819
Halifax
St. John
Inc. or
+ 7.2
+ 19.8
+ 11.9
+ 15.7
1,783,333
2,986,433
+ 7.4
4,382,274
+ 24.2
1,679,091
1,231,056
1,914,536
2,941,472
2,838,525
+ 9.3
—4.0
-+27.0
+ 23.1
230,544
1934
$
110,562,123
95,832,937
87,594,948
63,793,798
3,844,039
3,835,297
3,010,969'
3,585,361
5,033,051
1,682,809
6,380,679
2,630,881
3,387,667
3,409,804
337,052
322,227
1,218,918
328,834
828,957
674,010
689,005
728,144
+ 13.8
598,428
660,436
895,237
588,198
+24.7
486,587
+ 10.0
+ 17.1
489,304
—6.6
167,680
192.218
+ 12.8
184,008
+4.4
+ 12.0
492,627
+ 14.3
553,055
478,832
178,834
666,833
574,051
938,872
+ 18.2
+ 18.4
547,983
489,295
+ 77.4
+ 5.3
655,990
955,541
369,877
761,031
+ 25.6
720,409
65,941,635
21,649,914
59,350,413
+ 11.1
2,729,131
2,551,610
+7.0
2,370,932
6,721,027
6,497,509
+ 3.4
282,690
280,690
+ 0.7
+ 13.1
15,657,697
13,942,243
+ 12.3
673,000
576,948
+ 16.6
2,113,883
254,906
637,745
—1.5
11,040,106
10,663,576
+ 3.5
444,916
+ 3.4
410,986
491,684
+ 14.2
9,775,136
+ 22.0
378,738
+ 22.4
9,388,911
+ 7.3
381,771
+ 4.3
+ 6.9
19,747,637
16,993,518
+ 16.2
398,173
1,089,315
315,900
334,137
432,419
—3.2
11,929,369
10,072,650
459,872
463,527
953,079
+ 14.3
727,033
717,666
—4.6
7,927,284,284
7,512,738.447
+ 5.5
298,543,333
290,602,574
+2.7
277,476,790
407.135,042
.
-
391,274
1,209,079
732,867
338,088
Financial
Volume 144
CURB EXCHANGE
THE
Price movements
3777
Chronicle
the New York Curb Exchange have
on
Foreign Exchange orders transacted in all
On Tuesday, following the
been somewhat erratic this week.
currencies
dull and
three-day Memorial Day holiday, the market was
in evidence throughout the list,
improvement apparent as the week
quoted in the New York market.
considerable liquidation was
there
but
was
some
MANUFACTURERS
Specialties were active and there was some
speculative attention given to the public utilities, though the
advances in the latter group were generally among the
PRINCIPAL OFFICE AND
progressed.
apparent all along the line on
was
resumed
was
following the three-day
moderate
on
the Curb Exchange
high grade shares, ranged from 1 to 3 or more points and
few strong spots scattered through
were a
Great Atlantic & Pacific Tea Co. which
low but
back and closed with
came
standing
to
There
active stocks closed at the lows for the day.
many
the declines
among
a
the list including
dropped to
a new
fractional gain.
Out¬
requirements of Section 522 of the Tariff
Pursuant to the
1922, the Federal Reserve Bank is now certifying
Act of
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
FOREIGN
Aluminium Ltd., 5points
were
record for the week just passed:
a
EXCHANGE
RATES
BANKS TO TREASURY
MAY 29, 1937, TO
109; Carrier Corp., 3% points to 45%; Newmont Mining
Co., 4 points to 104, and Gulf Oil Corp., 2% points to 54%.
Stocks
Wednesday and while the
gains were not particularly impressive, there were numerous
changes ranging from fractions to a point or more.
Great
generally higher
were
Atlantic & Pacific Tea Co.
89 and closed with
a
3
on
dipped to 85 but moved back to
Mining and metal shares
point gain.
quiet and showed little change either
were
in fairly
were
favorites
several of the trading
strong demand and
this
in
Specialties
way.
These
included among others Carrier Corp., 2% points to 47%;
Wayne Pump, 1% points to 46%; United Shoe Machinery,
1 point to 89; New Jersey Zinc, 1 point to 78%; Consolidated
recorded moderate gains.
group
Aircraft, 1 point to 25 and Brown Co. pref., 1 point to 7434.
Following early irregularity the market steadied on Thurs¬
day and
number of modest gains were apparent as the
a
session closed.
These
were
not confined to any one group
stocks among the public utilities came
but
The preferred
fairly well scattered through the list.
were
in for considerable
speculative attention but the oil issues and mining and metal
shares
The
gains for the day included such active speculative issues as
American Gas & Electric pref., 2% points to 108; United
quiet and made little
were
progress
either
way.
Light & Power pref., 1% points to 41; Pennsylvania Power
&
Light 6% pref., 1 point to 83; Montgomery Ward A, 3%
RATES
FOREIGN EXCHANGE
The transfers were in
holiday.
but the losses, particularly among the
volume,
STREET, NEW YORK
Federal Reserve System
Member Federal Deposit Insurance Corporation
trading
as
Member
Member New York Clearing House Association
preferred stocks.
Heavy liquidation
Tuesday
55 BROAD
TRUST COMPANY
FOREIGN DEPARTMENTi
FEDERAL
BY
CERTIFIED
UNDER TARIFF ACT
JUNE 4, 1937. INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
RESERVE
OF 1930
New York
Unit
June
1
June
May 31
May 29
2
,
June 4
3
June
$
$
$
Europe—
Austria, schilling
Belgium, belga
$
.187162*
.187112*
.187142*
.187128*
.187057*
.168575
.168517
.168419
.168271
.168276
Bulgaria, lev
Czechoslo'kla, koruna
.012825*
.012825*
.012825*
.012825*
.012825*
.034845
.034851
.034850
.034857
.034844
Denmark, krone
.220291
.219895
.219920
.219687
.220000
England, pound sterl'g 4 .935500
.021800
Finland, markka
4.925750
.926666
.923166
.021750
.021759
.021730
.021750
France,franc
.044599
.044537
.044542
.044499
.044520
Germany,
.401342
.401025
.040989
.400610
.400304
.009053*
.009030*
.009033*
.009032*
.009041*
Holland, guilder
Hungary, pengo
.549571
.549742
.549789
.549767
.197700*
.197700*
.197700*
.197700*
.197650*
Italy, lira
.052806
.052605
.052605
.052603
.052602
Norway, krone
Poland, zloty
.247966
.247529
.247508
.247291
.247587
.189250
.189325
.189250
.189450
.189325
.044670*
.044687*
.044662*
.044637*
.044600*
.007239*
.007282*
.007239*
.007282*
.007282*
.053166*
.053000*
.053083
.052928*
.053071*
.254412
.253945
.253991
.253708
.254072
reiclismark
Greece, drachma
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
-
.928250
.549817
.228069
.228271
.228160
.228173
.023040*
.023040*
.023020*
.023020*
.297770
.297500
.297083
.296708
.296708
.297937
.297666
.297250
.296875
.297937
.297666
.297083
.296666
.296666
.297937
.297666
.297250
.296875
.296875
.305000
.303625
.303625
.303656
.303031
India, rupee
.372450
.371878
.371940
.371348
Japan, yen
Singapore (S. S.) dol'r
.287500
.286992
.296985
.296514
.286962
.578562
.577250
.577250
.576687
.577500
Switzerland, franc.—
Yugoslavia, dinar
HOLI¬
.228010
DAY
.023020*
Asia—
China—
Chefoo
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, doUar..
.296875
.371921
Australasia—
Australia, pound—...
1.931741*
3.924479* 3.925416* 3.921517* 3.925535*
New Zealand, pound.
1.961458*
3.954732* 3.954895* 3.951458* 3.956302*
South Africa, pound.. 4.886093*
4.878392* 4.879107* 4.973906* 4.879583*
Africa—
points to 139%; Merritt-Chapman pref., 2 points to 64 and
Alabama Power
Mixed
Friday, and while the list displayed moderate
on
improvement
as
the day progressed, the transfers dropped
below the total transactions of the
good demand at higher prices and there were
in
were
Special¬
preceding day.
buying in the metal stocks, but most of the gains were
some
small
and
without
facturing Co.
Pepperell Manu¬
special significance.
one
was
.999735
.999873
1.000150
.000456
1.000000
peso..
.999166
.999166
.999166
.999166
.999166
Mexico, peso
.277500
.277500
.277500
.277500
.277500
.998000
.997500
.997787
.997354
.997165
Canada, dollar
price movements were apparent during the early
dealings
ties
North America—
pref. (7), 1% points to 69%.
Cuba,
Newfoundland,
dollar
South America—
Argentina, peso
.329016*
.328540*
.328480*
.328060*
.328466*
Brazil (official) milrels
.087205*
.087155*
.087155*
.087138*
.087155*
(Free) milreis
Chile, peso
Colombia, peso
Uruguay, peso
.064625
.064677
.064711
.064911
.065462
.051725*
.051725*
.051725*
.051725*
.569281*
.570625*
.570631*
.570631*
.570831*
.786666*
.786666*
.786500*
.789333*
.789333*
♦Nominal rates; firm rates not
.051725*
available.
of the strong spots as it climbed
upward 6% points to 126%, Dow Chemical moved ahead 3
Brass 3%
to
52.
points to 61% and Niles, Bement Pond 4 points
As
compared with the closing prices of Friday of
Quotations of representative stocks as received by cable
each day
of the past week:
lower, Aluminum Co. of America
last week, the market was
BOURSE
PARIS
THE
points to 132, Babcock & Wilcox 3% points to 118, Ohio
May 29 May 31
June 1
June 2
June 3
June 4
Francs
Francs
Francs
Francs
Francs
Francs
closing last night at 146% against 148% on Friday a week
6,500
Bank of France
ago,
Consolidated Gas of Baltimore at 69% against 70%,
Gulf Oil
Corp. at 54 against 56%, Hudson Bay Mining &
(New) at 77%
Smelting at 28% against 30, Humble Oil
against 78%, Sherwin-Williams Co. at 124% against 125%,
South Penn Oil Co.
6,400
1,110
6,600
1,146
6,500
1,118
408
404
418
404
289
305
295
301
23",525
23,400
23,600
23,500
23,600
885
895
910
886
1,270
1,290
1,310
1,260
Canadian Pacific
—
Canal de Suez cap
Cle Distr d'Electricitie—
Cie Generale d'Electricitie
against 88%.
50
50
46
486
501
515
505
668
664
679
665
193
200
210
210
210
211
211
216
TRANSACTIONS
THE
AT
NEW
Cle Generale Transatlantique
Coty S A
YORK
EXCHANGE
CURB
—
Bonds (Par Value)
Stocks
June 4,
1937
of
Shares)
Saturday
Monday.....
Tuesday
Thursday
Friday
156,215
693,325
Total.
Sales at
,
Government
Total
304
305
306
306
502
525
533
588
608
593
;
870
880
910
Week Ended June 4
1936
671
670
government..
Foreign corporate
Total
mm
Nord Ry
695
690
692
363
362
21
■»
910
367
22
.
670
702
20
$1,378,000
28,000
22,000
10,000
9,000
1,409,000
1,649,000
18,000
6,000
1,322,000
$85,000
$5,758,000
Jan. 1 to June 4
1937
1936
Orleans Ry 6%
"22
Pathe Capital
693,325
873,105
62,377,277
70,476,664
$5,589,000
$11,902,000
$220,808,000
84,000
245,000
85,000
265,000
6,614,000
5,879,000
$419,174,000
9,022,000
5,773,000
$5,758,000
$12,412,000
$233,301,000
$433,969,000
mm
mm
-
mm
362
1,718
Pechiney
1,705
1,703
1,759
Rentes, Perpetual 3%
62.70
62.60
62.75
62.00
62.10
62.40
61.75
61.70
62.10
62.40
61.80
61.80
68.10
68.50
67.80
67.70
67.00
67.40
67.50
66.60
92.50
92.60
92.00
92 00
5,150
5,220
5,090
5,110
1,728
1,065
1,770
1,110
1,730
mrnm.
1,078
mtm
74
70
71
Rentes
4%, 1917
Rentes 4%, 1918
Rentes 4 j^s, 1932 A
Rentes 4 H %. 1932 B
Rentes 5%, 1920..
Royal Dutch..
68.30
—
m
Saint Gobaln C&C
Societe Francaise Ford
*
-
-»
61.80
mm
mm
mm
mm
-
'
—
Societe Generale Fonciere——
Societe Lyonnaise
—
1,720
1,080
129
125
128
1,300
1,320
1,290
73
125
1,294
Societe Marseillaise
500
Tublze Artifical Silk, pref
145
145
151
415
413
420
410
96
97
100
96
---H
146
Union d'Electricitie
Foreign
m.
mmmmmrnm
900
677
$48,000
$84,000
mm.
520
594
Lyon (PLM).
Bonds
Domestic
1,310
Holl
.
Kuhlmann
Schneider & Cie
Stocks—No. of shares.
1,450
1,290
L'Air Liqulde
$28,000
$5,589,000
1937
488
1,450
HOLI DAY
New York Curb
Exchange
490
1,450
1,320
HOLI DAY
$1,302,000
1,359,000
1,630,000
1,298,000
mm
484
-
day
Energie Electrique du Littoral.
Corporate
♦
HOLI DAY
209,575
156,710
170,825
Wednesday
Domestic
HOLI DAY
mm
200
rn.mmm.mm
1,430
1,300
£»«
Energie Electrique du Nord
Foreign
Foreign
mm
482
"
Eaux Lyonnaise cap.
(Number
48
mm
1,428
Credit Commercial de FranceCredit Lyonnaise
Week Ended
1,280
49
Citroen B
Courrieres
DATLY
1,126
Comptoir Nationale d'Escompte
(1.60) at 43% against 44% and United
Shoe Machinery at 88
6,505
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parislenne—
Wagon-Li ts
•
-
*
-
........
-
-
-
-
mm~rnm+
m*
m, mm
m*
t
3778
Financial
THE
BERLIN
Chronicle
June 5, 1937
STOCK EXCHANGE
Closing prices of representative stocks
each day of the past week:
May
iN-tom
June
June
1
June
2
I
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3
4
43
43
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Per Cent of Par
Allgemeine Elektrizitaets-Gesellschaft
Berliner Handels-Gesellschaft
(6%)__
i
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received by cable
as
May
29
cocooo
coc^oo
43
42
43
43
132
u. Licht
(8%)
166
Commerz-und Prlvat-Bank A. G.
(5%)~_113
130
130
131
131
132
164
165
165
166
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166
Berliner Kraft
113
113
113
113
117
117
117
117
118
118
118
119
119
160
158
160
160
159
Deutsche Reichsbahn (German Rys) pf
7% .125
156
125
125
125
125
Dresdner Bank
125
105
105
105
105
105
105
167
165
166
168
167
157
158
159
161
160
149
148
149
151
151
151
19
17
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18
18
18
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166
159
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118
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118
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Dessauer Gas (7%)
Deutsche Bank und Disconto-Gesell.
Deutsche Erdoel (5%)
(5%)
_
(4%)
Farbenindustrie I. G. (7%)
Gesfuerel (6%)
Hamburger Elektrlzitaetswerke (8%)
Hapag
Mannesmann Roehren (3%)
Norddeutscher Lloyd
Relchsbank (8%)
126
122
124
125
125
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18
19
19
19
214
216
215
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155
152
153
153
152
Siemens &Ilalske (8%)
153
219
216
220
220
221
220
231
234
232
233
234
I
NATIONAL
BANK
NOTES
©©©©©©©©b©
mcococoeococococoo
We give below tables which show all
the monthly changes
in National bank notes and in bonds and
legal tenders on
deposit therefor:
.
Bonds
Total
30 1937.
Dec. 31 1936.
Nov. 30 1936.
31 1936.
Sept. 30 1936.
Aug. 31 1936.
a£90,584,270
a304,831,788
a313,138,265
a321.212.120
a328,059,920
a338,515,395
a347,786,855
a357,525,840
a371.121.815
a383,415,980
a397,548,410
beoo.ooo
beoo.ooo
beoo.ooo
beoo.ooo
May 31 1936.
Apr. 30 1936.
Federal
Reserve
bank
notes
outstanding May
1,
lawful money, against
$2,327,717 on May 1, 1936.
a Includes
proceeds of called bonds redeemed by
b Secured by
$600,000 U. S.
1937,
secured
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called"bonds
bank notes May 1,1937
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1937
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by the Treasury; the last previous one, for
28, 1937, appeared in our issue of May 1, 1937, page
b-
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$2,701,558,625 Feb. 28, 1937.
proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of March 31 was shown to be
$1,147,770,545. This
compares with $1,206,891,781 as of Feb. 28, 1937.
In the
case of these Government
agencies, the Government's pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive of inter-agency
items, less the privately-owned
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The report for March 31 shows in the case of
agencies
financed wholly from Government funds a
proprietary in¬
terest of the United States as of that date of
which compares with
The Government's
100
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corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
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Feb.
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such to be issued
I© ©
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03
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AGENCIES
The monthly report of the
Treasury Department, showing
assets and liabilities as of March
31, 1937 of governmental
2935.
,
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a$283,639,865
GOVERNMENTAL
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FOOTNOTES FOR ACCOMPANYING TABLE
a
Non-stock (or includes non-stock
proprietary Interests).
b Excess
c
Deficit
lnter-agency assets (deduct).
(deduct).
d Exclusive of lnter-agency assets and
liabilities (except bond
Also Includes real estate and other
property held for sale,
f Adjusted for lnter-agency Items and Items In
transit.
I Includes U. S. Housing
Corporation, U. S. Railroad
e
Spruce Production Corporation, and notes received
investments),
Administration, U. S.
on account
supplies.
of sale of surplus war
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;
tration;
Tennessee Valley Associated Cooperatives,
Inc.; Tennessee Valley Authority; loans
to railroads and inter-agency interest held
by the United States Treasury.
k Net after deducting estimated amount of
uncollectible obligations held by the
Farm Credit Administration.
► 1 Includes $6,321,533 due to Federal Land banks from
the U. S. Treasury for
subscriptions to paid-in surplus.
m Shares of State
building.and loan associations, $24,987,600; shares of Federal
savings and loan associations, $122,540,700.
n
Assets not classified.
^§1
13^3
a
Less than $1,000.
o
United States.
q
Includes only the amount of capital stock held
by the
'
In liquidation.
Represents capital stock, paid-in surplus, and other
proprietary inter-agency
nterests which are not deducted from the
capital stock and paid-in surplus of the
corresponding organizations.
r
i
$290,584,270
6,944,405
b"
CREDIT
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redeemed by Secretary of the
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MARCH
CO
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by
Afloat—
REPORT
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MONTHLY
.
<N
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amount of National bank notes
Amount of bank notes afloat May
1, 1937
Legal Tender Notes—
Amount deposited to redeem National bank notes
April 1, 1937
Net amount of bank notes redeemed in
April
Includes proceeds for
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April:
National Bank Notes—Total
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ICO©
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afloat and the amount of legal tender
deposits April 1, 1937,
and May 1, 1937, and their increase
or decrease
during the
month of
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following shows the
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Secretary of the Treasury,
2% Consols, 1930, deposited by the U. S. Treasurer.
The
i.
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J-OOO*
*""5
284,239,865
291,184,270
298,076,385
305,431,788
313,738.265
321,812,120
328,659,920
339,115,395
348,386,855
358,125,840
371,721,815
384.015,980
398,148,410
a297,476,385
beoo.ooo
31 1936.
June 30 1936.
$2,279,181
a283,639,865
b600,000
b600,000
b600.000
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beoo.ooo
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beoo.ooo
28 1937.
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b600,000
Mar. 31 1937.
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Apr. 30 1937.
July
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Bank Notes
Oct.
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Jan.
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Feb.
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National Bank Circulation Afloat on—
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Volume
Financial
144
TREASURY STATEMENT SHOWING
3779
Chronicle
APPROPRIATIONS AND EXPENDITURES FOR RECOVERY
RELIEF AS
AND
OF APRIL 30, 1937
shown in a tabulation given in the Treasury's "Daily Statement"
and relief up to the end of April, which compares with $19,768,546,806 appropriated as of March 31,1937. The figure for April 30 does not include amounts advanced under the Kerr-Smith
Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress
in February, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional. The
The various
of
agencies of the Federal Government, it is
April 30, appropriated $19,766,461,904 for recovery
Treasury's tabulation for April 30 follows:
FUNDS APPROPRIATED AND ALLOCATED
FOR RECOVERY AND RELIEF, EXPENDITURES
AS OF APRIL
Sources of
THEREFROM, AND UNEXPENDED
BALANCES
1937
30,
Expenditures
Funds
Appropriations
Statutory and Executive Allocations
Organizations
Industrial
Emergency
Emergency
Appropriation
Relief
Corporation
Act
Prior
1937
Years b
Appropriation
Act 1935,
Approved
Unexpended
1936 and
Fiscal Year
Total
Finance
Recovery
Specific
Fiscal Year
Reconstruction
National
Approved
Acts
a
June 16, 1933 June 19, 1934
Agricultural aid:
Agricultural Adjustment Administration
57,635,449
3,000,000
60,000,000
Farm Credit Administration.e
Federal Farm Mortgage
Federal Land banks:
297,495,227
99,311,620
f362,721,951
316,376,778
17,300,000
200,000,000
Corporation
6,053,737
187,461,008
103,980.480
365,721,951
550,623,847
200,000,000
37,495,227
Commodity Credit Corporation.e
$
$
$
c260,000,000
gl00,736,333
£16,739,608
233,912,892
390,172,291
200,000,000
232,545,392
177,191,164
152,115
29,648,234
32,830,087
123,912,630
106,961,657
48,571,912
935,255
32,390,108
7,548,000
8,199,006 2,937,059,721
124,788,689
3,157,176
817,126,351
260,917
62,559,485 1,253,730,688
10,422,746
125,000,000
Paid-in surplus
Reduction in Int. rates
on
125,000,000
169,000,000
Capital stock.:
169,000,000
88,950,000
88,950,000
mortgages.
Relief:
1 h604,918,257
J
152,072,943
h332,481,750
93,101,630
Federal Emergency Relief Admin
Federal Surplus Commodities Corp
399,548,290
317,566,732
Civil Works Administration
Emergency conservation work
Department of Agriculture, relief
Public Works
480,590,512
11,339,960
Public highways
River and harbor work
44,093,000
597,935,347
&c_e\
/
255,488,217
438,041,640
254,702,875
3,000,000
127,289,203
2,239
93,708,085
Rural Electrification Administration
Works Progress Administration..
All other
Aid to home
72,000,000
783,419,485
389,070
83,443,698
3,602,770
10,417,140
227,661
9,169,297
187,279,965
53,289,599
397,507,814
462,263,648
800,334,539
230,743,854
1,202,936,129
372,693,870
86,267,818
493,013,156
1,419,475
6,278,520
16,826,376
3,234,101,637 1,614,374,470 1,263,661,490
865,973,581
312,864,355
1,399,782,834
171,857,735
34,051,468
9,128,380
356,065,676
220,944,898
99,342,000
4,993,900
820,990,040
88,960,000
321,069,000
84,060,431
(Including Work Relief):
Boulder Canyon project
Loans & grants to States, munic.,
Loans to railroads.e
911,040,000 3,083,627,339
935,005,625
75,111,962
1,326,707,313
84,060,431
594,969,951
10,000,000
68,432,960
321,826,877
1,047,051,428
509,404,032
144,602,195
15,826,376
1,000,000
3,234,101,637
469,251,386
5,974,064
owners:
Home-loan system:
Home-loan bank stock
125,000,000
d50,000,000
1,000,000
3,389,487
19,929,621
6,403,484
Subsistence homesteads
200,000,000
392",942",403
17,026
137,826,743
51,000,000
38,870,344
13,872,571
416,261,512
6,403,484
108,310,483
29,516,260
Resettlement Administration
20,664,100
200,000,000
50,000,000
j 50,000,000
Emergency housing
;
Federal Housing Administration
125,000,000
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
165,658,949
49,930,642
31,755,610
30,468,473
139,669,386
15
6,142,514
"~52~, 331
67,200,789
6,658,955
110,933,176
260,953
19,619,285
26,973,047
Miscellaneous:
Export-Import Banks of Washington _e_
Federal Deposit Insurance Corporation.
k
19,337~,991
Administration for Industrial Recovery.
Reconstruction Finance Corp.—direct
loans and expenditures_e
4,992,568
1
50,000,000
25,000",000
23,736
166,499
Unallocated funds.
Grand total
2,269,915,265 m3215479400
b The emergency expenditures included In
period prior to
this statement for the
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
establishments for public works under the Emergency Relief and Construction
of 1932
were
to
c
The
made from general
segregation from
sum
the
and
Act
disbursing accounts, and, therefore, are not sus¬
general expenditures of such departments and
statements.
appropriations under the Acts of May 12,
of §260,000,000 Includes
d There are no statutory limitations on
the amounts of f unds which may
be made
available by the Reconstruction Finance Corporation for carrying out the purposes
of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by the Recon¬
struction Finance Corporation of preferred stock or capital notes of banks and trust
companies under the Act of March 9,1933. The Reconstruction Finance Corporation
Is required to make available to the Federal Housing Administrator such funds as
he may deem necessary for the purposes of carrying out the provisions of the National
The amounts included in this column for the purposes specified are
based upon checks Issued therefor from time to time by the Reconstruction Finance
Housing Act.
Corporation. The authority of the Reconstruction Finance Corporation to issue its
bonds, notes, and debentures has been Increased by such amounts as may be required
to provide funds for such
e
Expenditures
£337,817,652 2,031,195,725 2,048,972,665
75,000,000
167,718,190
167,718,190
167,527,954
4,273,389,198
Act, and, under the provisions of the Emergency Relief Appropriation Act of 1936
not to 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 Reconstruction Finance Corporation is authorized to have
outstanding at any one time is increased by the sums necessary for such purchases,
The purchase of such securities by the Reconstruction
not to exceed $250,000,000.
Corporation Is reflected as expenditures of the Reconstruction Finance
as credits against expenditures of the Federal Emergency Adminis¬
The amount by which the available funds on account of
such transactions has been increased is, therefore, included In the funds of the
Finance
Corporation and
tration of Public Works.
"Reconstruction Finance Corporation—direct loans
and expenditures."
the basis of the daily Treasury
on
1933, May 25, 1934, and Aug. 24, 1935.
and
"78,596
24,240,593
n!317548,847 p6921068,921 6,042,449,469 19766 461,904 2,373,686,562 13119386,142
Emergency Relief Appropriation Act, 1935,
approved April 8, 1935, and
Emergency Relief Appropriation Act, 1936, approved June 22,1936, as amended by
the First Deficiency Appropriation Act, fiscal year 1937,
a
ceptible
75,000,000
150,000,000
"11", 369
19598743,713 2,373,686,562 13119 386,142 4,105,671,008
2,269,915,265 3,215,312,900 1,317,525,111 6,753,540,967 6,042,449,469
...
establishments
£342,332
46,250,000
150,000,000
24,330,560
d3742 350,738 3,742,350,738
Tennessee Valley Authority
Total
45,000,000
1,250,000
150,000,000
on
collections, details of which
expenditures less repayment8
set forth in the supplementary statement below
f Net, after deducting repayments to
k Under Sec. 3 of the Act of June
Is authorized to
16.1934, the Reconstruction Finance Corporation
purchase at par, obligations of the Federal Deposit Insurance
poration in a face amount of not to exceed $250,000,000, and the amount
which the Reconstruction Finance Corporation is authorized to
tions
Cor¬
of obliga¬
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 Corporation.
of $500,000,000 for subscription to capital stock is included
the figures shown In the column for Reconstruction Finance Corporation.
1 The appropriation
in
Exclusive of the
$84,520,600 transfer referred to in note p.
_
a"net~basis7i'.e'Tgross
are
authorized by
Sec. 11 of the Act of April 27,1934.
m
purposes.
are' stated
j Includes $700,000 allocated for savings and loan promotion as
the Reconstruction Finance
Corporation.
£ Excess of credits (deduct).
h The appropriation of
n
Exclusive of
the $34,119,249.20
and $46,598,714.06 transfers referred to In
and $2,550,000 transferred to salaries and expenses, Farm Credit
tration; and $25,358,189 carried to the surplus fund of the Treasury.
note p,
Adminis¬
p Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935J
$1,425,000)000 specific appropriation under the Act of June 22, 1936, $789,000,000
$950,000,000 provided In the Act of Feb. 15, 1934, was
allocated by the President as follows:
Federal Emergency Relief Administration,
specific appropriation under Act of Feb. 9, 1937, and transfers
ances as follows: From the Reconstruction Finance Corporation,
$605,000,000, of which $81,742.11 has been transferred to the Emergency Relief
appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief appropriation, and $5,218,-
of $3,300,000,000 for National Industrial Recovery, $84,520,600;
from the appropriation of $525,000,000 for relief in stricken agricultural areas
provided in the Emergency Appropriation Act of 1935, approved June 19, 1934,
$34,119,249.20; 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, $46,598,714.06; from the appropriation of $950,000,000 for emergency
relief and civil works provided in the Act of Feb. 15, 1934, $7,381,742.11; from
250 transferred to the Employees'
Compensation Commission.
__
4
,
Appropriation Act, fiscal year 1935,
authorized to purchase marketable
acquired by the Federal Emergency Administration of Public Works, but
i Under the
the
provisions of the Emergency
Reconstruction Finance Corporation is
securities
the amount which the Reconstruction
Finance Corporation
any one time In such securities may not
exceed $250,000,000.
have invested at
Moneys paid for such
may
securities are available for loans under Title II of the National Industry Recovery
DETAILS OF REVOLVING FUNDS INCLUDED
unobligated moneys referred to in Sec. 4 of Act of March 31, 1933, $21,527,113.76;
transferred pursuant to Sec. 15 (f) of the Agricultural Adjustment Act,
$12,921,502.64.
and moneys
IN GOVERNMENT
RECEIPT3 AND EXPENDITURES
Fiscal Year 1937
This Month
Organizations
Repayments and
Payments
Commodity Credit Corporation
„
Farm Credit Administration
Loans and grants to States,
municipalities, &c
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct loans
Excess of repayments and
Collections
Expenditures
& expenditures
collections (deduct).
75,593.08
28,748,582.89
Repayments and
Net
Payments
$25,505,361.02
1,527,291.28
a$24,279,525.89
$19,403,518.93
a519,519.44
704,613.09
22,867,521.30
24,923,183.74
260,577,067.36
14,235.00
a854,474.27
1,572,048.69
9,730,073.84
a3,780,519.91
345,556,305.61
14,235.00
Loans to railroads
a
$1,225,835.13
1,007,771.84
23,572,134.39
of unexpended bal¬
$500,000,000; from
the appropriation
930,067" 3 5
32,529,102.80
Collections
$120,139,852.83
41,662,792.14
70,099,053.07
4,770,097.91
10,072,406.59
683,373,958.12
Net
Expenditures
a$ 100736 333.90
al6,739,608.40
190,478,014.29
a3,198,049.22
a342,332.75
a337,817,652.51
3780
Financial
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Feb. 28,
1937, delayed in publication, has now been received, and as
Chronicle
A Does not Include $5,000,000 face amount of series "H" bonds and
est
CASH AVAILABLE TO PAY
PRELIMINARY
date in 1936:
MATURING
Feb. 29, 1936
$
Addior Deduct—Excess
on
belated Items
+6,722,957
21,654,599
Disbursing officers' checks
1,747,363,422
21,954,245
731,837,131
654,837,904
3,645,820
...
Discount accrued on War Savings certificates
Settlement on warrant checks
3,731,255
1,032,631
Balanee, deficit (—)
or surplus
Treasury bonds:
4*% bonds of 1947-52
4% bonds of 1944-54
+ 987,928,810
Interest Feb. 28, 1937
Payable
3s of 1961
3s convertible bonds of 1946-1947
Q.-J.
Certificates of Indebtedness
4*s Treasury bonds of 1947-1952....
$
49,800.000
28,894,500
49,800,000
28,894,500
258,050,000
758,955,800
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,476,000
834,474,100
1,400,570,500
1,518,858,800
1,035,884,900
491,377,100
2,611,155,700
1,214,453,900
160,884,000
758,955,800
J.-D. 1,036,702,900
M.-S.
489,080,100
..J.-D.
454,135,200
A.-O.
8s Treasury bonds of 1944-1954
3*s Treasury bonds of 1946-1956
8*s Treasury bonds of 1943-1947
8*8 Treasury bonds of 1940-1943
$*s Treasury bonds of 1941-1943
8Kb Treasury bonds of 1946-1949
8s Treasury bonds of 1951-1955....
8Kb Treasury bonds of 1941
4Ks-3Ks Treasury bonds of 1943-1945
3*8 Treasury bonds of 1944-19468s Treasury bonds of 1946-1948
3*8 Treasury bonds of 1949-1952
2*s Treasury bonds of 1955-1960
2*8 Treasury bonds of 1945-1947
2*8 Treasury bonds of 1948-1951
2*s Treasury bonds of 1951-1954
J.-D.
352,993,950
M.-S.
544,870,050
818,627,500
755,476,000
834,463,200
J.-D.
M.-S.
F.-A.
A.-O.
1,400.534,750
1,518,737,650
1,035,874,900
491,375,100
2,611,112,650
1,214,428,950
1,223,496,850
1,626,688,150
981.84S.050
1,302,658,450
190,149,996
..A.-O.
J.-D.
J.-D.
M.-S.
M.-S.
M.-S.
J.-D.
2*s Treasury bonds of 1956 59
M.-S.
2*s Treasury bonds of 1949-1953
U. S. Savings bonds, series A
U. S. Savings bonds, series B
U. S. Savings bonds, series C
8s Adjusted Service bonds of 1945
J.-D.
196,146,713
358,250,690
18,562,144
427,678,200
2 *s Postal Savings bonds
J.-J.
Treasury notes
Treasury bills
119,086,360
120,881,020
10,868,112,050 12,269,711,050
2,252,976,000
2,404,722,000
Aggregate of interest-bearing debt...
no Interest
.....33,926,454,140 29,645,950,383
535,784,582
685,805,397
138,741,870
187,866,560
Bearing
Matured, Interest ceased
Total debt
Deduct Treasury surplus or add
Treasury deficit
454,135,200.00
352,993,950.00
544,870,050.00
818,627,500.00
755,476,000.00
834,463,200.00
1,400,534,750.00
1,518,737,650.00
-
1,035,874,900.00
491,375,100.00
2,611,112,650.00
1,214,428,950.00
1,223,496,850.00
1,626,688,150.00
981,848,050.00
1,786,504,050.00
.
19,935.905,800.00
United States Savings bonds:
Series A...
<
_
$189,070,651.50
354,046.828.00
149,359,068.75
59,604,944.63
..
Series B
Series C.
.
Unclassified sales
752,081,492.88
Adjusted Service Bonds
409,677,800.00
Total bonds..
.'
-
Treasury Notes—
3* % series A-1937, maturing Sept.
2!*% series A-l938, maturing Feb.
2* % series B-1938, maturing June
series C-1938, maturing Mar.
3%
2*% seriesD-1938, maturing Sept.
2* % series A-1939, maturing June
1% % series B-1939, maturing Dec.
1*% series C-1939, maturing Mar.
1% % series A-1940, maturing Mar.
1* % series B-1940, maturing June
1* % series C-1940, maturing Dec.
1* % series A-1941, maturing Mar.
IVs % series B-1941, maturing June
1* % series C-1941, maturing Dec.
15,1937-.
$21,295,345,952.88
817,483,500.00
1,1938..
276,679,600.00
15,1938..
618,056,800.00
455,175,500.00
15, 1938..
15,1938..
596,416,100.00
1,293,714,200.00
15,1939..
15, 1939..
15.1939..
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428.400.00
15,1940..
15, 1940..
15,1940..
15,1941..
737,161.600.00
676,707,600.00
503,877,500.00
204,425.400.00
15,1941..
15,1941..
,
$9,764,337,150.00
3% Old-Age Reserve account series, maturing
June 30,
b33,736,836,166 29,531,693,530
Total gross debt Feb. 27, 1937, on the basis
of daily Treasury
statements, was
and the net amount of public debt
redemption and receipts
In transit,
&c., was $199,880.50.
b No reduction is made on account of
obliga¬
tions of foreign governments or other
Investments.
a
$34,600,780,711.15,
1941
180,000,000.00
4% Civil Service retirement fund, series 1937
to 1941
4%
301,800,000.00
Foreign
Service
retirement
fund,
series
1937 to 1941
3,031,000.00
4% Canal Zone retirement fund, series 1937
to 1941
CONTINGENT LIABILITIES
OF
THE
UNITED
Amount of
Detail—
Principal
Ouaranieed by the United States:
Federal Farm Mortgage
Corp.:
3% bonds of 1944-49
of 1937
of 1942-47
of 1939
STATES.
FEB.
28,
1937
Interest
Total
7,615,089.47
1,469,067.49
906,515.10
12,402.78
1,418,190.13
750,915.00
3.177,000.00
4% Alaska RR.
retirement fund series, ma¬
turing June 30, 1941
Postal Savings System series, maturing
June 30, 1940
2% Federal Deposit Insurance Corporation
869,700,689.47
99,497,667.49
237,388,715.10
22,337,402.78
104,559,290.13
100,872,915.00
2%
series, maturing Dee. 1. 1939
30,000,000.00
95,000,000.00
10 377
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1938.
2* % Unemployment Trust Fund series, ma¬
s
turing June 30, 1937.
226,838,000.00
_
1,434,356,679.97
38(U50 00
$41,900,000.00
...
'
♦1,422,184,500.00 12,172,179.97
35,000.00
—
Contingent Liability
a
862,085,600.00
98,028,600.00
236,482,200.00
22,325,000.00
103,141,100.00
100,122,000.00
of 1944-64
3% bonds of 1942-47
1*% bonds
2*% bonds
1*% bonds
1,036,702,900.00
489,080,100.00
a34,600,980,592 30,519,622,340
+864,144,426 +987,928,810
Net debt
3*% bonds
119,086,360.00—$197,780,860.00
$758,955,800.00
3*% bonds of 1946-56
3%% bonds of 1943-47
3*% bonds of 1940-43
33A% bonds of 1941-43
3*% bonds of 1946-49
3% bonds of 1951-55
3*% bonds of 1941
3*% bonds of 1943-45
3*% bonds of 1944-46
3% bonds of 1946-48
3*% bonds of 1949-52
2%% bonds of 1955-60
2*% bonds of 1945-47
2*% bonds of 1948-51
2*% bonds of 1951-54
2*% bonds of 1956-59
2* % bonds of 1949-53
Feb. 29, 1936
$
Q.-M.
$49,800,000.00
28,894,500.00
2* % Postal Savings bonds (13th to 49th ser.)
INTEREST-BEARING DEBT OUTSTANDING
Title of Loan—
THE
1937
Bonds—
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
759,434,612
+864,144,426
(+).
APRIL 30,
preliminary statement of the public debt of the United
April 30, 1937, as made up on the basis of the daily
Treasury statement, is as follows:
1,911,981
681,170,954
...
Total
OF
STATEMENT
The
—19,388,032
1,545,315,380
.
Deduct outstanding obligations:
Matured Interest obligations
v
States
1,766,751,454
deficiency of receipts over
or
under disbursements
or
3
1,538,592,423
DEBT
UNITED STATES
OBLIGATIONS
Feb. 28, 1937
Balance end of month by dally
statements, Ac
:
.
thereof,
summary
same
accrued Inter
thereon, held by Treasury and reflected In the public debt,
h Excess of credits (deduct).
interest attaches to the details of available cash and the
gross
and net debt on that date, we
append a
making comparison with the
June 5, 1937
f Includes only unmatured bonds issued and outstanding.
Funds have
been deposited with the Treasurer of the United
States for payment or
matured bonds which have not been presented for redemption.
Treasury bills (maturity value)
268.738.000.00
2,353,151,000 00
Federal Housing Administration:
3% debentures.
50,619.82
Home Owners' Loan
237.19
50,857.01
Corporation:
4% bonds of 1933-51
bh2,261.50
h2,261.50
3% bonds, series A, 1944-52
1,049,180,500.00 10,491,805.00 1,059,672,305.00
2*% bonds, series B, 1939-49.. 1,217,002,375.00
2,782,088.77 1,219,784,463.77
1 *% bonds, series
D, 1937
49,843,000.00
36,343.86
49,879,343.86
2% bonds, series E, 1938
49,532,100.00
41,276.75
49,573,376.75
1*% bonds, series F, 1939
325,254,750.00
1,219,707.09
326,474,457.09
2*% bonds, series G. 1942-44.
297,333,475.00
1,115,000.53
298,448,475 53
f2,988,146,200.00 15,683,960.50*3,003,830,160.50
Total interest-bearing debt outstanding
3* %, 4%, and 4* % First Liberty Loan bonds
of 1932-47.—...4% and 4* % Second Liberty Loan bonds of
1927-42
4*% Third Liberty Loan bonds of 1928
4* % Fourth Liberty Loan bonds of 1933-38..
3* % and 4* % Victory notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of indebtedness, at various interest rates.
Treasury bills.
Treasury savings certificates
1*% notes, series K_
85,978,000.00
165,706,666.67
280,509.78
518,971.43
86,258,509.78
166,225,638.10
.....
799,481.21
c252,4S4,147.88
40,679,000.00
705,400.00
21,203,950.00
6,351,850.00
17,348,000.00
263,450.00
...
$346,681,016.00
......
Less gold reserve
156,039,430.93
Tennessee Valley Authority.
Total, based
$190,641,585.07
Total, based
Old demand notes and fractional currency
1,291,307,887.29
.e4,178,821,209.15
Includes only bonds issued and
outstanding,
After deducting amounts of funds
deposited with the Treasurer of the
United States to meet interest
payments.
b Interest to July
outstanding which
THE
We
a
—519,707,421.51
$34,940,629,364.65
Does not'lnclude
on $1,413,400 face amount of bonds and
Interim receipts
called for redemption July
1, 1935.
$3,700,000,000 face
amount
of
notes
and
accrued
Interest
In the public debt.
d Figures as of Dec. 31, 1936—-figures as of
Feb. 28, 1937, not available.
Offset
by cash in designated depository banks
amounting to $144,815,544.39. which is
by the pledge of collateral as provided in the
Regulations of the Postal
Savings System having a face value of $147,968,038.25 cash In
possession of System,
amounting to $85,639,117.44, and Government and
secured
face value of
Government-guaranteed
$1,049,658,650 held
as
investments, and other
actual
circulation, exclusive of $11,474,770.85 redemption fund
deposited
In the Treasury and $285,669,150 of their own Federal Reserve
notes held by the
Issuing banks.
The collateral security for Federal Reserve notes
issued are (1) $4,492,132,130 in gold certificates and credits with the Treasurer of the United
States
payable in gold certificates, (2) United States Government securities of a face value
of $87$00,000, and (3) commercial paper of a face amount of
$4,449,000.
GOLD
AND
SILVER
MARKETS
reprint
GOLD
The Bank of England gold reserve against notes amounted to
£318,661,810
May 12 as compared with £313,661,924 on the previous Wecnesday.
Today the Bank announced the purchase of £2,599,556 in bar gold.
Most of the gold offered in the open market was taken for shipment to
New York.
Conditions were active and the amount disposed of at the
daily fixing was about £2,750,000, which included some gold from holdings.
Prices continued to rule below dollar parity.
on
Quotations:
Per Fine
securi¬
assets.
ENGLISH
the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 19, 1937:
1,1935,
were
thereon, held by Treasury and reflected
In
Total gross debt.
upon credit of the
Fed. Ree. notes (face
amount)
e
3,264,049.79
......
1,260,484,751.70 30,823,135.59dl,291,307,887.29
Other Obligations:
a
323,768,862.50
2,032,924.15
Thrift and Treasury savings stamps, unclassifled sales, &c
United States
ties with
Federal Reserve bank notes
4,690,721,845.36
On Credit of the United States:
c
„
Deposits for retirement of National bank and
upon guarantees.
Secretary of Agriculture
Postal Savings System:
Funds due depositors
*
31,156,400.00
126,30o,84U.2o
Debt Bearing No Interest—
United States notes..
...
251,684,666.67
$4,716,890.26
1,467,350.00
2,414,550.00
-
-
Reconstruction Finance Corp.:
2% notes, series H
$34,294,615,102.88
Matured Debt on Which Interest Has CeasedOld debt matured—issued prior to Apr. 1,1917
Ounce
May 13
May 14
May 15
May 17
May 18.
May 19
Average
_.140s. 5^d.
140s. 8d.
Equivalent Value
of £
Sterling
12s. 1.16d.
12s. 0.95d.
140s. 6Kd.
12s. 1.07d.
Market closed
140s. 5^d.
140s. 5Md.
12s. 1.16d.
12s. I.l6d.
140s. 6.20d.
12s. l.lOd.
Financial
Volume 144
The following
were
Kingdom imports and exports of gold
the United
registered from midday on May 10 to midday on May 15:
United States of America. £1,742,276
Netherlands
56,845
France
1,700
Finland
23,176
£1,731,722
61,184
Australia
59,449
New Zealand
9,832
United States of America
5,464
Netherlands
83,073
Belgium
20,348
France
18,561
Fermany
Yugoslavia
_
Other countries
__
Switzerland
42,550
25,485
1,433
....
£1,893,465
gold to the value of about $281,000.
SILVER
quietly steady tone and prices varied
a
only slightly during the past week.
Offerings consisted mainly of sales
China account and speculative
on
resales, while the main support was from Indian Bazaars.
on
cash delivery
reestablished
was
on
The discount of
May 13 and
was
maintained
until yesterday, when it decreased to 1-16d. owing to a better demand for
silver for
early shipment to India.
There is
indication
no
of any important change,
the undertone of the
market appearing steady at about the present level of prices.
The
following
were
the United
registered from midday
on
May 10 to midday
on
May 15:
United States of America
.£58,191
3,427
*13,186
10,502
2,259
2,131
Nyasaland-.
Belgium
France
Other countries
£18,280
1,189
2,494
5,924
2,131
France
Sweden
Switzerland
Portugal
Other
countries
919
£89,696
*
£30,937
Coin at face value.
LONDON
IN
-BarSilver per Oz.Std.
Cash
2 Mos.
May 13
May 14.
May 15
May 17
May 18
May 19
Average
The
20%d.
20 7-16d.
20%d.
20 9-16d.
20%d.
20%d.
Market closed
20%d.
20%d.
...20.387d.
NEW
20 7-16d.
20 7-16d.
May 12
May 13
May 14
May 15
May 17
May 18
Fine)
45 M cents
45 M cents
45M cents
_
--45M cents
45 % cents
20.487d.
highest rate of exchange
ENGLISH
New York recorded during the period
on
FINANCIAL
MARKET—PER
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon„
Tues.,
Wed.,
Thurs.,
Fri.,
May 29
May 31
June 1
June 2
June 3
June 4
20%<1.
20%d.
20 %d.
20 5-16d.
Silver, per oz__
20 %d.
20 5-16d.
Gold, p. fineoz. 140s.7%d. 140s.9%d. 140s.9d.
140s8d.
I40s.9d.
140s. 5d.
Consols,
75%
75%
75 5-16
2%%
British 3
Holiday
76%
76%
—
Holiday
101 ^
101%
101%
101%
101%
4%—
1960-90
Holiday
110%
110%
110%
The
price of silver per ounce (in cents)
States on the same days has been:
110%
in
110%
the
United
Bar N. Y. (for-
eign)
Closed
U. S. Treasury
U. S.
Share
Air
44%
50.01
45
45
45
50.01
Holiday
50.01
50.01
50.01
5.01
Treasury
(newly mined)
77.57
77,57
77.57
77.57
77.57
77.57
Associates, Inc. (initial)
---
Allis-Chalmers Mfg. Co
American Agricultural Chemical Co
American Capital Corp. $3 preferred
American Cyanamid Co. class A & B com. (qu.)_
American Crystal Sugar (quar.)
Preferred (quar.)
American Express Co. (quar.)
American Felt Co
Preferred (quarterly)
—
American Hair & Felt Co., 6% 1st pref.
(qu.)
-
$5 preferred (quarterly)
American Hawaiian Steamship (quar.)
American Motor Insur. (Chicago) (stk. div.)
American Optical Co., 7% pref. (quar.)
American Rolling Mill
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Amount
May 27—The First National Bank in Golden, Golden, Colo
Capital stock consists of $50,000, all common stock.
President,
John Q. Adams; Cashier, Paul V. Pattridge.
Primary organi¬
$50,000
zation.
50,000
_
STOCK INCREASED
CAPITAL
From $300,000 to
100,000
NOTICES
CURRENT
7% preferred (quar.)
American Snuff Co. (quar.)_
Preferred (quar.)
75c
-
$1%
1st $6 preferred
SIM
(quarterly)
(quar.)
i*
—
$1 m
SIM
Art Metal Construction Co
60c
Astor Financial Corp. 1st pref.
Babcock & Wilcox Co. (quar.)
Bankers Trust Co. (quar.)
37Mc
(semi-ann.)
$1
50c
40c
Belding Corticelli (quar.)Preferred (quar.)
Berghoff Brewing Corp. (quar.)
Bickford's, Inc. (quar.)
Preferred (quar.)
Bloomingdale Bros., Inc
Borg-Warner (quarterly)
Boyd-Richardson Co., 1st & 2nd preferred
BriggsMfg. Co
British Columbia Power Corp. A stock
_British Columbia Telep. Co. 6% 1st pfd. (qu.)6% preferred (quar.)
—
Mr.
'
Gregory's clientele has been concentrated among the large buyers,
ness career
He began his busi¬
in the sugar business with Lamborn & Co, in New York and was
later with Lamborn, Hutchings & Co. in Chicago and later with Logan &
Bryan in Chicago before joining Rogers & Tracy, Inc.
army
during the world war and is
a
Canadian Celanese, Ltd
Preferred (quar.)
He served in the
member of the Midday Club.
Partners of Swift, Henke & Co. include Charles A. Swift, Louis C. Henke
and Harold Blumentahal.
Co., Inc.. 40 Exchange Place, N.
Y., has issued
a
special
circular on the high grade railroad and public utility bond markets.
DIVIDENDS
Dividends
first
we
are grouped in two separate tables.
In the
bring together all the dividends announced the
July
1 June
15
16
15
15
June 25 June 12
June 25 June 12
1 June 18
July
June 14 June
1 June
July
2
16
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 12
July
July 15 June 15
6
Aug. 31 Aug.
9
July 31 July
1 June 10
July
1 June 10
July
Preferred
62 Mc
37 Mc
50c
$2
$1
145c
J$1M
|$1M
75c
t40c
(quarterly)
Co. (quar.)
C3Tt0r (J
1 June
18,
18,
1 June
15
1 June
15
1 June
19:
5
19
June 21 June
July
July
July
July
July
July
July
July
1 June
1 June
12 *
1 June
15
15
1 June
1 June
15
1 June
15
2 June
15
2 June
15
SIM
$1%
SIM
2Mc
15%
5
1 June 22
1 June 22
June 25 June
15
1 June
15
July
June
15 June 10
15
July 15 June 30
2 June 16
July
2 July 15
Aug.
1 June 16
July
June 25 June
June 25 June
July
July
July
Central Power Co., 7% cum.
1 June
19
2 June
15
14
June 21 June
June 21 June
June 30 June
July
July
15 June 30
2 June 10
1
15
17
15 June 30
15 June 30
---
Continental Gas & Elec. 7% pref. (quar.)
Continental Gin Co., 6% pref. (quar.)
Cooper-Bessemer Corp. $3 pref. stock div__
l-20th sh. com. on each sh. $3 pr. pref. stock.
Crown Cork International Corp. class A (qu.)__
Deisel-Wemmer-Gilbert (quar.)
Preferred (semi-annual)
Dejay Stores. Inc. (N. Y.) (quar.)
De Long Hook & Eye (quar.)
Detroit Gray Iron Foundry (s.-a.) —
—
Detroit Hillsdale & South Western (s.-a.)
Devoe & Raynolds Co., A & B (quar.)
2nd preferred (quarterly)
Diamond T Motor Car (quar.)
Di Giorgio Fruit Corp., $3 pref. (s.-a.),
Duff-Norton Mfg. Co-Durham-Duplex Razor A & B
Participating preferred
Eason Oil Co., pref. (quar.)
East Mahonoy RR. (s.-a.)
—
Egry Register Co., 5%% pref. (quar.)
—
50c
SIM
$3
SIM
SIM
12
June 24 June
10
June 24 June
10
1 June
15
June 22 June
11
1 June
15
July
Aug.
July
July
July
25c
$3M*
20c*
SIM*
2c*
$2,
75c,
2 July
1 June
1 June
1 June
1
15
15
10
1 June
10*
June 25 June
June 25 June
15,
July
July
15
1 June 15
1 June 21
June 21 June
10
6 June 19
July
1 June 21
July
1 June 21
July
1 June 15
25c„ July
1 June 18
July
SIM.
8
50c. June 15 June
10c* June 15 June 10
10c* June 15 June 10
1 June 19
37 Mc* July
SIM- June 15
June
5
8
17
3
1 June 15
June 19 June
1 June
80c. July
7Mc. June 30 June
31 July 21
1 June 22
1 June
19
June 25 June
1 June
July
15
25c
June 26 June
20c
preferred
General Acceptance Corp., com. & cl. A (quar.)
Extra
1
General American Investors preferred (quar.)__
Transportation
June 26 June
8
8
1 June
15
June 15 June
15 June
10
SIM
25c
5c
SIM
SIM
40c
General Electric Co
General Finance Corp. (Detroit) (quar.)— —
General Outdoor Advertisement preferred--—Preferred
—
May 26
37 Mc
Foster & Kleiser 6% pref. (quar.)
Fox (Peter) Brewing Co. (quar.)
Extra
— —
1
June 16 June
25ci July
25c
—
1 June
May 31 May 26
1 June 15
July
25c
July
S1.06M July
50c
July
July
S2M
—
common
Ink
June
$1
SIM
$5*
$2
1 June
1 June 15
87 Mc* July
25c* June 17 June 10
25c* July 15 June 10
Columbia Pictures Corp. common (extra)
Commonwealth Telep. Co. (Wise.) 6% pf. (qu.)_
Conn. & Passumpic Riv. RR. 6% pref. (s.-a.) —
General Printing
July
July
July
July
$1
15c A July
City Auto Stamping (quar.)
Columbia Breweries, Inc., A (semi-ann.)
General American
June 15 June
75c
20c
-
15
June 26 May 27
$3%
Chapman Valve Mfg. Co., 7% pref. (s.-a.)
Chamberlin Metal Weather Scrip Co. (qu.)
Chicago Dock & Canal Co. (quar.)
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati New Orleans & Texas Pac. (s.-a.)
14
June 30 June 15
July 31 June 30
t$lM
tSIM
preferred
6% cumulative preferred
14
1 May 15
1 June 21
20c
W )
Celanese Corp. of Amer. common (quar.)
Central Hanover Bank & Trust Co. (quar.)---.
Extra
14
1 June
July
July
20c
25c
-
1 June
30c
45c
—
Cariboo Gold Quartz Mining
July
July
July
July
July
July
June
Canadian Industries, Ltd., A & B (quar.)
~
—Homer &
June 30 June
1 June
July
June 15 June
60c
pref. old & new
Brunswick-Balke-Collender Co., pref
Bucyrus-Monighan Co. class A (quar.) —
Burlington Steel, Ltd. (initial)
Burry Biscuit Corp. common
Preferred (quar.)
Gannett Co., Inc., $6 conv.
including institutions and manufacturing companies.
June 30 June
25c
Bruce (E. L.) Co., 7%
Flintkote Co.
Mr. Gregory was with Rogers & Tracy, Inc. for 12 years, the last 10 of which
25c
$1%
$1
$1%
30c
Broad Street Investing Co
Brown Fence & Wire (extra)
Chicago Stock and Curb Exchanges and associate members of the New York
He will be in charge of the firm's bank stock department.
15c
6S,
$6% preferred (quar.)
Arkansas Power & Light $7 preferred
$6 preferred
associated with Swift, Henke & Co., 135 South La Salle St., members of the
he has specialized in bank stocks.
$1%
$1%
$1%
50c
Anchor Cap Corp. common
Electric Auto-Lite
Vice-President and Director of Rogers
& Tracy, Inc. of Chicago in charge of their trading department, has become
Curb Exchange.
75c
75c
$1M
(quar.)
Falconbridge Nickel Mines (quar.)
Fanny Farmer Candy Shops (quar.)
Federated Department Stores pref. (quar.)
Fidelity & Guaranty Fire Corp
Finance Co. of Pennsylvania (quar.)
—Gordon D. Gregory, since 1928 a
75c
15c
25c
-_
May 27—The Peoples National Bank of Grayville, Grayville, 111Capital stock consists of $50,000, $10,000 common stock
and $40,000 preferred stock.
President, C. Earl Hughes;
Oashuer, L. A. Jones.
Succession of The Farmers National
Bank of Grayville, 111., No. 6460.
COMMON
June 21 June 10
2%
$i k
Class B
May 25—National Bank of Flint, Flint, Mich.
$400,000—Amount of increase
June 25 June 15
10c
50c
$1%
Class B
NATIONAL BANKS
The
Holders
When
Payable of Record
75c
Abraham & Straus, Inc
Carreras, Ltd., Amer. dep. rec. A & B ord
Less British income tax and depositary expense
W. L
British
are:
Beatrice Creamery Co. (quar.)
Preferred (quarterly)
YORK
Per Ounce (.999
*rom May 13 to May 19 was $4.94%, and the lowest $4.93M.
as
The dividends announced this week
Bastian Blessing Co
Preferred (quarterly)
Quotations during the week:
IN
second table in which
a
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
>
American Water Works & Electric Co.—
Exports
Japan—
follow with
American Smelting & Refining Co.
Kingdom imports and exports of silver
Imports
Australia-
we
dividends
Per
£2,021,984
The market continued to show
Then
the
Name of Company
The SS. Viceroy of India which sailed from Bombay on May 15 carries
Md.
show
20,500
11,851
Other countries
3781
current week.
we
Exports
Imports
British South Africa
British West Africa
Chronicle
—
Corp. common (quar.)
— -
30c
SIM
$6 cum. preferred (quar.)
General Telephone Corp. common (quar.)
$3 conv. preferred (quar.)
General Time Instruments (quar.)
Special—
—
6% preferred (quar.)
—
General Water Gas & Electric, pref. (quar.)
Goldblatt Bros., Inc. (quar., optional)
Preferred (quar.)
Gorham Mfg. Co. vot. trust ctfs., common
15c
f$lM
25c
75c
—
-
--
—
25c
25c
SIM
75c
60c
62 Mc
50c
July
June
15
10
3 June 18
July
1 June 11
July
July 26 June 25
June 21 June
10
June 25 June 15
July 26 July 15
1 June 17
July
1 June 17
July
June 23 June
1 June
July
July
July
July
July
July
July
9
15
1 June
1 June
16
1 June
16
16
1 June 17
1 June 10
1 June
June 15 June
15
1
3782
Financial
Per
Name of Company
Share
Grand Rapids Varnish Co. (quar.)
Guaranty Trust Co. of N. Y. (quar.).—.
Guarantee Co. of N. Amer. (quar.)
Gulf Oil Corp
Hall (C. M.) Lamp Co.
Haloid Co. (quar.)
Hamilton Cotton Co., Ltd., preferred--.
Hearst Consol. Publishers, 7% A partic.
Heath (D. C.) & Co. preferred (quar.)
Holland Furnace $5 pref. (quar.)
Hollinger Consol. Gold Mines (monthly)
July
July
July
July
15 June 10
June 30 June 10
July
July
,
Horn (A. C.) 7% non-cum. prior partic. pref
non-cum.
Class
B
July
July
Imperial Tobacco Co. of Canada (qu.)
Imperial Tobacco Co. of Canada ord. (interim).
Indiana Hydro-Elec. Power 7% preferred
Indianapolis Power & Light 63* % pref. (qu.)_6% preferred (quarterly)
International Agricultural Corp. preferred
International Power Co. 7% preferred
International Products Corp. 6% preferred
International Shoe (quar.)
Investors Royalty Co., Inc. (quar.)
Investors Royalty Co., Inc., pref. (quar.)
Jefferson Electric Co. (quar.)
Jersey Central Power & Light 7% pref. (quar.).
6% preferred (quar.)
53* % preferred (quar.)
Froehler Mfg. Co., A pref. (quar.)
A, preferred (quarterly)
A, preferred (quarterly)
Lazarus (F. & R.l
Leslie Salt Co. (quarterly)
Quarterly
Lexington Telep. Co., 63*% pref. (quar.)
—
Locke Steel Chain Co
Extra
50c
$13*
$13*
$13*
$13*
5c
t$3
t$3
50c
25c
__
Extra.
$15*
6% preferred (semi-annual)
Canada, 1st pref. (quar.)
Power Corp. of
2nd preferred
Allegheny Steel Co., common
June
June
Allen
June 10
June
10
June 24
Sept. 24
July
2
Sept.21
July 15
July
July
July
July
_
Express
Alabama Great Southern
Preferred
„
Alabama Power Co., $7
preferred."(quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
.
-
Industries (quar.)
conv.
June
May 28
July
July
June 21
Alpha Portland Cement
Aluminum Co. of Amer., 6% pref. (quar.)
Aluminum Manufacturing, Inc. (quar.)
June
June
Dec
Dec.
15
June
June
15
Sept.
Sept. 15
June 19
7% preferred (quar.)—
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Leather Co.. 6% pref. (quar.)
American Bakeries Corp. 7% pref. (semi-ann.).
American Bank Note
June
Allied Stores Corp., 5% pref. (quar.)
12
June 30
June
15
June
15
June 30 June 15
June 22 June 14
June 30 June 16
June 12 May 27
June
15
11
June
18
25c
June
June 14
June
June
June
June 15
June
June
_
June
14
18
15
Preferred
American Cnicle Co. (quar.)
Preferred (quarterly)
Scovill Manufacturing Co
Seaboard Commercial Corp. (quar.)
Preferred (quarterly)
Selected Industries, $13* cumul. conv
$53* prior (quarterly).
Shell Union Oil Corp., 53*% pref.
(quar.)
Shepard, Niles, Crane & Hoist Corp. (stock div.)
Signal Oil & Gas, A & B (quar.)
Signal Royalties Co. (Los Angeles) A (quar.)
Smith (H.) Paper Mills, pref.
(qUar.)
Smith (T. L.) 6% preferred (initial)
South Carolina Power Co., $6 pref.
(quar.)
Southern California Edison Co., Ltd.—
Original preferred (quarterly)
Preferred series C 53*% (quarterly)
Southern Canada Power, 6% pref.
(quar.)
South West Pennsylvania Pipe Line
Spang, Chalfant & Co., Inc., 6% pref
Square D Co., common B
Payable l-40th sh.of Amer. Tobacco cl B com.
on each com. share of American Cigarette &
Cigar held.
Preferred (quar.)
American Enka (interim)
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quarterly)
American Factors, Ltd. (monthly)
;
American Fork & Hoe Co. (quarterly)
American Hide & Leather preferred (quar.)
American Home Products Corp. (monthly)
American Ice Co., preferred
—
June
75c
IIS
1
3
June
June
June
15
1
Sept.
Aug. 25
Dec.
Nov. 25
15c
June
May 29
25c
June
June
5
75c
June
June
8
20c
July
50c
June
June 14*
June
7
12
American Machine & Metals
15c
7Qc
June
June
1
June
10
American National Finance Corp. preferred
American Paper Goods Co., 7% pref. (quar,)..
$13*
$13*
$13*
June
June
5
Sept.
Sept.
June
16
June 15
20c
June
June 10
June
June
10
June
June
10
July
5 June
15
American Steel Foundries
July
July
July
June
10
June
10
June
June 16
July
July
July
July
July
July
July
July
July
July
June 20
American Sumatra Tobacco (quar.)
Extra
June 15
American Superpower Corp. 1st pref. (quar.)
June
15
June
15
June
5*
18
June 20
June
19
June
19
June 30
June 30
June 10
June
10
June
10
June
10
June 15
—
American Surety Co
American Telephone & Telegraph (quar.)
American Thermos Bottle Co.. pref. (quar.)
American Thread Co. 5% pref. (semi-annual)American Tobacco Co.. pref. (quar.)
$15c
July
June
19
June
June
15
$13*
July
Amoskeag Co. preferred (semi-ann.)
Anaconda Copper Mining Co
15*
50c
July
15*
June 15
20c
June
June
19
June
June
19
July
July
July
June
16
June
Anaconda Wire & Cable Co
June
May 24
June
June
25c
June
June
July
June 30
15c
June
May 20
Associated Breweries of Canada
$13*
July
June
—
Preferred
June 20
June
19
June
15*
June
16
10
30c
July
June
15
50c
June
June
15
June
June
15
July
July
June
June
„5
5
June
June
2
$13*
$13*
$13*
$23*
87 3*c
June
June
2
June 10
June 12
13*%
July
July
July
July
July
July
123*c
1
Sept.
1
Dec.
Dec.
1
June
May 21
June
June
June
June
Aug.
July
July
June
20c
June
May 21
June
—
5% preferred (quar.)
Atchison Topeka & Santa Fe preferred (s.-aO.¬
Atlanta Birmingham & Coast RR. pref. (s.-a.)..
Atlanta Gas Light Co., 6% pref. (quar.)
Atlantic Refining Co. (quar.)
May 25
July
July
June
20c
10c
June
June
$13*
June
June
June 21
June 14
June 15
July
June
15
75c
June
June
15
$13*
June
June
June
Aug.
July
July
June
July
July
June
15
June
15
June
June
15
Taylor Milling (quarterly)
Tech-Hughes Gold Mines
Thermoid Co., $3 conv. pref. (quar.)
Tri-Continental Corp
25c
July
July
June
10
10c
June
10
75c
June
June
4
25c
July
July
July
June 21
:
$13*
Tri-Continental Corp. (irregular)
25c
June
16
June 21
(initial)
Autocar Co., preferred
Baldwin Co. (quar.)
Bangor & Aroostook RR. Co. common
Cum. conv. preferred
Bangor Hydro Electric Co., 6% pref. (quar.)
7% preferred (quar.)
Barber (W. H.) Co. (quar.)
Bath Iron Works Corp. (stock div.)
10
June 15
June
11
15
June 25
June 14
June 14
May 21
May 28
1
June
19
June 19
July
July
July
July
May 28
May 28
June
June
July
July
1
Dec.
—
June
July
June
Stock dividend
Bayuk Cigars, Inc
1st preferred (quar.)
10
June
July
Atlas Press Co.
75c
1
1'
10
June
15
Sunshine Mining (quarterly)
June
20c
June
16
June
$13*
$13*
12J*c
$13*
June
16
1*
June 19
June
7
July
July
July
June
June
June
1
20
$13*
$13*
$13*
Atlas Powder Co
June
10
June
June 20
June
June
Sept.
June
June
15
June 20
June
35c
$13*
$13*
$13*
$33*
Preferred (quarterly)
Stein (A.) & Co., pref. (quar.)
Sun Life Assurance of Canada
June
May 29
t20c
$13*
(quar.)__
Associates Investment Co., common (quar.)
June 20
June
$1
50c
15
10
10
June
sH!
100%
5
10
June
t$7
Appalachian Electric Power $7 pref. (quar.)
$6 preferred (quar.)
Armour & Co. (Del.), pref. (quar.).
Armour & Co. (111.)
$6 prior preferred (quar.).
Old 7 % preferred (quar
Arnold Constable Corp
Arrow-Hart & Hegeman Elec. Co., 63* Pf. (qu.)
Art Metal Works Co. (quar,)
Ashland Oil & Refining Co. (quar.)
5% preferred (quar.)
16
June 15
June
50c
American Zinc, Lead & Smelting preferred
June 24
10c
50c
$2 3*
American Window Glass Co 7% preferred
American Woolen Co., Inc., pref. (quar.)
June
June
2c
American Water Works & Elec. Co., Inc., com__
June 14
June 10
June
May 28*
June
2c
June
June
June
June
10c
2c
(quar.)
Quarterly
Quarterly
June
June
June
June
15c
$13*
15c
25c
Dec.
June
July
July
25c
(quar.)
10c
$13*
10
50c
—
7 % preferred
American Toll Bridge Co.
Dec.
June
$13*
-
American Sugar Refining
Preferred (quar.)
70c
$13*
$13*
July
25c
Standard Products Co
Starrett (L. S.) Co
1,
June
June
10
May 26
50c
June
17*
June
June
July
July
July
July
July
10
June
July
373*c
343*c
$13*
10
June
June
June
623*c
t373*c
10
June
June
75c
June
10
June
June
15
June
Special
American Cigarette & Cigar, stock div
$13*
25c
June
June
(quar.)
Dec.
June 18
June 15
June
(quar.)
Inc., new
$1
-
Sept. 15
Dec
(quar.).
American Can Co., preferred
American Chain & Cable Co.,
$1
Rhode Island Insurance Co
River Raisin Paper (irregular)
Rochester Telep. Corp., 6 3*% 1st pref. (quar.).
Ruberoid Co., new stock
Sabin Robbins Paper Co., 7% pref. (qu.)
St. Louis Rocky Mountain & Pacific Co
1
15
15
July
July
July
July
July
—
7% preferred (quarterly)
7% preferred (quarterly)
American Piano Corp. A & B (initial)
American Power & Light Co., $6 pref. (quar.)..
$5 preferred (quarterly)
American Radiator & Stand. Sanitary Corp
American Republic Corp. (irregular)—
American Republics Corp
American Safety Razor Corp. (quar.)
American States Insurance Co. (Ind.) (qu.)
87 He
June
June
Sept
Preferred
10
June
Aug. 31
June 30
June
15
July
70c
1st pf. (qu.)
1
Allied Products, class A (quar.)
June
13*%
15
June
July
July
July
Hi
12
July
May 20
433*c
75c
June
July
18 June 10
$13*
7
June
$13*
$13*
-
June 21
Allied Laboratories, Inc. (quar.)
Allied Mills, Inc
10c
(quarterly)
Co., 53*% preferred (quar.)
May 28
12
June
Pocahontas Fuel Co
June
June
12
June 15
June 21 June 11
75c
June
June
(quar.)
25c
Penney (J. C.) Co., common
Pfaudler Co. (quar.)
Phoenix Securities Corp., conv. pref. A
15
15
June
Extra
Acme Steel Co.
50c
Penn Central Light & Power $5 pref. )quar.)
$2.80 preferred (quar.)
Holders
June
50c
30c
75c
When
Payable of Record
July
10
June 25 June 12
June 25 June 12
June
Share
Aug.
July
July
Aug.
June
15 May 31
Sept. 15 Aug. 31
July 15 June 30
50c
give the dividends announced in previous weeks
we
15
June
$13*
8
June
Oct.
July
July
July
July
July
July
July
July
June 22 June
June
25c
50c
1
6c
July
July
July
July
July
July
July
15 June
June
10
<Si?i
Paauhau Sugar Plantation (monthly)
Penn Central Light & Power, pref. (quar.)
15
June
Agnew-Surpass Shoe Stores preference
Agricultural Insurance Co. (Watertown, N. Y.)
RR. ordinary
June
20c
Pacific Tin Corp. (quar.)
Extra
Preferred (quarterly)
10
June
$1
15
2
15
19
$13*
Norwich Pharmacal Co. common
Ohio Associated Telephone Co. 6% pref. (qu.)_.
Ohio Brass Co
Onomea Sugar Co. (monthly)
6% preferred (quarterly)
8% preferred (quarterly)
Radio Corp. of Am. $3 3* cum.
Reynolds Spring Co
June
t$l
June
15
Preferred
Pure Oil
10c
June
June
$13*
(quar.)
Niagara Alkali Corp. 7% pref. (quar.)..
North American Co. common (quar.)
Preferred (quar.).
Northwestern Te"
^elegraph Co. (semi-ann.)
18
2
2
1
1
1
June
$1
50c
Myers (F. E.) & Bros. Co
National Enameling & Stamping (quar.)
National Grocers, preferred
Natomas Co.
(quar.)
New England Power Co. (quar.)
6
6
June
Aug.
Aug.
July
July
July
June
10c
-
July
July
50c
June
June
50c
10
15
17
June
June 15
40c
June 21 June
1 June
July
Aetna Ball Bearing Mfg. (initial)
July
July
July
73*c
June
Addressograph-Multigraph Corp. (quar.)
June
50c
10
10
19
Adams
50c
50c
19
June
15 June 30
1 June 15
373*c
25c
19
June
17 June 10
2 June 15
31 Dec. 24
June 25 June 15
50c
June
June 30 June
Abbott Laboratories, Inc. (quar.)
5
5
Dec.
50c
30c
June
$13*
$13*
$13*
Per
June 30 June 15
June 30 June 15
25c
Marine Midland Trust (quar.)
Marlin-Rockwell Corp. (quar.)_
Master Electric Co. (quar.)
McKeesport Tin Plate Corp. com. (quar.)
Mead Corp. (resumed)
Merchants Insurance Co. (Providence)
Merchants & Miners Transportation Co. (qu.)_.
Meyer-Blanke Co
7% preferred (quar.)
Michigan Sugar 6% preferred (resumed)
Midland Oil Corp. $2 conv. preferred
Monongahela West Penn Pub. Service—
7% preferred (quar.)
Montgomery Ward & Co. (quar.)
Class A (quar.)
Mueller Brass Co. (quar.)
(N. Y.) (quar.)_—
7% pref. (quar.).
Westmoreland, Inc. (quarterly)
West Penn Electric Co., class A (quar.)
West Penn Power Co., 7% Pref. (quar.)
6% preferred (quarterly)
Western Light & Traction,
Name of Company
June 30 June 15
50c
Extra
Margay Oil Corp
July
July
July
$15
433*c
1
1
1
1
1
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
5
lJune
1 June
50c
50c
20c
Mapes Consol. Mfg. (quar.)
United States Trust Co.
1 June 15
13*c
20c
Macassa Mines
Macfadden Publications, Inc., preferred
ProfGirod
Mahon (R. C.) & Co. $2 class A pref. (quar.)—
25c
July
July
July
July
July
1 June 19
June 15 June
June
25c
Extra
June 30 June 11
June 30 June 11
July
July
95c
(quarterly)
Dyewood Corp., common (quar.)
Below
15
15
June 26 June 11
July
1 June 19
Illinois Commercial Telep. (Wise.) $6 pref
25c
First preferred
Yellow Checker Cab Co., class A
Yukon Gold Co
June 28 June
Houdaille-Hershey class A (quar.)
Union Investment Co
United
Holders
When
Payable of Record
Wisconsin Investment Co. (interim)
Wood (Alan) Steel Co., 7% preferred
1 June 18
June 28 June
2nd partic. pref. (quar.)
Hoskins Manufacturing Co
Share
Company
...
June 17 June
3
June 17 June
3
June 15 May 31
June 15 June 19
June 10 May 31
Holly Oil Co. (resumed)
Per
Name of
Weston Electrical Instrument
1 June 15
June 15 June
1
June 30 June 28
Extra
Homestake Mining Co. (monthly)
Honolulu Plantation Co. (mo.).
4
1 June
15 June 30
1 June 15
June
(qu.)_
June 5, 1937
Holders
Payable of Record
June 30 June 19
June 30 June 16
1 June 14
Granite City Steel Co. (quar.)
Grant (W. T.) Co. (quar.)
6%
When
Chronicle
Dec.
15
June
May 29
July
June 30
June
10
June
10
1
Volume
Per
Share
Name of Company
Beech-Nut Packing Co.
(quar.)
Extra
June
(quar.)
(quar.)
(quar.)
Bell Telephone of Canada (quar.;
Bell Telep. of Penna. 6H % pref. (quar.).
Bellows & Co.. class A
Dec.
Class A
July
July
June
Bendix Aviation Corp
June
July
July
July
Class B
15 June
6% preferred B (quar.)
6H% preferred C (quar.)
Compo Shoe Machinery Corp.
Compressed Industrial Gases (quar.)
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
Quarterly
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
1
1
1
18 Dec.
15 June 23
15 June 19
12 May 20
15 May 28
June
4
June
June
Consolidated Biscuit
18
15
(quarterly)
Bridgeport Brass Co. (quarterly)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. (quarterly)
6% preferred (quarterly),
llo Manufacturing Co. (quar.).
Bril
Class A (quar.)
Bristol Brass (quar.)
25c
75c
Continental Assurance Co.
15 June
1
Continental Oil Co
Special
Continental Steel Corp. (quar.)
Preferred (quar.)
Continental Telephone Co., 7% pref.
June 15
June 30 June
11
5
June 15 June
50c
June
15 May 29
June
15 May 29
June 15
June
16
June
4
Crowell Publishing
June
1
Crown Cork & Seal Co., Inc., common
Budd Wheel Co
20c
June 30 June
16
$19*
June 30 June
16
25c
June 30 June
16
J25c
lOd.
57 preferred (quar.)
$7 preferred (participating dividend)
Buckeye Pipe Line Co. common
Buffalo, Niagara & Eastern Power, 1st pref.(qu.)
Prior preferred (quar.)
Bullard Co
$1
June
$13*
Aug.
July
Bulolo Gold Dredging Ltd. (irregular)
$1H
June
20c
June
$15*
June
40c
July
July
July
July
Burroughs Adding Machine Co
(quar.)
(quar.)
Butler Water Co., 7% pref.
Calamba Sugar Estates
Preferred (quar.)
40c
25c
35c
60c
Extra
California Ink (quar.)
Calumet & Hecla Consol. Copper Co
Canada Bread, preferred
Preferred B
e2m
tl2Hc
B
62 He
2 July
(quar.)
Canada Cement Co., pref. (quar.)
Canada Malting Co. (quar.)
Canada Northern Power Corp., Ltd. (quar.)
7% cumu.
preferred (quarterly)
Canada Permanent Mortgage (quar.)
Canada Wire & Cable, 6H% pref. (initial)
Canadian Canners, Ltd., 5% 1st pref. (quar.)..
Convertivle preferred (resumed)
Canadian Cottons Ltd. (quar.)
Preferred (quar.)
Canadian Foreign Investment (quar.)
15
June 30 June
15
10 May 29
5 May
1
1
15 June
June
15
June
15
June
15
1 June 21
June
16 June
1
July
July
July
2 June
2 June
15
June
15
26 June 30
15 June 30
2 June 15
June 18 May 31
July
2 June 15
June 15
July
June 18
July
June 18
July
July
May 15
July
May 15
July
May 15
June 15
July
June 19
July
8% preferred (quar.)
(quar.)
preferred (quar.)..
Canadian Oil Cos., Ltd. 8%
June 30 June
Canfield Oil Co
Ltd.,
June
of
7 May 14
July
common
Optional div. of 9* sh.
com. stk. or
Carolina Telep. & Teleg. Co. (quar.)
1 June 21
S3 H
40c
June
$1,125
July
tf
Chicago Flexible Shaft Co. (quar.)..._.
Chicago Rivet & Machine (new)
7% preferred (quar.)
Chrysler Corp. common
June
15
June
8
June
8
75c
70c
$1
$1
July
July
July
July
1
1
1
1
June
June 28 June
8
4
50c
June 28 June
4
$1
June 29 June
19
30c
June
15 May 25
June
July
16 May 27
1 June 18
June
11 May
1 Sept. 18
Oct.
1
Mar. 20
June 30 June
75c
June 25 June
Gluett-Peabody & Co. preferred (quar.).
Coast Counties Gas & Elec. Co. 6% pref. (qu.)_
Coca-Cola Co. (quar.)
Class A (semi-annual)
Coca-Cola International (quar.)
Class A (semi-annual)
Colgate-Palmolive-Peet Co., preferred (quar.)-.
Colt's Patent Fire Arms Mfg. (quar.)_
Columbia Broadcasting A&B
Columbia Pictures Corp., common (quarterly) __
Columbian Carbon Co. (quar.)
Commercial Credit Co. (quar.)
Preferred (quar.)_
Commercial Investment Trust Corp. (quar.)
$49* conv. pref. series of 1935 (quar.)
Commercial National Bank & Trust (qu.)
►
Commercial Solvents Corp., com.
(s.-a.)
15 May 27
June
15 May 27
June 10
June 18
July
July
Sept.
Preferred
$2
69*c
June
80c
25c
$1
12
June
12
June
12
June
12
June
5
June 30 June
15
11 May 22
June 21 June
1
June 10 May 17
June
June
10 May
Preferred
Sept.
1 Aug. 14
Dec.
1 Nov. 15
1 Aug.
$19*
$19*
60c
June 30 June
1
$19*
Co.,
common
(quar.)
l4
(quar.)
$2
(E. I.)
Debenture stock (quar.)
Duquesne Light, 5% preferred (quar.)_
Duro-Test Corp. (quar.)
Eagle Richer Lead Co
Preferred (quarterly)
—
Eastern Gas & Fuel Assoc., $6 preferred
$4H preferred (quarterly)
Eastern Utilities Assoc. (quarterly)
Quarterly
Eastman Kodak Co. (quar.)
Preferred (quar.)
Edison Bros. Stores (quar.)
—
5% preferred (initial)
Electric Controller & Mfg. (quar.)
Electric Storage Battery Co., com
Preferred (quar.)
Electrolux Corp.
$1
$1
15 June 10
June 15
June
10c
July
1
July
1
July
1
July
1
Aug. 16
$1,125
50c
50c
$2
$1H
25c
41.44c
$1
June
15
June
15
June 15
Aug.
6
Nov. 15 Nov.
9
5
1 June
5
1 June
June 25 May 29
June 15 May 29
July
1 June 19
July
July
60c
9
June
10c
15c
June
June
10 May 25
50c
June
1
15 June
15 June 30
A (qur.) —
llH
(Texas), $6 pref. (quar.)—
Co. (quar.)
$1H
(quarterly)
El Paso Natural Gas
9
June 30 June
40c
Extra
June 30 June
50c
(quarterly)
Elgin National Watch Co
El Paso Electric Co. (Del.) 7% pref.
Ely & Walker Dry Goods Co., 1st pref. (s.-a.)
2d preferred (semi-ann.)
Empire Power Corp., $6 pref. (quar.)
Participating stock
Emporium Capwell Corp
7% preferred (s.-a.)
4H% cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
4H% cumul. preferred A (quarterly)
Engineers Public Service $5 conv. pref
$5H preferred
Erie &
14
July 20 June 30
July 20 June 30
2 June 15
July
2 June 15
July
2 June 15
July
2 June 15
July
July 15 June 30
July
May 29
July
1 May 29
July
1 June 19
July
1 June 15
July
1 June 15
June 15 May 27
July 24 July
9
July 15 June 15
10c
Electromaster, Inc
17
June 10 May 25
June 30 June 10
$1,069* June 30 June 10
5
$1
July
1 June
5
1 June
$1,069* July
$2
July
1 Mar. 12
30c
Duke Power
6% preferred B
June
1
25c
6% pref. (quar.)
Ltd. (quar.)
El Paso Electric Co.
1
1
1
1
1
19
June
Dec.
du Pont de Nemours
Mar. 12
1 June 19
June
15 May 31
June 15 May 31
25c
—
Driver-Harris, pref. (quar.)
Nov. 10
15 May 25
June 15
10 June
15 June 19
June 19 May 29
June 10
July
June 10
July
Sept.
Co. (quar.)
(quar.)
Dec.
June
May 15
July
July
July
T$2
Sept.
Dominion Textile
Sept.
15
1
Oct.
1
Dec. 23 Dec. 23
July
(quar.)
May 10
July
July
July
July
July
Sift
Nov. 10
Nov. 20
July
Oct.
-—
Dec.
July
$1
$1
Columbus & Xenia RR
}
Nov. 15 Nov. 10
June
50c
37 He
15
Aug. 16 Aug. 10
$19*
$1H
50c
Special
4
July
pref. (qu.)-
50c
City Ice & Fuel Co. (quar.)
$19*
City of Paris Dry Goods Co. 7% 1st pref. (qu.)_
$19*
7% 1st pref. (quar.)
40c
Clarke Equipment Co. (quar.)
$19*
Preferred (quar.)
50c
Cleveland Electric Illuminating (quar.)
$1.1125
Preferred (quar.)
87 He
Cleveland & Pittsburgh RR. Co. gtd. (quar.)—
87 He
Guaranteed (quar.)
50c
Special guaranteed (quar.)
50c
Special guaranteed (quar.)
Clorox Chemical
Dec.
Extra
$1H
Aug. 20
Sept
July
Marl'38 Feb 15'38
Extra
Preferred
$15£
Cincinnati Union Terminal Co., 5%
Preferred (quarterly)
June 30
(quarterly)
15 June
5
5
15
June 15
June 25 June 10
(quarterly)
June
5
2
15
1 June
25c
Quarterly
Dome Mines, Ltd. (quar.)
Dominion Coal Co.,
Nov. 15 Nov.
15 July
1 June
25c
Draper Corp. (quar.)
$38.50
Christiana Securities Co
Class A
Dominion Glass Co.,
June
Extra
4
June 15 June
June 15
preferred (quar.)
Investment Trusts (Ohio)
1 June 19
Aug. 16 Aug.
19
May 29
July
preferred stock held.
15 May 20
10c
5
July
July
July
July
July
(semi-ann.)
Preferred
15 May 20
10c
16
15 June
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
2d & 3d of l-50th each.
Pref. stk. div. of l-50th of a sh. of Pan Am.
Match Corp. for each sh. of Diamond
June
....
May 21*
28*
June 15 May
June 30 June
June 30 June
-
June
West Co. stock held
10
10 May 27
June
Dixie-Vortex Co. (quarterly)
5
15
Common stk. div.
Diversified
share of common
Telep. Co. for
each five shares of common stock of Central
15
June
15 June 30
June 30 June 18
1
June 15 June
Extra
10
stock of Central Electric &
June
June
Diamond Match Co
19
In addition to cash div. one
Centrifugal Pipe Corp. (quar.)
Quarterly.
Champion Paper & Fibre, preferred (quar.)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
Preferred (quar.)
Ohesebrough Manufacturing Co. (quar.)
—
(quar)-
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)--.--—---—--Deposited Bank Shares, N. Y. ser. A (s.-a.) —
Payable in stock.
Derby Oil & Refining preferredDetroit Hillsdale & Southwestern RR. (s.-a.)__Detroit Paper Products
Devonian Oil Co. (quar.)
19
10 May 28
15
10 May 27
June 24 June 14
Dairy League Cooperative Corp. 5% pref. (s.-a.)
Darby Petroleum (semi-annual)
Davenport Hosiery Mills
7% preferred (quar.)
—
Dayton & Michigan RR. Co. 8% pref. (qu.)
Dayton Rubber Mfg., class A
De Beers Consol. Mines, Ltd. (s.-a.)
Dentists Supply Co. of N. Y. (quar.)
1 June
1 June 15
June 30 June 15
June
June
—
1 June
July
9
15
June 30 June
Cutler-Hammer
Doctor Pepper Co.
$1
Co
(quar.)
15 June
1 June 12
9
June
June 15 May 26
1
June 15 June
Diamond State Telephone
Carter (Wm.) Co., Inc., 6% pref. (quar.)
Carthage Mills, class A (quar.)
Class B (quar.)
Case (J. I.) preferred (quar.)
Celanese Corp. of America—
7% cum. prior preferred (quar.)..
7% cum. 1st partic. preferred (s.-a.)
Celotex Corp. (resumed)
Central Illinois Light Co., 4H% pref. (quar.)..
Central 111. Public Service $6 preferred
6 % preferred
$19*
—
Preferred (sem-ann.)
June
July
July
July
(quar.)
(quarterly)
Crucible Steel, preferred
Crum & Forster Co.. preferred (quar.)
Cuban-American Sugar preferred
Cuban Tobacco 5% preferred—
Cuneo Press, Inc.. preferred (quar.)
Curtis Publishing 7% preferred
Common
16
July
July
July
July
July
Preferred
10
Carpenter Steel Co. (final)
...
Extra
Match
cash.
June 20 June
West
21
June 30 June 21
7% preferred (quar.)
Central
15
July
July
July
Extra
Caribbean Syndicate,
15
June
1 June 15
June 21 May 31
Preferred A
Canadian General Eiectric
16 May 28
]
15
15
June
July
July
July
(interim).
15
June
June 30 June
June 30 June
(quar.) —
40c
(quar.)
British-American Tobacco Co., ord.
June
June 30 June
June 30 June
Brooklyn Union Gas Co
British American Oil Co.. Ltd
15
July 15
May 27
July
July
Creole Petroleum Corp
50c
June
July
July
15 May 29
15 May 29
June 15
15
June
June
(Chicago), (quar.)—
50c
20c
June
June
Aug.
(quar.)
$4H preferred (quarterly)
10 May 31
1
June 15 May 31
June 15 May
7
June 25
Aug.
July
July
Continental-Diamond Fibre
1
Consumers Power Co., $5 pref.
6H% preferred (quarterly)
Cosmos Imperial Mills, 5% preferred
Covered Wagon Co. class A (initial)
Crane Co., 7% preferred
Creameries of America (quar.)—
I®
Extra
50c
__
pref". (quar.)
1
July
July
Preferred
June 23 June
37 He
Special
Consolidated Laundries, $7H
Consolidated Rendering Co
June
Bearing
Brazilian Traction, Light & Power Co
Bower Roller
5
15 May 31
June 15 May 18
June 15 May 18
June 25 June
(semi-annual)
Woven Hose & Rubber Co., preferred._
Boston Wharf Co.
15
Aug. 14
Dec. 31 Mar. 15
1
June 15 June
June 15
July
(quar.)
June 30 June
—
—
(Bait.) (quar.)
31 July 15
31 July 15
June 30 May 29
June 10
July
(quar.)
15
June
June 30 Sept. 25
Sept. 30 Dec. 24
Consolidated Investment Trust
7
June
July
July
July
June
Standard Securities—
$5 preferred (quar.)
Consol. Gas Elec. Lt. & Pow.
June 30 June
-
1
June
Consolidated
Preferred
June 11
June 15 June
preferred (semi-annually)
Edison of N. Y. (quar.)
$2H
Holders
When
Payable of Record
July
July
July
Sept.
(quar.)
Diversified
Consolidated
4
15 May 15
1
15 June
1
June 15 June
June 30 June 18
(quar.)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston
12
June
pref. (quar.)—
Blaw-Knox Co
Bohn Aluminum & Brass
12
June
Commonwealth & Southern, $6 preferred-.
Commonwealth Utilities Corp. 7% pref. (qu.)_.
15
June
Share
Company
June
pref. (quar.)
Birmingham Water Works, 6%
Bishop Oil Corp
Black & Decker Mfg. (quar.)
Name of
June 30 June 21
Bank (quar.).
Bethlehem Steel Corp.
Bensonhurst National
Biltmore Hats, Ltd., 7%
June
Sept.15 Sept.
Class A
Per
Holders
When
Payable of Record
July
July
July
Beech Creek RR. Co. (quar.)
Bon Ami Co. class A
3783
Financial Chronicle
144
—
Pittsburgh" R~rT Co.". 7% gtd. (quar.) Ill
40c
July
July
July
July
July
July
15 June 30
15 June 30
1 June 18
June
3
3
1
50c
15 July
15 July
15 June
June 15 June
25c
July
1 June 15
$3
$1H
$3H
569*c
569*c
56 He
t$l 9*
t$i*2
t$lH
1
Sept. 23 Sept. 11
July
1 June 22
Oct.
1 Sept. 21
Jan.
July
July
July
87 He
87 He
June
87 He
7% guaranteed (quar.)
7% guaranteed (quar.)
15 May 14
15 May
4
Dec.
2 Dec. 23
1 June 15
1 June 15
1 June 15
10 May 29
Sept. 10 Aug. 31
10 Nov. 30
1 Aug. 31
Guaranteed betterment (quar.).
Guaranteed betterment (quar.).
Excelsior Insurance Co. (quar.)_.
80c
Sept.
80c
1 Nov. 30
June 30 June 15
Ltd-.
17 He
Falconbridge Nickel Mines,
15c
Dec.
June 30; June
3
1
3784
Financial
Per
Name of Company
Share
Famise Corp.
(quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
S5 preferred (quar.)
$5 preferred (quar.)
6c
—
M
When
Holders
Per
Payable of Record
June
June 25
June
June
Sept.
Sept. 15
15
Name of Company
Indiana Security Corp. 6% preferred
6%
preferred
Share
(quar.)—
(quarterly)
Indiana Steel Products (quarterly)
Quarterly
Extra
5(
Extra
37Mc
37Mc
15c
Dec.
Dec.
15
Ingersoll-Rand Co. preferred (semi-annual)
July
June
10
Oct.
SIM
S2M
Farmers & Traders Life Insurance (N. Y.)
Sept. 10
Insuranshares Certificates
International Bronze Powder (quar.)
July
June
10
$3
10c
6% preferred (quar.)
37Mc
37 Mc
SIM
62 Mc
50c
Quarterly
eral Mining
Oct.
Sept. 10
50c
Faultless Rubber Co. (quar.)
Federal Insurance (Jersey City) (quar.)
July
July
June
16
June
19
Oct.
June
Sept. 20
May 12
International Nickel Co. of Canada
International Power Securities Corp.,
International Salt Co. (quar.)
July
June
1
10
International Silver 7% preferred
—
Interstate Home Equipment Co
Inc. (quar.)..
$2
11c
Intertype Corp., 1st preferred (quarterly)
2d preferred (seml-ann.)
Investment Corp. of Phila
Investors Fund of America (quar.)
Iron Fireman Mfg. Co. (quar.)
Quarterly
Irving (John) Shoe Corp
6% preferred (quar.)
Jacobs (F. L.) Co
Jewel Tea Co., Inc., (quarterly)
Johns-Manville Corp. common.
7% preferred (quar.)
Joslyn Mfg. & Supply Co. (increased quar.)
Kansas City Power & Light Co., 1st pref. B
Kansas Utilities Co. 7% pref. (quar.)
Kaufman Dept. Stores, pref. (quar.)
Katz Drug Co
4M% preferred (initial)
Keith-Albee-Orpheum 7% pref
Kerlyn Oil Co., class A common (quar.)
Class B common (quar.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferrred (quar.)
Kennecott Copper
Special
Ken-Rad Tube & Lamp A
Kerr Lake Mines, Ltd..,
Kimberly-Clark (quar.)
Preferred (quarterly)
Preferred (quarterly)..
King-Seeley Corp
Kings Co. Lighting Co., 7% ser. B. pref. (quar.)
6% series C preferred (quar.)
5% series D preferred (quar.)
Kingston Products (quar.)
Klein (D. Emil) (quar.)
Koppers Co., 6% preferred (quar.)
Kresge (S. S.) Co—
Kroger Grocery & Baking, 6% preferred (quar.)
7% preferred (quar.)
Krueger (G.) Brewing Co. (quar.)
Lackawanna RR. Co. (N. J.)
Lake Shore Mines Ltd. (quar.)
$2
$3
35c
35c
& Smelting Co., preferred
sim
Stock called for redemption June 15, 1937.
Feltman & Curme Shoe Stores, pref. (qu.)
Ferro Enamel
Ferry-Haw ley Co., preferred (quar.)
Common (increased, quarterly)
Finance Co. of America (Bait.), cl. A & B (qu.)
7% preferred (quar.).
Clai
lass A preferred (quar.)
First National Bank (Jersey City) (quar.)
First National Bank (N. Y.) (quar.)
First National Stores (quar.)
Preferred (quar.)
First Security Corp. of Ogden(Utah). ser A is-a)
Fiscal Fund, Inc., insurance stock series..
Bank stock series.
Fishman (M. H.) Co., 5M% preferred (s.-a.}_.
Florsheim Shoe class A (quar.)
Class B (quar.)
87Mc
50c
Fohs Oil Co., Inc
Foote-Burt Co
Ford Motor Co. of Canada, A. & B. (quar.)
Four Wheel Drive Auto Co. (irergular)
June
June
June
June
1
June
June
1
June
June
19
15c
43 Mc
June
June
19
8Mc
$1
June
June
19
June
June 23
525
July
July
July
June
60c
35c
25c
62 He
$1H
S2M
50c
25c
$1
20c
15
June
10
June
10
June
June
1
June
June
1
June
June
1
Sept.
July
July
June
15
June
15
June
June
1
5
Aug. 20
Freeport Sulphur Co., preferred (quar.)
...
June
June
t25c
Fruehauf Trailer new (quar.)
Fuller Brush Co. 7% preferred (quar.)
7% preferred (quar.)
General Baking Co., pref. (quar.)
General Candy Corp. class A (quar.)
June
May 29
$4
51 Yx
25c
June
May 31
Jul}
15
SIM
SIM
$2
Aug.
July
July
June 20
June
22
Oct.
Sept. 22
19
10
July
June
June
25c
June
June
Fire Extinguisher (increased)
General Gas & Elec. Corp. $5 pref. (quar.)
General Investors Trust
June
25c
General
May 26
May 14
May 29
June
General Mills, Inc., pref. (quar.)
General Motors Corp
Preferred (quar.)
SIM
July
June
10*
51
June
$1M
General Public Service Corp., $6 pref. (quar.)..
$5M preferred (quarterly)
51 M
51 %
Aug.
Aug.
Aug.
May
July
July
July
13
6
15
15
General Public Utilities, Inc., $5 pref. (quar.)..
General Ry. Signal Corp
SIM
Preferred
or stk. at rate
of
July
July
July
June 21
June
25c
(quarterly).
Refractories
Opt. div. pay. in cash
June
10
June
10
June
1
one sh.
for each 25 shs. held.
General Theatres Equipment
Georgia Power Co., $6 pref. (quar.)
$i m
$5 preferred (quarterly)
Georgia RR. & Banking Co. (quar.)
25c
June
15
July
July
June
1
20
25c
June
June
10
June 30 June
9
25c
$1M
40c
50c
30c
Conv. preferred (quarterly).
Godchaux Sugars Inc. class A.
5615
Preferred
(quar.)
Goebel Brewing Co. (quar.)
$15*
June
17
June
17
June
17
June
18
June
18
June 30 June
10
June 30 June
10
50c
S"1 M
SI M
$1
$2
Gorton Pew Fisheries Co. (quar.)
Grand Rapids & Indiana Ry. Co. (s.-a.)
Great Western Electro Chemical Co.—
6% preferred (quar.)
Great Western Sugar (quarterly)
Preferred (quarter 1 y)
Greene Cananea Copper (quarterly)
Greene R.R. Co (semi-annual)
Group No. 1 Oil Corp
Gulf Power Co., $6 pref. (quarterly)
Gulf State Utilities Co. (quarterly)..—
$5M preferred (quarterly)
Hackensack Water Co.. preferred (quarterly)
Halifax Fire Insurance Co. (M. S.) (s.-a.)
Haloid Co. (quar.)
Hamilton United Theatres, 7% pref
30c
60c
SIM
30 June 21
June
15 May
15 May
June
15
15
July
1
July
1 June 21
June 21'June
10
JJune
19
2 June
15
2 June
15
July
July
July
14 June
7
June
19 June
11
550
SIM
51H
43 He
50c
25c
tSIM
40c
SIM
25c
51 Yx
51H
(quarterly)
30c
51H
20c
...
Hazel-Atlas Glass Co (quarterly)
Hazeltine Corp. (quar.)
June 30 June 10
1 June 21
July
June 15 May 28
June
15 May 28
16
2 June
I
July
June 30 June 15
June 30 June
June 30 May 31
June 15 June
4
1 June
June 30 June
July 20 July
July
15
19
6
15 June 30
June 21 June 14
July
June 30 June 25
June 30 June 25
June
1 June
15 June
12 June
25c
June
15
15c
June 25 June
15
SIM
51m
1 June
10
SIM
July
75c
June
30c
Hecker Products Corp. (extra)
Hecla Mining Co
Hein-Werner Motor Parts Corp. (quar.)
Helme (Geo. W.) Co., common
(quarterly)
Hercules Motor Corp. (quar.)
Hercules Powder Co., common
25c
...
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.)..
Voting trust certificates (quarterly)
Household Finance Corp. (quar.)
June
15 June
June
15 June
June
12Mc
12Mc
10c
75c
July
July
Aug.
Nov.
Julv
25
15 June 30*
July
June
1
June 21
June
May 15
5c
(quar.)..
Indiana & Michigan Electric 7% pref.
(quar.)..
6% preferred (quar.)
24
June
June
52
June
10
June
15
June
15
June
15
June
1
June
June
19
52
July
June
11
25c
June
June
...
Indiana Gas & Chemical Corp., $6 pref.
(s.-a.)__
Indiana General Service 6% preferred
5 July
5 Oct.
15 June 30*
June 28 May 28
50c
52
5
4
10 June
5
1 June 20
1 June 20
July
July
July
July
July
12 Mc
$8 preferred (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Indianapolis Water Co., 5% ser. A pref. (qu.)
10
18
10c
$1
Illinois Zinc Co
1 June
1 June
20c
SIM
J75c
37 Mc
68 Mc
Hussman-Ligonier Co. 5M% pref. (quar.)
Hutchins Sugar Plantation Co. (monthly)
Hygrade Sylvania Corp., common
Ideal Financing Assoc. A (quar.)..
4
May 15
50c
SIM
52
52
Preferred (quar.)
Hudson Bay Mining & Smelting Co
Humble Oil & Refining (quar.)
1
25c
25c
Heyden Chemical Corp. 7% preferred (quar.)..
Hibbard, Spencer. Bartlett & Co. (mthly)
Home Fire & Marine Insurance (quar.)
Honolulu Oil Corp., Ltd
Honomu Sugar Co. (monthly)
Hook Drug Inc. (quar.)
July
July
July
17
June 25 June 14
June
5 May 25
1 June 22
July
June 25 June 15
SIM
Hewitt Rubber Corp
$2 conv. preferred (quar.)
Idaho-Maryland Mines Corp. (quar.)
Illinois Bell Telephone (quar.)
Illinois Central RR., Leased Lines
June
June
SIM
Watch
Hammermill Paper Co. 6% pref. (quar.)
Hanna (M. A.) Co., common
Harbison-Walker Refractories Co., pref. (qu.)_.
Harrisburg Gas Co. 7% preferred (quar.)
;
June 30 June 21
S3
Hamilton
(monthly)
lOIMay 31
75c
...
_.
International
Mining
15c
J50c
.
53 M
July
10*
June 30
S3M
S3M
51M
Oct
Sept. 30
53
SI
SIM
—
—
Extra
Jan.
Dec.
31
July
July
July
July
July
June
11*
June
15
June
_June
1 June
1
1
1
Holders
1 June
July
June
1
15*
15
June
May
15
July
July
June
15
June
15
June
June
July
July
June
-
....
June
June
June
15 May 31
30c
Sept.
Aug.
10
Dec
Nov.
10
June
May 29
3ftc
12Mc
37Mc
50c
June
15 May 29
June 25 June 14
SIM
75c
SI
June 24 June
5
10
July
1 June
17
June
15 June
July
July
SI
75c
1 June
1
14
June
21'June
1 June 21
June 30 June
10
25c
June
July
July
July
July
15 May
1 June
31
SI.125
1 June
15
1 June
10
1 June
10
SIM
tSIM
8Mc
5c
SIM
SIM
15
Sept.
Dec.
1
50c
June 30 June
25c
June
30 June
4
37 Mc
June
29
5c
June
10 May
18 June
25c
July
July
July
1 June
I June
1 June
2
2
2
•June
15 June
5
SIM
SIM
40c
SIM
SIM
SIM
July
July
July
10c
June
25c
July
July
SIM
30c
June
$1 M
SIM
July
Aug.
25c
June
51
tsi
July
4
3
1 June 15
1 June 15
1 June 15
15 June
1
1 June 21
l:June 12
12 June
1
1 June 18
2 July 20
16 June
9
1 June
15 June
June 15 June
June
Aug. 15 Aug.
25c
Nov. 15 Nov.
SIM
SIM
SIM
3c
62 Mc
371l
June
15 June
Sept
15 Sept.
Dec
15 Dec
June 30 June
10
1 June 15
2 July 14
1 July 14
June 14 May 28
July
Aug.
July
62 Mc
5c
25c
June
Sert.
1
Aug
16
25r
Dec,
1
Nfnv
15
July
1 June 18
S3
75c
SIM
37 Mc
30c
June
15 May 28
1 June 10
June 15 June
Aug
Nov.
35c
June
SIM
65c
50c
50c
3
July
30c
1M%
10 June
2 July
1
Oct
27
15 June
20
1
June 14 June
5
1 June 15
1 June 15
June 10 May 21
Sept. 10 Aug. 25
July
July
50c
Dec.
10 Nov. 20
SI.10
June
10 May 25
SI.10
Sept. 10 Aug. 25
SI-10
Dec.
S3M
10
Nov. 26
Sept. 30 Sept. 25
75c
June 30 June
75c
75c
July 31 July 21
Aug 31 Aug 21
Sept. 30 Sept 20
75c
„
Oct.
75c
75c
10
30 Oct. 20
Nov. 30 Nov. 20
Dec. 31
Dec.
$2
July
1
June 28
52
S2
50c
Oct.
1
Sept. 28
75c
—
—
Extra
SIM
Lone Star Cement (quar.)...
75c
Long Island Lighting Co., 7% ser. A, pref.(qu.).
6% series B preferred (quar.).
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Lord & Taylor (quarterly)
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Louisiana Land & Exploration Co. (quar.)
»Louisville Gas & Electric, A & B (quar.)
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)
Preferred (quar.)
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
Mangel Stores Corp., pref. (quar.)
Magma Copper Co
Magnin (I.) & Co. (quar.)
6% preferred (quar.)
6% preferred (quar.)
Marsh (M.) & Sons (quarterly)
I
Maryland Fund, Inc., stock div
Quarterly
Masonite Corp. (quar.)
SIM
SIM
$1 M
S2M
30c
SIM
10c
37 Mc
— ...
Extra
Jan
3 Dec
31
June 30 June 12
June 30 June 12
June 30 June 11.
June
July
July
July
July
July
July
June
15
15
June
18*
June
17,
June
15
June 15
June 15 June
1*
June 25 May 28
July
J June 22
Oct.
Jan.
1
1
Dec.
21
July
1 June
19
June
15 June
50c
June
25c
June
15 May 29
15 May 29
SIM
SIM
Sept. 21
Aug. 15 Aug.
Nov. 15 Nov.
40c
July
3%
3*
5
5
June
5c
25c
50c
37Mc
SIM'
May Dept. Stores Co. (quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)..
43 Mc
43 Mc
McCoIl Frontenac Oil Co. (quar.)
McKenzie Red Lake Gold Mines, Ltd
Extra
20
SIM
SIM
SIM
Massachusetts Fire & Marine Insurance Co
Mathieson Alkali Works (quar.)
Preferred (quar.)
$5
75c
J10c
1
June
19
15 May 31
June 15 May 31
June 10 May 25
June
10
June
15 June
1
June 30 June
June 30 June
11
11
May 25
Sept.
1 Aug. 16
Aug. 31 Aug. 31
Nov. 30 Nov. 30
June 15 May 15
2c
June
15 June
lc
June
15 June
75c
June
15
McKesson & Robbins. Inc., preferred (quar.)..
Melchers Distilleries, Ltd., preferred (s.-a.)
30c
June 30 June
Memphis Natural Gas Co.. preferred (quarterly)
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
Mengel Co., Inc., 1st conv. pref. (quar.).
SIM
SIM
SIM
62 Mc
July
July
July
10c
June
Merchants Distilling Corp., oemmon
1
SI
10c
25c
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Lava Cap Gold Mining Corp
Leath & Co., $2M pref. (quar.)
Lehigh Portland Cement Co., com. (quar.)
Deferred (quarterly)..
Lehn & Fink Products Corp., common (s.-a.)..
Lessing's, Inc
Le Tourneau, Inc. (quar.)
Quarterly
Libby, McNeil & Libby preferred (semi-ann.)__
Libbey-Owens-Ford Glass (quar.)
Liggett & Myers Tobacco Co., preferred (quar.)
Lily-Tulip Cup
Lincoln National Life Insurance Co. (qu.)
Quarterly
Lincoln Printing Co
Lindsay Light & Chemical Co., pref. (quar.)...
Link Belt Co., preferred (quarterly)
Liquid Carbonic Corp. (quar.)
Little Miami RR.. special guaranteed (quar.)..
Special guaranteed (quar.).
Special guaranteed (quar
Original capital
Original capital
Original capital
Lockhart Power Co., 7% pref. (s.-a.)
Lock Joint Pipe Co. (monthly)
Monthly
Monthly
Monthly
15
Sept. 16
14
1 June
7
July
June 26 June 16
July 15 June 36
July 15 June 30
July 10'June 22
July 15June 19
June 21 May 29
1
June 30 June
I
Oct.
June 30 June
t$3
tsi
Landls Machine (quarterly)
Monthly
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quar.)
I
When
Payable of Record
37Mc
$6 pref.
—
June
SI M
$7, 2nd preferred
2 July
1
June 15
$1
50c
Goodyear Tire & Rubber Co
Preferred (quar.)
Extra
Aug.
July
July
July
July
July
July
5c
10c
Extra
Golden Cycle Corp. (quar.)
Goodrich (B. F.) Co
Preferred (quar.)
Preferred
15
50 c
SIM
Gillette Safety Razor (quar.)
Preferred (quarterly)..
Hawaiian Agricultural Co.
18
June
52 Yx
Glens Falls Insurance Co. (quar.)..
Glidden Co. (quarterly)
Extra
Harshaw Chemical
June 28 June
July
July
July
Gibson Art Co. (quar.)
Gilchrist Co. (quarterly)--
$5 preferred (quar.)
International Business Machines Corp. (quar.)..
International Harvester (quar.)
.
*75c
_
General
June 5, 1937
1
1
May 29
15
llJune 19
l'June 12
1 June 12
June 30 June
15*
15 May 15
Volume
Financial
144
Per
Name of Company
Share
Merck A Co
Machine Co
June
July
—
Metal A Thermit Corp.. 7% preferred (quar )-.
Metropolitan Edison $6 pref. (quar.)
Metropolitan Edison Co. $5 pref. (quar.)
$5 prior preferred (quar.)
$7 preferred (quar.)
$7 prior preferred (quar )__
Michigan Assoc. Telep. 6% preferred
6% preferred (quar.)
Michigan Cities Natural Gas
Michigan Steel Tube Products
Midland Grocery Co., 6% pref. (s.-a.).
Mid vale Co. (Delaware)
Midwest Oil Co. (semi-ann.)
Minneapolis Gas Light Co. $5 partic. units.
Mission Corp. (special)
Mississippi Valley Public Service 6% pref. (qu.)
Mock, Judson, Voehringer, Inc
7% preferred (quarterly)
Mohawk Carpet Mills (quar.)
l'June 18
1 June
15 May
18
19
1 June 16
June 30 June
July
July
July
July
July
July
July
21
May 28
1 May 28
1 May 28
Penick A
15 June 21
10 May 29
July
July
June
19
1 June 19
15 May 15
1 June 20
June 15 June
1
July
1 June 19
June 12 June
4
June
July
June
Monroe Chemical Co.. pref.
Monsanto Chemical
1 June 15
15 June 10
June
15 June
10
1 June
15
July
Extra
(quar.)._
July
June
Montgomery <H
A ) Co (quar.)
Montreal Cottons, Ltd. (quar.)
Preferred (quar.)
Montreal Loan & Mortgage (quar.)__.
Moore (Wm. R.) Dr,
Goods (quar.)_.
15 May 25
June 80
June
15
June
15 May 31
June 15 May 31
June
July
Preferred (quarterly)
Plan Insurance Society
Morris
1
Jan
2
July
June
4
June 30 June
811
Oct.
Jan.
quarterly
Morris Finance Co., class A com. (quar.).
Class B common (quarterly)
May 31
July
1
Oct.
Morris A Essex RR
15
June 30 June
15
June 30 June
(quar.).
15
Sept
1 Aug. 27
Dec
Quarterly
Motor Products Corp
Motor Wheel Corp.
1
Nov
June 30 June
26
19
Muskegon Motor Specialties, cl A pref_.
Muskegon Piston Ring Co., (quarterly).
Muskogee Co. common
June
Mutual Chemical Co. of Amer.,6% pref. (quar.)
6% pref. (quar.).
0% pref. (quar
Mutual System, Inc.,
Sept. 28 Sept. 18
17
Dec.
(quar.)
com.
a
18 Dec.
July
July
July
15
15
15
June 30
Baking (initial)
Stock div. of l-50th of
June 19
7
June 21 June
June 21 June
Biscuit Co. (quar.)
40c
36c
t
Nationa. Bond & Investment
_
5% preferred (quar.)
National Breweries, Ltd. (quar.)
Preferred (quar.)
;
National Cash Register
National Casualty Co. (Detroit) (quar.)
Preferred A and B (quar.)
National Dairy Products Corp
Preferred A A B (quarterly)
National Gypsum Co. 5% 2d pref. (quar.)
$13*
t50c
J44c
A
»
(quar.)
National Oil Products
National Standard (quar.)__.
Extra
Transit Co
$13*
30c
$13*
July
July
July
July
July
15 May 28
1 June
2
25c
Neisner Bros., Inc. (quar.)
New Jersey Zinc Co. (quarterly)
Newmont Mining Corp
New York Sr Harlem RR. Co. (s.-a.)
Preferred (semi-ann.)
New York Lackawanna & Western RR
New York Penna. New Jersey Utilities pref
New York A Queens Light A Power
New York Telephone Co. 63*% pref. (quar.)
Niagara Falls Smelting A Refining Corp
Niagara Shares Corp. of Md. pf. A. (quar.)
Niles-Bement-Pond
Nineteen Hundred Corp., class A (quar.)
.
Norfolk A Western Ry. Co. (quarterly)
North Central Ry. Co. (s.-a.)
North Central Texas Oil Co., Inc. (Interim)
North Ontario Power Co. 6% pref. (quar.)
Quarterly
North River Insurance
Northern Oklahoma Gas Co. 0% pref. (qu.)
6% preferred (quar.)
Northern RR. Co. of N. J., 4% pref, (quar.)
Ohio Finance Co. preferred
Common (increased)
Ohio Oil Co
Preferred (quarterly)
Ohio Water Service Co., class A
(Increased)
Oklahoma Gas A Electric, 7% pref. (qu.)
6% preferred (quarterly)
Oklahoma Natural Gas 6% pref. (quar.)
6% preferred (quar.)
Old Colony Trust Assoc. (quar.)
Omnibus Corp., preferred (quar.)
Oneida Ltd. (quar.)
7% preferred (quarterly)
;
Ontario Loan A Debenture (quar.).
Otis Elevator
Preferred (quarterly)
Otis Steel preferred (quar.)
Paauhau Sugar Plantation Co. (monthly).
Pacific Finance Co. of California (quar.)..
5% preferred (quarterly)
Preferred A (quarterly)
Preferred C (quarterly)
Pacific Indemnity (quar.)
Extra
Pacific Lighting Corp. preferred (quar.)..
2
1 June
2
1 June
12
1 June
12
June 30 June 11
June
Aug.
15 May 28
2 July 16
50c
June 30 June
18
40c
July
July
1 June
15
1 June
15
62 Mc
50c
June 30 June
19
July
1 June
1
t$13*
July
1 June
10
50c
Newberry (J. J.) Co. (quar.)
New England Gas & Electric Assoc. $53* pref
New England Telep. A Tel eg
New Jersey Power & Light $6 pref. (quar.)
$5 preferred (quar.)
1 June
15 May 29
June 15 May 29
June
60c
July
1 June
16
t50c
$13*
SIM
$13*
July
1 June
1
50c
75c
$2M
$2 3*
$13*
June 30 June 10
July
July
June
June 15 May 29
1 June 15
July
75c
July
July
July
$2
June
$1X
1 May 28
1 May 28
10 May 20
July
1 June
15
1 June
11
1 May 28
14 May 25
15 June 19
25c
June 30 June
15
SIM
June 21 June
June 15 June
9
50c
50c
50c
$2M
$2
5
Aug. 15 July 31
Nov. 15 Nov.
1
June
19 May 29
June 30
75c
July 15
1
July
July 26
July 26
25c
June
15c
SIM
SIM
SIM
June
10
June
30
June 30
10 May 28
Sept. 1 Aug. 17
Dec.
1 Nov. 16
Sept. 1 Aug. 21
Dec.
July
July
July
July
July
July
July
July
July
31
31
5
15 May 31
1 June 15
1 June
15
1 June 15
1 June 15
1 June
15
1 June 10
1 June 10
June 15 May
June 15 June
June 30 June
14
1
15
June 15 May 28
June 15 May 29
June 30 June
15
Sept. 30 Sept. 15
1 June 15
July
1 June 15
July
June
15 May 29
June 15 May 29
2 June
15
June 21 June
1
June 21 June
June 15 June
1
July
June
1
5 May 15
June 15
1
July
2
Aug.
2
Aug.
2
Aug.
1
July
1
July
July 15
June
July
July
$1
7% pref. (quar.)....
Ford, Ltd. (reduced)
July
July
July
July
15 July
1
l'June 15
l'June 15
l'June
22
June 30 June
19
June 21 June
1
$13*
June
25c
June
30c
7% preferred (quar.)
7% preferred
(quar.)
7% preferred (quar.)
Pennsylvania Electric Switch A (quar.)
I ennsylvania Gas A
Electric, $7 pref. (quar.)
7% preferred (quar.)
June
40c
July
40c
Oct.
15 May 31
15 June
1
12 May 28
1 June 15
1 Sept. 15
$13*
$13*
$13*
--
Pennsylvania Glass Sand
Preferred (quar.)
Pennsylvania Power A Light Co., $6 pf. (quar.)
Aug. 15 Aug.
5
Nov. 15 Nov.
5
5
30c
*
June 15 June
1
June
19
June
19
June
15
$13*
$13*
25c
$13*
n
|7 preferred (quarterly)
$5 preferred
(quarterly)
Pennsylvania Salt Mfg
six
$23*
SIX
$1
$13*
123*c
Pennsylvania Telep. 7% preferred (quar.)
Pennsylvania Water A Power Co., com. (qu.)
Preferred (quar.)
Penn Valley Crude
Oil, A (quar.)
Feb.
15 Feb.
July
July
July
July
July
July
July
June
15
June
15
June
15
June 15 May 29
June 15
July
July
July
July
July
June
$13*
June
15 Jim*
15
15
June
June 25 June
50c
Extra
July
July
50c
373*c
Phelps Dodge Corp
Philadelphia Baltimore A Washington
Philadelphia Co., $6 pref. (quar.)._
$5 preferred (quarterly)
Philadelphia Electric Power 8% pref. (quar.)
July
20c
(irregular)
*
t
10
1 June 18
1 June 18
June 30 June
25c
-----
15
June
June
20c
Perfection Stove Co.
(quar.)_IlI"IIIIIIII.
Pet Milk Co., common
Petroleum Heat A Power
15
June
25c
Peoples Drug Stores (quar.)
Preferred (quar.)
Perfect Accident Insurance Co.
(quar.)
Perfect Circle (quar.)
19
June
45c
SIX
(quarterly)
(quarterly)
1 June 10
15 June
June 10 May
June 30 June
1 June
July
July
July
July
Finance Corp., 8% pref. (quar.)
preferred
preferred
1
1 June 30
June 25 June 10
50c
--
Quarterly
8%
8%
10 May 29
40c
813*
(quar.)
Peninsular Metal Products
Peninsular Telephone (quar.)
Phoenix
Holders
Oct.
1
19
15
1
1 June
1
1 June 10
10 June 30
10 Sept. 30
Jan
Pickle Crow Gold increased
Pioneer Gold Mines of British Columbia
Pittsburgh Bessemer A Lake Erie RR. (s.-a.)
10 Dec. 31
June 30 June 15
July
1
Sept. 15
June 10 May 25
June 10
July
jOct.
Sept. 10
10
Sept. 10
June 15 May 21
'July
Oct.
July
„
June 18 June
June 18 June
Extra
Pittsburgh Plate Glass Co
Pittsburgh Youngstown A Ashtabula Ry. Co.—
7% preferred (quar.).
7% preferred (quar.
*.)-
2 June
Oct.
—
Pittsburgh Brewing, preferred
Pittsburgh Ft. Wayne A Chicago Ry. Co. (qu.).
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh A Lake Erie RR
Pittsburgh Metallurgical Co
SIX
July
Sept.
June
9
9
10
Aug. 20
Dec.
Fund Inc. (extra)
Plymouth Oil
Nov. 20
June
Plymouth
June
15
June
Mining Co. (quar.)
Procter A Gamble Co., 5% pref.
(quar.)
Prosperity Co., Inc., 5% pref (quar.)
5% preferred (quar.)
Publication Corp.
(non-voting)
7% 1st preferred (quar.)
7% original preferred (quar.)
Public Service Co. of N. H. $6
pref. (quar.)...
$5 preferred (quar.)_
Public Service Corp. of N. J.
(quar.)
8% preferred (quarterly)
7% preferred (quarterly)
$5 preferred (quarterly)
6% preferred (monthly)
June
1
July
July
June
15
June
15
June
Premier Gold
June
June
Powdrell A Alexandre
Prentice Hall, Inc. (extra)
May 25
2
Aug.
Nov.
June
June
15
June
June
1
July
June 19
June
May 29
May 29
June
June
June
June
June
June
June
June
June
50c
June
June
June 21
6% prior lien stock (quar
'.)Public Service Electric A Gas, $5 pref.
$13*
July
July
June
7% preferred (quarterly)
Pyrene Mfg Co., common (special)
Quaker Oats (quar.)
Preferred (quar.)
Quaker State Oil Refining Corp
Queens Borough Gas A Electric Co.—
6% cumulative preferred (quar.)
Rapid Electrotype Co. (quar.)
Quarterly
Quarterly
Raybestos-Manhattan (quar.)
Reading Co. (quar.)
1st preferred (quarterly)
2nd preferred (quarterly)
Reeves (D.), Inc. (quar.)
63*% preferred (quar.)
Regent Knitting Mills, non-cumu.. pref. (qu.).
Non-cumulative preferred (quarterly)
Reliable Stores Corp. (quar )
$1
June
June
$13*
$13*
Public Service Co. of Oklahoma—
7% prior lien stock
(quar.).
__
_
_
June 21
20c
June
June
June
$13*
$13*
June
June
25c
Aug. 31 Aug.
June 15 May 29
$13*
July
June 15
00c
June
June
1
60c
Sept.
Sept.
1
60c
Dec.
Dec.
1
373*c
June
50c
Aug.
50c
June
May 28
July 15
May 20
50c
Juiy
June
June
May 29
May 29
Aug.
5
123*c
$13*
40c
June
Sept.
17
40c
Dec.
25c
July
Nov. 15
June 21
For the quarter ended June 30 1937.
Reliance Electric A Engineering Co
July
July
July
June
15
15
15
15
June 15
June 30
June
June 15
Re.iance Grain Co. 63* % preferred
(quar.)
June
Reliance Insurance Co.
June
Reliance
1 Nov. 20
June 15 June
June
50c
15c
—_
June
45c
4% preferred (quarterly)
Nunn-Bush Shoe Co., 7% pref. (quar.)
7 3* % 2d preferred (quar.)
Oahu Sugar Co., Ltd. (mo.)
Ohio Confection, A
Ohio Edison Co., $5 pref. (quar.)
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$7.20 preferred (quarterly)
10
10
2 June 15
2 June 15
15' June 30
10c
National Steel Corp. (quar.)
National Sugar Refining Co. of N. J
National Supply Co., preferred
(quarterly)
17*
June 21 June
July
July
July
SIM
123*c
$13*
$13*
(quar.)
B
15 June
June 21 June
25c
(quar.)
Preferred
Preferred
July
7
25c
7% preferred (quar.)
National Lead
16
May 29
May 29
June 30
sh. of 6% pref. stock,
$100 par
Class A
12
5
June
8% cum. preferred (quar.)
National
15 June
June 28 June
National Acme Co
*
1
June 30 June
Extra
National
5 June
When
Payable of Record
13*c
$1
SIX
...
10 May 20
June 15 May 15*
June 15 June
1
June
(guar.)
Mountain Producers Corp. (semi-ann.).,
Muncie Water Works, 8% pref. (quar.).
National
Preferred (quarterly)
Paramount Pictures 6% 1st preferred
6% 2d preferred
ljJune 15
ljMay 28
Share
Pacific Mills
Pacific A Southwest Realty Co. 53*% pref
Pacific Truck
Service, Inc. (Calif.), 7% pref—
Paraffine Cos. (initial)
llJune 15
ljMay 28
June
-
Per
Name of Company
Pathe Film Corp.
$7 conv. pref.
Parke, Davis A Co
Park A Til
ford, Inc. (quar.)
Paton Mfg. Co.,
June
—
3785
Holders
Payable\of Record
July
July
Preferred (quar.)
Mergeuthaler Linotype Co. (quar.)
Mesta
When
Chronicle
May 31
May 28
July
July
July
July
July
Sept.
(Phila.)
Mfg. Co.. preferred (quarterly)
Remington Rand $4)* preferred (quar.).
Interim
Reno Gold Mines (quar.)
Rensselaer A Saratoga RR. Co.
(s.-a.)
Republic Portland Cement Co. 5% pref. (qu,)..
5% preferred (quar.)
Republic Steel Corp. 6% pref. A (quar.)
6% cumulative preferred
Reynolds Metals Co., 53*% preferred (quar.)..
Reynolds (R. J.) Tobacco Co. (quar.)
Common B (quar.)
Richardson Co. (increased)
Rich's, Inc., 63*% pref. (quar.)
Rike-Kumler Co. (quar.)
Dec.
10
10
June
15
Aug. 20
Nov. 20
June 12
12
June 21*
5
June
5
June
5
June
June
15
June
May 27
July
July
July
Copper Mines, Amer. shares
Market, Inc. (quar.)
June
June
Extra
June
Rolls-Royce, Ltd.—
Amer. dep. rec. for ord. reg. (final)
Less tax and deduction for depositary
10
June
June
Preferred (quar.)
Roan Antelope
June
June
July
July
July
July
July
Riverside Silk Mills series A (quar.)
Ritter Dental Mfg. (quar.)
Roberts Public
June 21
15%
June
June
June
June 15
June 19
June 19
June
1
June 15
June 15
5 Apr.
10
ex¬
penses.
Royal Typewriters Co., Inc., com. (interim)-.
Preferred (quar.)
Rudd Mfg. Co. (quar.)
Safety Car Heating A Lighting Co
St. Croix Paper Co. 6% preferred (s.-a.).
St. Joseph Lead Co. (quar.)
Extra
Quarterly
Sanford Mills
....
75c
June
June
7
$13*
June
June
June
15 June
7
15c
$23*
$3
July
July
50c
June
50c
June
50c
$2
5
June 15
June 23
June 10
June 10
Sept. 20 Sept.
June
10 June
9
1
Financial
3786
Per
Name
St. Louis Bridge,
6% 1st pref.
3% 2nd preferred
San Francisco
Share
of Company
June
June
$154
75c
Securities Acceptance
Seaboard Finance,
$154
June 30 June
June 30 June
June 30 June
15
15 June
June 15 June
June
15
3
3
8 May 29
15 May 25
June 15 May 25
1 June 17
July
(quarterly)
Oct.
Jan.
1 Sept. 17
20
3 Dec
15 June
15
1 June
15
June 21 June
July
1 June
1
July
July
July
July
pref
15
2 June 15
1*
1 June
June 21 June
(quar.)_ —
11
June
18
Aug.
1
July
Aug.
—
May 22
Union Hardware Co.
June
May
Union Pacific RR
July
June
preferred (quarterly)
United Carbon Co. (quar.)
United-Carr Fastener (quar.)
Preferred (quarterly)
United Corp., $3 cum. pref. (quar.)
United Dye wood Corp. Preferred (quarterly)-Preferred (quarterly)
Preferred (quarterly)
United Gas Corp., $7 preferred
Aug.
July
(special)
United Biscuit,
June
June
July
July
25c
United States Sugar Corp., common
June
June
15
5
15
15
1 June 10
1 June 10
June 15!
July
July
Co., com. (quar.)
Preferred (quar.)
Co. (quar.)
June
8% preferred (quar.)
Soscie Gold Mines, Ltd. (quar.)
Southern Calif. Edison Co., Ltd.—
6% preferred ser. B (quar.)
Southern Colorado Power preferred
Southwestern Gas & Elec. 7% pref. (quar.)
151
—
June
15,May 31
3754c
June
15 May 20
t$l
June
15 May 29
$154
July
(quarterly).
United States Tobacco Co. copimon
Preferred
United Telephone Co. (Kansas) 7%
United Verde Extension Mining Co
$6
l'June 15
40c
,.
June 30 June
15
15c
June
15 June
5
15|June
1
$1,125
20c
$154
3)4%
:
June
10
June 20 June 10
June 20 June
20c
25c
June
25c
June
15c
Extra
June
15c
Kentucky (quar.)
June
25c
Standard Oil (Indiana)
Extra
June
20c
Extra
July
July
June
Extra
Standard Oil Co. (Ohio), common
June
June
June
25c
$100 par (semi-ann.)
50c
75c
$2
$3
(semi-ann.)___
June
June
$154
40c
Standard Steel Construction
July
June
t$l 54
5% cumulative preferred (quar.)
Standard Silica Corp. (interim)
July
15 June
1 June
20
7
15
15
15
15
28
28
17
17
17
17
31
30
1
15
May 20
60c
Standard Wholesale Phosphate
1 June
1 June
15 May
15 May
15 May
15 May
15 May
15 May
15 May
15 May
15 May
15 May
15 May
15 June
20 as
possible,
7*4% pref. (quar.)
7)4% preferred (quar.).-.
7)4% preferred (quar.)
Sterchi Bros, first preferred (quar.)
Second preferred (quar.)
Stix, Baer & Fuller, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Strauss-Hirshberg Co. (increased)
8trawbridge & Clothier Co. 7 % preferred
$154
June 30 June
24
Sept. 30 Sept. 23
Dec.
in
75c
25c
31 Dec. 18
June 30 June 21
June 30 June 21
4354c
June 30 June
4354c
4354c
Sept. 30 Sept. 16
25c
Dec. 31 Dec.
June 15 June
15
15
5
Utica Clinton & Binghamton RR
(semi-ann.)
preferred
Valley RR. Co. (N. Y.) (s.-a.)
Vanadium-Alloys Steel Co., extra
June
June
July
15 May 25
June
7
1
June
15 June
4
25c
June
15 June
4
3754c
50c
40c
30c
July
July
2
15 July
1 June 11
June 30 June
July
1 June
19
1
50c
June 30 May 22
June 30 June 15
50c
June 30 June
$154
June
17
June
15
June
15
5c
20c
Aug.
July
July
July
20c
15
Oct.
15c
6854c
(final)
Co. preferred (quar.)..
Victor-Monaghan, 7% preferred quarterly)
Viking Pump (special)
Preferred (quar.)
Virginia Electric & Power Co., $6 pref
Virginia Public Service Co. 6% preferred (quar.)
Vulcan Detinning (interim)
Venezuela Oil Consol.
Victor Equipment
June
15 June
June
15 June
1
July
July
July
July
July
July
July
June
15
June
$154
!!tf
$1.80
50c
60c
50c
1
June
15
June
15
June
15
15
June
15
June
11
Tilo Roofing Co
Timken-Detroit Axle Co., preferred (quar.)
Timken Roller Bearing Co. (quar.)
preferred.
Tobacco & Allied Stocks
June
15 June
June
15 June
1
June 30 June
10
50c
—
50c
June 21 June
5
July
$154
$1,125
25c
$154
75c
t6254c
$1
1
1 June 15
June 15 June
July
1 June
1
10
1 June 10
1 Aug 20
June
5 May 18
June 10 May 29
July
Sept.
June
15 June
1
Toronto Elevator, Ltd.,
66c
Towne Securities Corp.,
$454
June
7 May 22
8 May 28
15c
June
51May 28
5*4% pref. (quar.)—
7% pref
Transue & Williams Steel Forging Corp
Truax-Traer Coal, 6% pref. (quar.)
5)4% preferred (quarterly)
Tuckett Tobacco Co. preferred (quar.)__
June
$154
June
15 June
5
$154
$154
June
15 June
5
July
15 June 30
July
10 June 21
June
15 May 21
1
15 June
June
Sept. 15 Sept.
Dec.
June
July
July
July
June
1
8 Nov. 24
1
15 June
1 June 15
1 June
15
1 June 10
5
15 June
19 May 29*
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
June
July
1
fune
15
July
1
lune
15
June 29 June
4
July
11 June
15 June
16
15 June
1
15 June
1
June 25
June
1
4*
June
July
June
15
June
June
10
10
June
June
July
July
June
Aug.
July
31
June
16
June
Dec.
Dec.
1
1
16
June 20
June
11
June
June 10
June
June
June
June
Sept.
Sept.
Dec.
Dec.
June
June
June
June
June
15 June
2s.
25c
$154
July
5
1 June 21
15 June
1
June
15 June
1
June
25c
June
60c
$1*4
June
2i
July
20 July
Oct. 20 Oct.
June 21 June
11
June
19
$1
July
50c
June
25c
June
$154
$154
t$l
$3 54
75c
25c
3
15 May 21
15 May 21
2 June 19
Oct.
2 Sept. 18
June 15
_
June 30
June 28 June
19
15 May 25
June 15
10c
1 Aug.
9
10c
Dec.
Nov.
9
1254c
51.12 54
July
July
July
June 15
June 15
50c
June 18
_
June
10
43?4c
June 21 June 10
21
July
1 June 30
July 30 June 30
Oct. 30 Sept. 30
25c
25c
_uarterly
(s.-a.)
A, (monthly)_-
$154
Jan.
July
10c
June
20c
$154,
July
July
July
July
July
July
July
July
July
t$3
$154
pref
_-
Extra
7% 2d preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref.
Wieboldt Stores, Inc. (quar.)
10
July
July
Sept.
50c
-
Weston (Geo.) Ltd. (quar.)
West Virginia Water Service Co., $6
Wheeling Steel Corp. $6 preferred
Whitaker Paper Co. (quar.)
_
June 10
July
July
July
June
Francisco)-(quar.)__
Westinghouse Air Brake (quar.)
July
21 May 28
June 10
30c
Extra
(quar.)-.
$5 preferred (quar.)
$1
50c
$154
$154
25c
30 Dec
31
1 June 15
15 May 31
2 June 19
1 June 15
1
1
1
1
1
June 12
June 21
June 21
June 21
June
12
June 21
June 21
75c
-
-—
Quarterly
—
.
Wisconsin Michigan Power Co. 6% pref.
Wisconsin Power & Light Co., 7% pref
(qu.)__
June 21
June
10 May 29
50c
Co. (quarterly)
Extra
July
25c
$154
Aug.
Aug.
1 July
1 July
15
15
$154
Winstead Hosiery
Extra
15
iyi&
Preferred (quarterly)
Wagner Electric
Waldorf System, Inc., com. (quar.)
Walker (H.)-Gooderham & Worts (quar.)
Preferred (quarterly)
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.)
Ward Baking Corp., 7% preferred
Ware River RR. (s.-a.)
Warren (S. DJ
Washington Water Power Co., pref. (quar.)
Waukesha Motor Co. (quar.)
Wayne Pump Co
...
Weisbaum Bros.-Brower (quarterly)
Quarterly
Wesson Oil & Snowdrift Co., Inc
West Jersey & Seashore RR. Co.
Westland Oil Roya'ty Co. Inc.
15
154%
(quarterly)
6% preferred (quar.)
21c
1 June
1 June
21 May 21
$1
Willson Products, Inc. (quar.)
49c
June
June
—
West Coast Life Insurance Co. (San
25c
July
July
July
$254
$1
Western Light & Telephone Co. pref.
Western N. Y. & Pa. Ry. Co. (s.-a.)
254c
4
28
30 May 28
i June 15
50c
1 June 18
6854c
3754c
24 June
30 May
June
July
July
tl54
1 June 15
15 June
June
$1*4
(increased)
7% preferred (quar.)
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
Preferred
1
June
$2 >4
—
Extra
1
1
$2*4
t$5*4
$2 >4
—
Debenture (semi-ann.)
July
25c
Shipyards (quar.)__
S7m
90c
July
15c
Texon Oil & Land (quar.)
10c
-
50c
25c
Extra
(quar.)
20c
t75c
Co.. Inc. (quar.)
Sullivan Consol. Mines (initial)
Sun Oil Co. (quar.)
Sunray Oil Corp. preferred (quar.)
Sunset, McKee Salesbook Co. class A (quar.)_
Class B (quar.)
Superheater Co. (quar.)
Sussex RR. (s.-a.)
Sutherland Paper Co. (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines, Ltd. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.)
Talcott (James) Inc
5)4% preferred (quarterly)
Tamblyn (G.) Ltd. (initial, quarterly)
Quarterly
Telephone Bond & Share Co. 7% 1st preferred. _
1st $3 preferred
Tennessee Electric Power Co., 5% pref. (quar.)_
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
7.2% preferred (monthly)
Texas Corp. (quar.)
—
Texas Gulf Sulphur (quar.)
Stroock (S.) &
$2
preferred
Co. $7 preferred
Vapor Car Heating Co., Inc.
7% preferred (quar.)
i
15 June
15 June
June
June
June
preferred
Utica Knitting Co. 7%
12
June
pref. (qu.)_
Extra
Utah Power & Light
Debenture
Spencer Kellogg & Sons (quar.)
Spencer Trask Fund, Inc
Spiegel. Inc., new $4*4 pref. (quar.)
Staley (A. E.) Mfg. Co. common (quar.)
$5 preferred (quar.)
7% preferred (s.-a.)
Standard Brands, Inc. (quar.)
Standard Oil Co. (Calif.) (quar.)
10c
$154
Upressit Metal Cap Corp. 8%
Upson-Wa.ton Co. (quar.)
10
1 May
10 June
June
June
preferred
United States Steel 7%
June 15
10
Sept. 10
1
June
$2
1
__
1 June
3 Dec.
June
—
Preferred
1
15
9
15 June
9
15 June
1 June 10
June
Oct.
50c
Extra
1
15
Jan.
Preferred
7
7
June 30 June
$3 class A
& AcidSpecial div. payable as soon after May
July
-
Nov.
June 21 June
Extras
June
June
June 30 June
Thatcher Mfg. Co
Thew Shovel Co., 7% pref. (quar.)
Tide Water Associated Oil $4)4 pref.
Union Gas of Canada, Ltd
July
July
July
July
—
Southland Royalty
South Penn Oil Co. (quar.)
Standard Oil Co. (N.J.) $25 par
Extra
June
Nov.
(L. C.) & Corona Typewriter
Preferred (quar.)
Sonotone Corp. preferred (quar.)
South Carolina Power Co. $6 pref. (quar.)
Title Guaranty Co., $7)4
15
June
Smith
Todd
1
15
July
—--
Southwest Portland Cement
June
Union Carbide & Carbon Corp
July
154%
(quar.)
2*4%
5% preferred (semi-annual)
15c
United Elastic Corp. (quar.)
25c
United Gas Improvement (quarterly)
$1*4
Preferred (quarterly)
50c
United Light & Rys. Co., 6% pref. (monthly).
58 l-3c
7% preferred (monthly)
53c
6.36% preferred (monthly)
6*4%
United Molasses Co. Am. dep. rec. ord. reg
Less tax and depositary expenses.
$2 *4
United New Jersey RR. & Canal (quar.)
10c
United Profit Sharing Corp.
50c
United States Graphite Co. (quar.)
50c
Quarterly
50c
Quarterly
50c
Special
50c
United States Gypsum Co. (quar.)
$154
Preferred (quar.)
154
United States Leather prior preferred
lc
United States Petroleum Co. (s.-a.)
75c
United States Pipe & Foundry Co., com. (quar.)
75c
Common (quarterly)
75c
Common (quarterly)
25c
United States Playing Card Co. (quar.)
15
June
June
10
10
15
15
15
12
4
June
1
15 May
June
June
-
June
15 June
June
Underwood Elliott Fisher Co
United Gas & Electric Corp. common-.
June
(quar.)
Skelly Oil Co. (resumed)
Sloss, Sheffield Steel & Iron $6 pref.
S. M. A. Corp. (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
(s.-a.)
(quar.)
Extra
1
June
$5 preferred (quar.)
Shattuck (Frank G.) (quar.)
Sheller Mfg. Corp. (initial)
Sherwin-Williams of Canada,
Twin Disc Clutch Co.
15
June
-—
Stecher-Traung Lithograph
15 May 29
June 30 June
Sharon Steel Corp
Standard Oil Co. of
17
15 May 29
June 15 May 29
July
Selected American Shares
South Porto Rico Sugar
15
16
June
7% pref. (quar.)
June 24 June
June 15 June
(quarterly)-----—
Corp. 6% pref. (quar.)—_
Servel, Inc., preferred
Preferred (quar.)
Preferred (quar.)
15
15
June
June
(quarterly)
Bros., Inc. (quar.)
;
June
June
Preferred
Extra__
June
June 30 June
50c
(quarterly)
Serrick Corp., class A
Class B (quarterly)
15 May 31
June 15
July
Extra
Seeman
July
July
July
July
$154
(Del.) (quar.)..
Sears, Roebuck & Co.
15 May 31
15 May 31
1
June
July
July
July
Tunnel RR. of St. Louis
15 Dec.
June
Scranton Lace
Seaboard Oil Co.
15
Dec.
Holders
When
Payable of Record
June
15
15
Tubize-Chatillon Corp., class A
June
June
Sept. 30 Sept. 15
iig
Share
Name oj Company
June 30 June
(quar.)—
Quarterly.
Quarterly
San Joaquin Light & Power 7% pref. (quar.) —
7% preferred A (quar.)
6% preferred A & B (quar.)
Savannah Electric & Power Co., 8% deb A (qu.)
7H% debenture B (quarterly)
7% debenture O (quarterly)
6*4% debenture D (quarterly)
Schenley Distillers Corp
Preferred (quar.)
Schiff Co. common (quar.)
7% preferred (quar.)
5*4% preferred (quar.)
Schoellkopf, Hutton & Pomeroy, Inc.—
5*4% cum. pref. (quar.)
Scott Paper Co. (guar.)
—Scranton Electric Co. $6 preferred (quar.)
Per
Holders
When
Payable of Record
July
July
(s.-a.)
(semi-ann.)
Remedial Loan Assoc.
June 5, 1937
Chronicle
Nov.
1 Oct.
15
50c
Nov.
1 Oct.
15
$154
June
H.3H4
15 May 29
June 15 May 31
$1,125
June
t$l 54
t$154
t$l 54
June
Woodall Industries
25c
June
Co., Ltd.—
Amer. dep. rec. for 6% pref. reg
Wright-Hargreaves Mines (quar.)
3%
June
May 21
10c
June
25c
July
July
July
25c
Aug.
July
Aug
6% preferred
Wisconsin Public Service 7% pref-6 54 % preferred
6% preferred
June
June
15 May 31
19 May 29
19 May 29
19 May 29
15 June
1
Woolworth (F. W.) &
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. 7% pref. (quar.)
Youngs town Steel Door Co
5c
25c
Sept.
June
8
8
June 20
20
20
25c
Oct.
Sept. 20
15c
$154
July
July
llJune 15
75c
June
June 10
15' June
1
♦Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds and tn toe case ot non-residents of Canada
deduction of
tax of 5% of the amouat of such dividend "till be ma1*
Volume
Financial
144
York
Weekly Return of the New
Chronicle
3787
Condition of the Federal Reserve Bank of
City
Clearing House
weekly statement issued by the
Clearing House is given in full below:
STATEMENT OF
MEMBERS
THE
OF
NEW
YORK
Surplus and
MAY 29,
1937
Time
Undivided
Capital
Net Demand
Deposits,
Average
following shows the condition of the Federal Reserve
Bank of New York at the close of business June 2, 1937,
in comparison with the
previous week and the corresponding
date last year:
CLEARING HOUSE
Profits
*
Clearing House
The
City
New York
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
*
Deposits,
Average
Members
June
Assets—
Bank of N Y & Trust Co
6,000,000
Bank of Manhattan Co.
20,000,000
77,500,000
20,000,000
90,000,000
42,837,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
13,010,800
132,042,000
25,666,700
409,960,000
56,699,400 al ,457,456,000
54,108,700
435,097,000
179,693,200 61,385,445,000
448,665,000
42,429,000
67,456,800
17,452,000
Marine Midland Tr Co..
New York Trust Co
12,500,000
Title Guar & Trust Co..
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co
7,000,000
•
26,931,000
61,341,000
Total
93,982,000
55,260,000
69,777,000
reserves
3,381,811,000 3,462,113,000 3,135,987,000
...
Bills discounted:
23,552,000
1,871,000
350,000
2,184,000
469,314,000
125,302,300 Cl.892,165,000
3,610,600
49,836,000
74,400,100
<2755,179,000
2,727,000
15,313,000
8,831,400
84,236,000
27,781,300
267,222,000
7,932,200
76,190,000
8,324,400
79,306,000
500,000
25,000,000
10,000,000
5,000,000
Bankers Trust Co
36,867,000
165,889,000
251,307,000
531,275,000
60,860,400
4,014,700
/
•
Secured
direct
by U.
or
S.
Govt,
obligations,
fully guaranteed
6,214,000
1,914,000
Other bills discounted
84,316,000
Total bills discounted
*
As
523,607,000
per
official
reports:
trust companies, March 31,
884,780,100
National,
1937.
March 31,
9,522,694.000
1937;
Includes deposits in foreign branches as follows:
State,
New
York
NOT
8,092,000
3,549,000
1,996,000
5,909,000
1,998,000
5,898,000
1,094,000
7,365,000
210,233,000
330,691,000
210,233,000
184,105,000
184,105,000
68,473,000
477,660,000
183,250,000
725,029,000
725,029,000
729,383,000
741,062,000
741,017,000
741,391,000
85,000
85,000
91,000
3,846,000
147,814,000
5,268,000
148,398,000
10,071,000
13,407,000
145,075,000
10,851,000
31,795,000
United States Government securities:
Bonds
Treasury notes
;
Total U. S. Government securities..
1937;
$265,162,000; 6 $83,602,000;
a
Total bills and securities
CLEARING
HOUSE
WITH
THE
CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 28,
NATIONAL AND
STATE
Due from
foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
10,055,000
13,667,000
All other assets
Total assets
OF
4,298,340,000 4,380,359,000 4,070,704,000
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
Loans,
Other Cash,
Res. Dep.,
Dep. Other
N.
Including
Investments
Banks and
Cross
Trust Cos.
Deposits
Bank Notes
Manhattan—
$
Y. and
Elsewhere
$
$
5,514,000
1937
BANKS—AVERAGE FIGURES
Disc, and
330,691,000
714,393,000
March 31,
"Times"
IN
2,018,000
1,531,000
Industrial advances...
publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended May 28:
INSTITUTIONS
1,611,000
8,128,000
C$130,075,000; d $40,162,000.
The
6,481,000
Bills bought In open market
62,516,000
568,000
3,244,000
32,773,000
1,921,000
49,127,000
Treasury bills
Totals
1937 May 26, 1937 June 3, 1936
2,
Gold certificates on hand and due from
United States Treasury_x
3,311,491,000 3,377,286,000 3,054,070,000
Redemption fund—F. R. notes
1,194,000
1,194,000
1,875,000
Other cash f
69,126,000
83,633,000
80,042,000
11,701,000
712,909,000
104,479,100
100,270,000
Fifth Avenue Bank
York
New
The
reserve
925,351,000
894,825,000
788,866,000
acc't.. 2,962,418,000 3,068,347,000 2,580,355,000
U. S. Treasurer—General account
$
35,813,000
Foreign bank
45,117,000
46,137,000
19,624,000
Other deposits
62,368,000
68,664,000
225,971,000
Total deposits.
$
33,467,000
183,098,000
3,105,716,000 3,216,615,000 3,009,048,000
Grace National
22,104,300
110,700
28,415,600
21,035,000
560,000
7,150,100
7,435,000
2,933,100
Sterling National
1,846,000
27,308,000
5,237,016
244,668
1,736,235
99,685
5,988,396
Capital paid in
51,261,000
51,474,000
5,207,000
Surplus (Section 7)
Surplus (Section 13b)
Trade Rank of N. Y.
Deferred availability items
Brooklyn—
People's National
4,939,000
TRUST
100,000
750,000
COMPANIES—AVERAGE
Loans
Disc, and
Banks and
Deposits
Y. and
Elsewhere
$
Ratio
63,901,500
Federation
10,182,231
186,709
9,643,021
24,505,000
4,298,340,000 4,380,359,000 4,070,704,000
*1,169,124
*6,232,300
*7,405,200
3,312,500
8,242,000
2,346.376
751,794
513,100
615,800
72,464,200
11,075,401
8,520,052
22,273,100
37,968,000
414,054
Fulton
19,842,700
Lawyers
28,663,500 *12,460,300
United States.
74,958,722
19,855,261
16,142,345
3,308,000
35,295,000
to
reserve
deposit
and
to
make
83.9%
36,955,290
84.2%
553,000
553,000
82.6%
purchased
industrial
ad-
bances.
51,000 112,421,000
6,298,225
total
Commitments
80,795,055
81,655,000
34,014,280
312,200
of
F. R. note liabilities combined
Contingent liability on bills
for foreign correspondents
$
Empire
50,825,000
7,744,000
8,849,000
50,866,000
Gross
Trust Cos.
130,001,000
51,474,000
7,744,000
9,091,000
1,870,000
2,149,000
Total liabilities.
Dep. Other
N.
Cash
$
Fiduciary
FIGURES
147,473,000
51,267,000
7,744,000
9,091,000
Reserve for contingencies
All other liabilities
Res. Dep.,
Investments
Manhattan—
116,000
145,554,000
6,042.000
t "Other cash" does not include Federal Reserve notes
6,119,000
or
a
10,285,000
bank's
own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
*
2,369,960
Includes amount wilh Federal Reserve
as
follows:
x
These
over
100
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
to 59.06 cents, these certificates being worth less to the extent of the
cents
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Empire, $5,864,600; Fidu¬
ciary, $398,124; Fulton, $5,958,600; Lawyers. $9,531,400.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes
announcement of the Federal Reserve Bank of New York
The
were
made in the breakdown of loans as reported in this statement, which
were described in an
of April 20, 1937, as follows:
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 loans to brokers and dealers in securities located in New York City and those located outside New York City.
Provision has been
changes
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.
Subsequent to the above announcement It
was
made known that the new items "commercial, Industrial, and agricultural loans" and "other loans" would each be
segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation
of the revisions
was
published in the May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON MAY 26, 1937 (In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
Neio York
Phila.
ASSETS
$
$
$
$
Loans and investments—total
Cleveland Richmond
Atlanta
St. Louis Minneap. Kan. City
Chicago
$
$
$
$
$
$
$
Dallas
San Fran.
$
$
22,182
9,529
1,291
9,219
1,178
1,891
634
555
3,065
656
379
688
479
2,147
696
4,248
454
700
243
273
977
289
163
253
214
1,019
564
27
242
44
40
15
12
50
44
9
20
15
46
3,668
254
1,518
156
225
91
133
532
125
71
135
116
312
492
116
178
26
21
13
6
53
11
8
20
2
38
1,324
Loans—total
42
1,138
24
18
4
7
52
6
2
4
3
24
Commercial, Indus, and agricul. loans:
On securities
Otherwise secured and unsecured
__
Open market paper
Loans to brokers and dealers
Other loans for purchasing or carrying
securities
37
358
39
38
20
17
96
13
9
15
15
58
83
238
61
1S1
28
26
80
45
6
19
21
373
110
5
69
2
4
2
5
7
8
2
1
1
4
712
Loans to banks
715
1,161
Real estate loans
72
273
46
118
29
21
46
12
9
15
9
62
Other loans:
On securities..
Otherwise secured and unsecured..
783
60
234
56
55
41
46
61
25
47
24
32
102
United States Government obligations
8,308
422
3,249
345
859
276
174
1,482
215
160
252
186
688
Obligations fully
by U. S. Govt.
22
469
93
59
43
31
173
49
12
45
28
Other securities
1,159
3,186
151
1,253
286
273
72
77
433
103
44
138
51
305
Reserve with Federal Reserve Bank..
5,385
244
2,688
270
328
132
106
805
148
78
158
106
322
338
59
guar,
135
70
17
39
20
11
63
11
6
13
10
Balances with domestic banks
1,796
90
170
136
165
121
95
332
87
71
193
160
176
Other assets—net
1,344
89
554
91
107
42
40
98
24
17
23
29
230
2,286
385
261
486
396
935
856
183
121
145
120
1,012
84
1
2
3
7
15
745
260
106
347
174
252
Cash in vault
19
LIABILITIES
Demand deposits—adjusted
15,528
1,001
7,054
849
1,108
429
338
—..—
5,222
278
1,122
286
720
201
178
United States Government deposits..
181
1
45
7
7
4
5
5,032
210
1,932
293
329
195
189
Time deposits
*
'
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
'■
4
1
1
8
4
1
]
929
35
423
26
22
26
7
27
10
5
3
7
338
3,596
237
1,610
227
343
92
89
357
87
55
91
80
328
553
10
514
1
14
2
3788
Financial
Chronicle
June 5, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The following wa- Issued by the
Board of Governors of the Federal Reserve System
■howing the condition of the twelve Reserve banks at the close of business
Wednesday.
on
Thursday afternoon, Jnnc 3,
on
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
week last year.
Reserve note statement (third table
Reserve Agents and the
returns
of the corresponding
The Federal
The second table shows the resources and liabilities separately for each of the twelve banks.
Reserve notes between the
following) gives details regarding transactions in Federal
The comments of the Board of Qovernors of the Federal Reserve System upon the
Federal Reserve banks.
for the latest week appear in our department of "Current Events and Discussions."
COMBINED
RESOURCES
AND LIABILITIES
June
Three ciphers (000) omitted
2,
May 26,
1937
on
May
19,
S
BANKS AT
May 12,
May 5,
1937
1937
1937
$
S
8,838,401
8,838,414
8.83S.913
11,341
hand and due from U. S. Treas.x
Redemption fund (Federal Reserve notes)
Other cash
FEDERAL RESERVE
1937
ASSETS
Gold otfs.
OF THE
11,341
11,583
THE
Apr 28,
1937
$
$
8,839,408
11,713
CLOSE OF
BUSINESS
Apr. 21.
Apr.
JUNE 2,
14,
1937
1937
June
Apr. 7,
1937
3,
1936
$
I
t
S
1937
8,842,902
8,843,402
8,843,903
8,843,894
8,843,905
7,840,037
10,079
9,595
9,776
10 656
11,149
13,261
279,673
273,758
290,695
9,134.223
9,128,812
8,143,993
272,695
289,155
288,280
279,497
289,136
282.306
9,146,065
9,139,651
9,139,401
9.132,478
9,142,133
9,135.985
12,524
12,326
11,624
12,949
13,917
9,366
6.260
9.789
6.650
3,611
4,961
3,372
3,658
2,705
2,918
1,633
1.432
1,259
1,500
2,240
17,485
15,698
15,282
15,654
16,835
10,999
7,692
11,048
8,150
5,851
6,261
6,260
4,475
4,534
3,739
3,522
3,436
22,407
22,523
22,779
22,854
3,743
23,180
3,465
22,232
23,084
22,544
22,566
3,076
30,166
732,608
732,608
1,152,213
732.608
1,152,213
1,152,393
641,469
641,469
734,728
1,156,393
635,119
688,621
1,174,343
641,469
1,152,213
641,469
732,428
1,152,393
641,469
623.619
689,621
1,190,343
606,619
1,190,343
606,619
2,526,290
a
296,310
9,122,437
•
Total reserves
2.526,290
2,526.290
2,526,290
2,526,290
2,526.240
2,486,583
2,486.583
2,459,046
Bills discounted:
Secured
by
and
direct
U.
S.
Government obligations.
(or) fully guaranteed
Other bills discounted.
Total bills discounted
Bills bought In open market
Industrial advances.
United States Government securities—Bonds..
Treasury notes.Treasury bills
Total U. 8. Government securities
732,428
,
662.084
'
265,680
1,536,227
628,337
2,430,244
Other securities
Foreign loans
181
on
gold
_
Total bills and securities
2,572,268
2,570,655
2,568,570
2,569,257
2,569.718
2,564,162
2.520,824
2,523,697
2,493,198
2,469,518
Gold held abroad
Due from
""226
Bank premises
228
""230
""230
"""230
"""227
"""237
18,847
21,615
21,402
21,033
23,904
20.621
604,558
45,776
701,718
45,788
21,542
666,762
45,787
21,036
646,056
foreign banks.
Federal Reserve notes of other banks
Uucollected Items
616,874
626,231
693.276
780,351
613,591
45,785
45,861
45,869
45.872
21,008
600,029
45,870
228
45,685
All other assets
""230
230
20,243
48,052
47,853
47,202
46,464
45,956
45,122
45.495
43,944
45,631
44,129
42,689
12,453,372
12,436,099
12,523,821
12,488,935
12,431,243
12,445,145
12,464.032
12.550,625
12,333,273
11,338,323
Federal Reserve notes In actual circulation
4,235,114
4,184,042
4,184.425
4,193.868
4,207,722
4,176,990
4,184,068
4,176,094
4,178,661
3,793,959
Deposits—Member banks' reserve account..
United States Treasurer—General account..
6,853,710
6,943,597
80,486
6,942,727
6,882,362
6,933,816
6,876,640
6,900,752
5,713,315
Total assets
LIABILITIES
Foreign banks.
115,099
121,749
Other deposits
133,705
136,725
6,918,227
116,777
126,110
123,933
Total deposits
124,041
106,177
97,263
94.747
118 631
111.674
104,979
103,914
96,017
99,234
93,622
131,566
181,699
173,966
145,780
142.271
6,683,964
274,867
93,463
153,102
504,733
53,607
295,406
7,224,263
7,284,849
7,285,047
7,285,449
7,265,238
7,298,546
7,240,285
7,248,319
7,205.396
6,567,061
Deferred availability Items.
Capital paid In
645,317
132,198
618,046
705,826
609,920
619,975
132,199
132,193
132,183
776,110
132,168
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
145,854
27,490
35,940
7,196
145,854
27,490
145,854
27,490
35,939
145,854
27,490
35,974
145,854
27,490
145,854
27,490
691,279
132,186
145,854
27,490
7,677
7,041
7,410
6,833
7,965
36,142
6,728
27,490
36,177
8,413
600,749
132,176
145,854
27,490
36,177
6,770
594,315
132,202
660,697
132,193
12,453,372
12,436,099
12,523,821
12,488,935
12,431.243
12,445,145
12.464,032
12,550.625
12,333,273
11,338,323
79.6%
79.7%
79.7%
79.6%
79.6%
79.7%
80.0%
80.0%
80.2%
78.6%
1,532
1,532
1,532
1,532
1,034
784
17,018
17,188
17,311
17,183
17,454
17,528
17.530
19,211
19,370
24,878
15,947
14,276
14,580
4,501
All other liabilities
Total liabilities
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
bills
purchased
35,939
Maturity Distribution of Bills and
■
36,142
130,796
145,501
26,513
34,114
46,064
1,532
I
'
Short-term Securities—
14,044
Total bills discounted
_
10,424
7,487
133
95
59
41
253
248
166
465
119
84
106
59
48
761
236
132
218
511
487
355
228
293
68
299
412
258
199
143
89
84
74
355
17,485
15,698
15,282
15,654
16,835
10,999
7,692
11,048
8,150
5,851
1,437
770
364
874
206
30
171
2,715
82
50
3,002
1,663
457
136
243
310
198
59
385
1.934
635
886
581
666
541
614
301
395
414
482
1,187
.
1-16 days bills bought in
open market
16-30 days bills bought in
open market
51-60 days bills bought In
open market
61-90 days bills bought In open market
7,101
108
586
367
.
10,226
165
722
328
.
.
15,911
269
574
.
Over 90 days bills discounted
2,915
3,073
2,858
2,749
2,789
2,795
353
2,555
610
Over 90 days bills
bought in open market.....
Tota
_
.
for
Commitments to make industrial advances
1-15 days bills discounted16-30 days bills discounted.
81-60 days bills discounted
61-90 days bills discounted-
35,993
145,854
26
bills bought in open market
6,261
6,260
4.475
4,534
£.739
3,743
3,465
3,522
3,436
3,076
1-15 days Industrial advances
16-30 days Industrial advances
812
794
817
795
837
942
883
781
983
1,513
324
178
188
206
245
221
249
233
204
403
81-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
521
566
552
577
586
413
459
446
445
735
1,027
661
620
668
695
634
19,842
1,101
20,100
1,108
19,840
1,024
19,942
20,078
20,943
20,873
20,416
20,239
27,023
Tota llndustrlal advances...
593
22,232
22,779
22,854
23.180
23,084
22,544
22,566
30,166
26,107
27,870
27,420
23,790
22,277
5,000
44,307
33,461
28,520
24,667
26,007
27,770
27,320
70,223
68,298
6&221
59,278
85,527
78,920
76,689
68,121
73,108
12,277
23,740
52,437
63,075
65,208
67,123
80,158
71,271
2,331,236
2,318,919
2,326,676
2,332,524
2,344,434
2,348,279
2,301,301
2,526,290
Total U. S. Government securities...
22,523
24,767
42,051
67,808
securities......
81-60 days U. S. Government securities
61-90 days U. S. Government securities.
Over 90 days U. S. Government
securities..
22,407
22,120
1-15 days U. S. Government securities
16-30 days U. S. Government
1-15 days other securities
16-30 days other securities.
51-60 days other securities.
81-90 days other securities
•
2,526,290
2,526,290
2,526,290
2,526,290
2.526.240
2,486,583
33,514
2,326.858
22,277
61,827
84,365
2,285,577
2,190,228
2,486,583
2,459.046
2,430,244
107,780
54,415
...
.
.
Over 90 days other securities
181
Total other securities...
181
......
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R.
Held by Federal Reserve Bank
as
4,501,461
307,593
4,496,178
288,456
4,494,218
4,480.484
4,474,511
317,228
296,416
298,417
4,478,480
299,819
4,049,745
314,181
4,235.114
4,184,042
4,184,425
4,193,868
4,207,722
4,176,990
4,184,068
4,176,094
4,178,661
3,793,959
4,538,132
In actual circulation
Collateral Held by Agent
Notes Issued to Bant—
4,496,626
312,584
4,498,606
270,011
4,537,132
4,535.632
4,536,632
4,521,132
4,505,125
Agent
Security for
Gold otfs, on hand and due from U. 8
By eligible paper
United States Government securities
Treas..
•"Other cash" does not lnolude
15,891
16,344
16,759
45,000
52,000
4,516,132
7,472
52,000
4,510,132
10,949
35,000
52,000
4,508.132
7,912
45,000
4,578,075
Federal
18,037
20,000
4,518,132
10,848
52,000
4.049.523
19,943
20,000
.....
Tota> collateral
4,575,169
4,586,523
4,597,976
4.589,891
4.580,980
4,575,604
4,573.081
4,561,044
4,103,008
Reserve notes,
31, 1931, these certificates being worth less
the provisions of the Gold Recei ve Act of
1984(
to
4,485
49,000
t Revised figure.
xTheseare certificates given by the United States Treasury for the
gold taken over from the Reserve banks when
cents on Jan.
255,786
the extent of the difference,
the
dollar was
devalued from
100 cents to 59.0(1
the difference itself having been appropriated as profits by the Treasury
under
3789
Chronicle
Financial
Volume 144
Weekly Return of the Board of Governors of the Federal Reserve System (
OP RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 2 1937
WEEKLY STATEMENT
Three Ciphers (000) Omitted
Total
Federal Reserve Bant of—
Gold
certificates
hand
on
and
New Yort
$
Cleveland Richmond
Phila.
5
$
$
Atlanta
Chicago
$
Louis Minneap. Kan. City
S
$
St.
San Fran,
Dallas
$
$
$
$
S
due
from United States Treasury
Redemption fund—Fed
Boston
$
RESOURCES
Res. notes..
8,838,401
11,341
595
850
857
1,697
541
69,126
22,460
16,340
20,407
10,291
30,142
279,478
1,265
14,137
543,098
712,531
313,676
254,868 1,774,202
365
538
649
1,936
39,152
9,122,437
Total reserves
520,043
488,455 3,381,811
272,095
Other cash •
695,341
448,543 3,311,491
760
1,194
292.412
242,880 1,743,519
183,194
274,686
190,568
•
056,246
723
421
508
6,331
15,752
5,453
1,930
24,104
294,880
196,622
290,859
189,155
682,280
170
1,080
53
45
464
12
78
8
131
142
Bills discounted:
Secured by
U.S. Govt, obligations.
6,214
1,409
347
1,914
93
17,485
1,361
8,128
1,502
365
538
2,585
182
1,158
61
170
606
823
6,261
22,232
Total bills discounted
223
1,996
394
374
149
133
460
112
79
114
112
2,115
3,168
5,909
900
2,124
224
920
329
782
660
1,278
1,927
53,385
210,233
61,861
71,309
38,575
32,284
28,601
63,516
-97,303
60,678
50,623
37,482
56,616
44,987
99,910
46,750
184,105
54,172
112,167
62,446
33,781
28,184
32,298
50,803
28,284
35,992
330,691
80,726
126,979
70,693
23,828
83,974
20,866
31,519
25,046
55,623
2,526,290
184,109
725,029
213,336
245,922
133,034
111,091
278,398
111,385
82,176
124,127
98,634
219,049
2,572,268
U. S. Government securities:
Bonds.
Treasury notes
...
Treasury bills
8. Govt, securities
Total bills and seouiitles..
188,861
741,062
219,243
247,561
135,845
114,033
279,960
112,984
83,098
125,077
100,630
223,914
85
23
21
10
8
27
4
3
6
6
16
620
988
1,360
2,631
1,894
1,821
1,921
463
63,883
147,814
48,644
68,835
60,949
1,493
20,482
89,717
27,479
18,098
28,006
1,489
36,120
45,685
3,033
10,055
4,899
6,306
2,764
2.219
1,497
1,259
3,406
2,990
13,667
5,675
5,093
2,899
1,921
4,661
4,489
2,369
47,853
1,865
1,685
36,029
3,217
2,108
1,843
3,618
822,202 1,041,335
517,503
395,024 2,155,687
441,475
302,824
459,217
321,362
950,843
17
321
646,056
Bank premises
All other resources
Uncollected Items
12,453,372
resources
1
R. notee In aotual circulation
4,235,114
307,243
925,351
315,159
431,089
193,969
178,769
970,166
180,397
139,292
160,453
92,736
334,490
6,853,710
336,780 2,962,418
3,223
35,813
8,754
45,117
395,259
465,929
227,464
527.587
8,619
12,367
11,033
5,157
4,197
13,911
2,758
241,234
7,161
3,478
179,223
11,753
206,774
3,536
3,598
128,842
8,322
174,723 1,007,477
21,044
2,373
62,368
9,115
23,867
4,149
3,533
1,684
7,564
2,833
242
2,222
3,478
3,438
12,306
351,363 3,105,716
184,826 1,044,116
,221,472
136,217
252,115
188,361
557,043
90,788
29,074
17,978
36,712
29,217
3,861
35,027
i
Deposits:
Member bank reserve account
U. 8.
■
747,560 4,298,340
LIABILITIES
F
4,011
3,846
226
18,847
foreign banks
Fed. Ree. notes of other banks
Total
300
732,608
1,152,213
641,469
Industrial advances
Due from
523
1,014
4,961
Bills bought In open market
Total U
fV(
12,524
direct and (or) fully guaranteed..
Other bills discounted
Treasurer—General aocount.
115,099
Foreign bank.....
121,749
Other deposits
133,705
Total deposits..
2,606
1,784
8,635
8,515
424,449
509,448
249,137
Deferred availability Items..
645,317
64.860
145,554
49,110
68,898
59,350
18,749
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
132,198
9,376
51,261
12,239
12,856
4,857
4,323
12,609
3,813
2,898
3,995
145,854
51,474
13,362
4,325
3,000
14,323
4,869
5,616
21,504
4,655
3,116
3,613
1,007
3,422
754
1,416
545
1,003
1,142
35.940
9,826
2,874
1,570
3,131
1,522
1,690
7,860
1,199
2,062
941
7,196
448
2,149
558
593
377
297
1,228
320
258
246
227
495
459,217
321,302
950,843
7.224,263
27,490
Reserve for contingencies
All other liabilities
Total liabilities
12,453,372
7,744
9,091
822,202 1,041,335
747,560 4,298,340
395,024 2,155,687
517,503
10,110
9,645
3,851
1,262
1,847
1,996
2,037
441,475
302,824
1,532
112
553
150
141
66
54
178
46
35
44
44
109
17,018
2,248
6,042
170
1,336
2,009
350
*9
1,158
65
128
302
3,200
Contingent liability oil bills purchased
for foreign correspondents
Commitments
•
to make
"Other cash"
Indus.advanoes
does not Include Federal Reserve notes.
FEDERAL RESERVE
NOTE
STATEMENT
Three Ciphen (000) Omitted
Total
Boston
New Yorl
Phila.
$
Federal Reserve Aoent at—
S
$
S
federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
270,011
held
by
331,135
456,647
25,558
Louis Minneap. Kan
S
203.886
15,976
St
Chicago
$
9,917
S
Dallas
CUp
San Fran.
S
$
$
$
194,643 1,002,007
188,688
145,088
373.955
25,841
8,291
5,796
171,111
10,058
99,054
15,874
6,318
39,465
4,235,114
307,243
925,351
315,159
431,089
193,969
178,769
976,166
180,397
139,292
100,453
92,736
334,490
4,538,132
In actual circulation
Collateral
Atlanta
$
%
334.824 1,004,087
78,736
27,581
4,505,125
Held by Federal Reserve Bank
Cleveland Richmond
341,000 1,010,000
8,433
1,361
335,000
459,500
206.000
146,000
174,000
100,000
389,000
447
567
178,000 1,010,000
258
2,610
189,632
1,503
1,134
80
201
632
2,717
190,766
146,080
174,201
100,632
391,717
Agent as seourlty
for notee Issued to banks:
Gold
hand
certificates on
and due
from United States Treasury
Eligible paper
19,943
U. S. Government securities
20,000
United
Securities
Government
States
Stock
342,361 1,018,433
4,578,075
Total collateral
York
20,000
Exchange—See following
on
336,503
the
200,610 1,010,258
206,567
459,947
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
page.
Stocks,
Week Ended
United States Treasury Bills—Friday, June 4
Rates
quoted
are
for discount at purchase.
Bid
Bid
Ailed
41937
June
Asled
Railroad A
State,
United
Total
Number of
Shares
Miscell.
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
Sales
HOLI DAY
Saturday
Monday
Tuesday
Wednesday
HOLI DAY
June
535,480
551,500
June 23 1937
7 1937
July
14 1937
July
July
3 1937
Nov. 10 1937
Nov. 17 1937.
0.30%
0.35%
June 30 1937
July
Nov.
Nov. 24 1937
21 1937
Dec.
8 1937
28 1937
Aug.
Deo.
0 35%
Deo.
15 1937
4 1937
0.45%
0.45%
Deo. 22 1937
0.45%
0.45%
0.48%
Jan.
0.48%
0.48%
0.48%
0.48%
0.52%
0.52%
0.52%,
Aug. 11 1937
Aug. 18 1937
Aug. 25 1937
Sept
1 1937
Sept.
8 1937
15 1937
Sept
Sept. 22 1937
Sept. 29 1937
6 1938
Oct.
Oct.
13 1937
Oot.
20 1937
Deo.
5 1938
Jan.
12 1938
Jan.
19 1938
Jan.
20 1938
Feb.
2 1938
9 1938
Feb.
Feb.
16 1938
Feb.
23 1938
Mar.
2 1938
1
1
1
1
997,000
427,000
953,000
$8,082,000
7,965,000
7,291,000
778,190
7,109,000
845,000
503,000
8,457,000
$24,798,000
$4,494,000
$2,503,000
$31,795,000
1
.....
Week Ended June 4
Salss at
1
1
1
New York Stock
1
1
1
Exchange
1
1
1
1
fil fil
Jan. 1 to June 4
'
1937
1930
1937
1936
1
1
Stocks—No. of shares.
2,611,340
3,508,010
$2,503,000
4,494,000
24,798,000
36,566,000
$31,795,000
$47,642,000
215,033,074
242,905,903
$255,592,000
171,335,000
1,130,323,000
$135,733,000
153,474,000
1,326,257,000
$1,557,250,000
$1,015,464,000
Bonds
Government-.
State and foreign
Railroad and industrial
Total
Stock
Below
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, June 4
Figures after decimal point represent one or more 32ds of
a
$576,000
1,165,000
1
1
Total
0.60%
0.65%
0.65%
0.65%
0.65%
0.68%
0.68%
0.68%
0.68%
0.68%
29 1937
•
1
0.55%
0.60%
0.60%
0.60%
0.60%
1 1937
0.35%
0.35%
9
$1,531,000
2,611,340
Friday
0.52%
0.55%
0.55%
0.55%
27 1937
Oct.
0.30%
0.30%
0.30%
9 1937
16 1937
HOLI DAY
$5,975,000
5,803,000
5,911,000
746,170
Thursday
June
HOLI DAY
are
the
and
Bond Averages
daily closing
stocks and bonds listed
as
$4,829,000
6,247,000
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
point.
Stocks
Bonds
'■
10
Int.
Int
Deo.
1940...
IX %
1H%
1H%
1X%
IX %
IX %
15 1940—
IX %
15 1941...
15
1939—
June 15
1941—
Mar. 15
1939—
Mar. 15
1941...
Deo.
June 15
Dec.
Rate
Bid
99.13
100.8
Ailed
99.15
100.10
Maturity
15
99.13
99.15
100.22
100.24
Feb.
1
99 29
99 31
June
15
100 6
99.30
1938
IH%
2X%
2X%
2X%
2X%
1938—
Mar. 15 1940—
June
Rate
1939...
Sept. 15 1938...
1938—
100.8
Mar. 15
100
Sept. 15 1937—
Bid
Ailed
10
100.18
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
101.31
102.10
20
Rail¬
trials
Date
100.20
101.29
30
Indus¬
Maturity
June
4.
175.14
56.97
27.65
61.96
107.01
109.04
101.16
June
3.
172.82
56.32
27.69
61.28
106.79
108.90
87.39
102.16
101.31
102.12
102.14
June
2.
172.03
56.26
27.61
61.20
106.76
108.81
87.46
102.15
101.29
3%
101.31
102.1
June
1-
171.59
50.09
27.56
60.91
106.66
108.86
87.40
102.10
101.25
8H%
101
101.2
May 31.
May 29.
Holl day—
Excha nge Clo sed—
87.70
102.45
101.55
102.12
101.14
June 5, 1937
3790
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only
computing the
account is taken of such sales in
for the
range
United States Government Securities
Below
the New York Stock Exchange
on
furnish
a daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
Corporation bonds
No
transactions of the day.
year.
Mortgage
on
Daily Record of U. S. Bond Prices May 29 May 31
June 1
June 2
June 3
June 4
Daily Record of U." S. Bond Prices May 29 May 31
June 1
June 3
June 2
June 4
100.19
100.23
100.19
100.19
100.20
100.19
100.19
100.20
High
100.25
100.19
Low.
100.22
Close
100.22
(High
115.28
116
115 28
115.28
116
115.30
[Close
*Xb. 1947-52
116
( Low.
Treasury
115.28
115.28
116
115.30
Total sales in $1,000 unite...
28
11
11
51
(High
99.30
99.27
99.27
99.28
24
Total sales in $1,000 units...
(High
.....
116
3
1
5
106.16
106.22
106.20
Low.
106.15
106.15
106.15
106.18
99.26
99.25
99.25
99.26
99.27
99.25
99.25
99.26
Total sales in $1,000 units...
12
10
7
15
(High
106.18
Close
3X8, 1943-45
Treasury
2HB, 1948-51
99.21
99.22
99.21
99.21
(Low.
106.18
Total sales in $1,000 units...
5
65
2Kb, 1951-54
[Close
8
(High
111.19
111.15
111.17
111.16
Low
111.15
111.14
111.16
111.15
Close
111.19
111.14
111.17
111.15
Total sales in $1,000 units...
9
17
20
(Low.
7
4s. 1944-54
99.21
99.18
99.17
99.19
Close
99.21
99.18
99.21
99.21
$1,000 units...
16
112
25
12
High
97.27
97.28
2^s. 1956-59
Total sales in
109.29
109.27
97.30
97.28
109.30
109.28
109.26
Low.
97.24
97.25
97.25
97.26
(Close
109.30
109.28
109.27
.Close
97.24
97.25
97.27
97.26
Total sales in $1,000 unite.-.
25
23
18
Total sales in $1,000 units...
12
39
3
(High
109.30
ILow
3^8, 1946-56
2^s, 1949-53.
106.31
106.29
106.28
106.29
106.30
106.31
106.29
106.30
26
10
7
(High
102.28
102.24
102.26
102.26
Low.
102.23
102.21
102.20
102.23
(High
3^8. 1943-47....
Low.
[Close
Holi¬
Holi¬
day
day
Total sales in $1,000 units...
3s. 1951-55
102.21
102.26
55
2
104.12
104.9
-I
Low.
104.11
104.7
104.9
[Close
104.11
104.8
104.9
31
249
1
(High
105.23
105.21
Low.
Federal Farm
102.14
102.11
102.14
102.10
102.10
102.11
102.11
102.12
102.10
102.11
102.14
38
11
65
Mortgage
105.21
105.21
6
4
High
106.19
106.16
106.14
106.14
LOW.
102.31
103.2
103
102.31
103.2
103.2
10
2
15
2hb, 1942-47
101.21
101.18
101.21
101.18
|
10
101.22
(High
(Low.
105.21
6
102.29
(Close
105.19
105.23
103.2
102.29
(Low.
Mortgage
101.21
1
11
Total sales in $1,000 unUs...
Home Owners' Loan
13
103.2
103
Total sales in $1,000 units..
Federal Farm
102.11
102.29
(High
38,1942-47
102
105.22
103
48
$1,000 units...
Total sales in
104.10
Close
103
26
Low.
104.11
Total sales in $1,000 units...
103
103
day
High
Mortgage
38. 194449
105.21
3Hs. 1940-43
day
102.30
C'lOSfi
Federal Farm
104.11
Total sales in $1,000 units...
Holi¬
Total sales in $1,000 units..
67
104.15
102.30
Holi¬
[Close
9
103
103
103
(High
(Low.
3^8, 1944-64
102.23
37
(High
Federal Farm Mortgage
106.31
102.23
Close
Total sales in $1,000 units..
3s. 1946-48
•
High
101.31
101.29
102
102.2
106.16
106.16
106.13
106.14
Low.
101.29
101.28
101.28
102.1
Close
106.19
106.16
105.14
106.14
.Close
101.29
101.28
101.28
102.2
Total tales in $1,000 units...
,3
2
21
1
Total sales in $1,000 units...
9
15
5
(High
104.31
104.30
104.26
104.27
(Low.
3HB. 1941-43
38, series A. 1944-52
Home Owners' Loan
fHlgh
17
100.9
100.8
100.9
100.10
104.26
104.27
104.26
104.26
100.5
100.5
100.9
104.28
104.27
2Xb, series B. 1939 49 --(Low.
100.6
[ Close
104.26
104.26
[ Close
100.8
100.8
100.9
100.9
Total sales in $1,000 units...
38
56
1
11
Total sales in $1,000 units...
(High
104.15
3Hs. 1946-49
25
18
24
High
Home Owners' Loan
----
43
99.23
99.27
99.29
99.29
Low-
104.15
Low.
99.23
99.24
99.24
99.29
Close
104.15
.Close
99.23
99.25
99.29
99.29
Total sales in $1,000 units...
25
Total sales in $1,000 unite...
6
II
4
13
(High
106.20
106.16
only
sales
3XB. 1949-52
3XB. 1941
2^8, 1942-44
....
106.14
Low
106.16
106.11
106.14
I Close
106.16
106.11
106.14
Total sales in $1,000 units...
14
45
2
Note—The
bonds.
includes
table
above
Transactions in registered bonds
of
coupon
were:
No sales.
High
106.14
...■(Low.
106.11
106.10
106.10
106.13
Close
106.11
106.11
106.12
106.15
Total sales in $1,000 units...
7
37
9
37
(High
100.25
100.23
100.21
100.22
(Low.
100.21
100.18
100.18
100.19
[ Close
100.21
100.18
100.21
100.20
80
169
36
38
3Xb, 1944-46....
2Jis, 1955-60
Total sales in $1,000 unite
.
106.12
106.12
106.15
(High
102.31
102.30
102.29
102.28
102.28
102.26
102.28
102.29
102.26
27
29
94
Transactions
102.26
102.28
9
Close
Total sales in $1,000 units...
Bills—See previous page.
United States Treasury Certificates
&c.—See previous page.
102.30
(Low.
\
2^8, 1945-47
United States Treasury
the
at
York
New
of Indebtedness,
Stock
Exchange,
Daily, Weekly and Yearly—See previous page.
Stock and Bond Averages—See
previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
JUT
Saturday
May 29
Monday
May 31
Tuesaay
$ per share
$ per share
$ per share
June
Wednesday
1
47
63
74
74
16%
16%
June
2
$ per share
47
*49%
June
46%
*
46%
63
*71
1638
Thursday
76
1634
3
5 per share
*46
47
*
63
72%
16%
Stock
Exchange
46%
25%
30%
2%
69%
*2%
*25
25%
*30
30%
71%
234
6934
2%
70%
234
2%
69%
2%
2%
68%
*234
"n% "12"
1134
T2"
2%
27«
3%
3
3
2%
3
Feb 10
69
6
42
Mar
70
63%
Jan
Jan
84% Apr 20
223s Mar 11
283a Feb 3
59
15
Apr
Apr
74% Feb
16% Nov
3,600
Adams
25
Express
100
Adams M 1111s
600
Address Multigr Corp
Advance Rumely
No par
400
Air Reduction Ino new.No par
Air Way El Appliance..No par
24%May
2934May
2%June
67%May
234 Apr
Ala A
97
4~600
Alaska Juneau Gold Mln___10
3,600
2%
10
VIcksburg RR Co.-100
Closed—
Closed—
46
46
45
900
*45
47
44
44
44
2%
44%
44%
Extra
Memorial
*43
47%
*41
4634
44
44
44%
44%
44%
200
*37%
40
*37%
40
32%
3934
3934
39
39
200
32%
32%
32%
35
2,200
*18
19
300
Allen
228
229%
24
700
Allied Chemical A Dye-No par
Allied Mills Co Ino
No par
Holiday
Day
31 4
32%
45%
44
32
45%
45
19
19
19
19
*18
228
228
230
230
*224
16
22%
316
1638
*76
78
57
58
21%
22%
*32
16%
*76
932
17
78
58%
59%
19%
229
22%
%
16%
76%
22%
58%
*26%
5%
5938
316
16%
78
*26%
.
5%
*38%
5%
5%
5%
4134
94%
*38%
39
95
94%
94%
91
92
*90%
23%
23%
23%
63%
61%
62
40%
Bid and asked prices; no sales on this day.
23%
316
16%
*76%
59%
*26%
5%
39
9434
92
62
♦
27%
2278
■
*26%
90%
1
27%
94
.
11,100
400
*103
*101%
2214
532
46
23%
63%
27%
5%
92
%
2,100
23,300
par
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd-.lGO
Industries Inc
1
Rights
Allied Stores Corp
5,300
5,000
A Ills-Chalmers Mfg
1,100
Alpha Portland Cem
No par
Amalgam Leath Cos Ino new 1
200
27%
300
39%
40%
93
94
1,000
92
600
23%
23%
23%
63%
64
64
a
Pref A without warr
100
2 X % prior conv pref.No
17%
78
*90%
$ In receivership,
No par
Pre! A with $30 warr
100
Pref A with $40 warr
100
1,300
140
Def. delivery,
5%
6%
..No par
preferred
100
No par
com preferred
Amerada Corp
50
6
6% Jan
7
26
22
25
18
5934 Feb 11
2
4334 Jan
5
59
43
4
58i| Feb 17
52i8 Feb 18
455s Mar 15
35
May 27
31%June 1
103
Apr 26
19
May 21
218 May 18
2158June 2
332June 2
15 May 14
76% June 3
57
June
1
27i2May 18
438May 18
34%
Jan 5
May 18
American Bank Note
10
21%May 14
60
59
x
Jan
63s Feb
83
Cash sale,
21%
234May 28
90
r
Jan
113g Apr 29
No par
n New stock,
xl%
100% Jan
15»4 Feb
No par
Preferred
Jan
35%
37%
Feb
22%
Jan
Mar 11
Jan
Ex-dlv.
Jan
Apr
y
17% June
NOV
9
36
80% Jan
43% Jan
9%
43s Jan 26
13
14
(Del)
Am Agrlo Chem
Mar
18
29
Allegheny Corp
60%
5%
Highest
$ per share $ per share
46% May 19
No par
200
3
$ per share
65
Mar 8
58
"
.
share
Abbott Laboratories...No par
2%
71
12%
ver
Abraham <fe Straus
30%
11%
%
Acme Steel Co
No par
No par
*82
~H34 "l2"
Par
Lowest
Highest
300
25%
25%
2934
*2%
30%
2%
Year 1936
Lots
300
16%
25%
On Basis of 100-Share
Lowest
63
16%
Range for Previous
Range Since Jan. 1
STOCK
Shares
46%
16%
30%
69
Stock
$ per share.
*
YORK
EXCHANGE
Week
73
*2%
2%
4
73
*24%
Exchange-
June
72%
z30%
*25
the
Friday
5
8
110
Feb 11
Jan 26
237a Apr 12
258i2Mar 9
33ia Jan 16
932May 27
2178 Mar 6
85
Mar
9
S3ij Jan 22
39'4 Jan 28
8% Mar 13
52U
11478
101%
41*8
7KI.
Ex-rlghts.
Mar 16
58
2
Apr
Jan
6% Apr
103
91
Mar
13
July
17% Sept
2% Apr
12% Jan
12% Jan
12% Jan
6% Nov
27
Nov
61% Nov
60% Nov
60
Nov
54% Nov
Apr
40%
Oct
Feb
111%
Deo
167
Jan
245
Aug
23
Aug
34
Nov
26% July
98
6<4
2018 Nov
Jan
69
Jan
90
Nov
3538
Jan
81
Deo
34l2 Nov
5*4 Deo
39U Deo
19*4 May
4
Oot
31*4 Nov
Mar 11
75
Jan
Jan 22
Jan 16
49
Dee
A
65
125i2 Mar
July
36
Jan
V.h
Oct
86% Nov
If Called for redemption.
89
NOV
5512 Apr
73
Nov
Volume
LOW
AND
New York Stock
144
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 2
Sales
STOCKS
Monday
May 31
$ per share
$ per share
Wednesday
Tuesday
$ per share
June
64
1
June
$ per share
64
♦130% 134
2
63%
*132
63%
133
Thursday
June
3
June
$ per share
61%
132
the
Friday
4
$ per share
62
61%
61%
134
132% *132
On Basis
Wee I
1,400
Par
Am Brake Shoe &
&H%
30
Fdy .No par
oonv pref
100
3
per
135
136
♦101
106
*25
35
16
16%
23
23
25%
26
*90
8%
*11%
*156
""700
105
*103
*25
35
*25
35
*25
35
*15%
*23%
16%
16
16
*16
17
23%
23%
23%
23
23%
1,200
27
27
2634
27
1,600
9478
93
93
27
9
49%
32%
105
,
*8%
8%
2,100
89%
*11%
*175
9478
14%
300
135
135
10678
103% 103%
*90
8%
8%
14%
*11
*175
7%
48
49
300
48
734
7%
139
8%
*11%
*175
8%
14%
600
200
10
1,100
300
734
7%
7%
48%
48%
48%
217g
21%
42%
17%
734
4,800
2,300
2134
2134
22
22
*21
22
37
37
*38
42
40
40
17
17
*17%
*7%
40%
42%
18
17%
7%
17%
41
41
41
41
400
42%
42%
43
43
1,400
3%
2284
13%
3%
3%
2234
13%
£21%
13%
7%
*40%
43
*3%
*22
13%
43%
7%
41%
43
3%
3%
2334
13%
*22%
13%
7%
40%
43%
3%
2384
13%
44
45
44%
10978 *108% 1097s
20*4
20%
20%
9
9%
984
*834
52
50
*48% 49%
*107
20%
112
63
8%
58%
4734
20%
*149%
32%
*29
25%
46%
87%
112
64
834
*112
*6278
8%
119%
65
834
58%
5834
58%
483s
48%
48%
21
21%
21%
165
*149% 165
33%
34%
3334
29% *29%
29%
25%
46%
25%
*46%
25%
48
*38
7%
17%
7%
3%
21%
13%
45
46
44
44%
112
10978 10978 *109
21
2034
20%
20%
9
9
9
9%
50
49%
50
4934
112% 112% *110
119%
65
*6278
6234
62%
8%
878
8%
8%
58
58
58%
5834
48
48
48%
48%
21%
22
21%
21%
*149% 165
*149% 165
35
3384
34%
35%
*29
29%
30
29%
25%
2584
25%
46%
25%
46%
87%
89%
88%
90%
*145
149
*145
148%
*46
48
Can
Preferred
25
100
American Car 6c Fdy
Preferred...
600
600
600
1,300
700
1,800
100
1,800
900
1,700
200
150
10,800
1,200
2,300
14,100
100
American
Chiole
No par
(Alleg Co)..25
Amer Colortype Co
10
Am Comm'l Alcohol
Corp. .20
American Crystal Sugar....10
6% 1st pref
100
Amer Encaustic Tiling new..l
Amer European Sees...No par
Amer Express Co
100
Amer 6c For'n Power..-No par
Preferred
No par
2d preferred
No par
$6 preferred
..No par
Amer Hawaiian SS Co
10
Amer Hide 6c Leather
l
6% oonv pref
Amer Home Products.
American ice
300
1,000
No par
Amer Chain&CabCoInoiVo
par
6% pre!
100
Am Coal of N J
""300
50
l
No par
6% non-cum pref
100
Amer Internat Corp...No par
American Locomotive.-No par
Preferred.
100
Amer Maob 6c Fdy Co..No par
Amer Maoh 6c Metals. .No par
Amer Metal Co Ltd
No par
6% oonv preferred
100
Amer News N Y Corp ..No par
Amer Power 6c
light
No par
36 preferred
35
No par
No par
preferred
Am Rad 6c Stand
San'y.No par
Preferred
~12"306
200
2,400
20
Mar 25
34 Apr
American
100
57
135
2634
*92%
14%
156
55
145
8%
300
156
1,600
*132
9478
7%
48
98
...100
$
share
57% Apr 28
125
7
95i2Mny 18
152% Apr 12
50%May 13
87
Apr 28
72
Jan
115
Jan
98
Apr
27% Apr
13%
Jan
225gMay
25%May
92i2May
8% Jan
Mar
4
7U Jan 2
45 May 19
18i2May 18
May 20
I6I4 Apr 28
<J% Jan 2
37i2 Jan 6
42
May 4
2% Jan 5
17% Jan 7
13%May 14
37
42
Jan
per
80*4 Feb 18
40
Feb 18
124
Apr
May
160
4
Jan
9
110
Dec
174
Jan
9
162
71
Feb
4
May
Apr
Apr
121
1041* Feb
17
225
Jan 18
Mar
4
13»4 Jan 22
Mar 11
8%May
May
4334May
20%May
53
153
18
19
19
13
Apr 16
Dec
Jan
Apr
Apr
9%
Apr
12
Apr
Apr
Jan
11% Mar
55*4 Mar
52*8 Mar
4*4 Mar
275s Feb
17*4 Mar
5878 Feb
13
13
~
16
15
11
75
Feb 16
16i2 Jan 13
87% Jan 18
72% Jan 12
29% Feb
170
Jan 21
45% Mar 11
American
22% Apr 27
29
Feb 20
Jan 23
58
Mar 19
36
Feb
3
Jan
4%
31%
Oct
Oct
37
Jan
Oot
9*4 Mar
60% Deo
22%
60%
21%
8%
46
Deo
Deo
July
Mar
Jan
517S Nov
27
Sept
Sept
Apr
Apr
Apr
May
Apr
Apr
118
Dec
134
July
x35%
Jan
Feb
69
Nov
2%
16%
9%
23%
66
Feb
Deo
78%
120%
113%
35%
16%
35%
176
16%
89
175
Dee
60% Dee
100
Oct
Nov
7% July
20% July
3%
174
Jan
87% May
27
137% July
Deo
Deo
Oct
Deo
Deo
Nov
32
Aug
101
Sept
8% Dec
14% Feb
13
31%May 13
28
Apr 29
41
Jan
Nov
25
Feb
American Rolling Mill
25
Amer Safety Razor new. 18.60
Seating Co..No par
Amer Shipbuilding Co .No par
31
111
38i2 Jan 22
6872 Jan 22
21
112
62
57
687, Jan 18
29% Mar
135s Jan 20
68*4 Mar 10
129i2 Feb
1
30J*
6%
29%
125
June
70% Deo
141
l%Mar 31
107
May 14
20%June 4
9
Apr 28
45i2May 18
Highest
$ per share S per share
share
4
5
99% Apr 20
148
25
Apr 20
26 £106 May 28
29
Jan 25
8
23% Mar 3
7
30*4 Mar 31
15
335s Jan 21
13
99% Mar 2
28
4
13i2 Jan 28
1084May 18
225
Lowest
Highest
Lowest
Shares
97
*87%
w30%
Year 1936
of 100-SAars Lots
EXCHANGE
Rights
99%
98%
9878
98%
98%
98%
♦155% 156
*155% 156% *153
15734
56
5434
5434
54*4
54% 55%
*82 4
90
*87
*81% 8934
8934
90
*90
90%
90%
90%
90%
Range for Precious
Ranoe Since Jan. 1
W YORK STOCK
for
Saturday
May 29
3791
21
10
7%
43
Feb
36%
Feb
18% Apr
157
Jan
5%
24
Jan
' Jan
15% Nov
48% Deo
122% Nov
29?8 Jan
15
Feb
54% Nov
14% July
87% Sept
74% Sept
27%
Jan
165% Aug
23% July
37
31
Nov
Deo
39%
18
Apr
Jan
28% Nov
45% Deo
Oct
*56%
89
150
58
*125
133
54
8834
145
56%
90
145
57
*56%
58
*57
58
133
*125
HI
16
133
*125
53
5434
54%
54%
54%
55%
111*16 11 l'®3Jt 111"32 Hl'%2 1U,932 lll'®32 111*932
200
io",4o6
210
79%May 13
138i2 Apr 14
105*4 Mar 11
Jan
103
Jan 28
136%
Jan
105
107% Apr
68% Jan 29
104
Jan
57% Mar
133% Jan
162% Mar
108% May
73% Jan
145% Deo
20% Apr
107% Jan
145% Nov
Amer
100
133
55
*125
13,300
Smelting 6c Refg.No par
Preferred....
100
\2d preferred 6% cum...100
*144
25%
66%
American
Snuff
25
Preferred
100
Amer Steel Foundries. .No par
f Preferred
100
Rights
Stock
Stock
Exchange
Exchange
Closed—
Closed—
Extra
Memorial
Holiday
Day
19
19
19
19
19
17
18%
18
*42
45
*43
45
*43%
45%
*43
45
128
*124
*126% 128
£124% 12478 *125% 126%
*23%
23% *22%
23%
22%
22%
*21%
2334
165
167
164% 166
166% 167
166% 167
76
76
77
76%
76%
77%
78
77%
77
78
78%
78%
77%
78%
78%
79%
134% 13434 *134% 136
136
135% 136
136%
14
13%
1378
13%
13%
1378
1378
13%
18
19
17*4
18*8
17%
18
18%
17%
94
94
*88
*88
95%
*88
95%
95%
9
9
9
8*4
8%
884
9
9
*61
12%
63
12%
61
12%
*100
190
*100
55
55
*55
61
12%
190
62
61%
12%
*100
2,500
"""ioo
700
Amer
1,000
American
53%
53%
54%
*80
*80
83
8134
19%
1934
197g
1934
*105
106% *105
106%
5234
5378
£52%
64,400
82
*75
54%
83%
*20
*734
27
8%
*20
*778
25
8%
19%
*20
23
*20
*734
8
20
106%
20%
*734
*40%
62%
*11%
10%
*97
16%
*89%
112
105
63%
12
10%
100
*102
63%
11%
*10%
*97
107
6378
12
11%
103
*102
107
6334
*11%
*10%
*97
16%
1678
17
90
90
115
112
*100
*5078
52
*5078
55
*50%
9334
8034
99%
46%
*18%
*29%
94
94
95
48
82%
83%
9978 100
48
4834
2034
18
18
3034
30%
30%
29
29%
29% 29%
*108
*107% 109
10834
15%
1538
15%
15%
50%
50%
50%
50%
73
70% 70%
*70%
114
114
114
114
1234
1234
*12%
15%
22
22%
684
22
22%
36%
6%
6%
534
90%
*33
92
*85
*534
*32%
6
6%
5%
90%
*82%
2958
35
31%
36
*584
6%
6
5%
86
3078
35%
684
36
6%
6%
5%
12%
10%
94
95
84%
99%
50%
83%
82%
99%
99%
48%
50%
50
19
19
*18
20
*28%
30%
*28% 30%
30
29%
29%
29%
108
10734 10734
108
15%
15%
15%
15%
*50% 50%
50%
50%
73
70
*70%
70%
*114% 117% *114% 117%
*12%
1284
1234
1234
22%
22%
21%
22%
*578
6%
*534
6%
35
35
*33%
*32%
6%
6%
6%
6%
578
6%
5
5%
82
*80
82
5%
434
86
3978
8584
3034
34
3484
*90
12
110
12%
*8684
1934
20%
2084
20*4
*46
49
84
82%
18%
18%
*112
11534
54
54%
25
24%
*
109
*12%
*8584
109
12%
20
12%
*85»4
20%
109
*108
12%
..
-
-
«.
20%
20%
21
21
21%
49%
50
*47%
84
83
85%
84%
18%
18% *18%
18%
11534 11534 *112
115%
52%
52%
5234 5234
12%
9,400
200
200
5,100
1,600
300
90
200
2,100
300
"2",200
1,200
6,000
300
10
Feb
Jan 13
Feb
158s Apr 28
89% June
112
June
Jan
18
June
30i8June 2
May 13
May 21
Atlas Powder
No par
Preferred
.........100
Atlas Tack Corp
No par
Auburn Automobile...No par
Austin Nichols
.....No par
No par
Avla'n
Corp of Del(The)new.3
tBaldwin Looo Works.No par
Assented........
Preferred
15%June
50i2May
70 May
II384 Apr
12i4May
21i2June
6
May
3
14
13
26
17
4
25
32
May 19
558May 18
538June 4
484 June 4
3
100
82
Baltimore A Ohio...
Preferred
100
88% Jan 21
20*8 Jan 4
333s Jan 4
100
Bangor 6c Aroostook
50
Conv 5% preferred..... 100
Barber Co Inc
10
Barker Brothers
..No par
5)4% preferred.........50
Barnsdall Oil Co
5
Bayuk Cigars Inc
No par
preferred...........100
Creamery
25
35 pref w w
..No par
1st
Beatrloe
Beech Creek RR Co
50
June
38i2May 13
100%May 11
29%May 18
23i4June 1
38
Feb 17
24i4May
14i4May
HI84 Apr
22i8May
101*4 Jan
4012 Jan
14
13
19
19
6
6
111
37% Jan 12
10% Feb 10
9
June
43
Nov
3
July
7
Nov
Feb 18
84%
18%
86%
18%
15,900
600
Aviation
5
115
115
200
*53
54
400
6% preferred
20
7% preferred
.....100
Blgelow-Sanf Carp Ino.No par
26%
800
Blaok 6c Deoker Mtg Co No par
Def. delivery.
a
New stock,
r Cash sale.
*
l9%May 14
203s Apr 29
50
Jan
8
118
122
Jan
111
6
105%
110%
Jan
Jan
126
Mar
Jan
106
Jan 28
Mar
7%
8%
Jan
Jan
95
Jan
12% Apr
Jan
128
Deo
62% Mar
18% Nov
22% Feb
108
May
2778 Nov
95
Deo
112
Oot
98
Feb
124
Oot
Jan
59
9
90% Jan
21% Apr
107
Oot
49
Deo
29
11
31% Oot
64% Nov
35% Apr
118% Deo
Feb
Mar 13
44
Jan 18
37
Mar 11
116% Feb 6
18% Mar 6
52% Mar 10
Apr
13% Apr
26% June
109
94
Mar 11
48
133
Jan 13
18% Jan
36% Feb
Sept
88% Aug
Jan
84
Nov
*112
Jan
131
Nov
9
14
June
2
26% June
5% June
29% June
80
2% July
2% July
5
29%' Apr
5
40% Mar 17
47% Mar 17
33% July
15% Apr
21
Apr
30%
64%
10%
46%
7%
11%
97t
94%
94%
27%
41%
45
39
Deo
49% Feb
24% Nov
13% Jan
88% Deo
14% Jan
16% June
110
May
28% Dee
22% Nov
9% Feb
52% Mar
9% Jan
11% Jan
9% Jan
120
Feb
120
Feb
1
25
12
29
Feb 11
110% Feb
43% Mar
8
9
32
Jan 21
42
3
Apr
Feb
Mar
Jan
Jan
Mar
Deo
Dec
Deo
Deo
Nov
Oot
Jan 21
35% Feb 1
20% Jan 16
114
Feb
2
28*4 Feb 9
105*4 Mar 8
43% Feb 19
112
Mar 30
18
Jan
100
Aug
35
Feb
85
Feb
6
13
Deo
87
Mar 17
83
June
Feb 11
Jan 5
Jan 8
Mar 11
21%
Jan 18
Jan
4
183sJune
4
20
v
Feb
7
73
Ex-dlv.
Aug
47%
84
66% Mar 17
30%
23%
62%
106%
4
9
104
7%
Feb 18
9484May
104
4
June
6
Apr
May
Jan
4% June
66% Jan
37
57% Feb 18
June
115
1
70% Mar 13
16% Feb27
17% Jan 21
97% Feb 18
24*4 Mar 5
49
£51%May 14
24%June 1
Jan
121% Feb
Jan 16
Beneficial Indus Loan..No par
Best 6c Co ............No par
Beth Steel new (Del)
No par
Jan
Jan
May
46
15%
55% Nov
89% Deo
26% Mar
97
84
Bendlx
7% Mar
35
Feb 23
15% Feb
100
Oct
11% Feb
70% Feb
Feb 13
Apr 29
1,600
3% July
27*4
109*4 Sept
97
245a Jan 16
111
12
"3", 700
92% Jan
7% Sept
52% Sept
Deo
105
5
Dee
Deo
Beldlng Heminway Co-No par
Belgian Nat Rys part pref....
Feb
Mar
18
Jan
125
2
Feb
150
28
1
4
104
Jan
8% June
19% Apr
88% Mar
136
78
101
9334May 28
Jan
50
3
97i2 Apr 30
44i8 Jan 26
26%
190% Nov
102% Feb
Jan
4
2
Mar
Sept
May
Feb
Mar
87
Jan
63% Aug
44
99% Mar
95
20% Mar
149% Apr
36
145
24
2
96
Jan
Deo
Feb 23
81% Jan
57i2May 11
lli2June 2
10 May 15
24% Dec
48% Apr
129
64
Nov
79% Feb 23
69% Mar 10
13*4 Feb 27
28
50
14% Jan 18
Beech-Nut Packing Co.....20
49
4
Jan 26
Feb 3
200
21
a
Jan 28
1,100
20%
26%
4
107
100
997b
150%
20%
29%
Jan
4
25
20
200
99
Jan
7
.100
.....1
300
20
26
...100
Pref assented....
20,400
3,600
*8684
t In receivership,
Jan
May 21
22 May 6
5i2 Jan 8
40
Apr 26
11634May 4
107>4 Jan 2
4% conv pref ser A.
Atlas Corp
6% preferred.....
800
49
26
Preferred...
Atlantic Refining.
Prior A
2078
25
Atlantic Coast Line RR...100
Atl G 6c WI SS Lines..No par
100
4,900
*21
25
Apr 10
18
69i2
7,900
109
12%
100
79
105
5% pref with warrants. .100
Atoh Topeka 6c Santa Fe.,100
Preferred
.100
*46
Bid and asked prices: no sales on this
day,
*108
100
44i2 Jan
4734May 13
230
5%
31%
l
6% 1st preferred.
7% 2d preferred
100
495s Mar 24
5%
36
100
Associated Dry Goods
95
30%
34%
100
63g Jan
Assoc Investment Co..No pat
13,100
1,600
187
107
June
100
5,600
14,700
86
No par
Armstrong Cork Co...No par
Arnold Constable Corp
6
Artloom Corp
No par
100
95
20
par
6
Preferred
115
115* *100
51%
551
51%
42
42
42
42
*40% 42
*40%
42%
*102% 104% *102% 104
*102% 10384 *102% 10384
2934
30%
30
30
30% 30%
31
30.
*25
26
23%
26
26%
26%
26%
26%
38%
38%
38%
*38%
38%
38%
38%
38%
26% 26%
26% 27%
26%
27
2634
26%
1478
15
1478
15
1478
1478 *1478
15
*112
114
*112
114
112
112
*111% 114
22% 22% *22% 23%
*22
22%
22%
23%
103
103
*100
104% *102% 104% *102% 104%
*39% 41%
41%
41%
*40% 41%
*40%
41%
*109
36 conv pref
Preferred
300
8O84
92
300
~i",666
1678
*85
Copper Mining
Paper Co
No
Armour of Illinois new
1,000
94
18
18
13
28
18
185
25
15,400
103
99%
87
3134
3534
10%
74%May
7418 May
128i4May
1318 Apr
1634May
Jan 13
..26
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
"3"400
16018 Apr 28
Jan 12
Archer Daniels Mldl'd.No par
17%
1634
89%
*94
82%
99%
12
*97
68
143*4 Jan 13
2578 Jan 26
June
Feb 23
300
107
64%
3
21% Mar 23
17
79
"""266
90%
89%
*100
103
16%
92%
*102
6378
11%
11%
43%May 14
20
No par
36.50 conv preferred.No par
800
Jan 20
37g Apr 14
26% Jan 20
5678 Jan 11
2
Anchor Cap
APW
115
5934May 18
1
Anaconda Copper Mining..50
Anaconda W 6c Cable..No par
Andes
Feb
73% Jan 21
8%May 18
35 prior pref...
30
8
42
41
41
42%
42
*40% 42
*118% 122
*118% 120
*118% 1201 *118% 120
109
*108% 109
109
10834 10834
*108% 110
11
11
11
11
10*8
1034
1034
11%
93
92%
92%
93%
93%
*91%
93%
93%
*102
200
1,000
148
...100
Preferred
"""200
109% Apr
2% Apr 26
154
No par
Preferred
56%
10
Amer Zinc Lead 6c Smelt
190
105
100
Type Founders Jbue
American Woolen
300
4,300
56%
19%
....25
Am Water Wks 6c Eleo.No par
1st preferred....
No par
100
1,000
12%
105
25
8,400
56%
19%
Tobacco
Am
55%
82
Telep 6c Teleg Co... 100
Preferred
700
6234
105
.100
56%June
May 19
4858May 14
132
..100 xl247gJune
Common class B
3,600
55%
52%
No par
4,500
12%
*100
Stores
Am Sumatra Tobaooo..No par
6,500
*62%
12%
190
American
Amer Sugar Refining
Preferred
Jan 15
U9% Feb 16
69% Feb 10
38
Ex-rights.
Jan 21
28% Nov
116
Deo
28% Nov
July
427t Oot
105
112
Deo
20
Jan
16% Mar
89% May
82% Oot
25% Oot
48
Jan
72
Jan
45% Apr
16% Apr
107% July
23
Jan
28% Dec
Nov
77% Deo
20
Dee
135% Nov
65% Dee
*34% Deo
H Called for redemption.
>
New York Stock Record—Continued—Page 3
3792
LOW
AND
HIGH
NEW
for
Saturday
May 29
May 31
per
share
$ per share
24%
2334
24-'%
23%
29
*24
Friday
June 4
Week
$ per share
24
24
$ per share
$ per share
$ per share
Shares
*82
86
34
35
*82%
3334
415s
42I8
*24
29
*24%
*41%
*85l2
86
85%
45
44
23%
24
4558
44%
12
1214
1178
*2
214
42
*2
44
100
{Botany Cons Mills olass A.60
42%
48%
43%
45%
*41%
*3%
17%
23
42%
3%
1778
25%
70
70
16%
17%
42
46
*45%
4212
4258
42
42
*41%
3%
3%
*3%
4
3%
*16U
1834
*17%
25%
2512
75
75
1834
I6I2
*6812
8I4
*52
*3258
26
16%
*104
108
8%
9
77
*67
8%
108
8%
*67
1,200
16%
50
9
5,200
834
9
834
"2",300
300
Bulova
34%
300
Bullard Co.....
26
26
28
30
28
29
*29
1378
14%
13%
13%
*13%
27
*2434
130
1,600
29%
1,300
534
2,700
1,100
29i2
29%
28%
29%
*29%
2934
5%
558
5%
534
534
2114
22U
*22
24
68%
68%
*68%
69%
5%
22%
*6834
28
28
*27
28
28%
28%
37
37U
*37%
38%
*37%
27%
38%
500
*38%
38%
200
51
*50
51
*50
51
*50
51
27%
22%
23
69%
69%
70
338
3%
3%
3%
3%
1414
14%
1434
14%
28
27
27%
2634
27%
27%
28%
27%
28
27%
*
58
13
13%
"l3%
45
45
*43%
1434
*1434
1434
50%
Exchange
*50%
50%
*
*
101
Exchange
34%
Closed—
Memorial
Holiday
8
Closed—
Extra
Day
*8
8%
13%
*4334
14%
1434
51
*50%
*
100
2634
*98"
34%
35%
8
8%
101
160
*155
164
*157% 16334
123
123
123
123
*120
92
92
92%
93
38%
3878
39%
3934
113
11134 11134
40
76
*31%
7%
*100
22%
*1278
40
*39%
113
41%
76%
*73%
77
33
*32%
33%
7%
7%
7%
102% *100% 102%
18
24%
*10
10%
10%
*98% 105
14%
*98% 105
65
66
65%
66%
16
16
16%
16%
65%
108
*75
*3%
9%
9%
9
9
9
*238
2%
2%
2%
2%
8%
May 18
37% Feb 13
30
25%May 13
38% Mar 19
65
61
...25
12% Apr 29
800
70
3,100
21,600
800
1,400
110
6434
110
57%
400
20%
20%
98
20
110
20%
100
*74
,
57%
*93%
77
1,550
58%
12,250
100
98
*3%
3%
9
*834
2%
12%
*8%
9%
2%
12%
1034
20
25%
25%
3,000
55
""400
700
900
2,300
3,200
4,200
400
1,100
200
*55%
57%
*55%
57%
*2%
2%
2%
2%
*2%
2%
400
634
*6%
7
6%
6%
5%
6%
584
1,300
83
70
*7%
36%
*63
106
40
"
40
88
*85
*85
91
155
155
*68
102
19%
*102
*58
19%
19%
103
*102
50
61
50
*109
110
*109
110
*109
*30
40
*30
40
*30
35%
35%
*33
*18%
21%
*18%
♦33
36
*18
20%
19
*
♦19
19
33%
♦42
ins
86%
*
50%
50%
21
19
*
106
66%
*106
3534
33
43%
42
42
*41
11*4
11%
86»4
12%
106
*106
67
67%
109
*106
62
*83%
109
67%
110
8934
106
16834
*107
13%
13«4
13%
2%
5234
2%
2%
2%
15%
14%
52%
14%
3534
♦36%
37%
35%
prices;
no
sales
on
*52
this day.
51
*14%
36%
62%
106
67
110
13%
2%
1134
♦84
118
June
143
Jan
*91
July
Nov
21% May
100
Deo
19
Apr
54
May
200
50
"""700
100
Cbtlds Co
10
Chile Copper Co
Chrysler
Jan
37%
Deo
9%
Deo
300
"2"700
a
36%
Jan 22
June
98
105
I
7
May 21
Mar 19
35
Jan
5
86
Apr 23
47% Mar 31
Feb
2%
Jan
Deo
Feb
14%
Deo
4
Jan
0
May
26% May
12
Jan
33% Nov
Apr
Apr
Apr
2%
Feb
5%
Feb
6% May
12%
Cot
Apr
24%
Deo
40% May
65%
Dee
1%
2%
2%
12%
8% Mar
3
7
Mar 11
15% Mar
4%
Feb
Jan
23
Jan
89% Nov
Feb 23
72%
45
13% Nov
40%May
103% Apr
23%
Jan
46% Mar
Jan
7
107%
113
90
77%
Jan
129
July
Jan
134
Nov
68
Nov
55%
19
May 28
No par
31
May 18
May
3
38%May 18
ll%May 19
85%June 2
25% Mar 19
13
104% Jan 6
62% Feb 13
112% Mar 11
45
Apr 12
.10
51% Feb 10
27% Mar 5
30
Jan 14
29
Jan 25
Oot
48
Deo
Feb
37% Mar
8%
19%
10
Dec
Jan
Jan
30%
30
Mar
136% Aug
Jan
*45%
Jan
39%
Deo
51%
Jan
14
Jan
23% July
90%
80%
Jan
Jan
44
Jan
8
114
1
30
19
May
Mar 15
y
Jan
28% Sept
31
Jan
* Ex-dlv.
Deo
100% Feb
06% Nov
39% Jan 20
40% Jan 20
20% Jan 14
Jan 14
63% Apr 28
Aug
39% Apr
21%
94
101
35%June
1
June
Oot
Deo
1
125% Apr
108
56% Apr
Jan
100
89%May 15
8
6% preferred series A... 100
100
5% preferred
Deo
61
Apr
84
21% Apr 28
90
48
48
7
111
Feb
Mar
82
2
100
Oot
Jan 14
90
170% Apr
58% Apr
100
Deo
47%
50% Feb 20
98% Feb 11
6
May 18
Oct
111%
Feb
33
6
33
98
Jan
July
44% Apr 22
Jan
1
Nov
Jan
122% Jan
June
60
Nov
4%
124
50
Mar
138% Nov
1
8
5
3
1
Deo
Jan
15%
132%June
June
61
Jan
85%
4
102
July
26
Jan
19% Feb 11
Jan
8
21% Feb 18
92
Feb 18
80
126
57
Jan
Feb
8
135% Feb 11
2
No par
par
9
8%
Jan
20% Apr 30
r Cash <ale.
4
Jan
Apr
78
Colo Fuel A Iron Corp .No par
100
n New stock.
7% Mar 17
6% Mar
19% Feb 17
3%
2%
1%
Oct
Congoleum-Nalrn Ino..No
1,000
Def. delivery.
77% Nov
Jan
Deo
47%May 20
13% Apr 28
300
Jan
1% May
30%
14%
$6 preferred series...No par
Conde Nast Pub Inc
No par
15
51
17% Sept
13%June 1
2
May 19
*14%
Jan
32%
108% Mar 29
26
Jan 18
Commercial Credit
69
09% Apr
100
Nov
Jan
32% Apr
No par
v 10
Deo
Jan
19%
Commonw'lth A Sou...No par
15%
3% Mar 18
10% Mar
7% gtd.50
4% 1st preferred
4% 2d preferred
Deo
22%
8
No par
Columbian Carbon
Deo
27% Jan 14
22% Jan 29
10,100
400
6
12%May 19
Jan 20
70
100
38%
3
28,100
52%
18% Mar
33
72%
111
Apr
Apr
Apr
103%May 19
*52
8
32
,
Oct
Nov
19% Mar
1%
100
2%
Mar
4
74
3%
$4.25 conv pf ser '35.No par
Commercial Solvents..No par
600
13% Mar 17
Feb 16
Special
60
Cluett Peabody A Co..No par
Collins A Alkman
57% 8ept
108%
Mar 11
Apr 28
100
0
4
4% Mar 16
7
Equipment
preferred....
Nov
3%
4 \i % conv pref
100
Comm'l Invest Trust_.No par
300
68% Mar
83
No par
C C C A St Louis Ry Co pf 100
6%
Feb 13
60
100
12
Aug
6
Preferred
Feb
Apr
Mar
100
Clev El Ilium Co pref..No par
Clev Graph Bronze Co (The). 1
67
19
Feb
100
Preferred
6%
Apr
3% Mar 17
46%
25
City Investing Co...
City Stores
Clark
Feb 10
36
10% Feb 19
12% Apr 12
J2.75 conv pref
No par
Columbia Gas A Elec. .No par
2,400
36%
Deo
Sept
70% Jan 25
5 *106%May 13
18% Jan 4
No par
Corp
City Ice A Fuel
100
llis4
2%
80
Jan
Dee
3
June
6%May 18
....No par
13,800
63
39%
2% Feb 16
5%June 4
55
No par
12
52
37
par
Col Plot Corp v t 0
67%
66%
105% 106
13%
13%
*105
{ In recelversnlp.
Conv preferred
{Chlo Rook Is! A Paclflo
1
2
Jan
11% Jan 6
21
Apr 28
Colorado A Southern
8934
"61%
32%
110
0% Nov
25%
101
100
4
4%June
..100
Chloago Pneumat Tool.No
Jan
3
Jan 14
90% Mar
4
3%
..100
700
33%
85%
*
2
tChic Mil St P A Pao. .No par
Preferred
Jau
6%
{Chicago A North Western 100
44
*42
86
61%
186
Jan
4
48
2%May 14
12
Apr 28
8
Apr 29
24%May 13
100
Preferred
32
111
2%May 14
{Chic Ind A Louis v pref
100
Chloago Mall Order Co.....5
Colonial Beacon Oil
21
33%
12
*
19
19
118"
44
113s
85s4
8934
64%
Feb
9%
Jan
*60% Apr 13
54% May 18
91
Apr 7
6% preferred
100
{Chicago Great Western.. 100
5% conv preferred.
22%
33
♦14
*35
♦18%
34%
*50
Bid and asked
3534
21%
*
100
Preferred
115
Jan 4
16% May 21
77
June 2
Colgate-Palinollve-Peet No par
1,200
19
5
100
series A
Coca-Cola Co (The)..-No par
Class A
No par
40
21
Preferred
May
35%
No par
25
600
110%
*30
40
Chesapeake Corp...
Chesapeake A Ohio
"3~806
52
6034
110% *109
11334 114%
*33
33%
ir
1934
100
21
♦
158"
59
19%
52
115
87
110
103
*18
61%
0% May
92%
116
Jan 26
14% Mar
3
60% May 18
Apr 29
5
Clev A Pitts RR Co
600
*102
115
1334
13%
2%
»
103
30
400
50
92%
*58
1934
115
8934
"01"
"
88
91
59
21
115"
900
*48
9l"
132% 132% ♦131
*153
155%
155%
59
19%
120
"""BOO
*100%
*48
59
38
42
91
155
102
36%
106
48
155
1,400
734
41
88
*58
19%
37
16,100
70
*105
*89%
132%
83%
*7%
41
*38%
*85%
132% *131
*131
83%
*104% 106
4034
a48
88
9l"
19
*63
7%
*100%
106"
*39
♦48
*88%
*36%
63
114%
19
70
37%
107%
108
..No par
Cab
June
1
10
*54
111
84
7%
106
*85%
84
Checker
June
1534 May
J,200
*63
1
6% prior pref
100
ChampPap A Fib Co 6% pf 100
Common
18
Chlckasha Cotton Oil
400
1234
70
*36%
*100%
105%
7%May 14
3
17%
84
7%
73%May 18
31
May 18
100
June
17%
*15%
19
3634
preferred
16
600
12%
*7%
5%
41%May 20
4
48% Mar 8
82% Jan 7
39% Jan 12
12% Jan 28
Jan 13
36%
300
17
17%
19
734
*100%
*5%
1234
54%
110% 112%
19
8334
83
♦63
7
17%
*17%
1234
54%
63
113% Mar
7% preferred
100
6% preferred
100
Chloago Yellow Cab...No par
16
112%
100
6
6
{Chic A East 111 Ry Co
3%
2%
19
6
26% Jan
Preferred
57%
111
85% Jan
106% Jan
No par
103%
24% Jan 11
238
♦64
9
41% Jan 15
*6%
19
170% Feb
Jan
2
57%
63
9% Apr 20
Jan
Mar 24
100% Apr 28
57%
24
1878
Deo
Central Aguirre Assoc..No par
Central Foundry Co
1
800
30
65
*60%
*108
57
24
109% 111%
Jan
Nov
53
2
8% June
1234
2434
*54
91
Jan 18
35%June
June
97% May
47% Jan
1284
12%
Oct
100
9S%June
Jan *100
Caterpillar Tractor
No par
Oeianese Corp of Amer.No par
7% preferred
Feb
18%
Jan
129% Jan 22
100
Feb
I
Celotex Co
08% Nov
87
23% Feb 10
1334
12%
116
Apr
45*4
86% Mar 10
12%
17%
138
100
12% May
May 13
12%
23%
17%
123s
7
100
Preferred certificates
Feb
37
14%May 18
4
*5%
1
Case (J I) Co...
10
60
4%
6
34
Jan
Apr
103
2%
18%
17%
100
5
Aug
100
4
*5%
Stamped
Carpenter Steel Co
Carriers & General Corp
Jan
99
Deo
60
18% Mar 11
52% Jan 2
102
Feb 8
1,900
1,500
438
*17
10
30%
Jan
Certain-Teed Products
17
2%
6
Preferred A
4
14%May 13
50
Feb 6
1
40%
Apr
10%
6
9
Jan
10%
Cerro de Pasoo Copper ..No par
16%
4
18%
17%
12%
4434June
No par
17% Mar
61% Jan
10% Nov
54
Jan 14
"4~900
*98% 105
66
68%
4%
6
Pacific
7
10
2%
*17
Canadian
May
Jan
12%May 14
4%
55
Nov
26
1,400
4
24
3
5
100
123
4%
24
Jan
Canada Dry Ginger Ale
170
4%
2434
%
2% Jan
1
33%
50% Mar 31
Campbell W & C Fdy..No par
164
2%
*13
50
preferred
6
*120
2%
14
Dec
Oct
Deo
6% Feb 25
10
4
*12%
2334
48%
20% Jan 12
600
4%
V
Apr
4
34
4%
25%
30%
Apr 29
101
4%
9%
25%
2
Carolina Cllnoh A Ohio Ry.100
2%
934
25%
48% Feb
50
Apr 29
Mar 22
Jan 11
12
10
51
4%
*9%
37
Capital Admin olass A
4%
*12
12%
12%
26
No par
Cannon Mills
2%
12%
1234
*8%
12%
2
300
2%
1234
9%
25%
2%
25
34% Mar
300
5734
57%
*93%
88%
6
Jan
Century Ribbon Mills..No par
77
334
91
27
Central Vloleta Sugar Co.-.19
77
98%
Deo
67% May 27
10% Apr
54% June
22
Apr
29%
100
No par
300
77
58%
No par
Byron Jackson Co
California Packing
Calumet <fc Hecla Cons Cop..6
101
10% Nov
Byers Co (A M)
Preferred
200
*17
*3%
33% Nov
0% Mar
10
25
57%
Jan
4% Apr 28
20% May 14
13
*56%
334
2%
28%May 14
10
77
97
Dec
12%
57
57%
97
29%
2
3
9% Feb 25
33% Ma.
9
14%
65
*93%
56%
13%
Apr
Deo
31% Nov
18% Mar
10
108
78%
14%
Dec
36% Mar
"~2~i66
*18
25
Deo
21
*56
6434
33%
21
*98% 105
65
6 534
1634
*16%
*108
Jan
21
108
*18
*3%
10
8%
Apr
Central 111 Lt 4^% pref.. 100
Central RR of New Jersey. 100
*61
65%
108
58%
57%
*13
Mar
5
"11",800
94
93%
93%
40%
39%
39%
114
113
113% *113
42%
4234
41%
42%
*74
77%
76%
76%
33
33
33%
33%
734
734
7%
7%
102%
*100% 102% *100
11
9
30
5% oonv preferred
Copper <fc Zinc
Butte
14%
93
19%
Jan
25
1
13%
*8
Oct
2%
45% Feb
Canada South Ry Co
3834
22%
*13
15
123
Deo
34%
5
4434
34
59%
35%
7
4434
8
*155
28%
*98"
Mar
Jan
Apr
Apr
Jan
*1434
*50%
34%
14
11%
20%
9
11% Jan 29
39
15% May
115% Sept
2
3,300
4,700
27
*
45%
115
Jan 18
65% Mar
8%
Jau
100
"13%
51
101
Feb 15
Callahan Zlno-Lead
60
13%
4434
1434
13
Jan
85
6,200
5,500
15
*
107% Sept
9% Jan
7
Jan
13%
No par
Butler Bros
5%
14%
27%
60
13%
4434
101
*98"
98%
98%
*53
60
60
3%
3%
3%
14%
27
Stock
5%'
22%
1378
Stock
29%
Dec
Sept
24%
Debentures
14
Deo
-.10
100
30
"l4
14
Jan
22%
{Bush Term Bldg gu pf otfslOO
IBush Terminal
Oct
21%
7
1
800
Oct
57
65%
Sept
8% May
8% Jau
98
25%June
58% Sept
46
3
117% Mar 12
143s Jan 11
9
51% Mar
100
44% May
24% Jan 11
May 13
Feb
Jan 14
Feb
Burroughs Add Maoh_.No par
1,900
27
*30
50% Apr
31
Jan
97%
Apr
69
Jan
5234
May 14
Apr 28
Dec
40%
2
36% Feb
7
7
7%
102% Jan
3
7
Apr 28
25% Apr 9
26
25%
2534
8
No par
Watch
55
34
*7
71
No par
No pur
Wheel
53%
29
,26%
100
preferred
54
25%
4
4
106%May 20
8%May 13
No par
Mfg..
34
*24
*
Budd
5
100
preferred new
7%
Budd (E G)
*53
*24
*50
Bucyrus-Erle Co
*33
7%
33
38% Jau 14
53
Jan 12
4
25% Feb
5334
26%
12% Mar
17% May 11
15%May 14
35
7%
50% July
Jan
4%
Jau 13
8
Bruns-Balke-Collender.iVo par
*33
26
Jan
50
*53%
714
Deo
41
45% Mar 30
7%
75
*67
8%
""MOO
108
*104
75
8%
8%
19%
9
Apr
47
No par
Shoe Co
Brown
47%
64% Mar
43%
June
29%June
Brooklyn I olon Gas...No par
Feb
59% Feb 11
65%June
21
A.No par
$6 preferred series
Jan
6% Nor
18%
53% Feb 13
47
Jan 23
17%May 20
No par
Preferred
Bklyn Manh Transit...No par
Nov
1
June
3%May 18
100
Apr
47
11%
yl2% July
5
1,100
63% Mat
100%
Apr
1% July
23% Feb 23
Bristol-Myers
Co
Dec
0
4% Jan 11
41
ov
Oct
37%
32% Aug
1534 Mar 23
Brooklyn <fe Queens Tr.No par
1,800
18%
16%
No par
Brlggs Manufacturing. No par
Briggs & Stratum
..No par
Deo
120
May 27
47
700
16,100
*44%
Bridgeport Brass Co
share
38%
Jan
Jau 28
8%
per
24%
25%
2% May 18
15
Apr 28
100
300
30
29%
Corp
43% Mar 30
41
Apr 22
200
66%
18%
16%
1834
16%
4,000
23
6 534
48
*44%
47%
21
30
30
31
16%
35
2638
7
*17%
19
*104
914
777S
8%
5312
878
18
2534
19
108
108
41%
73
*44%
48
1914
1634
38% Apr 28
2%
17%
45%
45%
42
334
17%
46
*44l2
5
Boston & Maine.
2%
1634
June
39
46% Apr 13
28
Jan 18
1
23%June
10%
48i8 Feb 13
93
Jan 22
85% Mar 22
41% Mar 12
2%
17
Borg-Warner
4984 Mar
8
40% Apr
5
No par
*2
41%
30%
Borden Co (The).
3
June
—No par
15
Ami class A
Class B,
600
16%
31l2
Bon
7,600
13,600
4734
Apr
40% Deo
80% June
31%May 18
6
1134
13,300
3
Boeing Airplane Co
Bohn Aluminum & Brass
46%
1634
77% July
32% Jan
11%
24%
94% Jan 16
29% Mar 10
Feb 26
45
2434
14% July
18% May
Apr 28
1178
4U2
♦30
70
7
22
28
79
Highest
share %
$ per
share
per
No par
46%
16%
25%
50
$
share
per
Lowest
Highest
Bloomingdale Brothers _iVo par
Blumenthal & Co pref
100
Blaw-Kaox Co
24%
4434
2%
*72
*4234
2334
%
*11%
41
*4512
6,500
1,200
35
423g
86%
44
*4134
86
44
30
87
34%
86
*8534
24
45
1178
23%
43%
34%
42%
Par
29
*77
82
Year 1936
100-«S/»are Lots
Lowest
3,200
24%
*24
79
44
#24%
29
33%
87
35%
4178
85%
*43
On Basis of
YORK STOCK
EXCHANGE
the
Thursday
June 3
Wednesday
June 2
Tuesday
June 1
Monday
Range for Pretious
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
June 5, 1937
09% Jan
8
Jan 12
100% July
80% Jan 20
55
Jan
Jan 25
g7
Jan
120
21% Jan 21
4% Jan 13
75% Jan 13
19% Feb 11
45% Mar 11
Ex-rlghts.
14% June
2% Apr
108%
103
Oot
Aug
84% Sspt
128
NOV
91% NOV
130
24%
5%
NOV
Feb
Feb
59%
Apr
82
Feb
7
July
15%
44%
Deo
30% Aug
f Called for redemption.
Jan
Volume
LOW
AND
HIGH
Saturday
Monday
May 31
June
Wednesday
Tuesday
May 29
$ per share
*12
14*2
18
12
12
80
80
8734
15i8
*105
89
3*4
1234
35*4
35*2
10338 10334
*3*8
105s
3478
1038
15*8
*105
45*4
44
44
2734
29»8
,516
lsl6
_2278
235s
*22*2
23*2
*10*2
3
278
2734
2734
22*2
'SI6
*22l2
278
27g
1
1S16
22
27g
3.
278
44
28*4
*43
3H2
*87
*88
89
""366
180
21
36
4,900
Continental Insurance
2i2
25g
6,500
Continental
4338
*238
4234
2*2
4338
4338
*2858
44l2
9,400
Continental Oil of Del
'425s
2912
2912
29
29
*28
30
64
64*8
64i8
5734
58
64*8
58*4
*63*4
567g
64l2
5734
157*2 15734 *153
44-
31
75
75
45
4534
47
40
40
40*4
100
19*4
99*4
193g
19*4
1978
4,800
9858
99*4
*99*8
99*2
500
61
63
*62
120
*116
*61i2
*116
*3934
64i2
100
64
*62l2
1*8
1*4
1*4
13s
*1*8
13g
*1*8
13g
95s
978
*95g
11*2
*958
8&S
834
85g
11934 11934 *118
8J
*38*4
39
150
39
200
*38*2
38*2
38*2
10*2
11*8
11*4
11&8
11
11*4
11*4
11S4
88
86*2
88
86
86
86
86
39
5*2
Exchange
*49
74
74
*72
15
*13*2
*13*2
2034
2034
2034
*103*4 103*2 *103*4
*129
Closed—
Closed—
Extra
Memorial
130
130
22,300
3,400
130*2
*2738
28
*2758
534
187g
Holiday
21
*19*2
21
*41 *8
43
*42
43
18*4
Day
*108
18
1734
6*4
17*2
6*4
6*4
11412
113
130*2
6*2
2738
*19*2
27*2
4258
1734
2734
*19*2
130
425g
6*4
6*4
112
113
18*4
17l2
*1634
1734
*16*4
1734
30
*22
30
*22
297g
62
*57
60
*57
60
29
29
36
*36
36
2834
36*2
2934
*36
55
20
76
76
300
15
*13*2
20*2
20*2
103i2 10334
129
"T.666
30
133
27*2
2,000
500
2734
20*2
18
*6*8
1714
80
17*4
........
60
-
-
100
2934
*29*4
30
300
3658
*36
36*8
100
1758
1758
17*2
17*2
1758
17*8
300
21
2112
21*4
21*4
21
2114
1,900
853s
*21*4
2134
*83*2
85
*84
85
20*2
*1934
21
21
*1934
*36*8
37
38*4
*37*4
............
21
37
100
*36*8
*3758
37
3834
3712
37*2
38*4
39
39
39*2
*20*4
*36*8
*37*2
3834
39*2
38 78
934
*9*2
97g
*95g
97g
200
57&S
5678
59*4
58*4
5934
21,200
*43*4
49*2
100
28
200
*36*8
95s
958
984
37
54
55
55
*43*4
28*4
*34
*1*2
46
*43*4
46
28*4
*27
29*2
46
*27
46
29*2
28
_
4,400
78
*34
78
*84
78
34
*1*2
2*8
*1*2
2*8
*1*2
2*8
5*4
5*4
*4i2
*4*2
1414
*14*8
14*4
*14*8
14*4
14*4
14**2
*14*8
*112i8 115
*112*8 115
115
*112*8 115
*11218
154i2 157
154i2 155
155
15578
15534 156*2
*131*4 133
113
113
*4*2
5*4
131*2 131*2 *131*2 133
113
113
*11212 11334
169
170*2
*11
11*2
169i2 171
150
150*2
152
11
11
152
*11
168
*150
33*4
11*2
33*2
33*2
*33
12*4
33*4
12
12*2
12
155
33*2
127g
47g
1684
47g
16*4
17*4
67
67
67*2
12
38
38*2
38i2
38*2
39*4
1034
10*8
10*8
1038
10&8
5
47g
15*2
16*2
16*4
17
47g
16*4
64*2
6634
65
65
59
5934
*58*2
61
61
62
*37
3878
37*2
38
37*2
37*2
1*8
4*8
2434
4i8
56
478
1*8
1
1*8
4*4
*37S
4*4
24
24*2
57*8
57*8
2478
*56
2478
5634
*102*2 10834 *105*4 10834
*8
9*4
*8*4
*60
9*4
61
*65
403g
11
_
_
_
100
*8*8
*64*2
66*8
*65*8
*67
71*2
*67
6
17
17*2
17l2
17*2
17*4
534
17*4
17*2
17*2
24
265S
25
25
25*8
25is
2458
25is
1878
19
19
187g
19
To"
2458
358
*338
25
2378
24*4
55
55
358
3*2
934
25
*35g
3*2
23
56*2
To"
25*4
378
3*2
2334
57
~52~~
52
52"
20
20
20
20
90
*88*2
90
*88*2
*125
140
51*2
*130
24
*358
3*4
*23
56*4
TO"I8
934
24i2
378
3*2
24*4
23*2
3*2
57*2
140
51*2
195g
88*2
130
5178
20
88*2
130
3*4
24l4
56*2
To"
24
19*2
8812
3*2
3*2
358
358
*3*2
378
3*2
3*2
36*2
prioesTno
3734
36*2
3678
sales on this day.
147g
Apr
107g Feb 18
4*8
112
3
146*2
9
22
May 19
20*8 Apr 6
60 May 13
30
May 13
28*4May 14
76*8 Feb 19
36*2 Feb 2
40*8 Feb 4
23
Apr 10
No par
Dome Mines Ltd
Dominion
Stores Ltd..No par
Douglas Alrcr Co Ino..No par
Dres8er(SR)Mfg oonv A No par
Convertible class B_.No par
35*2May
38*8May
958June
47*8May
45*8 Apr
18
13
1
17
29
46*4 Feb 17
51
Jan 28
41*2
Jan
8
7*2
Apr
77*4
Jan 25
50&8
Jan
29
Jan
123a Mar
55
Jan 16
4
39*4
Jan
7
JDuluth S 8 A Atlantlo—100
Preferred
100
Dunhlll International
—1
>4 Jan 12
2
Apr 28
4*2May 18
1*8
Jan
5
No par
100
14*4June 2
112 May 28
122
Jan 19
114
Feb
Nemour8(EI)A Co.20
148*8 Apr 28
180*8
Jan 18
133
Apr
135*2 Feb 19
115*2 Jan 22
129
Feb
811k...
Duplan
Du P de
28
June
6% cum preferred
Apr 29
175*4 Feb
3
Apr
163
17
Jan 11
3
shares...
9*4May 14
preferred
No par
$6 preferred
No par
Elec Storage Battery..No par
45s Apr 28
15*4May 18
May 18
62
59
37
May 18
May 19
J Elk Horn Coal Corp.No par
Endlcott-Johnson
June
2
50
55*2 Jan 14
100
1
Corp
6% preferred
Engineers Public Serv
$5 conv preferred
1
108*4 Mar 20
16
Feb 23
7*4 Feb
6
26&I! Jan 14
92*4
Jan
7
32*4
Jan
87
Jan
8
29*2
44ij Jan 16
39*8
Jtn
Dec
59
May 19
78*4
Jan 30
45*2
Jan
Jan
No par
No par
66
May 14
81
Feb 19
48
Jan
86*2 Feb 10
55
Equitable Office Bldg_.N# par
100
Erie
—100
preferred....—100
Erie A Pitts RR Co
60
Eureka Vacuum Cleaner
6
preferred
Second
Evans Products Co..,
6
25
100
Federal Mln A Smelt Co
100
100
100
Truck..No par
Works..No par
72*2May 13
5*2May 28
1378 Jan
24
4
Apr 28
18*4 June
1
3r753sMay 27
934June
2
4
33gMay 13
3*4 Apr 29
23*2June
20*4 Apr
2
49*2May 18
150
Mar 31
51*2June
2
193gMay 13
Fidel Phen Fire Ins N Y
n New
stock
r Cash sale.
60
7*2
Jan
Apr
Apr
5*4
11
Apr
16
11*4
Jan 14
68
14*8 Jan 21
34*4 Mar 3
12
80
Jan
1
Jan
Jan
23*8 July
6*4
Jan 21
4*8
5*8
Jan 28
2*8 June
28
Jan 28
717|
Jan 15
210*4 Jan 14
70
29*8
94*4 Apr
150
Jan 11
Jan 18
8*2
34*4
1221s
315s
1884
Jan
Apr
Jan
Jan
Feb
Apr
4
84
Jan
Mar 11
37
Aug
Jan
Apr
2
6978 Mar
7
Apr 28
11*8 Feb 19
73g
Jan
5*?
Jan
4
lllg Feb 25
3
Apr
32*2May 15
94*4 Apr 23
100
15'
28*4 Mar 17
129
9
Jan
23&s Mar 17
35*8 Mar 17
103
Federated Dept Stores.No par
4*4% preferred
9*4
88i2May 25
6611 Jan 27
3*2May 15
Def. delivery,
115*2 Jan 19
17*4 Jan 16
*2 Jan
1*2 Jan
22*4 Nov
5312 July
110
Aug
No par
8*s May 18
Federal Water Serv A..No par
1,500
Jan
30*4
1,000
37
Dec
45ii Feb 11
Preferred
200
5
6*s
6
3434 Apr 28
$5H preferred
preferred
600
10
28*2
5»4
(The)
July
Jan
Apr
Apr
Apr
Mar 17
$6
98
152
16
$7
Federal Screw
5*2 July
156
Apr
11 *8 May 19
Electric Power A Light.No par
Federal Motor
*111*4 June
No par
Boat
Jan
47g July
13*8 Aug
37*i Feb 11
Co.
Sohild
Elec A Mus Ind Am
First
1*8
Jan 16
8*4
5
2
*>8 May
17*2 Jan 19
Mar
10*4May 14
Jan
5*2
31»4 Apr 12
Eaton Manufacturing
Electric
3i2 Feb 19
FebU
34
Dec
Oot
60
34
93
Aug
Jan 18
*93
Apr
19
Jan 18
96
Oct
18*4
40
Jan 19
500
Oct
9
2
MOO
Jan
3712
9
8
60
June
42
Jan 25
29
200
13
30*8
Feb
3*2May 28
1,800
Apr
Mar
21&8 Apr 28
'""700
May
4
41*4
May 28
3
2,100
1,400
1,200
Jan
128
Jan
June
93s Apr
60
34
a
24*2 Mar 17
Jan
6% part preferred
34
t In receivership,
Jan
4
6*8May 18
17*8
El Paso Nat Gas Co
*9218
36*2
3684
36*4
25
900
7*4
683* Mar 17
Apr
96
197g
88l2
7
19*2
1934May 13
Fajardo Bug Co of Pr Rico.20
Federal Light A Traction—16
Preferred
No par
7
5
Jan
300
102
*99
29
2,000
600
Jan
27
36
Class A
9,800
100
Jan
5
No par
Doehler Die Casting Co No par
6% pref with warrants.. 100
Co
No par
Eleo Auto-Lite
900
Deo
31*4 Mar
2638May 24
1934May 17
41*4May 18
Dlxle-Vortex
Ltd No par
Fairbanks Morse A Co.No par
130
36*8 May
Mar 17
Eltingon
2,800
3,700
10,800
1,200
Feb 27
Sept
29
Distil Corp-Seagr's
6% conv preferred
130
5
59
34i2May 21
17*2May 18
20*4 Apr 28
84
May 21
900
7*8
36*2
Detroit Edison
1,000
7*4
7*2
95*8
pref.100
57
10034
35
52
52
52
7
95*8
107
Preferred
*7
*34
5
Fairbanks Co
*99
96
Jan
137*2 Apr 21
190
7*2
35
109
Jan
640
7*8
*34
Apr 23
1043g
No par
20
Diesel-Wemmer-Gilb Corp.10
Delaware A Hudson
100
Delaware Lack A Western..60
Preferred
3*4
7*8
*7*4
*93
100
Dayton Pow A Lt
Deere A Co
2414
738
102
5
Exchange Buffet Corp.No par
738
*99
Feb
400
7
102
Apr
24
3*8
7*4
*99
Jan
7H
Apr 29
3,100
*130
*130
*130
*122
10*8
43*4
18*2 Jan 16
19
Conv 5% pref
150
*7534
*7534
*75*2
*75*2
10
1834
9078 Mar 10
14*4May 18
Cutler-Hammer
Jan
Jan 14
62
151
71*2
19*2
73*2May 21
5
25
% pf.100
preferred
Jan
4
10*2
86
100
66*8
72
18*4
No par
8%
1
1
pref. .100
Kodak (N J).No par
8*2
62
*60
66*8
*538
Inc
A
Eastman
80
600
30
*67
*5*2
6
Class
1,000
300
*64*2
534
23*4 Mar
No par
16*2May 13
7234May 26
48
Apr 28
Curtiss-Wright
Cushman's Sons 7%
2,200
583g
72*2
558
99*2 Mar
109*2 Jan
Mar 13
10834 108*4
66*2
558
1678 June
6
4
3
May 27
*56
61
Jan
83s Mar
1
June
53gMay 13
131
56
62
6*8
63*2 Jan
35*2 May
1
20*8 Feb 11
10*2June
112
20
2434
1*4
378
25
Mar
43
6% non-voting deb
100
Duquesne Light 1st pref...100
Eastern Rolling Mills
5
100
300
1*8
4
14*8 Jan 12
127
Jan 11
Jan 30
86
Preferred
4,800
600
*63
....
37
*64
Bid and asked
_
62
62
*60
*
.............
*34*4
1*8
3*8
2434
10834 108*4
*8
8*2
61
155
*150
33*2
1238
3938
1034
33*2
10*8
478
5
*131*2 133
*112i2 11334
ll3g
11*2
11*4
169
16834 170*4
37*8
1*8
*378
100
34
5*8
*4*2
100
3834
40
2*8
17*8 Jan
May 14
No par
100
Det A Mackinac Ry Co—100
5% non-cum preferred.. 100
Devoe A Raynolda A..No par
Diamond Match
No par
Participating preferred—26
Diamond T Motor Car Co..2
20*2
Jan 11
No par
Preferred
200
20*2
2038
95*2 Apr
1*4 Sept
9
Sept
MarlO
3
Apr
28
3
135
3778May 21
JDenv A Rio Gr West
*83*2
81*4 Mar
May 20
110
60
Packing
Curtis Pub Co (The)
Cudahy
Dec
7*4 May
25*4 Apr 13
8*2May 13
10
100
Preferred
44
10834 Apr 15
9
100
Cuba RR 6% pref
Cuban-American Sugar
600
4,400
1734
*17!%
5
2
Jan
46*4 July
56*2 Jan
47*4 Jan 28
1*8May 28
""800
2978
60
Feb
10078
2
Jan
115
43*2
183s
112
*22
155s Mar
435g
4
100
No par
6*4
42*2
*110
112
*57
2834
*49
*20
20
*22
16
7234
10
7234
Jan 15
Jan
17
Crucible Steel of America. .100
(The)
Mar
Jan 16
28*4
985sJune
61
Cuba Co
35
37
Davega Stores Corp
5l2
18i2
534
55g
1834
1838
80
80
*7234
55
49*8
49*8
74
753s
*71*2
15
15
*13*2
20*2
2034
20*2
103*2 *103*4 103*2
*7234
55
500
534
183s
80
3,200
1834
558
18*8
*49
Exchange
55s
1734
*7234
Stock
70
1,700
117
rll7
119
*113
119
9
88
39
Stock
"V,300
11*2
834
95g
8*2
958
8*2
5
No par
$5 conv pref
Preferred
119
*116
119
ex-warrants
Crown Zellerbaoh Corp
May 27
l*332May 27
No par
40*4
Oct
Nov
105
May 11
20*8
41
136
1
June
19*2
July
3
Jan 28
56*t Feb
186gMay 14
70*2 Apr 7
40
9858
4
10*4 Mar 16
Aug
5
*4June
29*2 Ayr
45
*3978
119
100
.100
Apr
158
121
42i2May 14
113*2May 3
103*2June 1
25
7% preferred
5 % conv pref w 1
Rights
4
Jan
6
No par
Pref
19*2
61
Jan 14
$2.26 conv pref w w..No par
99*2
*116
171*2
Crown Cork A Seal....No par
19
40*4
Apr 14
153
100
Preferred
200
99*2
*3978
Dec
25
55*4
1,100
74l2
Apr
2*8 Apr
28*8 June
63*>8 Aug
Crosley Radio Corp...No par
*45
17*2 June
35*2
Jan 15
Cream of Wheat ctfs... No par
75*2
*45
63*4
Jan
47*8 Apr 20
3558 Mar 8
4
Jan
Jan
Deo
1*8
67*4
9
26*4 Jan 23
4234 Jan 23
378 Feb 11
69*8
Feb 13
300
47
75
74*4
47
74
*45
"l0~4 " Jan
Jan 91
10934 Feb 17
3934May 14
8,700
516 180,700
32
1,000
*19*2
73*2
Jan 14
5*4
is16june
71*4
Coty Ino
21
1534 May
Apr 13
3734
3538May 13
2
May 13
25
Crane Co
93Z
3H2
June
12*4 June
6234 Apr
373g
77
4,300
8,200
21
2
13*4 Apr
4
5478May 13
2,000
S16
3H2
*8 May
62*2 Apr 29
7*2
31*4
*20*4
Jan
5*2 Sept
263g Jan
4334
116*8 116*8
103&8 104
101
Jan
15g Feb 2 7
6
Jan
Apr
Apr
378
11*2
Corn Products Refining
73g
500
Jan
102
10*>8
1
$2.50
Motors
Nov
15*4
Jan
Continental Steel Corp .No par
Corn Exch Bank Trust Co..20
43*4
7*2
44
*4
21
932
110
2,000
116*8 116*8
103&8 10334
n32
31l2
21
64
58
567g
15734 *15478 15734
43
116*8 116*8
10378 104*4
116*8
103*2 10438
*4
ii32
3078 31
*20
21*4
200
30
64
57
73g
758
7*2
46
116
Continental Diamond Fibre. .5
21
3634
Nov
94
13*a Feb 26
177g Apr
105*4 Jan 23
50&8 Apr 28
1934 May 14
20
21
95
Feb
Apr
27*4 Apr
87
100
Preferred..
Continental Can Ino
Jan
73*2
9
497g Jan 23
108
Jan 12
27g Apr 29
May 18
No par
B
36*4
2*2
157*2
7*2
600
Class
72*4
6
*516June 2
2134May 18
....
21
43*2
7*2
3,400
Rights.
Mar 11
18*4
Feb 24
36
» Ex-dlv
May 12
Jan
Deo
Nov
4*8 Sept
8*8 Jan 26
share
86
2
Jan 20
May 18
33
per
25*4 Mar
3312
19*4
65*4 June
634
205g
100
5% preferred v t o
21
42
45
No par
36*2
238
36*8
214
157
No par
Continental Bak class A No par
54l2
214
5
700
400
5414
*20*2
par
Container Corp of Amerlca.20
90
55
3678
No
12,700
38,300
2,200
5478
21
preferred
Consol Laundries Corp
700
Consol Coal Co (Del) v t o. .25
55
36*8
$5
3,200
500
87l2
*20
Consol Ed Co of N Y..No par
6,500
^Consolidated Textile..No par
5434
June
Jan 15
187g
12*4June 1
34 May 18
103
May 15
9*4 Jan 4
14*2May 14
IO484 Apr 9
5*2May 18
58May 13
No par
Preferred
1,100
87
8
Mar
Consol RR of Cuba pref... 100
90
Aug
92
Consol Oil Corp
Preferred
55*2
Jan
15
95
3
18,200
54
16
Jan 14
83*2 Apr 9
88 May 20
1
""166
90
4
Jan
share $
Jan 23
Mar
CodboI Film Industries
400
3
share
per
19*4
87
i3i2J«ne
80
Lowest
$ per
22
7
34
1078
44l2
2858
1*8
23
34
*1058
45*2
1078
44
360
106
*6
6*4
5g
107«
per share
14i2May 21
lligMay 19
6*2
15*4
*105
106
30*2
58
1038
10*8
15*2
*558
58
*10*2
534
5a
534
1212
10312
35
15*2
106
3*4
13
35*2
$
No par
Prior preferred
100
Prior pref ex-warrants.. 100
10
88
90
3*2
1212
3558
10358
10*2
1534
*87*2
3*2
Cigar
$
Connecticut Ry & Ltg pf.. 100
Consolidated Cigar
No par
Preferred
100
400
82
*8734
90
103*2 10358
1058
15*8
6*2
34
1034
*5*2
*5g
1012
'
*
88*2
*87*2
3*4
*12i2
*12*2
*105
106
88
88
Congress
10
13*2
1234
1234
12*8
80
Par
Shares
14l2
13*2
1734
12i8
*
82
*87*2
10*2
15*2
10i2
12*4
*12
Range for Previous
Year 1936
Highest
Lowest
Week
4
$ per share
14t2
*13*2
18
12*4
*
*8734
89
*87l2
89
3is
3*8
12U
12U
3434
35s8
10312 10334
*12
14*2
*13*2
*12*4
June
3
$ per share
$ per share
$ per share
*12
June
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
2
June
1
YORK
NEW
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
for
$ per share
3793
New York Stock Record—Continued—Page 4
144
6
Jan 14
43*4 Mar
1087gMar
4
9
45*2 Jan 18
y Ex-rights
2*2
20*2
Jan
Jan
105
Dec
38
Apr
H Called for redemption.
New York Stock Record—Continued—Page 5
3794
LOWLAND
SALE
HIGH
SHARE,
PRICES—PER
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
May 29
Monday
May 31
Tuesday
$ per share
$;per share
$ per share
Wednesday
1
June
Thursday
2
June
June
Friday
3
June
$ per share
$ per share
the
4
*
124
*11212 124
*112i2 124
43
43
*4212
43
4314
45
110
112
*107
112
*10618 112
*107i8 112
1012 10l2
1012
1034
10l2
1012
10l2
10l2
124
42
*55
60
*
60
*
60
*98
100
1212
1212
123j
*1158
*99*2 102ia
69
67
1212
139
138
138
878
8*2
23*2
48
49
*46
49
*118*2 122
*118
125
*8*4
*46*2
8*2
*
63
*
2
53
*45
53
*45
*44
10
10
10
*978
17
17
17
*
109
56
26
23*2
3634
1534
23*2
35*2
15*4
81
Ii
Exchange
84
84
Preferred
Closed—
Memorial
240
80*2
V
'
-
v*
J
114
800
900
9*s
*3*s
*1812
36*2
*3534
20*2
51l2
vM
,
;*
.
34
137
*5058
28*s
*71
"42l"2
80*2
8058
3734
3838
85
1,200
52*2
434
434
800
*638
81
334
378
334
9*2
9*4
3*8
9*4
9*8
3*8
36
19
19
*33
37
*5058
64*2
27I8
28*2
85
*71
5234
3438
*71
85
*33
14
48
*41
45
*34
*11*2
12
12
4534
12l2
*
"5"
102
101
137
85
6412
......
4,100
......
*34
12*4
48
......
12*4
200
3034
3034
15*2
2,000
27*4
700
101
16
100
46
135
*128
13
13
*13
9978
*75
5*8
5
5
102
15*2
16*8
27
X26*2
*105*2 106
46
*80
3034
*44l2
*2638
106
13
*140
100
100
280
101
46
45
45
135
*128
135
*13
500
9934
5*4
5
5
600
......
1,300
*140
155
600
3,700
.
....
.
"266
*27
29
*28
29
155
*145
155
*145
155
*145
155
......
*127
130
*127
130
*127
130
*127
130
28
61
*60
*60
61
*60
61
61*4
61*4
108*8 *106
107*8 107*4 *106
108*8 *106
108*8
38
38
38
39
3734
39*4
*3734 39
*10634 108*2 *107
108*2 108*2 108*2
*10634 108
25
.
*25*8
33*8
*111
381
373
37
37
*35
20*2
59*2
21
21
89
89
*59*4
90
255S
33*2
....
380
38*4
21
25*8
3234
*111
380
*35
21
388
38*4
21
690
100
1558
7,700
*3*8
*7*2
1578
338
300
9
*8*2
1534
16*4
16
3*4
3*8
3*8
2778
27*2
2738
2734
46
46
46
55
Deo
44
Nov
Jan 29
Feb 17
14
Jan
71
19
Jan
77
Oct
Jan 18
58
July
701*
Jan
1
116
Oct
701* Feb 11
1225s Feb 2
601* Jan 9
118
124
Feb
537*
43g
4
3'8May 13
4
Mar 26
Feb
3
405g Jan
4
34
June
1
135
May
19
8
5934 Apr 24
77
Jan
Jan
Aug
Nov
123ig Nov
185*
Jan
691*
1514 Feb
5*4
Jan
1684
538
65i8
117i2
584
4878
7014
1
Gulf
10
No par
100
Mobile A Northern.. 100
Jan
Preferred
100
Jan 13
Feb
4
Jan 22
Jan 20
Jan
7
Feb
4
Jan
6
3334 Jan
4378 Feb
2078 Feb
88i8 Feb
2938 Mar
90i4Mar
5U* Jan
25
88
11
1
23
9
28
678 Feb 25
8I4 Feb 19
115
Feb 17
501* Mar 11
87'4 Mar 11
47*8 Mar 11
141
105
Jan
2
Apr
Deo
4418 Nov
19%
Oct
Jan
271* Nov
Oct
84
Jan
92
116
Feb
13*8
74
215s July
Dec
87
Jan
81* Apr
Jan
5
77
Jan
484 Feb
9
2
June
1*8 July
Printing
1
100
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No par
Helme (G W)
25
Preferred
100
...No par
No par
Powder
preferred
100
No par
pref erred... No par
Jan
66
Dec
7i*
Feb
10U
Feb
118
Oot
351* Deo
861* Nov
317*
1057*
Apr
Dec
116i2 Dec
145s Deo
961* July
4i* Feb
11U Mar
6*8 Jan
Apr
Apr
x255a Nov
241* Aug
281* Jan
62U Nov
16
Jan
22*8
Oot
321*
Jan
31
Jan
468*
42U
Deo
136
Jan
31*
16
13** Jan
25*2 Apr
4
2
.
44
Dec
Oot
1491* Aug
205s Feb 10
1158May 18
May 17
May 6
27*4May 19
1447sMay 17
125 May 22
58
Apr 27
1021* Mar 12
35i2May 13
105*4 Apr 2
Jan
30
Jan
June
6
Jan
14
Jan
Feb 18
xl04
Dec
100
June
105
Jan 13
301*
Jan
Feb 16
140
101
July
9U
31
128
12i2May 25
101*2May 3
4
May 14
24
33
Jan
Jan 22
581* Mar
6
301*
Jan
Feb 26
120
Jan
17«4 Jan 11
12
Jan
104
Nov
107
Feb 26
8
Jan 14
109»4 Mar 3
1578 Jan 25
100
126
Feb
9
140
166
Jan
6
395s Feb 11
185
Feb
com
621*
3478
Oot
Deo
37
Aug
151*
32
55
115
Jan
21*8
Jan
141
Jan
165
Dea
41
Oot
3
84
Jan
150
Deo
126
Aug
135
Apr
111
102
587g Sept
Sept
Jan
119
Jan 19
52*4 Feb
5
301*
108
June
9
Jan
11034 Apr 27
336
May 14
431
37
Mar 18
41
191*
_
Mar 29
Jan
80
49*4
124
334*
427*
108
Feb
115
407
Deo
544
stk No par
5738 Mar 25
885* Apr 9
12
Apr 8
73
Jan 11
54*4 June
94
Jan 22
Mar 10
Jan 21
Jan
Feb
Deo
Dee
Oot
Deo
Oct
Feb
Mar 20
171*
901*
57s
1578
23U
v
t o new 25
5
100
100
No par
6284 Jan 4
3
May 19
8i4June
Jan 21
Feb 17
Apr 24
1378
Deo
65
Dec
671* Mar 11
30
June
May 10
72
Jan 20
68
Jan
251* Mar 11
11
May
63
*62
73
30
Leased
lines
100
62
19*2
19
19
*18*4
19*2
40
RR Sec ctfs series A
100
1484
Jan
4
*785s Nov
Jan
June
*62
Cash sale,
x
Ex-dlv.
y
Feb
Mar
Jan
45
1
33
6*8
3i* June
81* Apr
131* May
100
4
441*
483*
38
1
62*4
pref series A
5
100
62*4
*18*8
...
3
Jan
15i8May 14
3
May 11
'64May IS
22i* Jan 28
Hupp Motor Car Corp
Rights
r
Deo
1351* Deo
18U Nov
1351* Feb 2
67*4 Jan 21
397* June
22U July
Manhattan
New stock,
Deo
Nov
1251* Nov
1051* Mar
Mar
277i Feb 11
Hudson Motor Car
n
Deo
Deo
Mar
Mar
20U Apr 28
100
Illinois Central
19*j
9
4
4
4»4
66
133
9
3U* Mar
177* Nov
Apr
4*8
30*4 Mar
431* Jan
114*4 Mar
Jan 27
Oot
Jan
995* Dec
125* Aug
117
May
150U July
251* Apr
1201* Jan
21
95
"T^ July
108
1041* Apr 1
98 May 14
43
Apr 27
Apr 13
Apr
May
14*4 Dec
No par
B
Preferred
6%
6
8
591* Mar
100
6)4% preferred
Hayes Body Corp.......
500
9
5
36
Hat Corp of America cl A
A
Jan
171* Mar
34*4 Feb
100
Preferred
Hudson
59
Jan 11
May 14
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No par
conv
434
30i2May 21
No par
Preferred
$5
47
3
1678 Feb 8
lli*Mar 18
2612 Apr 17
10
Hamilton Watch Co
cum
1138 Apr 28
Mar
25
6% preferred
Deferred delivery,
Nov
55U
Jan
8ept
xlOO
558 Jan 22
2784 Feb 1
4818 Feb 8
475s Jan 5
28i2 Mar 8
5634May 20
421* Jan 2
145i2Mar 2
64U Mar 10
Deo
90
371* Dec
52U Sept
378 Jan
6I4 Nov
Jan 12
Dec
89
31»4
Aug
Mar 11
15
481* Deo
71
321* Apr
17
July
3018 July
1358 June
6*4
Feb
Deo
1181* Mar
478 Deo
281* May
33U Apr
70
Deo
June
63s
57
Jan
153i2Mar 10
13i* jan 18
96
110
31* Apr
321* Apr
106
9
681* Jan 18
25
Water
7% preferred class A
Hall
Feb 27
40
47
a
Deo
65
*45
t In receivership,
Oct
3978 Nov
2678
*44*2
Bid and asked prices; no sales on this day,
Feb
123
57s
Jan
17**
Feb
22*8 Nov
7i6 Apr 28
Mar 17
185*
Apr
291* Oot
64*g Sept
73U Oot
20
!
♦
Deo
65
Houston Oil of Tex
Howe 8ound Co
5,600
152
9
Jan 18
22
400
3,100
7,300
3
16*4
Jan
341* Apr
333s Feb
7s Jan
Jan 21
Feb
601* Mar
200
90
Jan 13
6478
44U
384
641*
70«8
657s
98
Household Fin
2,700
60*2
Deo
Jan
391* Mar 10
Class
400
75*2
*59*2
6058
Mar
8
1,400
1478
12
18*2
21
21
74
12
62*4
*35
38*4
90
3*2
100
Hollander 4 Sons (A)..
5
Holly Sugar Corp
No par
7% preferred
100
Homostake Mining
100
Houdaille-Hershey cl A .No par
......
74*8
3*8
8*2
16*4
3*4
15
73*2
3*8
8*4
45*2
62*4
18*2
385
385
....
90*8
1538
1538
75*2
45
*111
*87
15*8
74
27*4
1,200
Deo
65
2
3434May 19
Hershey Chocolate
1,500
90
15*8
3*4
26
33*4
61
76
*3*8
*8*2
16*8
3*8
25*2
32 78
Jan
28
2
10
253g
*59*4
1434
1
Jan
6*2 Jan
3
18i2June
Conv preferred....-No par
Holland Furnace
No par
200
11*4
Jan
73
Hercules
"166
60*2
7358
338
90*4June
No par
Hercules Motors
1,100
Oot
5*4
4
2718June
$7
33
....
734 May 18
33
Green Bay & West RR Co. 100
....
27*2
7
321* Mar
165
Green (H L) Co Inci
1
Greene Cananea Copper. ..100
......
1334
*75
1334
9978
155
4
No par
Preferred
10
29
28
4
Jan
May 12
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Great Western Sugar..No par
Hackensack
102
*140
Conv pref series
Granite City Steel
Grant (W T)
10
106
*27
3*8
27«4 Jan
1
Gr'by Con M S & P 2d stpd—5
Grand Union Co tr ctfs
1
300
51
*29*4
3034
*145
2634
7
1038May 26
2i8May 18
155
1634
79*2 Jan
1238May 13
*49
*100
13
338
4
Greyhound Corp (The).No par
155
59*2
Jan
6)4% preferred
Guantanamo Sugar.
Preferred
105*8 *100
380
31
200
51
16
100
14
28
14
110*2 Apr 29
No par
Preferred
17
30
1,400
31
2734
par
4
4,400
*100
.....
20*8 Jan
827sMay
3978 Apr
51*2May
4*4 Apr
534 May
258
*140
*111
May 17
May 18
1378
*29*4
*30*8
*128
5
33*4
15
80
1034
*49
16
102*8
33*4
2234May 14
35i2June 2
13*2
31
2734
No par
2
June
10&8
*2*4
51
*105*2 106
1234
9934
25
56
Graham-Paige Motors
130
29
102*2 102*2 102*2 102l2
13*8
125g
12*2
12*2
1238
105*8 *100
105*8 *100
105*8
1234
1,000
3034
51
4634
135
1,000
3,400
20,000
*30*8
16
100
100
*29*4
50
3134
3034
28
*128
258
500
21*4
54*2
3478
*5058
28*8
1378
1034
*2*4
1,200
37
*71
12
13*4
105S
258
*2*4
3*8
187S
2,700
37
137
48
12
1078
1358
1058
238
10,700
2034
52*8
3434
85
*41
1034
15
50
Goodyear Tire & Rubb.No
30
378
934
3678
363s 3638
2058
205S
53
5134
35
3438
137*2 137*2
*5058
64*2
27*4 28*2
21
137*2 137*2
6412
3*8
18*2
3*8
19*8
36*2
3678
20*2
52*4
3438
29
28
No par
No par
preferred
3334June
1
57
May 18
111
3*8
137
*103*2 106
1
100
378
1
3i2May 18
No par
*33
36*2
21*8
5258
3458
May
54i4May 18
8
No par
1918
19*8
36*2
Mar 22
42i2May 21
S6 preferred
9*4
5
11412 Apr
H$7 2nd pref
334
378
9*4
3*4
Oct
Feb 11
14
Jan
Jan 19
..No par
Gotham Silk Hose
Deo
Nov
141
140
800
'■
76
20
4
110
No par
preferred
Jan
Apr
10*4 Apr
152
May 17
41*4May 13
conv
97
42U
Aug
Nov
Nov
Apr
134
300
......
Feb
1051*
1778
145s
1041*
Deo
8i* May
15U
591* June
18,800
*38*8
385S
115
153
Nov
100
12834 Nov
3934
11734 11634
3734
115
111* May
7*8 Aug
30
Nov
Jan
111*2 111*2 *111*2 11178 *111*2 1117s
9
878
*8*2
87S
*8*2
*834
*90
9034
*90*2
9034
9034
9034
$5
Jan 16
33
Jan
Deo
600
*11
50
7,100
311* Apr
3*4 Jan
17
80*2
113*4 115
80*2
......
44
3
701*
110i2May 11
3
Apr 26
preferred
Feb
47*8
8
106i2May 21
Gobel (Adolf)
1
Qoebel Brewing Co
...1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
700
6*2
114
~42"34
$6
4)4%
Deo
631*
4
49
100
Glldden Co (The)
78
Jan
Mar 20
No par
100
Oot
Feb
Apr
97*4
355s
231* July
108
71* Mar
19
No par
200
73
No par
Conv preferred..
Feb
Nov 1135
July
481* Jan
878May 17
Gen Time Instru Corp .No par
Gillette Safety Ranor..No par
4,000
46*2
14
*30*8
2434
Mar 25
63
4
Signal...No par
Glmbel Brothers
Deo
45*8 Deo
1265s Mar 31
52U Jan 23
No par
200
52*2
1358
*1058
2i4
*29*4
200
4,200
32U Jan 13
117
15i* Apr 13
Gen Steel Castings pf..No par
Gen Theat Equip Corp.No par
500
46
*
9
Jan
1
General Refractories
50
85
6*2
10
Gen Realty & Utilities
$6 preferred
100
May 18
481* Deo
1838 Jan 12
83
No par
Gen Railway
1,300
45
117
Gen Public Service
"3"206
86
43*4
127
Jan 14
24i8
1121* Apr 28
39
Apr 29
60
Preferred
35g
3634
60*2
May 13
100
Common
1,200
8i4May 14
22
No par
General Printing Ink
$6 preferred
~1~9o6
1
6412 Apr
General Motors Corp
$5 preferred
800
2,400
June
No par
No par
Gen Outdoor Adv A...No par
400
138
497sMay 18
36 May 13
U2May 19
50 May 21
Preferred
39,100
65i2May 14
12i2 Apr 27
No par
General Mills
70
54
434
100
Conv pref series A
$7 pref class A
45*8
114
43*2
80*2
38
2358
6*4
*
*35
24
434
6*4
6*4
113*4 114
358
434
"42*4
*111*2 11178
9
*8*2
90*4
90*4
/
45
*51*4
434
4258
80*2
3658
Day
*83*2
87*2
7% preferred
53
81
37
1558
827S
100
No par
15*4
54
434
6*2
*3358
59*2
No par
7% cum prelsrred
Gen'l Gas & Elec A
81
45
Class A
Mar 13
101
6
No par
General Cigar Inc.....No par
_
2334
35*2
15*2
23*2
No par
3,800
235s
15*4
preferred
2*a
24
*34
$8
100
56
45
114
~4158
*
Holiday A
*83*2
5
No par
56
*81
23*2
5
No par
24
1558
No par
Gen Am Trans Corp
General Baking
General Foods
56
*5034
54
""312
33s
59*4
95*4 July
135
19i* Feb 1
151* Mar 9
10514 Jan 5
861* Feb 17
191* Jan 14
109
36
120
106U Jan 28
General Electric
*50
83*2
23
45*8
59
Aug
Apr
May 13
1,600
10
*
June
106
12*4May 14
10*2May 13
2,800
10
32
5
95
2,400
37s Aug
3
Gar Wood
3
6684 Deo
3414 Deo
11*4 Mar
251* Mar
3
Gannet Co conv $6 pf. .No par
industries Inc
5858 Nov
423a Deo
Deo
Apr
150
Gen Amer Investors...No par
45
Apr
458 Jan 6
22
Apr 26
$6 2d preferred
401* Sept
36i4 Deo
105*4 Nov
541* Feb
No par
Fuller (G A) prior pref.No par
40
Jan
Jan
Feb
40
Apr
301* Sept
58
Gabriel Co (The) cl A..No par
GamewellCo (The)
No par
30
600
100
26"600
10
109
*3358
3558
*81
2338
4458
*50*2
434
6*2
I
338
40
59*2
May 18
Preferred
48*2
""3 *4
56
15*4
Extra i
58
81
>
"3 *4
*3334
58*4
*33
Closed—
60
*23
Exchange
3334
58
t
338
3334
58*4
*
10
60
20U
z247g
1001*
128
30
17
109
No par
543f
48*2
38i2May 18
May 19
39*2
48
47i2 Jan 25
1161* Jan 19
May 28
24*4May 14
108i2May 28
47
May 22
26
Apr 28
200
63*2 63*2
63*2 64
118*8 118*8 *118*2 120
54*2
55*8
5458
555a
117
118
11734 11734
48
3
106
Francisco Sugar Co
"2"300
8*j
2
8
June
7%pfl00
Free port Sulphur Co
10
700
2,200
135
"53"
2
63*2
No par
300
2
63*2
Preferred
90
Apr 12
5
10
300
3938
*45
preferred... 100
conv
483,
39*4
1?8
4)4%
Foster-Wheeler
119*2 119*2
*40*4
40*2
135
48
2238
Food Machinery Corp new.. 10
May 25
33*4May
No par
Bronze
53*2
"3*4
*
t Follansbee Bros
F'k'n Simon & Co Inc
17*2
173s
17*2
*106*2 10834 *106*2 10834 *106*2 10834 *106*2 10834
4
4
4
4
4*8
4*8
334
4*8
45
46
45
*4478
4458
4434
44*4 45
^ Stock
46
Cable
39*4
1678
Stock
29isMay 17
No par
General
"5258
10
t
40
No par
General
533fi
41«»8Mar 11
1071* Feb 9
5214 Mar 1
46U Feb 5
581* Feb 5
39i* Mar 9
97a Feb 1
3
May
Filntkote Co (The)
900
3978
39*4 Feb 19
3238May 18
First National Stores..No par
200
*47
40
47
*...
300
"moo
39U Apr 26
102
Highest
% per share $ per share
$ per share
share
per
Lowest
Highest
Florence Stove Co
24
49
120
100
Florehelm Shoe class A-No par
~2~200
141
24
40
118i8 119
*118*8 120
5438
5538
5534
5458
117
117
11778 118
45
8*2
24
*117
134
141
39*8
52
63
300
101
~5278
2
*45
140
*23
40*8
*
52*2
3938
2
8*2
24
40
40*2
134
39
1,900
1234
12h
12*8
*99*2 102
68
67*2
12*2
12*i
1234
24*2
"5D4
"moo
$
Firestone Tire & Rubber___10
Preferred series A
12*2
67
1278
23
*
101
1278
139
*40
101
*1214
12l2
*1158
1214
*9912 102
68
1278
*812
101
*98
101*2
12l2
1234
*1112
12*4
*9912 102ia
70
6938
138
Fllene's (Wm) Sons Co No par
"moo
60
26
2678
2512
26*4
26i2 2678
2634 2678
*106*2 109l2 *106l2 109i2 *106
108l2 *106
108l2
50l2
61l2
*50*2 53l2
*50i2
53i2
*50l2
5312
*28*8
34
28i8
28l8
28is
28is
*28l4 35
*5
5i8
5ls
5i8
518
5i8
518
518
25
25
*25
2414
2414
2434
25
25l2
1234
Par
*114
4312
*
Lowest
Shares
*2638 3912 *2638 39i2
*28i2 39i2 *28i2 39i2
33
3338
3258
33
3234 3234
33i8 3314
103
*100*2 103l2 *10178 103l2 *102i2 10312 *102
42
42
42
42
42
42
41i2
4178
2934
30
2978
29l2 30
2978
2938 2934
52
54
*5314
58
*5314
56
*5314
56
*32*2 37
*3212
37
*33i2 37
*3334 37
5
6i2
6l2
5i8
6l8
538
*538
57s
51
51
*50
5H4
5U4
52i2
5278
5278
Year 1936
10O-Share Lots
EXCHANGE
Week
$ per share
Range for Previous
Range Since Jan. 1
On Basis of
STOCK
YORK
June 5, 1937
Ex-rlghts.
H Called for redemption.
Oot
LOW
AND HIGH
3795
New York Stock Record—Continued—Page 6
144
Volume
NEW
for
Saturday
May 29
$ per share
$ per share
Wednesday
Tuesday
June
S per
1
June
share
2
June
$ per share
$
per share
S per share
400
14
14
14
14
14
14
14
38l8
39i8
38*4
39
39
39
39
39%
1,700
130
129
129
13034 13034
500
130
129
*135
180
*135
94
3T6
2238
S16
2334
434
712
58
434
712
58
10834 10834
7
1714
63s
7
18
6I2
54l2
53%
149% 14978
106
108i2
....
*135
*135
"9034
9558
9612
14
516
%
23l2 24U
5
*458
*7i8
8%
58
*56i2
*108i2 109
7i8
718
1838
18is
6i2
6i8
23%
9012
54
95
*4%
7%
56%
109
109
7
11
18
6%
54
58is
*127
I8I4
1234
0&8
59
132
1834
13
1338
678
7
10H2 10212
*03s
*127
185S
54
*2518
43%
2538
43%
6I4
*6
48
078
4534
2514
*11%
6OI4
132
5834
*127
19i2
*1834
1312 *13
7i8
103l2 10518
738
*558
*4578
1134
63S
4%
6%
*55
7
17%
6%
54%
6%
54%
*6
*46
..
193g
10,100
634
3,700
55
12%
1,300
9%
1134
11,400
*18%
137g *1334
6%
6%
47%
5934
132
19
14%
7%
103% 105%
634
*6%
1*5%
47
6%
*
500
22,600
m
.
.
.
-
0
3,400
3,000
9,600
5,100
200
......
47
100
Apr
100
6% preferred
No par
Internat
No par
Agricul
Prior preferred.—
100
Int Business Machines.No par
No par
Internat Harvester
100
Preferred
Int Hydro-El Sys el A
26
Int Mercantile Marine.No par
Internat Mining Corp
Int Nickel of Canada. .No par
100
Preferred
Inter Pap & Pow cl
A—No par
Class B
No par
Class C
..No par
100
Preferred
600
100
3,300
8% Jan
Jan
4
505s
llllj Jan 22
Jan 18
4
15U Apr
1834 Jan
7
551s Apr 29
12778May 27
13534 Jan
10i2 Feb 23
105s Feb 24
2434 Apr
18
Apr
534 Jan 12
0
4*2
9
May 18
12134 Apr
June
43% May
3
25
42i2May 13
Feb
125U
5
3*4 Apr
2U
1*8
9'4 Apr
Jan
Jan
20*2 Apr
Jan
3*4
Feb 10
10
Jan
13*8 Dec
733« Mar 10
90% Jan
Jan
148ij Jan
2*4 Apr
1078 Jan 29
4
0i2 Jan
2% July
22*4 July
160
Apr
162
No par
3
8»4 Jan 30
Jan
57i2 Feb 16
28s4 Jan 25
19%
Jan
23
Apr
4
47
4938 Jan
Oct
100
Inter Telep A Teleg
3134
Jan
2
62
Mar 11
15
Apr
100
preferred
90
Jan
6
110
Feb 19
50
June
No par
934May 14
Interstate Dept Stores.No par
20i8May 27
100
102i2May 26
1
May 18
No par
1712 Apr 26
2512 Jan 20
Preferred
......
189
7
14478 Apr 30
578 Apr 28
Sliver
*122% 126
*122% 126
*122i2 126
*122l2 126
77
79%
*7334
77
*7334
*7334
76i8
70i8
12634 129
128
127
126% 12734
127U 12834
4
No par
International
39,500
Jan
6i8May 13
43i2May 26
100
Preferred
100
......
42
149i2May 27
Jan
95$ July
9i8 Apr 14
6312 Apr 14
2
Am.. 100
Certificates
40%
11,200
9,400
Jan
Jan
2%
11% Mar 10
28i2 Mar 11
No par
Internat Rys of Cent
7%
lllU Jan
5
5
9918 Apr
0ig
Jan 18
6
16i2May 13
10
1
1
107U Apr 24
434 Feb
No par
Interlace Iron
*39%
...
Nov
107
41
Intercont'l Rubber
40%
9434
10%
10%
10%
22%
21%
21%
203s
*100% 103% *100% 103%
103i2 *10058 103l2
1
1
1%
1%
1%
114
114
1%
18%
*18%
I8I4
*18%
18%
*1S18
*18i8
I8I4
28%
28
28
28
28%
28
2734
*2734
Dec
122
Oct
Shoe
1034
140
May
International Salt
2012
Aug
885s July
37
International
*100
125
64i4 Apr 20
300
40
Jan 21
Jan 21
400
94
137
Dec
25%
94
147
6
6i2June
4334
*92%
10%
May
1078
t Interboro Rap Tr v t c._100
*43%
*38%
100
13«4 Jan 20
4%June
*25
9434
6
4
4
316June
-1
43%
42
Rights
Intertype Corp
Island Creek Coal
121
Preferred
Jan 16
Jewel Tea Inc
No par
71
Apr 29
Johns-Manvllle
No par
125
May 13
100
120
15% Feb 19
Jan 18
6
l%June 4
3018
11% Sept
10*8 Apr
10712 Apr
82
26% Jan 30
30
Apr 15
12612 Mar 29
8718 Jan 6
15
Jan
Apr
Jan
5812
Jan
155
Jan
24*8 Aug
113
8
88
2
121*4
May
Feb
*123
124
*12314 124
Mar 18
120
Jan
123
124
*121
124
*121
124
*121
124
80
Jones & Laugh Steel pref-_100
Feb 15
7518 May
33
33
*32
33
33
33
200
Kalamazoo St & Furn Co—10
120i2May 14
32
May 18
136
34
6
3912 July
*115l2 120
*117
120
*117
120
Kan
11512 Apr
121
Mar 17
116
Nov
21
21
21%
29
Mar 17
13
Jan
3212
33
33
19U
Jan
17
Jan
*30l2
21
*32
21
*2034
32l2
3378
*2634
9812
2234
98i2
17
2634
*20l4
2712
*20%
1714
*96
1714
*11
12
*11
*101
106
*101
55i2
16
*39
4234
6i8
59is
6%
Exchange
*
*Sm
Closed—
Closed—
Extra |
Memorial
<1
Holiday
Day
15l2
*39
6I4
58
12378 12378 *123% 124%
*2634
*20%
2634
21
*95
100
120% 120%
21
*33
*23i4
1914
.
*12
2412
*3634
*
28
178
*10
*23U
20
2012
*1212
1318
24i2
Kaufmann Dept
Kayser (J) A Co
2734
21
21
21
100
100
*95
100
10
*2634
17
17%
*16%
I684
600
12
12
*11%
12
100
*102
106
106
43
*38
102
6
55
58
16
59
15%
417g
6I4
102%
5634
57%
15i2
£55%
*15%
58%
16
*38
4178
*6
6
638
56
58
56
2112
28
2012
24%
39
180
"17%
*3634
*
I84
178
11
39
*22%
23%
18%
20
*12
15
1834
15
......
400
150
2,900
900
......
5,400
10
5,800
......
25%
2,200
3834
200
*
180
"l7"
......
21%
*19%
67
6734
6734
54%
47%
80%
55%
53
53
48
4878
48%
48
77
775s
78
78%
4734
7834
2,400
2H2
1393,
22
67g
7i8
3278
6%
32
110
2178
2158
140
67g
32
*108
♦
217g
87l2
88
8712
3U2
21
87%
30
31%
3H2
*130
31l2 *31
131U *130
45
44%
44%
44%
*1178
4412
4412
45i2
4414
1238
*U78
123S
50
*49
51
*1178
4912
*334
*334
*1612
♦
5
412
1912
"2l"
88%
31%
*31
44%
12%
19% *_
*12%
*12%
14
*1778
*17
1834
8l2
834
*814
10l4
10i2
178
1212
28i4
28
*3l2
*43
24%
23
8l2
55
28
4
4
45
*43
24
243g
2358
23
8I4
8i2
55
*52
9
*8%
*1934
*15
8%
20
20%
37g
378
103g
10%
23g
*134
13
*12
28
*28
4%
*334
44
*43
243a
23%
22
23%
8%
8%
55
33
33
33
143
142
142
53%
33
*142
33%
*142
*11—
35
36
35
44%
*
preferred..—
Lorillard (P) Co
Louisville A Nashville—
Bid and asked prices: no sales on
this day.
100
MacAndrews A Forbes..... 10
Macy (R H) Co Inc
..100
Pref ctfs of deposit
100
No par
t Manhattan Ry 7% guar.100
28
29%
*384
4%
28
4%
*43
24t4
44%
24
45
25%
23
23
8%
884
54
53%
24%
8%
54
50
90
20
Bros
June
3
Masonite Corp
Mathieson Alkali Wks.No par
54
54
1,200
7% preferred
..100
May Department Stores...10
Maytag Co
No par
Preferred...........No par
9%
*35
35
*
*11—
9%
36
37%
700
300
20
106
Preferred
X In receivership, a Def. delivery,
Mar
Oct
19
Apr
23%May 5
83ij Feb 15
Jan 14
61
5378 Mar
3
84i2 Apr 19
Jan 23
110
37b Feb
2
75% Mar 11
1034 Jan 20
8
43U Jan
110
May 12
2858 Feb 8
147*4 Jan 20
28>4 Jan 13
99
Mar 17
41*4 Mar 11
36
Feb 11
97*4 Mar
257b
36
Jan
July
32% June
43
Apr
104%
2
35ig
3*8
x38*4
107
Feb'
Apr
Jan
Jan
Oct
May
21ig Apr
140
Dec
20
May
5712 Jan
22U July
33
Oct
Jan
Jan
4^May 14
15i2May 17
17
May 10
1334 Apr 28
183sMay 10
3
600
97
100
Jan
22
No par
No par
II314 Feb 4
114
Jan 28
175
Jan 13
1*8
4
Martin-Parry Corp
May
8%
18% Jan
700
May
3412
100
100
4,300
7
25
153a Mar
Mar 10
Prior
Martin (Glenn L) Co
Jan
2
2838 Jan 18
7% Jan 12
334 May 17
14
14
18
28
7,100
Jan
Jan
Jan
134June
preferred
preferred
47i4
Apr
10i2May
24i4May
358May
41
Apr
2d
12
387i May
40ia
100
Marlln-Rockwell
Jan
July
95s Apr
89
May
27*8
100
Corp (Del)
2
12712
Preferred
Market Street Ry
Jan 10
79
812
9
8
58% Mar 8
15*8 Jan 20
384 Apr
Marine Midland
9
Jan
July
1512 Apr
9412 Apr
62% Mar
19U Apr
20
35
1
245s Mar 17
3'4 Jan 18
18i2 Jan 18
12
42>4 Jan 5
44l4May 14
1134 Mar 19
45
May 13
25
1,100
3334
4
718
132i2 Feb
Maracaibo Oil Exploration._l
142
106
Feb
203
June
157b July
Mar 31
4
29
29
29
1
142
33%
30i2May
130
734June
145
33%
8634 Apr 29
2914 Jan 4
100
Modified 5% guar
No par
Marshall Field A Co...No par
......
3
138% Mar 30
193a Apr 29
Ludlum Steel
Preferred
20
4
Mar 31
21U Apr 30
No par
Madison Sq Gard v t e.No par
Magma Copper
........10
t Manatl Sugar
100
Certificates ol deposit... 100
3,300
6iz Jan
31?8June
106
10
Mandel
2%
2i4May 14
50i4May 14
100
preferred
1018 Apr
7
June
May 14
53i2June
3
3278 May 27
May 17
5114 June 2
9i2May 18
142
03
7
Mar 30
30
Jan 11
21% Apr
"7*14 *Jan
0
107g
Jan 11
7
June
39
Jan 14
32
Deo
101* Jan 20
127#
Deo
295)) Jan 30
17ig May
0*4 Feb 17
214 Jan
812 Apr
1% Jan
Oig July
18*4 Jan
1414 Feb 13
3% Mar 29
20
Jan 21
39
07b
51*4
3078
29^4
13%
Jan 20
Mar 27
Mar 4
Mar 10
Apr 30
Jan 10
Feb
8
May
llig
Jan
0i2
Apr
2712
1537g
Apr
6
41*4 Jan
214 July
41
74
165
Jan 25
00% Mar 11
16is Jan 11
Jan
43U May
1312 Apr
4312 Deo
35
June
3
44
Jan 13
ex-warr'ts.No par
35
June
3
45
Jan 13
44
Nov
No par
100
May 22
111
Jan 22
103
Jan
Prior preferred
d Change of name
♦
25
100
Louisville Gas A El A..No par
10%
10
106
par
Loose-Wiles Biscuit..
10%
934
*1111
par
14
15
4
1
Corp No
Long Bell Lumber A .—No
1,600
1,100
Jan
641s Jan
1838
8
59
105i4June
No par
100
May 20
zl834May 28
4
4
Mack Trucks Ind
700
May 20
9478May 19
No par
*134
*11%
10
6
1
2778 Mar 11
6II2 Feb 1
41
4338 Jan
--No par
Lone Star Cement
7%
June
No par
Inc
Preferred
2%
15
*934
*35
35%
4414 *...
5
Loew's
Loft Inc
10%
10
Mar
1734 Mar
6
1
5H2May 14
Manhattan Shirt
10
184 Apr 29
No par
200
53
106
978May
3834June
160
No par
Belt Co
Liquid Carbonlo
400
51%
35%
1
Preferred
4
52
*_...
6
Lehman Corp
20
51U
4
50
*3%
4
52i8
Jan
Jan
Preferred
734
*1934
5218
17
3514 Apr 28
1634June
100
1,200
19%
*
14
1834
23i4June
60
No par
preferred
No par
5%
*17i8
conv
6% preferred
19%
*12%
1*4
*1112
100
*16%
1958
378
10i8
*134
1212
2,400
5%
19
20
900
33
*3%
*3%
37g
88%
32
*4
*16%
20
100
1,000
5
14
378
1,400
21%
49
5%
4%
5%
139%
*4
*121*2
20
500
131%
45% 46%
44%
4534
*11%
123g
49
4834
45
19%
19%
1,600
131% *130
*314
*
7
22
33
*16%
4U
18
200
33
49
4%
Lehigh Portland Cement—.25
Link
1,800
110
31%
131% *130
44l2
*31%
88
3034
*31
5
Lee Rubber A Tire
400
54%
*108
21%
87%
33
45
6%
634
32
22
217b
139% 139% *__-.
215g
29%
8034
110
No par
Lima Locomot Works—No par
22
13978
"21%
22
3178
*108
32
No par
Lane Bryant
Lily Tulip Cup Corp...No par
9,000
110
41ix Jan 14
24
800
1,400
2,400
7i8
2012 Apr
3
18i4June 4
13
Apr 28
100
preferred
Lambert Co (The)
5%
2Q0
82%
*32
19is June
68
*105% 106
10514 10558 *105t4 106 [*105% 1O6
238
23g
2%
2%
2i4
2i4
2%
2i4
5534
56%
5534
55
54
56%
5534
5534
*108
24U Jan 14
27% Jan 14
2138
48
Feb
4
16i8May 18
18i8June
*156% 164
*1978
Apr
747g
35*4 Aug
93
97%
Apr
45s
4712 Jan 23
151
*96
97%
30
4
June
100
96
97%
Jan
3% May
I8I2
33
Liggett A Myers Tobacco...25
Series B
25
96
97
48
Jan 13
147
17*4 June
2012 Apr
1578 Jan 16
100
96
66
2958 Jan
3%May 18
105 May 11
200
*26%
*53
47U Jan 12
213s June
1,700
2612
26%
5314
Feb 30
71
98
657g
1134
66
_
100
65%
1134
26
5314
Jan
3812 Apr
51* Jan
Life Savers Corp
12
*64
Feb
28I4
8
4634 Apr 14
938 Mar 30
20% Mar
700
1134
2634
66
157
10912 Feb 4
693s Mar 10
87
Apr 29
15i2June
800
11%
65l2
1134
157
May 25
51
01i2 Apr 28
9s4 Jan
2
255s Feb 25
66*4
66
101
585s Jan
3,000
2138
Deo
213s Feb 11
66%
*19l2
Dec
1712
1
1112
Jan
1914
19iz Jan 14
4
200
65
80
233g Feb 11
l5i4June
500
43
6534
237g Dec
3
June
43
16
43
156% 156%
2714 Jan 18
110
Jan 14
(The)...No par
5
No par
Llbbey Ownes Ford Gl.No par
Llbby McNeill A Llbby No par
*15%
45
1834
98i4 Apr 28
I6I2 Apr 29
4478 Jan 16
35
Mar 6
Lehn A Fink Prod Corp
40
16
*42%
156%
_
Lerner Stores Corp
41
*15%
1834
100
new.-No par
Kroger Groo A Bak.
No par
41
40%
16
45
*155
N» par
Preferred
Jan
32i2June
2634June
2058May 26
Kress (S H) A Co
300
40
95i2
Kresge Dept. Stores
10%
*1538
*95
10
Lehigh Valley Coal
*4212
96i2
No par
Preferred
Kresge (SS) Co
Lehigh Valley RR
1512
9534
No par
Kinney Co
5,000
4534
2612
A.No par
No par
Keystone Steel A W Co No par
Kimberly-Clark
No par
3,400
3834
95%
Kendall Co pt pf ser
Kennecott Copper
10%
1%
10
20
12
Class B
1734
1%
3834
15U
20%
*9312
Stores.$12.60
6
Keith-Albee-Orpheum pf-.lOO
Kelsey Hayes Wheel conv cl A1
134
17%
*42i2
*lll2
26i2
—100
Preferred
Jan
46
Laclede Gas Lt Co St Louis 100
200
24%
39
10
28
70
22,400
1,500
*37%
24%
180
"l7"
17*2
1%
*10l4
178
*12
15
24%
*
11
23%
18%
100
Southern
200
100
2734
City P A L pf ser B No par
Kansas City
600
1714
38i2
17i2
30
Preferred
33%
123g
2434
38
180
.
"l634
21%
2134
10
21
21%
21%
21%
2138
10
93g
9
9%
9
912
*9%
*834
*106% 125
*106*2 125
*10612 125
*106i2 125
33
33
34
35
33%
*33
33*2
*33i2
18%
18%
19%
19%
18%
19U
1912
1934
18%
*16%
20
18%
1978
*16%
*16%
*16%
21%
Mm
F
59
^Exchange
it*
57i8
5714
*15i8
Stock
Stock
15i8 Nov
413s Nov
Feb
1738 May 18
Rights
Insuranshares Ctfs Inc
25
*39
Jan
144
Inspiration Cons Copper—.20
#43%
*92l2
IOI4
20U
share $ per Share
4%
13114 Mar 6
is,6May 13
33% Feb 23
125
95
IOI4
200
146% 146%
per
255s May
4712 Apr 20
13312 Mar 27
94 June
1
100
4314
40
21
1,200
I
share
per
22U Jan 20
-No par
6% preferred
2514
95
978
80
800
7%
600
*127
No par
d Interchemlcal Corp.—No par
600
16,000
19
Ingersoll Rand
57
9%
132
No par
Inland Steel
150
12
Industrial Rayon
$
1234 Jan 4
30% Jan 20
125
Apr 28
10
*43
40
2034
......
Indian Refining
6,400
38 145,000
2434 14,200
434
2,000
7
1,700
11% *11%
59
58%
7
67g
102% 103%
6%
m 6%
6%
.
99%
107% 111
150
0
45%
.
108% 108%
18%
150
*lll2
5934
23%
7
150
149% 150
107U 108
10738 108%
*1457b 14034 *1457g 14678 *14578 14678
12
12
11
11%
11%
1134
*9
9l2
9%
9%
9%
9l2
11
S16
S16
24%
434
7%
55%
97
Year 1930
Lowest
Highest
% per share
Par
Shares
14
*125
Range for Previous
100-Share Lots
Lowest
Weet
4
June
3
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
Monday
May 31
n New stock,
r
from Intern atlonal Frintl ng Ink. Corp.
Cash sale, x Ex-dlv. y Ex-rlghts. 1 Called for
redemption.
Feb
New York Stock Record—Continued—Page 7
3796
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
Saturday
May 29
Monday
Tuesday
May 31
June
%'jper share
$ per share
Wednesday
1
June
J per share
2634
15%
*85%
*50i4
20%
33%
13%
12%
*88
26s4
15%
*85%
June
50%
1212
9912
12U
*26i2
15%
90
50 U
15*2
*43 78
2034
34
3538
1312
*12U
44U
13
*87
"""166
51
21%
3534
3,000
McKeesport Tin Plate
14
6,900
McKesson & Robbing
44U
200
*1234
13U
700
99%
*87
27l2
95
29
95%
*27%
95
28i2
95i2
74
*73
74
73
73
*73
12
1178
11 Ts
1134
1134
*38
1
41
'
34
*39
34
60%
61l2
62
1638
17%
17
18
27%
28%
28
28U
38%
38%
*37
40
114
114
115
115
t
*
100
106"
12
25U
4
4
4
38%
400
8%
33l2
8%
8
49%
8%
34%
90%
51U
40
40
61%
61%
1U
31U
2058
41
12l2
1234
1234
99
9534
9584
*9534
1U
*n2
134
*H2
*2%
3i2
26%
3%
3%
*212
*3i2
~uo6
26%
7%
26i2
26i2
*3%
4
85s
8!
8i2
8i2
3312
478
2712
7
718
7
263s
26
„
300
*7
2,800
26*2
51U
4318
*39
4
33
33l2
90
90
91
5178
5138
535S
40*2
60%
1U
323s
203s
31%
20U
31%
138
31%
2034
3H2
2038
41
41
*2338
25
*88U
*28l2
29
40%
*233g
88*4
28i8
73
*70
89U
*71%
106i2 10612 *106
*39
60%
138
20U
20
*3912
2812
*27
25
Exchange
Exchange
Closed—
Closed—
67
67
190
Morris &
18U
1278
25%
Day
*151
*26
*96
32i2
*22%
*10734
*109i8
17
678
*65
67
66%
18%
183s
1858
36
37
1838
36%
59
19
*18i2
1278
1278
1338
25
25%
25U
153% *151U 15312
26s4
*2534
2634
97%
*95U
97%
33
33%
3212
2234
2238
22%
108
108
108U
111
*109i8 10984
17
16%
16l2
7
7
*678
30U
3058
30
31
1434
15i8
34i2
30l2
29l2
513s
918
9U
*1
%
77%
1U
%
78
101
101
102
102
126
126
127
127
8
978
42
*52
8
10
*41
200
Mulling
30
55%
*52
22
2934
30%
79
80%
4258
4,000
58%
300
120
1,100
100
100
50
88i2
25%
*88
2534
540
100
100
No par
No par
3412
3,000
National Lead
2,800
Nat Enam A 8tamplng.N0 par
300
Co
1
10
Preferred
A
100
Preferred
B
100
""600
Nat Mall A St Cast's C0N0 par
4,100
""166
2d preferred
National Steel Corp
National Supply of Del
3,900
10034 10214
800
127
500
200
52
52
100
Newberry Co (J J)
5% pref series A
J New on Tex A Mex
30
40
3,800
*78
80
80
80
44U
43
44
43 U
45
45,800
58U
57
58
*55%
90
88%
26*4
88%
2634
*89
1734
2i2
10*4
*10%
1034
75
*57
75
58
91
2%
240
110
85
212
243
74
9
82*2
2*2
246
91
92
93
238
*240
*57
83
98*2
*2%
2*2
87*2
96*2
*2%
9
300
18*4
410
9934
*99
31%
3278
32
50 U
5034
4U
49U
3278
49*2
4U
4%
414
*30
100
*30
33*2
18%
33%
19i8
19
63
65U
64
1938
64l2
17
165s
*99% 103
16%
17
9912
99*2
99
99
317g
33
49*4
*4*4
49*4
4*2
*9834
32%
*49
9
12*2
9*2
May 18
2578 Apr 29
93*2 Apr 9
29% Jan 5
21%May 18
x
10734June
107
27% Feb
29*2June
48
130
*122
*7318
80%
76
*23
2412
64U
*60
*60
*114%
24*2
93U
94
17U
85s
17i2
26
26
17*2
*8%
25*2
1578
1578
81*8
2478
64U
*114l2
93
»
130
9
1578
v
79*2
23%
*114*2
Dec
112
10
Apr
24% Nov
June
33% Mar
28
3771
_
44
Mar 11
26% June
Jan 22
165
Oct
171
Deo
Jan 29
137%
Jan
147
Nov
64
Dec
61%
9% May
147a
834May 18
14% Jan 14
2% Jan 18
4
78
Jan
3
%
Jan
1*1
5
57%
Apr
8
1978
Jan
Apr 19
12% Jan 15
74*8
1
i2 Apr 27
2
121*2 Feb 26
Apr
36*i Nov
150
617S Jan 22
lUMay
Oct
171
8
Apr
Jan 18
94% Mar
10978 May
130
4
64®4 Mar 10
100
Apr
7
109
Jan 11
100
19
Jan
6
37
Mar 17
1
28
Apr 28
41% Jan 18
98*2 Feb 10
55% Mar 17
9978
33%
79*2
2384
4
Jan
»ji Apr 28
Dec
Feb
Feb
78
Feb
Dec
75*« Nov
Jan
778 July
10% June
32«4 Apr
41
Apr
133
104% Apr
10% Feb
9
Apr
110
Nov
43
Apr
Deo
12% Nov
13%
60
Jan
Nov
64% Nov
40
Deo
Deo
Apr
3212
27%
Jan
83
Jan
49%
Oct
9
72
Mar 17
17%
Jan
53%
100
Jan 22
36*2
Jan
95
Oct
Sept
15
Nov
8
Mar 23
May 14
May 17
135
Jan 20
119
125
May 19
137
Mar 12
1
Apr 27
2
7,500
10% pref
50
t N Y Investors Ino...No par
t N Y N H A Hartford
100
Conv preferred...
100
800
IN Y Ontario A Western.. 100
2%May 20
678 Feb 11
300
N Y
8*2May 18
19% Feb 11
76% Jan 22
100
Preferred
90
800
10
2,150
200
7%
400
20
18,900
80
500
100
"7"600
2%
Feb
8
3
Api
Apr
6%
Dec
18%
Deo
July
7%
26% Feb 25
May 20
10234May
June
112%May
3
5
Jan
4% Mar
3
Preferred
60
23634 Apr 29
102
Apr 8
22i4May 18
51% Apr
210
Jan
105
May
57% Feb
Northern Central Ry Co
Northern Paolflo...
93
Northwestern
100
Telegraph...50
Ohio Oil Co
Preferred
A
par
100
Oppenhelm Coll A Co..No par
"4~666
Otis
"6~300
Otis
Elevator......
Preferred...
Steel
No par
100
No par
Prior preferred
100
27*4 Jan
49
4
May 22
3*4
Jan
4
105
3
8
Jan 28
36% Mar 11
53% Jan 22
678 Mar
40
17% Jan 4
53*2 Jan 4
16*2 Apr 29
99*2June 2
2278 Apr
14i2May 18
112% Jan 23
8
17% Jan 21
26*4May 18
12*4May 14
3334May 14
127% Mar 18
73
3
Jan 18
5
Apr 20
26% Feb 16
114
Feb 13
19% Mar
1
45% Jan 21
140
Apr
62%
6%
Feb
98
Jan
Jan
97% Apr
23% July
50
Aug
2
Jan
19
Aug
Feb
16% Mar
99
Sept
104
Nov
109% Aug
2?8 Jan
310%
Oct
115
Oct
35% July
59
14%
June
Deo
106% July
103
39%
57
Nov
Feb
Mar
4% Mar
32
Nov
12% Aug
18
Deo
24%
59% Deo
25% Mar
17
107
Jan
July
Jan
8
Jan
24%
Apr
Feb
3
8
12% July
123
Jan
115% Feb
19% Nov
39% Nov
136
June
20% Mar
134
Mar
6
70
July
Mar
8
79
Dec
83*2
47
Jan
70
Nov
114
July
114
July
13
July
22
Dec
15
Deo
32%
2978
Deo
$5.50 conv 1st pref..No par
Outboard Marine A Mfg
5
Jan 26
97
22
Apr 29
28
May 18
75
Jan 12
4
114
120% Nov
Jan 26
60
*114*2
No par
Preferred...
100
93
93"
2,100
Owens-Illinois Glass Co. 12.50
18%
18%
19*2
3,600
Pacific Amer Fisheries Ino
9
8
*8
9
120
25*2
1578
25*2
8%
2634
28
28
70
15*2
15*2
15*2
1578
70
Def. delivery,
23%
24% Mar
Outlet Co
600
Mar
93% Apr
1% Aug
Jan 14
104% Jan
Norwalk Tire A Rubb_.No par
Preferred
50
83
Jan
3478 Jan 14
6
Mar 23
9% Apr
57
May
114
9%May 18
9778 Mar 16
50
7%
4
272
1
No Amer Edison pref..No
par
70
""TOO
Jan
2
North Amer Aviation
Sept
Jan
1
85
100
Oct
138
125
75*2 June
100
150
7
100
No par
29% Nov
Jan
Jan
No par
Adjust 4% pref
North Amerloan Co
June
56
3% July
10% May
934 Mar
37sJune
15
1278 Jan 22
25% Jan 22
No par
t Norfolk Southern
Norfolk A Western
1,400
19,900
preferred
N Y Steam $6 pref
$7 1st preferred
40
15,200
Shlpbldg Corp partstk.-l
9~4 ~
I
Oct
107
18% Apr 22
May 18
1734
a
32% Nov
28% July
112% Mar
17
64U
t In receivership,
Deo
Jan 28
June
94
94*4
17*2
Bid and asked prices; no sales on this day,
79*2
64*4
107g
52
New York Dock
130
24
107%
42
OmnlbusCorp(Thejv t 0No
79*2
112% Mar 11
May 20
24% Mar 9
112
1
2,300
24
Apr
Apr
21
121
700
101
*122
Deo
Deo
21
No par
100
1634
130
107%
100
13% Feb 25
57% Feb 13
.......No par
Oliver Farm Eq new
No par
*122
Deo
103i2 Feb 3
387g Feb 25
26*8 Feb 8
50
2,160
*13
14
*13%
14U
*13*2
14*4
*13*4
14*4
37%
38U
37i2
38
38*4
3734
38*4
3878
*12312 132io *123*2 132*2 *123*2 13212 *123*2 132%
16
1612
16*2
1634
16%
17%
17*8
1734
*122
Jan
164%
37%
25% June
1
3,800
16*2
38%
Dec
Mar
4
68
100
3078
Oct
Jan
28*4
153
Mar 17
June
19*4
1634
2
Jan 18
3384 Jan 13
Oct
Deo
15% Mar
38
7
64
100
33% Mar
167
47*2
19%
Apr
Apr
35
978June
1934
16%
Mar
2
No par
6434
100
Deo
22% Mar
62% Nov
5
1434May 18
31*2 Apr 28
15434 Apr 26
133
Apr 29
Jan 26
19*8
*30
1
Mar 11
16UMay 18
678 Apr 29
Jan
64*4
33U
Jan
18% Jan 21
70
434
33*4
1934
*30
43
100
2*2
51
*4U
Apr
24
No par
N Y A Harlem
89*2
98*2
*240
249
*240
250
103U 103% *102
106
*103
106
*103
106
253g
26U
26*8
26*2
26*4
2534
2434
26
54
54%
54U
543s
53*2
5378
52%
53
11
11
10%
1134
12U
11*2
12*8
12%
100
100% *100
*98
100*8
100*8 100*8
100%
*99
14
79% Aug
108
21% Mar 20
2%
101
Oct
Nov
3178 Mar 19
17%
58
43%
27
20*2 May
Jan 14
2*2
90
1
447| May
102% July
47% Mar 11
15»4 Apr 29
21,500
10*4
Mar
71
83
1
17*2
2*2
2% Nov
*24% Jan 28
25%May 13
4*4
18*4
2*2
10*4
79
8
Preferred series A
100
NYC Omnibus Corp..No par
Purchase warrants
1
2i2
10*4
*56U
7512
Jan
400
4
17U
»32 Apr 20
20% Feb 11
1,700
1*8
2%
Mar 13
108% Jan 26
90
4*8
1778
17
90
8
27
4
10%
Feb
Jan
*1
15
Feb
71
41
127
258
10%
59%
N Y Chic A St Louis Co... 100
127
1
Deo
700
58*2
131
4*2
41%
40
*125
1
Nov
Feb 17
No par
131
37g
68
46
New York Central
*125
1U
Jan
73*2 Apr 30
125
53g
Mar
3534
No par
*121
5
103
MarlO
N Y Air Brake
125
*1
Jan 18
69
8
62
Newport Industries
600
Jan 27
25
Nelsner Bros Inc
55U
National Tea Co..
Natomas Co
1,500
*121
*125
33% Deo
101
Apr
25
100
*52
2,400
9
*8i2
1734
17U
1734
1734
*122% 125
*12212 125
131
1978 Aug
May
Oct
39% Nov
100
Preferred
778
1012
17*4
Feb
101% Nov
36% Dec
National Power A Lt...No par
Nat Rys of Mex 1st 4% pf.100
49
17*2
7%
Jan
Jan
145
100
Nat Distil Prod
33l2
8*4
17*2
37s
May 28
18
May 13
llUMay 18
24%June 4
No par
10
34%
2678
Feb
Apr
17%
No par
6% preferred
*10*4
26*2
Feb
4
May
Rights
58
9%
33%
Sept
11
35
10
7% pref class A...
Nat Gypsum
30%
407g Jan 23
Jan
Jan
2
21
4
1134May 18
58% Jan 23
No par
7% pref class B
Nat Depart Stores
600
*20
5%
14*2
70
70
6
5% pref eer A
Nat Cash Register
Nat Dairy Prod
5,300
6,500
*41
31U
934 Mar 17
34% Mar 17
Feb
Feb
Deo
39% Mar 20
102
7% cum pref
100
Nat Bond A Invest Co .No par
300
8U
iou
4612
22
1684 June
»i« Apr
Nat Aviation Corp
National Blsoult
1,000
7,300
*10
80
5
6*2
2978
99% Mar 19
36% Feb 11
June
100
Nashv Chat A St Louis...100
National Acme
1
2,300
*104U 106
2212
*19*2
22l2
30i2
3034
3134
34
Feb
5*4
86
27*2May 13
No par
Nash-Kelvlnator Corp
9,700
15U
*104l2 106
Apr
6%
Deo
2%
24*2May 14
No par
Murray Corp of Amerloa..l00
Myers F A E Bros
No par
*41
2034
58l2
89
26%
1
..No par
10
30i2
*76%
4334
4438
Mfg Co class B
Preferred
46%
55%
10334 10334 *10412 106
22
....
Munslngwear Ino
Murphy Co (G C)
5% preferred
Rights
29i2
7
1% July
2% Aug
2>4 Jan
Jan
3078
8
Jan
4
8
5% Mar
Apr
15
8
734
10
42
2% Jan 23
15%
2912
127
94
28%
3058
127
Jan
Feb 13
15
127
57%
Marl5
30%
29i2
*100% 102
Mar 10
51
15
157
157
*157
157%
158
13634 *130
13634 *130
13634
51%
50%
50%
49U
49*2
938
9%
9%
9U
938
9*2
*1
*1
*1
1U
1U
134
*12
B8
*12
%
*12
78
75i2
78l2
77%
77l2
78l2
Deo
101
12% Mar
26
20
5H2
Nov
120
Jan
38% Jan 15
1,800
157
112
Dec
6%
May 14
13634 *130
5138
Apr
119
June
5
34
34
Mar
*65
Mar 10
40
17
*29
88
Mar 17
20
109
3038
29%
15%
33l2
33%
*15438 158
*130
31
15
Jan 22
120
Motor Wheel
10
109
109% *108
17U
1634
173S
7
7
678
678
106
Feb
Mueller Brass Co
600
19U
19*2
19%
13U
13*8
*1234
13*4
2478
2434
24&S
2434
153% 153l2 *15378 155
*26
26
26
26i2
*9534
97U
97U
97*8
32U
33l2
33U
34
22
22
2238
2212
108
108
*108U 112i2
Deo
48% Sept
131% Mar
109
Sept
21%
110
1,100
72
19
18%
3078 Nov
Jan
2
1,300
107
1878
Apr
5
Jan
Jan
Jan
72
67
*17%
48% Mar
60*2
*4
*106
38
35% Mar 10
3% Feb 26
200
18*2
Oct
Nov
16*4
66*2 Jan 18
41
38
45
65
Jan
May 13
1,900
67
Nov
Jan
»4May 12
3078May 27
6,300
37
Deo
Mother Lode Coalition. No par
Motor ProduotsCorp..No par
138
1238
Oct
12
Jan
28
60%
28i2
12
91
31%
20
39
12U
66i2
1812
122
12% Mar 17
100
73
12
Dec
55*4 Jan
67& May
40%
5S4
Jan
May 14
Apr 29
May 13
May 28
107
37
18
*36
Memorial
12U
21% Nov
108% Deo
28% Deo
Jan 16
7
48
Stock
12
41
100
85
86
Jan
Dec
12®4
6% Mar 17
50
14% Nov
49% Nov
Jan
72% Mar 5
26% Feb 23
Jan
Essex
Nov
8
3
10
25
86
Apr
Apr
*95
100
Mohawk Carpet Mills
Monsanto Chemical Co
1,900
3212
2038
4058
25
88U
100
8%
Jan 13
4734Mar
46
24% Deo
49% Jan
Oct
37%
11%
Deo
23*2 Nov
101% Deo
June
16
Feb 16
Pacific
Mont Ward & Co In0..N0 par
Morrel (J) A Co
No par
1*4
31
No par
June
38%
86
9
37
40% Nov
101
preferred
Conv
17,700
40%
No par
92
share
per
Feb
2% May
16% Mar 11
88*2 Jan
1% Apr 29
3
Apr 28
3%May 22
25U May 18
678 Jan
24U Jan
100
Preferred series A
t Missouri
1,100
2,800
5034
*38%
62
12U
Jan
Mission Corp
Mo-Kan-Texas RR
800
33
*60%
1U
6178
1U
41
12
11
2,800
*3%
500
90
34i2
90
5034
May
100
29
*95
16% Feb
Highest
share $
per
124
9934 May
May 14
96
108
7% preferred
4% leased line otfs
8
Jan
122
May 17
100
40
2534
34*4May 18
114
Minn Mollne Pow Imp] No par
Preferred
No par
Minn St Paul & S S Marie. 100
4,800
478
26i2
7U
10
No par
cum 1st
4% conv pref eer B
3*2
99
5
pref
..,100
Mllw El Ry & Lt 6% pf_..100
Minn-Honeywell Regu.No par
134
3i2
3312
8%
30
13%
100
Midland Steel Prod
100
113
1
2
Jan
24*8 Feb 11
106% Mar 2
54% Mar 12
28% Jan 19
42% Jan 14
42% Mar 24
16% Mar 17
47*2 Jan 12
$
112% Jan 14
3484 Apr 19
6
Jan
93*2May 11
703s Apr 29
llUMay 18
39%May 13
34
May 25
58
Apr 28
14»4 Apr 29
27*2May 15
No par
Miami Copper
;
Mld-Contment Petrol
50
10412 10512
*110
12%
26
25
*23U
89U
*88U
*28% 29
72U
7234
*106l2 107
*
25<4
36
19
1
May 17
98
100
No par
No par
Mesta Machine Co
2,000
*11418 115
100
I
4
90
38
115
110
*312
*26i2
7
2778
10318
47g
26U
7U
26U
*3%
26%
28
i03~
*96U
*n2
*212
*3
28
110
98%
1%
3%
*1%
10,100
104
12%
96%
1,200
1834
28
115
preferred
May 28
12*4June
Meroh & Mln Trans Co.No par
5
6212
18
38%
44
1
Mengel Co (The)
5% conv 1st pref
34
6IS4
1838
113
12i2
800
6134
*3512
5
$6 pref series A
Melville Shoe..
100
1178
40]8
6I84
17l2
100
ioi"
108
110U 110U *110
*39
*
34
60
74
1178
40%
'
69
95i2
6% oonv
Mead Corp
"loo
May 17
Jan 12
18*2May 19
3234May 10
31% May 11
12% Jan 6
No par
Stores
MoLellan
$ per share
40%
10
$3 oonv preferred
99i2
29
4138
5
McGraw-Hill Pub Co ..No par
95
1138
Eleo Co
share
per
86
Mclntyre Porcupine Mines..5
2878
*38
Holiday
MoGraw
500
4,300
94
Year 1936
Lowest
Highest
2684June 1
1438May 20
100
35
29
*73
$
MoCall Corp
No par
McCrory Stores Corp new—1
6% oonv preferred
94
Extra
300
2,300
29
Stock
Par
90
273S
Range for Previous
of 100-Share Lots
Lowest
Shares
16
*8512
*4934
21l2
3338
35U
1338
44U
Range Since Jan. 1
On Basis
STOCK
EXCHANGE
Week
$ per share
27%
*8512
*4984
2034
33%
35U
1338
1334
4438
12U
9912
*87
4
1538
50U
2234
33%
35
34U
13i2
4438
1334
4434
June
*2634
1538
90
3338
3
YORK
NEW
the
Friday
S per share
27
*21
33%
3578
34
2
J per share
2634
1538
98
51
20%
*4334
Thursday
June 5, 1937
Pacific Coast
isi
10
Mar
8
Mar
4
r
23
Jan
7
June
3
15% Feb
1
25*j Jan
4
40
Mar
3
3% Jan
8% July
15%May 18
27% Feb
2
4%
Cash sale.
*
Ex-dlv.
y
Deo
96%May 10
No par
preferred
New stock,
114
*82% Apr 28
17*4June 1
No par
preferred
2d
n
5
75
Ex-rlghts
Jan
T Called for redemption
Deo
Volume
^ LOW
HIGH
AND
SALE PRICES—PER SHARE,
Mag 29
Tuesday
June
1
% per share
22
22
t per share
May 31
$ pet share
%lper share
June
*214
294
304
294
43
44
43
30
*130
*224
9
*104
*24
106
*6778
*93
184
*130
30
304
*120
*224
234
9
94
*94
*234
154
34
105
110
24
234
94
154
34
1074
*934
184
19
71
294
1034
17S4
*164
294
*284
44
374
234
135
234
9
*104
*234
1054
*624
994
184
*44
17
738
44
38
244
44
74
1558
038
404
9084
*358
74
43s
738
1578
038
404
92
44
74
544
*51
157,
03g
404
174
*29
434
7
44
244
44
374
234
*44
7
1578
157,
038
404
— —
—
90
50
234
9
94
124
*104
*234
34
1054 109
100
*224
66
15,900
------
------
350
100
66
99
99
194
184
1294 1294
1734
174
100
20,500
300
4,000
200
29
29
44
434
4,200
*374
44
374
2334
3734
244
1,100
2334
*44
74
47,
738
16
500
200
47,
74
1,300
1,400
16
16
64
63g
64
63,
2,000
404
*404
894
4038
600
*34
43,
*4
74
74
5334
90
90
44
74
*4
44
74
7
74
544
*51
54
*51
2,100
------
1,400
-----
700
26
10,600
404
35
35
♦32
35
35
80
*7534
80
*76
80
*79
81
81
81
*80
81
*15
20
19
19
*154
17
84
174
84
174
1718
*84
17
84
84
100
------
2,100
------
Packard Motor Car
JPanhandle Prod A ReLVo par
No par
Cement
$7 conv pref ser A
60
Pennsylvania RR
1484
*42
43
*75
88
*70
874
*75
87
*79
874
5
54
54
*53,
534
9
14
784
*83,
14
784
878
14
8078
144
*13
84
*72
*72
55
'
*54
*43
84
*72
Closed—
5178
*
Closed—
*28
Memorial
*13
84
*72
154
*28 4
5178
29
604
*554
604
*554
175
14
*
284
*28
*184
194
*184
94
110
*35
37
165
204
*204
44
44
105
54
178
834
578
14
264
184
254
54
178
878
21
23
*
------
5,100
------
16
900
♦
600
30
------
300
12
604
175
*....
*14
264
*164
244
*54
178
84
2034
*21
264
174
244
6
17,
84
21
23
*25
29
934
92
.
_
______
*24
*184
44
44
*125
*138
149
*138
*108
127
2,900
93
234
20
44
4l2
14
144
*184
30
*
124
354
37
165
137,
*24
20
124
*35
*1234 128
*
165
*15,
26
♦
778
203,
"*14
2658
174
*16
254
25
*178
*84
204
*204
834
214
22
500
44
50
30
100
564
174
18
11078 11078
1004 101
164
*1634
84
164
174
834
149
No par
Corp of Am
6
Pfelffer Brewing Co...No par
174
834
10
174
878
6834
684
684
734
324
*374
8
33
384
778
3234
8
33
37
374
*45
46
39
*84
*64
*24
39
9
70
234
*38
84
*64
*24
46
394
84
70
234
*22
28
*21
28
*174
184
*174
19
27
*23
27
*
2334
*82
578
23
*58
......
62
5978
594
1164 116&S
394
3834
101S4 10134
2,200
50
3,200
149
149
*138
16
16
*1034
834
174
87,
1578
*1634
87,
*75
6784
77,
33
184
175,
11078 11078
1005, 10058
-
394
*45
*38
*84
*64
*24
*21
1734
*23
43,700
350
500
164
174
1,200
94
22,800
200
46
394
9
70
234
300
*384
*84
394
84
100
*64
70
*24
*22
*1784
27
*23
27
100
4,600
*80
85
100
*1004 101
101
101
190
*1004 101
6
354
2334
244
578
64
64
64
4,300
334
3434
344
354
32,900
*114
116
116
*115
116
*100
104
*100
37
37
*37
38
37
10334 *10078 10334
37
37
374
76
*704
753,
*70
78
*724
77
*1274 1344 *1274 1344 *1274 1344 *1274 1344
♦
*
*
904
904
904
*874
904
~2534 26
26
26
26
2534
2534
264
106
*1034 10738 *1037, 1073,
106
*104
106
22
*20 4
*214
227, *21
2278
*204
23
5034
504
5034
505,
514
514
504
514
61
*604
614
*604
614
614
614 614
*
*95
*54
120
64
5758
13
------
------
700
50
No par
34
734
164
*12
164
*26
34
*26
X In receivership,
34
74
a Def.
74 Feb
14
Jan 12
34 Feb
844 Feb 25
Jan 10
94
744
204
334
Jan 20
Jan 13
Apr 5
Jan 18
50
Feb 17
100
100
No par
Quaker State Oil Ref Corp..10
Radio Corp
of Amer...No par
No par
$3.50 oonv 1st pref..No par
50
50
50
5
Reading
2d
preferred
Real Silk
Hosiery
100
Co
No par
100
preferred
Reliable Stores Corp...No par
10
6% conv preferred
0 % conv prior pref ser
Revere Copper A Brass
100
A. 100
6
10
100
110
Deo
Jan 12
17
May 21
224 Apr 30
54May 20
14 Apr 26
8 May 13
194 May 18
22
May 14
014May 22
554 Jan
4
374May 18
114
June
4
1264June
3
1474May 11
III
MarlO
Jan 12
154 Jan 20
317, Feb 11
31
Feb 10
80
Feb 11
054 Jan 15
4
524 Jan 21
1124 Feb 8
1284 Jan 21
1404 Jan 20
1024 Jan 25
1134 Jan 25
724 Feb 4
1184 Jan
107
38
Apr
6
Apr 26
8i8June 2
Apr 28
24May 13
22 May 13
17 May 20
02
25
May 28
Apr 28
May 19
May 14
delivery,
100
n New stock,
r Cash sale,
Jan
04 May
174
Oct
174
Oct
Oct
404 May
1154 Dec
574
July
34
Feb
274
Dec
20t, Mar
294 Deo
114 Deo
34 Deo
134 Dec
284
284
734
Dec
Deo
Deo
56
Dee
Apr
1221, Feb
604 Nov
Feb
113
July
130
July
140
Apr
Apr
Apr
112
Jan
39
1034
1134
128
307,
Jan
16
Aug
103
May
1444 July
104
July
114
Apr
097,
Dec
247, Mar
1334
Apr
1174 Mar
204 Nov
104 Apr 19
5
Jan
194 Oot
144 Jan
1084 June
80
July
107, Nov
364 Jan 11
287,
Jan
384 Nov
8
0
164 Oct
94 May
7
834
Jan
Jan 15
084
Apr
124 Mar
103
80
Jan
Oct
354
Jan
504
Jan 11
39
Jan
50
Dee
434 Jan 8
134 Jan 10
83
Jan 20
37
Jan
47
Nov
47
49
Mar
44 Mar
5
97,
Jan
054
Oot
17,
104
100
41,
Apr
Mar
5
124 May
224 Feb
8
10
30
Aug
31
Jan
Deo
Deo
Deo
244 Nov
354 Mar 31
294 Mar
9
944 Jan 30
Feb 18
110
174 Ant
81
Deo
994 Sept
25
Nov
904 Nov
Apr
114
84 Mat
Jan
2
94 Feb 18
44 July
274 Jan
4
474 Mar 11]
124
Apr 23
107, Apr1
77
May
128
1104 Mar 10
494 Apr 14
98
Apr 14
139
Apr 17
784 May
1044
Apr
244 June
90
Apr
138
Oot
Deo
98
Nov
224 May
105
Apr
34
Feb
117
Jan
6
109
99
Jan 19
Jan
2
334 Jan 19
71
Jan 21
1284 Jan
91
Apr
4
112
Jan
8
10
92
297,
d«o
Dec
Ott
394 Dee
794 Deo
22
May 18
344 Jan 22
25
July
304 Nov
49
May 17
58
Apr
587, Sept
004 Nov
054 Feb
Jan
8
00
preferred
Jan
14
94 May
1024May 15
1st
Jan
44
914 May
..100
1
X St Louis South western.. .100
Preferred..
100
12
Feb 15
954 Jan 20
X St Louis-San Franolsoo..l00
20
Jan
May
Deo
1124 Nov
414 Apr
107
14 Apr
117,
234 Feb 25
1878 Jan 21
Antelope Copper Mines
______
Jan
3
7
45
584
Jan
0
054May 18
74 Mar 22
29 May 18
37
Apr 29
Aor
July
Jan
7
94
21
Jan
Jan
D e
Oct
167
99
84May 28
304
Feb 10
108
103
44
June
107
297s Apr 22
214 Apr 14
334 Feb 4
1178 Jan 22
378 Jan 22
Oct
14 May
14
1374 Jan 30
474 Mar 5
244 Feb 3
1124 Feb 27
154 Apr 28
16
Apr 8
49
24
84 Feb
304 Jan 14
Ruber'dCo(The)capt»tk No par
Rutland RR 7% pref
100
St Joseph Lead
10
494
Feb
Jan
Jan 12
Jan 20
-
Deo
Dec
Deo
Feb 23
-
274
Deo
184 Deo
374 Jan
624 Aug
184 Dec
Dec
14
-
Jan
Deo
84
137,
07
-
8
Mar
114
29
314 Feb
--
July
Nov
74 Apr
234 Deo
8
5H% oonv pref
70
10
88
524
Deo
224May 18
100
Apr
May
May
Reynolds Metals Co...No par
634% preferred...
1014 July
74
Mar
107, Mar
34 Jan
77
MarlO
97
6
Mar
66
12
100
4
14May 14
Deo
544 Aug
1024 Oct
187
28
244 Mar 22
564
Jan
Jan
34 Jan
84 Jan
14 July
Feb
122
21
Motor Car.
Jan
454
814
Mar
1
80
Republic Steel Corp...No par
254
Deo
176
4
.-1
Beo
194 Mar
7
May 14
warrants..25
Preferred with
104 June
155
June
Rensselaer A Sar RR Co—100
Remington-Rand
184
Jan 18
24 May
174May 13
preferred
124 June
74 June
Feb 10
Nov
175
114May 28
34
34
74
1004 Jan
23
100
*74
544 Jan 14
120
______
5,200
2,100
1,000
*34
11
19
15
10
Reynolds (R J) Tob class B.10
64
*12
57
214 Mar
134 Feb
4 Apr
597, Mar
Apr 12
No par
Reynolds Spring new
594
64
Nov
25
4,200
*534
*54
564
Deo
Jan 11
31
105
107
Oot
74 Feb
464 Aug
90
354 Apr
2
974 Apr 29
314 Jan 7
58
112
2
Jan
Oot
Jan
184 Jan
34
45
594 Nov
1164 June
Jan
704 Jan 22
19
274 July
Jan
May 11
92
Deo
16
55
Pure Oil (The)
Preferred
100
9
Jan
Jan
104 Mar
74
66
104 Apr 28
554May 14
Class A
2,000
4
60
Feb
Jan
384 Jan
54 July
284 Jan
07,
Jan
594 Apr
3
Deo
91
494 Jan 4
0i8May 13
June
34
73
1124 Nov
87
08
No par
8% conv preferred
Jan
Apr
874 Jan
Pullman Inc
------
------
Apr
20
1004 Mar 23
0%
June
284 Apr
0
Mar
No par
100
100
100
Gas pf $5.No par
Purity Bakeries...
Jan
Jan
124 Apr 28
1144 Mar 25
preferred.;
preferred
preferred
34 June
41,
284
75
5% pf (ser of Feb 1 *29) .100
Pub Serv Corp of N J..No par
------
575g
6
sales on this day.
6% conv 2d pref
Procter A Gamble
38
120
*114
574
34
5
1st pref
s38
120
*26
conv
Roan
*95
34
6%
70
*61
♦20
X Postal Tel A Cable 7 % pf -100
Pressed Steel Car Co Ino
1
2234
75
3
No par
No par
Class B
*654
*6784
*12
5
Plymouth Oil Co
674
*20
34
100
7% pf.100
No par
Reynolds (R J) Tob class A.10
Rhine Westphalia El A Pow_.
Rltter Dental Mfg
No par
72
74
17
100
Preferred
Pittsburgh A West Va
*20
2234
7
25
Pittsburgh United
13
2234
*65
3
1
100
*20
*20
*144
-100
preferred
*114
124
2234
574
34
74
164
No par
7% cum pref
Pitts Term Coal Corp
Mar
69
Apr
117, Apr
174 Nov
254
641,
8
Pittsburgh Steel Co
10
64 June
4
Mar
8
Reliance Mfg Co
243,
287l2May 28
44May 20
8i8May 19
li8June 3
70
Apr 7
44
104 May
14 Jan
00
Aug
38
17
Mar
1st
184
May 24
54 Jan
474 Mar
321, Nov
Jan
23
17
224 Deo
374 Dec
Apr
24 July
404 May
Mar
Mar
Rels (Robt) A
29
1734
43
Jan
110
43
Preferred
25,
29
2
14
17
11
18
Dec
174
1104 Jan 27
20
1st preferred
100
June
lOfyMay
73sMay
'usMay
2434 May
19
Deo
174
84 Aug
Feb
190
t Radio-Kelth-Orph ...No par
394
Apr 29
May 12
25
June
30
Mar
134 Jan 2
244 Jan 27
Raybestos Manhattan.No par
*45
Jan
July
234 Deo
134 Oot
204 Jan
44 Apr
744 Apr
974 Feb
109i, Dec
74 Aug
9
03
1744 Apr 23
1,500
*374
2
100
1,000
8,300
46
124 Feb
Plttsb Screw A Bolt—No par
8
684
778
33
9
Jan
334
68
68
84
334
394
Jan
504 Mar 17
1478May 18
PlrelUCo of Italy "Am shares'
100
Preferred
100
Pitts Ft W A Chicago
100
Preferred B
-----
Feb 18
1034 Mar 8
04 Jan 23
4
Jan 14
44
Pittsburgh Coal of Pa
Pub Ser El A
3,000
04
Jan 14
Jan 5
Mar 11
Jan 13
100
25
pref
PUlsbury Flour Mills
Pierce OH Corp
7%
8%
*138
74
104
234
74
704 Feb 1
294 Feb 10
100
100
104
Bid and asked prices; no
Hosiery
Preferred
12634 12634 *1234 127
81
74
Phoenix
$5 preferred
81
*95
preferred
0%
1174 *115
6
7%
Phillips Petroleum
500
114
*100
56
Phillips Jones Corp
834
2134
23 4
*114
10
No par
100
No par
5
Phillip Morris A Co Ltd
500
844
124
No par
Poor A Co class B
*115
*114
Phlla A Read C A I
Porto Rlc-Am Tob cl a .No par
244
578
50
preferred
400
24
344
7%
2
*81
6
*6 preferred
No par
X Phlla Rapid Tran Co
60
*17,
834
844
344
Philadelphia Co 6% pref—50
500
244
994 100
334
26
Phelps-Dodge Corp
400
*75
684
*45
........
114
1738
1734
17S4
18
1114 1114 *1107, HI
10058
10078 10078 *100
*75
*75
80
600
1104
1104 *108
11078 *108
564
555,
5538
56
564
5634
157S
73
100
6
*21
2
34 Jan 2
38i8May 13
87
May 19
3«4May 18
7 May 14
50 May 18
...100
Pere Marquette
25
1,700
59
5
84 Feb 25
444 Feb 3
294 Feb 3
4igMay 18
6i4May 18
144 Feb 5
49®4
Jan
Jan
Apr
103
344 Jan
2734May 13
4
May 14
3738June 3
22
14
184
07
10978 Mar IS
284 Jan 28
16UMay 13
3934 Jan
124 Aug
2004 Jan 28
204 Jan 28
1758May 13
May 13
120
234June
114 Apr
07, Jan
MarlO
484 Mar
Pond Creek Pocahon..No par
174
174 Jan 20
44 Jan 25
May 13
054 Feb
Plttston Co (The)
2,300
124 Feb 18
84May 14
May 3
2h Jan 12
II
4
Pitts Young A Ash
14
27
20«4May 14
34
*54
2058
July
44i4May 13
4i8 Jan 5
0%
20
165
*24
57g
2
290
......
367,
♦
*16
55g
______
124
*35"
36
234
11078 *108
56
3,800
6,300
------
10
5178
*104
*564
14
*57
614
*57
614
614 *57
584
594
584
584
5834
5834
1164 *1154 1164
1154 1154 *116
39
394
394
394
394 394
*1014 ioi'4 10134 1024 *10134 1024
1144 115
*113
115
1144 1144
*
250
------
56
93
*29
30
284
a;264
*164
244
♦
Deo
152
People's G L A C (Chlo)—100
Peoria A Eastern.
—100
Preferred
934
*14
175
1334
144
*24
44
153,
2978
12
604
------
*175
"144
934
*
5178
*104
200
49
*43
29
*
84
*55s
7
87,
14
8234
15
5434
155,
114
*
14
8034
5578
153,
2934
♦
*84
44
44
154
34
93
Day
*55,
7
494
*24
Holiday
554
5534
11
175
144
144
114
♦175
Extra
*43
284
114
*554
Exchange
*54
578
494
284
Exchange
55
15
*
Stools
774
554
15
Stock
3,500
474
43
54
153
Jan
112i2 Apr 12
1,100
*84
14
Jan
140
0
Peoples Drug Stores...No par
Preferred
100
858
464
*13
No par
Penn G1 Sand Corp v t o No par
Petroleum
*414
14
78
144
No par
Pet Milk
43
14
2.50
Penney (J C)
No par
Penn Coal A Coke Corp
10
Prior preferred
47
7078
*124
1
No par
Transports'n.No par
No par
par
Peerless Corp
3
100
54
118
2
4
Parmelee
800
94
4
Jan
June
Patlno Mines A Enterprise
19
54
Jan
294 Apr
99
Pathe Film Corp
174
*84
152
90
Parker Rust Proof Co
July
684 July
474 Deo
149
4
100
1
100
10
144 May
2
June
Preferred
43
133
00
1
Penick A Ford
9
Apr 28
1344June
100
Parke Davis A Co
100
464
41
447, Jan
121
Park Utah C M___
100
44
Jan
Deo
0
ino
300
474
394 Nov
444
Jan
1st preferred
2d preferred
Penn-Dlxle
Deo
304
634 Jan 14
00
4% conv preferred
Paramount Pictures Ino
Park-Tllford
324 Jan 14
Jan 12
30
38
1
284May 14
414May 18
293gJune 4
No par
8% oonv preferred
Parafflne Co Ino
764
*434
40
No par
Pan-Amer Petrol A Trans p.. 5
Rights
464
100
100
10
preferred-_
Pao Western Oil Corp
84
174
84
No par
6%
*154
174
19
25
No par
Paoiflo Telep A Teleg
35
764
*80
June
22
(Cal).lO
Pacific Gas & Electric
Pacific Ltg Corp
Paoiflo Mills
81
35
35
*7434
Paoiflo Finance Corp
Highest
$ per share $ per share
$ per share
share
$ per
"
-
26
26
20
20
2534
2534
4078
414
4034
414
414
4U, 41 s4
53
*50
50
50
*50
534 *4958
534
*1124 116
*1124 116
*1124 116
*1124 116
46
46
46
46
474
4734
464 474
*8
10
*8
*8
10
*84
10
104
25
4,900
2,400
1,100
294
404
90
*51
100
23
30
2938
1347, 135
*134
Par
Lowest
Highest
Lowest
Shares
43
43
294
914
91
234
94
154
34
106
70
994
1878
129
129
29
434
37S4
24
38
294
135
135
17
294
*217g
294
Year 1930
EXCHANGE
Weet
4
$ per share
43
135
194
*284
2978
43
994
*1294 134
23
*2134
30
135
June
3
$ per share
30
434
*60
70
994
136
June
1344 135
135
*120
2
On Basis of
NEW YORK STOCK
the
Friday
Thursday
Wednesday
Monday
Range for Previous
1
100-Share Lois
Range Since Jan
STOCKS
Sales
NOT PER CENT
J"'
Saturday
3797
New York Stock Record—Continued—Page 8
144
00
Apr
May
7
8
Apr 27
1094May 14
0
June
1
434 Jan 29
3
Jan
2
04 Jan
4
11
Jan 27
20
May 27
x Ex-dlv.
4
804 Mar 10
140
Mar 19
94 Feb 19
Mar 11
65
44 Mar 17
114 Feb 25
5
204 Mar
374 Mar 11
y Ex-rlghta
60
84 Nov
134
194
Feb
35
32
Jan
754
744
Apr
54 June
July
22
119
104
604
Jan
Mar
Deo
Deo
Feb
Deo
34 Mar
14
24
Jan
Jan
77,
Jan
15
Oot
Jan
37
Oot
18
64
If Called for redemption
Deo
r
New York Stock Record—Continued—Page 9
3798
SALE PRICES—PER
AND
HIGH
SHARE,
NOT PER
CENT
STOCKS
NEW YORK STOCK
EXCHANGE
JUT
Monday
May 31
Tuesday
$ per share
$ per share
$ per share
June
Wednesday
1
June
Thursday
2
June
$ per share
34U
3434
34i2
98
9712
3
June
$ per share
35
98
97l2
3334
*97i2
the.
Friday
4
$ per share
3414
3434
99i2
97i2
Par
Shares
2,500
No
Safeway Stores
110
■
110i8
110
111
*110
110l2
110
110
200
11112
111
111
*111
IIU4
111
IIU4
370
7% preferred..
22
■
/
*22
22i2
4112
■,
par
5% preferred...
6% preferred
42
42
42i4
96
96
*95
2178
.
Us
*13i2
4034
1»4
434
3978
8I4
8514
28i4
133s
2914
•
*99
lll2
2
158
14
*1312
4034
40i2
13s
1U
478
4014
5
41
81*
*Si8
8634
29i8
1&8
14
*1312
4012
U4
40*2
478
47g
*40
*57i2 5934
*38i2 40
29
287S
10458 10458
29i2
46
1'4
*434
U4
5
3
600
5H% preferred
""ilo
JSchulte Retail Stores
100
1%
2,800
600
Co
Scott Paper
No
X Seaboard Air Line.
Preferred
29
28U
1314
3U4
1338
1,000
Shattuck (F
3U2
32
1,100
*99l2 103
100
*8
8i4
103
11*4
1138
IU4
*57l2
59l2
*57l2
*38*2
40
*38l2
29
100
4534
46l4
4534
*3i2
334
*96
101
*3i2
54
*100
147
*
334
334
*3i2
*3*2
334
56
54i8
54U
5458
5514
10012 *100
100»4 *100
100l2
147
147
101
"3l"
800
*3134
33
3218
32i8
2Uo
21
21
21
I8I4
113
334
3334
142
1858
113
18*4
*113
4
378
33l2
3334
142
*
31
Shell Union Oil
No par
Conv preferred
Simmons Co
.No par
"I20
98
98
80
32
800
33l2
*3U2
33
2U4
19U
1834
193s
115
1914
*113
4
334
33
3334
*
-
-
2U4
-
1878
*113
4
33l2
143
33i2
*
Jan
26
100
floss Sheff Steel A Iron.
.100
13
314 Feb 9
235g Feb 10
13
45U
2i8
Jan
8i2 Jan
2
4
953g Mar 10
1
3138 Nov
3278
Deo
July
104i*
Deo
120
9U Apr 28
14
Feb
1
434
Jan
1114
Deo
65
Jan 21
43 ig
64
Deo
44
Feb
Jan
Apr
45
Nov
59
May 13
37ig Mar 12
25&s ApJ 28
Mar 20
102
8
34»4 Feb 19
10538 Feb
12i4 Apr 28
40
May 13
2
1778 Mar 11
58
Mar 16
414 Apr 21
6058 Apr 22
Jan 27
9812 Apr 29
102U Feb
85U
Jan
197
Mar 10
June
120
Mar
98
4
3012 Apr 28
40 ig
21
2934 Feb 15
Solvay Am Invt Tr pref
100
South Am Gold A Platinum. 1
110
46,200
50
1014
Sugar.. .No par
33
141
Preferred
20U Apr 21
Jan 15
Mar 18
113ig Feb
334 Apr 29
100
So Porto Rico
June
June
Mar 29
6
03s Feb 20
42i2 Jan 12
155
Jan
2
"24U
2412
5134
5034
5234
16,900
Southern Pacific Co
100
42ij Jan
32i2 Jan 13
653s Mar 11
37U
3612
3734
12,200
Southern Railway
100
24
Jan
433g Mar 17.
4612
*5U2
4834
47
4714
47
48l2
47l2
51
100
45
Apr 29
601* Mar
*52l2
55
Mobile A Ohio stk tr ctfalOO
54
Apr 28
65i8
8
8
8
8
*8
70
*61
65
*60
99
99
99
Stock
Stock
2,600
200
10
99i2
99
993g
220
57g
2,200
6
534
22
*20U
22
80
*73l2
*3U4
80
*73l2
80
32
*31l4
32
80
*73l2
*3U4
32l2
534
32
I8I4
18
18*4
29i2
47i2
*2914
30i2
*46l2
20U
47
2034
82i4
83i2
21
8178
41
42
1258
Exchange
99
3,000
61
*20
1234
*40
1234
18
3034
*46f2
2014
8234
40i2
12&S
41
1278
1838
18iS
3034
*2934
100
1838
4,400
3034
200
47
47
47
2012
2038
10
*83
21l8
85U
4012
*4012
42lo
300
1278
Xl238
1234
10,200
83i2
4,800
450
Exchange
Closed—
Closed—
Extra
Memorial
Holiday
Southern Calif Edison
26
Preferred
Spalding (A G) A Bros .No
Day
658
*8
9
7
812
838
634
7
634
83g
838
83g
200
100
Spang Chaifant A Co Ino pf 100
Sparks Withlngton
No par
Spear A Co
1
$5.50 preferred
No par
Spencer Kellogg A Sons No pa*
8perry Corp (The) v t e
1
Splcer Mfg Co
No par
Conv preferred A
No par
Spiegel Inc
2
Conv $4.50 pref
Square L' Co class B
No par
Standard Brands
No par
7
678
678
4,300
17
17
17
1734
40
40
40*2
40i2
*37
42
42
44
*43l2
45
3
431*
*234
4434
3
4214
43l2
4334
43
43 38
4338
44
*31
43 78
35
*
*234
3
35
"66"
67
6558
6634
40
41
40
43l2
66
67
6534
6534
1778
18
173.!
18i8
163,1
4212
43i2
*
17l2
171*
3,000
42io
17ig
*38
300
1758
*17
1734
1
1
95i2 Apr 28
483gMar 8
16U Jan 20
2734 Apr 26
z!238June 4
128i* Feb
8
123g Jan 22
143* Mar
8
Preferred
No par
No par
325gMar
8
$6 cum prior pref
No par
37i2May 18
05
$7 cum prior pref
No par
42
Jan 12
Jan
37
Jan
53*4 Mar
2184
143g
Apr
Apr
1207g
Jan
Jan
50
Feb
3284
333gMay 27
25
55ig Jan
2484 May
4414
*
44i8
35
6,800
Standard OH of Kansas...
"
.10
I8I4
18l2
1834
Stewart-Warner
17»4
4
21
Feb 11
101*
3,200
800
P
Stokely Bros A Co Inc
7,700
8tone A Webster
8,900
Studebaker
200
1
.No par
Corp (The)
Sun OH.
1
700
«00
-
.
..
.
"
119
Feb 10
par
100
.1
..
7j8
3,200
18,900
36
7i8
35i2
3534
35l2
3578
1438
1434
1434
15ig
14&8
1434
1078
7i8
7ig
3558
1434
103,i
714
3,900
3534
3,800
1478
8,500
8
20U
3378 Mar 31
2334 Jan 20
28i*
Apr
Apr
357g
Jan
Nov
20*8
Deo
123g Nov
151*
Deo
Internat ltd
No par
z30i8May 13
.1
15i4May 14
1178May 14
HUMay 18
50
Apr 26
ww
9
6preferred
60
Telautograph Corp
5
Tennessee Corp
Texas Corp (The)
800
Texas Pacific Land Trust..
*46
1078
48l2
1034
47l2
*46
36*2
*35
36
*35
48i4
3612
200
6212
*62
6212
*62
6212
*62
621o
Texas A Pacific Ry Co
100
Thatcher Mfg
No par
$3.60 conv pref
No par
*934
*8712
10i8
8934
9
*914
10
26
6
2538
558
27
2358
2534
534
2358
17i2
1634
9i8
358
17
4
*914
358
10
200
*25
26
558
558
26
The Fair
2,700
Thermold Co
300
Thompson (J R)
Thompson Prods Ino..No
Thornpson-Starrett Co .No
44
par
65g
Jan
0
Nov
Mar 30
33
Jan
1058
163s
Jan 22
Jan 28
5414 Mar
6
28
143* Mar
Jan
49
Apr
487a Nov
02
64
Jan 13
69
Mar
03 ig
Feb
9
1334 Mar
1
6
93 >8
Jan
4
3
9i2 Apr 29
85
Apr
1
131* Feb
3
958May 18
8i2 Jan 13
15U Mar 5
Mar 22
287g Feb 11
23
5i2 Apr 26
10U Jan 25
40s4 Jan 25
10
Nov
Oct
110
Feb
81* May
12*8 Mar
Jan
Jan
Jan
Jan
91* Feb
135g Nov
3284 July
314
8I4
245*
47g
1484
Jan
81* Mar
39»4 Feb
21*4 Deo
97i2May 4
287a Feb 11
12ig
79
277* Deo
741* Nov
2278
2278
23
2234
23
2,400
Timken Detroit Axle
60U
6058
CO
6034
6012
6158
2,900
Timken Roller Bearing.No par
1314
13
13i8
1278
13
1278
13
13,600
1358
1378
1334
1334
1378
14
1.000
Transamerlca Corp ...No par
Transcont A West'n Air Inc.5
1278June 3
13i4May 13
223g
Jan 11
147*
18
18
17
17
*17fg
18
400
Transue A Williams St'l No par
17
2
27«s
Jan 22
2,700
Trl-Contlnental Corp..No pai
0% preferred
No par
Truax Traer Coal
No par
8
103* May
7ig Jan
96i2
*96
97i2
*96
97l2
838
8I4
8I4
81$
834
10534 *105
10534 *105
10534
934
978
*912
978
*9l2
978
*14
17
*15
17
*15
17
8i4
*105
*2312
1634
*97
17]s
97io
1378
14U
17*2
1714
812
834
10534 10534
9i2
9l2
*15
100
$3.50
100
$4.50
100
300
16
37
3658
37
37i8
37
37
4714
10i8
46l2
46i2
*46
4634
100.
10
10i8
Ids
400
*69
73
70*2
70i2
10ig
*70i2
*4534
10ig
47
10
75
*70l2
75
I8I4
19
1834
19i2
3l8
3 >8
8912
89i2
76
76
77
100
2314
135
9234
2714
2378
10U2
24
137i2
101
2358
136*4
9234
9234
2714
2714
2434
2438
3*8
*3
89*2
90
3
89
18»4
90
76
77
77i2
IOU4 Zl0078 IOU4
24
235s
24i8
13614
13534 136
9234
9234
9234
*26
27
27U
24U
2538
2514
Bid and asked prices; no sales on this day,
60
19*8
2,700
*3
314
314
90i2
400
90
conv
No par
10
215,
9134May 20
10
2li2 Apr 28
59i2June
1,400
...10
CorpN#
t In receivership,
a
600
500
26i8
7,300
Per, delivery
60
Jan
Apr
3
11
Apr
18ig Nov
Jan
275*
22ig
Deo
12
Feb
11*8 Mar
8
10918 Jan 21
12
Mar
3
26*8 Mar
8
Jan 20
6514
25
Ulen A Co
No par
Under Elliott Fisher Co No par
258Mayl5
76f2May 13
63
Feb 17
95
Apr 28
Union
Pacific
25
...100
Preferred
100
Union Tank Car
No par
United Aircraft Corp
n New stock,
r
Cash sale,
..6
x
23i4June 1
120i2 Jan 4
90J4May 7
26l2 Apr 30
23i8May 18
Ex-div.
v
110
Apr
Oot
9*g Nov
28
Mar 29
18
1
Jan
Jan
94
66
Apr 29
Apr 28
47*
171* Jan 22
Twin Coach Co
9i2 Apr 28
93
7ig Apr
22i* June
318g Apr
834 May
50
1.300
93
May 13
4
4078 Mar 13
13514 13758
2712
16
Jan 11
Apr
Feb
4234 Jan 13
Union Oil California
2658
25i8
8i2
26
17»8 Feb
33«4 Feb 24
5,000
*92l2
May 13
104i2 Apr 7
4
par
4,200
600
June
1
Feb
Preferred.
No par
Twin City Rap Trans..No par
Preferred
loo
IOOI4 IOU4
24
2358
80
Apr 28
1058May 18
Union Bag A Pap Corp No par
Union Carbide A Carb No par
*76
22
No par
pref
20th Cen Fox Film
1,500
18i2
1834
pref
Truscon Steel
36i2
*46*4
10i8
3658
cum
Tidewater Assoc Oil
5,800
Oot
8>4 June
85
2278
17
July
337*
13
87, Dec
44«4 Nov
15U Feb
Jan
914 June
71*
225s
6158
17f8
Jan
Dec
Dec
Apr 10
958 Mar 16
44
*23i2
17i8
96l2
22\
59l2
♦
9*g
13
55 U
Apr
Feb 19
3i2June
par
0»4 May
287*
48
834June
25
8
35i2May 18
1
Third Avenue
28
13
14
29
15
3
83g Jan 12
153s Mar ~
65"8 Apr 22
634 May 13
3512 Apr
1134May
10i2May
4234 Apr
100
500
1,000
1
No par
100
Preferred
10
2
43i2 Apr 16
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur.. No par
Texas Pacific Coal A 011
10
Jan 21
15*4 Jan
571* Feb
1034 Apr 28
*35
10l2
173s
503s Jan 18
*46
8934
634June
6
26
47l2
10's
Oct
285gMar
36
*8712
878
Deo
4
25
1st paid receipts
3558
Dec
6*4 Mar
425g
2358June
Talcott Ino (James)
7i8
60
Jan
95* July
Swift A Co.
200
1238
Jan
3
13i* Nov
203g Nov
Without warrants
60
27
6134 Feb
May 13
Oot
377g
Swift
1214
5858
Nov
Jan
Symington-Gould Corp
*634
125
Jan
1,500
7*8
Jan
05g
2,000
10
118
Jan
23
2,100
100
Mar
4
125
3978 Jan 25
201* Jan 20
14
1134
157g
91
Jan
8
19
52i4
Jan
Dec
2
1378
1134
30i* Deo
145*
918
Jan
1878
*51l4
Oct
13
2358
12
Apr
32i* Jan
......
51
Deo
781* Nov
241* Apr
Sutherland Paper Co
10
Sweets Co of Amer (The)...60
2358
3058
31i8
70*8
40*4
Jan
Dec
Deo
70
Feb 17
77i* Jan 11
4078 Apr 28
4^May 14
30
Feb
48i*
31
3
7«4 Mar 2
47U Mar 11
May 27
Superheater Co (The)..No
17
1378
4
65
Superior Oil
Superior Steel
17
2,900
171* Jan 20
335g Jan
20
Jan
100
1734
100
143sMay 18
19
May 18
13U
No par
Preferred
5,500
Jan
Jan
Mar
65
312
Dec
Deo
Jan 29
*878
Dec
02
3*4
7
Mar
7
Feb
277*
475g
72*8 Jan
Mar
*634
Feb
97g
72U
June
75
51
18ig Nov
1334 Mar
Jan
Apr
Apr
48
1334
*lll2
43*4 Nov
129
91* July
5i8 Apr
91*
2484
26>4
Nov
Feb
1214
534
*23i2
2S«4 Feb 11
8178june
24ig Aug
133g
44
Aug
5914
558
19i2May 13
5
Jan 18
2
1178
25
50
35
5838
55g
23>4 Jan 12
3418 Apr
Oct
Jan
Jan 11
12l2
*25
May 14
4534 Apr
Oot
921*
3634
Feb 19
59i8
25
17
2812 Jan
27
735* June
2934 May
157* Apr
76
634
25
2
4
1214
9
2
Jan
11484 Nov
984 Mar
Jan
50
58f2
414
Feb
36
07*
4058May 18
42
May 18
3058May 14
1258
878
94
Apr 28
10U* Mar
684 Apr
Oct
Standard Oil of Calif...No par
Standard OH cf Indiana...25
5858
*312
May 22
31
82
8,800
1214
*914
75
Oot
117* Nov
43i2
58
9
Feb 20
6
634
4f8
31
63i8May 18
2
1158
10i2
63U June
63i2May
5214
834
77^8 Mar 17
104i2 Jan 7
91* Jan 28
3412 Jan
*1U4
*3l2
*914
59
Standard Oil of New Jersey .25
*50l2
10i8
5414
Starrett Co (The) L 8..No par
Sterling Products Ino
10
1U2
5214
8934
Jan
Jan
500
1U2
*934
19
34
4234
4334
3U4
1858
*87i2
Deo
6
900
18
10l2
Deo
9,066
31i8
8934
Oct
261*
66
18
*934
477g
67i8
1378
*87i2
321* July
Jan
44i8
3U8
*62
Feb
Apr
0»4 July
1958 June
Feb
Mar
25
66i8
18
11
5'">8May 13
100
23i*
12»4
66
1334
1034
Jan
Jan 20
778May 15
5i4May 18
15
May 18
Stand Ga* A El Co
150
July
71*
351* Aug
4314
*3078
11
58if Feb
98 May 24
114
Apr
117* Mar 16
No par I20,5j6 Apr 30
Comm Tobacco
26
44
1378
11
June
17i* Nov
Mar
37g July
27f Feb 26
24
36
8
12i* May
110
Stand Investing Corp..No par
2334
*46
301* Deo
Sept
100
2414
738
Jan
21
1,100
2334
7
Nov
72
6634
19
Jan
Dec
Apr
85
6712
1734
684
473g
132
40U June
44
1334
Jan
Oct
3iS
31
678
z3i* June
19i* Jan
Dec
54
Sept
66
*17
487g
97 5g
44
18
141*
44i2
24
*634
8»4 July
1934 Jan
*234
35
*65l2
Dec
127i2 Nov
44l2
2334
3078
*50
Deo
3>8
1634
16l2
1678
*1638
1658
1678
1634
1634
19
20
1912
1918 20
1914
1958
1938
1412
1414
14i2
1438
14l4
14f8
1458
1418
*65
67
*65
65l2
67
65i2
65i8
65i8
♦1181* 12212 *118»2 12212 *118i2 12212
*118i2 123
42
42 I8
42
42
43
4ll2 41l2
4U2
5
478
458
434
434
434
434
434
33
33
3U2
*3214
*3U2 32i2
3U2
*3212
*34
35
*34
*34
35i2
3512
35l2
*3414
*17
Stand
22i2May 13
par
1st preferred
H Preferred
*8
28 U
Apr
Feb 16
Corp...No par
Socony Vacuum Oil Co Ino. 16
24io
578
30U
14»4
102
8
36i4
1958
89
't6 Apr 28
312 Jan
42
Mar 10
4934
578
1984 Nov
May 13
Snider Packing
100
1958
Dec
Jan
Jan
Jan 11
2,500
2,100
578
Deo
778 Nov
Jan
54U
4
2014
87g
44
155s
"24i"8
99
~2~i8 "Deo
Apr
His
2034
5178
578
*1958
*7312
*3034
1758
29l2
*46l4
20l2
817„
2
4
Feb
2414
61
Feb
Feb
~
175s Feb 10
42i2 Mar 10
34
5
3738
65
414
201*
13s May
7H June
1011* Nov
5034
*60i2
10134 Mar
Jan
100
8i2
567a Nov
Dec
5958
3658
*8
177* Nov
June
301* Aug
31* July
52
8fg
114i2 Mar
""7g "jan
30i2June
143
55
11
5
37s8
*52f2
Nov
2
2
54i8 Apr
llU Mar
2414
55
114
Jan 14
36
*5U2
Deo
108
Aug
llOig Sept
93
2378
49i2
55
99
495* Nov
377g July
500
33lo
Dec
98U Mar 15
$6 preferred
No par
Smith <A O) Corp
10
Smith A Cor Typewr.-No par
115
378
Jan
July
5134 Mar 17
Jan 11
7i8 Jan
27
18
l^May 14
4'r>sMay 18
3658May 13
-.10
Skelly Oil Co
Preferred
-
3012
21
2
4
share
per
96
18
'mMay 10
Slmms Petroleum..
1,300
98
*32
z38
A • par
Sharpe A Donme
2,700
149
149
271* Mar
14i8 Jan
40ijMay
9334May
U2May
1358May
95
1,400
3U2
21
143
"2414
147
3
.No par
100
Silver King Coalition Mines.6
98
32
6
Apr!28
1278 Apr 28
Sheaf fer (W At Pen Co .No par
"3", 100
30l2
30l2
Jan
Feb
29
Conv preferred ser A.No par
-
113
113
26
$5 conv pret
6
3
No par
G)
Jan 13
Mar
Highest
share
$ per
Mar 18
110
1
1,800
«.
103
No par
Servel Ino
Rights
5434
5434
*9912 10034
15012 15012
46
5
9712 Jan
106i8May
81
5,800
14'8
46l2
May 19
31
Seagrave Corp
No par
Sears. Roebuck A Co..No par
10,200
28
2834
10478 105
1378
$ per share
400
40
28U
10434 10434
14
*1334
$ per share
Seaboard Oil Co of Del-No par
59l2
40
Lowest
Highest
2,200
1112
59lo
par
No par
_.
Sharon Steel Corp
*99
295g
100
1
Preferred
14
3912
13*4
31*4
41
41
8*4
10412 10458
14i8
14i8
46
45i2
14
134
14
40l2
100
100
100
Savage Arras Corp
No pai
Schenley Distillers Corp... .6
28*2
1314
*38i2
200
86l2
2912
*57i2
300
1,200
96
86l2
86
1314
llh
22
42
*94l2
I84
*1334
39l2
96i2
514
4134
884
8978
2914
1338
812
86I4
31l4
31U
IOU4 101*4
11U
1U2
102
22
42
2238
421.1
1*4
41
2834
14
45
42
*94f2
1S4
8534
30
1334
*21l2
97
30
Year 1930
\W-Share Lots
Lowest
*111
0
On Basis of
Week,
3434
9712
Range for Previous
Range Since Jan. 1
Sales
fnT
LOW
Saturday
May 29
June 5, 1937
07a
1001ft
Mar 13
Jan 20
Jan
8
91i8 Mar 27
111
Feb 20
28U Feb
4
14834 Mar 16
99>4 Jan 13
3U* Feb 4
35 ig Mar
Ex-rlghts.
5
Jan
27* June
745*
381*
715g
2084
1081*
90i8
225*
205g
June
May
Jan
Aug
Jan
Jan
Jan
Dec
385s Nov
47»4 Nov
171*
Dec
109
Dec
85g
1023g
Jan
Deo
70
Deo
lOSU Nov
281* Feb
14984 Aug
100
Apr
U Called for redemption.
June
31*8
Feb
323*
Feb
Volume
AND
Saturday
May 29
$ per share
HIGH
SALE PRICES—PER
Monday
June
Wednesday
Tuesday
May 31
$ per share
1
June
$ per share
16%
*19%
24
$ per share
15%
16%
20
*19%
23%
24
*11312 11512 *113X2
83%
83X2
83X2
*3012
412
33
38%
39
11%
23i2
*100
6%
46i2
79%
*30i2
4%
*38X2
434
12
12%
23%
102
*21
100%
6%
47%
6%
46X2
80
80i2
12U
12%
12%
*10634 109
*10734
12
11%
12%
16
16
*16%
*90
95
15%
15%
15%
15%
20
20
*19%
*19%
25
2384
*24%
2334
*113% 115
115
*113% 115
83%
83%
83%
83%
83%
32
32
32
*30l2
31%
412
4%
434
4%
4%
39
38%
38l4
39%
38%
12
12%
12%
12%
12%
23
23
2334
23%
23%
*100
101
101
100% *100
634
6%
6%
6%
6%
47
47
48%
4034
48l2
80
80
80
80%
*7934
12%
12%
12%
12%
12%
109%
109% *10734 109% *108
12
12
12%
lll2
1134
17
16%
16%
*16%
16%
16i2
17%
109
17
64
33
33
884
------
300
*92
2%
16%
100
16,600
3,000
3,000
400
10
6,900
700
16
1,200
93g
16%
200
------
700
100
20
*69%
5H% oonv pref...
U S Industrial Alcohol .No par
U S Leather v t o
No par
1,400
700
Stock
Stock
Exchange
.
28%
37%
42X4
9
5712
128
Extra
Memorial
85%
85%
*118% 123
Holiday
Day
*6
13%
26*8
Corp.
100
Preferred
100
No par
100
Preferred..
No par
41
*__..
95
59
22
21%
85
*83i2
6
11%
*7
11%
1384
26%
11I2
13%
2634
13%
26%
No jxir
100
Vanadium Corp of Am .No par
Van Raalte Co Inc
6
100
Vlck Chemical Co
6
Vlcks Shr A Pac Ry
Co oomlOO
6% non-oum pre!
100
3,500
1,400
9%
59%
Va-Carolina
Chem
No par
6% preferred
100
60
Va El A Pow $6 pref...No par
634
40
*21%
22%
20
Virginia Iron Coal A Coke. 100
6% preferred
100
Virginia Ry Co pre!
100
Vulcan Detinning
...IOC
■
110
128
85
85
120
20
5%
11%
6
*5%
12
11%
11%
*7
*13%
*26%
6
11%
Vadsco Sales
634
110
*7
6
11%
400
42%
*118% 123
85
*118% 123
—100
7% 1st pref
*126
128
*83%
120
120
1,100
------
95
8%
57l2
57
110% 111
6%
6%
*22
22%
*126
128
*
834
57
7
7
8%
No par
Preferred
Universal Pictures 1st pref. 100
futilities Pow A Light A—1
Preferred.
115
13%
2612
26%
13%
------
1,700
11%
13%
26%
—
-
638s Jan 11
3284May 13
6I4 Jan 2
131a Apr 23
Jan
4
6U2June
1
May 13
75
Jan
4
15
15
44%
45
45
*19
44%
19%
*19
*20
32%
*20
15
15%
5%
*70
12%
*5412
%
734
*24%
*37%
30%
*5
6
800
1,500
*45
19%
19%
*19%
*20
30
5%
*70
80
13%
13%
13%
60%
%
*54%
60%
60%
%
%
*54%
%
8%
%
8%
30%
%
30i2
31
*24
38
*35
31%
*30%
5%
8%
30%
*36
*30%
*4%
31
8I4
38
5
5
*80
"l%
*24
38
8%
*24
39
*U2
47
82
*81
90%
90%
*90
94
95
94%
86
86
86
121
121
111
11134
-
-
-
-
1%
47%
56
42%
8%
16%
3%
8
834
*15%
2i2
7%
56
58
44
42%
139
137
146
111
146
*80
8%
5
-
-
-
5%
-
1%
*1%
47%
4712
*80
----
*1%
47%
1%
47l2
82
*81
82
97
*90
96%
*91
97
95
95
86
86
*120
95
-
-
-
1Y1
*110% 11234
8%
8%
*15%
16®4
16%
*212
234
234
734
734
784
834
57
43
139
*146% 149
24%
*23l2
95%
38%
21X2
*29%
30
200
-
------
-
1,800
-------
10
230
57
55X2
43
42%
138% 139
*146% 149
90
110
121
50
111
111%
8%
*15%
2%
7%
56%
43
8%
16s4
2%
734
57X2
4334
139
144
149
149
24
*23
24
38%
*3734
38%
*22%
*3784
21
21
*19%
21
*19%
21
30
30
30
30
123
*102
104
*95
104
30
102
102
110
45%
800
7,600
6,100
3,500
130
------
200
400
20
------
2,300
100
100
22%
23
2134
2134
23
24
23%
23%
15
15
15
15
23%
14%
24
15
1434
800
*414
4i2
2834
534
*4%
*27X2
5%
*4i8
30
484
3012
5i2
9%
3,000
4,000
5%
8%
9
9
4l2
4%
29
4%
29
512
5%
512
9%
9
9
79l2
*78l2
4612
4734
45%
46%
35
35
35
*33% 3434
*34%
102
*103
102
10412 *102% 105
86
86
86X2
*83%
*8412
86%
*78
90
*69
50
23%
126
38»4
81
*96
3234
538
♦
7912
46%
*90
90
0934
50
25
126
3834
82%
99
33
5%
pid and asked prices; no sales
*78X2
69%
79l2
47%
98
69%
*92
69
97%
69
*2734
5%
9%
*78i2
46%
80
4734
35%
103%
86% 86%
bnthis day,
2,900
100
100
Mar 11
75% Jan 18
126% Mar 11
Jan 22
Jan
9
5
9
5
84% Jan 11
9% Feb
8% Feb
21
48
Jan
26
4
Apr 29
May 17
*36
111U Mar 27
41
June
3
115
80
Mar 27
85
Mar 18
80
88
47
Mar
5
May 12
Mar 27
Feb 26
4
1284 Apr
6
5U2May 18
108
Mar 18
74% Apr
6
7%
Jan
6U Apr 28
21%May 26
124
Apr 26
Feb 17
70
115
Feb 15
Jan
6
Apr 28
par
lli8 May 13
Apr 27
%May 18
6% Feb 1
par
24
par
3384 Apr 28
28% Apr 29
6
Webster Elsenlohr..—No par
200
*92
98
20
69
69
400
310
600
5,000
100
2,900
700
Def. delivery,
59
Feb
4
2
May 14
preferred
..No par
West Penn El class A..No par
—100
Preferred
6% preferred
West Penn Power
100
-
100
Preferred...
Wilson A Co Inc
No par
S6
preferred
...100
Preferred
Young Spring A Wire. .No par
Youngstown S A T— ..No par
6
H % preferred
100
No par
Zonite Products Corp..
1
Zenith Radio Corp
Apr
May
135
Mar
98
4
Mar 12
n New stock,
16
Mar 17
19% Feb 11
49
118
Feb
Jan 28
I884 Mar 11
49% Mar 16
19% Jan
50% Feb
1034 Feb 26
99% Mar 2
5
r Cash sale.
70
120
5
114
914 Apr
Jan
Jan 23
Feb 17
Jan 25
Jan 16
44
MarlO
21
46
2% Jan
6
Mar 17
4
Apr
% June
4% Jan
15%
Jan
Apr
19x2 Apr
6i8 June
83
May
1
Aug
33% June
78
91%
Feb
Jan
110
102
H6I2
Jan
Jan
May 14
May 17
Jan
7
90
Jan 18
114
Jan 18
38
Jan
4
99
4U Apr 28
884 Jan 2
May 18
44i4May 19
78
32%May 13
81
Jan
77»4 Jan
90
May
681* Mar
48% Apr
20*8 Jan
123
Apr
37%May
170
Mar 6
Mar 17
Mar 17
Jan 22
Mar
Jan 22
30% Jan 22
39 May
6
27% Feb 23
34% Jan 7
115
Apr 13
123%May 6
65
Mar 11
110% Mar 17
23%May 15
33% Feb 16
18% Jan 25
684 Mar 22
46% Jan 4
6% Jan 25
12% Feb 27
9184Mar 2
65% Jan 20
47
Jan 22
111%
8X8 Apr
15
1%
518
72X2
3484
9412
12312
22%
3512
1984
34
99
84
18%
MarlO
47
Mar
6
62%
Jan
7
63
Jan
5
101% Mar
2
8
115
5^8 June
3
6
Jan 27
40% Feb 17
9X4 Jan 16
33%
8*4
8312
4214
41>4
105
Oot
3384
Jan
39
Jan
32
July
35% Oot
91
Nov
July zl20
Oot
Jan
July
39% Deo
109% Feb
Feb
44>i Apr
231| Apr
56
Apr
76
46% Feb 15
160
284 Jan
6% June
70
June
128
Feb
9% Feb
96% Nov
*50% Deo
153% Oot
3% Apr
Apr
100
Jan 23
4
16
4
Apr
Sept
124% Sept
H684 Deo
1218 Feb
23% Sept
1384 July
18
6
29
4
28
18
62% Jan 27
37% Feb 18
Aug
21% July
112% Mar 25
142
Apr
Nov
May
Jan
Jan
Jan
June
Oot
June
31% Nov
4
Apr
y
6
Jan 22
9784June
7512
9
Deo
5X| Jan
26<8 Apr
17% Apr
10% Jan
2i8 Apr
47% Jan
18
38% Feb 19
984 Feb 1
Jan
4% June
9% Jan
30
Apr
69%
I84
12%
35%
*100%
123%
9
115X8
II84
28
29
23%
434
1
11%
18
83%
13
5784
28
167%
12
19i2May 13
29i2May 27
* Ex-dlv.
Jan
Aug
Aug
2% Aug
*114ii
Jan 19
Mar 9
Jan 8
Mar 5
8I2 Apr
1512 Apr
2i8June
7i8May
*31
Mar
4
1
4i8May 18
2712 Apr 28
—6
109
Jan
White Sewing Mach...No par
Conv preferred
No pat
Wilcox Oil A Gas
Sept
Jan
2884 Aug
4%
Feb
White Rk Min Spr ctf—No par
60
May
84
87
May 20
2184 June 4
21% May 13
14%May 15
—
72
14
Apr 10
30ij
White Motor..
Jan
Feb
Apr
96
54i4May
WhlteDentalMfgCo(TheSS)20
40
Jan
4178 Apr
13014 Apr
1 0( 1
I6I4 Apr
28%
*110%
Feb 11
Westlngh'se Air Brake.No par
Westingbouse El A Mfg
60
1st preferred
.....
60
"Prpfhrpfvl
June
109
Western Union Telegraph. 100
6% preferred
30
Wheeling A L Erie Ry Co..100
5)4% oonv preferred... 100
Wheeling Steel Corp—No par
30
102
110i2 Apr
21
Jan
July
1
June
118
143
Jan
1
May 22
90i4June
92
No par
Westvaco Chlor Prod—No par
Mar
5
56
Weston Eleo instrum't.No par
31*
7
84% Feb
86
57% Apr
Jan
80
Mar 13
Oct
Apr
1284 Jan
Jan 4
43i2May 14
He
Apr
37
100
Preferred
Yellow Truck A Coach ol B..1
70
5
514 Apr 28
75 May 3
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
Conv
May
19
2934May 14
No par
100
Jan
67% May
50
A ...No par
6
5"
153
13
—No par
26i8June 4
No par
100 *11212 Mar 18
11U Jan 4
Walworth Co
No par
4212 Apr 28
WaIk(H)Good A W Ltd No par
par
160
Jan 18
Walgreen Co.
par
131
Jan 19
Waldorf System
No
No
t Warren Bros
...No
Convertible pref
Ao
Warren Fdy A Pipe
No
Waukesha Motor Co
47
72% July
68X2 Jan
46% Jan
115% Jan
86
784 Jan
t Warner Quinlan
Jan
108
100
93.86 conv pref
Aug
164
10% Mar 16
18% Mar 16
Warner Bros Pictures—
10
71
May 13
4% Jan 13
2% Jan 20
58% Jan 20
39% Mar 11
44% Jan 20
Jan
Aug
21*2 Jan
7% Apr
16% Jan
142%May 17
70 May 26
2i8 Apr 29
U2May 13
4
No par
8%
31% Aug
4Xj Oct
May 17
Jan 21
5
700
500
a
72% Mar 31
Feb 18
1)8
105
9
21,100
6,500
35
t In receivership,
19% Jan 12
318 Jan
100
Woolworth (F W) Co
10
WorthlngtonPAM (Del.)Nopar
Preferred A 7%
100
Preferred B 6%
100
Wright Aeronautical ...No par
Wrlgley (Wm) Jr (Del)-No pa'
Yale A Towne Mfg Co
26
------
103
51
51
52%
52%
52l2
5312
24%
2514
24%
2534
24%
2484
129
*126
12512 126
*126% 12712
3 884
39
39
3884
39%
3884
82
81%
82%
8212
82X4 85
*96
9934 *98
99%
9734
9734
33
33%
33%
33%
3334
33%
5%
5%
5%
5%
*5%
5%
9
100
Class A
23%
*27
Mar 30
72U Mar
100
Western Pacific
15
*2134
112
f Wabash
Preferred A
900
180
500
22%
23%
49
9
1518 Mar 13
22% Mar 17
435s Feb
122% Jan 11
400
*2184
*2184
160
2
Preferred
8OI4 May
May
Feb 10
11784 Feb
Ward Baking class
Class B...
2414 June
23*2 Mar 22
70
Mar 22
100
100
pref
100
6% preferred
—...100
Western Maryland
...100
2d preferred
.100
38%
*3734
108
108l2 *108
*108% 115
*10812 115
♦
123
*118
121% *118
121% *118
45
46
45%
4534
"4512 4634
4584
*102% 104
400
121
30
24
*2338
*3784
21%
200
*86
86
-
1,700
------
30%
5%
*81
96
900
884
Apr
Mar
68
Jan
Jan
10
20% Jan 19
169
May 28
19%
Jan
136
1978May 24
Dec
Nov
Apr
2
Preferred
Preferred
-
-
30%
3734
30%
-
21,500
%
82
*120
137
-
13
48
8
1,700
78
13%
47
2%
100
*54%
61
------
6
13%
*81
8%
15%
5%
*70
78
19«4
30
30
6
300
46
45
6
7,500
15%
44%
*18%
5%
1338
*80
*1%
15
30
*70
80
15%
13
91
150
H6X% preferred
14%
9
3
131
70
87
8
3% Jan 28
120
May 13
May 15
147
Apr 29
658 Apr 28
3%May 17
June
113% July
16*8 Feb
2484 Mar
100i2 Feb
172
4
8X4
Jan
113% Jan 14
166
Jan
105
109
2
34% Jan 13
137
Feb 3
May 10
48% Aug
16% Feb
29% Aug
50>4 Nov
Mar
11%May 17
16i4June 4
10512 Apr 28
17
Jan
3218
June
60i2 Jan
86«4 Mar 19
1418 Nov
17
Jan 14
63
Preferred B
1,000
6%
11%
2
67^4 May 20
Preferred class A
1,300
1,800
12i4June
60
1,700
1,400
20
July
44U Jan 4
84
May 17
79 May 18
United Stockyards Corp
1
United Stores class A—No par
20
Jan
4
-.100
60
U 8 Steel
3518 Nov
914 Feb
93
No par
U S Tobacco
100
37%
*
"41 r2
"il"
8%
59
*36
37%
115
95
*126
*126
*35%
*
110% *109% 110%
7%
2284
20%
20%
41
*40%
8%
Closed—
5%
3784
115
*
95
*20
20%
*3614
♦
Closed-
11%
1,000
...
96«4 Nov
Jan
IO6I4 Feb 26
912 Mar 11
107i2May 28
6I2 Jan
4
15i4May 18
9512 Apr 28
112 Apr 29
Jan
Jan
15
534May 13
117
Oct
68
22%
2684 Apr 19
4612 Jan 7
77 May 17
251* Sept
37% Nov
33% Nov
111
5% Apr
U S Rubber
Universal Leaf Tob
115
*21%
1,000
62,700
3
Mar 17
Jan
40x4 Apr
10>4 Apr
10
Preferred
6
Feb
91
35
13
16% Apr
24x4 Mar
8*2 Jan 14
No par
1st preferred
11784 Feb
Highest
share $ per share
4678 Jan 14
16
Mar 8
1
1818 Jan 4
96*4 Jan 26
U S Pipe A Foundry
U S Realty A lmpt
U S Smelting Ref A Mln
248g Jan 12
31% Feb 10
3014 Jan 11
per
4i2May 19
89
v i e
100
1%
54i2
*7
800
No par
v t c
preferred
;
37UMay 20
100
20
Prior
71
71
68%
68%
*68%
*68%
144
*141
144
14214 142% *138
80
75
79
*61%
*61%
*61i2
2%
2%
2%
2%
2%
2%
134
184
134
1%
134
; 134
54i2
*5312
*53X2 5412 *5334 54X2
28%
27%
2734
2784
27%
27%
2%
*109
Class A
Corp
72
1*8
*53i2
27%
Exchange
20
100
5
50
7% preferred.:
Universal-Cyclops Steel Corp 1
2%
834
56%
No par
U S Gypsum
200
72
*____
100
2OI4
144
*4012
No par
*1912
71
*36
Corp
20
144
*
11%
No par
700
_
16,500
1,700
11
1
U S Hoffman Mach
60
57%
5634
57%
5812
5734 :
55I2
5634
89
89%
89%
9012
89%
89%
88%
89X2
87
86
87
86
86
86
85%
*8518
69
68
70
70
70
67%
*6784
*68%
97
98% 10212
99%
9834
9634
98%
983s
134% 135
136% 136% 136% 13034 *134% 135
*120
128i2 *123
128% *125% 128%
128% *120
156
*153
156
156
*150% 156
*150% 156
7
7
7
7
7
7
7
7%
4%
4%
4l2
4i2
4%
4l2
4%
4%
70
*60
70
75
*61
70
*61%
*60%
11%
United Eng & Fdy
United Fruit
300
1,900
52%
11%
5
United Dyewood Corp—...10
Preferred
t
100
United Electric Coal Cos
5
1,300
11%
51%
53%
1U2
11% June
Preferred
11
113S
United Drug Inc
U S Freight
2,400
51%
No par
14
6
20
16
28
Apr 30
15X4May
19i2May
23^2May
11312 Mar
69*4 Apr
29
170
17
53
53
..--100
.
$ per share
Lowest
Highest
$ per share
United-Carr Fast Corp No par
United Corp
No par
Preferred
No par
U S Dlstrlb
53
52
Preferred
United Carbon.
United Gas Improve... No par
Preferred
No par
110
*108
Corp...5
United Amer Bosch—No par
United Biscuit
No pai
United Paper board new
10
USA Foreign Secur...No par
Preferred
100
*108
110
*108
110
Un Air Lines Transp
3,000
110
*108
Par
14,800
2%
*2
16%
16X2
1,100
95
*92
95
*2
2%
------
17
17
16%
16%
17%
17%
108% 109
10914 109%
107l2 10812
*158% 161
158% 160
*158% 161
19
18%
*18%
18%
18%
*18i2
64
64
*55
64
*56
*56%
33
34
34l2
33%
34%
*32i2
10
9%
9i2
9%
*9%
9%
17
16Xo
17%
*1634
10%
16%
17%
109
♦158% 160
1912
19%
16l2
95
16%
*57
7,600
16%
100-SAara Lots
Lowest
Shares
$ per share
23%
*2.
2%
$ per share
On Basle of
Week
4
20
*91%
*2
June
3
June
EXCHANGE
Friday
Thursday
2
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Range for Previous
Year 1936
Range Since Jan. 1
Sales
for
LOW
3799
New York Stock Record—Concluded—Page 10
144
Jan
Jan
Aug
Apr
Jan
Jan
July
Jan
Jan
11% Jan
584 July
Ex-rlgfrta\ ? Called forredemptlon.
June 5, 1937
3800
NEW YORK
STOCK EXCHANGE
Bond
On Jan. 1, 1909, the Exchange
,yadirWeekly and Yearly
F,droceR
method of Quoting bonds
toot
bonds.
changed and prices are now "and interest"—except for income and defaulted
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling
outside of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of suoh sales In computing the range for
the year.
•'
'
.
'
'
■
Friday
Y.
STOCK
Ended June
Week
4
Range or
Range
Sale
EXCHANGE
Week's
Last
BONDS
N.
Friday
Since
Price
Bid
At
Low
U.
S.
Friday
Asked
High
No.
Low
Treasury 35*8—.Mar
Treasury 35*8—-June
Treasury 3s
Sept 15 1951-1955 M S
Treasury 3s
June 15 1946-1948 J D
109.26
116
33
113.16 121.14
100.20
78
104.2
111.19
53
109.12 115.20
109.30
66
107.12114.9
109.20
106.28
102.23 102.20
106.31
102.28
161
101
104.11 104.7
104.15
383
102.10 107.30
105.19
105.23
16
104.20 107.27
35*8—-Mar 15 1941-1943 M 8 i()6~.14 106.13
35*s._ .June 15 1946-1949 J D 104.26 104.26
106.19
27
104.24 108.24
104.30
106
102.20108.24
35*s._-June 15 1940-1943 J
Deo 15 1949-1952 J
D
43
104.28 110.18
106.28
D
104.15
104.15
25
102.24108.18
Treasury 35*s
Aug 10 1941 F
A
106.11
106.20
61
104.24 108.24
Treasury 35*8—-Apr
Treasury 25*8—.Mar
15 1944-1940 A O
16 1955-1960 M 8
106.15 106.10
100.20 100.18
106.15
90
104
109.25
100.25
323
99
104.30
Treasury 25*b._ .Sept 15 1945-1947 M 8 102.26 102.26
102.32
159
Treasury
25*8...Sept 15 1948-1951
Treasury 2^s
1951-1954
Treasury 25*8...Sept 15 1955-1959
Treasury 2&s—Dec 151949-1953
M S
100.20 100.19
100.18 100.16
100.25
101
99.2
104.10
D
99.26
99.25
99.30
44
98.4
103.17
M S
99.21
99.17
99.22
165
D
97.26
97.24
97.30
63
J
J
98
103.18
90.0
101.22
Mortgage Corp—
3J*S
Mar
16 1944-1964 M
3s
May 15 1944-1949
3s
Jan
2Kb
Mar
8
IVI N
15 1942-1947 J
1 1942-1947 M
103
102.30
103
79
101.7
May
2He series B—Aug
102.14
103.2
103.2
37
101.8
105.23
S
101.21 101.18
101.22
12
99.0
104.10
102.19
Price
Bid
At
Low
127
Colombia
102.2
101.28
102.2
1 1939-1949 F
100.9
100.5
100.10
A
99.29
1942-1944
O
♦Colombia Mtge Bank 63*1— 1947 A
O
1940 M N
1947 F A
♦Sinking fund 7s of 1928
♦Sinking fund 7s of 1927
99.23
99.9
100.11105.17
46
99.24105.3
110
98.28103.2
34
285*
J
225*
D
Too"
..1953 M N
...1957 F A
945*
....1952 J
Copenhagen (City) 5s
25-year gold 45*s
♦Cordoba (City) 7s
J
1944 M
935*
♦Sink fund 6s Feb coupon on.1947 F
♦Sink fund 6s Apr coup on..1948 A
A
*224
O
*224
1903 MN
J
1945 J
984
♦External
s f
♦External
s
f 7s series C
1945 J
1945 J
♦External
s
f 7s series D
1946 J
♦External
s
♦External
sec s f
f 7s 1st series...1957 A
7s 2d series. 1957 A
♦External
sec s
13
98.10 102.31
Antwerp (City) external 5s
1958 J
^Argentine Govt Pub Wks 6a__1960 A
f 6s of May 1926
1960 M N
1 External s f 0s (State Ry)__1960 M
s
IfExtl 6s Sanitary Works
1901 F A
IfExtl 6s pub wks May 1927—1901 M N
1962 F
45*s
1971
S f external conversion 4s... 1972 F A
Australia 30-year 5s
1955 J
External 5s of 1927
1957 M S
s f
4
13
9
....1949 F
Sinking fund 55*s.—Jan 15 1953 J
♦Public wks 55*s...June 30 1945 J
D
J
Cseohoslovakla (Rep of) 8s
Sinking fund 8s ser B
114
114
12
12
124
20
64
Denmark
1952 J
2
101'32
42
IOP32 1025*
21
100 5* 102 5*
101
1025*
1011,6
10011,6
1014
102*32
1001*32 100'*32
100
1014
904
914
10
24
6
174
213
107 4
108
53
107
1074
1024
1034
12
30
1
*20
1945 F
103
100',6 103
96 H
1015*
915*
905*
104 5* 1105*
104 5* 110
995* 1025*
98
185*
1035*
25 5*
1949 M
110
109
110
33
108
1955 J
1084
1084
24
1174
13
1155*
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 05*s
1960
1950
♦External sinking fund 6s...1958
♦Brazil (U S of) external 8s
1941
♦External s f 0 5*8 of 1920
1957
♦External
J
M
A
J
J
A
A
J
100
80
99
335*
1025*
1025*
335*
8
*98
1035*
1035*
2
1
1035* 1055*
1035* 1055*
1055*
1015*
995*
|»Stamped extd to Sept 1 1935—_ M S
Dominican Rep Oust Ad 55*8—1942 M S
1st
ser
1940 A
1940 A
55*s of 1920
78
775*
*76
*775*
785*
8
104 5* 1055*
18
1005* 1025*
975* 1005*
45
78
16
82 5*
82
73
82
785*
"785*
*205*
605*
745*
72
775*
795*
785*
815*
78
605*
*99
1075*
22
D
116
1115*
1941
8I5*
78
81
195*
255*
26
J
D
♦55*s unstamped
1965
♦German Rep extl 7s stamped. 1949 AO
♦7b unstamped
1949
German Prov A Communal Bha
♦(Cons Agrlc Loan) 63*8
1958 J D
♦Greek Government s f ser 7s. .1904 M N
♦Sink fund secured 6s
Haiti (Republic) s f 6s
1968
A
ser
23
1195*
1115*
98
4
3
41
4
F
175*
115
245*
1245*
1115* 1195*
1195* 130
121
1175* 124
78
205*
315*
25
34
285*
26
285*
24
215*
305*
24
8
185*
315*
32
138
27 5*
255*
245*
255*
8
235*
285*
285*
34J*
285*
285*
8
235*
32
345*
295*
7
33
41
275*
35
995*
1952
128
265*
A
♦Hamburg (State) fls
1940
♦Heidelberg (German) extl 75*s '50
Helslngfors (City) ext 65*8
1900
Hungarian Cona Municipal Loan—
105"
995*
215*
*185*
105
965* 100
17
25
100
22
195*
1055*
155*
8
4
on
1945 J
J
235*
235*
♦7s unmatured coupon on
1946 J
J
*235*
*225*
*225*
265*
....
-----
....
265*
....
♦75*8 unmatured coup
60?*
100)4
1055* 107 J*
*119
D
1949
19<5£
605*
615*
995*
1075*
*1175*
1949 J
♦Hungarian Land M Inst 75*8.1961 M N
♦SinklDg fund 73*8 ser B
1961 M N
35
475*
71
35
47
Extl siDklng fund
55*8
1905 M N
Jugoslavia State Mtge Baak—
24
355*
475*
995* 1033*
995* 103
1034
101
324
102
26 5*
335*
100
102
87
17
....
loo"
*98
1976 F
794
100
1055*
102
995* 1025*
....
"87"
97 5* 103
77
885*
895*
825*
835*
83 J*
785*
86
825*
*86
774
774
835*
"784 *126
75 5*
19
755*
794
1984 J
794
794
814
564
58
4
66
643*
26
26
4
215*
26
274
79
J
274
5
22
28
1074
1074
1124
994
994
119
79
J J
M N
1960 A
O
1952 M N
Aug 15 1945 F
1961 J
1954 J
A
J
26
1074
1114
994
994
1114
99
994
*57
J
♦Cent Agrlc Bank (Ger) 7s.— 1950 M S
♦Farm Loan s f 0s—July 15 1960 J
J
♦Farm Loan s f 6s...Oct 15 1960 A O
♦Farm Loan 6a ser A Apr 15 1938 A O
"56"
7
20
♦Chile (Rep)—Extl s f 7s
1942 M N
♦External sinking fund 08— .1900 A O
♦Extl sinking fund 6s...Feb 1961 F A
204
214
214
204
214
214
214
214
214
Jan 1961 J
♦Extl Blnklng fund 0s..Sept 1901
•External sinking fund 0s...1902
♦External slnkli g fund 8s...1963
•Chile Mtge Bank 64s
1957
J
M
S
M
D
D
1961 A
O
♦Guar 810s
1962 M N
18
1960 M S
174
♦Cologne (City) Germany 54s. 1950
M
S
19
18
34
"3
4
18
♦7s with all unmat
coup
18
"is"
"855*
mm
m
mm
735*
A
995*
975*
105
215*
215*
215*
215*
F
s f 7s
1947
Lower Austria (Province
•!)—
7 5*s June 1 1935
coup on
1950 J
♦Leipzig (Germany)
♦Medellln (Colombia) 654s
♦Mexican Irrlg assenting
195*
107
305*
305*
305*
275*
of 1910
1
12
3*8—11952
1958 M
♦Sec extl s f 0 5*s
1959 M
1952 J
♦6s series A
1959 M
New So Wales
(State) extl 5s. .1967 F
External s f 6s
Apr 1958
Norway 20-year extl 6s
1943
♦Montevideo (City) 7s
External alnk fund
43*8
98
115*
17
75*
75*
6
6
9
65*
55*
95*
95*
85*
135*
75*
13
6
*55*
Externals! 4)*8
85*
8
115*
115*
11
9
J
*75*
95*
J
O
S
D
715*
725*
30
255*
255*
715*
S
265*
8
265*
10
67
N
625*
1035*
A
1035*
1985
1903
214
214
5
Oslo (City) 8 f 45*8
1
214
184
184
6
Panama (Rep) extl
53*s
♦Extl s f 5b ser A
1955 A O
J
D
1953
1903 M N
18
184
24
18
184
29
174
174
2
1035*
1005*
1065*
1035*
1015*
985*
1956
s
95
65*
1944
f ext loan
25
*55*
—
20-year external 6s.
Municipal Bank extl
405*
195
75*
1953 M S
1958 M N
"23"
975*
12
795*
293
75*
Oriental Devel guar 0s
Extl deb 5 5*s
23
4
*7
35
*684
91
405*
295*
large
Oerae8 (State)—
s f 05*8
106
1065*
1035*
1015*
975*
*1025*
68
4
63
2
21
1035*
1035*
1065*
1065*
1045*
26
102 5*
34
985*
12
17
7
143
83
775*
995*
105
103
----
22
f 5«»—.1970
22
2
825*
83
3
78
25
77
995*
105
1005*
13
1055*
16
705*
82
25
34
245*
655*
33
685*
64
605*
1015* 1055*
1015* 105
1045* 1075*
1055* 109
1015* 105
995* 1025*
985*
955*
1025* 1035*
17
245*
83
755*
715*
78
975* 1005*
105
107
765*
76 5*
2
745*
665*
♦Stamped
Pernambuco
875*
86
94
825*
995*
875*
J
1952
2
93
65*
♦Nuremburg (City) extl 8s
3
715*
65*
20
174
805*
59
65*
""4
214
80
1
24
8
214
21
65
565*
1165*
935*
*55*
*65*
214
214
214
214
111
J
1954
♦Sec extl
s
12
1954
of 1904.
of 1910 small.....
♦5Treas 6s of '13
J
assentdarge) '33
J
♦I Small
Milan (City, Italy) extl 0
A
Mlnas
1
small
♦4s of 1904
♦Assenting 4s
♦Assenting 4s
♦Assenting 4s
1155*
865*
855*
735*
995*
55*
43*s_. 1943
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 6b of 1899
1945 Q
♦Assenting 5s large
♦Assenting 5s
D
D
1954 J
MN
855*
715*
975*
6
975*
A
1957
85
475*
565*
405*
*205*
O
69
14
045*
76
235*
235*
19
225*
305*
12
195*
28
85
(State of)—
♦7s Sept coupon off
♦Peru (Rep of) externa] 7s
♦Nat Loan extl s f 6b 1st ser..
♦Nat Loan extl s f 6a 2d ser..
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
♦External sink fund g 8a
For footnotes see page 3805.
F
1155*
J
A
4s
404
05*8.-1954
8
18
'214
J
1901 J
D
334
214
♦Sink fund 04a of 1920
♦Guar s f 6s
1951 J
50
334
S
M N
8
614
50
334
*384
1960 MN
D
1951 J
71
38
364
s I
55
A
Japanese Govt 30-yr
1
78
Irish Free State extl sf5s
F
595*
20
1977 M
iS8
♦Hungary (Kingdom of) 73*8—1944
425*
101
1961 F
(Kingdom of)—
♦Sink fund 7s July
coup off.. 1907
♦Sink fund 74s May
coup off1908
68
86
*505*
O
64
101
1975
•Chilean Cona Munlc 7s
♦Chinese (Hukuang Ry) 5s
56 5*
1932
Italy (Kingdom of) extl 7s
Italian Cred Consortium B
M
1947
Italian Public Utility extl
7s... 1952 J
374
*103
.1976 A
f 6s
1025*
100
48
1015*
985*
25
374
424
1105*
Bulgaria
s
98
1025* 1045*
61
1055*
245*
101
_
♦Ry ref extl
"l
104
995*
185*
1004
•Buenos Aires (Prov) extl 6s... 1901 M
♦0s stamped
—1961 M
10-year 24s
25-year 34s
♦Carlsbad (City) sf 8s
995*
1035*
365*
1025* 1055*
101
104
605*
1015*
18
16
101
1950 J
Canada (Dom of) 30-yr 4s
5s
2
30
104
1055*
99
214
454
374
♦6s July 1 1935 coupon on
*274
1902-1 D
Buenos Aires (City) 6 5*s B-2__ 1955 J
J al014 101
External s f 6s ser C-2
*100
1960 A O
External s f 6s ser C-3
100 1960 A
f $ bonds
1025*
1025*
27
104
61
J
3
23
204
101
.1958 F
Extl re-adj 45*s-45*s
Extl 8 f 44s-44 s
995*
90
A
15
23
215*
434
374
374
374
s f 05*s of 1927—.1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
1957 M
♦6J*s stamped
Extl s f 45*8-45*8
Refunding sf 45*s-45*s
96 5* 101
93
105 5* 1095*
1184
1084
1184
1004
1955
Sinking fund gold 6s
20-year s f 0s
Budapest (City of)—
20
59
95
O
.
100 4
1034
20
17
A
Apr 15 1962
German Govt International—
♦65*s of 1930 stamped
"1664
1074
1
37
975*
1955 F
20-year extl 6s
External gold 65*s
External g 45*8
External 7s stamped
7s unstamped
3
101
1014
External 30-yearsf7s
s
11
IOP32 1025*
IC0X 1035*
1957 J
6s
3% external
12
10
914
"4
38
38
31
305*
305*
965*
1951 A O
1942 A O
75*s unstamped
25
"1014
945*
205*
975*
A
Externa] loan 45*s
French Republic 75*s stamped.1941 J
1011*32 1011*32
IOII32
101*32
1014 1011*32
1011*32
100
285*
285*
705*
A
2
1956 M N
♦Bavaria (Free State) 65*s
Belgium 25-yr extl 65*s
External
13
101',G
101**32
A
M N
External g 45*8 of 1928
Austrian (Govt) s f 7s
7
13
1004
Argentine (National Government)—
If External s f 6s of Oct 1925..1959 A O
If External s f 0s series A
1957 M S
8 f external
1
1004
1011*32 1014
*12"
f 7s 3d series. 1957 A
15
75
♦El Salvador 8s ctfs of dep new. 1948 J
J
Estonia (Republic of) 7s
J
1967 J
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 05*S—-1953 M N
26
984
134
124
13
9
285*
245*
225*
225*
26
13
124
1134
285*
75
S
External 5s of 1914 ser A....1949 F
Agricultural Mtge Bank (Colombia)
1 Public Works extl 5 5*s
High
77
1909 M S
♦Dresden (City) external 7s... 1945 MN
If Extl
Low
75
A
♦7s Nov 1, 1936 coupon on..1951
Cuba (Republic) 5s of 1904
285*
285*
♦225*
225*
225*
985*
65*s 2nd series
7s series B
High No.
*74
O
2d series sink fund 55*s
Customs Admins 6 5*s 2d ser 1961 M S
55*s 1st series
1969 M S
♦Antioqula (Dept) coll 7s A
Since
335*
1957 F
Cordoba (Prov) Argentina 7s.. 1942 J
Costa Rica (Republic of)—
♦78 stamped
Foreign Gevt. & Municipals-
Akershus (Dept) Ext 5s
Range
Jan. 1
Asked
(Republic of)
♦0s Apr 1 1935 coup on..Oct 1981 A
♦0s July 1 1935 coup on .Jan 1961 J
Deutsche Bk Am part ctf 6s
1 1944-1952 MN
25*8 series G
Nft.
100.10
102.14 102.10
J
Home Owners' Mtge Corp—
3s series A
4
Friday
High
106~30
Federal Farm
Week Ended June
Range or
Salt
EXCHANGE
Foreign Govt. & Mun. (Concl.)
15 1946-1950 M 8
15 1943-1947 J D
3 5*s
STOCK
Y.
Week's
Last
BONDS
N.
Jan. 1
Government
Treasury 45*8—.Oct
15 1947-1952 A O 115.30 115.18
Treasury 35*8—.Oct
15 1948-1945 A O 106.19 106.15
Treasury 4s
Dec 15 1944-1954 J D 111.15 111.14
Treasury
Treasury
Treasury
Treasury
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Friday
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If
EXCHANGE
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Y.
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BOND BROKERS
Railroad, Public Utility and Industrial Bonds
106 H
29
25
For footnotes see page 3805.
Vilas A Hickey
New York Curb Exchange
NEW YORK
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1948 M 8
104 H
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INDUSTRIAL
10-year deb 4He
104 H
1948
1948
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Bangor A Aroostook 1st 6a
44
43
COMPANIES
Coll trust is of 1907
93
Atl Gulf A W198 coll tr 6s.... 1959
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1st 5s
RAILROAD
91
93
Oct
May 1 1945 MN
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A
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61
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4
82
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108
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1955 F A
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1957
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40
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Sydney (City)
m
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....
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♦7a Nov 1 1935 coupon on.. .1962 M N
J
Sines
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Austin A N W 1st gu g 5s
1941
34H
22 X
Sao Paulo (City of Braill)—
♦Saxon State Mtge Inst 7s
High
No.
Jan. 1
111H
2d 4s
Rio Grande do Sul (State
♦8s May coupon oft
1952 M N
♦Extl 0Hs May coupon off..1957 M N
San Pamo (State of)—
,
July coupon off
1936 J J
J
♦External 8s July coupon off. 1950 J
♦External 7s Sept coupon off 1956 M I
§3
*11434
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D
Range
Friday
Asked
A
102 H
Atl A D&n lat g 4a
27
26
52
Bid
J
gold 4s
Rio de Janeiro (City of)—
♦8s April coupon off
♦6Hs Aug coupon off
Sale
Low
10-yr coll tr fis_.
113
109
3
Price
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4Ka A— 1944
1st 30-year 5s series B_.
1944
-3
Ranoe or
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i5
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General unified 4 Ha A
1904 J D
LAN coll
1952 MN
81
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22
22
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F A
25-ye»r external 6s
..1947
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1950 M S
4
High
27 H
22
22
STOCK EXCHANGE
Week Ended June
95 H
MN
M
A
•External
25
J
♦7Hs July coupon off
Prague (Greater City) 7H"
29
*25)4
Y.
Jan. 1
Porto Aiegro (City of)—
•8a June coupon off..
fe*
BONDS
Range
Friday
Bid
Pries
Week's
Friday
00
Range or
Last
BONDS
N.
3801
New York Bond Record—Continued—Page 2
144
23H
99 H 10454
100H 108H
75H
88 H
78H
June 5, 1937
New York Bond Record-Continued—Page 3
3802
Friday
BONDS
N.
Bennett
cn/t
l
~
STOCK
Week
& Johnson
Uros.
c/Wembers
Y.
Ended
June
Columbia G A E deb 5a—May 1952 IVI N
Debenture 5s
Apr
15 1952 A O
Debenture 5s
'Private Wire
TC- Y. 1-761
-<• Pell
J
Commercial Invest Tr deb 3 %a 1951
Conn A Paaaum Rlv 1st 4a
1943
135 So. La Salle St.
Connections
Price
Friday
A
Asked
Bid
Conn Ry A L lat A ref
8tamped
Randolph 7711
112
3 %s debentures
99%
7
78
112" *~~i
15%
105%
101%
102%
99
High
98% 105%
100
105
98% 105%
114%
111% 115
109
102
108%
57
94
100%
40
99% 105%
104% 106
105% 112%
107
2
5
104%
103%
105%
53
104
14
*21%
105%
104
Low
32
104%
104
104
1956
31
98%
102%
1951
f 3%a A
No.
105%
*103%
*106%
106%
1961
Consol Edison (N Y) deb 3%a.l946
System Teletype •>- Cgo. 543
a
*110%
4%s.—1951
guar 4%a
Conn River Pow
98%
98%
Since
Jan. 1
eqeq
100%
101
Range
li
High
98%
100
101
A
Columbus Ry Pow A Lt"4s
1965 M N
Commerolal Credit deb 3%s—.1951 A O
Chicago, III.
*DIgby 4-5200
Range or
Sale
O
1955 F
15
1961 J
1948 A
Jan
Col A H V lat ext g 4a
Col A Tol 1st ext 4s
RAILROAD 'BONDS
One Wall Street
4
Week's
Last
Low
f T[ew York Stock Gxchange
j ej^ew Ymrk Curb Gxchange
Tork, 3\[. T.
81
Hi
EXCHANGE
31
104% 107%
100% 108%
102% 106%
101
107%
♦Consolidated Hydro-Elec Works
of
Friday
Last
Y.
STOCK
Week
EXCHANGE
Ended June
4
Range or
Range
Sale
BONDS
N.
Week's
Friday
Since
Price
Bid
A
Low
Cent Pac 1st rel gu g 4a
Through Short L 1st
gu
1049 F A
48—1954 A O
A
1960 F
Guaranteed g 5a
107%
107 H
98
"98% "56
98
M N
*89
M N
122%
M
S
M
S
105%
M N
107 H
S
High
112%
108%
104%
95%
125%
96%
37
108
*105
Central Steel 1st g a f 8a.
M
Jan. 1
No.
High
Certaln-teed Prod 5%s A
{♦Cent RR A Bkg of Ga coll 681937
1941
1948
Champion Pap A Fibre deb 4 % 81950
Chea & Ohio lat con g 6a
1939
General gold 4 Ha
1992
Ref & lmpt mtge 3 Ha aer D1996
Ref & lmpt M 3 Ha aer E—1996
Craig Valley lat 6a
May 1940
Asked
92
122
105%
107H
118%
123
""3
83
82
6
105%
107%
7
108
11
109
122
22
96 H
97
68
128%
102%
96 H
M N
97
23
102%
F
A
J
J
*106
Pott8 Creek Branch lat 4a
1946 J
J
*105
ill"
R A A Dlv lat con g
1989 J
J
J
*109%
110%
117%
1989 J
4a
2d conBol gold 4a
1941 M
S
Chic 4 Alton RR ref g 3a
1949 A
Chic Burl & Q—111 Dlv 3 Ha—-1949 J
O
97
Warm Spring V lat g 58
J
111
108
55
111%
120%
4
110%
115
1
108
55
55%
22
107%
107
Illlnola Division 4a
1949 J
J
111
110%
111
General 4a
1958 M
S
1977 F
A
111%
111%
111%
111%
1971
F
A
116%
116
117
11
if ♦Chicago & East 111 lat 6a..1934 A
O
J*C
A E 111 Ry (inew Co) gen 58.1951 M N
♦Certificatea of deposit
Chicago A Erie let gold 6s
""39"
*101%
36%
36
37%
1982
HCh G L A Coke l8t gu g 5s.1937
^♦Chicago Great West l8t 4s__1959
f*Chlc Ind A Loulsv ref 6a
1947
M N
J
J
M S
J
J
1947 J
♦Refunding g 5a aer B
♦Refunding 4a aer C
*117%
*100s16
43%
42%
29%
29%
J
*
J
1947 J
1966 M N
♦lat A gen 6a aeries A
♦lat A gen 6s aeries B.May
Chic Ind A Sou 50-year 4a
1966 J
1956 J
1969 J
D
J
*
16%
16%
B__May 1 1989
58%
"29%
♦Stpd 4s non-p Fed inc tax 1987 M N
♦Gen 4%s stpd Fed ino tax—1987 M N
♦Gen 5a stpd Fed lnc tax
1987 M N
♦4 Ha stamped
1936 M N
May 1 2037 J D
♦1st ref g 6s
♦1st A ref 4 Ha atpd.May 1 2037 J
D
I 2037 J
*27%
1949 M N
{^♦Chicago Railways 1st 5a Btpd
F
Aug 1 1936 25% part pd
:*Chlc R I A P Ry gen 4s
1988 J
45%
56
40
1960 MN
1951 J
25%
24%
June 15 1951 J
Gold
3Ha—
Memphis Dlv let
gu
4s
g
30
25%
15
*66%
34
11%
11
19%
68%
35%
61
25%
23%
38
1944 J
1963 J
17
Chic A West Indiana con 4s
1st A ref M
4%s
aer
J
1951 M S
J
1952 J
1962 M S
D
Chllds Co deb 6s
1943 A
109%
5a
Cincinnati Gas A Elec 3 % a
Cln Leb A Nor 1st con gu 4s
1966 F A
1942 M N
cons
Cln Un Term 1st gu 6a ser C..1957 IVI N
1st mtge guar 3 Ha aeries D..1971 M N
J
Clearfield A Mah lat gu 4a
1943 J
106
Cleve Cln Chi A St L gen 4s___1993
General 5s ser B
1993
^Ref A lmpt 6a
IT Ref A lmpt 5s
D
91
8
90%
98%
99%
77%
91
C_
1941
aer
D
1963
J
1939
4%s.l950
103
17
103%
102%
103%
47
102
102%
77
101% 108%
100% 108%
99% 105%
87
87%
4
35
35
Series A 4Ha guar
Series C 3 Ha guar
1942 J
Series D 3%s guar
Gen 4 Ha aer A
1950 A
94%
see
2
104%
5
100
100%
118
103932 1035,6
105732 105"32l
94%
94%
*103%
104%
35
94
40%
97% 104%
104% 108%
""
107% 109%
101
110%
104% 104%
97
118
107%
118
103% 105%
33
89
101% 105%
91%
98%
103% 106%
94%
93
99%
95
*101%
103
104%
101
107%
O
*109%
*103%
*109%
O
J
107
F
103
107
*107
108
D
49%
107
105
111%
106% 106%
111%
111%
5
105%
101%
106%
54
*108
i
104%
102
1
107
109
104% ""2
80
78
80
62
61
62%
108% 116%
109% 113
104% 111%
99% 105%
110% 112%
104
108
7
77
96
14
61
77%
49%
7
50
50
50
12
<z5 8
260
60
5
J
D
*
103%
91%
62%
104% "11
76
91%
1936 J
J
30%
1936 J
J
30
108%
*10/%
27%
27%
16
40%
98% 108%
96% 103%
102
105
101
103%
102
97
103
107
103% 106
47%
65
47%
64%
60
60
101%
108"
88%
95%
104% 106
101% 104
104% 106%
108%
30%
30
106% 108%
111
45
106% 108
26%
30%
27% 38
15%
16
12
15%
23
16%
15%
15
22
16%
23%
8
22%
23%
35
22
32%
7
107%
109%
7
50%
113%
107%
108%
50%
114%
107%
109%
103%
103%
*58
6%
50%
12
57%
111% 110%
106% 110%
105% 111
109%
101
70
60
60
*59
75
55
65
*50
D
1995
60
45
45
41%
55
111%
112%
112%
111
118%
101% 102%
53%
72%
*101%
O
53%
J
J
40
34
63%
71%
103% 110%
99% 107%
107
*50
1937 A
41%
41%
34%
102%
*104%
J
IVI N
1951
90%
*105%
*102%
1951 IVI N
Detroit Term A Tunnel 4%a_. 1961 MN
105
104%
"54"
105
102
110
108
111
East Ry Minn Nor Dlv lat
4a._1948 A O
East T Va A Ga Dlv lat 5a
1956 M N
*105
*112%
114
Ed EI 111 Bklyn 1st cons 4a
Ed Elec (N Y) 1st cons
106%
116%
103% 107%
135
133
g 5s
Electric Auto Lite conv 48
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4
%a ser A
Conv deb 4%s
3%s
conv
1939 J
J
*104%
1995 J
J
1952 F
A
*131%
109%
109%
1941 M N
1951 J D
102%
103
*
148
140
108%
106%
112
110
106
106
105%
103
106
105%
ser B...1940 J
*104
1940 J
99%
4s prior....1996, J
lien g 4a
1996 J
99%
82%
*80%
83
1953 A
"82 ~~
1953 A
1967 IVI N
1975 A
O
1955 J
*78%
117%
1954 F
101%
S
102%
1942 IVI
s
s
D
98%
1946 J
J
{♦Fla Cent A Peuin 6s
1943 J
J ♦Florida East Coast 1st 4%s—1959 J
J
Flat deb
a
f g 7s
♦1st A ref 5s series A
♦Certificates
of
*
D
1974 M S
12%
Fonda Johns A Glov
4%s
1952
if ♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4a
1982
it^Proof of claim filed by owner MN
♦Certificates of deposit
♦Sinking fund deb 6%s
♦20-year a f deb 6s
i**Ga Car0 a Nor 1st
♦Good Hope Steel A Ir
conv
Gr R A I ext 1st
gu g
4%a
"72%
20%
20
10%
9
4
5
110%
72
95%
101%
105
105%
*29
:
9%
3%
6%
3%
5
107% 107%
107% 108%
72
87%
93% 100%
121% 122%
100% 102%
103% 106%
33
30
40
32%
32%
32%
30
40
101%
102%
100%
32%
101
102%
40
29%
98% 105
98% 105%
101% 103%
82
83
33%
33%
81%
33%
44%
45
39
52
25
v
25
104%
109%
108% 111
104%
105%
100%
100%
100
IVI N
105%
104%
S
97%
97
*102%
*108%
97%
23
30%
104% 107
97% 101%
103% 106%
97
107%
103% 103%
104%
J
87
12%
12
*39
1941 J
96%
81%
12%
101
33%
D
73
12%
*101
J
96% 105
82
12
105
100%
M
80%
105
103%
101% 102%
101% 10S%
102
104%
78%
101%
ext 63..1934
1st mtge 4%a
1956
Goodyear Tire A Rub 1st 5a...1957
Gotham Silk Hosiery deb 5a w
wl946
Gouv A Oswegatchle
1st 5a
1942
102%
103%
98%
89%
*117
'~82~~
sec 7a_.1945
deb 6s
1945
101
102
*92
32%
102%
A
64%
102
102%
*65
1948 IVI N
F
*78%
*60%
12%
*108
"32%
Accept Corp deb 3sl946
15-year 3%s deb
....1951
89
117%
3%
D
1940 J
89
77
*3%
*104%
Fort St U D Co 1st
J
g 4 %s
1941 J
Framerican Ind Dev 20-yr
J
7%s 1942 J
Francisco Sugar coll trust 6s...1956 M N
Galv Hous A Hend 1st
5%a A..1938 A O
Gas A El of
Berg Co cons g 6a..1949 J D
Gen Amer Investors deb
6s A..1952 F A
Gen Cable 1st a f
J
5%s A
1947 J
♦Gen Elec
(Germany) 7a Jan 15 1945 J J
78%
*7%
12%
deposit
91
79%
71
101%
102%
1954 J
s
92%
94%
94%
93%
112% 114%
70
D
1942 IVI
82
*101
1942 IVI
1942 IVI
80%
82%
*108%
*101%
161% 101%
103%
103%
1st lien 6s stamped
30-year deb 6s series B
83
114% 119
116% 117%
A
1956 J
97% 106%
*118
s
Ernesto Breda 7s
103% 107
78%
77
J
83
172%
88%
"78%
78%
"99%
82
82
*
1953 A
1938 IVI
5a International series
1st Ilea a f 5a stamped
"9
139%
107% 111
108% 113%
100% 105
*107%
O
1965
3d mtge 4%a
66
112
103
D
1985 A
4a series D
109%
*110%
112
*105
1946 J
cons g
Goodrich (B F)
111%
""14
J
Gen Pub Serv deb
5%s
1939
Gen Steel Cast
5%a with warr.1949
4 Ala Ry 1st cons 5s
1945
107
105%
D
O
34
35%
104
126
106
J
110% 113
107
99%
23
105% 108
100% 107%
99%
1952 J
111
111%
"164%
1942 J
104%
48%
105%
Gen Motors
*101
111%
106%
*105%
J
105% 111%
*104%
102
♦2d 4s assented
102
98%
99%
1951 J
108%
*104%
1977
page 3805
108
93
Gen A ref mtge 4 Ha aer B...1981
Cleve Short Line lat gu 4 Ha...1961
For footnotes
107%
104%
*104%
*98%
J
1972
108
85
111%
*103
J
1973
lat a f 4 Ha series C
1977
Coal River Ry lat gu 4a
.1945
Colo Fuel A Ir Co gen a f 68... 1943
♦5 income mtge
1970
Colo A South 4 Ha aer A
1980 IVI N
2
40
100%
*
1948 M N
Cleve Union Term gu 5 Ha
lat a f 6a series B guar
99%
*104
M N
Cleve Elec Ilium 1st M 3Ha
1965 J
Cleve A Pgh gen gu 4Ha ser B.1942 A
Series B 3Ha guar.:.
1942 A
104% 113
16
J
Cln Wabash A M Dlv lat 4s. 1991
St L Dlv lat coll tr g 4a
1990 MN
Spr A Col Dlv 1st g 4s
1940 M S
1940 J
106%
108
J
W W Val Dlv lat g 4a
Cleve-Cllffa Iron 1st mtge
1
104
104%
103%
J
1977
1951
1950 M N
Fairbanks Morse deb 4s.._
Federal Light A Tr 1st 6a
104
J
ser
Ref A lmpt 4H8 aer E
Cairo Dlv lat gold 4s
5
108%
*100
a f 6s
J
1957 J
N Y A Erie RR ext
1st 4s—1947 IVI N
107
100
2
D
Genessee River 1st
104%
D
101%
1995 J
Ref A lmpt 5s of 1927
Ref A lmpt 5s of 1930
Erie A Jersey 1st a f 6a
20
106%
108%
♦Second gold 4s
Gen
108
"107%
101%
1943 J
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge 3%s aer G_. 1966 M 8
♦Detroit A Mac let lien g 4s
1995 J D
♦1st 4s assented
1995
1st consol gen
...
78
100%
8
1969 J
as to Penna tax
Conv 4s series A
Series B
10
91%
1952 Ml N
f*Choc Okla A Gulf
♦Cuba RR lat 6a g
7 %s extended to 1946.
6s extended to 1946
Erie A Pitta g
gu
Series C 3%s_
136
94%
78
O
16
104
A
24
24
18
91%
J
1963 J
1st mtge 4a series D
1st mtge 3Ha series E
3Ha guaranteed
30
100%
F
16%
6
30
*86%
*91%
J
103
99%
103%
Crane Co a f deb 3 %a
Crown Cork A Seal a f 4a
Crown Willamette Paper 6a
Cuba Nor Ry lat 5%a
EI Paso A S W lat 5s
5s 8tamped
Chicago Union Station—
Guaranteed 4a
warr
102%
D
36%
36%
35
9
103
J
23%
"56
4
104
104
Copenhagen Telep 5s.Feb 15 1954
Erie RR 1st
21
11%
*
D
1951 J
D
1960 J
Dec 1 1960 M S
178
17%
52
45
47
20%
16%
18%
17%
D
6s
1
25%
16%
Chic T H A So East 1st 5a
Inc
25%
24
D
Ch St L A New Orleans 5a
46
"45" "29
45
18
1952 MS
♦Certificates of deposit
♦Conv g 4 Ha
45
12%
105%
103
100%
ti*Dul Sou Shore A Atl g 5a_. 1937 J
Duquesne Light 1st M 3%s__. 1965 J
4
105%
104
1946 M N
36%
348
105%
1966 M N
3%s
HDul A Iron Range lat 5a
40%
17
lat mtge
Container Corp lat 6a
15-year deb 5a with
71%
28
*
♦Certificates of deposit
{♦Secured 4 Ha series A
D
Consumers Power 3%a.May 1 1965
1st mtge 3%a
May 1 1965 IVI N
1st mtge 3%s
1970 IVI N
69%
41%
35%
8
64
*30%
40%
*23%
*2l"
"77
69
61
41%
1934 AO
40
68
60%
64%
49%
52%
52%
54%
J
36
68
69%
1
A
39
J
5s
58%
38%
"17%
O
a f
60
57%
38%
25%
1956
1960
♦Debenture 4s
♦Consolidation Coal
66
"38%
25%
3
40
54%
52%
27%
8%
36%
38%
♦Certificates of deposit
{♦Refunding gold 4a
55%
390
8%
D
♦lat A ref 4Ha aer C.May
♦Conv 4Ha series A__
16%
29%
9%
36%
"45"
40
*31
f*Des M A Ft Dodge 4a ctfa
J
1935 J
{♦Des Plains Val lat gu 4%s__ 1947 IVI S
Detroit Edison Co 4%s ser D__ 1961 F A
Gen A ref 5s ser E
1952 A O
36%
1987 M N
{♦Secured g 6Ha
58%
9%
50
40
J
52
*
♦Conv adj 5a
Jan 1 2000
t*Chlc A No West gen g 3H8—1987 M N
♦General 4s
1987 M N
4
35
*110%
*
C__May 1 1989
♦Gen 4 Ha series E__May 1 1989
♦Gen 4% a aeries F
May 1 1989
:*Chlo Mllw St P A Pac 5a A..1975
30%
103%
54%
40
J
D
f*Den A R G West gen 5s.Aug 1955 F A
♦Assented (aubj to plan)..
♦Ref A lmpt 5a aer B
Apr 1978 AO
18
*103
♦Chic M A St P gen 4a aer A..1989
♦Gen g 3Ha aer
♦Gen 4Ha series
"43%
92
112
1955
{♦Den A R G lat cons g 4a
{♦Consol gold 4%a
61
110
101%
1955
Stamped
37%
118%
*107%
100%
34%
♦Debenture 4s
Den Gas A El lat A ref a f 5s
"46
101%
18%
♦Debenture 4s_.
lat mortgage 4 %a
1
34
"
*30
J
Chic L S A East 1st 4 Ha
6
"39
D
Del A Hudson 1st A ref 4s
1943 IVI N
Del Power A Light lat
J
4%a... 1971 J
lat A ref 4%a
J
1969 J
18
lat A ref 4 Ha aer B
lat & ref 6a aer A
111%
111%
D
Dayton Pow A Lt lat A ref 3 %a 1960 A
19
107%
108
J
Upper Wuertemberg 7a...1956
Consol Gas (N Y) deb 4%s
1951
Consol Oil conv deb 3%a
1951
^♦Conaol Ry non-conv deb 4a. .1954
105%
98
Week's
Friday
Y.
Bid
A
Low
ctfs A
—
84 H
1123*
113
110
117 H
117H
118
108
104 H
1123*
1053*
104
105
100 3*
135H
129 H
135H
U8H 141H
1103*
110
1103*
106
BANKS AND DEALERS
1143* 119H
112
94
Feb
FOR
983*
95H
90
94
113
Feb
♦Debentures ctfs B
BROKERS IN BONDS
High
Low
98
K
1950
Great Northern 43*a series A—1961
General 5 Ha series B
1952
General 6s series C
1973
General 4Ha series D
1976
General 4 Ha series E
1977
General mtge 4s series G
1946
Gen mtge 4s series H
1946
Gen mtge 33*s ser I
—-1967
1st A gen s f 6 Ha
♦Green Bay A West deb
No.
High
98
(Japan) 7s
Gt Cons El Pow
Jan. 1
Asked
*95
5s—1947
1944
Grays Point Term 1st gu
Since
Friday
EXCHANGE
Ended June
4
STOCK
Week
Range
Ranoe or
BONDS
N
3803
New York Bond Record—Continued—Page 4
144
Volume
93
113*
A. T. A T. Tele. N. Y.
Telephone Whitehall 4-2900
look
973*
NEW YORK
Wall St.
15
106
1003*
63
94 H
10
11
12
99 H
~
Friday
Gulf 8tates Steel s f
93 H
1961
43*8—
101H
103 H
1966
Gulf States Utll 4s ser C
1946
10-year deb 4 Ha
1013*
103 H
102 H
103 3*
*116 3*
89
^Houston Belt A Term 1st 5s..1937
Houston Oil sink fund 5 Ha A—1940
100', 6
*100'16
100',6
1962
46 H
1949
120 H
{♦Housatonlc Ry cons g 5s
Hudson Coal 1st s f 5s
A
ser
Hudson Co Gas 1st g 6s
102 H
Hudson A Manhat 1st 5s ser A .1957
66
♦Adjustment Income Ss.Feb 1957
Illinois Bell Telep 3 Ha ser B
Illinois Central 1st gold 4s
45 H
120
1st gold 3 Ha
Extended 1st gold 3 Ha
1st gold 3s sterling
101
78
263*
1053*
*1103*
57 3*
116H 124
643* 855*
1203*
25
103 3*
44tf
48
64 %
H
105H
1970
1951
1951
166'", 6
114H 126 3*
84
97 H
79H 86 3*
100H 102 H
100',6 101H
20
90 H
803*
102
26
27 H
25
283*
102 H
*70
Houston A Texas Cent 6s gu_.1937
N.
Y.
STOCK
Range
Friday
Bid
A
Asked
Jan. 1
EXCHANGE
Week Ended June
Price
4
1055*
1053* 108
119
4^8
g
♦Hoe (R) A Co 1st mtge
99 H
H
25
363*
25
1053*
1940 J
Lehigh Val (Pa) cons g 4s
General cons 45*8
2003
2003
General
*101
J
1013*
IVI N
593*
IVI N
633*
2003 M N
cons 5s
1293*
Liggett A Myers Tobacco 7s.—1944
A
O
1293*
130
F
A
*1233*
125
5s
1951
Little Miami gen 4s series A
1962 M N
Loews Inc s f deb 3 Ha
1946 F A
Lombard Elec 7s ser A
D
—1952 J
106 3*
1033*
101 H
1949 IVI
S
*103 3*
—1949 IVI
s
102 3*
1023*
4s stamped
IVI
s
1023*
103
——1949
103
1955
98 H
1966
1950
72
Cairo Bridge gold 4s
*103 H
1063*
Litchfield Dlv 1st gold 3s
1951
*91H
93 H
1st A ref 4Hs series C
1st A ref 4s series D
Loulsv Dlv A Term g 3 His
1953
1951
*95
993*
1st A ref
*
833*
Paducah A Mem Dlv 4s
1946 F
K
913*
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ha
1980 IVI S
1945 M S
J
1952 J
*89
863*
93
79 H
98 H
72
1951
Lorlllard (P) Co deb 7s
80 H
98 H
953*
1963
83 H
82 3*
♦1st A ref 4Hs series C
Illinois Steel deb 4Hs
1963
1940
773*
76 3*
83 H
78
1063*
1063*
Ind Bloom A West 1st ext 4s.. 1940
*30 3*
105 H
1961
64
104 H
105 H
1005*
70 H
673*
Manila Elec RR A Lt
203*
243*
18
1932
64
213*
71H
67 H
693*
1947
96 H
1952
*100 3*
34
A—July 1952
12H
1956
32
1956
*313*
75
76
lnternat Paper 6s ser A A B
1947
102
101
102
1955
100
98
100
85
83
85
*94
OQ
1941
f 6s series A._
Int Rys Cent Amer 1st 5s B_ —1972 IVI N
1st lien A ref 6 Ha
{|*K C Ft S A M Ry ref g
♦Karstadt (Rudolph)
♦Ctfs
w
w
stmp
♦Ctfs
w
w
stmp
warr
Keith (B F) Corp
Kentucky Central
1
•—
55
73*
73*
25
Milw EI Ry A Lt 1st 5s B
19611J
D
101
101
19711J
J
1013*
101
43
19
99
1981
1961
1095*
4 Ha unguaranteed.
1961
Purchase money 6s
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
101H
101
1135*
"
1015*
15
92 H
92
90
603*
60
563*
703*
503*
101
58
70 H
1942
51H
51
68 3*
Coll tr 6s series B
1942
55
70
989*
983*
Lake Erie & Western RR
1997 J
♦1st mtge Income reg
1975
1964
1954
A New Eng RR 4s A
1965
A N Y 1st gu g 4s
1945
Val Coal 1st A ref a f 5s. 1944
ref s f 5s
...1954
Lehigh C A Nav B f 4Ha A
Cons sink fund 4Hs ser C
"ioik
983*
1053*
D
983*
1053*
101
1013*
1003* 1063*
98
109H
J
-—1949 IVI S
J
1978
-1941 M N
213*
16
5
10
33*
3*
213*
22 H
*20 3*
'24H
83*
213*
37 H
24 H
20
21H
243*
25
*16
"17"
17
83 3*
83
"28
18H
"2
17
H
83 H
5
32
23 H
17
41H
30
17
28 H
82 H
95H
100
1083*
*95
55
"55
"I
1990
85
85
86
33
1962
763*
75
763*
42
1982
653*
65
653*
48
1978
71
71
71
683*
67H
683*
66
40
39
40
25
373*
37.H
17H
37H
393*
ser
J
Jan 1967
A
1965
-1975
"40
1977
37
393*
39
39
F"
A
♦Certificates of deposit
4% July. 1938 MN
{♦Mobile A Ohio gen gold 4s
1938 M S
♦Montgomery Dlv 1st g 6s__1947 F A
♦Ref A lmpt 4Ha
1977 M S
♦Secured 5% notes
1938 M S
315*
343*
95
925*
106 3*
Monongahela Ry 1st M 4s
90
1043*
1
3*
9
153*
"58
*363*
14H
393*
39
393*
40
39
40
373*
1981
208
39
*363*
15
1
67
18
40 3*
37
♦Certificates of deposit
♦1st A ref 5s series I
3
37
1978 M N
♦Certificates of deposit
♦Conv gold 5 Ha
—.1949 IVI N
♦1st A ref g 5s series H
1980 A O
QSi
343*
37H
15
118
5
953*
443*
32 3*
323*
443*
9
313*
31H
323*
16
323*
11
Monongahela West Penn Pub Serv
3*
*102?£
"~86~
1005* 1053*
943*
965* 100 H
86
86
*96
H
62 H
78
*57 H
*55
565*
77
56 5*
75
*60
1974
Secured 6%
1938
95
95
95
1003*
1954
98 H
98
98
107
3805
57
113*
1959 J
33
1964
J
95
1st A ref 8 f 5s
For footnotes see page
J
1938
33 3*
95 H
1st A ref s f 6s
gold notes
1938
-1946
22
Mo Pac 3d 7s ext at
983*
Lautaro Nitrate Co Ltd—
Leb Val Harbor Term gu 5s
J
♦Certificates of deposit
433*
583*
2d gold 5s
gu.1938
♦1st A ref 5s series F
1960
Lake Sh A Mich So g 3Hs
53*
♦1st A ref 5s series G
3% to. .1947
1941
46 H
57
14H
53*
*13
*43*
♦General 4s
Coll A ref 6 Ha series D
Coll tr 6s series A
5s 1937 extended at
993*
913*
63
*50
S
♦Certificates of deposit
1
11
47 H
49
90 H
105
353*
Prior lien 4Hs series D
♦Cum adjust 5s ser A
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 58.1939
Coll A ref 5Hs series C
1953
82
373*-
40-year 4s series B
13
1045*
3Hs collateral trust notes.--1947
90~~
83
*35
Mo Kan A Tex 1st gold 4s
Mo-K-T RR pr Hen 5s ser A
1025*
1043*
100H 105
90
82
F
{♦Mo Pac 1st A ref 5s
Kresge Foundation coll tr 4s_.1945
23
{♦Mo-IIl RR 1st 5s series A
---.
162~~LI
-.1954
1954
1941
First and ref 6 Ha
Kinney (G R) 6 Ha ext to
....
1073*| —
1997
1949
100
95
*85
IVI
1st ref 53*s series B
1st Chicago Term s f 4s
4
993*
1937
Kings County El L A P 6s
55
32
1013*
1962 Q
25-year 5 Ha
18
|
973*
1961
5
1013*
1949
M St P A SS M con g 4s Int
1st cons 5s
|__
I..
109
Plain..
108
27
55
24
cons 5s gu as to Int
1st A ref 6s series A
Stamped
101
105
1043*
{♦Milw A No 1st ext 4Hs(1880) 1934
1st ext 43*8
1939
Con ext 4 Ha
1939
{♦Mil Spar A N W 1st gu 4s.—1947 IVI S
J
{♦Mllw A State Line 1st 3 Ha—1941
{♦Minn A St Louis 5s ctfs
1934 M N
1st
99
26H
mi ilov*
107""
*1053*
♦1st A refunding gold 4s
1943
(par $645)—1943
(par $925) —1943
(par $925)—1943
1st 6s
1946
gold 4s
1987
243*
103H 1053*
*92
1951 M S
1952 IVI N
1979 J
J
♦Ref A ext 50-yr 5s ser A
1st 6s
103
1033* 1073*
106
109H
100H 104H
11
163*
3
53*
243*
55
104 H
1
1053*
*1043*
O
103 H
41
1013*
*2H
1940 A
94 3*
34
—
*
t Mid of N J 1st ext 6s.
1035*
99
27
16
*2H
99
1990
4s. 1936
Kentucky A Ind Term 4 Ha
Is A
103
*11
I
745*
1950
Ref A lmpt 5s
Apr 1950
Kansas City Torm 1st 4s
1960
Kansas Gas A Electric 4 Us
1980
Lehigh
103
I
I
S
713*
94 H
97 H
H
923*
903* 100
1
106
11
993*
104
1063*
74
103
783
37
1033*
106
1033*
Ref A lmpt 4 Ha series C
S
75
91
*853*
*
Jack Lans A Sug 3 Ha
1st gold 3Ha-
D
33
84!
1013*
1003*
1013*
O
127
1959' J
19
76
*70
112
73*
573*
92 H
82 3*
193*
J
1977 M
90 H
53
37
1959 IVI N
D'
90
54
a90"
a90
83 H
♦Certificates of deposit
Lehigh
61
69
Kan City Sou 1st gold 3s
Lehigh
273*
33
108
333*
273*
*92 H
S
♦4s (Sept 1914 coupon)
1977 M S
♦Mlag Mill Mach 1st s f 7s
1956 J D
Michigan Central Detroit A Bay
1
City Air Line 4s..
1940 J
J
»
55
34
80 3*
~68H
1
5
383*
*15
D
1943 J
1023* 1043*
100
1053*
79 3*
86H
8
55 3*
67
Jones A Laughlin Steel 4^8 A..1961 M
♦Ctfs with
55 H
973*
38
5
55 H
963*
102
333*
333*
98
1113*
12
55
O
1939 IVI N
1st Mtge 5s
4s
1033*
1043*
104H
80
83 H
A
{♦Iowa Central Ry 1st A ref 4s.1951IVI
James Frank A Clear 1st 4s
93
79 H
1939
1947 F
4H8--1952
Debenture 5s
112
104
1955
Int Telep A Teleg deb g
Conv deb 4Hs
Kan A M 1st gu g
104
O
5s...1953 IVI
♦Mex lnternat 1st 4s asatd
123
97 H
102J*
1033*
'~80"
103 3*
1103* 115
94 3* 100 H
109 H 115
111
112
108 H
96
903*
105 H
853*
*93
J
Corp 1st 6s with warr.-1945 IVI N
Metrop Ed 1st 4 Ha ser D
1968 IVI S
Metrop Wat Sew A D 5 Ha
1950 A O
{{♦Met West 81de El (Chic) 48.1938 F A
78
74
2013 J
4s
993*
7
873*
97
112H
105 H 109 H
106 H III
'
*109 H
112
90H 100H
106
6
923*
873*
""97"
Mead
325*
1944
26
*106 H
D
s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
123*
325*
20
105
D
Marlon Steam Shovel
343*
1083*
28
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
995*
21
A
{♦Man G B A N W 1st 3 Ha.—1941 J
101
1063*
""873*
1945 J
Manila RR (South Lines) 4s
1st ext 4s
lnternat Hydro El deb 6s
Int Merc Marine s f 6s
s
A
1960 J
64
Int Agrlc Corp 6s stamped 1942
4
92 3*
1955 IVI N
A
ser
s f
116H 1243*
1083*
923*
♦Certificates of deposit
♦Second
127H 135
27
A
§{4Manatl Sugar 1st sf7Ha
1942 A
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s. 1990 A
103 H
27
20
93 H
1043*
98 H
A
2003
613*
♦Certificates of deposit.
♦1st 5s series B
1043*
1273*
2003 A
1063*
2003
1932
♦1st g 5s series C
100
118H
H
108 H
104 H
98 H
-.-2003
-
Gen mtge 4 Ha ser A
35
*103 Hi
*99 H
♦Certificates of deposit.
Ref
S
1940
33*8 series E
Maine Central RR 4s
l03~
103
{Interboro Rap Tran 1st 5s.-.1966
♦Certificates of deposit-.
ser
21
106
933*
McCrory Stores Corp s f deb 5s 1951 M N
McKesson A Bobbins deb 5H8.1950 M N
*101
1950
{♦Ind A Louisville 1st gu 4s
1956
find Union Ry 5s series B
1965
Ref A Imp mtge 3 Ha ser B—1986
♦Adjustment 6s
106 V*
108
J
Lower Austria Hydro El 6Ha._1944 F
Joint 1st ref 6s series A
A
108
100
1183*
923*
A
1945 IVI
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
"985*
*90
1951
1st A ref 5s series B
III Cent and Chic St L A N
ser
1033*
4
1273*
O
A—-1969 J
ser
Unified gold 4s
*97
1951
1944
5s.
733*
_95~3*
1951
Springfield Dlv 1st g 3Ha.—1951
{♦Int-Grt Nor 1st 6s
1063*
1023*
*101
79 3*
Interlake Iron conv deb 4s
69 3*
105
*102 H
Louis A Jeff Bdge Co gu 4s
Louisville A Nashville RR—
7% notes
14
108
97 H
*101
83
conv
733*
73
73
126 H
108
62
1950 A O
1938 J D
Long Dock Co 33*s ext to
Long Island gen gold 4s
*81H
i*10-year
1293* 136
117
"993*
983*
1952
1953
|*10-year 6s
21
*108
Purchased lines 3 Hs
Inland Steel 3 3*a series D
86
109
116
Louisiana A Ark 1st 5s
Ind III A Iowa 1st g 4s
763*
105
855*
Western Lines 1st g 4s
62 H
70 H
120
863*
1st gold 3s
71H
72
8
16
1083*
853*
St Louis Dlv A Term g 3s
Gold 3 Ha
High
103K
57 H
*117
z863*
Omaha Dlv
100
*107
1955
1
Low
O
Refunding 4s
..Aug
11
O
Collateral trust gold 4s
Refunding 5s
40-year 43*s
12
64
70 H
71
No.
593*
1013*
593*
63 3*
Leh Val Term Ry 1st gu g 5s.—1941 A
Lex A East 1st 50-yr 5s gu
1965 A
Unified gold 4s
Guar ref gold 4s
112
High
101H
Low
Leh Val N Y 1st gu g 4Hs
1951
1951
1952
Collateral trust gold 4s
Since
99 H 105 H
101H
90 H
1949
1999
1944
1937
92
93 H
94
107 H
1952
♦Harpen Mining 6s
Hocking Val 1st cons
Range or
Sate
BONDS
90
*106 H
*23 3*
Hackensack Water 1st 4s
Week t
Last
_
Stamped
1-1698
106H
1003* 106 H
96
10351
*91 %
*91 Hi
Gulf A S I 1st ref A ter 6s Feb 1952
Exchange
Members New York Stock
11m
92 H
*104 Hi
.1940 M N
Gulf Mob A Nor 1st 5Ha B—1950 A O
1st mtge 5s series C
1950
Greenbrier Ry 1st gu 4s
108 H
72
"l 1H
D* H. SlLBERBERG & Co.
1151*
100 H 109 3*
94
*60
116 H
Mohawk A Malone 1st gu g 4s. 1991
ser
S
89 H
88 H
107
89H
107
3
4
1960
1st mtge 4 Ha
6s debentures
t Mout Cent 1st guar 6s
If 1st guar gold 5s
M
A '60 IW N
—
1023*
103H
35
1965
103
102 H
15
1013* 1103*
2
100" J2IO2H
1937
1937
103H
103
lOO'HzlOO'Hz
*100732
102
100*32 1023*
New York Bond Record—Continued—Page 5
3804
*
^
BONDS
N.
Y.
STOCK
M
EXCHANGE
Week Ended June
Last
Range or
Sale
4
A
High
Gen A ref
a
f 5s aeries A
1955
a
f 6s aerlea B
1955
Gen A ref 8f4#s series C__. 1955
Gen A ref a f 5a aerlea D
1955
92
99#
6
100
104 H
guar 5s—
♦April 1 1934 A sub coupons. 1945
Constr M 4 Ha aerlea B
1956 M N
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at 5%__1941 M N
87
87
114#
A
*
A
*
1937 F
J
1951
1946 J
105
No 4
♦4a April 1914 coupon on
♦4a April 1914 coupon off
♦Assent warr A rets No 4
a
Newark Consol Gas
g
4s
1977 AO
103#
105#
.1977
A
O
on
106#
105#
O
D
M N
1954
♦75
*118#
65
122#
119#
O
106H
106#
93
92
92
91H
*
1956 F
<j
UN Y Cent RR
11
106H
86#
53
119
122 %
"l2
21
106#
"I
102 H 107 H
77
93 H
9
100
114
110
121#
119
119
1
117
123
Guar stpd cons 5s
..1946
107
106
107
..1963
101H
101H
101 H
1
90H
89 H
90#
41
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G.
95 #
105H
88H
90 #
1998
90#
89
1998
1961
116# 125H
Paducah A 111 1st
100 H 101
104H 107 H
98
88,
75
85 H
90 #
100H
51H
98 #
98#
1974
87H
1978
86#
100
100
Oct 11938
103#
1951
103#
109H
*108#
60 H
60H
1938
58
1946
1953
.1953
58
Certificates of deposit
99#
99 #
95
274
174
11
128
92
54
104
109 H
94
105
105 H
108H
86#
88 H
88
97 H
lOl'i
98#
87 H
100#
103H
109H
101
102 H
"61
43
125
42
28
18
'~12
2
100#
"46
100#
16
121#
122
113H
6
22
s
2000 Ml N
N Y Lack A West 4s
1973iM N
*97 #
1946 'M N
94#
*
1973;M N
162"
N Y L E A W Coal A RR 5H8-1942 M N
N Y L E A W Dock A lmpt 58.1943 J
N Y A Long Branch gen 4s
1941 M
97 H 105
86
95H
98 H 100 H
100
105H
106
109 H
109
}t*Pan-Am Pet Co (Cal) conv
♦Certificates of deposit
Paramount
Broadway
1st M s f g 3s loan ctfs
Paramount Pictures deb 0s
3Hs conv debentures
O
1947
Paris-Orleans RR ext 5 Ha
1968 IVI
1953 J
J
1944 A
J
J
M N
43
40 H
40 #
O
97 H 105 H
116H 125 H
109H 117H
101H
109H
102
3
20
102
Pa Ohio A Det 1st A ref
cons
♦Income 4s
108 H
98
39
47
35H
35H
46H
44 Hi
47H
Phila Co
sec
♦Conv deb 6s
71
20 #
20
38
20
37H
42#
46
130
41H
55
Series D 4s guar
Series E 3Ha guar gold
Series F 4s guar gold
91#
94
14
90 H
99H
Series G 4s guar
103H
{N Y Rys prior Hen 6s stamp ..1958 J
J
N Y A Rlchm Gas 1st 6s A
1951 IVI N
N Y Steam 6s series A
-..1947 IVI N
105
105
104#
J
A
A
105
105 H
106
106
66
105
108H
108H
107 H
106#
89
107H
104H
65
84#
39#
99
107""
107H
85
2
83
90
2
90
A
O
102#
106H
{{♦Norfolk South 1st A ref 6s._1961
F
A
29#
29H
30
27 H
27
27 H
IVI N
♦Certificates of deposit
1st g 6S...1941 IVI N
79H 91
51H 69 H
100 H 106 H
106H 109 H
90
j~~j
S
30
107 H
76H 92 H
85
15H
102 #
O
80 #
87
107
44
10 9 H
109
109#
185
105# 111#
118
118
4
116# 121#
113#
114
5
112
90 H
*--..-
O
Apr
1974 F
*
A
J
D
101H
noli
91
1967 IVI
J
J
D
D
S
109#
♦110H
♦121H
&
90#
18
16#
101#
108
29,
111
640
107
111#
103# 111#
90#
111
161""
106# 115#
113# 123
117#
99
20#
113
100# 100
92
101
94
103#
109# 111
99H
103
107
113#
116
129
114
A
114
2
112
119
111H
99#
111#
100#
6
108# 117
102H
103
J
28 H
27 H
s
11H
11H
20
19H
125
137
99# 106#
51
102# 103
50#
27#
26#
11#
28#
12#
68
24
78
76
*107#
98
109
18#
106
~98"
85#
30
108#
98
1940 A
O
108H
109
107# 111#
1942 A
O
109 H
109#
109
guar
1942 M N
*109#
111
109
1945 M N
*106
113# 113#
1949 F
A
*100
108
D
1953 J
1957 M N
*107
111
*110
109
Series H cons guar 4s
Series I cons 4 Ha
1960 F
A
*110
109
1963 F
A
*115H
*115H
Series J cons guar 4 Ha
1964 IVI N
General M 5s series A
1970 J iD
General mtge 5s series B
General 4 Ha series C
1975 A
O
1977 J
J
Pitta Va A Char 1st 4s guar
Pitta A W Va 1st 4 Ha aer A
117H
116H
♦116H
107H
107
122
113
111
117#
89
121
113#
113#
112#
111
114#
114#
125#
124#
113# 124
113# 123#
104# 107#
107#
*107
15
102H
107H
102
106 H
80 #
94 H
98
17#
230
13
22 H
102 #
6
100
109 H
107H
102H
107#
5
106 H 107 H
21
100H 104
48
102 H
109H
29
23 H
32 H
31
6
22
1943 M N
1958 J
D
*87 H
1st M 4 Ha series B
1958 A
O
*87 H
1st M 4 Ha series C
1960 A
O
90H
1948 J
D
Pitta Y A Ash 1st 48
ser
A
1962 F
A
1974 J
D
Porto Rlcan Am Tob
0S..1942
{♦Postal Teleg A Cable coll 5s 1953
Potomac Elec Pow 1st M 3Ha 1966
Pressed Steel Car deb 5s
1951
J
J
J
Pure Oil Co
14Hs
s f
4Ha w w
1950 J
J
w w drawn bonds...1950
69
122
1O0H
Purity Bakeries
103
103
104H
75
101
106 H
103H
102#
104
55
101H 100 H
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s A com stk (05% pd)...
102#
35
99H 107
120H 125#
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
s
*116
120
78#
90
89
97#
108
110#
119#
124#
111
4#s without warrants
Tlx w drawn bonds
s
f deb 5s
Gen A ref 4 Hs series A
Gen A ref 4 Ha series B
202
2
11
24#
26#
101#
94#
101#
4
95#
29
20
20
105H
1022132
98H
Ill#
109#
105#
58# 75]
105# 108)
78
88#
24# 45#
100
106
92
100
20
*77
113#
1950
J
54
101H
94H
..1950
1948
59#
106#
78#
'"26H
111#
103
125
59
106
{♦Providence Sec guar deb 4s. .1957 MN
{♦Providence Term 1st 4s
1956 M S
112
*120H
59H
106H
J
conv
1
S
90#
89
90#
*110
5
82 H
90
89
*119
1st 4 Ha series D
1977 J D
Port Gen Elec 1st 4Ha ser C...1960 M S
1st 5s 1935 extended to 1950
J
J
112# 113
"90#
*120
1st gen 5s series C
69
80#
*109
1st gen 5s series B
104
126
102#
107#
116
For footnotes see page 3805.
96# 103#
115#
106#
115#
103#
103#
109# 116#
101H
106H
103#
102H
4
102H
116
A
3
136
118#
100#
112#
116#
guar
Pitts C C A St L 4 Ha A.
4Ha
4Hs
108
107
A
Aug 15 1963 F
99
100
109
107 H
A
Nov 15 1969 M N
98
....
41
F
Deb 5 Ha series B
*156
112#
112#
118
1996 O
Deb 6s series C
99
113
117
1961
North Cent gen A ref 5s
1974 IVI
Gen A ref 4Haserles A......1974 IVI
112H
101
112H
112H
55
N A W Ry 1st cons g 4s
S
100H
107 H
110#
North Amer Co deb 6s
1957 IVI
*109#
100H
99# 102
103# 105#
103# 100#
109# 109#
104H
105
{♦N Y Westch A Bost 1st 4 Ha. 1946
Niagara Falls Power 3Ha
1966
Nlag Lock A O Pow 1st 6s A...1955
Niagara Share (Mo) deb 5H8..1950
Nord Ry ext sink fund 6Ha
1950
A
1
1
*
"96"
M
101H 109 H
27
_
D
1946
3
107
*11111
*11111
IVI N
M N
95
107 H
106 #
*
J
F
F
101H
106
1951 IVI N
General gold 5s
1940
Terminal 1st gold 5s
1943
N Y Telep 1st A gen sf 4HB...1939
N Y Trap Rock 1st 6s
1946
100
107
1956 M N
{♦{N Y Suaq A West 1st ref 6s. 1937
{♦2d gold 4Ha.
..1937
105
14
40 H
42 H
4
17
110
J
Phlllippine Ry 1st 8 f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s.. 1943 A O
Pirelli Co (Italy) conv 7s
1962 IVI N
60
103H
107
118
1949 IVI
86
47
104
104H
'IIoh
1965
1907 J
69H
25H
103H
52
104
O
1943 M N
5s series A
61
83 H
92
100#
104#
105#
118H
General 5s series B
1974 F
General g 4Ha series C......1977 J
General 4Ha series D.
1981 J
60
NY Queens El Lt A Pow 3 Ha.. 1965 M N
A
4s... 1940 A
PbilaBalt A Wash lstg4s
67
55
102#
100
16
Series B
....
102
17
Series C
16
102H
100
93#
45
~86#
A
94#
35
14
104
107#
104# 110
99# 106#
94
43 H
86 #
108
93H
125
*99#
♦105H
S
47 H
16
104
105#
J
43#
O
105#
107
J
43#
O
91
91#
97# 103
39#
50#
05
77#
116# 122#
85
90#
100# KB#
101# 106#
*104
1956 J
J
D
75#
99# 105#
♦_
1956 J
1948 J
A
68
*105
1980 IVI
104
1955 J
6
"95"
1st g 4 Ha aeries C
42H
1993 A
57
♦100H
S
1960
{♦Phlla A Reading C AI ref 5s. 1973
22
48
49#
68#
1st 4s series B
42
102
100
42
D
1984
Peoria A Pekln Un 1st 5 Ha
Pere Marquette 1st ser A 5s
41H
23#
12
49
A
April 1990
38 #
22
58
57#
1970
Debenture g 4 Ha
General 4Hs series D
Gen mtge 4 H a series E
38#
23H
37""
43#
42
F
1968
40
1992 M S
105#
..1981
General 5s series B
41
42#
M
4s sterl stpd dollar May 1 1948 IVI N
1970 A O
Gen mtge 3Hs ser C
Consol sinking fund 4 Ha
General 4 Ha series A
40
1957 IVI N
♦1st A ref 4Ha ser of 1927...1967 J
D
♦Harlem R A Pt Ches 1st 4s. 1954 IVI N
67
*89#
4 Ha series B
J
1981 J
Pennsylvania P A L 1st 4H8...1981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Consol gold 4s
1948 IVI N
40
O
99
J
4Ha A. 1977
Phlla Electric 1st A ref 3 Ha
37 X
36 H
111
99# 107#
91
100#
98# 104#
♦117H
Penn-Dlxle Cement 1st 6s A...1941 M S
Penn-Glass Sand 1st M 4Ha...I960 J
D
J
55
67
8
1963 F
28-year 4s
H
46
S
Guar 3 Ha trust ctfs D
D
1944 J
Guar 4s ser E trust ctfa._.._1952 IVI N
1956 J
57
97
~49H
IVI
Peoria A Eastern 1st
105 H
104
28
103
99# 102#
99# 102#
"§8#
68
91
IVI
55 H
55H
55
57
100#
91H
100
S
^♦Park-Lexington 6 Ha ctfs
Conv deb 3#s
1952
Peop Gas L A C 1st cons 0s.... 1943
Refunding gold 5s
.1947 M S
98
37H
100 H
91
1955
105H 106 H
37
40#
68
1955
106
43
s
A
38 H
*37 #
72 H
97
08
98#
99#
99#
100#
100#
91#
82
Corp—
72
99
*99
100 M
106 H
103
87#
68#
74
*106
1955
6s '40
58 #
94H 105 H
104 H
102
100 H
56 H
109
99 H 107
"95
*105H
*106H
{♦N Y A N Eng (Bost Term) 4s 1939 A O
{♦N Y N H A H n-c deb 4s
1947 IVI S
IVI
98#
*100
95
97 H
I960
f g 4 Ha
Phelps Dodgeconv 3 Ha deb wl 1952
N Y Greenwood L gu g 5s
N Y A Harlem gold 3 Ha
102 H
103# 107#
99# 102#
106 H
86 H
96 H
94
103
89
113
113
102H 135H
55
58
100
100
1949. F
113H
99 H 103 H
59 H
*58
N Y Edison 3#s ser D
1965
1st Hen A ref 3#s ser E
1966 A
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 6s___1948 J
67
68
90
105H
98H
1966
118H 127H
89H
1011,6
1937
97#
109H
96H
105#
50
106H
103
1964
1st A ref mtge 3 Ha ser H
1st A ref mtge 3Hs ser I
1966
110
100
*68 H
1946
62 H
97 H
89
A......2013
A
84
..1961
Oslo Gas A El Wks extl 5s
55H
96 #
115
1
51#
48#
105H
J
115
2
40#
*110
J
113
112#
111
1938
1938
63
44 H
52
108
J
9
108
111#
110#
110#
107#
117
54H
109#
1940 A
"165"
1
117
50 #
51
...1952 IVI N
ser
*102H
'U2"
111
Parmelee Trans deb 6s
89
N Y Cent A Hud River M 3 Ha. 1997 J
Debenture 4a
1942
O
20#
33j
109# 109?
101# 100#
J
Pat A Passaic G A E cons 5s... 1949
♦Paulista Ry 1st refsf 7s
..1942
Penn Co gu 3 Ha coll tr A
1937
Guar 3 Ha coll trust ser B
1941
Guar 3 Ha trust ctfs C
1942
88H
No Am Edison deb 6s
"73
D
60
96
6s stamped
105"
4s.. ..1946 J
com g
54H
97 #
1st mortgage 5s
1st mortgage 5s
104H
3
59 X
89
4s
22
*108
105
"§
48H
O
con gu
100
9
112"
48#
O
ice A Boston 4s 1942
21H
J
104# 104#
105#
103#
111#
110#
47
2013 A
♦General 4s
103H
111H
53
2013 A
4s
*107 H
110H
107 H
51#
102
♦Collateral trust 6s
♦Debenture 4s
J
N
111H
Pacific Tel A Tel 3Ha aer B
Ref mtge 3#s ser C
122 H
82
65
79
104
♦Conv debenture 3 Ha
♦Conv debenture 6s
109#
J
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s
118
92
101H
{ {♦Norfolk A South
~0~~
103
102H
{♦N Y Provide
T#
103 H
103
N Y A Putnam 1st
7 #
92
97H
101H
g
"0H
93
O
♦Non-conv debenture 3 Ha..1947
♦Non-conv debenture 3 Ha..1954
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
1956
110
102
2
Oregon RR A Nav
22
A
4Ha series B___
102
A
49
"54"
69#
81#
112#
82#
100
112
9
104#
4
31
1946 A
ser A
109#
103
6H
6
1998 F
{♦N Y Ont A West ref
"16
119 #
1944 MN
Purchase money gold 4s
96H
141
U1H
103#
103
Ontario Power N F lstg 5s._. ..1943 F A
Ontario Transmission 1st 5s., ..1945 IVI N
6
"~3#
10-year 3#s sec s f
Ref A lmpt 4Ha series A
Ref A lmpt 6 a series C
Serial 5% notes
13
Otis Steel 1st mtge A 4H8.. ..1962
Consol 4s series A
1st guar 6s series B
N Y Dock 1st gold 4s
38
104H
J
3#
6 #
49
*_
55 #
51
-
4Ha A
102H
'163"
101H
74
97
O
..1948 J
4s
gu g
111
111H
105#
1
Ohio Connecting Ry 1st 4s... ..1943 M S
Ohio Edison 1st mtge 4s
..1905 MN
*50
A
1945 J
3-year 6s
♦Og A L Cham 1st
96H
J
1957 M
Norweg Hydro-El Nit 5 Ha
*46 H
N A C Bdge gen guar 4Hs
4s collateral trust
N Y Connect 1st gu
J
Nor Ry of Calif guar g 5s
1938 A
Northwestern Teleg 4 Ha ext.-.1944 J
"fil"
"51#
A
...1954 A
Refunding 5 Ha series A
106H
94#
94#
75
92
♦Certificates of deposit
Ref 4 Ha series C
103
88 #
75
88
1956 F
Lake Shore coll gold 3 Ha
Mich Cent coll gold 3 Ha
TN Y Chic A St L 1st g 4s
102# 107
*3#
4#
*100 A
A
♦Certificates of deposit
ser
46
97
33
Ore Short Line 1st cons g 5s.. ..1946 J
64H
1983
First A ref 6s aerlea B
1955
New Orleans Term 1st gu 4s
1953
{{♦N O Tex A Mex n-c lnc 6a._1935
♦1st 5s series B
1954
4#s
136
63#
100#
73H
J
4
66
65
*
NO A N E 1st ref A Imp 4 Ha A1952
New Orl Pub Serv 1st 5s ser A..1952
Ref A lmpt
98#
F
87
79
105 H
73 a
Ore-Wash RR A Nav 4s
*5#
*2#
*2#
3H
J
O
'61
N J Junction RR guar 1st 4s___1986 F
N J Pow A Light 1st 4 Ha
1960 A
Conv secured 3Ha
47 #
95
H10
*2#
*4H
3H
1951 A
1951 A
J
conv 6a
91#
100 # 102 H
J
105 H
83
87
*75
2047 J
2047 J
2047 J
Ref A lmpt 6s series B
Ref A lmpt 5s series C
Ref A lmpt 5s series D
80
Ohio Public Service 7Ha A..; ..1946 A
1st A ref 7s series B
..1947 F
4
'57
D
♦1st 5a series C
♦1st 4 Ha serr.es D
♦1st 5Hs sertes A
112# 119
-
♦Consol guar 4s
J
1945 J
New England Tel A Tel 5a A...1952 J D
1st g 4H8 series B__
1961 M N
New Orl Great Nor 5s A.
1
♦2#
on
1948 J
6s
114#
97
*3
;
J
{♦New England RR guar 5s.__1945 J
cons
87
*2#
*2#
1965 J
f 4s.__
17
High
75
Ohio Indiana A West 5s_. Apr 1 1938 Q
J
Nat RR of Mex prior lien 4 Ha—
♦Assert warr A rets No 4 on. 1926 J
{♦Naugatuck RR 1st
85H 97 H
96# 102
92 %
A rets No 5 on *77
warr
Nat Steel 1st coll
103#
105#
J
1957 J
1957 J
♦4a April 1914 coupon on
♦4a April 1914 coupon off
♦Assent
84
16
22
1957
off
warr A rets
80#
♦Stpd as to sale of April 1 '33 to
April 1 1935 lncl coupons. .1945
North Pacific prior Hen 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A lmpt 4 Ha series A
2047 J
"90 #
46#
*100#
103#
D
1957 J
♦4 Ha July 1914 coup on
♦Assent
♦Oct 1935 and sub coupons.. 1945
86 H
80
100 H
♦40
J
Nat Dairy Prod deb 3#s w W..1961 IVI N
Nat Distillers Prod deb 4 Ha
1945 M N
coup
85#
,
106 H 111
Nash Flo A 8 1st gu g 5a
Low
^Northern Ohio Ry 1st
79H
83
97 #
87 H
97
Namm (A I) A SonASee Mfra Tr—
Nash Chatt A St L 4s ser A
1978 F
Jan. 1
High No
*75
~90#
90 #
97
Since
Asked
*87
84
1955 M N
A
Low
High
37
*
2000
Range
Friday
Bid.
Price
94H
*
♦4Ha July 1914
Low
•So,
4
{4
Range or
Sale
EXCHANGE
100#
86H
86#
82 H
*
Gen A ref
Nat Ry of Mex pr Hen 4 Ha
♦4 Ha Jan 1914 coup on
No.
STOCK
Week Ended June
Jan. 1
94
1941
Nassau Elec gu g 4a stpd
Nat Acme 4#s extend to
05
Last
100
94H
3#s_1966
Morris A Essex 1st gu 3 Ha
Constr M 6a aeries A
N. Y.
Since
Askea
«"O
BONDS
Range
Friday
Bid
Price
Low
Montana Power 1st A ref
Montreal Tram lBt A ref 5a
June 5, 1937
Week's
Friday
Week's
Friday
85#
114
437
111#
105#
169
1022'32 102*32
98#
99
32
1
19
110
28#
90
131#
109# 111#
102# 106#
102*32l02*»
97# 101
D
1997 J
J
1997 J
J
114#
114#
93H
93#
106H
105#
106#
94#
100#
106#
112# 120#
93# 104#
105
108#
105# 108
Volume
3805
New York Bond Record—Concluded—Page 6
144
Friday
N. Y. STOCK
is
Low
107 %
S
*109%
156 %
150%
97
96%
Remington Rand deb 4Kb w w.1956
ivi n
Rensselaer & Saratoga 6s gu.__1941
M
Republic Steel Corp 4%s ser A. 1950
Gen mtge 4%s series B
1961 F A
M N
Purch money 1st M cony 5%s '54
1956
4 %s_ 1956
1946
♦Rhine-Ruhr Water series 6S..1953
♦
Rhine-Westphalia El Pr 7s...1950
♦Direct mtge 6s
...1952
♦Cons mtge 6s of 1928
1953
♦Cons mtge 6s of 1930
..1955
{{♦Rlobfield Oil of Calif 6s..1944
Gen mtge 4%b
series C.
♦Certificates of deposit
J
J
J
J
J
100
108
130%
1st 6s dollar series
1953 J D
Tol A Ohio Cent ref A imp 3%s 1960 J D
Tol St L A W 1st 4s
1950 A O
Tol W V A Ohio 4s ser C
1942 M S
96
100% 106
1
22
24
3
27
18
24%
32
19%
26%
m n
*43%
49
45
66
m n
*43%
45
44%
O
Guar
sec s
..1952 F
f 7s
37
22
19
"20
*17
IVI
J
1949 J
J
4%s___194l J
A O
Saguenay Power Ltd 1st m 4%sl966
25
21%
21%
JSt Jos Ry Lt Ht & Pr 1st 6S..1937
St Lawr & Adlr 1st g 5s
1996 J
100%
100%
J
St Joe & Grand Island 1st 4s..1947 J
M N
;
*107%
97
*
J
101
*32
77
78%
76%
J
{♦S L Peor & N W 1st gu 5s... 1948
stpd-..1955 J
J
St L Rocky Mt A P 6s
J
{♦St L-San Fran pr lien 4s A..1950 J
J
*36
1950
♦Con M 4%s series A
1978
m"s
"17
117%
117%
30
1952
111
13
116% 121%
109% 114%
Union Pac RR 1st A Id gr 4s. .1947
1st lien A ref 4s
June 2008
J
113
110%
111%
20%
4
25
32%
23
""I
25%
34%
99% 104%
107
109%
98
112%
97
101**3i
100
103%
98% 102
{♦1st terminal A unifying 5s. 1952
♦Gen A ref g 5s series A
St Paul A Duluth 1st
con g
J
1990 J
4s..1968 J
""51%
J
J
37
D
10l»32
4s (large)...1940
St Paul Un Dep 6s guar
1972 J
J
J
104%
J
J
gu
1022*32106%
113
33
110
116%
S
106%
106
106%
30
103
109%
S
116
116
1970
o
115%
95%
34-year 3%s deb
35-year 3%s debenture
95%
1971 IVI N
"97%
U N J RR A Can gen 4s
1944
108
1
1943
101%
Santa Fe Pres A Phen 1st 6s. .1942 M
{♦Schulco Co guar 6%s
1946 J
S
♦Guar
f
28%
"28%
~"i
33%
41
21%
<
5
97%
98%
30
96% 105%
30%
100
74%
1947
*.1959
49%
{♦Vera Cruz A P 1st
gu
37
28%
A
1st
cons
*2%
M
2003. J
1958 A
Va A Southwest 1st gu 4s
5s
N
S
J
60
♦103%
95%
95%
104%
104%
O
Virginian Ry 3%s series A
1966,M S
1
101% 106%
{♦Wabash RR 1st gold 5s
1939
113
IVI N
110%
109
9
113%
1
114
O
{♦Refunding 4s
1959
A
A
O
♦Certificates of deposit
{♦Alt A BIrm 1st g 4s
,
1933 MS
{♦Seaboard All Fla 6s A cts_._1935 A O
1935 F
♦Series B certificates
Sharon Steel
cony
deb 4%s.._1951
Shell Union Oil deb 3%s
1951
1952
1935
1951
Shlnyetsu El Pow 1st 6 %8
♦iSiemens'A Halske
♦Debenture
s
s f 7s
A
M N
M S
J D
♦Silesia Elec Corp 6 %s
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
1951
Oil 3%s
Southern Calif Gas
J
J
A O
A O
5sl94l J
1961 M 8
A
1965 F
1950
s
4%s
1st mtge A ref 4s
Southern Colo Power 6s A
"27
9%
2
14%
25
13%
17%
24
f
1947
J
8%
7%
108%
98%
82%
109%
98%
21%
71
"99%
105
99%
103%
34%
8%
8%
O
32%
A
J
23
109%
99
108% 117!
138
95% 102
81
89;
85
100
21%
71
99%
105
100
50%
18%
2
73
24
68
82
56
97% 102
61
100% 107
118
~25
130
O
'92
33%
44%
32
41%
33%
44
32
36
41
32
43%
39%
30%
"33%
105%
33%
35
S
""94%
IVI
S
48%
IVI
S
Wash Term 1st gu 3%s
1st 40-year guar 4s
1945
F
44
40
109%
77%
90
99%
93% 100%
44% 55%
76
61%
77
"9
*109
A
80
101% 102%
104% 110%
110% 112%
104% 108%
106%
107%
D
119%
119%
1
116
127%
S
119
119
2
117
123%
108%
104%
109
2
106% 109%
104%
6
102
103%
104
102
109%
99% 106%
107
107%
12
105% 107%
107%
32%
107%
107%
33%
4
106
26
32
31%
31%
32%
61
31%
J
108%
1966
1952
103%
.1977
107
West N Y A Pa gen gold 4s
1943 A
O
101% 105
{♦Western Pac 1st 6s ser A
1946
IVI
S
4
103% 106
1946
♦5s assented
1
1
105*32 108
105
19
...
107%
105%
5
75%
107%
A
1961
1st 4s
62
F
1945
1st A ref 5%s series A
95%
48%
62
"26
Q M
West Penn Power 1st 5s ser E.1963 IVI
Western Maryland
94%
46%
104
94
41
97
101%
s f 5s
1939
Westchester Ltg 5s stpd gtd__1950 J
1st mtge 3%s series I
18
161%
Wash Water Power
1st mtge 4s ser H
80
I
A
14
107
79
1939 M
104%
O
99
D
96
S
95%
1968 M
IVI N
1969
M N
1981
Gold 4 %8
S
89%
89
J
100%
1946
J
1950
10-year secured 3%s
San Fran Term 1st 4s
A
99
22
97% 101
32
111%
40%
39%
96
44
95%
60
89%
49
91%
99
92% 100%
87% 98
104
88%
88
O
87%
99%
108
88%
49
100%
107
108
2
87%
97%
87
97%
96% 102%
106% 109%
1938
j""j
102
102
102
7
101% 104%
Funding A real est g 4%s
25-year gold 5s
1950
IVI N
100%
100%
101
23
98% 111%
1951
D
102%
101%
99%
102%
100%
22%
80
100%
98% 107%
98% 109%
19
25%
90% 100%
30-year 5s
.1960
22
♦Westphalia Un El Power 6s. .1953
West Shore 1st 4s guar
2361
Registered
91%
5s..l937
tSo Pac Coast 1st gu g 4s
1937
So Pac RR 1st ref guar 4s
1955
RR 1st consol 4s
J
J
J
105%
104%
105%
"ioe"
106
78%
78
106%
78%
97%
97%
1955
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
1994
A
1956
A
1956
A
1956
J
1996
J
1951
M S
1938
Mobile A Ohio coll tr 4s
1938 M S
Devel A gen 6s
Devel A gen 6%s
Mem Dlv 1st g 6s
J
1949
S'western Bell Tel 3%b ser B..1964
S*western Gas A Eleo 4s ser D.1960 M N
J
J
g
102%
98
98%
"26
102%
1
28%
104%
97%
6s... 1955
1946
A
"104%
1961 J
D
97%
J
D
1943
J
n~8%
S
106%
F
A
147
F
A
Without warrants
1956
Tenn Coal Iron A RR gen 5s. .1951 J
Tenn Cop A Chem deb 6s
B...1944
Tennessee Corp deb 6s ser
Tenn Elec Pow 1st 6s ser A
C..1944
S
IVI
105%
101%
28%
104%
100
110%
97"
101
103
105
9
92
15
102
109%
99
106%
25
4
12
98
73
119
"30
28%
95%
40
101% 106%
95
102
1947 J
1980
M S
Tex Pao Mo Pac Ter 5%s A..1964
J
Wilmar A Sioux Falls 5s......l»38 J
113%
"36
97% 103%
99%
103%
35%
37%
34%
35%
3
32%
47
35
31
47
17%
37%
22%
16
17%
20
17%
62
104
"I6i%
*103%
100%
*108%
101%
"26
103% 103%
99
103%
26
"26
~~2
106% 116
24
35%
D
Wilson A Co 1st M 4s series A. 1955 J
Winston-Salem S B 1st 4s
1960 J
J
{♦Wis Cent 50-yr 1st gen 4s...1949 J
♦Certificates of deposit
J
J
*18%
{♦Sup A Dul dlv A term 1st 4s '36 M N
♦Certificates of deposit
{♦Wor A Conn East 1st 4%s__1943
IVI N
1951
1961
F
A
102% 105
17%
18%
17
*22
17
32%
25%
16%
24
24%
25
17
18
j"j
Youngstown Sheet A Tube—
Conv deb 3%s
1st mtge s f 4s ser C
116%
.105%
106%
147%
112%
120%
45
"~9
28
136
130%
101%
101
136
101%
2
41
101
123% 162%
98% 105
103%
103%
10
112% 159
102% 107%
2
140
195
1
105
143
2
117
126
103
105
e
s
Term Assn of St L 1st g 4%s__1939 A
F
1st cons gold 5s
1944
Gen refund s f g 4s
1953 J
F
Texarkana A Ft S gu 5%s A..1950
J
Texas Corp deb 3%s
1951
J
Tex A N O con gold 5s
1943
J
Texas A Pac 1st gold 5s
2000
Gen A ref 5s series B
...1977 A O
Gen A ref 5s series C
1979 A O
J D
103%
Cash sales transacted during the ourrent
week and not lnoluded In the yearly
range:
No sales.
"90%
"90%
"93
107
107%
"108%
*115%
108%
"l2
28
109
103%
108$
100
105%
105
110
"_5
118
128%
5
101
106%
105%
25
103%
103%
128
"120%
103
108
103
'166%
102%
103
103%
102%
103%
8
109%
3
109
118%
105%
105
121%
109%
"~2
*107%
120%
103
87% 104
106
115
"103%
Gen A ref 5s series D
94
112%
77%
85%
97
105%
101% 105%
112%
120%
J
IVI
96
107
106
*105
♦Studebaker Corp conv deb 68.1945 J
IVI
Swift A Co 1st M 3%S
1950
lnc wwl956
♦Ctfs for col A ref conv 7s A. 1935 MN
Wllkes-Barre A East gu 5s
1942 J D
368
32
101
Standard Oil N J deb 3s
4%s
{♦Wlckwlre Spencer St't 1st 78.1935
J
♦Ctf dep Chase Nat Bank
104
101%
105%
Staley (A E) Mfg 1st M 4s
F
108%
100% 100%
100
'161%
86
105
110
99%
103
69
93
16
110
103%
1966
1940 M N
116
97%
102%
"93"
D
8
87
107
*108%
"53
*100
100%
"98%
91%
3
102% 103%
*101%
J
1st 4s stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A
91%
89
86
1966
White Sew Mach deb 6s
MN
22
107
2361
Wheeling A L E Ry 4s ser D
Wheeling Steel 4%s series A
So Pac of Cal lBt con gu g
conv
71%
99%
Western Union coll trust 5s
Gold 4%s
Gold 4%s
♦Symington-Gould
"ii
5
32%
81
62%
97%
15
*96
79
{♦Warner-Quinlan Co deb 6S..1939
{♦Warner Bros Co deb 6s
1941
Warren RR 1st ref gu g 3%s__2000
Washington Cent 1st gold 4s__1948
105%
98%
94%
94%
1951 A
So Pac coll 48 (Cent Pac coll) .1949 J.
1st 4%s (Oregon Lines) A... 1977 "
1st mtge pipe line 4%s
Staten Island Ry 1st
10
34
104%
O
107^32
106%
104%
Southern Natural Gas—
{♦Spokane Internat 1st
35
33%
*27%
O
105%
104%
63
86
106%
74%
32
32
105%
1955 A
1955 A
Warner Bros Pict deb 6s
"25
*121%
105732
82%
33%
"33%
1980
6s debentures
"67%
"21%
A
90% 103%
81%
98%
100
*27%
Walworth Co 1st M 4s
*98%
I
107%
32
Walker (Hiram) GAW deb 4%s 1945
59
16%
*31
101
44
.10
16%
8%
70
97%
"33%
35
♦Certificates of deposit
17
"8%
101%
*27%
♦Certificates of deposit
♦Ref A gen 5s series D
13%
South A North Ala RR gu 5s.. 1963
USouth Bell Tel A Tel 1st
2
I
1978 A
5s series B
♦Certificates of deposit
♦Ref A gen 4%s series C
2
93
94
79%
63""
8
104%
67
110
23
"73%
*
S
IVI
57
103
60
105
96
41%
104% 109%
*95
1976 F
♦Ref A gen
17%
}
M s
1946 F A
1941 F A
f 6%s
Socony-Vacuum
27%
1939
1941 A
1941 IVI
gen 5%s A. 1975
♦Certificates of deposit
16%
1945 M S
6s series A
cons
14
J
{♦Wabash Ry ref A
13%
♦Certificates of deposit
♦1st A
9%
"14%
J
♦Toledo A Chic Dlv g 4s
30
1950
F
Oct 1949
♦Adjustment 5s
J
4
4
21%
23%
109
83
J
1941 J
92
92%
A
1954 J
26%
*28
27%
1939 F
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3%s
30
114
27%
♦2d gold 5s
♦Det A Chic Ext 1st 5s
124
22
108%
109
27
19%
101*^103%
24
110% 110%
110% 113%
3%
5%
*3
23%
1955 M
Va Iron Coal A Coke 1st g 6s..1949
ser
111%
J
1942 J
Virginia El A Pow 4s
98% 111
103%
"111%
4%s__1934 J
{♦July coupon off
♦Vertlentes Sugar 7s ctfs
54
109%
103% .102%
Vanadium Corp of Am conv 58.1941 A O
Vandalia cons g 4s series A
1955 F A
Cons s f 4s series B
1957 M N
65%
37
6
♦Debenture 5s
106%
33%
36%
50%
1
108%
O
32%
98%
69
33%
110
A
32%
22
1944
67%
24
109
M N
4s. 1950
24%
1947
28%
49
78
6
26%
1989
g
2
*27%
60
24
29%
A
{{♦Seaboard Air Line 1st
{♦Gold 4s stamped
36%
170%
105% 107%
22
33%
95
47
106
29%
26%
107%
28%
53
51%
*26%
106%"
107
114%
27%
148
49%
37
1946
6%s series B
♦Stamped
Scioto V A N E 1st gu 4s
s
150
111
28%
1951
f 6 %s series C
♦Sink fund deb 6%s ser A
Utah Lt A Trac 1st A ref 6s
95% 103%
112
51
37
*26%
26%
105% 108
50%
49%
86
113%
92% 101%
1
69
50%
5
30
102
mm
36
97%
{♦Utll Power A Light 5%s
8
«»>.
96%
108
98
37%
119
J
93% 101%
65
85
101%
♦Stamped
15
98%
82
8
110
J
San Antonio Pub Serv 1st 6S..1952 J
San Diego Consol G A E 4s...1965 IVI N
96%
98
25%
23%
25%
27
118%
J
111% 116%
»
J
U S Rubber 1st A ref 5s ser A..1947
♦Un Steel Works Corp 6%s A. 1951
4
96%
*110%
28%
s
IVI
{{♦United Rys St L 1st g 4s...1934 J
U S Pipe A Fdy conv deb 3 %s_1946 M N
♦1st lien g term 4s
SAAAr Pass 1st gu g 4s
95%
96%
United Biscuit of Am deb 5s. .1950 A O
United Drug Co (Del) 5s
1953 IVI s
s
23
19
June 2008
1st lien A ref 6s
♦Sec
104
98%
63
20
104
Utah Power A Light 1st 6s... 1944
3
101«32 101»32
104%
104%
3%s debentures
94%
104
48 "
10
19%
J
f 7s
s
39
40%
65
*21
"20
1943 J
{Pacific ext
76%
*107
J
J
f9t Paul E Gr Trk 1st 4 %s
1947
{♦St Paul AKCShLgu 4%s_194l F A
USt Paul Minn A Man 6s
76%
37
23
♦Ctfs of deposit stamped.
SSt L SW 1st 4s bond ctfs
1989 MN
J
♦2d g 4s lnc bond ctfs.__Nov 1989 J
89%
88%
77
78%
86
24
95%
107%
*16%
51%
"25%
95%
J
63
26
85%
94%
104%
A
86
i" 3
24
♦Certificates of deposit
94%
o
21%
25
♦Certificates of deposit
90
Union Oil of Calif 6s series A—1942
82%
26
25
26%
24%
25%
23
82%
25%
23%
25%
25%
95
TUn ELAP (111) 1st g 5%s A.1954
{{♦Union Elev Ry (Chic) 6s__1945
20%
103%
IVI N
100
95
A
58
91%
84
52%
Sf Louis Iron Mt & Southern—
1933
90
J
107% 108%
19
28%
99%
O
A
15
25%
118
123
98
o
69%
35%
25
19%
con
1996
30
116%
116%
*108%
116
116
98
1945
91
72
35%
M
IVI
♦Rutland
♦Prior lien 6s series B
102% 107%
117
117%
116% 116%
86
"69%
♦Rut-Canadian 1st gu g 4s
♦|RIv & G Dlv 1st g 4s
♦Certificates of deposit
*103
Union Elec Lt A Pr (Mo) 5s. .1957
53%
a57%
e57%
e57%
"72"
J
1948 A
2d gold 6s
83
108%
97% 103
S
103% 104%
*104%
series D
1st
101
99
66
1977
1962
{{♦R I Ark A Louis 1st 4%s._ 1934
RR
73
9
Tyrol Hydro-Elec Pow 7%s.._1955 IVI N
30
46%
97% 100%
103%
*22
1955
f 8s
58
97%
*115%
19%
O
Gen mtge 6s series E___
s
81%
104%
1
J
7
A
{♦Rio Grande June 1st gu 5s. .1939
♦Rio Grande West 1st gold 4s. 1939 J
♦1st con & coll trust 4s A...1949 A
♦Ruhr Chemical
79%
104%
80
Tri-Cont Corp 5s conv deb A..1953 J
19%
22%
73%
101 %
138
26%
"22%
A
UJlgawa Elec Power
Roch G & E 4 %s
99
100%
25%
26%
High
47%
22%
133
l66"~
100%
Toronto Ham A Buff 1st g 4s__1946 J D
Trenton G A El 1st g 5s
1949 IVI S
19
"_5
F
1952
♦Rlma Steel 1st s f 7s
Low
89
51
25%
97%
J
J
Since
Jan. 1
tt|<3
High No.
J
1937 J
1952
25%
Range
Is
Tokyo Elec Light Co Ltd—
100
20
O
Jan 1960 A
♦AdJ lnc 5s
*22%
22%
21%
ivi n
—
Rlchm Term Ry 1st gen 5s
Asked
47%
22%
51
j
j
95
77
22
22
M N
1960
\Thlrd Ave RR 1st g 5s
Tide Water Asso Oil 3%s
97%
27
A
Low
Third Ave Ry 1st ref 4s
112
212
103%
103%
115%
105
112
127
11
118
97
97%
J
Bid
Price
52
97%
Friday
is
4
27
157
116
118
M N
Revere Cop & Br 1st mtge
♦Rhelnelbe Union s f 7s
107%
106%
Range or
Sale
High
Low
S
M
EXCHANGE
Week Ended June
Week's
Last
I!
BONDS
BONDS
STOCK EXCHANGE
Week Ended June
4
N. Y.
13
101
108
100% 108%
107% 109%
r
Cash sale; only transaction
transaction during
current week.
%
during current week,
a Deferred delivery sale; only
n Under-the-rule sale; only transaction during
{ Negotiability Impaired by maturity,
t Accrued
current week,
Ex-interest.
interest payable at exchange
rate of $4.8484.
T Bonds called for redemption or
nearlng maturity.
{ Companies reported as being in
bankruptcy, receivership, or reorganized under
securities assumed by suchlcompanles.
Section 77 of the Bankruptcy Act, or
♦
Friday's bid and asked price
No sales transacted during current week.
♦
Bonds selling flat,
t
Deferred delivery sales transacted
during the current week and not included
In the yearly range:
June 4 at 58.
III. Cent. 4s 1952, June 1 at 85.
Cuba RR. 7 %s 1946,
New York Curb Exchange—Weekly and
3806
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are
regular weekly range are shown in
a
footnote in the week in which they
Yearly Record
June 5,
the week, and when
the only transactions ot
selling
1937
outside of the
No acoount Is taken of such sales In computing the range for the year.
occur.
«
In the following: extensive list we
week
beginning on Tuesday last
furnish a complete record of the transactions on the New York Curb Exchange for the
(June
1, 1937)
Saturday and Monday being a holiday on the Exchange
(June 4, 1937).
It is compiled entirely from the daily reports of the Curb Exchange
and
ending the present Friday
itself, and is intended to include every security, whether stock or bond, in which any
dealings occurred during the week
covered:
Sales
Friday
Last
Par
Aome Wire v t
for
of Prices
Low
High
44 k
46 X
46 k
Range Since Jan. 1, 1937
Shares
150
1
Alnsworth Mfgcommon__5
i-om
'll'x "Hh
1
Air Investors common
*
Conv
preferred
2%
27
%
Gt
Ala Power $7 pref
$6
100
27
78
200
79
200
330
*
71X
67
71 X
*
com
Jan
56 X
24
Jan
Apr
Feb
38
14 X
May
22
Feb
2% June
4
May
62 k
62k
62%
20
2k
2%
2%
Jan
7%
May
Jan
May
5%
34%
Jan
1X
Preferred...
June
87
Jan
May
77
Jan
7%
79
2% June
Mar
Jan
St
Mar
1% May
2X
Jan
3k
Brill
Co
Aluminium
6%
com
Aluminum
Goods Mfg
Aluminum Industries
146 X
*
7X
*
preferred
107
10
22
7X
111
121X 121X
21X 23
Jan
26 X
120
Apr
177 X
Feb
Mar
111
Apr
119k
Mar
700
16%
A
common
19k
20
200
84
3%
17 H
Feb
24%
31X
5,700
4%
3X
,
Amer Cyanamld class A. 10
~31X
10
31
*
Jan
Jan
Mar
Apr
Mar
Feb
Feb
Mar
4X May
41X
Jan
47
Jan
8
Jan
36
35K
118
4k
*
4%
xl9
*
"32 k"
*
109
American General Corp 10c
$2 preferred
1
9M
32
200
2X
4%
2X
2%
600
£19
-
106
32X
109
100
3,300
525
Apr
125
126
7% conv preferred.-.100
Amer Equities Co com
1
Apr
136
4% Apr
2% June
18% May
31
May
106
June
9%
9%
32X
3,200
31k
9k
31X
20 k
20
20X
150
19
25%
18k
26
19k
200
49X
49X
20
"l8k
6% preferred
25
Amer Mfg Co common 100
Preferred
.100
Amer Maracaibo Co
1
IK
Amer Meter Co
1J
1)
May
Jan
Jan
24
Feb
48%
Jan
112 J*
12
Jan
Mar
*
"30k"
1%
IX
82
Jan
2%
Apr
May
59
Jan
53
May
May
2%
Mar
Mar
Jar^
Jan
Apr
3X May
5%
Jan
1
3%
ox
100
Angostura
3X
OX
107%
IX
7X
*
8
io
9
Arkansas P A L $7 pref.
Art Metal Works com..
"isT"
1
6X
107"
IX
7X
8k
Feb
42k
Feb
Mar
110k
108
40
105K
1
1,200
2,900
IX
Jan
OX
May
May
12k
13k
Feb
Apr
10 k
Jan
96
Jan
7%
8X
7GX
7%
8
9
76X
12
12 X
600
6X
1,300
OX
Jan
May
5%
5,700
800
10
OX
8%
70% June
11
May
5% May
3
Jan
Feb
Feb
Amer deposit rets
Assoc Gas & Elec—
£1
iix
Common
1%
Class A.
2%
preferred
*
Option warrants
Assoc Laundries of Amer
V t o common
20 X
iix
i%
2%
20%
hz
X
i
2%
20 X
3
100
300
4,900
200
3
1%
Apr
Atlas Corp warrants
Atlas Plywood Corp
Austin
Jan
May
39 k
Jan
X
Jan
7j2
lk
Jan
Feb
Jan
k
May
51k
87
87
2k
52 k
87
2
k
Apr
47
Jan
87
June
88
May
2
May
4
Jan
Bardstown Distill Inc...
Barium Stainless Steel...1
lk
30 k
31
114k 122
lk
2k
Mar
43
375
114% June
156
1% June
4k
Mar
3
5
Mar
.....
"""4k
28
May
""900
3%
Jan
8
Barlow & Seellg Mfg A...5
16%
16k
16 k
250
16 X
Apr
21
Bath Iron Works
10k
10k
Ilk
3,100
Corp.._l
Baumann (L) & Co com..*
7% 1st pref
Beaunlt Mills Inc com
conv
10
pref
3k
17
1
12 k
1
5 k
12
5k
3 k
100
600
12 k
500
5k
200
100
Blckfords Ino common
*
com
1
$3 opt conv pref
Blumenthal (S) 4 Co
*
Corp
C) Co oom
*
7% 1st preferred
100
Borne Sorymser Co
26
1134
Apr
5X June
For footnotes
*
see page
3811
1st preferred..
Feb
Jan
Mar
X
400
"is
Apr
ik
Jan
IX
100
1
Jan
lk
Mar
k
200
81k
79
5k
81k
5k
60
Apr
31k
Apr
45
Mar
82 k
73
5% May
8k
7 k
155
Apr
May
2k
"2
6k
"~2k
3k
23 k
2 k
May
Mar
26k
Apr
5
Mar
7 k
Jan
May
May
1~300
87k
10
87k
82k
45k
82k
10
48k
3,500
30
48 k
31k
400
2
87k June
82 k June
30
Jan
9k May
28
6k
""6k "*6k
123
9
9
47k
100
352
9
122
122
"966
14k
Feb
108 k
9
Jan
June
10k
123
15
100
39 k
Jan
10
93 k
Jan
105k
57
300
15k
Apr
89k May
14 k May
19
Jan
96
Feb
100
22k
Feb
84
100
82
Apr
2%
2k
lk
lk
15
15
2,200
4,700
100
June
91k
2k June
6 k
Jan
lk
2k
Jan
27 k
Jan
14
26 k
May
Apr
May
51 k
5k
700
33 k
Jan
26 k
7
Jan
May
4 k May
80
£ll6k H7k
May
13
Mar
16k
Feb
Jan
82k
Mar
125
71k
150
110 k
Jan
100
19
123
63
64
76k
May
15k
100
52 k
14
Jan
15k
lk
Apr
17k
Mar
lk
2,500
k
May
87k
88
Apr
47
45
3k
k
48
9k
27,000
3
May
45 k
June
60
Feb
1,400
46
Mar
54
100
54
50
48
48
*
Jan
42
54
54
76
10
46
pre'fl *
350
2k
92 k
5k
4 k
"88"
*
49
9k
9k
500
35k
Claude Neon Lights Inol.l
Clayton A Lambert
Mfg
Cleveland Elec Ilium.
Cleveland Tractor com..I*
36k
200
Feb
June
76
9k June
Apr
35k June
Jan
15k
Apr
lk
200
6k
6k
7,400
4k
4k
500
Colorado Fuel A Iron warr
Colt's Patent Fire Arms.26
k
9
2k
Jan
Apr
Mar
22
Mar
15k
Mar
3 k
JaD
8k
Feb
Jan
4k
May
3 k
Jan
13k
k
14
300
13k May
24^
Feb
61
500
66
Feb
74 k
Apr
68 k
69
Columbia Gas A Elec—
75
Jan
May
3k
4 k
6k
4k
1,200
May
9k
1 sh
15
1
16
6% Income stock A___£l
6% conv pref
£1
13%
Mar
10 k
48k
lk
36
Apr
Jan
Thompson (J R) com...25
14X
40
Jan
Club Alum Utensil
Co ..*
Cockshutt Plow Co com
*
36
Feb
%
May
Jan
Feb
4k
8 k
4% May
Feb
Feb
15k
39k June
Feb
Mar
Jan
79k
4
125k
Jan
Jan
100
May
Jan
58
6k
May
May
5k
Feb
June
4
.
1
Apr
15%
3
2%
May
64
3
113%
Mar
17
78 k
._*
50
Jan
15k May
14
100
1,700
Mar
Mar
Mar
82
1
2,900
Jan
June
15k
lk
*
IX
Feb
Mar
15k
2k
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller
Co.
I
Development
Apr
15k
6
Chlca Rivet A Mach
new_4
Colon
Jan
54 k
39 k
6k
Feb
Jan
97 k
15k
Chicago Flexible Shaft Co
CUnchfield Coal Corp.
Jan
Feb
38k
100
Mar
3k
Mar
100
48k
100
35
102 k
Jan
May
6 k May
36
25
.
Jan
Jan
Apr
Jan
Jan
100
IIIIlO
preferred
Jan
26
6k
Pipe
*
Chamberlln Metal Weather
Strip Co
5
Charls Corp
Preferred
Preferred B
.1
Preferred BB...I
Cities Serv P A L $7
Feb
Jan
lk
15
Centrifugal
common
Apr
Mar
xlk May
1,500
'2II66
lk
Jan
Mar
161
Feb
24
lk
"l% "lk
lk
T%
10
8k
7
4k
100
Chesebrough Mfg
Jan
Feb
Apr
500
'29.100
com
k
5k
32k
Apr
7
40
7% pref...100
Cherry-Burrell Corp
Jan
May
24
Cent States Elec
com..
1
6% pref without warr 100
7% preferred
100
Conv preferred
ser
k
900
18
Jan
Mar
8
4% May
700
12 k
169
Mar
k
13k
May
38 k
5k
400
27
Jan
Jan
2,600
£18
5
Feb
5
*
2X
14 K
114
200
"~2X
13 X
36
May
Jan
14 X
May
36%
May
~~2~% ~"3~~
"460
2%
600
42H
May
Mar
May
May
May
46
46 X
20
7
7
25
7
35
36
20
34
37 k
Mar
Feb
Jan
24k
38k May
4k
48 k
Jan
Jan
Commonwealth Edison 100
Commonwealth A Southern
Commonw
Jan
19
Feb
Community P A L $6 pre! *
Community Pub Service 26
Community Water Serv..l
Compo Shoe Mach v t c._l
k
Jan
Feb
7k
Mar
7k
-
-
New
«
«.
109
110
68 k
6k
June
104 k
Jan
4,500
June
10k
Jan
32 k
June
39
Jan
May
139
75
400
32
32
32 k
75
27 k
26k
lk
27 k
300
lk
15
15
1946...
lk
lk
Feb
100
7k
33
k
k 110
k
Dlstrlbut...IIl
v t c ext to
6k
32
k
Jan
Adr
60
68 k
-
Warrants
Jan
%
6
Columbia Pictures com..*
56 k
Jan
14
61
Conv 5% pref erred.. 100
Columbia Oil A Gas
1
43 k
11
15X
{Botany Consol Mills Co.*
Bourjols Ino
May
Jan
2k
Jan
Feb
May
41
13k
103
Mar
28k
2k
May
IIIt
Jan
39k
11
Mar
25k June
2k
June
Jan
Apr
30k
106 X
28k
Celluloid Corp common_15
$7 dlv preferred
*
Service
70
Feb
IX
k
X
*
IX
13%
*
Bohack (H
preferred
Conv pref opt
12 k
H
Corp
•
Carter (J W) Co common. 1
Casco Products..
»
Castle (A M) com
new.IlO
Catalln Corp of Amer
1
Celanese Corp of America
7% 1st partlc pref... 100
$6
Jan
39k
Feb
Ilk
Mar
5k
5
5k
.III*
2X
114
5
Blue Ridge
June
3% May
900
28
.__*
IX
..._*
Bliss (E W) & Co com
17
Apr
Feb
25k
*
2%
*
Bilss & Laughiln com
80
159
6k % pf-100
Berkey & Gay Furniture. 1
Purchase warrants
pref
17
"""20
10% June
8% Mar
27
]
Bellanca Aircraft com
conv
17
"80""
20
Bell Tel of Canada
$2.50
""so"
100
Beech Aircraft Corp
Bell Aircraft Corp com
Bell Tel of Pa
5
Jan
Jan
Feb
Feb
9k
May
4
pref..I*
Apr
3,400
350
P A L $7
Apr
10k
31
Carolina
11
6%
Feb
23k June
36 k
Carnation Co common.._*
Carnegie Metals com..
1
Mar
300
118
Carman A Co class A
Class B
Ilk
9
46
700
4
25c
Jan
1%
250
*
Products
Syndicate
7
500
warr
Carlb
6
6k
10 k
10
common
26k
100
Cities
1,300
1,000
Tobacco—
{Baldwin Locomotive
preferred
Mar
2
Babcock & Wilcox Co
$1.50
6%
May
23k
Canadian Canners com
*
Canadian Car A Fdy
pfd 25
3k
lk
7%
49
Canadian Dredge A Dock*
Canadian Hydro-Eleo—
May
May
2
47k
23k
Amer dep rets pre! shs £1
Calamba Sugar Estate. .20
Mar
1
2k
Ltd—"
Jan
19
100
8
98
Am dep rets A ord
sh..£l
Am dep rets B ord she. £1
29 k
600
44
5tc
Chief Consol
Mining
Chllds Co preferred
23
10 k
Feb
Mar
20
22 k
6k
10k
10k
13k
57%
Apr
140
*
Automatic Products
5
Automatic Voting Mach..*
7
2,700
23
5
Mar
Jan
8% May
2k
Mines
13 k
5k
7
«,
23%
Cent A South West
UtlI.60o
Jan
116 May
100
39
Apr
15k Feb
3
2X May
2,100
Jan
Feb
May
8k
%
~"~X
Atlantic Coast LlneCo.-50
Atlantic Gas Light pref. 100
Class A
Apr
*
Assoc Tel & Tel Co Cl A.*
Atlantic Coast Fisheries
Avery (BF)
Axton-Flsher
10%
18
33
32
70
Cent Hud G A Ecom
*
Cent Maine Pow
7% pf.100
Cent Ohio Steel Prod
1
Cent P A L
Associated Elec Industries
Silver
convertible pref..
$6
*
*
8
Carrier
Anchor Post Fence
Mar
Mar
Apr
Warrants
Jan
Jan
Mar
26k
lJi Apr
35k May
$5 1st preferred
*
Bunker Hill & Sullivan 2.50
Burco Inc common..
Jan
Jan
Mar
30
12k
31
Mar
31
Buckeye Pipe Line
50
Buff Nlag A East Pr
pref 26
3
10k
Jan
1
x30%
20
Capital City
4%
Ashland Oil A Ref Co
100
*
'an
99
Preferred
22 k
»
Jan
59 X
$5
$6 preferred
Bruce (E L) Co
Apr
May
4% May
Radio Tube
Arkansas Nat Gas com
Common class A
22 k
Distillery. 1
54k
600
Arcturus
22%
Feb
Feb
Apr
28 X
29
Mar
Apr
26X
1,000
7k
16k
77
82 k
Jan
200
6k
Jan
May
9k May
28
May
22 k May
x!5k
28k
Mar
4X
Wupperman
Jan
6 k
53
Jan
June
30 X
Apex Elec Mfg Co com..*
Appalachian El Pow pref.*
100
Apr
32%
88
2 k
300
k May
18%
27X
4X
30
Feb
11
25
6
pref
3k
25
2,100
1st preferred
Preferred
American Thread
May
100
Feb
1%
%
2,100
38
11,500
Apr
2,900
Jan
5%
IK
Jan
108k
78X
24 X
2
com *
21k
Apr
200
53
Canadian Indus Alcohol A *
B
non-voting
*
Canadian Indust7% pfllOO
Canadian Marconi
1
Mar
Jan
Mar
14%
26k
Jan
41
16
72%
Feb
100
Mar
36k
13%
26k
Feb
1
45
Mar
14 k
Apr
14%
32
IX
30k
May
78 X
36%
7,200
Jan
9k
"pref 11II100
6%
Cables & Wireless
Jan
38
45
com
4
10
53
•
Jan
§k
Jan
Jan
Jan
Brown Fence & WIre oom. 1
Class A pref
*
Brown For man
Feb
4X
Feb
18k
MOO
53
Burma Corp Am
dep rets..
Burry Biscuit Corp.. 12ko
Cable Elec Prod v t c
*
Mar
8
8k May
42
Amer Pneumatic Service.*
Amer Potash & Chemical
Superpower Corp
2k
£1
May
May
82
3% June
""800
*
38
25
"l"7k
"l%
*
31X June
150
preferred
Amer Hard Rubber com_60
Amer Laundry Mach
Amer Lt & Trac com
17%
Am dep rets ord
reg._10s
British Col Power class A. *
$3
3,100
Seal-Kap
89 X
31% May
32% May
3X May
Jan
33%
20% Apr
4%
Amer
June
3% May
200
Am
84
50
200
Preferred
1%
42
1,500
34 X
Amer Gas & Elec com
11
Jan
3X
34
Amer Foreign Pow warr
Amer Fork & Hoe qom
Jan
May
84 k
3%
2 k
32 k
108k
17k
dep rets ord bearer £1
Brown Co
75
l3i6
34
$2.60
Jan
Feb
Am
May
32%
3%
Jan
8
33
com
600
3k
Amer dep rets reg
British Celanese Ltd—
131
May
25
n-v
3k
23k
10k
10
British Amer Oil coupon
British Amer Tobacco—
Jan
May
ClaBS A with warrants 25
Class B
1
Class B
17%
14X
35
$5.50 prior pref
*
Amer Centrifugal Corp___l
Am Cities Power & Lt—
Amer Dlst Tel N J
3,400
Ilk
36 H
Apr
Apr
31
100
Brlllo Mfg Co common
Jan
20 X
*|
A
500
27k June
20 k
Class B
100
10c
Class
"24 k
»
preferred
Mar
900
1,400
10c
preferred
4k
25
1937
1
High
lk
Corp class B
140
98 %
121
Capital—
Common class B
$3
June
7% June
200
62
Amer Box Board Co com.l
Class
Jan
350
American Beverage com__l
American Book Co
100
American
24
1,250
2%
100
American Airlines Ino
143k 149
117X 118
16%
17
*
com
Jan
22
*
100
Aluminium Ltd common
6%
21%
25
common._
preference
800
'""150
Class A...-.
*
Allied Products cl A
28%
100
Bright Star Elec cl B
Low
Shares
~22k
27%
Class A
Jan
Jan
High
"22"
22
100
Bridgeport Gas Light Co.*
Bridgeport Machine
»
60
100
Common
pref
1st preferred
72 X
67
Alliance Invest common. _»
conv
Low
Price
preferred
100
Brazilian Tr Lt A Pow...*
Breeze Corp
Jan
Range Since Jan.
Week
2d
Allied Internet Investment
$3
for
of Prices
Bower Roller Bearing
5
Bowman-BUtmore com..*
Mar
6%
% June
200
*
preferred
Alles & Fisher Inc
May
May
3%
26%
Week's Range
Sale
High
3%
700
X
x78
Southern..50
"400
3
3X
2%
3%
*
Warrants
Alabama
42
700
Last
or
14%
4
Agfa Ansoo Corp com
Air Device* Corp
Low
21
"~3M
*
Sales
Friday
STOCKS
Continued)
Week
Price
20
c com
Aero Supply Mfg class A
Class B
Week's Range
Sale
STOCKS
k
12,900
lk
200
107
X
lk
Mar
June
7is
2 k
Jan
Jan
Jan
June
64
34
200
25k May
lk May
200
15
May
17
Jan
May
17 k
Jan
32
14
k
2k
Jan
Jan
Mar
Volume
Sates
Friday
STOCKS
Sale
Par
Low
300
.....
Ltd.
30
Mar
June
100
Mar
10
Jan
Feb
135
Mar
400
1,200
2X
Jan
Apr
6
Feb
.?8
Mar
19*
300
"ioo
23 X
102*
Jan
2*
26*
Jan
Jan
17*
Apr
June
16*
25
32 X
-.6
3*
11
700
32%
200
3*
3,700
3
Feb
Jan
Mar
Amer dep rets ord reg.£l
Gen Flreprooflng com
*
Gen G & E $6 conv pf B
•
61*
35
Apr
Jan
62*
10
May
June
34
Jan
18*
32*
5%
600
5%
May
"ix
IX
•2,000
1
23
.....100
300
23*
Feb
May
Jan
6*
7*
Jan
94*
Mar
May
4*
Jan
June
39*
Mar
1*
23
14*
Mar
Jan
12*
£1
Courtaulds Ltd.
5% May
86
*
ICosden Oil com
Gen Investment
6
33*
33%
Crocker Wbeeler Eleo
*
13 X
Croft Brewing Co
%
Crowley, M liner A Co
1
*
13%
%
Crown Cent Petroleum
2,300
36%
13%
13
400
1*
1X
12X
12%
12X
100
Drug Co com._25c
Preferred
26
3*
3%
21%
3*
2,200
21X
25
1,600
2
1
1
200
8X
*
9
450
1*
12*
Warrants
16
5
Jan
25
106
May
13*
6
X
X
Darby Petroleum com..
Davenport Hosiery Mills
12 X
11%
Dayton Rubber Mfg com. *
Class A
36
23X
23
29 X
29*
Cusi Mexican Mining..60c
.
12x
11,900
1,800
Mar
12
100
preferred
1*
May
May
Apr
May
Curtis Mfg Co
Feb
1*
Jan
May
43
Mar
Apr
*
11* June
13* May
1,100
50
6%
70
71
6*
71
6*
20
6*
1,700
35
*
*
com
75*
Godchaux
97 preferred
Goldfield Consol Mines..
Gorham Inc class A
10*
40*
11*
41*
27
27*
150
Apr
Apr
Feb
May
16
Jan
87
May
8*
Apr
19*
Apr
88
Jan
Jan
25*
Feb
3* May
11
Feb
Jan
10*
28*
500
18*
19*
700
100
34*
129
132
132
400
Draper Corp
Driver Harris Co
36~
"36"
"ioo
"36"
100
3*
3*
3%
500
75*
Dublller Condenser Corp.
100
Duke Power Co
75%
76*
75
1*
200
300
28*
17*
Mar
110*
Mar
A or
30
Jan
Mar
3*
68
Jan
Apr
Apr
159*
Jan
96
42*
111
Jan
Jan
May
6*
79
19*
4* % prior preferred. 100
6% preferred
..100
56 preferred
5%
Feb
Jan
82*
82*
13*
Common
Jan
7% pref stamped
23,400
15*
57*
17
57*
100
57*
June
68*
5*
70
5*
1,400
5*
100
8* June
100
68* June
5*
June
23
Jan
24
Mar
20
57
79
50
79
3*
"l4*
"""366
3*
300
50
32
Illinois Iowa Power Co
80
Feb
87*
Jan
11*
Jan
9*
68
May
May
7*
98*
Jan
Jan
Jan
Feb
Feb
Mar
5*
Mar
Indiana Pipe Line
40*
Mar
60
Apr
May
87
Feb
Jan
23
Mar
May
2
May
27*
Feb
Feb
26
May
May
13
Apr
Feb
72*
Jan
Feb
Britain
and
Jan
Insurance Co of No Amer 10
Feb
International Cigar
Jan
Jan
Jan
Apr
Jan
900
6*
600
6*
9*
9*
1,400
20*
300
14*
300
8
19*
12*
14
6
13*
*
71*
38*
13*
,3T6
71*
1*
3*
45*
27*
8*
11*
Apr
24
Feb
Jan
17*
15*
47*
Feb
Jan
21*
18*
20*
Apr
Apr
Mar
21
1,900
200
11*
300
For footnotes see page
13*
3811,
20
1,100
Jan
Mar
May
May
May
9* May
13*
32
May
Apr
May
Jan
62*
Feb
9*
Mar
Mar
Mar
20*
20*
Apr
Apr
24*
24
Feb
Jan
15
Mar
36*
7%
24
150
93
x92
93
2*
2*
2*
100
Mar
Jan
May
Apr
44*
Jan
15
Mar
36
Jan
39*
May
2* May
2* May
4
Jan
Jan
105
91*
400
1
June
12
May
1
Mach *
Inv..*
13
25
65
66
300
22*
2*
65*
1
13
100
22*
2*
100
2*
28*
•
*
31
1,400
25*
*
100
4*
Jan
Jan
2*
22*
Feb
Feb
*
64* Mar
22* June
Apr
74*
Jan
28*
Feb
4*
Feb
Internat Hydro-Elec—
50
Pref $3.50 series
30*
*
A stock purch warr
*
1,000
13
Internat Metal Indus A..
.
*
Registered
International Products...*
34*
35*
34*
34*
100
6*
6*
6*
200
Corp
1
82 *
Jan
Class B
111* June
114*
Mar
"13* "l4*
6
Feb
Jan
14
June
Jan
Jan
2*
18*
39*
Mar
38
Mar
8*
103
Mar
Apr
Mar
15* May
IX
Feb
May
21*
Feb
1* June
3*
Feb
*
*
7*
Feb
Mar
* May
Class A
65* May
"13*
""766
Internat Safety Razor B_*
Jan
33*
Jan
34* June
44
International Utility—
Mar
Apr
Jan
May
100
.100
6% preferred
Internat Radio
2,300
35
34*
International Petroleum.
*
16
1*
1*
1*
2,000
'i6
Old warrants
111* 111*
13*
14
28*
20
Vtc common
7% preferred
Feb
13* June
First National Stores—
100
1
100
5*
53*
7* June
Industrial Finance—
Feb
36
100
50
Feb
Feb
Mar
Mar
Feb
*
18*
1*
500
1,900
Jan
Feb
Indian Ter Ilium Oil—
Feb
*
38*
700
21*
11
10
pref 100
7% preferred
100
Indpls P & L 6 * % pref 100
Mar
900
Flat Amer dep rets
11
Ireland..£1
2*
47*
400
Ferro Enamel Corp
30*
7*
3*
45*
Jan
14
19*
*
21
300
WOO
1,700
21
31*
1*
20*
6*
3*
20*
21
14* June
1* May
36* May
May
*
Fire Association (Phlla).lO
75
Indiana Service 6%
3
1*
*
Feb
9* May
29* June
13*
Fldello Brewery
Jan
42
Imperial Tobacco of Great
May
31* May
13*
*
"20*
112
Apr
Imperial Tobacco of Can.6
22*
17*
1*
*
Apr
27
60
Imperial OH (Can) coup..*
Registered
*
Internat Holding &
..1
105
2,700
1,900
reg..£l
600
100
Fedders Mfg Co..
May
Am dep rets ord
500
8,400
Eureka Pipe Line com
Metallurgical
41*
Imperial Chem Indust—
Jan
Feb
15*
Fanny Farmer Candy
Jan
14
81
30
21
22*
Illuminating Shares cl A__*
80
May
14*
Falstaff Brewing
Jan
May
5* May
54
55
29*
Jan
Mar
Apr
June
Class B
15*
Jan
28
100
2
77*
10*
Non-voting class A
29*
Jan
Feb
35
*
Feb
Emsco Derrick A Equip..6
2
29*
29*
Ctts of deposit
Mar
56
1
105
76*
50
Preferred
Illinois Zinc
74
55*
Apr
'""260
"7* "T"
77
55*
3
~35*
28
*
June
100
35
10
"35"
Hygrade Sylvania Corp..*
Jan
52*
53
Falrchild Aviation
'""150
16
3*
Jan
50* June
50*
52*
Ex-eel I-O Corp
May
5
Hygrade Food Prod
4*
28*
48*
50*
52*
preferred
Apr
43*
June
100
50
50
50*
50
European Electric Corp—
Option warrants
Evans Wallower Lead
*
42*
Jan
24
7% pref unstamped-.100
Hydro Electric Securities.*
25
50
100
7% preferred
100
8% preferred
100
Empire Power Part Stk__*
2
Jan
36
300
1
45
14"
32
10c
100
200
77*
15
5*
57
Jan
Jan
May
26
'28*
3*
com
June
SHuylers of Delaware Inc—
Jan
15*
...100
15*
39*
Hussman-Llgonler Co...
6*
16%
Elgin Nat Watch Co
16
Empire DIst El 6% pref 100
Empire Gas A Fuel Co—
300
Apr
16
26*
Apr
May
May
May
14*
15*
Mar
24
Humble Oil & Ref
2*
1
23
1
Hud Bay Mln <fe Smelt-.
Jan
Option warrants
Electrol Inc vtc
200
Apr
17
Jan
Electric Snareholding—
Common
Electrographlc Corp com.l
23
10*
28*
16*
105
80
19
56 conv pref w w
*
Elec Shovel Coal 54 pref..*
6* May
43
35
71
17
♦
200
Mar
40
100
preferred
41* May
2,500
1
8
25*
9*
20
6*
Class A
Elec P A L 2d pref A...
11
Apr
Mar
24
Co com..
150
2*
5*
5*
8*
8* June
15*
June
550
2*
1
7
100
16
44
2%
*
com
500
16
21
*
56 preferred
2",800
7*
Apr
59
Edison Bros Stores new..2
Elsler Electric Corp
1
Elec Bond A Share com..6
17*
8
58*
9%
Feb
15*
33*
11*
19*
Jan
Jan
Feb
Jan
10*
May
May
17*
52
43
11*
May
57* May
62
May
May
Apr
Hormel (Geo A)
Horn <fc Hardart
63
14
19
Feb
700
Jan
Feb
11
27*
9*
1*
4
100
May
8%
Jan
June
900
17%
56 preferred series B...*
Jan
Anr
3*
1*
11*
2,500
$7 preferred series A...*
Jan
40
Horder's Inc
Apr
May
Jan
70
May
20
Jan
4
Apr
7*
11*
10*
200
17*
24
24
10
6
44
59
Jan
4* May
Apr.
17*
20
Jan
5*
Feb
Holophane Co com
Holt (Henry) & Co cl A-_
6%
400
90
43
Holllnger Consol G M
100
Eastern Malleable Iron.26
Eastern States Corp
Easy Washing Mach •,B".*
EoonomyGrocer y Stores.*
"23"
10
Feb
500
6
Apr
15*
Hey den Chemical
8
5*
Common
Apr
23
com
Feb
East Gas A Fuel Assoc—
92
7*
25
Preferred w w
5%
19*
Jan
Feb
8*
""§*
Apr
5% May
18*
Jan
Jan
16*
17*
2
5*
10
63*
7*
Heller Co
8
8
_.
Eagle Plcher Lead
50
25c
6% preferred
Hecla Mining Co
Rubensteln
Hires (C E) Co cl A
Hoe (R) & Co class A
1* Mar
7* Mar
May
515i
46
Helena
Hewitt Rubber
1*
Feb
400
Jan
6
16*
18*
15*
Jan
Jan
15
14*
May
Jan
Apr
June
15*
12
Mar
8*
4*
June
14
Apr
May
Apr
11
Hearn Dept Store com—
June
Feb
47
15*
Hazeltlne Corp
129
128
300
Jan
50
Jan
May
120*
Jan
11
11
Jan
1*
Durham Hosiery cl B com
56 preferred
2*
1*
2*
1*
Hartman Tobacco Co
10*
107
10
preferred
Flsk Rubber Corp
25
Elec Light
29*
Jan
117*
56
700
5
Haloid Co
Hartford
4*
4*
4*
Apr
80
Dow Chemical
June
14*
Gypsum Lime & Alabas_.
Hall Lamp Co.
Mar
30
Jan
90
$6 preferred
Class A
34
18*
22*
87!
Gulf States Utll $5.60 pref
26
15
100
1st preferred
5,400
300
108
19
com.
6*% preferred
100
Douglas (W L) Shoe Co—
7%
55*
9
28*
£1
Dominion Steel A Coal B 26
Fansteel
""266
200
5
53*
54
25
Gulf Oil Corp
14*
5
Hat Corp of Am cl B com.
2* May
May
20
Jan
Jan
June
37*
14
14*
Harvard Brewing Co
Mar
27*
4*
*
Apr
7%
500
Guardian Investors
7%
Feb
Corp
85
122* 123*
28*
64
Equity
10
490
stock—
com
30
preferred
5,200
90*
Non-vot
Feb
6*% preferred
2*
12*
85
2*
Jan
Great Atl & Pac Tea—
Jan
May
6%
3,000
Mar
Apr
Jan
89
Feb
15*
49
Elec Power Assoc
21*
10
100
Duro-Test Corp com
Duval Texas Sulphur
800
10*
50%
7%
Feb
25
24*
2*
Feb
50%
preferred
5*
33*
2*
14*
17*
6
7%
1,000
13*
200
Domln Tar A Chem
6*
6
14
Varnish—•
Gray Telep Pay Station .10
6%
Liquors Corp.
Apr
M*.r
*16 May
3,800
Grand Rapids
6*
Distillers Co Ltd
May
26
*
Feb
May
May
Distilled
150
June
40
200
6*
14
Jan
Jan
June
10*
1,800
100
33
Apr
Apr
May
39
50
39
Feb
4*
Products
75
25
300
Diamond Sboe Corp com.*
275
75*
Vtc agreement extended
Grand National Films Inc 1
1,600
Detroit Steel
June
Gorham Mfg Co—
15*
Detroit Paper Prod
35
Jan
17
5
"IOO
"35"
..
500
2%
Jan
May
Feb
,sl
Jan
100
10
101
June
18*
11
*
$3 preferred
300
5
June
3,e
17%
3
5*
2%
48
600
*
17
com..
300
27*
27
*
17*
Det MicL Stove Co
48
39
Sugars class A
16*
Detroit Gray Iron Fdy...
June
41*
Class B
...20
pref ww
May
1*
16*
10
100
8*
*
Glen Alden Coal
Detroit Gasket A Mfg com 1
6%
73
500
75
♦
Preferred
Jan
15
Apr
*
C)
Feb
50*
108*
16*
Jan
116 June
3,500
1*
16*
"35"
*
Jan
9* June
Jan
Feb
10*
Feb
5*
Feb
May
1*
Warrants
Feb
2*
"§00
1
May
69
6*
May
18*
75
101
100
com
29
Jan
76
Preferred
Jan
27*
27*
1st preferred
100
Gt Northern Paper
25
Greenfield Tap & Die---*
Grocery Sts Prod com.-25c
19*
12*
Dejay Stores
Dennlson M fg 7 % pref. 100
Derby Oil A Ref Corp com
Mar
48
6
preferred A
Gen Water G & E
Feb
2*
De Havlland Aircraft Co—
dep rets ord reg...£l
Jan
98
1*
16*
14
.
23*
29*
Jan
19
Jan
75
75
*
$3 conv pref
Gilbert (A
May
14*
May
89*
*
General Tire & Rubber
Jan
4
11* June
14*
Feb
3
300
18*
'16
General Telephone com.20
20
*
v tc
Inc
Jan
17
"266
"i~x "ix
"16
Georgia Power $6 pref
June
21* June
May
11* May
18*
Gen Outdoor Adv 6 % pf 100
Gen Pub Serv $6 pref....*
Jan
3*
450
83
38
6*
10
preferred
*
800
18*
$6 preferred
May
12
7
1
Crown
Jan
Jan
66
'"I*
Mar
28*
2,200
Internet A..*
Crystal Oil Ref com
May
1
100
Creole Petroluem
12
18*
18*
com
$3 preferred
Cramp (Wm) A Sons Ship
Eng Bldg Corp.
5*
Gen Electric Co Ltd—
Feb
Mar
3
8*
""3* "T"
15
May
Apr
*
*
Gen Rayon Co A stock
5%
Feb
Feb
75
21*
22*
1,100
9
300
18
18
15
Apr
600
11*
1
Conv preferred
11*
11*
xlOX
11*
5
Common
May
35*
Copperweld Steel com...10
Am
Fox (Peter) Brewing
1
200
1
Corroon A Reynolds—
6*%
Amer dep rets
Gamewell Co $6 pref
General Alloys Co
11
.......
Jan
Froedtert Grain & Malt—
2*
10 X
11
$6 preferred A
23
Franklin Rayon Corp com 1
19X
23 *
Mar
8*
29*
31*
Jan
May
Apr
"l'o'x 'Vox
com..*
com
2*
May
32 X
Press
lOOfrcs
7X
U X
Cuneo
Jan
85
Fdy__.»
65
Ford Motor of France—
Mar
61*
Cuban Tobacco
22*
25*
73 X
prior preference—
6%
1,500
200
1
Copper Ranee Co
Crown Cork
23*
350
pf 100
Cooper Bessemer com...
A
22*
*
reg..£l
Class B
8*
preferred
Preferred
Apr
X
113
Continental Secur Cor p.. 5
Common
6*
100
10
Continental Oil of Mex—1
Cord Corp
600
Ford Motor of Can cl A..*
Feb
June
6*
1,200
2*
2*
10%
Consol Steel Corp com,_
Cook Paint A Varn
Jan
6*
6%
7X
10
Cont G A E 7% prior
11*
89*
114*
High
36* May
300
42
40*
*
Am dep rets ord
Low
Shares
Ford Motor Co Ltd—
X
80 X
100
Cont Roll A Steel
2
Apr
Florida P&L57 pref
Jan
Mar
11
2X
79
79 *
new.l
preferred
Consol Royalty Oil
113
Mar
Range Since Jan. 1 1937
for
Week
of Prices
High
Low
Price
%
2
6
-
5% May
Jan
7X
69% June
1,200
114
33*
May
20%
36,900
10 x
70*
69*
114
*
Consol Retail Stores
S3
1,600
6
8*
10*
69 *
Warrants
$4
25
6
6
Par
High
Low
24
24 *
1
1
Con so 1 Copper Mines
5
Consol G E L P Bait com *
5% pref class A
100
Consol Gas Utilities
1
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
' Range Since Jan. 1 1937
Week
High
Sales
Friday
|
for
Range
of Prices
Price
Consolidated Aircraft
Consol Biscuit Co..
8%
Week's
Last
{Continued)
Consol M in & Smelt
3807
New York Curb Exchange—Continued—Page 2
144
10*
Jan
18*
Mar
72*
Jan
92
Mar
New warrants
International Vitamin
16
1
5*
5*
Jan
*
Jan
800
16
5*
500
5
May
Jan
New York Curb
3808
Sales
Friday
STOCKS
Last
Week's Ranoe
Sale
of Prices
Friday
for
(Continued)
Week
Par
Price
Interstate Hosiery Mills.
Interstate Power $7 pref-
High
37
37
_
Loto
9
37
Shares
Loto
100
34%
54
20%
20%
200
7i«
Jan
20%
Apr
11% May
""A
%
15 %
1
42%
24%
8% June
15%
16
Mar
Jan
Jan
Conv part preferred
National Steel Car Ltd
27%
Feb
National Sugar Refining.
%
't6
Jan
Jan
Jan
Navarro Oil Co
May
77
May
*99%
<96%
Jan
Jan
Nelson (Herman) Corp...5
9%
120%
Jan
Neptune Meter class A...*
13%
Neetle-Le Mur Co cl A...*
100
1%
10%
....5
4%
99
101
"500
20%
100
2%
90%
Jan
25%
Apr
111% May
200
19
68
"1% "T%
10
Jan
New Bradford Oil
Feb
May
May
1%
100
6%
»i«
May
100
17%
10%
10%
Feb
10%
Jan
Feb
Jan
May
108"^ 109" '
'""56
11%
Apr
"10% "l6%
'"loo
15%
May
~48~
106
Jan
70%
Apr
"56"
'4,966
47 %
Apr
5%
5%
1.000
4%
97%
May
13%
13 A
100
13%
May
Apr
21
N Y Auction Co
Jan
100
15 %
12%
*•
10 %
"15% """900
111%
12%
21%
78%
59%
9%
3%
*
82
69
Feb
Jan
N
Jan
N Y Pr a Lt 7% pref.. 100
Feb
Mar
Feb
4%
12%
Mass Utll A8800 vtc
Master Electric Co
"55"
0% preferred
93
Mar
80
Jan
11% May
0%
15%
Jan
Jan
38
Apr
Jan
Feb
2%
Jan
6% May
42
Jan
May
June
5%
10%
Feb
6%
May
82
Jan
Apr
700
17
Jan
200
13 '
Apr
May
Apr
8%
Feb
200
18%
Jan
150
55
Jan
1~2o6
8%
100
25%
600
114
Jan
15% Apr
25% May
33% Mar
22% Mar
3%
Jan
10% Mar
25%
Apr
55% May
Class A pref
Nlles-Bement-Pond
*
.
May
May
23
7%
Warrants
6%% A preferred... 100
%
1
6%
1%
55%
"is
7%
1%
65
52
Class B
Nor Cent Texas Oil
Nor European Oil com..
7% preferred
Northern Pipe Line
Nor Sts Pow
com
OUstocks Ltd
*
6% conv pref
Oldetyme Distillers
500
2%
12
Apr
1
Feb
1,600
%
80
80%
210
90%
10
78%
87%
May
Apr
21%
800
"27
"loo
Apr
pref
61%
600
43 %
108%
108
110
"500
40
13
12%
28%
13%
29
1,300
200
"3%
98
"3% "1%
2*400
29%
29%
3%
Mining Corp of Can
5
Apr
8%
Jan
24%
54%
75%
Mar
$
Feb
21%
4%
14%
Mar
Jan
"35"
"39%
""650
Minn P & L 7% pref.. .100
Miss River Pow pref...100
Feb
43
Jan
98
Jan
114
39%
5
88
Minnesota Mining & Mfg.*
Apr
May
May
41
41
42
400
38
May
May
03
64
2,400
14,500
59
Apr
S%
7%
Mar
118
Feb
Common
2.60
8%
1
Monarch Machine Tool..*
Monroe Loan Soc new A.l
23%
3%
12% zl3
8%
9
23% 24
3%
3%
20GT
800
Montgomery Ward A
*
Montreal Lt Ht & Pow
138""
»
135% 139%
29
29%
"210
500
Moody Investors pref
*
Moore Corp Ltd com..
*
Class A 7% pref
100
(Tom) Distillery..1
Mtge Bk of Col Am shs
Mountain City Cop com 5c
12%
Mountain Producers
10
Mountain Sts Tel & Tel 100
Murray Ohio Mfg Co
Muskogee Co com..
0% preferred
Nachman-Springfliled
Natcon Corp
6%
v
Nat Bond & Share
3,000
6%
1,200
""loo
*
12%
30
12%
30%
300
Perfect Circle Co
29
May
13%
13%
100
"1%
66
-
-
1 'A
n -
3,100
450
15%
44
15
»
%
15
%
1316
68
65
08
Apr
Phillips Packing Co
8
Feb
Jan
*
For footnotes see page 3811,
"13% "l3%
5,600
88
176
""556
89
60
82
Conv pref ser A
Pierce Governor com
Pines Winter front
Jan
Pioneer Gold Mines Ltd-.l
Apr
28 %
20
Mar
Mar
97%
Mar
Jan
13c May
23
Feb
Mar
14%
Jan
%
May
44%
Feb
Jan
14%
Mar
1%
May
3%
Jan
Jan
59
Mar
100
44
June
44
June
500
15
June
19%
% June
7%
Apr
Jan
33%
64
May
Jan
8
Jan
11%
Jan
2%
Jan
13%
Feb
47
Feb
91%
Jan
14
19
May
Apr
Pltney-Bowes
May
May
42%
72
8%
5%
17%
Feb
Mar
Apr
Mar
Mar
Feb
Mar
Jan
May
May
May
113
Jan
112
Jan
Jan
170
June
"II""
162
3
126%
25
Mar
~78""
""206
76
May
95
Feb
120
126%
175
120
June
151
Apr
32%
150
Mar
37
Feb
11
200
11
June
50
111
June
32%
11
111
34
111%
'
34
50
31%
32%
Apr
4%
20
110%
34
Mar
Jan
Feb
Mar
11
9%
9%
800
"24% "24% "25%
""760
9%
10
_..*
June
12%
30%
110
"76"
*
1
Feb
21% June
51%
Common
Feb
Jan
May
June
"GOO
"94%
83
176
*
7%
155%
6
16
National Refining Co...25
Jan
June
Phoenix Securities—
5
10% May
200
100
com
*
Phlla Elec Co 35 pref
*
Phila El Power 8% pref.25
184
June
3,000
*
Philadelphia Co
Jan
Mar
15
"Iff" """406
44
Jan
44
44
10% May
-
16
10
2
56
55
37
Mar
600
Nat Mfg & Stores com...*
National Oil Products
4
Feb
18
12%
30
Corp..*
Nat Rubber Mach
157
18
National City Lines com__l
$3 conv cum pref
50
National P «fc L $0 pref...*
135% June
97%
*
Nationa Candy Co com..*
common
12%
100
t o...*
National Fuel Gas
11%
6%
"21% "21%
*
National Baking Co oom.l
Nat Bellas Hess com
1
Pepperell Mfg Co
140
1
Nat Auto Fibre A
Jan
34%
Moore
*94% '"89"
2%
42% Mar
180% Mar
3% May
4%
Apr
11%C May
7
12
17
12
4
*
Mar
3% May
Montana Dakota Utll—.10
*
3%
Jan
Feb
Apr
3%
Jan
Feb
Apr
1
Jan
Jan
53
5%
3%
Pennroad Corp vtc
Pa Gas A Elec class A
Jan
Jan
43
26
109%
34
76
Mar
23% June
600
50
60
30
Feb
May
69%
Pa Water A Power Co
8%
300
100
89
Apr
Apr
*
88
10%
11%
8%
26
Feb
...1
36 preferred
*
Penn Salt Mfg Co...— 50
Penn Traffic Co..
May
8%
26.
109% 109%
Feb
Apr
25
May
4%
Feb
12%
Mar
_
32.80 preferred
Pa Pr A Lt 37 pref
Mock, Jud, Voehringer Co
Molybdenum Corp
8%
24%
8%
35 preferred
Penn Mex Fuel Co
Mar
64
Peninsular Telep com....*
Preferred..
100
Penn Central Lt A Pow Co
May
Feb
200
6%
34%
3
32%
29%
107%
68
29
9% June
Feb
10
68
68
Pender (D) Grocery A...*
2%
33%
Jan
Apr
10%
Mar
Patchogue-PlymouthMllls*
1,200
6
10
May
June
May
May
26%
Jan
10%
Jan
Jan
Feb
28
Feb
9%
100
103
2
*
Feb
14%
32%
1,600
10
Mid-West Abrasive comSOc
Midwest Oil Co
...10
Feb
"""GO
10
Class B
Jan
29%
1
May
7% May
Mar
Feb
104% 104%
400
Mar
Apr
May
Apr
Apr
1%
24
Apr
May
9%
26
1
90
Jan
Mar
Jan
Parker Pen Co
Jan
67
Jan
Feb
Feb
Feb
May
6%
37
35%
Feb
111%
7
71
Jan
12% May
112
6%
20
Feb
May
4% June
100
103%
May
200
20%
Jan
Jau
June
400
20%
Jan
90%
108
7%
*
Jan
106%
4%
Midland Steel Products—
$2 non-cum dlv shs
*
Mldvale Co..
Feb
101%
92%
108"
5%
Pantepeo Oil of Venea
1
Paramount Motors Corp.l
Apr
110%
111%
8%
*
Jan
90% May
7%
*
Jan
57
10
10
Jan
41
25%
Jau
Apr
108
61%
100
1
7%
77
50%
50%
50%
4%
Apr
*
v t c
Jan
7%
Jan
20% June
4%
May
Feb
11%
Jan
*
...10
Middle States Petrol—
Class A v t c
Fob
3%
Apr
2
13%
Pacific G & E 0% 1st pt.25
5%% 1st preferred...25
Pacific Ltg $6 pref
•
Paciflo P & L7% pref.. 100
500
Jan
May
30% May
29
Apr
400
Jan
%
Oliver United Filters B..
31.30 1st preferred
Pacific Tin spec stock
Pan Amer Airways
Nat Leather
35
Overseas Securities.
Jan
conv
200
May
Apr
Jan
200
Pacific Public Service
Class B
42
3
31%
15
Jan
Apr
Midland Oil
35%
5
2
Preferred
51%
100
31
50
1,100
1
3,600
"27"
100
com.
2%
8%
12%
1%
12%
1,000
65%
41%
104
*
S3 preferred
May
"1%
3%
54%
31%
com
Oklahoma Nat Gas
2
*
June
6
100
200
Sugar Co
Apr
52
20%
Engineering.
Jan
Steel Tube._2.60
98
May
May
90%
80
5Nor Texas Elec 6% pf.100
Northwest
Mar
2%
8%
Feb
Apr
800
10
32
%
Feb
May
2%
2%
cl A.. 100
103
2
%
2%
40
900
Nor N Y Utll 7% 1st pf 100
Jan
2%
Feb
16
5
100
6% 1st preferred
May
100
Apr
49%
Ohio Power 6% pref.-.100
Corp com..*
Bumper Corp__l
Gas & Oil
1
3,800
Ohio P S 7% 1st pref—.100
7i«
June
11%
2%
6%
316
Jan
52
Feb
Apr
5
Nor Ind Pub Ser0% pf.100
*
Michigan
Michigan
Michigan
Michigan
52
2%
6%
0% prior pref erred ...50
No Am Utility Securities.*
May
May
100
Jan
16%
5i6 May
42
55
*
com
4%
250
Apr
1%
41%
*
101%
2,900
*
45%
2%
3%
Metropolitan Edison pref.*
Mexico-Ohio Oil
300
"900
Common
$6 preferred
North Amer Rayon cl A.
75
3,400
85
300
6%
500
5% Apr
27% May
5% May
Jan
%
11%
Nor Amer Lt & Pow—
Ohio Brass Co cl B com
Ohio Edison $6 pref
Ohio 0116% pref
Mar
7
16
1%
'li% "12%
5
39
5%
1
Merrltt Chapman & Scott*
Part preferred
100
May
"306
Participating preferred.*
Co
Apr
Apr
0%
325
16
1%
Noma Electric
11,200
com.
Merchants & Mfg el A
87
65
95
Nlplsslng Mines
100
3% May
Apr
May
3% May
72
5%
85
5
common
76
55
114
114
*
85
Class B opt warr new...
65
95
Memphis Nat Gas com...5
Memphis P & L $1 pref.
1,900
May
Niagara Share—
40
.100
Mead Johnson & Co
100
new
175
55
8%
24%
12%
Feb
5% 1st pref
600
12%
24%
Feb
Feb
10
new
3%
82
13
Mar
5%
115
Common
Novadel-Agene Corp
McCord Rad & Mfg B...*
McWill lams Dredging
*
11%
32
Niagara Hudson Power-
69
12%
119%
Mar
Feb
Jan
24
1
11%
Apr
4%
98
3
May Hosiery Mills pref..*
McColl-Frontenao Ltd—
60
5% 2d pref clB—..100
Class A opt warr new
15%
20%
*12%
111%
100
35%
May
Jan
.1
275
35
24
Mar
3
Massey-Harrls common..*
111% 111%
4%
4%
May
Feb
30%
Mar
94
14%
13
Jan
12%
78
10
28
105%
7% June
Feb
60
30%
100
May
*13%
1
M arlon Steam Shovel...
7%
7%
93
m
"6% "7
]
Feb
Mar
Mar
76
1%
*
_*
98
34
15%
116%
100
5
1
Apr
100
Jan
conv
13
5% 2d pref cl A
Jan
200
28%
106% June
Jan
Mar
5% 2d preferred
Feb
Apr
41%
90
6%
16
Mar
9%
41%
300
Apr
May
May
June
95
41A
150
*
"35
10%
12%
29
13%
13%
106% 109%
1
111%
1,900
4
Apr
Shipbuilding Corp—
Founders shares
New York Transit Co
6
N Y Water Serv 0 % pf. 100
2.400
g m_.10
Lynch Corp common....5
Io6%
TN Y Telep 0 % % pref. 100
11
11%
10
$6 preferred
N Y
29
Jan
12%
Ludlow Valve Mfg gen stk*
preferred
Manlschewitz (B) com.
Mapes Consol Mfg Co
Margay OH Corp
Y Merchandise
29
Feb
110
10%
4
Loudon Packing
Louisiana Land & Explor.l
Louisiana P & L $6 pref..*
3%
14
N Y <fe Honduras RosariolO
11%
3%
80%
67%
.*
com
Warrants
Class B
100
Mar
37
N Y City Omnibus—
<
100
_*
Jan
135%
7
23
1
Jan
28
10%
Lone Star Gas Corp
20
Feb
Mar
5
Jan
11,300
Lockheed Aircraft
105%
Apr
Apr
Apr
2,600
Locke Steel Chain.......5
Newmont Mining Corp.10
New Process common
*
2%
103%
4% May
1%
"l4"
76% May
200
2%
30%
1%
*
18
900
Jan
25
7%
,5i«
26%
4%
500
2%
105%
Apr
Feb
6,200
28
19%
78%
2%
Mar
Mar
13%
8H
25%
4%
18
77%
Mar
88
140%
30%
94%
Apr
8%
1 %
28
35
June
19%
78%
Jan
Jan
Jan
Apr
*
Feb
Jan
0%
New Jersey Zinc
25
New Mex & Ariz Land...l
13%
17%
Apr
Feb
Jan
May
May
May
400
Jan
Feb
Mar
2%
23%
75
104
19%
Feb
Apr
Apr
125
New Haven Clock Co
3%
28%
2%
112%
59%
80%
19%
Jan
8H
*
Feb
27
Apr
Mar
Jan
Jan
Jan
9%
12% May
20
*
__*
Apr
June
100
6% preferred
25
2% May
Lion Ol lReflnlng
Jan
com
Jan
13
100
New England Tel A TellOO
Jan
Mar
Feb
Feb
4%
13
13
New Engl Pow Assoc..
3%
500
10%
*
Metal Textile
114%
28%
Jan
80
Nev-Calif Elec
88%
65%
8%
8%
1%
'3", 000
32
Jan
June
7
Lane Bryant 7% pref-.100
Lefcourt Realty com
1
Iron
Mar
June
6%
5H
Mesabl
30
68
1%
49 %
Mercantile Stores
Jan
2%
Jan
46
5%
1
$5
109% May
100
6%
Lakey Foundry & Mach__l
Mangel Stores
Mar
June
2%
1
Lackawanna RR (N J) -100
Majestic Radio & Tel
1
Nebel (Oscari Co com..
89
Jan
May
Mar
Mar
28
Jan
1%
21
May
May
68
KoppersCo 6% pref---100
Lucky Tiger Comb
2,200
2
93
20%
Kreuger Brewing
7% preferred
0% pref class B
10
1%
*
81
21%
Long Island Ltg—
Common...
24% June
8
May
20
5%
1
Loblaw Groceterias A
200
%
7%
57%
June
20
com.
com
25
49
81
Kress (S H) & Co pref... 10
Lit Brothers
24%
3%
50
94%
Klrkld Lake G M Co Ltd .1
Leonard Oil Develop
Line Material Co
49
94
Klein (D Emll) Co com..
Klelnert (I B) Rubber... 10
Lehigh Coal & Nav
49
81
94
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
5% preferred D
100
Kingston Products
1
Klrby Petroleum
Preferred
300
49
High
Jan
Jan
%
Nehl Corp common
1st preferred
Julian & Kokenge com...*
Kansas G & E 7 % pref.100
Lake Shores Mines Ltd
4
A*
Low
200
Nebraska Pow 7% pref.100
__100
Knott Corp common
%
4%
Range Since Jan. 1 1937
for
Week
Shares
25
13%
100
100
Jonas & Naumburg___2.50
Jones & Laughlln Steel. 100
Kobacker Stores
*
*
700
7
High
%
,si6
Jersey Central Pow & Lt—
6%% preferred
6% preferred
7% preferred
Low
Price
Nat Service common...
"166
*
Ranoe\
of Prices
National Tea 6%% pref. 10
National Transit
12.50
Nat Union Radio Corp___l
Warrants
Jacobs (FL) Co
Jeannette Glass Co
Jan
200
Irving Air Chute
Italian Superpower A
Sale
Par
Sales
I
Week's
Last
High
9I6
9
STOCKS
(.Continued)
Range Since Jan. 11937
916
8%
Investors Royalty
1
Iron Fireman Mfg v t O..10
June 5, 1937
Exchange—Continued—Page 3
May
15%
Feb
0
Jan
11%
Mar
Mar
"3%
Apr
40
19%
Jan
2%
3%
2%
100
2%
June
33%
3%
3%
1,300
3%
June
6%
Jan
7%
1
7%
400
7%
May
0%
Jan
41%
19%
41%
25
41%
19%
1,200
18%
Apr
Jan
370
88%
Jan
42%
27%
110%
Mar
300
15% June
35%
Fob
Feb
Postage
Meter
*
Pitts Bessemer A L Erie RR
Common
60
Pittsburgh Forglngs.
1
Pittsburgh A Lake Erle.50
19%
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
"l5%
100% 101%
15%
16
126
126
Pleasant Valley Wine Co.l
Plough Inc
*
1%
15%
Pneumatic Scale Corp... 10
Potrero Sugar com
__5
6% 1st pref
Premier Gold Mining
1%
16
200
114%
300
1%
May
May
300
15%
June
6
'"2% "2%
Powdrell A Alexander
5
Power Corp of Can com..*
Pratt A Lambert Co
120
9%
9%
""760
400
147%
2%
19
May
Feb
June
Feb
Jan
Apr
Feb
Feb
2% June
9%
Apr
21
16
Apr
k
33%
Jan
Feb
Feb
100
*
33%
33%
33%
100
.1
2%
2%
2%
2,000
33% June
2%
Apr
41
4%
Jan
Jan
Volume
Range Since Jan. 1
Last
Week's Range
for
Sale
of Prices
Low
High
Price
100
29
29
29
fiPropper McCallumHos'y*
*
Prosperity Co class B
%
%
200
Feb
Feb
Common class B
Preferred..
*
13
*
$6 preferred
11
May
Jan
Jan
A Add Works
101% May
105
Feb
7%
100
108
109
Jan
41 %
42
80
41% June
23
60
20
41
Jan
68%
20
42
*
June
Mar
106%
Jan
4%
Jan
125
65% May
Jan
Sullivan
375
29%
90%
60%
Jan
25
Apr
6% preferred..
100
Feb
119%
Mar
7% preferred
100
117%
117%
Apr
117%
Apr
Pub Service of Okla—
92
92
10
92
101% 101%
1%
1%
7% prior lien pref...100
Pub Utll Secur $7 pt pf_.
10
200
92
100%
1%
8Stutz Motor Car....
Puget Sound P A L—
69 %
$5 preferred
33
May
20
Pyle National Co com...6
Pyrene Manufacturing.. 10
"16"
Jan
"300
'""9% "io"
8
Jan
109
June
109
*
135"
110
210
135
135
70
125%
Apr
17%
100
*
May
25
21
Jan
1%
Jan
Jan
%
Feb
Taatyeast Ino class A
Jan
3 00 £
Mar
2
38%
39
200
24%
Jan
49
Mar
48%
48%
200
41
Jan
53%
Mar
4
Jan
Feb
"566
10
Jan
200
33
Jan
7%
17%
46%
8%
Reybarn Co Inc
"14"
Tobacco Prod Exports
2%
Feb
1%
1%
""600
"4% "i
1%
Apr
Mar
May
4% June
Feb
May
2%
16
16
'""260
♦
pref
105
50
105
Jan
5
June
May
Apr
40*
Apr
90
Jan
12% May
"l3%
13%
"800
12
Jan
49% May
*
•
Consol Petrol
5%
4%
Ryereon & Hay nee com..l
Safety Car Heat A Lt.100
5%
4%
4%
132% 132%
Gold Mines. 1
%
%
13
pref A
60
6
7% preferred
.100
Samson United Corp com. 1
8%
13%
35
81 Lawrence Corp Ltd...*
St Regis Paper com
35
8%
100
"5%
8%
100
5%
5%
1,600
200
25
Jan
25
50
14%
Apr
Jan
Trunx Pork Stores
6%
June
8
141
Jan
5%
58
Jan
15%
38%
11%
117%
Apr
Apr
Apr
Mav
6
May
69
Jan
May
Jan
3
300
3
Apr
24
25%
500
23
May
26
May
42%
42
42%
800
38% May
65
Mar
51
54% May
*
Seeman
2%
2%
7%
1
Selby 8hoe Co
2%
2%
300
2%
2%
700
7%
7%
1,000
*
Industries
2%
'166%
26
certificates..
Selfrldge Prov Stores—
Amer
dep rec
Sentry Safety Control
103
2%
26
99% 101
101% 103%
May
May
6
Apr
May
5%
50%
4%
9%
30
Jan
Jan
Jan
Feb
Mar
Jan
2,400
2% May
100
24%
May
1,300
94%
Jan
96
Jan
350
4%
28%
101%
103%
Jan
Mar
Mar
May
Denn
8% May
12%
Mar
Jan
Feb
Feb
%
200
Jan
%
8%
4
18%
5,100
3%
May
2,800
Apr
26%
100
15%
25%
6%
28%
Apr
33%
124%
124% 126%
1,100
122
May
110
110
30
108
Mar
%
Aircraft Corp_-l
Shattuck
Feb
Apr
2%
1%
1%
*
Seversky
3%
18%
Mining..5
Shawlnigan Wat A Pow__*
com..25
6% cum prefser AAA 100
8%
3%
17%
26%
110
100
24%
Sherwin Williams of Can.*
Jan
154%
114
28%
Jan
Mar
Feb
Apr
3%
3%
305
305
Blnger Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
4%
600
10
Solar Mfg Co
Sonotone Corp
Soss Mfg com
Southern
5%
1
1%
1
1%
6%
5%
1%
6%
500
1,000
37
37
37
300
7%
20%
Jan
5% May
100
29%
7
"25% "25%
'""360
Southland
Apr
Jan
10
3%
10%
44%
400
43%
43%
2,100
500
Stahl-Meyer Inc com
Mar
5%
Feb
11%
Apr
Mar
42
Apr
48
Jan
May
42
Ja"
Mar
1%
Mar
Apr
Feb
4%
%
20%
May
May
May
22%
%
21%
21
1
12%
100
%
"21%
Standard Cap A Seal com.l
23
10
Conv preferred
7%
Jan
1
Conv
Standard
Standard
Standard
Standard
6%
..*
Invest $5% pref*
OH (Ky)
10
Oil (Neb)
25
OH (Ohio) com 25
preferred
27
For footnotes see page
5%
2%
2%
conv
v
to
200
89
300
Corp
900
6%
June
May
%
May
7,000
3%
Jan
4%
2,900
"5% ""5%
""166
"9"
""•ioO
10
"9%
4%
400
""% """%
4%
7
300
4%
T"
%
"1%
1%
Waco Aircraft Co
Jan
44%
200
43% May
63%
Jan
Apr
20%
Mar
11
May
19%
19%
1,200
37%
800
33%
Jan
102% 102%
25
102%
June
13%
45
105%
Apr
Mar
Jan
Apr
500
300
65
Mar
300
25
June
6
Apr
"12%
6%
1%
6%
83%
83%
12%
5%
12%
5%
*
2
500
2,600
20
100
100
1%
Jan
83% June
12%
June
5%
June
17%
Class B
2%
2%
2%
900
Apr
2%
9%
Wagner Baking vtf
Walker Mtnlng Co
6
7
62
Waitt A Bond olass A.
36%
% June
25
Wahl (The) Co common
19
June
3
58
6%
1
Mar
Jan
25
62
Va Pub Serv
4%
4%
74% May
% May
700
100
7% pref-.100
Vogt Manufacturing
»
Feb
May
2% May
14% May
Venezuela Mex Oil Co.. 10
15%
500
%
%
1
Valspar Corp v t 0 00m..1
Venezuelan Petrol
Apr
May
94%
*
6
May
2%
•
(UtU Pow A Lt common._1
preferred....
9
65
Utility A Ind Corp com..5
t c conv pref
3% May
Jan
12%
5
May
15% May
23%
♦
Utica Gas A Elec 7 %
Conv preferred
May
May
May
%
500
Utah Pow A Lt $7 pref..*
Priority stock
Jan
11%
6%
5%
%
z3%
3%
pf 100
Utility Equities Corp
*
2%
Apr
500
..*
Utah Radio Products
37%
%
4%
%
Universal Produots
Mar
84
27
»
*
Consol Ofl
Universal
200
1
Corp com..
1st pref
200
19%
June
2%
*
*
10
Card
Van Norman Mach Tool.5
Jan
May
11
Apr
1% June
83
May
400
21
1%
300
4%
19%
"37%
3811
100
11
Jan
June
245
1%
13%
Jan
Apr
400
1%
84%
1
44
100
1%
12% May
4%
19%
•
preferred
10
245
60
Jan
May
Standard Dredging Co—
Common
U S Stores
v
May
5%
400
U S and Int'l Securities..*
7%
55
13%
88
39%
1
400
700
500
8
Jan
June
27% May
39%
25
Preferred
Pictures 00m.. 1
2
39
87%
38%
13%
United Shoe Mach com .25
Unlversa
Feb
9%
"""25
6% May
Mar
8%
3%
9%
•
*
9%
1,700
65%
2% May
29%
si6 May
% May
*
"41~"
Apr
Mar
5% May
6% May
900
Apr
Jan
May
2
100
v t c
160
108
2%
Insurance
May
2,300
6%
Universal
Feb
500
Apr
Mar
8% May
2%
Class B
Spanish A Gen Corp—
Am dep rets ord reg._£l
Am dep rets ord bearer £1
"39"
11
4%
Mar
19,000
1
6%
Jan
8%
52% May
2%
3%
83
Jan
91
134
..*
Mar
8%
8%
9%
110% 111%
2%
2%
245
245
50c
Jan
Apr
6%
Feb
28
May
Mar
1
41 %
May
200
200
1
65%
United Wall Paper
30
25
Standard Brewing Co
40%
United Verde Exten
Jan
May
13%
A....1
ClassB
$7
52%
"~5% ""5% "5% "2",000
Mar
6
3%
9%
So West Pa Pipe Line. .60
8pencer Chain Stores
111
If
Preferred
United Shipyards cl
Apr
Apr
300
xll
9%
Mar
155
*
14%
Apr
52%
*
2%
8%
4% May
10
OH
United N J RR & Canal 100
United Profll Sharing
May
May
United Stores
83
Royalty C0...6
Penn
25
13%
7%
May
5%
36
27%
preferred
..100
New Engl Tel.-100
Southern Pipe Line
Southern Union Gas
South
Apr
6%
May
85
ord reg
U S Radiator com
370
10
Molasses Co—
Am dep rets
Jan
Apr
Jan
Jan
6% May
112
14%
*
preferred
United
Feb
7%
May
2% May
*
$6 1st preferred
*
United Milk Products—.*
U S Lines pref
3% June
8
15%
60
103
2%
warrants
Common class B..
Universal
20
Southern Colo Pow cl A.25
8outh
Option
Jan
Apr
1% June
3% May
*
United G A E 7% pref. 100
United Lt A Pow com A.*
U S Playing
Calif Edison—
6% original preferred.25
6% preferred B
26
5%% pref serlee C...25
300
200
10
1
United Gas Corp com
1
1st $7 pref non-voting.*
Feb
1%
6%
4%
11
3%
U S Rubber Reclaiming..*
1
100
10
*
wjrants
United Elastic Corp
35
5% June
(H) Paoer Mill...*
1,700
75
..*
$3 cum A part pref
Jan
98
100
25
6%
United Corp
Jan
295
8
24%
Jan
May
Transport
1st pref with warr
Simmons Hard're A Paint *
Smith
Aircraft
1
31
*
900
1
Warrants.
% May
Simmons-Broadman Pub—
pref
900
3,400
1%
100
U S Foil Co clast B
Shreveport El Dorado Pipe
Line stamped
25
Conv
United
$3
I
£1
1
com
Sherwin-Williams
2%
26
.
S5.50 prior stock
Seton Leather
May
22
Common
Allotment
2%
44%
2%
78%
Ino—
Conv stock
Union Stockyaros
United Chemicals 00m
36% May
*
Segal Lock A H'ware
8efberllng Rubber oom_.
Selected
May
4%
Brook—
Inc
Bros
4%
12%
Union Oil of Calif deb rts
3
24
Apr
%
*
Feb
*
Manufacturlng.25
pref.—*
Securities Corp general...*
4%
11%
1%
pref..25
5% preferred
2
Unexcelled Mfg Co
10
Union Elec Light A Pow—
100
6% preferred
7% preferred.
100
Union Gas of Canada
6
$6
100
1
Ulen A Co 7%%
Savoy OH Co
com
..1
Jan
Mar
100
60
8
24%
May
9%
27
4%
Jan
99
75
*
Apr
*
3
4%
12%
%
Apr
Apr
%
Tublse ChatUlon Corp...1
Class A
1
3% June
Feb
18%
June
100
1
Tung-Sol Lamp Works..1
80c div preferred
*
Mar
May
101% May
10
17%
49% May
35
98
70
98
1
Common
Transwestern OH Co
Jan
June
17% May
2% May
Jan
%
5,900
200
Mar
May
Apr
10%
51
"300
3%
70
Trl-Continental warrants..
Jan
4%
114
3%
300
Trans Lux Plet Screen—
65%
Apr
Apr
100
600
200
Am dep rets def reg
Jan
109
Apr
16%
May
May
5% May
Jan
43%
Jan
12%
8
Apr
55
Apr
3
Apr
Am dep rets ord reg_._£l
1
Mar
4
1,000
400
3%
•
18
Feb
Feb
Jan
Sanfod Mills com
Co common
5%
58%
14%
"61% "63
Tobacco and Allied Stocks*
£1
•
Toledo Edison 6% pref. 100
7% pref erred A
100
Tonopah Belmont Devel 1
Tonop&h Mining of Nev.l
104%
4%
13%
18
61
Todd Shipyards Corp
12
2,500
5%
Royal Typewriter
Russeks Fifth Ave new.2 %
Rustless Iron A Steel
J
Serv
500
Tlshman Realty A Const
32%
6%
3% May
43% May
101
TUo Roofing Inc
Mar
98
1
Royallte Oil Co Ltd
Water
5%
5
Tobacco Securities Trust
500
20
Scranton Lace Co
700
28%
26%
5%
5%
1% May
Rossia International
Scranton-Spring
*28
13%
Jan
700
9%
Root Petroleum Co
Scovllle
100
2,000
55%
Jan
5
Apr
%
19% May
May
15
98
10,800
5%
June
May
4%
May
200
1,700
1%
13%
%
x5% May
Jan
4%
18
11
3%
58%
Feb
Jan
6
"""266
3%
*
22%
4%
Roosevelt Field Inc
Schlff
36
2
400
6% preferred cl D...100
conv
11%
Thew Shove JCoal Co
1,400
35
Rochester Gas A Electric—
S2
10%
Texon OU 4 Land Co
1%
1
Rad com
Anthony
100
"l4"
Mar
23%
5
Richmond
St
3,700
17
Mar
22%
1
pref
Texas
%
1
Reynolds Investing
Rice Stlx Dry Goods
Ryan
4%
*19% "20% "3",700
1
1
22%
*
Reliance Elec A Englng.
conv
17%
100
7% 1st pf.100
P4L7% pref. .100
13%
33%
*
com
Relter-Foster Oil
$2.50
200
36
1
33%
*
*
conv
200
21
Tenn El Pow
Red Bank Oil Co
SI.20
%
%
20%
113% 114%
"n'%
...
Teck-Hughe8 Mines
*
60c
Reed Roller Bit Co
(Daniel)
75
"14"
Taylor DlstUllng Co
1
Technicolor Inc common.*
*
Common
preferred
Raytheon Mfg com
1,300
9% May
44
Tampa Electric Co com.
Jan
%
6%
5%
18%
6%
18
17
Swan Finch OH Corp...15
Swiss Am Elec oref
100
% May
conv
19%
$3.30 class A partlclpat
Jan
32
Jan
800
4
Feb
*
10
Raymond Concrete Pile—
Apr
""166
17%
1
pref
>.50
Sunshine Mining Co
*10o
Superior Ptld Cement B._»
conv
Jan
21
Class A
Reeves
150
Jan
Sunray Drug Co
Sunray Oil
5%%
%
20%
*
Machinery
Taggart Corp common...*
Rath Packing Co
$3
Feb
May
1% May
23
Apr
25%
28%
Rainbow Luminous Prod—
Class B
14%
124%
18%
8
'"9% "9%
4%
5
% May
21
»
1
Ry & Light Secur com
Ry A Utll Invest cl A
69%
30
33
SO preferred...
68%
9%
6%
37
35
10
37
Feb
100
8%
8%
8%
*
1st
Apr
May
Feb
May
125
100
pref
Feb
17%
107
Feb
93
Quebeo Power Co
1,200
6%
93
103
Jan
Jan
6% prior lien pref..-100
6%%
Sterchi Bros Stores
Feb
16%
5% June
50
19
5%
8tarrett (The, Corp v t c .1
Steel Co of Canada ord...*
200
6%
19
28
100
29
5%
1
June
98
90%
Quaker Oats com
6% preferred
7i«
29
20
preferred
50
2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp.—.6
Stroock (8) A Co
76% May
60
com..
Apr
Jan
May
5% June
17%
1,700
Stein (A) A Co common..*
Public Service of Indiana—
Common
"29"
com*
com
June
800
'16
Standard Wholesale Phosp
100
$6 preferred
Pub Serv of Nor 111
36
19%
'16
14%
103
May
'""loo
~36
18%
19
1
Lead—1
SUver
Standard Steel Spring
Standard Tube ol B
Jan
6% 1st preferred
>7 prior pref
Standard
Mar
Pub Service Co of Colo—
1st pref
Standard Products Co
Low
2% May
2% May
500
3%
-
"36~
17%
11%
May
99
Feb
%
May
__*
Prudential Investors
Week
Shares
*
Jan
9% May
*
Providence Gas
...1
45
35%
% May
% Mar
100
13%
28
3,900
13*
%
H
%
1
Standard P <fc L
May
May
42
*
com
Pressed Metals ot Amer..*
Producers Corp
3
Range Since Jan. 11937
for
Low
Price
Par
High
LOW
of Prices
High
Sale
{Continued)
Shares
Week's Range
Last
STOCKS
1937
Week
Par
Sales
Friday
Sales
Friday
STOCKS
{.Continued)
Prentice-Hall
3809
New York Curb Exchange—Continued—Page 4
144
May
Mar
1% May
Jan
2%
3810
New York Curb
Friday
STOCKS
ZOJI
(.Concluded)
W9&i]Range
Week
Low
Wayne Knit Mills
Wayne Pump common..
7%
Welsbaum Bros-Brower.
"s'Vs
Wellington Oil Co
Wentworth Mfg
Western Air Express
Grocery
Range Since Jan. 1 1937
7%
500
7
46 H
2,200
34
8%
200
11%
100
1,900
8%
48%
10%
Mar
13%
5%
Apr
Mar
Mar
♦6%s
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
♦Certificates of deposit
Dixie Gulf Gas 6%s..l937
Eastern Gas & Fuel 4s. 1956
Edison El Ill(Bost)3%s '65
83
Mar
Elec Power & Light 5s .2030
Elmlra Wat Lt & RR 5s '66
"84%
117
25
101
4%
85
4%
1
10
4H
14
Apr
*32
62
85
Apr
62
85
June
14
June
1,100
14
Jan
100
7%
Williams Oli-O-Mat Ht..*
7H
7H
7X
H
100
Apr
5%
14
Mar
El Paso Elec 5s A
Mar
Empire Dlst El 5s
1952
Empire Oil A Ref 5 %s. 1942
June
Feb
Feb
Ercole Marelll
May
7
200
H
{Willow Cafeterias lno..l
Jan
Feb
96%
Feb
6 %s series A
Eric l ighting 5s
%
Apr
3
Apr
21
24
15
15
500
13%
May
Mar
16% May
Finland
Jan
10
79% May
15
Banks 6s-5s stpd
1961
Firestone Cot Mills 5s. 1948
Firestone Tire & Rub 6s *42
6
Wise Pr A Lt 7% prel.100
Wolverine Portl Cement-10
Jan
14
Petroleum
Woolworth (F W) Ltd—
14X
600
Jan
8H
200
8X
95
Jan
May
13%
8%
Jan
8%
18%
Feb
May
12%
Jan
18%
6% preferred
£1
Wright Bar greaves Ltd..*
Youngstown Steel Door..*
5
Feb
6
x6X
67 %
3
2%
Jan
1942
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 15 1941
Apr
6%
Apr
6%
6,200
6%
Apr
200
61%
Apr
8%
80%
Mar
600
2%
Jan
4%
Mar
Jan
Deb 6s series B
93 H
91
93%
38,000
92 X
92%
83%
92%
1,000
84%
16,000
1968
f deb 5s '52
Aluminium Ltd deb 5s 1948
5s called—
1948
Amer G A El deb 5s.-2028
Am Pow A Lt deb 68—2016
84
78 X
105 %
107H
91H
102%
Seating 6s atp..l946
Appalachian El Pr 5s. 1956
Appalachian Power 6s
106
Gen Pub Util 6%s A. 1956
♦General Rayon 6s A. 1948
{♦Gen Vending Gorp6s-'37
Debenture 6s
2024
Arkansas Pr A Lt 5S..195P
Associated Elec 4%s.-l953
Associated Gas A El Co—
Conv deb 5%s
1938
Conv deb 4 %s C...1948
Conv deb 4%s
1949
Conv deb 5s
1950
Debenture 5s
1968
Conv deb 5 Ha
100 %
95 H
90
91%
warrants.. 1938
♦6s stamped w w.1938
♦0s without warrant8l938
♦6s stamped x w. .1938
104%
Apr
May
108%
Jan
32,000
8,000
6,000
Broad River Pow 5S..1954
Buffalo Gen Elec 5s...1939
Gen A ref 5s
1956
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s... 1956
Cedar Rapids M A P 5s *53
Central 111 Public Service—
1956
1st A ref 4 Hs ser F.1967
1968
4Hs series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 58-1956
Apr
69%
72
102
Jan
Mar
Jan
95%
109
Jan
Jan
90%
115
Jan
Feb
104%
Mar
Jan
Apr
103%
83
June
93%
Jan
18,000
63
Jan
Feb
1,000
105
73%
108%
105
33
May
33
i ow
77
June
93%
Jau
101%
Jan
Feb
103%
Mar
102%
105%
103%
105
*32%
77
77
50
77%
June
tl01%
105
105
105
1105
6,000
Mar
May
100
Mar
Jan
105
Jan
94
105%
*94
Jan
96
Jan
89%
90%
48~66o
87
Apr
100%
Jan
97%
89%
98%
39,000
97%
Apr
101%
Jan
37,000
100%
May
105
Apr
107
May
102
107
Jan
105%
Apr
May
105%
Mar
May
103%
102%
104%
104%
105%
07%
J
Gobel (Adolf)
Jan
Jan
Jan
106%
105%
May
104%
Jan
Apr
Jan
108%
5s series A
Mar
1977
Hall Print 6s stpd
110% 110%
100% 100%
95% 97%
1,000
109
Mar
Jan
Apr
119%
102%
Apr
104%
JBD
June
67%
Jan
98%
94%
49
68
1947
82
Apr
2,000
98
Apr
105%
Jan
111 Pow A L 1st 0s ser A *63
1st A ref 5%s ser B.1954
1,000
158
Jan
240
Mar
1st A ref 5s ser C...1956
5 f deb
5%s ..May 1957
158
Jan
240
Mar
146
Jan
225
Feb
227
Mar
49
54,000
45%
44%
H
175
175
175
tl62
•i03%
24,000
47
36,000
178
83%
May
02%
Jan
61
Jan
65 %
Jan
65%
Jan
69
Jan
91%
Feb
160
166%
"7~d66
155
175
51,000
143
Jan
114
114%
7,000
110
Mar
115%
JaD
119
119
9,000
113
Mar
124
Jan
119
175
119
Mar
125
Jan
Apr
145
♦Hungarian Ital
Bk7 %s '63
Hygrade Food 6s A... 1949
68 series B
Idaho Power 5s..
...1947
Indiana
70 X
84
114%
130
85%
13,000
84
69
70%
18,000
67%
90%
90
t89%
105% 105%
103% 103%
~5~666
May
May
May
June
103%
May
103%
2,000
101
Mar
109
109%
108
97%
59,000
22,000
113% 113%
109%
105%
2,000
103
105%
103 H
1,000
95%
104%
98
101
103% 104%
97
95%
June
105%
Jan
111%
Feb
113%
June
Mar
105
Mar
104%
104%
103%
104%
98
Mar
7,000
93
May
9,000
98
94%
79%
82%
Apr
Apr
Mar
55%
20,000
7,000
54%
1955
Cities Service 5s......1966
Conv deb 5s
1950
Cities Service Gas 5Hs '42
95 H
52
95
54%
May
Jan
Jan
Jan
Jan
Jan
106
May
Apr
100
Jan
Italian Superpower 6s.
1963
Jacksonville Gas 6s...1942
Jersey Central Pow
Jan
70
101%
69
"666
65
May
2,000
95
Apr
4,000
98%
Apr
Jan
101
Kansas Power 5s
83
Jan
Kentucky Utilities Co—
Apr
103
Jan
1st mtge 5s
104%
Apr
6%s series D
5 %s series F
63% June
79%
Jan
58 series 1
1969
64%
June
80
Jan
47
May
66
Feb
68
66
101
66
66
89,000
50
112
63%
64%
50
1,000
99%
112
112
20,000
112
17,000
110%
110%
6,000
107%
1,000
107%
111
111%
111% 111%
106% 106%
104
104
103%
103% 104%
73%
72%
72%
1960
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
104
58,000
9,000
29,000
31,000
Apr
May
96%
126
101%
101% 101%
20,000
98%
107%
107% 107%
4,000
107%
118
1,000
4,000
79
1958
83%
79
79
83%
84
103% 103%
99% 100%
*60
103%
118
Jan
106%
Jan
Mar
104% June
90%
101
Jan
Jan
130
Jan
Apr
104%
Feb
May
Apr
109%
Jan
118
125%
Jan
75
May
93%
83%
Mar
June
98%
Jan
5,000
102
Feb
13,000
97
Jan
103%
100%
Apr
Mar
73
Mar
56,000
73%
103% 103%
106%
Mar
I~2~66O
102%
Feb
80
105%
Jan
Jan
102%
Jan
20%
98
Mar
Mar
27
Jan
Feb
Mar
20%
104%
Mar
105
Mar
Feb
103% June
Mar
33%
Apr
76%
Mar
Mar
88%
80%
Feb
31%
5',660
82
Feb
101%
Jan
Jan
107%
Feb
103
103%
42,000
102
Mar
106%
Feb
101%
97%
93%
13,000
100%
Mar
Jan
52,000
95%
95%
91
Mar
109
June
106%
104%
90
Apr
99%
95%
5,000
Apr
Jan
Jan
Jan
100
Apr
99
Jan
Feb
107
Feb
106%
101
Jan
89%
May
105%
Mar
107
May
109%
67%
90%
107%
111
Feb
111
June
68
68%
67%
68%
67
72%
70
May
79%
Jan
78
Jan
82%
Jan
106%
Apr
65
1,000
Mar
6%
June
65
Jan
May
May
103%
105% 106
6%
6%
Apr
14%
Jan
77
Jan
76%
73
66
May
81
Feb
105
Mar
109
May
■
-
~
»
73%
Apr
83%
Feb
Jan
102%
Mar
Jan
51%
55% 120,000
51%
June
76%
37
39
27,000
37
June
69%
Jan
79%
80
4,000
90
Jan
79% May
74
June
99
June
88%
105%
Jan
26,000
101
101
7,000
101
Apr
104%
Feb
105
106
7,000
104%
Apr
106%
103
104
28,000
99%
Mar
May
May
69
69
1,000
60
Jan
79%
Feb
75
74%
75
2,000
72
Jan
80
Feb
52%
55
18,000
June
71
Feb
74
99
103%
"52%
48%
104%
104%
104%
*93%
*117%
101%
75
100%
30,000
5,000
40
Mar
56%
Jan
2,000
103
Mar
105%
Apr
104%
24,000
49
Apr
105%
Jan
97%
Mar
121%
Jan
22,000
100
Mar
104%
Jan
12,000
84
May
98% May
92% May
82
May
101% May
99%
Jan
„
_
82
85%
13,000
101% 102%
94%
94%
102% 105%
103% 103%
104% 104%
84,000
84
102%
94% May
117%
Apr
98
118%
102
7,000
84%
52%
9,009
5,009
93
7,000
100%
100%
103%
105%
105
105%
3,000
103%
104%
105%
105% 105%
*90%
94
•33,000
103%
105%
103%
104%
9,000
*105
*22%
110%
Midland Valley 5s
1943
Ml) w Gas Light 4
%s_. 1967
110
110%
103% 103%
*91
93%
Jan
105
Jan
Mar
Mar
106
Feb
105%
Feb
107
106%
Feb
Apr
May
May
105
Jan
26
Feb
Mar
Feb
60
14,000
99
May
104
91
May
104
Jan
4,000
1,000
105
Mar
118
Apr
101% May
90 %
7,000
100
13,000
100
99
9,000
10,000
100%
98%
Jan
Jan
26,000
91
102% 103
104%
101%
May
100
99
Jan
111%
22%
90
102%
Jan
Jan
99%
Mar
Apr
May
50
93
107%
103%
May
92%
40
"99% -99%
91
106
Feb
104%
5,000
1955
May
85
93
1978
Jan
107
99%
86%
100
McCord Rad A Mfg 6s '43
Memphis P A L 5s A..1948
Mengel Co conv 4%s.. 1947
Metropolitan Ed 4s E.1971
M lddle States
Pet 6 %s *45
105
54%
♦7s without warr'ts.1941
{♦M cCallum Hos'y 0 %s '41
L4%s
111
97
99
♦Manitoba Power 5%sl951
Mansfield Min a Smelt—
—
106
Apr
77
"
80
92%
5s.. 1943
Lake SUp Dist Pow 3
%s '66
Lehigh Pow Secur 6s..2026
6s-
Apr
97%
95
May
101% May
Jan
Jan
Jan
37
IF Kimberly-Clark
Minn P A
"logo
1948
Lone Star Gas 5s
1942
Long Island Ltg 6s__. 1945
Louisiana Pow A Lt 5s '57
Apr
Apr
3,000
2,000
1955
Lexington Utilities 58.1952
Llbby McN A Ubby 5s '42
Apr
27,000
40
85
113%
May
111% May
112
May
102
62
75%
109%
23
100
84
113%
June
99%
H... 1961
Jan
72%
127%
ser
1947
Jan
102%
100%
102%
99
17,000
June
Mar
J123
1943
For footnotes see page 3811
26,000
101
112
3«4s series H
1965
Com'wealth Subsld 5Hs '48
Crucible Steel 5s
1940
Cuban Telephone 7%sl941
Cuban Tobacco 5s
1944
Delaware El Pow 5HS-1959
1,000
1961
Kansas Elec Pow
3%s. 1966
Kansas Gas A Elec 63.2022
Jan
70% 115,000
13*666
Mar
100%
&~Lt—
.....1947
82
69
25,000
Jan
Feb
6s series B
4 %s series C
May
May
10,000
100% 101%
84
101%
105%
May
50% June
108
Jan
*69
Stamped
31
51
*2J)66
94%
*73
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s... 1942
Jan
111%
106%
1939
1958
106
104
Apr
*107% 109
.1956
Apr
110
1981
Gen mtge 4%sl"IIl954
Consol Gas Util Co—
5s series D
4 %s series F
Mar
Mar
1956
iBalt) 3%s ser N...1971
Consol Gas (Bait City)—
Interstate Power 6s.
1957
Debenture 6s..
1952
Interstate Publlo Service—
104%
Mar
June
Jan
86%
Jan
Feb
106
65
1952
103%
101%
1st M 5s series B...1954
5s '57
166"
1957
5s series B
1961
Iowa Pow A Lt 4
%s..lfi58
Iowa Pub Serv 5s
1957
106
Jan
107
100%
89%
89%
*2*666
*70
Iowa-Neb L A P 5s... 1957
1,000
105
106%
*107
111
International Salt 5s. .1951
{International Sec 5s. 1947
Jan
107% 107%
*102% 102%
66%
67%
66%
95% 95%
99%
99%
71%
70%
♦Commers APrlvat 5%s'37
Commonwealth Edison—
1957
7s series E___
7s series F
Jan
92
76%
Apr
77% May
97% Mar
"3~0C0
85
68%
Feb
6,000
Apr
108% 108%
*98%
67%
99
Jan
27
2,000
24%
25%
97%
97%
*102% 103%
103% 103%
50
*35%
*107%
80%
1950
72%
72%
75%
Jan
99
96
1963
94
95%
.1943
1953
91
Gas 5s A1952
..
Jan
Pipe
Cities Serv P A L 5
H»-1952
5%s...
1949
1957
Ind'poils P L 5s ser A. 1957
{♦ Intercontln'ts Pow 6s '48
International Power Sec—
6%s series C
1955
Jan
100
6s-.
Jan
114%
"96%
Indiana A Mich Elec 5s '55
107%
May
Mar
2,000
55
Jan
Jan
89
52%
Jan
105%
88
107
88%
*52
50%
*109%
Feb
Feb
97
Apr
21%
40~666
26
25%
101
103
1953
Indiana Service 5s...
1st lien A ref 5e
Jan
29,000
J 79
Apr
Jan
Jan
Mar
May
1951
♦Indianapolis
Apr
117,000
98%
May
99%
77
106% 106%
108%
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s '58
Jan
Jan
4,000
"i~666
*78%
1947
Jan
106%
98
99%
99
88%
101%
104
100% 101
95
99%
21,000
Jan
Jan
Electric Corp—
6s series A...
6 %s series B
.
32,000
79%
79%
79
1949
Illinois Central RR 6s. 1937
111 Northern Util
6s... 195/
JaD
3,000
2,000
134% 134%
84
19
21%
86
99%
*28%
97%
53
48%
46%
48%
54%
57
84%
84%
100% 100%
Jan
6,000
42
48 H
104%
82% May
70%
103% 103%
100
♦A St. Ry. 6%s
1938
Heller (W E) 4s w W..1946
Houston Gulf Gas 6s.. 1943
Apr
May
May
May
May
May
45
i9~66o
"84
Feb
101
~14~666
79%
*77
107
89
♦Hamburg Elec 7s
1935
Hamburg El Underground
5,000
Jan
99%
79%
Hackensack Water 5s. 1938
105% 105%
tl06% 108
...
91
Guardian Investors 5s. 1948
Mar
105 H
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 6 Ha A '52
85%
Guantanamo A West 6s '58
Mar
May
78%
101%
25
85%
4%s...l94l
Grand Trunk West 4s. 1950
Gt Nor Pow 5s
stpd.. 1950
Grocery Store Prod 6s. 1945
May
46
Apr
37
107
14,000
91%
*27
108%
22,000
Jan
22
*17
101%
14,000
84%
76%
*17
Feb
1953
Mar
107,000
83
*74
Mar
104%
102%
JaD
99
98%
Glen Alden Coal 4s... 1905
44
1961
Chic Pneu Tools 5%e.l942
"84%
Apr
8,000
2,000
♦Gesfurel 6s
106
53
101
Jan
4,000
49
100%
101
101%
101% 101%
94%
94%
94%
104
J103
Jan
Chic Diet Elec Gen 4 H8*7(
Midland Ry 4%s A 1956
Chic Jet Ry A Union Stock
Yards 58
1940
100%
99%
95
21,000
77
Chicago A Illinois
23,000
50,000
May
June
Cont'l Gas A El 5s
97%
87%
Apr
May
May
83
76%
52
A stamped
96%
83
101%
96%
Mar
70
13,000
ser
97
85
13%
June
91% 113,000
"53%
6s
6,000
Jan
83
100%
78%
102%
72
June
6s...
102
100
70
52%
52%
Community Pr A Lt
Community P S 5s
100% 100%
83
85%
84,000
103% 104%
24,000
81%
84% 117,000
103% 103%
2,000
89
89
Hs series C
May
A Lt 5s.. 1978
19,000
1st 4
2
Georgia Pow
59,000
1st 4 Hs series D
1 st M 4b ser tea F
3,000
5,000
Jan
92%
1st M 5s series A
Mar
June
Jan
54
Line 6s...
Jan
4%
4%
May
May
105
52%
52%
Gas
12%
7
2%
105%
91%
Service
8%
8,000
June
92%
Cities
2
1,000
2,000
June
Cent States Elec 5s
1948
6Hs ex-warrants... 1954
Cent States P & L 5%s '53
0s series B
May
91
42%
5s series C
1960
Rethlehem Steel 6s... 1998
esserlesB
8%
7%
2%
102
deposit.
5s series C
Birmingham Elec4%s 1968
Birmingham Gas 5s___ 1959
5s series G
of
106%
*43
1957
6s series E
Mar
107%
106%
92%
44
5s series A...1955
1st M 5s series B
109%
Feb
85% June
84
May
Telep of Canada—
1st M
Jan
Mar
103
Gen Wat Wks A El 5s. 1943
Georgia Power ref 6s.. 1967
56,000
105% 105%
102% 102%
105% 105%
(Baldwin Locom Works—
Bell
I62"
0%8 with warrantB.1943
52 X
1977
Assoc TAT deb 5 H8 A *55
Atlanta Gas Lt 4%s,1955
with
Jan
98%
108% 108%
1941
Ark-Louisiana Gas 4s 1951
76%
78%
31,000
105% 106% 101,000
106% 106%
2,000
105% 105%
3,000
107
107% 44,000
106
Radiator 4%s._1947
Am Roll Mill deb 5s.. 1948
♦6s
§11,000
1956
1967
Amer
102
104X
100% 102
.1951
1st A ref 4 His
Amer
1102
100H
1941
General Bronze 6s
1940
General Pub Serv 5s.. 1953
♦Certificates
1946
s
I6o%
6s ex-warr stamped. 1944
67%
3
6%
66
23%
Mar
Co—
1st A ret 5s
Aluminum Co
106
105%
Residential Mtge
First Bohemian Glass 7s *57
Florida Power A Lt 5s 1954
BONDS
1st A ref 5s......
4,000
13,000
High
Gary Electric A Gas—
(new)..
1st A ref 6s
1,000
2
1967
♦Farmers Nat Mtge 7s1963
Federal Water Serv 5 %s '54
Jan
May
4%
....2
Woodley
108
8%
7%
2%
2%
1953
100
1%
9%
Low
§
Mfg—
100
3%
Winnipeg Electric cl B-.
Power
Elec
21
3%
...
1st A ref 5s
1950
21
Conv preferred.
Wilson-Jones Co new...
1 1937
Week
Detroit Internat Bridge—
May
May
Jan
West Vt. Coal & Coke.... •
Alabama
108
Range Since Jan
for
J
106% 106%
105% 106
7%
98
1
108
106%
105%
Jan
28
West N J & Seashore RR 50
West Texas Utli $6 pret.
Abbott's Dairy 6s
1950
Apr
Feb
*
Yukon Gold. Co
5s 1st series B
Apr
May
100
com
Denver Gas & Elec 5s-1949
Det City Gas 0s ser A. 1947
Feb
May
8%
Feb
Wlllson Products
of Prices
Low
High
26%
16%
Weyenberg Shoe Mfg
Williams (RC)ACo
Sale
Price
100
27% 27%
102% 102%
Western Maryland Ry—
Amer dep rots
Apr
Jan
10
20
7% 1st preterred
Western Tab & Sta
Wolverine Tube
Mar
8%
Sales
I
Week's Rangel
Last
High
13%
30%
102%
21%
Co
bonds
(Continued)
Low
J
200
1
Western Auto Sup com..10
West Cartridge 6% pf 100
Western
7X
45%
8H
11%
11%
5%
1.25
High
June 5, 1937
Friday
for
oj trices
Sate
Price
Exchange—Continued—Page 5
Sales
85%
95
Apr
May
May
Apr
Mar
107%
Jan
Jan
99%
Jan
97%
106%
102%
Mar
100
Feb
Jan
Jan
Volume
Weel's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Price
Mississippi Pow 5s... 1955
78%
78
79
Miss Pow & Lt 5s.. ..195?
87?*
85 Vi
87 Vi
Miss River Pow 1st 5s.1951
108 Vi
5^8
108 Vi 108 Vi
$67Vi
^♦Missouri Pub Serv5sl947
Low
4,000
78
29.000
11,000
84
June
♦Munson~RR
kVctfsl 1937
0
Nassau & Suffolk Ltg 6s '46
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
|*Nat Pub Serv 6s ctfs!978
Nebraska Power 4V*8.1981
6
Jan
Feo
109 Vi
May
84?*
Apr
Feb
104 Vi
87
103 Vi
83 Vi
77H
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 58.1956
7,000
75
44 Vi
87
108
107
Io3Vi
117 Vi 117Vi
103 Vi 105
83
81 Vi
84
117 Vi
New Amsterdam Gas 6s '48
117 Vi
67 Vi
68 Vi
Apr
6
June
103?*
May
83Vi
June
74
29,000
77Vi 134,000
44 Vi
7,000
107
2022
6s series A
13,000
104 Vi
94 Vi
5,000
May
116 Vi
103Vi
60,000
1,000
15,000
Jan
1075*
97 V*
Feb
IStandard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
37
126 Vi
110
106
106
1,000
105 V* 106
11,00c
Jan
1st 4 Vis
..1970
Syracuse Ltg 5 Vis
105V*
66?*
$108
1957
$i07Vi 108 %
Jan
Jan
May
84V*
Jan
Tennessee Elec Pow 5s 1956
82
80 Vi
82
May
Jan
Tenn Public Service 5s 1970
71
69
71
68 %
69
Vi
3,000
100?* 1013*
54,000
65?*
May
845*
Jan
89 Vi
May
101 Vi
Jan
Texas Elec Service 58.1960
90 Vi
June
102 5i
Jan
§*Texas Gas Utll 6s..l945
88 Vi
88 Vi
Mar
955*
Jan
75
77
2,000
6,000
86
75
108 Vi
105 Vi
100 Vi
N Y A Westch'r Ltg 4s 2004
Debenture 5s
June
99Vi May
92
Jan
.Feb
14,000
103
Mar
109 Vi
Jan
24,000
105
Apr
1065*
Jan
100
100 Vi
37,000
100
Apr
104 Vi
Jan
103 Vi
2,000
100
Apr
Apr
104V*
112Vi
May
84
Mar
865*
Feb
14,000
91
Apr
100Vi
4,000
47
May
69Vi
Jan
Jan
88
6 Vis series A
92 Vi
56
1956
Nor Cont'l Utll 5Vis.. 1948
No Indiana G A E 6s. 1952
Northern
93
56 Vi
107 Vi
107 Vi
1,000
106%
Jan
108
May
Indiana P S—
stamped
1954
5s series A
..1957
United El Serv 7s
15,000
94 Vi
May
104 Vi
Jan
Jan
104 Vi
9,000
102V*
105V*
Jan
99 Vi
52,000
Feb
Apr
105
Jan
Un Lt A Rys
108 Vi 108 Vi
4,000
10,000
Jan
1953
6s series
1954
1961
Okla Nat Gas 4 Vis...1951
6s conv debs
1946
108 Vi
103 Vi
106
105Vi 105Vi
105Vi 105Vi
2,000
97 Vi
Pacific Coast Power 6s '40
109 Vi
11.000
103 Vi 103 Vi
106
106
4,000
108 Vi
97 Vi
97 Vi
102
100 Vi
"i05~
88 Vi
105
116 Vi
117
2,000
32,000
102
104?*
Jan
1115*
1065*
103
Feb
1055*
Apr
Mar
May
1085*
Mar
1105*
103 Vi
105
Mar
1065*
Apr
107
Apr
116?*
Pacific Invest 6s ser A.1948
97 Vi
Jan
Feb
Pacific Pow A Ltg 5s.. 1955
Palmer Corp 6s
1938
Penn Cent L A P 4 Vis. 1977
"93 vi
100 Vi
1971
91H
1950
Deb 5He series B..1959
Penn Pub Serv 6s C.. 1947
1964
94 Vi
107
102 Vi
Jan
Jan
Jan
1st ref 5s serlee B
108
Jan
105
June
17,000
115
Mar
119
102 V*
Jan
Mar
117
Jan
series
8,000
70 Vi
74 Vi
18,000
70 ?i
101 Vi
94 Vi
1,000
99Vi
93
100 Vi 100 Vi
62,000
1,000
91 Vi
26,000
100 Vi
96
106 Vi 107
102 Vi 102 Vi
7,000
89
99 Vi
94 Vi
113
June
93 Vi
Jan
Mar
102 %
Jan
91
May
105 Vi
Jan
99 Vi
May
1055*
Jan
19,000
8,000
Wash Ry A Elec 4s...1951
Wash Water Power 5s. 1960
West Penn Elec 5s
2030
West Penn Traction 5s '60
West Texas Utll 5s A
1957
Jan
91
31
94 Vi
June
May
1055*
Jan
109
Apr
Wlsc-Mlnn Lt A Pow 5s '44
May
Mar
106 Vi
Jan
lllVi
Jan
Mar
1065* May
100
Jan
Wise Pow A Lt 4s
"108
91
50
105V*
'107
94?*
Yadkin River Power 6s '41
York Rys Co 5s
97 Vi
91 Vi
31
Feb
Jan
20?i June
109
Apr
94 V*
Jan
60
Feb
53?*
May
May
108
May
108
Mar
May
Apr
104?*
Mar
106 V*
Ill
Mar
117V*
Jan
Mar
79V*
Feb
Mar
24
Feb
66?*
20 V*
19V*
Apr
Mar
24?*
Mar
72
June
June
89?*
94 %
Jan
75
Apr
June
107
Jan
Jan
96?*
Apr
115
Jan
Jan
89 V*
June
93
May
103
Jan
Jan
95V*
Apr
102
104?*
105 V*
Jan
100
Feb
Mar
107
June
102 V*
Feb
103
Mar
1,000
Jan
104 V*
Jan
1937
106
15*666
94
May
91
June
102 V*
Jan
7,000
89
May
101
Jan
4,000
100
May
May
31
$99 V* 1003*
105 Vi 105?*
104 Vi
98
108
Jan
Jan
108
Jan
105V*
io'ooo
Apr
107
Mar
Feb
103
June
3*8*666
106?*
97
Apr
105 ?i
11,000
106
Apr
114 V*
Jan
9,000
91
June
99V*
Jan
1083*
103
31J* May
101 vt
105V*
107 3i
Jan
91
92
26,000
49V*
May
49 3i
50 3i
16,000
103 V*
Mar
105 V*
Jan
104 V* 1053*
14,000
1053*
Feb
108
Apr
105 V*
Feb
107
Apr
$107
1966
Feb
113
1043*
72
96 Vi
98
Wheeling Elec Co 5s. .1941
105
May
Feb
91
$106 Vi
'ioik
West United G A E 5 Vis *55
100 Vi
75 V*
Jan
40V*
100
13,000
107
96 Vi
"l05Vi
Mar
107 Vi
Jan
Jan
30
1954
5s income deb
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
103
105
Mar
2,000
$85
106
2,000
183*
106 V*
80
93
91 Vi
June
4,000
May
May
7,000
97
99V* June
89
93 Vi
$1023* 102?*
1946
West Newspaper Un 6s '44
109Vi
J106 Vi 108
1968
B
Va Pub Serv 5Vis A..
Jan
Mar
106 %
102 V*
72 Vi
107
1946
4,000
Apr
3~o6O
$105 Vi 1073*
1950
6s
113Vi
106
May
111
$..._
1952
E
100
109
Penn Water A Pow 5«-1940
series
108 Vi
Penn Ohio Edison—
D
5s
1005*
94%
Apr
30
June
104 V*
24,000
93
Vamma Water Pow 5Vis'57
Apr
15.000
100
~
72
1944
May
101 Vi
"73 k
1979
6s series A x-w
4 Vis
81
$
Utlca Gas A Elec 5s D 1956
June
113 Vi
Pacific Ltg A Pow 6s.. 1942
Penn Electric 4s F
..1973
88 Vi
97 Vi
Feb
110V*
1952
6s series A
27
73 Vi
76
80
80
Waldorf-Astoria Hotel—
97
80
14,000
$105?* 106
(Del) 5 Vis '52
6s series A
*
1941
Jan
Jan
66
2,000
24
75
1959
4,000
114
72
1974
96 Vi
96
Apr
98 H
85 V*
104
24
72%
Utah Pow A Lt 6s A..2022
Pacific Gas A Elec Co—
5s
6 Via
5 Vis
3.000
88 Vi
Mar
107?*
46 V*
713*
$24 Vi
United Lt A Pow 6s.-.1975
22,000
105
Okla Power A Water 6s '48
1st 6s series B
70
United Lt A Rys (Me)—
6s series C
6 Vis series E
113V*
♦United Industrial 6 Vis.'41
♦1st s f 6s
1945
Jan
1055*
"iosk"
109 V*
May
106 Vi
$104 V* 104 Vi
104?* 104?*
1956
ex-w
107
Ohio Public Service Co—
D
104 %
United Elec N J 4s... 1949
Mar
1st A ref 4 Vis ser D.1956
Jan
Mar
78 V*
69
107
46,000
$1053*
1967
4 Vis
Mar
Ohio Power 1st 5s B..1952
106
54
100
106?*
Mar
51
100 Vi
1945
102 Vi
May
May
47 V*
79 Vi
$50
1,000
95
76 Vi
1,000
4,000
$50
7,000
98 Vi
108
79 Vi
20%
1944
101 Vi
104 Vi
Jan
106 Vi
8,000
94?*
108 Vi
Certificates of deposit.
100 Vi 100 Vi
96 Vi
95 Vi
104 Vi
Ogden Gas 6s
108"
1,000
Union Elec Lt A Power—
101
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
93 %
20%
'52
100 Vi
95 Vi
4 Vis
«s 3d
101
1970
4 Vis series E
5s series
Twin City Rap Tr 5 Vis
53",000
110
"94k
Jan
49?*
Mar
Ulen Co—■
1969
6s series D
105Vi
110
1962
1966
5s series C
105
1946
5s series B
No Amer Lt A Pow—
105k
2022
♦Tletz (Leonard) 7 Vis.
May
llOVi
$85
Nippon El Pow 6 Via..1953
6$j
31
$
Tide Water Power 5s.. 1979
Toledo Edison 5s
1045*
107Vi 108 Vi
105Vi 105Vi
1112 Vi 114
1954
161"
Texas Power A Lt 5s.. 1956
103 Vi
Ext 4 Vis stamped..1950
.1953
Jan
May
3,000
42,000
50 V*
102
7,000
85
42,000
65Vi
44 Vi
106?*
110
1954
99 Vi
121 Vi
5s series B
V*
37
Apr
80% May
113
49,000
N Y PAL Corp 1st 4 Vis '67
N Y State E & G 4 Vis. 1980
24,000
Super Power of 111 4 Vis '68
93 Vi
J 99 Vi 106
33,000
37 Vi
Jan
91 Vi
75
Apr
69 Vi
45
68 Vi
'50
Mar
68
36?*
Vi
$42
New York Penn <fe Ohio—
■
69
May
110
90 Vi
5 Vis
Jan
90
32
May
Apr
65
45
90
Elec
102
$42
67Vi
Y Central
Mar
Stinnes (Hugo) Corp—
2d stamped 4s
1940
2d stamped 4s
1946
Jan
91 Vi
93
♦Income 6s series A. 1949
N
96 Vi
37
107
673*
1942
Mar
4,000
Jan
14 Vi
1950
6s stamped
Mar
10,000
90
97
Pow Assn 58.1948
Debenture 6 Vis
1964
New Orleans Pub Serv—
90
8,000
97
Conv deb 6s
New Eng
Mar
May
May
4,000
69
Ternl Hydro-El 6 Vis.
15,000
95Vi
68 Vi
68 %
70
70
1948
68 Vi
70
73
69V*
97
Conv deb 6s
67
Mar
71V*
Debenture 6s-Dec 1 1966
67?*
67 Vi
NEGasA El Assu 58.1947
Mar
95
1.000
Standard Investg 6 Vis 1939
Jan
June
95
May
May
3,000
Feb
100 Vi
51
Mar
Mar
June
70
70
703*
May
10/
18,000
7,000
11,000
95
73
73
"76""
1951
High
May
71 Vi
69
70
1935
6s
Low
1,000
Vi
69
69
♦Certificates of deposit
Debenture
June
44
♦Convertible 6s
Range Since-Jan. 1 1937
$
73 Vi
73
♦Certificates of deposit
100 Vi
for
Week
High
Low
S^Stand Gas A Elec 6sl935
70 Vi
94 Vi
6
6
Jan
May
107
74Vi
94 Vi
1944
99
Vi
Dakota Power—
__
Price
High
Range
of Prices
Sale
(.Concluded)
%
Week's
Last
bonds
1 1937
Range Since Jan
Last
oaies
Friday
Sales
Friday
bonds
Montana
3811
New York Curb Exchange—Concluded—Page 6
144
"4*660
79 V*
Feb
102 V*
Jan
95 3i
27,000
June
107 V*
Jan
106 V*
20,000
81,000
81V*
May
100 V*
J»n
4,000
22 3*
June
2,000
22
Apr
293*
18**
Jan
25
107
107
94
%
106
98 Vi
84 Vi
22 Vi
223*
22 Vi
22 3i
92?*
106
Apr
Peoples Gas L A Coke—
4s series B
90 Vi
1981
#♦ Peoples Lt A Pr 5s..l979
17?i
Phlla Elec Pow 5 Vis. .1972
Phlla Rapid Transit 6s 1962
109 Vi
91 Vi
19,000
88 Vi
Mar
18 Vi
48,000
16 Vi
May
10* V*
90
Mar
110
Jan
90
10,000
1,000
70
71
6,000
62 Vi
Jan
77
107
1,000
106 %
Jan
108
Jan
3,000
102 Vi
18 Vi
Apr
107
Jan
Apr
23
90
Hydro El 6 Vis '60
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
103 Vi 103 Vi
♦Pomeranian
$21
Elec 6s. 1953
22 Vi
73 Vi
73 Vi
$1073* 109
107 Vi 107 Vi
Portland Gas A Coke 5a '40
Potomac Edison 6s E.1966
1961
$76 Vi
98 Vi
"s.ooo
1,000
$22 Vi
May
99 Vi
85
Mar
Feb
133
Jan
Buenos
1st A ref 59
1956
6s series C
1075*
Apr
109
Jan
4,000
4 Vis
E
series
1978
105?*
100 Vi
82 Vi
1
1960
"iosk
4s series A
1966
1st A ref 4 Vis ser D. 1950
Quebec Power 5s
1968
80
75
104
76 V*
72?*
104
♦Cauca Valley 7s
21 Vi
Mar
129
147
Jan
112
Jan
Apr
103?*
Jan
1,000
101
Mar
104
Apr
May
Apr
103 %
Jan
Mar
100?*
102
105%
May
7,000
99
Mar
70,000
73
May
14,000
10,000
1,000
Safe Harbor Water 5 Vis *79
104 Vi
$20 %
70
May
693* May
103 V*
Jan
San
Antonio P 8 5s
Joaquin L A P 6s B
B. 1958
Sauda Falls 5s
♦Saxon
Pub
62
1955
Wks 6s..1937
♦Schulte Real Est 6s..1951
Scrlpp (E W) Co 6 Vis. 1943
Serve!
Inc
1948
5s
Shawinlgan W A P 4 Vis '67
4
Vis series B
1968
1st 4 Vis series D...1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s..2025
103
Apr
22 V*
Mar
104 V*
2,000
12 3*
'ioik
30,000
100 V*
127 3*
May
107?*
Feb
102
923*
95
^
^
2",000
June
Apr
Mar
22
-
-
29Vi June
107
Jan
27
Mar
107
132
liov*
Feb
May
Mar
Jan
Jan
May
Mar
104?*
Mar
105
72
Mar
15.066
91%
Apr
101
92 V*
June
109 V*
Jan
25
Mar
Jan
25
Mar
Mar
17
23 3*
25
223*
27
233* May
18
Jan
23V*
293*
24?*
Jan
31V*
17?*
Apr
Mar
Mar
Feb
15
Apr
21
Feb
93
1,000
91V*
Jan
96V*
Apr
♦Issue of May 1927
22 3*
22 3*
2.000
22
22 3*
223*
1,000
21?*
Apr
Feb
273*
♦Issue of Oct 1927
273*
Feb
18
18
5,000
153*
Jan
21V*
Mar
7,000
95V*
2,000
24
4,000
21V*
May
May
1%
Jan
2
Apr
1
Jan
IV*
Apr
17
68 stamped..
Feb
22
$10
98?* 100
243*
243*
1931
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s
1958
♦Rio de Janeiro 6 Vis.. 1959
26
♦Russian Govt 6 Vis... 1919
♦6 Vis oertiflcate8...1919
$13*
13*
IV*
26
13*
13*
ii",666
Apr
Feb
100
Jan
34
35 V*
Jan
13*
8,000
13*
Jan
♦5Vis certificates... 1921
IV*
13*
8,000
IV*
Jan
IV*
1%
Apr
Apr
713*
713*
2,000
62 %
fan
81?*
Mar
15V*
May
20
V*
Mar
20?*
Mar
♦5 Vis
.1921
16 Vi
1961
13*
1 Vi
1949
♦7s
Jan
49,000
Jan
17
17
1,000
$163*
163*
18
163*
"
i",666
16
Jan
Jan
Feb
«.
-
-
-
*
...
Feb
Feb
8,000
104
S'western Assoc Tel 5s 1961
93?*
93?*
101?* 102 3i
V*
v
Jan
$ Friday's bid and asked price.
Jan
♦
Jan
Mar
110?*
Jan
Jan
105
May
87
Jan
May
Ma'
May
1003* May
n Under
In year's
Ex-Interest.
107
753* June
102 V*
86
Deferred delivery sale" not Included In year's range,
In year's range,
r Cash sales not included
108
99 V*
8,000
a
Included
108
933*
25,000
not
Ex-dlvidend.
Apr
1,000
87
x
Mar
14.000
102?* 103
No par value,
Mar
103
16,000
13,000
•
the rule sales
range,
104
2,000
93
♦Santiago 7s
68 %
6,000
_
Sou Counties Gas 4 Vis 1968
Sou Indiana Ry 4s
1951
86
21 %
21%
Feb
Feb
77
May
99
So'west Pow A Lt 6s..2022
Apr
$153*
Mar
105
99?*
So'west Pub Serv 6s.. 1945
7s
Mar
107 V*
16,000
76
Apr
50
$21?*
$20
$263*
Vis.'58
47
Apr
21,000
753*
97
1958
♦Lima (City) Peru 6
29
Mar
33,000
S'western Lt A Pow 5s 1957
8,000
3,000
$22 3*
♦Hanover (City) 7s...1939
♦Hanover (Prov) 6 Vis. 1949
♦Santa Fe 7s stamped. 1945
101?i
101?*
101V*
1023* 102?*
1023* 102V*
106
1063*
104
99
673*
20%
1947
6s
Jan
105?*
1,000
33,000
1053* 106
1st A ref mtge 4s... 1960
♦Secured
Jan
Jan
1960
July 1 '60
♦German Con Munlc 7s *47
96
103 %
102
1945
Ref M 3Vis B
67 Vi
65
21?*
Danzig Port A Waterways
External 6 Vis
1952
92V*
104?* May
Sou Calif Edison Ltd—
Debenture 3Vis
Ref M 3*4a.May 1
1013*
Apr
98
1953
5s
19%
Mtge Bk of Bogota 7s. 1947
Jan
10,000
103
$1023* 102V*
$67
70
923*
92?*
^
2,000
Mar
Jan
Mendoza 4s stamped.. 1951
108 ?i
18 Vi
123*
12 Vi
104?* 105
„
1023*
♦Medellln 7s series E. 1951
Jan
3,000
■«,
26?*
Apr
Jan
21V*
107?* 1083*
$1293* 1303*
1103* 1103*
$24
31?*
293*
303*
102?* 102?*
106V* 106V*
102
102V*
Jan
Mar
99
Jan
105 V*
98 Vi
Apr
18
263*
27 V*
20
2*666
1955
♦Mtge Bk of Chile 68.1931
108 Vi
5*Rt L Gas A Coke 6s..'47
San
6,000
1043* 105
$24
32
4,000
1952
5Vis
♦Maranhao
Queens Boro Gas A Elee6 Vis series A
1952
♦Ruhr Gas Corp 6 Vis. 1953
♦Ruhr Housing 6 Vis.. 1958
♦6s series A
May
105?*
75
253*
♦Prov Banks 6s B..1951
Mar
80
253*
$23 3*
25
1003* 1003*
Cent Bk of German State A
Feb
Mar
104
Feb
Feb
Pub Serv of Oklahoma—
Puget Sound P A L 6 Vis '49
1st A ref 5s series C.1950
Feb
21
Mar
1083*
103?*
1,000
Feb
91?*
Apr
81
101
14,000
91
Mar
14?*
104
5,000
103 3i
May
5,000
102
2,000
9,000
1003* 101
78?*
82 V*
1980
1st A ref 4 t*s ser F.1981
4 Vis series
'Iosk
833*
84 V*
1948
893*
883*
15
1,000
14?*
883*
June
Mar
Feb
$87 3i
99Vi May
Jan
Feb
Mar
1952
1947
♦7s stamped
♦7 Vis stamped
98 Vi
30
25
(Province)—
Jan
Danish
1333*
22 Vi
22 Vi
$20 Vi
1951
Aires
Apr
18
25
1103* 1103*
1053* 105?*
1033*
1033* 1033*
1033* 1033*
105?* 105V*
110 Vi
1966
D
-.1947
♦Baden 7s
Pub Serv of Nor Illinois—
4 Vis series
♦20-year 7s_
Feb
Public Service of N J—
6% perpetual certificates
Agricultural Mtge Bk (Col)
♦20-year
7s
1946
104
76
"i",666
Power Securities 6s... 1949
Electric 6s. 1954
73Vi
June
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
105 H
"6",006
77 Vi
98 Vi
Potrero Rug 7s stpd._1947
Power Corp (Can) 4 Vis B '59
♦Prussian
Jan
Feb
107
Pledm't
4 Vis series F
30 Vi
112
No sales were transacted during current
week.
Bonds being traded flat.
5 Reported in receivership.
If Called for redemption
e
Cash saies transacted during the current week ano
103?*
Jan
yearly range:
104
Jan
104?*
Jan
100
Jan
noi
included In weekly or
No sales.
g
,
Under-the-rule sales transacted during tne current week
or yearly range:
and not included in
weekly
No sales.
z
Deferred
delivery sales transacted
in weekly or yearly
during tne current week and not
Included
range:
No sales.
Abbrevia'ions
Used
Above—"cod," certificates of deposit; "cons."
consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock:
"v t c." voting trust certificates: "w 1." when issued: "w w." with warrants; "x-w"
without warrants
3812
Financial
Chronicle
Jane 5, 1937
Other Stock Exchanges
Friday
New York Real Estate Securities
Bid
v
t
Unlisted Stocks
Par
Narragansett Racing Ass
6234
6634
Bid
69
7
c
City & Suburban HomesLincoln Bldg Corp v t o—-
Ask
4
43*
434
9
Pennsylvania Bldg ctfs
Inc
67
Old
Colony RR
Established 1853
39
BALTIMORE,, MD.
New
York
and
Neio
York
*
Apr
May
z6
Mar
142
Mar
4 34
80
June
93
134
735
1,245
109
55
25
1,090
22
Jan
Mar
Jan
334
934
23*
Mar
Mar
June
680
June
11334
1934
June
293*
109
Jan
18
May
22
3034
170
293*
June
4434
413*
264
3934
Jan
50
Mar
83*
723
63*
Jan
113*
Mar
Apr
2534
23
24
102
23
June
Jan
Jan
300
234
Feb
334
Jan
126
133*
1634
Feb
1934
429
19
May
May
333*
Jan
39
1934
2 34
13 3*
19
mm~~~m
Torrington Co (new)
*
Union Cop Land & MIn.25
Utah Metal & Tunnel
37
May
393*
843
42c
45c
187
3134
8734
3834
134
3134
35
134
1334
834
mm
38
mm
Warren Bros Co
*
mm
mmmm+m
8834
Jan
98c
Mar
Feb
33
Mar
Mar
98
Jan
463*
234
Jan
984
84
39 34
110
3634
Apr
134
6,180
13*
Jan
134
Warren (S D) Co
Baltimore Stock Exchange
89
413* May
300
2534
154
100
13*
1334
7%
3934
1
Venezuela Holding Corp.-*
Waldorf System Inc
*
Exchange
3934
38
5
United Shoe Mach Corp.25
Preferred
25
Stock
Curb
83*
*
Union Twist Drill Co
Chicago Stock Exchange
Members
50
25
Mar
3%
120
785
Broadway
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Associate
2934
Apr
1134
634
267
2,400
80
1934
213*
293*
40%
73*
233*
2%
133*
mmmm'rnm
Stone & Webster
York. Pa
Baltimore
24
*
5
3%
134
109
Shawm ut Assn tr ctfs
NEW YORK
Louisville, Ky.
High
Low
Shares
25
834
12134
80
134
Reece Button Hole MachlO
Reece Folding Machine. 10
STEIN BROS. &> BOYCE
Members
120
4
100
Pennsylvania RR
Qulncy Mining Co
Baltimore Stock Exchange
Hagerstown, Md.
83*
434
5
12134
*
Ctfs of oeposlt
6.S. Calvert St.
834
*
Pacific Mills Co
on
Price
Northern RR (N H)—_ 100
60~"
Orders Executed
Week
1
New England Tel & Tel 100
New River Co pref
100
N Y N H & H RR(The) 100
North Butte
2834
61 B'way Bldg 634s—1960
Range Since Jan. 1, 1937
for
of Prices
Low
High
n
Nat'l Tunnel & Mines
Harrlman Bldg 6s
1951
Lefcourt Manh Bldg 4s '48
Park Place Dodge Corp—
Income bonds
A sit
Stocks (Concluded)
Week's Range
Sale
Closing bid and asked quotations, Friday, June 4
Unlisted Bond*
Sales
Last
Exchange
1334
75
Apr
Apr
8 34
85
31
Jan
Mar
1934
1234
Feb
Jan
634
35
234
Feb
13
46
Feb
Jan
May 29 to June 4, both inclusive, compiled from official sales lists
Sales
Friday]
Last
Stocks—
Par
Arundel Corp
Week's Range
for
Sale
of Prices
Low
Price
21
*
Atlantic Coast L (Conn).50
Bait Transit Co com vto.*
CHICAGO
Week
High
Range Since Jan. 1, 1937
Shares
Low
2034
—
_
2134
475
18
4934
52
255
46
1%
95
High
Jan
2334
Paaf H.Davis & @a
Apr
Jan
54
Mar
May
3
Jan
May
9
Jan
38
Jan
8934
Jan
*
434
134
434
*
2634
24%
26 34
140
24% June
*
70
70
7134
496
70
5% preferred
100
Eastern Sugar Assn pref—1
114
114
114
47
112
Apr
115
Jan
38
39
101
38
June
48
Jan
53
122
Jan
136
1st pref vto
Black <& Decker
com
Consol Gas E L & Pow
Fidelity & Deposit
Fidelity <fc Guar FLe
.20
123
10
5
1%
434
218
123J*
June
Houston Oil pref
Mfrs Finance
(Associate)
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St.,
CHICAGO
Apr
*.
3934
40
52
393* May
48 34
Jan
133*
13 34
28
Jan
133*
Mar
Chicago Stock Exchange
133*
133*
100
1234
123*
1334
Feb
May 29 to June 4, both inclusive, compiled from official sales lists
2134
22 34
416
1934
Jan
Apr
2334
May
34
June
13*
Jan
June
1234
Jan
1
M
m
100
2234
*
34
t
com v
1st pref
25
preferred
Mar Tex OH
com
1
34
10
25
13*
137
128
103*
10
134
Merch & Miners Trans p..*
13*
130
134
Apr
234
Jan
334
class A..
33*
700
3
Jan
434
—
«
-
-
33
June
preferred
25
Mt Vern-Wdb M pref—100
2534
May
33
26 34
76
75
New Amsterdam Casualty5
14
Penna Water & Pow com.*
Preferred..
41
Jan
1334
72
111
336
1434
70
Jan
2734
1334 June
75
25
75
June
110
2
108
;vlay
11134
Mar
2234 May
2934
Jan
3*
37
Jan
2334
36
36
36
1,426
40
Feb
95
Apr
\
Bonds—
5s
-
1975
100
Ga Southern & Fla 5s. 1945
mmmmmm
Read Dr & Chem 534s. 1945
32
37J*
313*
-
31
37 34
100
39,500
2934
May
4134
Jan
1,300
2,000
36 3*
May
48
Jan
100
673*
673*
1013* 1013*
2,000
1,000
100
May
673* June
10034
Jan
Par
for
of Prices
Low
High
Week
104
Mar
7234
1013*
Price
Common (new)
•
Feb
Apr
Townsend, Anthony
Established
and Tyson
150
46
June
6634
Feb
1234
1134
50
12
May
1,000
634
Jan
173*
123*
834
834
400
83*
Jan
123*
Feb
Jan
Mar
834
13
1,400
123* June
143* May
14
14
50
14
June
18
Mar
Allied Labor Inc
11
350
11
May
22
2234
200
22
633*
6434
1134
120
633*
2,750
7
Jan
173*
2334
2634
8434
133*
Apr
1634
1134
1634
234
450
2
June
434
Mar
Mar
57 34
17
13
*
com
Allied Products Corp com 10
Class A
25
Amer Pub Serv Co pref. 100
Armour & Co common...5
Asbestos Mfg Co com
1
Associates Invest Co com.*
1634
2234
"II34
1034
2
"53
503*
53
50
150
1634 June
4834
Jan
May
9
9
150
9
June
63*
634
200
6
May
Athey Truss Wheel
cap.. A
Automatic Products com.5
173*
173*
100
14 34
17
17
100
16
100
1634 May
Feb
May
5
163*
163*
16J4
Bastlan-Blesslng Co com.*
2034
20
21
550
19
193*
20
150
1934 May
103*
850
10
9
1934
Feb
Feb
Jan
Feb
Feb
Jan
Mar
Mar
19
Jan
2034
2334
Feb
1034
1
Jan
May
3034
143*
Feb
12
12
12
100
934
Jan
38
3734
38
450
3234
Jan
14 3*
4334
Borg Warner Corp—
(New) com
DEPARTMENT
1
Bliss & Laughlin Inc cap.6
New York Curb Exchange (Asso.)
30 State St., Boston
5
com
Berghoff Brewing Co
Blnks Mfg Co capital
Private Wire System
Boston Tel. LAF 7010
4634
123*
Bendlx Aviation
York SfocA Exchange
Exchange
46
Ainswortb Mfg Corp com_5
Common
1887
UNLISTED TRADING
High
Barlow & Seellg Mfg A—
Members
Boston Stock
Low
1234
1134
46
Backstay Welt Co com...*
Barber (W H) common
1
New
Range Since Jan. 1,1937
Shares
Abbott Laboratories—
Feb
1834
75
2234
Stocks—
Advance Alum Castings.-6
Aetna Ball Bearing com..l
110
22%
Bait Transit Co 4s (flat) '76
A 5s flat
1975
Week's Range
Sale
Adams (J D) Mfg com
*
Adams Royalty Co com..*
75
U S Fidelity & Guar
2
Western National Bank..20
Last
Mar
82
Jan
110
.*
Sales
Friday
Apr
2
33
2634
-
Monon-W Penn P 8—
B
Exchange
New York Curb
133*
.•«,
*
Class B
7%
Members
New York Stock
133*
Finance Co of Am «1 A
2d
134
SECURITIES
Listed and Unlisted
463*
4334
463*
4,100
383*
Apr
47
Apr
5
Feb
Feb
Feb
Mar
May
Brown Fence & Wire—
N
Y. Tel. CAnal 6 154
Common...
Portland
Boston Stock
Sale
Stocks—
Par
Price
Amer Pneumatic Service—
1st preferred
50
6% non-cum pref
Amei Tel & Tel..
Boston & Albany
Boston Elevated
18
Sales
Week's Range
of Prices
Low
18
60
23*
100
16734
..100
...100
164 34
131
High
18
2 3*
167 34
for
Range Since Jan. 1, 1937
Week
10
Low
18
160
Apr
131
64
May
May
463*
192
36
14 34
421
11
4434
44
14
1334
1334
Boston <!fe M alne—
Prior preferred
100
Class A 1st pref stpd.100
Class A—1st pref.
100
Class B 1st pref stpd. 100
Class D 1st pref stpd. 100
Boston & Providence—-100
25
Copper Range
26
May
33
33
33
60
33
June
16
16
16
40
15
Jan
14
14
50
14
60
5934
60
70
5934 June
134
134
550
134 June
June
Jan
Common
63*
Jan
Prior lien preferred....♦
91
9234
180
91
June
Jan
Preferred
»
5034
5034
410
50
May
9134
10
147
1
19
Jan
Feb
23*
234
234
3,200
234 June
334
19
Feb
Jan
x8134
Feb
634
Jan
Mar
1103*
77
Feb
Jan
69 Mi
Mar
Central States P & L pref. *
Chain Belt Co common..*
Jan
563*
Mar
Jan
20
29
Mar
151
Feb
30
934 June
2034
Jan
62
64
120
63
June
73
Mar
78
64
80
210
72
Jan
85
Feb
43*
433*
2,800
43*
June
45
2,450
433*
May
4
150
334
Jan
3*
Jan
Chicago Rys—
135
mm
mm
135
mm
u%
14
135
20
m
130 May
11
1434
113*
137
1134
525
10
534
Preferred
*
"4 H
45
4
com 100
Part ctfs 2
100
534
Coleman L'p & Store
81
434
3*
3*
250
63*
48
Mar
Feb
634
34
Mar
Jan
Jan
69
56 3*
44
166
4134
May
134
40
11
1534
33*
1313*
213*
4
10
50
Commonwealth Edison. 100
110
Mar
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers Co—,
40
June
11
June
130
May
133
21
May
26J4
Mar
20
1034
June
155
1534
Jan
1434
203*
Feb
51
1534
160
Jan
Mar
Jan
Common
.......6
6% prior pref A
Cord Corp cap stock
413*
6
6
1,147
59
5
3
3
754
162
25c
52
46 34
305
2
10 5*
36
44
634
Jan
Jan
243*
May
Jan
64
Apr
Mar
334
Jan
1.00
Mar
56
400
3,350
3
May
20
34
Jan
300
103
40
Apr
May
May
139
250
Feb
37
34
34
300
1634
53*
100
34
June
734
20
7
Jan
3
334
1,200
3
June
10734 10734
10
104 J4
50
19 34
2734
Jan
534
Jan
May
Jan
4834
Feb
11
Jan
3*
Apr
734
""334
108
12
Jan
Feb
Apr
53*
1103*
Feb
Mar
Apr
Jan
Mar
2 34 May
5c June
Jan
1734
35
10934 110
4134
4134
6
634
34
100
Cudahy Packing pref--100
233*
25c
33*
Jan
100
334
3
35
com
10
105
1634
3
35
15
22 34
46
234 June
105
*
423
59
3816
Jan
583*
10 34
46 34
Jan
103*
43
153*
Mayflower-Old Col Cop.25
17 34
May
May
1034
3
May
Convertible preferred.. *
Chicago Yellow Cab Co..*
Cities Service Co com
*
5 34
11
100
Jan
156
40
4
203*
192
234
2234
Apr
59
1034
2
187 34
Jan
*
Jots
100
1
*
143*
Gilchrist Co
see page
2
*
10
21
For footnotes
30
1334
Central Illinois Sec—
203*
213*
Linotype..*
Castle (A M) common. .10
Central Cold Storage com20
1434
2
pf.. *
203*
»
Mergenthaler
Mar
conv
203*
Employers Group
*
Mar
534
3934
Canal Constr Co
Chicago & N W Ry
130
o
3634
Mar
13134
pref...
Mar
May
Mar
Mar
100
cum
1834
29
183^
100
5%
Jan
100
24 3*
100
Mass Utilities vt
1,200
Jan
43
100
1434
2934
Jan
Edison Eleo Ilium
com
133*
293*
12
100
Maine Central
14
50
100
Gillette Safety Razor
*
Isle Royal Copper Co._.25
1U
30
50
534
1st preferred
Mar
13 34
17
583*
Preferred B
303*
17
*
Common
June
17
100
6% cum pref
Eastern Mass St Ry—
Feb
Feb
19
Cherry Burreli Corp com.*
Chicago Corp common
*
East Gas & Fuel AssnCommon
153*
2834
250
1334
Chicago Towel—
Calumet <fe Hecla
4 3* % prior pref
Apr
23* May
967
170
65
Jan
20
14
*
$134 conv pref
Cent 111 Pub Serv pref
Central S W—
High
134
1313*
64
27
19
1
Common
Shares
10
50
19
5% conv preferred
May 29 to June 4, both inclusive, compiled from official sales lists
Last
11
27
*
Class A preferred
Lewiston
Exchange
Friday
650
27
Bruce Co (E L) com
Butler Brothers
Bangor
Feb
Dayton Rubber Mfg com.*
Decker & Cohn com
10
Dexter Co (The) com
*
233*
Dixie Vortex Co
6
Eddy Paper Corp (The).-*
com
Elec Household Util cap.6
15
Elgin Natl Watch
233*
634
233*
634
12
12
203*
203*
3334
31
21
3334
734
3234
734
313*
Jan
283*
53* May
50
12
May
113*
1734
Jan
Jan
250
20
May
25
Feb
860
2934
May
May
34
Apr
12 34
Jan
200
300
200
73*
313* June
Volume
Financial
144
Sales
Friday
Fuller Mfg Co com
Gardner Denver Co
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
1
4%
*
05X
$3 cum conv pref
20
General Finance Corp com 1
5X
com_
_
1,1937
Range Since Jan.
Last
Stocks (Concluded)
4X
Active
4X June
750
65X
67
5X
Members Cincinnati Stock Exchange
High
Low
Shares
5
04
67
5X May
Feb
57
350
05X
69
50
58X
Jan
5X
2,700
4X
Mar
Common
4X
4X
30 X
30 X
5
1,200
m.
mm
Helleman Brew Co G cap.l
Heln Werner Mot Parts..3
9X
Feb
Illinois Brick Co cap
111 North ITtll pref
9 X
14
8X
150
9X
May
9X May
May
U X
1,100
13 X
Mar
52X May
Jan
19*4
50
10
10
X
52X
380
45
Jan
21X
150
16
May
3X
350
3
May
4
12 X
250
11*4
June
19
100
70
99 X
May
110
Jan
38
38
50
38
May
49
Mar
316
*16
2,500
OX June
2,6 May
20 X
20X
50
20X May
23
21X
23
500
21
12
12
12
9X
Indiana Steel Prod com__l
Inland Steel rights (w 1)..
mm
m,
mm mm
mm
Iron Firem Mfg com v t c_
*
.1
Jarvls (WB) Co cap
9X
200
10*4 May
"l6 May
27
Feb
Jan
29*4
Feb
May
10 x
Feb
Jan
17 X
Apr
20 X May
12 X
Mar
28X
Feb
43 X
Jan
75
May
89
Jan
600
6
May
7X
Mar
1,100
2
May
3X
Jan
Katz Drug Co—
30
20 X
21X
29*4
250
75
75
6*4
OX
2
2
2
La Salle Ext Unlv com...5
8X
..*
Leatb & Co com.
300
9*4
29*4
*20*4
12 X
9X
Common
Kellogg Switchboard com.
Ken-Rad T & Lamp com A*
Ky Utll Jr cum pref
50
6% preferred
...100
Kerlyn Oil Co cl A com..5
Kingsbury Brew cap
1
27
Cumulative preferred..*
com
10
Le Rol Co
17*4
18
OX
10
10
OX
2*4
2X
8*4
27*4
18"
IX
7%
200
Jan
3X
Jan
13 X
43*4
*
10
4
Loudon
*
Packing com
Lynch Corp.
25 X
28
Lion OH Refining Co com
3*4
5
com
3X
40 X
43*4
4X
28
3X
41
34X
Mar
17 X
50
27 X
50
50
50
McCord Rad & Mfg cl A.*
McGraw Electric com
27*4
2*4
May
19*4 May
May
45
4
Jan
4
38X
Mar
42
June
2*4
250
26
150
41
Jan
49
May
100
2X June
25 X
1,200
19
Jan
5X
1,400
5
June
80
26
June
26
27
6
9X
3X
9
purchase warrants
Stock
100
2X
2X
3H
1
100
Mar
June
28
5
*
Food Prod-
Middle West Corp cop
100
Jan
4X
JaD
Apr
24
Prior preferred
Common
10*4
5*4
M er A M f rs Sec cl A com
s
2*4
250
2,500
25 H
Marshall Field common..*
Mlckelberry
26
.100
Cincinnati Street Ry
.
-50
.
Low
62
108
108
101*4
112*4
7*4
Gas & Eleeref.. .100
CNO&TP pref
101*4 102*4
224
112*4 112*4
2
7*4
127
7*4
High
108
Apr
111
Jan
101
Feb
108
Jan
112*4 June
7
May
120
Jan
100
Jan
108*4
Feb
86
Clnn Union Term pref.100
85
86
734
85
107
107
12
107
Mar
Dow Drug
*
7
May
9
Mar
Fyr-Fyter A
♦
16
16
16
31
16
Jan
17
Mar
Gibson Art..
*
31
30*4
31
80
36
Feb
.100
10
10
11
60
24*4
24*4
24*4
22
30*4 June
10
Apr
22
Apr
40
40
41
40
Hatfield partlc pref
Hilton
*
Davis
Hobart
*
A
♦
Kahn com...
10*4
7*4
122
332
10*4
10*4
18*4
18*4
19*4
Lunkenhelmer
*
32
32
32
2
12
ox
Jan
Jan
Feb
37
Mar
Feb
2
May
*
11
10
11
20
10
*
59*4
58*4
59*4
65
55*4
Randall A
*
20
20
20*4
92
20
7*4
20
*
B
*
U
Mar
Mar
Mar
16*4
Feb
Jan
65*4
Jan
June
23*4
Jan
7*4 May
11*4
Jan
38
Feb
May
25
29
Mar
27
Feb
29*4
June
Feb
27
27
27
25
*
4
4
4
100
3*4
Apr
6*4
Feb
9
9
9
60
9
Feb
12*4
Mar
100
120
113
120
51
134
Apr
92
SPlaylng Card
Wurlitzer
29
Feb
7*4
37
10
U S Printing
Western
29
10
Rapid
Mar
57 X
30 X
7*4
7*4
4*4
4*4 May
29*4 Mar
16
Procter & Gamble
54
2*4 June
31
30
30
National Pumps.
Jan
48 X
4*4
4X
25
Jan
31
10
..
2
2
*
_
Apr
101*4
24
50
4*4
2 50
Magnavox
Feb
18*4 June
40
Nash
Apr
49*4
Feb
Jan
24*4
Feb
98
253
Kroger.
*
16
May
9*4
12
100
100
100
100
pref
7
7
100
Jan
10*4
June
107
Cincinnati Telephone. -50
Moores Coney A
10
50
5
McQuay-Louls Mfg com.
Mandel Bros Inc capital..*
Clnn
Range Since Jan. 1, 1937
for
Week
Shares
Feb
June
Lincoln Printing Co—
$3*4 preferred.
Lindsay Light com
Feb
40
150
Range
of Prices
High
Low
108
.100
Champ Paper pref
1st
27
300
100
Sale
Price
Jan
100
100
lndep Pneum Tool vtc.
Week's
Last
Par
Stocks (Continued)
Cin. 291
Sales
Friday
Apr
X
Wire—Bell Sys. Tel
Phone Cherry 6711—First Boston
Apr
21
11X
10
100
All
Jan
Apr
19
250
11
CINCIN
BLDG.
UNION TRUST
Jan
CO.
&
BALLINGER
Jan
Mar
3
21X
(new)__l
com
20
10*4
42X
20
Unlisted Securities
*
5*4 May
52 X
*
Inc common.
19X
10
Hlbb Spen & Bart com..25
Hupp Motor
4X Mav
30X June
150
io x
mm mm
mm
Hamilton Mfg cl A pt pf .10
Horders
30X
Trading Markets in
Cincinnati and Ohio Listed and
June
Gen Household Utll—
Gold blatt Bros Inc com—*
Great Lakes D <fe D com—*
3813
Chronicle
Bank
.
pref
34*4
Jan
Feb
7
31*4
5
Jan
Jan
3X
9X
3X
3X
Mar
3,350
9
June
15*4
Jan
1,050
2X
June
7X
X
1,950
X June
IX
Jan
June
12 X
Ohio Listed and Unlisted Securities
Jan
Jan
Members Cleveland Stock Exchange
Midland United Co—
Common
X
X
5
6
550
4X
150
May
ox
Feb
4
5X
5
3X
Conv preferred A
4X
40
3X May
9X
Mar
2
2
10
2
5
4X
30
Midland Utll—
100
6% prior Hen
7% prior lien
..100
2
100
7% preferred A
Miller & Hart conv pref.
Modine Mfg com
4*4
4X
38
50
38
3X
June
4X May
37
May
CILLISt-JWOODda
Feb
Union Trust Building/ Cleveland
Jan
8%
40X
Jan
10
Jan
Common..
Preferred
50
*
138
Montg Ward & Co cl A..*
50
50
June
156
May
32
Jan
X
1,850
National Pressure Cooker 2
15*4
15X
16
30
X May
2X
17
Jan
May 29 to June 4, both inclusive, compiled from
Apr
200
14 h
Jan
30 X
150
28 X
May
36*4
Feb
IX
43 X
200
IX
Jan
3X
Feb
500
30X
OX
50
Jan
May
Last
IX
Noblltt-Sparks Ind com..5
43 X
North Amer Car com...20
6*4
11
Northwest Bancorp com..*
Northwest Utll
42
OX
11
11
10 X
650
May
58
Feb
16*4
Jan
Jan
2 X
Jan
600
34
34
»
21H
Apr
90
IX
IX
com
18X' Mar
20X
20*4
Pea body Goal Co B com..5
Perfect Circle Co
Jan
63
63
Mfg Co com
81
30
63
100
June
IX
May
30
35
Jan
5X
5X
350
5X
May
7*4
Mar
2X
2X
1,000
3*4
Feb
3X
3X
100
2*4
3%
June
1
5%
2H
3X
Jan
5*4
Feb
.....*
1*4
IX
IX
800
IX
Apr
3*4
Jan
2
2
2X
300
2
June
4*4
Jan
99*4
Jan
120
Jan
Pictorial Paper Pkgeeom.5
Pines Wlntetfront com...l
Potter Co (The) com
Prima Co com
Process Corp com
*
Public Service of Nor Ill*
70
77
200
74
100
112
114
50
110
May
May
116
114
Apr
Common
6% preferred
7% preferred
Quaker Oats Co
*
..100
Jan
Apr
150
Jan
200
4
Jan
360
130X 138
5X
5X
'"2H
Rollins Hos Mills conv pf_*
27
2*4
2X
28
26
25*4
*
com
Jan
125*4
121
60
109*4 111
mx
Raytheon Mfg com vtc 50c
6% pref v t c.
5
Ross Gear & Tool
122
109*4 June
20
117
111
100
com
Preferred
25X
Jan
7*4
3*4
160
15
Feb
34*4
50
25
Mar
2
200
30
Feb
May
Feb
Feb
St Louis Nat Stkyds cap.*
74
74
74
10
74
May
8334
Jan
Schwltzer-Cummlus cap.. 1
Sears Roebuck & Co cap.*
20 X
20 X
50
20 X
June
28X
Feb
87 X
80 X
20 X
87 X
100
81 X
May
95
11X
May
Serrlck Corp cl B com
1
Slgnode Steel Strap com..*
Slvyer Steel Castings com. *
So Betid
Lathe vv ks cap..ft
Southwest Lt & Pow pfd..*
S'west Gas & Elec 7% pflOO
Standard Dredge com
Furn
lft
Tranp Co (The) com
Utah Radio Products
12X
12X
150
32
32 X
400
16 X
Jan
40
Apr
23
23 X
140
22
Apr
26
Mar
27*4
Mar
*23*4
91
com ♦
7
*
Walgreen Co common
*
Wieboldt Stores Inc pref.*
19*4
Indust
18X
2
com
Radio Corp com.. *
4X
19 X
100*4
4
450
2.400
10X
31X
95
Jan
May
Apr
107
Jan
5*4
Jan
20*4
May
10*4 May
15*4
Mar
30*4
33*4
Mar
350
May
23X
24
350
23*4 June
28*4
21X
21X
100
21X
June
28*4
20 X
"21X
22
1.100
20 X
June
23
3
2,450
2 X
Feb
4*4
Apr
250
X
May
2
750
June
6*4
Feb
3X
3
2*4 May
Jan
5
2X
300
26
26
26*4
800
ft26
June
49*4
93
93
93
20
93
June
93
7
May
12*4
OX
May
12
2*4
2X
7X
"7 X
7X
150
7X
8X
10 X
34
2,100
10X
10
34
32
X
150
10
900
Cleve Cliffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
Cleveland Ry
Last
Sale
Par
Price
Week's
Range
of Prices
Low
High
8
8
8
5
26
26
148
92
92
92
33
19
Feb
4
125
5
Mar
86*4
106*4
Jan
Mar
21
Feb
Mar
101*4
112
Jan
Jan
23
56
Mar
55
55X
137
53
Feb
63*4
03X
36
36
37
486
33*4
Jan
50
Mar
51
51
35
30
Jan
54
May
Jan
26
26
no
25
Feb
30
Jan
40
40
20
33
Feb
54
Mar
53
53
104
53
June
60
pref *
100
100
104
*
34
100
Grelf Bros Cooperage A._*
Hanna (M A) $5 cum
Jaeger Machine...
Kelley Isld Lime & Tran.. *
Lamson & Sessios
*
Leland Electric
53
15
McKee (A G) class B
*
Medusa Ptld Cement
Jan
23
May
9
Jan
14
Jan
May
27
Jan
7*4 June
160
41
48*4
ox
8X
40
40
100
35
99
99
Feb
14
45
8X
100
Jan
30
30
47
ox
8X
Jan
Mar
37*4
50
140
7X
44
45
*
Preferred
Jan
24
225
15
7X
101
91
34*4
24*4
11X
"m
Metropolitan Pavg Brick. *
National Refining
25
7
24*4
lix
24X
11X
*
Lima Cord Sole
12
6
115
8*4 May
Apr
Mar
58*4
Jan
60
Jan
99
June
95
Feb
Mar
11*4
12*4
Jan
6*4
7*4
Feb
Feb
Mar
10*4
4*4
25*4
130
5*4 June
Jan
1*4
23*4 May
47
48
430
47
June
Seiberling Rub8%cm pflOO
49
51
20
39
Jan
64
Apr
Steuffer class A
34
34
30
32*4
Feb
34
May
9
9
81
National Tile.
5%
*
National Tool.
50
20
*
Richman
2X
25
25
48
Patterson-Sargent
*
Troxel Mfg
Union Metal Mfg
*
Upson Walton
...*
OX
22*4
40
17*4
1034
23*4
17*4
17*4
1
Van Dorn Iron
Weinberger Drug Inc....*
40
9
May
Jan
15*4
8*4
Jan
Feb
34
57*4
Feb
Mar
10*4
21*4
13*4
Apr
Mar
Mar
C
8
23X
50
330
14
Feb
Feb
24
Mar
Members
New York Stock
Detroit Stock
June
Buhl
Feb
15*4
40 X
Chicago Stock Exchange
DETROIT
Building
Randolph
Telephone
5530
Feb
Apr
New York Curb Associate
Exchange
Exchange
Mar
Feb
Detroit Stock
official sales lists
Exchange
May 29 to June 4, both inclusive, compiled from official
Last
Sale
Stocks—
High
Low
June
13X
24 X
Jan
36 X
88
Feb
92
8
June
8
17*4
Watling, Lerchen Sl Hayes
Range Since Jan. 1,1937
for
26
3816
58
14*4
55
50X
*
Faultless Rubber
Great Lakes Towing
Week
Shares
*
tor footnotes see page
19
84
Feb
Feb
Mar
Auto City Brew com..
Par
1
Price
1*4
sales lists
Sales
Friday
American Laundry Mach20
Baldwin pref
100
Industries
10*4'May
93X
93X
107X 107X
50X
50X
Commercial Bookbinding. *
Sales
Friday
Stocks—
100
100
*
Ctfs of depositCliffs Corp vtc
Feb
June
31X
May 29 to June 4, both inclusive, compiled from
High
35
19
19
Jan
3X
3X
Low
11X
11X
100
Cincinnati Stock Exchange
Aluminum
*
City Ice & Fuel
11X
Mar
May
1
"~3X
Shares
Mar
Jan
15X
50
31
June
91
30
20
Jan
19*4
300
10 X
"si"
Williams OU-O-Mat com.*
Wisconsin Bankshs com..*
Woodall
92
5
Convertible pref
Wahl Co com
Zenith
23 X
91
4X
2
Utll & Ind Corp—
Common
23
101X 101*4
25
Sundstrand Mach Tool Co*
Mar
12 X
10
com
Swift International
Swift & Co
Mar
32
*
Convertible preferred..*
Storkllne
14*4
Range Since Jan. 1, 1937
for
Week
of Prices
High
Low
84
*
Akron Brass....
Preferred
.100
*
Price
Feb
9*4
—
Prior lien pref
Ontario
6
Week's Range
Sale
Par
Stocks—
official sales lists
Sales
Friday
National-Standard Co—
Capital stock
10
Nat Union Radio com.._l
GLEV. 565 & 566
Cleveland Stock Exchange
Feb
27 X
X
com..
AT
51*4 June
135*4
80
""'*4
Leather
Jan
Mar
60
10
National
7X
47
29X
135X 138
29
National Battery Co pref.*
8X
51X
8X
*
AT
Telephone GHerry 6050
Monroe Chemical Co—
Week's
Range
of Prices
High
Low
1*4
for
Range Since Jan. 1, 1937
Week
Shares
1*4
400
Low
High
IX May
2X
Feb
Baldwin Rubber com. ...1
13*4
13
13*4
1,194
9X
Jan
15 X
Feb
*
43*4
43 X
43 X
202
42 X
May
50X
June
Briggs Mfg com
3814
Financial
Friday
Burry Biscuit
com...
Det & Cleve Nav
Detroit Edison
Par
Week's Range
for
Sale
(Concluded)
of Prices
Price
10
Low
5%
2%
com
Detroit Paper Prod com—1
Gar Wood Ind'com
High
20 %
5%
2%
Range Since Jan. 1, 1937
5%
1,815
2%
300
134
6%
20%
1%
6%
20%
450
1%
1,000
360
Low
Stocks (Concluded)
High
4%
Apr
2% May
112% June
6
May
18 %
Jan
1%
Jan
Mar
Imperial Development.25c
Mar
Tom Reed Goid
145%
38c May
Jan
Amer Radiator & St Sani...
20%
20%
1,400
Feb
10
200
Aviation Corp (Del)
Cities Service Co
20% June
5% May
Jan
28
2%
55%
6%
6%
Graham-Paige com
1
Grand Valley Brew com.-l
3%
3%
6%
3%
220
3%
1
1
450
1
2%
Feb
5% May
1
"5%
17%
1%
com
Kinsel Drug com
17
1%
5
5
5%
17%
1%
5
1,490
Masco Screw Prod
%
%
1%
500
1%
%
12%
2,585
*
1
1%
1%
1%
Mich Steel Tube Pr com50c
12%
%
12%
Mich Sugar com
5
900
1
com
*
Jan
1%
600
1
McAleer Mfg com
McClanahan Oil com
17
535
225
100
1
1
100
1
2%
Mlcromatlc Hone com_..l
3
440
2% June
3
460
Mid-West Abrasive com50c
2%
Musk Piston Iiing com 2.50
16 %
Packard Motor Car com..*
16%
Feb
2% June
Apr
24
201
4%
1,320
13%
3%
Pfelffer Brewing com
*
Prudential Investing com.l
8%
5%
8%
560
8
5%
462
Rlckel (H W) com
2
River Raisin Paper com..*
5
5%
5%
6
1,090
5% June
4% May
4%
Jan
27
325
10
com
Standard Tube B
27
1
com
5%
Stearns & Co (Fredk.)com *
Preferred
100
Tivoli Brewing com.
Tom Moore Dist coin
21
1
1
3%
6%
22
100% 100%
6%
6%
3%
3%
917
2,130
500
10
*
*
7
7
Walker & Co B
*
5
5
706
Warner Aircraft com
1
1
1
1,155
100
120
5%
5%
105
14%
2
com
Jan
100
Jan
3% May
10% Mar
com
Wolverine Tube
5% June
21
6% May
com
Wayne Screw Prod com..4
I
May
500
United Shirt Dist
10%
12%
8%
17%
13%
1
Tide Water Associated Oil.
Warner Bros Pictures lnc 5
14%
200
Angeles Stock Exch.
Feb
100
13%
1,600
1%
4%
4%
for
of Prices
PHILADELPHIA
Feb
Apr
13
Feb
6%
5%
6%
Jan
7
May
5
May
1% June
5%
Jan
13
Jan
5%
5%
600
Barnhart-M orrow Cons. 1
Bolsa-Chlca Oil A
10
60c
60c
60c.
1,600
4%
4%
4%
Berkey Gay
2%
2%
2%
1.10
1.10
1.10
Low
Philadelphia Stock Exchange
Sales
Friday
Jan
35
Mar
Last
Stocks-
Par
10%
Feb
103
Mar
American Tel & Tel
10
Feb
Baldwin Locomotive
Feb
Barber Co
13
Jan
11
Feb
Bell Tel Co of Pa pref-,100
Budd (E G) Mfg Co.....*
Feb
Budd Wheel Co
Feb
Chrysler Corp
Price
5
Curtis Pub Co common. _*
Elec Storage Battery..100
General Motors
10
of Prices
Low
High
*
Feb
Week's
Jan
27
8
7%
1%
American Stores
*
100
17%
166%
*
5%
7%
18
10
Mitten Bank Sec
Preferred.
30
9%
Jan
45c
Jan
90c
Apr
900
4
Apr
7%
112
May
9
9%
35
8%
May
8%
52
7%
11%
36
110% 112%
11%
11%
36
38%
136
11% June
241
36
June
2% May
3%
100
55
55
55
30
30
30%
830
50
95c May
.225
Feb
43 %
Jan
59%
Jan
43
Mar
127%
14%
Mar
Jan
13
Feb
134% May
20%
Feb
44%
Jan
483
54%
May
70%
Feb
35%
125
280
35%
7%
May
8%
17%
17%
55%
8%
17%
57
17%
Apr
41%
13%
24%
Apr
May
Feb
2
2
1
3%
775
9%
210
4%
2,900
1,942
2%
8%
3%
39%
Pennsylvania RR
50
Penn Traffic common..2%
Phila Electric of Pa $5 pref*
40%
£40%
Phila Elec Pow pref
25
Phila Rapid Transit....50
33%
41%
3%
3%
112
114%
32%
4%
8%
5%
50
48
324
5%
1,119
8%
1%
12%
14%
254
14%
Scott Paper
40
40
40
29%
30%
1
12%
%
4%
4%
12%
4%
4%
*
1
5%
125
2,932
20
51
250
1,064
4%
655
12%
107% 108%
5,269
*
13
13
12%
12%
148
350
Jan
4%
5%
14%
Apr
June
5%
Apr
Jan
50%
Mar
Jan
May
3%
117%
Feb
*32%
Apr
35%
Apr
4%
May
7%
Feb
7% May
13%
3%
16%
Feb
2%
111
50
12%
12%
1
Feb
May
200
33%
Phila & Read Coal
&;iron_*
Philadelphia Traction
50
Salt Dome Oil Corp
1
50
Apr
1%
3
4.
J
1
June
12
May
Apr
12%
Jan
Feb
Jan
Feb
20
Jan
Jan
45%
Jan
Mar
32%
x38
28%
%
4%
4%
Feb
Feb
June
l'st6May
June
7%
Feb
May
8%
Jan
12% May
107% June
9%
Apr
17%
114%
Jan
14%
Jan
16%
Mar
Jan
•
nA-*«jr
Mar
29
May
Jan
43
35%
3%
Westmoreland Incl
107
Jan
11
54%
1
Jan
25
170
Feb
187%
May
9%
9%
3%
Preferred
Apr
5% June
143
114
3%
Tonopah Mining.
Union Traction
160
45
26%
May
9%
Jan
300
344
High
17% June
30
*
*
Low
1,087
30
...25
preferred
Shares
30%
114%
Corp..25
_
Range Since Jan. 1, 1937
for
Week
8%
*114%
United Corp common
*
United Gas Improv com..*
High
Apr
Range
17%
19%
165% 167%
5%
5%
Jan
5
Central Investment
100
Claude Neon Elec Prod... *
YORK
NEW
30 Broad Street
Tacony-Palmyra Bridge..*
Shares
5%
..
Feb
May 29 to June 4, both inclusive, compiled from official sales lists
Feb
Range Since Jan. 1,1937
1
.
17%
May
Feb
5
Week
High
11%
Feb
19
Sales
Week's Range
Low
Jan
Feb
Philadelphia Stock Exchange
Jan
Teletype L.A. 290
Sale
Price
17%
12%
21%
9%
Members
Jan
Nat Power & Light
Last
Par
Jan
May
8% June
16% May
New York. Stock Exchanoe
Mar
San Francisco Stock Exch.
Friday
Jan
Mar
DeHaven & Townsend
Jan
Angeles Stock Exchange
Warrants.
California Bank
200
13
Feb
May*29 to June 4, both inclusive, compiled from official sales lists
Stocks—
500
8%
June
Established 1874
Jan
18
Chicago Board of Trade\
Los Angeles
Bandini Petroleum Co
12%
17%
Jan
2%
4%
1%
7%
Los
11%
8%
17%
Pennroad Corp v t c.
523 W. 6th St.
53
100
Jan
Feb
1%
MEMBERS
Exchange
53
Jan
5%
4%
68%
Feb
Wm.Cayalier&Co.
New York Stock
Feb
9%
Feb
1%
8%
Horn & Hard't
(NY) com.*
Lehigh Coal &JNav——_*
Lehigh Valley
50
Los
53
Sale
27
1,864
Union Investment
10%
Nor Amer Aviation lnc
May
507
17%
Scotten-Dlllon
29%
May
Radio Corp of America
28
24
17%
2%
Feb
May
Jan
Jan
23%
17%
4%
23%
400
1513 Walnut Street
1
2.50
com
Jan
Feb
697
com
2%
Feb
12%
44%
38
Penln Metal Prod
2%
8
9
38
Parker Wolverine com...*
2%
4%
Mar
May
37% Mar
Parker Rust-Proof
48c
A! ay
53
21%
520
*
3
Montgomery Ward & Co..
16
9
com
100
400
Feb
100
9
Parke-Davis
6
3
70
May
% May
1% May
1% June
%
Apr
12% June
6
3
Commonwealth & Sou....
22
26
6
3
5
Feb
Mar
Feb
9c
Jan
%c
Unlisted—
19%
Jan
May
4% Mar
1,425
High
38c
54%
Mfg com.l
Kingston Products com..l
Low
38c
55%
&
Range Since Jan. 1, 1937
Shares
38c
1
Lock
High
1
10
Hoover Ball & Bear com.10
Low
Jan
com
Hurd
Price
13,000
Goebel Brewing com
General Finance
Week
4%c
12 H
135
for
of Prices
4c
12%
12% May
54% June
5% May
Week's Range
4%c
12%
1,030
1,581
Par
7%
3%
..3
General Motors
Sales
Last
Sale
Shares
112% 113%
100
Detroit Steel Corp com
5
Frankenmuth Brew com—1
Friday
Week
12He
com
June 5, 1937
Sales
Last
Stocks
Chronicle
Elec &
Peoples tr ctfs 4s_ 45
S6.000
10
May
Feb
11
11
11%
400
10%
Jan
12%
Jan
*
15%
15%
15
Apr
17%
Mar
10%
10
15%
10%
100
*
200
Jan
17%
Mar
Emseo Der & Equip Co..5
Exeter Oil Co A
1
15%
15
15%
300
June
19%
Mar
1.05
1.00
1.10
3,600
1%
Mar
General Motors Corp
54%
15%
54%
300
54% May
70
Feb
15%
55%
15%
100
14
18%
Feb
9%
Consolidated Oil Corp
Consolidated Steel com
10
GeneralPaint.
Globe Grain & Milling. .25
10
com
*
21%
0%
21%
21%
1,100
Holly Development
1
1.10
1.10
1.10
3%
15
60c
Jan
Jan
H. S. EDWARDS & CO.
f Pittsburgh Stock Exchange
TVffimh«pa
1
New York Curb Exchange
UNION BANK BLDG.,
(Associate)
PITTSBURGH, PA.
Tel. Oourt-6800
A. T. & T. Tel. Pltb-391
100
Hancock Oil A
Jade Oil Co.
600
10c
Kinner Airpl & Motor..
Lincoln Petroleum
13c
13c
13c
1,000
1
30c
30c
32c
2,500
8%
21
.
.
1
32c
Lockheed Aircraft Corp.. 1
Los Ang Industries lnc
2
12%
31c
Mar
Jan
Jan
18c
Mar
72 %c
60c
11,700
700
4%
700
Jan
3% May
95c
95c
95c
300
80c
1
3%
3%
3%
300
21c
16c
21c
10,600
77 %c
77 %c
80c
300
Mt Diablo Oil M & Dev.. 1
National Funding
Nordon Corp
10
10
20c
5
10
19c
200
20c
3,700
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
16%
6%
Feb
Jan
1.45
Mar
2% May
4%
Jan
9%
lc
Jan
97 %c
Jan
10
May
18c
Jan
Feb
Pittsburgh Stock Exchange
May 29
to June
4, both inclusive, compiled from official sales lists
20c May
70c
Apr
Friday
12%
Jan
Last
Week's Range
for
45c
Feb
Sale
of Prices
Low
High
Week
Stocks-
Occidental Petroleum
1
35c
35c
46c
Oceanic Oil Co
Olinda Land Co.
1
1.30
1.30
1.35
1,200
1,500
1
32c
29c
35c
7,100
1%
22%
7%
9%
1%
1%
1,400
22%
7%
22%
100
7%
300
Pacific
Distillers
Pacific Finance Corp.
Republic Petroleum
Richfield Oil
...
10
1
Roberts Public Market
7%
2%
Ryan Aeronautical.
9%
7
2%
9%
7%
2%
2,400
500
1,100
80c
Jan
2.00
Mar
Armstrong Cork Co
18c
Jan
40c
Mar
Blaw-Knox Co
*
1.45
6% pref ann
10
Security Co units ben int. *
4
35c June
1% May
22% May
7%
9
Apr
May
1% May
32
Jan
13%
Feb
Apr
9%
Jan
2% May
3%
Feb
6%
3
Jan
64
320
*
.
63
24
..1
2
24%
2%
785
12
160
3
20
Columbia Gas & El
Cons Ice Co pref
*
Duquesne Brewing Co
Follansbee Bros pref
5
Lone Star Gas Co
Feb
McKinney Mfg Co
*
Feb
Mesta Machine
42
Apr
56
52% May
60
37%
12%
38
200
35
12%
100
12%
Feb
27%
27%
200
27 %
May
25%
25%
25%
200
25% May
*
42%
4
42%
*
22%
*
48
Natl Fireproofing
29%
Jan
28%
Mar
Feb
200
4
May
5
Feb
Renner Co..
•10
May
55
100
San Toy Mining Co
10,000
4
Black Mammoth Cons.lOc
34c
30c
39c
36c
38c
100
41% May
49%
25%
17%
28%
Mar
23% June
100
10%
Mar
13%
Apr
28,000
1,900
20c
Jan
29c June
35c May
Feb
1,400
12%
May
Jan
For footnotes see page 3816.
110
10%
2%
61%
8%
5%
39%
83%c
2
190
70%
29%
2
11
May
20%
1%
Feb
4
Mar
Mar
Feb
5
Jan
Apr
534
18
Jan
24%
Feb
140
30
Apr
50
Feb
1,100
1
Jan
104
Apr
40
10%
2%
61%
8%
1,487
10%
Apr
1%
Jan
58% May
7%
Jan
720
6
26
1%
1
2c
Shamrock Oil & Gas..—.*
7%
Rights
United Engine & Foundry
United States Glass Co..25
Westinghouse Air Brake.
1
_
*
Westinghouse El & Mfg.50
39%
2
14%
Jan
Victor Brewing Co
36c
"2"
Feb
Mining—
»
High
May
Apr
May
5% June
2,341
225
10
1%
111%
14%
4%
72%
12%
10
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Mar
21
5%
1
200
42%
11%
*
42%
22%
4
13%
24%
11%
1
Low
58%
21%
Mar
Jan
14%
10%
2%
1
109
110
Mountain Fuel^Supply
40%
22%
42%
12%
Gold
*
Pittsburgh Brew pref
*
Pittsburgh Oil & Gas
5
Pittsburgh Screw & Bolt—*
Plymouth Oil Co
5
23%
25
9c May
Jan
Koppers G & Coke pref. 100
20%
36%
1
5
106
900
1,000
27%
25
20}
33)
1
Feb
8c
May
3
100
Mar
41%
53%
2c
11%
50
6%
8c
13
Cardinal
Carnegie Metals
*
3.25
41%
52%.
24%
11%
Wellington Oil of Del
1.45 June
100
1
Union Oil of Calif.
117
37%
12%
..
Sunray Oil
Superior Oil.
Taylor Milling Corp
Transamerica Corp
4
8c
So Calif Edison 6% pref.25
Standard Oil of Calif
1.45
Range Since Jan. 1, 1937
Shares
10% May
52%
_
5%% pref
4
41%
Security-First Natl Bank20
Suerra Trading Corp. _25c
Signal Oil & Gas Acorn.._*
Son tag Drug
1.45
Price
Sales
Feb
70c
Par
Fort Pitt Brewing
Samson Corp B com
BROADWAY, NEW YORK
Feb
40c
12%
4%
Menasco Mfg Co
Mid-West Oil.
120
Jan
8c
.1
Mascot Oil Co..
Jan
Feb
27c May
27c
Jan
4%
12
11%
24
100
35
Jan
50
Feb
1,306
1%
Feb
4%
Feb
14%
X26%
1%
237
13%
Jan
Mar
90
16%
Feb
19%
29%
600
1%
Jan
2%
Mar
Jan
2c
2.000
2c
Jan
4c
%
7%
Jan
7%
14c
3,659
5,288
6%
14c
9c
May
46%
47%
40
46%
2%
Jan
2c
3
1%
3
1
1%
44%
139%
42%
138%
25
.Tan
500
95c
Jan
176
41%
132%
Apr
May
59
Apr
Jan
16c May
61%
Mar
6%^ Feb
1%
56%
Feb
163%
Jan
Feb
Volume
3815
Chronicle
Financial
144
Sa.es
Friday
Range Since Jan. 1, 1937
Last
ST. LOUIS MARKETS
Stocks
Mid-Western and Southern
33
33
35
1134
1134
1134
435
25
1,345
pref--100
29
29
29
50
1134
1134
1134
810
1134 June
Jan
3834
1334 May
31
31
31
200
28J4 May
44^4
830
St., St. Louis, Mo.
1034
1034
1034
25
25
25
100
82
82
13
1234
2334
*
534% preferred
North Amer Oil Cons. —10
Pacific G & E common..25
compiled from official sales lists
Week's Range
Sale
of Prices
High
Low
|
Range Since Jan. 1, 1937
for
6% 1st preferred..—25
534% preferred——25
Pacific Light Corp com.
Week
Pac Pub Ser (Non-v) com
(Non-v)
Brown Shoe com
Burkart Mfg com
Preferred
.
Elder Mfg com
*
„
-
_
_
_,—
_
34%
100
Mar
122
June
Jan
32
Feb
100
May
125
Mar
8
Jan
1134
B
10534
534
2034
105
534
2034
934
Republic Petroleum
Rheems Mfg
Richfield Oil
Mar
common
*
new...
220
32
Jan
40%
Hussman-Ligonier
296
1634
Jan
23
Mar
Signai Oil & Gas Co A—.
Sound view Pulp Co
534
534
50
June
55
Mar
75
June
90
Apr
3734
37
—
-
44
4334
4334
4334
390
42 34
May
4934
Jan
39
39
39
20
23 34
Jan
3934
Apr
Spring Valley Water Co—*
35
35
50
33 34
Jan
36
Apr
Standard Oil Co of Calif..*
4534
5234
34
34
834
4334
14%
Jan
22
Mar
Super Mold Corp of Cal. 10
1834
1834
24
Jan
32 34
1734
*
50
51
100
.
75
75
——.
_
50
5
Southern Pacific Co.—100
*
So Pac Golden Gt A
m
*
International Shoe com
Knapp Monarch com.—-*
Preferred
*
.....
Laclede-Christy C P com. *
Laclede Steel
19
105
19 34
24%
19
20
com.
25
32
50
19
1934
Natl Candy com.
19
1934
1934
330
9 34
Meyer Blanke com
Mo Port Cement com.. .25
934
205
111
9
9
St Louis B Bid Equip com *
6
19
111
Rice-StlxDry Goods com.*
——100
1st pref..
St Louis Car
May
133
Apr
7734
Apr
50
Jan
250
45
May
500
9:
734 May
15
1,203
Jan
Jan
107
Jan
Jan
834
24
Jan
May
934 May
Jan
152)4
150
Jan
8934
79)4
Feb
78
Feb
Jan
Feb
13%
1734 June
1034 May
734
Apr
4834
4734
Mar
4334
Jan
34 May
34 June
834 June
6534
Mar
12
Feb
1,539
42
May
4934
Feb
490
15
Jan
200
1634 May
534
497
3734
4534
5234
34
""
J
4334
1834
370
6%
5034
34
34
834
4234
15
Feb
22 34
Mar
Jan
26 34
Mar
Union Oil Co of Calif—25
2434
934 June
13%
Mar
Union Sugar Co
com.—.25
19
19
10
15
15
534 June
3434
May
40
1,802
805
900
1,750
130
Feb
Apr
June
9
June
434 May
Jan
119
1334
834
Transamerlca Corp
13
.
Universal Consol Oil
134
Jan
Jan
134
20
Jan
Feb
1,007
2334 June
2134
1734
2834
1,398
18
Apr
24
1134
Jan
15
111
13
33,745
100
June
Jan
May
1834
Feb
Mar
Mar
Feb
Wells Fargo Bk & U T.100
11%
13
11
Apr
16
Jan
Western Pipe & Steel Co. 10
50
77
June
90
Jan
Yel Checker Cab Co A-.50
25
14
14
1
15
May
1934
78
78
3
78
June
80
65
1
67 34 May
67 34
2634
2934
52
52
275
3034
340
47
Jan
Feb
350
4034
Mar
May
26
312
May
65
32534
3134
5
32534 32534
3134
3134
Apr
100
26 34
......*
"iml
19
Jan
3
50
May
58
Mar
June
128
M ar
107
118 34 118J4
10%
10
934
118 34
47
48
Sterling Aluminum Prod.l
9
9
75
9
June
31
31
31
1
30
May
35
133
Wagner Electric com——15
Scullin Steel 6s
1941
41
41
43
211
39
Jan
4934
Feb
95
9534
6,000
8S
Jan
1034 May
102
Mar
SAN
Jan
FRANCISCO
(Since 1880)
Exchange—San Francisco Stock
Francisco
Curb
Exchange—Chicago
(Associate)
Members 1 New York Stock
May
Exchange—San
#-i
nfi
k
64
MONTGOMERY STREET
Apr
10%
10
Apr
May
STRASSBURGER & CO.
Jan
Title Insurance Corp com25
com..
48
Mar
125
1334
1154
►
136
3,401
17%
77
Southwest'n Bell Tel pf 100
Stix Baer & Fuller
May
680
1734
1 33-g
2434
2134
11%
2nd pref—
...100
Scullin Steel pref.—
*
com
21
17
1734
1234
2334
77
10
Scruggs-V-B D com
1st pref.. .—
Securities Inv
30
125
*
B
....100
corn..
Preferred—-
10334 May
534 May
115
Jan
Mar
Tide Water Ass'd Oil com. *
Preferred-.
100
Mar
Mar
Apr
38
20
Huttlg S & D pref
140
10534
534
2034
Apr
May
1634
(B F)
Sons
&
734
1634
934
17
37
25
May
7334
734
2134
Jan
27 34
20
*
42
73
June
11834
37 %
-
238
7334
734
20
15
20
.
43
77
Rainier Pulp & Paper A.
Griesedieek-Western Brew*
com
43
43
76
40
9%
1
Jan
2834
2534
Mar
477
77
6% preferred
Schlesinger
com
Jan
2334
2934
53)4
988
12%
29
10
20
:
Feb
38
2934
2634
178
1,416
30
20
Feb
20
2234
1834
1734 May
1234
77
48
570
100
19
1254
2934
2934
2634
135
Jan
; '■■■•
May
19
77
25
101M
Mar
1234
19
135
160
9
Mar
28
1234
2934
2934
2634
13534 136
29
101
472
77
122
101%
Falstaff Brew
96
82
135
32 34
20
Emerson Electric pref—100
June
1234 May
2334 May
934 Apr
10
150
13534
May
10
Mar
585
100
Ry Equip & Realty 6% 100
40
122
122"
33
13
Pacific Tel & Tel com—100
37
29
*
Ely&Walker D G 1st pf 100
Ely&Walker Dr Gds com 25
10
Feb
Feb
1334
Jan
2334
1034
Mar
Apr
Feb
35
34%
May
82
30
June
3134
10
2334
Jan
39
31
May
Feb
21
60
*
preferred
25
10
4934
39
32 %
39
Coco-Cola Bottling corn..*
June
46
63
3234
•34
*
—
Dr Pepper com
46 34
34
46
*
-*
6% preferred
High
Low
Shares
10
*
Pacific Can Co
Sales
Last
Price
2334
*
-•
Pacific Amer Fisheries—5
St. Louis Stock Exchange
2
100
B
Par
Jan
Feb
2
2334
Oliver Utd Filters A
Stocks-
5
28
2
25
Natomas Co
Telephone JJCentral 3350
Friday
9%
Jan
1% May
2234
Jan
Feb
4534 May
Apr
1434
Feb
1634
234
No Amer Inv com
May 29 to June 4, both inclusive,
Jan
Nat Automotive Fibres.-*
Chicago Stock Exchange
315 North Fourth
3,713
10
42
Market St Ry pr
Meier Frank.
Securities
NewfYork Curb (Associate)
Chicago
Board of Trade
ewTYork"jStock Exchange
t. Louis |Stock Exchange
165
13
12
13
High
3734 May
3134 May
Marchant Cal Mach com.5
MEMBERS
F
1,062
3934
Magnavox Co Ltd
ail
on
445
Libby McN & Libby com.*
Lockheed Aircraft
1
10
Low
Shares
40
LeTourneau (R G) Inc. —1
Established 18i
Enquiries Invited
Week
3934
Leslie Salt Co
I. M. SIMON &CO.
Business
for
of Prices
Low
High
Price
Par
(Concluded)
Week's Range
Sale
Board of Trade—New York Curb Exchange
Direct Private Wire
Dean Witter
& Co.
Exchange
Francisco Curb
San
May 29 to June 4, both inclusive, compiled from
MUNICIPAL AND CORPORATION BONDS
Private Leased Wires
'
Last
Mem bem NewYorkStock Exchange, San FranciscoStock Exchange, Chicago BoardofTrade
Sale
NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
San Francisco
Oakland
Tacoma
Seattle
Stockton
Sacramento
NewYork
Portland
Fresno
Beverly Hills
Honolulu
Par
Stocks—
Price
Los Angeles
Pasadena
Long Beach
Amer Radiator Standard-_
American Tel & Tel. ^—100
American Toll Bridge
1
167
83c
Anglo Nat'l Corp
Francisco Stock
Last
Sale
Stocks—
Par
Anglo Cal Nat Bk of S F.20
Price
23%
Week's Range
of Prices
High
2334
5
Range Since Jan. 1, 1937
for
Week
2334
534
320
215
Assoc Insur Fund Inc... 10
5
Atlas Imp Diesel Eng Co_5
Bank of California N A..80
15
15
15
110
210
210
210
15
8
8
8
250
Bishop Oil Co
5
Byron Jackson Co.
_*
2734
2734
230
2734
Calif Packing Corp com __*
pu Preferred
50
Calif Water Serv pref.. 100
Caterpillar Tractor
*
2934
36
37*4
50 34
10234
9334
P» Preferred
101%
Claude Neon Elec Prods. _*
10%
10334
4034
1934
9934
CstCosG&E6% 1st pref 100
Cons Chem Indus A
*
Crown Zeller Corp corn.—5
i* Preferred
*
2934
36
37
5034
101
9234
10134
1034
10234
4034
19
637
2934
2334
Jan
934
934
3134
734
30
180
1,449
450
100
Mar
200
18
Jan
50
Jan
6
6
100
6
May
8
Feb
Feb
Mar
__
40c
1,600
May
1,460
40c
Jan
1.90
Jan
10
Feb
224
234
334
1,389
234
June
534
Feb
3434
2834
Mar
5034 Mar
10034 May
87
Jan
10134 May
10
Jan
10134 May
35
Jan
1834 May
9834 June
40
70
37
Mar
Cities Services
City of Paris D Gds
pr
3234 Mar
4634 May
4834
Feb
52
2
Apr
10634 May
9934
Feb
10234 June
1234
Feb
10634 Mar
46
Apr
25
Dumbarton
Fireman's Fund Insur...25
84
84
85
190
934
1
Bridge
Internat'l Cinema
Preferred
Kinner Air & Motor
1734
Mar
Marine
Mar
McBryde Sugar Co
Mar
May
2434
1934
2
Mar
M J &M&M Consol
May
42
Feb
9634
110
36
5434 June
1434
Jan
1834
Jan
*
*
22
22
290
21
Pineapple
5
3834
Home F & M Ins Co
10
2834
2134
3834
4034
2834
30
30
30
1434
14 34
1534
634
70c
June
Jan
96
334
834
Jan
Mar
Mar
620
50c
Apr
1.00
Jan
35
May
May
6434
2434
Feb
130
5034
2134
15
6634
May
76
70
1.05
4
534 May
600
80c
Jan
1.60
200
3.60
Apr
7)4
Mar
Feb
Mar
Mar
Jan
1
1.35
1.30
1.40
600
1.10
Jan
1.85
Mar
1
72c
67c
78c
1,503
51c
Jan
1.25
Mar
1
534
4.95
5.25
619
4.35
Jan
734
Mar
1
30c
25c
30c
1,228
25c
May
72c
Feb
3034
3034
10
2834
Jan
634
634
100
634
June
1034
1
3.15
3.10
3.25
450
2.85
4.80
Jan
1
48c
40c
48c
12,470
May
40c May
63c
Feb
12
1234
200
1034
Apr
1734
Mar
1
12
36
1234
3634
430
20
150
934 May
3534 May
45c
2,000
33c June
34
Feb
Jan
863
3634
5534
1534
2134
734
93
1,600
2234
1.05
10
1.00
54
2234
4
Bancorporation...
Menasco Mfg Co
Feb
Apr
40
7034
1834
3134
834
Mar
5
Mountain City Copper. _5c
North Amer Aviation
3634
54 34
1534
2134
734
1.05
10
234
534
10834 May
59
Jan
7434 May
36%
55%
15 34
2134
7%
54
93
68
com.
Italo Petroleum
536
1.00
2234
General Metals
Holly Development
1
Idaho-Maryland Mining-1
Apr
5%
54
2
2
234
10
General Electric Co
Gt West Elec Chem
93
pf—
1
Curtiss-Wright Corp
Ml
m
Feb
9534
26
1.45
Fireman's Fund Indem._10
185
2534
June
26
38c
15
957
June
8834
8834
1.30
200
*
May
18
10
40c
1534
com
26
25
1.30
19
Golden State Co Ltd
30
18
8834
1
1534
3934
GJadding McBean & Co..*
27
1
1534
3934
General Paint
Jan
26
Cardinal Gold.
19
871
Feb
8834
Central Eureaka
18
10
934
Jan
Mar
Jan
1334
2834 May
2
215
com
Jan
2
19
General Motors
May
934
Jan
Feb
May
May
Galland Merc Laundry.._*
6
1,190
Feb
40
934
4034
71
934
Mar
10
1034
4034
634
25
659
100
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
May
213
1034
4034
Di Giorgio Fruit com...10
50
Jan
2
)»$3 preferred
23
May
Jan
140
Jan
June
June
June
225
6
15
.
5
35
50
2734
1134
1834
5234
Feb
May
14
19434
634
2734
37
826
Feb
26
Calif Art Tile A
Preferred
97c
18
Bunk Hill & Sullivan new..
Feb
20
Feb
Apr
May
64
15%
5034
634
71c
250
6%
15
1
160
2934
18634
June
82c
124
30
2034
130
High
Low
2034
36c
305
36
3734
50 34
10234
9334
10234
1034
10334
4034
1934
248
3
Calif-Ore Pow 6% '27
Calif-Pacific Trading
High
10
6,975
Aviation Corp..
50
Claude Neon Lights
Calamba Sugar com
20
Calif Cotton Mills com. 100
1534
Range Since Jan. 1, 1937
for
Week
Shares
85c
81c
5034
634
2
Low
Shares
High
2034
2034
16434 16734
Bancamerica-Blair
Sales
Low
5
Preferred
May 29 to June 4, both inclusive, compiled from official sales lists
Friday
of Prices
6
5
Atlas Corp com
Exchange
Week's Range
Low
20
Argonaut Mining..
San
official sales lists
Sales
Friday
Oahu Sugar Co
1234
33c
Occidental Petroleum... 1
Feb
2
Jan
Olaa Sugar Co
Apr
Pac Coast Aggregates..10
2.35
2334
Jan
5334
Jan
4434 May
2834 June
3234 Mar
1634
Jan
2
Pacific Distrillery
1.65
Jan
Feb
Feb
Jan
11
June
200
10
May
1734
1834
2.35
June
4.15
Jan
1.80
May
11
11
20
Pacific Clay Products
2
Jan
82c
100
11
Feb
1734
44
Jan
11
2.35
2.75
2,394
1.70
1,500
/
Hancock Oil Co
Hawaiian
Honolulu Oil Ltd new
Honolulu Plantation
*
20
Langendorf Utd Bak A—*
For footnotes see page
41
3816
3934
327
36
May
May
41
430
38
Apr
2834
690
50
1,285
2834 June
2934
Jan
1234 Apr
Pacific-Port and Cem__ 100
2
Preferred
Packard Motors
Radio Corp of America
2
Sherwood Swan Co..
100
1.60
1.60 June
4
4
6
4
May
50
50
5
50
June
834
834
834
834
7
7
10
330
5
834 June
834 May
7
June
834
Feb
60
Feb
1234
1234
Feb
10
Jan
May
Financial
3816
Sales
Friday
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
M
Week
Price
Par
■va
Range Since Jan. 1,1937
Last
Low
Shares
24
25%
27%
5%% preferred
6% preferred
25
25
15
Sou P Gd Gt Fr 6% pf-100
Standard Brands Inc
12%
Stearman-Hammond. 1.25
1.45
z
22% May
25% May
27% Apr
188
160
10
32%
28%
29%
15
140
24%
26
28
15
Cal!f-Edison..25
44
June
Jan
Mar
Jan
Jan
55
12% June
16%
Jan
425
1.45 June
2.70
Mar
13
1.60
5s
Jan
1 1948
4%8._
Oct
1 1956
17
Texas Consol OH
Title
25
Victor Equipment
z Preferred
1
5
West Coast Life Insur.-_-5'_-
80
6%
9%
18%
Jan
Jan
Feb
Mar
2.90
Jan
15
10
15%
12%
15%
16%
12%
15%
-5
Warner Brothers
300
8
8
8
16%
1.25
Feb
3.75
Jan
63% May
3,625
1.90
175
1.90
1
21
May
1.55
20
65
65
(guaranty prefl
17
50
3.10
1
U S Petroleum
z
17
3.10
Superior Portland Cem B__
Feb
Apr
Apr
11% May
25
18
Feb
15
100
21%
Oct
6s
1 1942
15 1943
May
1 1959
June
1 1962
110
61%
Sept
116% 117%
Jan
15 1965
Province of Quebec—
5s
100
1 1953
96
97
1 1941
94
96
15 1954
94
96
2 1959
95
96%
Oct
4%s
4s
100%
12 1949
July
4%s_
Province of Manitoba—
Aug
5s
June
5s
Dec
4%s
15 1960
15 1961
Apr
...Apr
107
114%
1 1958
May
108% 109%
106%
108
1 1961
—Feb
4%s
118
106
2 1950
Mar
4s
117
113
109
110%
Prov of Saskatchewan—
Prov of New Brunswick—
4%s
4%s
111
64
/62
/6Q%
5s
Prov of British Columbia—
5s
Ask
Bid
Province of Ontario—
Ask
Bid
of Alberta—
4% 8
z
Issues
Provincial and Municipal
High
Province
Southern
June 5, 1937
Chronicle
108
109%
5s
June
15 1943
90
92
104
105%
5%8..
4%s
Nov
Oct
15 1946
1 1951
89
92
90
91
Province of Nova Scotia—
4% s
Sept
15 1952
5s
Mar
1 1960
107% 108%
109% 110%
Jan
Apr
Canadian
Schwabacher 8k Co.
—
Monte
Del
Gundy
7-4150
Cortlandt
Private wire to own offices in San Francisco
Barbara
Bonds
Broadway, New York
111
Santa
Wood,
York Stock Exchange
Members New
—
—
HoUywood
Los Angeles —■
Beverly HIUs
—
14 Wall St.
No par value,
Cash sale,
c
Inc.
Private wires to Toronto and Montreal
Castle <fc Co. spilt its common stock on a
a A. M.
Co
&
New York
*
1937.
two-for-one basis on March 9.
6 Ex-stock dividend.
d Stock spilt up on a two-for-one
rCash
•
basis.
Stock dividend of 100% paid Sept. 1, 1936.
0
sale—Not
included
in
range
for
year
z
Ex-dlvldend
Railway Bonds
Ex rights
v
4s perpetual debentures.
6s
5s
—"The Stock Exchange Official Year-Book" for
lished by Thomas Skinner & Co., Gresham
Deo
1
1954
107% 108
July
1 1960
102%j 103
Canadian Northern
July
1 1957
5s
July
1 1969
The front portion
5s
Oct
1 1969
of members of the various Stock Ex¬
5s
Feb
1 1970
statutory companies which are dealt with in the book.
of the book includes, as usual, lists
6%s
113 %
113
Ask
Bid
Ask
Bid
Sept
1 1951
June 15 1955
Feb
1 1956
Another new feature is a list of the British
Trusts.
5s
4%s__
115
114
Canadian National Ry—
4%s__
4% s
4%s
4% s
In the present volume the notices con¬
cerning fixed trusts have been segregated into a separate section—Fixed
Flexible (Unit)
103% 104%
1 1946
Dominion Government Guaranteed Bonds
1937 has just been pub¬
municipal loans and 428 companies; the additions in the previous year's
and
1 1944
July
Ask
Ry—
Sept
House, Old Broad St., London,
In this issue there have been added notices of 59 Government and
respectively.
4% 8
94%
NOTICES
CURRENT
issue were 45 and 344
93%
110
15 1942 /109
102% 103
15 1944
Sept
4%S—Dec
E, C. 2.
Canadian Pacific
Pacific Ry—
Canadian
t Company in bankruptcy, receivership or reorganization
Bid
Ask
Bid
t In default
Listed,
July
Ry—
123% 124%
1 1946
115% 116
Grand Trunk Pacific Ry—
113% 113%
4s
Jan
1
1962
105
3s
112% 112%
115% 116%
Jan
1 1962
95
106%
96
117% 118%
117% 118%
changes of the United Kingdom, the chapter dealing with the finances of
India, the review of the year's legal decisions affecting companies, and the
tables of statistics relating to the finances of the sovereign states of the world,
the British dominions and colonies, and British counties and municipalities.
Government;
The general information section deals with stamp
reserve
and rates
of discount,
the Forged Transfers Act,
municipal
•
Corporation
•
Private wire connection betiveen New York,
duties, trustee investments, the public trustee, income tax, estate duty, the
Bank
SECURITIES
CANAll I AM
The supplement, following the water works section, contains items received
too late for classification.
Montreal and Toronto
&c., &c.
Royal Securities Corporation
The "Year-Book," which costs $20 in the United States and Canada, duty
paid, contains 3,646 pages and is compiled and edited by the Secretary of
30 Broad Street
the Share & Loan Department of the London Stock Exchange.
•
New York • HAnover 2-6363
NY 1-208
Bell System Tele.
—The formation of Fitzgerald & Co., Inc.. with offices at
40 Wall St.,
New York, to conduct a general securities business and to engage in under¬
writing
announced
is
Vincent
by
Fitzgerald,
Mr.
President.
Fitz¬
industrial and Public
gerald has been associated with G. L. Ohrstrom & Co., Inc. for the past
four years and previously was connected with Halsey,
Other officers of the
new
Utility Bonds
Stuart & Co., Inc.
Robert E, Ricksen, Jr., formerly
company are
Bid
Bid
A'k
Ask
Abitibl P & Pap ctfs 6s '53 f 99% 100
Alberta Pac Grain 6s. 1946
97
98
Manitoba Power 5%s. 1951
Department, C. A. Richmond, former accountant for the Business Conduct
Beauharnols Pr Corp 5s '73
56
Committee of the New York Curb Exchange,
Bell Tel Co. of Can 5s. 1955
114
115
2%s to *38—6%s to '49
Massey-Harrls Co 5s. -1947
79
81
McColl Frontenac Oil 6s '49
96%
97%
102% 103
Minn & Ont Paper 6s. 1945
/71%
Montreal Island Pr
104
with G. L. Ohrstrom & Co., Inc., Vice-President in charge
of the Trading
Treasurer, andW. F. Fitz¬
gerald, formerly Purchasing Agent for Duluth & Iron RR, a subsidiary of
U. S. Steel Corp., Secretary.
of
C. M. Cryan, formerly head of C. M. Cryan & Co., who has been actively
with
the
5%s-3%s.l948
Calgary Power Co 5s..I960
Canada Bread 6s
The Buying and Wholesaling Department will be under the direction
identified
Burns & Co
investment
107
103
Canadian Inter Pap 6s '49
101% 101%
par
Canadian Lt & Pow 5s 1949
102
Cedar Rapids M & P 5s *53
for the past five years will be associated with Mr. Ricksen, Jr. in the Trading
Consol Pap Corp 5%s 1961
H.
nounced.
since its
Co.
was
elected President
Municipal Bond Club of New York at the annual meeting, it
Mr.
Williams,
who has been
Secretary-Treasurer
organization in 1932, succeeds E. F.
of the club
Dunstan of Bankers Trust
-
-
3%s
114
Northwestern Pow 6s
M.
Schmidt of Blyth
&
Co.,
Inc. were appointed
a
three-year term, succeeding A. W. Phelps and F. Kenneth
was
presented to the members by Myron G. Darby of Darby &
50%
98%
94
93%
100% 100%
1960
92%
65%
91%
Ottawa Traction
104
86%
Power Corp of Can 4%s '59
5s.
Dec 1 1957
104
s
East Kootenay Pow 7s
Eastern Darles 6s
1942
100
1
1950
1966
Gt Lakes Pap Co 1st 5s '55
6s
...1950
-
-
Provincial Pap Ltd 5%s '47
1968
Quebec Power 5s
104
Saguenay Power 4%s. 1966
Shawlnlgan W & P 4%s '67
Smith H Pa Mills 4%s '51
100% 101%
94%
/94
112
,
_
.
-
-
•
-
105
98
-
100
«
-
«.
103
104% 104%
100%
.
-
-
102% 102%
103
-
Steel of Canada Ltd 6s '40
5% s—
101
5s
1961
83
97%
94
96
United Securs Ltd
101%
83%
112
United Grain Grow 5s. 1948
103% 104
CO
1961
MacLaren-Que Pr 5%s *61
-
-
79
5%s.l955
Ottawa Valley Pow 5%s *70
81
1949
FraserCo 6s...Jan
-
79
Certificates of deposit
Lake St John Pr & Pap
Governors for
50
90%
Int Pr & Pap of Nfld 5s '68
Hutzler and Reginald
71%
97%
/92
Bacon, Stevenson & Co., Vice-President and Fred W. Reichard of Dick &
&
1939
value) 3s
1956
1973
Montreal Tramway 5s 1941
-
96
/64%
Merle-Smith, Secretary-Treasurer.
L. Eugene Marx of Salomon Bros.
5% a '57
Montreal L H & P ($50
1961
Gatlneau Power 5s
He is the sixth President of the club.
Other officers elected for the ensuing year are Gethryn C. Stevenson of
~
Donnaconna Paper Co—
4s 1956.
was an¬
113
-
103%
86
Dom Gas & Elec
—Emil C. Williams of Chemical Bank & Trust Co.
of the
95%
-
93
81
6%s.l945
5%s ex-stock
Department.
91
Milling—
3%s
Brady, who has been in the Trading Department of Distributors Group
1919.
96%
1941
Canadian Vlckers Co 6s '47
business since
56%
Canada North Pow 5s. 1953
Neil
banking
95%
Maple Leaf
72%
92%
73%
5%s '52
Winnipeg Elec 6s.Oct 2 '54
98%
Stephenson.
The slace
Co.,
Inc.,
Chairman of the nominating committee,
which also
*
No par value.
/ Flat price
included
James G. Coufter of Blyth & Co., Inc. and Charles J. Waldmann of Kean,
Taylor &
Co.
CURRENT
—A review of the Power Equipment
industry and
an
NOTICES
analysis of The
Riley Stoker Corp. has been prepared by Distributors Group, Inc., 63 Wall
St., New YorkCopies are available to dealers upon request.
—Lockwood,
Sims & Co. announce that Philip L. Tompkins, formerly
with Eli T. Watson & Co., has become associated with them in their South¬
"""TE
—Fred J. Casey, who was with
has
St..
become associated with
Chicago.
Mr.
Hickey, Doyle & Co. here for ten
ern
years,
Doyle, O'Connor & Co.. 135 South La Salle
Casey will handle public utility bonds.
with
—-Colyer, Robinson & Co., Inc., 1180 Raymond Blvd., Newark, N. J., is
distributing a summary of New Jersey municipal bonds available as of June
1, with
an
added tabulation of
one
to ten years maturities.
—Jackson & Curtis, members of the New York Stock
Exchange, announce
management of John H. Marshall, Jr.
—Ourtiss S. McCune, formerly with Burton Cluett & Dana has become*
-
^
Topping
& Eldredge,
M
announce
.
that
Kenneth
R.
,
Petroski,
.
formerly
has become associated with them to specialize in
New York City bonds.
—Herbert V.
Southwood, who
was
elected
on
June 3 to the New York
admitted to general partnership in Henry Morgan
& Co.
Strother Brogden & Co., Calvert and Redwood
announce
associated with the New York Stock Exchange firm of Alexander Eisemann
Philadelphia office.^*"
Bull
&
Stock Exchange, has been
the opening of an Elmira office in the Keeney Theatre
Building, under the
& Co. in their
Municipal Bond Department.
—Hipkins
Sts., Baltimore, Maryland,
that Loring A. Cover, Jr. has become a general partner in their
firm.
—Frank J. Ouellette,
an
&
Manager of the commodity department of HarriKeech, has been admitted to general partnership in that firm.
new york
members
ALDRED
BUILDING
WIRES
PRIVATE
Volume
TORONTO
CONNECT OFFICES
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock Exchange
tables, usually found in
For miscellaneous Canadian
Sales
Friday
this section, see page 3819.
Range Since Jan. 1,1937
Last
Stocks
Montreal Stock Exchange
inclusive, compiled from
May 29 to June 4. both
Friday
Sale
far
for
Range Since
Price
Shares
High
Low
55
107
107
29
29
*
Bathuret Pow & Paper A.*
14
14
14*4
19
18*4
4,680
25
Jan
39 H
pref 100
97
68
Feb
97
26
27
2,196
3,517
25*4
Apr
33*4
Feb
27
Shawlnlgan W & Pow
*
Sherwln Williams of Can.*
127
100
24
Preferred
13
100
Southern Canada Power. *
Steel Co of Canada
*
Preferred
---25
79
79
387
Mar
72*4
160
72*4 June
96)4
88 X
.
79
Tucket Tobacco
United Steel Corp
7 **
7*4
7*4
300
Viau Biscuit
3*4
3*4
3*4
11
4
26*4
10
27
167*4
167
157
1,375
25
10,457
36
285
35
176
6*4
62
30
7**
6*4
42
7*4
-Jan
May
Jan
18*4
23
May
Apr
56)4
May
Jan
72*4
Mar
38
Jan
1
Feb
170
30)*
39**
Mar
11*4
Jan
Jan
*
100
*
Preferred
Wabasso Cotton
16 H
102 %
B
50
Jan
60
Mar
1,825
21
May
35
June
28
41
30
Mar
43
Jan
10*4
Jan
10
Jan
4*4
4*4
Apr
20**
Jan
Commerce
29*4
Jan
Montreal
Jan
Nova Scotia
Royal
100
350
265
75
15
25
15
25
45
10
Jan
6**
18*4
50
180
17 )*
15**
17**
1,400
25*4
26*4
510
24 )4
*
Feb
47**
May
13)4
May
23
Apr
30
Feb
24
Apr
31
80
100
121
Mar
126
Jan
22
27
5
28
Apr
30
25
105
23
Apr
33
Feb
80
750
71
May
83*4
8)4
7*4
23*4
Jan
5*4
795
4H
4**
4*4
140
13**
13*4
95
25
13*4
12*4
13*4
2,737
*
17 **
16**
17**
775
25
74 *4
75
80*4
3,781
Distill Corp Seagrams
21
20*4
21
Dominion Bridge
*
48 H
47*4
49
Dominion Coal pref
100
20**
Dominion Glass
100
100
5)*
5**
Jan
159*4
180
Jan
211
20
Apr
5
4)*
May
13*4 May
31
219
Jan
241
Feb
326)4
17
314
Jan
340
Mar
205
204
205
113
200
May1 226
Feb
255 St. James St.,
56
Jan
Municipal
Public Utility and
1883
Montreal
Jan
Apr
14**
Jan
17*4
22*4
Montreal Curb Market
Mar
72
Apr
100*4
Mar
20*4
Apr
645
47
100
19**
Jan
May 29 to June 4, both inclusive,
compiled from official sales lists
Sales
29
Mar
Last
Week's Range
58)4
Mar
Sale
23*4
Mar
of Prices
Low
High
Par
Stocks—
Price
Ill
30
110
Jan
118
65
110
Jan
145
June
Abltlbl Pow & Paper Co.."
Mar
6% cum pref
..100
Certificates of dep—100
17 *4
*
1
18
"16"
12 *4
General Steel Wares
11*4
640
Apr
Bathuret Pr & Pap class B *
9
9
6
6**
8
8
1
7*4
Feb
22*4
23
813
21**
Apr
26*4
Mar
19
19
50
16*4.
Mar
9
9
10
110
5
17
18
830
12**
108
13*4
Apr
18*4
Apr
117
May
Beauharnois Power Corp.*
6
Jan
20
Apr
Brewers & Dlst of Vane..*
8
2
10
2
Jan
6*4
Jan
2*4
10
2*4
Apr
5
23
17*4
Apr
Jan
5*4
Jan
•
B C Packers Ltd
*
18
185*
595
5
55
33
60
10
10)4
26
15
365
31
Apr
11*4
Apr
23
Apr
8*4
Mar
Canada Bud Brew Ltd..
Canada Malting Co
16**
Jan
Can Nor Pow Ltd pref.
31
Apr
Canada Vinegars Ltd
*11 J*
13)*
8*4
Jan
165
7*4
Jan
1,390
13*4
Apt
1,385
18
Feb
15)*
18)*
Mar
18)4
Apr
Gypsum Lime & Alabaster*
Hamilton Bridge...
15
240
12*4
Jan
6
*
11)4
11)*
11*4
1,205
10**
May
15*4
Ltd..*
100
*
27*4
2,330
18*4
Jan
34)*
Apr
103
10
99)4
Apr
22
4,793
3,426
20**
Apr
13 *4
Jan
103
"2l" 420*4
Imperial Oil Ltd
14*4
35**
Inter Petroleum
100
*
"60~"
7*4
5
34**
35
34**
36*4
2,381
E37*4
Industrial Acceptance
14*4
7)4
14*4
£1
*14*4
34**
Imperial Tobacco of Can.5
37*4
25
58
60
89*4
International Power pf. 100
89*4
3,140
50
18*4
Land Jonna Co....
100
32)4
12)4
*
Montreal Tramways
*
40
100
»
National Steel Car Corp..*
National Breweries
9 **
19
165
32*4
34*4
302
12
9**
12**
785
9*4
1,838
7
33)4
54
*
8**
8*4
58
Mar
65
80
May
100
3,337
37?*
Apr
50*4
1,425
39*4
"el"
42
61
63*4
10
40
Apr
Apr
2,483
59
Apr
36*4
18
7% cum pref
Cndn Westlnghouse Co
100
47
Apr
65
Jan
*
66
66
150
66
June
66
June
80c
40c
Ltd.-*
"l8H
40c
2.00
915
17*4
19*4
24,642
60
55
40
40
125
9?*
9**
*
15
17**
»
Donnacona Paper
A
B
17
14*4
17
12
12**
10
10
Dalries7%cmpfl00
"16"
6
9«
Fair child Aircraft Ltd
_
*
23
"46"
*
47 **
7H
70o
30o
175
May
Jan
Apr
2.50
800
4
Mar
Jan
Jan
Jan
24*4
Apr
59
Apr
73
Apr
40
Apr
41*4
Feb
9** June
13)4 May
13)4 May
Jan
14)4
14
May
12*4
Apr
10*4
160
10
150
168
Feb
Gen Stl Wares 7% cu pf 100
In Paints (Can) Ltd
23
42
9**
23
1.00
47)4
50
5,270
2,210
13
17
Apr
19
Apr
33
Jan
30
Jan
Apr
13
Jan
22 H
Jan
29X
Feb
1.00
Apr
2.50
Feb
645
8)*
174
10
1.609
19*4
30
Feb
50
Apr
29)4
Feb
50
Apr
47*4 June
49
Jan
Jan
110
Mar
11
42*4
48
15,034
47*4
48
140
99
99
276
76
Mar
160
8*4
1.00
*
Voting trust ctfs
300
99
Feb
103
May
23
Jan
23
June
May
May
23
60
60
15
58
Canada—*
22
22
22*4
270
20
*
18
18
18*4
199
17*4 May
.......
200
40c
9*4
17)4
*
May
May
63)4
33**
25**
10*4
99
20
6)4
Jan
1.50
1.65
665
1.50
May
3)4
Feb
*
1.25
1.25
150
1.25 May
1.80
Apr
6
A...*
Mackenzie Air Service
Jan
MacLaren Pow & Paper..•
31
28
31
1,580
Feb
63
63
64
100
89 **
89 **
89?*
23
21
11
185
8
Apr
Jan
Massey-Harr 5% cu pf.100
McColI-F Oil 6% cu pf.100
Melchere D .still Ltd
*
23
115
19
Jan
23 J*
Feb
Melchers Distillers Ltd pf.*
104
104
21
104
Jan
106*4
Mar
Mitchell & Co (Robt) Ltd *
200
25
Jan
99**
Jan
9*4
29
103
29*4
103
65
33
103)4
Jan
Apr
Ap
Jan
6)4
InternatI Utilities Corp B. 1
23
29
160
60
Dom Oilcloth & Lino Co..*
235
20
pref.....
85c
1.75
Dom Eng Works Ltd
13
91
Saciu-nay Power
Jan
30
236
103
Rolland Paper vot tr
Apr
43
Fraser Cos Ltd
40
Rolland Paper pref
16
43
Feb
70
11
May
30
Feb
27
104"
Jan
May
9
City Gas & Electric Corp.*
Claude Neon Gen Adv...*
Commercial Alcohols Ltd.*
Consolidated Paper
18*4
7*4
27*4
9
54
89
—25
100
Jan
Feb
*
83
103
Quebec Power
Regent Knitting
Preferred
11)4
35
18*4
pt_*
Foreign Power Sec Ltd...*
89
Power Corp of
Jan
Jan
Ford Motor Co of Can A.
103
Ottawa Traction
Penmans
9*4
Apr
Jan
100
100
100
100
6
Feb
Power—100
Preferred
10
Mar
97
42*4
57)4
Apr
May
Preferred
Ottawa L H &
47
Jan
Frelman(A J) 6% cm pf 100
160
Apr
Mar
236
Ogllvle Flour Mills
38 J*
June
Mar
39
42*4
5
3
Feb
54
47
21*4
2
EKootnay P7% cum pflOO
120
38*4
Jan
93
Eastern
4,049
50*4
14)*
67
Jan
29
39
2*4
49
50
Mar
Apr
Jan
2**
18*4
no
Mar
15
83
Jan
4
3
Jan
16)4
30
Feb
20
Jan
3
Mar
43*4
Apr
62?*
112
June
550
Jan
Feb
83
Apr
18
18
95
Mar
22
109
50
112
18
3
Jan
98
63
109
2
Jan
73)*
37**
May
95
7*4
Apr
Mar
39
100
5% cum pref
38*4
39*4
89*4 May
Jan
15*4
30
May
73
Jan
Cndn Power & Paper Inv_*
Apr
Mar
Apr
Cndn Intl Inv Trust Ltd..*
Feb
37)4 June
60
34
10
Canadian Vickers Ltd
Apr
33*4
37*4 June
Jan
80
*
Can P & P inv 5% cum
62)*
42
Niagara Wire new
Noranda Mines Ltd
10
340
*
Mar
29
29*4
22
Apr
38
Cndn Dredge & Dock
Dominion Stores Ltd
Massey-Harrla
Feb
9
69
Cndn Gen Investments
18*4
Mar
Mar
18
.-
24*4
15*4
103
109*4
Preferred
Jan
30)4
38
2*4
16**
42*4
Mar
10*4
30
Jan
Apr
68*4
Canada & Dom Sugar Ltd •
Jan
37
10
100
9
Jan
24
14**
14)*
Mtl L H & P Consol
522
84
10*4
Montreal Telegraph
475
Asbestos Corp voting tr__*
14«
Charles
McColl-Frontenac Oil
10
Feb
Canadian Breweries.
Lake of the Woods
9*4
80
145
25*4
*
Intl Nickel of Canada
June
1,174
Feb
33
*
Intercolonial Coal
Apr
6
92
145
5
English Electric A
Preferred
12*4
83*4
5
2*4
Enamel & Heating Prod..*
Preferred
Feb
Jan
79*4
Brit Amer OU Co Ltd
Howard Smith Paper
Apr
7
41
Apr
2
*
*
Holllnger Gold Mines
122*4
35
85
110
Preferred
Gurd,
Apr
Apr
1,660
65
28%
Jan
143** 143**
Dom Tar & Chemical
B
Apr
79*4
65*4
62
Jan
73
13*4
Foundation Co of Can
Apr
80
6*4
64*4
6*4
13
447
79*4
*
Electrolux Corp
15*4
8,235
2,332
18
78
100
Eastern Dairies
High
Low
5*4 May
Jan
41)*
7*4
19)*
19 **
Dominion Steel & Coal B 25
East Kootenay Power
Range Since Jan. 1, 1937
or
Week
Shares
Mar
140
140
Industrial Bonds
330 Bay St., Toreota
Sparks St., Ottawa
Mar
12
May
Canadian Government
i
Feb
285
20?*
Jan
236
325
Friday
111
Apr
235
ESTABLISHED
Feb
25
13*4
Jan
150
24
58
INCORPORATED
Mar
*
Jan
57
35
198
326*4
Mar
21
*
Canadian Indus Alcohol..*
59
56
159*4
HANSON BROS
Mar
22
415
22
79
25
159
Jan
Feb
32
27
Converters.-100
Paper
Apr
Apr
21
Rights
Canadian Foreign Invest
Dry den
May
4*4
Mar
61*4
21*4
600
24**
24*4
121*4 121*4
100
Textile
4*4
112
Apr
25
50
26
Canadlenne
Jan
June
15
25
25
Canada
June
5
4*4 June
Canadian Bronze
Canadian Car & Foundry.*
Apr
Feb
22*4
111
4
2*4
Canada W ire & Cable B.
Preferred
205
159
58
May
5
Jan
5
35
198
16
5
Mar
7
Mar
73
20
Jan
104
Jan
11*4
50
4*4
75
100
2**
Dominion
Apr
May
37*4
4*4
177
Jan
15)*
534
16*4
Mar
159
28
50
100
100
100
100
17*4
102*4 103*4
4*4
Preferred
6H
Jan
50
"35"
Winnipeg Electric pref. 100
Winnipeg Electric A
*
Jan
11*4
pref... 100
May
152
1
150
150
Banks—
5
Con Mln & Smelt new
Feb
Jan
2*i
Cockshutt Plow
18)*
Apr
**
77
May
Apr
*
100
(new) *
preferred..
.*
Canadian Pacific Ry
13
5 *4
Canada Steamships
B
13
118
23*4
Canada Steamship pref
Canadian Locomotive
101
Apr
Canada Steamship
Can Hydro-Elec pref...
Jan
Mar
18
Canadian
101
3
22*4
Celanese
5
17
17*4
Preferred 7%
101
101
65
22*4
Canadian
16
3,195
Can Forgings class A
Preferred
Jan
3
Jan
Jan
14
16
Can North Power Corp..*
(New)
Jan
5
11*4
14*4
14*4
*
42*4
62
*
100
Canada Cement
Apr
130
Jan
7*4
*
JaD
Jan
30
Mar
Jan
6*4
Building Products A
Jan
7
Jan
128**
11
10
75
35
**
34
no
24*4
10
127
127
Apr
May
50
24*4
24*4
24*4
20
27
167)4
811k Mills.
Class
36
91*4
4*4
28**
3
—•
Preferred
100
Bell
Telephone
100
Brazilian Tr Lt & Power._*
British Col Power Corp A. *
B.
*
(N) Grain
Bruck
33
131
4)*
4H
Breweries
Apr
106
Apr
15
93*4
Preferred
107
Jan
8*4
7,543
13**
Simon (H) & Sons
High
13*4
34 M
Preferred
Agnew-Surpass Shoe pref. *
Alberta Pacific Grain A._*
Preferred
100
Bawlf
St Lawrence Paper
ri loco
uj
High
Low
Shares
*
50
A preferred
Jan. 1, 1937
Low
Week's Range
Last
Weet
12
St Lawrence Corp
official sales lists
for
of Prices
Low
High
Price
Par
(Concluded)
Week's Range
Sale
Associated
BUILDING
BANK
ROYAL
3817
144
Stocks-
BONDS
INDUSTRIAL STOCKS AND
YORK
NEW
MONTREAL
Cable Address Hartwau
STREET
WILLIAM
52
association
Teletype NY 1-395
UTILITY AND
CANADIAN
IN
SPECIALIZING
security dealers
Bell System
2-0980
Telephone HAnover
r
* No par value.
2?*
7*4
2**
7)4
23
55
1
no
741
27
52?*
89?*
3
6*4
19
37)*
Jan
Jan
73)4
Mar
June
100 H
Mar
9
Feb
9)4
Feb
Apr
May
Apr
Apr
30
Jan
9
3818
Financial
Chronicle
June 5, 1937
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Toronto Stock
Friday
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Low
Price
Page-Hersey Tubes Ltd.."
cum pref.
Power of Can
45%
69%
67%
Shares
*
*
100
4%
99
Apr
48%
64%
Apr
79
June
107
785
36
Jan
100
50
4%
245
4%
40%
34%
Stocks (Continued)
Par
110
Mar
Bank of Nova Scotia
100
328
Bank of Toronto
Apr
Mar
100
Barkers Bread
Mar
*
Base Metals Mln
Mar
326
Bathurst Power A
251
Sarnla Bridge Ltd B
*
Can P pref._100
7
Southern
105
Walker-G & W $1
8
104
175
2%
2
2
Jan
Beatty Bros pref
Beauharnois
Apr
3%
Jan
Bel Tel Co of Canada
49%
Jan
19%
15%
70
19%
Apr
Mar
20
Feb
Bidgood Klrkland
Big Missouri
1
17%
Apr
18
Apr
Biltmore
*
10%
1.05
1.04
1 12
3,415
75c
Apr
2c May
3%c May
1.90
2%c
3%c
2%C
3,000
4c
4,600
32c
30c
32c
Big Missouri Mines Corp.l
45c
44c
45c
Bouscadlllao Gold Mines. 1
40c
38c
2,700
1,825
5,950
Brazil Golo & Diamond Ml
6c
6c
500
6c
Brownlee Mines (1936) Ltd 1
Bulolo Gold Dredging Ltd 6
5%c
2,700
5c
23 %
5%c
23%
23%
378
23% June
2.75
3.10
6.40
Feb
1.25
2,600
1,500
2.10 May
1.17
2.48
Mar
20c 22 %c
36c
42c
1.00 May
18c Apr
30,800
41c
*
Cartler-Malartlc G M Ltd 1
21c
Central Cad
40c
Central Patrica Gd M
1
9c
Jan
Bralorne Mines
65c
Feb
Brazilian
*
72c
Feb
38o June
Consol Chibougamau
1
10,400
3.00
3.00
3.0C.
1.18
1.05
1.22
8,420
20c
24c
7,000
80c
85c
1.15
Feb
Brew tfr Distillers
15c
Jan
Brewing Corp of Can
13o
Jan
"s6c
Dalhousie Oil Co
30
1,600
Coulson Consol
500
30
.100
Jan
479
154
Apr
45c
22,750
112
40c
Jan
176
50o June
Feb
Apr
9%
Feb
1.70
Jan
Apr
72c
Feb
10% June
16%
Feb
15
20
4
May
37%
25
35
Jan
16c
16,050
Jan
6%
40
14c May
Mar
29c
Jan
6.65
7.00
3,769
6.40 May
9.00
Feb
23
25
16,974
10
Jan
30%
Mar
23
25
26.974
18
Jan
30%
Mar
7
Apr
9%
Mar
7%
7%
2%
18%
22%
18%
23
37
37
-----
*
18%
*
23
*
British Dominion Oil
9.50
Buffalo Canadian
Bunker Hill
2.70
Feb
30c
Apr
Feb
Burt
50c
*
39
39
June
50%
*
8c
7%c
8%c
17,200
5%c
Jan
15c
Mar
East Malartlc
1
1.15
1.05
1.12
Apr
2.03
Jan
*
2.80
2.70
2.90
6,300
5,675
90c
Eldorado Gold M Ltd
2.10
Apr
3.60
Apr
7.75
7.50
7.75
800
7.40
Apr
12%
Feb
B preferred
13%c 13%c
500
12c May
55c
Jan
90c
9,450
Feb
700
65c
Apr
17 %c June
1.58
17%c 17%c
1.80
3.00
60c
Feb
Apr
4.10
Apr
May
41%
Feb
25
A preferred..
Falconbrldge Nickel M_.»
Federal Klrkland
1
10
20c
1,100
1,380
3%c
6,500
3c
60
63
12c
6%c
6%c
Can Permanent
"40"
2% June
14%
Jan
21%
Apr
36% Apr
60
15c
17
110
225
39
Jan
1.10
Feb
12.50
Feb
3c June
6%C
Jan
Jan
74%
Mar
May
23c
Feb
51
12o
5c
Apr
8c
15
May
39% May
44%
40
6%c
42
Apr
Jan
Jan
Mar
26%
20c May
8.25
5,325
40
3%
21
18
Jan
Mar
Jan
Feb
Duparquet Mining Co
1,175
15
(FN)
Dome Mines Ltd
440
9.70
15c
Burry Biscuit
Burlington Steel
3.60
695
9.30
3c
60
Building Prod
Feb
26
3
20c
Buffalo-Ankerite
Apr
55c
Apr
6
24%
B A Oil
Mar
5.15
1.00 May
17c May
103
May
1.75
Apr
10
12
15c
7.00
*
Preferred
Jan
65
Apr
1.00
Feb
Apr
10
Mar
24%
Preferred...
Feb
47 %o
May
2.75
7%
54,483
May
650
24%
Jan
4%c
Brit Col Power A
Cndn Malartlc Gold
48
Jan
4
37
15 %c
14% May
Apr
25o
17
394
67c
4
50
30c May
41c May
Apr
May
50c
*
Bobjo Mines
Feb
2%c
Calgary & Edmonton...
4,500
45c
25
60c
Preferred
Gold
1.17
110
2
1
Beaufort
50
6%
6%
166% 168
42
Mines—
Aldermac Copper Corp
*
Alexandria Gold Mines...1
Arno Mines
*
9%
1.14
50
Hats
Mar
1,125
100
275
Ribbon
273
10% May
48
May
3,300
9,150
6%
167%
46
Blue
Mar
37c
110
19%
15%
15 %
*
250
19%
30c
18
1,17
*
100
Mar
25
30%
30c
19
Beaftle Gold
Feb
Feb
16
108
Apr
340
100
9%
1.75
Jan
Jan
1.00
May
30
30
*
High
305
14%
46
pf.*
cum
35
107
1.00
1.00
Walkervllle Brewery Ltd.*
Walker-Good & Worts (H) *
Weston Ltd (Geo)
8
105%
105
*
Low
17
14%
B
Thrift Stores Ltd..
Range Since Jan. 1 1937
for
Week
Shares
330
250
*
Preferred
Feb
4%
59%
Jan
May
Sales
Week's Range
of Prices
Low
High
Price
High
35
100
4%
39
39
Low
7,395
70
100
pref-100
cum
Quebec Tel & Pow A
40
Last
Sale
25
44 %
100
Royailte Oil Co Ltd
Range Since Jan. 1, 1937
101% 105
Price Bros & Co Ltd.100
6% %
High
Exchange
| Friday
Last
Francoeur Gold M Ltd
85c
1
78c
Graham-Bousquet Gd M.l
Home
Oil
♦
1.90
Hudson Bay Mln & Smelt *
J-M Consol G M Ltd
1
29
29
120
4,970
29
385
39
1.35
27
Calgary & Edm
27c
7,900
25c June
57c
Feb
600
97% c Mar
1.64
Apr
*
45c
Apr
35c
Lake Shore Mines
1
49%
4%C
Lamaque Contact G M__*
Lebel Oro Mines
1
Macassa Mines
i
Mclntyre-Porcupine
5
McVittie-Graham
1
4%C
1
Lee Gold Mines
35c
48
35c
2,443
49%
4%c
870
23,300
16c
May
Jan
27 %c
15c
Apr
30c
3c
Apr
7%c
Jan
1,600
4.90
8.50
Jan
515
Jan
500
3.10
100
3c
2,500
15c
ISc
2,050
3%c
600
30% c
42
Feb
55c
Feb
4.80
Feb
8c
Jan
15c May
3%c May
45c
Mar
10c
Feb
4c
4c
1,000
4c
8.25
9.25
14,590
6.50
49c
62c
14,750
June
11c
Apr
49c June
13%
Jan
1.10
Mar
Feb
,
Can Bank of Commerce 100
*
85
45
84
Apr
98
Feb
155
3
145
Jan
160
May
4
4
5
35
June
7
Apr
25
14%
Mar
18
Apr
50
2%
Jan
4
5%
60
72
100
5% June
75
Mar
25%
70
19
June
31
Apr
197
198%
197
222
183
Jan
210
8%
115
7%
Apr
9%
Feb
10
18%
Mar
20%
12%
Jan
8%
20
11%
20
17
470
14
Apr
102
38
May
1,290
5%
5%
4%
4%
1.12
1.25
7,312
11
Preferred
116
100
C P R
26
9,368
June
42c
Feb
1.90 June
3.80
Feb
Cariboo Gold
6.50
1.05
8,700
2.51
Jan
1
6.00
6.15
450
Castle Trethewey
Central Patricia
16
12%
5%
12%
118
13%
1,490
4%
35
15c
6.00 May
9.10
16
17
Feb
85c
Feb
Feb
41c
350
3.80
1,860
90c
11c
8,600
95c May
9c May
2.00 May
9%c
55c
22c
Feb
60c
8,725
55c
1.13
Feb
200
Sherrltt-Gordon
1
2.50
2.50
2.70
Slscoe Gold Mines Ltd
Sladen Mai
1
3.90
3.70
4.00
1
1.23
1.10
1.24
Stadacona-Rouyn
*
1.60
1.40
1.60
60,885
7,800
Sullivan Cons Mines Ltd.l
1.35
Sylvanite Gold
3.15
1.25
1.35
45c May
May
June
2,907
1.80
Apr
3,116
3.70
11,200
1.08
Apr
May
2.50
Jan
94c
Jan
2.90
Mar
4.00
Feb
6.65
Jan
6.10
Feb
72c
1.11
300
40c
15,100
6.30
Wright Hargreaves M Ltd*
325
11
15
115
Apr
12%
6.50
320
23,440
Duncanson, White
65c
Apr
June
2.15
1.00 May
37c June
1.95
Feb
73 %c
Apr
8.10
Jan
6.30
May
Jan
&
Co.
Mar
1.85 May
4.00
Mar
1.47
Apr
1.75
Jan
95c June
1.66
Jan
York
1.90
200
1,550
1.00
95c
1.01
10,300
3.00
2.90
3.20
17,595
2.60
Apr
5.23
Feb
16c
14c
18c
11,325
1,350
14c
Apr
43o
Jan
_.*
*
"75c
*
36c
17
85c
85c
75c 79%c
31c
36b
16%
17
60c
Apr
1.44
6,750
60c
Apr
1.47
Jan
5,250
24o
Jan
95c
Feb
Mar
572
14
Feb
22%
5
2.00
1.50
75
2.75
"T20
Apr
3.50
*
1.10
1.22
3,475
1.05
May
2.14
Cons Bakeries
Cons Chibougamau
*
20%
20%
1
Cons Smelters
Consumers Gas
100
Crow's Nest....
1.19
100
5
Darkwater Mines
80
204%
1.10
75%
204
40
DLst
Curb
55c
1
Seagrams
*
Dome Mines..
*
Dominion Bank
100
Dominion Coal pref
25
21%
39%
230
20%
Easy
Washing
21
39
227
21
1.25
81
204%
550
8,250
20
Apr
1.00
4c
4
1
Apr
100%
Mar
Feb
211
Mar
1
41
Apr
50
Jan
2.95
Jan
28%
Mar
60c
16,500
21%
39%
3,988
Apr
38% May
May
225
21
80
19
5%C
4
1,250
May
4c June
*
20
4
40%
15
40
18
19%
4,594
12%
Jan
9%
13%
19%
9%
13%
375
9%
Apr
325
13%
May
60c
9,250
55 %c
18%
1.18
*
19
1.03
1.20
6
6
1
2.70
2.90
*
31
33
Falconbrldge
20
165
English Electric A
WA. 3401-8
775
55c June
40
___*
.25
40
Eldorado Mines
(Associate)
Toronto Stock
160
40c
Friday
7
Sales
West's Range
of Prices
Low
63 %
*
62
1
1
A merlcan
Cyanamid B
1.08
.
10
Jan
2.10
Apr
3.65
Apr
30
Apr
36%
Jan
Apr
Apr
12.90
May
Apr
Jan
54c
Jan
29%
Jan
1.25
Feb
45
1,980
7.10
1,915
19
10c
961
22%
22%
23%
25c
10,900
*
20 %c
72c
94c
16,850
70c
May
Frost Steel & Wire
Frost Steel pref..
*
6
6%
30
6
June
11
Jan
100
101
25
100%
Jan
107
Mar
Gillies Lake Gold
Glenora
15%
Apr
80
Apr
41%
Mar
7,700
11c
Apr
20c
Jan
4c
May
God's Lake Mines...
Goldale Mines
Gold Eagle.
42c
l
9c
*
52c
1
22%
.1
35
*
Jan
Apr
57 c
Jan
Feb
6%
Jan
28 y
125
Jan
43%
Jan
32c
36c
3,350
29c
Apr
95c
Feb
1.10
13,605
86C
Apr
1.89
Feb
2 %c
17,000
2c May
4%c
Jan
6.20
1,343
Feb
Great Lakes Paper......*
Preferred
*
450
5.40 May
29% May
8.75
31%
35%
Jan
Gunnar Gold
52c June
1.42
Feb
45c
1.15
Feb
Goodfish Mining
Goodyear Tire
Preferred..
Graham Bousquet
Granada Mines
13c
50
3,510
Apr
15c
Feb
12c
40,100
Harding Carpets
9c
Jan
25c
Feb
Hard Rock
7c
750
7c
May
12c
Apr
Harker
138
57%
Jan
Jan
Hlnde & Dauch.
Bank of Montreal
1
100
1
25c
235
93c
233
92c
27c
235
1.00
2,500
11
12,666
23c
Apr
221
Jan
80 %c
Apr
60
49C
245
1.85
Feb
Jan
Jan
34
11%C
•
No par value.
53 %c
25
40
13c
90
May
49
Jan
11,825
16,500
34
June
68
Apr
Apr
82
Apr
May
22c
85
92%
Feb
35
53
Mar
57
54%
17c
18%c
7,200
.1
21c
20 %c
22c
3,300
...»
45c
Apr
May
June
54%
55
8
22
6,700
1
High wood Sarcee
Apr
Bagamac Mines
Bankfieid Cons
58
Jan
1.02
47 %c
22
10c
16c
Apr
20c May
Jan
630
Feb
670
Feb
26%
Apr
Apr
20
44
21%
547
13%
Apr
42
45
888
33%
Mar
5,750
69c
Apr
1.25
Jan
665
13%
Feb
18%
Apr
6,500
2%
May
14%
2%
8%c
57 %
30c
14%
7c
50
65o
Apr
*
lie
8c
18%
Apr
10c
1
sy2 c
50c
June
Jan
30c
Halcrow Swayze
ll%c
50c
110
Gypsum Lime A Alab
1
Astoria Rouyn
Bank of Canada
45c
Feb
5,700
23,795
75c
8%c
1.58
49,950
77c
1
Apr
12%
i
1
101
25c
40c 44 %c
9c
10c
90
10%c
29c
Ashley Gold..
Aztec Mining
12%
,_l
4%
5,875
4,350
Feb
*
•
100
60c
24%
Jan
Foundation Pete
Francoeur
200
52c
Jan
10,097
31,500
Argosy Gold Mines..
Arntfield Gold
1
Feb
9%
14c
6,800
2c
Apr
Jan
7.90
5c
31
1.22
Apr
Mar
4%
20%
35c
6.10
"31H
18
24
Apr
Mar
100
12c
4%
1.05
5
44
28%
12%
Jan
2.05
7.55
%
2c
*
.
High
May
28
15c
Apr
19%
28%
35c
Jan
Mar
90c
*
35c
]
Anglo-Huronlan Ltd
2,731
Jan
24
25,377
*
General Steel Wares.....*
Low
1,591
14c
4c
Shares
Jan
18% June
1
4
Alberta Pacific Grain....*
*
TVs
66
12c
Range Since Jan. 1 1937
West
High
6%
for
May
May
61
250
Ford A
Exchange
May 29 to June 4, both inclusive, compiled from official sales lists
Price
Feb
72
201
Fanny Farmer
Sale
2.68
Jan
Jan
Feb
114
Federal Klrkland
Last
Apr
23
Jan
2,171
230
20%
1
Eastern Steel Prod.......*
East Malartic
1
Toronto Stock
King Street West, Toronto.
Aldermac Copper
Alexan dria Gold..
Jan
Jan
17%
1.65
Dom Tar & Chemical Ltd. *
Dorval Slscoe
......1
Exchange
Canadian Commodity
EXCRSnge, Inc.
Alberta Pac Grain pref.100
P Cons Oils
1
19
135
Apr
1.56
Cockshutt Plow
Dom Steel Coal B
Dom Stores.
STOCK BROKERS
A
Jan
Feb
Coniagas Mines
Conlaurum Mines
Preferred...;
Afton Mines Ltd
Jan
7%
2.30
1
Dominion Explorers
Dominion Scottish Inv
A J ax OH & Gas
8%
.
Jan
Feb
May
Feb
4.90
37c
"40c
.
4.70
235
1.08
Wood Cad
200
4.95
65c
"72c
Jan
3.15
1.09
Arp
3.15 June
2.25
3.15
4.95
Teck-Hughes G M Ltd___J
Thompson Cad
1
Towagmac Exploration. 1
..100
Apr
4% June
1.10
Apr
May
2,341
21%
47
1
Chromium Mining
Commonwealth Pete
41c
3.70
1.90
*
Central Porcupine
Chemical Research
May
3.80
3.70
Wineries
6.85
May
90c
6% preferred
Mar
Jan
Feb
96c
*13%
1
2.55 May
96c June
10
135
1.25
B
Canadian Malartlc
Canadian Oil
3,850
10c
Acme Gas & Oil...
Jan
May
11%
2,100
60c
•
Feb
50
45
18c
1
Par
9%
26
:
11%
15%
3.65
Shawkey
Stocks—
Jan
2%
5%
43
2.25
Red Crest
Abitibi
28%
14%
17
1.90
1
15
Apr
Mar
22% June
44
15
New
23
110
154
101
Canad Car & Foundry.._
3.35
6.05
Members
Jan
May
52
130
Canadian Dredge
*
Canadian Ind Alcohol A._*
1.00
_.__1
Jan
Feb
23
*
2~.0(j
Reward
Mar
14%
100
Canadian
*
Quebec Gold Mining
Mar
2%
15c
Read-Authler Mine Ltd-.l
15%
Feb
1.75
104
225,
*
3.65
Placer Development
85
17%
May
6 55
10%
103%
59%
Jan
3.10 May
2%c June
62c
Perron Gold Mines Ltd._.l
Pickle Crow Gd M Ltd
1
154
new..*
1st preferred
2nd preferred
8.95
Pend-Orellle
50
30
85
*
100
Canadian Canners
33% 34%
30% c 30%c
Apr
33% June
*
Parkhlli Gd M Ltd new..l
PatoGold
55
25%
1,000
17c
O'Brien Gold Mines Ltd._l
10
53
102
"23
B
Jan
7,100
3%c
Newbec Mines Ltd
4c
59
3c
3.10
Pandora Cad
*
Steamships pref
100
Canada Wire & Cable A.
16c
2%c
1
102
52%
16%
Can
5.25
1
Montague.
Murphy
Mar
June
3c
34%
16%
100
Steamship (new)
5.10
5.25
Mining Corp of Canada. _*
Moffatt-Hail Mines
35c
48
2.00
Apr
40c
Apr
6% May
99% May
Canada Steamships
CanSteamships!pfd
21,235
10,400
65c
8
102
50
Canada Packers
1.35
3.15
58c
.100
Preferred
25c
2.69
7
Canada Cement....
1.33
1
2.90
1
Can North Power
Can
25c
Kirkland Lake Gold
Klrkland Gold
...»
Calmont Oils
Canada Bread
5
4%
80c
15
2%
5
225
4%
61
Jan
Jan
Apr
1
1.65
1.56
1.75
20,090
1.39
Apr
3.44
Jan
._*
15c
15c
16 %c
14,500
14 %c
May
33c
Feb
23c
7,700
15c
Jan
90c
Mar
20%
85
19%
Apr
22 %
Feb
22c
»
20
21c
20
Volume
Financial
144
Chronicle
3819
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
BONDS
STOCKS
11 KING ST. W.
Stocks (Concluded)
Noranda
for
of Prices
Week
Par
Price
Low
100
114
114
-.1
19%c
16 %c 19%c
Russell Motor prefSt Anthony
St Lawrence Corp A pref 50
Saguenay Power pref-. 100
The Toronto Stock Exchange
San Antonio
Klrkland Lake
Montreal Curb Market
Low
North Bay
Shawkey Gold
Sheep Creek
Owen Sound
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Sherrltt Gordon
—1
1
-
-
—
»,
-
2.55
*
Simpsons B
Tlmmina
59c
50c
20
13c
Apr
32c
230
32%
32%
103
5
98%
1.34
1.50
11,531
1.25
55c
61c
6,700
54c
Apr
Apr
Apr
Apr
81c
83c
6,700
57c
Mar
2.47
2.70
20,415
1.90
Apr
42
103
•
5
Week's Range
Last
Sals
Stocks (Continued)—Par
Price
of Prices
High
Low
1
1.25
1.07
1.25
—1
1.05
1.00
1.08
2c
2c
2%c
•
Range Since Jan. 1, 1937
for
Week
Shares
Low
Southwest Petroleum..
Preferred
41c
39,950
33 %c
Apr
13%
5
12%
Mar
19
Mar
90
90
25
72
Jan
90
Mar
14
14
55
11
Feb
15%
Mar
Jan
230~~
100
Sudbury Contact
223
June
251%
20
Apr
Jan
Mar
Mar
60%
36%
17
17
35
Jan
72c
47
57 H
*
Sudbury Basin
380
34 H
*
*
Jan
6,724
21
International Pete
Jan
87c
14%
20 H
*
5
International Utility A
Internat Util B
15%c
21%
230
223
Imperial OH
Imperial Tobacco
14 %
60
73
Taghota
40c
*
100
79
Tamblyns
1
Hunts
100
*
"25
Steel of Canada
Apr
31c May
10%C
1.45
54%
33%
Apr
4,338
Apr
24%
15%
73%
39%
5
15%
Jan
21%
Feb
3.15
Feb
10,360
900
1.64
13%
1.45 June
Feb
Mar
*
81c
85c
I,260
78c
May
1.61
33c
38c
10,066
33c June
53c
Mar
Jelllcoe Cons
1
1.00
1.10
33,960
90c
2.15
Feb
J M Consolidated
59c
Jan
1.10
Feb
81c
Apr
3.95
Feb
17
Feb
110
Feb
Apr
6.65
16,550
1.00
Jan
1.00
Apr
May
2.49
8,375
2,200
2.50
Feb
2o
May
5%c
Apr
2.00
Feb
Jan
77% May
71
May
3.75
Apr
2.85
Apr
75c
900
53c
1.60
54,175
90 %c
79
70
55
73
Jan
Jan
96
Feb
88
Mar
3.80
1
Sullivan Cons
22c
20%c
24c
2,090
11,450
18o
May
40 %c
1
..
Sylvanlte Gold
—
1.30
1.24
1.30
7,900
1.08
Apr
3.25
Jan
1
3.15
3.00
3.20
4,875
2.70
Apr
4.80
Feb
*
Preferred
50
4.00
16
16
............
9c
*
5.25
*
Teck Hughes
Texas Canadian
2.00
16%
53
53
1.95
2.05
250
15%
200
9C 10%c
5.00
5.50
53
29,050
4,984
8,000
109% 109%
Tip Top Tailors pref--..100
20
1
Preferred
2.25
2.25
2.25
2,250
*
Toburn Gold
Mar
37c
1.08
2.40
3.60
1.40
78%
72%
Jan
Apr
Mar
103
3.85
—
Toronto Elevators
Jacola Mines
7% June
97% May
75c
-
1.58
Stadacona
High
13%
Howey Gold
90
*
South Tiblemont
34 He
40c
International N lckel
15,625
5,313
46c
Imperial Bank...
3.95
31,200
ll%c
1
20%-.-
3.75
48c
5
Huron & Erie
3.85
llHc llHc
Holllrjger Cons...
Homestead Oil
A
...1
Slave Lake
Sales
Friday
100
101
Mar
118
31,200
Siscoe Gold--.
Bladen Malartic
Exchange
Jan
34
Preferred..
Toronto Stock
High
110
7%
7%
100% 101
............
.-l
Sarnla
Sudbury
Range Since Jan. 1 1937
Shares
114
33%
1.37
Winnipeg Grain Exchange
Hamilton
Ottawa
High
TORONTO
WAverley 7881
MEMBERS
Montreal
Week's Range
Sale
GRAIN
Cobalt
Sales
Last
OFFICES
Toronto
Exchange
Friday
38%
38
38%
150
50
49%
50
100
Jan
6.90
Feb
Jan
Jan
16%
June
53%
Jan
9c
June
28%e
Feb
4.90
Apr
Apr
6.00
Jan
1.50
104
Mar
2.10
36
May
Apr
Jan
2.35
110
Apr
Jan
4.65
46
Apr
77
48%
2
86%
Apr
Mar
52
3,300
88c
Apr
2.00
Jan
Apr
Apr
19
Feb
Jack Walte Mines
24c
27c
Apr
1
24c
12,660
24c June
31%
50
Kerr Addison
1
2.49
2.35
2.52
Kirk. Hud Bay
Klrkland Lake
1
1
1.95
1.80
1.95
33,535
9,200
50,185
27% May
2.20
Apr
135
Apr
1
49 %
31
Kelvlnator—
1.33
55c
Laguna Gold
Lake Shore
1.25
55c
48
1.40
5,940
Lamaque Contact
La pa Cadillac
1
4 %C
4c
5c
1
83c
78c
85c
Lava
1
19c
91c
15c
16c
Cap Gold
Lebal Oro-.
15c
1
Lee Gold
3Hc
1
Leltch Gold
1
»
60c
3%c
"24 %
22%
B
56c
63c
5.15
Little Long Lac
Loblaw A
200
55c
51
5.30
23 H
22%
Jan
3.30
Apr
2.65
Feb
1.70
Apr
1.10
Feb
69%
Jan
47%
Apr
.
Union Gas
United Steel
*
Ventures
*
5.30
-
4.95
5.30
MacLeod Cockshutt
1
2.21
1.88
2.25
Madsen Red Lake
1
70c
63c
75c
1
3%c
13%c
*
12 %
100
63 X
Manitoba «fe East
Malargo Mines..
7
Maple Leal Milling
Preferred
__
Massey Harris
Preferred
3c
3%c
13%c 14%c
6%
7%
7%
6%
12H
12%
62 H
65%
29,600
7%
915
7.90
...
9=
Preferred...
90
100
8X
89%
7.90 June
9.10 May
500
1.00
Apr
2.25
2.35
Apr
4.65
Feb
*
45%
44%
45%
42
49%
Mar
♦
19%
19
19%
1,024
19
May
May
7%
5
7% May
12%
18%
"Jan
106%
Jan
30c
Mar
17c
Feb
Jan
1.35
Feb
Jan
WHtsey Coghlan
449
23
Apr
25
Feb
Winnipeg Elec A
Jan
23
Apr
1.33
Jan
73c May
1.05
Apr
30c
Jan
*
Western Canada Flour
♦
Westons
Preferred
4.85 May
8.60
1.65
May
4.85
Jan
12,540
11,300
63c June
1.20
Mar
Apr
16c
Feb
21,290
13%c June
36c
Mar
Jan
6%
Jan
11
115
5
Apr
12%
16%
74
8c
44,900
3c
June
9%
1,062
1,403
16
309
25
100
17c
4,550
2,000
4%
4%
4%
10
4%
May
10
4
4
15
4
June
10
Jan
27
27
29
45
27
May
40
Jan
2c
2c
2,500
42c
6,900
Apr
77c
6.45
7,485
6.05 May
8.10
Jan
28c
540
26c May
52c
Feb
5
5%
725
3%
7%
Apr
*
Zlmmerknlt
5
Mlnto Gold...
Model Oils
1
Toronto Stock
Exchange—Curb Section
1.40
Moneta Porcupine
Moore Corp...
42 X
*
A
100
Jan
14%
Mar
Friday
Mar
Last
Week's Range
for
of Prices
Week
101
Par
Stocks—
Apr
2.03
57c
Feb
Brett Trethewey
1
52c
13,580
3,850
45c May
1.18
Jan
Canada Bud
*
26c
Apr
*
63c
Mar
700
10c
Apr
39c
Feb
3.25
9,355
2.80
Apr
5.00
Feb
Canadian Marconi
1
10,200
Canadian
*
34c
Morris Klrkland
42 %
190
190
1,900
12 %c May
42
May
1.40
18,257
43%
160
42
39
180
190
35c
35c
11,600
3c
3%C
422
1.05
12,200
9%
3%C
Murphy Mines
33c
Apr
Apr
Apr
Apr
3C June
33%c May
9%
*
.
Preferred
9
137
100
115
1.98
5
137
8%
135
Jan
May
19
May
May
3%c May
8%
37%
8%
38
770
"37%
18
T.70
18
1.50
23
23
320
50
1.70
Low
High
Apr
Cobalt Contact
Consolidated Press.
Feb
10c
5
Corrugated Box pref-
*
1%
1%
2,500
17%
19%
5,506
95
1%
19
100
21
Jan
Mar
17
Jan
4c
88c
Apr
Feb
May
3%c
Mar
10%
38%
Jan
1.60
1
June
Feb
May
8%
34
22%
Churchill Mining
45
21c
132
6,100
1,800
190
7%c May
550
23
6c
95
5
5%c June
3c May
1% May
3%
Jan
25
Jan
31c
Mar
6o
Jan
12%
Jan
3%
20%
Apr
89
Jan
95%
Mar
Jan
Feb
-.
_*
83c
81c
90c
7,750
DeHavilland
*
17
17
*
Dom Found & Steel
*
47%
30%
49%
21%
Apr
Jan
Dominion
1.05
Feb
East Crest Oil
*
12c
Feb
Foothills Oil
*
140
Bridge
190
40c
5,500
3%c
4c
11,300
60c
65c
4,900
1.49
Jan
2.40
2.40
335
2.40
Apr
3.60
5,625
59%
Apr
83
Feb
1,500
2,384
6,700
6c
May
16 %c
Jan
1.20
Apr
1.75
Apr
Hudson Bay M&S
70c
Apr
95c
Apr
Inter Metals A
6.50
Apr
Apr
13.25
Jan
Klrkland Townslte
4.10
Feb
12
3.60
Feb
22%
47% June
58 %
Feb
Apr
29
33%
Apr
45c
Feb
50
34
55o
15
May
Feb
60c 63%c
34
Apr
Feb
225
544
Apr
11
19%
60c
..1
5
61He
Norgold Mines
1
Normetal Mining Corp Ltd
North Can Mln
*
6c
6c
T.32
1.32
1.40
76c
76c
79c
O'Brien Gold
..1
8.90
S.25
9.20
Okalta Oils
*
1.66
1.50
1 70
Olga OH & Gas......
*
4%
4%
55c
58c
2
2
300
100
112
35c
60c June
55c
Omega Gold
Orange Crush
*
Preferred
*
"no
Pacaita Oils
*
15c
Page Hersey
*
103 H
*
2.20
47,500
8,525
1,000
13,409
16c
19c
8,900
lOo
Jan
1.05
17c
1.30
2,900
90c
Fraser Voting Trust
46%
47
70
42
Apr
May
Hamilton Bridge pref- .100
Home Oil
*
75
75
25
63
Jan
9,866
1,970
27
510
12
_*
*
Preferred
Porcupine
Pantepec OH
11,600
5%c
37c
Noranda Mines
Pamour
9c
1
19%
4c
Nlplsslng.
8c
Central Manitoba
*
New Golden Rose
Range Since Jan. 1 1937
High Shares
Feb
*
National Sewerpipe A
Naybob Gold
Newbec Mines.
Low
8c
*
Wirebound
Dalhousie Oil
National Grocers
Price
Sales
Jan
Jan
Jan
Canada Malting
Canada Vlnegars
1.26
May
May 29 to June 4, both inclusive, compiled from official sales lists
44c
17c 22 %c
53
57
*
34o
Jan
17c
32c 32 %c
14c
14c
3.05
Feb
36c
26c
1.04
48c
3.15
Jan
6.20
10,150
48c
*
5c
42c
II,100
McWatters Gold.
*
2c June
6.40
32c
28c
Merland OH
Jan
*
1.25
1.11
28c
Mining Corp
10c May
4%c June
1
III*
Ymir Yankee Girl
42%
McVlttle Graham
Mercury Oils
Jan
4%c
*
May
34%
McKenzie Red Lake....
Jan
4
32%
33%
6
Apr
Mar
Mar
20
4%C
*
3,805
34 X
1.17
Mclntyre Mines
8%
15% May
99
Mar
12 %c
15c
.,1
Wright Hargreaves
Mar
9.10
100
15%
100
—1
White Eagle
Wood CadUlac
Mar
Jan
"15%
B_
Jan
Jan
380
8%
52%
7%
100
Whitewater Mines
Feb
13,667
67,857
89
Feb
Mar
7,138
1,535
8.40
105
Jan
70c
11%
1.24
7 %c
91
May
2.90
Sale
May Spiers Gold
McColl Frontenac
17c
6
1.21
Preferred
7.90
13
2.70
Feb
151
3c
3 He
541
28c
7%
Feb
1.21
Apr
890
14%
25c
7%
Jan
no
2.80
June
63c
3c
14
1.15
*
Preferred
Macassa Mines
103
1.00
1
May
28c
21
103
Vulcan
3c
4,409
-
-
1.10
Walte Amulet
56c
May
Apr
-
26c
United Oils
5.00
4c
15c
.,1
Walkers
Feb
50c May
90c
....
14
Towagmac Expl
95,000
38,875
1,400
15,050
1,200
11,750
2,320
24%
23
39
Toronto General Trust .100
1.95
1.75
2.04
28%
28
30
13
13
13%
95
95
100
21c
_1
ll%c
1%C
50
23c
1%C
2,200
8,100
25c
1.40
3.55 May
45
May
90%
Apr
Apr
4.05
Jan
Apr
41%
Feb
May
90%
Jan
20o May
l%c May
18%
1,700
Jan
108
Mar
55c
Apr
4%c
Feb
69c
Jan
Malroblc
.1
Jan
Mandy
_*
Apr
1.28
Jan
Montreal LH&P—
*
29%
29
30
221
29
Apr
37%
Jan
2
June
3%
Mar
8,900
22,425
100
June
National Steel Car
*
50
45%
50
85
40
Apr
57%
Jan
83
98
Night Hawk
Nordon Corp
1
5
2%c
103%
2.30
6,131
2.00
5
8%
350
5%
Apr
Apr
North Star OH
Jan
Preferred
5
16c 18 %c
6,700
8,100
7,550
16c
June
40
Feb
Oil Selections
*
17c
May
41
Apr
Pawnee Klrkland
14c
102
2.15
17c
1.05
4
45o
10c
May
Apr
Feb
220
Mar
43 %c
118
Mar
4.00
Jan
Feb
25c
2c
2%c
25c June
2c
Apr
15o
Apr
May
18c
21c
6,000
24,700
2%
18c
2%
100
2
6c
Apr
49c
Feb
4
Partanen Malartic
18 He
17c
19c
15c
19c
...
Paulore Gold
46c
Jan
1.38
Jan
55c
63c
51,620
50c May
25c
23c
29c
23c June
1.00
99c
1.10
26,005
21,290
..1
Peterson Cobalt
Photo Engravers
l%c
l%c
l%c
1,500
23
23%
50
6.35
13,664
4.00
1,505
*
6.25
Pickle Crow
3.80
•
Porto Rico pref
Powell Rouyn
100
6.00
3.75
100
"
T.07
22 X
Power Corp.
Premier...
1.00
22%
*
Preston E Dome
1
Prospectors Air
*
2,000
23
2.50
20
2.55
29
95c
1.05
1.40
42c
8,355
10
1.41
42c
1.00
20
1.08
29
2.50
Pressed Metals
100
4%
4%
100
3% May
4%
Jan
4%c
1,000
4c May
12C
Jan
1
2c
4%c
2%c
Pend Oreille
1
3.70
3.40
3.75
1
4c
3%c
Ritchie Gold
1
5%c
5c
354
5
6%
26%
5%
447
36
36%
41c
98c May
l%c
21
5.20
Apr
Apr
Apr
3.75 June
96
Jan
95c
May
20% May
2.45 May
29
June
32c May
2.50
Jan
Robb Montbray
3%c
Jan
26%
Jan
Rogers-Majestic
Shawlnigan W & P
Feb
Stand Paving...
Feb
Supertest ordinary
9.20
6.85
102
13c
13c
3.85
3.70
3.95
90c
90c
1.00
45c
Quemont Mining
42c 45 %c
*
Read Authler
Red Crest Gold
*
Red Lake G Shore
80c
Reeves MacDonald Mines*
Reno Gold
Roche Long Lac
Royal Bank
Royalite OH
1
"87c
12c
-
89c
12c 16 %c
203
....100
*
82c
85c
"38"
38
205%
41
2%c
2.60 May
4c
18,675
30,500
5%c
4%c
14,600
5,200
Apr
7c May
6.65
Feb
Temlskaming Mines
2.20
Feb
33%
Feb
Thayers pref
4.50
Jan
Feb
United Fuel pref
Walkerville Brew
Waterloo Mfg A
36
4C
-1
6
26
181
lie
Feb
Apr
16o
Feb
3%c May
12 %c
3%c May
5c
6
Apr
8%
Apr
Feb
Jan
37
35,650
20c
Jan
Jan
Jan
Feb
34
30
25%
5%
33%
9%
Mar
Mar
Mar
24,000
84c
Apr
1.47
Jan
750
1.10
Feb
1.55
Jan
42c May
11c May
85c
1
40c
36c
20
20
20
19
Jan
50
178
48
June
2
25
2
Apr
2
50
48
2
*
100
2%
325
2
June
58o
25
Feb
62%
3%
5
Mar
Jan
Jan
Feb
Jan
*
)
Quebec Gold
10,500
Jan
60c
Perrod Gold
Pioneer Gold-
15c May
1
Paymaster Cons
Payore Gold
9%
4%c
2 %c
Porcupine Crown
8%
18%c
8
Park PHI
500
1,163
2,400
2,100
20,700
1,200
10,000
39,700
3.60 May
82c May
38c May
80c June
85
May
48c
Jan
6.85
Feb
1.95
No par value.
Feb
1.78
Feb
1.52
Apr
135
Jan
12 %c June
48 %c
43
198
May
227
Mar
696
35
Apr
60
Mar
Feb
CURRENT
NOTICES
'
—Morris T.
Sitkoff has become associated
with the New York
Stock
Exchange firm of Bernard Aronson & Co, in their bond department.
—Falvey, Waddell & Co., Inc., investment bankers, announce the open¬
ing of a Buffalo office under the management of Howard F. Hamlin.
3820
Financial
Quotations
New York
Bid
a3s
Jan
1 19771 1975
101
1
a3*s July
</3*s May
New York Trust
City Bonds
Bid
102
a4*s Mar
1 1964
114* 115 *
1
115 M
1954..
104* 105*
«4*s Apr
03*8 Nov
1
1954
1
1960.
104* 105*
104* 105*
a3*s Jan
15 1970
104* 105*
100
107*
110* 111*
110* 111*
110* 111*
1
15 1976
a4*s Nov
15 1978
a4*s Mar
Par
Italians^ 100
Fulton
1 1981
Guaranty
Bankers
Bronx
118
10
County...
-7
H7H 118*
117 %
118*
Central Hanover
118
1 1977
Brooklyn
119
Cehmical Bank 4 Trust. 10
a3*s July
1
1975
a4s
May
1
1957
a4s
Nov
1
1958
a4s
a4*s Mar
1 1963
a4s
May
May
119J4 120
11734 118*
118* 11934
1
1977
113* 114*
«4*s June
1 1965
119
a4s
Oct
1
1980.
114* 115
«4*s July
1 1967
119* 120*
1
1960
114
a4*s Dec
15 1971
1 1979
Ask
270
335
340
io
16*
15*
100 1750
25
1850
48*
44*
20
M anufacturers
12034 121*
a4*s Dec
100
...
225
100
Irving
Kings County
Lawyers
116 X
Bid
100
Bk of New York 4 Tr_.100
117
1974..
«4*s Feb
a4*s Jan
Comm
Banca
116* 11734
1966
15 1972
a4*s June
a3*s Mar
Companies
Par
Ask
a4*s Apr
98*
June 5, 1937
Over-the-Counter Securities—Friday June 4
on
Ask
97*
Chronicle
1
a4*s Sep.
a4*s Mar
1959
115
114* 115*
1 1962
a4*s May 1 & Nov 1 1957
122
Clinton Trust
50
Colonial Trust...
25
20
Preferred
20
New York
Continental Bank 4 Tr.10
50*
130
94
Corn Exch Bk 4 Tr
120
55*
52*
53*
25
20
Title Guarantee 4 Tr_..20
Underwriters
100
Empire
10
United States
133
14*
13*
104
..100 1775
1825
12334
Chicago Bank Stocks
Par
New York State Bonds
Bid
3a 1974
Ask
Bid
62.55 less
3s 1981
1
62.60 less
,
Canal A Highway—
5s Jan 4 Mar 1964 to '71
1
62.85
mmm
131*
m mm
131*
mmm
Can 4 High Imp 4*s 1965
129
mmm
Port of New York
Bid
ar
Gen 4 ref 3d ser
Gen 4 ref 4th
106* 107*
104
3s. 1976
ser
33 1-3
4 Trust
62.10
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
124*
Barge C T 4s Jan '42
110*
A '46
265
135
...100
Harris Trust & Savings. 100
Northern Trust Co
100
295
Bid
Ask
313
318
445
470
735
775
139
Barge C T 4*s Jan 1 1945
.
*m
124*
mmm
mmm
114
Hartford Insurance Stocks
BOUGHT—SOLD
Authority Bonds
Bid
Ask
105
101* 102*
98*
99*
1939-53
J&J 3
Holland Tunnel 4*s ser E
1937-1941
MAS
1942-1960
M&S
Inland Terminal 4*s ser D
1937-1941
M&S
George Washington Bridge
4*s ser B 1940-53.M N
110
111*
1942 1960
M&S
104 * 105 *
61.00
QUOTED
Members New York Stock Exchange
i
8
2.10
CENTRAL ROW
HARTFORD
(
111* 112*
61.50
—
PUTNAM & CO.
Bayonne Bridge 4s series C
1 1975-
3*s '65
3*s '76
ser
4*s April 1940 to 1949.
Par
First National
100
4 Trust
Continental Illinois Bank
World War Bonus—
Ask
Port of New York—
Gen 4 ref 2d
Ask
Highway Improvement—
Highway Imp 4*s Sept '63
Canal Imp 4 *a Jan 1964—
Gen 4 ref 4s M
Ask
Bid
American National Bank
Tel. 6-0151
A. T. T. Teletype
Hartford 36
—
2.60
107* 109
Insurance
Par
Aetna Cas 4
United States Insular Bonds
Surety
Aetna Fire
10
..10
Bid
Companies
Ask
Par
90
94
Home
46*
48*
30*
Home
Bid
5
Fire
34*
10
Security
4*
Ask
36*
5*
19*
8*
Bid
Feb
Atk
Honolulu 5s
63.50
3.00
107
U S Panama 3s June 1 1961
115* 117*
105
107
Govt of Puerto Rico—
100* 102
1952
5*8 Aug
1941
Hawaii 4 *s Oct 1956
4 *s
108* 111*
....
5s
111
114
115
116*
d3.75
July 1958
July 1948
3.50
111
108
Conversion 3s 1947
111
109
U S conversion 3s 1946
112*
111
Bid
3s 1956 opt
1946
101
101
-M&N
101
3*8 1955 opt 1945- .MAN
4s 1946 opt 1944
...
102* 102*
109* 109*
J&J
opt 1937-.-.MAN
4s 1958 opt 1938
84
86
Importers 4 Exporters_..5
10
22
23*
Ins Co of North Amer... 10
64*
66*
5
38*
41*
Knickerbocker
5
16
18
10
16*
18*
Lincoln Fire
5
4*
12
13*
Maryland Casualty
1
5*
4*
6*
10
40*
42*
Mass Bonding 4 las. .12 *
57*
60*
10
27*
29
Merch Fire Assur
48
51
25
53*
55*
Merch 4 Mfra Fire New'k.5
11*
10
28*
30*
National Casualty
National Fire
10
17
19
10
61
63
American Equitable
American Home
American of
Newark...2*
Re-Insurance
M&N
.
2 *
Bankers 4 Shippers
Bid
4s 1957
29
25
Baltimore Amer
Ask
101*
101*
101*
10
Agricultural
American
Federal Land Bank Bonds
3s 1955 opt 1945.......J&J
3s 1950 opt 1940— -J&J
Aetna Life
American Reserve
Bid
101*
105
1959
4*s July 1952
5s
April 1955...
5s
Ask
100
4s 1946
4*s Oct
American Alliance
American Surety
Automobile
Philippine Government—
Ask
101 *
101*
102* 103
101* 101*
103* 104*
7
25
97
.100
Boston
638
Camden Fire
—
5
19*
Carolina
10
23*
City of New York
10
24*
Connecticut Gen Life—10
34*
Continental Casualty
4*s 1957 opt Nov 1937
4*s 1958 opt 1938..M&N
5
25*
2 *
4*
Eagle Fire
Employers Re-Insurance 10
Excess
Joint Stock Land Bank Bonds
5
Federal
45
5*
Atlanta 5s
100
Atlantic 5s
100
Burlington 5s
52
California 5s
100
Chicago 5s
/5*
Dallas 5s
Bid
Ask
—
—
m
94
First Carolinas 5s
!
95
100
mmm
mmm
Mississippi-Tennessee 5s..
100
mmm
New York 5s
North Carolina 5s—
99* 100*
99* 100*
Ohio-Pennsylvania 5s
99* 100*
95*
Oregon-Washington 5s
62
98*
Pacific Coast of Portland 5s
m
6*
Fire Assn of Phila
10
Fireman's Fd of San Fran25
Maryland-Virginia 5s
m
122
66
San Antonio 5s
100
Greenbrier 5s
100
Greensboro 5s
100
Illinois Midwest 5s
85
Southwest 5s
100
97
99
Kentucky of Lexington 5s.
100
—
99
101
87
100
Seaboard Surety
10
Security New Haven
10
59*
Springfield Fire 4 Mar._25
Stuyvesant
5
2d preferred
87
91
5
25
26*
Sun Life Assurance
100
640
690
9
10
Travelers
100
460
470
26*
34
U S Fidelity 4 Guar Co..2
U S Fire
4
22*
52*
70*
72*
U S Guarantee
53
56
58
60
Westchester Fire
34*
36*
25
32
10
...10
Union of Detroit 5s
mm
10
23*
54*
2.50
mmm
99* 100*
100
Virginia-Carolina 5s
Virginian 5s
...
100
mmm
101
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos Inc—
All series 2-5s
1953
Bid
40
Atlantic
Dallas
Denver
Ask
Par
Bid
14
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Series B 2-5s
Potomac
52
North Carolina
...100
32
70
75
Pennsylvania
—
100
21
25
Cont'l Inv Bd Corp 2-5s '53
76
14
18
Potomac
61
64
Contl Inv DebCorp 3-6s '53
42
58
63
San Antonio
47
52
12
16
Virginia
First Carolinas
100
Fremont
100
1*
3
Lincoln
100
6
...100
Virginia-Carolina..
.
...100
50
Debenture
3-6s
1953
45
48
Issues
1*
1945
46
50
Corp 2-5s'55
Co of Md
35
1953
79
Inc 2-5s
FIC l*s...Sept
15 1937 6
FlCl*s—Aug
16 1937 6
—
FICl*s—Oct
FIC l*s
Nov
15 1937 6 .65%
15 1937 6 .70%
151937 6' .75%
FICl*s.—Dec
l*s—July
.50%
.50%
.60%
15 1937 6 .80%
I ! 11 11
11
•
a
73
42
35
Bid
Bid
126* 128*
166
112* 114*
60
40
46
*
98
101
Int Ocean Telegraph
100
Mtn States Tel A Tei--100
97
Merchants Bank
100
100
125
National Bronx Bank...50
50
Chase
.13.55
51
53
National Safety Bank. 12 *
19
21
12*
45
47
Penn Exchange..
10
12*
14*
Commercial National-.100
193
199
Peoples National
50
60
76
Fifth Avenue
970
1010
Puoilc National
25
43*
First National of N Y..100 2135
2175
Sterling Nat Bank 4 Tr.25
36*
45*
38*
Trade Bank
30
33
36
53
New England Tel A Tel. 100
New York Mutual Tel.100
Bid
Ask
120
122
25
28
169
Franklin Telegraph
Klngsboro National—100
72
95
43
Par
119* 121*
100
Emp A Bay State Tel.. 100
35
66
1953
Ask
J) com.*
115"
33
42
Mortgage
Telephone and Telegraph Stocks
84
Bensonhurst National... 50
Bond A
Unified Deben Corp 5s 1955
45"
Cincin & Sub Bell Teiep.50
Cuban Telep 7% pref.-lOO
Bank of Yorktown..60 2-3
1953
70
Atlantic
deb 3-6s.
Ask
Bank of Manhattan Co. 10
1953
Realty
Realty
Bell Telep of Pa prcf—100
Par
45
ture Corp 3-6s
Bell Telep of Canada.. 100
Ask
42
1953
Deb Corp 3-03
/32
Par
Bid
45
Potomac
Am Dist Teleg (N
Preferred
New York Bank Stocks
45
42
3-6s
Nat Bondholders part ctfs
(Central Funding series)
6
73
42
Potomac Maryland Deben¬
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s_1953
Ask
1953
38
2-3s_
65
Intermediate Credit Bank Debentures
Bid
)2-5s
75
(all
Potomac Franklin Deb Co
Empire Properties Corp—
Interstate Deb
Ask
1954
Corp
Potomac Cons Deb Corp—
3-6s
1953
45"
Mortgage Bond
Bid
Bond
Potomac Deb Corp 3-6s '53
mmm
8
1
Ask
52
55
18
New York
...100
Bid
Nat Union Mtge Corp—
Series A 3-6s
...1954
78
Ask
50
48
Des Moines
Ask
81
Arundel Bond Corp 2-5s '53
Par
Atlanta
Par
33
..15
Bid
F I C
31
35*
36*
117* 120*
8*
9*
Great Amer Indemnity...1
Halifax Fire—
10
Great American
Hartford Steam Boiler.. 10
Joint Stock Land Bank Stocks
FIC1*S—June 15 1937
12
200* 205
10*
12*
'
La Fayette 5s
Federal
10*
5
25
Tennessee 5s
Illinois of Monticello 4*s.
Iowa of Sioux City 4*s.__
85
/23
8*
25*
24*
44*
21*
Hartford Fire..
Southern Minnesota 5s
87
7*
23*
23*
10
(Paul) Fire—..10
19*
Hanover Fire
30
19*
37*
87
56
mmm
/27
86
17*
35*
42*
mmm
St Louis 5s
82
Seaboard Fire 4 Marine.-6
100
23*
101
10
St Paul Fire 4 Marine..25
100
97
25*
27*
128* 132*
130
134*
5
.
Roasia
Pennsylvania 5s
84
10
Providence-Washington
27
Pac Coast of San Fran 5s—
80
Fremont 5s
25
Preferred Accident
28
5
mmm
Natlonal.25
42*
5
100
Northwestern
25
Glens Falls Fire
Potomac 5s
12.50
...2.50
26
Globe 4 Rutgers Fire... 15
104
2
Northern
North River
39*
Globe 4 Republic
102
New York Fire
General Reinsurance Corp5
Georgia Homo
10
Gibraltar Fire 4 Marine. 10
mmm
Fletcher
47*
49*
Revere
mmm
107* 109
35
45*
47*
20*
Republic (Texas)
«
.
33
10
Reinsurance Corp (N Y)_2
100
Phoenix 5s
85
9*
127* 131*
13*
14*
10
Phoenix
73
8*
13*
20
Pacific Fire
70*
6
New Hampshire Fire
New Jersey
43
125*
18
New Brunswick Fire
21*
25*
25*
36*
27*
4*
47*
6*
11*
100
101
2
33*
100
100
Chicago 4*s
3*s_.
20
10
Pac Coast of Salt Lake 5s..
First Trust of
New Amsterdam Cas
30*
Pacific Coast of Los Ang 5s
99* 100*
99* 100*
—
First Texas of Houston 5s.
648
2
5
97
■»
100*
National Liberty
National Union Fire
8
5
101
-
5
com
Firemen's of Newark
95
96*
10
Franklin Fire
100
First of Fort Wayne 4 *s—
First of Montgomery 5s
First of New Orleans 5s
93
mmm
'
100
Denver 5s
Lincoln 5s
Ask
41
Fidelity 4 Dep of Md—20
Bid
10
Homestead lire
87
---
Pac A Atl Telegraph
Peninsular Telep com
Preferred A
25
*
19
21
26
28
100
108* 111
100
112
37
City (National)
Flatbush National
100
100
37
42
12*
65
Gen Telep Allied
50 preferred
100
Rochester Telephone—
$6.50 1st pref
So A Atl Telegraph
25
Sou New Engl Telep.-.100
Corp—
139
—
143
^
S'western Bell Tel pref. 100
Wisconsin Teiep 7 % pf.100
21
115
24
150* 158*
118
120
114
110
For footnotes see page 3822.
SSSdhk
Volume
Financial
144
3821
Chronicle
Quotations on Over-the-Counter Securities—Friday June 4—Continued
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
3osepb talker $ Sons
Excbangt
Mcrnbtrt 7i_rw York Stork
Dealers in
120 Broadway
QUOTED
.
Monthly
Members
Bulletin
e. sloane &. co.
john
Tel, REctor
GUARANTEED
NEW YORK
SOLD
.
Earnings and Special Studies
on
Request
York
New
41 Broad St., N. Y.
Dealers
Security
HAnover 2-2455
-
-
Association
Bell Syst
Teletype NY 1-624
2-6600
STOCKS
(Since1855,
Railroad Bonds
Guaranteed Railroad Stocks
Bid
(Guarantor in Parenthesis)
Dividend
Par in Dollars
Asked
Bid
Alabama & Vlcksburg (Illinois Central.
100
6.00
95
100
100
10.50
175
180
104
107
100
6.00
50
2.00
40
43
8.75
131
133
100
8.50
135
-100
2.85
54
57
Carolina Clinchfleld & Ohio (L & N-A C L) 4%„ -100
4.00
97
100
5.00
98
101
-100
5.00
100
104
50
3.50
85
88
50
2.00
49
51
25
2.00
44
47
Boston &
Albany (New York Central)
Boston & Providence (New Haven)
—
Canada Southern (New York Central)
Common 5% stamped
—
—
Cleve Cinn Chicago & St Louis pref (N
Y Central)
Cleveland & Pittsburgh (Pennsylvania)
Betterman stock
Delaware (Pennsylvania)
Fort Wayne & Jackson pref
5.50
88
10.00
190
195
-100
4.00
66
70
—
50.00
1000
100
Michigan Central (New York Central)
3.875
--50
Western)
New York Lackawanna & Western (D L & W)__ -100
50
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
60
Oswego & Syracuse (Del Lack & Western)
Morris & Essex (Del Lack &
88
98%
4.00
60
64
4.50
65
69
100
43
41
1.50
3.00
82
7.00
160
165
100
7.00
175
180
100
6.82
6.00
& 99
1133
102
138
3.00
t
67
71
Preferred
Rensselaer & Saratoga (Delaware & Hudson)
(Terminal RR)
St Louis Bridge 1st pref
Second preferred
100
—
6.00
Tuone RR St Louis (Terminal RR)
United New Jersey RR & Canal
*
__
135
—100
10.00
1242
247
100
(Pennsylvania)
6.00
88
92
UtlcaChenango & Susquehanna (DL&W)
-100
Valley (Delaware Lackawanna & Western)
Vlcksburg Shreveport & Pacific (Illinois Central) - -.100
5.00
100
5.00
50
3.50
50
3.00
Preferred
Warren RR of N J (Del Lack & Western)
West, .Tfirsftv A' Sea Shore (Pennsylvania)
.
82
85
85
52
W| 62
65
*
m
..April 1, 1943
104
105
66
70
1942
83
86
Prior lien
4%s
1944
86
88
Convertible 5s
1940-45
96
97%
1st 4}*s
101
Buffalo Creek 1st ref 5s
1942
87%
Choctaw & Memphis 1st 5s
1952
66
69
98
100
Western 1st 5s
Cleveland Terminal & Valley lst4s___
1995
93
95
Georgia Southern & Florida 1st 5s
1945
66
68
Goshen & Deekertown 1st
1978
98
Hoboken Ferry 1st 5s
1946
86
Kansas Oklahoma & Gulf 1st 5s
1978
102
Little Rock & Hot Springs Western 1st 4s
1939
/25
Long Island refunding mtge 4s_
1949
102
Macon Terminal 1st 5s
1965
102
Maryland & Pennsylvania 1st 4s
1951
65
72
Meridian Terminal 1st 4s
1955
90
93
1949
45
50
5%8
1946
68
72
3%s
1966
92%
94
1951
64
66%
1945
87
89
1957
90
93
1951
93
Portland RR 1st
3%s
Consolidated 5s
Rock Island Frisco Terminal
4}£s
St Clair Madison & St Louis 1st 4s
1955
92
97
..1955
64
68%
Southern Illinois & Missouri Bridge 1st 4s
1951
88
60%
Toledo Terminal RR
1957
109
Shreveport Bridge & Terminal 1st 5s
4s
4}* 8
Tel. DIgby 4-2800
EST. 1908
members
63.75
63.00
63.00
2.00
63.80
2.75
Bid
62.60
2.00
63.15
2.25
New Orl Tex & Mex 434s.
63.00
2.25
New York Central 4%S-.
63.00
2.25
62.25
1.50
Original preferred
*
8%
63.10
2.25
$6.50 preferred
62.60
2.00
*
*
63.85
3.00
.
63.10
2.25
63.10
5s
2.40
N Y Chic & St L 434s—
Canadian National
4%s—
5s.
434s—
NYNH& Hartf
63.10
2.40
Canadian Pacific 4}*s
63.00
2.25
63.85
3.00
Cent RR New Jersey 4%s_
62.75
1.75
Northern Pacific 434s—
62.00
1.25
Chesapeake & Ohio 5}*s—
61.50
1.00
Pennsylvania RR 434s
62.00
1.25
6%s
4%s
61.50
1.00
5s
62.75
2.00
4s serl&s
5s
62.00
1.25
5s
5s
61.50
1.00
1937-49
25*s serias G non call
62.90
2.00
Dec 1 1937-50
62.75
2.00
63.00
2.25
63.00
2.25
62.00
1.10
64.00
3.00
H6s
64.00
3.00
Pere Marquette
Chic Mllw & St Paul
64.85
4.60
Reading
65.25
4.75
4%s.
Sfos
5s
87
434s
Co 434 s
5s
90
434s
2.75
64.00
2.75
Southern
62.50
1.50
6s
62.50
1.50
•
4%s
63.00
2.25
P5s
62.50
62.00
1.25
434 s
434 s_..
P»5s
62.00
1.25
Hocking Valley 5s
61.75
1.25
4348
5s
63.10
5s
2.40
62.25
1.25
2.75
2.00
62.60
1.50
5s
61.90
1.25
534s
61.90
1.25
6s
63.00
2.25
Loulsv & Nash
434s
5s
Maine Central 5s
.
5%s
Minn St P & SS M 4s
63.00
2.25
63.75
3.00
109
Newark Consol Gas
100
118
36
37%
23 X
24%
New Eng G & E 534 % Pf-*
N E Pow Assn 6 % pref-100
73
74
87
89
New Eng Pub Serv Co—
*
81
83
55%
56%
58%
60
100
90
92%
$7 prior Hen pref
*
New Orl Pub Serv $7 pref*
New York Power & Light
preferred
7834
81
84
86
.
131
68
Central Maine Power—
7% preferred
$6 preferred
100
Cent Pr & Lt 7% pref—100
106
Maryland 4%s._
Western Pacific 5s
105
6}*% preferred B.__100
Consol Elec & Gas $6 pref.
13
15%
(N J)-100
45
50
96
97%
Consol Traction
100J4
63.50
2.50
Consumers Power $5 pref-*
2.00
Continental Gas & El—
63.10
2.25
2.00
Dallas Pr & Lt 7%
63.20
2.35
2.10
Derby Gas <fc El $7 pref--*
ESbex Hadson Gas
100
100
7% preferred
pref 100
86 34
88%
112% 114%
55
59
185
3634
3734
$6
2.25
$6.50 cum preferred
1.50
61.60
1.10
Gas & Elec of Bergen.
1.10
Hudson County
61.75
1.00
37%
38%
38}*
preferred
2.25
40
Idaho Power—
cum
$7 cum preferred
100
118
Gas.-.100
185
_
cum
98
preferred
preferred—-100
107
79%
Ohio Edison $6 pref—
$7 preferred
99%
109
97%
*
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
7% preferred
100
Okla G & E 7% pref.—100
82%
99%
108% 110%
107% 109
94
95
102
103%
102% 105
Pacific Pow & Lt 7% pf 100
Penn Pow & Lt $7 pref—
67
70
90%
92%
Philadelphia Co $5 pref.
Pub Serv of Colo 7% pf 100
69%
73
107% 109%
Queens Borough G & E—
100
1
68%
5%
71%
634
Rochester Gas & Elec—
107
$6 preferred
100
7% preferred
102
102}*
101
103
Interstate Natural Gas—*
101}*
Interstate Power $7 pref—*
108%
108
110
Illinois Pr & Lt 1st pref—*
24}*
8
26%
10
62.75
2.25
Jamaica Water Supply—
62.65
2.00
53
63.75
2.75
734% preferred
50
Jer Cent P & L 7% pf—100
92
94
63.75
2.75
Kan Gas & El 7%
pref. 100
111
113
X
Kings Co Ltg7% pref.-100
67
68
69%
80}*
81%
63 X
67%
7% preferred
Memphis Pr & Lt $7
I
7%
cum
6% preferred
Republic Natural Gas
Long Island Ltg 6% pf.100
fc For footnotes see page 3822.
$6
preferred
108%
102
99
1.00
7%
Nor States Pr $7 pref-.100
Columbus Ry Pr & Lt—
1st 6s preferred A.._100
100
-
5s
534s
105
70
100
434 s
6
35
100}*
Wabash Ry
Western
17%
112
100
61.75
5s
63.90
15}*
72
4
36
.25
61.60
5s
63.00
434s--
Mountain States Pr com—*
33
$1.60 preferred
62.25
434 s
Virginia Ry 434s
|* 5s
Internat Great Nor
16%
65
114% 115%
32
Carolina Pr & Lt $7 pref*
63.00
5s
Long Island 434s
14 34
56
67
100
El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref.*
Buffalo Niagara Eastern—
63.00
434s
Union Pacific
Illinois Central 434 s
Miss Rlv Pow 6% pref. 100
Federal Water Serv Gorp—
Texas Pacific 4s
Ask
54
Nassau <fc Suff Ltg pref. 100
Nebraska Pow 7% pref-100
$7 preferred
Atlantic City
63.00
Pacific
5s
Southern Ry
preferred
10
97
1.75
Great Northern
5}*b
$7
Bid
58
Mississippi Power $6 pref—
Mississippi P & L $6 pf-.-*
Electrtc
62.75
534s
fc
Erie RR
80
7% pref*
&
9834
St Louis Southwestern 5s—
2.75
78
Gas
63.00
5s
4%S—
H5s
*5%s
64.00
64.00
Denver & R G West
Arkansas Pr & Lt
98
St Louis-San Fran 4s
90
87
Chicago RI & Pac 4}*s—
70%
72
6%
E due
Jan & July
Chicago & Nor West 4%s.
Alabama Power $7 pref—*
Associated
Par
Ask
2.00
534s
Par
3.00
5s
1.25
2.50
3}*s Dec 1 1936-1944.
Utility Stocks
Ask
63.10
5s
Teletype N.Y. 1-1146
exchange
61.90
4}*s
ONE WALL ST., N. Y.
n. y. stock exchange
Baltimore & Ohio 4}*s
6s
66%
BmfeU Brothers
Atlantic Coast Line 4%s.
Boston & Maine
99
64
PUBLIC SERVICE CO.
Public
Bid
434 s
95
1954
6% Pfd. & 7% Pfd.
Equipment Bonds
Missouri Pacific
111
1966
4}*s
Washington County Ry 1st 3}*s
Toronto Hamilton & Buffalo
VIRGINIA
Philadelphia, Pa.
Ask
30
103%
96
Piedmont & Northern Ry 1st mtge
and n. y. curb
Bid
90
103%
New York & Hoboken Ferry general 5s
Stroud & Company Inc.
Railroad
_
Montgomery & Erie 1st 5s
Quotationa-Appraiaala Upon Requeat
New York
90
Chateaugay Ore & Iron 1st ref 4s
EQUIPMENT TRUST CERTIFICATES
Private Wire« to
100
Boston & Maine 3s
90
48
5.00
98
Prior lien 4s.
Boston & Albany
Somerset Ry 1st ref
95
fc
70%
100
1957
86
(Pennsylvania) -100
Preferred
Pittsburgh Fort Wayne & Chicago
70
98
92
5.00
—50
Pittsburgh Bessemer & Lake Erie (U S Steel)
63
60
4.00
—
68
Minneapolis St Laul & Sault Ste Marie 2d 4s.
100
92
—
Asked
68
Augusta Union Station 1st 4s
Cincinnati Indianapolis
100
(N Y Central)
Georgia RR & Banking (L & N-A CL)._
Lackawanna RR of N J (Del Lack & Western)
5}*s
Birmingham Terminal 1st 4s
Albany & Susquehanna (Delaware & Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
1945
1945
Akron Canton & Youngstown
100
pref.*I
70
100
Sioux City G & E $7 pf.100
Sou Calif Edison pref B-25
South Jersey Gas <fc E1.100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow &Lt 7% pf.100
Toledo Edison 7% pf A 100
United G & E (Conn) 7% pf
Utah Pow & Lt $7 pref.—*
Utica Gas & El 7% pf—100
Virginia Ry
100
$6 preferred C
94
95%
90
92
27
28
185
51%
53%
57
59
102
104
100% 102%
92%
90%
59
96%
167
61
98
173
3822
Financial
Quotations
on
Chronicle
1937
June 5,
Over-the-Counter Securities—Friday June 4-Continued
Securities of the
OFFERINGS
Associated Gas & Electric
S. A. O'BRIEN
System
&
American
CO.
BROADWAY, NEW YORK
HANcock 8920
Electric
Inc.
Co.,
(Maine)
Est. 1854
Teletype—N.Y. 1-1074
PORTLAND, MAINE
Tel. 2-3761
Utility Bonds
Ask
Bid
Amer States P S 5 34s. 1948
Amer Utility Service 6s '64
&
H. M. PAYSON & CO.
Direct Private Telephone between New York and Boston
Public
Works
FEDERAL ST., BOSTON
75
COrtlandt 7-1868
Bell System
Water
Consumers Water Co.
Members New York Curb Exchange
150
WANTED
First Mortgage Bonds of Subsidiaries
Hid
81
Dallas Pow A Lt 3348.1967
77
789*
Amer Wat Wks & El 5s '75
9534
97 34
Federated Utll 534s—1957
Green Mountain Pow 5s '48
Associated Electric 5s .1961
59
60
Houston Lt & Pow 3 34s '66
Assoc Gas A Elec Corp—
Income deb 334s—1978
/79
Iowa Sou Utll 5 34s—1950
Specialists in —
Ask
102 $4 103
69
70
Water Works Securities
102 M 103 M
101$* 102 M
98
Complete Statistical Information—Inquiries Invited'
100
3334
3434
Kan City Pub Serv 3s. 1951
Income deb 39*8—1978
Income deb 4s
1978
35
359*
Kan Pow & Lt 1st 4 34« '05
379*
38 34
Keystone Telep 5^s.. 1955
Income deb 434s.-.1978
Conv deb 4s
1973
43
69
Louisville Gas & El 3 34s '66
10034 101 %
Couv deb 434s
Conv deb 5s
70
72
Metrop Edison 4s ser G *«5
103 M
75
77
99M
88
Missouri Pow & Lt 39*8 '66
Mtn States Pow 1st 6s 1938
98 M
86
92
Swart. Brent & Co.
4434
67
95
4973
1973
Conv deb 534s
1973
8-year 8s with warr.1940
100
99
46
1083*
INCORPORATED
100
EXCHANGE PLACE,
40
Tel. HAnover 2-0510
.
.
Assoc Gas & Eiec Co—
Cons ref deb 434S--1958
42
45
Sink fund income 4s 1983
39
43
Sink fund Inc 434S--1983
Sink fund Income 5s 1983
43
46
46
54
68
102$* 1023*
105
106
94
95
Bid
49
Sink fund Inc 534S..1983
Sink fund inc 4-5S-.1986
Water Bonds
Narragansett Elec 334s '66
Newport N & Ham 53.1944
.
N Y State El & G
Alabama Wat Serv 5s. 1957
Corp—
4g._______________ 1905
Alton Water Co 5s
Y Utll 5s. 1955
102
North'n States Pow 334s'67
Ohio Edison 3 $48
1972
Ashtabula Wat Wks 5s '58
40
42
4334
4534
4834
5034
Okla Gas & Elec 3$*S.196G
Debenture 4s
1946
Sink fund Inc 5 34-6 34s'86
58
60
Old Dom Pr 5s May 15 '51
103 M
101
99»* 100 M
99 M
Bellows Falls Hy El 5s 1958
102
Biackstone V G & E 4s 1965
1079*
Cent Ark Pub Serv 5s. 1948
Central G A E 5$4s— .1946
1st lien coll trust 6s. 1946
Cent Maine Pr 4s
ser
G '60
10334
—
96
9734
70
72
67
69
7334
7534
Parr Shoals Power 5s..1952
93
993*
Penn Telep
Corp 1st 4s '65
Peoples L & P 534s—1941
Colorado Power 5sl-.1953
Conn Lt & Power 334s 1956
104$*
tWs
694
103
105
106 M
Pud Serv of N H 3 9*s D '60
Pub Utll Cons 5 Ms—1948
103
58 series C
1957
104
5s series B..
1954
100
-.1954
1966
1033* 104
10434 1053*
1966
101
77
80~~
96$*
97M
1st 5s series C
Ohio Cities Water 534s '53
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
102
10334
Tel Bond & Share 5s.. 1958
77
79
UtlcaGas A, El Co 5s.-1957
120
534s series B
Western Pub Serv 534s '60
103
103J4
87
89
1946
68series A.--
1946
Connellsville Water 5s 1939
Consol Water of Utiea—
434s
1958
1st mtge 5s
45
47
48
50
Wisconsin Pub Serv—
.
.
-
.
.
1st mtge 4s---——1961
92
90 34
99
10134
9934 10134
100
Prior lien 5s
1948
Phila Suburb Wat 4S--1965
103 34
10534
_
107"
92
95
73
76
Pittsburgh Sub Wat 5s *58
10134 10334
77
80
Plainfield Union Wat 5s '61
105
Richmond W W Co 5s. 1957
105
10034
Roanoke W W 5s
100 M
101
108
...
9234
1950
9434
102
93
96
Roch A L Ont Wat 5s.1938
100
102
1958
9634
99.34
St Joseph Wat 4s ser 19A'66
105
106
1053*
10234
102
Scranton Gas A Water Co
E St L & Interurb Water—
103
100
1960
1003* 1023*
1023*
5s serias A._
Water Serv 5s
10134
1961
ser
90
1967
1st A ref 5s A
Shenango Val 4s
90
__1952
9934 10134
993* 1013*
75
1977
1954
1st mtge 5s
1955
10134
5s series A._
1960
102
5s series B
1960
105
97
•V
...
'
103
109
«...
Huntington Water—
5s series B
92
78
South Pittsburgh Water—
Sprlngfi. City Wat 4s A '56
534s series B
9234
9834 100 34
B 1961
South Bay Cons Wat 5s '50
5s series B_.
1952
Hackensack Wat Co 5s '77
Markets
10034 10234
1958
Scranton-Sprlng Brook
1942
1942
Greenwich Water A Gas—
Issues
434s
---
5s series D._
-
1948
Pinellas Water Co 534s '59
5s series A
Estate
1948
1st consol 5s
.
89
9434
1950
1st consol 4s
6s series B._
Reports
1st A ref 5s
10334
10034
...
10734
9834 10034
Davenport Water Co 5s '61
.1962
Real
97 34
77
1st coll trust 43*s--1966
Peoria Water Works Co—
1009* 101
105
81
899*
Penna State Water—
...
101
76
78
879*
Ore-Wash Wat Serv 5s 1957
«...
Community Water Service
6% secured notes. .1937
Cumberl'd Co PAL 3 34 s '66
959*
1957
Clinton W Wks Co 5s. 1939
45
Wisconsin G A El 3 34s 1966
Wise Mich Pow 3 9*8-1961
95
1941
--1954
98M
47
6s series B.—
10034 102
—
73
Newport Water Co 5s 1953
103
5s series B
1951
105
534s series A
.1951
City of New Castle Water
97M
10134
1043* 1049*
5s series B
..
10534
105
5 3*s
1951
New York Wat Serv 5s '51
.
102
5s
100
1029* 1039*
1951
43
45
1962
Calif Water Service 4s 1961
Chester Wat Serv 4 34s '58
5s
Southern Boll Tel A Tel—
Western Mass Co 33*s1946
Consol E A G 6s A
1957
104
Muncie Water Works 5s '65
New Jersey Water 5s. 1950
New Rochelle Water—
105
Ask
101
Morgantown Water 5s 1965
102
City Water (Chattanooga)
Debenture 3 Ms
1962
Sou Cities Utll 5s A... 1958
3 3*s series G
.
Citizens Wat Co (Wash)—
88
102^
1029* 1033*
1069*
334s series F_._
Conn River Pr 39*8 A. 1961
104
/86
Phlla Electric 3 34s
1967
Public Serv of Colo 63.1961
Sioux City Gas & El 4s 1966
Income 5 Ms with stk *52
Cinn Gas A El 3 34s wl. 1967
-
97
98
10134 1019*
Central Public Utility-
.
Birmingham Water Wks—
534s series A
102% 103%
Pennsylvania Elec 5s. 1962
97%
Monongahela Valley Water
534s
1950
10134
Butler Water Co 5s
979*
Bid
98 34
1053*
96
98 M
Ask
9634
1956
Atlantic County Wat 5s '58
Northern"N
Sink fund lnC434-534s'86
Sink fund inc 5-6S..1986
Atlantic City Elec 33*s *64
NEW YORK
Teletype: New York 1-1073
104
10034 10134
8s without warrants 1940
44
108 M
101
.
...
Terre Haute Water 5s B *56
.
.
.
..
10134
■
...
6s
BAKER
6c CO.
150
2360
n
»,
■
1025*
1962
10434
Texarkana Wat 1st 5s. 1958
10234
10134 103
Union Water Serv 534s '51
W Va Water Serv 4s.. 1961
101
101
99
107
99
101
95
98
Illinois Water Serv 5s A '52
INCORPORATED
BArclay 7
1951
5s
AMOTT,
1st mtge 334s
Broadway, N.Y.
ny
1-588
1966
.1958
—
5s series B
96
Joplin W W Co 5s
Alden
1st 6s--.Jan 1
1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 2s. .1956
B'way & 41st Street—
Certificates
Ask
Bid
43 34
/4034
4934
/4534
Ask
Metropolitan Corp (Can)—
6s
1947
35
42 34
Mutison Bldg 1st 63*3.1939
N Y Athletic Club—
-.1948
6334
66 34
Chanin Bldg Inc 4S---1945
60 34
6434
1st mtge 2s stmp A reg'55
1st & gen 6s
1946
104 34
1957
Kokomo W W Co 5s.-1958
Lexington Wat Co 534s '40
Long Island Wat 5 34s. 1955
Middlesex Wat Co 534s '57
Monmouth Consol W 5s '56
...
105
...
.1950
1st mtge 5s
1951
1st mtge 534s
--.1950
Westmoreland Water 5s '52
100 34
5s series B.
102
1956
101
5s series C
...
—
"
...
10134 10334
I960
104
6sseries A
105"
963*
...
Wichita Water—
99
103 34
104
•
-.--.-1949
104
W'msport Water 5s
102
1952
m:m-m.
-
...
...
104
Metropol Playhouses Inc—
/3934
99
99
10134
104
1949
Western N Y Water Co—
Indianapolis W W Securs—
5s--
Hid
...
993* 1003*
Interstate Water 6s A. 1940
Real Estate Bonds arid Title Co. Mortgage
6s series A
'
Indianapolis Water—
Bell System Tel.
v,
-»
99
1st leasehold 6$*s—1944
Broadway Motors Bldg—
6s stamped.
Chesebrough Bldg 1st 6s '48
32
S f deb 5s
6734
6134
Court & Remsen St Off Big
1st 6s
Apr 28 1940
Dorset (The) 1st 6s. -.1941
East Ambassador Hotels—
1st Aref 5$4s
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended—
50 Bway Bldg 1st 3s inc '46
5934
7934
82 34
79
82
/54
56
37 34
Nov 1947
/4934
/52 34
«...
...
-
.
.
/3934
...
100
33
/H
13
66
69
/48
52
107
/io
1334
Kobacker
7134
84
7%
2nd mtge 6s
1951
103 E 57th St 1st 6s.-.1941
H9134
1173
67 34
54
/61
54
.
6634
69
London Terrace Apts 6s '40
48 34
979*
5134
Ludwig Bauman—
1943
income
Realty ext 1st 534S-1945
...
1945
1956
3s with stock
79*
99*
Reeves
United
(Daniel) pref--.100
9834
Cigar Sts 6 % pf
29
New
92
New
Bid
100
6% pref ctfs
24
100
preferred
109*
20
86
.
29
common
31
31
19*
134
preferred
*
_
53
67
...
...
Sugar Stocks
Cuban Atlantic
Sugar
/5834
6034
/54
22
25
28
1
2334
20
1
37
40
Par
Hid
Haytlan Corp Amer
*
Savannah Sug Ref com
1
West Indies Sugar Corp..!
lH
355*
56
/21
/21
423*
Ask
10
Eastern Sugar Assoc
Preferred
8H
Miscellaneous Bonds
2334
Bid
4534
...
...
/2534
28
6s '37
483*
3534
3934
/57 34
6934
Syracuse Hotel (Syracuse)
1st 6 34s
Oct 23 1940
32 34
...
[9634
River Bridge 7s.. -.1953
Federal Farm Mtge Corp—
953*
Bid
134s
Sept 1 1939
/7234
1938
2s
105
15 1937
Aug
15 1938
1013* 1019*
134s
103
Aug
June
1 1939
1005,6 100'332
ioo3,6 1005,6
1009J2 10094
Journal of Com 634s_-1937
85
Reynolds Investing 5s. 1948
Triborough Bridge—
923*
100716 1009,6
7534
463*
13*s
Federal Home Loan Banks
134s
1958
WalbrldgeBldg (Buffalo)—
1st 6 34s
Oct 19 1938
1st fee A leasehold 4s '48
.
.
-
943*
483*
4s s f revenue 1977.A&0
*
Trinity Bldgs Corp—
1939
4s 1941
Ask
Home Owners' Loan Corp
10394 10334
4s serial revenue 1942-68 b
Textile Bldg—
1st 3-58 (w s)
2 Park Ave Bldg 1st
AsA
949*
Bear Mountain-Hudson
...
63
/2534
8834
66
/7534
No par value,
a
Interchangeable.
7934
6
Basis price,
/ Flat price,
w i When issued,
x
Ex-dlvldend.
Curb Exchange,
z Ex-stock dividends.
t Now listed
on Now York Stock
t Quotations
29
Westlnghouse Bldg—
94
69*
*
56
616 Madison Av 1st 6 34s'38
1st 534s
—
*
Stores
7134
Realty Assoc Sec Corp—
3-59*s deb inc (ws).1956
.
963*
3034
42
105 34 107
-
61 Bway Bldg 1st 534s 1950
7034
7034
*
common
Co—
60 Park PI (Newark)
'
1947
(Bklyn)
1942
(LI)
1936
Majestic Apts 1st 6s__1948
Metropolitan Chain Prop—
6s
1948
C)
Associates Invest 3s. -1946
52
1st 6 34s
..
Sherneth Corp—
/49 34
1st 6s
18
37
6 34% preferred
100
Murphy (G C) $5 pref. 100
119*
14
(I) Sons common..*
Par
7%
87
Apr 15 1937
Lincoln Bldg inc 5 34s. 1963
Loew's Theatre Rlty Corp
1st 6s
$2.50 conv pref
1 Park Avenue—
1st fee & l'hold 6 3*s. 1940
64 34
m
Ask
113*
Savoy Plaza Corp—
70
52
Miller
H) 6% pref
5734
Roxy Theatre—
6134
67
Bid
Par
Kress (S
36
104
5s
Lewis Morris Apt Bldg—
6 34s
369*
100
1st 6s—Nov 6 1935-1939
Lefcourt Manhattan Bldg
1st
14 34
36
preferred
6s
1950
139*
*
Diamond Shoe pref
Flshman (M H) Co Inc
534s double stpd—1961
1st 4-5s extended to 1948
*
2834
Oliver Cromwell (The)—
1st 6s.
Nov 15 1939
Fox Theatre A Off Bldg—
Hotel St George 4s
Blckfords Inc
4
33*
/2434
July 7 1939
Prudence
Hearst Brisbane Prop 6s '42
14
103
Bohack (H
78
Hotel Lexington 1st 6s 1943
Ask
12
95
48
75
1951
Bid
.*
100
preferred-
B/G Foods Inc common..*
(Pldla)
1939
Oct 1 1941
deb 6s
1944
1949
Graybar Bldg 5s
1946
7%
/45
5 34s series Q—
19th & Walnut Sts
1st 6s
1400 Broadway Bldg—
534s unstamped
Borland Shoe Stores
44
42 Bway 1st 6s
Harriman Bldg 1st 6s.
2834
/26
9934 102
62
165 Bway Bldg 1st 534s '51
Fuller Bldg
Par
/4034
/57 34
6534
6 34s
Chain Store Stocks
29
/59
6234
1st
/27
5 34s series BK
534s series F-l_
1958
stamped..,1948
68
379*
Co—
40 Wall St Corp 6s
1st 634s
66
/363*
534s series C-2
/5634
33 34
/31
/7 34 934
6 34s unstamped
1949
52d A Madison Off Bldg—
Film Center Bldg 1st 6s '43
N Y Eve Journal 63*8.1937
N Y Title A Mtge
500 Fifth Avenue—
6s
1945
per 100 gold rouble
y
d Coupon,
Now
selling
on
2.65
e
3.90
Ex-rights'
New York
Exchange.
bond, equivalent to 77.4234 grams of pure gold.
U Quotations for One Park Avenue
were
previously reported incorrectly.
Volum•
Financial
144
Quotations
3823
Chronicle
Over-the-Counter Securities—Friday June 4
on
Continued
-
Industrial Stocks and Bonds—Continued
Merck & Co. Inc.
Climax
Molybdenum Co.
Amer. Dist. Tel.
*
22%
7% preferred
-.100
Young (J S) Co com.-.100
7% preferred
100
88%
5
25
14
14%
York Ice Machinery
42%
43%
15
16
11
12
100
.
303
308
6%
American Tobacco 4s. 1951
106
148% 154%
Am Wire Fabrics 7s.. 1942
95
Chicago Stock Yds 5s. 1961
Cont 1 Roll A Steel Fdy—
96
99
1940
98
100
5%
Worcester Salt
14
15
33%
35%
1st conv s f 6s
Established
Members New
115
York
Tubize Chatillon
15
pf. 10
100% 104%
4%
Security Dealers Association
Preferred
1 %
conv
100
Industrial Stocks and Bonds
7%
American
Arch
American
Book
*
—
42
45
.100
64
67
103
108
Gair
cum preferred—100
American Hardware
25
*
13%
14%
—*
39
41
Garlock Packing com
*
Gen Fire Extinguisher.-.*
60
23%
35
38
Preferred
American Hard Rubber—
8%
(Robert) Co com
36%
37%
*
19
22
Golden Cycle Corp
Good Humor Corp
American Mfg 5% pref.100
American Republics com.*
82
86
Graton A Knight com
Amer Maize Products
10
1
*
18%
48%
27%
49%
Great
Beneficial Indus Loan pf.*
51
52%
Kildun Mining
-.100
22
24%
30
33
Lord A Taylor corn
10
6
1st preferred
Burdines Inc common
9%
72
48%
190
1946
/57
80
preferred
63
90
98%
107
109
1952
98
99
Products
Textile
1st 6%s
32%
assented
Wells
98%
1942
/28%
30
Tltusvllle
1943
6%s
104%
17%
18
Wilson & Co conv 3%b
1947
101
26
28%
Wltherbee Sherman 6s 1944
/52
4%
5%
56
Woodward Iron—
103%
119% 124%
1962
10%
11%
1st 5s—
29
10
205
'
1945
Struthers
Willys Overland Motors.. 1
6%
1939
Simmons Co deb 4s
101
12
98
101% 102%
1952
Standard
4
3%
$7 1st preferred
100
Wlckwire Spencer Steel
WUcox-Gibbs common. .50
29
93
Scovlll Mfg 5%s
38
White Rock Min Spring—
47
l^iwreoce Portl Cement 100
*
Hotels
Bowman-Blltmore
t c 1
62
68
Paper..25
com v
preferred
cum
88
/26%
Panhandle Eastern
106%
30
40
31
2d conv Inc 5s
102
43
1
Lawyers Mortgage Co. .20
Northern
$3
100% 101%
99 % 100%
Pipe Line 4s
104
*
8
Great Lakes SS Co com..*
28%
100
100
f86
58—1946
Conv 6s
22
36
Pap com
Preferred
West Dairies Inc
Kopper Co 4s ser A—1951
(Glenn L)—
107
100
24%
10
100
Preferred
*17 %
Art Metal Construction. 10
Andlan National Corp.-.*
Ask
Bid
19
91%
126
1948
N Y Shipbuilding
45%
*
preferred.
West Va Pulp A
Far
Ask
1955
1937
Nat Radiator 5s
preferred
24
105
Martin
16
13%
Welch Grape Juice com..5
Bid
16%
1%
14%
Warren Northam—
$3
1st 3%s
Deep Rook Oil 7 s
Conv deb 6s
United Merch & Mfg com *
United Piece Dye Works.*
Tel. BArclay 7-0700
Cudahy Pack conv 4s. 1950
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
5%
United Cigar Stores—
See Chain Store stocks—
Bell System Teletype NY 1-1493
Far
16%
42%
41
*
cum
United Artists Theat com *
1920
Broadway, N. Y.
*
common
Trlco Products Corp
95
61
Bonds-
Taylor Wharton Iron &
Bristol & Willett
31
5
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
Steel
Ask
29 %
56
49
4
100
Singer Manufacturing.
Singer Mfg Ltd
Standard Screw
Bought—Sold—Quoted
10
100
com
46
*
Simplicity Pattern
Co., Com. & Pfd.
Woodward Iron
*
1
Scovlll Mfg
Skenandoa Rayon Corp
Lawrence Portland Cement Co.
Bid
Par
Ask
Bid
Fur
Publication Corp com
Remington Arms com
Rome Cable Corp com..
2
Corp
2%
1%
%
1962
3822.
240
100
2d 8% pref erred—...100
For footnotes see page
40
38
100
WJR The Goodwill Station
—
110
*
Chilton Co
Climax
common
*
Molybdenum
Columbia Baking com
51
cum
48%
*
preferred
6
Class
*
B...
Crowell Pub Co common
57
Dictaphone Corp
Preferred
53%
100
100
3%
National
56
67
35%
100
71
Follansbee
United
117
96
15%
16%
*
44
Bros.
Cigar Stores
Casket
Preferred
111
Nat Paper & Type
5%
118%
com...*
100
preferred
.100
62
€6%
33
36
83
Preferred 6%%
Incorporated
42
....
8%
10%
27
29
New York
Broadway
Bell System Teletype NY 1-2071
Telephone DIgby 4-6600
New Haven Clock—
80
*
New Britain Machlno
Douglas Shoe preferred. 100
Draper Corp
....*
Morton Lachenbruch & Co.
48
*
Muskegon Piston Ring
4%
62
11%
66%
36%
Voebrlnger
6%
Preferred
52
*
.
preferred
Mock Judson A
49
108%
59
63%
115
Woodward Iron
---
9%
1
Merck A Co Inc com
55%
47
*
.100
Dennlson M fg class A—10
Dentists' Supply Co of N V
Devoe A Raynolds B com *
preferred
56
...
120
♦
*
com
Preferred
19
54
Columbia Broadcasting A *
6% preferred
Macfadden Publlca'n
8
16%
*
1st
7%
49%
Dixon (Jos)
Crucible
.
Federal Bake Shops
*
6%
Northwestern
7%
30
20
22
Norwich
Follansbee Bros pref... 100
30
35"
Ohio
Preferred
shares
95
100
75
78
.5
37
39
*
20
25
—
—
*
*
3%
3%
Ohio Match Co
4%
5%
Pathe Film 7% pref.. — *
Petroleum Conversion—1
..
38%
36%
100
Yeast
Pharmacal—
Leather common
.*
Foundation Co For shs.
American
100
9%
93
WICKWIRE SPENCER STEEL
10%
96
1%
New Common—Warrants
1H
£xpSiedA [jccfian^b
62 Wall Street,
Tennessee Products Common
Pittsburgh Stock Exchange
Members
New York Curb Exchange (Associate)
120 Broadway,
Tel.
Y. 1-1642
& CO.
EDWARDS
S.
H.
New York City
A. T. & T. Teletype N.
HAnover 2-3080
PENNSYLVANIA
New York
INDUSTRIES, Inc.
Units
Teletype N. Y. 1-889
REctor 2-7890
Union Bank Building, Pittsburgh
ROBINSON, MILLER &, CO.
INC.
N^gJ
uSSfffsa 52 William Street, N.Y.
Diamond T Motor Car Co.
Bought, Sold & Quoted
Prospectus
upon
QUAW &
request
FOLEY
30
Broad
St.,
Earned $1.70
Cumulative pfd.
per
share
quarter 1937.
Listing approved
for the N. Y. Stock Exchange
in
Hanover 2-9030
N. Y.
Gair $3 Pfd.
Robert
Members New York Curb Exchange
1st
Bot.
Approx. Mkt.
39-40 Sold
LANCASTER & NORVIN GREENE
CLIMAX MOLYBDENUM COMPANY
Incorporated
30
C.
61
UNTERBERG
E.
Members
BROAD
CURRENT
BOwllng Green 9-3566
Teletype N. Y
—Clement, Curtis & Co.,
1-1666
NOTICES
members of the principal stock and commodity
exchanges announce the admission into
Harvey T. Hill and Douglas B. Bagnell.
CURRENT
a
general securities business with offices at J. R. Williston & Co., 115
Broadway, N. Y.
Partners of the new firm are William S. Sagar, Walter F.
Seeholzer, both members of the New York Stock Exchange, and Frank A.
Pavis.
Mr.
Sagar was until recently in business as an individual broker,
prior thereto having
holzer
was
been
a
partner in J.
previously a partner of J.
R. Williston & Co.
Mr.
See¬
R. Williston & Co. and Mr. Pavis
Manager of their bond trading department.
—Jenks, Gwynne & Co., 65 Broadway, N, Y., members New York Stock
which contains a list of ten companies
common
Outlook"
whose capitalization consists only of
stock, which have shown no deficits for a ten-year period, have paid
dividends in each of those years, display favorable earnings trends and have
no
funded debt or bank loans.
Towne, Inc.,
as a
Stock Exchange, announce
Vice-President of Van Strum &
general partner in charge of their investment department.
of the
Chicago
Chicago
Board of Trade.
President
of the
executive
Vice-President of the Chicago
Clement, Curtis &, Co., was
entitled
a
40 Wall St., N. Y., has prepared for dis¬
pamphlet containing a reprint
—Bioren & Co.,
members of the Philadelphia and New York Stock Ex¬
Harvey L. Burton, formerly with Blyth & Co.^
—C. B. Richard & Co.,
Exchange,
association with
of Sir Henry Strakosch's letter
which recently appeared in the London Times.
"Price of Gold"
changes, announce that
Stock
Stock Exchange.
established in 1902 and is one of the largest
with headquarters in Chicago.
—G. L. Ohrstrom & Co., Inc.,
tribution
Mr. Boylan,
Stock Exchange, was a former
Mr. Hill until recently was
of Trade Clearing Corp.
Board
the firm on the New York
has become associated with them as
—L. S. Kerr & Co., members of the New York
the admission of Paul T. Brady, formerly
President
who now represents
stock brokerage houses
Exchange, are distributing the current issue of their "Market
their firm as general partners of
Association of Mr. Hill and Mr.
of Clement, Curtis partners to ten, including,
in point of seniority, Allan M. Clement, Arthtir C. Groves, Arthur F.
Lindley, Arthur A. Clement, John G. Curtis, Irving E. Marcus and Joseph
R. Kessler.
Mr. Lindley, in addition to being a partner, was also formerly
Bagnell will increase the roster
NOTICES
—Announcement is made of the formation of W. S. Sagar & Co. to con¬
duct
Bell Tele. N. Y. 1-1786
& CO.
f New York Security Dealers Association
j Commodity Exchange, Inc.
Broadway, New York
HAnover 2-0077
STREET
Sales Manager of their bond
department]
founded in 1847 and members of the New York
have commemorated June 1, the 50th anniversary of the
them of Albert
F. Egelhoff, a partner since 1916.
3824
Financial
Quotations
Chronicle
/
June S, 1937
Over-the-Counter Securities—Friday June 4—Concluded
on
Investing Companies
Bid
Ask
18.36
19.53
Incorporated
10.34
11.32
Invest Co. of Amer
Amerex Holding Corp...*
Amer Business Shares.__l
26%
28%
Amer & Continental
Corp.
Amer General Equities Inc
Am Insurance Stock
Corp *
11%
1.09
1.22
Major Shares Corp
5%
6
Maryland Fund Inc
9.48
10.39
Assoc Stand Oil Shares..2
7%
8%
Mass Investors Trust
1
27.85
29.55
Mutual Invest Fund
1
15.89
17.36
7.33
Par
Administered
Fund
Affiliated Fund
*
Inc
1.20
Bankers Nat Invest Corp *
Basic Industry Shares
*
Ask
15.60
16.56
Keystone Cust Fd Inc B-3.
21.25
23.24
10
National Investors
Corp..
7.16
.72
Nation Wide Securities.. 1
4.37
37.16
21%
1
23
Voting trust certificatesNew England Fund
N Y Bank Trust Shares
N Y Stocks Inc—
Canadian Inv Fund Ltd.
4.85
42
45
5
8
*
Century Trust Shares...*
Commonwealth Invest...1
25.36
10%
16%
Corporate Trust Shares
12%
17%
Foreign Unlisted Dollar Bonds
.
Bid
12.60
12.13
13.10
91
10.21
11.03
13.03
Series 1955.
26
1945
/21%
23
(Republic) 8s. 1947
/10
/9%
10%
9%
9%
Bavarian
63%
2.75
.
3.49
-
.
-
....
3.43
Series 1958
Northern
/16%
/24%
15.55
58%
....
mmmm
3.23
mmmm
100
68
73
Pacific Southern Inv pref. *
36
39
8s
Bolivia
'■
35
_
_
Class A
_
6.35
*
Class B
_
*
15
Deposited Bank Shs ser A.
Deposited Insur Shs A
3.38
3.18
11%
5.50
D.
7.20
17.71
19.40
13.70
14.20
1.45
1.60
8.00
1.93
2.08
Royalties Management
14.48
15.39
com.
1.07
33.19
35.67
Spencer Trask Fund
*
20.80
41%
Standard Am Trust Shares
Standard Utilities Inc...*
4.10
19£
195
.78
.84
State Street Inv Corp
3.56
Insurance stock series..
3.98
3.80
13.11
*
---
Super Corp of Am Tr Shs A
4.14
-
4.04
-
.
AA
..
4.85
5.20
23.72
25.05
6.21
6.88
2.70
B
4.18
BB
-
10.91
2.70
C
mm
7.87
D-.
m
14.20
-
Chilean Nitrate 5s...
15.43
6.82
7.42
City
Savings
1.95
2.11
Automobile shares.
1.44
1.57
Buildlng shares
Chemical shares
2.05
2.22
1.57
C
3.07
Series D
3.02
Trustee Stand Oil Shs A__
Series
1.70
Trusteed Amer Bank Shs B
1.05
Trusteed
1.73
U S El Lt & Pr Shares A__
1.35
1.47
Mining shares
1.72
1.87
Petroleum
1.47
1.60
Industry
1.69
2.13
Wellington
%
%
1.10
Ltc
Flrst Boston
5s.
2.61
.95
Corps
Corp..
1.03
Dulsburg 7% to.
4
1%
20.88
9%
6%s.
30%
7s
Schoeikopf, Hutton <fe
1.74
1.87
7s
Income
1.71
Pomeroy Inc
4%
5%
following securities
mmm
19%
19%
72%
Frankfurt 7s to
80
59
on
30%
16%
'
-»
-
-
mmm
'mmm
22%
$100
135
99%
Per Cent
85 & int.
mmm
•
-
-
$ per Share
5
---•
10%
12%
86%
...
15 Farr Alpaca Co., par $50
Spinning Assts., pref. undep.,
par $100
Security Co. (N. J.) capital,
Airport, Inc., capital, par $50
par
$100.
$2 lot
-
-$2 lot
—
-
4s.
...1960-199
....194
6%
195
6%
195
/18
Westphalia 6s '33
Westphalia 6s '36
/20%
/24%
1941
22
55
24
...
/18%
5s..
Rhine Westph Elec
6s.
/28
7% '36
1941
Rio de J anelro 6 %
1933
Rom Cath Church 6%s '46
R C Church Welfare 7s '46
160
•
••
/18%
Royal Dutch 4s
...
27%
m
/19%
/19
1945
23
21
7%
7s ctfs of dep
..1957
21%
«•-»
mmm
mmm
1957
/33%
34%
/12
/71
/61
14
1948
scrip
83 ctfs of dep
Santa Catharina
1948
Santander
Sao Paulo
•
••
mmm
(Brazil)
(Colom) 7s. 1948
(Brazil) 6s.. 1943
6%s
1951
Saxon State Mtge 6s.. 1947
Serbian 5s
1956
/25
27
81%
/SO
82%
/14%
15%
23%
/22
/20%
/21%
/23
22
23
•
49
51
...1956
48
50
Nov 1932 to May 1935
Nov 1935 to Nov 1936
/56
2d series 5s
/40
Siem & Halske deb 6S.2930 /330
1940
•State Mtge
...
mmm
mmm
/98
Bk Jugoslavia
5s
1956
52
55
1956
51
53
6%
Oct 1932 to April 1935
Oct 1935 to Oct 1936.
/56
/40
8%
Stettin Pub Utii 7s.-.1946
17%
Stlnnes 7s unstamped. 1936
mmm
mmm
Coupons—
4s—1936
/20
/57
/46
7s unstamped
1946
/57
Certificates
4s—1946
/46
Toho Electric7s
..1955
89
Certificates
97
Tolima 7s
1947
/14%
1951
...
---
...
...
•
....
...
92
100
108% 109%
Tucuman
/48
15%
Union of Soviet Soc Repub
Hanover Harz Water Wl
Haiti
/20
/50
/22
1945
7%
City 7s
1943 186.44 91.04
Unterelbe Electric 6s.. 1953
/20
Vesten Elec Ry 7s
1947
20%
/18%
7% gold ruble
/19%
97%
/56
...
Wurtemberg 7s to
1945
/20%
22%
...
capital, par $1,000.
150 Pocono Hotels Corp.,
pref., par $100; 150 common,
50 Seeler Co., Atlantic
City, N. J., capital, par $100.
Philadelphia National Bank,
,
par
par
For footnotes
10
22
1.10
6%
1
-$2 lot
-
$20 per unit
no par
2
$20
121%
101%
$10
NOTICES
Evans, formerly with Morris
Stein
Schultz Co. at 76 Beaver
St., N. Y.
Schultz Co. announce that
York office.
NOTICES
—The release for public distribution by the New York Mercantile
change of
and
&
Co.,
is
now
associated
C.
Hugh Evans has become associated
a
on
Ex¬
booklet discussing spot and future trading in butter and eggs
containing
executed
the
a
summary
of specifications
governing
future
contracts
Exchange, together with charts showing the trend of the
butter and eggs futures market for
a
five-year period, is announced by C. B.
Rader, Business Manager.
—
Dominick Corp. of Canada,
Montreal, the corporate affiliate of the
firm of Dominick &
Dominick, announces the appointment of Osmond B.
ger
—Redmond & Co., members of the New York Stock
Exchange, announce
the removal of their offices to 44
Wall St., N. Y.
with them in their New
pag» 3822.
CURRENT
Thornton
CURRENT
see
3
80
5 Independence Fire Insurance
Security Co., capital, par $25
1 Lindwood Country
Club,
J.
to
.
(Austria) 8s.....195
Guatemala 8s
24
2d series 5s
11%
13%
*36
99
48
Oldenburg-Free State 7%
7s
III
/io%
/13%
$40 lot
25 Eastern Fire Insurance
Co., capital, par $100
50 Guarantee Trust
Co., Atlantic City, N. J., common, oar $20
37 2202-3000 Guarantee Trust
Co.. Atlantic City, pref., par $10
—L.
97%
46%
/20
w
..$35 lot
Guaranty Co., capital/par $50
20 Country Club of Atlantic
City, par $100
100 Delaware-New Jersey
Ferry Co., preferred, no par
15 Delaware-New
Jersey Ferry Co., common, no par..
J.
North German Lloyd 6s '47
4s
1947
Ober pfals Elec 7 %
1946
•
••
$ per Share
207 Central Boardwalk
Co., capital, no par.
845 Chelsea Title &
L.
mmm
/69%
Stocks
10 Atlantic
with
•
m
/8%
/16%
By Barnes & Lofland, Philadelphia:
30 Girard Trust Co
mm
/6%
Dec 1
90
Coupons—
German scrip
German Dawes coupons:
*35 to
/84
25
•
mmm
'mmm
June 1
92
/33
■
Great Britain <fc Ireland—
Stocks
—Hugh
99%
/20%
Graz
3 Providence Warren & Bristol
RR., par $100
39 Berkshire Fine Spinning
Assts., common
27
30%
/33%
/31
German Young coupons:
Dec 1 '34 stamped
23
National Hungarian & Ind
Mtge 7%
1948
1947
26%
22%
22
/33
8s
July to Dec 1936
....
mmm
''mmm
86
1962
4s
Jan to Mar 1937
101
By Crockett & Co., Boston:
5 Barrett
Hungary 7 %s
Fe 7s stamped. 1942
/34
132%
72%
-
Nat Central Savings Bk of
Scrip
/20 %
Jan to June 1936
-
mmm
/86
(A & B).___..1946-1947
(C & D)
1948-1949
8%
July to Dec 1935
25c
-
28%
6%%
Santa
/36%
/35%
Bonds—
Shares
Panama
23
Jan to June 1935
$2,000 Portland RR. 5s, Nov., 1945
2 Berkshire Fine
Bank
117
/40
11 Newton Paper Co
50 Franklin Paper Co
Shares
Natl
/38
/58
61
-
23%
/20
/22
Nassau Landbank 6%s '38
/21%
mmm
July to Dec 1934
5 Edwards Mfg. Co., par $100
/20%
/20
1945
Munic Bk Hessen 7s to '45
Saarbruecken M Bk 6s '47
mmm
Jan to June 1934
50 Rainbow Luminous
Products, common B__.
2 Boston & Providence
RR., par $100
4 Essex Co., par $50-..:
par
Munich 7s to
mmm
July to Dec 1933
$ per Share
78
1957
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
...
$25 lot
Stocks
/21%
/22
1948
Salvador
'
$ per Share
By R. L. Day & Co., Boston:
Co.,
Water 7%
Mannheim & Palat 7s. 1941
Meridlonale Elec 7s
23%
German defaulted coupons;
Stocks
250 The Murray Development
Co., Inc., com;, no par
2 Franklin
/25%
/20
23%
/98
By Adrian H. Muller & Son, New York:
Shares
1943
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
Luneberg Power Light &
Prov Bk
37
/81
/67
Wednesday
51
/50
Prov Bk
33
/24%
sold at auction
49
/56
/40
/20%
..1968
Protestant Church (Ger¬
many) 7s.
1946
/30%
Shares
Koholyt 6%s
Saxon Pub Works 7s..1945
were
...
26%
51
Land M Bk Warsaw 8s '41
/20
♦
'
49
Coupons—
Porto Alegre
week:
current
/36
/24%
1948
114
common..
6s.
the
/23%
63
/60
115
/no
/17%
18%
/17
18%
14
/12
/17%
18%
9%
/7%
/33
/28
/33
/28
10%
29%
Corp
AUCTION SALES
The
mmm
/28%
/35
/15%
/21%
/20
/20
/20%
/21%
/21%
1.65
3%
1%
19.04
Fund
Bancamerlca-Rlair
1.59
of
-
/31
Investm't Banking
26
.70
Bank Group shares
mmm
/36
1.16
24
Institutional Securities
.99
/20
/80
16%
2.51
1.97
Preferred
Huron Holding Corp
.89
Voting trust ctfs
Un N Y Bank Trust C-3-.
(Jn N Y Tr Shs ser F
Issue of 1934 4%..
m
m
1936
Jugoslavia 5s Funding 1956
Panama 5% scrip
.
16%
B
1.52
_.
Steel shares
Tobacco shares
mm
m
m mm
/34
/78
/57
'.mmmm
1.49
Shares
1.06
shares
RR equipment shares.
m'm
7.43
.96
Investing shares...
■
7.94
B
1.59
Food shares
m
/mmm
mmm
mmm
''
Bank
Trustee Stand Invest Shs.
Series
/93
/23
/18%
/17%
/17%
/70%
5.70
Group Securities—
Agricultural shares.
11%
21%
82%
Central German Power
7s assented
-
-
-
7.87
Supervised Shares
mm
mmmm
change Bank 7s
Ilseder Steel 6s.
mmm
/33
Nov 1932 to May 1935
Nov 1935 to Nov 1936
Corp—
Buenos Aires scrip
4.35
29.18
Fiscal Fund Inc—
Bank stock series..
B.
7 %s.
21.89
38%
conv pref
Brazil funding scrip
Bremen (Germany) 7s 193
6s...
191
British Hungarian Bank
1.18
27.09
Equity Corp
/ 9%
/20%
6%s
Sovereign Invest Inc
19%
/9%
194(
Brown Coal Ind
1
%
Selected Amer Shares
mmm
/81%
.98
new.
....
C.
—1964
4
.87
Quarterly Inc Shares
195£
6s
Representative Trust Shs.
Republic Investors Fund—
2.35
:mmm
/19
/33
J ugoslavia 2 d ser 5s... 1956
7s
17
3%
Plymouth Fund Inc A. 10c
mmm
Palatinate Cons
Cities 7% to
1945
Bogota (Colombia) 6%s '41/
7s
32
112
Securities
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 %s '32
Hungarian Discount & Ex¬
21%
15.40
14.38
Housing & Real Imp 7s '46
91%
Ask
Bid
22
28
/20%
/20%
/24
/20%
14.06
14.27
..
Series 1956
30
117
Ask
/20
/26
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953-.
3.64
27%
-
12.16
equipments.
Steel stocks.
3.64
10
-
11.67
Railroad
2.82
Series AA mod
Series ACC mod
Crum & Forster com
-
11.26
Machinery stocks
2.82
Accumulative series
3%
Electrical equipment
Insurance stocks
2.98
Series AA
2.18
19.93
Building
5.79
Tel. H'Anover 2-5422
4.47
2.02
18.53
supplies-
BRAUNL
St., N. Y.
Bank stocks
27.27
5.41
Consol Funds Corp cl A..
Continental Shares pref
mm
mm
4.45
Central Nat Corp class A_
Class B
WALTER E.
52 William
4%
.52
1
Inactive Exchanges
3%
*
com..
34.74
British Type Invest A
Broad St Invest Co Inc
Bullock Fund Ltd
Foreign Stocks, Bonds and Coupons
26.80
48
Investors Fund C
1.32
24.96
46
com.
12%
3%
5.09
Bid
Par
Investors.. *
as
Vice-President.
Mr. Thornton
was
formerly Assistant Mana¬
of the Royal Bank of Canada at Toronto.
—E. J. Coulon & Co.,
Stock
50 Broadway, N. Y., members of the New York
Exchange, have issued
a
partial statistical description of important
listed common stocks, together with an analytical study of the railroads of
the United States.
—Lloyd Canby, who has been associated with Thomson & McKinnon for
the past six years, has joined Harrison, O'Gara & Co.
•
Volume
Financial
144
General
3825
Chronicle
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
We Invite
rights-scrip
Inquiries in
Milwaukee & Wisconsin Issues
Specialists since 1917
MDnwa & <g®,
Phone Daly 5392
mc tionnell & Co.
.
New}York Stock Exchange
120
The remaining 47,125 shares
New York Curb[Exchange
Broadway, New York
and
Telephone REctor 2-7815-30
Bell Teletype
MILWAUKEE, WIS.
Teletype Milw. 488
Members
„
JNY 1-1640
.
7 V
employees.
being registered will be reserved lor officers
Of this amount, 6,750 shares have already been optioned to
officers and employees at $5 per share and the balance will be sold to officers
and employees at from $10 to $20 per share. Proceeds will be used for pay¬
ment of bank loans, for accrued
preferred dividends and for working capital.
Underwriters of the stock to be offered are expected to include Lehman Bros,
the First Cleveland Corp.
W. O'Neil is President.
Filed May 29,
and
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
UNDER
ACT
The following additional registration statements (Nos. 3191
to]3214, inclusive, and a refiling No. 2381, have been fded
with the Securities and Exchange Commission, under the
Securities Act of 1933.
The total involved is approximately
$75,481,624.
Industrial
Machine
Corp.
(2-3191, Form Al) of Scranton, Pa., has
filed
a registration statement covering 400.000 shares of common stock,
$1 par, of which 100,000 shares are to be presently offered at $2.50 per share.
Proceeds will be used for equipment and working capital.
Of the balance
89,000 shares are to be issued to underwriters through warrants to be sold
at $3.50 to $4 per share and 201,000 shares are to be issued to stockholders
of the
three
predecessor companies.
The above 290,000 shares are not
presently to be offered.
Tobey & Co. and others will be the underwriters.
Harry Sweetbauin is President.
Filed May 27, 1937.
Smith
Brothers
Refinery Co.,
Inc. (2-3192, Form A2) of McLean,
Texas, has filed a registration statement covering 125,000 shares of $10 par
6% cumulative preferred stock, with detachable common stock purchase
warrants and 250,000 shares of $1 par common stock.
The preferred stock
will be offerd to the public at $10 per share through W. Earle Phinney & Co.
Each of the 125,000 warrants entitles holders to jmrehase two shares of
common stock at a price of $5 per share on or before June 1, 1940; at $7.50
Ser share on orHolders June 1,warrants may applyper share on or before
before of tne 1943; and at $10 on the purchase price
1, 1947.
une
their holdings of preferred stock at not less than $10 per share.
The
250,000 shares of $1 par common stock are being reserved for exercise of the
warrants.
Proceeds will be used for payment of debt, for additional equip¬
ment, for drilling, for development and for working capital.
W. Earle
Phinney & Co., will be the underwriter.
Vester Smith is President.
Filed May 27, 1937.
c
Steel Materials Corp.
(2-3193, Form A2) of Detroit, Mich., has filed
a registration statement covering 65,000 shares of $1 par common stock,
80,000 shares of which will be offered by the company through the under¬
writer at $5 per share, 25,000 shares of which will be offered by stock
5,000 shares of which
at $5 per share, and
5,000 shares have been optioned to underwroters at $6 per share.
The
optioned shares may be resold at the market by the underwriter.
Proceeds
to the company will be used for plant additions, machinery, equipment
and working capital.
Field McDonald & Co.], is the underwriter. Charles
Marienthal is President.
Filed May 27, 1937.
holders through the underwriter at $5 per share, and
have been optioned to underwriters by stockholders
Form A2) of New York, N. Y., has filed a regis$10 par, 77,500
underwriters at
$12 per share, 50,000 shares of which are to be offered for the account of
the company, and 27,500 shares of which are to be offered for stockholders.
The balance of stock registered is not to be offered now.
The company's
proceeds from the sale will be used for payment of debt and for working
capital.
Underwriters will be named-by amendment.
Joshua L. Cowen
Lionel Corp. (2-3194,
tion statement covering 200,000 shares of common stock,
of which are to be offered to the public through
shares
is President.
Filed May 28, 1937.
Stores
Retail
Credit
Corp.
(2-3195,
Form
Al) of Baltimore,
Md.,
registration statement covering 50,000 shares of $10 par 60-cent
cumulative preferred stock, and 20,000 shares of $1 par common stock.
Of the stock registered 20,000 shares of common and 20,000 shares of
preferred will be offered in units of one share of each class at $11 per unit
has filed
a
through voting certificates, and 30,000 shares of preferred will be
directly at $10 per share.
There will be no underwriter.
Proceeds
for general corporate purposes.
Filed May 28, 1937.
offered
will be
used
Retail Stores Credit Corp.
(2-3196, Form Fl).
The voting trustees
a registration statement covering 20,000 voting trust certificates
covering the issue of common stock.
Harry Coplan is President.
Filed
May 28, 1937.
also filed
Finance Corp. (2-3197, Form Al) of Washington, D. C.,
registration statement covering 20,000 shares of $2 cumulative
convertible preferred stock, no par, to be offered at $30.50 per share, and
60,000 shares of $1 par common stock, reserved for conversion of preferred
stock.
Proceeds will be used for working capital.
Johnston Lemon & Co.,
&c., will be underwriters.
Scott B. Appleby is President.
Filed May 28,
Seaboard
has filed
a
1937.
Boyd
Ontario,
common
market.
Kirkland
Gold Mines,
Ltd.
(2-3198, Form AO 1) of Toronto,
has filed a registration statement covering 1,265,113 shares of
stock, $1 par, which is optioned to underwriter for resale at the
Proceeds will be used for plant equipment and development.
Principal underwriters may be Canadian Securities Co., S.
Gordon F. Summers is President.
and Malcolm S. Blue.
W. Gordon Co.
Filed May 29,
1937.
'
Security Aircraft Corp. (2-3202, Form Al) of Los Angeles, Calif., has
filed a registration statement covering 322,842 shares of common stock,
$1 par, of which 210,000 shares will be offered at $1 to the public through
Rutland Edwards & Co. as underwriter and 25,000 shares of which will be
issued to W. B. Kinner, President of the company, for services and patents,
72,842 shares have been issued to Security National Aircraft Corp., the
company's predecessor, for its assets, and 15,000 shares have been issued to
the underwriter for payment of debt. Proceeds will be used for payment of
debt, building, machinery, equipment and working capital.
Filed May
29, 1937.
North Central Gas Co. (2-3203, Form Al) of Casper, Wyo„ has filed a
registration statement covering 38,733 shares of $1.50 cumulative con¬
vertible preferred stock, $22 par and 96,833 shares of common stock, no par.
The preferred stock together with 19,367 shares of common will be offered
to the public through underwriters and 77,466 shares of the common will
be
for conversion.
Proceeds to the company will be used to
non-interest bearing notes due 1960.
Underwriters will be John C.
Co.
Charles A. Munroe is President.
reserved
repay
Adams & Co., Inc., and Bioren &
Filed May 29, 1937.
Autocar Co. (2-3204, Form A2) of
Ardmore, Pa., has filed a registration
covering 121,097 shares of 10-cent par value common stock
by Phoenix Securities Corp., the parent company.
The stock will
be offered by Phoenix Securities Corp. at the market or may be sold pri¬
vately below the market, it was stated.
Underwriters, if any, will be
bamed by amendment.
R. P. Page Jr. is President.
Filed May 29, 1937.
statement
owned
Monroe Loan Society (2-3205, Form A2) of Newark, N. J., has filed a
registration statement covering 40,000 shares of 5}4% cumulative con¬
vertible preferred stock, $25 par, and 225,000 shares of common A stock,
$1 par.
The preferred stock will be sold at $25 per share.
Of the common,
200,000 shares are reserved for conversion and 25,000 shares are optioned
to the underwriter at from $5 to $6 a share, but is not presently to be
offered.
Proceeds will be used for loans, for additional branch offices and
for working capital.
A. W. Porter, Inc. will be the underwriter.
Leland
A. Stanford is President.
Filed May 29, 1937.
Cluett Peabody & Co., Inc.
has filed
with
a
offered
3 for
June
a
(2-3206, Form A2) of New York, N. Y.,
registration statement covering 112,974 shares of common stock,
value of $6.50 per share.
The shares are proposed to be
common stockholders about June 25,
which will be after the
stated
to
1 spiit-up of the shares to be acted upon at meeting of stockholders
The shares will be offered to the common stockholders on the
11.
basis of one additional share for each five shares held.
Tt is expected that
unsubscribed stock will be purchased by underwriting group.
Pro¬
will be used for plant additions and improvements, for working
capital and for payment of loans.
Goldman Sachs & Co. will oe the
underwriter with others to be named by amendment.
C. R. Palmer is
President of the company.
Filed June 1, 1937.
any
ceeds
(2-3207, Form A2) of San Francisco, Calif.,
registration statement seeking to issue $550,000 5H% sinking
1947.
Proceeds will be used to redeem the company's
outstanding 6% sinking fund debentures bonds, due 1938, and to repay
bank loans.
Names of underwriters and offering price will be filed by
amendment.
R. W. Costelio is President of the company.
Filed June 1,
O Connor Moffatt & Co.
has filed
a
fund debentures, due
1937.
Reliance Steel Corp. (2-3208, Form A2) of Cleveland, Ohio, has filed
registration statement covering 32,500 shares of $1.50 cumulative con¬
stock, $25 par, and 145,000 shares of common stock,
$2 par.
Of the common shares registered, 65,000 shares will be reserved
for conversion of the preference stock, 30,000 shares will be offered to the
public by present stockholders through underwriters, 40,000 shares have
been optioned by present stockholders to underwriters at prices ranging
from $9 per share to $12.50 per share, and 10,000 shares will be reserved
for certain employees.
The company will use its part of the proceeds for
additions and improvements of working capital.
Mitchell, Herrick & Co.
and others will be the underwriters.
Sol Friedman is President of the
a
vertible preference
company.
Filed June 1, 1937.
Ahlberg Bearing Co. (2-3209, Form A2) of Chicago, 111., has filed a
registration statement covering 50,000 shares of 7% cumulative participat¬
ing convertible class A stock, $5 par, and 375,000 shares of common stock,
$1 par.
The 7% convertible class A shares are to be offered in exchange
for a like number of shares of class A common $5 par.
Of the common
shares registered, 100,000 shares will be reserved for conversion of the 7%
class A stock, 200,000 shares will be offered in exchange for a like number of
shares of class B common stock, no par, and 75,000 shares will be offered
publicly through underwriters at $3 per share.
Proceeds will be used for
purchase of machinery and equipment and working capital.
William R.
Stuart & Co. will be the underwriter.
C. J. Bender is President of the
company.
Filed June 1, 1937.
Co. of Missouri (2-3210 and 3211, Form CI) of
City, has filed two registration statements, one of which cover
$2,000,000 United Fund certificates, income series TI, and the other for
$8,000,000 United Fund certificates, accumulation series TA. The certifi¬
cates will be sold at the market.
Proceeds will be used for investments.
Franklin E. Reed is President.
Filed June 1, 1937.
United
Securities
Kansas
Publishing Co. (2-3199, Form A2) of Miami, Fla., has
filed a registration statement covering $800,000 5% first lien convertible
bonds, due 1952, and 24,000 shares of class A common stock, $10 par.
The bonds will be sold to the public and the stock reserved for conversion.
Proceeds to the company will be used to repay debt and purchase land.
Arthur PerryCo., Inc. is the underwriter.
Frank B. Shutts is President.
Filed May 297T937.
Miami Herald
„
United States Plywood Corp. (2-3200, Form A2) of New York, N. Y.,
has filed a registration statement covering 42,944 shares of $1.50 cumulative
preferred stock, $20 par, and 24,641 shares of common stock, $1 par.
Of the stock being registered, 38,000 shares of the preferred will be offered
at $25 and 4,944 shares of the preferred together with 138,486 shares of
the common are to be issued in exchange for certain securities of three
constituent companies.
In addition, 56,680 shares of common are reserved
for conversion and 53,475 shares of common, also issued in exchange for
certain securities of the three constituent companies, will be offered through
underwriters at $17 per share.
Proceeds to the company will be used for
payment of bank loans, for working capital and for
Goodwin,
Inc., is the underwriter.
Lawrence
Filed May 29, 1937.
General Tire & Rubber
filed
1937.
a
Bond &
President.
Co. (2-3201, Form A2) of Akron, Ohio, has
111,822 shares of common stock,
will be offered first to common stockholders
the public at market through underwriters.
registration statement covering
$5 par, 64,697 shares of which
through warrants and then to
development.
Ottinger is
Inc. (2-2381, Form Al, a refiling) of Wallace, Idaho'
registration statement covering 266,666 shares of common stock,
The shares will be offered first to stockholders at 50 cents
per share and any unsubscribed for stock will be offered through under¬
writers at 50 cents per share or market price.
Proceeds will be used for
Silver Syndicate,
has filed
a
10 cents par.
development and working capital.
Walter G. Palmer will be the under¬
writer.
Walter G. Palmer is President of the company.
Filed June 1,
1937.
Brands Inc. (2-3212, Form A-2) has filed a registration
200,000 shares (no par) cum. pref. stock. Filed June 2,
(further details on subsequent page).
Standard
statement covering
1937
Mines, Ltd. (2-3213, Form A-O-l), 80 Richmond
Can., has filed a registration statement covering 1,000,000
Proceeds will be used for drilling and devel¬
opment and capital expenditures.
Underwriter, K. F. Maclaren & Co.,
Ltd.
Price at the market in Toronto. Filed June 2, 1937,
Dayton Porcupine
St., W. Toronto,
shares (par
New
$1) common stock.
has filed a registration
3}4 % bonds due July 1, 1967.
York Telephone Co. (2-3214, Form A-2)
statement covering $25,000,000 of ref. mtge.
Filed June 3,
1937 (further details on subsequent page).
3826
Financial
Chronicle
Abraham & Straus, Inc.—75-Cent Dividend—The directors have declared a dividend of
75 cents per share on the
stock, no par value, payable June 25 to holders of record June 15.
Similar amount was paid on March
25, last, and compares with 25 cents
paid on Jan. 26, last; 75 cents on Dec. 15, 1936; 90 cents on
Sept. 30, 1936;
45 cents paid in each of the three
preceding quarters, and quarterly divi¬
dends of 30 cents per share in addition to extras of
15 cents
Allied Stores Corp.
Period End. Apr. 30—
common
per share
for
seven
1937
1936
1935
_
x,$757,646
753-592
$470,721
746,313
$1.00
$0.63
$320,451
746,313
$0.43
_______
Before surtax
x
Current
of
April 30,
1937,
common
p.
stock,
payable
initial dividend of 25 cents per share on
June 25 to holders of record June 15.—V.
an
2982.
Ahlberg Bearing Co.—Registers with SEC—
See list given on first page of this department.—V.
Air
144,
p.
2982
Associates, Inc.—Initial Common Dividend—
The directors have declared
common
3658.
x
initial dividend of 10 cents per share on the
stock, payable June 21 to holders of record June 10.—V. 144, p.
an
(The) Alden (225 Corp.)—Reorganization—
bonds and certificates of deposit therefor
18,1935, that a hearing was to be
before Referee Raymond J. Scully (appointed by the
N. Y. Supreme Court), 342 Madison Ave., N. Y.
City, for the purpose,
among other things, of considering and approving the plan of reorganization
proposed by the committee and any modifications thereof and any alterna¬
tive plans.
Since Nov. 15, 1935, various hearings have been held before the referee
upon the plan of reorganization and modifications thereof.
The committee's
deposit agreement as amended under date of Sept. 16, 1935 with respect to
notifed by communication dated Oct.
this issue of bonds provides that the committee may submit
modifications
amendments (including substitute plans) to the court and
notifty deposi¬
tors thereof.
This notice is given to holders of certificates of
deposit pur¬
suant to the provisions of the deposit agrement.
During the
of the hearings, the referee indicated his intention, in
original plan of reorganization of the committee
Subsequently, negotiations for the purchase of the
equity in the property by interests identified with Bing & Bing, Inc., were
brought to a successful conclusion by the committee, with the result that the
to
course
approve the
with minor variations.
committee prepared a new plan of reorganization, dated Oct.
the committee believes to be
more
1, 1936, which
advantageous to bondholders than its
original plan.
$1,695,551
194,346
Total....
$1,889,897
Deb. int. & amorti. of discount &
exp.
Miscellaneous charges
Net income.
$6,697,646
385,000
6,678,143
$909,426
151,189
$19,502
$1,060,615
160,447
11,040
135,000
$169,153
191,395
149,650
---$1,5047897
$754,127 loss$22,242
1,770.853
1,344,479
1,344,479
Earnings per share-$0.85
»
Nil
$0.56
Billings for the quarter were $17,788,395 compared with $11,633,167
in the corresponding period of last year, an increase of
$6,155,227 or 53%.
Orders booked for the quarter amounted to
$24,205,565, an increase of
$10,929,800 or 82% over the $13,275,764 bookings in the same period of
1936.
Unfilled orders on March 31, 1937 totaled $20,235,507 compared
with $9,153,189 March 31, 1936, and
$13,818,337 at the close of 1936.
Shares
stock
common
50-Cent Dividend—
directors
on
June 3
declared
a dividend of 50 cents per share on
value, payable June 30 to holders of record
was paid on March
31, last, and compares
with an extra of 50 cents and a regular
quarterly dividend of 373^ cents
paid on Dec. 24, 1936; a dividend of 37
cents paid on Sept. 30, 1936,
and 25 cents per share distributed on June
30, 1936, this latter being the
first dividend paid since May 16,
1932, when a payment of 12^ cents per
stock,
common
15.
share
no
par
A similar amount
was
made.
Stock Increase Voted—
Stockholders
at their special meeting held June 2 voted in favor of
certificate of incorporation to increase the capital stock
by the company by 162,000 shares of preferred
stock par value $100, and 500,000 shares of common stock no
par value.—
V. 144, p. 3485.
amending the
authorized to
Allied Kid Co .—Capital
Set-Up Simplified—
announced by
This action
S. Agoos, President of the company.
was taken in accordance with the conversion and retirement
plan outlined in the company's registration statement filed in connection
with public sale last March of a portion of the common
stock, Mr. Agoos
stated.
A total of 265,000 of the 270,000 shares covered
by the registration
statement will be
outstanding as a result of the action taken by the stock¬
holders at the meeting, leaving a balance of 35,000 shares of authorized but
stock available to meet any future requirement.—Y. 144, p.
3658.
The court has fixed June 23
cause
as
why the plan sho Jid not be
the order to
the return day for
Alton Gas
Summary of Plan
See
furnishings used in its operation and now owned by the trustee, is then
tojbe sold by the trustee to a new company to be organized to acquire such
property pursuant to the plan.
Bing & Bing, Inc. (or a syndicate to be
organized by it and of which it is to be the manager) is to provide the new
company with $126,000 in cash to be used by the new company in
purchasing
from the trustee the property to be acquired by the new
company pursuant
to the plan.
The above-described purchase and sale of the mortgaged prop¬
erty by the trustee is to be pursuant to the powers contained in the indenture
securing the present bonds and pursuant to proceedings under the Real
Property Law of the State of New York.
From and after Feb. 1, 1937
operations of the property are to be for the account of the new company;
until that date the net proceeds of operations are to be
deposited as hereto¬
fore with the trustee under the indenture
securing the prasent bonds.
Interest on the new bonds to be received by the holders of the present bonds
is correspondingly to accrue from Feb. 1, 1937.
Bondholders are to receive new 1st mtge. 20-year bonds
maturing Feb. 1,
1957, of the new company, and cash as follows:
t
In Exchange for Outstanding Bonds
$1,000 principal amount
Holders Thereof Will Be
Entitled to Receive
New Bonds
Cash
$950 princpial amount and $80*
475 principal amount and
40*
—
500 principal amount.
100 principal amount.
95 principal amount and
In addition bondholders
are
to receive
a
8*
pro rata distribution of any
representing proceeds of operation prior to Feb.
cash
1, 1937. remaining in the
hands of the trustee after payment of expenses of foreclosure and
reorganiza¬
expenses are subject to the approval of the Court.
One-half of the above-mentioned cash sums (viz.: $40 on each $1,000
bond,
tion, which
each $500 bonds, and $4 on each $100 bond) is to be distributable to
bondholders promptly after the approval of the plan by the Court.
are
to bear fixed interest
accruing from Feb. i«_1937, as
follows: 3% per annum for the four years ending Feb. 1, 1941 To
*4% per
annum for the four years ending Feb. 1,
1945; 4% per annum for the four
years ending Feb. 1,1949; 4 H % per annum for the four years ending Feb.
1,
1953, and 5% per annum for the four years ending Feb. 1, 1957.
A sinking fund is provided for the new bonds, payable out of
earnings and
commencing to accrue from Feb. 1, 1939 (first payment Feb. 1, 1940), to
be used to purchase or redeem bonds, the sinking fund to be
equal to (a)
50% of the "available earnings" of the new company for each earnings period
or (b) an amount sufficient to purchase
$52,000 of new bonds in raspect of
each annual earnings period ($39,000 of bonds in respect of the first
earnings
period, which comprises only nine months), whichever shall be greater.
The new bonds are subject to redemption, in whole or in
part, at their
principal amount and accrued interest, on the first day of any month upon
30 days' prior notice.
In the event of a sale of the mortgaged property, or
any disposition of its
capital stock so that the original stockholders or their respective executors,
administrators, distributees, legatees or successors in business shall no
longer continue to hold, directly or indirectly, at least two-thirds of sucn
stock, the new bonds
are
to be entitled to receive
a
payment on account of
Co.—Merger—
Electric
Co.
of Illinois.
Co.—Merger—
See Union Electric Co. of Illinois.
Alton
RR.—Earnings—
April—
1937
$1,368,539
328,678
47,865
Gross from railway.....
Net from railway
Net after rents
1936
1935
$1,251,189
269,849
2,777
$1,069,195
169,875
def54,105
$985,653
139,792
def64,546
4,963,875
1,029,779
4,205,811
801,064
def36,629
3,873,187
754,095
def49,141
1934
From Jan. 1—
Gross from railway
Net from railway
Net after rents
5,442,788
1,579,555
500,892
—
Alton and Joliet &
13,523
Chicago File Plan
on
Lease—
The Alton RR. and the Joliet & Chicago RR. on June
1 filed with the
Interstate Commerce Commission, a proposed plan to retore to the Joliet
company property and rights which it has lost by reason of certain breaks
its
in
right of
and main track that have occurred since its property
Chicago & Alton RR in 1864 under a perpetual lease.
time, the carriers proposed to enter into an agreement for
settlement of an equity suit brought by receivers of the
Chicago & Alton
asking certain damages growing out of breaches of the lease and for can¬
was
way
leased to the
At the
same
cellation of the lease.
Under the proposed settlement agreement, the Alton
will pay $30,000 to the solicitors for the Joliet &
Chicago in full satisfaction
of all their claims for fees, compensation and expenses and will pay to the
Joliet & Chicago an amount equal to $3 per share of stock in consideration
of its ratification of the proposed settlement.
Further, the stockholders
committee, formed by Joseph Walker in 1922, will be paid $5,000 for services
and expenses.
The perpetual lease will be amended
on
bonds
Union
Alton Light & Power
the
new
be issued
At a special meeti g held May 28 stockholders voted to
simplify the
company's capital structure by eliminating all classes of stock other than
the authorized 300,000 shares of common of $ > par value
per share, it was
The plan contenplates that the mortgaged property is to be purchased
by
the trustee in the foreclosure action and that such property,
together with
The
1935
1936
unissued
The court has entered an order to show
approved.
$20
1937
of sales,
Other income
show cause.
*
Co.—Earnings—
Nov. 15, 1935
or
general,
$2,264,221
.
June
Holders of the above-named
on
$489,739 x$4,320,912
144, p. 3161.
undistributed profits.—V.
$17,788,395 $11,633,167
incl. deprec., develop¬
ment, selling & adminis. exps., &
'
tax. (except Fed.inc.)
16,092,844
10,723,741
Cost
the
The real estate bondholders' protective committee
(George E. Roosevelt,
Chairman), in a letter to the holders of 1st mtge. 6% serial coupon gold
bond certificates, states:
were
on
3 Months Ended March 31—
Net sales
The
held
x$770,203
Before surtax
Allis-Chalmers Mfg.
Provision for Federal income taxes...
Aetna Ball Bearing Mfg. Co.—Initial Dividend—•
The directors have declared
144,
income taxes
Operating income
including $1,594,415 cash, were
$7,839,655, and current liabilities were $1,249,755, compared with cash of
$971,921, current assets of $6,527,342 and current liabilities of $995,425
on April
30, 1936.—V. 144, p. 3658.
the
pref.
divs., but before Fed'l
undistributed profit..
as
assets
on
Mos.—1936
1937—12
& prov. for sub.
paid
Addressograph-Multigraph Corp. (& Subs.)—Earns.—
Four Months Ended April's®—
profit after int., deprec., Fed.
taxes & divs. on min.
pref. stock.
Shares capital stock
Earnings per share...
(& Subs.)—Earnings—
1937—3 Mos.—1936
Profit after deprec., int.
quarters prior thereto.—V. 144, p. 2813.
Net
June 5, 1937
certain of its right of way
so as to restore to the Joliet & Chicago
which again will be leased to the Alton.—Y. 144,
2984.
p.
American
Agricultural Chemical Co.—Larger Dividend
The directors have declared
stock,
no
compares
dividends
including
preceding
tion
on
a dividend of $1.50 per share on the
capital
value, payable June 30 to holders of record June 16. This
with $1 paid on March 31, last; $1.75 paid on Dec. 23, 1936;
of 75 cents paid each three months from Sept. 30,
1935, to an
Sept. 30, 1936, and 50 cents per share paid in each of the four
quarters.
The Sept. 29, 1934, dividend was the initial distribu¬
par
this issue.—V.
American
144,
2814.
p.
Capital Corp.—Accumulated Dividend—
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. pref. stock, no par value, payable
July 1
to holders of record June 15.
A similar payment was made on
April 1, last,
and
Dec. 24, 1936, and compares with 50 cents paid on Sept. 30, June 30
March 31, 1936; 25 cents paid on Dec. 30, Oct. 1 and July 2, 1935,
and with 75 cents paid on March 25, 1935; Dec. 24, Sept.
25, June 4 and
on
and
March
15, 1934, and
on
Dec. 28, 1933.
made since Oct. 1, 1933.—V.
144,
p.
The latter payment
1585.
was
the first
the principal
thereof amounting to $100 with respect to each $950 bond
(with pro rata payments with respect to bonds of other denominations).
In such event the sinking fund is also to become fixed at
$54,720 annually,
whether
or
American
on
The investment of Bing & Bing, Inc. (or the syndicate to be
organized
by it) is to be represented by a subordinated note in the principal amount of
$125,000 and the capital stock of the company consisting of 1,000 shares of
the par value of $1 each.
The subordinated note is to be in all respects
subordinate and junior to the new bonds and is to be
payable both as to
principal and interest only out of that portion of the vailable earnings of the
new company which the new
company is not obligated to pay into the sink¬
new bonds.
The property is to be managed by Bing & Bing, Inc. under a
management
providing for compensation to the managing agent of 3% of the
gross cash receipts from the operation of the property.
Such compensa¬
contract
tion, however, is to be payable only after interest shall have been paid
the new bonds.—V. 141, p. 2726.
on
Alfred
Lambert, Inc.—Stock Offered—Public offering was
recently by Rene T. Leclerc, Inc., of $212,500 6%
preferred stock at $24.50 a share, to yield around
6.12%.
1st
of
the
present issue, together with that received from the
bonds recently placed on the market, will be used
by the company of the
purpose
as
well
Cable
Co., Inc.—To Pay 50 Cents
The directors have declared a dividend of 50 cents per share on the new
stock to be outstanding after the three-for-one stock
split-up,
payable June 15 to holders of record June 10.
A dividend of $1 was paid on the old stock on March
15, last; $3 was paid
on Dec. 24, 1936, and $1
per share was paid on Oct. 30, 1936, this latter
being the first distribution made on the common stock, since April 20, 1931,
when a dividend of 50 cents per share was paid.—V. 144,
p. 3485.
American Crystal Sugar Co.—75-Cent Dividend—
The directors have declared
a dividend of 75 cents per share on the com¬
$10, payable June 25 to holders of record June 12.
This
on March 15, last, and 50 cents paid on Jan.
2,
last and on Oct. 1, 1936, this latter
being the first dividend paid by this
company.—V. 144, p. 3659.
mon
of financing the acquisition of the various subsidiary enterprises,
as
increasing w
ng capital.
stock,
par
compares with
$i.50 paid
American Investment Co. of
made
Proceeds
&
common
ing fund for the
cum.
Chain
New Shares—
not earned.
Illinois—Listing Approved
The New York Curb Exchange has
approved for listing 44,500 additional
shares of
p.
common
stock,
no par,
upon
3486.
American
The
directors
stock, payable in
143, p. 4143.
Motorist's
have
declared
common
stock
official notice of issuance.—V. 144,
Insurance
a
on
Co.—Stock Dividend—
dividend of 2% on the common
July 1 to holders of record June 15.—V.
stock
Volume
Financial
144
&
American
Foreign
Power
Inc.—Balance
Co.,
Output—
Mar. 31, '37 Dec. 31, '36 Dec.
Assets—
$
in
subsidiaries,
31, *35
$
$
&c.,
stocks, bonds, notes, &c
Cash in banks—On demand
517,395,097 517,323,238 488,384,541
6,026,594
7,716,894
11,190,177
58,480
63,613
Cash in transit
Special deposit
Notes
and loans receivable—for ad¬
subsidiaries
Contract receiv. from subsidiary
Accounts receivable
Unamortized debt discount & expense
vances to
Sundry debts
4,341,387
4,458,000
___
1,297",785
1,649,559
6,945,609
29,675
.
6,964,297
48,281
31,133,251
246,500
2,118,706
7,039,047
56,099
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending May 29, 1937 totaled 50,672,000
kilowatt hours, an increase of 13.7% over the output of 44,105,000 kilowatt
hours for the corresponding period of 1936.
Comparative table of weekly output of electric energy
years
1937
•
!*' '.**"*
•
'
•
—
lished in V. 144, p. 3659.
American Power &
Period End. Apr. 30—
Subsidiaries—
Light Go. (& Subs.)—Earnings-—
1937—4 Mos.—1936
1937—12 Mos.—1936
Operating revenues
$24,518,619 $22,508,823 $93,561,736 $85,115,697
Oper.exps.,incl. taxes.. 12,642,581
11,310,121
48,811,149
43,711,113
Prop, retire. & depletion
reserve appropria'ns—
1,952,725
1,649,778
7,784,536
6,260,396
Net oper. revenues.__
Other income (net).----
$9,923,313
Gross income.
$9,966,010
3,97o,019
CY71.369
—
Pref. divs. to public..
Balance
$5,629,379 $21,351,928 $19,259,121
1,792,658
7,171,061
7,170,351
3,979,564
01,150
1,792,871
_
$4,269,489
15,978,415
0176,771
$3,836,721
20,169
------
Portion applic. to
ity interests.
$9,607,793-$37,153,572 $35,419,226
$6,062,360
Int. to pub. & oth. ded ns
Int. charged to constr'n.
Balance
>,548,924 $36,966,051 $35,144,188
58,869
187,521
275.038
42,697
18,152
16,166,336
06,231
$14,180,867 $12,088,770
minor¬
__
Net equity of A. P. &
L. Co. in inc. of subs
$4,249,320
Viscose
80,441
88,591
1,818,569 $14,100,426 $12,000,179
Amer. Pow. & Lt. Co.—
The company has notified the New York Stock Exchange that the offer
holders of its outstanding $8 cumulative preferred stock to
exchange their shares for $5 prior preferred stock and common stock of the
company has been reopened, and that the privilege of exchange will remain
in effect to and including July 15, 1937.—V
144, p. 3320.
extended to
Anglo-Iranian Oil Co., Ltd.—Final Dividend—
The
Total income
$3,818,569 $14,100,426 $12,000,179
4,685
28,963
20,988
$4,259,387
98,559
731,137
Int. & other deductions.
a
1935.—Y. 143, p. 3458.
Arkansas Natural Gas Corp.—Annual
1,823,254 $14,129,389 $12,021,167
76,136
476,555
317,214
726,151
2,913,123
2,944,166
"During the year, Little Rock Gas & Fuel Co., a wholly owned subsidiary
was liquidated and dissolved.
The operating units of the natural gas prop¬
erties controlled by company were merged last year into Arkansas Louisiana
Gas Co., a fully integrated operating company engaged in production,
transportation, and the retail marketing of natural gas in an extensive
territory.
"The funded debt changes during the year enabled company to retire
$1,716,000 of bonds of Little Rock Gas & Fuel Co. due in 1937, to retire
$3,690,000 of bank loans bearing 5% interest and to retire the 1st mtge.
6% gold bonds of company in the amount of $11,360,500.
The discharge
of these obligations was accomplished by the issuance and sale of Arkansas
Louisiana Gas Co.'s 1st mtge. 4% bonds in the amount of $10,000,000 and
the issuance by company of a long-term note of $8,860,500, bearing 6% int.
"The plan of reorganization of the Louisiana Oil Refining Corp. and sub¬
sidiary, Louisiana Oil Corp., as amended was approved by the court on
Nov. 24,1936.
The amended plan provides for the assumption and liquida¬
tion by the Arkansas Fuel Oil Co. of the indebtedness of the Louisiana Oil
Refining Corp. and Louisiana Oil Corp.; the issuance of 88,225 shares of its
6% cumulative preferred stock (par $10) to preferred stockholders of the
Louisiana Oil Refining Corp. on the basis of 2% shares for 1 or $25 in cash
per share at the option of such stockholders; and the payment of $125,687
to
certain common stockholders.
However, certain stockholders filed
application for allowance of appeal to the 5th Circuit Court of Appeals
without seeking a stay or supersedeas on bond.
Consequently, the plan as
confirmed proceeded to consummation.
On April 10, 1937, the Court of
Appeals denied the appeal of the common stockholders but sustained the
appeal of the preferred stockholders, setting aside the decree and remaining
to the Trial Court for further proceedings.
A petition for a rehearing has
been filed recently by certain common stockholders and is now pending.
$3,020,967 $10,739,711
$8,759,787
requirements applicable to respective periods whether
unearned.
Net oper. revenue
Non-operating income..
and
Interest
preferred
dividend
deductions
rom
of
the above
subsidiaries
represent full requirements for the respective periods (whether paid 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 stock of subsidiaries.
The
"net equity of American Power & Light Co. in income of subsidiaries"
includes interest and preferred dividends paid or earned on securities held,
plus the proportion of earnings which accrued to common stocks held by
American Power & Light Co., less losses where income accounts of individual
subsidiaries have resulted in deficits for the respective periods.
Balance Sheet March 31
As'sets
Invest, in subs., &c.—stocks, bonds, notes, &c
Cashin banks—on demand
Cash in banks—timedeposits
Short-term securities—U. S. Government
securities—other
Notes and loans receivable from subsidiaries
Accounts receivable from subsidiaries.
Accounts receivable from others..
—
&
advs.
Montana Power Co. on
29,934
156,628
on
-
above contractual rights
3,521.207
-1
$5,421,510
285,317
$9,105,081
572,454
$6,293,952
794,340
$6,105,301
794,340
$5,706,828
794,340
547,416
456,942
520,616
547,191
108,650
619,627
1,382,219
898,697
2,621,499
2,028,435
1,901,409
1,518,051
floating debt and
discount-
—
—
-
29,933
137,179
10,589,900
599,786
3,561,532
.--276,243,369 286,048,965
—
x214 ,645,637 214,645.636
47,533,500
47 ,533,500
Preferred divs. declared payable April 1,1937
603,372
2 ,413,380
Accounts payable
67,248
61,724
Accrued accounts
421,645
278,418
Matured int. on long-term debt and redemption
156,628
account (cash in special deposits)
137,179
Liability to deliver securities of Montana Power
Gas Co. to the Montana Power Co
10,589,900
Deferred credit
599.786
Earned surplus—
11,599,448
11,005,331
par
for year
Approp. for replacement
and depletion.
company
$5,255,062
$2,394,609
$1,506,716
$1,948,549
13,563,164
13,180,280
10,792,519
9,440,500
has been made in the accounts of the parent company.
Arkansas Natural Gas Corp., for Federal income tax or for surtax on un¬
distributed profits as that company intends to claim a deduction on its 1936
Balance, surplus
Earned surplus
Note—No provision
Federal income tax return for the loss on worthless stock of Louisiana Oil
Refining Corp. which will more than offset the taxable income for the year.
Consolidated Balance Sheet Dec. 31
$
Liabilities—
Capital stock (no
Long-term debt
funded debt.
$5,679,757
425,544
1936
$
4,505,310
Sinking fund, Little Rock Gas & Fuel Co
Special cash deposit
Due from Louisiana Oil Refg. Corp. and subs
Cash in banks and
on
value)
Merchandise
Notes & other accounts receivable, less reserve
-
-
-
-.276,243,369 286,048,965
Represented by preferred ($6) cumulative (entitled upon liquidation
$100 a share); pari passu with $5 preferred; authorized, 1,000.000 shs.:
issued and outstanding, 793.581 2-10 shs., inclusive of 31 2-10 shs. of scrip,
$5 preferred, cumulative (entitled upon liquidation to $100 a sh.)
pari
x
to
with preferred ($6); authorized, 2,200,000 shs.; issued and outstand¬
978,444 shs.
Common, authorized, 4,000,000 shs.; issued, 3.013.812 27-50 shs., inclusive of 2,565 27-50 shs
of scrip.
The income account for the 3 and 12 months ended March 31 was pub
lished in V. 144, p. 3660
passu
ing,
American Rolling
Mill Co.—To Pay 50-Cent Dividend—
dividend of 50 cents per share on the com¬
mon stock, par $25, payable July 15 to holders of record June 15.
Regular
dividends of 30 cents were paid on April 15, last, and each three months
previously.
In addition, an extra dividend of $1 was paid on Dec. 15,1936.
—V. 144, p. 3660.
The directors have declared a
—
Window Glass
Co.—Accumulated Dividend—
dividend of $7 per share on the 7% cumula¬
tive preferred stock, payable on account of accumulations on June 15 to
holders of record June 1.—V. 143, p. 2665.
225,351
66,955
3,126
258,077
82,928
125.038
3,474
5,061
726,259
7°5,454
5,594
1936
1935
$
$
21,895,050
6% pref. stock—
21,893,960
4,082,587
4,082,472
3,522,271
3,522,271
4,693
18,532,367
871,575
5,898
13,239,000
Preferred stock of Little Rock Gas & Fuel Co
x
3,638
108,579,230 105,535,150
-----
Liabilities—
Common stock
*.
500
—
—
Class A common
—
Res. to provide for exchange of stock of predecessor
y
Funded debt-
-
Liability to stockholders
Note payable to bank (secured)
Notes payable to banks (unsecured)
Notes payable to others
Accounts payable & accrued exps., incl. int. & taxes
Current accounts, affiliated companies
Current portion of note (secured), accts. & int. pay¬
...—
480,000
121,801
3,016,910
4,320,000
347,000
683,950
1,557,527
5,763
32,519
-
able to parent company
Accrued interest on funded debt
454,492
.
Prov. for Federal income taxes
761,777
Other notes, accounts, &c., payable
Notes payable to others maturing after 1-year
190.005
240,000
Drilling costs payable out of future production.
505,033
690,554
542,355
16,882,005
22,406,832
13,563,164
_
Customers'deposits & line extension deposits
Reserves
—
-
Capital surplus
Earned surplus
449,387
18,773
97,511
479,980
19,027,283
22,406,832
13,180,279
-108,579,230 105.535,150
Represented by 4,082,587 no par shares in 1936 and 4,082,472 no par
1935.
y Represented by 3,522,271 no par shares,
z Louisiana
Oil Refining Corp., payable in preferred stock and (or) cash of Arkansas
Fuel Oil Co.—V. 143, p. 3137.
Total.
American
The directors have declared a
218,554
100,329
109,802
768,745
270,662
242,973
48,840
3,842,502
Prepaid insurance, rentals, &c—
..
Balance inclosed banks, less reserve
Notes & accounts receivable, not current.
Unliquidated proceeds of leases sold, less reserve—
Notes & accounts receiv., employees
Deferred charges
z
-
--
Inventories
Total
1,022,1$4
312,665
$
_
hand
Customers' accounts receivable.
—
—
Total-.--
—
84,683,553
7,615,999
25,000
120,188
9,175,405
807,344
2,339,580
Gas & oil producing properties, &c
Investments
1935
95,426,447
247,337
Assets—
Current accounts with affiliated companies.
Power Gas Co. to the
or before Dec. 31,1942-
charges...
Total
on
10,502,485
$5,596,192
697,760
:
Montana
to
Accrued int. receivable
Deferred
1936
254,249,528 256,969,055
8,170,631
8,752,801
1,750,000
1,750,000
1,681,512
381,500
3,559,757
497,311
1,744,000
1,494,000
1,367,045
1,279,822
13,129
6,143
Reacquired capital stock (5,301 shares common)
Special deposits—interest and redemption accountContractual rights under agreement to sell invest *s
in
on
12,330,218
$8,419,839
685,242
In the case of the subsidiaries no provision has been made for surtax on un¬
distributed profits as it is considered probable that none will be incurred.,
(Company Only)
1937
$
Short-term
Int.
1933
$18,009,975 $15,923,996
Prop, of loss of controlled
Note—All intercompany transactions have been eliminated
statement.
1934
$21,240,460 $19,895,683
Oper. exps., maintenance
and aU taxes
12,820,621
14,299,491
Interest
$3,429,691
-.-.
dividend
1935
Gross oper. revenue
Total income-.-.
solidated earned sur¬
or
Report—
D. W. Harris, Vice-President & Gen. Manager, says:
Balance carried to con¬
Pull
declared a final dividend of 15% plus a cash bonus of
total of 25% paid for the year 1936 against 15% for the year
company
5%, making
1936
Expenses, incl. taxes
x
Zinc, Lead & Smelting Co.—Exchange Offer
Consolidated Income Account for Calendar Years
(as shown above)$4,249,320
Other income.
10,067
earned
:,v:
Corp.—New Name—
Extended—-
Net equity of A. P. & L.
Co. in income of subs.
plus..
30,357,000
31,288,000
31,866,000
31,274,000
Co,, below.
American
—536,451,533 537,808,490 540,226,803
—
x
Represented by preferred ($7) cumulative, 478,995 shares $6 preferred
cumulative, 387,025.65 shares (inclusive of 5.65 shares of scrip); 2d pref.,
series A ($7), cumulative, 2,616,886 shares; common issued and outstand¬
ing, 2,004,638 shares; option warrants to purchase 6,721,094.8 shares of
common stock for $25 per share (one share of 2d preferred
stock, series A
($7), acceptable in lieu of cash, with warrants for four shares in full pay¬
ment for four shares of common stock); capital stock subscribed—allotment
certificates, $480.
The income account for the 3 and 12 months ended March 31 was pub¬
x
See
1933
35,278,000
35,691,000
35,528,000
35,634,000
■
Capital stock (no par value)
x393,940,452 393,940,452 393,940,452
Gold debentures, 5% series due 2030- 50,000,000
50,000,000
50,000,000
Notes payable-.—
68,500,000
70,105,966
74,883,810
Contracts payable
3,344
3,344
273,753
Accounts payable
33,488
121,865
254,286
Accrued accounts.1,864,336
2,497,425
2,692,532
Earned surplus..
22,109,912
18,181,969
21,139,438
Total.
1934
1935
1936
May 8
50,876,000 44,433,000 37,658,000
May 15-.-.-51,191,000 44,766.000 38,207,000
May 22
.50,273,000 44,605,000 38,269,000
May 29
-.50,672,000 44,104,000 37,878,000
—V. 144, p.'3660.
536,451,533 537,808,490 540,226,803
_
ahilif/iAft—*—
for the last five
follows:
Week Ended—
American Viscose
Total..
Inc.—Weekly
American Water Works & Electric Co.,
Sheet
(Company Only)—
Investments
3827
Chronicle
x
shares in
-
-----
-
3828
Financial
Anchor Post Fence Co.—New Bonds Ready—Tenders—•
*
The company is notifying holders of its 1st closed mortgage
serial
gold bonds dated May 15, 1927, that upon surrender to the Chase National
Bank of the City of New York, depositary, of bonds of this issue with Nov.
15, 1934, and subsequent coupons to maturity attached, the new registered
1st closed mortgage 5% income bonds issuable pursuant to the plan of
reorganization of the company as confirmed will be delivered.
The successor corporate trustee under the company's deed of trust is
inviting tenders (to be received by 12 o'clock noon on June 22, 1937, and
to exhaust the SI2,300 now on deposit for the
purpose) to sell to it the new
registered first closed mortgage 5% income bonds at a percentage (not in
excess of
100%) of the principal amount thereof without interest.—Y.
141, p. 1760.
,;.v
_
Arkansas Power & Light
Period End. Jan. 31—
Operating revenues
Oper. rev. deductions.
Net
oper.
Co.—Earnings—
1937—Month—1936
1937—12 Mos —1936
$697,314
411,504
revenues..
$571,313
380,743
$8,126,434
5,192,422
$7,228,207
4,403,177
$285,810
_
$190,570
$2,934,012
$2,825,030
Rent from lease of plant
(net)
7,476
131,201
45,526
$195,784
1,115
$3,065,213
17,885
$2,870,556
16,916
$294,195
151,071
6,599
Crl,019
$196,899
151,253
6,221
Crl,361
$3,083,098
1,814,120
80,050
Cr6,615
$2,887,472
1,816,400
75,414
Crl0,229
$137,544
$40,786
$1,195,543
949,265
stock outstanding," he declared.
Electric
Weekly Output—
For the week ended May
28, Associated Gas & Electric System reports
electric output of 86,101,011 units (kwh.).
This is an increase of
11,895,838 units, or 16.0%, above the corresponding week a year ago.
Gross output, including sales to other utilities, amounted to 97,572,959
$56,622
period, whether paid or unpaid
Balance
units for the week.—V.
revenues:
1937
1936
$36,250,929 $30,274,481
26,609,200
21,414,285
19,502,705
15,696,712
7,028,654
6,161,831
4,218,641
3,953,045
759,658
749,012
672,981
467,604
Electric—Residential
Power..
Commercial...
.i.
Electric corporations
— ...
....
Miscellaneous electric
Total electric
revenue
$95,042,768 $78,716,970
9,858.876
9,611,041
1,859,917
1,756,000
1,350,717
1,214,092
71,180
182,298
Gas—Residential.
Commercial.
Industrial
.....
Miscellaneous gas
Tota gas revenue
Total miscellaneous
$13,140,690 $12,763,431
9,800,130
8,235,945
revenue.
144, p. 2112.
Total operating revenues
Operating expenses
Art Metal Construction Co.—Dividend Increased—
The directors have declared
mon
3661.
p.
12 Months Ended March 31—
Operating
cumulative.
are
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.
dividend of 60 cents per share on the com¬
payable July 1 to holders of record June 19.
This
stock,
a
par $10,
with 40 cents paid on April 1, last, and on Dec. 17, 1936; 35 cents
Sept. 3, 1936; 25 cents on June 30, 1936, and 15 cents per share
Jan. 2, 1936, this latter being the first payment made since Jan. 2,
compares
paid
paid
144,
Associated Gas & Electric Corp.—Earnings—
Railways...—
x Dividends
accumulated and unpaid to Jan. 31, 1937, amounted to
$1,265,687. Latest dividends, amounting to $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, were
paid on Jan. 2, 1937. Dividends
—V.
Higher
net
Dividends applicable to preferred stocks for the
these stocks
14%
Municipal
Net income
on
Output Nearly
Progress as far as customers and their use is concerned also continues.
During the 12 months ended April, electric output was almost 14% higher
than in the previous comparable period and gas output 1% higher.
Mr. Magee added that no change had occurred since the first of the year
in the position of the company in regard to compliance with the Public
Utility Act of 1935 (the Wheeler-Rayburn bill), under which the company
did not register.
He reminded stockholders that the question as to con¬
stitutionality of this Act has not yet been determined by the Supreme Court.
In regard to the jeopardy assessments made in December, 1935, for
alleged back taxes, he said that active work was still in progress contesting
these taxes in their entirety before the U.S. Board of Tax Appeals.
949,265
$246,278
Gross income
on mortgage bonds.
Other int. & deductions.
Int. chgd. to construction
June 5, 1937
Magee also pointed out that by establishing a new tax of 2% on gross rev¬
enues of utilities, New York State this year would, add more than $70(J,UUU
a year to the tax burden of the Associated Gas & Electric Co.
"Taxes now amount to $3.04 a share on the 4,570,279 shares of class A
$1,005,887
:
$293,286
Int.
x
5,214
909
Operating income
Other income (net)
Chronicle
on
on
1932 when
a distribution of 10 cents
per share was made.
In addition, the company on Dec.
17, 1936, paid a special stock dividend
of one share of common stock for each
20 shares held.—V. 144,
p.
Associated
5K%
There
Gas
Investment
are
&
Electric
Co.—Conversion
3320.
Offer for
.$117,983,588 $99,716,347
49,921,473
42,992,276
8,527,643
9,511,548
Provision for taxes (incl. Federal income taxes).
13,246,135
10,333,392
Provision for retirements
9,336,922
8,704,507
Maintenance
..
Operat ing income
Non-operating
Gross income
Fixed charges & other deductions of subsidiaries:
Interest on funded debt
Interest
Certificates—
outstanding with the investing public slight.y less than $3,800,coupon
$3,000; the
average
ally issued
on
come
due Nov. 15,1938.
They
were
origin¬
Nov. 15,1928 and represent the only funded debt of Associated
(exclusive of interest and dividend scrip) which comes
Gas & Electric Co.
due
before
1948.
net earnings
Balance
...
Amortization of debt discount & expense
apply it to the daily work of the public utility system controlled by the
company, any effort to refund by payment in cash from the proceeds of a
new issue is believed by the
management to be unlikely to succeed.
Even
if successful, it would entail such an
expense that the benefits would be
more than offset by the cost.
The only thing which can be done, therefore,
Balance Sheet
1937
These three opportunities
are as
in
&
S
to sub. &affil.
companies .—624,492,752 620,296,766
Cash & spec dep.
Int. receivable—
Unamort.
1,087,893
189,221
3,844,093
245,799
established
year.
19% Increase in Taxes
Total
629,621,063
item is increasing so fast as taxes, Mr. Magee said, pointing
out that in the latest 12 months
period taxes at $13,912,676 were $2,222,948,
no
790,231
2,224,908
taxes—
for taxes <fe
Total
1,945,200
5,116,938
..629,621,063 622,817,559
Capital stock $7,398,000, surplus $162,700,981 ($161,204,961 in 1936).
y
bonds, due 1940; and $32,240,000 income debentures due 1978.
Gets Permission to Withdraw Registration Statement—
The Securities and Exchange Commission announced June 2 that it had
permitted the corporation to withdraw a registration statement filed under
the Securities Act of 1933 and
covering $10,000,000 of 5% debentures.—
V. 144, p. 2288, 3322.
Associated Telephone Co., Ltd.—Earnings—
revenues
Operating revenues
Operating expenses
1937—4 Mos.—1936
$1,140,952
2,705
$1,004,951
3,900
$1,138,247
668,705
$1,001,051
570.637
taxes
$289,796
173,479
$255,323
150,577
$116,317
42,856
..
Net oper. revenues
Operating
1937—March--1936
$290,996
$256,358
1,200
1,035
$104,746
35,822
$469,542
170,811
$430,414
144,045
$68,924
$298,731
$286,369
Net v,^. income
oper.
$73,461
■V. 143, p. 1220, 99; V. 142, p. 4329.
W.
F.
board of
V.
144,
Benoist and R. E. Williams, Secretary, have been elected to the
directors, succeeding W. H. Loomis Jr. and Emmett Swanson.—
p.
2985.
Automatic Products
Corp.—Earnings—
Earnings for 3 Months Ended March 31, 1937
Total income
$51,016
14,449
5,000
Expense
Provision for normal Federal income taxes
Net income.
$31,567
Balance Sheet March 31, 1937
Assets—
Liabilities—
Cash in banks and
on
hand...
Patents
$404,315
Accounts payable
1,555,508
Accrued liabilities
74,882
Def'd charges—prepaid insur.
218
Allow
Prov
Common cap
Surplus
He explained that some of these heavier taxes are attributed to the in¬
in the rate of the Federal
unemployment compensation tax and
the addition to other taxes of the Federal tax for old
Mr.
inc
tax
tion & listing exp
-V.
144,
$2,034,923
p.
3486.
applic
Air Devices Corp
Total
$3,413
3,088
5,000
for one-third of registra¬
income.
crease
-
for normal Fed
19%, higher than in the previous period, whereas the rate of increase in
the year 1936 was only
10.5%.
The increase in taxes during the 12 months
ended April was not far from being as
great as the increase in operating
35,719
Note—Subsidiary companies, exclusive of the company which operates
the employees' saving and investment plan, owned securities of Associated
Gas & Electric Corp., included in the capitalization above; $1,119,670
8%
or
benefits.
101,581
148,122,040
2,606,429
622,817,559
Investments-
age
1,505,999
debt-. 175.478,605
Associated Telephone & Telegraph Co.—New Directors
They amounted to
$120,072,414 in the 12 months ended April 30, a gain of $7,875,018 or 7%
over the previous
comparable period.
This gain is close to the $7,940,863
by which 1936 revenues exceeded those for 1935.
Mr. Magee added that
operating income after expenses, maintenance, taxes and provision for
retirements was improving at a faster pace, however.
For the 12 months
April period operating income was $36,348,448, or $2,538,062 higher,
whereas the gain in operating income in 1936 over 1935 was
$2,193,049.
However,
84,200,300
miscellaneous.
Uncollectible oper. rev._
last
81,805,220
&
210,789
Res
Operating
the annual meeting of stockholders held
June 2.
The meeting was ad¬
journed to July 2, 1937.
Mr. Magee pointed out that gross
operating revenues have continued to
they
Gas
Accrued
Stockholders Told of Progress in Revenue and Output—
pace
&
to
Accrued interest
Period End. April 30—
Improvement in the position of the company, which was noted in the
annual report for 1936, has continued
through the months of 1937, accord¬
ing to S. J. Magee, Vice-President and General Manager, in a statement at
the
Gas
pay.
Electric Co—.
registered form in denominations of $100 and multiples thereof.
at
Assoc.
Funded
$1,000 each and in
increase
&
Matured Interest
The 5M % interest must be paid unconditionally
of the fixed interest debentures of the company remain
serving in Auburn, Geneva, Seneca
surrounding territory, has been merged
into New York State Electric & Gas
Corp.
This brings to 346 the total
of companies in the Associated Gas & Electric
System which have been
merged, dissolved or otherwise eliminated.
There now remain but four electric
operating units of the System in New
York State, namely
New York State Electric & Gas Corp., Rochester
Gas & Electric
Corp., Staten Island Edison Corp., and the Patchogue
Electric Light Co.
for
res.
Assoc.
%.
Subsidiary Merged—
$
168,602,961
otherconting. 195,934.120 213,658,600
Notes payable to
Electric Co—.
of the following securities of Associated Gas & Electric Co.;
First: $1,000 of 5)^-6
% sin. fund income debentures due 1986.
This
issue pays 1% additional interest as
long as interest is paid (as is now being
done) upon the conv. obligations of the company thus bringing the total
The Empire Gas & Electric Co.,
Falls and Arcadia, New York and
1936
$
&
conversion
Acct.
one
tions and multiples thereof.
The investment certificates described under the iast two of the above offers
will be available in coupon form in denominations of
Surp.
2,085,772
196,324
debt,
disc. & exps—
stock
surplus-- —170,098,981
follows, the last
present certificates and carry the same rate of interest.
The income debentures in the first offer are available in
coupon form in
$500 and $1,000 denominations and in registered form in $100 denomina¬
Cap.
y
invest, certificates, holders may receive any
long as any
outstanding.
Second; $1,000 of 5-year 6% investment certificates due Nov.
15, 1943.
These will be practically identical in substance with the
present investment
certificates, except that they will carry
of 1% more interest.
They will
contain all of the presently available terms of conversion.
Third: $100 in cash payable
promptly and $900 of investment certificates
due Nov. 15, 1939.
These will be practically identical in substance with
1937
Liabilities—
ad vs.
two
so
larch 31
1936
$
Assets■—
Inv.
the present holders exchanges and extentions well in
advance of the date of maturity.
To make adequate provision for these certificates, therefore, it has been
decided to make available two new opportunities and to call attention to a
conv.
$4,475,409
Balance.
is to work out with
previously existing one.
being new.
For each $1,000 5}4%
681,008
2,306,084
3,061,469
63,206
1,944,716
...
issued.
Because of the passage of the Public
Utility Holding Company Act, the
as to its constitutionality, and the serious effect of
any attempt to
029
680,797
1,633,777
3,766,291
64,009
...
....
doubt
14,883,356
998,083
095,028
1,310,179
3,217,045
$13,089,589 $10,587,176
Interest, &c., of Associated Gas & Electric Corp.
8% bonds, due 1940
Convertible debentures, due 1973
Income debentures, due 1978
$10,400,000 (about) are held by the escrow agents, having been deposited
with them under the plan of rearrangement of debt
capitalization, and nearly
$16,600,000 have been reacquired through conversion or otherwise, by the
company and canceled.
These two items together with the amount now
outstanding make up the amount of nearly $31,000,000 which were originally
interest paid up to 6
18,041,723
1,158,788
Cr80,969
1,390,029
4,339,948
33,370
unfunded debt
on
Minority interest in
form
holdings of those owning them in registered
form is about $700.
These investment certificates
$37,972,478 $30,900,781
Interest charged to construction
Amortization of debt discount & expense
Divs. on preferred stocks paid or accrued
000 face amount of investment certificates.
These are held by 2,600 holders.
The average holdings of those owning investment certificates in
is about
$35,967,510 $29,158,528
2,004,968
1,742,253
—
(net)
revenue
shares—
Total..
to
stock (par $5)..
12,649
1,125,000
—
885,774
-$2,034,923
Financial
Volume
144
Autocar
Co.—Registers with SEC—
See list given on
Combined Revenue Statement of
Earnings for 3
1935
1934
J933
$30,221,757 $30,692,415 $28,469,704
£l96,070
357,637
539,166
426,827
Gross
Misc.
Corp.—Earnings—
lonths Ended April 30, 1937
rev.
Total
of oper. cos..
of oper. cos.$32,393,680 $30,579,394
*
*.
14,144,485
Operating expenses
14,507,503
Charge for depreciation
and renewals
8,008,054
8,286,742
Bond interest
2,000,103
1,984,786
674,406
Sink, funds & oth. chgs.
667,670
500,000
Prov. for gen. amortiz..
500,000
rev.
—
$111,207
18,346
Total operating income
Expenses
Provision for Federal income taxes (incl. surtax on
profits, $11,437)
undistributed
17,663
-
$75,199
(excl. of net profit from sale of securities)
Net income
Undistributed net income, Feb. 1, 1937 (.excl. of net profit from
sales of securities)
Undistributed net income, April 30, 1937--
-
158,567
receivable.
Dividends & accts
Investments
brokers & others
$155,541
Accrued Fed. & State taxes...
pay. to
Proceeds from sales of unexp.
commitments to purchase or
Investment in common stocks
4,500
d250,000
sell listed securities
1,852,013
of subsidiaries-
Preferred stock
Common
stock.
a4,657,928
....
Common stock class A
b337,540
Common stock class B
7,720,803
$5,252,346
77,419
211,987
$4,227,935
63,209
191,065
$3,958,403
92,417
70,032
190.178
2,880,115
56,045
233,766
Undistributed net income
Net profit from sales of securs.
Treasury stock
$8,914,1741
Total
249,712
Z>rl94,626
$8,914,174
Total
W
a!jRepresented by 1,863,171 no-par shares,
b Represented by 33,753
no-par shares,
c Represented
by 10,721 no-par shares,
d Represented
by 25,000 no-par shares.—V. 144, p. 2640.
Beaumont Sour Lake & Western
April—
1935
1934
$301,290
158,241
89,887
$233,291
94,403
38,312
$156,292
36,507
def7,230
$185,183
51,773
def3,518
1,276,802
704,475
414,438
853,028
331,643
114,020
611,004
160,520
def21,713
638,292
179,112
defl5,516
Gross from railway
railway
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 144, p.
1,541,752
$4,482,209
$4,218,613
392,486
331,514
Pref. divs. (6%)
Common dividends
23,604
4,915,586
23,604
346,710
500,000
23,604
339,658
450,000
23,604
Balance, surplus
$1,304,698
$5,186,634
$3,611,895
$3,405,350
exps. & admin,
Gen. amortiz.
reserves__
Consolidated Balance Sheet (Co. and Sub.
Electric Co., Ltd.]
$
$
(at
expenses
incl.
cost),
int.
controlled
or
by
sub.
Incl. premium paid on shs.
cos.,
of sub. cos. acquired
85,197,906
franchises,
contracts,
goodwill, &c., discount & issue
expenses on bonds & debs...
45,355,995
Sinking fund investments:
..
Rio de Jan.
$1,941,504
503,159
$1,808,042
399,303
$7,724,765
2,024,512
16,927,471
1,527,167
$1,438,345
Net oper. revenues
Operating taxes
Paulo Electric
income
p. 3165.
$1,408,739
$5,700,253
$5,400,304
Month Ended
•
28 '37
Feb. 29 '36
Feb. 29 '36
Operating revenues
Oper. rev. deductions—
$611,227
486,768
$551,043
448,599
$6,922,425
5,652,661
$6,168,670
5,288,970
Net oper. revenues
$124,459
$102,444
5
$1,269,764
1,602
$879,700
713
$125,172
45,750
4,209
$102,449
45,750
4,016
$1,271,366
549,000
$880,526
50,308
549,000
50,813
$75,213
$52,683
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$672,058
429,174
429,232
12,549,410
1,577,761
1,407,044
9,121,552
7,481,598
8,283,138
4,448,714
16,892,030
7,290,760
24,118,109
7,088,599
21,839,561
889,425
14,363,183
889,425
10,998,040
406,293,287
7,185,051
Total.
_.
4,452,448
Liabilities—
Capital stock—Brazil.
Traction,
Co., Ltd.
Auth. & issued
6% cum.
Shares of subsidiary cos
pf. shs.
179,312,281 179,312,293 179,307,259 179,302,220
393,400
393,400
393,400
393,400
1,684,292
976,533
976,533
1,684,292
Funded Debt—
de
Janeiro
Tramway,
Co., Ltd.:
Light
25,000,000
25,000,000
17,717,566
1,319,384
18,084,281
1,318,205
18,433,998
1,317,719
3,999,996
3,999,996
3,999,996
3,999,996
9,733,333
9,733,333
9,733,333
9,733,333
48,667
107,553
163,033
216,080
224,617
163,098
163,360
189,750
557,195
898,728
Sundry cred. & credit balances..bl3,999,735 bl2,619,150 bl0,679,142
See b
See b
Ins. funds for injuries & damages.
See b
*
Prov.for deprec.& renewals(bal.
aft. meeting renewals to date). 76,907,447
70,209,487
63,122,772
7,361,073
20,303,657
Sinking fund reserves..
7,937,573
16,984,692
6,460,000
General amortization reserve.-.. 17,482,076
51,431,369
50,775,133
General reserves..
51,568,373
1,264,693
9,246,845
1st mtge. 30-yr.
5% gold bonds
5% 50-year mtge. bonds.—.._ 17,332,748
5% 22-year bonds
1,319,661
Sao
Paulo
Tramway, Light &
Power Co., Ltd.:
$280,713
Other income (net)
13,490,713
1,759,723
18,990,912
& Power
Feb.
Feb. 28 '37
Period—
47,493,887
-
Invest. (Govt. securities at cost).
Cash
Rio
Months
47,492,792
1,951,815
_
Sundry debtors & debit balances.
Ended
—12
45,196,355
Co., Ltd.,
.
construction material.
a
Birmingham Electric Co.—Earnings-
89,863,583
Stores in hand and in transit, incl.
Lt. & Power
Net oper.
87,484,063
416,335,967 403,325,017 415,923,332
1st mtge. bonds.
$5,526,604 $22,765,370 $21,445,737
3,718,562
15,040,605
14,518,266
84,892,167
Tram., L. & P. Co.,
Ltd., 1st mtge. bonds at cost
$5,772,594
3,831,090
219,216,526 214,163,739
244,080,287 234,371,291
cos.
Rights,
Sao
Operating revenues...
Operating expenses.....
1933
$
1934
$
1935
1936
Assets—
Properties, plant & equip., const,
Co. of Penn.—Earnings—
Period End April 30—
1937—Month—1936
1937—4 Mos —1936
Operating revenues
$5,785,043
$5,539,679 $22,809,663 $21,497,141
Uncollectible oper. rev..
12,449
13,075
44,293
51,404
Cos.), Dec. 31
(and its subsidiary,
Brazilian Tel. Co.), Sao Paulo Tramway, Light & Power Co., Ltd., Sao Paulo
Electric Co., Ltd., City of Santos Improvements Co., Ltd., and Brazilian Hydro-
2987.
Bell Telephone
144,
chgs..
[Includes Rio de Janeiro Tramway, Light & Power Co., Ltd.
owned
1936
Net after rents
Brazilian
Light &
rev.,
Traction,
during construction, &c
Cost of securities & adv. to
Ryv —Earnings:—
1937
i
Gross
cl07,213
Paid-in surplus
Reserve for invest, in sub. co.
5% perpetualconsol. deb.stock
826
Sao Paulo Electric Co., Ltd.:
Gross income
on
3,335,902
907,776
96,978
& Power Co., Ltd.. $6,446,979
t
176,440
Accts
$491,291
49,154
6,521,717
Cash
Int.
12,973,647
8,067*847
3,435,104
884,102
Liabilities—
Assets—
-V.
14,616,593
Bal. being rev. to Bra¬
zilian Traction, Lt.
Int. on temp, investm'ts
Miscellaneous income
Balance Sheet, April 30, 1937
Net from
$31,231,581 $28,896,531
Power Co., Ltd
$6,636,374
Deduct—General & legal
$233,766
-
Operating Subsidiaries
Parent Company and
Calendar Years—m
1936
earns, from oper._$32,197,610
first page of this department.—V. 144, p. 3322.
Bankers National Investing
3829
Chronicle
mtge. bonds
Other int. & deductions.
5% 50-year 1st mtge. bonds...
City of Santos Impts. Co., Ltd.:
5% tramway debentures
Bond debentures & share warrant
Net
x
income
x
Dividends
Accrued
$242,884 def$148,519
Balance...1
accumulated
and
unpaid
to
Feb.
28,
1937
amounted
to
Latest dividends, amounting to $1 75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Jan. 2, 1937.
Dividends on these stocks are cumulative.
$286,116.
Note—No provision was
coupons
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.—
—
*
2469.
Boeing Airplane Co.—Offers Stock to
Shareholders—
June 2 voted to offer additional shares of capital stock to
of $23 per share.
The new
share for every three now held.
Pur¬
stockholders of record .Time 11 at offering price
stock is to be offered at rate of one
416,335,967
The underwriting
Boston Consolidated Gas
$6,830,607
CInCu.Ft.)—
1937
1,196,712,000
1,096,227,000
March.
1,205,530,000
April
1,045,588,000
May.
994,206,000
—V. 144, p. 3166.
January
February
1936
1,287,421,000
1,256,310,000
1,112,924,000
1,047.968,000
1935
1,346,975.000
1.153,085,000
1,152,477,000
1,039.210.000
1934
1,172,408,000
1,171,444,000
1,126,368,000
988.598,000
989,842,000
1,009,712,000
985,750,000
Boyd Kirkland Gold Mines, Ltd.—Registers with SEC—
department.
Brazilian Traction, Light & Power Co., Ltd.—Earns.
Combined Companies for Calendar Years
1936
Miles of track
Miles run
Passengers carried
Kilowatt hours sold
i935
1934
1933
561.20
76,925,640
560.84
71,910,270
549.15
70,037,364
547.03
66,832,545
882,882,798 823,796,758 782,406,381 753,786,219
1235689,195 1119893,048 1013977,127 903,467,487
Total consumers light &
442,057
No. of
413,526
.cubic meters). 120,328,276 113,143,923
Gas consumers
teleph. in oper..
403,325,017 415,923,332 406,293,287
depreciation and renewals of physical
assets
at
par
of exchange, on which the interest and sinking fund charges
$407,837, are provided out of the revenue of the sub. cos.
injuries and damages.—V. 144, p. 3662.
Corporations, Inc.—Listing Approved•—
The New York Curb Exchange has
shares of common stock,
p.
$1
approved for listing 24,694 additional
official notice of issuance.—V. 144,
par, upon
2470.
Briggs Mfg. Co.—Larger Dividend—
dividend of $1 per share on the common
no par value, payable June 25 to holders of record June 15.
A
dividend of 50 cents was paid on March 31, last; an extra dividend of $1 per
share was paid on Dec. 21, 1936, and an extra of 50 cents in addition to a
regular quarterly dividend of 50 cents per share was distributed on Oct. 31,
1936.
For detailed record of dividend payments see V. 143, p. 3992.
—V. 144, p. 3662.
The directors on June 3 declared a
stock,
Brillo
Manufacturing Co.—Earnings—
3 Months Ended
March 31—•
1937
Net profit after deprec.,Fed.taxes, &c
x$62,339
Earns, per sh. on 145,310 no par shs. _
$0.34
x Before surtax on undistributed profits.
1936
1935
$62,108
$0.34
$19,706
$0.05
1937, the company's balance sheet showed total current
assets, including cash of $338,030, of $551,052 (not including company's
own securities held at cost of $169,155), compared with current liabilities
of$142,716,aratioof3.8to 1.
Earned surplus at March 31,1937 amounted
$664,526.
At March 31, 1936, total current assets, includingccash of
$229,788, were $437,839 (not including companys' own securitiesjheldjat
cost of $173,576) and current liabilities were $111,298.—V. 144, p. 3662.
to
British Columbia Power Corp., Ltd.—Earnings—
1937—Month—1936
1937—10 Mos—1936
$1,242,202
$1,165,957 $12,483,462 $11,629,918
Operating expenses
761,392
670,281
7,142,294
6,358,458
Period End. April 30—
see list given on first page of this
Statistics of
20,787,193
145,412
b Includes insurance funds for
At March 31,
Co.—Monthly Output—
24.399,087
145,412
for the year, amounting to
1.
syndicate is headed by Brown Harritnan & Co. and
employees at regular offering price.—V. 144, p. 3488.
29.585,721
145,412
owned or controlled by subsidiary companies,
a In addition, there are
bonds outstanding of companies owned or controlled by the sub. cos. equivalent to
chase rights expire J\dy
G. M.-P. Murphy & Co.
Holders of certificates for shares of common stock
of United Aircraft & Transport Corp. surrendering certificates for exchange
can also subscribe.
Twelve thousand shares will be offered officers and
30,890,419
145,412
This reserve includes provision for
Breeze
dividend of 37?^ cents per share on the
common stock, no par value, payable June 25 to holders of record June 15.
A similar payment was made on March 25, last, and compares with 10 cents
paid on Jan. 26, last; 35 cents on Dec. 15, 1936; 45 cents on Sept. 28, 1936,
and prior thereto regular dividends of 10 cents per share had been paid each
three months from March 31,1934, to and including June 27,1936.—V. 144,
481,527
59,444,749
18,843,014
5,960,000
50,556,823
of companies
Bloomingdale Brothers, Inc.— To Pay 373^-Cent Div.—
The directors have declared a
power
Gas sold
—
Total
stock,
on
546,846
Subsidiary companies..
dividend of 25 scents per share on
payable June 30 to holders of record June 7.
This
co rpares with 20 cents paid on April
15 last; 35 cents on Dec. 18, 1936;
15 cents paid on Oct. 30, 1936, and 10 cents per share distributed on July
30, April 30 and Jan. 2, 1936, this latter being the first distribution made
since March 1, 1932, when a dividend of 12)^ cents per share was paid.—
V. 144, p. 3488.
Directors
pref
cum.
Trac., Lt. & Pow. Co., Ltd.
Blaw-Knox Co.—Interim Dividend—_
p.
on
Profit & loss bal. Dec. 31—Braz.
The directors have declared an interim
common
charges
shares & funded debt
V. 144, p. 3661.
the
outstanding.
106,448
165,852
96,963
149,034
387,808
366,094
105,289,685 102,044.183
89,042
134,886
83,208
122,253
Grass earnings
Net earnings
-V. 144, p.
—
$480,810
$495,676
$5,341,168
$5,271,460
3167.
Broad Street Investing Co., Inc.— To Pay
30-Cent Div.
The directors have declared a dividend of 30 cents per share on
the capital
stock, payable July 1 to holders of record at 10 a. m. N. Y. time,
This compares with 25 cents paid on April 1, last; $1.65 paid on
June 16.
Dec. 18,
1936, and regular quarterly dividends of 20 cents per share paid from
Jan. 3, 1933 to and including Oct. 1, 1936.
In addition an extra dividend
of 10 cents per share was paid on Jan. 1, 1936.
It was stated by the company tnat part of the current dividend will repre¬
sent income from dividends after expense and taxes and part will represent
net
profits realized on sales of investments.—V. 144, p. 2641.
3830
Financial
Chronicle
Brockway Motor Truck Corp.- ■Committee for Preferred
Stockholders—
At the request of the holders of a substantial number of shares of
the
preferred stock of the corporation, now in reorganization under S ction 77-B
of the
Bankruptcy Act, the following have agreed to act
to protect and further the interests of such stockholders
to make the raise earlier.
This is the second wage increase announced by the company
this year, an
having been put into effect on May 1.
Combined
$750,000 alyear to payrolls.
Under new minimum wage tolbe paid, the company's workers will receive
$20.64 per week of 48 hours. At present minimum wage for 48-hour week is
$19.20. All of company's mills are operating at practically full capacity.—
V.144, p.3663.
increase of two
committee
that the plan of
as
so
a
committee, so that they may receive the circular letter dated June 1, 1937,
analyzing the plan of reorganization from the point of view of preferred
stockholders.
Canadian National Ry.— Earnings—
The members of the committee are J. J. Livingston,
Chairman; Joseph
G. White and Charles H. Andrews, with Gerald I.
McCarthy, 60 Broad St.,
N. Y. City, and Edward J. Bullock, 308 State Tower
Y.,
as
Secretaries, and Hiram S. Gans, N, Y. City,
as
Earnings of System for Week Ended May 31
1937
Bldg., Syracuse,
counsel.
Gross earnings
Truck corporation
Canadian Pacific
and employes
operating com¬
plan of reorganization which will provide for:
merger or
the
into
voting
trust
agreement
the
"(b)
depreciation, accounting for $505,544.
outstanding.—V. 139, p. 1079.
To preferred stockholders—3 shares for each 5 shares of preferred
held.
Additional stock to be available for raising additional capital.
Election of directors: (a) Creditors and stockholders who purchase
now
"(c)
"(5)
stock for cash to elect six of nine directors,
to elect remaining three directors.
"The next hearing on the plan
p.
Operating
revenues
Oper.
>
deductions...
has been fixed for June 14, 1937.—V. 144,
a
_
'
1937
1936
.$13,637,005 $11,235,809
Costs,exp.bad debts, &c 12,964,532
10,773,936
Depreciation
122,217
106,842
Prov. forliab. & compen.
10,575
12,275
$539,681
Other income.
42
;
Total income.
Interest
$539,723
71,092
75,000
___
Fed. & State income tax
Net profit.
_
j
Preferred dividends
Common dividends.....
Surplus.
common
per
1935
1934
stock.__
share...__
,
$342,756'
3,203
$2,445,839.
$13,437,940 and
were
$347,001
$4,730,289
17,178
17,077
205,157
205,629
$411,156
$329,924
3,431
$4,525,132
31,064
$3,946,564
33,499
191,667
5,028
$333,355
191,667
4,936
$4,556,196
2,300,000
$3,980,063
2,300,000
59,612
$216,902
$136,752
$2,195,515
$1,620,451
1,255,237
1,255,237
-
Other income
Int.
on
2,441
mtge bonds
Other int. & deductions.
62,138
Int. charged to const
Crl.457
Net income
NOT
AVAILABLE
-
Div. app. to pref. stks
for the period, whether
paid or unpaid!
Balance
$345,959
72,000
43,000!
x
$393,631
$230,959
$488,395
370,875
370,500
110,516
370,500
$556,339
111,172
370,500
$22,756 def$l39,541
248,000
247,000
$1.58
$0.93
$7,379
on
$7 and $6 preferred stocks
were
paid
on
Jan. 2,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 2120.
$74,667
247,000
81.53
$365,214
$940,278
Regular dividends
1937.
$4,152,193
$428,334
plant
$413,597
247,000
$1.80
Note—No provision was made for Federal surtax on undistriubted
profits
Current assets as of April 30,
1937,including $556,422 cash, amounted to
$15,036,926 and current liabilities, including $1,200,000 notes
payable,
Carpenter Steel Co.—$1 Dividend—
The directors
common
on May 25 declaredra final dividend of $1 per share on the
stock payable June 20 to holders of record June 10.
An interim
dividend of 25 cents
was
paid
on
March 20, last.-—V. 144, p. 3168, 1269,
1101.
This compares with cash of $538,741, current assets of
current laibilities of $676,696 on April
30, 1936.
In¬
ventories amounted to $7,836,377,
against $7,730,572.
Total assets as of
April 30, last, aggregated $18,040,052. comparing with $16,397,248 on
April
30, a year previous; earned surplus was $7,573,842, against
$7,543,651;
contributed surplus was $895,031, against $895,031, and
capital surplus was
$3,131,133, against $3,118,508.
Funded debt amounted to $3,705,000,
against $3,850,000.—V. 144, p. 1431.
Celanese
Period End. April 30—
Profit after ordin'y taxes
& deprec. but before
Fed. income taxes
—V. 144, p. 3662.
Bush Terminal
1937—Month—1936
a dividend of 75 cents per share on the com¬
stock for the quarter ending June 30, 1937, payable July 1 to holders
of record June 15.
A similar payment was made on April 1, last; a dividend
of $1 was paid on Dec. 23, 1936, and an initial dividend of 50 cents was paid
on
loss$16,967
$2,996
loss $63,447
bond interest & deprec
x Before
provision for
Period—
Oper.
1937—4 Mos.—1936
Federal
$19,822
income
tax
x$37,293
$39,871
and payment of $21,370 of
Canada Northern Power Corp.,
expenses
Gross income
Net earnings
1937—Month—1936
$401,007
$369,603
164,878
140,974
$236,129
1937—4 Mos.—1936
$1,591,337
$1,498,132
648,768
563,940
$228,629
$942,569
$934,192
Canadian International Paper Co.—Wages Raised—
The company announced an increase of
5% in wages of all hourly-paid
employees, effective Sept. 1. The increase will affect about 5,000 employees
at company's plants at Gatineau, Three
Rivers, Temiskaming, Dalhousie,
$333,756
215,249
197,078
2,753,287
2,315,701
10,612
$783,309
162,392
$724,847
239,790
_
$129,119
18,958
$101,843
31,250
522
$945,701
359,021
7,625
$964,637
629
365
Net income
x
Ended
-12 Mos. EndedFeb. 29, '36 Feb. 28, '37 Feb. 29, '36
$283,080
$3,536,596
$3,040,548
$86,002
15,841
$118,507
CCr.)
Ltd.—Earnings—
$109,897
Divs.
applic. to pref. stocks
whether paid or unpaid.
Balance
-V. 144, p.3167.
deductions
on mtge. bonds....
Other int. & deductions
Int. chgd. to construct'n
reorganization expense.—V. 144, p. 3324.
Period End. April 30—
Gross earnings
rev.
Int.
$15,059
1593.
Feb. 28, *37
revenues....
Net operating revs
Other income (net)
1937—Month—1936
p.
Light & Power Co.- -EarningsMonth
1937—4 Mos—1936
Co.—Earnings—
Period End. April 30—
Profit after ordin'y taxes
April 15, 1936.—V. 144,
Central Arizona
Operating
$340
Corp. of America—75-Cent Dividend—
The directors have declared
mon
Bush Terminal Buildings
Co.—Earnings—
Operating
of
Operating income
x
Shares
lease
_______
Profit
Earnings
1937—Month—1936
1937—12 Mos^l936
$1,000,997
$855,322 $11,091,104
$9,985,673
572,663
508,321
6,360,815
5,833,480
(& Subs.)—Earnings—
6 Mos. End. April 30—
Gross sales
for
(net)
demption
Brown Shoe Co., Inc.
rev.
Net oper. revenues
Rent
Co., Inc.—Debentures Called—
The company's 6% debentures due July 1, 1939 have been called for re¬
on July 1, at 107.
Payment will be made at the Whitney Na¬
tional Bank of New Orleans.—V. 141, p. 740.
There are $361,500 of the bonds
Carolina Power & Light Co.—Earnings—
Period End. Jan. 31—
(b) Preferred stockholders
3488.
Brown Paper Mill
Reorganize—
ings, equipment, &c., called for $38,487, leaving net loss from operations of
Disribution of new common stock as follows:
To creditors—one share for each $30 of principal amount of claims,
new
$383,000
$2,865.
Current assets are shown at $20,046, qompared with current
liabilities of $23,547, thus showing adverse working capital position. Total
assets are reported at $635,050, with land and buildings, less reserve for
Reduction of creditors' claims by waiver of interest.
excluding interest.
stock
Increase
1936
$3,380,000
revenue of
restoration of voting power.
"(3)
"(4)
"(a)
$3,763,000
Financial statement, accompanying notice of speciaFmeeting reports total
$220,934 for 1936, with expenses of $185,312, leaving net earnings
from operations of $35,622.
Bond interest at 6H% amortization of build¬
one
and
consolidation
317,809
def68,762
defl57,597
Century Bond & Management Co. has addressed a letter to holders
6 >6%, first mortgage bonds of this company, pointing out that a
meeting of such bondholders will be held on June 16 to consider a reorganiza¬
tion "to prevent any further defaults."
It is added that, if the plan sub¬
mitted is accepted, no more meetings will be necessary and the company
will be able to carry out its new obligations.
v
Main points in the new plan are:
(1) Maturity of bonds to be extended
from Sept. 1, 1941, to Sept. 1, 1951.
(2) Interest to be at a fixed rate of
5%, payable twice yearly.
(3) Sinking fund payments to be 75% of net
earnings, before depreciation up to the new maturity date of the bonds.
(4) The company will make monthly payments to the trustee to provide for
semi-annual interest and taxes. (5) The company will spend not more than
$50,000 in a much-needed modernization program.
company.
of
305,187
def88,687
defl75,941
The
the operating company is not transferred, stockholders will have no
vote or
voice in the election of directors or the management of either
company.
There are additional reasons for opposing the creditors'
plan of reorganzaition dated Jan. 20, 1937.
termination
312,275
defl54,650
def254,906
of the
from time to time determine.'
Immediate
def64,581
Canadian Theatre Co., Ltd.— To
The plan does not specifically
provide for the termination of the voting trust agreement.
If that agree¬
ment is not terminated and the Truck corporation's interest in the stock of
"(2)
1934
$90,120
def5,588
def30,798
1937
prices, and for such
a
1935
$88,972
def9,306
def30,936
Ry.—Earnings—
Gross earnings
—V. 144, p. 3663.
six times the total available to all pref.
stockholders, are to be reserved for
later issuance 'to such person or persons, at such price or
company, or
1936
$82,078
def38,5l6
Earnings for System for Week Ended May 31
$300 par value of pref. stock, excluding accumulated dividends, for one
new stock, whereas creditors with an investment of
only $18 (ex¬
cluding interest) should get one share also.
"Moreover, under the proposed plan approximately 41,000 shares, nearly
one
962,901
268,904
143,669
396,047
def61,605
defl64,893
Net after rents
—V. 144, p. 3167.
share of
of
844,462
184,304
69,094
From Jan. 1—
Gross from railway
Net from railway
stock.
This committee was formed because it seemed
manifestly unjust
that pref. stockholders who had paid over $100 per share should turn in
Dissolution
971,694
182,668
57,523
1937
$87,711
def28,890
def53,635
Net after rents.
certificates, to the operating company.
"Instead of 1,200 shares of stock the operating company will be authorized
to issue 250,000 shares of which approximately 209,000 will be issued at
once.
Of these 97%, or 200,891 shares, are to be allocated to creditors for their
claims which are increased by including interest at 6% since 1930.
Only
the remaining 3%, or 7,635 shares, are available for all
pref. stockholders.
Creditors, after increasing their claims by about 40% for accrued interest,
would receive one share of new stock for each $30 of claims, whereas
pref.
stockholders would get only one new share for each three shares of
pref.
"(1)
$209,975
51,038
17,570
,
Canadian Pacific Lines in Vermont—EarningsApril—
Gross from railway
Net from railway
The plan of reorganization proposes to cancel the debs, and the lease and
turn over all the assets of the Truck corporation, except the
voting trust
The committee advocates
1935
$194,957
49,247
22,542
—V. 144, p. 2989.
operating company.
That these assets are valuable may be seen when
realized that in 1936, the operating company earned $300,000 after payment
of $55,000 interest on the debs, above mentioned and all other
charges.
may
1936
$191,017
21,775
def8,297
1,130,034
375,001
245,541
From Jan. 1—
Gross from railway
"Corporation has certain assets among which are $1,100,000 of 5% debs,
of the operating company, a lease of plants to the
operating company calling
certain rentals and voting trust certificates for all the issued stock of the
1934
1937
Net from railway
Net after rents
for
pany
$324,251
$229,934
46,878
14,105
railway
Net from railway
Net after rents
caused this committee to be formed to advance and protect the interests of
all preferred stockholders.
The committee seeks to prevent the confirma¬
tion of that plan of reorganization.
corporate purposes, including compensation of the officers
of the operating company, as the board of directors of the
^crease
Canadian Pacific Lines in Maine—Earnings—
Gross from
Believing that plan to be unfair, inadequate and inequitable, the holders
substantial number of the preferred shares of the
$4,893,817
V
f
April—
"A plan of reorganization has been proposed by a reorganization
com¬
mittee with the corporation of the creditors of the Truck
corporation.
a
1936
$5,218,068
*
—V. 144, p. 3663.
The committee's letter to the preferred stockholders
says In part:
"The subsidiary company, Brockway Motor Co., Inc. (the
operating
company), is not in reorganization.
of
cents
increases add about
reorganization proposed may better provide for such preferred stock.
The committee does not seek deposits of stock at this
time, but urges all
preferred stockholders to communicate at once with either Secretary of the
N.
June 5, 1937
Hawkesbury and Corner Brook and will involve an additional $400,000 to
$500,000 in annual payrolls. The company had entered into an agreement
with employees to raise wages by 5%, effective Jan. 1,1938, but has decided
___
for
375,000
6,615
517
$70,071
the period,
$579,572
$583,022
108,054
108,054
$471,518
$474,968
x Regular divs.
on $7 and $6 pref. stocks were paid on Feb.
1, 1937.
After the payment of these dividends there were no accumulated
unpaid
dividends at that date.
Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the company reported no undistributed
adjusted net
income for that year. No such provision has been made to date for
1937.—•
Y. 144, p. 3664.
Financial
144
Volume
Central Foundry Co.—Annual
The books of the reorganized
summated.
Consolidated Balance Sheet Dec. 31
1936
amended,
as
was
con¬
the Central Foundry
Co.,\were openedias of Sept. 1, 1936.
Thereafter, on Nov. 30, 1936, the
approved the final report of the Universal Pipe & Radiator Co. and
court
the Central Foundry Co. and on the same day signed a final decree
terminat¬
ing the reorganization proceedings.
Upon initial(jconsummation of the plan, on Sept. 28, 1936, the amounts
of securities, authorized and outstanding (or covered by irrevocable au>
thorizations)jwere respectively as follows:
Outstanding
$1,000,000
653,200
Authorized
General mortgage
$1,000,000
653,200
9,000 shs.
x850,000 shs.
bonds—
Preferred stock
Common stock-_
8,402 shs.
453,539 shs.
396,461 shares of authorized but initially unissued common stock,
the following amounts were reserved for the following purposes: For con¬
version of 5-year 1st mtge. 6% conv. bonds, initially, 200,000 shs.; for
conversion of gen. mtge. bonds, 65,320 shs.; for conversion of pref. stock,
only to.and incl. Sept. 1, 1941, 84,020 shs.; for Central Foundry old scrip,
only to and incl. Sept. 28, 1937, 308 shs.; for dividends on pref. stock,
12,603 shs., and for general corporate purposes, 34,210 shs.
Between Sept. 28, 1936, and March 19, 1937, there has been a decrease
of $635,600 in 5-year 1st mtge. 6% conv. bonds, $5,000 in gen. mtge.
bonds and 4,074 shares in pref. stock, as against an increase of 168,360
shares in common stock outstanding (or covered by irrevocable authoriza¬
Of the
tions).
REPORT—For periods ended Dec. 31, 1936, showed:
Account for the Period from Sept. 1, 1936 (Effective
of Reorganization) to Dec. 31, 1936, and Pro Forma Consolidated
Income Account for the Year 1936
Date
Investments in
curities
of
Other
investments
13,716
27,801
507,667
11,943
327,652
Cash in closed bks.
Notes & accts.
rec.
729,229
Interest receivable
2,320
139,759
336,944
703,227
2,259
139,759
331,621
569,031
14,834,962
Cash
Unbilled income..
Mat'l and supplies
Cash
agents & trustees
Special deposits
Other assets
$74,799 prof$51,603
-
-
x Based on operating results of predecessor companies
to Sept. 1, 1936
(adjusted to show changes that would have been effected by plan of re¬
organization and after eliminating non-recurring items) and on actual
results for the four months ended Dec. 31, 1936.
Consolidated Statement of Capital Surplus for the 4
Months Ended Dec. 31,1936
Consolidated capital surplus at Sept. 1, 1936 (effective date of
reorganization)
—
Capital surplus arising from the conversion of
$256,700 of 5-yr. 6% 1st mtge. conv. bonds, due
Sept. 1, 1941, into0l,340 shs. of common stockLess: Proportion of unamortized debt discount and
expense applicable thereto
^
38,392
$166,968
Capital surplus arising from the conversion
200Aof 5% cum. pref. stock into 1,020
common stock
Miscellaneous adjustments
—-—
of $10,shs. of
9,180
17,442
193,590
5,108,729
Total.
Reorganization expenses, covering legal services, ap¬
praisal, accounting, court costs, advertising, recording fees,
Deduct:
150,296
■—
-
$1,958,433
31, 1936
Consolidated capital surplus at Dec.
Consolidated Balance Sheet at Dec. 31,1936
Assets—
S218,302 Accounts payable
534,591 Accrued salaries and wages—
1,352,798 Accrued Interest on bonds
equip't. 2,654,137
Patents and goodwill—
1
Investments and advances
49,301
Deferred charges----—----183,282
Land, bldgs., mach.
Accrued taxes
z
Total.
x
6% 1st mtge. conv.
bonds, due Sept. 1, 1941—
Gen. mtge. 5% conv.
34,438
25,753
x27,525
743,300
653,200
z
5% cum. preferred stock—
Common stock
.
830,000
y505,899
1,958,433
74,799
Capital surplus..
Earned, deficit
provision
$246,599
bonds,
z
Incl.
$4,992,412
Total
for Federal income tax of $8,300.
y Including 400
by scrip and 14,232 shares issuable to holders of old
SezUDuHng0t^Perperiodd'from
Dec. 31, 1936 to March 18, 1937, $378,900
bonds due Sept. 1,1941, $5,000 of gen. mtge.
bonds due Sept. 1, 1941, and 3,972 shares 5% cum. pref .stock
of 5-year 6% 1st mtge. conv.
5% conv.
re converted into 1X6,000 shares of common
Central Illinois Light
Period End. Apr. 30—
Gross revenue
x
Oper. exps. & taxes.
—
Prov. for retire, reserveGross income-y
Interest & other fixed
charges
Net
Divs.
income
on
pref. stock
stock.
1937—Month—1936
-V• 144, p. 2989.
$7,826,848
4,107,448
810,000
$2,909,400
$752,699
405,715
78,600
$680,616
381,844
75,000
$268,384
$223,771
$2,956,182
75,476
61,095
947,365
782,738
$192,907
41,800
$162,676
$2,008,817
524,926
$2,126,662
693,013
$1,483,891 $1,433,649
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
$104,925
Includes provision for Federal surtax on
mission and
expense.—V. 144, p. 3664.
Central Maine Power Co.Calendar Years—
Operating revenues-—
Operating expenses
Net operating
_______
569,031
106,821
4,238,143
1,321,614
4,647,832
1,380,196
Reserves
80,619,131!
.66,858,491
————
Other income
Total income
merchandise and jobbing-_
Interest and miscellaneous deductions
Provision for Federal income taxes—
Guar. divs. paid and accrued on pref.
stock of subsidiary companies
Earnings—
1,424,184
Total
66,858,491 80,619,131
and 125,000 shares in 1935, of
Ry.—Equip. Trust Issue—An issue
$1,400,000 4% equip, trust certificates was awarded by
Bros. & Hutzler; Dick &
$6,048,320
2,907,503
$5,915,519
2,665,410
$3,461,378
39,262
$3,140,817
52,956
$3,250,109
56,364
$3,500,640
$3,193,773
$3,306,473
59.522
1,803,677
84,345
1,771,746
125,743
36,840
bid
Central Power Co .—Preferred
was
p.
102.444.
3664.
Dividend—
The directors
have declared a dividend of $1.75 per share on the
7%
pref. stock and $1.50 per share on the 6% cum. pref. stock, both of
$100 par value, payable July 15 to holders of record June 30.
Similar
payments were made on April 15, last.
Dividends on both issues are in
arrears.
See also V. 144, p. 100.—V. 144, p. 2120.
Railroad
&
Banking Co. of Ga.—Listing—
The New York Stock Exchange has authorized the listing of $4,840,000
of collateral trust bonds as and when their maturity shall be extended to
May 1, 1942, at 5%,
Central
RR.
on
official notice of issuance.—V. 144, p. 2989.
of
New
Gen.
Mtge. Bonds to Be
Despite Serious Situation
Jersey—Interest Due July 1 on
Paid—Directors Decide on Move
Resulting from High
New
Jersey
Taxes—
The company will pay its
Jqly 1 interest requirements
on
the general
mortgage bonds, Edward W. Scheer, President, stated June 2.
This action
recently was decided on by directors, he said, despite the serious financial
condition the road faces
as
a
result of
high taxes levied by the State of
Jersey.
The management,
he continued, felt it should await a decision in tax
cases before Federal Judge Forman in the U.S. District Court at Trenton
before taking steps for adjustment in the interest rate on mortgage bonds.
Prices of company's securities broke precipitously June 2 on the New
York Stock Exchange, with the 5s of 1987 off 8 points.
Selling was in¬
spired to some extent by rumors of a cut in the interest rate being imminent
on this issue.
The more likely reason for the break, however, was
thought
to be public realization of the serious implications of
testimony in court
May 28 by Roy B. White, a director.
Mr. White said the road was headed
toward bankruptcy unless present Jersey taxes were reduced and tax ac¬
cruals unpaid from 1932 through 1936, amounting to $11,582,011,
adjusted.
"The whole matter has been receiving considerable attention of the
agement," Mr. Scheer stated.
serious.
"From
a
man¬
taxation point the road's situation
is very
"But with the tax case now being beard in Trenton, we are hopeful that
a satisfactory adjustment will be made and therefore we concluded that the
July 1 interest should be paid."
Asked if the road could avoid any future interest adjustments if the tax
is decided for the carriers, Mr. Scheer said that then only minor
adjustments
would be necessary, which he oelieved could be arrived at
amicably
"If we could receive a reduction of $1,500,000 annually in Jersey taxes,
then further downward adjustments of say $500,000 in bond interest and
$500,000 in rental payments on the Lehigh & Susquehanna RR., a leased
road, it would be possible for the road to operate at about the break-even
point on present volume of traffic."—V. 144, p. 3664.
Central West Co.—Stock Dividend—
Directors have declared
a
distribution, payabe June 15, of $1 per share
in cash plus one share of common stock of Central Electric & Telephone Co
for each five shares of common stock of Central West Co. stock
held, to
holders of voting trust certificates representing common stock of Central
West Co. of record June 5.
On account of requirements by Securities and
Exchange Commission, there may be some delay in distribution of the stock
of Central Electric & Telephone Co. referred to above.
However, the cash
distribution will be made on June 15.
The Central Electric & Telephone
Co. stock to be issued as part of this distribution will be registered in the
names of Central West Co. voting trust certificate holders of record June
5
—V. 144, p. 3491.
Century Electric Co.—Stock Split-XJp Voted—
Stockholders at a recent special meeting ratified changing the present
$100 par value capital stock to $10 par and increasing outstanding amount
from 45,318 shares to 453,180 shares.
Registration with the Securities
and Exchange Commission will be made shortly.—V. 144, p. 2120.
Products
Corp.—Amendments Approved—
At the adjourned special meeting of stockholders held May 28
they ap¬
proved all plans of the management for amendment to the certificate of
incorporation and by-laws by more than two-thirds majority.
The amendment to the certificate of incorporation eliminates all reference
to the old 7% cumulative preferred stock and also provides that dividends
on any of the 6% cumulative prior preference stock which
may be issued
after March 31, 1937 shall be cumulative only from the first day of
quarterly
dividend period in which such shares are issued, instead of
July 1, 1936.
The dividends on such shares issued on or before March 31, 1937 continue
to be cumulative as of July 1, 1936.
The rights of the holders of outstanding scrip certificates or prior
prefer¬
ence stock will not be affected, as arrangements were made for
the issue
prior to March 31, 1937 of the shares for which scrip certificates are ex¬
changeable.—V. 144, p. 3492.
Charleston & Western Carolina Ry.1937
$187,536
54,613
33,430
882,597
311,068
188,337
From Jan. 1—
Gross from railway
Net from railway
1936
$230,784
85,264
48,209
April—
Net after rents
------
Their
placed privately.—V. 144,
Net after rents
1934
$6,617,0Id
o,loo,boo
1,850,325
surp.
1,226,124
1,002,493
612,534
Represented by 79,191 shares in 1936
value,
y Prior years.—V. 144, p.
3491.
Gross from railway
Net from railway
1935
income
Loss from
277,166
secur.
Certain-teed
1937—12 Mos.—1936
$8,466,392
4,585,810
924,400
57,751
14.728,141
....
unclaimed
cum.
Co.—-Earnings—
$151,108
Balance
redemption
Mat'd bonds & int.
506,385
Central of Georgia
of
5-year
due Sept. 1, 1941
....$4,992,412
for
called
Earned surplus—
42,065
Other accrued liabilities
z
x
Bonds
Contributed
New
$1,915,138
$205,360
-
shares represented
351,427
253,080
Accrued liabilities.
$306,455
77,258
23,501
6,000
139,793
8,300
Federal income tax
Total
459,741
y54,194
depos.
Dividends declared
$13,506
30,598
9,986
555
-
222,528
175,328
162,120
Consumers
$265,785
40,670
xPro Forma
'36
47,167
-
698,000
268,295
138,063
324,829
$1,536
11,970
Depreciation
—
1,793,000
298,000
-
Capital surplus
Reacquired
Central
Inventories...
1,095,000
$711,144
434,637
10,722
Other interest
pay.
current)
The issue has been
Net income
_
...
Accounts payable.
77,727
2,763.044
660,800
Notes payable
4,006,728
Interest on funded debt
Amortization of debt discount and expense-
Accounts & notes receivable.
61,445
2,988,793
519,807
Deferred debits
635,100
Prov. for Fed. tax.
dep. with
on
Notes
$4,717,872
—
Cash
16,736
$
11,422,700
7,919,100
7.956,200
2,500,000
2,500,000
.33,034,000 32,100,000
(not
Common stock.
Funded debt.
Year 1936
31
Net profit from operations.
&c
x
103,150
companies113,150
$177,186
171,814
3,836
Gross profit-Selling, administrative and general expensesProvision for doubtful accounts
Balance
stock
se¬
affil.
1935
$
6% preferred stock
$6 div. ser. pref
1,297,954
sold (incl. idle plant expense)
Net loss
2,037,654
Liabilities—
7% preferred stockll,199,000
$1,475,140
4 Mos. End.
Other income
Property
held for
future develop.
2,044,191
1936
|
the company June 1 to Salomon
Merle-Smith and Stroud & Co.
Dec.
—
Cost of goods
$
$
Fixed capital...—58,820,494 58,469,985
no par
Consolidated Income
Net sales..
1935
AssctS'
company,
Five-year 1st mtge. 6% convertible bonds-
3831
Report—
Harder, President, states in part:
Sept. 28, 1936, the plan of reorganization,
George A
On
Chronicle
735,062
227,059
145,474
—V. 144, p. 2989.
—Earnings—
1935
$199,727
72,964
52,369
724,541
234,890
162,502
1934
$200,247
80,311
57 444
744,084
290,018
206,790
Chicago, Burlington & Quincy RR.—Asks to Intervene
in MOP, Missouri
Terminal Case—
A petition has been filed with Interstate Commerce Commission
by the
company askhig the right to intervene in the reorganization proceedings
pf Missouri Pacific RR. with
in
the
so-called
Missouri
a view to protecting its one-third interest
Terminal properties.
The balance is held bv
Terminal Shares, Inc.
Net income
Preferred dividends
Balance
$1 <650,315
810,766
$1,305,750
648,591
$1,312,622
1,299,655
$839,549
$657,159
$12,967
Thei Burlington alleges that within the past few weeks there
have been
started between Missouri Pac. Terminal Shares and
protective committee
for holders of Missouri Pacific 1st & ref.
mtge. 5% bonds negotiations
looking to an adjustment of such differences as now exists between them
Financial
3832
with relation to price to be paid by Missouri Pacific to
the Missouri Terminals with a view to disposing of the
Terminal Shares for
interest of Terminal
Shares in those properties.
It is alleged that these negotiations
are an attempt to accomplish in¬
directly the acquisition and operation of North Kansas City Bridge &
RR. Co., che Sc. Joseph Terminals and other affiliated properties at Kansas
City and at St. Joseph.
The Burlington alleges that the intended extension of MOP lines into the
North Kansas City areas now served by Burlington would call for an ex¬
penditure of $676,500 which is unnecessary and a duplication of facilities
now served in conjunction with C. B. & Q. facilities by an investment of
$371,902 on part of the Bridge company.
s
The Burlington petitions
that the reorganization plans of Missouri
Pacific be denied and disapproved in so far as the acquisition of the Ter¬
minal Properties is concerned or che extension of Missouri Pacific lines is
involved until the decision of the suit now pending in U. S. District Court
in Missouri which suit would restrain transfer of Missouri Terminals stock.
Acquisition—■
The company has
asked the Interstate Commerce Commission for auth¬
ority to purchase the properties of the North Platte Valley RR. Co., which
it now controls through stock ownership.
The Burlington proposes to
take a deed of conveyance of the property and assume the road's debts and
obligations and cancel its stock.—V. 144, p. 3168.
■
Net after rents
—V.
1934
$7,051,198
1,176,574
109,774
$6,384,870
1,135,431
269,242
$6,025,756
1,208,150
343,543
29,415,463
7,005,966
3,740,138
Gross from railway.
Net from railway
1935
31,730,589
8,051,308
after rents
From Jan. 1—
Net
1936
$7,596,541
1,437,154
410,539
Gross from railway
Net from railway-
3,102,016
24,460,241
4,498,033
1,150,293
24,715,655
6,856,760
3,404,304
144, p. 3168.
Chicago & Eastern Illinois Ry.—Earnings—
1937
$1,282,665
248,184
April—
1936
1935
1934
16,065
Gross from railway
Net from railway.
Net after rents
58,535
def48,867
935,835
147,519
def7,684
5,691,059
1,574,612
636,855
5,216,931
1,208,452
4,457,846
989,845
264,632
4.179,441
824,912
42.398
$1,230,156
273,391
$994,953
110,276
From Jan. 1—
Gross from railway—.v..
Net from railway
Net after rents
—V.
336,044
Chicago Great Western RR.—Earnings—
1937
April—
Gross from railway
.
Net from railway
Net after rents
_
1936
1935
1934
$1,511,083
$1,469,701
$1,301,917
324,634
31,402
432,958
179,384
328,133
94,165
$1,180,812
295,658
51,596
From Jan. 1—
Gross from railway
6,107,490
1,262,181
104,000
_
Net after rents
5.270,938
844,063
4.698.566
def] 36,197
def 1/3,527
716,451
4,680,997
1,043,527
106,935
3168.
Chicago Indianapolis & Louisville Ry.—Earnings—
1936
1937
April—
Gross from railway
_
Net after rents
From Jan. 1—
3,561,655
690,363
77,975
Net from rail way
Net after rents
p.
1934
$617,623
55,757
def50,994
$586,197
48,718
def98,090
3,376,044
699,927
2,521,055
320,345
defi46.617
2.400,782
352,517
defl96.742
def 54,172
Gross from railway
1935
$841,790
154,409
4,942
$803,015
89,198
Net from railway
144,
143,917
3664.
Chicago & North Western Ry.—Reorganization Hearing
Postponed—
28 adjourned hearings in
proceedings until Sept. 14.
The lengthy adjournment
granted after counsel for the road had stated that it would be "a waste
of time" to attempt to proceed further until three comprehensive studies of
the property now under way are completed.
The request for the adjourn¬
ment until the fall was agreed to by bondholders* groups.—V. 144, p. 3665.
The Interstate Commerce Commission on May
the reorganization
was
Chicago
M.
Island & Pacific Ry.—Tentative Plan
Refunding $29,716,890 Equipment Trusts—
Durham Jr., chief executive officer for the trustees of the Rock
that a tentative plan had been formulated
of the present outstanding issues of equipment trust cer¬
Island Lines, announced May 28
for refunding all
tificates, the total of which amounts to $29,716,800.
The plan was pre¬
sented to the Federal Court in Chicago on June 1.
Authority was requested
application with the Interstate Commerce Commission for approval
of the issuance of the new refunding certificates.
Interest on the outstanding equipment trust certificates has been paid
to file
during the period of trusteeship.
Final principal payments on the several
series of the old certificates mature in different years up to 1945.
Accord¬
ing to the plan, which will take effect as of June 1, 1937, if the ICC and the
Court shall approve, all of the new certificates will constitute a single issue,
bearing interest at the rate of 3 XA % per annum.
The trustees or their suc¬
cessors
will'make semi-annual payments of $1,625,000, which will be
applied first to the payment of interest on all the new certificates, the re¬
mainder being applied to the retirement of principal on tender or call at
par.
On this basis the present outstanding debt will be liquidated within a
period of 10 years.
New
E.
N.
company's properties
were operated under
merged into the
The general type of business done and intended to be done
by the company is the production, purchase, transmission and marketing
of electric energy, and the purchase of natural gas, the production and pur¬
chase of manufactured gas and the marketing of natural, manufactured,
and mixed gas in Cincinnati, Ohio, and certain adjacent and rural territory.
Properties of the company include two steam electric generating stations,
69 electric sub-stations, one gas manufacturing plant, electric and gas
transmission and distribution systems, and various other buildings and
Co.
As of the latter date the Union Gas & Electric Co. was
company.
structures used in the conduct
of its business.
stock (now representing 100%
power) is owned by Columbia Gas & Electric Corp.
The
company is advised that as of March 31, 1937, The United Corp. owned of
record stock representing approximately
18%
of the voting power of
Columbia Gas & Electric Corp.
All of the company's outstanding common
of the voting
Capitalization Outstanding
as per
Balance Sheet as of March 31, 1937
a$35,000,000
series, due 1966-
Cum. 5% pref. stock, ser. A (par $100) (400,000 shs. outstdg.)
40,000,000
Common stock (no par)
(750,000 shares outstanding)
30,000,000
a Since March 31, 1937, $260,000 of these bonds has been retired through
the sinking fund.
Purpose—The net proceeds to the company from the sale of $10,000,000
1967 estimated at $9,978,500, after deducting
and exclusive of accrued interest will be used in part to reimburse
the treasury of the company for certain capital expenditures heretofore
made, and in part to provide funds to complete the enlargement of, and to
provide flood, protection for, the company's electric generating stations
and the extension of its electric transmission system.
It is astimated that
the total capital expenditures made and to be made will aggregate approxi¬
mately $12,600,000.
The additional cash required for this purpose will
be provided out of other funds of the company or in some manner not as
bonds of the 3 34 % series due
yet determined.
Series Due 1967—These bonds, in the opinion of counsel for the company,
will be secured by a direct
taxes and assessments/on
first lien, subject only to liens, if any, for certain
all properties (with certain exceptions specified
owned by the company on the date of execution of the
indenture, other than leases existing at the date of the indenture pertaining
to steam heating plants and systems, and on all properties thereafter ac¬
quired. subject, however, in the case of properties thereafter acquired, to
any lien or charge existing thereon at the time of acquisition.
The inden¬
ture, provided certain conditions and requirements specified therein are
met, permits the issuance of additional bonds of the same or another
series without limitation as to principal amount, ranking pari passu with
these bonds.
The indenture also permits the release of property from the
lien thereof without notice other than application in certain instances to
in the indenture)
the trustee and permits
Officials—
Brown
was
the substitution of certain types of property with¬
out notice.
be modified subject to certain limita¬
tions) with the consent of holders of 75% of the outstanding bonds of each
of the series to be affected by the proposed modification.
,4 • *4
The provisions of the indenture may
Rock
Formulated for
E.
to
and
the
lease by Union Gas & Electric
organized in 1928 by consolidation pursuant
expenses
Net from railway
—V.
was
the laws of Ohio of the original The Cincinnati Gas & Electric Co.
Columbia Power Co.
From its organization until June 30,
1936,
1st mortge. bonds, 3 M7
144, p. 3326.
—V. 144, P.
/
Company—Company
'
1937
April—
$1,000, $5,000, $25,000 and $100,000.
Coupon bonds and registered
bonds, and the several denoms., interchangeable.
Red. at companys
option as a whole at any time, or in part by lot from time to time on any
int. date, upon not less than 30 days' notice if red. on an int.-payment
date, and upon not less than 60 day's published notice if red. on other than
an int. payment date at following redemption prices
to and incl. June 1,
1940 at 107M%; thereafter with successive reductions in the redemption
price of 1% during each successive three-year period to and incl. June 1,
1949; thereafter with successive reductions in the redemption price of 34%
during each successive three-year period to and incl. June 1, 1964; there¬
after at 100%; in each case with int. accrued to or due on the date of re¬
demption.
Also redeemable for the sinking fund.
Legal investment, in the opinion of counsel for the underwriters, for savngs banks in the State of New York.
Sinking Fund.—The bonds of the series due 1967 are entitled to the bene¬
fits of a sinking fund, into which the company agrees to make semi-annual
payments, commencing Match 15, 1938; of amounts equal to 24.of 1% of
the bonds of the series due 1967 authenticated and delivered prior to the
sinking fund payment date, less the amount of such bonds theretofore
retired otherwise than through the sinking fund.
In lieu of making such
payments in cash the company may tender bonds of the series due 1967
at cost to it or at the then redemption price, whichever is lower.
All bonds
acquired by the trustee for the purposes of the sinking fund are to be can¬
celed.
Earnings for April and Year to Date
•
June 5, 1937
Chronicle
Earnings for Stated Periods
__
~"The"Union
f
Electric Co., which was merged~into the company
1936, operated prior to that date for the period covered by
the income statements the property of the company as lessee, paying as
rent therefor its entire net income.
In the summarized income statement,
as
Gas &
of June 30,
the operations have been
eliminated.
combined and the intercompany rental has been
Calendar Years
31, '37
1936
1935
1934
$6,097,832 $24,068,115 $22,028,362 $20,743,180
10,064,018
9,962,205
10,706,735
Operation
3,170,726
Maintenance
1,681,671
1,595,291
2,154,864
613,136
Provision for retirements
2,216,801
2,447,148
2,724,074
735,621
1,671.335
1,745,416
1,978,186
Taxes, oth. than Fed. inc
521,074
396,816
Prov. for Fed. inc. taxes
554,674
753,681
124,664
3 Mos. End.
Mar.
Total gross revenues
...
294
$5,750,575
16,297
$5,637,248
25,182
$4,798,919
131,403
$932,905
Net operating revenue
$5,766,872
$5,662,430
$4,930,322
$932,611
Other income
Gross income
Int.
funded
on
debt,
amort, of debt. disc. &
re-elected Chairman of the Board of Directors and
the annual meeting (of the board
expenses,
282,040
1,527,229
1,580,412
1,648,377
$650,865
&c
$4,239,643
$4,082,018
$3,281,945
Chairman of the Finance Committee at
held May 29. James E. Gorman, who was re-elected
President of the
road also was. chosen Chairman of the Executive Committee, succeeding
Mr.
Frank E. Walsh was elected a director
H. Moses, resigned.
Brown.
term of C.
to fill the
unexpired
Earnings for April and Year to Date
1937
April—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from rail way
Net after rents
1936
1935
1934
$6,133,156
617,176
defl97,614
$5,876,673
386,873
def455,024
$5,251,999
984,821
302,871
$4,920,153
5/2,202
defl.32,176
22,564,749
24,196,901
1,443,540
3,208,772
17,989 dfl ,479,528
19,743,514
1.942,546
def709,342
19,925,064
2,969,717
231,520
Net income
Underwriters—The names of the several principal underwriters and the
by them respectively, are as follows:
Morgan Stanley & Co., Inc., New York
$2,855,000
Edward B. Smith & Co., New York
1,570,000
W. E. Hutton & Co., New York1,570,000
860,000
Bonbright & Co., Inc., New York
Mellon Securities Corp., Pittsburgh
860,000
Brown Harriman & Co., Inc., New York.
570,000
430,000
White, Weld & Co., New York
J. & W. Seiigman & Co., New York
430,000
285,000
Glore, Forgan & Co., New York
Lee Higginson Corp., New York
285,000
285,000
Kidder, Peabody & Co,, New York
several amounts underwritten
—V. 144, P. 3665.
Balance Sheet March 31, 1937
Cincinnati Gas & Electric Co.—Bonds
Offered —Offering
banking group headed by Morgan
Stanley & Co., Inc., of a new issue of $10,000,000 1st
mtge. bonds, 3^% series due 1967.
The bonds were priced
at 102
and interest, to yield about 3.35% to the first date
at which they are callable at par.
This is the first entirely
"new money" bond issue offered by a public utility company
in about six months, or since the marketing of $12,000,000
of Consumers Power Co. 1st mtge. 334s in December last.
Associated with Morgan Stanley & Co. in the underwriting
and offering are:
Edward B. Smith & Co.; W. E. Hutton
& Co.; Bonbright & Co., Inc.; Mellon Securities Corp.;
Brown Harriman & Co., Inc.; WLite, Weld & Co.; J. & W.
Seligman & Co.; Glore, Forgan & Co.; Lee Higginson Corp.,
and Kidder, Peabody & Co.
was
made June 3 by a
1937; due June 1, 1967.
D. 1 in N. Y. Oity.
Coupon bonds in denom. of
registerable as to principal.
Registered bonds in denoms. of
Dated June
1,
Interest payable J. &
$1,000,
Liabilities—
Assets—
Fixed assets
$121 ,326,656
Investments
7,701
5% cum. pref. stock
$40,000,000
Common(750,000shs.no par)
30,000,000
Cash
,755,192
1st mtge.
314s
Receivables (less reserve)
Due from officers and empls
,131,018
Accounts
payable
Current
amounts
affiliated
rec
4,263
35,000.000
1,308,256
Accrued taxes..
1,164,378
Customers' service deps. and
from
accrued Interest
companies
244,232
1
,296,149
33,131
Accrued bond interest
115,950
,102,300
120,459
449,797
189,583
57,612
Current amounts payable to
Inventories
Special funds and deposits
Prepaid expenses
Unamort. debt dlsct. & exp.
Other deferred charges
Other accrued liabilities..._
affiliated
Contingent
companies
earns,
508,200
pending
rate decisions
Reserves: retirements
Contingencies
288,666
12,786,136
606,882
Deps. & contrlbs. for line
extensions
Injuries & damages
Other
313,469
100,409
75,232
Surplus
Total
-V. 144, p.3492.
$131,137,052
8,288,427
Total
$131,137,052
Volume
Financial
144
Childs Co.—New
General Operating Manager.—V. 144, p. 2990.
Cincinnati
New Orleans
& Texas
Ry.—$2.50
Pacific
1934
1933
$9,777,295
$9,818,065
732,978
665,610
264,906
90,593
266,487
614,919
669,061
239,065
55,851
392,596
$12,292,944 $11,797,868
$11,789,557
1,119,421
1,950,055
1935
1936
Operating Revenues—
$12,340,184 $10,133,973
794,027
1,034,640
666,956
Mail and express
755,933
290,517
All other transportation356,529
Freight
Passenger
Incidental.
Joint facility
571,854
May 28 declared an extra dividend of $2.50 per share
the common stock,
$100, both payable June 24 to holders of record June 10. An extra
dividend of $23 was paid on Dec. 26, 1936, and an extra of $2.50 per share
in addition to the $5 semi-annual dividend was paid on June 24, 1936.
Previously, regular semi-annual dividends of $4 per share were distributed.
In addition extra dividends of $3 per share were paid on Dec. 26, 1935
and 1934.—V. 144, p. 3665.
Maint. of way & structMaint. of equipment—
Traffic
110,064
297,405
140,594
Extra Dividend—
The directors
on
Total oper. revenues-$14,056,026
in addition to a semi-annual dividend of $5 per share on
par
Clark Controller
Operating Expenses—,
2,394,424
391,256
5,021,603
86,611
Transportation
Miscellaneous operations
additional
Total oper. expenses.
794,106
15,890
$3,031,467
Jt. facil. rents (net)—Dr
471,821
312,724
416,276
300,918
Net ry. oper. income.
$1,889,046
$1,617,834
91,472
77,871
1,237
87,417
79,746
4,230
$2,059,626
3,207
2,472,387
4,664
55,077
Railway tax accruals
Uncollec. ry. revenue
Hire of equip, (net)—Dr.
1928; due March 1, 1958.
principal.
Int. payable M. & S. at principal office of New York Trust Co., New
York, trustee. Principal and int. payable without deduction for any tax,
assessment or other governmental charge
(except estate, succession and in¬
heritance taxes, such portion of any Federal income tax with respect to
income derived from such interest as shall be in excess of 2% in any year,
and such portion of any personal property tax of Pennsylvania as shall be
in excess of 4 mills per annum for each dollar of the principal amount thereof)
which the company or the trustee may be required or permitted to pay
thereon, or to deduct or retain therefrom, under any present or future law
or requirement of the United States of America or ot any State, county,
municipality or other taxing authority therein. Company agrees to reim¬
burse, upon proper application made within 60 days in the manner provided
in the indenture, to resident holders of the bonds certain State taxes, in¬
cluding all taxes not exceeding 4 mills per annum on each dollar of the
principal amount (other than estate, succession and inheritance taxes) of
Conn, and any income taxes up to but not exceeding 6% per annum on
the interest thereon under any present or future law of Mass.
As provided
in the indenture, company also agrees to reimburse certain taxes of Cali¬
fornia, Kansas, Missouri, Maryland, Kentucky, Virginia and West Vir¬
ginia and District of Columbia. Redeemable at option of company, in whole
or in part, at any time, on or before March 1, 1946, at 102%; thereafter
and on or before March 1, 1957, at 101%; and thereafter prior to ma¬
turity at 100%, plus int.
Divs. & miscell. interestMiscellaneous
1935
1934
$97,529
43,061
$94,013
40,373
$97,480
44,590
$54,467
$53,639
$52,890
5,000
—
5,000
2,000
&
replace¬
in lieu of depreciation
Gross income
Int.
on
funded debt
Int.
on
unfunded debt--
Amort. of disc,
$48,639
$49,467
$600,000 of bonds offered amounts to
Authorized
:
1st mtge. 5% gold bonds, ser. A, due Mar. 1,1958-
b
10,000 shs.
20,000 shs.
$6 cumulative preferred stock (no par)
Common stock (no par)
Outstanding
a$696,000
2,200 shs.
2,200 shs.
fd. dt.
unlimited except for the conditions and restrictions of the indenture.
Underwriters—The name., of the principal underwriters and the respective
by each of them are
as
follows:
H. M. Payson & Co., Portland, Me
Charles 11. Oilman & Co., Portland, Me
200,000
Grubbs, Scott & Co., Pittsburgh
200,000
Management and. Control—Federal Water Service Corp. owns all of the
common stock (2,200 shares) and 1,097 shares of the pr
;
~
;
'
"
a preferred stock of com¬
pany, and company is advised that Water Service Co
( ;ompanies, Inc., all of
owns 287
the stock of which is owned by Federal Water Service Corp.
shares of the preferred stock.
The preferred stock, by reason of existing
defaults for four quarterly periods in the payment of dividends thereon, is
entitled to vote share and share alike with the common stock so that the
percentage of the total votes of both common
and preferred stock of com¬
Water Service Corp. is
presently owned or controlled by Federal
approximately 81.45%.—V. 144. p. 3169.
pany
Burlington-Rock
operating results:
from
—V.
•
144,
p.
$483,267
186,492
172,694
$451,093
175,095
150,550
$472,976
209,511
187,038
2,100,991
944,696
912,096
1,814,989
758,491
694,546
2,015,870
991,577
935,862
3327.
registration statement (June 1) with the Securi¬
the Securities Act of 1933, covering
ties and Exchange Commission, under
112,974 shares of its common stock, with a stated value of $6.50 per share.
The shares are proposed to be offered to common stockholders about June 25,
1937, which will be after the 3-for-l split-up of the shares to be acted upon
at a meeting of the stockholders called $or June 11.
The shares will be
offered to the common stockholders on the basis of one additional share for
each five shares held.
It is expected that any unsubscribed stock will be
purchased by an underwriting group headed by Goldman, Sachs & Co.,
who headed the underwriting group in connection with the first public
offering of the company's stock in 1913.
Approximately $550,000 of the net proceeds from the financing, accord¬
ing to the registration statement, is to be used for plant additions to existing
factory buildings at Atlanta, Ga., Corinth, N. Y., and Leominster, Mass.,
and for the purchase of additional machinery and equipment. The remainder
of the proceeds is to be u^ed as additional working capital.—V. 144 p. 3327.
$791,543
996,462
71,862
913,942
79,421
$959,679
811,665
a80,630
122
655
$156,058
141,003
$203,260
144,738
Joint facil. rent income.
146,061
146,992
Jt.facii. rents (net)—Dr.
125,424
125,622
Net ry. oper. deficit—
$276,424
$326,628
Railway tax accruals
Uncollec. ry. revenues--
Railway oper. deficitEquip, rents (net)—Dr.
a
$201,942 asur$66,729
110,728
131,355
148,776
al49,075
119,549
121,825
General Balance Sheet Dec. 31, 1936
Colorado & Ft. Worth & Wichita Val¬
Denv.Cy. Ry.
equipment—$86,598,693 $31,828,792
Investment in road and
io~o66
29,128
829,653
911,100
919,613
1,514,928
50,000
163,685
Miscellaneous accounts receivable—
Material and supplies
Working fund
5,716
2,631
advances
1,080,191
Other deferred assets
1,543,011
Unadjusted debits
Operating Statistics for Calendar Years
1935
4,534,087
Revenue freight (tons) - _
5,920,350
Rev. freight (tons) milesl 141802533 913,476,763
Av. frt.
rec. per
tr. mile.
rev. per ton of fr't__
Passengers carried
Pass* carried 1 mile
Av.
Av. pass. rev. per tr. m_
Av.
rev. per
passenger--
$5.06
$2,084
$4.98
264,695
10,461
636,759
88,360
686,256
612,523
6,182
3,087
28,701
175,809
531,801
service balances rec__
from agents & conductors
829,298
138", 197
183,293
68,863
403,037
car
rec.
$2,096,066
Cr26,377
Improvements on leased ry. property
Sinking fund
986
Deposits in lieu of mtged. prop, sold10,144
Miscellaneous physical property
296,423
Investments in affiliated companies. 24,977,779
14,436
Other investments.
Net bal.
ley Ry.
South. Ry.
"5",247
15,947
27,215
279
31
220
2,693
$117,445,618 $36,877,783
$3,252,152
---$31,000,000
17,000,000
21,509
$9,243,800
$1,020,000
47,539,300
8,226,000
184,080
386,433
76,673
769,000
264.080
1,584,898
5,822
Liabilities—
Common stock
Preferred stocks
Governmental grants
Long-term debt
— -
214,146
544,743
payable
Audited accounts and wages payable
Miscellaneous accounts
108,684
7,427
payable——
Interest matured unpaid—
11,100
356,703
26,549
32,774
Unmatured interest accrued—
9,976,053
46,822
1,104
521,561
47,230
349,661
6,761,490
33.281
Other current liabilities
19.063
deferred liabilities
Unadjusted credits
Additions to property
and surplus.
27" 712
68,463
176,768
17,684
4,263,843
Unmatured rents accrued
Other
720
;V 4,206
Dividends matured unpaid—
Funded debt matured unpaid-
through income
-
481,000
—.
-
986
7,439,913 Drl,041,645
9,755,920
$117,445,618 $36.877,784
Total—
—V.
144,
p.
Colorado Fuel & Iron
Corp.—Acquisition—
the purchase of practically all of the assets of
Oakland and South San Francisco.
Directors authorized officers of the corporation to exercise an option on the
California company, as the first step of a $500,000 expansion program.
The deal will enable this company to get a footing in the Pacific Coast
steel and iron trade, and expand considerably the corporation's trade area.
A new subsidiary will be formed to operate the Califnornia plants, which
have already an extensive trade in long wire and wire products on the Coast.
—V. 144, p. 2823.
The company announced
California Wire Cloth Co., with plants at
Corp.—Extra Dividend—
Columbia Pictures
The directors have declared an extra
dividend of 50 cents per share on
the common stock and voting trust certificates, payable June 25 to holders
of record June 11.
The regular quarterly dividend of 25 cents per share
which had been previously
declared is payable June 21.—V. 144, p.
1934
has been appointed as trustee
dated May 1, 1937, securing $450,000 principal
10-year 4% income debentures due May 1,1947.—V. 144, p. 3666.
The Marine Midland Trust Co. of New York
under income indenture
amount of
Connecticut Power Co.
(& Subs.)—Earnings—
310,512
$2,235
221,469
60,388,784
42,874,106
207,095
38,971,745
$1.00
$3,332
$0.86
$3,585
$0.83
$3,539
1937
$1812,731
11936
$1,045,113
1,095,599
-
1,018,003
32,842
34,425
$684,289
$592,685
Inc.—To
Vote
1933
4,144,879
4 ,144,189
827,938,507 831 ,671,089
$5.12
$2,033
3494.
Comstock Canning Corp.—Trustee—
Operating expenses and taxes
Interest charges, «fec
(Consolidated)
$3,252,152
2992.
Gross earnings
Ry.—Earnings—
1936
$37,376
$283,443
1933 figures restated to 1934 basis.
3 Months Ended March 31—
Colorado & Southern
1933
1934
1935
Sinking fund reserve
Cluett, Peabody & Co., Inc.—Hies with SEC—
The company has filed a
$575,348
tables show
$865,065
1934
2,476,133
1,243,901
1,182,033
...
$1,133,079
comparative
$906,037
981,685
80,410
Profit and loss
1935
1936
262,830
railway
3,896
2,685,275
10,902
58,898
11,410
Y
Funded debt retired through income
RR.—Earnings-
Net from railway
Net after rents
2,672,798
8,678
58,648
11,147
1936
Calendar Years—
Total ry. oper. revs
Total ry. oper. exps
From Jan. 1—
Gross
$2,195,034
3,620
following
Island RR.—The
and surplus
Net from railway
Net after rents
$1,621,812
$846,550
12,434
Traffic & car-service balances
$200,000
I
Gross from railway
89,968
112,806
2,679
$488,143
Net loss
Total
a Of the bonds outstanding on Dec. 31, 1936, $96,000 will, upon sale and
delivery of the $600,000 of bonds offered, be canceled and surrendered to
the trustee for cremation,
b The amount authorized by the indenture is
1937
$602,832
291,373
$1,989,580
86,517
105,683
2,458
Other current assets
Funded Debt and Capital Stock
April
$1,427,154
Special deposits
$50,890
$30,000.
amounts of the bonds underwritten
on
Miscell. income charges.
Traffic and
amort, of debt discount and exp_
.
5,690
376,789
277,914
3,303
2,556,821
5,006
52,030
18,618
Time drafts and deposits
taxes, and before deduction of
int. on funded debt, other int. &
on
320,238
$1,789,229
cash.--;:—--:::-;———
before prov. for income
Annual interest requirement
696,438
Deductions—
Assets—
1936
retirements
income--
Miscellaneous rents
Income Account Years Ended Dec. 31
Net earnings
$8,018,925
$3,770,632
1,120,660
Payable pursuant to Public
Resolution No. 10 of the 73d Congress of the United States in any coin or
which at the time of payment is legal tender for public and private
debts.
Coupon bonds in denom. of $1,000 and $500, registerable as to
Operating revenues
Operating expenses & general taxes._
$8,601,582
Non.-Oper. Income—
Miscell. & rent income.
currency
Clinchfield
322,996
3,835,369
23,690
777,605
10,210
$3,196,286
1,061,503
5,143
382,247
•
$9,261.47
$10,136,275
_
revenue
.
Offered—H. M.
Payson & Co., Portland, Me. and Grubbs, Scott & Co.,
Pittsburgh, recently offered $600,000 1st mtge. 5% gold
bonds, series A, at 983^ and int. to yield 5.11% to maturity.9
The bonds offered are owned by Water Service Cos. Inc. and
no part of proceeds will be received by the company.
,
48,318
870,425
12,255
$3,919,751
1,246,160
Net
earns,
75,546
705,679
13,098
144,
Clear Springs Water Service Co.—Bonds
Net
4,567,728
General
p.3493.
ments
349,116
1,248,894
1,991,808
333,264
4,121,127
Trans, for invest.—Cr__
The New York Curb Exchange has approved for listing 5,000
Provision for
1,455,554
2,120,951
1,464,166
Co.—Listing Approved—
shares of common stock, $1 par, upon official notice of issuance.—V.
Dated March 1,
Calendar Years
Consolidated Income Account for
Director, &c.—
At the recent monthly directors' meeting L.Ames Brown was elected a
director.
Alan N. Childs was named Vice-President, but will continue to
serve as
3833
Chronicle
$5.26
$2,369
143,069
26 ,254,152
$0.75
$4,298
.
Balance (reserves, retirement and surplus)
—V. 144, p. 1953.
Consolidated
Bond
Edison
Co.
of
N.
Y.,
on
Guaranty—
Stockholders at a special meeting on July 7 will consider approving the
guaranty by this company
of the proposed issue of $25,000,000 principal
3834
Financial
Chronicle
amount of bonds of the Westchester
Lighting Co., and to authorize the ex¬
tensions and powers of the
company so that it shall have the powers of a
district steam company.—V. 144, p. 3666.
Hearings
I
'
1936
$3,826,523
1,819,847
204,337
revenues of subsidiaries
21,923
228,152
$1,112,509
49,724
$1,073,298
335,984
10,996
35,136
5,109
$857,663
313,759
23,361
$686,073
242,113
26,027
$520,543
$417,933
15,103
Maintenance
Provision for renewals and replacements
Provision for Federal income taxes
$1,009,152
64,145
$1,162,233
301,064
3,505
expenses
15,018
40,481
309,780
129,975
Provision for other Federal taxes
Provision for State and local taxes
Operating income
Non-operating income
-
Gross income
-
Interest on funded and unfunded debtAmort, of debt discount and expense
Refinancing
bonds refunded.
expense on
Other deductions
-
pref. stocks & other prior deductions.
Minority interests
on
...
Bal. of earnings of subs, applic. to C. U. C_.
-
Proportion of def. divs.
on cum. pref. stock of subs
applic. to O. U. C.—(deducted above)
29,234
$564,881
46,938
_
Expenses, interest and provision for taxes
on
$473,432
55,345
Non-operating
sub.
cos.
which
of
cost
book value of such securs.
at dates of
2,473,827
18,586
Sinking funds &
res. fund
35,642
Note & adv. (not curr.) receiy
Cash.
int.
in
7,183,670
3,628,250
stocks
com.
surplus—sub.
Assets—
696
Notes payable
129,500
5,990,750
165,000
720.026
(banks)
Accounts receivable
511,952
Accounts
182,356
Divs. payable
Deferred charges.
139,117
Fed. inc. tax (incl. surtax
3,707
122,593
55,255
payable
(preferred)....
undistributed profits)
Other Federal taxes
on
133,064
-
17,116
87,088
Other taxes.
Int.
on
funded debt.....
58,302
Int. on customers deposits...
6,784
Other accruals....
19,014
Deferred credits
12,631
Divs. on pref. stocks of sub.
cos., in arrears
Reserves
68,641
4,468,585
__
Surplus applic. to C. U. C.:
Capital.
Earned
Total
,097,409
28,316
1,051,071
Total.
§26,097,409
-V. 137, p. 1412.
Consolidated Oil Corp.—New Director—
Harry F. Sinclair Jr., 21-year-old
was
June 2 elected
on
son
of the chairman of this company
member of the board of directors, the Executive
Committee and the Finance Committee of the corporation.—V.
144, p. 2824.
a
Consolidated Water Power & Paper Co.
(& Subs.)—
Calendar Years—
1936
Mfg. profit & other inc.
Allow, for deprec. & depl
borrowed money.
$600,903
588,425
94,278
21,412
Bond expense
Prov. for income taxes._
6,339
5,363
_
Interest
Int.
on
on
bonds
Net
incoma
loss$114,914
Dividends paiain cash..
275,026
Disc't allowed for cash
1935
1934
$671,598
490,559
96,245
30,825
6,245
21,921
$777,781
486,853
97,369
30,159
$25,804
157,176
$129,780
235,737
6,237
27,383
1933
$648,330
480,429
98,555
24,784
6,377
13,228
$24,956
settlem't of coll. notes
of Abitibi Pow.& Pap.
Co., Ltd
Miscellaneous debit..__
Deficit.
727,917
x471,792
$861,732
5,775,975
_
Previous surplus.
Excess reserve for
$859,288
6,510,958
$105,957
6,666,914
Fed.
income taxes
sur$24,956
6,741,958
100,000
Adjust, of deprec. in
122,321
Adjust, of Wisconsin inc.
taxes for prior years.
Prov. for doubtful accts.
1,985
_
reserve
Surplus
Earns, per sh.
>,014,243
on
$5,775,975
$6,510,958
80,000
(par $100)
leased property) §6,084,879
$6,666,914
$0.31
use
in
1935
$
133,233
Accts. receivable-.
903",800
Notes receivable..
85,309
2,000,000
700,811
121,102
1,542,077
904,270
6,133,693
1,485,885
559,900
6,293,738
Real est. & flowage 3,639,129
3,774,037
Collateral notes...
Timberlands—less
depletion
Deferred charges.
.
Non-current receiv
Patents
Total
....
1936
Liabilities—
869,894
Plant & equip..
1935
1936
§5,521,800 §5,521,800
&
ex¬
40,677
40,677
deposits
30,299
111,309
Accounts payable.
Accrued accounts.
47,423
43,472
26,000
278,803
106,980
51,000
194,211
209,076
Reserves..
903,069
5,450
5,450
151,453
839,999
145,108
1,447
167,577
409
Mat'ls & supplies.
Deferred charges..
67,983
Reserve fund—
Special
deposit—
(cust.)
Total
_
tension
—
Earned surplus...
56,316
146,405
151,316
55,586
74,142
59,081
..§6,843,207 $6,758,151
Total
§6.843,207 $6,758,151
x Includes investments of
$108,706 in 1936 and $97,823 in 1935, having
quoted value of $116,879 in 1936 and $97,799 in 1935.—V. 143, p. 426.
a
company has notified the New York Stock Exchange that at a
meeting held May 24, A. J. Mayotte was elected Secretary, succeeding
Robert Davey, deceased.—V. 144, p. 3668.
America—Listing—
The New York Stock Exchange has authorized the listing of 130,708
shares of capital stock (par $20) upon official notice of issuance, making
the total amount applied for 784,248 shares.
The issue of 130,708 shares of capital stock was authorized at a meeting
of the directors held on May 19.
The
gross
proceeds
derived from
the
issue
of the
additional
130,708
shares of capital stock, assuming that all of such shares are sold pursuant to
the offer to stockholders, will be $3,006,284.
In case any of said shares
shall be issued other than pursuant to said offer, the gross proceeds will be
different from the above figure but it cannot now be determined what such
proceeds will be.
All consideration to be received for the stock to be offered
up to and including the par value thereof will be credited to capital stock
account.
Any consideration in
capital surplus
will
be
proceeds
account.
discounts
no
are to
or
The
excess
issue
of such par value will be credited to
will not be underwritten and there
So far as determinable, the net
commissions.
be used for the following purposes:
The net proceeds are to be added to the corporation's working capital
and not allocated to any specific purposes although the
corporation, for the
balance of the calendar year 1937, and perhaps longer, will have increased
demands
upon
its
working capital.
These increased demands upon the corporation's working capital, so far
determinable, are substantially as follows:
Corporation is indebted to First National Bank, Chicago, in the amount
of $1,000,000, which indebtedness was incurred on March 19, 1937 and is
due Feb. 19,1938.
The proceeds of this loan were added to working capital.
Inventories and accounts receivable of the corporation increased during the
first four months of 1937 approximately $1,400,000 without any correspond¬
ing increase in accounts payable due to corporation's larger volume of
business, a rise in prices of raw materials and higher labor and other costs.
To meet this condition as it now exists, and as it niay exist in the future,
the corporation believes it advisable to have additional working capital.
Corporation also has planned to make or complete various capital improve¬
ments and additions in its plants and equipment to effect further cost re¬
ductions during the balance of 1937, which will involve expenditures of
approximately $850,000.
The capital improvements and additions will
include and be of a general type involving the completion of the renovation
and modernization of a power plant at one location and completion of a
rotary house and purchase and installation of 14 rotaries at another loca¬
tion, purchase of new manufacturing equipment of an improved
type
(in replacement of and in addition to present equipment), rebuilding of
machines and improvement of plants at various locations to increase effi¬
ciency and purchase of trucks, trailers and tractors.
A subsidiary, Kraft
Corp. of America, has under construction a wood
pulp mill at Fernandina, Fla., the estimated cost of which is approximately
$2,500,000, and upon which there remains to be paid approximately $2,000,000.
Commitments for the construction of this mill were made in the latter
as
now
part of 1936 and it was then anticipated that it would be financed from earn¬
ings of the corporation, supplemented, if necessary, by short term ba.nk
loans.
While the corporation is of the opinion that such construction
would continue as originally planned even though the net proceeds were not
actually added to its working capital, it cannot be said that such proceeds
of the corporation are not being applied
when added to the working capital
in part toward such construction.
S
Accounts payable.
264,492
Bonds payable
45~, 666
Notes payable
Local taxes
;
Fed. income taxes.
Dividend pay
203,212
y28,870
1,451,329
191,824
391,331
189,166
15,894,379 17.292,358
x After
deducting
$7,880,947 in 1935.
Consolidated Income Account for 3 Months Ended March 31, 1937
Consolidated net sales
(incl. brokerage sales of subsidiaries).-
Cost of sales
1935
$
Gross profit.
1,112,719
34,155
Other income..
Net profit
on first
mortgage bonds.
29,700
545,000
Interast
216,347
Interest
35,921
78,579
on
$1,146,874
45,487
51,250
debentures
Other interest, &c
Provision for Federal income taxas.
Provision for depreciation
550
106,547
142,060
138,424
Amortization of bond discount
303,880
12,187
Funded debt
117,923
2,000,000
401,928
112,960
1,700,000
Capital stock
Surplus,...
Net profit carried to surplus
Balance at Dec. 31, 1936
$626,970
1,017,762
8,000,000
5,014,243
8,000,000
5,775,975
liabilities
Reserves-
Total.
Total surplus
Deduct—Dividends paid
$1,644,732
196,062
15,894,379 17,292,358
reserve
Balance at March 31, 1937
y
Note—No provision has been made for surtaxes
or depreciation of $8,065,344 in
1936 and
Includes capital stock taxes.—V. 143, p. 2673.
$6,749,741
5,155,506
465,695
15,821
336,103
Miscellan. accrued
Deferred liabilities
981,770
209,387
433,202
191,849
per share one share of capital stock for each five shares held.
It is the intent
of the corporation to issue warrants to stockholders on or about June 7.
Selling, administrative and general expenses
Other charges
Consolidated Balance Sheet Dec. 31
1936
Assets—
Investments
§6,063,512
par)....
Customers'
Offer to Stockholders
Nil
$0.32
$1.62
Adjustments resulting from disposition of facilities acquired for
connection with Thunder
Bay Paper Co., Ltd.
x
31
The corporation is issuing assignable capital stock subscription warrants
without consideration to holders of the capital stock of record at 3:00 p. m.
N. Y. City time June 3, and will entitle such holders to
purchase at $23
x
Inventories
to
Investments
Dec.
Liabilities—
Capital stock (§25
Dr50",666
shares of capital stock
Cash
1935
Dr50,000
Dr50.000
Appropriation for comp.
insurance
$539,093
496,962
400,331
The sources of funds to meet the foregoing requirements are cash
on
hand, future earnings, the net proceeds fiom the sale of the securities being
registered, and, if necessary, short term bank loans.
In case the funds
available from these sources are more than sufficient to meet the foregoing
requirements, the corporation may apply such excess toward retirement of
its funded indebtedness.
ac¬
cordance with Wiscon¬
inc. tax audit for
sin
prior years
$419,424
fund investments
eq.
Container Corp. of
529,974
Mat'ls, supplies & merch
_
1936
Prop., plant &
(incl. Impts.
&
cos
Funded debt—
Commonwealth Util. Corp.
40,561
reserve
The
§1,618,068
Sub. companies
Advances from U. G. I. Co..
Customers' & ext. deposits..
Interest receivable.
$387,824
386,527
-
,
Consumers Power Co.—New Secretary—
39,000
10,401
—
676
Accts. receivable-_
637,671
Div. & coupon deposits.--..
Notes & loans receivable
$584,300
42,220
2,987
44,791
42,369
70,983
5,677
amounting to $4,517
in 1936, $5,094 in 1935 and $525 in 1934, not included in above
earnings
statement, but credited direct to reserve for leased property retirement,
a Includes $639
provision for Federal surtax on undistributed profits.
Notes rec.
Capital stock (no par) C.U.C:
Min.
$468,494
45,925
3,144
Net income
Note—Net income from
Divs. & Int. receiv.
Pref. stocks, sub. cos
acquisition
$438,990
48,853
2,313
interest
$305,107
Common
Investments.
$567,463
16,837
income.
$406,121
263,042
-
Preferred
exceeds
securs.
$456,082
12,412
Rental of leased property.
Miscellaneous
Liabilities—
by
$421,520
17,470
Provision for other taxes
Consolidated Balance Sheet Dec. 31, 1936
amt.
$1,412,297
680,337
Provision for other Federal taxes
Cash
Notes—The combined earnings statement does not include
non-recurring
income; nor does it include net charges to contingent reserve of
$171,783
$370,810, 1936 and 1935, respectively.
Provision for Federal surtax on undistributed
profits for 1936 amounts to
$3,623 for Commonwealth Utilities Corp. and $4,127 for its
subsidiary
companies.
Assets—
1934
652.134
39,793
39,566
68,152
6,656
56,490
—
$418,086
112,979
and
Prop., plant & equipment __.$22,007,598
1935
$1,318,874
662,161
40,899
64,500
a69,058
6,095
70,155
Provision for renewals and replacem'ts
Provision for Federal income taxes—
$517,942
111,82L
-
pref. stocks ofC.U.O
Bal. applic. to com. stocks of O. U. O—
Common dividends class A and B_
Net
1936
Maintenance.
x
Divs.
-Earnings—
$1,334,388
Operating revenue
Ordinary expenses.
Balance Sheet
Other income of C. U. C
Bal. applic. to capital stocks ofO.U.C
(Pa.)
Calendar Years—•
Dividends
Net income
Divs.
Consumers Gas Co.
1935
$3,436,172
1,666,727
196,376
256,590
75,820
18,418
213,088
Corp.—Hearings Adjourned—
the reorganization of the company have been adjourned to
144, p. 3668.
on
June 17 by Peter B. Olney, Jr., referee.—Y.
Commonwealth Utilities Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Operating
Operating
June 5, 1937
Consolidated Textile
$1,448,670
on
undistributed income.
Volume
Financial
144
Consolidated Balance Sheet March
$1,000,000
$1,220,768
Cust. notes & accts. rec. (net)
2,216,642
Sundry current receivables...
10,000 Accrd. int., wages, taxes, &c.
3,527,277 Prov. for Fed. inc. & surtaxes
Inventories
(net)
& patents...
Capital stock
1
Earned surplus
$25,005,010
Total
Federal taxes, &c
57,521
13,070,800
1.448,670
Reserve for year-end adjusts.
467,527
Deferred charges
Goodwill
154,000
$25,005,010
Total
144, p. 3495.
-V.
Cooper Bessemer Corp.—Preferred Dividend—
June 1 declared the regular semi-annual dividend of l-20th
stock on the $3 prior preference stock, payable on July 1
to holders of record of June 10.
Needing working capital as a result of
increased business, the board decided to pay the dividend in common
Directors
share of
1936
1937
$897,142
298,052
67,012
Quar. End. Mar. 31—
Operating income
6,980,500
434,115
Reserve for contingencies
17,361,070
{&. Subs.)—Earnings—
Diamond Match Co.
297,703
Funded debt
201,825
Wist..
Plant & equipment
1,076,770
484,930
Sinking fund payments
Other recelvs. & invests.—at
par.-^-V.
$1
Notes payable—bank
Accounts payable
Cash on hand and in banks...
additional shares of capital stock,
official notice of issuance, 2,500
144, p. 2124.
upon
31, 1937
Liabilities—
Assets
3835
Chronicle
Depreciation.
73,483
$796,796
169,202
94,284
$565,532
$533,309
225,000
700,000
225,000
350,000
Common dividends
$931,926
$506,759
x375,000
$532,078
Net profit
Preferred dividends
525,000
225,000
175,000
292,911
$184,468 sur$133,309
$568,241
700,000
700,000
700,000
700,000
$0.49
$0.44
Earnings per share
$0.44
$0.40
x Includes $225,000 accrued on pref. stock payable Sept. 1,1936.—V. 144,
$42,922
Deficit
Shs.com.stk.out.(nopar)
p. 2824.
on
Dividend
common
stock in accordance with provisions governing the preference stock whereby
the dividends in 1937 and 1938 may be paid in common stock at the dis¬
cretion of the board, B.
1954.
B. Williams, President, said.—V. 144, p.
Shares, Inc.—Earnings—
Earnings for 6 Months Ended
April 30, 1937
Income; cash dividends
cash
received as dividend
The Manufacturers Trust Co. is transfer agent for
7,717
—
cash proceeds from sales of regular stock
rights, included per certificate of incorporation
Corp.—Transfer Agent—
dividends and
Total.
$879,579
-
183,523
Expenses
of regular stock divs. and
sold, but excl. security profits and losses
Net income, incl. proceeds
Dividend—
an initial quarterly dividend of 373^ cents
share on the $1.50 class A stock, payable June 15 to holders of record
May 26.—V. 144, p. 1779.
The directors have declared
per
Crown Cork International
The directors have declared
a
Corp.—25-Cent Class A Div.
account
dividend of 25 cents per share on
A stock, no par value, payable
July 1 to holders of record June 10. A similar payment was made on April 1
and Jan. 2, last; Oct. 1, July 1 and April 1, 1936; Dec. 20, Aug. 30 and
May 22, 1935, and on Dec. 21, 1934, and compares with 50 cents paid on
March 30, 1934, and Nov. 1, 1933. The last regular quarterly dividend of
25 cents per share was paid on April 1, 1931.—V. 144, p. 276.
accumulations
on
the
$1
class
cum.
$696,055
Ended April 30, 1937
Net income, annexed, $696,055; balance of distribution account at Oct. 31,
1936 included in earned surplus, $28,133; included in capital surplus, $473;
total, $724,662; amounts included in price received on subscriptions to shares
of capital stock to equalize the per share amount available for distribution
on then outstanding shares, $33,340; less, amounts included in price paid
for shares of capital stock surrendered for purchase at liquidating value
equal to the per share portion of distribution account at time of purchase,
$461; balance, $32,879; total, $757,541; dividends declared on capital stock,
$1,237,305; amount thereof charged to surplus arising from sales of invest¬
ments, annexed, $526,788; balance available for dividend distribution for
quarter ending July 15,
total
Liabilities—
$26,502,450
Cash
deposit with Guar.
on
3,787,413
Trust Co. of N. Y., trustee
Dallas
Power &
Light Co.—Earnings—
$468,380
287,230
1937—12 Mos.—1936
$6,243,303
$5,495,648
3,984,038
3,323,691
Net oper. revenues
Other income
$192,456
$181,150
:$2,259,265
432
3,288
$181,582
60,208
5,411
:$2,262,553
for securities pur¬
chased, not yet received...
Payable
174,080
23,557
capital stock
Deferred charges
Prov. for Federal capital
stk.
25c.)
surplus
Earned surplus
111
Gross income
Int.
$192,567
60,208
5,543
mtge. bonds
on
Other int. & deductions.
722,500
55,350
$2,177,066
722,500
88,243
$30,538,960
Total
106,530
—
Capital stock, authorized (par
Capital
$2,171,957
5,109
$113,324
20,949
Accrued expenses.
and other taxes
Amount due on subscrips. to
$503,956
311,500
1937—Month—1936
51,460
Cash dividends receivable—
Operating revenues
Oper. revenue deductions
Period End. Jan. 31—
April 30, 1937
A. sects
Investments
3847.
p.
1937, $47,024.
Balance Sheet
of $14,500 first mortgage 6% bonds, due 1941 (second series)
have been called for redemption on July 1 at 102H and interest.
Payment
will be made at the Bank of the Manhattan Co., N. Y. City.—V. 141,
rights
Distribution Account for 6 Months
Statement of
Dallas Gas Co.—Bonds Called—
A
147,877
;
44,204 shares of $50
5% preferred convertible stock and registrar for 1,200,000 shares of
$1 par common stock, and will also act as warrant agent for 86,839 shares
common stock.—V. 144, p. 3668.
par
Covered Wagon Co.—Initial Class A
$723,985
- — -
-
proceeds from sale of security
distribution on investment held
Net
Net
Cosden Petroleum
of
1934
1935
_
$807,157
231,863
68,535
—
5,454,472
21,584,315
3,259,370
$30,538,960
Total
—V. 144, p. 277.
Dixie-Vortex Co.—Court Sustains
Claims—
Judge Clarence G. Galston, U. S. District Court, Eastern
York, in handing down his decision in the action of the
Dixie-Vortex Co. against Lily-Tulip Cup Corp said: "The Wessman-Stone
machine is of undoubted utility and despite the fact that the defendant
adduces a number of prior art patents there is no one that anticipates the
patent in suit."
The court thus pointed to the novelty of the principal
Dixie Cup machine patent.
It also found claims of the patent to be in¬
fringed by the machine on which Gem Cups have been manufactured by
Federal
district of New
Net
x
income-
$126,816
$115,963
$1,484,703
$1,366,323
Dividends applicable to preferred stocks for the
507,386
Balance
507,386
$977,317
period, whether paid or unpaid
$858,937
Regular dividends on 7% and $6 preferred stocks were paid on Nov. 2J
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 Feb. 1, 1937.
Note—Includes provision made during December, 1936, of $28 for Federal
surtax on undistributed profits for 1936.
No such provision has been made
to date for 1937.—V. 141, p. 3171.
x
1936.
the defendant in the suit.
to
It upholds the prior rights of Dixie-Vortex Co. as owners
patent to manufacture by the method protected
cups.
Wessman-Stone
Railway & Terminal Co.—Earnings—
1937—Month—1936
Period End. Jan. 31—
$3,035,313
2,374,349
$2,316,928
1,627,160
$50,294
15,505
$53,664
15,505
$660,964
186,063
$689,768
186,063
$34,789
1,041
$38,159
1,458
$474,901
14,167
$503,705
17,500
$35,830
23,852
2,432
$39,617
23,852
2,429
$489,068
286,230
25,461
$521,205
287,935
26,095
$13,336
$177,377
$207,175
Net oper. revenues
Operating income
Other income
Gross income
Int.
on
bonds
mtge.
Other int. & deductions.
Net
x
1937—12 Mos.—1936
$204,188
150,524
Rent for lease of plant..
income
$9,546
Dividends applicable to preferred
based
in
the trade
or
the ultimate consumer was ever
misled by any of the de¬
fendant's acts."
Court further said:
accused of is flattering
tices
but, as I
competition."
have
"I think the most that the
The suit in which the decision has just
Feb. 3,
period, whether paid or unpaid
Balance
$73,476
$103,274
unpaid to Jan. 31, 1937 amounted to
$337,678.
Latest dividend amounting to $1.75 a share on 7% pref. stock
was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $31,667 made during the last 12 months
($30,000 in 1936 and $1,667 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 3171.
accumulated and
been handed down came to tria
1937, and the taking of testimony in court
144, p. 3497.
1937
April 30—
Balance.
417,455
597,413
$10,420,848
3,872,648
...
Depreciation and depletion..
$9,960,554
3,401,667
3,110,093
224,446
334,494
3,093,709
Interest
577,880
1,627
Minority interest
adjustment, tax liability and dividends on preferred stock
After deduction of 15%
reserve
x67,324
for normal Federal income taxes, net
earnings for the period, applicable to the preferred and common stocks,
were $57,226, equal to 7H times the regular cumulative dividend for the
period on the company's 15,000 outstanding shares of $2 cumulative
Porcupine Mines,
Dayton
prior pref. stock..
Balance
Div. requirements on 6% cum. pref. stock, excl. of
stock owned by Eastern Gas & Fuel Associates-_
State taxes
participating preferred stock.—V. 144, p. 770.
on
Ltd.—Registers with SEC—
Note—There is no provision for surtax on
3669.
1,991,113
100,653
$589,509
$0,297
Per share of common stock—deficit
p.
$1,781,534
2,249,028
106,732
dividends
Deficit
See list given on first page of this department.
$2,889,854
1,108,320
$1,766,251
Dividend requirements on 4H%
depreciation but subject to year-end
1,108,733
$2,874,984
Net income
$1,244,381
Sales...*
1936
—$10,838,303 $10,557,967
income
Federal income taxes (estimated)
Earnings for 3 Months Ended April 30, 1937
x
required substantially
Eastern Gas & Fuel Associates—Earnings—
12 Months Ended
Total
Debt discount and expense
Darling Stores Corp. (& Subs.)—Earnings—
Net profit after charges for
defendant can be
appreciation of plaintiff's successful business prac¬
indicated, such appreciation falls short of unfair
the entire month of February.—V.
stock for the
103,901
Dividends
on
The
103,901
x
of Dixie-Vortex Co. were not
Under the unfair trade practice portion of the suit which was
alleged imitation of Dixie Cups in dimensions, appearance, &c.,
with alleged resulting substitution, Judge Galston said: "That the defendant
found much to admire in the plaintiff's product and methods of doing
business is inevitably the inference to be drawn from the record of this case.
Whether its acts of appreciation fall within the law of unfair competition
is another matter.
There was presented no evidence of actual confusion or
deception on the pirt of the public and no evidence that anyone engaged
infringed.
$233,749
183,455
Operating revenues
Oper. rev. deductions...
of the
by the
sustained claims of the patent.
The court held that certain other patents
Dallas
'
,
Judge Galston's decision is of significance to the cup industry as a whole
the extent that it affects machines for manufacturing two-piece paper
$310,232
$0,156
undistributed profits.—V. 144,
*
Delta Electric Co.—Initial Common Dividend—
The directors have declared
the
stock,
common
144,
initial dividend of 25 cents per share on
to
holders of record June
10.—V.
1955.
p.
Denver & Salt Lake
Ry.—Earnings—
1937
April—
1936*
1935
1934
$130,145
defl5,047
11,204
Net from railway
after rents
$162,019
def569
19,552
$117,974
33,136
$79,388
15,177
63,646
3,418
972,779
316,245
348,497
Gross from railway
Net
an
payable June 20
950,658
318,267
380,427
542,388
218,084
390,664
128,666
83,396
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
144,
p.
3330.
•
327,041
x
Corp.—Notes Called—
Denver Tramway
A total of $475,000 first
consolidated mortgage 6% coll. trust s. f. gold
been called for redemption on July 1 at 101 and interest.
Pay¬
ment will be made at the International Trust Co. of Denver, Colo.—V. 144,
notes have
p.
2995.
Divco-Twin Truck Co.—Listing
The
New
York
Approved—
Curb Exchange has approved for listing 220,000 out-
anding shares of capital
stock, $1 par, with authority to add to the list.
Co., Muncie,
Ind.—Stock
C. Roney & Co., Detroit, recently offered
66,731 shares of common stock at $3.50 per share.
The
shares are presently outstanding and owned by Durham
shares, Inc.
Durham
Manufacturing
Offered—Wm.
The shares were issued on March
5, 1937, to Durham Shares, Inc., in
exchange for previously outstanding securities of the company, being 15,313
common stock (no par) plus $60,000 in 6% mortgage notes.
Dur¬
shares of
had acquired such previously outstanding securities for a
of $155,706, which was paid as follows: $34,781 to
$81,500 to Ball Brothers
Co.; $6,250 to Ball Brothers Foundation; $16,250 to E. F. Ball Trust;
$16,925 to E. B. Ball trust.
Warrants—Straus Securities Corp. is presently possessed of option war¬
rants to purchase 5,000 shares ($1 par) common stock at $3.50 per share,
exercisable up to Aug. 15, 1938.
Wm. C. Roney & Co., upon full perform¬
ance of the brokerage agreement will be entitled to receive option warrants
to purchase 5,000 shares of common stock at $3.50 per share exercisable
up to Aug. 15, 1938.
If the option warrants are exercised, the shares of
stock responsive to such warrants may be offered to the public at an overthe-counter market price established in Detroit, Mich., or in other cities
in which such securities may be traded, or, if the securities are listed, at the
market price prevailing on the exchange where listed.
ham Shares, Inc.,
total
consideration
F. B. Bernard, and upon order of George A. Ball;
Financial
3836
.
History and. Business—Company was incorp. in Indiana on June 5, 1906.
Company is engaged in the manufacture of a varied line of painted, enam¬
eled and chromium-finished furniture, including bridge tables and bridge
Chronicle
appraisal, together with the expenses of such litigation, the assets
liabilities set forth will respectively be decreased and (or) increased
cordingly.—V. 144, p. 2298.
chairs, office chairs and tables, auditorium chairs, stools and outdoor
furniture.
Sales are made to jobbers and dealers throughout the United
States
and
foreign countries.
to approximately 5,000 different customers in 1936.
Sales of the company for the past five years have been as follows: 1932,
$222,854; 1933, $167,747; 1934, $313,864; 1935, $523,202; $1936, $724,098.
Sales
Ebasco Services,
some
made
were
Authorized
250,000 shs.
Capitalization—
Common stock ($1 par)
the
company
are
as
ac¬
1937, the kilowatt-hour system input of
& Light
Co.; Electric Power & Light Corp., and National Power & Light Co. as
compared with the corresponding week during 1936, was as follows:
Increase
Operating Subsidiaries of—
1937
National Power & Light Co..
follows:
and
Inc.—Weekly Input—
May 27,
—V.
Directors—Earl A. Munger (Pres. & Treas.); Harry M. Wolfe (Vice-Pres.);
directors
The
Income Account Years Ended Dec. 31
„
107,178,000
46,554,000
71,476,000
81,121,000
9,645,000*.13.5
144, p. 3669.
Electric Auto-Lite
Herman J. Green (Sec.); Edwin V. Gilliland and Harold A. Chapoton.
Amount
u X
11,303,000 | 10.5
8,592,000 418.4
1936
American Power & Light Co..118,481,000
Electric Power & Light Corp. 55,146,000
Management and Control
of
Directors
For the week ended
the operating companies which are subsidiaries of American Power
xOutstanding
90,803 shs.
xPlus 10,000 shares reserved as responsive to option warrants.
1937
S,
June
Co.—Larger Dividend—
declared
have
a
dividend
of
80
cents
per
share on the
stock, par $5, payable July 1 to holders of record June 17. This
with 60 cents paid on April 1, last, and on Dec. 21 and on Oct. 15,
1936, and with 30 cents per share paid each three months from Oct. 1,1935,
to and including July 1, 1936.
The Oct. 1,1935, dividend was the first paid
since Jan. 2, 1933, when a similar distribution was made.
In addition an
common
1936
1935
1934
$540,242
$323,912
Returns, allowances, &c
Cost of goods sold.
$747,641
23,542
509,994
17,040
10,048
214,013
Gross profit.
Deprec,, sell., adm. & exps., &c
$214,104
166,917
$139,412
128,249
$99,851
$47,186
5,225
$11,163
$4,786
1,474
Sales
383,790
compares
dividend of 50 cents per share was paid on
extra
Household
Electric
Operating profit
Other income
2,418
Aug. 15, 1936.—V.144,
3173.
p.
95,064
Utilities
CorpDirectorate-—New
Product—
The
Total income
$52,411
3,720
6,271
8,735
Surtax
on
undistributed profits
Net income
...—
$13,582
3,600
1,041
$6,260
4,128
$33,684
Income Deductions
Provision for Federal income tax
$8,940
$2,131
—V. 144, p. 2996.
East St. Louis
Light & Power Co.—Merger, &c.—
following were elected as directors for a three-year term at a meeting
held May 27: John R. Hurley, Vice-President; R. G. Chamberlain, *VicePresident, and John F. Fennelly, representing Glore, Forgan & Co.
In
addition, I. N. Merritt, President of the Meadows Corp.,
a subsidiary,
was elected to fill the vacancy created by the resignation of Joseph E. Otis.
After the adjournment of the meeting, the President discussed with
stockholders present in person the possibilities of the addition of other
products to the line, such as a new ventilating fan and a new clothes^dryer.
—V. 144, p. 2298; V. 142, p. 4338.
Electric Power &
See Union Electric Co. of 111.
The Securities and
Exchange Commission has approved the acquisition
by the company of 2,500 shares of common stock of Union Colliery Co. and
a $929,541 demand note of the same company.—V. 127, p. 2683.
Light Corp.—Bal. Sheet (Co. only)-
Mar. 31/37 Dec.
Assets
$
31
'36
182,802,245
Cash in banks—
Eitingbn Schild Co., Inc. (& Subs.)—Earnings—
11 Mos. End.
Nov. 30 '36
Sales
$9,789,474
8,578,963
Cost of sales, &c
Gross prpfit
Partic. of Fur Cos. Syn¬
$1,210,511
1935
Years Ended Dec. 31
1934
cl933
$5,569,689
5,465,606
521", 167
409,806
1,094,446
1,046,156
1,359,398
$6,658,473
116,624
b$417,084
215,260
b$71,907
142,356
$1,092,358
81,252
$775,097
16,380
34,822
b$201,824
19,868
56,991
$70,449
28,803
75,986
$1,173,610
38,005
276,484
144,767
33,592
153,278
28,737
261,769
85,532
198,102
131,689
1,936
22,029
14", 622
24,307
140,937
55,652
57,155
b$499,630
6,714
Total income
Bond disct. & expense.
Interest on debentures..
_
&
int.
on
gold bullion
operations
"
Other charges
Depreciation
Net profit from oper__
Special credits
Profit
b$635,383
268,545
$532,966 loss$492,916 loss$366,838
45,189
22,521
83,546
Cr300,000
300,000
Special charges
Special contingency res.
Net loss of wholly-owned
subs, previously consol
d Prov. for inc. taxes
Drl34,987
$244,219
245,365
Drll,892
Dr 1,492
c$228,822
c After giving effect to the acquisition of
Eitingon Trading Corp, as of
Dec. 30, 1933, by Eitingon Schild Fur Corp. as per resolution of the board
Eitingon Schild Co., Inc., at a meeting held on Feb. 2, 1934.
b Loss,
c Deficit,
d Includes undistributed profits
tax and $1,087,
provision income taxes of Eitingon Schild Co., Ltd., Montreal, and $1,492
provision for Moscow Fur Trading Co., Ltd.
of Directors of
From
secure
acceptances.
Due from factors
....
reserve.
Surrender value of Ufe insurance policies
Merchandise inventories
Mortgage receivable
Advances for purchase of merchandise
Due from Fur Cos. Syndicate, Inc
Due from affiliated
co
Realizable value of subs.
now
in process of
Invest. & adv.
co.
& of former subs,
liquidation
cos., less
assoc.
1935
$1,196,003
305,276
206,837
1934 ^
$1,011,485
286,765
169,153
5,911,780
1,856,686
1,314,093
4,755.728
1,425,462
969,905
3,546,360
791,046
303,439
Paso
Southwestern
&
Equitable Office Building Corp.- -Earnings—
52,726
corp.'s own offices)
Other operating income.
Years Ended
127,899
106,884
330,786
26,336
882,435
1,849,805
150,736
183,704
9.86Q
43,629
1,442,109
1,905,480
42,738
183,704
16,422
1936
1935
1934
$3,217,531
320,288
$3,215,717
291,513
$3,582,817
$4,392,001
294.494
Total oper. income
504", 953
1937
on
$3,537,820
82,790
247,010
788,800
607,953
10,005
$3,507,230
78,391
252,382
806,200
577,004
21,883
$3,867,060^ &4,686,495
44,106
91,440
200,035
35,225
91,058
182,391
40,286 i
164,649
63,806 | It 55,332
145,274
159.855
$1,465,681
14,678
$1,462,697
9,572
$1,807,769
5,504
$2,610,209
19,803
$1,480,360
1,124,883
58,500
undis. profits.
8,500
$1,472,270
1,151,695
45,000
$1,813,273
1,173,102
93,500
$2,630,012
1,194,852
211,000
$288,476
258,629
$275,576
$546,671
86,210
$1,224,160
$0.33
$0.32
$0.63
April 30—
Maintenance & repairs
461,476
383,699
95,853
10,240
3,878
511,481
20,000
1,598
405,728
94,330
6,046
Bank Depozytowy capital stock and div.
declared thereon, less res
Invests, in & advs. to wholly-owned subs, in Ger¬
58,170
many affected by Government exchange restric's
Goodwill, formulae, trademarks, &c
592,875
__
Depreciation
Real estate taxes
Other oper. expenses
Prov. for doubtful accts.
Taxes
(other than real
estate & Fed .inc
Suspense
.tax).
Alterations for tenants.
Other general expenses.
_
_
Net oper. income
Other income
_
on funded debt, &c_
Interest on funded debt.
Prov. for Fed. inc. tax..
Surtax
$6,080,575
Liabilities—
Loans payable to banks.
Advances against merchandise pledged
Accounts payable (trade)
Other accounts payable..
Accrued interest, taxes & other expense
Due to officers and employees
Due Fur Cos. Syndicate, Inc
Mortgages payable
Dep. in merchandise contr
5-year debentures
Advs. sec. by depos. in escrow of debs
Deferred income
b Capital stock
Capital surplus.
Operating deficit
Total
a
After deducting loans payable of $306,374 in
$77,516
41,910
284,466
$96,856
295,131
48,118
121,893
79,074
9,578
584,431
on
income
3 6" 475
461,000
15,860
1 ,988,330
2 ,235,280
165,163
$5,772,337
b
46,490
lii'446
.
•
$
1937
$
Liabilities—•
17 ,816,156
Building
17,816,156
-.12 ,916,360
13,164,007
Miscell. equipm't.
24,620
28,906
value
of the old 1st pref. stock of the company, for an appraisal of said stock
under the provisions of Section 21 of the Stock Corporation Law of New
be fixed by such
,
862,081
$1.42
int.
Other
185,271
Accts. pay., taxes,
170,477
Res. for Fed'l inc.
116,694
1,460,554
92,332
fund
interest, &c
56,419
686,610
taxes
received
727,192
a70,952
57,951
393,493
Other current liab.
Rents
373,161
in
advance, <fcc
Employ, retirem't
28,400
45,169
1
fund reserves—
176,500
170,477
6,956
6,936
Add'l dep. rec'ts..
404,701
394,426
Surplus
1,151,052
1,549,848
1,720,399
37,217,662 37,709,067
Total
111,537
rec
investments
Total
35,000
176,500
l
Inventories
18,140,656
6,542,000
197,719
ac¬
Deferred charges..
S
8,986,645
debentures 6,195,000
4,390,000
count of employ.
Cash.
1936
35,000
4 390,000
Sinking fund deps.
Invest. held for
$
Capital stock... 8,986,645
Eqult. Life Assur.
Society mtge..-17,944,163
c
6% goidmtge. bds.
35-yr. 5% sinking
ancies and going
$6,080,575
The figures set forth in the above balance sheets are subject to the un¬
determined liability created by the demand of the holders of 4,012 shares
Assets—
Land
Accts.receivable..
1936, $247,513 in 1935
may
605,197,
1936
Invest in mortgage
partlcip. & accr.
share.
York; to whatever extent the value of said shares
82,131
290,886
769,667
576,320
Comparative Balance Sheet April 30
1937
759,760
423,000
2,119
1,988,416
2,241,326
605,603
and $183,023 in 1934.
b Represented by 397,666 shares in 1936, 397,683
shares in 1935 and 398,461 in 1934 of no par value at a stated value of $5
per
Earns, persh. on 862,098
shs. cap. stk. (no par).
Rights, priv., ten¬
73,612
759", 525
74,922 i
275,782 i
807,533 j
557,898
Net
$5,772,337
284,242 i
Net income before int.
Dividends paid
Total
RR.—Proposed Merger—
a
Rental income (incl. rent
Due from director of subs
Lodzki
1936
$1,650,488
597,876
449,400
144, p. 3331.
$277,611
reserve
Other investments
190,577,151
wholly-owned subsidiary of the Southern Pacific Co.
applied to the Interstate Commerce Commission for authority to
acquire the properties of the Alamagordo & Sacramento Ry. and the El
Paso & Northwestern Ry.
Both are now controlled by stock ownership.
The El Paso proposes to acquire the companies by developing them and
transferring their stocks to it as a liquidating stockholders dividend.
No
cash payment or securities issues are proposed.—V. 144, p. 611.
co
Due from officers and employees, less reserve
Land, bldgs, & equip, at cost, less res. for deprec..
Deferred charges
190,051,151
Total
7,933,851
2,674,549
1,579,547
Dec. 31 *35
collection of notes & accts. &
Notes, trade accepts. & accts. receiv., less
3,524,894
156,424
3,661,757
1—
$511,818
Cash held to
a
Jan.
Nov. 30 '36
•
688,391
has
Consolidated Balance Sheet
Assets—
Cash
24,940
I
156,412
'
1937
$1,903,927
585,638
325,980
Gross from railway
The company,
$271,469
31,000.000
303,521
accts..
Elgin Joliet & Eastern Ry,—Earnings—
April—
Gross from railway
Net from railway
—V.
c$750,384
^?L500
x Represented
by: $7 pref. cum. (entitled upon liquidation toV($100
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref., cum. (entitled upon liquidation to $100
a
share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000
shares; issued and outstanding, 255,430 2-3 shares.
$5 pref., cum. (en¬
titled upon liquidation to $100 a share); pari passu with $7 pref. and $6
pref.; authorized, 1,000,000 shares; issued, none.
2d pref., series A ($7),
cum. (entitled upon liquidation to $100 a share); pari passu with 2d pref.
series AA ($7); authorized, 120,000 shares; issued and outstanding, 82,964
shares.
2d pref., series AA ($7) cum. (entitled upon liquidation to $l60 a
share); pari passu with 2d pref., series A ($7); authorized, 100,000 shares;
issued, none.
Common, authorized, 4,000,000 shares; issued, 3,422,089
shares.
'4
The income account for the 3 and 12 months ended March 31. was pub¬
lished in V. 144, p. 3670.
El
$443,168
36
155.044,139
a
Net from railway
Net after rents
Balance transferred to
surplus
190,577,151
Net after rents
$489,584
218,115
Accrued
Earned surplus.
190,051,151
Dec\ 31,
$
Capital stock. 155,044,139
$7 preferred stk.
allotm't ctfs_.
1,500
Long-term debt- 31,000,000
Accts. payable20,686
x
Reserve
$3,497,912
financial
charges
Provision for bad accts..
Net loss
3,622,488
70,477
214,634
$521,570
11,395
Other income.
Deferred charges
4,004,029
31,249
103,002
3,636,625
63,722
103,002
Total
552", 038
Profit
3,459,684
reported
$1,432,345
Expenses
demand-.
Reacq. cap. stk.
Not
$104,083
dicate, Inc
Other
$7,506,1801
6,073,835/
On
Accts. receivable
Consolidated Statement of Income, Profit and Loss
Mar. 31, '37
Liabilities—
$
Investments —182,802,255
1
910,417
37,217,662 37,709,067
a
Includes undistributed profits taxes,
b After deducting $7,295,730
c
depreciation reserve in 1937 and $7,048,083 in 1936.
Represented by
862,098 no par shares.—V. 144, p. 2477.
3837
Chronicle
Financial
144
Volume
No such provision has been
income for that year.
Empire Gas & Electric Co.—Merged—
V.
1957.
See^Associated Gas & Electric Co., above.—V. 144, p.
1934
16,201,755
243,689
$328,019
73,921
$38,957
77,324
$401,940
62,193
6,450
$116,282
13,498
$285,416
32,992
$274,572
$333,297
245,000
$102,783
490,000
$252,423
306,250
$250,572
$387,217
Prov. for Federal taxes
!
Surtax on undist. profits
KWet
profit.
Preferred dividends
Assets—
S
*
been appointed special master to hear testimony
reorganization of the company by Federal Judge R.
M. Gibson in Pittsburgh.
Mr. Arthur will advise the court upon the
ad visibility of the plan, as recently modified, after hearing testimony from
all sides.
At a hearing June 1, John Follansbee, Trustee and Treasurer,
said that the proposed new strip mill would result in a reduction in costs
of at least $10 a toD.—V. 144, p. 3671.
Fort Smith & Western
6,108,666
5,694,328
1
Fixed assets
1
Goodwill, &c
Sundry investm'ts,
Prov.
accounts, claims,
Deferred charges._
181,159
Cash
547,966
660,943
Accounts payable.
1,993,682
2,750,762
1,916,125
3,109,485
Inventories.
Net after rents
—V. 144, p.
263,000
61,250
317,010
Dividends payable
Accruals
Represented by 372,100 shares of no par value.—Y.
x
Fall
River
144, p. 3499.
Gas Works Co.—Earnings—
$76,527
39,243
6,788
al3,677
$14,027
$184,455
6
Taxes
$72,657
$16,819
Maintenance
2
197
187
$184,652
60,000
$190,568
60,000
39,259
5,714
13,656
i*
Net oper. revenues
>
Non-oper. income (net).
$14,029
$16,825
5,000
Balance
Retire, res. accruals
i
5,000
1 declared a dividend
Gross income
$11,825
$190,381
$8,103
Net income.
Dividends declared
$118,232
119,126
The
determined until the end of the year.—V.
144, p. 3671.
Co.—Earnings—
9,551,633
1,481,195
$8,282,077
6,170,201
1,033,598
$L630,744
98,097
$1,078,278
54,585
$1,728,841
$1,132,863
28,817
3,746
$12,663,572
Selling, general &
administrative
expenses
Other income.
.
Interest
on
36,085
serial notes.
7,835
Other interest
490
815
x336,000
216,000
$1,348,431
12,248
1.267,146
$883,485
35,219
149,974
$69,037
$4.05
$698,292
$2.65
Miscellaneous charges.,
.
Preferred Dividends.
,
Surplus
Earnings per share on common stock
Includes $35,000 for surtax on
x
undistributed profits.
Accts.
$790,483
Accts.,
payment was made on April 26, last; and an extra dividend of
50 cents in addition to a regular quarterly dividend of 25 cents was paid on
Dec. 21, 1936. A dividend of 25 cents was paid on Oct. 26, 1936, and each
three months previously.—V. 144, p. 3332.
General Finance
1,640,569
1,693,738
notes
1,062,389
1,609,155
Inventories
Est.
return
ance
16,568
14,042
25,468
x
&
1,669,176
goodwill
1
1,471,986
&
1
..$6,553,296 $4,512,4181
Total
100,253
17,979
33,687
475,844
276,831
490,235
debt
y
27,791
ins. res—
stock
$100)
Common stock.
3,422,270
2,139.304
while the present
complex corporate organization will be replaced
corporation procedure.—V. 143, p. 2679.
General Outdoor Advertising Co., Inc.—Accum. Div.—
have declared a dividend of $3 per share on account of
6% cumulative preferred stock, par $100.
Half of
this dividend, or $1.50 will be paid on June 25 to holders of record June 15,
and the balance, $1.50 per share will be paid on July 26 to holders of record
July 15. A dividend of $1.50 was paid on March 29, last, and dividends of
$3 per share were paid on Dec. 26, Nov. 25, Nov. 15, and on Oct. 15, 1936,
this latter being the first dividend paid since May 15, 1933, when a regular
quarterly dividend of $1.50 per share was disbursed.
Quar. End. Mar. 31—
Operating revenues....Operating expenses
1937
$2,460,473
2,509,048
1936
$2,313,589
2,351,800
1935
$2,238,770
2,350,992
1934
$2,151,140
2,438,409
operation.-
$48,575
30,508
$38,211
15,912
$112,222
12,136
$287,269
26,505
$18,067
236,385
2,155
$22,299
231,769
2,866
$100,085
256,628
3,311
$260,764
369,693
4,558
$256,607
$256,934
$360,024
$635,015
$624,980
$625,974
$5,316,601
221
221
2,650
Operating income
(net)
Gross income
bonds
Interest on debentures._
Other int. & deductions.
Net income
Dividends applicable to
period, whether paid or
Gross loss
-
-
Interest
Net loss
—V. 144, p.
$4,641,876
2,650
$625,201
10,179
$5,319,251
420,932
$4,644,526
391,420
$5,740,183
2,600,000
1,320,000
299,917
$5,035,946
2,600,000
1,320,000
227,597
$1,520,266
$888,349
1,153,008
$626,195
9,575
General Printing Ink
$635,770
216,667
110,000
27,444
$286,184
$281,659
preferred stocks for the
unpaid
1,153,008
Dividends accumulated
$367,258 def$264,659
and unpaid to Feb
$4,804,200.
Latest regular quarterly dividends
dends on preferred stocks are cumulative.
28,
1937,
amounted
paid Jan. 3, 1933.
to
Divi-
tmNotes—Income account includes full revenues without consideration of
rate reduction in litigation for which a reserve has been provided by appro¬
priation from surplus in amount of $632,538 for the 12 months ended Feb. 28,
1937, and of $869,629 for the 12 months ended Feb. 29, 1936.
uNo provision was made for Federal surtax on undistributed profits for
19 j6
inasmuch as the company reported no undistributed adjusted net
Corp.—30-Cent Dividend—
declared a dividend of 30 cents per share on the new
stock now outstanding payable July 1 to holders of record June 17.
The common stock was recently split up on a 4-for-l basis.
A dividend of 60 cents was paid on the old stock on April 1, last.
See
V. 144, p. 1600 for detailed record of dividend payments on old common
stock.—V. 144, p. 2998.
The directors have
General Time Instruments
The directors have
addition
June 16.
Corp.—Extra Dividend—
declared an extra dividend of 25 cents per share
in
the regular quarterly dividend of 25 cents per share on the
stock, no par value, both payable July 1 to holders of record
Similar payments were made on April 1, last.
A special dividend
to
of 50 cents was
p.
$635,380
216,667
110,000
22,529
1785.
common
common
Balance
Loss from
Amortization-
*37 Feb. 29, '36
Net oper. revenues
Rent from lease of plant-
Other income
by more
unified and efficient
$1,258,175 $12,740,724 $11,549,862
632,201
7,424,123
6,907,986
$1,348,842
723,862
x
hold correspond¬
however,
Inc. In this
the
present operating corporations will, in general, continue to
ing offices in the trade name divisions.
In corporate matters,
they will function as representatives of General Mills,
way
trade identity and goodwill of the various companies will be preserved,
990,000
2,072,407
—12 Months Ended—
Month Ended
Feb. 28, *37 Feb. 29, '36 Feb. 28.
Period—
x
Beginning June 1, 1937, the corporate activities of the entire organization
be largely carried on by General Mills, Inc.
Its operations will be
on regionally through five divisions.
The eastern division, with
headquarters in Buffalo, will be under the direction of W. R. Morris; the
central division, with headquarters in Chicago, under that of H. R. Mc¬
Laughlin; the southwestern division, with headquarters in Oklahoma
City under that of James S. Hargett; the western division, with head¬
quarters in San Francisco, under that of F. B. Burke, and the southeastern
division, with headquarters in Atlanta, under that of J. J. Selvage.
For trade purposes the familiar company names will continue to be
used
They will, however, be used as trade names, and in general each
will be associated with the division of General Mills, Inc. for the region in
which its activities fall. Certain organizations, such as the Larrowe Milling
Co., the Star Grain Co. and American Research Products, will function
under the trade names without regional divisional affiliation. Officers of the
carried
$6,553,296 $4,512,418
Total
Operating revenues
Oper. revenue deductions
mtge.
directors on June 2, announced
effective as of June 1, 1937, various cor¬
companies of
436,200
.
Earned surplus.
Light Co.—Earnings—
Florida Power &
on
of a plan whereby,
porations which heretofore have functioned as associate
General MiLs, Inc. discontinue their corporate identities.
General Mills,
Inc. will, however, continue to operate through a divisional organization
with the use of the trade names of most of the former companies.
Miscellaneous income—
After reserve for
Int.
the adoption
Inc.—Subsidiary Companies Eliminated—
Chairman of the Board of
(par
depreciation, obsolescence and amortization of $943 ,121 in 1936 and $878,385 in 1935.
y Represented by 332,552 no par shares
in41936 and 60,000 no par shares in 1935.
z Including $391,475 in 1936
and $246,250 in 1935, for Federal taxes on income.—V. 144, p. 3500.
x
James F. Bell,
18,373
conv.
cum.
pref.
plant
equipment
Patents
group
17,293
Property,
the common
Employers' llab. &
7%
717,293
...—
137,590
accr. exps..
Funded
12,539
insurance
& other expenses
Secur. investments
at cost
payroll &
commissions
Prov.for taxes
policies...
Prepaid
t
Accrued
Other
insur¬
$110,140
33,510
other
prem.
on mutual
1935
$283,300
payable—
Accts.
<fc
Corp.—Dividend Increased—
June 1 declared a quarterly dividend of 15 cents per share
stock, payable June 21 to holders of record June 10. Divs.
of 10 cents per share had been paid in previous quarters.—V. 144, p. 3672.
The directors on
accumulations on the
payable—
trade
$325,012
trade acceptances
receivable
1936
Liabilities—
1935
1936
Assets—
hand
a dividend of 40 cents per share on the
payable July 26 to holders of record June 25.
have declared
stock, no par value,
A similar
The directors
Balance Sheet Dec. 31
Cash in banks & on
3500.
Co.—40-Cent Dividend—
will
1935
1936
Years Ended Dec. 31-
directors
common
General Mills,
Federal surtax on undistributed
liability for such tax cannot be
No provision has been made for the
net income for the year 1937, since any
a
Florence Stove
$130,568
12,335
$113,532
105,889
926
$10,912
$124,652
11,120
$9,029
913
stock, par $5, payable
General Electric
on
Interest charges
214,825
11,753
defl2,046
Transportation Corp.—Larger Div.
of $1.50 per share on the
July 1 to holders of record June 11. This
compares with an extra of 25 cents and a regular dividend of $1 paid on
Dec. 21, 1936; a semi-annual dividend of 87 H cents paid on Jan. 1 and on
July 1 of 1936 and 1935, and semi-annual dividends of 50 cents per share
common
previously distributed.—V. 144, p.
1937—12 Mos —1936
$863,462
$881,967
468,024
447,394
65,455
78,800
158,106
al52,812
1937—Month- -1936
Period End. April 30—
Operating revenues
Operation
218,239
10,217
defl7,198
General American
319,219
11,914,090 11,268,254
Total
257,953
45,895
11,759
Electric & Gas Co.
The directors on June
11,268,254
11,914,090
Total
def5,600
(fef3,198
def9,204
of Bergen County—Merger—
above.—V. 144, p. 235.
Co.
Electric
See Public Service
61,250
1934
defl,325
def8,129
2997.
&
Gas
247,000
current)
282,125
49,521
10,226
-
-
Net from railway
18,350
1,485,342
768,736
Mtge. payable (not
25,076
Receivables
Net after rents
Gross from railway
870,490
Mtge. & notes pay.
warrants
5,085,357
30,000
60,200
1,470,782
Surplus
anticipation
Tax
defl0,387
Net from railway
Federal
for
Income tax
14,995
153,542
25,611
&c
3,500,000
3,500,000
x Common stock..
5,085,357
Reserves
39,000
$55,771
2,709
Gross from railway
$
$
Liabilities—
Ry.—Earnings—
1936
1935
1937
$56,368
defl,296
April—
1936
Preferred stock
director, '
Co.—Special Master— '
Bros.
Follansbee
1937
election of Joseph DeWitt as a
in the matter of the
$53,827 sur$250,572
1936
.
corporation announced the
144, p. 450.
Edmund W. Arthur has
24,000
Comparative Balance Sheet Jan. 31
1937
dividend of six cents per share on the
holders of record June 25. A dividend
1936, and two dividends of six cents per
1936.
New Director—
The
—V.
$128,694
145,877
$151,089
134,327
prof, after deprec.
have declared a
of eight cents was paid on Dec. 21,
share were paid previously during
$16,574,139
sur$88,297
Net
Corp.—Six-Cent Dividend—
stock, payable June 30 to
common
^
made to date for 1937<.
3671.
The directors
1937
1936
1935
Net sales
$18,335,419 $17,096,377 $17,769,983
Cost of goods sold, gen.,
•
, ,
selling & adm. exps... 17,759,320
16,818,443
17.382,805
Deprec. & amortization.
248,080
238,977
236,090
Miscellaneous income
p.
Famise
(The) Fair—Earnings—
Years End. Jan. 31—
r
144,
paid on Dec. 24, 1936.
See also V. 143, p. 4000; V. 144,
3502.
General Tire & Rubber Co.—Registers with SEC—
first page of this department.—V. 144, p. 3673.
See list given on
Genesee River RR. Co.—Bonds Called—
first mtge. 6% 50-year s. f. gold bonds, due July 1,
A total of $58,000
1957, have been called for redemption on July 1
ment will be made at the Guaranty Trust Co. of
at 115 and interest.
Pay¬
N. Y.—V. 142, p. 3853.
Georgia RR.—Earnings—
1937
April—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 144, p.
2999.
1936
1935
1934
$344,482
87,739
77,128
$293,669
51,665
50,987
$280,195
54,382
59,801
$266,969
41,625
42,690
1,303,579
306,355
268,068
1,137,693
173,407
183,632
1,022,160
152,671
172,488
1,084,657
182,797
182,448
Financial
3838
Chronicle
Georgia & Florida RR.—Earnings—
Period End. Apr. 30—
Operating
Operating
Net
revenues—
expenses...
rev.
def$l,113
7,813
...
Ry. oper. deficit
Equipment rents (net)..
Joint facil. rents (net)..
def$6,645
7,121
$58,721
31,202
$13,767
Crl,005
Drl,928
sur$27,519
Drl0,507
Dr7,790
$17,986
GY2.474
Dr7,792
Cr 672
Drl,925
1959.
p.
Gulf Power Co.- -Earnings—
Period End. Apr. 30—■
Gross
Net ry. oper. loss
$10,179
1,303
$14,689
1,417
Inc.$9,222
5,176
919
$13,272
1,023
Inc.$14,398
3,726
$17,804
3,827
$9,795
$14,295
sur$10,'672
$21,631
Gross loss
Deductions from income
Deficit.
-—Third Week of Math—-
1937
$20,000
•
Gimbel Brothers,
Gross income
1937
$17,850
$503,703
1936
$406,660
76,000
Balance..
$34,154
17,039
$436,608
213,555
$406,059
205,958
$17,115
5,584
$223,053
67,014
$200,101
67,014
$15,107
pref. stock
on
$1,332,176
850,117
$20,691
| 5,584
Net income
Divs.
1937—12 Mos.—1936 '
$1,554,134
989,566
127,959
$39,115
18,424
Int. & other fixed chgs—
——"Jan. 1 to May 21—
1936
1937—Month—1936
$136,084
$121,187
85,027
79,033
11,943
8,000
revenue
Oper. exp. & taxes
Prov. for retirem't res—
x
$23,304
5,499
$8,876
Non-oper. income
Gross earnings
—V. 144, p. 3673,
solidated
$6,899
24,884
$8,926
from ry. oper.
Tax accruals
ment with certain investment bankers whereby stockholders of the con¬
company may be offered an opportunity to dispose of their
preferred stock, within certain limits and whereby the consolidated com¬
pany may issue and sell 50,000 additional common shares.
One of the
principal objects sought to be accomplished thereby is creation of a market
for the stock of the consolidated company, Mr. Goodyear says.—V. 144,
1937—4 Mos—1936
$443,704
$353,059
384,983
346,160
1937—Month—1936
$96,223
$82,762
97,336
89,407
—
June 5, 1937
Part of the consolidation agreement for the two companies is an arrange¬
$11,530
$156,039
$133,087
x Includes provision for Federal surtax on
undistributed profits for 1936.
No provision has been made for such tax in 1937.—Y.
144, p. 3174.
Inc.—Options Exercised—-
(W. F.) Hall Printing Co. (& Subs.)—Earnings■—
The company has notified the New York Stock Exchange that under the
option granted to Louis Broido, Executive Vice-President and General
Counsel, by Gimbel Brothers Management Corp. for the purchase of
5,000 shares of Gimbel Brothers, Inc., common stock owned by the cor¬
poration at $14 per share, 1,000 shares have been purchased by Mr. Broido,
leaving 4,000 shares available under the option.—V. 144, p. 2302.
Years Ended—
Gross profit from oper._
Mar.31, '37 Mar.31, '36 Jan. 31, '35 Jan. 31, '34
$3,683,287
$2,636,848
$2,040,812
$1,289,383
Gen., admin., selling &
shipping expenses——
Depreciation
1,103,553
914,711
792,507
1,098,723
927,315
950.015
Sundry charges (net)—„
Godfrey Realty Co.—Interest—
Net profit from oper_
Miscell. earns, (net)
On June 1, a payment of 1 y% % was made on account of the certificates
of indebtedness attached to the bonds.
To that amount was added in¬
973,392
See a
304,692
57,208
$1,665,022
$894,325
91,490
loss$42,433
cl53,437
a$l 1,299
b5l8.781
$1,698,573
421,828
$985,815
441,170
392,302
$111,003
415,585
$530,080
397,680
profits taxes.
271,347
76,464
charges
188,578
loss$13,2001oss$304,582
a$132,400
42,000
_
d33,551
terest at the rate of
6% per annum on the deferred interest.
On a $1,000
par value bond $17.70 was paid.
The hope is expressed that in the near future definite information will be
available regarding the plan of reorganization to take care of the unavoidable
passing by the company of payments of regular interest coupons.
Holders
will be advised concerning this as soon as the bondholders' committee have
completed final details.—V. 143, p. 4000.
Gross earnings
Interest charges
Prov. for credit losses
Prov.for Fed. inc. &
cess
Other
Min. int.
Gorham Mfg.
The
•
.
Federal taxes
1935
yl936
1934
16,430,448
39,369
16,593,252
16,430,448
47,431
16,708,674
16,430,454
41,687
Consolidated Balance Sheet March 31
1937
AssetsCash
20,478,190
16,430,796
614,805
99,398,146
115,373
98,783,341
236,533
98,667,967
4,047,394
98,431,434
2,086,748
$7.31
2,086,748
$7.08
2,086,748
2,086,748
$7.13
$8.94
17,084,622
1936
$
$
iw;!- —:*.f 1 ,517,539
-
sec
118,000
10,363
Yo",363
Market securities.
Value of life ins-
V
641,569
Balance, surplus
Profit and loss
Shs.
standing (no par)
Year ended Feb. 29.
A qppy?
28
•37
Feb.
Plant & equip—
Cash
Liabilities—
Feb. 29 '36
$
$
21,070,631
21,744,239
Preferred stock.
26,036,200
46,398,427
a
Common stock
36,390,340
82,794,099
40.498,615
4,877
72,514,781
42,237,615
4,877
4,748,165
10,000
156,608
Res. for inc. tax
25,561,652
457,554
3,306,182
6,700
538
3,940,117
3,194,876
2,898,196
owned
_
Surplus—
Represented by 2,086,748
Great Northern
shares.—Y. 144,
p.
1936
1935
$5,867,608
1,944,622
1,598,215
$5,527,072
2,534,648
1,882,947
1934
$4,661,336
1,239,517
552,935
23,238,553
4,549,266
2.181,305
20,892,730
4,090,928
2,038,083
19,350,512
4,784,853
2,008,786
17,421,092
3,869,210
1,131,406
1937
$136,979
24,266
20,278
Net after rents_^
1936
$126,954
35,212
19,388
1935
$129,013
34,339
23,655
11,026
—
—V. 144, p. 2999.
553,202
136,700
80,040
509,553
126,917
69,456
472,636
102,763
67,781
from
1,341
—
—„
4,000,000
debt
mortgage
Preferred stock.
26,403
Common
Prepd. & def. chgs.
77,643
32,512
Capital
and
800,000
paid-
in surplus
615,872
615,872
1,551,566
appraisal.
1,976,192
Surp. earned since
April 1, 1936.
644,747
Treasury stock...Z»r346,968 Dr.376,793
Total.
15,683,477 15,058,785
Total.
.
_
...15,683,477 15,658,785
„
After depreciation of $12,167,276 in 1937 and $10,800,388 in 1936.
Represented by 29,643 i32,143 in 1936) shs. common stock at cost, and
a
,
,
1,498 shares preferred stock at cost.—V. 142,
p. 4022.
Approved—
1^82,825,
or $47.75 per share. Approximately 95%
ojpt % first preferred stock outstanding and more
the
common
capitalization
were
of the 14,300 shares of
than three-quarters of
plan, Albert New-
voted in favor of the
field, Chairman, announced.
Under the plan, each share of first preferred stock and accrued
dividends
ar?, ©^changeable for one share of $4 cumulative prior preference stock
callable at $100; one share of $3 non-cumulative
preference stock callable
at $50; two shares of common stock
and $4 in cash.
Following completion
Hercules Motors
Corp.—Meeting Postponed—
The special meeting of stockholders called for June 2
to authorize 75,000
shares of 5% $40 par convertible
preferred stock was postponed indefinitely.
—-V
144, p. 3503.
Havana Electric & Utilities Co.
Years Ended Dec. 31—
Paper Business—
btockholders will meet June 7 to vote on the proposed segregation of the
lumber business of the company from the paper business, which is carried
through the wholly-owned Bogalusa Paper Co., and the merger of the
company with Robert Gaylord, Inc.
Bogalusa Paper Co. owns
50 % of the preferred stock and 25 % of the common stock of Robert Gaylord,
Inc. (its largest customer) whose principal business is the manufacture and
on
Operating
Operating
revenues
expenses
sale of containers made from paper.
The new company to combine the business of Bogalusa and Gaylord will
be called Gaylord Container Corp.
Stockholders of the present Great
will receive in exchange for
the present holdings,
one share of the new Great Southern Lumber Co. of Louisiana to succeed
the present Pennsylvania company of the same name; 0.52 share of the 5
^%
cumulative convertible preferred stock of Gaylord
Container Corp. ($50
par), and 2.38 shares of Gaylord Container Corp. common stock.
At the present rate of production, the timber
holdings of the company
will be exhausted and operation of its saw mill will be discontinued
about Feb. 1, 1938. A. C. Goodyear, President of the
on
or
company, says.
Gross corporate income_.
Int. to public and other deductions
Interest charged to construction
reserve approps.
Balance—
Preferred dividends to public
Net income of sub. companies
Havana Elec. c& Util.Co.—
Net inc. of sub. companies
Int. from sub. company
Other income
of
Bogalusa Paper Co. for 1936 was $887,018 and con¬
Gaylord, Inc., for the same period was
$445,454.
The aggregate amount of net income of the companies, after
eliminating dividends on preferred stock of Robert Gaylord paid to Bo¬
galusa Paper Co., was $1,236,473.
Aggregate annual dividend require¬
ments on the 100,000 shares of 5}4% preferred of the consolidated com¬
pany to be issued will be $275,000, and the annual sinking fund requirements
will not exceed $200,000.
income of Robert
Total.
Expenses (including taxes)
Miscellaneous interest
Balance
Divs.
z
on
6%
Loss.
cum.
1st pref. stock
1935
1934
—_
$9,909,735
5,752,168
$8,721,446
5,267,508
$4,635,440
16.685
Net revenues from operation
Other income (net)
Prop, retirement
(& Subs.)—Earnings—
1936
$10,513,933
(including taxes).
5,878,493
latter
Lumber Co.
390,517
—
stock
Surp. arising from
362,586
33,742
5,575
,
Great Southern Lumber Co.—To Sell
net
800,000
4,000,000
surp. of sub
Purchase money
.
Gross from railway
income
215,566
6,827.500
34,029
.
1934
$92,746
9,412
2,543
1—
Net from railway
Net after rents—
Net
172,899
6,383,000
taxes
exchanges the company's capitalization will consist of 14,300 shares of
$4 prior preference stock, 14,300 of $3
preference stock and 214.600 of nopar common stock.—V. 144, p. 3334.
Western RR.- —Earnings
April—
solidated
425,000
profits
or
Gross from railway
Net from railway--
Southern
475,000
excess
Res. for conting.
Hartman Tobacco Co —Plan
2999.
Green Bay &
381,944
&
Stockholders on May 27 approved the
company's plan of recapitalization
involving the elimination of preferred dividend arrears in the amount of
1—
Net after rents
918,696
Prov.for Fed. inc.
26,403
3333.
Ry.—Earnings—
1937
Gross from railway
Net from railway
Jan.
98.783.341
Accrued liabs
$
190,546,302
$7,087,151
2,119,255
1,601,490
April—
Gross from railway
Net from railway
Net after rents
From
no par
99,398,146
191,323,382
Total
268,958
100,000
Other investments
114,287
25,478,909
1.087,419
2,645,267
not
1936
468,671
Liabilities—
Funded
—
10,000
Notes & accept's
Acc'ts payable.
Res. for self lns_
191,323,382 190,546,302
—V. 144, p.
due
221^482 11,980,552
of
em pi.
Pref. stk. of sub.
Deferred charges
Jan.
accts.
36.390.340
1
Accts. receivable
Total
&
officers &
1937
Accounts payable.
Notes payable
Min. int. in cap. <fc
26.036,200
39,820,166
Other reserves..
sees-
Stocks & bonds.
Notes
employees
Feb. 28 '37
1
Merchandise
From
619,201
Land, buildings,
machinery, &c._ll
a
Balance Sheet
29 *36
<Bt
Goodwill
a
617,890
Bals. rec., deferred
1.349,725
683,140
754,370
Amts.
Consolidated
Feb.
U. S. Gov.
51,123
1 535,009
Notes & accts.
stock out¬
common
Earn, per sh. on com
y
56,606
rec.
Inventories
Surplus adjustments.
on undistributed
profits of
by these companies during
dividends paid
the year exceeded their net taxable incomes for
the year.
U.S. Govt,
Net profit
Dividends paid
374,333
$0.24
Nil
Note—No provision has been made for surtaxes
subsidiary companies since the
.—.907,370,991 872,244,368 842,015,871 819,616,726
24,515,795
23,734,041
24,217,051
30,139,666
4,136,173
4,516,789
4,953,377
6,276.476
3,295,000
2,624,000
2,555,000
3,385,000
_
sur$90,400
373,833
of parent company.
Great Atlantic & Pacific Tea Co. of America—Earns.—
Sales_
$304,582
Nil
a Net profit is after depreciation of $853,343.
b Sundry credits, incl.
$106,606 discount on first mortgage bonds
acquired for sinking fund and a
dividend of $24,180 from Chicago Rotoprint
Co., a directly controlled com¬
pany not consolidated, c Including equity of $39,651 in current
earnings of
Chicago Rotoprint Co., a directly controlled company not consolidated,
d Includes
profit of $1,588 on sale by subsidiary company of common stock
aeelared
1937
$13,200
367,857
$1.76
..
no par
Years End. Feb. 28—
89,078
Balance, deficit..$701,523
Shs.cap .stk.out. (par$10)
370,357
A dividend of 25 cents
Total earnings
Depreciation
$701,523
Earned per share
,
a dividend
of 50 cents per share on the
value, payable June 15 to holders of record June 1.
was paid on March 15, last; a special dividend of $1
was paid on Jan.
25, last, and a regular quarterly dividend of 25 cents
per share was distributed on Dec. 15, 1936.—V. 144, p. 1280.
stock,
115,297
_
Preferred dividends
CoDividend Doubled—
have
directors
common
income
Netprofit—_
pany, has been named Vice-President and General Manager of the com¬
pany's tire division it has ban announced by President S. B. Robertson.
The post of tire division hmd was held by Mr. Robertson from Septem¬
ber, 1931, until February, 1937, when he was elected Executive Vice;
net
of partly-owned sub.
(B. F.) Goodrich Co.—-Official Promoted—
James J. Newman, for the past four years a Vice-President of the com¬
President.—V. 144, p. 3502.
in
ex¬
$4,157,567
12,146
$3,453,937
$4,652,126
3,577,464
Cr7,056
607,500
$4,169,713
2,376,512
CY6.114
535,000
$3,422,185
4,158,293
$474,218
86,088
Dr'i 1,753
Cr5 79
480,000
.,264,315 z$l,215,529
84,802
103,593
$388,130
51,179.513
z$l,319,122
388,130
651,240
2,090
1,179,513
zl,319,122
11,422
4,386
•H
$1,041,460
131,826
$1,190,935 z$l,314,737
119,491
154,753
$909,634
605,940
.,071,335 z$l ,469,489
454,455
109
Financial
144
Volume
Holly Oil Co .—Dividends Resumed—
Consolidated Balance Sheet Dec. 31
1936
$
Plant, property,
&c!84,527,185 184,526,496
97,553
89,849
690,487
1,046,088
franchises,
Investments
Cash
In
banks--
U.S. Govt. sees.
1,668,786
786,087
Notes receivable
5,931
Accts. receiv'le.
874,074
831,945
Mat'ls & suppl's
1,879,193
437,915
3,280,805
3,397,424
14,001
8,678
Special deposits.
Reacq. proposals
cap. stock (56
20,198,917
on
The directors have declared
1,402,022
241,338
69,148,650
1,026,070
515,160
1,868,321
18,351,630
2,159,100
327,426
69,128,650
Custs. deposits.
1,115,664
385,658
19,012
66,736
Reserves
121,624
78,429
Surplus
.193,611,243
193,114,218
Total
1,885,998
18,554,246
2,466,260
paid in each of the 35 preceding months.—V. 144, p.
Claire L. Barnes, President, on June 2 was elected
was succeeded as President by Charles Getler,
and
x Represented
by 294,665 shares of $5 cum. pref. stock, no par, and
1,000,000 shares of common stock, no par.—V. 144, p. 3174.
Walker-Gooderham
Hiram
&
Devor
Directors—
R. Walton have been elected directors of this
company, succeeding Duncan MaCleod and H. F. Wilkie, resigned.—V.
144. p. 2829.
R. A. McKinlay and H.
144,
were
was
an
extra dividend of five cents per
share in
monthly dividend of five cents per share on the
capital stock, both payable June 17 to holders of record June 3. An extra
of five cents was paid on April 22 and on Feb. 25 last, and an extra of 10
cents was paid on Dec. 31, 1936.
Extra dividends of five cents per share
were paid on Dec. 1, Nov. 3, Sept. 7, July 14, May 19, March 24 and
Jan. 28, 1936, and on Dec. 2, Oct. 7, and July 15, 1935.
See also V. 140,
I>. 973 for further dividend record.—V. 144, p. 2483.
to
the regular
Ended March 31
[Including Wholly-Owned Subsidiaries]
Corporation Only
1936
Consolidated
1937
1937
1936
Gross
sales—sugar, by¬
products,
beet seed,
fertilizer, livestock and
$9,703,761
5,924,847
$8,814,408
5,101,391
$320,591
$311,557
$3,778,914
711
983
13,912
$3,713,017
15,359
$321,302
108,125
7,591
$312,540
108,125
7,417
$3,792,826
1,297,500
94,510
$3,728,376
1,297,500
94,745
$196,998
period,
$2,400,816
$2,336,131
Net oper. revenues
Gross income
Int.
mtge. bonds
on
Other int. & deductions.
$205,586
applic. to pref. stocks for
paid or unpaid
Net income
Divs.
x
allowances&processing
and floor stock taxes. .$23,400,267 $20,041,587 $23,192,049
Cost of goods sold
17,566,048
14,523,209
17,419,987
the
whether
315,078
315,078
Balance
$2,085,738
$2,021,053
Oil Co.—Bonds Called—
Co., as trustee for the 10-year secured 5H % sinking
series A, due 1940, announced that it has drawn by lot for
redemption on Aug. 1, 1937, $592,500 principal amount of the bonds at
101M and accrued interest. Payment will be made at the office of the Mary¬
land Trust Co., Baltimore, at the New York office of Bankers Trust Co.,
or at the Boatmen s National Bank, St. Louis.—V. 144, p. 3000.
fund bonds,
$20,039,500
14,509,920
$5,834,219
22,826
$5,518,377
74,234
$5,772,062
85,321
$5,529,579
$5,857,045
Sell., gen. & adm. exp
1,628,989
Pro v. for spec, compens'n
172,750
$5,592,612
1,583,286
$5,857,383
1,628,857
172,750
$5,592,612
1,583,191
162,750
63,032
Consolidated Bal. Sheet Dec. 31
[Incl. Houston Pipe Line Co.]
s sets
41,317,914 41,141,955
Property acct
$4,055,306
98,442
$3,846,576
25,478
$4,055,776
104,837
$3,846,671
25,664
west'n Settlem't
$4,153,748
Int. on 1st mtge. bonds.
231,206
Other interest
42,557
Amor t.of bond disc .& exp.
25,056
$3,872,055
262,235
56,349
35,217
$4,160,613
231,206
42,557
25,056
$3,872,335
Sinking fund cash.
Net oper. profit
Other income
x
262,235
56,801
35,217
on secur.
on
re-
on
55,830
59,023
64,525
59,338
Refunding expenses
228,530
860,868
Notes recivable—
5,530
133,000
625,000
650",666
133,000
625,000
stock-
$2,684,519
2,517,863
$2,897,230
4,359,819
$2,685,051
2,543,517
$7,215,304
173,866
1,875,000
$5,202,383
743,750
125,000
$7,257,050
173,866
1,875,000
2,112,375
347,606
Deferred charges__
income tax
$4,333,633
$5,208,184
$4,359,819
$5.42
$5.02
$701,239
$5.45
$5.02
$691,006
$701,239
Net inc. per sh. on 500,000 shs. com. stk. out
x After deduc. for depr.
_
_
Total..
51,369,229 51,546,089
After
for depreciation and
reserve
51,369,229 51.546,089
depletion.
published in
The income statement for the calendar years was
743,750
125,000
Hudson Coal
corporation has not taken into its accounts undistributed
income or losses of unconsolidated subsidiaries.
Its proportion of income
thereof for the fiscal years of tne subsidiaries ended June 30, 1935, was
$35,672, based on the audited reports of those subsidiaries. The corpora¬
tion's proportion of net losses of subsidiaries since July 1, 1935, is estimated
1936
approximately $8,000.
Operating profit before depl., deprec., taxes, &c.
$3,258,443
734,645
$3,993,088
298,431
550,400
Depletion of unmined coal
-—
Depreciation, plant, equipment and buildings
Interest on funded debt (net)
d Accounts receivable—trade
Inventories
Accounts and notes receivable
171,009
2,505
....
7,514,369
266,120
218,740
Cash
9,914
Agricultural expenditures applicable to current year
Other current assets
...
Taxes..
510,521
1,555,638
1,118,567
b Net profit transferred to surplus account
$335,040 loss$666,221
Includes all coal sales to affiliated companies,
1936
Assets—
b According to the basis
Dec.
31
300,100
286,727
8,187,308
1,651,013
672,514
6,925,351
1,672,661
502,093
73,118
b Buildings, machinery and equipment
Factory sites, farm properties and line quarries—
Deferred charges
1
29,319
Other assets...
$20,402,299
Total
20,112,107
cost)
Coal
hand,
3,579,484
1,106,299
controlled
cos..
18,567,444 18,869,117
779,205
6% sinking fund bonds, series A
uninsured property and
for workmen's compensation liabilities
Reserve for excess of par value over cost of re¬
acquired preferred stock
First mortgage
46,878
Reserve for contingencies
7% cumulative preferred stock
Equity of common stockholders
551,089
149,779
•
650,000
2,470,400
c7,942,455
454,941
154,112
650,000
2,500,000
7,109,651
$20,402,299 $20,112,107
b After reserve for depreciation, obsolescence and valuation adjustment
$9,761,302 in 1937 and $9,340,388 in 1936.
c Being investment and
earned surplus applicable to 500,000 shares of no par value authorized and
issued; paid-in value, $2,776,017; earned surplus, $5,166,438.
d After
reserves of $89,400 in 1937 and $70,700 in 1936.—V. 144, p. 1602.
a
After
576,814
205,664
200,289
Accrued taxes
363,380
266,378
nay.
coal
on
sales
12,041
184,617.
737,234
175,056
483,725
594,964
Fire Insurance res.
203,123
658,236
203,062
Deferred
liabilities
203,123
686,245
98,240,619
reserve
Loans
&
203,062
182,310
com¬
adv.
by
Del. & Hud. Co.10,478,862
1st mtge. 5% s. f.
gold bonds
497,940
Property & plant64,607,927 65,306,862
Total...
6,000,000
4,510,096
Workmen's comsa-
462,600
168,750
81,989
4,000,000
Reserves for fire risks on
562,698
5,356,609
Sink, fund trustees
373,700
833,872
Int. accr. & pay..
_
pensation res...
Other assets
a
Accounts payable.
Workmen's
&
Deferred charges..
43,232
2,017,056
Invest. In & adv. &
loans to affll.
$
610,494
6,050,000
535,673
Due to affll. (curr.)
spare Darts
Fire insur. fund...
...
651,604
2,017,043
1935
$
5,800,000
Bank loans
Adv.
Mat'ls, supplies &
209,797
862,025
sold and net received thereon to end of year
170,872
49,730
3,459,328
at
3,000,000
458,241
Acer, add'l beet payments, based on quantity of
on
218,661
907,838
Acer. Fed. inc., AAA, cap. stk. & gen. taxes
Total
82,761
...
Accounts receivabl
1,048,266
payable—trade
Salaries and wages payable
of
171,247
*
Bills receivable
1936
Liabilities—
Accrued payrolls.
tion deposits
Bankers' acceptances and secured notes
585,589
Market, securs. (at
Liabilities—
Dividends payable
Other current liabilities
585,288
Cash
1935
$
$
cost
80
96,128
Investment in securities
127,340
used by the company in the preparation of its Federal tax returns no income
or undistributed profits taxes are payable in respect of 1936 income.
Cash
on deposit with trustees
Spec, depos. for pref. stk. sk. fd. require, to date-
$2,931,858
286,012
105,483
1,191,160
Balance Sheet
1936
$879,397
1,555,046
1937
$1,145,023
3,023,389
5,144,175
188,305
$2,230,499
701,358
1,512,573
Interest on loans.
Consolidated Balance Sheet March 31
Assets
1935
$21,071,932 $19,784,099
17,813,488
17,553,599
Other income
a
issue
Co.—Earnings—
Sales, less discounts and allowances
Cost of raining, administration and selling
a
Totalincome
$691,006
our
1961.—V. 144. p. 3000.
of March 20 page
Note—The
sugar
160,000
5,552,787
6 ,076,939
Surplus
6,169
2,096,967
467,076
5,769
Employees' funds.
$5,228,569
$5,166,438
pref. stock
Accounts
335,987
386,266
4,658
221,013
$2,881,671
4,333,633
Total
be
.
.
Calendar Years—
Surplus April 1
to
446", 014
281,630
53,596
Accounts payable
309,613
596,319
Total
4,511
221,013
on
Reserve for Federal
438,309
x
650,650
on common
441,404
Mat'l and supplies
Advances
31,389
31.389
Prov. for Fed. inc. taxes
Divs.
8,500
Acer, taxes & Int.
accts.
rec.&accts.writtenoff.
Inventory & cost adjust,
applic. to prior years
& other misc. i terns (net)
)
Prov. for contingencies.
Divs.
$
8,947.600
Notes payable
108,573
hand
on
Cash
tirem'ts of plant prop.
Prov. for loss
11,157
22
22
sold..
sales and
6,332
11,157
6,332
reacquired bonds
Net loss
Funded debt
6,106,259
7,203
Accts. receivable..
called and
Net loss
Oil
1935
.
27 ,465,450 27,465,450
8 ,098,000
8,689,500
6,096,417
6,356
Co.
■
8 ,947,600
214,974
& Develop.
Gross income
$
Prefened stock
Common stock
South-
from
Due
Liabilities—
$
$
1
1936
1935
1936
162,750
x
on
1937—12 Mos.—1936
1937—Month—1936
$824,284
$769,039
503,693
457,482
Operating revenues
Oper. rev. deductions
The Maryland Trust
counts, returns, freight.
Premium
8 receive bids
Lighting & Power Co.— Earnings—
Period End. Jan. 31—
Houston
farm products, less dis¬
Other operating profits.
Ry.—Tenders—
x Regular dividends on 7% and $6 preferred stocks were paid on Nov. 2,
1936.
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 Feb. 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
oncome for that year. No such provision has been made to date for 1937.—
V.144,p.3503.
Holly Sugar Corp.—Earnings—
Consolidated Income Account for Year
Chairman of theJBoard
Vice-President.®Mel¬
and Don^S.
2829.
nmf
Trust Co. will until June
Bank &
Other income
The directors have declared
3503.
3674.
p.
Houston
Hollinger Consolidated Gold Mines, Ltd. —Extra Div.
addition
the capital
for the purchase of sufficient first mortgage 5% bonds, due July 1, 1937, to
exhaust the sum of $50,809 at prices not exceeding 105 and interest.—V.
Ltd.—New
Worts,
on
elected Vice-President and Ralph F. Peo
chosen as additional Vice-Presidents.—V. 144, p.
ville G. Mason
Houston Belt & Terminal
193,611,243 193,114,218
per share
Houdaille-Hershey Corp.—New Chairman—
The Central Hanover
Total
dividend of $3
a
stock, par $100, for the month of June payable June 25 to holders of record
June 19.
An extra dividend of $1 and a monthly dividend of $2 per share
was
pref. stock
Cuban El. Co.
Funded debt...
accts..
Co.—To Pay $3 Dividend—
Homestake Mining
78,203,009
Undecl.cum.dlvs
Accrued
pref.)
first dividend paid since
1,345,415
Elec.Co
Accounts pay'le.
Deferred chgs_.
25 cents per share on thejeomstock, payable June 15 to holders of record May 31.
This will be the
August, 1933, when 10 cents per share was dis¬
tributed .—V. 143, P. 1722.
mon
Cap. stk. Cuban
1,832,250
426,525
Deferred recelvs
5
'
6% cum. 1st pf.
stk. (5100 par) 20,198,917
x Cum.
pf. stk.
& com. stock. 78,203,009
18,385
Sundry assets..
5
Liabilities—
The directors have declared a dividend of
1935
1936
1935
$
Assets—
3839
Chronicle
9,713,862
35,000,000 35,000,000
Com.stk.($50 par) 18,748,250 1 8,748,250
Surplus
24,477,676 24,230,074
647,276
97,033,292]
Total
98,240,619 97,033,292
for depreciation and depletion.—V. 144, p. 3001.
Hupp Motor Car Corp.—Warrant Agent—
Co. of New York has been appointed warrant agent
dated April 1, 1937, covering the issuance of stock pur¬
($1 par value).
The
stock purchase warrants may be exercised at various prices and expire
June 1, 1940.—V. 144, p. 3335.
The Guaranty Trust
under agreement
chase warrants for 254,983 shares of common stock
Ideal Cement
Co.—Larger Dividend—
The directors have declared a dividend of $1.50 per share on the common
value, payable May 27 to holders of record May 22.
This
compares with $1 paid on March 21, last, and on Dec. 21,1936.
A dividend
of 50 cents per share was paid on Oct. 1, 1936 and each three months
stock,
no par
previously.
>
<
the following extra dividends were distributed: $3.25 on
1936; 50 cents on Oct. 1, 1936; 25 cents on July 1 and April 1,
1936; 50 cents on Dec. 21, 1935; 25 cents on Oct. 1, July 1 and April 1,
In
addition,
Dec. 21,
3840
1935; 50
Financial
cents
Dec. 20, 1934, and 25 cents paid
on
on
P. 776.
Dep.. & lease amortiz
Deprec,, retirements
and
1934
$
1933
$
17,117,584
16,196,541
reorganized, it was announced May 28.
This proposal, which has been
approved by the directors of Standard
Textile Products, will be submitted to the latter's stockholders and to the
Federal court for approval, and will be made a
part of a reorganization which
calls for the formation of
a new
company to acquire the assets of Standard
Products and to assume its liabilities other than funded debt.
The preferred and common shares of the
present company will be ex¬
12,838,177
Net operating income-
33,078,675
1,624,713
23,344,383
26,654,593
1,101,358 Dr3.198,829
21,963,500
99,716
24,445,741
23,455,763
22,063,216
1,223,270
242,539
997,398
218,000
Non-oper. income (net)-
Total income
34,703,388
Int. and disc, on funded
and long-term debt---
519,861
479,415/
I
Other interest--
34,183,527
53,026,962
Transferred to cap. acctAdjust, of earned surplus
Total surplus
Dividends paid
changeable at fixed ratios for common stock of the new company, while
exchangeable for cash, preferred stock and common
new company.—V.
144, p. 3695.
the funded debt will be
stock of the
International
Dr39",094
of the dividend, John J. Watson, President of
the corporation, said that this is the first dividend
payment since March 2,
1931.
After payment of this dividend, arrears will amount to
mately $60 per share.
Dr7,531,645
Dr384,275
62.005,633
8,978,671
53,026,962
38,078,401
shown
substantial
remained firm.
He
47,046,880 128,036,882
8,968,479
5,962,730
Earned surp. Dec. 31- 74,291,458
Shares capital stock out¬
standing (no par)
per share
$3.80
8,985,662
$2.66
8,968,479
$2.45
8,985,666
$2.32
In addition to the amount of taxes shown
above, there was paid (or
accrued) for State gasoline, &c., taxes, the sum of $3,789,176 in
1936,
$3,440,o05 in 1935, $3,171,400 in 1934 and $3,759,460 in 1933.
Balance Sheet Dec. 31
1936
Assets—
226,310,687 204,138,789
5,641,199
10,580,554
deposit in
Acer.
1,373,247
Investments-.
433,583
4,690,386
12,786,804
24,722,717
.
9,683,435
3,012,237
Acceptances and
payable
100,000
6,600,000
4,333,882
4,858,425
8,803,604
4,333,882
266,945
of annuity tr.
487,610
175,891
Res. for conting.
notes receiv_.
Accts. receivable
Inventories
Deferred charges
24,055,834
853,818
1,028,709
Funded &
Deferred credits
235,736
Other reserves.
3,612
yCapital stock— 175,000,000
_
_
Capital surplus
276,938,155 253,724,6081
932,279
long-
term debt
Earned surplus
.
175,000",6O6
74,291,458
Total
Includes 12,160 shares
stock in 1936 and 14,338 in 1935.- V. 144.
p. 3503.
Idaho Power
Operating
Oper.
From
oper.
revenues
$163,738
Other income (net)
18,666
3,826,441
569,760
def2,815
3675.
International Match
on
capital
Corp.—Exchange Privilege Expires
June 21—
International Match Realization Co.,
Ltd., has announced that the
right of International Match Corp. debenture holders who have not
already
assented to the plan of liquidation dated Feb.
5, 1937, to exchange their
debentures for voting trust certificates, as
provided in the plan, will expire
on June 21, 1937.
The company states that debentures will not be
accepted
for deposit until after the holders thereof have
acknowledged receipt of the
official prospectus, copies of which may be obtained from
the offices of the
Brooklyn Trust Co. or the Commercial National Bank & Trust Co.—
V. 144, p. 3675.
International Mining
Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1936
Including
earnings
of
International
Mining
Corp
incorporated
10,123
2,643
Other income
$1,796,287
Cr3,958
Provision for Federal normal income tax__
Adjust, of Fed. income tax applicable to year ended Dec.
31,1934-
$1,800,245
650,000
65,554
Cr7,128
$1,091,819
Total
Net income
after proportion of Federal income taxes
clusive of net profit on investment transactions
$514,060
145,735
22,000
Crl,212
414,342
$735,602
7% and $6 pref. stocks
were
1936.
paid
$677,477
on
Nov.
2,
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 Feb. 1, 1937.
Note—Includes provision of $19,900 made
during the last 12 months
($17,600 in 1936 and $2,300 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 3175.
ex¬
$347,537
Liabilities—
Cash in banks &
on
hand
$106,028
a
Accounts payable
Provision for taxes
49,439
Special dep. of cash A acct.
Res. for taxes of
receivable
-
but
Balance Sheet Dec. 31, 1936
Receivables
414,342
1929,
predecessor company, from Jan. 1, 1936 to Dec.
3, 1936]
Cash dividends (incl. taxable divs. of $6,000 in
notes)
$499,448
Interest—Accrued on advances to subsidiaries:
International Mining Corp.
(Canada) Ltd
1,305
I. M. C. Corp
540
Assets—
on
4,167,586
1,162,762
497,959
$1,149,944
Net
Regular dividends
3.776,977
615,238
94,889
$1,870,353
650,000
72,381
Crl,972
income
$103,786
$94,634
x'Divs. applice to preferred stocks for the
period,
whether paid or unpaid
x
1934
$1,074,108
283,319
117,280
1—
Jan.
Gross from railway
Net from railway
—V. 144. p.
1935
$929,967
122,568
1,233
Office expenses, rents, interest, &c_
$154,024
54,167
5,223
Balance
future.—
•Earnings—
$1,872,097
Drl,744
Dr2l3
$163,238
54,167
7,257
Crl,972
Other int. and deductions
Int. charged to constr—
$1,005,697
176,460
1937—12 Mos.—1936
$4,792,764
$4,340,544
2,920,667
2,544,257
$154,237
Dr500
Gross income
Interest on mtge. bonds.
the
Other..
1937—Month-—1936
$417,487
$374,563
253,749
220,326
revenues
rev. deductions
Net
companv's
Co.—Earnings—
r Period End. Jan. 31—
business in
1936
$1,117,652
162,821
def24,845
4,423,404
756,866
21,873
—
Net after rents
276,938,155 253,724,608
z
increase in
an
1937
Gross from railway.—
Net from railway.
53,026.962
472,313
554,912
After deducting depreciation, &c., to the amount of
$130,719,159 in
1936 and $121,508,033 in 1935.
y Represented by 9,000,000 no-par shares,
Treasury stock,
anticipates
3177.
International Great Northern RR.
x
including
prices have
$
16,957,193
5,194,417
Loan fr. trustees
384,407
Acceptances and
Total
1935
$
payableliabilities
notes
escrow
z
1936
Liabilities—
Accts.
Cash & call loans
Cash
approxi¬
Mr. Watson also said that the fertilizer business has
increase in tonnage this year and that
Net after rents
1935
$
Plant, equip.,
k&c
V. 144, p.
122,074,152
x
x
a
April—
8,987,840
of $3 per share on
payable June 17, to
stock,
holders of record June 10.
In announcing payment
89 485 581
Cr562,729
Agricultural Corp.—Pref. Div. Resumed
Directors have declared out of earnings a dividend
of arrears on the prior preference
account
23,966,326
21,989,954
20,847,818
38,078,401 122,074,152 107,573,339
87,773,218
13,481,760
Earnings
■
Textile
16,549,938
-
Textile
Standard
Co., as
$
other amortization
Net profit.
Previous surplus
Corp.-
*
93,567,741
8,351,110
Taxes.
x
■Would Invest in
The corporation (formerly International
Printing Ink Corp.) has proposed
to make a substantial investment in Standard
Textile Products
132,250,917 129,296,467 105,056,746
80,424,997
77,464,225
62,765,124
6,734,950
5,583,310
4,591,587
4,146,683
4.629,003
3,397,799
2,898,359
oper. & gen. exp_
June 5, 1937
Interchemical
Subs.)—Earnings
1935
Calendar Years—
Gross operating income.155,694,147
Costs,
Oct. 1,1934.- -V.144,
Products—
Humble Oil & Refining Co. (&
1936
$
Chronicle
3,385
b Investments & advances
Deferred charges_
co.
5,214,223
1,408
—
a
$1,281
66,710
subsidiary
dissolved during 1935
3,385
65,000
557,961
Reserve for contingencies
Common stock ($1 par)
Capital surplus
Total
$5,374,4831
4,680,146
Total
—
.$5,374,483
a For payment of taxes of a
subsidiary company dissolved during 1935»
b Stocks listed or
quoted on domestic or
foreign exchanges, $3,947,995;
of affiliates,
$542,752; indebtedness of affiliates,
$312,005,
mining ventures and developments, $484,826;
total, $5,287,579;
less—reserve for mining venture
losses, $73,356; balance, $5,214,223, as
above.—V. 144, p. 3177.
securities
other
Illinois Central RR.
April—
System—Earnings—
1937
.
.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
$9,373,098
2,120,520
961,609
$8,783,747
1,861,342
788,702
$7,887,966
1,899,467
1,165,215
$7,297,067
2,000,913
1,161,069
38,130,444
8,590,186
4,029,860
Gross from railway
Net from railway
35,689,019
7,915,257
4,048,594
31,192,638
6,618,627
3,819,775
29.121.150
7,923,027
4,642,317
—V. 144, p. 3675.
International Power Co., Ltd.—$1.50
Preferred Div.—
The directors have declared a dividend of
$1.50 per share on account of
on the 7% cum. 1st
pref. stock, par $100, payable July 2
to holders of record June
15.
A like payment was made on
April 1, and
Jan. 2, last; Oct. 1, July 2 and on
April 1, 1936, and compares with $1 per
share paid on Nov. 1, July 2 and
April 3, 1935, this latter being the first
payment made since Oct. 1, 1931, when a
regular quarterly dividend of
accumulations
$1.75
Illinois Commercial Telephone Co.—Accumulated
Div.
The directors have declared a dividend of
$3 per share on the $6 cum.
pref. stock, no par val. pay. July 1 to holders of record June 15.
Accumula¬
tions after the current dividend will amount
to
p.
$1.50 per share.—V. 144,
1602.
Indiana Associated
Period End. April 30—
-
Operating revenues
1937—4 Mos. —1936
$422,509
$390,265
Uncollectible oper. rev—
104
97
Operating revenues—
Operating expenses
$107,125
57,035
$98,849
52,489
$422,098
226,116
$50,090
$46,360
$195,982
$181,388
Net oper. revenues
411
Consolidated Statement of Profit and Loss and
Surplus, Year Ended Dec. 31, '36
$389,854
?
208,466
50
149
357
12,425
60,630
49,700
$34,876
$33,885
$135,203
$131,331
A886tS-~-m
<3>
§
20.239,363 20,200,594
2,395,708
2,319,554
Net profit on
exchange
Interest
Apr. 30 '37 Dec. 31 '36
Liabilities—
$
Preferred stock
1,054,900
Common stock.5,250,000
261
261
Accts. receivable.-
320,098
147,102
22,097
283,024
Consumers depos.
110,720
Other current llab.
Main extension de¬
14,975
12,200
1,103
3,488
posits
Accrued taxes
Accrued interest--
► count & expense 1,282,439
Undistrlb. debits.
267,753
1,306,163
271*915
Other accr. llabil-Reserves
22,323
Unamort.debt dis-
Funded
24,690,903 24.530,243
Total
The income statement for the 12
months ended
in V. 144, p.
3675.
Industrial Machine
See list given
on
90,356
40,086
88,426
43,445
Depreciation and depletion
Bond discount and expense
-
:
Balance deducted from
surplus..
Surplus beginning
$364,179
2,627,892
-
$2,263,712
Assets—
Liabilities—
Fixed assets
38,388
38,282
416,200
14,225
381,726
175,992
12,544
31,731
1,691,480
2,128,427
1,656,524
2,109,510
24,690,903 24,530,243
April 30
published
10,000
Accounts receiv. (less res.)—
Notes receiv. and open accts.
84,938
107,550
Funded debt
Bank loan secured
Accounts
Accrued
Due Intl. Paper Co. A affil.
5% pref. shares
2,062,083
operations
3,021,231
239,862
22,097
46,637
203,155
429,931
111,663
222,099
Notes receiv. (not curr. due).
Prepaid insurance
Deferred charges to operations
Depletion on wood
on
bonds
Bond issue expense
Sink.funds in hands of trust—
Total
-V.
142,
$47,996,026
p.
2831.
$25,249,235
150,000
578,199
366,913
payable
interest
companies
Reserves
Co.,
Inc., for sales of newsprint
(less reserve)
Inventories & advs. for woods
to them
Discount
was
$41,235,198
199,582
Woods improvem'ts & equip.
Investments
Cash
from Intl. Paper Sales
Corp.—Registers with SEC—
first page of this department.
$
1,054,900
5,250,000
indebted.13,827,000 13,827,000
Corporate surplusTotal
34,082
$1,504,931
295,456
871,910
686,215
15,530
1st mtge. bonds
Debenture and other interest
on
Consolidated Balance Sheet Dec. 31, 1936
Notes receivable.Mat'ls & suppliesInvestm'ts.gen'l..
Prepayments
Special deposits...
6,231,557
$1,470,849
,
Surplus end
Apr. 30'37 Dec. 31'36
Fixed capital
$7,702,406
Operating income
Indianapolis Water Co.—Balance Sheet-
Cash
paid.—V. 144, p. 1788.
Net revenue
50
Net oper. income
-V. 144, p. 2002.
was
Net sales
411
15,164
Operating taxes.
share
Cost of sales and
expenses, incl. charge for excess tonnage, and
after deducting miscellaneous income
Telephone Corp.—Earnings—
1937—Month--1936
$107,229
$98,946
per
International Power & Paper Co. of
Newfoundland,
Ltd. (&
Sub.)—Earnings—
,
Common shares
Earned surplus
Total
981,737
5,893,229
10,088,000
2,425,000
2,263,712
$47,996,026
Volume
Financial
144
International Products Corp.—$6 Accumulated Dividend
The directors
have declared a dividend of $6 per share on account of
the 6% cum. pref. stock, par $100, payable July 15 to
holders of record June 30.
Dividends of $3 were paid on Feb. 15, last, and
accumulations
Chronicle
C.
E.
3841
Johnston
was
re-elected
15,1936,
Jan. 15,1936, and on Oct. 24,1935, this latter being the first
payment to be made on the pref. stock since July 15, 1931, when a similar
amount was distributed.—V. 144, p. 3675.
Kansas Gas & Electric
Period End. April 30—
Oper.
exps.
& taxes
before
Income
America—Earnings—
1937—Month—1936
$563,617
$517,593
274,383
248,025
Grossrevenues
1937—4 Mos.—1936
$2,080,641
973,013
$2,195,243
1,129,343
for undistrib¬
uted profits tax
-V. 144, p. 3506.
$289,234
$269,568
$1,065,900
payments.—V. 144, p. 3506.
Corp. (& Sub.)—Earnings—
1937—3 Mos.—1936
1937—12 Mos.—1936
$128,674
$1,199,457
1,279
$128,674
29,915
i81,200,736
37,470
1,352
on
Total
Expenses
$4,104
incl.
normal
$2",764
3,396
2,504
48,052
prov.
for
S. income
U.
& capital stock taxes.
110
374
~~3~, 494
16,637
due to deval. of lira
Blance
$165,170
Net loss
sales of securs__
157.560
$166,322
-
.
»
.
630,240
633,433
$586,479prof$373,593
1,360,945
-
debs, acquired
and retired..
Cr80,283
Net loss for period
$165,170
$166,322
$586,479
$907,068
Note—No provision has been made in the above statement for
possible
normal U. S. income tax on earnings and surtax on undistributed
profits
both resulting from receipts of lire dividends and interest
^Investments
29,248,540 29,285,324
U. S. currency
454,656
Foreign currency.-
1,095,587
1,400,289
235,415
1936
$
$
35-yr. 6% debs—10,504,000 10,504,000
a Capital &surp__
14,590,334 15,917,726
pref.
on
Deb.
stock--
4,470,192
deb. bonds
157,560
3,725,160
157,560
23,910
13,200
1,338,816
18,301
193,110
104,588
372
&
received
not converted
Taxes
Accounts payable.
520,784
520,784
$532,662
Pay $1 Dividend—
on
Dec. 1, 1933.—V. 144, p. 1605.
be made at the First Wisconsin Trust Co., Milwaukee,
31,103,485 30,616,327
Total
on
Refunding—
Stockholders, at a special meeting to be held June 19, will consider
authorizing an issue ot' $10,000,000 4J£% 15-year first mortgage sinking
fund bonds.—V. 144, p. 3676.
King Seeley Corp. (Ann Arbor, Mich.)—40-Cent Div.—
The
directors have declared a dividend of 40 cents per share on the
stock, par $1, payable June 15 to holders of record June 5.
Similar
payments were made on Dec. 22 and on Oct. 12, 1936, this latter being the
initial distribution on the common stock.—Y. 143, p. 2057.
common
Kresge Department Stores,
which
Inc.—Exchange Time Ex¬
has advised the N. Y. Stock Exchange that the time within
sinking fund preferred stock may be exchanged for new 4%
8*7
convertible first preferred stock and common stock of the corporation has
been extended to Sept. 1, 1937.—V. 144, p. 3506.
Lakey Foundry & Machine Co.—Earnings—
Period Ended April 30, 1937—
3 Months
Manufacturing profit on sales before selling and ad¬
ministrative expense, deprec. & int. charges____
$85,835
Selling and administrative expense
30,877
Interest charges
3,569
Profit
Represented by 124,172 shares of $6 cum. pref. stock, 970,015 shares
class A common stock, 150,000 shares class B common
stock, all of no par
value.
(There are outstanding option warrants, series of 1929, to purchase
59,985 shares of the common stock, class A, as such stock may be con¬
stituted at the time of purchase at any time
up to and incl. Jan. 1, 1938,
at a price of $20 a share, on which last named date the
rights to purchase
represented by such option warrants, series of 1929 expire.)
b These
securities had a market value of $23,517,159 in 1937 and
$27,118,281 in 1936.
—V. 144, p. 2655.
Jamaica Public Service, Ltd. (&
Period End. April 30—
1937—12 Mos.—1936
$878,404
528,439
$873,372
518,284
$30,772
$349,965
1,974
$355,088
$29,821
8,938
$30,772
8,633
$351,940
103,335
$355,088
103,927
$20,883
$22,139
$248,605
$251,161
$29,821
Balance
Int. & amortization
-
Balance
—V. 144, p. 3178.
Jefferson
Subs.)—Earnings—
1937—Montli—1936
$75,803
$74,960
45,982
44,188
Net oper. revenues
Inc. from other sources
& Northwestern
RR.—Stock—
The, Interstate Commerce Commission
on
'
May 25 authorized the
com¬
pany to issue not exceeding $20,000 capital stock (par $100) to be sold at
par and the proceeds applied to the purchase of a line of
railroad, formerly
the property of the Jefferson & Northwestern
Ry. Co., located in Marion
and
It
Cass
counties,
Texas.
The company incorp. in Texas, has an authorized
capital stock of $20,000.
organized for the purpose of acquiring and operating a line of rail¬
road, extending from Jefferson to Linden, all in Marion and Cass counties,
Texas, a distance of approximately 19.93 miles, being a part of the line of
railroad formerly owned and operated by the Jefferson & Northwestern
was
sold at private sale under a deed of trust.
The applicant
authorized by the ICC to acquire and operate this line of railroad
by certificate of Nov. 10, 1936.
was
Chicago RR.—Lease Plan—
Approved—
recently by the Federal court in Kansas City, and according to
company
statements, was approved also by city officials in Kansas City.
Period End. April 30— 1937—Month—1936
1936—12 Mos.—1936
Total oper. revenues
$576,024
$564,461
$6,746,085
$6,478,415
Total oper. expenses
441,283
415,849
5,224,625
5,074,634
$102,396
236
Laclede Packing Co., St. Louis, Mo.—Bonds
Offered—
Metropolitan St. Louis Co., St. Louis, Mo., recently offered
$250,000 1st mtge. 4^% sinking fund bonds at 100 and int.
Dated April 1, 1937: due April 1,1947.
Mercantile-Commerce Bank & Trust
Prin. and int. (A. & O.) payable
Co., St. Louis, Mo., trustee.
form—$500 and $1,000 denom.
Red. on any int. date
at 101%, such redemption to be either at option of company or
through
annual sinking fund of 25% of net earnings, or a minimum
sinking fund
payment of $12,000 for each of first 3 years, $14,000 for each of next 3 years,
and $16,000 for each of last 3 years.
at
Bonds in coupon
Company—Incorporated Jan. 11, 1910 in Missouri.
Company does a
general meat packing business.
Such business consists of the buying,
selling and dealing in animals used for the production of meats, and buying,
dealing in and slaughtering animals for the production of all kinds of meats,
and buying, selling and dealing in all kinds of meats and meat
products,
and such other business as may be incidental to the production of meat
and meat products of all kinds.
The company's products are marketed under the trade name of "Laclede
Brand."
The distribution of business of the company consists of beef
40%, pork
40%, sausage 15%, by-products 5%, sales being made within the States of
Missouri 60%, Illinois 30% and Arkansas 10%.
Capitalization—The capitalization of the company as of March 1, 1937
follows:
Authorized
7% cum. pref. stock ($100 par)
Common stock (par $100)
$148,612
28,217
$120,395
16,523
$1,521,460
341,457
$1,180,003
Dr7,002
$136,918
31,976
5,465
Depreciation
71,472
71,146
$1,173,000
416,082
76,863
855,308
Net deficit
$15,060
prof$28,331
$175,253
on funded debt
Other deductions
--
x40,133
6,088
$1,403,781
307,078
$1,096,703
23,424
$1,120,126
385,755
89,399
871,458
$22M87
stock after the sale of the bonds
common
of its
Interest on bonds based upon 4 % rate as it is expected the
reorganiza¬
tion plan now before the security holders will be
adopted and become
effective as of Jan. 1,1937.—V. 144, p. 3178.
City Southern Ry.—New Chairman—
Harvey C. Couch has been elected Chairman of the Board to succeed
Kenneth D. Steere.
Mr. Steere will remain on the board.
Mr. Couch also
Chairman of the Executive Committee.
will be
2,280 shs.
2,961 shs.
being offered and the
preferred stock.
Period—
Gross sales, less returns,
&c_
Nov.1,'36 to Nov.3,'35 to Nov.4,'34 to Nov.5,'33 to
Feb. 28, "37 Oct. 31. '36 Nov. 2, '35 Nov.
3, '34
$1,191,398
1,099,959
87,260
$3,403,613
3,107,423
252,267
12,824,175
233,366
$2,336,832
2,051,017
207,896
$4,178
$43,922
5,014
$166,475
2,897
$77,918
4,651
599
$48,936
6,028
$169,372
16,491
$82,569
17,291
$5,023
$42,909
$152,881
$65,279
550
Cost of goods sold
Expenses.-
5,948
27,734
9,043
Gross profit
Other income
1,444
Total income
$5,622
Income deductions
Net
Prov.
profit
for
Fed.
&
Prov. for Fed. tax
2,424,334
State
on un¬
just enrichment
Net profit
—V.
x
Kansas
Outstanding
2,500 shs.
4,000 shs.
Upon the consummation of the sale of the bonds being offered no preferred
stock will be outstanding.
Company has authorized the reduction of its
authorized preferred stock upon the consummation of the retirement of
its outstanding preferred stock so that is authorized stock will be
4,000
income taxes
Int.
$62,600
144, p. 1789.
Comparative Income Statement
Kansas City Public Service Co.—Plan
Operating income
Non-oper. income
$96,902
34,302
$36,498
Net profit before Federal income taxes.
—V.
retirement
Formal approval was given to the
reorganization plan in an order issued
May 25 by the Missouri P. S. Commission.
The plan was approved
$134,741
32,345
916
$51,837
15,339
Depreciation
See Alton RR. above.—V. 143, p. 3150.
Net oper. revenue
Taxes
$95,986
449
Profit before depreciation.
shares of
Joliet &
$157,625
53,265
8,373
$51,388
was
Ry., which
6 Months
31,103,485 30,616,327
a
Gross earnings
Oper. exps. & taxes
Wise.; Hall-
111.
Other income.
Total..
496
$1,053,446
All of the outstanding first mortgage 5% gold bonds, series A due July 1,
1943 have been called for redemption on July 1 at 101M and int.
Payment
982
coupons
Lire divs.
$1,274,933
Kimberly-Clark Corp.—Bonds Called—
Res. for divs. accr.
on
$99,789
stocks for
The company
1937
Liabilities—
Int.
$2,042,053
720,000
180,000
89,103
720,000
180,000
91,062
2,048
tended—
1936
$
$2,263,947
have declared a dividend of $1 per share on the capital
stock, par $75, payable June 15 to holders of record June 1.
Similar
distributions were made on March 16, last, Oct. 5,1936, June 15 and March
Consolidated Balance Sheet March 31
$
$182,447
60,000
15,000
7,658
$754,149
Kilburne Mills—To
by Italian Super¬
Corp., which have not been included in income.
1937
$2,029,294
12,759
The directors
on
Assets—
$2,249,782
14,165
—
To Vote
157.560
$180,684
1,763
x Regular dividends on
7% and $6 preferred stocks were paid on Jan. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
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. 3676.
Eaid by accrd .on debs,
eld &
wholly-owned
power
15,000
7,572
172
$106,748
Dividends applicable to preferred
the period, whether pair or unpaid
Chicago,
sub.)
-1° Months Ended—
garten & Co., New York City, or at the First National Bank of Chicago,
paid & accrd. on
debs,
(not incl. int.
on
$189,148
60,000
Net income
will
16,176
Int.
Loss
843
deb. bonds
15, 1934, and
_
Interest paid
Loss on foreign exchange
Prov. for loss on lire bal.
Profit
$188,305
mtge. bonds
on
128,648
Interest
Taxes
deductions
Gross income
x
Period End. Mar. 31—
Income: Dividends
rev.
Int.
International Silver Co.—Accumulated Dividend—
Italian Superpower
re-
28, '37 Feb. 29, '36 Feb. 28 *37 Feb. 29, '36
$506,488
$470,264
$5,453,680
$5,901,332
318,183
289,580
3,651,550
3,424,386
Net oper. revenues
Other income
$1,107,628
The directors have declared a dividend of $2
per share on account of
accumulations on the 7% cum. pref. stock, par $100,
payable July 1 to
holders of record June 15
This
compares with $4 paid on May 1, last,
and on Dec. 15, 1936, and a dividend or $1 paid on Oct.
1, 1935.
See also
V. 143, p. 3845 for detailed record of dividend
were
Feb.
revenues
Other int. & deductions_
Int. charged to const—Cr
charges and without
prov.
Oper.
Oper.
Int.
fixed
officers
Co.—Earnings
-Month Ended
Period—
and $3 paid on
International Rys. of Central
other
elected.—V. 144, p. 3506.
on
Dec. 15,1936, and compares with a dividend of $6 paid on July
on
All
President,
8,742
$4,473
$36,960
$116,404
144, p. 3004.
$56,235
Lehigh & New England RR.—Certificate Issue—
The company has applied
today to the Interstate Commerce Commission
3% equipment
ouy 75 freight
for authority to assume liability for issuance of $250,000 of
trust certificates, the proceeds of which would be iused to
cars and five caooose cars.—V. 144, p. 3677.
Lionel
Corp.—Registers with SEC—
See list given on first page of this department.—V.
140, p. 480.
Financial
3842
Chronicle
June 5, 1937
estimated that no surtax on undistributed profits
of 1936 will be incurred by the other companies
Loomis-Sayles Mutual Fund, Inc.—Earnings—
Income Statement 3 Months Ending, March 31, 1937
the year 1936—V. 144, p.
Louisville & Nashville RR.—Personnel—
13,219
Expenses
Announcement of the appointment of W.
$6,019
Net income
405,187
Net profit on securities sold
Total income
$411,205
...
_
Dividends paid
23,885
-
& dividends
$387,320
paid for the period
Net asset value based on market quotations for securities
Liquidating value after reserve for Mass. taxes on unrealized profits
$130
$130
Balance Sheet March 31, 1937
Liabilities—
Assets—
*$1,577,874
703,079
Securities at cost
Cash in bank
23,885
deposit for div. pay.
on
value
$2,427,652.
y
Earnings for April and Year
17,697
$2,311,100
Total
Represented by 23,880 no
par
shares.
V. 144, p.1965.
Income Statement 3 Months Ending March
1935
1934
$6,804,332
1,736,198
1,228,253
$6,004,399
1,281,210
926,115
$5,633,548
1,191,873
853,686
29,789,927
7,537,534
5,377,108
Net after rents
From Jan. 1—
Gross from railway
Total income
1936
$7,646,244
2,048,907
1,509,488
Net from railway
Net from railway
Net after rents
Loomis-Sayles Second Fund, Inc.—Earnings—
to Date
1937
28,237,036
6,760,844
5,117,796
24,119,045
5,292,754
4,036,508
23,941,213
6,501,647
5.258,991
April—
Gross from railway
$2,311,100
Total
Market
$23,885
Director of Personnel.
as
J. G. Metcalf, Assistant Superintendent of Transportation, was appointed
Superintendent, filling the vacancy made by Mr. Parsons' promotion.
C. A. Bradshaw, Inspector of Transportation, was promoted to the
position of Assistant to the General Manager.
The retirement of H. T. Shanks, General Passenger Agent, Decauselof
ill-health, after being in the service of the company since 1884, was followed
by the appointment of his assistant, J. R. Watt, to succeed him.
y2,269,519
Capital stock equity
6,263
Dividends receivable
x
Dividends payable
Prov. for Fed. & State taxes.
E. Smith, General Manager,
the post of Vice-President and General Manager, to replace T. E.
Brooks, who is retiring after 57 years with the railroad, effective June^l,
was made by J. B. Hill, President, on May 20.
R. C. Parsons, Director of Personnel and Superintendent of
'ransportation, was appointed to the position of Assistant Vice-Presiden,, retaining
to
his duties
Excess of income & realized profits over expenses
Cash
under the Revenue Act
consolidated herein for
3677.
$19,238
Total income
—V. 144, p. 3005.
31,1937
$33,339
;
Lowell Gas Light
17,989
Expenses
Co.—Earnings—
$15,350
181,431
Net profit
Net profit on securities
Total income
Dividends
sold
!
;
$196,781
48,193
paid..
$48
Net asset value based on market quotations for securities
Liquidat. value after res. for Mass. taxes on unrealized profits
48
deposit for div. pay.
on
1,100,974
48,193
Accrued interest receivable.
_
Total
x
Dividend payable
$48,193
18,014
Prov. for Fed. & State taxes.
Interest
y5,065,919
Capital stock
$5,132,126
Market value $4,769,481.
y
indebtedness
on
sold at
98.304% of par, with accrued dividends in both instances, in connec¬
tion with the procurement of certain equipment.
The report of the Commission says in part:
The applicant invited 11 banking firms to bid for the purchase of the
certificates.
In response thereto one bid was received, 99.935% of par and
accrued dividends for the series A certificates and 98.304% of par and ac¬
crued dividends for the series B certificates.
This bid was made by the
Commercial National Bank in Shreveport and its associates, and has been
accepted.
On these bases the average annual cost to the applicant of the
proceeds of the series A certificates will be approximately 3.01 % and of the
series B certificates approximately 3.35%.—V. 144, p. 3678.
Power
Period End. Jan. 31—
Operating revenues
Oper. rev. deductions
& Light
Co.—Earnings—
$596,992
428,399
$559,213
377,905
$168,593
$181,308
$1,947,557
$1,780,785
382
326
721
Operating income
net)
Gross income
mortgage bonds.
Other int. & deductions.
$168,211
1,098
$180,982
7,491
$1,946,836
17,245
$1,779,227
31,264
$169,309
72,917
4,416
$188,473
72,917
3,920
$1,964,081
875,000
49,876
$1,810,491
875,000
46,131
income
Net
$111,636
stock for the
$1,039,205
Util.
ance
356,532
Balance
356,532
$682,673
period, whether paid or unpaid
$532,828
x
Regular dividend on $6 preferred stock was paid on Nov. 2, 1936.
After the payment of this dividend there were no accumulated unpaid divi¬
dends at that date.
Regular dividend on this stock was declared for pay¬
ment on Feb.
1, 1937.
Note—Includes provision made during December, 1936, of $31,860 for
Federal surtax on undistributed profits for 1936.
No such provision has
been made to date for 1937.—V. 144, p. 2660.
Louisville Gas & Electric Co.
1937
12 Months Ended March 31—
1936
$10,245,538 $10,657,500
5,118,533
5,489,593
342,653
$5,167,907
382,345
Net oper. rev. and other income (before approp.
for retirement reserve)
$5,469,658
1,200,000
Appropriation for retirement reserve
37,000
Amortization of contractual capital expenditures.
$5,550,252
1,025,000
37,000
$4,232,658
1,181,037
142,696
15,516
$4,488,252
1,448,670
130,096
14,192
$2,893,409
$2,895,294
Net oper. rev.
(before approp. for retir. reserve)
$5,127,005
Other income
_
Gross income
Interest charges
(net)
Amortization of debt discount and expense
Other income deductions
—
Balance
Dividends
Co.
pref. stock of Louisville Gas & Elec.
on
1,354,920
1,354,920
$1,538,489
4,628,272
$1,540,374
4,525,108
$6,166,761
901,319
3,262,008
$6,065,483
1,351,977
77,424
(Ky.)
Net income
Earned surplus,
beginning of period
Total
Louisville Gas & Electric Co. (Del.) common divs.
Expired debt discount and expense
Prov. for est. additional Federal income taxes,
175,000
101,327
prior years
Deposits in closed banks written-off
Corporation and license taxes and interest, prior
25,313
3,563
14,250
43,845
Acer. int. on other
term debt
debt
13,329
17,667
169,007
State & Federal-
187,608
3,717
224.995
1,118
33,488
33,138
Accr'd taxes, local.
186,112
5,424
hand
Other current and
Mdse., materials &
supplies
Insurance deposits
3,717
accrued liabll
Unadjusted credits
Reserves
Accts. rec.—affil. &
51,897
16,253
inter com'y.accts.
31,578
Deferred charges..
$4,225,593
$4,235,038
16,529
1,500
1,750
750,392
Common stock (par
$25)
Earned surplus
2847.
5,088
787,932
Total
1,524,050
577,337
period
$1,618,867
$4,225,593 $4,235,038
McCrory Stores Corp .—To Increase Directorate—
Stockholders at their annual meeting on June 30 will consider
the
company's
by-la
9 to 10.—V. 144, p.
s
so
as
amending
to increase the number of directors from
3341.
McKeesport Tin Plate Co.—To Pay 50-Cent Dividend—
The directors
on
June 1 declared an initial quarterly dividend of 50 cents
Ser share on the new common stock, payable July 1 to holders of record
10.
une
The
company's stock was recently split up on a two-for-one basis.
1 and on Jan. 2 last,
Dividends of $1 per share were paid on April
Dec. 8, 1936, on Oct. 1,1936, and xn each of the
as
on
that
will claim as a deduction in its
discount and expense and redemption
company
bonds redeemed in 1936, which will result in no
on
three preceding quarters.
dividend of 25 cents was paid on April 1 and on Jan. 2,
2309.
In addition, an extra
1936.—V.
144,
p.
(P. R.) Mallory & Co., Inc.—To Increase Stock—
A special meeting of stockholders will be held on June 9, to vote upon a
proposed amendment to the company's charter to increase the authorized
amount of common stock from 200,000 shares without par value to 500,000
shares
without
par
value and the authorized amount of preferred
stock
from 25,000 shares without par value to 100,000 shares without par value.
It is proposed to declare a 100% dividend in common stock, the only class
of stock
outstanding at present, if the amendment is approved, and to pay a
dividend of 25 cents a share on the stock then outstanding, equivalent to
50 cents per share on the present outstanding common shares.
Upon the
payment of the stock dividend the corporation would then have outstanding
288,860 shares of
common stock
In his notice to stockholders, P. R. Mallory, President, slates:
"In view of the surtax on undistriouted profits under the present
Revenue
Act, your directors feel that the tax burden on building up working capital
through retaining profits and on paying off funded debt from profits may
be so heavy that it may be desirable sometime in the future to raise ad¬
ditional capital through the issue and sale of preferred stock or common
stock or both. The authorized amounts of stock proposed will, if the amend¬
ment meets with the approval of the stockholders, put the corporation in a
position to follow such a course if deemed desirable.
"From the corporation's annual reports you wid have realized that the
business of your corporation is growing.
Net sales of $4,803,455 in 1936
were an increase over the 1935 sales of 15.3%.
Sales to date in 1937 are
running at a higher rate than the corresponding months last year, though
the management is unable to tell at the present time whether this is an
increase in a true sense or a seasonal increase resulting from our customers
filling their requirements at an earlier time in the year. The net income for
the four months ended April 30, 1937 was upwards of $275,000 before
deduction or allowance for surtaxes on undistributed profits. This figure is
also higher than last year for the same period, but it may, as above indicated,
represent an anticipation of their requirements by the customers of your
corporation, and any assumption that the income will continue at this rate
for the balance of the year would be unwarranted."—V. 144, p. 1286.
Manhattan Ry.—Interest—
The interest due April 1, 1937, on the consolidated mortgage 4% gold
bonds, due 1990, and certificates of deposit therefor, is now being paid.
In connection with the payment of the April 1, 1937 interest on the
bonds, the Court has reserved for future determination the
question of what funds or property shall eventually be charged with such
payment, and whether such payment shall be made a charge on the earnings
consolidated
properties of Manhattan Ry. prior to the lien of the consolidated mtge.
1937, unpaid real estate and special franchise taxes on the
Manhattan properties, with interest and penalties, will aggregate approxi¬
As of June 30,
7,809
$4,628,272
Note—No provision was made by Louisville Gas & Electric Co. (Ky.)
for Federal income taxes or for surtax on undistributed profits for 1936
unamortized
1,524,050
574,578
*
mately $7,200,000.
Funds for the payment of the April 1, 1937 interest on the consolidated
bonds deposited with the committee for the
Earned surplus, end of
33,000
or
82,927
years
Other deductions
129,370
Acer. int. on long-
42,103
Acc'ts receivable-_
(Del.) (& Subs.)—Earns.
Operating revenues
Operating expenses, maintenance and all taxes
49,864
157,000
27,500
144,861
4,760
appli¬
contracts..
Total
$950,000
117,000
4,760
Cash in banks and
on
$950,000
47,850
Accounts payable-
Manage't
Long-term
Mar. 31 '37 Dec. 31 '36
meter
Notes pay., other-
Public
Corp.
$889,360
Dividends applicable to preferred
in
Liabilities—
Consumers'
Notes pay., bank.
52,248
Utilities Assoc._
Rent
net)
11,591
$94,271
& ext. deposits..
Amer.
from
Invest,
1,558
$91,976
Net oper. revenues
for lease of plant
1,526
Long-term debt.__
&c_ $3,704,139 $3,702,899
—V. 143, p.
1937—12 Mos.—1936
$7,290,814
$5,961,011
5,343,257
4,180,226
1937—Month—1936
$82,680
Utilities
Comparative Balance Sheet
Due
Ry.—Equipment Trusts—
obligation and liability, as guarantor, in respect of not exceed¬
ing $400,000 equipment trust certificates of 1937, series A, and not exceed¬
ing $75,000 equipment trust certificates of 1937, series B, to be issued by
the Commercial National Bank in Shreveport, as trustee, the series A
certificates to be sold at 99.935% of par and the series B certificates to be
x
American
Mar. 31 '37 Dec. 31 '36
Assets—
The Interstate Commerce Commission on June 1 authorized the company
on
of
556,363
$58,613
$5,132,126
Total
Represented by 122,337 shares, par $10.
to assume
Louisiana
600
Associates (not received in cash)
Property, plant,
Louisiana & Arkansas
$186,614
51,458
14,354
34.346
3,775
$57,087
equipment,
Int.
——
Net income.
Y. 144, p.1965.
Other income
debt
Balance
12,979
675
Dividends receivable
income
Gross
Interest on long-term
Interest on other debt.
o^dqJ)t discount and expense
Liabilities—
x$3,969,305
Cash in bank
Cash
income
Non-operating income
$178,511
8,103
$142,035
42,750
11,243
30,355
Net operating
$734,874
$130,947
11,088
operating revenues
Operating expenses
Provision for retirements and replacements
Amortization
Balance Sheet March 31, 1937
Assets
Securities at cost
$748,323
617,376
Gross
$148,588
Surplus
1936
1937
12 Months Ended March 31—
income tax return the
premium and expense
taxable income.
It is
bonds (Van S. Merle-Smith,
Holders of certificates
of their
Co., 70
Broadway, New York, for appropriate stamping, accompanied by owner¬
ship certificates in accordance with Federal income tax law.—V. 144, p.
Chairman),
of
are now
in the hands of the depositary.
may obtain payment of interest upon presentation
certificates to the depositary, Central Hanover Bank & Trust
deposit
3678;
V. 143,
p.
3637
Volume
Financial
144
Mead Corp.—Annual
Report—
Common Stock—Transfer agent, City National
v
—
Operating profit—
$3,233,652
272,417
$2,497,391
313,654
$2,162,588
300,656
$1,316,067
$3,506,070
Depreciation
1,345,530
Int.& taxes on fund.debt
449,952
Other int. & cash disc
277,017
Amortiz. of def. expense.
44,166
Amortiz. of props
57,187
Prov. for contingencies.
25,000
Idle plant exp. & misc..
72,225
Federal income taxes...
225,643
Minority interest
54,327
$2,811,045
1,277,348
494,914
169,703
52,885
57,256
25,000
75,510
107,311
49,509
$2,463,244
1,335,449
512,767
136,618
132,233
$1,526,560
1,041,488
540,554
124,364
—
Gross income
Net profit
Divs.
on
Last
75,666
134,913
85,693
44,135
47,446
29,183
11,811
$31,436 loss$384,620
.611
$451,639
$31,436 def$384,620
quarter of 1935.
Consolidated
Earned Surplus
Account for
the
Year
Ended
Balance—Earned surplus—Dec. 29, 1935..
Net income for year 1936 (as above)
Adjustment
reserve
Surplus
41,334
50", 666
$501,607
x49,968
Surplus
x
210,493
$955,020
348,409
preferred stock.
of
prior
years'
depreciation
Dec.
.
and
charges
the
to
for depreciation
45,344
consolidation of Dill & Collins, Inc.:
Discount on purchase of $422,750 par value 5%
10-year notes
Losses applicable to periods prior to consolida¬
tion of the company June 13, 1936
Net Income
377,629
2,214
$1,290,499
share of
common
on
stock
on
~
dismantling and sale of fixed properties
back
\
back
I.I
497,175
44,470
17,959
21
—
Additional Federal & State income taxes—prior years
Prem. on 1st mtge. 6% gold bonds purchased for sink. fund..
Balance—Earned
surplus—Dec.
26,
1936
Balance—Capital surplus—Dec. 29, 1935..
Net surplus arising on consolidation of Dill & Collins, Inc
$1,528,943
874,533
Total.—.
$2,403,476
Adjustment from cost to stated value of capital stock of the
Mead Corp. 2,342 common shares and 167 preferred shares..
Appropriated to special reserve against property value of Dill &
Collins, Inc
Balance—Capital surplus—Dec. 26,
5,488
874.843
1936
11,523,144
Consolidated Balance Sheet
Assets—
$
Cash
Dec. 26,'36
Dec. 29/35
Liabilities—
S
Trade
574,220
2,166,273
35,547
1,751,844
Sink, fund require.
54,998
Accounts payable.
Current instal. on
208,002
3,719,958
183,866
2,667,612
purch. contracts
Customers notes &
accts. receivable
Mlscell. receivables
Life ins.—cash
notes
sur¬
render value
493,252
receivable, &c—
934 276
612,692
801,946
prop's^l,7901618
30,275,295
In vestments
Plants &
Contr'ts,
accept.
&
payable..
224,887
363,120
1,217,436
529,363
processes,
687,500
687,500
173,326
process rts., &c.
Deferred charges..
203,549
94,740
347,700
225,643
234,230
Fed income taxes.
Inventories..
Def. notes & accts.
a
Dcc.29,'35
$
669,314
Funded debt....-
7,240,151
7,669,036
Accrued items
94,673
95,110
Reserves
.11,498,146 10,080,574
Minority interests. 1,022,990
987,533
b Cum. pref. stock 3,314,500
3,331,200
Common stock._13,423,144
Capital surplus.__ 1,523,144
c
Earned surplus.382,466
12,974,940
40,878,068 37,813,522
Total
Cost to the corporation includes appreciation
of $1,444,980 through
appraisals of certain properties by predecessor companies,
b Represented
by 33,145 (33,274 in 1935) no par shares, excluding 497 C368 in 1935) shares
held in treasury,
c Represented by 619,374 (588,552 in 1935) no parshares.
excluding 5,819 (2,999 in 1935) shares held in treasury.—V. 144, p. 3508.
a
Capitalization and Funded Debt After This Financing
Operating revenues
Oper. rev. deductions.
Net oper. revenues...
1937—Month—1936
a
A maximum of
125,000 of the authorized but unissued shares
Int.
on
mtge. bonds
Other int. & deductions.
$7,911,131
5,803,992
$7,058,561
5,144,574
$243,338
$212,010
341
$2,107,139
40,956
$1,913,987
11,415
$212,351
61,448
3,059
$2,148,095
737,375
42,184
$1,925,402
737,375
44,370
x
Net income
Divs. applic.
$178,868
pref. stocks for
unpaid
to
whether paid or
3.022
$147,844
the period,
stock
and
debentures.
Proceeds—The estimated amount of cash to be obtained by the company
by the issuance and sale of its debentures and 50,000 shares and 42,761
shares of its common stock, after deducting estimated expenses is $1,489,278.
Funds are to be devoted to construction, liquidating notes payable and
additional working capital.
Options to the Underwriters—In consideration of Olmsted, Metcalf & Co.
and Jackley & Co. entering into the agreement pursuant to which the 50,000
shares of common stock and $1,000,000 of debentures are to be purchased and
sold by them company has granted (1) to Olmsted, Metcalf & Co. an option
to purchase all or any part of 37,500 shares of common stock at $9 per share
until March 1, 1938; $10 per share thereafter and until March 1, 1939; and
$11 per share thereafter and until March 1, 1940 and (2) to Winfield G.
Jackley an option to purchase all or any part of 12,500 shares of common
stock at $9 per share until March 1, 1938; $10 per share thereafter and until
March 1, 1939 and $11 per share thereafter and until March 1, 1940.
—V. 144, p. 3679.
Miami
Copper Co.
$1,143,657
394,876
1935
1934
$2,504,496
2,373,176
49,814
289,375
$1,002,573
1,428,202
7,585
293,551
$161,855
639,385
sur$188
z55,774
$207,869
y30,884
$726,765
12,028
$770,379
'4,683
sur$55,962
$176,984
x$714,738
x$765,696
4,642,140
40,081
289,597
Expenses, taxes, &c
Interest
.
Depreciation, &c
Res. for Fed. taxes
deposits
1933
292", 849
in
3,057
Total deficit.
Before deducting gain on sale
and adjustment in value of securities,
amounting to $78,480 in 1934 ($234,560 in 1933).
y Includes $3,543 gain
on sale of securities,
z Includes $23,973 gain on sale of securities.
x
Balance Sheet Dec. 31
1936
1935
$
$
^lou^o
1936
Liabilities—
1935
$
$
xMining prop.,&c.ll,413,559 11,631,009
Development
2,757,588
2,774,374
Construction, &c
3,580,511
3,852,335
Accts. pay., &c
299,134
Notes payable
300,000
Taxes accrued and
394,876
$973,660
$748,781
Regular dividends on the $7 and $6 preferred stocks were paid on
1936.
After the payment of these dividends there were no ac¬
cumulated unpaid dividends at that date.
Note—Includes provision of $46,199 made during the last 12 months
($46,199 in 1936 and none in 1937) for Federal surtax on undistributed
profits.—V. 144. p. 2135.
x
.
lands
Cash & securities..
462,314
1,370,013
421,247
42,197
1,076,094
Accts. receivable..
-
(Ind.)—Securities Offered—
5% convertible debentures
and 50,000 shares of common stock were offered publicly
on May 11 by Olmsted, Metcalf & Co. and Jackley & Co.,
Des Moines, the bonds at 100 and int. and the stock at
$7.50 per share.
A prospectus dated May 11 affords the
following:
The debentures are dated March 1, 1937; due March 1, 1947.
Conv.
(unless called for previous redemption, in which event convertible at the
37,711
Commerc'l Co..
62,710
53,287
Other investments
68,101
Unexp.ins., &c...
Loan
$9 per share after Feb. 28,1938, and until and including Feb. 28, 1939, and
$10 per share after Feb. 28,1939 and until and including Feb. 29, 1940.
Merchants National Bank of Terre Haute, Terre Haute, Ind., trustee.
Prin. and int. M. & S. payable in Terre Haute, Ind.
In coupon form in
denom. of $1,000, registerable as to principal only.
Annual sinking fund
payments from March 1, 1940, to March 1, 1946, inclusive, sufficient to
$400,000 principal amount of debentures prior to maturity.
Pay¬
ments may oe made, at the company's option, in cash or in debentures, or
partly in cash and partly in debentures.
Red., other than through sinking
fund, at the company's option, in whole or in part on at least 30 days'
notice at principal thereof, plus accrued interest to date of redemption plus
a premium equal to the following percentage of the principal;
On or before
Mnxch 1, 1938, 2X%; thereafter and on or before March 1, 1939, 2%;
thereafter and on or before March 1,1940. IX %\thereafter and on or before
March 1, 1941, 1M%; thereafter and on or before March 1, 1942, 1&%;
thereafter and on or before March 1,19S43, 1,%; thereafter and on or before
March 1, 1944, X of 1%; thereafter and on or before March 1, 1945, X of
1%; thereafter and on or before March 1, 1946, X of 1%; and thereafter
until maturity at the principal amount thereof.
to
Miami
Total
x
Capital stock
in suspension
3,735,580
432,655
400,000
296,341
Reserved for taxes
in
dispute, &c_.
Res.for conting
32,520
54,928
Taxes due 1937
95,116
Smelting, refining
and freight
Deferred taxes
Surplus
Depletion.
21,292,047 21,549,040
3,735,580
.
Total
76,522
297,315
147,525
224,795
254,768
4,839,099
4,574,640
11,413,559 11,631,009
21,292,047 21,549,040
After depletion.—V. 143, p. 434.
Miami Herald
Publishing Co.—Registers with SEC—
See list given on first page of this department.
Michigan Associated Telephone Co.—Accumulated Div.
The directors have declared a dividend of $4 per share on account of
on the 6% cum. preferred stock,
par $100, payable July 1
to holders of record June 15.
For record of previous dividend
accumulations
payments, see
then applicable price on or before out not after redemption date) into com¬
mon stock at a price of $8 per share until and including Feb. 28, 1938; at
at
462,315
1,104,675
341,054
52,382
1,261,223
16,388
Mat'ls & supplies-
Merchants Distilling Corp.
An issue of $1,000,000 10-year
Report—
$4,975,063
Ranches and other
$1,368,536
Dec. 22,
retire
Annual
1936
Gross earnings
Ore and metals...
Balance
tolbe
Listing—Company has agreed upon request of the underwriters, to make
application to list and register the shares of common stock on the Chicago
Stock Exchange or New York Curb Exchange.
Underwriters—The names of the underwriters as to the 50,000 shares of
common stock and $1,000,000 of debentures are Olmsted, Metcalf & Co.,
and Jackley & Co., Des Moines, Iowa, and Winfield C. Jackley, Des Moines,
Iowa, who is deemed to be an underwriter by reason of the fact that he is
granted an option to purchase common stock as a part of the consideration
to be given by the company for the underwriting of the shares of common
Other income
$757,962
545,952
$243,338
61,448
are
reserved to provide for the conversion of the debentures and an additional
50,000 shares are to be reserved to provide for the options to the underwriters.
1937—12 Mos.—1936
$803,570
560,232
Other income (net)
Authorized
Outstanding
—al,000,000 shs.
699,166 shs.
$1,000,000
$1,000,000
($1 par)
10-year 5% conv. debs., 1947
Balance, deficit-
Memphis Power & Light Co.—Earnings—
Period End. Jan. 31—
loss$2,195
167,611
424,941
Represents sales of whiskey.
Amount received from sale of distiller's
deducted from cost of materials used.
$1,000,000 of deben¬
Common stock
1,528,943
287,921
..—40,878,068 37,813,522
loss$2,195
194,255
498,479
$56,026
1,460,044
3,069,543
The maximum annual interest requirements on the
tures offered are $50,000.
Calendar Years—
Total
Net Income
Income Taxes
wet and dried grains
$382,465
—_
Consolidated Capital Surplus Account for the Year Ended Dec. 26, 1936
Dec. 26,'36
Month of December, 1934
Year ended Dec. 31,1935
11 months ended Nov. 30,1936
x
paid
was
348,409
one
History and Business—Company was organized on Oct. 31, 1933 in
Indiana.
The principal business being done is the manufacture, sale, and
warehousing of oourbon and rye whiskies, the manufacture and sale* of
distillers' dried grains, carbon dioxide gas, the sale of spent grains for the
feeding of cattle and conducting a general distillery business.
Company
may hereafter, in addition to the above, manufacture, sell, rectify, blend,
bottle and warehouse other kinds of whiskies, high wines, spirits, alcohol,
denatured alcohol, gin of all kinds, brandies, and other spiritous liquors
and distillery by-products.
Company owns property and is qualified to do business in Indiana.
It
has no predecessor.
The company owns 40% of the stock of the Merchants Carbonic Corp.
which is engaged in the compressing, liquefying and sale of carbon dioxide
gas.
Company is advised that the remaining 60 % of the stock of Merchants
Carbonic Corp. is owfied by the Taylor Engineering Co. of Elgin, 111.
jrd
Company's distillery increased its production at various times from Dec/1,
1934 (approximate date of beginning of distilling operations) to June, 1936,
at which latter time it attained its approximate productive capacity of about
554 barrels daily.
Since June, 1936 the distillery has operated at its capac¬
ity.
Sales and Earnings—The net sales and the net income of the company
before Federal income taxes (summarized) for the month of December 1934,
the year 1935 and the 11-month period ended Nov. 30, 1936 follows:
*
Before Federal After Federal
accumulations
0x1
writers.
Net Sales* Income Taxes
accumulations
$15 per share paid in
Chicago, 111.
The authorized capital stock consists of 1,000,000 shares
(par $1).
At the date of filing the registration statement
there were 649,166 shares outstanding.
The latter figure does not include
the 50,000 shares which are now offered, nor does it include the 125,000
shares (the maximum number of shares issuable upon conversion of the
debentures), nor does it include the 50,000 shares under option to the under¬
Co. of Chicago,
of common stock
379,844
Total surplus
Dividends paid on preferre 1 stock:
Loss
1936
26,
$287,921
955,020
..
on
$10.50 per share in cash of which $4.50
Bank & Trust Co. of Chi¬
Registrar, Continental Illinois National Bank & Trust
cago,
Dec. 26, '36 Dec. 29, '35 Dec. 30, '34 Dec. 31, '33
$19,413,529 $14,130,119 $12,277,923 $10,497,824
14,822,084
10,524,267
9,202,013
8,358,091
Sell. & admin, expenses.
1,357,793
1,108,461
913,322
823,665
Years Ended—
Net sales
Cost of sales_
Other income
3843
Chronicle
Michigan Bell Telephone Co.—Earnings—
Period End.
April 30—
1937—Month—1936
1937—4 Mos.—1936
Operatingrevenues
$3,319,941
$3,018,540 $13,061,318 $11,675,290
5,035
2,730
29,227
18 343
Uncollectible oper. rev—
Operatingrevenues.— $3,314,806
Operating expenses
2,054,153
Net oper. revenues
Operating taxes
Net operating income.
-Y. 144, p. 3342.
*
$3,015,810 $13,032,091 $11,656,947
1,863,031
7,924,141
7,305,566
$1,260,653
422,465
$1,152,779
352,947
$5,107,950
1,697,473
$4,351,381
1,406,440
$838,188
$799,832
$3,410,477
$2,944,941
Michigan Sugar Co.—Resumes Preferred Dividend— m
The directors have declared a dividend of 50 cents
per share on the 6%
cumulative preferred stock, par $10, payable June 21 to holders of record
June 11. The past previous payment made on this issue was in
1925.—V. 143, p. 1237.
December,
3844
Financial
Chronicle
Midland Oil Corp.—Accumulated Dividend—
The directors have declared
of accumulations
the
$2
a
formerly known
the Midland Royalty Corp.—V.
as
This company
144, p. 1607.
Midwest
Piping & Supply Co., Inc.—Common Stock
Offered—Francis, Bro. & Co. of St. Louis, and Mackubin,
Legg & Co. of Baltimore on June 2 offered at $11 a share
60,000 shares (no par) common stock.
The underwriters
have
an
an
option for one year to purchase at $11
additional 20,000 shares from the company.
Period
Feb. 28 '37
——12 Months Ended——
Feb. 28 37
Feb. 29>'36
$1,055,658 $13,297,332 $11,418,956
614,461
7,393,089
6,402,603
Feb. 29 '36
Operating revenues
Oper. rev. deductions—
$1,314,954
767,768
Net operating r evenue
$547,186
1,378
$441,197
2,074
$5,904,243
29,385
$5,016,353
$548,564
162,604
44,125
35,085
15,677
$443,271
131,769
52,083
23,632
$5,933,628
1,633,152
653,207
305,748
92,997
$5,072,405
1,581,763
$322,427
$235,787
$3,434,518
$2,580,310
Other income (net)
Int.
on
mtge bonds
on debentures..
Interest
Other int. & deductions.
Int. ch'gd to cons. (Cr)..
Net income
625,000
285,332
app. to pref. stk
for the period, whether
paid
956,800
...
Regular dividend
x
956,104
$2,477,718
$1,624,206
unpaid
or
Balance
Proceeds of the financing will be used to repay a $280,000 collateral and
mortgage note and bank and other loans, to redeem the 780 shares of pre¬
ferred stock now outstanding and to provide additional working capital.
56,052
Div.
x
share
a
(& Subs.)—Earnings—
——Month Ended
conv.
cum.
payment of 50 cents per share was made on May 15, 1934.
was
Co.
dividend of 25 cents per share on account
preference stock, no par value,
payable Jun8 18 to holders of record June 10.
A like payment was made
on March
20, last, and on Dec. 16 and on Sept. 15, 1936, and compares
with 50 cents paid on June 16 and March
16, 1936, and on Dec. 23, 1935;
25 cents paid on Nov. 15, Sept. 16, June 15 and March
15, 1935; 50 cents
paid on Feb. 15, 1935 and on Dec. 15, 1934, and with 25 cents per share
distributed on Sept. 15, June 15 and March 15, 1934, while on Feb. 15,
1934, a payment of 50 cents per share was made.
In addition, a regular
on
June 5, 1937
Montana Power
on
$6 preferred stock
the payment of this dividend there
at that date.
paid
was
were no
After
dividends
Feb. 1,1937.
on
accumulated unpaid
|*Upon completion of the financing, outstanding capitalization will consist
exclusively of 193,140 shares of common stock out of 500,000 shares au¬
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the companies
reported no undistributed adjusted net
thorized.
income for that year.
Y. 144, p. 3680.
Consolidated net income of the company for the 12 months ended Feb. 28,
1937, after all charges and provision for income taxes, was reported as
$225,273.
Business is the outgrowth of a business established by H. F. Urbauer
In St. Louis in 1899. The company is engaged principally in the fabrication
of wrought pipe or tubing, for both low and high pressure service, and the
sale of its fabricated products to industrial, utility, oil, gas and contracting
trades. Its principal plants are at St. Louis, Clifton, N. J., and Los Angeles.
Rated as one of the largest enterprises in its particular field, it has recently
completed work in the Municipal Auditorium and Community Center
Building, St. Louis, and the Lever Bros, plant at Hammond, Ind. Among
other large contracts on which it is now engaged are the Kahokia power
plant in East St. Louis and the Fisk Street Station of the Commonwealth
Edison Co. in Chicago.
fck-The company has agreed to make application for the listing of its common
stock on the New York Curb Exchange and St. Louis Stock Exchange.
—V. 144, p. 3342.
Minnesota Power &
Period End. Jan. 31—
Morgan Industries, Inc.—Common Stock Offered—Public
was made June 3, by means of a prospectus, of
490,000 shares of common stock (par $1) by Yarnall, Stetser,
offering
Malone & Co. of
.
incorporated in Delaware in 1933 and has authorized
capital of 1,000,000 shares ($1 par) common stock, all of which will be out¬
standing upon completion of this financing. The company has no bonds or
preferred stock authorized or outstanding.
Net proceeds of this financing are to be used to
provide additional
working capital, to finance the purchase of the Code Electric Products
Corp., and to furnish funds for the development of various electrical patents
controlled by the company.—V. 141, p. 2440; V. 142, p. 3005.
(Philip) Morris & Co., Ltd., Inc. (& Subs.)- -Earnings—
$509,713
250,592
$6,455,101
3,491,919
$5,629,675
2,919,954
$237,326
$259,121
45
Years Ended March 31—
30
$2,963,182
1,328
$2,709,721
1,227
$237,371
137,004
6,089
$259,151
138,271
5,376
$2,964,510
1,648,480
65,155
$2,710,948
1,659,739
63,111
86
185
1,426
1,446
Sales
a
Net oper. revenues
The stock is priced at $1.35
The company was
1937—12 Mos.—1936
$573,959
336,633
Other income
Philadelphia.
share.
per
Light Co.—Earnings—
1937—Month—1936
Operating revenues
Oper. rev. deductions—
No such provision has been made to date for 1937.—
and income
Operating profit
Interest
mtge. bonds.
Other int. & deductions.
on
Int. chgd. to construct'n
$3,206,638
1,983
193,832
32,427
3,998
2,601
9,394
Dividends received
Other income
Total income
(Cr.)
$4,822,105
88,753
17,245
Prov. for add'l compensation to officers & empl..
373,016
Loss on disposal of machinery and equipment
5,190
Provision for Federal normal income tax
619,836
Provision for Fed. surtax on undistributed profits.
144,447
$3,222,631
48,464
19,254
294,484
58,856
393,467
Consolidated net income for year
Dividends paid
2,440,037
$2,408,105
415,026
$1,133,580
$1,993,079
Interest paid
Provision for flood
x
Net income
Divs. applic.
$94,364
to pref.
whether paid or unpaid
Balance
stocks
for
$115,689
the period,
$1,252,301
$989,544
990,678
990,630
$261,623
1
Mississippi Power Co.—Earnings—
Gross
x
revenue
Oper.
exps.
& taxes—
Prov. for retire,
res
1937—Month—1936
$272,620
$248,908
169,627
157,620
9,000
9,000
damage
def$ 1,086
x Dividends
accumulated and unpaid to Jan. 31, 1937, amounted to
$640,416. Latast dividends, amounting to $2.33 a share on 7% preferred
stock, $2 a share on 6% preferred stock, and $2 a share on $6 preferred stock,
were paid on Jan. 2, 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. 2137.
Period End. April 30—
1937—12 Mos.—1936
$3,222,778
$2,856,577
2,084,996
1,901,453
108,000
96,600
$93,993
51,395
$1,029,782
655,856
$858,523
450,872
$42,598
21,088
$43,726
21,088
373,926
253,062
$407,651
253,052
$21,509
Int. & other fixed chgs..
$82,288
38,562
Divs.
on
pref. stock
1936.
Shares capital stock outstanding.
Earnings per share:
x
No
profits
qas
provision
as all
was
$22,638
$120,864
$154,599
made in
1936 for Federal surtax
taxable income for that year
was
been made for such tax in 1937.—V. 144,
on
1937
1936
$
$
Assets—
2,292,171
No provision
3182.
Period End. Jan.31—
Operating revenues
Oper. rev. deductions...
Net operating revenues
for lease of plant
1937—Month—1936
$595,416
$505,006
419,136
373,995
$176,280
$131,011
(net)
1937—12
$1,498,375
$1,238,443
3,992
CM, ,157
.518
$127,019
®1,499,532
95
2,155
$1,237,925
8,192
$176,208
68,142
5,807
$127,114
68,142
5,573
$1,501,687
817,700
75,720
$1,246,117
817,700
67,291
$ 53,399
$608,267
or
403,608
$204,659
def$42,482
x
Dividends
19,620
1,475,467
accumulated
50,000
5,663,111
and
cumulative.
Total-
23,745,670 13,661,565
23,745.670 13,661,565
Total
After allowance for depreciation of $319,5o2 in
1937 and $197,553 in
share and 139,465 shares
at $10 per share less 439 shares in treasury at cost of $3,918.
z Repre¬
sented by 276,000 shares at $4 per share and 243,151 shares at $10 per
share.—V. 144, p. 1608.
1936.
y
Represented by 276,000 shares at $4
per
Mother Lode Coalition Mines
Calendar Years—
1936
Oper. rev. fr. metal sales
Oper .costs applic.to sales;
unpaid to Jan. 31, 1937, amounted to
dividend of $1.50 a share on $6 preferred
Feb. 1, 1937.
Dividends on this stock are
$77,252
50,699
$123,532
178
177
$484,113
x80,580
$123,710
18,043
expenses
$26,730
7,291
&
other charges
31,170
15,029
General expenses
Gross from railway
Net from railway..
Net after rents
From Jan. 1—
Gross from railway
Includes
1936
1935
1934
$89,965
20,817
5,675
$92,751
25,543
12,287
$74,371
14,594
2,614
Net from railway
Net after rents
317,461
58,379
2,348
338,340
81,927
27,130
295,682
71,058
30,058
—V. 144, p. 3008.
1936
a Mining property
Copper on hand...
$374,411
hand
on
&
in
transit
Materials
on
a
p.
Monroe Loan
$71,616
$89,404
$269,239
$805,192
Society—Registers with SEC—
first
page
of this department.—V. 144, p. 3509.
b
$11,155
profits.
1936
1935
Capital stock &
$1,155,176 $1,167,003
Accounts payable.
38,861
125,719
Accrued taxes
78,192
18,067
surplus
109,821
Unpaid treatment,
359,559
refining and de¬
618
656
71,489
323.459
1,600
1,500
hand
427
$1,389,537 $1,422,267
After depletion,
livery
117,307
charges..
charges__
111,476
$1,389,537 $1,422,26
Total
b Represented by 2,500,000
no par
shares.—V. 143,
3850.
Mueller Brass Co.—Extra Dividend—
The directors have declared
addition
Deficit after fixed chgs
—Y. 144, p. 3342.
undistributed
323,378
34.831
34,831
Cash
Total
$9,496,999
7,546,327
619,717
1,424,910
on
Liabilities—
683,409
,
Accts. receivable..
1937—4 Mos.—1936
$9,686,018
7,515,136
1,131,811
1,401,050
1936
$477,272
Ore & concentrates
Lines—Earnings—
Period End. April 30—
1937—Month—1936
Operating revenues
$2,567,220
$2,479,582
Operating expenses
1,940,688
1,883,615
Inc. avail, for fixed chgs.
277,848
265,824
Fixed charges.
349,464
355,228
loss$26,760
$105,666
149,673
Deferred charges..
Missouri-Kansas-Texas
$403,533
Balance Sheet Dec. 31
Metals sold
476,625
158,540
74,985
deple
$643 for estimated Federal surtax
Assets—
RR.—Earnings—
1937
$120,271
35,307
14,323
Net prof, before
x
$212,892
$26,553
596
...
Shut-down
1933
1934
$328,948
205,417
$483,517
Taxes
a
Co.—Earnings—
1935
$950,241
466,724
1
Missouri Illinois
4,529,530
brands,
at cost in cash..
|mNote—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.2661.
f*April-
986,664
1,641,989
&C--
trade¬
Income from sales
$622,229, after giving effect to
pensation,
Capital stock
z3,535,510 y2,498,650
Treasury stock...
Dr3,919
Capital surplus
4,786,885
701,594
Earned surplus
mach'y
Other income
stock declared for payment on
See list given on
prem.
1,230,317
73,227
of
403.608
unpaid
Balance
V
5,408
demp.
$361,126
Div. app. to pref. stk.
for the period, whether
paid
66,756
6,438
less).
38,446
xBldgs.,
x
$102,259
Net income
x
96,588
1,149,045
ctfs. & coupons,
expenses.
or
S
3,800,000
taxes, add'l com¬
marks &
140
mtge bonds
Other int. & deductions-
1,664,806
Land
$5,097,841
3,859,398
212
on
1,474,520
8,231,559
investments
(at cost
Mos—1936
$6,031,626
4,533,251
$176,068
Gross income
Int.
1,474,895
Goodwill,
Rent
Operating income
Other income (net)
Misc.
$
banks. 6,500,000
Accounts payable. 1,618,174
Prov. for adv., re.,
2,235,137
17,053,299
Inventories
and equipment.
Mississippi Power & Light Co.—Earnings—
918,579
Marketable securi¬
Accts. receivable..
1936
1937
Liabilities—
Notes pay
hand
on
undistributed
distributed.
p.
415,465
$5.80
519,151
$6.88
Consolidated Balance Sheet March 31
Prepaid
Balance..
.
Including provision for depreciation of $157,820 in 1937 and $98,872
b Includes income of Prudential Tobacco Co.. Inc. (dissolved
subsidiary) from April 1, 1936, to June 2, 1936 (date of dissolution) and
Philip Morris & Co., Ltd. (England), from March 2,1937, to March 31,1937
a
in
ties (at cost)
Net income
b$3,573,617
Balance added to surplus account
Cash in banks and
Gross income
$26,876,090
23,669,452
$4,593,862
Interest received
Gross income.
1936
1937
(less discounts and allowance)
from stemming operations
$38,466,513
Cost of sales, shipping, selling, gen. & adm. exp. 33,872,651
an
extra dividend
of 10 cents per share in
to the regular quarterly dividend of 25 cents on the common
stock, par $1, both payable June 29 to holders of record June 14.
Similar
payments were made on March 29, last, and on Dec. 28,1936, and dividends
of 20 cents per share were distributed in each of the four preceding quarters,
the Dec. 2, 1935, dividend being the initial distribution on this stock.
—V. 144, p. 3510.
Financial
Volume 144
Motor Products Corp.—Annual
Calendar Years—
1936
Net sales
Cost of sales
1933
1934
Unavailable
Gross profit from oper. $2,485,311
157,582
$1,828,801
105,835
$663,195
102,579
$298,681
100,977
Total.
231,660
140,000
2,314
$1,934,636
354,056
11,250
218,221
60,000
1,468
$765,775
327,449
250
209,813
45,000
22,377
$399,658
258,150
6,128
273,809
Provision for taxes
425,000
210,000
25,500
Profit for period
$1,372,160
880.321
$1,079,640
782,508
391,254
$3.51
195,627
x$5.52
Other income
Selling, adm.A
gen. exps
$2,642,893
471,758
Loss
on sale of secur's. &c
Provision for deprec'n..
Prov. for contingencies.
Interest paid
Prov. for loss
Even with a moderate improvement in earnings, no
dividends could be paid on the B stock for some years to come.
The plan provides that holders of A shares may exchange each share for
2 shares of new convertible preferred stock, each convertible into 3 shares
of B stock and carrying a $.50 per annum cumulative dividend, and 1 share
of B stock; and that holders or B stock are to receive 1 share of B stock in
place of each 4 shares now held.
If holders of all class A stock assent to the plan they will hold 175,197
58,399 shares of A.
Report—
1935
$17,214,007 $13,758,0201
14,728,696
ll,929,219f
shares, all voting, of which 116,798 will be preferred and 58,399 will be
B stock, and present holders of B stock will hold 99,995 B shares.
If
thereafter holders of the preferred stock exercise their rights of conversion
the outstanding stock (all class B) will be 508,788 shares, of which 408,793
shares will be held by present holders of A stock and 99,995 shares will be
held by present holders of the B stock.—V. 144, p. 2837.
Mutual System, Inc.—Extra
deposits
on
40,809
in closed bamks
per
share
Before payment of
x
P.
stock, both payable July 15 to holders of record May
3698.
.
29.—V. 141,
;;
(F. E.) Myers & Bro. Co.—$1 Dividend—
ing (no par)
Earnings
$135,385 loss$179,238
Com,mon Dividend—-
The directors have declared an extra dividend of one cent per share in
addition to the regular quarterly dividend of five cents per share on the
common
Dividends paid
Shs. cap. stk. outstand¬
3845
Chronicle
195,627
195,627
$0.69
Nil
100% stock dividend declared Dec. 9, 1935 payable
Feb. 1, 1936 (195,627 shares stated value of $10 per share).
After giving
equal to $2.76 per share on
391,254 shares.
effect to the stock dividend the net profit was
The directors have declared
a
dividend of $1 per share on the common
value, payable June 26 to holders of record June 15. Similar
dividend of 75 cents was paid on
Dec. 26, 1936, and previously dividends of 50 cents per share were dis¬
tributed each three months. In addition, an extra dividend of 25 cents per
share was paid on Sept. 30 and June 30, 1936.—V. 144, p. 3680.
stock,
no par
payment was made on March 26, last; a
Balance Sheet Dec. 31
Assets—
Cash
1936
"
payable
bank
Accr.payrolls.int.,
$859,547
500,000
$705,355
Ac--
291,536
222,659
Accounts
banks
$206,272
$322,652
Aother securities 3,149.649
Note pay. to
2,485,028
Munic., Can. Govt.
Acer, bond int.
Accts.
25,230
rec
37,324
Insurance,
(net)
1,605,758
1,443,993
17,221
Inventories
1,201,134
1,180,031
36,422
Dep. in closed bks_
Properties (net),..
2,478.083
Deferred charges
66,783
2,411,204
67,203
stk.
Res.
cess
Res
inc.
&
ex¬
210,081
105,000
433,987
profits taxes
245,000
46,290
for conting's.
Res.for work.comp
x
1,956,270
Feb.1,'36
1,363,135
$8,992,990 $7,740,998
x
Represented by 391,254 no par shares in 1936 and
—V. 144, p. 3510.
Mt. Vernon
808,274
808,274
1,871,579
Earned surplus...
Total
195,627 in 1935
Telephone Corp.—Earnings—
Gross
$51,955
5
297
$12,331
2,656
967
$52,252
10,625
4,978
$8,707
4,500
$36,649
18,000
$4,207
$18,649
income
income
.
Bond interest
38,144
Other deductions.
Balance
Preferred dividends paid or accrued.
4,634,709
143,
p.
3850.
131,192
pation certificates sold guaranteed (subject to plan)
1936
1935
1934
749,456
$6,071,178
$5,205,833
5,132,479
6,778,232
6,166,834
4,938,947
$404,390
183,681
loss$95,656
131,150
$266,886
108,361
$588,071
4,028
90,011
$429,709
2,410
59,133
$35,494
12,779
$382,040
1,691
52,050
40,491
40,491
41,031
produced and sold
pation certificates
Real
sold guaranteed (not subject to plan)
260
RFC to
secure
estate
Gross income
Interest charges
Prov. for Fed., &c., taxes
Div. and prem. on pref.
stock of subs., &c.-_-
Accounts receivable
First mortgage loans
111,249
9,821
-
O.101
115,154
Net applicable to hold¬
ings of Mun., Inc
Divs. paid by Munsing¬
wear, Inc
.
-
(at cost)
i
participations in mortgages withdrawn
Second mortgages acquired through HOLC refinancing
Cash on hand and in banks (includes $189,622 held in trust funds)
Investment in stocks (at cost)
Investments in bonds (at cost)
Investments in HOLC bonds (at cost)
Investments in scrip (at cost)
Investments in Lawyers Title Guaranty Co. of N. J. (at cost) —
First mtge. certificates in company issues owned by company—
Interest receivable matured and accrued
Junior
Interests in tax sale ctfs.
300,000
def$20,876
$327,675
$287,269
150,000
funds—pledged-
114,925
1
$27,398,216
-
def$20,876
$287,269
15,305,414
issued & outstanding—Partic.
issued & outstanding—Partic.
150,000
$1.91
150,000
Nil
corporations, incl. both underwear and hosiery, after
deducting returns, discounts and allowances,
b Incl. depreciation ($58,905
in 1936, $150,263 in 1935 and $138,311 in 1934), and maintenance of physi¬
cal properties, advertising and distribution expenses and general and
administrative expenses,
c Discounts on purchases, rentals, interest earned
and other income (net),
Of subsidiary
Liabilities—
1935
y
Land, bldgs., ma¬
$836,782 $1,798,026
Goodwill, trade¬
marks, pats., &c.
2
1936
1935
Capital stock...$1,500,000 $1,500,000
Knitting
stock distrlb...
720,395
Wayne
Min. stockholders'
1
561,121
841,500
Accts. & notes rec.
934,041
1,088,762
Accounts
Wayne Knit. Mills
720,395
1,164,718
386,034
Dividend payable.
112,500
Capital surplus... 3,184,181
Cash
M
Contract for deed.
1,048,140
insur.
194,045
.......
Ac..
Mutual Ins. depos.
33,265
and sales adv
Prepaid expenses.
Misc.
investments
$5,903,111 $7,272,346
Total
xLand,
values
$5,903,111 $7,272,346
Total
buildings, machinery and equipment of sub. cos. at reduced
in January, 1933, less provisions for depreciation of
in
1936 and $1,363,362 in 1935.
value.—V. 144, p. 4009.
y
Represented by
150,000
shares of no par
Moxie Co.—To
Recapitalize—
A special meeting of stockholders has been called for June 15 to consider
plan of recapitalization.
The plan aims to do away with dividend accumu¬
lations, to reduce substantially the annual cumulative dividend require¬
ments ahead of the class B stock, to give holders of class A stock more
a
favorable rights to convert than they now have (a) by increasing the
number of class B shares to be received on conversion and (b) by decreasing
the number of class
B shares now outstanding, to give voting control to
the present holders of class A stock, and to facilitate, when earnings permit,
the resumption of dividends.
In a letter to stockholders the directors state that in view of dividend
share) and the large amount of
holders of A stock to convert into
Voting control is now in hands of the
stock, of which there are 399,982 shares outstanding, as compared with
(amounting to $12 per
stock outstanding, the right of
accumulations
class B
B
B
stock is of little present value.
2,234,290
49,565
194,475
and interest thereon
2,966,696
514,231
$27,398,216
Total
—V. 136, p.
1564.
National Container Corp.—Listing Approved—
New York Curb Exchange has approved for listing 337,770 out¬
$1 par, with authority to add to the list,
upon official notice of issuance,
110,000 additional shares of common
stock, $1 par.—V. 144, p. 3681.
standing shares of common stock,
National Grocer's Co.,
Ltd.—Accumulated Dividend—
dividend of $1.75 per share on account of
7% cum. pref. stock, par $100, payable July 1 to
holders of record June 15.
A dividend of $3.50 was paid on June 1, last.
Dividends of $1.75 were paid on April 1 and Jan. 2, last, and on Oct. 1 and
accumulations on the
July 1, 1936, as against $3.50 paid on June 1,
and Jan. 2, 1936; Oct. 1 and July 1, 1935; $3.50
1936; $1.75 paid on April 1
paid on May 1, 1935; $1.75
paid on April 1 and Jan. 21, 1935, and on Oct. 1, 1934; $3.50 per share paid
on Sept. 1, $1.75 on July 2, May 1 and April 2, and $2.61 per share on
Jan. 1, 1934.
After payment of the current dividend, accumulations will amount to
$28 per share.—V. 144, p. 3510.
National Oil Products Co.—Debentures
established
$613,658
due int. & advances
of Banking & insur.
Capital stock (par $10)
Surplus
1,003
.
payable—Matured and accrued
depreciation on real estate
Reserve for real estate taxes
40,388
1,002
514,348
150,000
3,595,915
837,232
2,128,665
49,929
674,850
169,544
1,505,653
policies.
exp.,
Earned surplus...
Cash surr. val. life
Inventories
Wayne6% pref.
payable,
accr.
52,000
U. S. Govt. sees..
payable
Res. for contings., doubtful accts. incl. past
& assets not admitted by the Department
299,019
The directors have declared a
int. in subs.:
6,472
unslngwear stock
_
114,925
78,600
74,503
2,300,948
365,813
certificates)
Accounts
707,133
473,059
47,113
The
Consolidated Balance Sheet Dec. 31 (Including Subsidiary Cos.)
1936
.
subject to plan)
;
First mtges. assigned—Not guaranteed
Notes payable—RFC (secured by 1st mtges. & real estate of
$869:597)
———
Funds borrowed to purch. ctfs. of tax sales (coll. by int. in tax
series (not
Reserve for Federal tax__
150,000
$2.18
$1,292,159
380,270
series (subject to plan)
Guaranteed 1st mtge. partifi. ctfs.
series (subject to plan)
Reserve for
$177,675
150,000
$3.29
standing (no par)
Earnings per share.
Ac
251,150
--
purch. with borrowed
Guaranteed 1st mtgs. issued & outstanding (subject to plan)
Guaranteed 1st mtges. issued & outstanding (not subjecg to plan)
Guaranteed 1st mtge. partic. ctfs. issued & outstanding—
Interest
$194,033
Surplus..
Assets—
83,135
205,584
168,754
14,751
51,000
5
621,346
•
1,979,200
194,886
350,889
Accounts receivable
Mortgages payable
$494,033
Shares capital stock out¬
chinery,
985,322
636,329
462,759
owned by company
Real estate owned by company
sale
x
758,347
loan of $299,019-
*
Guaranteed 1st mtge. partic. ctfs.
.
Miscellaneous earnings
a
541,160
17,747
•
estate
group
Net operating profit.
c
9,140
5,680
1933
$7,099,579
merchandise
of
348,990
—
Real estate
Accounts receivable—advances for payment of taxes, ins., &c_.
Cash collateral
—
First mortgage loans deposited with trustees to secure partici¬
Total
$5,536,869
Calendar Years—
Net sales
b Cost
partici¬
Title plant
Munsingwear, Inc.—Annual Reporta
305,419
of taxes, ins., &c_-
i
Notes receivable
Balance
—V.
938
11,714,521
I
Accounts receivable—advances for payment
Real
$12,327
Net income from operations
99,051
363,780
ins., &c—
plan)
Accounts receivable—advances for payment of taxes, ins., &c_First mortgage loans deposited with trustees to secure group
certificates sold guaranteed (subject to plan)
Accounts receivable
First mtge. loans pledged with
12 Months
3 Months
Period Ended March 31, 1937—
$140,955
$36,308
Operating revenues
Operating expenses,. maintenance, taxes (except
88,999
23,981
Federal income taxes) and depreciation expense
Non-operating
444,657
Cash collateral
Dec. 9, '35 to be
$8,992,990 $7,740,998
$993,914
guaranteed (subject to plan)
Accounts receivable—advances for payment of taxes,
First mortgage loans sold guaranteed (not subject to
First mortgage loans deposited with trustees to secure
Capital surplus...
Total
First mortgage loans sold
Real estate
Real estate
1,956,270
3,912,540
Capital stock
Stock div. declared
issued
Guaranty Co.
of Dec. 31, 1936—
as
Real estate
&
Fed.
for
Can.
22,699
24,235
taxes
National Commercial Title & Mortgage
—Financial Statement
Assets—
391,254
Cash dlvs. declared
Res. for capital
trade
rec.,
1935
1936
Liabilities—
1935
hand A in
on
Offered—Public
issue of $760,000 15-year convertible 4%
debentures was made June 3 at a price of 99}^, through an
underwriting group headed by Jackson & Curtis.
Other
members of the underwriting group are Jones, Schaefer &
Co.; Hamershlag, Borg & Co.; Hincks Bros. & Co., Inc.;
Ball, Coons & Co.; The R. F. Griggs Co.; Coburn & Middlebrook; Miller & George, and Wadsworth & Co.
offering of
a new
convertible into common stock at the following rates
$1,000 principal amount:
20 shares if converted on or before
1940; 18 shares thereafter through June 1, 1942; 16 shares thereafter
through June 1, 1944; 14 shares thereafter through June 1, 1946; 12 shares
thereafter through June 1, 1948; 10 shares thereafter to maturity, June 1,
The debentures are
for
each
June 1,
1952.
Company offered to holders of record of its ($4 par) common stock
May 8, the right to subscribe for and purchase in the aggregate $845,500
15-year convertible 4% debentures*-due June 1, 1952, at the rate of $5 of
debentures for each share of common stock then held.
The suoscription
price
was
99payable in New York funds.
expired June 1, only $85,000 of the debentures were
Subscription warrants
subscribed for.
3846
Financial
History and Business—Company
was incorp. in New Jersey, on April 12,
It is engaged in the manufacture of the following products:
(1) A variety of fish, vegetable, animal and mineral oils, and kindred
products used in various manufacturing processes of the rayon, silk, cotton,
wool, leather, paper and other industries.
(2) Cosmetic preparations and bath oils which are sold under the trade
1912.
mark
(3)
Various
preferred dividends
earned on securities held, plus the proportion of earnings which
common stocks held by National Power & Light Co., less losses
where income accounts of individual subsidiaries have resulted in deficits
or
accrued to
for the respective
manufactured
concentrates
under
selling in
maintaining offices in
Seattle,
Wash,
and Portland,
Ore.,
is
a
Debentures red. in whole
4
Jan.
with accrued interest.
Purpose—Net proceeds will amount to approximately $802,737. Of these
$200,000 will be used to retire the loan made to the company
by Chase National Bank on Dec. 15, 1936, proceeds of which were used by
the company to provide part of the cash
required for the payment of a
dividend of $2 per share (total $338,256) paid on Dec. 18, 1936 in order to
avoid payment of the undistributed profits tax; $150,000 will be used to
retire current indebtedness presently
outstanding; $150,000 will be used in
developing the recently acquired plant at Cedartown, Ga., $100,000 will
be used to provide new equipment for the main plant at Harrison, N. J.
The remainder, approximately $202,737 will be added to working capital.
Underwriting—The names of the underwriters and the percentage of
unsubscribed debentures to be purchased by each underwriter are as follows;
net proceeds
Name—Address—
Jackson & Curtis, New York
Jones, Schaefer & Co., Baltimore.
49.73%
11.84%
8.87%
5.91%
5.91%
5.91%
5.91%
2.96%
_
Hamershlag, Borg & Co., New York
Hincks Bros. & Co., Inc., Bridgeport
Ball, Coons & Co., Cleveland
The It. F. Griggs Co., Water bury
Coburn & Middlebrook, Hartford
Miller & George, Providence
Weeks Ended—
30
Apr. 24
May 22
Income Account
Company had 1,235 stores in operation on
Dividend
22,500
15,181
12,043
1,565
17,407
1,073,921
1,127,870
1,224,978
$147,190
57,581
$473,843
34,662
$508,506
68,649
42,850
$865,424
74,760
97,620
Depreciation
Taxes (other than income)
Rents
Royalties
Selling, general
and
administrative
expenses.
Net operating profit
Other income
Total income
Income deductions
Provision for executive incentive plan
Provision for Federal normal income
A statement
19,742
for
Federal
59,056
113,884
undistributed
profits tax
20,061
Net income
$128,090
$337,948
$559,097
by the company said that consideration would be given later
the above action was taken in view of provisions of the
1936 Revenue Act relating to surtax on undistributed profits and
be estimated at this time and also that it is the
to
-Nebraska Power
Feb.
$234,521
2,123
Int.
on
Int.
on
deb. bonds
Other int. & deductions
.
Interest charged to con¬
struction
$2,632,872
177,817
$2,817,581
261,221
$279,164
61,875
17,500
7,224
$2,810,689
742,500
210,000
92,480
$3,078,802
742,500
210,000
88,500
04,694
mtge. bonds
$226,547
52,617
$236,644
61,875
17,500
8,442
Net oper. revenues
Other income
0249
019,746
02,642
$153,521
$192,814
Divs. applicable to pref. stocks for the period,
whether paid or unpaid
$1,785,455
$2,040,444
499,100
499,100
Balance
$1,286,355
$1,541,344
income
x Regular
dividends on 7% and 6% pref. stocks were paid on Dec. 1,
1936.
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 March 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 3681.
Nevada Northern
Ry.—Earnings—
April—
1937
$64,941
34,987
26,896
Net after rents
Gross from railway
Net from railway
Net after rents
of plants
35,674
35,603
See Public
New
Service Electric &
&
from affil.
int.
$7,412,623
$7,203,237 $27,283,779 $26,210,906
Cash (incl. working
with
deductions
3,086,450
12,346,838
12,436,143
Cr4,159
04,328
Crl7,323
Cr20,722
struction
_
$4,365,741
1,515,768
$4,121,115 $14,954,264 $13,795,485
1,515,831
6,063,195
6,063,349
1,725
438,651
Appl.
sold
accts.
Balance
$2,849,973
Portion
applicable
minority interests.
$2,605,284
$8,891,069
2,085
4,109
& line deposits-.
276,000
1,169,008
$2,601,175
$8,882,656
Total
$7,720,127
$8,882,656
5,597
105,509
$2,899,048
Expenses, incl. taxes
c55,986
Interest & other deduct's
337,317
$2,606,772
54,780
337,129
35,350,348 34,915,305
Represented by 87,500
$7,720,127
37,936
New
Orleans
Period End.
$8,988,165
c221,634
.
1,356,615
$7,758,063
179,316
1,355,931
-
.
$2,505,745
$2,214,863
$7,409,916 "$6,222,816
previously published have in certain cases been
re-arranged in the above statement.
•
1936, and $2,834
1937.
b Includes provision of $58,814 made within
on undistributed profits in 1936, and $2,834
1937.
c Includes provision
of $1,410 made within these
periods for
F ederal surtax on undistributed
profits in 1936.
No provision has been
made to date for 1937.
d Full dividend requirements
applicable to respec¬
tive periods whether earned or
unearned.
in
? tPoXiod f9r *ederal surtax
m
Notes-—Ml
intercompany transactions
above statement.
have
been
eliminated
from
have
not
so
Minority
charged with deficits where income accounts of
resulted.
The "net equity of National Power &
Light
been
21,284
396,142
345,294
rec.
341,000
Total....
shares,
y
276,000
4,681,823
.;
4,397,767
for
.....
8,339
6,215
5,186,413
5,186,413
264,425
173,360
35,350,348 34,915,305
Includes dividends.
$1,574,974
1,203,252
Inc.—Earnings1937—12 Mos.—1936
$1,574,308 $17,078,499 $15,554,891
1,210,364
13,821,618
12,312,861
$3,242,030
$363,944
$3,256,881
331
260
6,016
7,678
$372,053
1,286
$364,204
Drl ,164
$3,262,897
11,079
$3,249,708
37,799
$373,339
$363,040
215,349
17,655
$3,273,976
2,507,037
220,694
$3,287,507
2,682,281
$149,926
$130,036
Divs. applicable to pref. stock for the period,
whether paid or unpaid
$546,245
$397,624
544,586
544,586
Gross income
Interest
on mtge. bonds
Other int. & deductions.
Net income
x
Service
1937—Month—1936
205,400
18,013
207,302
the
Interest and pref. dividend deductions of subsidiaries
represent full requirements for the respective
periods (whether paid or not
paid; on securities held by the public. The "portion
applicable to minority
interests
is the calculated
portion of the balance of income applicable to
minority holdings by the public of common stocks of
subsidiaries.
subsidiaries have
215,008
$371,722
Operating income
Other income (net)
Pr?vi.sion .of $8,850 and an adjustment of overprovision of
P0ri°d for Federal surtax on undistributed profits
v^.9^
interests
Operating revenues
Oper. rev. deductions..
Rent from lease of plant
sol. earned surplus.
in
no-par
Public
Jan. 31—
Net oper. revenues
con-
as
176,552
The income account for year ended Dec. 31, 1936, appeared in "Chron¬
icle" of Feb. 13, page 1116.—V. 144, p. 3344.
$2,601,175
1936
_
extensions
x
$2,847,888
51,160
for
accts.
(contra)
Capital surplus
Corporate surplus.
$2,847,888
Balance carried to
ance
sold
Reserves.
12,009
Nat. Pow. & Lt. Co.—
Net equipty of Nat. Pow.
& Lt. Co. in income of
158,276
264,375
221,454
Guaranty of appli¬
341,000
1,139,489
$7,732,136
8,413
2,969
yl 1.569
133,634
16,331
Misc. accruals
192,435
219,927
Net equity of Nat. Pr.
& Lt. Co. in income
subs, (as shown above)
Other income
(contra)...
Contributions
___
50,808
cos...
Consumers' service
to
of subsidiaries
13,920,000
affil.
94,907
rec.
(contra)
Def. debit items..
13,920,000
Notes & accts. pay.
Interest accrued_.
1,900
331,082
rec...
Materials & suppl.
$
104,100
3,306,000
6,535,000
117,341
Notes receivable-.
Int. & divs.
1935
$
pref. stock
Accounts payableTaxes accrued
Accts. receivable..
3,051,041
Interest charged to con¬
Balance
d Pref. divs. to public.
700
700
150,725
funds)
4154.
Mat. bond Interest
mort¬
gaged prop, sold
Int. to public and other
p.
104,100
$6 cum. pref. stock 3,306,000
x Common stock..
6,535,000
1st
mtge.
bonds,
cum.
to
trustee
lieu of
in
$5
4series
2,969
yll,569
Dep.
236.
1936
76,822
cos..
(contra).__
p.
128,
Liabilities—
$
82,656
54,521
Other income deductions
5,931
-Balance Sheet Dec. 31-
1935
1936
Investments
124,
Gas Co. below.-—V.
27,638,609 27,430,318
5,191,250
6,438,525
$7,200,348 $27,152,618 $26,091,261
76,922
404,725
349,846
74,033
273,564
230,201
Other income
15,316
Co.—Merger—
Light Co.
Dep. for mat. bond
$7,384,488
5,736
Light, Heat & Power Co.—Merge
Jersey Power
Assets—
143,382
142,078
103,495
55,166
Service Electric & Gas Co. below.—V.
See Public
Notes & accts. rec.
(net;
116,870
16,983
5,901
178,789
74,753
8,380
—V. 144, p. 3010.
1937—12 Mos .—1936
$7,235,951 $27,294,696 $26,234,643
1934
$30,675
1—
New Brunswick
$7,420,162
1935
$28,732
3,813
988.
1936
$43,728
18,184
13,071
225,309
107,338
78,013
Gross from railway
Net from railway
Fixed capital
lease
Month Ended
12 Mos.
Ended——
28, '37 Feb. 29, '36 Feb: 28, '37 Feb. 29, '36
$584,359
$573,194
$7,040,749
$6,890,116
349,838
346,647
4,407,877
4,072,535
Period—
Operating revenues
$21,408,630 $19,794,975 $79,221,811 $73,035,428
Oper. exps., incl. taxes_al2,130,450
11,134,117 b45,320,998
40,784,902
Property retire, reserve
1,858,018
1,424,907
6,606,117
6,015,883
Net oper. revenues
3183.
Co.—Earnings—
Operating revenues
Oper. rev. deductions
Light Co. (& Subs.)—Earnings—
1937—3 Mos —1936
expressed desire of directors
improve the company's working capital.—V. 144, p.
Newark Consolidated Gas
Period End. Feb. 28—
Subsidiaries—
restriction
of credits allowed for dividends paid out of excess earnings.
Other deciding
were the fact that profits of the company for 1937 cannot accurately
factors
—V. 144, p. 3681.
National Power &
July 1.,
A
each three
in the year and that
From Jan.
tax
June 3 deferred action on the payment
regular quarterly dividend on the common stock due
dividend of 15 cents per share was paid on April 1, last and
months previously.
$837,561
27,862
$204,772
56,939
_
$6,422,817
4,307,553
1,828
14,535
16,690
1,516
18,152
Deferred—
The directors at their meeting held
of the
1936
3,082
1,382
1,740
Cost of goods sold.
Maintenance and repairs
1935
$5,241,324
3,593,413
A9,3*
$4,344,298
4,735,402
4,747,235
4,608,491
4,659,679
May 22, 1937, against 1,221
$4,387,876
4,929.167
4.898,378
4,816,420
4,885,980
in previous year.
x
1934
$3,909,384
2,659,567
income
1935
1936
$5,135,421
4.662,014
4,773,906
4,581,710
4,349,416
1937
$5,251,312
5,083,281
5,117,067
4,893,756
4,497,374
Mar. 27
Net
Consolidated
Co.—Sales—
Tea
Feb. 27
in part at option of company on any
interest
date prior to maturity upon not more than 45 and not less than 30 days'
published notice as follows:
at 105 if red. on or before June 1, 1939; at
104 if red. after June 1, 1939 and on or before June 1, 1941; at 103 if red.
after June 1, 1941, and on or before June 1, 1943; at 102 if red. after June 1,
1943 and on or before June 1, 1945; at 101 if red. after June 1, 1945 and on
or before June 1, 1947; and at 100 if redeemed after June
1, 1947, together
or
National
dis¬
Sunshine, Inc., and Vitex Laboratories, Inc., both of which are
wholly owned subsidiaries, are at present inactive.
4% Debentures—Debentures dated June 1, 1937, due June 1, 1952.
Principal and int. (J. & D.) payable at principal office of Chase National
Bank, New York, trustee.
Debentures in coupon form in denom. of
$1,000 and $500.
Figures
holders.—V. 144, p. 3183.
compel distribution of these shares to debenture
Washington,
Frozen
Rent for
motion in the Supreme
a
a
"Admiracion."
tributor and jobber for the products of the company in the northwestern
part of the United States.
Provision
filed
restrain New York Trust Co. from
single parcel at public auction 712,411 shares of Jersey Central
Power & Light Co. common stock.
The auction is scheduled for June 9
and proceeds from the sale of this stock, two-thirds of the issue outstanding
and collateral supporting National Public Service Corp. debentures, would
be distributed to debenture holders.
New Jersey Power & Light seeks to
Court of New York for an injunction to
1* The Brown-Jeklin Co., a wholly owned subsidiary, incorp. in
sales
Corp.—Seeks to Stop Sale—
The New Jersey Power & Light Co. has
license
patent
Chemical Co., a wholly owned subsidiary, manufactures
zinc, aluminum, calcium, and other stearates, palmitates and oleates used
in the production of
paints, varnishes, lacquers, lubricating compounds,
polishes and other products.
Admiracion Laboratories, Inc. a wholly owned subsidiary, is engaged in
the marketing of the cosmetic preparations and bath oils sold under the
Net
periods.—V. 144, p. 3681.
National Public Service
vitamin
The Metasap
trade mark
June 5, 1937
in income of subsidiaries" includes interest and
Co.
paid
"Admiracion."
agreements requiring the payment of royalties.
and
Chronicle
Balance
$1,659 def$146,962
x Dividends
accumulated and unpaid to Jan. 31, 1937, amounted to
$2,155,653.
Latest dividend, amounting to 87H cents a share on $7 pref.
was paid April 1, 1933.
Dividends on this stock are cumulative.
Note—Includes provision of $396,700 made during the last 12 months
($348,600 in 1936 and $48,100 in 1937) for Federal surtax on undistributed
profits.—V. 144, p. 2664.
stock,
Volume
Financial
144
New Orleans Texas & Mexico
April—
The Old Colony RR. bonds outstanding in the hands of
exchanged for 40% in fixed interest bonds, 30% in income
Ry.—Earnings—
1934
1937
$268,196
118,046
$224,723
86,505
107,161
66,406
$145,358
38,503
46,163
$203,261
98,142
108,261
1,170,009
Gross from railway
Net from railway
811,187
280,723
223,655
614,619
178,726
212,373
650,403
230,521
272.571
Net after rents
From Jan. 1—
Gross from railway
1935
1936
3847
Chronicle
the public to be
bonds, and 30%
in first preferred stock.
The collateral notes held by the Railroad Credit Corp., Reconstruction
Finance Corporation,'and Public Works Administration, to be exchanged
at par
for fixed interest bonds and the securities
pledged as collateral to be
surrendered.
Net from railway
605,121
545,198
Net from rents
Interest—
Payment of the balance (50%) of interest for the six months ending Mar.
31, 1936, is being made on the 5% non-cumulative income gold bond,
due 1935, on presentation of bonds for stamping.
series A,
The collateral notes of the New Haven
banks, except in the case of certain banks holding inferior collateral, to be
exchanged for an equal principal amount of fixed interest bonds and the
securities pledged as collateral are to be surrendered.
The unsecured debentures of 1957, including those issued by Providence
Securities Co., to be exchanged at par for second preferred stock.
The guarantees of Boston Railroad Holding Co. preferred stock,
Hearing Postponed—
New
Connecting RR. bonds, and New York & Stamford Ry. bonds are
assumed by the reorganized corporation, but the guarantees of
New York Westchester & Boston Ry. bonds, Springfield Ry. Cos. preferred
shares, and New England Investment & Security Co. preferred shares, as
well as other miscellaneous unsecured claims, are to
be discharged in
York
to
Hearing on !a petition for appointment of a separate trustee for the Gulf
Coast Lines, filed by the first mortgage bondholders' committee, has been
postponed to June 29.—V. 144, p. 3683.
and of the Old Colony held by
be
second preferred stock,
allowed by the Court.
in the amounts at which
those claims are finally
,
„
.
the date of the consummation of the plan
on equipment trust obligations and undisturbed underlying bonds are to be
paid in cash.
Such interest on obligations which are to be exchanged for
reorganization securities are to be discharged in additional reorganization
securities of the same kind and in the same proportion.
Holders of present preferred stock of the New Haven are to receive five
shares of new no par common stock for every four shares of preferred
(including accumulated dividends thereon) now held. Holders of common
stock of the New Haven are to receive one share of new no par common
stock for every five shares now held. Stockholders of Old Colony RR. arei to
receive two shares of new no par common stock for each share now held.
Stockholders of Providence, Warren & Bristol RR are to receive one share
of new no par common stock for each share, whether preferred or common,
now held.
Stockholders of Hartford & Connecticut Western RR. are to
receive one share of new no par common stock for every three shares now
held.
Shares of stock of any of those corporations now held by the New
Haven or Old Colony are to be surrendered without any distribution thereon.
Giving effect to the foregoing distribution of reorganization securities,
the funded debt and capitalization of the reorganized corporation, including
reorganization securities issued in discbarge of accrued interest to June 1,
1937, will be as follows:
Accrued and unpaid interest to
New York New Haven & Hartford
RR.—Reorganization
Plan Filed—The company filed its plan of reorganization
with the Federal Court at New Haven and with the Inter¬
state Commerce Commission
on June 1.
The proposed plan
drastically reduces fixed charges which the reorganized com¬
pany would be required to pay, and calls for simplification
in the corporate structure of the system.
The plan was
filed under Section 77 of the Bankruptcy Act, the company
having filed its petition for reorganization with the Court
on
Oct. 23, 1935.
Total fixed charges and guarantees in
1935 amounted to $20,329,920.
Under the plan they would
reach a maximum of only $9,942,909.
The
following statement
was
issued by E. G. Buckland,
Chariman of the Reorganization Plan Committee:
Funded Debt
In accordance with the requirements of Section 77 of the National
Bankruptcy Act, the directors of the New Haven through their counsel,
Choate, Hall & Stewart, filed today (June 1) with the U. S. Court for the
District
of Connecticut and with the Interstate Commerce Commission
their plan of reorganization of the railroad.
The plan, a result of studies in progress since October, 1935, presents
in a comprehensive manner an analysis and appraisal of the railroad as a
Careful consideration is given to the value of the property securing
the
different obligations of the company, the probable earnings of the system
and the proportion thereof to be credited to those parts of the line covered
unproductive branches, the integrity of the system as a whole is to be
maintained.
Its position in the transportation field between New York
and Boston is in
no
way
impaired by the reorganization.
The outstanding feature of the plan is the plain purpose of the directors
restore the credit of the company to a high plane and to reduce fixed
charges to such a point as to prevent any recurrence of its present financial
embarrassment.
to
the
charges
have
been
reduced
approximately one-half.
Adequate
So far as compatible with
has been given to the rights of all
have been provided for future financing.
public
interest,
due
recognition
creditors and stockholders.
The reduction in fixed charges and guarantees by comparison
those paid or accrued in 1935 is shown in the following table:
1935
Under
Fixed interest and required sinking fund payments
on funded debt.
-$12,222,136
Interest
x
on
unfunded debt
1,341,415
4,844,333
1,123,439
798,597
Gross rentals for leased roads
Guarantees
Miscellaneous
Total
x
$20,329,920
Rentals
New Haven
are
on
rentals would
shown
without
deduction
for
dividends
for
$7,872,172
None
1,299,137
96,600
675,000
$9,942,909
received
stock of leased lines owmed by the New Haven
be $2,769,073
with
Plan
by the
RR.
Net
1935 and $1,119,529 under the proposed
plan.
$13,084,000
36,258,000
$536,410
1,451,730
147,100,800
47,414,200
5,884,032
$243,857,000
$7,872,172
Income bonds.
Capital Stock
No.
operating
revenues
United States Court for the District of Connecticut.
Synopsis of Plan
The plan proposes that with the exception of equipment trust obligations
and certain underlying mortgage bonds, all classes of creditors and stock¬
holders shall accept substantial changes in their securities.
Rejection of the following leases has already been authorized by the
Court:
Chatham RR., Connecticut Ry. & Lighting Co., Hartford &
Connecticut Western RR., Old Colony RR., Providence Warren & Bristol
RR.
provides, however, for the acquisition by the reorganized
corporation of the properties of the Hartford & Connecticut Western, Old
Colony, and Providence Warren & Bristol, and for the assumption by the
reorganized corporation of the lease of the Boston & Providence as well as
the retention of the leases of the Norwich & Worcester, Providence &
Worcester, and Holyoke & Westfield. The plan provides for the creditors and
stockholders of the Hartford & Connecticut Western, Old Colony, and
Providence Warren & Bristol to receive securities of the reorganized com¬
pany in exchange for their present securities
These reorganization securities are to consist of 35-year 4% fixed interest
bonds secured by a new mortgage substantially like the present first and
refunding mortgage; 45-year 4H% non-cumulative income bonds secured
by new general mortgage as a junior lien on the same properties as the pew
first and refunding mortgage; first preferred stock; second preferred stock;
and no par common stock.
Fixed interest bonds will have the benefit of a
sinking fund of 10% of net income after provision for capital expenditures,
but before contingent interest. All classes of stock will have voting power.
In general the new fixed interest bonds, income bonds, and first preferred
stock, will be distributed to secured creditors; the new second preferred
stock to unsecured creditors, and the new no par common stock to present
preferred and common stockholders of the New Haven and to stockholders
of the leased companies proposed for merger with the New Haven.
All
equipment trust obligations and all the present underlying mortgages,
except those referred to below are to remain undisturbed.
Housatonic
RR. bonds due Nov. 1, 1937 to be exchanged at par for fixed interest bonds.
New Haven & Northampton Co. bonds to be exchanged for 90% fixed
interest bonds, 5% in income bonds, and 5% in first preferred stock.
New
England RR. bonds, both 5s and 4s, to be exchanged for 75% in fixed
interest bonds, 12 H % in income bonds, and 12^ % in first preferred stock.
Danbury & Norwalk RR. bonds to be exchanged for 50% fixed interest
bonds, 25% in income bonds, and 25% in first preferred stock.
Boston &
New York Airline RR. bonds to be exchanged for 50% in income bonds and
Common stock
Maximum
Dividends
459,504 $45,950,400
434,278
43,427,800
1,182,151
(no par)
bonds outstanding in the
hands of the public secured by the present
mortgage to oe exchanged for 50% in fixed interest
bonus, 25% in income bonds, and 25% in first preferred stock.
The out¬
standing secured gold 6s of 1940 now secured by deposit of collateral, con¬
sisting of first and refunding mortgage bonds, to be exchanged at par for
fixed interest bonds and the collateral to be surrendered.
first and refunding
$2,297,520
2,075,933
estimated that the annual
of the reorganized corporation in the
$14,000,000, as against $12,227,467 in 1936.
Of the $14,000,000, approximately $12,000,000 will be available for pay¬
ment of fixed interest of $7,872,172 as shown above.
Based
studies which have been made, it is
on
income available
near
for fixed charges
future will approximate
Providence Terminal Co. Bonds—
1, 193V, on Providence Terminal Co. first mtge.
4% 50-year gold bonds, due 1956, is now being paid.—V. 144, p. 3683.
Interest
on
The interest due Mar.
New York Steam
Corp.—Omits Preferred Dividends—
The directors at a meeting held on
June 1 omitted taking action on
the
of the dividend on the $6 and $7 preferred stock due at this
time.
Regular quarterly dividends of $1.50 and $1.75 per share respec¬
tively were paid on these issues up to and including April 1, last.
In connection with the omission of the above dividends, David C. John¬
payment
following statement:
12 months ended April 30, 1937,
remained relatively stable, net income has
continuous decrease.
In the years 1935
and 1936 preferred stock dividends were earned by only small margins and
for the 12 months ended April 30, such dividends were $402,357 in excess
President of the company, issued the
"It is apparent that during the period of
son,
while operating revenues have
shown substantial and almost
of net
for the period.
net income have been influenced
ncome
"The decreases in
by inability of the
corporation to increase the volume of its business and correspondingly its
operating revenues and by higher taxes and operating expenses.
Operating
taxes, especially have mounted rapidly from $867,835 in 1931 and $1,074,515
in 1932, to $1,418,014 in 1936.
It is estimated that operating taxes for
the year 1937 will be $1,490,000, not withstanding decreases in operating
...
,
"In recent years,
of necessity the corporation has financed its construction
requirements by horrowing on an unsecured basis as of Dec. 31, 1936, ad¬
vances from affiliated companies of the Consolidated Edison System amount^
Because of the seasonal character of the corporations
unsecured loans at this time
ihg to $4,300,000.
business it
been possible to reduce such
has
$3,800,000 but this amount would normally increase substantially in
the Fall.
Inasmuch as the earnings for 1937 will not be sufficient to cover
to
preferred stock dividend requirements, the only way in
which such dividends
the current position of the corpo
reauired in addition to the
of essential capital expenditures."—V.144,
could be paid without seriously affecting
ration would
be by borrowing the large sums
amounts necessary to
p.
take
care
3513.
Susquehanna & Western RR.—Reorganiza¬
Approved—
filed by the road to reorganize under Section 77 of the Bank¬
New York
tion Petition
plan
50% in first preferred stock.
Ai
Par
Value
of
Shares
First preferred stock
Second preferred stock
of traffic and
transportation conditions indicate
of $87,500,000.
On this basis it is cal¬
culated that there will be over $14,000,000 of income to meet total fixed
charges of approximately $10,000,000. Fixed bond interest is to be covered
approximately 1.5 times.
The plan is subject to approval by the ICC and confirmation by the
gross
------
$2,133,639
revenues.
An estimate of trends
probable
The
Interest
Fixed interest bonds
,
Fixed
means
Contingent
Interest
Equipment trust
Underlying bonds
by mortgages and leases.
The plan contemplates the issue of new securities to creditors and stock¬
holders of the company consisting of fixed interest bearing bonds, income
bonds, first preferred and second preferred stock and common stock.
The plan makes it evident that, except for the possible abandonment of
.
Fixed
whole and
of the merged and leased properties constituting the system.
It presents a clear exposition of the present complicated debt structure and
capitalization.
By the use of recognized tests and formulas the earnings of the entire
system have been analyzed, together with the separate contributions made
to such earnings by the merged and leased properties.
-
Principal
A petition
ruptcy Act was approved on June
1 by Federal Judge William
Clark at
Newark, N. J.
Officials of the railroad were designated by the Court as
operating agents.
A hearing will be conducted on June 28 by Judge Clark
to determine whether trustees should be appointed.
Officials of the rail¬
road were ordered by the Court to file before July 15 a schedule of assets
and
liabilities.
Inabilityssto meet maturing bond payments was
the right to reorganize.
the mam reason given
in the petition for
Bond Deposit
Plan Declared Inoperative—
extension of maturities of the New York & Susquehanna
which came due early tffis year, has been announced as in¬
This action followed a meeting of directors of the road, as it
was decided that unless 85%
of the issues outstanding in the hands of the
public were deposited under that plan by May 28 the plan would be de¬
clared inoperative.
The plan was originally promulgated late last year,
and there have been a series of extensions of the final deposit date with no
material change in the number of bonds deposited.
The two issues involved at the 5s due Jan. 1, 1937, of which there are
The plan for
RR.
bonds,
operative.
$3,774,000 outstanding, and the 4j^s due Feb. 1, 1937,
out of a total of $999,000 are in the hands of the public.
Interest
on
of which $447,000
Wilkes-Barre & Eastern RR. Bonds Not
Paid—
1,1937 on Wilkes-Barre & Eastern RR. guaranteed
5% gold bonds, due 1942, is not being paid.—V. 144, p. 3683.
The interest due June
first mortgage
New York State Electric & Gas
£
Corp.—Merger—
See Associated Gas & Electric Co., above.
Bonds Called—
All of the outstanding first mtge.
/
6% gold bonds Que 1952 have been
called for redemption on July 1 at 110 and interest.
Payment will be made
at the Chase National Bank of the City of New York.—V. 144, p. 2839.
New York
Telephone Co.—Registers $25,000,000
Bonds
June 3 filed with the Securities and Exchange Com¬
registration statement (No. 2-3214, Form A-2) under the Securities
Act of 1933 covering $25,000,000 of refunding mortgage 3H% bonds, series
"""The
mission
company on
a
3848
Financial Chronicle
B, due July 1,
1967.
According to the registrationTstatement, the net
proceeds from the sale of the bonds are to be applied to the redemption of
the company's
outstanding issue of $25,000,000 par value 6H % cumulative
preferred stock which the company has called for redemption on July 15,
1937, at 110% and accrued dividends. The company expects to obtain the
balance of the funds for the redemption from its curt-ent cash.
The prospectus states that it is expected that delivery of the bonds in
temporary form exchangeable for definitive bonds when prepared will be
made at the office of J. P. Morgan & Co.
The price at which the bonds will be offered to the
public, the names of
the underwriters, underwriting discounts and
commissions, and the re¬
demption provisions are to be furnished by amendment to the registration
statement.—V. 144, p. 3683.
New York Title & Mortgage
The distribution will be made June 30 to certificate holders of record
June 15 and will constitute a
payment at the rate of 2% for the first half
of the year.
With this payment the total amount paid by the trustees since
May 13,
1935, will aggregate $2,232,876, or 8^ of the face amount of the out¬
standing certificates.
Besides paying the first half-year realty taxes of $219,966 on 71
proper¬
ties now managed by them, the trustees have
prepaid the taxes for the second
half of this year, amounting to $215,566, thus
earning a discount of $4,399
for the benefit of certificate holders.—V. 144,
p. 946.
1936
1935
1934
$506,596
33,551
$724,416
46,855
$76,744
61,722
Gross income
$1,066,454
Interest charges
313,884
Prov. for add'l pay'ts to
holders
of
stamped
bonds and debentures
39,363
$540,147
322,675
$771,271
323,026
$138,467
327,615
43,780
314,730
83,793
28,384
3,343
320,492
77,363
30,994
8,385
17,374
,t
234,070
38,093
42,098
ity stockholders
of liab.
Northern States Power Co.
Dividends
on
Net oper. rev.
(before
Other income.
approp.
....
on
com
for retirem't res.) .$12,045,746 $11,550,976
1,025,078
1,159,932
-
Net oper. rev. & other income (before approp.
for retirement reserve)
$13,070,824
2,445,672
Appropriation for retirement reserve.
Gross income
$12,710,908
2,437,652
$10,625,152 $10,273,256
Interest charges (net)
Net income.
5,077,838
532,953
4,810,955
541,955
Amortization of debt discount and expense
Other income deductions
42,792
39,000
$5,229,450
...
$4,623,465
Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended
May 29, 1937 totaled 24,544,180 kilowatt hours, an increase of
7.6% compared with the corresponding week last year.—V. 144, p. 3684.
Northern Texas Electric
Co.—Earnings of Subsidiaries—
1936
1937
of April—
Oper. revenues (railway, bus & miscellaneous)
Operation
$125,474
61,351
14,125
al2,731
Taxes
$109,988
55,902
$37,267
Maintenance
a
Cr619
17,475,545
-----
$30,533
13,865
9,689
269
-
No
$30,533
$36,998
provision has been made for the Federal surtax on undistributed
1937 since any liability for such tax cannot be de¬
net income for the year
Cr668
Cr2,087
$2,691 loss$517,989
4,458,813
4,874,771
12,035
26,868
termined until the end of the year.
Note—Figures appearing in this report have been compiled from those
on the books of the subsidiary companies and of A. F. Townsend,
shown
receiver of Northern Texas Traction Co., after inter-company eliminations.
—V. 144, p. 3013.
Northwestern Bell Telephone
■
Period End. April 30—
18,194
x5,198
24,654
29,642
153,986
$4,091,219
$4,491,147
Operating
Co.—Earnings—
1937—Month—1936
$2,816,602
10,599
1937—4 Mos—1936
$2,665,047 $10,966,694 $10,431,003
8,066
41,832
33,790
$2,806,003
1,921,992
«
$2,656,981
1,874,213
$884,011
343,522
$782,768
284,930
$3,648,808
1,367,567
$3,004,471
1,132,810
$540,489
$497,838
$2,281,241
$1,871,661
$4,537,635
revenues
y127,694
44,985
Adj. of reserves set up in
prior years
Distribution from treas.
in settlement of
18,365,688
Balance before depreciation
$168,397 loss$264,324
3,961,250
4.312,695
1936
1937
$30,411,434 $29,026,522
16,666
$4,146,881
preferred-
(Minn.) (& Subs.)—Earns.
Operating revenues
Oper. expenses, maint. and all taxes.
for
Total surplus
14,552,738
2,052,058
1,317,741
—V. 144, p. 3513.
Uncollectible oper. rev._
^
Dividends
15.081,127
638,335
130,778
Miscellaneous interest paid
.
Cr414
royalties & other exps.
accrued in prior years.
Credit adjustments
16,602,431
1,451,713
694,822
Net operating revenues
12,214
14,264
25,901
1,168
Portion applic. to minor¬
Cancellation
19,849,806
3,068,292
2,239,235
Net from railway
Net after rents.
Reduction, in book value
Previous surplus
Profit on bonds and de¬
bentures retired
$3,835,611
458,207
279,996
Month
389,970
49,915
35,254
16,537
of investments
Other deductions
Prov. for Fed. inc. tax..
Prov. for Fed. surtax
Net income
1934
$4,197,962
444,191
326,810
193
From Jan. 1—
Gross from railway.-
1933
$1,017,644
48,809
Prov. for deprec. & depl.
Prov. for doubtful accts.
Prov. for Fed.& State tax
Loss on property retired
1935
$4,429,000
633,735
399,768
1937
Net after rents
Trap Rock Corp. (& Subs.)—Earnings—
Calendar Years—
Net operating profit
Other income
Ry.—Earnings—
$5,261,164
944,971
703,354
April—
Gross from railway.-...
Net from railway
12 Months Ended March 31—
Co.—Distribution—
Declaration of a distribution of $558,219 to certificate holders of series F-l
mortgage certificates was announced May 31 by Aaron Rabinowitz, James
L. Clare and Lawrence N. Martin, trustees of the issue.
New York
June 5, 1937
Northern Pacific
Net oper. revenues.
11,665
Operating taxes
$10,924,862 $10,397,213
7,276,054
7,392,742
unpaid
£referred dividends __
charges
Profit & loss surplus.
Net oper. income.
129,970
z215
er
$3,962,322
$3,961,250
178,453
-V. 144, p. 3345.
78,822
$4,312,695
Northwestern Electric Co.
$4,458,813
x Excess over cost of
treasury preferred stock to be used in payment of
dividend on preferred stock on Jan. 1, 1937.
y Dividends on 7% cumula¬
tive preferred stock consisting of cash $65,894 and 618 shares or
treasury
preferred stock at $100 per share, $61,800.
z Additional Federal income
Earnings—
Month Ended
12
Months
Ended
28 '37
Feb. 29 '36
Feb. 28 '37
Feb. 29 *36
$444,045
305,763
$379,390
243,110
$4,351,040
2,996,945
$3,916,015
2,755,828
$138,282
17,462
$136,280
17,141
$1,354,095
207,388
$1,160,187
204,671
$120,820
$119,139
Dr329
$1,146,707
Drl 1,853
$955,516
Dr93
Period—
$120,727
31,096
15,208
$118,810
32.214
15,334
$1,134,854
377,999
192,263
$955,782
395,135
198,968
Feb
Operating revenues
Open rev. deductions._
taxes, prior years.
Net oper. revenues
Comparative Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
1935
$345,611
d Notes and accounts receivable
Marketable securities (at cost)
$307,822
809,155
1,066,430
6,767
254,516
Inventories
Cash and treasury
pref. stock deposit with agent
for payment of dividend on pref. stock
Trade notes receivable, not due within
Inventory of repair parts and supplies
on
50,280
Tqtal
236,047
43,208
11,340
54,785
82,882
14,170,968
88,124
156,462
14,468,690
88,545
$16,693,912 $16,675,465
Liabilities—
Accounts and accrued liabilities
Federal and State taxes
$290,842
43,180
62,544
Dividend payable on preferred stock
10-year 7% sinking fund gold debentures
Mortgage on real estate
workmen's
16,404
additional
27,543
payments
to
holders
stamped bonds and debentures
43,780
5,159,000
24,266
2,000,000
5,875,925
Dr819,979
25,237
2,000,000
5,875,925
3,961,249
Dr876,580
D/ 850
Profit and loss surplus.
Preferred treasury stock at cost
Common stock in treasury at cost
DrGOO
..$16,693,912 $16,675,465
Represented by 20,000 no par shares,
b Represented by 180,000 no
shares,
c 8,953
shares in 1936 and 9,570 shares in 1935.
d After
of $118,733 in 1936 and $91,470 in 1935.
e 110 shares in 1936 and
60 shares in 1935.
f After reserve for depreciation and
depletion.—V.
143, p. 3851.
a
par
reserve
Norfolk & Southern
April—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
RR.—Earnings—
19v7
$451,321
125,541
63,180
1,533,913
Net from railway
Net after rents
—Y. 144, p. 3185.
North Central Gas
310,043
97,053
1936
1935
1934
$357,318
56,330
8,293
$378,592
$399,869
87,306
110,458
32,908
52,023
1,357,570
191,856
27,670
1,466,160
255,909
50,916
1,469,566
315,100
105,378
$27,557
x
Dividends accumulated and unpaid to Feb. 28, 1937 amounted to
$1,104,407.
Latest dividend on 7% preferred stock was $1.75 a share paid
Dec. 24, 1936.
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 ifo undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 3684.
Northwestern Pacific RR.April
'
—Earnings—
1936
1937
$287,658
def8,784
def31,825
Gross from railway
Net from railway
Net after rents
Net from railway
...
$271,018
9,482
defl2,847
1,155,892
16,276
def81,726
def48,216
1,054,320
21,328
1935
$242,525
defl8,001
def38,333
$236,646
9,954
defl7,174
881,370
def99,025
def178,469
884,628
def8,989
def112,956
1934
—V. 144, p. 3014.
Oak Lane
Lane Manor
(Pa.) Manor Apartments—Call for Deposits—
April 8, 1937, holders of first mortgage 6% bonds of Oak
Corp. were advised that a hearing would be held before the
Court
of Common Pleas of Montgomery County, Pa., at Norristown,
April 16, 1937, at which the committee would request the Court to ap¬
the fairness of the terms and conditions of the issuance and exchange
of the committee's certificates of deposit, in order that such certificates
might become exempt from registration under the Securities Act of 1933, as
The hearing was held on that date.
amended.
The Court has signed
an order approving the fairness of such terms and conditions.
The com¬
mittee has now amended its deposit agreement to comply with the so-called
Streit law and is now in a position to except further deposits of bonds of
on
prove
this issue.
It is expected that a final decree of foreclosure and sale will be entered
shortly in the foreclosure proceedings and that the property will be sold at
foreclosure within the next few weeks.
It is the plan of the real estate
bondholders protective committee (George E. Roosevelt, Chairman) to
bid for the property at the foreclosure sale and, unless a satisfactory bid is
made by an outside bidder, to bid in the property for the benefit of de¬
positing bondholders.
In the event of competitive bidding, the committee
will bia for the property only up to such amount as it considers advisable.
In the
event
that the committee should be the successful bidder at the fore¬
closure
sale the deposited bonds will be applied in part payment of the
purchase price of the property.
It is the intention of the committee to
place a new first mortgage loan upon the property in such amount as it
deems desirable and from such loan to pay the costs and expenses of the
foreclosure proceedings, the share of the new proceeds of the sale payable
to
143,
p.
non-depositing bondholders and the committee's expenses in connection
If the committee acquires the property it will operate it
as a liquidation or permanent reorganization is effected.
—V. 138, p. 3282
with this issue.
Co.—Registers with SEC—
See list given on first page of this
department.—V.
334,181
In the notice of
3,962,322
Total
334,179
$230,534
Balance
of
Lime Corp
a Preferred stock.
b Common stock-.c
59
$361,738
Net after rents
66,815
5,129,000
14,304
Equity of minority stockholders of Carbonate
e
78,322
of
Funded debt
Reserves
121
$564,713
income...
From Jan. 1—
Gross from railway
1
term as self-insurer.
for
101,000
18,000
18,000
compensation
insurance claim under terms of contr, &c
Estimated liability for workmen's compensation
insurance claims arising
during corporation's
Liability
$254,825
18,901
7
$74,423
$71,269
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Net
' 149
Cr266
charged to construc¬
tion—Cr
33,340
149
Company's bonds and debentures
Miscellaneous investments
Securities deposited with Industrial Commissioner,
N. Y. State Department of Labor
f Property, plant and
equipment
Deferred debit items
for
Int.
x
workmen's compensation
liability
Gross income
on mortgage bonds.
Other int. & deductions.
48,803
303,965
12,879
Cash in sinking funds
Estimated
Operating income
Int.
62,544
1,660
322,124
one year
deposited with State insurance fund under
workmen's compensation insurance
Estimated amount recoverable from carriers of ex¬
insurance
_
Other income (net)
342,129
Amount
cess
Rent for lease of plant.
until such time
2854.
Volume
Financial
144
O'Connor Moffatt &
Ohio Associated
Income Account for
Co.—Registers with SEC—
See list given on first page of this
Period End. Apr. 30—
Operating revenues
,
1937—4 Mos.—1936
$241,412
$223,829
225
709
1,192
Operating revenues
Operating expenses
$61,603
37,966
$56,924
32,954
$240,703
147,662
$222,637
131,535
Net oper. revenues
$23,637
5,294
$23,970
4,385
$93,041
20,743
$91,102
17,540
$18,343
$19,585
$72,298
Net
$73,562
Net operating income
144,
_
3345.
p.
Oklahoma Natural Gas Co.
12 Months Ended April 30—
Operating revenues-.
Operation.
Taxes
_____
_________
1936
$7,630,543
2,800,274
158,030
662,150
$4,010,088
97,471
$4,049,130
1,226,032
___
1937
$7,868,077
2,948,795
224,874
a694,249
$4,000,159
48,970
Maintenance
Non-operating income (net)
Balance..
Retirement accruals.
Gross income.
and
accrued
on
convertible
prior preference stock
l»
$2,735,149
1,702,157
$1,247,434
Net income
Dividends paid
$1,032,993
6%
No provision has been made for the Federal surtax on undistributed
net income for the fiscal year beginning Dec. 1, 1936, since any liability
for such tax cannot be determined until the end of the fiscal year.
Under
a
the law, the tax is not applicable to the companies' earnings
1, 1936.
(net)
(net)
on
$2,038,620
337,906
402,104
prior to Dec.
'if
mortgage bonds
228,344
Other interest and deductions
600,000
$1,114,904
600,000
458,478
458,478
$289,982
$56,426
$1,348,460
Balance
Balance
*
accumulated and unpaid to Dec. 31, 1936, amounted to
Latest dividends, amounting to $3.50 a share on the 7% pref.
stock and $3 a share on $6 pref. stock, were paid on Dec. 24, 1936
Divi¬
x
Dividends
$420,272.
these stocks
on
cumulative.
are
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.
Balance Sheet Dec. 31, 1936 (Company
Assets—
Plant,
Oldetyme Distillers Corp.—Listing Approved—
The New York Curb Exchange has approved for listing 51,400 additional
shares of capital stock, $1 par, upon official notice of issuance.—V. 144, p.
3684.
Capital stock
Long-term debt
in¬
a
vest. in cap. stock of Inland
Pow. & Lt. Co., &c$33,953,516
Investments
38,801
Accounts payable
Notes receivable
Accrued accounts.
demand.
on
_
Notes and accounts receivable
Materials and supplies
Prepayments—
Customers'
8,099,700
-
deposits..
—
Miscell.
809,427
266,596
Mat'd int. on long-term debt.
Miscellaneous assets
Total
liabilities
Consingments (contra)
Sundry credits
22,164
_
Miscellaneous current assets.
curr.
Reserves
39,772
170,933
$13,868,500
23,694,500
123,066
261,522
999,182
530
445,265
_
Deferred charges
Preferred Dividends—
Only)
Liabilities—
franchises,
prop.,
Consigned materials (contra).
The directors have declared on the conv. 6% prior pref. stock two quar¬
terly dividends each of 1 ^ %, the first payable June 30 to holders of record
June 15 and the other payable Sept. 30 to holders of record Sept. 15.—V. 144
p. 3513.
'■>
$2,376,526
1,025,000
236,622
$2,601,804
1,025,000
Gross corporate income
Interest
$1,859,485
179,135
-
Cash in banks (on demand)
133,200
_____
from operation
Total
Other income
$4,107,559
1,372,410
$2,823,098
1,575,664
Interest and amortization, &c
revenues
Rent from leased property
dends
Net operating revenues
(including taxes)
expenses
$4,294,180
2,434,695
$2,018,156
181,544
revenues
Property retirement reserve appropriation—
x Dividends
applicable to preferred stocks for the
period, whether paid or unpaid
(& Subs.)—Earnings—
_______
$4,630,061
2,611,905
$2,199,700
Operating
Operating
184
—V.
1935
■
1937—Month—1936
$61,787
$57,149
Operating taxes
Calendar Years (Company Only)
"'
1936
'
department.—V. 144, p. 2666.
Telephone Co.—-Earnings—
Un<
Incollectible oper. rev.
3849
Chronicle
Earned surplus.
485
6,983
17,169
3,368,842
1,584,144
6,983
161,766
$43,924,923
$43,924,923
Total..
a
Represented by:
7% pref. cum. $100 par; pari passu with $6 pref.;
authorized, 70,000 shares; issued and outstanding, 58,100 shares.
$6 pref.
cum. no par (entitled upon liquidation to $100 a share); pari passu with
7% pref.; authorized 150,000 shares; issued and outstanding, 10,585 shares.
$6 2d pref. cum., no par (entitled upon liquidation to $100 a share); author¬
ized, 75,000 shares; none outstanding.
Common, no par; authorized
1,500,000 shares; issued and outstanding, 1,000,000 shares.—V. 144, p. 3685'
•
Old
Orange & Rockland Electric Co.— ■Earnings—
Period End. April 30—
Operating revenues
Oper. exps., incl. taxes__
a Depreciation
1937—12 Mos.—1936
1937—Month—1936
$719,710
416,429
88,781
$13,043
2,560
$148,999
31,677
$214,500
35,199
$12,276
3,950
Gross income
$742,537
458,221
135,317
$10,037
...
Other income
$56,510
34,884
8,583
2,239
Operating income.
$57,572
36,632 S
10,903
$15,603
3,950
$180,676
47,400
1,539
Other interest
27
82
Other deductions
47
525
965
$249,699
52,082
1,765
3,366
$8,252
6,658
$11,046
6,694
$130,772
80,186
$192,486
96,176
$1,594
$4,352
$50,586
$96,310
Interest
funded debt.
on
Balance..,.
Divs. accr. on pref. stock
'
Balance.
Federal income taxes in¬
cluded in oper. exps.
2,000
4,000
22,103
17,100
a
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operatin property, operating expense
or
other accounts applicable.—V. 144, p
5346.
Colony RR.—Federal Court Gives Reorganization Plan
Committee Until Aug. 1 to Submit Plan—
The U. S. District Court has allowed the reorganization plan
submit a reorganization plan under Section 77 of the Bank¬
The date was originally set for June 1.
ruptcy Act.
Abandonment—
The Interstate Commerce Commission
on May
10 issued a certificate
permitting abandonment by the trustees of the company of part of a line
of railroad (about 3.24 miles) in Bristol County, Mass., and abandonment
of operation thereof by them as trustees of the New York, New Haven &
Hartford RR.—V. 144, p. 3684, V.S143, p. 3476. ,
Pacific Tin Corp.—Extra
The
company
is calling
Co., Ltd.—Bonds Called—
for redemption
$2,301,000 first mortgage and
Dividend—
The directors have delcraed an extr§, dividend of 25 cents per share'in
iddition to a regular quarterly dividend of 50 cents per share on the common
stock, both payable June 25 to holders of record June 10.
Similar payments
were made on March 25, last.
An extra dividend of 60 cents was paid on
Dec. 23. 1936, and an extra of 50 cents per share was distributed on Nov. 2,
and on Feb. 1, 1936 —V. 144, p. 1610.
Pan American Petroleum &
Calendar
Years—
Transport Co. (& Subs.)-—
1936
Net sales
Ottawa Traction
committee
until Aug. 1 to
1933
1934
1935
$86,559,657 $71,691,738 $68,635,737 $53,984,449
Cost of sales, sell. & adminis, expenses, &c.-_
74,272,464
62,749,123
61,721,461
53,317,486
$12,287,193
42,188
467,910
1,942,615
155,664
213,147
$6,914,276
294,478
$666,963
607,367
4,916
$12 ,797,291
$9,311,426
$7,449,886
353,472
1,663,089
2,405,758
1,747,822
415,525
568,433
113,198
1,339,327
2,364,461
1,739,811
160,282
150,358
171,576
1,109,954
1,592,579
2,091,981
186,689
317,925
10,019
4,042
50,784
9,847
2,943,421
x2,815,893
2,395,894
collateral trust 5 Y% % series A bonds on July 1 at 103 and accrued interest.
—V.
138,
p.
2084.
Operating income
Interest
Pacific Power &
Miscellaneous income
Light Co, (& Subs.)—Earnings—
Calendar Years—
1936
1935
1934
1933
$5,248,069
2,758,384
$4,864,022
2,601,849
$4,601,277
2,515,913
$4,137,183
2,270,306
Exps. of plan of reorg
$2,489,685
206,744
Operating revenues
Oper. exps., incl. taxes..
$2,262,173
204,334
$2,085,363
202,736
Maintenance and repairs
Rents and royalties
Prov.
Total income
Bad debts written off.
_
_
Taxes other than income
465
683
Drl,521
$1,866,876
201,629
9,008
$2,696,895
1,255,870
$2,467,191
1,261,206
$2,286,578
1,275,827
$2,077,514
1,308,739
Rent from leased prop..
Other income.
Miscellaneous
charges..
Federal income taxes
Gross corp. income
Net int. & other deducts.
Prop, retirement
appropriations
692,500
692,500
692,500
692,500
Balance, surplus
Divs.
on
on
7% pref. stock.
$6 pref. stock.
_
$748,525
592,452
95,265
$513,484
394,968
63,510
$318,251
98,742
15,878
$76,275
197,484
31,746
Notf—Undeclared
$9.91
1936
cum. divs. on the 7% and $6 pref. stocks, amounted to
2/3 and $8.50 per share, respectively, as of Dec. 31, 1935.
During
there were declared on the 7% and $6 pref. stocks, dividends of
$10.5Crand $9 per share, respectively.
No provision has been made in the
above statement for undeclared cum. divs. in the amount of $362,054
($6.41 2 /3 per share) on the 7% pref. stock and $58,217.50 ($5.50 per share)
on the $6 pref. stock, to Dec. 31,
1936.
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1936, inasmuch as there was no
adjusted net taxable income undistributed for that period.
on
Interest
charges
for
deprec.
Plant,
$
1935
3,104,471
Net profit for year
Div. paid in 7-yr. 3H%
franchises, &C..42 439,111
Investments
38,801
42.013,948
36,631
Cash in banks (on
demand)
Notes receivable..
_
Mat'ls & supplies.
Prepayments
Misc. curr. assets.
Mlscell. assets
Consigned
(contra)
528,156
307,213
27,789
787,587
968,243
266,596
25,777
41,372
170,933
271,459
25,529
21,656
174,758
6,983
Accts. receivable-
6,927
41,357
mat'ls
Deferred charges..
Liabilities—
a
div. notes, due Dec. 21,
1943.
--.
161,866
168,165
$
term
debt
1936
Sundry credits
5,491,385
Short-term
530
839
485
accounts receiv.
6,927
17,169
Long-term notes &
480,634
547,941
Ht. & P. Co 2,035,602
3,893,788
1,580,723
3,565,322
1,488,897
44,035,888
Total
hares.
&
4,344,791
2,217,526
2,623,276
1,777,964
M ortgages
payable
75,975
Long-term debt— 9,626,189
y Capital stock—23,514,723 23,514,723
Capital surplus— 4,602,262
4,602,262
Earned surplus...26,979,375 27,183,838
After
1,811,935
273,937
82,477,621 64,122,830
reserves
Total...
-.82,477,62 1 64,122,830
for depreciation, depletion and amortization of $27,452,-
072 in 1936 and $25,736,163 in 1935.
p.
.
Fed¬
47,003,916 30,296,142
intangible assets 1,814,098
433,622
x
payable. 10,114,400
2,923,144
for
other
Deferred charges..
.44,494,970 44,035,888
Represented by Pacific Power & Light Co.: 7% pref. cum., $100 par;
pari passu with $6 pref.; authorized, 70,000 shares; issued and outstanding,
58,100 shares.
$6 pref. cum. no par (emtitled upon liquidation to $100 a
share); pari passu with 7% pref.; authorized, 150,000 shares; issued and
outstanding, 10,585 shares.
$6 2d pref. cum. no par (entitled upon liquida¬
tion to $100 a share); authorized 75,000 shares; none outstanding.
Common
no par;
authorized, 1,500,000 shares; issued and outstanding, 1,000,000
Reserve
1935
$
2,500,000
Petrol¬
Fixed assets
Total.
—44,494,970
Nil
2,050,505
in
Good will
5,904
Reserves
a
7,446,624
5,274,417
1,260,361
1,595,706
16,511,377 12,592,197
Inventories
eum
Accounts
eral taxes
Other receivables.
485
1936
Liabilities—
Notes payable
Accrued liabilities
Customers' notes &
x
6,982
$
259,189
accounts receiv.
Earned surplus
Total
Nil
$0.10
1935
5,928,897
3,491,965
com¬
mercial notes
Invest,
(cash
tra)
$
Cash
long-
in special deps.)
Consignments (con¬
$0.52
Depreciation only,
y Loss.
Note—The foregoing statement for 1933 includes operating results for
the entire year 1933 of subsidiaries acquired on March 22, 1933 as of Jan. 1,
1933 and excludes operating results for the entire year 1933 of subsidiaries
sold on March 22, 1933 as of Jan. 1, 1933.
U. S. Govt.securs.
(5 shs. cap.
on
2,821,744
x
$
773
stock)..
773
Long-term debt.. .23,694,500 23,694,500
Accounts payable107,843
122,801
Customers' deps..
261,522
245,281
Accrued accounts. 1,062,156
1,035,658
Mat'd int.
y$840,754 y$l,319,158
683,204
Earns, per sh. on cap. stk
Assets—
Inalnd Pow. & Lt.
Misc. curr. liabs..
$490,549
Cash dividends
1935
Capital stock...13,868,500 13,868,500
Co.
$2,463,259
Consolidated Balance Sheet Dec. 31
1936
$
property,
53,119
and
amortization
Consolidated Balance Sheet Dec. 31
1936
Assets—
22,342
sale of sees.—net
on
$1,279,246
141,879
un¬
distributed profits
Loss
reserve
for surtax
Prov.
Divs.
241,132
y
Shares of $5 par value.—V. 143,
3644.
Paramount
At
a
Pictures, Inc.—Regular Preferred Dividends
meeting of the board of directors held May 27, the regular quarterly
dividend of $1.50 per share on 1st pref. stock and the regular quarterly divi¬
dend of 15 cents per share on the 2d pref. stock were declared.
These divi¬
dends are payable on July 1, to holders of record June 15.—V. 144, p. 351
.
Financial
3850
jnne S, 1937
Chronicle
the present time "andlno prospect of such earningsjin
the immediate future" and consequently regards this petition as being
net earnings at
no
DEAL IN
WE
prematurely filed.*
The report recommends to the U. S. District Court
the Trust company be refused.—V. 144, p. 3687.jA
that the two petitions of
Philadelphia Electric Co. Common Stock
Phila. & Reading Underlying Preferred Stocks
Northern Central Rwy. Common Stock
Pitts. Fort Wayne & Chicago 7% Preferred
Cleveland & Pittsburgh 7% Stock.
Pierce Petroleum
3 Mos. End. Mar. 31—
Total income
1
$19,401
14,498
18,964
prof $22,856
$19,401
$14,417
$17,786
mon
$19,401
$14,417
$17,786
sale of
on
shs.
Consoli¬
Corp. com¬
12,334
dated
Teletype—Phila. 22
Oil
159,699
stock___
Philadelphia
1528 Walnut Street
above
Note—The
Earnings for 12 Months Ended
Gross
March 31, 1937
revenue
-
$6,98o,061
all operating expenses, including
maintenance, retirement and taxes
Net income after preferred dividends
Net operating revenue after
Note—No
—V. 144, p.
provision made for Federal surtax on
3685.
York
New
Curb
Exchange
of common stock,
late
subsidiaries
—V. 144, p.
as
taxpayers
be subject
to
for
adjustment
for the
years
1927,
1928,
1929 and 1930.
1937
1936
1935
1934
$336,235
81,657
$330,684
126,780
132,652
$200,008
44,387
53,195
$258,067
68,776
82,832
1,168,115
398,062
953,847
283,237
441,766
311,475
91,815
From Jan. 1—
out¬
„
1,462,015
453,889
472,864
Gross from railway
Net from railway..
Net after rents
TrustjCo. has been appointed transfer agent for the voting
144, p. 2840.
may
Pittsburgh & West Virginia Ry.—Earnings—
April—
Net from railway
Net after rents..
has approved for listing 182,000
$1 par.—V. 144, p. 3186.
account
3687.
Gross from railway
Park-Lexington Co., Inc.—-Transfer Agent—
The Empire
income
taxes, and interest and penalties thereon, claimed by the United States
Bureau of Internal Revenue to be due from Pierce Petroleum Corp. and its
3,254,716
1,513,867
undestributed profits.
Parkersburg Rig & Reel Co.—Listing Aprroved—
The
standing snares
'
$136,842
Net loss
Line Co. (& Subs.)—Earnings
1934
$1,178
1935
$81
1936
112,214
Loss sustained
YARNALL & CO.
Panhandle Eastern Pipe
1937
$135,071
Expenses
Loss
A. T. & T.
Corp.—Earnings—
—V. 144, p.
.
„
943,820
304,996
340,699
3016.
trust certificates for common stock.—V.
Patterson & Passaic Gas & El.
Pittston
Co.—Merger—
See Public Service Electric & Gas Co. below.—V. 128, p.
Pennsylvania Electric Co. (& Subs.)—Earnings—
expenses.
Maintenance
.
Provision for retirements
Federal income taxes
Other taxes..
87.69% by the Midamerica Corp.
June 1.
formerly held by the Erie RR.t
97,000,000 tons of coal.
It owns
Distributing Corp., the United States Trucking
chain of coal distributing companies in New
York and
The Pittston Co. owns the coal properties
and its collieries are estimated to contain
$10,532,479
4,680,509
$9,690,734
4,382,897
1,083,998
383,345
165,710
715,652
Operating
SEC of Ownership—
and the Alleghany Corp. in the Pittston Co. was disclosed in a report by
the Pittston Co. to the Securities and Exchange Commission made public
1936
1937
12 Months Ended March 31—
Total operating revenues
Co.—Tells
A controlling interest amounting to
4155.
834,058
Corp.
525,389
238,198
475,411
elsewhere.
also
United
the
and
a
States
The report showed that the Midamerica Corp. held
Co.'s 1,075,100 common shares at the end of 1936.
3.14% of the Pittston
The Alleghany Corp.
46.15% and the Chesapeake & Ohio Ry., which is controlled by
Alleghany, held 38.40% through subsidiaries.
The remainder of the stock
is held largely by the public.
A loan of $500,000 by the Chesapeake & Ohio Ry., through a subsidiary,
to the Pittston Co. is outlined in the report, which states that five other
creditors
with
claims aggregating $7,860,509
have subordinated their
claims to that of the C. & O. subsidiary.
The Pittston Co.'s equity in stocks of subsidiaries, carried at cost of
$25,564,296 in the Dalance sheet on Dec. 31, have been reduced to $13,861,588, according to the report.—V. 144, p. 3688.
held
^Operating income
Other income
$3,503,266
121,615
NiGross income
Interest
Interest
funded
on
on
debt
unfunded debt
Amort, of debt discount and expense
$3,234,782
54,160
$3,624,881
1,818,030
169,988
53,494
(net)
$3,288,942
1,832,305
166,708
57,217
Cr3,229
Cr5,671
$1,586,597
Interest charged to construction
$1,238,383
-
Balance of income
Plough, Inc.—Listing Approved—
Note—No provision is included above for Federal surtax on undistributed
profits, if any, for the year 1937.—V. 144, p. 3187.
The New York Curb Exchange has
approved for listing 20,000 additional
official notice of issuance.—V. 143,
shares of common stock, no par, upon
Pennsylvania Power & Light Co.—Earnings—
p.
Period End. Jan. 31—
1937—Month—1936
1937—12 Mos.—1936
Operating revenues..... $3,510,459
$3,266,348 $37,234,688 $34,871,196
Oper. rev. deductions...
2,087,229
1,891,243
23,268,662
20,642,425
Net oper. revenues...
Rent for lease of plant..
$1,423,230
1,704
$1,375,105 $13,966,026 $14,228,771
1,762
20,827
22,466
1568.
Power Operating
Co.—Merger—
See Union Electric Co. of Illinois.
Price Brothers & Co.,
Ltd.—President Resigns—-
of Gordon W. Scott as President and a director of this
accepted at a meeting of the board held on June 1.
Colonel
C. H. L. Jones was elected to the board and named the new President.
Elected a director at the meeting, H. J. Symington was named Chairman
of the Board, while A. A. Aitken was appointed Vice-President.—V.
144, p. 2671.
The regisnation
company was
$1,421,526
17,461
Grossincome
Int.
on mtge. bonds
Int. on debentures
$1,373,343 $13,945,199 $14,206,305
15,544
262,305
317,380
$1,438,987
453,750
Operating income
Other income (net).
$1,388,887 $14,207,504 $14,523,685
454,271
5,447,604
5,480,123
50,000
600,000
600,000
17,351
209,931
209,655
Crl,066
Crl5,265
Cr20,913
Other int. & deductions.
50,000
16,657
Int. chgd. to construct'n
Crl,392
Netincome
x
Divs.
applic.
$919,972
$868,331
pref. stocks for the period,
unpaid
$7,965,234
$8,254,820
to
Balance
3,846.543
3,846,535
$4,118,691
whether paid or
$4,408,285
on all classes of preferred stock were paid on Jan 2,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Notes—The above statement includes full revenues for natural gas sales
x
Regular dividends
1937.
in the Williamsport division without consideration of the rate reduction in
litigation
now
pending
in the Superior Court of Pennsylvania.
An
order of the P. S. Commission of the Commonwealth of Pennsylvania
reduction amounting to approximately $10,000 a month
to be effective after Sept. 11, 1936.
The order and a finding of the Com¬
mission, if finally sustained, probably will result in the rate reduction
becoming retroactive to Nov. 1, 1931, and may involve approximately
$553,000 in the aggregate, at Jan. 31, 1937.
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. 3187.
provides for
a rate
Petroleum Exploration,
The directors have declared
addition
an
Inc.—Extra Dividend—
extra dividend of
10 cents per sharejin
a
Petroleum
Heat & Power Co.—20-Cent Dividend—
The directors have declared
a dividend of 20 cents per share on the com¬
stock, payable June 15 to holders of record June 1.
Previously divi¬
dends of 10 cents per share were distributed.—V. 144, p. 3347.
mon
Philadelphia
Electric
Co.—New
Vice-President—
Leon B. Eichengreen was elected a Vice-President of
this company at a
meeting of the board held May 25.
He will be in charge of activities in
connection with the gas properties of the company.—V. 144, p. 3188.
Pierce Oil
Corp.—Earnings—
$28,286
$28,286
Net loss
—V. 144, p. 3687.
Philadelphia & Reading Coal
& Iron
Co.—Trustee's
Petition Denied—
In a report filed June 3 special Master Howard Benton Lewis rejected
the petitions of the Central Hanover Bank & Trust Co., New York, trustee
of the $25,000,000 refunding mortgage 5% sinking fund
bonds of the company
tojintervene generally in the 77-B proceedings of the company and for an
order impounding all its net earnings since it filed proceedings on Feb. 26,
last.
Mr. Lewis ruled that the mortgage trustee has no legal right to ^par¬
ticipate in all the proceedings in the case and moreover, he stated, the two
committees representing the refunding 5s and the two committees rep¬
resenting the debenture 6s objected unless they too were given the same
rating.
I^Mr. Lewis expressed the opinion that the bondholders are relying more
on the committees than on the mortgage trustee to represent their interests.
As to the impounding order Mr. Lewis states that the company has
Trust Co. of Chicago, Chicago, 111., registrar.
Producers Corp., Ill W.
Washington St., Chicago, transfer agent.
Company—Incorp. under laws of Nevada on May 2, 1929, with the cor¬
porate name of Prodocers Royalty Corp.
Company operated under its
original corporate name until Dec. 18, 1936, when the name was changed
to Producers Corp.
Company is qualified to do business as a foreign corpo¬
the
ration in
States of Oklahoma
On Oct. 24, 1936,
the
company
and
Illinois.
issued and delivered 234,963 shares of its
stock then having a par value of $1 per share, but which was
wards reduced on Dec. 18, 1936, to a par value of 25c. per share to
common
after¬
G. A.
Spencer, Chicago; Edward Gait, Ardmore, Okla.; Frank H. Bryan, Chicago;
C. A. Spencer, Oakley, Kan.; Werner W. Schroeder, Chicago, Chester D.
Masters, Chicago, and Harry J. Brown, Tulsa, Okla.; none of such persons
having had prior thereto any interest in the company.
134,265 shares of
such stock were issued in consideration of the transfer and assignment to
by Harry J. Brown of Tulsa, Okla., in whose name the lease was
and in which all the other persons
an interest, of a commercial oil gas lease, providing for
the usual 34th royalty, covering 120 acres, subject to an interest of 34th
of J4ths of all oil and gas produced after the payment of all cost of develop¬
ment subsequent to the drilling of the first well thereon and all cost of
operation, and 100,698 shares of such stock were issued for an undivided
the issuer
held
for
the purpose of convenience,
l-14th interest in
a
certain commercial oil and gas lease, providing for the
usual
3-6th royalty, which lease stood in the name of Harry J. Brown of
Tulsa, Okla., and Albert S. Clinkscales of Oklahoma City, Okla., and in
which G. A. Spencer, Chicago; Edward Gait, Ardmore, Okla.; Frank H.
Bryan, Chicago; C. A. Spencer, Oakley, Kan.; and Werner W. Schroeder,
Chicago, had an interest on 40 acres.
Thereafter and on Dec. 24, 1936,
the remaining 104-112ths interest in the Britton lease, having been assigned
to C. A. Spencer, the company issued and delivered unto Edward Gait,
G. A. Spencer, Frank H. Bryan, C. A. Spencer, Werner W. Schroeder,
and Harry J. Brown, and their nominees, 500,000 shares of common stock
(par 25c.) in consideration of the transfer and assignment to the company
of an undivided 52-112ths interest in the Britton lease, subject to a pay¬
ment of
$30,000 out of 34 th of J4ths of the production of oil and gas from
such lease; and thereafter, and on Jan. 5, 1937, the company issued and
delivered unto the last named persons, or their nominees, 500,000 shares
of the common stock in consideration of the
transfer and
assignment
to the company of the remaining undivided 52-112ths interest in the Britton
lease, subject to a payment of $30,000 out of 34th of J4ths of the production
of oil and gas from such lease, the company having acquired and being the
Earnings for Quarter Ended March 31, 1937
Income
Expenses
First Consolidated Securities
above named had
quarterly dividend of 25 cents per share on the common
stock, par $25, both payable June 15 to holders of record June 5. Similar
payments were made on March 15, last. An extra of 10 cents and a quar¬
terly dividend of 35 cents was paid on Dec. 15, 1936, prior to which regular
quarterly dividends of 25 cents per share were distributed.
In addition
the following extra dividends were paid: 10 cents on June 15, 1936, and
1234 cents on Dec. 15, 1934, and on Dec. 15. 1932.—V. 144, p. 1449.
to
Chicago—Stock Offered—Link Gorman
Co., Inc., Chicago; R. C. Wade & Co., Inc., Los Angeles;
Co., Chicago; Fisher, Schmick
& Watts, Inc., Chicago and Sader & Co., Chicago recently
offered 50,000 shares of 6% cumulative convertible ($10
par) preferred stock at $10 per share.
Producers Corp.,
&
total payment of $60,000 out of
therefrom.
Both of said leases
the time of the transfer to the
gas in commercial quantities.
The issuance to the above named persons on Dec. 24, 1936, of the 500,000
shares of common stock and the issuance of the 500,000 shares of common
stock on Jan. 5, 1937 was authorized by the company's stockholders at a
of the entire lease subject only to a
34th of 34ths of the oil and gas produced
only partially developed and were at
company, and are now, producing oil and
owner
are
special meeting held on Dec. 16, 1936.
History and Business—On or about June 15, 1929, the company acquired
a
or
majority of the voting stock of Producers Royalty Corp. (Del.).
On
about Dec. 18, 1929, having then acquired all of the outstanding stock
of the Delaware corporation, the company surrendered all of such stock of
the Delaware corporation for cancellation in consideration of the transfer to
the company by the Delaware corporation of title to all of the assets of the
Such assets consisted primarily of mineral rights,
and leasehold interests in producing and non-producing oil and
properties and a minority interest m the Jean Oil Co. (since disposed of)
which was a partially owned subsidiary of the Delaware corporation.
Since
on or about Dec. 18, 1929, the company has been engaged primarily In the
ownership and management of mineral rights and of royalty and leasehold
interests in producing and non-producing oil and gas properties.
Company
Delaware corporation.
and royalty
gas
Volume 144
Financial
Chronicle
has from time to time acquired mineral
rights, and royalty and leasehold
interests by purchase for cash or in
consideration of the issuance of shares
of its stock.
The mineral rights and
royalty and leasehold interests so
acquired since Dec.
1928 when
tributed.—V. 142, p. 4036.
18,
Rochester Telephone
1929, have been carried by the company on its
books at the value of such interests as
determined by its board of directors
at the time of acquisition.
The company now
Period End. Apr. 30—
Operating revenues
Uncollectible oper. rev._
mineral rights and royalty and leasehold interests
*
approximately 700 separate parcels of real estate located in the States
or Oklahoma, Kansas and
Texas.
Its interests in the properties located in
Kansas and Texas are
presently held in the name of O. A. Shaw of Tulsa,
Okla., as the company's nominee.
owns
a
Nov.
25, 1936, the company and the underwriter
written agreement under the terms of
which the company
cents per
share
dis¬
was
Corp.—Earnings—
1937—Month—1936
$420,735
$390,654
472
435
1937—4 Mos.—1936
$1,630,438
$1,562,565
1,816
3,022
$420,263
295,109
$390,219
297,224
$1,628,622
1,145,839
$1,559,543
1,144,026
Net oper. revenues...
$125,154
39,934
$92,995
33,122
$482,783
159,809
$415,517
132,727
$85,220
$59,873
$322,974
$282,790
Operating taxes
stock.
Underwriting—On
entered into
dividend of 20
a
Operating revenues...
Operating expenses
Capitalization—The authorized capital of the
company consists of 50,000
shares of 6% cumulative convertible
($10 par) preferred stock and 3,000,000
shares (25c. par) common
stock, of which there are outstanding 2,000,000
shares of
cmnmon
3851
paid since Aug.fl5,
Net oper.
—V.
144,
p.
income
3349.
granted to the underwriter an option to
purchase a total of 50,000 shares
of the company's 6% cumulative
convertible ($10 par) preferred stock at
a price of $10
per share.
Option is for a period of 150 days commencing
with the date upon which the
underwriter receives an opinion of counsel
that the company has
complied with certain conditions contained in the
outstanding collateral trust 6% gold bonds, due July 10, 1943,
for redemption on July 10, next, at par and
interest.
Payment wi.l be made at the Guaranty Trust Co. of N. Y.—V. 130, p. 4623.
Eublic in interstate commerce and in the
idiana and New York.
Registration—
Rosemary,
underwriting agreement and that the shares
may be lawfully sold to the
States of Illinois, Michigan,
Proceeds of
Issue—Company will net the sum of $8.50 per share, or total
net proceeds
amounting to $425,000, after payment to the Underwriter
of
the sum of $1.50 per share for
services rendered in connection with the
issuance and distribution of this issue of
preferred stock.
The proceeds are to be used in the
amounts and for corporate purposes,
liquidation of notes payable, recapitalization
of
8% pref. stock, purchase of oil
Listing—Preferred stock
Board
of
Trade.
has
Company's
retirement
expenses,
and gas contracts, &c.
been admitted to the list
common
the Chicago Board of
Trade.—V.
144,
p.
stock
is
listed
of the
and
Chicago
dealt
in
on
Propper-McCallum Co.—Plants Sold—
At
y
°* 9 Worcester, Mass., brought a little over $240,000.
_aQd buildings owned by the company at 191 West Roosevelt
Blvd.,
Philadelphia, and now under lease to Roxborough Knitting Mills, Inc.,
s.°ld for $47,500 to the Flock Manufacturing Co., worsted yarns, also
or
Philadelphia.
Aaron Krock & Co. also handled this auction.
Judge
George C. Sweeney, in the U. S. District
Court, has stated he would
confirm this sale
suoject to the rights of otherwise interested parties, but
was
willing to ailow the trustee, C. Edward Rowe, decide whether there
would be a new sale.—V.
143, p. 122; V. 144, p. 3689.
Public Service Electric & Gas
Co.—Merger—
The plan with respect to
deposited shares of capital stock of Paterson &
Passaic Gas & Electric Co., New Brunswick
Light, Heat & Power Co.,
Newark Consolidated Gas
Co., South Jersey Gas, Electric & Traction Co.,
and Gas & Electric Co. of
Bergen County follows
provisions of a deposit agreement dated June 10, 1927,
between the holders of stock of the above
corporations mentioned in such
deposit agreement which have become parties thereto and the
committee
(below), the committee nas adopted the following
plan with respect to the
deposited shares of the abo-e merging corporations
to the
The committee will cause all of the
shares of stock of each merging cor¬
poration deposited with the committee,
except such shares as may be with¬
drawn by depositors
pursuant to the terms of the deposit agreement, to be
voted at the meeting of the stockholders of
such corporation to be held on
June 7, 1937, or June 8,
1937, as the case may be, in favor of the adoption
and ratification of the
merger agreement dated May 10. 1937, executed by
the directors of such
corporation, providing for the merger of such corpora¬
tion with Public Service Electric
& Gas Co.
Each such merger agreement
provides, in substance, that the stock of the merging corporation
(except
stock owned by Public Service
Electric & Gas Co.) is to be exchanged for a
refunding mortgage bond of Public Service Electric &
Gas Co. of
onoS® valu - equal to the par value of such stock, which bonds will mature
2037, will be non-redeemable and will bear interest at a rate
equal to the
rate of dividends
regularly paid upon such stock, such bonds to be issued
under and secured
by the first and refunding mortgage of Public Service
Electric & Gas Co. dated
Aug. 1, 1924, and an indenture supplemental
thereto relating to such new bonds.
Interest on the new bonds will accrue
from the date up to which dividends have
been or will be paid on such stocks.
The rates of which dividends have been
paid,
Co., 5%; New
Brunswick Light, Heat & Power
Co., 5^; Newark Consolidated Gas Co.,
5%; South Jersey Gas, Electric & Traction Co.,
87; Gas & Electric Co. of
Bergen County, 5%
.
Public
Service Electric & Gas Co. is a
subsidiary of the Public Service
Corp. of New Jersey, and is in possession and enjoyment under leases and
assignments of leases of the properties and franchises owned and controlled
by the merging corporations.
The dividends presently being paid by the
merging corporations are derived from the rentals received under such
leases and assignments of leases.
Committee—Philip J. Roosevelt, Chairman; Bernard M. Culver, Fairman R. Dick, Iioscoe C.
Ingalls, Wm. C. Shanley Jr
and H. Prescott
Wells with Arthur Nilson,
Sec., and Root, Clark, Buckner & Ballantine,
Counsel, 31 Nassau St., New York City.
The depositary is Central-Hanover Bank & Trust
Co., 70 Broadway,
N. Y. City.
Sub-depositary, Commercial Trust Co. of New Jersey, 15
Exchange Place, Jersey City, N. J.
The committee believes that the
proposed merger is economically sound,
that it is in the public interest and that it is fair to the
stockholders.
Ac¬
cordingly, acting under the terms of the deposit agreement, it has adopted
the plan.
If any holder of certificates of
deposit wishes to dissent from the proposed
plan, he may withdraw his shares upon surrender to the
depositary of his
certificates of deposit and upon payment of $3.25
per share for each share
,
of stock to be withdrawn in the case of South
Jersey Gas .Electric & Traction
Co. and $2.25 in the case of the other
companies.—V. 144, p. 3689.
Pure Oil
Co.—Notes
Called—
p.
3188.
Railway Express Agency, Inc.—Earnings—
Period End. Mar. 31—
1937—Month—1936
1937—3 Mos —1936
Charges for transport'n_$14,860,837 $12,847,722 $37,918,245
$33,496,507
Other revenues & income
235,421
212,732
634,713
589,081
Total revs. & income_$15,096,258
$13,060,454 $38,552,958 $34,085,588
Operating expenses
8,362,078
7,418,495
24,014,069
21,632,494
Express taxes
480,287
386,247
1,401,906
766,391
Int. & disc, on fd. debt._
133,533
132,742
399,761
409,419
Other deductions
10,618
1,383
24,592
9,419
Rail transport'n rev.
Payments
p. 3349.
x
rail
to
$6,109,742
and
other
previleges.—V.
-
Reliance Steel
See list given
first
on
on
first
Rio Grande
144,
nage
nage
common
stock,
trust certificates represent¬
$1 par.—V. 144, p. 2146.
River Raisin Paper Co.—15-Cent Dividend—
The directors
have declared a dividend of 15 cents per share on
the
stock, payable June 24 to holders of record June 10.
Similar
payment was made in each of the three preceding quarters, and a dividend
of 10 cents was paid on July 10, 1936, this latter
being the first dividend
common
1934
$3,273,674
308,846
70,353
$3,081,191
16,262,388
2,754,012
1,446,275
14,247,035
2,039,878
1,070,369
12,229,814
807,300
defl46,446
12,985,543
2,374,545
1,132,890
Net after rents
—V. 144, p. 3691.
St. Louis San Francisco & Texas
April—
362,740
45,737
Ry.—Earnings—
1935
'
1934
1937
1936
$118,386
8,504
def25,594
$93,168
defl7,895
def58,106
def37,617
$78,647
def5,518
def34,240
436,859
14,681
defl49,701
353,520
def82,315
def228,697
282,487
def85,204
defl92,791
314,864
def30,699
defl51,151
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$87,122
def9,359
—V. 144, p. 3018.
San Antonio Public Service
Co.—Change in Par Value—
The Securities and Exchange Commission has declared effective a declara¬
tion filed by the company and amendments thereto, pursuant to Section
7
of the Public Utility Holding Company Act of
1935, regarding the reclassi¬
fication and change of the declarant's outstanding 55,000 shares
($100 par)
common stock into a like number of shares of no
par value common stock,
and fixing of the stated value of such no par stock at
$70
the issue and
common
per share, and
new certificates representing the no par value
outstanding certificates representing the $100 par
exchange of
stock for
the
value common stock.
The proposed change from $100 par value stock to no
par value stock
a stated value of $70 per share will reduce the
aggregate capital rep¬
by such shares of common stock from $5,500,000 to $3,850,000.
The difference between those amounts will be transferred to
paid-in
with
resented
surplus,
effecting the elimination from its balance sheet
"going concern value
amounting to $2,507,263, and other
items of $136,022 and reserve a transfer of $353,933 to earned
surplus.
All of the common stock affected by the proposed transaction is owned
by
the American Light & Traction Co.
The proposed transaction has been
authorized by a vote of the holders of two-thirds of the stock of the
declarant,
including all of the common stock.
The change in the rights of the stock¬
holders, however, will not become legally effective until the directors certify
to the resolution of the stockholders and make the
necessary filings with the
Secretary of State of Texas.—Y. 144, p. 3517.
which will then be used in
of
an
item
San Diego Consolidated Gas & Electric
12 Months Ended April 30—
.
Gross operating revenues
Co.—Earnings
1937
1936
$8,119,758
$7,689,239
operating revenue & other income
3,412,667
3,315,052
y Net income
1,460,382
1,318,288
x Before
appropriation for retirement reserve (1937, $1,270,000, 1936,
$1,285,000) and after all taxes,
y After deductions for interest charges,
x
Net
amortization of debt discount and expense and other income deductions.—
V. 144, p. 3517.
Scovill
The
Mfg. Co.—50-Cent Dividend—
directors have
declared a dividend of 50 cents per share on the
stock, par $25, payable July 1 to holders of record June 15.
Like
amount was paid on April 1, last, and compares with a dividend of 75 cents
paid on Dec. 21 and on Oct. 1, 1936, and with 25 cents paid each quarter
previously.—V. 144, p. 2320.
common
Seaboard Finance
Corp.—Registers with SEC—
See list given on first page of this
department.—V. 144, p. 3191.
Security Aircraft Corp.—Registers with SEC—
See list given
on
first
page
of this department.
Selby Shoe Co.—New Director—
George A. Sloan was elected a director of the company on May 21.
His
election restored the directorate to nine members.
It was reduced to eight
when H. K. Ferguson resigned about a year ago.—Y. 144,
p.
3019.
Manufacturing Corp.—Stock Offered—Baker,
Simonds & Co., Detroit on May 17 offered 99,000 shares of
common stock
at $5 per share.
Of this amount 74,000
shares are offered by the company and 25,000 shares are
offered by certain stockholders, officers or directors.
Transfer Agent, Detroit Trust Co., Detroit.
Trust Co., Detroit.
Registrar, Union Guardian
History & Business—Company was incorp. in Indiana Nov. 14, 1916,
and was originally known as "Sheller Wood Rim
Manufacturing Co." Od
Dec. 18, 1929, name changed to present title, and at the same time
appro¬
priate steps were taken to obtain the benefit of a new General Corporation
Act adopted by the Legislature of the State of Indiana in that
year.
Since
the organization of the company, it has been continuously and
primarily
engaged in the manufacture of steering wheels for motor
plant in Portland, Ind.
vehicles
at
its
Sales of company's products are made directly to motor vehicle manu¬
facturers.
99% of the company's business is the manufacture and sale of
steerling wheels. The balance of its business is the manufacture and sale of
hard rubber and plastic gear shift knobs for use as original motor vehicle
23.3%,
20.1%,
17.5%,
9.4%,
8.5%
and 7.5%,
and to 31
pany on
for listing the voting trust
of
1936
$3,654,166
535,098
227,664
1935
542,268
290,018
$3,899,654
8,500 finished steering wheels of all types per day.
Capitalization—As a result of an amendment to the articles of the com
March 8, 1937, the capitalization of the company, is as follows:
of this department.
shares
Ry.—Earnings—2
1937
Gross from railway
Net from railway
Net after rents.
other customers approximately 13.7%.
At the present time the company's plant has a
capacity of approximately
Corp.—Registers with SEC—
The New York Curb Exchange has approved
representing 1,465,750 outstanding
$1 par, with authority to add to the listing voting
ing 629,244 additional shares of common stock,
Corp.—Admitted to Listing and
St. Louis-San Francisco
April—
respectively,
of this department.
Valley Gas Co.—Listing Approved—
certificates
Steel
equipment, the entire production of which in 1936 was sold to one customer.
During that year, the company's gross sales of all its products were dis¬
tributed approximately as follows:
To six motor vehicle manufacturers,
\
Corp.—Registers with SEC—
Retail Stores Credit
See list given
$5,121,587 $12,712,630 $11,267,865
carriers—express
&
Sheller
A total of $23,970,000 15-year
4J4% sinking fund notes due July 1,
1950 have been called for redemption on
Juiy 1 at 105 and interest. Pay¬
ment will be made at the
City National Bank & Trust Co. of Chicago or at
the Chase National Bank of the
City of New York.—V. 144,
x
Iron
The New York Curb Exchange has admitted to
listing and registration
the $2.50 convertible preferred
stock, no par.—V. 144, p. 3017.
and the rates of interest
upon the proposed new bonds in
respect of the respective merging corpora¬
tions, are as follows:
Paterson and Passaic Gas & Electric
Called—.
called
Rustless
were
first and
been
From Jan. 1—
Gross from railway
Net from railway......
1297.
Elmhurst, Long Island, N. Y., the real estate and machinery of the
plant of the company, which were sold at auction
recently by Aaron Krock
Pursuant
Inc.—Bonds
All of the
have
Anihnrfvpft
Pref. stock (par $100) refunding 6% cum., maturing
Nov.
1, 1939Common stock ($1 par)
$58,300
$57,500
:
250,000
139,839
Purpose—After deduction of expenses, company will receive, if all of the
74,000 shares are sold, the estimated sum of $303,931, which will be used
so far as determinable for the following purposes:
$57,500 will be used for the
retirement of the outstanding refunding 6% cum. pref. stock, and an esti¬
mated sum of $5,175 will be used for the payment of the accrued, dividend
thereon.
$34,392 will be used to pay the principal of certain notes given
-
3852
by the
Financial
Chronicle
June 5,
1937
Water Oil Co.' (now Tide Water Associated Oil Co.) only if, as, and when
oil is produced.
Instalments on this contingent payment are due monthly
for obligations incurred by it prior to Nov., 1929; $14,242
will be used to pay the
principal of certain notes given for equipment re¬
cently purchased; $16,750 wilf be used to pay the purchase price and in¬
in
stallation cost of four French Oil Mill Machinery Co. presses and give Elmes
presses which have been recently ordered.
from the Simms Oil Co. properties, except that for each of the first 36
the instalments are one-fourth of such value less $6,250.
company
Company intends to expand its plant by the erection of a new building
and the installation of new machinery and equipment.
It is estimated that
the cost of the building will be $17,500 and that the cost of the equipment
will be $56,300. The balance of these proceeds, in the estimated amount of
$102,072, will be used to increase the company's current asset ratio after the
payment of the liabilities and will be further used for purchasing and
maintaining inventories and financing customers' orders.
Options—Baker, Simonds & Co. has options to purchase 20,000 shares of
stock on or before March 31, 1938 at $7.50 a share. The proceeds therefrom
will, if the options are exercised, be received by the following stockholders,
officers or directors, who have given the options in the following amounts:
M. M. Burgess for 5,700 shares, $42,750; Mrs. E. F. Cartwright for 11,450
shares, $85,875; and J. R. Fleming for 2,850 shares, $21,375.
Underwriter—Baker, Simonds & Co., Detroit, is the sole underwriter.
Comparative Income Account
Month
■Years Ended Dec. 311936
1935
1934
Gross
sales, less
$266,546
225,971
13,357
$655,986
582,402
55,475
138,621
$49,188
$162,421
1,476
$27,217
230
$18,856
6,020
2,041
Total income
$2,049,160
1,748,117
78,618
747
Income deductions
Normal tax
$1,031,304
903,498
$18,108
Operating profit
Other income
on
Jan., 1937
disc'ts,
&c
Cost of goods sold
Sell., admin. & gen. exps.
Surtax
of
$49,418
6,360
6,500
$163,897
4,218
23,517
$27,218
undistrib. inc.
355
3,075
27.950
Net income
$10,793
$23,788
$108,211
$36,557
—V. 144, p. 3192.
Selected
Industries, Inc.—Accumulated Dividend—
Directors have declared the regular quarterly dividend of $1.37H a
share on the $5.50 dividend prior stock, payable July 1 to holders of record
June 16.
The directors also declared a dividend of 37K cents a share
(the regular quarterly rate) on account of arrears on the $1.50 cum. conv.
stock, payable July 1 to holders of record June 16.
After this payment
arrears on the convertible stock will amount to $7 a share.—V. 144, p. 2844.
an
The
on
equal to one-fourth of the value of the net oil and
amount
Sierra
Nevada
Mining Corp.—Common Stock Offered—
Capitalization—
7% notes due Nov. 1, 1934
5% notes due Nov. 1, 1937
Common stock ($1 par)
The 150,000 shares offered is not a new issue.
shares were all originally issued but the 150,000
x
to the
Outstanding
$12,000
188,000
x850,000 shs.
Authorized
$200,000
200,000
1,000,000 shs.
principal mount of this contingent payment remaining unliquidated
1937, was $3,258,463.
In addition, interest at 3% is receiv¬
March 31,
liability is established under the covenants of warranty in the agreement of
May 14, 1935, or if certain other non-admitted contingent liabilities of
Simms Oil Co. referred to therein are estbalished.
By agreement made on May 7, 1936, it was provided that Tide Water Oil
Co. (now Tide Water Associated Oil Co.) might withhold from the last por¬
tion of the contingent payment a sum equal to approximately $67,000 plus
interest if, at the time payment of such funds to Simms Petroleum Co.
would otherwise accrue, the title to a certain oil property is still in con¬
troversy.
b At March 31,1937, certain litigation was pending against'Simms Oil Co.,
involving possible liability of the nature referred to in note a, which, if un¬
successfully defended, would result in loss to Simms Petroleum Co.
In¬
cluded in such litigation is a suit brought by the trustee in bankruptcy of
Virginia Oil & Refining Co. in which the trial court decreed a judgment on
June 12, 1936, against Simms Oil Co., et al, upon the basis of which the lia¬
bility of Simms Petroleum Co. would approximate $328,000.
This judg¬
ment is being appealed.
Tide Water Associated Oil Co. has given notice
of its intention to deposit in escrow the monthly instalments on the contin¬
gent payment referred to in note a to the extent provided in the agreement of
May 14, 1935, until they equal the liability under the judgment, pending
determination of the appeal.
Such deposits made up to March 31, 1937,
in the amount of $266,926 are shown above under "contingent assets."
The above reserve has been provided for this and other possible losses of
this nature, as well sa for Federal income and excess profits taxes for 1935
and subsequent years, and is believed by the board of directors to be a
reasonable estimate thereof.
It is impossible, however, to determine with
accuracy at the present time the ultimate cost of these items and the reserve
of $720,419 may therefore prove to be either excessive or inadequate.
cThe reserve for revaluation provided at June 1, 1935, was based on an
estimate made at that date of the amount to be realized on sale of fixed
The amount realized to March 31. 1937 exceeded the
(although all of the property had not been disposed
excess was credited to capital surplus.
property.
this estimate
No
has
reserve
provided in the accounts for future expenses of
been
administration.
bearing purchase obligation of
$90,000 payable withip eight years out of 10% of the gross proceeds of
the
equal to the amount by which $200,000 exceeds the aggregate Federal
income, capital stock, and excess profits and corporate franchise taxes of
Simms Oil Co. from May 1, 1935, to Dec. 31, 1939.
Simms Oil Co.'ceased
a sum
operations in March, 1936, and shortly thereafter was
p.
Smith Brothers Refinery
Sierra Pacific Electric Co.
1936
1937—12 Mos.
$1,744,589
(T. L.) Smith Co.—Initial Preferred Dividend—
632,462
89,629
a246,954
657,102
81,353
208,687
Dr 70
$775,544
4,232
$693,259
3,965
$65,081
7,640
$69,821
8,333
$779,775
97,228
May
South Carolina Power
revenue.
-
35,000
preferred stock.
Balance
No
$969,068
648,806
$20,706
$333,406
$320,262
14,286
171,438
171,438
$22,078
Net income
$984,069
650,662
14,286
Int. & other fixed chgs__
18,000
$73,938
53,232
$36,364
Gross income
x
10,482
$61,487
10,477
$682,548
126,619
$597,225
126,628
$46,959
$51,011
$555,929
$470,596
209,226
206,000
1937—12 Mos—1936
$3,017,478
$2,721,956
1,794,409
1,548,887
239,000
204,000
$91,582
55,218
Prov. for retire, reserve.
on
Co.—Earnings—
1937—Month—1936
$282,450
$230,354
155,868
138,416
30—
..
Oper. exps. & taxes.....
Divs.
15 cents per
6% preferred stock, par $10, payable June 1 to holders of
20.—V. 136, p. 3921.
Period End. April
Gross
$6,419
$161,969
$148,824
provision was made in
1936 for Federal surtax on undistributed
No provisions
as all taxable income for that year was distributed.
has been made for such tax in 1937.—V. 144, p. 3192.
South Jersey Gas,
Electric & Traction Co.—Merger—
See Public Service Electric & Gas Co. above.—V. 124, p.
Southern Bell
237.
Telephone & Telegraph Co.—Earnings
Period End. April 30—
1937—Month—1936
Operating revenues
$5,239,141
$4,591,680
Uncollectible oper. rev.
20,888
_
Operating revenues
Operating expenses
$697,225
100,000
$57,441
Net operating revs
$69,891
41
Taxes
$135,864
36,705
$65,040
Maintenance
the
on
record
$5,218,253
3,386,777
15,951
1937—4 Mos.—1936
$20,753,142 $18,677,203
83,873
52,122
$4,575,72 9 $20,669,269 $18,625,081
3,086,047
13,385,760 12,349,360
$1,640,402
$138,794
43,225
10,205
a20,323
Operating revenues
Operation
Non. oper. inc.
(& Sub.)- —Earnings—
1937—Month—1936
Co., Inc.—Registers with SEC
The directors have declared an initial quarterly dividend of
Share
Officers—Fulton Copp (Director & Pres.), Joseph T. Buel
Period End. April 30—
dissolved.—V.144,
2675.
See list given on first page of this department.
gold produced.
Directors and
(Director & V.-Pres.), Arthur D. Nelmes (Director & Asst. Treas.), Edwin
L. Coyle (Director;, Frank R. Hurlbutt (Director, Sec. & Asst. Treas.),
Mel Newfield (V.-Pres.), Frank Shaver (V.-Pres.), Harry B. Lambert
(V.-Pres.), M. A. Phillips (V.-Pres.), Carl F. Bauman (Treas.), R. J.
Skillman (Asst. Sec. & Asst. Treas.), B. W. Wilson (Asst. SecA
Co. to receive
14, 1935,
from Tide Water Associated Oil Co. under the agreement of May
profits
corporation by its principal stockholders.
total of
of) and
the amount of such
The 1,000,000 authorized
shares have been donated
There is also outstanding a non-interest
produced
months
able thereon.
The amount to be received by Simms Petroleum Co. from
Tide Water Associated Oil Co. on this contingent payment, and also from
the escrow funds shown above, is subject to reduction in the event that
No value is included above for the right of Simms Petroleum
Capitol Investment Co., Philadelphia, recently offered 150,000 shares
of common stock at $3 per share.
Shares were offered as a speculation.
Transfer agent, Corporation Trust Co., New York,
Registrar, Chase
National Bank, New York.
The net proceeds ($337,500 if the whole issue is sold) to be raised by the
sale of this issue, are to be used: (1) to provide working capital up to $137,500.
(2) If net proceeds shall exceed $137,500, all in excess will be used
to redeem outstanding 7 % gold notes ($12,000) and 5% notes ($188,000).
Corporation was organized in West Virginia on Aug. 13, 1932, for the
purpose of acquiring and operating a group of placer gold claims, including
the drift mine locally known as the Bunker Hill mine in Plumas and Sierra
Counties, Calif.
Tne corporation since organization has been engaged in
carrying out the extensive development plan which was initiated and
partially carried through on the property by the previous owners.
The
properties are still in the development stage.
Upon completion of the
initial development it expects to carry on the business of drift and placer
mining in the ancient lava-capped river channels on its properties.
The property is stated by Charles Scott Haley, mining engineer, Marysville, Calif., (who is now company's), chief engineer, to consist of about
1,205 acres of mining ground, situated in Sierra and Plumas Counties,
Calif., at an elevation of approximately 6,000 to 7,000 feet, containing
proven sections of channel totaling approximately 7,500 lineal feet.
gas
(net)
9,398
19,870
Net operating revs
$1,831,476
Operating taxes.......
699,735
$1,489,682
578,467
$7,283,509
2,769,405
$6,275,721
2,347,454
$1,131,741
$911,215
$4,514,104
$3,928,267
Net operating income.
—V.144, p. 3192.
Southern Indiana Gas & Electric Co.—Earnings—
Balance
Retirement accruals
Gross income
Int. & amortization, &c_
Net income
Preferred
209,226
257,500
dividends
Common dividends
Note—The subsidiary company on Jan. 1, 1937
Commission system
of
accounts,
Period End.
1937—Month—1936
April ZD—
adopted the Federal Power
hence previous year's figures are not
1937— \2Mos—1936
$329,406
$295,190
$3,631,659
$3,366,686
Oper. exps. & taxes.__
205,751
165,539
2,043,518
1,945,374
Prov. for retire, reserve.
34,000
23,141
355,425
277,700
$89,655
28,670
$106,510
26,457
$1,232,716
336,402
$1,143,612
313,301
$60,985
$80,052
$896,314
$830,311
34,358
10,848
45,206
522,680
43,394
542,477
$15,778
$34,846
$330,240
$287,834
Grossrevenue
x
Gross income
Int. & other fixed chgs__
Net income
Divs.
on
preferred stock.
Amort, of pref. stock exp
exactly comparative.
for the Federal surtax on undistributed
for the year 1937, since any liability for such tax cannot be
until the end of the year,—V, 144, p. 3693.
h»a No provision has been made
net
income
determined
Silver
IW Assets—
$263,891
21,824
5,625
Notes receiv. (less $803 res.)_.
Accts. receiv. (less $632 res.).^
Accrued interest receivable.
1,689
_.
Due from a director
8
Notes receiv.—instals.
3,408
capital
stock
a3,636,501
..
of
outstdg.
331
766
$3,933,458 I
Total
a
Oil Co. under agreement of May 14, 1935:
sale
6,066,532
240,836
on
$335,613
$392,263
17,273
40,043
22,146
7,064
Drl,493
6,267
6,123
$32,596
9,825
foreign exch
$86,872
26,203
Operating loss
Loss
stockholders,
$71,092
8,806
$289,305
12,075
$363,994
12,497
$65,862
Interest
Loss, sale of unused bldg.
and machinery
(authorized cap¬
10,260
10,260
Cost
and
expenses
of
business reorganizat'n
Loss due to flood
$10 par
17,828
20,140
99,385
99,385
891,431
profit on sale of
Net loss
2,318,487
......$3,933,458
Arising in connection with sale of stock of Simms Oil Co. to Tide Water
Principal amount on account of
price receivable only if, as, and when oil is produced, and if not other¬
wise reduced as provided in said agreement of May 14, 1935 (in addition
3 % interest is receivable thereon as provided in said agreement), $3,914,623.
Escrow fund under agreement of May 14, 1935, $69,444.
Tne agreement of May 14, 1935, relating to sale of Simms Oil Co. stock,
provided that $4,155,000 of the consideration, therefor was payable by Tide
•
$5,915,105
6,293,841
207,257
Other income
Profit
profits taxes,
Simms Oil Co. stock
Total
in
val.: 36,350 shs. in treas.)—
Undistributed capital & surp
Unrealized
$6,165,484
3,523,320
124,645
litigations, in¬
ital 500,000 shs.,
cNil
Contingent assets..
2,313
loss
b720,419
int.
$3,561,093
3,771,931
104,203
$42
represented by 463,650 shs.
182
Fixed property
Defd. charges—ad vs., &c
Capital
1937—6 Mos—1936
$3,810,271
Deprec. & amortization.
contingent
title & other
of
p Sobrantes Oil Corp...
for
1937—3 Mos—1936
April 30—
Costs and expenses
&c
1938.
in
31, 1937
come & excess
matur¬
ing subsequent to Mar. 31,
Invest,
(A. G.) Spalding 3c Bros.—Earnings—
Period End.
Accounts payable.
Accrued expenses
Accrued taxes
Res.
provision was made in 1936 for Federal surtax on undistributed
Net sales.
Liabilities—
Cash__
No
as
Sheet—
Consolidated Balance Sheet March
x
Erofits asmade for such tax infor that year was distributed. No provision
been
all taxable income 1937,—V, 144, p, 3694,
Syndicate, Inc.—Registers with SEC—
See list given on first page of this department.—V. 144, p. 1299.
Simms Petroleum Co.—Balance
Balance
—V.
144,
$52,680
p.
$197,111
$311,639
$496,016
2148.
Spang, Chalfant & Co., Inc.—Accumulated Dividend—
The directors have declared a dividend of
accumulations on the
6%
holders of record June 15.
$4.50 per share on account of
pref. stock, par $100, payable July 1 to
This compares with $1.50 paid on April 1, last,
cum.
$7.50 paid on Dec. 24, 1936; $3 on Oct. 1, 1936; $2.50 on July 1, 1936; $1.50
on April 1,
1936; $4 paid on Dec. 31, 1935; $1.50 on Oct. 1, 1935; $1 on
July 1, 1935, and 50 cents on April 1 and Jan. 2, 1935, and on Dec. 31,
1934, this latter being the first distribution made since April 1,1932, when a
regular quarterly dividend of $1.50 was paid.—V. 144, p. 3518.
Southwestern Associated
■
-
-
Period End.
3853
Financial Chronicle
144
Velum*
Telephone Co.—Earnings—
--
April 30—
1937—4
1937—Month—1936
$97,884
$78,544
100 J*
100
Operating revenues
Uncoil, oper. revenue
$375,424
400
Operating revenues
Operating expenses
$97,784
59,096
$78,444/
51,742
$375,024
223,530
$310,951
195,085
Net oper. revenues
$38,688
7,030
$26,702
4,876
$151,494
27,785
$115,866
19,294
$31,658
$21,826
$123,709
$96,572
Operating taxes
Standard Oil Co. of New
$311,351
400
compared with the corresponding
719,360 kwh., an increase of 13.2%,
week last year.—V. 144, p. 3694.
Mos.—1936
Jersey—W. C. Teagle Resigns
Presidency—
W. C. Teagle, for the last 20 years President of the company, has re¬
linquished his duties in that capacity, effective immediately, and assumes
the Chairmanship of the Board, it was announced at the conclusion of the
meeting of stockholders on June 1.
W. S. Farish, formerly Chairman,
becomes the new President.
Mr. Teagle stated that he was giving up the
post in order to enjoy more freedom for special work.
W. E. Pratt, a Director and Vice-President of Humble Oil & Refining Co.,
was elected a director of this company to succeed the late Chester O. Swain.
Mr. Pratt will join Standard Oil Co. July 1.—V. 144, p. 3519.
„
^
Net oper. income
—V. 144, p. 3020.
Spicer Mfg. Corp. (& Subs.) —Earnings—
(A. E.) Staley Mfg. Co. (& Subs.)—Earnings—-
1936
1935
1934
1933
$2,887,138
313,639
Calendar Years—
Gross profit
Other income
$1,580,115
164,755
$1,596,480
$1,094,552
179,691
128,636
Consolidated Income Statement Years Ended Dec .31
Gross
$1,744,870
646,346
40,286
63,921
$3,200,777
872,780
36,692
230,570
Surtax on undist. profits
15,873
Depreciation
556,101
Admin., gen. & sell.
Other charges (net)
exp.
_
Federal taxes
Net profit
$1,776,171
641,067
43,707
77,646
$1,223,188
365~604
income
343",950
641",044
591,476
121,367
1
turns, allow., frieght,
&c
Compar¬
able
gen. exp__
Prov. for doubt, accts.—
21,975
Surplus, Jan. 1
P*Total surplus
Divs. paid on pref. stk__
Common dividends
$3,755,830
210,000
900,000
$2,477,070
210,000
$2,105,256
$1,651,905
256,899
216,450
$2,645,830
300,000
$2,267,070
300,000
$1,848,357
300,000
$1,435,456
(no par)
on coin.__
$4.26
$1.39
$1.37
Nil
47,885
46,237
x$l,958,267
27,560
$545,068
20,373
$1,323,898
18,857
$1,918,096
20,206
$1,985,827
$565,441
38,798
$1,342,755
29,384
32,566
$1,938,301
34,378
$2,015,211
188,292
1,398
$604,239
217,770
2,552
$1,375,321
217,802
2,307
$1,972,679
228,142
2,393
14,034
9,422
21,292
7,715
21,290
9,084
22,759
net
$669,800 loss$130,699
1,435,456
1,782,604
$628,713
1,848,357
Operating profit
Other income
Total income
Earned surplus
com. out.
Earns, per sh.
300,000
Interest
Tax
1936
1935
and expense
Land, buildings,
mach'y & equip_ $4,336,506 S4,175,641
Cash
751,492
601,316
Accts. & notes rec. 1,110,879
1,128,944
y
z
Other interest
1935
1936
Liabilities—
x
Loss
$6,028,750 $6,028,750
Treasury stock_Drl046,582 Z>rl046,582
payable
& sundry accr.
_
Inventories-2,637,619
1,920,446
Reserve for taxes.
Invest, and ad vs..
998,179
1,081,889
23,816
1,534,431
271,322
1,172,374
29,558
399,795
2,645,830
18,946
399,795
2,267,070
Employee's saving
28,429
Deferred charges.
_
disposition of
bldgs. and equipment
Capital stock
Accounts
fund deposits
Capital surplus—
Earned surplus
91,699
Total.......-.$9,863,103 $8,932,052
x
After depreciation of $6,946,653 in 1936 and $7,639,821 in 1935.
y}Represented by 100,000 no par shares of cumulative pref. stock, $3
dividend, and 300,000 no par shares of common stock, z 30,000 shares of
pref. stock.—V. 144, p. 3518.
Loss
"2",934
sale of securities.
on
31",002
16,970
16",481
21,649
261,295
25,314
42,805
160,589
236,535
$1^60,568
$292,200
Sundry charges
Prov.
for
Fed.
inc.
tax
(est.)
Surtax
for
undist.
on
profits
After deducting
depreciation, $713,722.
Consolidated Balance Sheet Dec. 31
s
1,362,409
receivable
1,222,698
7,199,173
365,150
1,344,769
3,291,115
351,608
405",301
_—10,354,870
9,064,951
inventories
_
Sink, fund deposit-
^ connection with the purchase of nine locomotives costing
Otherassets
b Real est.,
to be constructed
by American Locomotive Works and three passenger
locomotives to be built by Baldwin Locomotive Works.—V.
144, p. 3694.
Prepaid
Square D Co.—35-Cent Dividend—
Magin, President of the company, said arrangements had been
completed for exchange of all of the 123,226 shares of class A preferred
or
?lass ® conunon shares of $1 par value, except 10 shares which
5e redeemed as of June 30.
for
Total
gQRo
p. 3352.
A special stockholders meeting has been
structure to one class stock, to be called
common stock.—V. 144,
Eer share on the June par new common stock, both payable June 20
olders of record $10 10.
to
„The company's common stock was recently split on a 10-for-l basis—
10 new $io par shares being issued for each old
$100 par share.
See V. 144,
p. 791 for record of dividends paid on old common stock.—V. 144,
.
p.
Standard Brands, Inc.— To Issue 200,000
3193.
Pref. Shares—
The company on June 2 filed with the SEC a
registration statement
(No. 2-3212, Form A-2), under the Securities Act of 1933
covering 200,000
shares (no par) cumulative
preferred stock. The dividend rate is to be
furnished by amendment to the registration statement.
•According to the registration statement $8,700,000 of the net proceeds
the company to pay the principal
from the sale of this stock will be used
by
of
temporary bank loans incurred on May 6, 1937, as follows: Bankers Trust
Co., $2,000,000; J. P. Morgan & Co., $2,000,000; Guaranty Trust Co.,
$2,000,000; the New York Trust Co. $1,000,000; Central Hanover Bank &
Trust Co., $1,000,000, and the Chase National Bank, New
York, $700,000.
Interest due on the loans will be provided from other cash of the company,
it is stated.
The company states that the balance of the proceeds has not been allo¬
cated to specific uses and will be added to working capital and used in the
business of the company and subsidiaries, as may be determined
by business
conditions and trade development.
It is stated that part of the proceeds
be used for "the acquisition or improvement of plants, equipment,
other property or businesses, if deemed advisable in the
light of future
may
opportunities."
761,725
-
3,629,500
_.
bonds 3,925,000
350,000
pref. stk. 5,000,000
Common stock
4,200,200
7%
400,018
sink.
cum.
3,028,105
450,000
5,000,000
4,200,200
1,693,619
Stewart Warner Corp.
writer.
The price at which the stock is to be offered to the public, the names of
other underwriters, the underwriting discounts or commissions, and the
redemption provisions are to be furnished by amendment to the registration
statement.—V. 144, p. 3193.
Standard Gas & Electric Co.—Committee
for the $4
Preferred Stock Says All Other Classes of Stock Stand to Gain in
Proposed Reorganization Plan—
The protective committee for holders of the $4 cumulative preferred stock,
in a letter to holders, opposes the amended plan of reorganization filed in
District
(& Subs.)—Earnings—
1933
$2,024,870
3,015,884
exp__
Balance, profit
$6,891,865
3,489,832
$5,899,948
3,183,268
$4,477,559
3,225,452
$2,716,680
49,569
$1,252,107 loss$991,014
71,470
199,342
$2,766,249
764,486
277,449
$1,323,577 loss$791,672
707,888
851,927
43,722
147,460
$2,113,234
1,241,847
$1,724,313
620,923
$571,9681oss$1791060
$871,387
1,241,847
$1.70
$1,103,390
1,241,847
$1.39
$571,968df$l ,791,060
1,246,847
1,246,847
37,779
$3,439,812
750,820
434,028
undistrib. prof
141,730
—
Prov. for deprec. & obsol
Fed. & Can. inc. tax.,&c.
Net profit for year—
Dividends.
Surplus
Shs. cap. stock (par $5)
share
per
3193.
$9,920,226
7,895,356
Miscellaneous income
Earnings
p.
$3,402,033
Gross profit
Sell., adm. & gen.
on
144,
1936
1935
1934
$27,074,509 $20,479,164 $17,075,344
20,182,644
14,579,216
12,597,785
Cost of sales
Surtax
20,717,563 15,758,787
Total
for depreciation.—V.
Nil
$0.46
Consolidated Balance Sheet Dec. 31
1936
1936
1935
Assets—
Cash
on
Liabilities—
in banks
&
hand
2,412,188
U. S. Govt. sees. &
in
alties
market'lej
14,477
securities
a
Notes & accts .rec 3,481,441
5,236,942
Inventories
-
current
_
2,090,109
3,539,761
509,806
502,937
-
re¬
ceivables, &c—
Land &
$
1,399,067
845,178
Res.
1,548,655
895,520
167,000
accrued-.
for
183,000
750,000
56,200
6,502,910
possible
loss on royalty &
Deferred charges
Non
payable.
Commis.,
wages,
taxes, int. & roy¬
bankers' accepts
In vs.
$
Accus.
1,334,293
1935
59,165
•
90,185
bldgs. not
used in operation
pat. claims, &c_
Other reserve
856,600
Deferred income..
88,908
c Capital stock...
6,502,910
5,251,992
Capital surplus
Surplus—earned
2,546,744
5,251,992
1,675,357
_.
1,074,525
1,072,500
chinery & equip. 6,372,028
d Treasury stock.
Dr293,675 Dr293,675
6,144,326
_
b Land, bldg., ma¬
Pats., trade-marks
Morgan, Stanley & Co., Inc., of New York City, is the principal under¬
S.
reserve
Calendar Years—
,
the U.
&c-
1st mtge. 6%
fund bonds
Earned surplus—
Total profit
(A. E.) Staley Mfg. Co .—Initial Dividend—
The directors have declared an initial
quarterly dividend of $1.25 per
share on the $5 series
preferred stock, and an initial dividend of 20 cents
or
Accrued taxes, int.,
.20,717,563 15,758,787
b After
July 14 to authorize issuance of new stock certificates and to
approve other legal details in connection with changing the
company's
►
2,900,000
290,240
198,635
Sales, less returns, &c
W.
ii
385,450
no par
Exchange Arrangements Completed—
called
insurance
bond disc., &c..
a dividend of 35 cents per share on the class B
value, payable June 30 to holders of record June 20.
This
compares with 25 cents paid on March 31, last; $1.50 paid on Dec. 19,1936;
25 cents on Sept. 30, 1936; 12K cents on June 30, 1936; and a dividend of
25 cents plus an extra of 10 cents
paid on March 31, 1936.
These latter
payments were the first made since Dec. 31, 1930 when the company paid a
dividend of 50 cents per share on this issue.
552,533
Reserve for conting
prem., unamort.
The directors have declared
stock,
Accounts payable.
Notes payable
1st mtge.4%
bldgs.,
equip. & rolling
stock
$
$
Liabilities—
$
1,025,428
Cash
1935
1936
1935
1936
Assets—
Spokane, Portland & Seattle Ry.—To Issue Equip.—
a total of $1,The equipment consists of six simple mallet freight locomotives
$947,768_ $1,455,722
selling, adm. & gen. expenses, $2,536,213, provision
doubtful accounts, $37,878,
authority to issue
590,403.
5,040
23,885
Accept. & accounts
The company has applied to the Interstate Commerce Commission for
and sell $1,200,000 2H% equipment trust certificates
439
on
_
x
Total.______..$9,863,103 $8,932,052
funded debt.
on
bond interest
on
Amort, of bond discount
Consolidated Balance Sheet Dec. 31
Assets—
$15,606,062 $14,796,461 $12,101,994
12,776,263
10,912,991
8,137,453
2.262,756
2,511,688
2,000,209
Not
Cost of goods sold
Sell., adm., &
$1,488,760
2,267,070
Shs. of
1933
1934
1935
1936
Gross sales, less disc., re¬
Court in
Delaware
on
the ground
that it betters the
position of all other classes of securities.
The proposed plan, according to the committee, compels holders to
give
rights to cumulative dividends and to accept in exchange the new
convertible second preferred stock, which is entitled to non-cumulative
dividends of $2 a share and which is convertible and callable plus 1 K shares
up
of common stock.
Such treatment, the committee holds, is without justification in view
of the greatly improved earning position of the company since the filing with
the Securities and Exchange Commission of the original plan, which pro¬
vided ' 'merely for the extension of maturing notes and left undisturbed the
rights of the $4 preferred stock."
The committee says that the plan, under which holders of notes and
debentures may exchange their securities in part for common stocks of
companies now comprising the system would result in the loss to the com¬
pany of the present and prospective earning power of stocks so transferred.
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended May 29, 1937 totaled 105,-
good-will, &c_._
1
.18,068,201
Total
1
15,866,483
Total
18,068,201
15,866,483
a After
reserves of $275,976 in 1936 and $303,649 in 1935.
b After
depreciation of $7,510,956 in 1936 and $7,505,428 in 1935.
c Represented
by shares of $5 par value,
d Represented by 58,735 shares purchased
at a cost of $818,777, the difference having been charged to surplus.—V. 144,
p. 3021.
(Hugo) Stinnes Industries, Inc. (& Subs.)—Earnings—
Consolidated Income Statement (Company and Subsidiaries)
Calendar Years—
1936
Gross earnings
Other oper. and miscell.
income and credits—
1935
$3,227,706
$2,578,375
1934
$2,276,361
1933
$2,226,354
582,438
576,071
641,184
586,590
$3,810,144
1,806,793
358,969
Mtge. & other int. pay__
Int. on 20-year deb
280,465
Deprec. of properties
504,435
Allow, to assoc. company
98,634
11,955
Deprec. of investments.
Capital exp. written off.
Losses due to exchange
variation (net)
>3,154,446
1,635,575
317,637
299,369
431,000
105,855
17,042
40,242
52,917,545
1,651,840
304,330
354,180
482,880
127,381
15,631
16,666
$2,812,944
1,616,742
204,188
536,114
452,818
13,283
69,966
151,631
22,601
194,738
Total income
Gen. and admin. exps__
Reserve
for
bonuses
"3",063
5,225
to
managers, amortiz. of
financingexps. .profits,
taxes, &c._
Miscellaneous.
Net profit for year—
214,047
5,454
$529,392
129,394
$178,332 loss$227,878 loss$269,910
Financial
3854
Consolidated Balance Sheet Dec. 31
1936
1936
$
Funded debt
bLd.,blCigs.,mach.
& equip., &C-- 6,107,857
to alfil. & other
4,191,500
508,533
Mtges. payable—
Other long-term
indebtedness—
companies
Prepay,
13,296,246 13,448,680
Accts.
work in progress
161,426
1,318,169
1,068,167
3,392,637
164,334
1,299,108
Inventories
Accts. receivable..
Bills receivable--
4,377,311
Current acct. with
from
secur.
50,285
2,003,030
Def. chgs. to oper.
Cash in banks &
611,671
3,233,335
72,929
363,142
U.
S
29,422
65,781
_
(subsidiaries) .158,310,500 158,161,000
(sub904,452
1,696,023
sldiaries)
Accounts
Treasury
1,500.000
bills, at cost—
540,737
598,575
—
29,099,779 26,563,1501
.
and
accounts
9,041,695
113,355
9,042,477
58,187
Represented by 220,000 shares at $5 per share,
b After depreciation
of $4,099,087 in 1936 and $3,614,574 in 1935—V. 144, p. 3193.
See list given
on
first
page
rentals
of this department.
Income
Statement
(Hugo
Calendar Years—
1936
Gross earnings
$3,361,433
Dividends from Mathias
&
Subs.)
1935
1934
1933
$2,557,458
$2,281,680
and
$2,258,236
835,453
Total income
$3,996,006
General and admin, exps
1,979,456
$3,169,565
1,772,013
53,117,133
1,750,736
$3,000,792
1,781,589
403,424
299,369
276,387
531,812
54,290
40,208
395,364
341,240
292,664
578,907
14,913
16,305
288,313
536,115
353,170
544,709
3,063
5,225
79,595
462,875
114,012,656
pref'd
stocks
(subsidiaries).
1,515,646
(subsidiaries).
526,851
com.
and
other
disc,
429,979
280,465
249,860
607,078
23,901
20-year gold deb.
Int. on 10-year gold notes
Deprec. of property
Deprec. of investments.
Capital exp. written off.
on
Losses due to exch.variat
Reserve for bonuses to
managers,
and
152,401
ex¬
prem.
on
re¬
funded issues.
10,514,978
10,442,206
Unadj. debits—
977,616
1.050,034
403,457,514 401,582,355
Represented by 2,104,391
prof$203,848
1936
c
$338,842
$425,397
S
1936
1935
S
Liabilities—
$
10-yr. 7% g. notes 3,782,500
20-yr. 7% sink. fd.
g. debs, of Hugo
13,970,942
Stinnes Inds.Inc 4,191,500
1,419,931
4,404,500
1,159,428
151,242
312,568
Other
long-term
indebtedness
2,057,271
1,293,028
1,605,994
Ld.,bldgs.,mach.
Snd equip., &c._ 12,093,836
Invest, in & advs.
to af fil. &oth .cos.13,626,082
Mtges. payable-
on
constructional
work in progress
Long-term
—
a
Bank loans & over¬
acts.
receivable
Inventories
1,869,284
Accts.receivable..
4,414,176
161,568
50,938
552,170
1,547,440
1,429,838
3,574,937
164,334
48,246
369,851
143,893
105,088
drafts
secur.
Cash
Deferred charges to
operations
2,005,866
5,032,634
3,829,417
1,920,244
Min. int. of subs..
1,782,366
18,786
65,781
78,383
434,988
522,774
29,784
611,671
Accts. pay. to af fil.
companies
Insurance reserve.
Deferred income..
.
17,702
62,597
72,929
Net income
34,699,183 32,542,689'
Total....
—34,669,183 32,542,689
b
Represented by 988,890 shares at $5 per share,
c After depreciation
of $4,804,431 in 1936 and $4,217,268 in 1936.—Y. 144, p. 3193.
Struthers-Wells-Titusville
1937
a
diary
7,230,249
1,773,342
Secur.
of
6,529,955
1,606.007
27,733,544
c6,850,781
4,598,500
4,598,500
other
Sundry
companies..... 3,866,906
on
3,608,949
Reserve
2,388,058
2,037,836
Other notes, int. &
provided
396,433
304,626
purchase account
22,946
9,243
Unadj credits..
f Capital stock
20,000,000 50,000,000
—
Capital surplus...51,799,354 21,601,813
Earned surplus
258,039
def40,482
814,471 fr. subs.
(1936—815,650),
lessreserve
rec.
1,813
29,490
31,122
11,609
100,077
11,420
liabilities.
for long term stk.
hand
Account
$
pay.,
d Taxes accrued..
Cash in banks and
22,329
18,312
from
officer under long
term
stock
pur.
contract.
390,23
482,045
Furniture & equip.,
less allowance for
34,825
2,509
depreciation
Sundry assets
Unadjusted debits
Total
25,425,183
5,586,906
incl.
SI 1,502 to subs.
(1936—SI ,648).
from
rec.
subsidiary
Subs.)—Earnings—
Period End. Mar. 31— 1937—3 Mos.—1936
1937—12 Mos.—1936
Gross earnings
$14,581,265 $13607,109 $57,676,287 $52,970,119
expenses....
Accts.
1936
$
Liabilities—
S
61,193,813 61,224,553
cos
b Notes
Nov.
Taxes
1937
1936
§
Stocks of subsi¬
accts. rec., incl.
,
$251,525
Comparative Balance Sheet March 31
Assets—
Corp.—Bonds Called—
The company has made arrangements for the call for redemption on
1, 1937 of all of its first mortgage 15-year
sinking fund gold
bonds, due Nov. 1,1943, outstanding in the principal amount of $1,032,000,
at 103% of their principal amount plus accrued interest at the rate of 6K %
per annum from May 1, 1937 to Nov. 1, 1937.
The company has further
made arrangements with the Marine Trust Co. of Buffalo, as trustee, to
pay any bonds presented for redemption prior to the redemption date, such
payment to be made on the basis of 103% of their principal amount plus
accrued interest at 6^% per annum from May 1, 1937 to the date of pre¬
sentation plus interest at the rate of 3 % per annum from date of presenta¬
tion to Nov. 1,1937.—V. 144, p. 3519.
$733,554
mined until the end of the year.
c
Stone & Webster, Inc. (&
—
a Expenses
include, in addition to fixed rental payments for space oc¬
cupied, $151,853 (1936—$59,246) paid to Stone & Webster Realty Corp.
under the terms of its net lease of the Boston office building owned by
that corporation.
b Includes $41,000 Federal surtax on undistributed profits for the year
1936.
No provision has been made for Federal surtax on undistributed
profits for the year 1937, since any liability for such tax cannot be deter¬
172,143
Capital surplus... 7,969,813
7,969,813
b Capital stock
4,944,450
4,944,450
Earned deficit
314,429
323,227
Liquidation acct—
def297,627
Operating
$969,568
677,512
36,780
3,750
bl43,231
Interest (all to subsidiaries)
393,087
Bills payable
Accounts payable.
Adv. from custom
Total
$1,583,278
706,493
Total earnings
Operating expenses
Taxes
354,870
Accrued liabilities.
Marketable
2,043,200
618,249
Def. Int. on notes.
Bills receivable—
263.409
69,434
Other dividends, interest and miscell. earnings
on sales of securities
Profit
3,943,000
11,019,445
$636,724
318,312
13,497
.
$485,426
64,333
86,965
$1,251,469
.
Other
$793,679
1936
1937
$1,106,450
50,694
94,325
.
-
Total
1935
$
Prepayments
403,457,514 401,582,355
Total—
shares.
12 Months Ended March 31—
Consolidated Balance Sheet Dec. 31
Assets—
no par
Comparative Income Statement {Parent Corporation Only)
Interest
Net loss for year.
-
Revenue from subsidiaries—Dividends
5,454
6,321,990
50,000,000
22,013.049
2,609,273
expense & call
202,692
accruing to min. share¬
holders
6,440,147
Capital stock. 20,000,000
Capital surplus. 52,489,896
Deficit
1,328,103
x
pense, incl. un-
x
130,904
14.099.58S
amort. disc. &
profits, tax,
215,965
482,045
debt
Total...
statutory reserve, &c_
Share of profs, of subs,
390,239
purch contr..
int.
payable
Int.
11,331,855
stocks <fc
surplus of subs
long term stk.
Mtges.,
78,679
Minority ints. in
from
under
Unamort'd
78,679
Cum. pref. divs
not
declared
mtges..
rec.
officer
594,634
36.679
2,409
trustees
742,556
2,055,644
1,946,987
...
—
credits..
Unadj
Prem. & disc, on
deposits
under
612,107
——
Preferred stocksl 14,012,601
trustees
Acct.
634,573
311,733
&c
Special
whooly owned subs.
invests., int. rev.
531,110
339,375
,
Injury and
damage claims
of
with
and other income
425,523
charged
presenting cash
held by bond
Stinnes mines & other
not
notes & accts
insur.,tax., &c
Sink, funds, re¬
Stinnes Corp.
doubtful
on
2,837,714
on
less
Prepayments
(Hugo) Stinnes Corp.—EarningsConsolidated
prov. for losses
3,026,587
rental,
26,518,498
Other res., incl.
amounts
Corp.—Registers with SEC—
28,574,218
future property
down
Appliances
Steel Materials
51,432
767,462
513,912
784,559
prov.for
repre.
retirements..
plies, at cost or
written
240,287
Retire, reserves,
incl. instalment
Interest receiv..
29,099,779 26,563,150
Total-
4,768.952
463,932
declared
Divs.
(subsidiaries).
Customers'deps.
Sundry liabilities
from
misc. sources,
a
2,689,867
5,855,596
accrued
Materials & sup¬
Total..
2,757,275
pay..
Interest & taxes
Notes & warrants
customers
notes
coupon
13,870,238
14,838,880
Accts. rec
$
&
Notes pay
hand
on
receivable
171,717
62,597
Deferred income.
Insurance reserve17,702
18,786
a Capital stock...
1,100,000
1,100,000
Capital surplus--.11,000,000 11,000,000
Earned surplus...
245,131
836,319
342,099
103,561
and
cus¬
tomers
48,245
485,351
137,746
Cash*—.
Bonds, mtges
equipm't.345,600,978 341,663,360
Securities
16,126,045
18,634,597
and
1936
1937
Liabilities—
$
$
plant
1,899,946
2,041,928
618,249
Accounts payable. 4,612,003
Min. int. of subs..
78,383
Accrued liabilities.
501,886
Advs.
HugoStinnesCp.
Marketable
loans
1936
1937
Trade bills payable
1,417,023
1,445,497
1,587,710
Comparative Consolidated Balance Sheet March 31
Assefs—
Property,
overdrafts
acots.
receivable
$57,873 Federal surtaxes on undistributed profits.
Except
subsidiary companies, no provision has been made for Federal
profits for the year 1937, since any liability for
such tax cannot be determined until the end of the year.
in case of two
surtaxes on undistributed
1,114,628
pay.
312,568 Bank
151,242
4,404,500
262,822
with
ailil. companies. 1,752,905
on constr.
Long-term
$
1,744,084
Invests, in & advs.
4,947,667
1935
$
Liabilities—
June 5, 1937
Includes
c
1935
$
Assets—
Chronicle
a
45,159
2,595
21,170
1,204
72,494,367 72,043,136
Carried
at
written down values
72,494,367 72,043,136
Total...
as
of Jan.
1,
1932, and cost of sub¬
sequent purchases,
b Includes $3,551,000 income note of the Stone &
Webster Building, Inc.
c Carried at written down values as of Jan. 1,
1932, and cost
or
subsequent purchases.
The quoted market or manage¬
ment's estimated fair value
Balance
Int.
on
Amort,
bonds & mtges.
of debt discount
_
and expense
Other interest
Approp. for retire. res__
$5,577,674
1,882,705
166,491
28,756
1,477,460
$5,471,148 $23,091,963 $21,958,030
1,938,496
8,126,343
7,710,344
157,553
26,012
1,364,854
647,912
114,664
5,797,623
613,790
89,298
5,405,576
was approximately $5,568,000 on March 31,
1937 (1936—$5,389,000).
d See Note B on above income statement,
f Represented by 2,104,391 no par shares.—V. 144, p. 2500.
Strouss-Hirshberg Co.—Larger Dividend—
The directors have declared
a dividend of 25 cents per share on the com¬
stock, par $5, payable June 15 to holders of record June 5. This com¬
with 22 H cents paid on March 15, last. Dividends totaling $1 per
share were paid during 1936.—V. 144, p. 3194.
mon
pares
Balance
$2,022,261
$1,984,233
58,821,419
1,310,526
593,406
5,246,094
2,373,830
$711,735
$1,390,827
$3,575,326
$5,349,193
$7,723,022
Divs.
on pref. stocks of
subsidiaries, declared-
Superior Water, Light & Power Co.—Earnings—
Month
Balance
Amount
applic. to cum.
pref. divs. of subs., not
declared
Period—
1,102,199
1,609,676
14,243
22,566
149,861
Feb. 29 '36
$83,504
63,941
$972,897
757,049
$935,318
706,934
Net operating revs...
Other income
117,442
Bal. applic. to Stone &
Webster, Inc. before
allowing for loss, as
below
12 Months Ended
Feb. 28'37
Feb. 29 '36
$16,145
$19,563
$215,848
10
11
364
$228,384
726
$16,155
$19,574
$216,212
5,450
96,406
$229,110
5,450
94,689
4,193,815
Amount applic. to mino¬
x
Ended
$81,139
64,994
Gross income
403,418
rity interests
Feb. 2$ '37
Operating revenues
Oper. Revenue deduct's_
Interest
on
mtge. bonds.
Other interest
$294,074
$266,063
$1,815,789
$1,037,936
454
454
7,690
i
7.526
Int. chgd. to constr.(Cr)
2
24
42
$8,011
$11,596
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$114,380
$129,013
Allowing for loss in in¬
vest.
in
com.
stock
Net income
of Engineers P. S. Co.
14,840
266,128
Bal. applic. to Stone &
Webster, Inc. after
allowing for loss, as
above
x
x
$294,074
Measured
$251,223
$1,815,789
$771,808
Regular dividend
on
35,000
35,000
$79,380
Balance
$94,013
7% preferred stock was paid on Jan. 2,1937. After
the payment of this dividend therewere no accumulated unpaid dividends
by cumul. pref. divs. not earned within the periods less
minority interests. Such amounts are not a claim against Stone & Webster,
at that date.
k^Inc. or its other subsidiaries.
for 1936, inasmuch as the company reported no
x
Note—No provision was made for Federal surtax on
undistributed profits
undistributed adjusted net
I
Volume
144
Financial
income for that year.
—V. 144. p. 3696.
Sun Life Assurance Co. of Canada—Dividend-—
The
directors have declared a dividend of $3.75
per share on the capital
stock, payable July 1 to holders of record June 15.
Similar payment was
on April
1, last, this latter being the first dividend paid by the com¬
made
ply since JuIy 1. 1932, when
a
112i.
P.
Sun Oil Co.
Chronicle
No such provision has been made to date for 1937.
similar distribution
was
made.—V. 144,
1936
1935
1934
1933
inter-companysales)-$105,446,627 $88,524,940 $82,667,367 $66,223,753
Costs,
oper. & gen. exp. 83,415,966
Taxes (incl. est. Federal
income tax)
d4,304,445
68,387,827
63,689,767
49,727,411
d2,985,631
d2,671,339
3,033,941
1,519,869
dl,887,989
1,871,416
1,088,825
Intangible dovel. costs..
4,225,709
Depletion & lease amort.
1,139,891
Deprec., retirement and
other amortization.6,062,299
Net oper. income
3,641,975
1,427,524
6,065.279
$6,298,317
Symington-Gould Corp.—Annual Report—
The modified plan of reorganization, adopted
Sept. 30, 1935, of The
Symington Co. and The Gould Coupler Co. was consummated on Oct. 29,
1936, and the securities issuable under the modified plan in exchange for
outstanding securities of those companies have been available since that
date.
As an incident of the modified plan, the name of The Symington Co.
was changed to The
Symington-Gould Corp. and the taking by the corpora¬
tion of the other steps contemplated
by the modified plan was authorized
at the special
meeting of stockholders held July 22, 1936 and by the board of
directors.
(& Subs.)—Earnings—
Calendar Years—
Gross oper. income (excl.
5.524,352
5,189,097
$6,228,100
1,028,972
56,459,015
1,310,403
Non-oper. income (net).
1,575,249
$6,016,704
1,458,427
Total income
Int. and disct. on funded
$7,873,566
$7,475,131
$7,257,072
$7,769,418
263,782
44,949
280,443
93,056
447,943
156,941
655,890
134,905
1,282
1,394
1,724
Net prof. accr. to corp. $7,563,554
Earned surplus beginning
$7,100,239
$6,650,464
$6,971,844
9,609,319
194,037
10,778,750
195,524
10,999,864
209,739
As contemplated by the modified
plan, all of the assets of Gould Coupler
Co. were transferred as of Aug. 31, 1936, pursuant to various orders of the
Federal District Court in Buffalo to Gould
Coupler Corp., a new corpora¬
York, which assumed all obligations of The Gould
Coupler Co. except the outstanding bonds of that company.
Upon consum¬
mation of the modified plan, The
Symington-Gould Corp. acquired and now
holds all of the then outstanding
capital stock of Gould Coupler Corp. and
joined with that corporation in the issuance of their joint and several 1st
mtge. conv. income bonds, due Feb. 1,1956.
At the same time corporation
issued its common stock and stock
purchase warrants in exchange for its
outstanding class A shares and common shares and to the holders of out¬
standing bonds and class A shares and (upon subscription) common shares
tion organized in New
6,779
and
long-term debt—
Other interest
Net income accrued
of The Gould
of period-.Adjustments—Dr_-
Total surplus
on
Stock div.
on com.
9,512,101
237,349
3 16,838,306 $16,515,520 $17,233,690 $17,761,969
600,000
599,995
599,985
599,551
2,021,184
1,884,706
1,722,602
1,576,506
stock
4,164,117
4,518,717
5,301,784
4,807,162
Earned surp. unappro¬
priated end of period.$10,053,004
$9,512,101
$9,609,319 $10,778,750
cl,886,594
c$3.45
al,725,772
a $3.51
Shs. common stock out¬
b2,023,119
standing (no par)
Earnings per share
b$3.44
shares, had been exchanged for new common stock, and all such
outstanding securities (excluding common shares) of The Gould Coupler Co.,
except $112,000 of bonds and 15,319 class A shares, had been exchanged for
securities of the corporation.
new
Funded Debt and Capitalization at March 1,
al,576,948
a$4.04.
Prior to stock div. of 9% payable on Dec. 15.
b Prior to distribution
on Dec. 15 of 3% stock div.
c Prior to distribution of 6% stock dividend
d In addition to the amount of taxes shown above there was
paid (or ac¬
crued) for State and provincial gasoline taxes: $20,069,390 in 1936, $19,-
199,774 in 1935, $16,593,559 in 1934 and $14,537,580 in 1933, and for Fed¬
gasoline taxes $6,755,169 in 1936, $6,598,411 in 1935 $6,301,546 in
1934 and $6,951,623 in 1933.
eral
Outstanding
a$l,238,200
b656,418.83 shs.
$5persh.on or before Oct. 1,1941 __360,802.35 shs.
Special stock (par 10c. per share)
135,325 shs.
318,452.42 shs.
103,183.34 shs.
Warrants to purchase common stock at
Of the income bonds outstanding March 1, 1937, $822,400 had warrants
attached (or the warrants attached thereto had not been exercised) and
$415,800 were without warrants,
b Of the common stock outstanding
a
March 1,1937, 568,371.5 shares had warrants attached and 88,047.33 shares
were without warrants,
c The special stock is pledged with the trustee for
the income bonds and is surrendered to the
corporation as such bonds are
converted or redeemed at the rate of 8 1-3 shares for each $100 of bonds
converted,
1935
$
Cash
$
Market,
8,554,865
21,572
5,717,827
secure.
7,717,995
22,400
payable
14,835,458
4,619,112
14,019,803
Mat'ls <fc suppl's
Inv. in affil. cos.
4,100,548
8,839,384
3,773,831
9,154,177
Other Investm'ts
3,620,154
2,703,590
dl2,558
155,326
equip. & pats. 70,007,335
Prepaid and de¬
62,787,994
Oil
Tax
Purch. oblig. due
within 1 year-
Acer.
a
Prop's,
ferred
&
1,737,141
2,187,240
x
6,467,583
6,675,681
715,094
612,176
Accr. divs. (pref.
stock
50,000
50,000
4,095,239
1,212,145
&
surp.
3,255
3,220
10,000,000
c Common stock
73,988,667
Earned surplus. 10,053,004
e
Treasury stock Dr527,331
10,000,000
117,446,843 107,141,468
Total.
117,446,843
69,493,800
9,512,101
Dr527,331
107.141,468
$305,175 in 1935.
c Represented
by 2,030,988 no par shares in 1935
1,893,982 in 1934.
d Special trust funds only,
e Represented
by
11,896 no-par common shares,
f Loan payable only.—V. 144, p. 1979.
and
1936
1935
1934
85,446,061
73,359.212
67,864,281
Cost of prods, sold, incl.
maintenance & repairs 56,201,767
Selling & adminis. exps.
5,575,097
48,330,294
45,838,285
4,727,722
43,097,015
4,701,034
32,264,173
4,312,627
356,840
340,726
295,960
Sundry losses on dwelling
including transfers
346,504
1
ing
before
& sell¬
Cash
on
Liabilities—
hand & in banks
$666,210
Accounts receivable
Inventories.—Deferred assets
Prepaid expenses
xl,021,850
710,639
64,680
& defd. chgs.
33,223
——
94,826
Sinking fund with trustee
Certificate of indebtedness
7,565
deprec'n
13,536
come taxes
19,725,508
5,517,014
3,452,848
3,252,979
3,947,141
1,920,484
2,912,310
35,320,806
31,406,226
26,925,629
16,290,329
5,067,342
7,000,000
4,820,823
5,600,000
4,583,114
5,400,000
4,475,212
2,000,000
Net income
23,253,464
Less sundry amounts not
connected with year's
20,985,403
16,942,515
368,635
Accrued royalties & expenses..
770,664
(not consolidated)
Land, buildings & equipment_y2,210,045
2
Patents and good-will
$5,593,240
23,006
Accrued int. on funded debt—
55,828
Reserve for reorganization exps
275,000
Provision
for
income
Federal
z52,500
& excess profit taxes
78,150
12,000
1,395,700
Deferred liabilities
Common stock
Special
639,844
-
11,631
stock..
2,430,946
Surplus-
$5,593,240
Total
x After
reserve for
doubtful accounts of $5,298.
y After reserve for
depreciation of $3,878,386 and reserve for reduction of plant values of
$885,697.
z No
provision has been made for surtax on undistributed
profits.
The estimated maximum amount of such taxes involved is $73,000.
—V. 144, p. 3696.
Tampa Electric Co.—Earnings—
""PeriotlEnd. Apr'z0—
1937—Month—1936
$382,201
$354,497
158,761
137,987
9,815,118
1937—12 Mos.—1936
$4,302,813
1,692,428
238,869
a520,074
$4,090,109
1,632,480
248,435
472,767
20,907
a46,180
21,398
41,763
$156,352
$153,349
Drl44
665
$1,851,442
3,801
$1,736,427
27,112
$156,208
35,833
$154,015
35,833
$1,855,243
430,000
$1,763,539
430,000
$120,374
1,090
$118,182
$1,425,243
12,813
$1,333,539
11,980
$119,284
$117,228
$1,412,430
70,000
1,269,508
$1,321,559
70,000
1,269,328
11,457,535
3,134,812
Accounts payable
Funded debt
Invests, in & advances to sub.
Taxes
22,436,363
$250,000
Notes payable to bank.
Miscell. operating reserves
Claim for refund of Federal in¬
Maintenance
& prov. for taxes
23,322,693
Divs. from subsidiary &
undistributed
Consolidated Balance Sheet Jan. 31, 1937
Operating revenues
Operation
Total net income from
manufacture
$450,736
Total
(All figures in Swedish Kronor)
Calendar Years—
profits taxes
The estimated maximum amount of such taxes involved is $73,000.
Assets—
Swedish Ball Bearing Co .—Earnings—
Sales.......
excess
No provision is made in the above statement for surtax on
profits.
After
reserve for depletion, depreciation and amortization of
$57,348,615
in 1936 and $50,539,090 in 1935.
b After reserves of $299,023 in 1936 and
a
...
Net earnings
long-
Preferred stock,
Total...
Interest on funded debtMiscellaneous expenses and charges
Provision for depreciation (net)
Provision for Federal normal income &
of minor, ints.
$669,037
55,828
5,973
104,000
x52,500
-
62,265
cos.
Capital
195,669
Total income
674,126
Other reserves..
plant,
charges
445.056
3,520,876
96,853
term debt
Due to affil.
$473,368
Other income
5,407,352
1,335,695
liabilities-
Funded
Sinking & special
trust funds
6,022,836
f76,649
5,069,297
liability
31, 1937
[Includes earnings of The Symington-Gould Corp. for period Feb. 1, 1936
to Jan. 31,1937, and of Gould Coupler Corp. for period Sept. 1,1936
to Jan. 31, 1937.]
Net shipments
$2,884,976
Cost of shipments
2,089,004
Engineering, selling & general administrative expenses
322,605
$
Notes and loans
b Notes & accts.
receivable
1935
$
payable-
redeemed.
Income from operations
1936
Liabilities—
Accts.
or
Consolidated Earnings Statement for Period Ended Jan.
Consolidated Balance Sheet Dec. 31
1936
1937
$1,623,900
1,200,000 shs,
1st mtge. conv. income bonds, 1956
Common stock (par $1)
a
Assets—
modified plan.
Authovi led
pref. stk. (cash)
com. stk. (cash)
on
as provided in the
common
c
Divs.
Divs.
Coupler Co., all
As of March 1, 1937, all securities of the
corporation, outstanding prior
to consummation of the modified
plan, except 8,511 class A shares and 15,015
to
minority stockholders-
3855
other cos
8,863,301
Interest & sundries
Net oper. revenues
Non-oper. income (net).
Balance
Total income
Deprec.
on
property,
machinery, &c
Reserve for taxes
operations
Income from
429,169
111,287
Balance
x
on
8,385,359
22,831,526
13,000,000
20,556,234
16,831,228
13,000,000 x21.492,581
a
17,734,938
10,400,000
carried
over
_
Tennessee Public Service
8,531,526
7,556,2341oss4,66l ,353
7,334.938
260,000 shares of 50.00 kronor each in Aktiebolaget Volvo,
No. 25, valued at 11,092,581 kronor.
Co.—Earnings—
1937—Month—1936
1937—12 Months—1936
$310,927
251,675
$272,568
227,156
$3,431,965
2,806,082
$2,976,596
2,500,350
$59,252
8,208
$45,412
8,208
$625,883
98,331
$476,246
98,349
$67,460
$53,620
1,122
504
$724,214
9,822
$574,595
7,335
$68,582
32,416
$54,124
32,416
349
284
$734,036
389,000
4,726
$581,930
389,000
3,412
$35,817
Operating revenues
Oper. rev. deductions...
Includes
coupon
been made for the Federal surtax on undistributed
1937 since any liability for such tax cannot be deter¬
3696.
Period End. Jan. 31—
1,300,000
surplus account.
No provision has
net income for the year
mined until the end of the year.—V. 144, p.
pro v.for pensions
and relief
to
465,540
pre¬
Dividends
Special
Net income
954
Common dividends
viously written off—Cr
Net profits
Gross income.
Interest
Preferred dividends
421,937
rec.
Retirement accruals
$21,424
$340,310
Net operating rev
Rent from lease of
plant
_
Balance Sheet Dec. 31 (All Figures in Swedish Kronor)
Assets—
x
1936
.
Plants & prop.
16,563,820
79,248,205
charges..
464,471
Shares owned—
Def'd
Inventories
30,355,918
Loanstosubs
4,246,105
Accounts rec—
19,372,471
Notes & accepts.
receivable
2,200,880
Divs. receivable
2,236,211
Invest, in secure.
3,193,185
Cash
97,772,264
Liabilities—
1935
15,041,673
82,624,354
497,924
30,203,788
5,880,931
17,753,250
y
1936
Pay. rec. In adv.
3,547,132
payrolls
y
5,496,751
Goods in transit
Unpaid divs
408,889
285,482
Res. for taxes._
14,971,811
3,114,496
13,000,000
7.019,271
Div. as proposed
Res.for pens.,&c
44,012,879
on
mtge bonds
Other int. & deductions.
194,342
Net income
254,504
,
$189,518
SvenWlngqulst's
255,653,534 207,299,2821
Total
3,678,781
9,710,765
13,000,000
2,266,288
228,367
730,557
227,231
68,671,712
29,361,328
x
Div. app. to pref. stk.
for the period, whether
paid or unpaid
255,653,534 207,299,282
x
—
Dividends
$558,034.
297,618
—
Balance
598,865
x After depreciation of 57,525,181 kronor in 1936 and 53,596,080 in 1935.
A shares, 75,972,300 kronor; B. shares, 54,027,700 kronor.—V. 142,
3694.
—
Gross income
Int.
1,150,714
Surplus
p.
Other income
2,989,204
6,930,801
Accts. payable &
funds for empl
Insurance funds
Total
Operating income
1935
Share capital. 130,000,000 130,000,000
13,200,000
13,200,000
Reserve fund.._
accumulated
-
-
-
and
-
unpaid
297,618
$42,692 def $108,100
—
to
Jan.
31,
Latest dividend amounting to $6 a share
1937,
on
amounted to
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.
V.
144, p. 2149.
No such provision has been made to date for 1937.—
Financial
3856
Tennessee Corp.
1936
$9,656,717
$7,915,474
18,470
Total
$9,777,783
Cost of sales, incl .all mfg.
exps. except deprec
7,700,343
Sell. & admin, exps
1,078,958
Interest
171,654
Amort, of issue exp.
series E debs
Other int. paid
Consolidated Balance Sheet Dec. 31
1934
1935
20,902
100,164
June 5, 1937
-Earnings-
(& Subs.)
Calendar Years—
Sales.
Interest received
Other income
Chronicle
(Excl. of Southern Asbestos Co.)
1933
145,430
$7,033,244
22,780
95,135
$4,680,235
27,709
79,214
$8,079,374
$7,151,159
$4,787,157
6,465,601
931,337
155,488
5,704,447
806,025
159,083
3,841,677
592,107
165,654
Cash
$166,808
1,058,300
1,308,754
Inventories.
3,866,125
21,121
$3 cum. conv. pref.
stock
Investm't
Miscell.
335',306
278",988
268",550
26,623
Crl,597
5,453
8,589
15,953
10,365
and
plant
chased and retired
Res. for Fed. inc. taxes.
Crl ,260
GY54.597
2
Net profit
Shares capital stock out¬
$353,298
$186,104
$230,896
857,896
$0.22
857,896
$0.27
1
x$96,964
853,696
$0.41
Accts. due others.
2,334,644
Cr45,309
14,446
Cr38,692
30,188
857,896
Prepaid
C
©
Goodwlll, &c
Min. stkholders int.
in sub
Accrd.
Co.
.
4,289,480
2,632,900
442,178
12,500
Earned surplus
.
1,605,600
65,577
70,270
.21,415,085 19,434,050
deducting $8,702,261 for depreciation in 1936 and $5,594,189 in
Represented by $5 par sharos.—V. 144, p. 3022.
Co.—Earnings—
Feb. 28 *37
b Realest., bldgs.,
c
&c
a
of
Sec.
not
consolidated
Indebted,
of
6,931
affil.
23,795
5,795
906,662
1,828,650
110,672
547,908
not consolidated
Cash
Mktable.
1,149,110
623,360
securs..
Accts. & notes
rec.
Advs.
to salesmen
and
employees..
4,978
4,788
849,059
641,419
28,878
20,031
1,928
Inventories
2,242
in non-liquid
assets of reorgan.
Feb. 29 '36
banks
Total
$569,013
321,490
$7,576,025
4,429,852
$6,856,090
3,971,151
$260,744
5,000
$247,523
5,000
$3,146,173
60,000
$2,884,939
69,976
$255,744
$242,523
569
654
$3,086,173
1,417
$2,814,963
1,159
$256,313
140,542
$243,177
140,542
2,222
$3,087,590
1,686,500
25,339
$2,816,122
1,686,500
26,279
$115,771 4
$100,413
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$1,375,751
$1,103,343
375,678
375,678
Balance
$1,000,073
$727,665
... .
_
Operating income
Other income net)
Int.
on mtge. bonds
Other int. & deductions.
Net
x
income
Regular dividend
After
the payment of this dividend 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. 3696.
Texas Power &
""Period
1937—Month—1936
1937—12 Months—1936
$853,359
$758,727 $10,090,667
$9,111,376
525,291
391,839
5,467,601
4,890,990
Operating revenues
Oper. rev. deductions.._
Net operating rev
$328,068
Other income (net)
$366,888
585
648
.
Thompson Products, Inc. (& Subs.);—EarningsConsolidated Income Account for Calendar Years
$4,623,066
8,892
$4,220,386
8,534
$328,653
177,708
10,000
14,536
on debenture bonds.
Other int. & deductions.
Net income
x
$4,631,958
2,132,500
120,000
164,224
$4,228,920
2,159,449
120,000
165,173
$165,186
$2,215,234
$1,784,298
865,050
Int.
$367,536
177,708
10,000
14,642
$126,409
mtge bonds
on
paid
or
139"5ll
48.000
$785,256
1,906,657
$709,395
1,242,023
$381,298
908,390
3,491
$173,678
1,610,838
34,638
$2,691,913
50,613
$1,951,418
44,761
$1,293,179
51,156
$1,819,154
Net profit
984,045
42,462
Adjustments, &c
Preferred dividends
Common dividends
426,285
910",764
Adj of mach. & eq. acct.
Miscellaneous debits—
.
Balance, surplus
com. stk. (no par)-per share
Shs.
60,678
a
After
$1,906,657
263,160
$2.60
$2,154,337
284,610
$2.58
deducting cost
of goods sold,
x
$1,350,184
Regular dividends
on
$919,248
Assefs—
...
$247,542
$334,938
income for that year.
No such provision has been made to date for 1937.—
V. 144, p. 2678.
receivable
2,482,052
1,811,944
137,749
142,305
1935
1934
Operating charges
$1,599,406
728,472
$1,623,869
677,115
Other income.
$1,076,786
40,696
$870,935
120,049
$946,754
31,372
100,000
300,000
597,226
520,931
244,840
13,513
10,273
cess
pref. stock.
7%
z
128,906
cum. pref. stk.
—
Earned surplus
834,822
830,896
123,724
x949,860
Common stock..
Capital surplus
patent
rights, &c
Prepaid exp., &c_.
.
$5 cum. qonv. prior
365,400
2,846,100
2,631,600
171,600
2,154,337
1,906,657
123,822
.$7,863,963 $6,597,4231
Total
$7,863,963 86,597,423
Represented by 10,000 no par shares,
y After reserve for depreciation
of $1,098,418 in 1936 and $985,793 in 1935.
z Represented by 284,610
(263,160 in 1935) no par shares.—V. 144, p. 3023.
x
Tidewater Power Co.-—President
Resigns—
F. A. Matthes resigned as President and General Manager of the com¬
meeting of the board of directors held May 20, and Miles Careyjn
was elected to succeed him.
Mr. Matthes said his resignation was to be¬
pany at a
Total income
$1,117,481
264,857
excess
$990,984
160,803
$978,126
134,153
29,214
Income deductions.
Prov. for Fed. income &
32,000
43,000
$823,410
$44,405
$0.92
$798,181
$800,973
Dividends paid
share
come
effective June 1 because of his health.—V. 142, p. 4196.
profits
taxes
Earnings
100.000
200,000
current
Accrued accounts.
2,255,512
Total..
1936
$1,952,744
875,958
not
Acc'ts payable—
ma-
chin'y,eq.,&c._ 2,515,216
Plant orders in pro¬
Goodwill,
1935
$643,929
Mtge. note of sub.
& accts. rec., &c.
Ld., bldgs.,
$600,000
Mtge. note of sub.
due Dec. 6,1937
1,083,807
Pers'l & misc .notes
y
1936
& trade creditor
1,513,272
cost of mkt. val.)
Texas Gulf Producing Co .—Earnings—
Calendar Years—
Gross operating income
and
Notes pay. to bks.
Custs. notes, trade
1936.
declared for payment on Feb. 1, 1937.
Note—No provision was made for Federal sutax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
-
including materials, labor
Liabilities—
1935
1936
Cash
7% and $6 preferred stocks were paid on Nov. 2.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
$908,390
263,160
$0.56
Consolidated Balance Sheet Dec. 31
Inventory (lower of
Balance
$1,242,023
263,160
$1.35
>
factory expenses.
accept. & accts.
unpaid
1933
147,003
95,200
Previous surplus
865,050
Div. app. topref. stks.
for the period, wehther
1934
$1,528,441
867,040
92,592
$1,168,144
790,669
47,251
24,945
125,601
6,000
Earnings
Int.
1935
$1,978,105
1936
Manufacturing profit. $2,643,580
1,429,886
Sell., gen. & adm. exps.
Other deductions (net)-.
81,447
Int. paid, less int. earned
184~165
Depreciation
Federal taxes
131,325
Surtax on undist. profits
31,500
Total surplus
Light Co.—Earnings—
End. Jan. 31—
$6,315,850 $5,923,101
Total..
in 1935) shares company's own convertible preferred
b After depreciation of $3,729,246
in 1936 and $3,691,755 in 1935.
c Represented by 132,000 no par shares,
d Represented by 146,836 no par shares,
x Including Olean Glass Co.,
Inc., acquired on July 9, 1935.
The income account for the calendar year was published in our issue of
Feb. 13, page 1125.—V. 144, p. 3023.
(9,551
stock at cost and four shares of common.
a
$6 preferred stock was paid on Jan. 2,1937.
on
$6,315,850 $5,923,101
11,375
a
Net oper. revenues
Rent for lease of plant.
1,596,173
158,089
417,322
636,293
145,056
1,650,167
1,596,173
Accounts payable.
Accruals, taxes, &c
Miscell. reserves-.
281,669
42,273
394,968
25,273
affil.
$1,320,000 $1,320,000
174,234
472,111
712,979
Capital surplus—
145,056
1,000 Earned surplus... 1,895,297
1,142,767
1,142,767
Unretlred stock.
xl935
1936
'
Convertible pref.
d Common stock..
Licenses, formulae,
Part
Feb. 28 '37
$620,728
359,984
Operating revenue
Oper. rev. deductions
$5,567,128 $8,136,451
—
stock
machinery, &c..$1,158,141 $1,293 887
-12 Mos. End.-
Feb. 29 '36
Liabilities--
xl935
1936
Deferred charges..
-Month Ended-
Period—
..
Consolidated Balance Sheet Dec. 31—
Thatcher Mfg. Co.Assets—
After
y
Total
$5,567,128 $8,136,451
Investments
491,077
9,890,045
1,827,631
interest
in subsidiaries.
T^xas Electric Service
1,229
45,071
1,633,833
71,000
1,206,808
Surplus—
.
Minority
1935.
154,216
(net)
Prov. for Fed. tax.
$
$
Total
12,107
167,032
int.
wages,
taxes, &c
Due So. Asbestos
1935
1936
Liabilities—
19,434,050'
Mtge. instal. curr.
Accrued note int..
Total
-
21,415,085
40,605
2,500
Nil
16,312,829 14,277,478 y Capital stock— 4,268,480
Investments
124,221 Funded debt
4,071,000
313,280
Cash
334,592
395,612
1,036,032 Accounts payable.
Govt, securities...
54,289 Notes payable
200,000
5,000
Inventories
18,600
3,141,275 Res. for deb. s.f_3,275,064
Other reserves
Accounts & notes
151,930
15,244
receivable, <&c..
618,707 Other liabilities764,408
Deferred charges.
571,986
182,048 Accrued expenses.
314,656
Other assetsCapital surplus
9,890,045
34,235
Total
93.750
229,084
Local taxes
120,811
—Y. 144, p. 3520.
1935
1936
A nnpfty
x
&c_.
Loss.
Fixed assets
x
exp.,
Cr90
Consolidated Balance Sheet Dec. 31
x
2,581,500
100,000
88,750
446,620
...
2,711,145
239.492
61,534
x
310,000
& mtge.due Jan.
28,1940
35,827
fund trustee
equity
Miscellaneous expense.
Res. for minor, interest.
Discount on bonds pur¬
standing ($5 par)
Earnmgs per share
405,560
2,514,500
Notes pay. bank..
Purch. money bd.
Cash dep. with sink
Prop.,
1,090
10,188
419,040
.
(par $10).
Gold notes
'
on
Depreciation
$256,066
3,041,700
Preferred stock
Co.
Asbestos
stock.
1935
1936
7% com.stk.(par$l) $301,645
$114,351
656,741
1,022,657
46,801
—
Notes & accts. rec.
So.
Liabilities—
1935
1936
Assets—
stock.
"
$0.89
Timken Detroit Axle Co.—New
Secretary, &c.—
At the recent directors' meeting S. W. Warner was elected Secretary to
succeed Walter F. Rockwell, who remains as a Vice-President.
Additional officers were appointed as follows: C. A. Cooper, Assistant
$0 .93
Secretary and Assistant Treasurer; A. H. Chatley and Edward Rhyner,
The income account for the 3 and 12 months ended March 31 and the
both Assistant Secretary-Treasurers of the Wisconsin Axle division.—V. 144,
per
on common
balance sheet for March 31
Thermoid
was
published in V. 144,
p.
3520.
p.
[ (Including wholly owned subsidiaries, but exclusive of So'n Asbestos Co.)
Calendar Years—
1936
1935
Gross profit before depre¬
ciation
$1,950,836
Sell., admin. &
Operating profit
1934
1933
"
Miscell. income—net
Interest
on gold notes
Depreciation.
Prov. for Fed. inc. tax..
1,094,265
980,748
$1,153,203
737,827
$601,953
30,852
$442,074
23,969
$207,273
2,099
$415,376
4,034
$632,805
191,791
181,005
x46,211
$466,043
189,638
137,735
25,550
$209,373
188,322
124,342
10,600
$419,410
162,249
123,443
18,000
Proper, of net income of
So. Asbestos Co. applic
Balance-
$213,417
on
$113,119 def$113,892
undistributed profits.
a
dividend of 25 cents per share on the com¬
stock, payable July 1 to holders of record June 21.
Similar payments
made on Dec. 24 and on Oct. 1, 1936, this latter being the initial
on
the
common
shares.—V. 144, p. 3023.
Tobacco Products Corp.
Years End. Dec. 31—
Dividends received
on bank balances..
Miscell. int. received
Profit on sale of secur.
Int.
purch. during the year_
Stock transfer expense. _
Other corporate expenses
Interest
381
Includes $1,500 for surtax
mon
were
Total income
to min. stkholders int.
x
The directors have declared
distribution
$1,536,3391 $1,188,021
1,348,883
gen. exp.
3353.
'Tri-Continental Corp.—To Pay 25-Cent Dividend—
Corp.—Earnings—•
1936
1935
$11,126
1934
1933
$170,000
$170,000
64
52
$170,064
6,457
19,138
4,420
$170,052
5,953
26,438
9,293
863
7,244
$19,232
2,695
21,612
$115,717
Net loss.
(Del.)—Earnings-
$5,074
$2,676
20,564
1,594
$24,836 prof$140,049 prof$128,368
Volume
Financial
144
of its own first mortgage bonds now held by the Missouri company and to
redeem the remainder of such bonds which are publicly held.
Coincident
with the merger there will also be called for redemption $6,750,000 of first
Balance Sheet Dec. 31
Assets—
1936
Cash
1935
$394,666
Claim receivable--
Liabilities—
$494,735
i
1
Invest. In market¬
Res.
able securities..
51,283
Dividends recelv..
Eec.
|
from
300
$16,558
5,187
$4,323
Fed. Inc.
for
tax for
prior yr
Capital stock
Capital surplus... 1
United
Stores Corp
1935
1936
Accts. payable—
Res. for oonting
251
105
70
1,175,455
1
\
52
729,946
329,660
842,534 f
Earned surplus--./
25,000
329,658
1,072,736
221,210
1
Rec. from Tobacco
Prods.Corp.N.J.
Corp.
Office furn. & flxts
k
Total.
--..$1,176,517 $1,670,350
$1,176,517 $1,670,350
100 shares capital stock (entire issued capital).
x
redemptions has already been deposited with suitable trustees.
by Alton Railway & Illuminating Co.
Alton Gas Co., another
to such merger, has also assumed payment of $250,000 of bonds
originally issued by Alton Railway, Gas & Electric Co.
The proposed
merger agreement provides for the assumption of these underlying bonds
by the Surviving company and the assumption of such liabilities are covered
by the declaration filed by that company in this matter.
The Missouri
company is the owner of 40 shares of the preferred stock which the Illinois
company now has outstanding.
As already indicated, such shares are to
be redeemed immediately upon the consummation of the merger.
How¬
ever, the application filed by that company also asks authority for it to
exchange such shares for a like amount of shares of similar preferred stock
which is to be issued by the Surviving company in connection with the
party
of
N.J-..
Total
such
issued
Tobacco Prodcuts
mortgage bonds which the Illinois company now has outstandmg in the
hands of the general public.
The Commission has heretofore authorized
the Surviving company and the Illinois company to issue short-term notes
for the principal amount of money that will be required for the purpose of
effecting such redemptions, and the Commission is advised that such borrow¬
ings have been effected and that the necessary amount of money to effect
Alton Light & Power Co., one of the parties to the proposed merger, has
heretofore assumed responsibility for payment of $250,000 bonds originally
Investments:
x
3857
Chronicle
Twin Coach
V. 143, p. 2228.
Co,—Earnings—
Calendar Years—
1936
Sales, less discounts, &c.
xl935
xl934
xl933
$7,918,237
5,925,916
$6,065,207
4,609,132
$4,636,722
3,774,168
$2,504,811
1,923,109
$1,992,321
$1,456,075
$862,554
$581,702
merger.
The Illinois company is the owner of two generating
admin,
1,022,472
68,126
785,818
56,049
636,452
49,816
485,350
36,441
$901,723
98,365
$614,209
121,476
$176,286
71,465
$59,911
43,272
$1,000,087
$735,685
71,667
92,099
$247,751
12,309
34,086
$103,183
2,401
14,500
$807,361
661,500
$571,917
45,922
$201,354
$86,280
$145,861
$525,995
$201,354
$86,280
expense.__
Depreciation
Other income.
Other
deductions.
Federal income tax
Surtax
Net
on
162,204
undis. profits.
income..
Dividends paid.
Surplus
30,522
Consolidated.
x
Balance Sheet
1936
Assets—
xl935
$2,100
$2,100
Deposits In banks
Notes rec'le, trade,
588,654
272,655
la & accr'd interest
Accts. rec., trade.
223,652
1,494,132
403,301
Cash
.
Inventories
Dec.
31
Liabilities—
Notes
pay.,
1936
Accounts payable
Accrued liabilities.
566,290
.
641,094
1,124,453
154,119
current)
Res. for financing,
3,985
contingency, &c.
76,952
expense
Other assets
$336,000
337,775
94,299
Notes payable (not
747,261
66,488
Prepd. Ins., int. &
>
xl935
series
A and B
12,119
...—
474,000
deprecia'n..
442,660
434,882
Goodwill & patents
29,500
$3,454,306
76,943
Com. stk. (par $1)
966,000
920,785
54,608
1,315,749
1,174,759
Earned surplus.
39,743
29,500
.$3,141,184
84,417
Capital surplus—
Land, bldgs. &eq.,
less
Total
x
Total
—
$3,141,184 $3,454,306
Consolidated.—V. 144, p. 3520.
Ulen &
stamped
to evidence consent to the three debenture plans on Dec. 29,1932,
May 24, 1935 and Oct. 28, 1935, with authority to add to the list, upon
notice of issuance, $777,000 additional principal amount of said
debentures.—V. 144, p. 2849.
official
Union Electric Co. of
111.—Merger Approved—
The Securities and Exchange Commission has officially approved the
proposed merger of five subsidiaries of the North American Co. into a
company to be known as the Union Electric Co. of Illinois.
The proposed
merger will bring all of these public utility properties under the ownership
of a single corporation without effecting any change in the present set-up
of any of the companies, according to the commission.
No new securities
will be issued to the general public.
The findings of the Commission are as follows:
East St. Louis Light & Power Co. (the name of which is to be changed
to Union Electric Co.
of Illinois and which is hereinafter referred to
the
as
"Surviving Company") has filed a declaration (File 43-43) pursuant to
Section 7 of the Public Utility Holding Company Act of 1935 regarding the
issue and exchange by it of 900,000 shares of its common stock (par $20),
shares of its 6% cumulative pref. stock (par $100), and regarding
first mortgage 20-year bonds of
Oct. 1, 1939 and $250,000 5%
1st mtge. 40-year bonds of Alton Railway, Gas & Electric Co., due Oct. 1,
1939.
Union Electric Light & Power Co. (Mo.), (called the "Missouri Com¬
pany") has filed an application (File 46-43) pursuant to Section 10 (a) (1)
of said Act for the approval of the acquisition by it of 900,000 shares of
common stock (par $20), and 40 shares of 6% cumulative pref. stock (par
$100) of said Surviving Company.
Union Electric Light & Power Co. of 111. (the "Illinois Company") has
filed a declaration (File 43-18) under Part II of Form U-7 with respect to
the conversion of 625,000 shares of its common stock (par $20), into 695,000
shares of common stock (par $20) of said Surviving Company and the con¬
version of 80,000 shares of its 6% cumulative preferred stock (par $100)
into 80,000 shares 6% cumulative pref. stock (par $100) of said Surviving
and 80,000
the assumption by it of $250,000 of 5%
Alton Railway & Illuminating Co., due
i
company.
A hearing was held on the foregoing declaiHtions and application, at
which time no person appeared in opposition thereto.
After having ex¬
amined the record in this matter, tne Commission makes the following
findings:
The Missouri company is a subsidiary of The North American Co., a
registered holding company.
It is the owner of all the common stock of
Operating Co.; Alton Light & Power Co., and Alton Gas Co.
As before
indicated, East St. Louis Light & Power Co. will be the surviving corpora¬
tion in the proposed merger.
Upon the merger becoming effective, the
name of that company will be changed to the Union Electric Co. of Illinois.
As a part of the proposed transaction, 24,000 shares of common stock,
(par $100) which the Surviving company now has outstanding, will be
converted into 120,000 shares of common stock (par $20).
The 625,000
shares ($20 par) which the Illinois company now has outstanding will be
converted into 695,000 shares of the Surviving company.
The 55,000
shares of Alton Light & Power Co. ($20 par) will be converted into 65,000
shares of the Surviving company.
The 16,250 shares ($20 par) of Alton
Gas Co. will be converted into 18,750 shares of the Surviving company.
The 82,500 shares additionally issued against the now outstanding shares
of the Illinois company, Alton Light & Power Co., and Alton Gas Co.
represent the capitalization of part of the respective surpluses of these three
companies.
The 5,000 shares of the now outstanding common stock of
Power Operating Co. will be converted into 1,250 shares of the Surviving
company.
Thus the Surviving company will issue a total of 900,000 shares
of its new common stock, all of which will be delivered to the Missouri
which will surrender the certificates for shares of the merging
companies, now issued, which it owns.
The Illinois company now has outstanding 80,000 shares of preferred
stock which is widely distributed.
Upon the consummation of the merger,
such preferred stock will be converted into a like number of shares of
company,
similar stock issued by the Surviving company.
a
Electric
Union
Co.
of
Missouri—Proposes
Union Electric Co. of Missouri, has filed an application with the Securities
and Exchange Commission (43-59) under the Holding Company Act cover¬
ing the issuance of $80,000,000 of first mortgage & collateral trust bonds,
3H% series, due 1962, and $15,000,000 of 3% notes due 1942.
Union Electric Co. of Illinois previously was known as Union Electric
Light & Power Co. of Missouri, its name having been changed in con¬
nection with plans for the purpose of merging certain of its subsidiaries
into a new company to be known as Union Electric Co. of Illinois.
The
applicant and these subsidiaries are subsidiaries of North American Edison
Co. and the North American Co., both registered holding companies.
The purposes for which the proceeds of the Securities are to be used are
the refunding of the $63,687,000 of general mortgage bonds, which, in¬
cluding redemption premiums but exclusive of accrued interest, will require
$66,136,975; the acquisition of $22,000,000 principal amount Of first
mortgage bonds of Union Electric Co. of Illinois; and to provide funds for
the extension and improvement of plants and properties.
The applicant
stated the securities are to be registered under the Securities Act of 1933
prior to their public offering.
The applicant further filed an application (46-59) asking approval of the
acquisition of $22,000,000 of first mortgage bonds, 3%% series due 1962
from Union Electric Co. of I.linois, whicn bonds will be deposited under the
lien partially securing the $80,000,000 proposed issue.
East St. Louis Light & Power Co., whose name has been changed to
Union Electric Co. of Illinois pursuant to the reorganization plan has
amended its application ( 32-56) asking for exemption of the issue of the
$22,000,000 of bonds which are to be sold to Union Electric Co. of Missouri.
Previously East St. Louis Light & Power Co. had planned to sell these
bonds to the public.
Union Electric Co. of Illinois will receive the same
price for its bonds as that received by Union Electric Co. of Missouri for
its bonds.
Opportunity for hearing
Washington, D. C.
Union Electric
on
these applications will be given June 21 at
Light & Power Co. of 111.—Merger—
See Union Electric Co. of Illinois.—V. 144, p.
Union Investment
The New York Curb
ing shares of
common
Exchange has approved for listing 168,624 outstand¬
stock, no par, with authority to add to the list, upon
of common stock, no par.
official notice of issuance 14,480 additional shares
—V. 144, p. 2153.
United American Bosch
IQqti
1Q34
J7.201.213
6,729,469
135,233
$5,800,034
5,538,988
133,296
$3,440,557
14,830
71,299
609,913
14,557
71,823
18,420
59,231
18,084
29,564
.loss$302,433
sales
$250,131
$50,101
loss$10,665
._
Costs and expenses
Depreciation
Amort, of tools dies, etc.
...
Unapplied burden
Loss from operation of
Chicopee Realty Corp.
Miscell. charge-offs
.
Flood loss
Net
x
:—
_
_
profit
Includes
Corp. (& Subs.)—Earnings—
1936
$9,035,480
8,293,129
xl63,654
Calendar Years—
Net
$19,254
the Surviving company, immediately upon consummation of the merger,
will call for prompt redemption the 80,000 shares of preferred stock which
it will issue in the course of the merger
and will take steps to acquire certain
1
3,210,512
124,214
185,089
68,850
depreciation—N. Y. office building.
During 1936
the policy of providing for depreciation
the Chicopee Realty Corp. initiated
of its New York property.
Consolidated Balance Sheet Dec. 31
1936
Assets—
y
&c
Goodwill, pats.
x
.....
1
1
226,289
302,399
Notes & accts. re¬
ceivable, &c-—
Misc.
receivables.
Inventories
—
Deferred charges.
_
1,194,968
530,897
639,997
ceptances pay'le
301,346
323,207
225,708
241,427
Notes pay. banks.
&
tracings
Cash...
Notes
& trade ac¬
1,063,741
897,704
Note payable, non-
41,231
54,486
1,870,035
210,171
Real estate mtge..
2,259,085
296,578
current
x
.$7,216,078 $6,330,7601
Total
Represented by 278,399 no par shares,
write-down.—V. 143, p. 3164.
634,256
310,000
Deferred income..
Earnings, surplus.
Capital surplus—
Total
1935
Capital stock.-.$2,580,000 $2,580,000
Accounts payable.
Accrued accounts.
53,329,153 $2,995,963
equip.,
1936
Liabilitiesr—
1935
Real est., plant,
The Illinois company has
However, arrangements have already been made whereby
3696.
Co.—Listing Approved—
declaration with respect to the change in rights of its preferred
stockholders.
Issue
to
$115,000,000 of Securities for Refunding Purposes—
public utility companies, each organized under the laws of Illinois and
owning or operating utility assets located in that State.
It is proposed to
effect a statutory merger of such five companies.
The companies in ques¬
tion are the East St. Louis Light & Power Co. (the "Surviving company");
Union Electric Light & Power Co. of 111. (the "Illinois company"); Power
filed
its
Co.—Listing Approved—
The New York Curb Excnange has approved for listing $3,120,000 out¬
standing principal amount convertible 6% sinking fund gold debentures
due Aug. 1, 1950 issued under debenture plan dated Feb. 18, 1937 and
five
Mississippi River, located near the City of East St. Louis. All
properties are at present leased to Power Operating Co.
Power
Operating Co. in turn supplies electric energy to the Surviving company
and to the Alton Light & Power Co., which are engaged in the distribution
of electric energy in East St. Louis and Alton, Illinois, respectively, and in
territory adjacent thereto.
The distribution lines of the Alton Light &
Power Co. are necessarily physically interconnected with the generating
plants above referred to.
The Alton Gas Co. is engaged in the distribution
of manufactured gas in the City of Alton, 111.
The proposed merger will
bring all of these properties into the ownership of a single corporation
without effecting any change in the present ownership or control of any of
the companies.
The Commission finds with respect to the declaration of the
Surviving
company (File 43-43) and the declaration of the Illinois company (File 43-48)
that the issuances, assumptions and conversions covered by said declarations
are for the purpose of effecting the merger and therefore come within the
terms of Clause (A) of sub-paragraph (2) of Section 7(c).
No State commission or State securities commission, having jurisdiction
over any of the acts covered by these two declarations, has informed the
Commission that State laws applicable to the acts in question have not been
complied with.
Moreover it appears that the merger and the issuance of
securities in connection therewith have been approved by the Illinois
Commerce Commission by its four orders issued on May 25, 1937 (Cases
No. 25,696, 25,697, 25,698, and 25,700).
Accordingly the requirements of
section 7(g) are satisfied.
In the case of a merger effected under such circumstances as are set forth
in the declarations and application now before it, the Commission does
not deem it necessary to make adverse findings in any of the respects set
forth in paragraphs (d) and (e) of Section 7.
With respect to the application of the Missouri company (File 46-43),
tne Commission finds that the requirements of Section 10(f) are satisfied
Decause it appears to the satisfaction of the Commission that all applicable
State laws in respect of such acquisition have been complied with.
Section
10(b) provides, in effect, that if the requirements of Section 10(f) are
satisfied, the Commission shall approve the acquisition unless it makes
certain adverse findings such as are specified in Section 10(b).
In view of
the circumstances in this case, the Commission observes no basis for the
making of such adverse findings.
See also V. 144, p. 3354. of
Selling, service & demon¬
stration & general &
plants on the Illinois
side of the
y
def2,201
1,343,605
673,843
324,000
1,948
300,231
1,343,605
$7,216,078 $6,330,760
After depreciation and special
3858
Financial
Union Premier Food Stores,
Inc.—Initial Dividend—
The directors have declared an initial quarterly dividend of 20 cents per
on the common stock, payable July 1 to holders of record June 10.—
144,
3024.
p.
h**
United Biscuit Co. of
Years End. Dec. 31—
Gross sales__
a
America;—Earnings—
1935
1936
Gross profit from oper.
1934
bl933
$18,342,681 $14,581,943
7,626,577
7,125,858
6,272,916
5,762,568
x
x
$8,984,380
7,136,253
$7,943,926
6,621,623
$1,848,128
Expenses & deprecia'n..
1937
After reviewing
share
V.
Chronicle
1,322,303
25,292
$1,353,661
33,684
$1,363,290
39,197
1,347,595
254,164
135,316
$1,387,345
182,865
170,586
$1,402,487
186,411
the
justification
$16,673,783.
Mr.
stantially by a higher
financial setup of the company, Judge Coxe said
for fixing its assets at more than the reported figure
Palmer charged that this could be increased sub¬
valuation of goodwill, now carried on the debtor's
books for the nominal sum of $1.
Judge Coxe agreed, however, with
Mr. Wright, who had argued that goodwill should not be a separate factor
or item of value unless earnings rise above a normal return on the assets.
Referring to the common stockholders, who will receive 73^ shares of
he
saw no
of
the
company's new issue of common stock for each 100 shares held, Judge
participation was "not only eminently fair," but liberal.
Coxe said such
Coxe remarked that the time had arrived for reorganization,
had been in the court 4M years.
The Phoenix Securities
Corp., he added, by its "substantial contribution" and underwriting had
made reorganization possible.
The President of the new company will be Allen L. Woodworth.
Con¬
Judge
for the company
Operating profit.
Other income
73,954
Total income
$1,922,081
Interest
244,954
Federal tax, &c
Surtax on undist. profits
Other deductions
266,703
72,853
156,805
62",617
84", 107
59", 124
Net profit
Preferred dividends....
Common dividends
$1,180,766
85,386
734,486
$895,498
93,337
734,486
$949,787
97,986
730,560
$984,315
99,310
765,553
$360,894
459,054
$2.39
$67,675
459,054
$1.74
$121,241
459,054
$1.85
$119,452
450,325
$1.96
Surplus
Shs. of
stk. outst'g.
com.
Earnings
share.....
per
After elimination of inter-company
a
company sales and
172,636
profit and inventories and all inter¬
x Not reported.
b Revised,
purchases,
Consolidated Balance Sheet Dec. 31
1936
1935
1936
Assets—
Liabilities—
$
$
Cash...
Accts. receivable..
Inventories
Returnable
Gen.
40,562
31,690
Notes
and
367
359
1,219,800
1,274,100
7,899,243
Common stock..
33,949
Paid-in
surplus—
1,964,656
"4",022
10,952
Earned surplus—
3,937,481
3,584,088
8,801,698
Treasury stock.. Dr921,954
Dr921,954
20,112,428
Intangible assets.
Deferred charges
_
19,611,854
.
_
Total
y
common
(no par),
Represented by 29,266
y
and
materials
1,280,000
1,176,000
382,000
2,261,000
3,575,000
supplies consumed
Balance of profits
2,741,000
2,543,000
3,136,000
162,658,000 136,556,000
9,724,000
6,447,000
59,472,000
830,000
31,246,000
160,000
2,500,000
1,005,000
of cos.
accounts
Inc. from sundry invest.
Settlement with cos. the
results of whose oper.
are
Corp.—Extra Dividend—
share, in
quarterly dividend of ilke amount on the common
June 10.—V. 143,
Engineering & Foundry Co.—Earnings—
Income Account Years Ended Dec. 31
taken
over
with
cordance
in
ac¬
agree¬
(net)
Approp. of res. for int.
equalization
Approp. of unsued port,
of reserve for renew. of
short lived plant
ments
1934
$2,825,926
$1,504,673
$1,088,475
226,427
161,697
162,588
t,723,221
$3,052,354
$1,666,370
$1,251,063
-
20,877,000
17,369,000
Gross income
!
Gen. administrative and
810,979
306,611
661,038
572.563
255,819
252,374
450,906
249,757
13,965
selling expense
Depreciation
on disposal of capital
23.318
2,329
profit411
Loss
;
assets
Approp. for sales adjust¬
ments & replacements,
and patent litigation.
Prov.
for
Penn.
State
207,235
104,899
8,400
stock & income taxes.
399,442
144,286
3,175,000
15,849,000
3,270,000
21,424,000
10,243,000
11,720,000
7,382,000
18,000,000
8,247,000
10,788,000
5,963,000
30,694,000
3,133,000
10,498,000
2,563,000
~9,980,000
2,339,000
28,608,000
21,246,000
8,876,000
8,582,000
55,436
(In Reichsmark—Approximated to
the nearest thousand Reichsmark)
1936
71,226,000
Assets—
Real estate
Net profit (surplus)..
Preferred dividends
dividends
J 57,932
2,659,204
Balance, surplus
stock.
share—
Shares of common
$78,936
818,216
$3.35
,418
59,171
624,177
$1,607,838
58,256
1,092,312
$457,270
818,216
$1.86
$2,796,072
$346,899
59,215
416,118
$3,069 def$128,434
818,216
818,216
$0.35
1.77
Balance Sheet, Dec. 31
Liabilities—
Assets—
Cash
on
Trade
hand and
1 141,560
Marketable
409,675
Acer,
secur¬
ities (at cost)
—
1,400
Accts. rec., trade.
Inventories
Other curr. assets.
Notes
3 619,716
6,078
Employees'
credits
Accts.
484,796
Reserves
b
12,100
12,100
cum.
stock
545,000
....
2,016,192
1,102,877
747,234
661,389
827,600
827,600
4,091,080
80,691
1,445,517
1,455,422
3,319,739
3,230,897
surplus
301,100
55,388
contra)
affiliated and associated cos
Sundry debtors
Notes receivable
on hand, in banks and checks..
Prepaid interest and suspense debits
shares.—V. 144, p.
United
Total
1302.
Cigar
Stores
Co.
of America.—Reorganization
Plan—
Federal Judge
to and
of
the
Alfred C. Coxe on May 28 gave his
confirmed the plan for
Bankruptcy Act.
unqualified approval
reorganizing the company under Section 77-B
.
devised by several committees of creditors for which Boykin
counsel, was deemed by Judge Coxe to be "fair, equitable
With confirmation of the plan, control of the debtor by
the Phoenix Securities Corp. was assured.
Judge Coxe overruled charges that Phoenix had unfairly come into the
dominating position by purchasing United Cigar debentures and landlords'
claims at great discounts.
All such purchases were made openly, for cash,
the court found, were lawful and did not require further scrutiny.
The court noted that the plan was supported by an "overwhelming
majority" of the creditor groups, with opposition limited to a small group
of
common
stockholders.
This group was represented by Archibald
Palmer, who announced that his committee "intends immediately to
determine upon a course of action concerning an appeal from this decision
The plan,
C. Wright was
and
feasible."
of the
court."
22,000
981,000
709,000
3,081,000
1,855,000
2,136,000
387,000
7,688,000
177,743,000
24,036,000
265,000
7,777,000
251,654,000
29.034,000
22,689,000
12,588,000
6,014,000
Total
-
—
1,782,220,000 1,766,733,000
]~j"i- a & i W i"t
460,000,000
76,259,000
of assets values
funds
Funded indebted.—Repay, in for'n currency..
Reapyable in Reichsmark
Sundry loans.
b Revalorized loans & mtgas. (per contra)....
Other mortgages payable
Due to minority shareholders
Due on profit participating certificates
Proceeds of sale by auction of shares not exch'd
Welfare and pension
Unclaimed dividends
Interest due
Due to
(not yet paid)
affiliated and associated companies
Liabilities
arising
out
Surplus
Total
191,356,000
6,377,000
117,185,000
536,000
481,000
381,000
138,416,000
230,135,000
412,000
7,777,000
603,000
16,000
283,000
164,000
58,000
607,000
118,164,000
30,838,000
-
Sundry creditors
Accrued interest, taxes and wages
Sundry credits
169,091,000
301,861,000
6,691,000
103,357,000
224,180,000
362,000
7,688,000
484,000
of the acceptance and
drawing of notes
Bank loans
560,000,000
76,259,000
180,923,000
reserves
Reserves for adjustment
1
11,918,000
7,105,000
5,278,000
9,788,000
5,024,000
--
—
Sundry deposits
b Claims against third parties (per
General
14,206,463 13,105,811
a After reserve for depreciation of $3,709,172 in
1935 and $3,856,047 in
1936.
b Represented by $100 par shares,
c Represented by
$5 par
.14,206,463 13,105.811
Total
27,203,000
79,226,000
-
merchandise._
Accounts receivable
Capital stock
Statutory reserve.
pre¬
paid insur., &c.
24,873,000
8,624,000
4,091,080
stock..
Capital surplus
4,879,998
300,800
»;
Cash
Earned
&equip.^5 278,929
patent rights
848,000
25,408,000
6,569,000
redeemed
Konversionskasse
Due by
pref.
($100 par)
cCommon
to
39,948,000
....
1,000
381,630,000
3,230,000
Steinkohlenbergwerke A. G. bonds—
Marketable securities
a
i.
payments
Essener
1935
70,365,000
140,606,000
734,665,000
1,695,000
370,360,000
1,497,000
Company's shares in treasury
Prepayments for new plant and
payable for
23,952
7%
construction
Tax credit certificates
124,669
70,000
Patterns .drawings,
charges,
850,163
cus¬
70,000
Land, bldgs.,ma¬
Def.
to
36,402
colla¬
Prepayments for capital
Tools and spare parts
Payment
property purch.
Adv.
billings and
teral loans..—
Mining rights (coal and ores)
Patents, licenses, &c
Bonds not yet
$
706,750
local,
tomers, &c
not
Mtge. receivable-.
Other investments
chinery
taxes,
278,825
receiv.,
current
a
S
784,267
Deferred payments,
1,548,913
3,184,345
5,405
Machinery and plant
Furniture and fixtures
Inventories
1935
pay.
State and Fed._
35,773
3, 006,687
Notes receiv., trade
accts.
& accrued wages
2,542,759
409,675
in banks
151,799,000
769,535,000
1,705,000
39,974,000
307,000
9,886,000
1,000
Buildings
Investments
1936
1935
1936
359,000
11,932,000
Comparative Balance Sheet Sept. 30
capital
Prov. for Fed. surtax...
2,155,000
241,000
52,968,000
9,775,000
22,856,000
Spec, charges & provs..
8,475
576,373
11,984
—
...
4,231,000
518,000
127,519,000
Wages and salaries
5,409,000
Social charges
604,000
Deprec. on fixed assets. 117,531,000
Other deprec.& write-offs
6,769,000
Res. for renewal of short¬
lived plant
Int. pay. (less int. rec.). 18,422,000
Taxes payable.
14,921,000
Misc. outlays, relating to
Balance, surplus
capital stock & income
Prov. for Federal
Earnings per
71,076,000
..223,169,000 202,082,000 105,660,000 107,879,000
Total
current year
140,000
_
Common
24,059,000
31,785,000
1933
manufact. $4,535,555
187,666
17,420,000
28,512,000
Extraord. inc. & cred
1935
1936
taxes.
raw
Miscellaneous income
20,112,428 19,611,854
Total
stock, par $10, both payable July 1 to holders of record
p. 3337.
Gross prof. fr.
Other income.
of
operating United Steel
Wks. Corp. for latter's
|
The directors have declared an extra dividend of 25 cents per
United
(Germany)—Annual Report
Excess of sales over cost
1,970,086
stock at cost.—V. 144, p. 3024; V. 143, p. 2864.
addition to the regular
77,844,900
(In Reichsmark—Approximated to nearest thousand Reichsmark)
Year End.
Year End.
6Mos. End.
Year End.
293,945
Represented by 488,320 shares
United Dye wood
May 30, '36
Comparative Income Account
7,899,243
8,801,815
258,425
Misc. oth. assets..
86,567,006
Sept. 30 '36 Sept. 30 '35 Sept. 30 '34 Mar. 31 *34
stock
conv.
x
May 22, '37
87,572,902
.
United Steel Works Corp.
75,151
5,000,000
38,784
(kwb.)
—V. 144, p. 3697.
27,966
59,964
other
Bals. in closed bks.
shares
33,506
&c._
stk. &sur.ofsub.
28,490
May 29, '37
Electric output of system
Preferred 7 % cum.
4,109
accts. receivable
x
62,500
Reserves.
Un.
Bis. Co. of Am.
Improvement Co.—Weekly Output—
Week Ended—
227,604
60,625
.
5% debs. 1950
4,850,000
Min. int. in capital
of sale of shs. of
3697.
p.
Gas
comp.
insurance,
6,473,244
134,206
Amts.rec.inresp't
144,
United
83,109
•
492,108
accrued.
Workmen's
60,521
Ld., bldgs.,eq.,&c. 6,914,089
Value of life insur.
141,221
250 bonds, 53^ shares of new preferred for
feneral debt and landlords' claims will get, andeach $1,000 claim, $250 cash,
150 shares of new common
stock.—V.
& Fed'l inc.,
Interest
cover
com. stk. of
113,734
&c., taxes
Depos. with N. Y.
redeem, pref.stk.
22,138
Accruals, payrolls,
1,697,746
corn's & bonuses
tainers & racks.
304,063
pref.
stock..
963,659
con¬
Tr. Co. to
381,552
21,347
Div. pay. on
•27,495
25,278
1,017,931
1,894,808
$
3,400
Accounts payable.
U. S. gov. & mun.
securities
1935
S
Notes pay., bank.
1,030,984
994,658
cerning him and the board of directors, the court said that though there
was no reason to believe they were not entirely competent, the responsibility
for their election rested not with him but with the creditor groups.
The directors will be Robert J. Marony, designee of the debenture
holders' committee; Peter Grimm and Milton Diamond, named by the
landlords' committee; Gladden W. Baker, designated by the preferred
stockholders'
committee; William M. Chadbourne, designated by the
assenting common stockholders' committee, and Wallace Groves, Edward
A. LeRoy Jr., Ray Kramer, Joseph V. McKee, the former Mayor, and
Waltei S. Mack Jr., elected by Phoenix Securities.
The capitalization of the new company will consist of $6,001,942 in
secured sinking-fund bonds bearing 5% interest, 67,000 shares of new pre¬
ferred stock, of which 65,205 will be issued, and 6,000,000 shares of new
common stock, of which 5,752,147 will be issued.
Under the plan debenture holders will receive, in addition to dividends
allowed in bankruptcy proceedings, $500 in principal amount of the bonds,
1 85-100ths shares of new preferred stock and 68 shares of new common
for each $1,000 of debentures held.
The preferred stockholders will get
20 shares of new common for each shares of old preferred, while holders of
-
-
31,068,000
101,417,000
111,298,000
77,150,000
22,052,000
867,000
80,853,000
19,218,000
819,000
44,990,000
48,277,000
1,782,220,000 1 ,?66.733,000
a
Secured by mortgages,
b Claims against third parties in respect of
revalorized loans and mortgages payable by company on their behalf.—Y.
144, p. 1980.
Volume
Financial
144
United Securities Co. of
United States
143,
4171.
p.
Calendar Years—
Plywood Corp.—Registers with SEC—
Provision for depletion
Provision for depreciation
p.
4171.
Light & Traction Co.—Earnings—
Period End. Jan. 31—
$1,142,847
1,034,690
$1,054,299
921,690
$19,103
33,216
$17,710
34,667
$108,157
520,560
$132,609
493,100
$52,377
$628,717
$52,319
Net income for the year.
$52,377
51,858
789
847
$628,232
621,883
10,292
$628,717
622,300
10,358
$21,594 loss$641,848
Consolidated Balance Sheet Dec. 31
1936
Assets—
1935
%
Cash
$52,319
51,858
Accts.& notes
rec.
Accrd. int. receiv.
Inventories
$328
$328
$3,943
$3,941
Notes—No provision has been made in the above statement for unpaid
cumulative
interest
the
on
6%
income demand note, payable if earned,
amounting to $1,476,000 for the period from Jan. 1,1934 to Dec. 31,1936.
No provision was made for Federal surtax on undistributed
1936, inasmuch
profits for
the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 144, p. 2680,
Utah
as
Power & Light
Per. Ended Jan
31—
Operating revenues
Oper. rev. deductions—
1936
Liabilities—
$
896,233
337,462
14,353
381,763
payable.
80,271
35,803
194,603
Accrued accounts.
214,181
200,699
962,847
1,016,733
Acer. int. & ground
382",525
825,519
30,042
Sink. & ins. funds.
$
Accounts
49,978
Investments
1935
$
850,956
Municipal bonds..
Balance, deficit
$432,086 loss$209,726
373,867
395,345
36,625
36,777
.
Interest on 1st mtge. bonds, &c
Amortization of bond discount and expense.
$625,709
2,523
Other income (net)
Gross income
Int. on mortgage bonds.
Other int. & deductions.
$322,799 loss$222,202
109,287
12,476
-
$97,250
79,540
Operating income
expenses
Income from securities.
$104,515
85,412
Net oper. revenues
Rent from lease of plant.
$137,985
162,959
126,230
70,997
.
Selling
Administrative and general expenses.
Income charges (net)
1937—12 Mos.—1936
1937—Month—1936
Operating revenues
Oper. exps., incl. taxes
;
1935
$2,670,255
2.044,064
27,331
460,873
$741,448
182,247
133,615
102,787
Cost..
Upson-Walton Co.—Extra Dividend—
Utah
1936
$4,049,484
2,852,834
34,939
420,262
Netsales
The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 20 cents per share on the common stock,
par $1, payahle June 21 to holders of record June 10.
Similar payments
were made on Dec.
21, 1936.
An initial dividend of 30 cents was paid on
Sept. 30, 1936.—V. 143,
Subs.)—Earnings—
Consolidated Income Account (Including George A. Sinn, Inc.)
first page of this department.
on
3859
Warner Co. (&
Mo.—Registers with SEC—
See list given on first page of this
department.—V.
See list given
Chronicle
rents, &c
Instal. of long-term
debt (current)..
18,000
75,500
1st mtge. 6% bds.
5,541,000
5,622,000
1,025,500
96,952
786,070
30,237
Prop., land, min¬
eral dep. &bldgs.
equip., &c._— 9,034,876
Prepaid insurance,
license, taxes,&c
176,704
a
Other obligation.
625,500
_
Deferred credit
9,334,275
111,700
Res. for fire insur.,
workmen's
121,802
com¬
264,706
...
302,939
Co. (& Subs.)—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$1,143,803
$996,851 $11,992,077 $10,452,322
727,982
644,024
7,725,235
6,953,845
Total
—
107,676
103,877
1,367,050
c2d
pref. stock.,
d Common stock.
1,337,500
181,780
1,367,050
1,337,600
Capital surplus—
Earned deficit-..-
expense
pensation & mlsc
b 1st pref. stock..
Bond discount and
2,256,595
842,441
11,961,660 12,053,385
Total
181,780
2,131,001
1,141,011
11,961,660 12,053,385
After depletion and depreciation of $5,006,004 in 1935 and
$4,927,405
b7% 1st pref. capital stock, cum. $50 par.
c 7%
2d pref.
capital stock—cumulative $25 par.
d Common capital stock, par $1 each.
a
Net oper. revenues...
Other income (net)
$415,821
287
$416,108
195,879
25,000
17,521
on
$353,012
195,879
25,000
17,272
$177,708
mtge. bonds
Int.
on deb. bonds
Other int. & deductions.
$114,864
the period,
185
x
to
pref.
Cr3
stocks
for
$3,498,477
41,654
$4,271,591
2,350,550
300,000
204,938
Cr5,251
$3,540,131
2,373,427
300,000
207,767
Cr3
$1,421,354
$658,940
1,704,761
in
1936.
—V.144, p.
Int. chgd. to construct'n
Net income
Divs. applic.
$4,266,842
4,749
1,704,761
Gross income
Int.
$352,827
The company has filed a petition with the New York P. S. Commission
for permission to issue $25,000,000 3mortgage
bonds, due 1967, to be
sold to bankers at a price not less than 98.
Proceeds, which will yield the
$24,500,000, will be applied toward payment of ad¬
by the parent company. Consolidated Edison Co. of New
affiliate, Brooklyn Edison Co., Inc.
The bonds, if
authorized by the Commission, will be guaranteed both as to
principal and
interest by Consolidated Edison, according to the
petition.
The company states that while no contract has been made as to the dis¬
position of the bonds, the issue would be offered to the public at a price
to be not more than 2% above the
price to the underwriters. Early con¬
sideration of the petition by the Commission is requested.
The company also filed a petition with the Commission for
authority to
change the stated value of its capital stock in its certificate of incorporation.
The company would reduce the stated value of 836,000 shares of stock, all
owned by Consolidated Edison, from $41,800,000, or an average
price of
$50 a share, to $36,784,000, or an average price of $44 a share. The reduc¬
tion of $5,016,000 in stated value of the
outstanding stock would be trans¬
ferred to the company's surplus account, increasing that item from
$2,494,734 to $7.510.734.—V. 144, p. 3027.
vances
made
York, Inc..
Balance, deficit
$283,407
$1,045,821
x Dividends
accumulated and unpaid to Jan. 31, 1937, amounted to
$5,824,600.
Latest dividends, amounting to 58 1-3 cents a share on $7
preferred stock and 50 cents a share on $6 preferred stock, were paid on
Dec. 21, 1936. 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.
During 1937 provision for Federal surtax on undis¬
tributed profits has been made in the amount of
$4,000.—V. 144, p. 3522.
Vanadium Alloys Steel Co.—Extra Dividend—
an
extra dividend of
$2.25 per share
on
the
common
stock, no par value, payable June 25 to holders of record June 10.
The regular quarterly dividend of 60 cents
per share was paid on June 2.
See also V. 143, p. 776 for detailed dividend
record.—V. 143, p. 1896.
Van de
Kamp's Holland Dutch Bakers, Inc.—Split-Up
Voted—
Stockholders
at
special meeting held May 18 approved a four-for-one
split-up of the common stock, bringing the total outstanding shares to
160,000 from the present 40,000 shares. The company also was authorized
a
increase the number of shares authorized to
250,000 shares from the
present 100,000 shares, in addition to a change in the conversion feature of
the preferred stock, which at the
present time is two for one, so that the
preferred will be convertible into common in the ratio of
eight shares of
common for each share of
preferred.—V. 144, p. 1621.
West
stock,
no
par
dividend of $1
share
per
cipal amount of its first mortgage sinking fund gold bonds due July 1, 1940.
The bonds will become payable on that date at
101M % of their principal
at the corporate trust department of the bank, as successor
trustee, 11 Broad St., New York.—V. 144, p. 469.
Western
the
common
value, payable June 10 to holders of record June 1.
This
paid on March 10, last, and $2.50 paid on March 10.
Dec. 10, 1935.—V. 142, p. 1139.
on
Vick Chemical Co.
3 Mos. End. Mar. 31—
profit after taxes,
(& Subs.)—Earnings—
1937
1936
1935
1934
Net
deprec.& other charges
Earns, per sh
shs.
on
y$941,244
$1,016,784
x$719,015
$1.34
$1.45
$1.02
700,280
Third Week of May
advertising
on
$1.12
reserve set up
undistributed
profit.
Virginia Carolina Chemical Corp.—To Pay Pref. Div.—
Viscose
The
this stock will amount to $53.50
directors
par common
Wilsonite
Corp.—New Directors—Stock Increased—
At the recent meeting of stockholders F. W.
Wilson, James Jerome
Davidson, Louis H. Newkirk Jr., W. C. Shanley Jr., and Irving I. Schachtel
were
elected to the board of
directors, and Leigh Chandler, Marcel Leduc,
Murray Glover retired.
unanimously authorized an increase in capitalization
according to a plan presented by Newkirk & Co., Inc., New York.—V. 142,
p.1140.
and R.
Wisconsin
Central
Ry.—Equipment Trust Certificates—
The Interstate Commerce Commission
on June 1, authorized the
company
of not exceeding $2,500,000 equipmentcertificates, series B, to be issued by the Central Hanover Bank &
Trust Co., as trustee, and delivered at par to the
Minneapolis St. Paul &
to
assume
obligation
in
respect
trust
Wisconsin
Corp.—
Investment
The directors have
declared
an
Co.
with
the
procurement
of
(Del.)—Interim Dividend—
interim dividend of 10 cents
on
the
com¬
stock, payable July 1 to holders of record June 10.
A dividend of 20
cents was paid on Dec. 15, 1936 and an initial dividend of 10 cents was
paid on July 1, 1936.—V. 144, p. 3524.
mon
Washington Water Power Co. (& Subs.)—Earnings—
Period—
Month Ended
12 Mos. Ended
28, 37 Feb. 29, 36 Feb. 28, '37 Feb. 29, *36
$973,392
$830,320 $10,092,363
$8,918,234
706,436
492,657
6,607,788
5,299,732
(Alan) Wood Steel Co .—Accumulated Dividend—
Feb.
Operating revenues
Oper. rev. deductions—
Net oper. revenues—
Other income (net)
Gross income
Int.
on
mortgage bonds.
Int.
on
$266,956
2,846
$337,663
8,501
$3,484,575
24,784
$3,618,502
$269,802
82,963
$346,164
82,963
$3,509,359
995,550
1,695
1,611
45,153
$3,658,531
995,550
46,600
40,191
debenture bonds.
Other int. & deductions-
Int. chgd. to constr. (Cr)
Net income
40,029
9,797
$185,144
$261,590
$2,478,453
$2,576,190
Dividends applicable to preferred stock for the
period, whether paid
unpaid
622,518
on
$6 preferred stock
was
622,140
$1,855,935
or
Balance
Regular dividend
1936
$6,197,773
compares with 25 cents
Sault Ste. Marie Ry. as vendor, in connection
certain equipment.—Y. 144, p. 3699.
Company—Changes Name—
V. 144, p. 3197.
x
May 21
1937
$7,263,119
have declared a dividend of 50 cents per share on the
stock, payable July 1 to holders of record June 18.
This
paid on May 14, last; 60 cents paid on Dec. 10, 1936,
and 25 cents paid on March 2, 1936, this latter
being the first distribution
made by the company on the common stock since
July 1, 1931, when a
regular quarterly dividend of like amount was paid.
Dividends of 25 cents
had been distributed each quarter from Jan.
2, 1930 to and including
July 1, 1931.—V. 144, p. 3699.
no
This company, one of the world's
largest producers of rayon and a pioneer
in the undustry, has changed its name to the American Viscose
x
Jan. 1 to
1936
$294,705
The stockholders
The directors have declared a dividend of $1.50
per share on account of
accumulations on the 6% participating preferred stock, par
$100, payable
June 24 to holders of record June 14.
The last previous payment on this
issue was the $2 distribution made on Oct.
1, 1929.
After the current payment
arrearages on
as of June
30. 1937.—V. 143. p. 1251.
1937
$315,184
Gross earnings..
—V. 144, p. 3699.
$790,799
;
;
outstanding
After crediting to expense $225,000 of the
out
of 1934 income.
yBefore possible surtax
—V. 144, p. 3197.
x
Maryland Ry.—Earnings—
Weston Electrical Instrument Corp.—Dividend Doubled
on
compares with 50 cents
1936, and
Disinfecting Co.—Bonds Called—
amount,
Vapor Car Heating Co.—Larger Dividend—
a
and its
The company announced that there have been drawn
by lot by the Chase
National Bank of New York for redemption on
July 1, 1937, $10,900 prin¬
to
The directors have declared
(N. Y.) Lighting Co.—Proposes $25,000,-
000 Bond Issue—
company not less than
whether paid or unpaid
The directors have declared
3026.
Westchester
$1,954,050
paid
on
Dec.
15,
1936.
After the payment of this dividend there were no accumulated unpaid divi¬
dends at that date.
Regular dividend on this stock was declared for
ment on March
15, 1937.
Note—Includes provision made
pay¬
during December, 1936, of $1,500 for
Federal surtax on undistributed profits of a subsidiary for 1936. No such
provision has been made to date for 1937.—V. 144, p. 3698.
The directors
have declared a dividend of $1 per share on account of
on the 7%
cumulative preferred stock, par $100, payable
July 1 to holders of record June 15.
This 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. 2328.
accumulations
Worthington
change Offer—
Pump
& Machinery
Corp.—Makes Ex¬
The corporation is offering for exchange,
by means of a prospectus, two
series of a new cumulative prior preferred stock and additional shares of
its common stock to holders of its present class A
7% and class B
6%
preferred stocks.
A registration statement covering the securities recently
became effective, clearing the way for the
exchange offers to the preferred
stockholders as part of the recapitalization plan of the
corporation which
was announced in March.
in
The holder of each share of the present class A preferred stock is offered
exchange one-half share of convertible prior preferred stock, one-half
share of non-convertible prior preferred stock and one and one-fifth shares
of common stock.
The holder of each share of class B preferred stock is
offered in exchange one-half share of non-convertible prior preferred stock
nd three-fourths of a share of common stock.
Financial
3860
Chronicle
June 5, 1937
Zonite Products Corp.
Holders of the present preferred stock who accept the offers of exchange
submit their stock for stamping with an endorsement evidencing
(& Subs.)—Earnings—
are asked to
such
acceptance.
■
,
The offers of exchange are conditioned upon acceptances to an extent
which shall justify the board of directors, in its sole discretion, in declaring
the plan effective.
The plan will be declared effective, however, in any
x
event, if the holders of 90% of each class of the present
accept the offers of exchange.
••
'
.
.
Net profit from
Depreciation
•
registration statement are
145,062 shares initially issuable upon conversion of shares of the convertible
series of cumulative prior preferred stock.
Each share of this series is con¬
vertible on or before Sept. 1,1940 into two shares of common stock; there¬
after through Sept. 1, 1943 into 1H shares of common stock; and thereafter
able
1,505,816/
$113,641
73,493
$286,013
operations
66,931
—--—- —
-
I
Unavail¬
$1,791,8291
profit from operations
Selling, general & adminitrative expense—
Gross
preferred stocks
,
,
1935
1936
Calendar Years—
.
Included in the common shares covered by the
into
one
Operating profit
36,249
$255,331
Total income
Foreign exchange losses
Provision for doubtful accounts. _—
Sundry deductions, &c_
share of common stock.
Exchange Agent—
Oo. of New York has been appointed agent to accept
preferred stock of Worthington Pump & Machinery Corp.
for exchange for certificates with an endorsement evidencing the irrevocable
acceptance of the offer made to holders, pursuant to the plan of recapitaliza¬
tion of the corporation dated March 25,1937.—V.144, p. 3524.
The Guaranty Trust
class A and class B
47,374
6,055
Interest—
50,000
Federal surtax—
Loss on wine & liquor division.
Federal & foreign income taxes, &c--
58,239"
47,249
account^of
7% cumulative preferred stock, $100, payable June 1
31,250
$98,307 loss$146,956
profit
--Earnings per share on capital stock
Co.—Accumulated Dividend—
$51,279
38,087
23,104
36,560
10,995
"¥,346
Net
Worumbo Mfg.
$40,148
11,131
$219,082
—
Other income
$0.12
Nil
The directors have declared a dividend of SI.75 per share on
accumulations on the
to holders of record same
Consolidated Balance Sheet Dec. 31
date.—Y. 141, p. 3397.
The directors on May 25 declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
both payable July 1 to holders of record
Like amounts were distributed in each of the 13 preceding quar¬
ters, prior to which the company made quarterly distributions of 5 cents
common
stock,
no
par
value,
June 8.
Ser snare, and in addition paid an extra
an. 2, 1934.
The company
the
common
paid
stock
on
a
dividend of 5 cents per share on
special inerim dividend of 10 cents per share on
Feb. 1,1937.—V. 144, p. 1303.
last, and on Nov. 1 and July 1, 1936, this latter being the first payment
made since April 1, 1930, when a regular monthly dividend of 33 1-3 cents
share
was
distributed.—V. 144,
297.
p.
Inventories
f Chilean accounts
Investments..—
$452,869
337,687
151,749
52,611
31 485
38,901
Land, bldgs., ma¬
chinery, &c
483,317
_
c
Six-Cent Dividend—
pr The directors have declared a dividend of six cents per share on the
capital stock, payable June 22 to holders of record June 8.
T*ris compares
with five cents paid on Dec. 31, 1936, and a dividend of eight cents per
share paid on Oct. 21, 1936, this latter being the first dividend paid on
this issue since June 29, 1918, when 2H cents per share was distributed.
—V. 144, p. 3525.
1936
Notes
&
-
for
1
a
$87,949
e62,500
186,666
In¬
come taxes
d
559,138
$143,265
accept.
payable
Provision
1935
and
accrued expenses
Notes payable due
Jan.31.1937...
23,619
95,503
._....
Capital stock—
845,556
Treasury stock. Z>rl26,279
Capital surplus...
Deficit...
Pats. .trade-marks,
goodwill,
Accts. payable
28,900
Prop, held for sale.
Real est. & equip.
non-operating.
644,061
73,461
194,800
845,556
Dr95,268
644,061
160,645
organ¬
1
ization exps., &c
Prepaid rent, taxes
40,564
26,568
110,960
85,728
& other expenses
Adv.
supplies and
prepaid advertis.
Total
.....$1,591,144 $1,726,739
Total
Yukon Gold Co.—To Pay
$331,381
267,256
217,392
72,736
28,636
Agrnel devel. acct.
Yellow & Checker Cab Co.—Accumulated Dividend—
The directors have declared a dividend of $1 per share, payable on account
of accumulations on the 8% cumulative class A stock, par $50, on June 15
to holders of record June 1. A $1 dividend was paid on March 1 and Jan. 1,
per
b Receivables
Liabilities—
1935
1936
Assets—
Cash.
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
$1,591,144 $1,726,739
15,490 shares (reacquired) at cost in 1935 and 20,004 shares in 1936.
b After deducting reserve of $27,865 in 1935( $14,322 in 1936) for doubtful
accounts,
c After depreciation of $470,985*in 1935 and $482,383 in 1936.
d Represented by 845,556 shares of $1 par value stock,
e Trade accept¬
ances payable only,
f At estimated realizable value based on_4 cents per
Chilean peso.—V. 144, p. 3525.
a
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
in 6d.
COMMERCIAL EPITOME
Friday Night, June 4, 1937
points lower
The new Rio
Coffee—On the 1st inst. futures closed 4 to 9
for the Santos contract, with sales of 69 lots.
contract closed unchanged to 7 points lower,
13 lots.
Brazil markets
with sales of
but the dollar rate was
100 reis stronger at 15.200 milreis to the dollar. The Santos
bolsa today (Tuesday) opened unchanged to 350 reis off from
last Friday's prices. Rio futures closed 25 to 50 reis off from
Saturday at 18.600 for June and 17.700 for August. The
Rio spot price was unchanged at 19.000 milreis. Havre was
5.00 to 2.75 francs off from Friday. On the 2nd inst. futures
closed 1 to 6 points higher in the Santos contract, with sales
of 34 lots.
The new Rio contract closed 8 to 6 points up,
with sales of 6 lots.
Rio futures were unchanged to 25 reis
lower at 18.600 for June and 17.675 for August. The Rio
spot was 200 reis off at 18.800 and the open market dollar
rate
eased 20 reis
futures
were
to
were
easy,
15.220 milreis
to the
dollar.
Havre
4.00 to 3.00 francs lower.
On the 3d inst. futures closed 4
points
up
to 2 points down
in the Santos contract, with sales of 68 contracts.
The new
Rio contract closed 1 point down on the July contract, and
7 to 4 points up for the rest of the list, with sales of 21 con¬
tracts.
Rio de Janeiro futures
125 to 175 reis higher.
100 reis.
The free market
exchange rate was 170 reis better at 15.05.
Cost and freight
offers were unchanged with Santos 4s at 11.45 to 11.75c.,
while Manizales in the mild coffee market were steady at
12
Havre futures were 3^ to 1 li francs higher.
Today
futures closed 6 to 11 points down in the Santos contract,
with transactions
totaling 52 contracts.
The new Rio
contract closed 12 to 7 points down, with sales of 22 con¬
tracts.
Coffee futures ignored reports of frosty weather in
Brazil, reflecting a dull and easier market in actuals and
lower prices in the primary markets.
Rio de Janeiro futures
were 50 to 100 reis lower, while the
spot No. 7 price was off
100 reis.
In Santos the "C" contract was unchanged to 175
reis lower.
Havre futures were Yi to 1 franc lower.
Milds
were barely
steady at 12c. for Manizales.
The spot
No. 7 price
were
was up
Rio coffee prices closed as follows:
December.
7.06
May
July
7.26
Santos coffee
7.17
7.02
September
March
prices closed
March
May
July
as
10.40
—
10.59
.11.06
Cocoa—On the 1st inst. futures closed 3 to 6
points down.
was quite an
improvement over the opening, which
ranged from 10 to 13 points lower than previous finals.
This
Transactions totaled 192 lots, or 2,573 tons.
on
the outside, while prices on the Terminal.
Sales there were 2,260
Local closing: July, 7.21; Oct., 7.39; Dec., 7.47; Jan.,
7.51; Mar., 7.60;May, 7.69. On the 2nd inst. futures closed
virtually unchanged from the previous finals, or 1 point
lower to 1 point higher.
Opening sales were at gains of
tons.
7 to 9
points. Subsequently prices showed a maximum rise
17 points above Tuesday's finals, which was all
wiped out towards the close of the session. Transactions
totaled 229 lots, or 3,069 tons.
London was up Is. on the
outside and Is. l^d. to 6d. stronger on the Terminal Cocoa
Market, with sales of 1,220 tons. Local closing: July, 7.20;
Sept., 7.35; Oct., 7.39; Dec., 7.46; Jan., 7.51; Mar., 7.61;
May, 7.70.
On the 3d inst. futures closed unchanged to 2 points down.
Trading was fairly active, with transactions totaling 192
contracts.
Warehouse stocks continued to pile up,
gaining
4,300
bags overnight.
They now total approximately
1,280,000 bags, a new high record.
It is now stated as quite
evident that Gold Coast cocoa producers have been harvest¬
ing and marketing all the cocoa they could find, to take ad¬
vantage of high prices.
Local closing:
July, 7.20; Sept.,
7.33; Dec., 7.44; Jan., 7.49; Mar., 7.59.
Today futures
closed 2 to 3 points up.
Transactions totaled 248 contracts.
Although the session was a dull one, prices held steady.
of
19
to
Evidence
London
came
of
manufacturer
support
was
seen.
Licensed
warehouse stocks continued to
register new highs.
A gain
of 4,200 bags overnight brought the total to
1,283,900 bags.
Local closing:
July, 7.23; Sept., 7.36; Dec., 7.46; March,
7.61.
Sugar—On the 1st inst. futures closed unchanged to 2
points lower. The market was exceedingly dull, transactions
totaling only 24 lots. Accentuating the dulness was the
extreme quiet of the actual market and lack of new demand
for refined despite the lower price. In the market for raws
an operator bought 38,000 bags of Puerto Ricos at
3.35c.,
unchanged from the last price, the loading June 12. Two
parcels of Puerto Ricos that arrived over the week-end,
because of the poor demand for sugar, were ordered into
warehouse.
The world sugar contract market closed 2 to 4
points higher, with transactions totaling 208 lots, half of
which were in the September delivery. This market derived
its strength chiefly from buying influenced by war threats
abroad.
follows:
10.29 December
..10.25 September
lower
Cocoa Market broke 9d. to Is. 3d.
Advances in the London market served
as a cue
to
improvement here. Raws there were offered at 6s. 6%d.,
equal to 1.15c. f. o. b. Cuba, based on a freight rate of 26s.
On the 2nd inst. futures closed unchanged to 1 point lower. A
dull, listless trade prevailed, with transactions totaling but
64 lots, or 3,200 tons.
There was a small demand for re¬
fined, and the consequent lack of interest by refiners in raw
offerings limited the volume, about 70% of which consisted
Volume
of switches
144
Financial
straddles from the No. 4. In the market for
raws Godchaux
bought 6,000 tons of Philippines, due June
11, at the unchanged basis of 3.35c. delivered. More sugar
in nearby positions at the close was available at the same
or
price, but New York refiners
were
apparently not better
interested than 3.35c. for late June arrivals.
contract
The world sugar
market
advanced 1 point and held there during
most of the session.
Trading was light, totaling 167 lots, or
8,350 tons. London prices closed unchanged to Yd. higher.
On the 3d inst. futures closed 3 to 4 points up in the do¬
mestic
contract
tracts.
market.
Transactions
totaled
130
con¬
The bulk of
activity in the market was for trade
account.
Selling was principally hedging, although a scat¬
tered amount of liquidation was entered.
Of the 130 lot
total, 57 were in September.
In the market for raws McCahan bought 2,000 tons of Philippines, due June 7th, at
3.35c. delivered todajr.
At this level, which was un¬
changed from the previous day, there were additional offer
ings available at the close.
In the world sugar contract
market trading was very active, with prices at the close
showing gains of Y to 134 points.
Transactions totaled
541 lots, or 27,050 tons.
Private cables estimated that
business effected in London amounted to 10,000 tons, which
cleared the market of offerings at 6s. 734d., equal to 1.1634c.,
f.o.b. Cuba, based on a freight rate of 26s.
Today futures
closed unchanged to 2 points up in the domestic contract,
with sales of 203 contracts.
There was very little of interest
to the trading or news.
The world sugar contract closed
34 point up to 1 point down, with sales of 268 contracts.
London futures were Yd. higher to Yd. lower, while raws
sold at the equivalent of 1.17c. f.o.b. Cuba.
Nivas, Java's
single seller, raised prices 25 Dutch cents per 100 kilograms.
No sales of raws were reported in the domestic sugar market.
Prices
were as
follows:
July
March
2.51
2.46 December
2.40 January
September
2.48
2.40
Lard—On the 1st inst. futures closed 2 to 7 points higher.
Trading was fairly active, but without any special feature.
The Chicago lard stocks report was issued after the close of
the market.
The report showed that during the month of
May supplies decreased 6,155,000 pounds. Trade interests
last week were expecting a decrease in the neighborhood of
4,000,000 pounds.
Total stocks at Chicago now are 117,026,000 pounds, against 124,181,000 pounds a month ago
and 46,297,000 pounds on May 31, 1936. Chicago hog prices
closed very steady at Friday's finals.
The top price for the
day was $11.75, with the bulk of sales ranging from $10.85
to $11.65.
No lard exports over the week-end. Liverpool
prices were unchanged to 6d. lower. On the 2nd inst. futures
closed 5 to 10 points higher. The market was firm through¬
out most of the session, with trading quite active, prices at
one time showing a maximum advance of 15 to 17
points.
The monthly statistics on lard stocks at Chicago showed
that supplies decreased a little over 6,000,000 pounds, due to
a sharp falling off in
hog receipts during the month of May.
The hog market was barely steady, with prices at Chicago
closing 10c. lower. The top price on hogs at Chicago was
$11.75, with the bulk of sales ranging from $10.85 to $11.65.
Western hog marketings were 45,700 head, against 54,600
for the same day last year. No lard exports from the Port of
New York were reported. Liverpool lard futures were firm,
with prices 6d. to Is. 3d. higher.
On the 3d inst. futures closed 2 to 10 points down.
Trad¬
ing was moderately active, but without any outstanding
feature.
Hog prices at Chicago averaged 10 to 15c. lower
for the day, the top price registering $11.65, with the bulk
of sales ranging from $10.85 to $11.60.
Western receipts
of hogs totaled 42,800 head against 56,100 for the same day
last year.
Export clearances of lard totaled 28,000 pounds
destined for Southampton.
Liverpool lard prices were 3 to
6d. higher.
Today futures closed 2 to 5 points down.
There was nothing of particular significance to the trading
during this session, prices easing off because of lack of in¬
terest and support.
The grain markets offered very little
in the way of encouragement to those friendly to the market.
DAILY CLOSING
PRICES
Sat.
OP LARD
Mon.
May
July
September
12.32
12.42
12.72
October
12.70
HOLIDAY
December
FUTURES IN
Tues.
12.50
12.75
12.72
12.67
Wed.
12.60
12.82
12.80
12.70
CHICAGO
Thurs.
Fri.
12.55
12.77
12.77
12.50
12.75
12.72
12.67
12.62
Pork—(Export), mess, $29 per barrel (per 200 pounds);
family, $32.25, nominal, per barrel; fat bucks, $24 to $27 per
barrel.
Beef: (export) steady.
Mess, nominal; packer,
nominal; family (export), $23 to $24 per barrel (200 pounds)
nominal; extra India mess nominal.
Cut Meats: Pickled
Hams, Picnic, Loose, c.a.f.—4 to 6 lbs., 1534c.; 6 to 8 lbs.,
15c.; 8 to 10 lbs., 14c. Skinned, Loose, c.a.f.—14 to 16 lbs.,
20c.; 18 to 20 lbs., 1934c.; 22 to 24 lbs., 1894c. Bellies: Clear,
f.o.b., New York—6 to 8 lbs., 21c.; 8 to 10 lbs., 21c.; 10 to
12 lbs., 20%c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—
16 to 18 lbs., 1794c.; 18 to 20 lbs., 17%c.; 20 to 25 lbs.,
1794®.; 25 to 30 lbs., 17%q.
Butter: Creamery, Firsts to
Higher than Extra and Premium Marks: 23c. to 3134c.
Cheese: State, Held, '36—-22 Y to 23c.
Eggs: Mixed Colors,
Checks to Special Packs: 18c. to 22c.
Oils—Resale
Linseed
Oil is
reported around 10.4c. per
pound, while crushers are holding steady.
Quotations:
China Wood: Tanks, June for'd, 12.7c.; Drms, spot, 1334c.
Chronicle
3861
Coconut:
Manila, tanks, July-Sept, f "for'd, 634c.; Coast,
Forward, 5 94c. Corn: Crude, tanks, outside, 894c.
Olive:
Denatured, Nearby, African, $1.50; Greek, $1.50.
Soy
Bean: Tanks, resale, futures, 9c., nominal; L.C.L., 11.5c.
Edible: 76 degrees, 1234®.
Lard: Prime, 1334c.; Extra
winter, strained,
1234c.
Cod: Crude, Japanese, 56c.,
nominal; Norwegian light yellow, 46c.
Turpentine: 3934c.
to 4334e.
Rosins: $8.75 to $10.25 per 280 lbs., gross, ex
yard, N. Y,
Cottonseed Oil, sales,
Crude, S. E., 9e.
June
including switches, 96 contracts.
Prices closed
as
follows:
October
9.80 @
9.83 @
9.85 @
December
9.85 @
July
August
September
9.81 @
9.86 @
January
November.
9.84
9.78@
9.79@ 9.81
Rubber—On the 1st inst. futures closed 26 to 32
points
Friday's closing levels. The market was quite active,
with transactions totaling 3,500 tons.
At the opening
futures were 38 to 48 points down, the market recovering
considerable of these losses towards the close, though still
ending with substantial net losses. The London and Singa¬
pore markets closed quiet and weak, respectively, prices
declining Yd. to 17-32d. The outside market in New York
followed the lead in futures, and closed at 2034<1. for standard
sheets. Local closing: July, 20.05; Sept., 20.25; Oct., 20.26;
Dec., 20.32. On the 2nd inst. futures closed 20 to 29 points
higher. Transactions totaled 3,850 tons. The market opened
40 to 47 points higher, which proved to be about the highs
of the day. The outside market was dull, with prices quoted
at 2094c. for standard sheets at the close. London and Singa¬
pore markets closed quiet and
steady, prices advancing
3-16d. to 15-32d.
Local closing: June, 20.31; July, 20.34;
Sept., 20.46; Oct., 20.51; Dec., 20.59.
On the 3d inst. futures closed 65 to 70 points down.
Lower prices in London and Singapore caused a weak market
for rubber futures here.
All deliveries broke through the
20c. level with the exception of distant March.
These
below
were
new
low levels for the movement.
here and abroad
was
The weakness both
ascribed to revival of
rumors
that the
price of gold would be reduced. The London market closed
barely steady at declines of Y&- to )4cL
Singapore also
was
lower and was reported selling actual rubber freely.
Local closing: ,July, 19.66; Sept., 19.80; Oct., 19 86; Dec.,
19.94; Jan., 19.97; Mar., 20.00.
Today futures closed 16
to 22 points up.
Trading was quite active, transactions
totaling 477 contracts.
Prices were lower in the early trad¬
ing in sympathy with declines in Singapore and London,
but turned firmer during the forenoon, with the result that
this afternoon the market was 6 to 12 points higher and at
the close the market was steady and showing substantial
gains.
Early selling was attributed to uncertainity over the
gold policy, but reports of a decrease of 1,450 tons in United
Kingdom stocks this week, coupled with reports that the
Goodyear strike had been settled, did much to bring about
a
rally.
London closed 1-16 to 13-32d. lower.
Singapore
suffered a similar loss.
Dealers sere reported to be sellers
in the eastern market.
Local closing:
July, 19.82; Sept.,
20.02; Oct., 20.05; Dec., 20.10; Jan., 21.04; March, 20.21;
May, 20.27.
Hides—On
the 1st inst. futures closed unchanged from
final prices.
Trading was fairly active, with
transactions totaling 2,920,000 pounds. Stocks of certificated
hides in warehouses licensed by the Exchange increased
by
2,843 hides to a total of 854,245 hides.
No new develop¬
ments
worthy of special mention were reported in the
domestic or Argentine spot hide markets during the day and
prices were as previously quoted as far as could be learned.
Local closing: June, 15.55; Sept., 15.95; Dec., 16.30.
On
the 2nd inst. futures closed 15 to 17 points higher.
The
market opened from 6 to 21 points up and held firm during
the greater part of the day.
Transactions totaled 1,840,000
pounds. Stocks of certificated hides in warehouses licensed
by the Exchange remained unchanged at 854,245 hides. No
business was reported in the domestic or Argentine spot
markets.
Local closing: June, 15.72; Sept., 16.08; Dec.,
Friday's
16.45.
On the 3d inst. futures closed 15 to 17
points down. The
extremely dull, with transactions totaling only
320,000 pounds. Stocks of certificated hides in warehouses
licensed by the exchange decreased by 1,854 hides to a total
of 852,401 hides.
No business reported in the domestic or
Argentine spot markets. However, advices from the Argen¬
tine reported a decline in frigorifico steers to 1634cIt is
pointed out that this is between seasons for the hide business
and that trading is likely to pick up during the not distant
future.
Local closing:
June, 15.55; Sept., 15.94; Dec.,
16.30; March, 16.60; June, 16.90.
Today futures closed 16
to 18 points up. Transactions totaled 24 contracts.
The
market opened 5 to 15 points lower, but firmed up after the
opening in dull trading, which in the early afternoon totaled
only 440,000 pounds.
In the domestic spot market 4,000
branded cows sold at 14 94c. for March-April take-off and
1534c. for May take-off.
In the South American market
8,500 frigorifico steers sold at 1634c. off 94 of a cent. Local
closing: June, 15.73; Sept., 16.10; Dec., 16.47.
market
was
Ocean
Freights'—Chartering as compared with last week
especially during the early part of the cur¬
important changes were made in rates.
Charters included:
Grain:
33 loads, Montreal-Antwerp-
rather slow,
rent week.
No
was
3862
Financial
Rotterdam-London-Hull,
18-25.
Buenos
3s.; Avonmouth, 3s. 2d., June
Aires-Bergen-Oslo, May 31-June 7, 33s. 6d.,
option Denmark 33s.
Two and a half loads New YorkAntwerp, June, 14c.
Five hundred tons New York-HavreDunkirk, June, 18c.
33 loads, 10%, St. Lawrence-picked
United Kingdom ports, Antwerp,
Rotterdam, June 15-28,
3s.
Scrap: Gulf-United Kingdom, 28s. 6d., June.
Coal—Dealers in New York City have advanced their
quotations on retail anthracite 25c. a ton to cover the in¬
crease
in mine prices made on
May 1st and not previously
passed on to the consumer.
Retailers in most nearby New
Jersey counties have not yet announced a similar change,
but it is stated that there is a
strong likelihood that they
will advance their quotations on the 10th of the month.
Meanwhile, the warm weather has cut down retail sales
very appreciably in the local market.
Reports from the
Chronicle
June 5, 1937
of 1935-36, showing
395,204 bales.
Mo
Sat.
Receipts at—
Galveston
decrease
a
—
New Orleans
973
16
545
166
1,097
2,515
11,964
3,832
6
6,181
1,041
1,368
542
37
4
81
765
318
7
131
811
—
1,062
864
53
13
929
—
_
1,130
694
—
817
—
—
185
-
■
—
Total
Fri.
69
6
74
Savannah
Charleston
Wilmington
Thurs,
44
275
—
2,244
1,424
Mobile
Wed.
of
1936,
1,
586
416
Corpus Christi
Aug.
Tues.
.
89
Houston
since
942
'
Norfolk
—
164
«.
—
Baltimore
Totals this week.
The
176
369
370
709
894
3,767
23,761
524
4,247
2,355
2,799
8,339
2,254
total
following table shows the week's
receipts, the
Aug. 1, 1936 and the stocks tonight, compared
total since
with last year:
smokeless fields
are uncertain, but it
appears likely that many
producers will make no changes in price while others will
carry through with their original intentions to raise prices
on lump, egg and stove 10c. a ton at the
beginning of the
1936-37
1935-36
Stock
Receipts to
This
Since Aug
This
Since Aug
Week
1.1936
Week
1, 1935
June 4
1937
1936
month.
973 1,694,019
Galveston
Metals—The report
of Copper, Tin, Lead, Zinc, Steel
Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the
department headed
and
"Indications of Business
more
Activity," where they
are
covered
fully.
Texas City
Houston
2,515 1,283,910
6
283,881
23,146
1l",964 1,991,598
3,832
303,397
98,835
4,148
1,062
134,861
Corpus Christi—
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Wool—The wool market continues in
nothing to indicate
a
a
dull
state, with
change in the attitude of mills.
Domes¬
tic wools here
are in a condition of almost
complete stag¬
Lower prices seem to have no influence in attracting
mill purchasers.
As a result of these conditions dealers are
nancy.
inclined to hold all
until
there
is
new
some
wools coming into their warehouses
sign that manufacturers
really in
earnest seeking raw material.
Mills are reported as taking
deliveries on contracted wool, but show no
disposition to
enter the spot market until dealer wools arrive in
larger vol¬
ume.
Some original territory is available at from 95c. to
97c. for good French combing length and 93c. to 95c. for
shorter wool.
The fleece
shaken down to
wool
group
seems
are
to have
down to 1937 lows.
On the other hand it is stated that there
is very little wool either of this year or last
year's clip in the
warehouses here and the lack of new business is not
given
serious attention, particularly as contract wools are
moving to the mills in good sized volume. It is reported that
Texas wool is likely to show a new record
production of pos¬
sibly 75,000,000 pounds, of which amount about 10,000,000
pounds will be shown in the fall. About 55 per cent of the
spring clip has been contracted.
very
Transactions
tributed
totaled
1,240
bales.
Savannah
were
at¬
to
liquidation influenced by weakness of other
commodity markets and the low prices of the cocoon markets.
What demand there was, came
principally from shorts.
Grade D in Japan was 1 yen off from
Friday at Yokohama
and 15 yen lower at Kobe, the
price being 795 yen at both
markets.
Spot sales for the two markets totaled 725 bales.
Transactions in futures totaled 4,550 bales, with Yokohama
closing 2 to 4 yen off and Kobe 9 to 4 yen lower.
Local
closing: June, 1.77; July, 1.76; Aug., 1.75; Oct., 1.75; Nov.,
1.73; Dec., 1.733^. On the 2nd inst. futures closed 3^c. up
to 3^c. off. Transactions totaled
only 630 bales. The market
opened unchanged to lc. higher. Trading was light, with
prices fluctuating within a narrow range. There was a holi¬
day at Yokohama. At Kobe spot market was unchanged,
with Grade "D" quoted at 795 yen and
spot sales limited to
125 bales.
Kobe options were unchanged to 5 yen higher,
with sales totaling 1,325 bales*. Local closing: June, 1.76^;
July, 1.7634; Aug., 1.75; Oct., 1.73^; Nov., 1.73; Dec., 1.73.
On the 3d inst. futures closed 1 cent down to
Y cent up.
Transactions totaled 49 contracts.
After an uncertain start
the silk market turned firmer, although trading was
quiet,
The price of
ignoring the heaviness in other commodities.
crack double extra silk in the New York spot market was un¬
changed to $1.81. At Yokohama the Bourse closed 2 yen
lower to 3 yen higher.
Grade D silk was unchanged at 795
yen.
Local closing: June, 1.763^; July, 1.763^; Aug., 1.753^;
Sept., 1.74; Oct., 1.74; Dec., 1.74; Jan., 1.74YToday
futures closed l^c. to 3 cents up.
At the opening prices
were unchanged to 1 cent
lower, but firmed up on news tbat
the outside silk market in Japan had advanced
despite a fall
in prices on the Yokohama Bourse.
The price of crack
double extra silk in the New York spot market
dropped Yl a
cent to $1.80H.
On the Yokohama Bourse prices were 1 to
7 yen lower, but in the outside market
prices rose 23^ yen.
Local closing: June, 1.78K; July, 1.793^;
Aug., 1.78; Oct.,
1.76M; Nov., 1.76; Dec., 1.763^; Jan., 1.76.
1,729,949
383,227
3,968
160,393
3,693
241
311,427
"338
212",l89
1~,647
55,835
23,171
609
39,802
803
42,216
894
63,622
1,739
29,817
28",610
25,160
5,201
15,467
23,549
12,661
20,604
29,059
"""200
n3,980
4,126
1,425
1,875
Newport News—
New York
Boston
Baltimore
723
Philadelphia
Totals
23,761 6,170,456
47,072 6,565,660 1,305,161 1,591,891
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1936-37
Receipts at—
Houston
New
2,515
11,964
Orleans.
Mobile
3,832
1,062
Savannah
1933-34
1932-33
1931-32
6,132
3,228
6.536
241
472
962
18,337
23,821
15,225
3,033
2,867
"""338
'""459
"l",276
6,264
3,395
3,590
19,132
2,651
102
6.951
2,969
10,419
1,303
2,294
1,374
3,574
23
"'"864
Charleston
Wilmington.
942
_
1,647
84
29
430
803
555
796
993
709
Norfolk
N'port News.
245
176
"
"
"""966
Total this wk_
1,926
"l~,339
"3", 158
"15", 071
1,286
23,761
All others
47,072
18,907
34,989
86,064
30,591
6.170.456 6,595,660 3,958,582 7,099.409 8,265,852 9,489,228
The exports
for the week ending this evening reach a total
were to Great Britain, 1,394
to France, 7,464 to Germany, 16,299 to
Italy, 11,436 to
China, and 10,716 to other destinations.
In the correspond¬
ing week last year total exports were 82,590 bales.
For the
season to date aggregate exports have been
5,143,895 bales,
against 5,608,067 bales in the same period of the previous
season.
Below are the exports for the week:
of 54,122 bales, of which 6,813
June
4
1937
Great
Exports from—
Ger
Britain
Galveston
France
Houston
many
400
2,561
Italy
Japan
2,271
6,496
819
3,358
6,445
913
Pensacola, &e_._
"266
Total
1,293
16,149
12
10,196
6,284
"62
Mobile..
Other
2,112
2,147
China
3,128
3,895
.
.
New Orleans
Lake Charles
14,876
"950
4,090
62
2",227
....
19
285
Charleston
1,999
1,999
"~59
"778
32
600
"166
732
4,818
Norfolk
78
4,896
Los Angeles
San Francisco
Total
837
6,813
1,394
7,464
16,299
11,436
Total 1936
16,701
12,295
12,225
750
19,772
18,103
5,324
7,395
Total 1935
8,457
2,830
28,927
181
From
10,716
54,122
18,889
29,950
82,590
99,209
Exported to—
Aug. 1, 1936, to
June
4
1937
Great
Exports from—
Galveston
Houston.
Corpus Christi.
Beaumont
New
Orleans.
.
Lake Charles..
Mobile
Jacksonville
Pensacola,
&c.
Savannah
Charleston
Ger¬
Britain
176,283 178,556
173,028 112,958
50,970 46,877
963
9,588
386,575 271,498
11,040 21,337
108,606 37,565
1,630
46,183
1,794
1,791
51,981
67,320
1,200
2,168
5,114
Wilmington
Norfolk
Gulf port
France
6
3,698
972
275
4
Italy
11,561
20,115
684
2,104140,275
914,003
355; 26,532
210,385
-
•
«.
—
-
7,218
-
«
-
-i
25,517
5,661
2,776
1,516
18,000
-
-
•
819
-
3,658
-
1,160
•
*
.
—
........
w
m
-
«>
..
-
Total
1935-36. 1313,009 675,266
Total
1934-35.
721,007 359,809
6,478
»
-
.
-
1,142
-
-
-
-
4,490
-
-
-
3,157
4,839
3,713
10,021
-
10,892
^
257,739
100
16,074
355,662
119,659
1,000
5,629
142,519
10
10
—
1133,055 699,135
7,408
11,833
•
-
490
30,935
4,428
1,200
22,798
2,407
-
393
5,317
2,628
........
2,850
42,962
282,519
3,181
8,452
112,859
147,954
269
-
29,557
Seattle
Total
17,314
780172,866 1270,543
17,427
55,208
175,013
419
11,119
Total
66,045
144,620 119,191
210
5,194
78,109 25,594
1,551
13,485
1,063
1,004
Other
150
62
29,539
18,339 235,872 1485,958
225,286
8,045
100
Los Angeles...
China
6,613
452
.
Japan
594,742
169,053 113,113
115,255 95,097
249
Philadelphia.
Francisco
many
57,317
San
Friday Night, June 4, 1937
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 23,761
bales, against 25,457 bales last week and 28,231 bales the
previous week, making the total receipts since Aug. 1, 1936,
6,170,456 bales, against 6,565,660 bales for the same period
1934-35
6,217
4,926
27,006
3,968
Brunswick
Baltimore
COTTON
1935-36
973
Galveston
New York
I
27,203
15,170
360.809
48,195
4,049
1,980
135,708
27",656
166,837
56,000
26,400
864
Norfolk
Boston
280,409
38,036
"942
Wilmington
}/£c. to l^c. down.
declines
459,045
2,385
308,571
29,170
29,821
373,198
111,243
6,737
2,237
171.972
Brunswick
Charleston
Lake Charles
Since Aug. 1
The
356,510
been
comparatively firm level. The prolonged
dullness in the wool market has caused
prices to sink steadily
a
Silk—On the 1st inst. futures closed
6,217 1,546,175
44,483
4~,926 1,713,570
187
271,479
712,717 375,414 1519,280
22,678 681,616 5143,895
828,407 373,165 1473,937 38,482 905,801 5608,067
578,442 441,292 1485,139 106,076 847.5924339,357
NOTE—Exports to Canada—It has
nenver
been
our
practice to include in the
above table reports of cotton shipments to Canada, the reason being that
virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
Volume
Financial
144
returns concerning the same from
districts
the Canadian borcer
on
week to week,
are
while reports from the customs
In view,
hand.
always very slow in coming to
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of April the exports to the Dominion the present season
have been 15,914 bales.
In the corresponding month of the preceding season the
exports were 8,598 bales.
For the nine months ended April 30, 1937, there were
222,856 bales exported,
as against
181,820 bales for the nine months
of 1935-36.
3863
Chronicle
Staple
Premiums
nix
of average of
markets quoting
for deliveries
for deliveries od
June
contract to June 10,1937
on
quotations of the ten
designated by the Secretary of
Agriculture.
the
are
3, 1937
average
markets
16-16
1 inch A
lneb
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
grades established
Differences between
60%
longer
.38
.76
Middling Fair
.38
.76
Strict Good Middling-
Mid.
White
.
do
62
do
_
do
.64
do
Leaving
June 00 at—
Ger¬
Britain
Galveston
Houston.
New
Orleans._
Foreign
icise
1,000
1,517
978
976
3,238
9,000
3,387
10,690
Other
5,701
"
1937..
13,638
14,894
4,429
1936._
1935.-
Total
do
Basis
do
.35
.70
Strict Low Middling..
do
20
.47
Low Middling
.38
.76
.76
75
35
.70
20
.47
Strict Low Middling
3,493
5,504
5,171
4,716
19,989
7,238
23,362
27,176
37,085
5,396
863
2,456
—
50,604 1,254,556
68,426 1,523,465
56,379 1,494,884
Middling
Strict Middling
12^-cent level, attracted no little attention. Reports on the
position of cotton have been anything but de¬
The New York Cotton Exchange Service said that
the world's consumption of all cotton continued to run high
during April, total consumption being estimated at 2,670,000
statistical
Not deliverable
to exceed the 1936-37 United
States crop of 12,399,000
bales
tracts
comparatively light, and the technical position
were
buying was
cotton for
forward shipment and the taking-in of hedges against cotton
of foreign growths.
The weekly weather and crop bulletin
stated that the week in general was favorable in the cotton
belt, although rain is still needed in some sections. June
cotton acreage was estimated at 34,143,000 acres, 10.4%
above a year ago. Average price of middling at the 10 desig¬
nated spot markets was 13.02c.
On the 3rd inst. prices closed 5 to 7 points down.
Trading
of the market is still regarded as strong.
Some
for price-fixing against purchases of new-crop
rather light
was
and without special
The market's
feature.
heaviness was in the main due to bearish
weather and crop
and a report by a local trade paper indicating an
of 35,474,000, or an increase of 14%%, with a crop
condition of 76.4, compared with the 10-year average of 72%.
reports,
acreage
July liquidation was again active, with further exchanging
from July to later months.
For whatever reason, the mar¬
ket
resistance as it approached the 12%c.
without definite evidences of any substantial support
from trade price-fixing, mostly on a scale down.
De¬
again displayed
level
aside
for
mand
spot cotton was again slow, with domestic mills
Average price of middling at seven
designated spot markets was 12.88c.
taking only small lots.
Today prices closed 2 points up to 4 points down.
The
market was not so very active, there being nothing in the
way
of
incentive to stir either buying or selling to any
an
appreciable extent.
generally favorable.
and crop reports continued
The market opened steady at 5 to 8
Weather
points down, on the poorer cables from Liverpool
decline in the price of gold
and
domestic
situation.
pool,
abroad.
liquidation due to
Offerings
came
from
There was
nervousness
some
over
the Continent
and the
foreign
the gold
and
Liver¬
but there was sufficient trade and scattered support
to offset the declines abroad.
The South, spot
present
and
houses
New
Orleans
selling, while wire houses,
Wall Street and firms with Japanese connections were on
the
buying side.
Weather reports from private sources
showed
western
failed
to
a
good
amount
belt,
were
of
beneficial
rain
in
the
particularly in northeastern Texas,
bring in any more active liquidation.
do
do
do
do
do
do
.68 off
83
do
..1.44
do
....
do
.
.
do
2.48
...
do
.
do
I 81
do
.Gray
Middling
future contract
quotation for middling upland cotton in the
day for the past week has been:
New York
1937
1936
1935
13.25
13.20
13.19
Quotations for 32 Years
1921
12.65c.
1913
--11.70c.
1920
40.00c.
1912
---11.45c.
16.75c.
.18.80c.
1919
31.70c.
1911
..-15.85c.
1918
29.50c.
1910
1925
,24.35c.
1917
22.70c.
1909
5.35c.
8.80c.
1924
1923
1916
--11.50c.
1915
12.70c.
9.75c.
1908
—
,30.85c.
_27.25c.
1907
--12.90c.
.15.90c.
1922
—-
-21.75c.
1914
13.65c.
1906
--11.30c.
1928
,11.90c.
.11.85c.
...
1929
.11.77c.
...
1933
1931
Fri.
Wed. Thurs.
Tues.
13.22
Hoi.
„21.35c.
.13.20c.
...
1934
1932
Mon-
Sat.
Hoi.
May 29 to Jute 4—
Middling upland
1927
1926
9.10c.
.
...
.
...
.
1930
...
--
—
-18.95c.
—
.
—
—
14.90c.
11.50c.
Market and Sales at New York
SALES
Futures
Spot Market
Closed
Total
Contr'ct
Spot
HOL1 DAY.
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Total
Market
Closed
_
by about one million bales. Average price of middling at
the 10 designated spot markets was 12.99c. On the 2d inst.
prices closed 2 to 4 points up. During the early session the
market advanced 6 to 9 points, but later reacted and finally
closed with net gains above reported.
Favorable weekly
weather and crop reports and weakness in wheat seemed
sufficient to depress prices of cotton considerably, but the
steadiness of the market in the face of these bearish in¬
fluences caused considerable comment.
Offerings of con¬
do
1 24 off
New York market each
pressing.
bales, and added that it is probable that in the full current
season ending July
1 the world will use about 30,200,000
bales, including about 13,000,000 of American. The world
consumption of American cotton for the season is expected
do
2 79
do
_
on
The official
do
230
...
.Yellow >tained._
Strict Middling
do
1.67
...
do
.
♦Middling
*
do
42 off
do
.
♦Middling
Good
do
2 24
do
.
52
do
1 54
do
_
Good Middling
.52
do
71 off
do
♦Strict Middling
2'i
do
08 off
do
.
♦Low Middling
.27
do
do
.Tinged
Good Middling
51
do
do
2 76
.
♦Strict Low Middling__
26
1.49
2.18
do
.
♦Low Middling
62
do
do
.
♦Middling
Speculation in cotton for future delivery was moderately
active, with the market displaying a heavy undertone
throughout most of the wTeek.
The weather and crop news
has been reported as exceptionally favorable in most sec¬
tions of the belt, and this has played no little part in de¬
pressing the market.
Traders, however, have shown no
disposition to become aggressively bearish.
On the 1st inst. prices closed 7 to 10 points down.
The
opening was barely steady at 12 to 16 points lower in response
to weakness in the Liverpool market. The European political
situation was also a factor operating against the market.
Bearish weather reports played their part, with good rains
being reported in the western part of the belt. However,
contracts were by no means freely offered, and with the
technical position of the market regarded as healthy, not a
few traders were induced to take the upward side. The action
of the market in showing resistance as prices approached the
do
.
♦Strict Low Middling—
26
do
Spotted
Strict Middling
62
do
do
68 off
do
.
Good Middling
26
do
even
do
.
.
♦Good Ordinary
48
do
do
do
.
Low Middling
25
do
35
do
do
_
•8trict Good Ordinary.
67
2.78
do
.
...
67
do
.Extra White
Middling
34
do
--2 20
do
.
Strict Middling
.38
Mid
I 51
do
Good Middling
.38
69 off
do
.
34
T
Total
Middling
♦Strict Good Ordinary
ports
Total
do
.75
341,510
271,480
339,879
135,708
25,115
42,494
23,549
74,821
""45
""45
Norfolk
.35
Total
15,000
8,929
20,930
"285
5", 416
do
♦Good Ordinary
2,000
1,806
1,545
Savannah
Charleston
Mobile
Strict Middling
Stock
Coast-
500
2,500
1,241
4,481
__
_
France
Other
many
Great
Good Middling
.76
.38
Shipboard Nol Cleared for—
.76
.38
On
.38
HOL1 DAY.
Steady,
Steady,
Quiet, 6
Steady,
_
8 pts. dec_.
3 pts. adv..
pts. dec
1 pt. adv—
Steady
Steady
Steady.:
Steady.
....
week.
69", 992 138", 800
Since Aug. 1
Futures—The
lowest and
week have been
closing prices
follows:
highest,
New York for the past
Saturday
Tuesday
Monday
May 29
May 31
June
at
as
Wednesday
June 2
1
208,792
Friday
Thursday
June 4
3
June
June{ 1937)
Range—
12.67
Closing.
«
12.65//
12.64 n
12.70//
July—
Range-
12.59-12.73 12.72-12.79 12.63-12.75 12.61-12.72
Closing.
12.72-12.73 12.75-12.76 12.69
12.70-12.71
Aug.—
Range—
Closing
12.70//
12.73»
12.68 n
12.69 n
12.68//
.
12.71//
12.67 n
12.68 n
Sept.—
Range-
Closing.
Oct.—
12.54-12.68 12.67-12.75 12.59-12.70 12.57-12.68
Range—
Closing
.
HOLI¬
12.65-82.66 12.67
12.67-12.68 12.70
HOLI¬
DAY.
DAY.
Nov.—
Range—
12.65ra
Closing.
12.64 n
12.69 n
12.66//
Dec.—
12.52-12.64 12.64-12.72 12.57-12.67 12.55-12.65
Range—
Closing
12.68-12.69 12.63-12.64 12.64-12.65
12.64
.
Jan.(1938)
Range..
12.55-12.66 12.68-12.74 12.58-12.64 12.55-12.57
Closing
12.66
12.69-12.70 12.63
12.69//
12.7 In
.
12.65 n
Feb.—
Range
—
Closing
.
12.65//
12.67 n
March—
Range..
12.60-12.72 12.73-12.80 12.61-12.70 12.60-12.70
Closing.
12.72
12.74
12.73//
12.75 n
—
12.67
—
12.69
April—
Range..
Closing.
12.65//
12.70 n
May—
Range
12.64-12.75 12.84-12.84 12.71-12.76 12.64-12.66
—
12.75
Closing.
n
12.77n
12.71 n
12.72 n
Nominal.
Range for future prices at New York for week ending
and since trading began on each option:
June 4, 1936,
Rangefor Week
Option forJune
July
Aug.
1937-
1 12.79
June
May
Nov.
June
1 12.75 June
2 11.05
2 11.56
3 1937
Mar. 17 1937
Apr.
5 1937
Jan.
19 1937 11.93
Jan.
19 1937
17 1936 13.93
Apr.
5 1937
3 1937 13.94
Apr.
5 1937
Mar.
1 1937 13.85
Mar. 31 1937
June
1 12.72
12.55
June
1
Feb.
1938-
12.10
Mar. 1938-
June
13.95
Dec.
11.93
12.52
1938-
12.74 June
4 1936
Nov. 12 1936 13.98
2 11.70 Feb.
1937-
Jan.
12.60
June
1
12.80
June
2 12.42
May
14 1937 13.97
12.64
June
1 12 84
June
2 12 74 June
1 1937 12 96
Apr.
5 1937
1938-
May
10 1936
Mar. 30 1937
Aug. 29 1936 12.92
Dec.
1938-
July
Nov. 12 1936 14.59
12.54
Nov. 1937-
Apr.
1 1936 12.78
2 11.41
11.52
June
Sept. 1937Oct.
Since Beginning of Option
June
11.50
12.59
1937-
1937—
Range
10.48
1937-
May 21 1937
South¬
but this
The Visible
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks
as
well
3864
Financial
Chronicle
as]afloatare 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.
June 5,
Overland Movement for the Week and Since Aug. 1
1937
Stock at Liverpool
Stock at Manchester
1936
784,000
133,000
Total Great Britain
Stock at Bremen
1935
614,000
99,000
917.000
1934
605,000
75,000
908,000
99,000
680,000 1,007,000
209,000
497 000
111,000
241,000
8,000
11,000
713,000
204,000
152,000
15,000
67,000
77,000
10,000
6,000
22,000
10,000
429,000
Stock at Rotterdam..
Stock at Barcelona
Stock at Genoa
531,000
499,000
917,000
13,000
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
19,000
76,000
17,000
74,000
Week
5,296
1,395
3,934
212,808
862
75,511
3,197
4,105
11,896
319,683
153,312
5,144
9,619
213,363
694.060
4,834
5,000
11,339
184,1.58
608,691
.22,792
1,395,181
14,922
1,095,704
894
63,622
13,294
460,868
1,739
29,875
Via St. Louis.....
Via Rock Island
Via Louisville
1,244,000 1,179,000 1,924,000
118,000
132,000
96,000
195,000
172,000
172,000
132,000
121,000
112,000
219,000
205,000
327,000
887,000
772,000 1,139,000
1,591,891 1,551,263 2,699,860
1,554,313 1,269,564 1,312,579
14,537
17,842
12,075
1,346,000
India cotton afloat for Europe—-
149,000
133,000
152,000
American cotton afloat for Europe
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
175,000
1,083,000
1,305,161
Stock in U. S. interior towns.... 1,064,946
U. S. exports today
23,234
Stock in Bombay, India
Stock in U. S. ports
100
Via Virginia points
Via other routes, &c
..„
Deduct Shipments—
Overland to N. Y., Boston, &c.
Between interior towns
276
6,764
.
5,955,741
5,431,341
Of the above, totals of American ana other
Atfi&ricdTi' -
Liverpool stock
bales.
descriptions
are as
follows:
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock...
U. S. exports today
Total American
East Indian, Brazil, &c.—
Liverpool stock
537,784
9,048
318,364
5,874
777,340
foregoing shows the week's
has been 14,858 bales,
the week last year, and that for
aggregate net overland exhibits an
of 80,057 bales.
year
net overland movement
against 5,874 bales for
the season to date the
increase over a year ago
175,000
1,083.000
Manchester stock
Bremen stock
Havre stock..
Other Continental stock
,
Indian afloat for
Europe
Egypt, Brazil, &c., afloat—Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
887,000
—.2,190,000
.3,241,341
Total American
Total visible supply
5,431,341 5,955,741
Middling uplands, Liverpool
7.31d.
6.68d.
Middling uplands, New York
lo.20c.
11.80c.
Egypt, good Sakel, Liverpool
12.32d.
8.99d.
Broach, fine, Liverpool
6.23d.
5.37d.
Peruvian Tanguis, g'd fair, L'pool
8.76d.
C.P.Oomra No.l staple,s'fine.Liv
6.13d.
5,419,669 7,794,514
6.83d.
6.56d.
11.80c.
12.15c.
8.55d.
9.15d.
5.84d.
5.28d.
.168,619 .13,032,853
.*42,304
*119,108
takings
consumption to May 1
998,658
177,946
*39,921
12,138,000
433.975
14,858
4-130,000
Total marketed.
of
excess
Southern
mill
Came into sight during week
Total in sight June 4
*
421,758
.
138.025
126,315
13,912,403
—_
12,993,733
1,053,825
14,180
1,612,960
20,919
Decrease.
Movement into sight in previous years:
Week—
Bales
1935—June 7
1934—June 8...
101,544
...114,243
146,737
1933—June 9
Bales
Since Aug. 1
8,780.914
-.12,466,496
13,286,172
1934
1933
—
1932
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on
Week Ended
June 4
Saturday Monday
Galveston
13.02
Orleans
New
HOL.
Tuesday
Wed'day Thursday
12.94
12.97
12.91
Friday
12.92
13.06
12.97
13.03
13.04
HOL.
13.04
Mobile
12.91
HOL.
12.97
13.00
12.94
12.95
Savannah
13.38
13.29
13.32
13.36
HOL.
13.31
Norfolk
Continental imports for past week have been 70,000 bales.
The above figures .for 1936 show a decrease from last
week
6,565,660
777,340
4,795,000
Interior stocks in
over
Aug. 1
47,072
5,874
125,000
23,761
Net overland to June 4
Southern consumption to June
— —
1,924,000 1,803,000 2,378,000
4,031,741 3,616,669 5,416,514
Week
Aug. 1
6,170,456
857,397
6,005,000
Receipts at ports to June 4
North, spinn's'takings to June 4.
400,000
515,000
39,000
53,000
54,000
15,000
65,000
136,000
132,000
96,000
121,000
112,000
205,000
327,000
772,000 1,139,000
Since
Since
Week
Excess
355,000
61,000
49,000
27,000
76,000
118,000
132,000
219,000
—1935-36-
1936-37—
Spinners'
Takings
259,000
205,000
393,000
38,000
36,000
46,000
145,000
155,000
125,000
96,000
i4,000
109,000
114,000
781,000
133,000
195,000
172,000
172,000
1,305,161 1,591,891 1,551,263 2,699,860
1,064,946 1,554,313 1,269,564 1,312,579
23,234
14,537
17,842
12,0t5
453,000
74,000
47,000
28,000
29,000
149,000
152,000
10,188
278,301
857,397
The
this
3,241,341 4,031,741 3,616,669 5,416,514
Manchester stock
246
7.063
Including movement by rail to Canada.
5,419,669 7,794,514
331,000
59,000
139,000
172,000
217
7,934
In Sight and
Total visible supply
75
14,858
Total to be deducted
Leaving total net overland.*
*
Total European stocks
Aug. 1
Aug. 1
.
52,000
Since
Since
Week
Shipped—
74,000
6,000
8,000
185,000
200,000
12,000
Stock at Havre.
-1935-36-
-1936-37June
Via Mounds, &c_
June 4—
1937
of
164,719 bales, a loss of 524,400 from 1935,
increase of
11,642 bales over 1934, and a decrease
2,363,173 bales from 1933.
an
of
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight,
and the same items for the
corresponding period of the previous year—is set out in
HOL.
HOL.
13.30
13.30
HOL.
13.30
Montgomery
Augusta
Memphis
13.05
12.95
12.97
13.00
12.95
12.95
13.55
HOL.
13.47
13.50
13.44
13.45
12.80
12.80
12.70
13.05
HOL.
12.97
12.75
13.00
12.70
Houston
12.95
12.96
Little Rock
12.70
HOL.
HOL.
HOL.
12.60
12.65
12.60
12.60
HOL.
12.62
12.65
12.59
12.60
HOL.
12.62
12.65
12.59
12.60
Dallas
Fort
Worth
12.70
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
for
the past week have been as follows:
Saturday
May 29
detail below:
Monday
May 31
Tuesday
Wednesday
Thursday
Friday
June 1
June 2
June 3
June 4
June(1937)
Movement to
Towns
June 4,
Receipts
Movement to June 5,
1937
msnts
Week
i
Season
Receipts
June
Week
Ship¬
4
Week
Season
Stocks
ments
Stocks
Ships
1936
June
Week
5
12.66
July
October
559
82,055
9,285
7
Montgomery.
9
52,609
Selma
8
Eugaula
1,274
23,532
7,831
293
4
81,278
26,120
3
564
36,140
11,147
February
1,796
March
58,666
33,472
15,532
55,335
1,157
1,577
371
57,226
55,947
Ark.,BlytheviIle
168,066
2,228
36,546
109,781
892
73,775
Forest City..
Helena
32,625
215
2,550
27,440
1,118
11,995
60",451
298
5,610
36,867
397
9,515
Hope
Jonesboro
177
Little Rock.
609
Newport
"425
Pine Bluff.
Wlanut Ridge
Ga., Albany..
54,557
19,784
192,504
27,904
141,571
46,184
9
Augusta
356,485
200,579
1,289
400
_
Macon
1,043
Rome
La.. Shreveport
Miss.Clarksdale
214
Columbus
182
Greenwood
434
.
118
Jackson
Natchez
Vlcksburg
Yazoo City—
Mo., St. Louis.
4,857
N.C.,Gr'nsboro
43
18,025
46,657
21,198
100,171
164,611
39,005
261,321
62,814
20,997
39,194
51,392
320,332
10,382
388
31,826
19,185
~~31
36,947
162,396
3,369
49,185
5,675
i!
14,340
422
31,262
113,978
353
14,746
2,055
41,175
7i
34,463
338
11,860
55
16,701
213
14,205
660
18,075
24,335
66,085
1,957
3,187, 80,613
299,146
572
9,547132,555
182,806
45,639
54,029
700
35,700
600'
1,739
104!
375
23,499
23,432
620 37,299
6,705 134,192
3,144112,552
500 33,200
333 37,293
400 23,234
501 20,465
2,589
9,886
741 23,403
563
2,591
9
15,448
71,432
750
4,790
594
124,048
1,351
21,473
112
41,396
876
10,414
690
176,701
850
6,217
358'
57,415
252
1,220
4l
8,795
108
1,620
1,904
136'
31,308
848
2,276
5,739
5;
476
4,977
3,934
128
3,331
2,710
1,309
3,989
91,410
49,984
V
94
5,296
2,931
3,769
133
3,028
229
37,798
216,006
8,508
1,595
56,649
126'
386,956
4,352
77,040
2,536
159,121
2,150
453
,
491
16,384
13,762
Oklahoma—
132
S. C.,Greenville
Tenn.,Memphis
Texas, Abilene.
176,747
2,850
15 towns *
227,399
12,4302,539,252
1
38,932
21,0656,972,983
1,614
|
54,770
31,693488,499
1,409
26
721
6,405
15
1,285
16
12,177
135
3,637
82,728
500
4,671
146
57,574
590
5,749
811
71,737
4,526
1,064
78
16,253
Brennam
Dallas
Paris
Robs town
280
18,553
167:
34,598
698
153
""52'
10,527
5,864
"200
22
784
13,701
San Antonio.
12.70
40
...:l
8,952
Total, 56 towns
Jan.
(1938) 12.81
DAY.
12.75
12.75
12.79
12.78
—
12.76
12.82
12.80
12.87
12.80
—
12.78
April
May
12.91
Bid.
12.82
Bid.
12.83
—-
Tone—
Spot..
Steady.
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Steady.
Steady.
Steady
374
Requests for Release of Loan Cotton—The Com¬
modity Credit Corporation announced on May 28 that
requests for release totaling 1,315,436 bales of cotton had
been received at the Loan Agencies of the Reconstruction
Finance Corporation through May 27, 1937.
It was also stated that in view of reports indicating that
buyers could not complete all claims within the required
time, all claims on cotton released on 1934-35 CCC Cotton
Form P for adjustment in grade and staple and weight,
postmarked prior to July 1, 1937, will be accepted by the
Corporation.
Claims submitted thereafter will be accepted
only if postmarked within 90 days from the date of the in¬
voice and draft, as provided in the printed instructions.
Two
Elected
to
Membership in New York Cotton
meeting of the Board of Managers of the
New York Cotton Exchange held June 4, Arthur Lievesley
Major, a partner of Major, Cleaver & Co., of Liverpool,
England, who are cotton merchants and brokers and Gordhandas Purshotanidas Sonawala of Narrondass Manordass,
Bombay, India, were elected to membership in the Exchange.
Mr. Major is also a member of the Liverpool Cotton As-,
Exchange —At
a
Mr.
24,844
145
7,911
sociation Ltd.
589
79,948
633
3,346
also in the
69,5021064946
34,859 5,087,153
27,1895,995,768
totals
show
week last year.
12.72
12.86
2,372
74,7801554313
that
the
stocks
interior
have
during the week 42,304 bales and are tonight
489,367 bales less than at the same period last year.
The
receipts of all the towns have been 7,670 bales less than
same
12.66
1275&12760
.
10
Includes the combined totals of 15 towns in Oklahoma.
above
12.64-12.65 12.68
HOLI¬
99
decreased
the
12.67-12.68 12.72
35,154
..
Waco
1 The
12.60
12.76
79,577
Texarkana
*
25,675320,261
4
Austln.
12.62-12.63
9,695
449
I 10,145
313
1,620
29,393
1,237
Atlanta
Columbus.
1,439
16,279
7,917
3,850
328
13,445
Athens
85,669
12.64-12.65
November
December.
Ala., Birming'm
1257&1258a 12.63
August...
September
,
-
Sonawala is
a
cotton
merchant and is
banking and bullion business.
He is also a mem¬
ber of the Liverpool Cotton Association Ltd., Liverpool,
England, the East India Cotton Association Ltd. and the
Bullion Exchange of Bombay. India.
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that there is little complaint
concerning temperatures in any portion of the belt.
Scat¬
tered showers in Texas and Alabama and fairly general
M
Volume
showers
Financial
144
Mississippi
m
are
considered beneficial to the cotton
of those sections.
crop
Bain
Rainfall
Inches
Days
Texas—Galveston
Amarlllo
6
Henrietta
2
Kerrville
7
Lampasas
Luling.
Nacogdoches.
3
4
1
1.54
2.16
0.62
Palestine.
2
Paris
1
to
3.47
4.22
1.52
0.01
1.80
1.48
0.06
3.04
7.94
0.62
0.72
Austin
4
....
Abilene.
3
Brenham
1
Brownsville.
2
Dallas.
El Paso
4
1
...
___
....
-ThermometerLow
Mean
80
76
High
dry
67
54
66
90
60
96
68
82
90
72
64
94
54
98
86
62
58
60
92
66
90
92
66
94
66
66
6
7.98
90
3.82
92
92
2
1.34
96
66
—3
0.31
96
94
67
68
92
70
69
Oklahoma—Oklahoma City—_
Fort Smith
0.52
0.04
0.08
3
Little Rock...
Pine Bluff
1
2
Louisiana—Alexandria
Amite
94
—
4
Meridian
1.65
4
Mississippi—Greenwood
91
92
98
1.32
dry
Vicksburg...
Alabama—Mobile
Florida—Jacksonville.
94
0.50
0.83
94
94
1.18
2
_
Pensacola
0.60
0.46
88
58
96
64
1.24
96
88
64
71
0.16
4
4
Columbia
Conway
North Carolina—Asheville
Charlotte...
1
Raleigh
W ilmington
Tennessee—-Memphis
Chattanooga
dry
dry
3
—
Nashville
—
1.02
94
92
1
0.01
96
68
68
41,000
10,000
41,000
58,000
58,000
30,000
40,000
105,000
105,000
57,000
8,000
23,000
419,000
12,000
335,000
8,000
8,000
233,000
532,000
523,000
30,000
70,000
48,000
492,000
440,000
7,000
1934-35.
41,000
—-1 18,000
.
15,000
22,000
30,000
Above
of gauge.
10.5
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Alexandria, Egypt,
June 2
15.8
Above zero of gauge.
Shreveport.
Vicksburg
Above zero of
Above zero of
11.5
This week
Since Aug. 1__,
This
4.5
Week Aug.
1
This
Since
Week Aug.
1
3,000 182,355
4,000 195,085
9,000 671,236
40,544
3,000 190,898
144,420
10",660 607,965
1,000 35,564
3,000 124,357
137,232
ll",606 663,821
35,559
gauge.
23.3
16,000 1089,220
14,000 978,847
14,000 960,969
Liverpool
To Manchester, &c
To Continent & India
Receipts at Ports
1936
|
|
1937
1935
To America
Plantations—The
Receipts from Plantations
Ended
1937
1936
i
1937
1935
8,000
7,348,580
To
13.6
9.6
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
1,000
8,19 3,641
6,000
8,801,638
Exports {Bales)—
9.0
gauge.
Stocks at Interior Toums
1934-35
Receipts (cantars)—
9.1
Nashville
the
1935-36
1936-37
2.6
Above zero of gauge.
from
290,000
981,0001,312,000 2,785,000
902,0001,191,0002,533,000
827,000 1,175,000 2,292,000
Fed
New Orleans
Receipts
|
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
13,000 bales.
Exports from all India ports record a decrease
of 40,000 bales during the week, and since Aug. 1 show a
increase of 252,000 bales.
June 5, 1936
Memphis
—
000
867,000
756,000
1
1
15,000
1935-36.-
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
zero
—Jl,043
624,000
12,000
The
June 4, 1937
Fed
Total
1
370,0001,191,0001,666,000
370,0001,191,0001,666,000
304,0001,175,0001,536,000
15,000
1936-37..
78
82
80
82
1
Carolina—Charleston,_
Greenwood
&
China
Total all—
80
68
0.26
0.61
0.06
0.46
Macon
South
nent
10,000
1936-37..
73
80
1
2
1
1
94
98
96
92
98
96
Britain
1934-35..
77
0.06
Total
1935-36.-
81
58
2
1
Japan
Other India-
82
96
Augusta
Conti-
10,000
7~,000
1934-35..
80
95
0.13
China
1936-37._
82
66
2.12
2
nent
Great
Jap'n&
1935-36-.
83
65
4
Atlanta
Conti-
Bombay—
81
68
92
dry
Tampa
Georgia—Savannah
35,000 2,342,000
Since Aug
Great
Britain
82
68
86
Aug. 1
Exports
77
80
79
81
81
83
82
86
dry
dry
Miami.
70
70
68
70
72
68
74
66
67
68
68
96
dry
1
2
Birmingham.
Montgomery
Since
Week
Aug. 1
39,000 2,738,000
52,000 2,901,000
From—
76
83
83
82
82
v
Week
Aug. 1
For the Week
80
68
96
94
Bombay
82
,
1934-35
Since
Since.
Week
81
81
74
67
1935-36
June 3
82
67
61
92
dry
dry
dry
...
New Orleans
62
follows:
as
Receipts—
77
77
77
81
62
2.78
have been
79
80
64
6
4
Bombay and the shipments from all India
1936-37
79
79
Weather ford.
Arkansas—Eldorado
for three years,
72
76
Taylor
San Antonio..
India Cotton Movement from All Ports—The receipts
77
74
80
92
timated.
ports for the week and for the season from Aug. 1 as cabled,
81
90
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 13,687,120 bales in 1936-37 and 12,242,241 bales in
1935-36, of which 7,757,320 bales and 6,954,251 bales American,
b Es¬
of Indian cotton at
77
75
88
3865
Chronicle
1936
1935
Mar.
Nil
—
Total exports
Note—A cantar is 99 lbs.
This statement
Since
Since
This
Week
Aug.
1
Egyptian bales weigh about 750 lbs.
shows that the receipts for the week ended
June 2
were
6,000 cantars and the foreign shipments 16,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not wilhng to pay
present prices.
We given prices today below and leave those
for previous weeks of this and last year for comparison:
NU
48,205
38,439
47.370
48,797
28,622
24,287
30,138
24,491
1,810.7712,057,037 1,603,937
1,744.8602,012,824 1,587,972
1,685.48411,967.167 1,559,937
2,043
NU
8.323
Nil
1,713
2.109
1.622,611 1,940,895 1,535,485
Nil
22,525
32
59,427
50,142
35.770
25,927
l,569,244!l,902,472 1,492,794
6,060
35,607
J 42.828
23. J 40,673
34,922
34.771
.1 44,904
20.044
25,529 1,503,3101,871,482
15,829 1 440,1721 833,913
21,251 1,387,245 1,814,475
15.791 1,322,016 1,779,076
5.
19.
64.149
67,954
54.793
26.
61,190
12.
1,667
1937
8%
32# Cop
Apr.
2.
.
9.
.
16.
30.
1,474,028
1,451,845
1,423,178
1,396,198
NU
4,617
Nil
N1I
15,333
NU
N»
Nil
Mar.
12—
21.
28.
0
d.
a.
@10
3
d
d.
to Finest
s.
1%@
9
7.94
9%@11%
9
3
@
7.85
9%@11%
9%@11%
9
1%@
9
3
@
9% @11%
9% @11%
9
7% @10 10%
7.97
4,060
1.106
52,470
21,846 1,107,25911,594,234 1,301,899
Nil
Nil
NU
47,072
18,907 1,064,9461,554,313 1,269,564
Nil
7,151
NU
(1) That the total receipts
plantations since Aug. 1, 1936, are 6,216,627 bales;
4,140,563
(2) That, although the receipts at the outports the
past week were 23,761 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 42,304 bales during the week.
in 1935-36
were
6,998,758 bales and in 1934-35
were
bales.
World's
Supply and Takings of Cotton—-The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable; also the takings
sight for the like period:
are
Cotton
TakiAgs,
or
amounts gone out of
1935-36
1936-37
Week and Season
Week
supply May 28— —
Visible supply Aug. 1
American in sight to June 4-_
Bombay receipts to June 3—
Other India ship'ts to June 3Alexandria receipts to June 2Other supply to June 2 _*b—
Visible
-
Week
Season
4,899",258
_
Season
6,024,569
5,596,060
126",315
13,912,403
2,901,000
1,043,000
1,853,800
514,000
12,000
52,000
23,000
1,200
-
4,295",259
138",025 12,993,733
39,000
12,000
200
10,000
2,738,000
867,000
1,630,000
469,000
6.12
9
6
6.30
9
4%
6.34
9
6
6.44
1%@
9
6.50
1%@
1%@
9
4%
4%
Apr.—
2—
9
14% @ 15% 10
9
@11
0
7.87
16-
14% @15% 10
9
@11
0
7.47
9% @11%
9
23— 14% @15% 10
10
30- 14
@15
6
@10
9
7 49
9
6
@10
9
7 22
9%@11%
9% @11%
June 4
4%
6.58
6.62
9
4%
4%
4%
6 46
*
a
14% @15% 10
6
@10
9
7 45
9%@11%
9
1%@
9
14..
14% @15% 10
14%@15% 10
6
@10
9
7.12
9
4%
6 56
6
@10
9
7.29
9
4%
6.57
28-
14
9
1%@
1%@
1%@
9
21..
9
4%
6.64
9
0
@
9
3
6.68
@15
10
6
@10
9
7.36
9%@11%
9%@11%
9%@11%
14 @15
10
6
@10
9
7.31
9%©11%
9
June
4—
""Shipping News—Shipments indetail:
Bales
GALVESTON—To Ghent—May 2&—Boschdijk, 187
June 2Western Queen, 579
To Rotterdam—May 29—Boschdijk, 250—June 2—Western
Queen, 177
To Bremen—May 29—Elmsport, 2,068
To Hamburg—May 29—Elmsport, 203
To Liverpool—June 1—West Hobomac, 1,430
To Manchester—June 1—West Hobomac, 1,131
To Antwerp—June 2—Western Queen, 100
To Havre—June 2—Western Queen, 350
To Dunkirk—June 2—Western Queen, 50
To Venice—May 31—Maria, 939
:
To Trieste—May 31—Maria, 877
:
:
To Genoa—June 2—West Moreland, 2,309; Monstella, 2,371To Japan—June 2—Taketoya Maru, 2,918___June 1—West
Hobomac, 210—
HOUSTON—To Liverpool—May 29—West Hobomac, 1,076
To Manchester—May 29—West Hobomac, 2,819
To Genoa—May 29—Monstella, 1,080---June 2—West Moreland, 479-To Japan—May 16—Add'l—Bennington Court, 340- -May 29
—
-
-
766
427
2,068
203
1,430
1,131
100
350
50
939
877
4,680
3,128
1,076
2,8i9
1,559
,
5,810,575 25,123,461
6,223,794 22,992,992
5,431,341
5,431,341
5,955,741
To
Maru,1,772
Venice—June
2—West Moreland,
1,511
5,955,741
379,234 19.692,120
246,034 13,762,320
133,200 5,929,800
268,053 17,037,251
226,853 11,749,251
41,200 5,288,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 6,005,000 bales in 1936-37 and
6.46
7..
'
Total takings to June 4_a
Of which American
Of which other
6 57
9
1%@ 9
1%@ 9
May-
Deduct—■
Visible supply
d.
4%
Takaoka
Total supply-
d
8.
9
10
Nil
The above statement shows:
d.
9% @11
9„
from the
Middl'g
Upl'ds
Common
ings.
7.70
14% @15%
45,482
23,761
.
d.
7.96
14
June ■I
4.
Twist
4%@10 7%
7%@10 10%
7%@10 10%
14
25-
28,231
25,457
32# Cop
10
19—
NU
21,061
Middl'g
@15%
NU
40,509
.
s.
<$14% 10
10
13% ($15
@15% 10
NU
1.201
39,157
31,296
.
13
Nil
40,825
.
Cotton
8% Lbs. SMrt-
-
5..
21.595 1,255.3791,732,379 1,370,838
1,206,606! 1,693.071 1,345,933
18,627 1.162,626!1,651,649 1,328,412
.
7.
Cotton
Upl'ds
Common
to Finest
)
d.
NU
Nu
May
14.
ings,
1936
Shirt¬
6,763
Nil
"Nil"
Twis
Nil
Lbs.
4,795,000 bales in 1935-36—
1
6—June
—
1—Maria,
1
To Vejle—June 1—Elmpsort, 12To Bremen—June 1—Elmpsort, 735
To
2,112
1,517
12
Hamburg^June 1—Elmsport, 84
To Trieste—June 1—Maria, 282—
LAKE CHARLES-r—To Havre—May 29—Western Queen, 29
To
Dunkirk—May
29—Western Queen, 33
NORFOLK—To Manchester—May 28—Waukegan, 59
To Japan—May
28—Katypso Vergotti, 778
...
735
84
282
29
33
59
778
3866
Financial
Chronicle
Bales
NEW ORLEANS—To Bremen—May 29—Chemnitz,
To Venice—May 27—Alberta, 1,969
To
2,147-
Trieste—May 27—Alberta, 350-
-
To
600
28—Burgerdijk,
Rotterdam—May
Boschdijk, 1,041
2,615—June
2—
3,656
,13
To Ghent—June 2—Boschdijk, 13
To
Copenhagen—June 2—Toledo, 50
To Genoa—June 1—Madalena Odero, 3,526
To Naples—June 1—Madalena Odero, 600
To Gdynia—June 2—Toledo, 1,048To Gothenburg—June 2,—Toledo, 417
To Abo—June 2—Toledo, 100
MOBILE—To Antwerp—May 31—John Jay, 700
To Havre—May 29—Yaka, 913
To Bremen—May 29—Yaka, 2,033
To Hamburg—May 29—Yaka, 194
To Rotterdam—May 29—Yaka, 250
PENSACOLA, &c.—To Havre—May 31—Yaka, 19
To Liverpool—May 31—Hastings, 3,8
To Manchester—May 31—Hastings, 228
LOS ANGELES—To Japan— (?)—Awobosan Maru, 600
To Liverpool—June 1—Selma, 32
To Sydney—(?)Waiotapu, 100
SAN
India— (?)—, 78
-
The
High
393*
than
.543*
c.
Density
High
ard
at
the
on
Olkahoma
Liverpool more than discounted yesterday's
Chicago Board.
Although demand was not
and
the
Ohio
Flume
d.45c.
,60c.
Salonica
,85c
1.00
,51c.
Indiana,
♦
Venice
*
Copenhag*n.52c.
*
Naples
d.45c.
.60c.
,65c.
Leghorn
d.45c.
.60c.
Gothenb'g
,52c.
.67c.
,68c.
Bremen
,37c.
.53c.
,52c.
,67c.
Hamburg
,37c.
,60c.
,53c.
*
onen.
x
Only small lots,
offerings
interest
d Direct steamer
May 21
73,000
929,000
403,000
May 14
59,000
930,000
-
Of which American
405,000
53,000
11,000
161,000
Total imports
Of which American
Amount afloat
Of which American.#
May 28
59,000
928,000
400,000
55,000
17,000
151,000
39,000
73,000
17,000
136,000
46,000
50,000
June 4
62,000
917,000
390,000
55,000
17,000
158,000
29,000
Wednesday
Tuesday
Thursday
PRICES
OF
CLOSING
PRICES
OF
Sat.
When
and
Made
L
Season's
\
Wed.
-112**
113**
96**
1073*
110**
Fri.
my*
111
108 J*
110**
1123*
110**
When
and
139**
CHICAGO
Thurs.
109**
110**
Low
Apr.
5, 1937 July
Mar. 29, 1937 September
May 19, 1937 December
Fri.
140**
IN
113J* no**
O
112**
High
Thurs.
141**
Tues.
h
Ill
December
YORK
Wed.
FUTURES
Mon.
ii2**
Season's
Open
NEW
IN
Mort. Taes.
HOL 144**
WHEAT
,
July
130**
September. —127**
December
123 3*
European ports.
WHEAT
---1353*
£uly---September
of the Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
all
Sat.
DAILY
The tone
Monday
in
89.277.000 bushels.
No. 2 reel
Made
Oct.
2, 1936
Jan. 28,1937
June
3,1937
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
each
Saturday
bushel
a
was
__
.
Forwarded.-
at $1.30
in wheat
DAILY CLOSING
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Total stocks-
Ex¬
takings of Canadian wheat today were estimated at
500,000 bushels.
Cables said general liquidation abroad
developed on account of new American hard winter wheat
.67c.•
*
,50c.
Japan
d.45c.
Missouri and central Kansas and Oklahoma.
port
*
*
c. Barcelona
,53c.
Sat.
Tues.
Wed.
H
O
1233*
L
115
119**
112**
124
j.
October
Friday
Mon.
J*
122*4
1133*
May
July-
Thurs.
117**
111**
Fri.
118**
112**
Corn—On the 1st inst.
prices closed unchanged to l%c.
lower. Corn was bearishly affected by a break of 1 to
l^c.
a bushel in the cash
trading basis, together with receipts of
103 cars of domestic corn here.
Besides, last week's arrivals
of Argentine corn at United States
ports totaled around
2,000,000 bushels. On the 2nd inst. prices closed ^c. off to
lj^c. up. The action of the corn market in view of the ex¬
treme weakness displayed in wheat, was rather
surprising,
corn values
holding comparatively firm. This was attributed
Market,
12:15
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet
P. M.
7.38d.
Mid.Upl'ds
Futures. (
Market
opened
3 to 4
pts. 3 to
pts. 2
5
to
3
pts. 6
8
to
7.31 d,
Quiet but
pts. stdy.,
advance.
decline.
decline.
7.36d.
Very stdy.,
Quiet,
Steady,
advance.
7.38d.
7.31d.
7.35d.
Steady,
{
3
pts.
1
Quiet, but
to stdy. 1 to 2
dec.
pts.
Quiet but Barely stdy
5 to 6 pts. 4 to 10 pts. stdy.. 4 to stdy., 6 to 4 to 6 pts.
decline.
5 pts. dec. 8 pts. adv.
advance.
decline.
Steady,
Market,
4
P. M.
S at.
May 29
Quiet but
Quiet,
Prices of futures at
Liverpool for each day
Wed.
Tues.
Mon.
are
adv.
Quiet,
1 to 4 pts.
decline
to
given below:
Thurs.
better demand for
a
Fri.
from
New Contract
d.
d.
<1.
d.
d.
d.
d.
d.
d.
d.
d.
7.19
7.15
7.12
7.14
7.12
7.20
7.20
7.19
7.16
7.14
7
October
7.21
7.09
7.06
7.07
7.05
7.13
7.12
7.10
7 07
7.03
7.15
of
7.04
December
7.00
7.01
-
-
-
-
7.07
7.07
7.02
15
7.11
7.04
7.01
7.03
7.00
7.08
7.05
7.02
6.97
7.11
7.05
7.02
7.04
7.01
7.08
7.08
7.06
7.02
6.98
7.12
7.05
7.03
7.04
7.02
7.09
7.08
7.06
7.03
6.98
was
6.99
7.01
7.02
7.11
—
7.07
7.02
about
America.
6.98
May
--
South America
which
--
6.98
the
of
6.98
-
estimated
were
5,700,000
nothing in the
«orn
way
of incentive to
shortly from the Argentine.
32,625,000 bushels.
PRICES
all
kinds
of flour continues
OF
plies of wheat will be available in another few weeks.
Season s
High and
July
124
July (new)
125**
Sept. (new).-.115**
Dec. (new)... 85**
September (new)
The
pi Wheat—On the 1st inst. prices closed lc. to 1 J^c. higher.
The sharp advance in wheat values today was attributed
largely to the warlike European developments, liberal export
business and bullish domestic crop figures.
Some of the late
buying of wheat was associated with preparations for the
majority of June unofficial crop estimates to be issued to¬
morrow.
One leading trade authority today (Tuesday)
figured the 1937 United States winter wheat crop as indicat¬
ing a yield of 44,251,000 bushels less than the Government's
May forecast.
Latest estimates of today's export business
in Canadian wheat totaled upward of 1,000,000 bushels.
was
also
some
was
no
NEW
CORN FUTURES
Mon.
Tues.
When
Made
|
of
YORK
IN CHICAGO
Wed.
Thurs.
Fri.
1223*
1083*
78**
122**
1083*
78**
121
122**
1093*
793*
Season's Low and
When Made
May 29, 19371 July
85"
May 27, 1937 July (new)
86**
Apr.
5, 1937 Sept. (new).,_ 93 3*
May
6, 1937 J Dec. (new)... 773*
Oats—On the 1st inst. futures closed
Oct.
Nov.
Feb
June
1,1936
2,1936
2,1937
4,1937
%c. to ^c.
There
particularly bearish character concerning
oats, the heaviness in this market being attributed to the
weakness in corn and rye. On the 2nd inst.
prices closed lc.
to
134c. down.
The pronounced weakness of the wheat
news
markets
giving
On
This
had
way
the
their influence
3rd
was
a
rather easily
market
There
United States No. 2 hard winter wheat
disposed of for first half of July shipment to Rotterdam at
93^c. over Chicago July.
Upturns in wheat values on the
Chicago Board registered 23^c., and this in the face of heavy
selling to realize profits. On the 2d inst. prices closed 2%c.
to 33%c. lower.
Forecasts suggesting a 40% increase in
North America's 1937 wheat crop compared with last year,
smashed wheat values heavily downward both on the Chicago
Board and at Winnipeg.
The maximum overnight loss on
wheat in Chicago was 3%c. a bushel, and at Winnipeg 4>£c.
a bushel, but from today's top level the extreme drop was
4^c. here and 5^c. at Winnipeg.
The relatively greater
IN
Open interest in
121**
120
122** HOLI-121**
1103* DAY 1093*
803*
803*
December
of demand.
North
There
Tues.
Wed. Thurs. Fri.
1523* 153** 1533* 150**
HOL
Sat.
T
July
July (new)
drastic decline of semolina reflects the lack
CORN
Mon.
1543*
DAILY CLOSING PRICES
to run
are
OF
Sat.
No. 2 yellow
apparently convinced by the
market action of the past week, and the indications of big
crops for the winter belt, that plentiful and cheaper sup¬
Consumers
for
up.
traders to take
cause
corn
DAILY CLOSING
T
light.
clear
In fact, heaviness prevailed during most
due very likely to the threat of heavy sup¬
session,
was
BREADSTUFFS
Flour—Demand for
12,795,000 bushels,
upward side.
the
plies of
Friday Night, June 4, 1937
at
expected to
are
Today prices closed Aic. off to %c.
6.98
March
January (1938)
once.
% to l%c. down. July corn
held fairly steady after dropping 2c. at one
stage, but other
contracts closed weak.
Expectation of heavy Argentine
clearances this week was a depressing factor.
Shipments
Close Noon Close Noon Close Noon Close Noon Close Noon Close
July (1937)
available to be used at
corn
On the 3rd inst. prices closed
to
June 4
There
Rains fell in Kansas, Texas,
A severe dust storm was
Valley.
Winnipeg wheat
weak, July losing 2c.
Today prices closed % to iy2c. up.
Bearish weather
advices played a considerable part in
lifting prices sub¬
stantially in today's session.
Heavy rains and winds were
reported in areas where not wanted.
This applied to Ohio,
1.00
Stockholm
very
and
Prospects that the United
reported in central and southern Alberta.
ard
,85c.
Oslo
July
result of weakness of foreign markets
a
have the proper staying power.
Stand-
Density
Piraeus
Bombay
Spot
as
aggressive, prices rallied almost lc. above the
previous close at times, but the market did not appear to
54,122
,60c.
.543*0. Shanghai
.393* c.
is
since
especially
32
100
4,818
78
1,999
d.45c.
,60c.
Rate
4c.
break
600
Trieste
d.45c.
*
%c. lower.
levels
production may total almost 900,000,000
the largest crop in six years, was an important
factor abroad, cables said, but the decline of 3c. to more
19
Stand-
High
Stand-
,36c.
Rotterdam
lowest
was
Density
ard
Liverpool
,42c.
,57c.
Manchester,42c.
,57c.
Genoa
the
States 1937 wheat
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Havre
touched
bushels,
Cotton
Antwerp
prices closed %c. higher to
wheat
rains in the domestic Southwest.
38
228
-
inst.
for
heavy undertone prevailing throughout most of
a
the session
100
-
the 3rd
market
January,
700
913
2,033
194
250
CHARLESTON—To Antwerp—May 29— Saccarappa, 1,999
Total
On
50
3,526
600
1,048
417
FRANCISCO—To Japan—(?)—4,818
To
drop of prices in the Canadian market did much to accelerate
the tumble of prices here.
Towards the close there was some¬
what of a rally, a full cent in Winnipeg and about Kc- <>n
the Chicago Board.
Stop loss orders in profusion were
automatically forced on the wheat market as prices made a
rapid descent.
2,147
1,969
350
400
600
To Arica—June 2—Cefalu ,400
To Valparaiso—May 29—Sixaola,
June 5,
inst.
prices
declined
on
oats,
price's for this grain
as soon as pressure
closed
developed.
unchanged
to
in
sympathy with the
nothing of interest in the news
%c. lower.
other
grains.
or
trading in
Today prices closed %c. down to yse. advance.
Trading was light, with fluctuations extremely narrow.
this
grain.
DAILY
—
—
CLOSING
PRICES
DAILY
CLOSING
PRICES
IN
OATS
Mon.
45
___
December.
Season's High and
July
503*
September
473*
December
403*
FUTURES
When
Made
H
383*
393*
-
YORK
Wed. Thurs.
633*
593*
653*
Sat.
,
NEW
Tues■
HOL
OF
_
July.
September
OATS
Mon■
li
:
OF
S2t643*
_
No. 2 white-.
O
|
L
IN
Tues.
Wed. Thurs.
44**
43**
42**
38**
373*
363*
38?*
37**
37?*
Season's
Apr.
5. 19371 July
Apr.
6, 19371 September
May 27, 1937(December
Low
and
Fri.
59
CHICAGO
When
Fri.
42**
363*
373*
Mane
373*
Oct.
1
36**
373*
June
June
4,1937
4. 1937
1936
Volume 144
Financial
3867
Chronicle
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Bat.
__
May
July--
Mon.
56%
52%
October
Wed.
Tues.
H
O
Thurs.
Fri.
53
41%
Rye—On the 1st inst. prices closed 3^c. to lj^c. down.
The decline in this grain was attributed largely to an unoffi¬
cial repo,rt estimating the domestic rye crop at nearly
5,000,000 bushels larger than the May 1 Government figures.
On the 2nd inst. prices closed 2%g. to 2%c. lower. With
weather reports relatively favorable and prospects of bearish
private crop reports, especially on wheat, it was only natural
that rye should follow wheat on the downward trend. Crop
prospects for rye were reported as excellent.
On the 3rd
inst. prices closed
New
Orleans
Oats
Rye
Barley
Bushels
Bushels
Bushels
Flour
50,000
39,245
417,000
1,000
Sorel.
2,000
60,000
56,666
183",660
110,245
56,000
233,000
152,090
432,000
333,000
Halifax
9,000
107", 000
Ft. William
Total week 1937—
2,017,000
Same week 1936
The
"77",000
3,693,000
828",000
destination of these exports for the week and since
Flour
Corn
Wheat
Exports for Week
The pro¬
attributed to heavy sell¬
Week
Since
Week
Since
Week
Since
May 29
July 1
May 29
July 1
May 29
July 1
1937
1936
1937
1936
1937
1936
Barrels
Bushels
Bushels
Bushels
Bushels
and Since
July 1 to—
ing of spot
rye and to the bearish weather and crop reports.
Today prices closed l%c. down on the July delivery and V^c.
up on the rest of the list.
The weakness in the July option
Barrels
1,212,000
280,000
-
Montreal
2 to 4%c. down.
nounced weakness in this grain was
Corn
Bushels
York
New
L
_
Wheat
Bushels
Exports from—
-
53%
42%
54%
42%
54%
42 %
Barrels
United
Kingdom.
Continent
continues the feature, considerable liquidation being evident
11,810
2,309,855
648,907
1,175,000
817,000
62,100,000
43,935,000
So. & Cent. Amer.
11,500
594,000
17,000
507,000
in this
West Indies
25,500
1,286,000
1,000
26,000
"7",000
2,2"l9",666
delivery.
the face of
DAILY
However, the other months held steady in
July's weakness.
CLOSING
RYE
Sat.
July
September
Season's High and
July
September
112
„
103%
December
DAILY
When
96
Made
CLOSING
L
RYE
OF
71
81
82%
Sat. Mon.
116%
H
108%
O
May
July
IN
FUTURES
October
83%
Sat.
Tues.
Mon.
HOL
July
Thurs.
Fri.
106% 105%
79%
79%
Wed.
Thurs.
F*ri.
—
BARLEY FUTURES IN WINNIPEG
Sat.
May
July
Mon.
69%
66%
Wed.
Tues.
H
O
63%
L
55%
October
Closing quotations
4,208,082
were as
The
Thurs.
Fri.
62%
56%
"77",060
166,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Boston
29,000
104,000
41,000
591,000
"14",000
Philadelphia
23,000
277",000
2 0,000
103,000
2,000
Baltimore
30,000
80,000
9,000
133,000
1,000
New Orleans-
22,000
168,000
31,000
Galveston
310,000
17,000
Fort Worth
801,000
208,000
38",000
56,000
1,000
2,000
New York
EflOEt
90,000
Wichita
Hutchinson
264,000
68", 000
72"666
1,787,000
64,000
747,000
St. Joseph
Kansas City
Sioux
3,000
113,000
54,000
60,000
63,000
City
117,000
9,000
535,000
37,000
3,000
35,000
5,000
6,000
52,000
147,000
42,000
387,000
12,000
44,000
33,000
St. Louis
Peoria
On
90,000
1,000
Chicago
FLOUR
Spring oats, high protein -7.15@7.50 Rye flour patents
5.70@ 6.05
Spring patents
6.65@7.00 Seminola,bbl.,Nos.l-3-10.05@
Clears, first spring
6.15 @6.30 Oats, good
3.05
Soft winter straights
5.65@5.90 Cornflour
3.70
Hard winter straights
6.10@6.35 Barley goods—
Hard winter patents
Coarse
4 75
6.25@6.50
Hard winter clears
5.85@6.05
Fancy pearl, Nos.2,4&7 6.90@7.25
7,000
2,017,000 108,787,000
3,693,000 93,409,000
Indianapolis
follows:
5,000
seaboard ports Saturday, May 29, were as follows:
Omaha
63%
56%
1,000
«.w
visible
United States—
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
OF
141,258
5,005,020
152,090
granary
♦ '
109%
82%
110
84%
L
DAILY CLOSING PRICES
2",660
110,245
Total 1936
WINNIPEG
Wed.
Tues.
Fri.
92%
82%
83%
94
82%
~i~,o66
«.
25,000
Total 1937
When Made
Oct.
3, 1936
June
4, 1937
June
4, 1937
Season's Low and
|
July
September
6, 1937 December
PRICES
Thurs.
98%
84%
85%
101%
87%
88%
H
O
Dec. 28, 1936
Dec. 29, 1936
May
Wed.
Tues.
Mon.
CHICAGO
IN
FUTURES
102%
87%
88%
December
Brit. No. Am. Col.
Other countries
OF
PRICES
59,435
616,000
2,264,000
1,231,000
870,000
47,000
23,000
19,000
9,000
1,290,000
2,717,000
1,215,000
99,000
979,000
301,000
2,069,000
3,266,000
Lakes
266,000
Milwaukee
Minneapolis
Duluth *
22,000
96,000
487,000
Detroit
145,000
3,000
4,000
4,000
Buffalo
1,940,000
392,000
513,000
250,000
57,000
120,000
317,000
afloat
On
550,000
5,000
188,000
Canal
149,000
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
139%
Manitoba No. 1, f.o.b. N.Y.,126%
Corn, New York—
No. 2 yellow, all rail
150%
Total May 29, 1937-..
Oats, New York—
No. 2 white
59
Rye, No. 2, f.o.b. bond N. Y„118
Barley, New York—
47% lbs. malting
91%
Chicago, cash
95@103
Total May 22,
14,807,000
1937.16,520,000
Total May 30,1936...
*
28,444,000
—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
1,981,000
1,823,000
6,756,000
5,276,000
6,216,000
11,231,000
Duluth wheat includes 15,000 bushels feed wheat.
Note—Bonded
grain
not
Included
above:
Oats—On
1936.
Lakes,
385,000
bushels;
146,000
bushels;
Barley—Buffalo,
Lakes, 28,000; total, 1,211,000 bushels, against
none in 1936.
Wheat—New York, 3,168,000 bushels; New York afloat, 22,000;
Albany, 1,115,000; Buffalo, 1,792,000; Buffalo afloat, 95,000; Duluth, 819,000;
Erie, 100,000; Chicago, 43,000; on Lakes, 3,063,000; Canal, 113,000; total, 10,330,000
bushels, against 14,275,000 bushels in 1936.
on
Wheat
Corn
Oats
Rye
Barley
Buehsls
Canadian—
Bushels
Bushels
Bushels
Bushels
Lake, bay, river and sea¬
board
of the last three years:
5,302,000
6,279,000
5,824,000 30,792,000
total, 385,000 bushels, against none in
Duluth, 962,000; Chicago, 75,000;
All the statements below regarding the movement of grain
3,208,000
3,649,000
Ft. William & Pt. Arthur
13,420,000
12,303,000
490,000
194,000
532,000
503,000
318,000
2,759,000
Other Canadian & other
Flour
Receipts at-
Wheat
Corn
bbls 196 lbs bush 60 lbs
Chicago
22,035,000
3,627,000
172,000
2,174,000
TotalMay29, 1937-.- 47,758,000
Total May 22, 1937—_ 49,972,000
TotalMay 30, 1936--- 93,504,000
Summary—
4,620,000
684,000
5,465,000
432,000
136,000
106,000
312,000
1,000
220,000
3,000
5,000
5,000
13,000
2,000
American
65,000
9,000
2,000
91,000
24,000
261,000
255,000
307,000
201,000
1,000
Canadian
201,000
8,000
152,000
135,000
9,000
17,000,
103,000
1,000
1,000
25,000
73,000
35,000
.
Louis
342,000
149,000
63", 000
Indianapolis.
1,169,000
11,000
Toledo
Peoria
33,000
60,000
13,000
Kansas City—
10,000
225,000
101,000
Omaha
Joseph
Sioux
elevator stocks
Barley
144,000
Milwaukee---
Wichita
Rye
bush 56 lbs bush 48 lbs
443,000
-
Duluth
St.
bush 32 lbs
276,000
166,000
Minneapolis.
St.
Oats
bush 56 lbs
.....
City
889,000
Buffalo
Total wk.1937
Same wk.1936
Same wk.1935
2,461,000
321,000
325,000
362,000
4.100.000
4.015.0001
2,640,000
4,379,000
2,396,000
no,ooo;
19,000
20,000
54~, 000
46,000
28,000
61,000
58,000
22", 000
5,000
1,492,000
626,000
1,097,000
628,000
2,261,000
1,035,000
4,000
21,000
1934
15,558,000 175,812,000162,536,000
seaboard ports for
follow:
May 28,
bbls 196 lbs bush 60 lbs
bush 56 lbs
bush 32 lbs
92,000
York—
136,000
67,000
Philadelphia..
29,000
1,000
102, 000
12,000
34, 000
4,000
New Orleans *
22,000
273, 000
Barley
48,000
8,000
New
41,000
Galveston
17,000
62.660
3, 000,
56",666
1,212,000
60,000
Montreal
Argentina—1
Australia
:
Oth. countr's
Total
Total wk.1937
Since Jan. 1'37
668,000
15,808,000
169,000
293,000
17,000
5,866,000' 21,178,000
1,584,000
1,592,000
315,000
3,776,000
38,483,000
290,000
1,606,000
482,000
2,159,000
351,000
1,676,000
720,000
1,697,000
Week 1936
.J
Since Jan.1'36
*
on
107,000
1,708,000
295,000
294,000
6,417,000
Receipts do not include grain
July
1,
Corn
Since.
Week
Since
Since
July 1,
May 28,
July 1,
1936
1935
1937
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
2,728,000 175,878,000 169,007,000
2,400,000 62,408,000 36,426,000
1,003,000 157,287,000 73,411,000
4,310,000 93,110,000 104,019,000
48,000
9,424,000
256,000
1,176,000 29,144,000 36,497,000
11,665,000 527,251,000419,616,000
I
July
1,
7,000
121,000
9,984,000
5,992,000 359,978,000267,454,000
578",000 26,319,000'
306,000
6,876,000
18,719,000
39,321,000
405,023,00ol316,880,000
1, follows:
Ip nearly all sections east of the Rocky Mountains the week
ized
280,000
William..
Ft.
Since
was character¬
by abnormally warm weather and by substantial to heavy rainfall
over much of the western half of the
country.
There was abundant sun¬
shine in all central and eastern sections.
The weekly mean temperatures were above normal from the Great
Plains
eastward, with the greatest plus departures in the interior valleys.
In the
extreme Southeast and west Gulf sections about normal warmth
■
"2,000
Sorel
are
weather for the week ended June
183,000
256,000
27,000
Boston
furnished by
Weather Report for the Week Ended June 1—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
9,000
Halifax
corn, as
Bushels
Black Sea—
bush 56 lbs bush 48 lbs
7,000
Baltimore
Rye
2,665,000 10,741,000
2,686,000 11,769,000
9,375,000 14,613,000
1937
India.
Oats
3,208,000
9,922,000
3,649,000 11,313,000
5,824,000 34,437,000
Wheat
45,232,000 13,574,000 55,377,000
Corn
62,565,000
following:
Week
North Amer J
Wheat
5,276,000
5,465,000
July 1, 1935,
shown in the
17,595,000194,417,000139,847,000 72,471,000 16,719,00077,613,000
15,998,000298,327,000163,245,000 122,003,00023,200,00086,315,000
Flour
1,981,000
684,000
shipment of wheat and
1,742,000
976,000
1935
Receipts at—
5,302,000
4,620,000
685,000
Exports
Total receipts of flour and grain at the
the week ended Saturday, May 29, 1937,
3,382,000
Broomhall to the New York Produce Exchange, for the week
ended May 28, and since July 1, 1936, and
Since Aug. 1
1936
5,553,000
2,619,000
3,208,000
66,492,000
TotalMay 30, 1936.--121,948,000
The world's
440,000
863,000
3,645,000
14,807,000
47,758,000
-
Total May 29, 1937--.
Total May 22,1937...
32,000
5,034,000
prevailed,
passing through New Orlcns for foreign ports
through bills of lading.
but between the Appalachian Mountains and the central
Great Plains the
temperatures averaged from 6 deg. to about 10 deg. above normal.
West
of the Rockies the general tendency was to subnormal
warmth, though in
most sections the temperatures
departures
appear
averaged near normal.
The greatest minus
in the Southwest, principally in New Mexico and southern
Arizona.
The exports
from the several seaboard ports for the week
1937, are shown in the annexed
ended Saturday, May 29,
statement:
Rainfall in the Southern States, especially from eastern Texas
eastward,
was
generally light, with many stations reporting inappreciable amounts.
The weekly falls were scanty, also, in the Atlantic area and the Ohio
Valley
where most stations reported less than half an inch.
On the other hand
3868
Financial
over a wide belt
extending from western Texas and New Mexico northward
over the western Plains, the amounts were
generous to heavy generally
except in the extreme North.
Northern North Dakota and Montana had
only light rainfall.
Heavy falls occurred, also, in many Rocky Mountain
sections, and at most places in the central and southern Great Basin of the
West.
In the Pacific Northwest there was very little
precipitation.
The weather of the week was outstandingly favorable for agriculture.
Over the eastern half of the United States warm weather, abundant sun¬
shine, and mostly sufficient moisture were highly favorable for growth of
vegetation and for farm work, though locally rainfall would now be helpful
in parts of the Ohio Valley and some sections of the South.
In the Atlantic
area and much of the interior the weather was ideal rather
generally for
agricultural interests.
However, the outstanding feature of the week's weather was the gen¬
erous rains that occurred over a large area of the West where
drought
has persisted, especially from western Texas and eastern New Mexico
northward almost to the Canadian border.
The rainfall was heaviest
where moisture was most needed and the general outlook in this western
dry belt has immeasurably improved.
During the past week rainfall in
northwestern Texas has averaged 1.58 inches; western Oklahoma, 1.42;
the western third of Kansas, 1.56; the western half of Nebraska, 1.45;
and western South Dakota, 1.30 inches, with
equally generous falls in the
Chronicle
very good; plants
much replanting.
were
helpful to
some
growing well; cultivated early stands uneven,
due to
Progress and condition of corn very good.
ToOidry in
eastern, southern, and central localities, but no damage.
Very favor¬
all other crops, except where too dry.
Harvesting whea^and
oats.
Much alfalfa cured.
Marketing potaioes.
some
able
for
Tennessee—Nashville: Progress and condition of corn very good; cultivation progressing, planting continues.
Progress and condition of cotton
good; some being planted and early planted cultivated.
Winter wheat
ripening; progress and condition very good to excellent.
About 40%
tobacco transplanted; crop late; blue mold extensive, but conditioniimproving.
Pastures and alfalfa excellent; lespedeza good.
Some middle and
western sections need rain.
Truck and vegetable mostly good; potatoes
very good.
Kentucky—Louisville: Light rains locally in south; warmth accelerated
growth.
Corn planting advanced rapidly; quick germination and
tands
excellent; progress of early planted excellent; condition mostly very good.
Extensive machine transplanting of tobacco; need rain for setting hilly
districts.
Progress of winter wheat excellent, condition very good, some
irregularity remains; nearly headed in north.
All grains i proved.
Fa¬
vored making clover and alfalfa hay.
Gardens much better.
Pastures
fine, but less rank.
eastern portions of the adjoining Rocky Mountain States.
Northern North Dakota was somewhat less fortunate and Montana con¬
tinues mostly dry.
While showers in the central and eastern portions of
the latter State
June 5, 1937
THE DRY GOODS TRADE
extent, they were mostly too light for
much relief and conditions in many places are worse than during any recent
dry year.
In the Great Basin of the West, especially Utah, heavy rains
have markedly improved the situation, with irrigation suspended.
Rain is still needed in parts of the Pacific Northwest, in Arizona, parts
of New Mexico, considerable portions of Texas, especially the eastern
third, and locally in the South Atlantic and Gulf States.
Also, the soil
is becoming rather dry in some parts of the western Ohio Valley.
Small Grains—Winter wheat was favored by the weather of the week
rather generally in the important producing sections.
In the more east¬
ern States and the Ohio Valley progress was generally satisfactory with
Slants heading northward well into the latter area; general improvement
noted.
However, in some western Ohio Valley sections, especially eastt
central
Illinois, the
crop
remains poor because of winter killing.
trans-Mississippi States progress was decidedly satisfactory.
In the
In the Great
Plains wheat Is now generally headed in the eastern half of Kansas where
it is developing satisfactorily; harvest will begin in extreme southern Kansas
10 days.
However, rains came too late for much of the winter
in about
wheat in the southwestern Great Plains where some has been damaged
beyond recovery, especially in the western half of Kansas and some ad¬
joining sections.
In the Spring Wheat Belt the weather of the week was unuaually favor¬
able, with spring wheat good to excellent in central and eastern portions
and the outlook improved by recent rains in the western portions of the
Dakotas.
In western North Dakota, wheat had deteriorated considerably
with some ungerminated, but the outlook now is greatly improved.
In
Montana, with unfavorable dryness continuing, little or no improvement
has occurred, though some late grains may germinate because of recent
light rains.
In the Pacific Northwest late spring grains on light soils need
rain.
Corn-—The
weather
decidedly favorable for the corn crop, and
planting is now practically completed.
With mostly ample soil moisture
and decidedly warm weather, late-planted corn germinated rapidly and
the early seeded made good growth.
In some upper Mississippi Valley
sections seeding has now been completed at or a little in advance of the
average date.
In Iowa 95% of the corn had been planted by May 30,
about three days ahead of normal, while the warm weather facilitated
germination; cultivation is general in the western third and in early fields
elsewhere, though there was local damage by hail and flooding of lowlands.
was
Cotton—The week in general was favorable in the Cotton Belt, though
rain is still needed in some western sections.
In Texas progress and con¬
dition of cotton continue good to excellent in the extreme south, where
plants are squaring and blooming freely, but in most other sections ad¬
vance is only fair, with considerable ungerminated in drier localities; rains
in the southwest were favorable, but dryness continues in the eastern third
of the
State.
In Oklahoma progress and condition of cotton are fair to good with
considerable replanting in the west; chopping is progressing in southern
districts.
In
the
central States of the
belt
the
week
was
favorable and
of cotton is generally satisfactory, though there are some uneven
stands locally.
In the eastern belt rains would be helpful for germination
of late-planted cotton is some Piedmont and coastal sections of North
progress
Carolina,
but elsewhere conditions are satisfactory.
Chopping of early
has begun as far north as northern South Carolina.
In southern
Georgia plants are squaring and blooming.
cotton
The
Weather
Bureau
furnished
the
following
resume
South Carolina—Columbia
Warm; local rains and abundant sunshine
favored crop growth and cultivation, except too dry locally.
Cotton chop¬
ping nearing completion in south; condition mostly good; chopping early
in north with late planted generally good stands, except locally in extreme
north.
Corn, tobacco, truck, and gardens mostly good progress.
Har¬
vesting oats and wheat in north.
Georgia—Atlanta: Warm; scattered, light rains.
Progress of cotton
good, especially in south where fields generally clean; chopping finished
first squares and blooms
appearing; crop late in north where still
replanting.
Less favorable for corn, especially in south where too dry.
Wheat and oat harvest well advanced; oats now ripening in northern-most
counties.
Early set sweet potatoes doing nicely, late set need rain as do
pastures, tobacco, and most truck crops in south.
Early peaches in market;
good quality, but light crop.
very
and
Alabama—Montgomery:
Warm;
light to moderate rains.
Cotton
planting finished in north; chopping finished in south, well advanced in
middle and starting in north; stands in north mostly good, except locally
where soil too dry; progress very good to excellent, condition good to very
good.
Oats mostly harvested with generally good yields.
Corn, cane,
vegetables, pastures, and miscellaneous crops doing well, except locally
where too dry, especially in west.
but
cultivation mostly very good and progress failry good to very good.
Prog¬
of corn generally rather poor, although fair to very good in western
ress
localities, mostly north and
east.
Gardens, pastures, and truck mostly
poor progress.
Louisiana—New
Orleans:
Warm; mostly dry week, with ample sun¬
shine favorable for cotton, but other crops need rain in many localities.
Cotton small in many fields, but thrifty and clean; chopping well advanced
to northern border.
Much corn laid by in good condition.
Cane and rice
doing well; heavy irrigation of rice necessary.
Minor crops need rain.
Pastures deteriorating.
Texas—Houston:
About-normal
warmth; drought continued in east¬
ern third and
north-central districts, but elsewhere good rains general
and excessive in southwest.
Progress and condition of cotton good to
excellent in extreme south where squaring and blooming freely, but else¬
where mostly only fair; most of crop planted, but considerable has failed
to come up in dry sections; stands considerably improved by rain in south¬
west and west-central, cut crop rather late.
Progress and condition of
winter wheat mostly fair, but rather popr in dry areas; considerable im¬
provement where rain fell; harvesting-made fair progress.
Potatoes gener¬
ally poor condition, with harvestfflght.
Corn improved where rains fell,
but condition rather spotted in most districts, with much rather poor.
Truck generally good to excellent in extreme south and poor to fair else¬
where.
Ranges needs rain generally, but cattle mostly good.
Oklahoma—Oklahoma
City: Warm, with heavy to excessive rains in
most of west and mostly light to moderate elsewhere.
Botton lands in
south Canadian and other western streams inuhdated, and considerable
crop and property damage.
Progress and condition of cotton fair to good,
but considerable replanting necessary in west; chopping, good advance in
south.
Oats fair to good, except poor in much of west, and
considerable
army-worm damage locally; harvest almost general.
Condition of winter
wheat rather poor in most west-central, northwestern, and some central
and north-central portions, but fair elsewhere; considerable worm
damage
locally from northeast to southwest; harvest in progress in south and central.
Progress and condition of corn fair.
Pastures poor and very weedy.
Live¬
stock good.
Gardens and minor crops mostly fair to good.
Arkansas—Little Rock: Progress of cotton good to excellent due to
warmth and little or no rain; chopping made excellent progress; condition
below
South,
fairly
owing
expectations.
Best results were obtained in the
and. some parts of the Middle West also made a
good showing.
In other sections, however, partly
continued unsettlement in the labor situation,
buying failed to establish worth-while gains.
A
stimulating factor was the National Cotton Week promo¬
tion, resulting as it did in substantial increases of sales of
cotton dresses for street, sports and formal wear.
Buying
of sports apparel of all
types benefited by the start of the
outing season on the occasion of the Decoration holiday.
Early estimates of the sales volume for the month of May
forecast average gains ranging from 3 to 6%, a result gen¬
erally considered as somewhat disappointing, inasmuch
as one more
Saturday was available this year and as, more¬
over, retail prices at present are about 8% above those of a
to
consumer
year ago.
Trading in the wholesale dry goods markets remained
Although burdensome inventories were said to
have undergone gradual reductions, little interest was shown
in fall goods, with merchants preferring to await a clarifica¬
tion in the price situation.
A moderate increase in the call
for cotton piece goods was occasioned by the National Cot¬
ton Week, and there also were indications of a revived interest
in finished
percales, on the part of the cutting-up trades.
Business in finished silk goods continued very quiet, with
prices on sheers showing an easier trend.
Trading in rayon
yarns received considerable impetus by the opening of books
for August
delivery.
Reports were current that initial
purchases in some instances again exceeded the production
capacity, as a result of which rationing of incoming orders
will once more have to be resorted to by leading producers.
The shortage of knitting yarns, in particular, became more
pronounced, owing to the protracted strike in two leading
plants.
spotty.
of
conditions in the different States:
Mississippi—Vicksburg: General rains would aid cotton growth,
New York, Friday Night, June 4, 1937
Although weather conditions, during the period under
review, were mostly favorable, retail business remained
Domestic
Cotton
Goods—Trading in the
grey
cloths
markets remained lifeless, with sales restricted to occasional
fill-in lots.
A moderately expanding interest was shown
by industrial
of cotton goods, leading
some observers
buying movement was close at
hand.
Converters, however, continued their waiting atti¬
tude, despite reports to the effect that the movement of
finished goods in distributive channels
showed further
moderate improvement.
During the latter part of the
week a slightly steadier tone in the price structure developed
but the total volume of sales kept within narrow bounds.
Business in fine goods gave indications of a mild improve¬
ment as the effects of the recent wide-spread curtailment
measures
impressed themselves on buyers, and stocks of
finished goods were reported to have undergone substantial
reductions.
Special significance was attached to the fact
that for the first time in weeks buyers began to show more
interest in future commitments.
Closing prices in print
cloths were as follows:
39-inch 80's, 8J^c., 39-inch 72-76's,
8Kc., 39-inch 68-72's, 7% to 7^c., 38^-inch 64-60's, 6%
to 6>£c., 38^-inch 60-48's, 5% to 5^c.
to
believe
users
that
a
broader
Woolen
show
Goods—Trading in men's wear fabrics failed to
improvement as far as new business was con¬
Mill operations, generally, however, were main¬
the previous high rate based on the still considera¬
any
cerned.
tained at
ble accumulation of older contracts.
Some additional spot
were made reflecting
improvement of apparel sales both in wholesale
and retail channels.
Business in women's wear goods ex¬
panded perceptibly with considerable interest being shown in
fleeces of all price classes.
Substantial spot business con¬
tinued to be done in white coatings and sports materials of
purchases of
warm
weather materials
the seasonal
all types.
Foreign Dry Goods—Trading in linens continued fairly
active, with additional reorders on spot suitings and dress
goods being placed.
Prices maintained their steady trend
reflecting the continued firm attitude of the primary mar¬
kets overseas.
Business in burlap came to a virtual stand¬
still as buyers remained out of the market.
Prices showed
slight recessions under the influence of fractional declines in
Calcutta market where stocks at the end of May showed a
substantial increase over the previous month.
Domestically
lightweights were quoted at 4.35c., heavies at 5.65c. j
Volume
Financial
144
MUNICIPAL
BOND
SALES
IN
Short-term municipal financing during May was featured
by the disposal by New York State of an issue of $50,000,000
0.75% notes due in six months.
The interest rate paid by
the State compares with that of only 0.50% carried on the
previous flotation, in February, of $100,0CH),000 notes with
a maturity date of slightly more than four months.
As a
result of the State emission, the volume of temporary financ¬
ing negotiated in the past month was increased to $97,045,056.
The figure also includes $21,000,000 accounted for
by the City of New York.
The Dominion of Canada was responsible for most of the
$116,022,673 of permanent Canadian municipal financing
contracted during May, having issued $113,500,000 bonds
pursuant to a conversion loan offer made to the holders of
$236,299,800 of 53^% tax-free Victory Loan obligations
MAY
Long-term financing by States and municipalities during
the month of May involved the disposal of issues in the aggre¬
gate principal amount of only $50,676,913.
This compares
with awards in the previous month of $84,300,804, of which
$25,000,000 represented financing on behalf of the Triborough Bridge Authority, N. Y.
The total for May,
however, includes the award of $8,175,650 of bonds by the
}
Reconstruction
Finance
Corporation.
The
bulk of
that
consisted of $6,126,000 Cook County, 111., 4%
refunding bonds, which were sold to Halsey, Stuart & Co.,
Inc., of New York at a price of 102.30.
The offering by
the Federal agency served to illustrate the marked lack of
demand for municipal liens that has prevailed in recent'
months.
Of the 72 issues put up for sale, only 46 were
awarded, no tenders having been submitted for the balance.
Moreover, a large number of the issues that were sold were
taken by investment bankers at prices considerably under
/amount
par.
The issues of $1,000,000 or more,
in the RFC award, which were sold
in the
following
aside from those included
during May are included
which mature next December.
to convert the balance of the
Of the $113,500,000 bonds subscribed for in the
months.
operation, $20,000,000, bearing 1% interest, mature
in two years; $60,000,000 2s mature in five years, and the
other $33,500,000 comprise 12-year 334s.
Aside from the
Dominion financing, the City of Hamilton, Ont., made public
award in May of $2,482,673 bonds.
All of the financing
during the month was completed in Canada.
The Province
of New Brunswick rejected the one bid made for its offering
of $3,000,000 bonds.
In his announcement of the action,
C. T. Richard,
Provincial Treasurer, said: "Instead of
competing, the investment houses combined and made an
offer which the Government felt on general principles should
not be accepted."
No financing was undertaken in this country during May
by any of the United States Possessions.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five
years:
1937
3,019,000 North Carolina (State of) improvement and office building
bonds, due serially from 1940 to 1948, incl., awarded to a syn¬
dicate headed by Lazard Preres & Co. of New York as 2Ms
and 3>£s, at a price of 100.019.
The bankers reoffered the
bonds at prices ranging from a yield of 1.75% on the 1940
maturity to a price of 99.50 on the 1948 maturity.
2,450,000 Pittsburgh, Pa., notes were sold to Brown Harriman & Co.,
Inc., of New York, as l%s at a price of 100.111, a basis of
about
1.71%.
Reoffering was made by the bankers on a
yield basis of 1.60%.
Obligations mature April 1, 1940.
2,000,000 Cook County Forest Preserve District, 111., 4% bonds,
maturing serially from 1942 to 1957, incl., were sold privately
to Stifel, Nicolaus & Co., Inc., St. Louis, and A. C. Allyn &
Co., Inc., of Chicago, jointly.
The bankers paid a price of
102.30 for a block of $1,250,000 and par for the remaining
$750,000.
...
1,750,000 Alabama (State of) gasoline tax warrants, maturing from
July 1, 1937, to Jan. 1, 1939, were sold as 3s at par to Ward,
Perm, loans (U. S.)__
*
Temp, l'ns (U. S.)_
1,244,000 Union County, N. J., 2.70% general improvement bonds,
due serially from 1938 to 1965, incl., were awarded to the
Fidelity Union Trust Co. of Newark at a price of 100.176,
a basis of about 2.68%.
The trust company retained the first
10 maturities and sold the balance, representing a total of
$783,000 bonds, to an account headed by Phelps, Fenn & Co.
The bankers reoffered the bonds due from 1948
to 1955, incl., on a yield basis of from 2.50% to 2.65%, and
of New York.
priced the rest at par and 99.50.
1,000,000 Chicago, 111., 3M% water certificates, due $500,000 each, in
1949 and 1950, were sold to an account headed by Harris,
Hall & Co. of Chicago at 105.183, a basis of about 3%.
In the
following table we list the issues which failed of sale
offering during May.
The issues involved
numbered 13 and the aggregate par value of the offerings was
$5,228,323.
The largest of the issues was the $4,800,000
Denver, Colo., loan. The page number of the "Chronicle"
the time of
3877
3724
3541
3872
-
3724
Des Moines, Iowa
Fentress Co., Tenn.
3215
Grosse Ue Twp., Mich
3375
Iola, Kan
3214
Lebanon, Ind_...
3216
Muskegon, Mich..
Salem S. D. No. 12, N. Y..
3218
Sonoma
Co.,
Calif.
x
-
2H%
not exc. 6% 4,800,000
157,323
Report
No bids
No bids
6%
—
No bids
No bids
No bids
4%
with the bidder.
8,000
Bid rejected
Sale postponed
60,000
Bidsrejected
Offering canceled
The offers rejected
the recent offering, b The tenders were rejected as unsatisfactory and a new offering
79,788,577
44,790,533
73,925,627 112,282,030
Placed in Canada-
116,022,673
21,071.500
65,616,182
58,046,639
2,813,949
None
None
None
None
None
Bds. of U. S. Poss'ns
None
None
None
None
None
Gen. fd. bds., N.Y.C
None
None
None
None
None
Placed in U. S
Total
*
263,744,652 141,641.406 174,721,050 211,760,843 159,886,512
Including temporary securities issued in N. Y. City: $21,000,000 in May, 1937;
1935; $34,530,000 in May, 1934,
$5,000,000 in May, 1936; $17,100,000 in May,
and $18,016,530 in May, 1933.
The number of
municipalities emitting permanent bonds
made during May, 1937,
This contrasts with 310
and 356 for April, 1937, and with 334 and 392 for May, 1936.
For comparative purposes we add the following table,
showing the aggregates of long-term domestic issues for
May and the five months for a series of years:
and the number of separate issues
were 308 and 357, respectively.
For the
Monih of
1937.-1936---
1935---
---
1934...
1933--1932.-_
1931
1930
—
..
1928...
1927--.
1926.--
.
1925...
,
1924...
1923--1922...
1921...
1920---
144,872,096
cl76,356,781
154,707,953
d216,463,588
137,480,159
190,585,636
117,445,017
95,088,046
106,878,872
63,442,294
37,280,635
1919--1918-.
33,814,730
-
1917.
1916--.
1915--.
$444,491,823
505,848,680
535,274,577
404,443,913
123,025,591
439,675,147
730,576,915
23,743,493
29,006,488
42,691,129
For the
Five Months
May
1914
$34,133,614
83,234,579
98,852,064
--
1913
--
1912
--
$303,153,440
1911
1910
1909
613,897,001
1906
608,255,147
612,184,802
546,293,435
423,089,026
536,116,865
356,003,428
277,548,512
1903
1896
123,945,201
193,068,268
235,908,881
213,952,380
25,280,431
15,722,336
-
1907
519,680,721
648,612,959
723,958,401
18,767,754
27,597,869
..
1908
205,273,378
—
1929
Month of
Five Months
$50,676,913
105,152,749
78,274,868
79,788,577
44,790,533
a87,334,298
1895
14,895,937
1905
--
1902
16,569,066
-
1904
55,110,016
20,956,404
..
1901
14,562,340
9,623,264
7,897,642
1900
1899
-.
1898
1897
8,258,927
11,587,766
14,349,410
..
1894
..
1893
—"
.
4,093,969
179,493,040
196,803,386
195,791,550
143,476,335
145,000,867
137,476,515
93,957,403
80,651,623
92,706,303
113,443,246
62,649,815
59,211,223
47,754,962
58,273,539
33,996,634
34,373,622
56,890.312
30,384,656
41,084,172
50,067,615
30,774,180
Includes $6,200,000 bonds of New York City,
b and c each include $52,000,000
bonds of New York City, while d Includes $60,000,000 New York City bonds.
a
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
WE OFFER SUBJECT—
$15)000 DELAND Imp. 6% Bonds
Due—Jan. 1,
1955
Price—5.25 Basis"
Thomas M. Cook &
WEST
Company
Harvey Building
BEACH. FLORIDA
PALM
News Items
were made
City plans a test suit to determine its authority to
guarantee payment of improvement district bonds, the type of obligation making up
nnouncedfor June 9.
78,274,868
30,830,000
Bidsrejected
6,000
11,000
subject to various conditions.
.
$
50,676,913 105,152,749
15,417,157
97,045,066
No bids
x
Summit-GraymontS. D., Ga
Rate of interest was optional
10,000
43,000
50,000
27,000
45,000
__notexc.4%
3M%
-.notexc. 6%
Ridge
(Gold
1933
$
Bidsrejected
Bidsrejected
not exc. 4%
.not exc. 2M%
—not exc. 6%
S. D. issue).
3717
x
x
3722 bSayvilleFireDist.,N.Y
3541
Amount
$2,000
9,000
1934
$
Can. loans (perm.)—
"
is shown for reference purposes:
Int. Rate
1935
$
May
1,630,000 Houston, Texas, bonds, comprising a series of issues, were
purchased by an account headed by Phelps, Penn & Co. of
New York as 2%s and 3s, at a price of par, the net interest cost
to the city being about 2.862%.
Bonds mature variously
from 1939 to 1957, incl.
In reoffering the bonds the bankers
priced the 3s to yield from 1.50% to 3% and the 2%s were
offered on a yield basis of from 1.75% to 3%.
Name
Bowbells, N. Dak.......-Cranberry Twp. S. D., Pa
Denver, Colo.
1936
$
Sterne & Co. of Birmingham and associates.
1,685,000 Waterbury, Conn., bonds issued for various purposes were
taken by a group under the management of Brown Harriman
& Co., Inc., of New York, as 2Ms, 2%s and 3s, at a price of
100.009, a net interest cost of about 2.66%.
The bonds,
maturing serially from 1938 to 1962, incl., were reoffered on a
yield basis of from 0.80% to 2.80%.
Page
The Government will seek
maturity within the next few
recent
summary:
$3,637,000 Tampa, Fla., 4% refunding bonds were acquired at private
sale by Graham, Parsons & Co. of New York and associates
and reoffered for public investment at prices to yield from
2.25% to 4.20%, according to maturity.
Due serially from
1938 to 1965, incl.
These bonds are part of the total of
$5,201,000 unsuccessfully offered by the city in the latter
part of April.
at
3869
VL;or,icle
Connecticut—Changes in List of Legal Investments—The
following bulletin (Certificate No. 48, Bulletin No. 1) was
made public on June 2 by the State Bank Commissioner,
3870
Financial
Chronicle
June 5, 1937
Appropriations totaling $88,506,912 were passed by the Legislature
in a session marked by
bickering between the Republican Senate and
Democratic Assembly.
Issuance of $3,000,000 in bonds will bring total
expenditure above $90,000,000.
Little other major legislation was passed.
Much of the session was oc¬
cupied by the fight over relief financing.
After 16 weeks of political ma¬
neuvering, the Democrats obtained passage of their bill diverting $7,917,660
highway funds to relief.
The bill was passed over Governor Hoffman's
veto.
A State relief fund of $9,667,660 was created
by addition of $1,750,000
from general funds, and municipalities are
required to contribute $3,000,000
more.
Despite the diversion, the highway appropriation bill leaves a roadprogram of $9,244,872 and a highway lighting program of $905,000.
new bridges over the Passaic and Raritan
rivers, $3,000,000 more
building
To build
showing the latest changes in the list of legal investments
for savings banks and trust funds in Connecticut:
Additions
5^s,1943:4Ms,1939.
Co.—Debentures—3Ks, 1966:3 Ks.
1961:
Bonds issued since Jan. 1,1890, of the
following States—Alabama, Georga,
Mississippi, North Carolina, South Carolina, Virginia.
Deduction
Province
of Alberta
In connection with the above bulletin
which
comment
we give herewith the
appeared in the "Wall Street Journal" of
June 4:
Connecticut no longer frowns on the credit of the Southern
States. Official
additions to the list, issued by the office of the
Bank Commissioner, under
recently enacted legislation, reveal bonds now ledgal for
savings bank invest¬
in that State include those
ment
of
Alabama, Georgia, Mississippi. North
Carolina, South Carolina and Virginia.
tflbFreedom of investment is given for all bonds issued
by the Southern
States since Jan. 1, 1890.
Only bonds of these States previously eligible
were the Virginia
Century 3s, refunding 4s of 1962 and refunding l Kb
and 2%s.
The ban on obligations of the Southern States
dates back to Civil War
days when a number of those commonwealths impaired their
credit through
loans to railroads and other private
corporations. Many of these obligations
were refinanced,
although defaults later occurred in some which were
attributed to various causes.
Not the
that many of the obligations were issued
after the
war
and did not represent true
least
of these
was
the
valid debt of the States.
Illinois—Proposed Amendment on Over-All Property Tax
Limitation—A joint resolution which would submit
to the
voters of the State
set up an
a
proposed constitutional amendment
over-all limitation
on
to
the general property tax has
been introduced in the Legislature.
The resolution, which
is said to have the
approval of various real estate boards and
taxpayers' associations, would provide for a tax
limitation,
exclusive of bond requirements for debt
payment, of 1%
on urban
property and seven-tenths of 1 % on rural property.
It further would make
necessary the approval of 60% of the
electors voting at a given election to authorize the
issue of
bonds, the payment of interest and principal on which may
be secured by levying against
property.
Massachusetts—Supreme
Constitutional
from Boston
Court
Amendments—An
Rules Invalid
Associated Press
Proposed
dispatch
May 28 had the following to say in regard to
the invalidation by the State
Supreme Court of two proposals
for constitutional
amendments, one of which would have
on
limited taxation and the second would have
prevented diver¬
sion of highway revenues:
Two proposed constitutional
amendments designed
to limit real
estate
$25
,000, the Court held, was improperly explained in the
description on
petitions signed by 30,000 citizens by which the amendment
came to the
Legislature.
As a result, Senator Joseph
Cotton,
said the present amendment could not be acted
limitation plan, however, held that
a new
Republican
leader,
on.
Some sponsors of the
petition might be brought up for
action by the Legislature next
year.
But in a more sweeping decision on the
amendment to prevent diversion
of revenue from the gasoline and motor
-"ehicle taxes, the Court ruled that
any such
limitation
was barred
by the constitution.
adopted," the ruling read, 'the Legislature would be powerless
to appropriate any revenue from these
sources (motor vehicle and
gasoline
levies) to any other public use."
"If it
were
Legislative Session Ends—The 150th session of the State
Legislature on May 29 was prorogued after yielding to Gov¬
Hurley's demand to divert $6,600,000 from the gasoline
tax fund to the general
budget and to reduce the State tax,
according to an Associated Press dispatch from Boston.
ernor
New
England Community Statistical Abstracts Pre¬
pared—A book bearing the above title has recently been
completed by the Bureau of Business Research, Boston
University College of Business Administration, 525 Boylston
Street, Boston, Mass.
This report was prepared at the
request of the Industrial Development Committee of the
New England Council to serve as a source book
regarding
the availability of New England communities for industrial
locations.
This 120-page book, which retails at $2.50
per
copy, presents industrial development data for 110 New
England cities and towns, and it is felt that the preparation
and publication of a report of this
type supplies a definite
need for organizations interested in New
England develop¬
ment.
New
Jersey—Legislature Adjourns
Until
June 28—The
May
adjourn¬
While the Legislature actually recessed to June 28,
instead of taking final adjournment, both houses are
ment.
reported
have voted
the
filing of all unpassed bills in the State
This action killed all bills that had passed only
Library.
house, in addition to the great number that
one
never came
out of committee.
a
approved.
Bills that failed of passage included:
Reorganization of State govern¬
ment, election law revision, fair trade price-fixing measures, lobbyist
registration, anti-injunction and other labor measures, ousting of State
Highway Commissioner oterner and Finance Commissioner Lamb, jury
reform, revision of parole system, 72-hour week for firemen
lawyers'
monopoly bill, water and flood-control measures, State police radio system
and
a
resolution for
a
unicameral Legislature.
Legislation asked
by Prosecutor Breslin of Bergen County to compel
out-of-state witnesses in the Norman Redwood murder
died in the Senate Judiciary Committee.
It passed the House early in the
session, but Governor Hoffman was reported opposed to it because it
attendance
of
might have affected the Parker
Governor
case.
Signs $38,910,284 Road Bill—A
newspaper
dis¬
patch from Trenton on June 3 liad the following to say in
regard to the Governor's approval of the Highways Appro¬
priations Bill:
Governor
Harold G. Hoffman approved today the
Highway Appropria¬
tions Bill, which authorized an expenditure of
$38,910,284 to cover con¬
struction, maintenance and administrative expenses.
In signing the bill, the Governor indicated that his action
is not to be
interpreted as an approval of all the construction projects proposed. He has
under consideration the elimination of certaio items
sponsored by members
of the
Legislature, who supported highway
diversions
relief over his veto.
New
for unemployment
York
City—Proportional Representation Wins on
Appeal—The Court of Appeals, in a 6 to 1 decision, on
upheld the constitutionality of proportional repre¬
sentation as a method of electing the new
City Council to be
chosen in place of the present Board of Aldermen in New
York City, at the general election in
November, according to
Albany press advices.
The decision was on appeals from
decisions by Justice Lloyd Church of the
Supreme Court in
New York upholding proportional
representation, and by
Justice Philip A. Brennan, of the
Supreme Court in Brooklyn,
holding it to be unconstitutional.
June 2
v
New York State—Governor
Signs Bill Ending Tax Exemp¬
tion for State Officials—Governor Lehman on June 1
signed
the Dunnigan bill, requiring all State constitutional officers
to pay State income taxes.
The measure removes the ex¬
emption which previously applied to such offices as the Gov¬
ernor, the Lieutenant-Governor, Attorney-General,
Comp¬
troller, Judges of the Court of Appeals and Supreme Court
Justices, Senators and Assemblymen.
The proposal had
been recommended by the Governor in a
special message.
It is said that the enactment of this
movement to
measure is a
step in a
bring all governmental officials and employees,
State and Federal, under the
personal income tax laws.
An¬
other bill has been signed
by the Governor which eliminates
from the tax law
sonal income
tax
a
provision which exempted from the per¬
salaries, wages and compensation re¬
all
ceived from the United States Government.
Municipal Bond Bills Signed—A bill extending to Jan. 1,
1938 the power of municipalities to issue bonds for home
re¬
lief, and requiring that thereafter they must gradually adopt
a
pay-as-you-go relief policy, so that by the end of the fifth
year all relief financing will be done from current revenues.
Governor
Lehman has also approved the Moffat bill as
Chapter 694,
amending Section 21-b, General Municipal Law, relative to
debt-equalization bonds by municipalities, to define
"municipality"
as
county, city, town, village and (instead of or) school district, and to
permit the Comptroller to issue certificate of approval only if, in his
opinion,
public interest will be served by adoption of such plan and the
plan sub¬
Laws of 1937,
the
mitted conforms with requirements of this
section.
Also approved was che Twomey
bill, as Chapter 724, Laws of 1937,
validating bonds and other instruments or obligations heretofore issued and
construction contracts executed by public bodies for
to which loan or grant has heretofore been
made
public works projects
by the United States
through the Federal Emergency Works Administration.
$40,000,000 Bond Issue Proposal Approved—The Governor
on
May 30, without comment, his approval of
announced
State Legislature ended its regular session at 9
p. m. on
28.
Nearly 700 bills are said to have died with the
to
Inlet, $261,250 for armory repairs, $110,000 for an armory in Cumberland
County, and $150,000 to advertise the state's resources.
A fireworks control law
passed.
The Legislature passed a constitutional
amendment resolution to legalize pari-inutuel
gambling on horse races, but
this must pass again next year before it can be submitted to
voters.
In passing the racing
amendment, the Legislature killed a resolution ap¬
proved last year authorizing biennial sessions. This was throttled because
constitutional amendments can be submitted
only once in five years and
it would have delayed further action on the
racing amendment.
Legislation passed authorizing private capital to construct a tunnel
under the Delaware River from Gloucester
County.
The milk-control
law with price-fixing
powers was extended until July 1, 1939.
Amend¬
ments to the banking,
building and loan and beverage-control laws were
accusation
by "carpetbag" legislatures shortly
or
$77,949,720.
To this was added
appropriations totaling $2,639,532.
The
largest special appropriations were $1,717,616 to 14 counties which failed
to collect all their school
taxes, $275,000 for improvement of Barnegat
(Under the provisions of Senate Bill No. 469, effective this
date)
American Telephone & Telegraph
road bonds would be issued.
Three regular appropriation bills totaled
relief appropriations and special
It is understood that this session will set
record for the low number of laws passed.
Leaders are
said to have estimated the total will be between 175 and
200,
the lowest number since 1888.
A dispatch from Trenton to the Newark
"Evening News"
of May 29 reported on the highlights of the session as follows:
the Twomey bill proposing a
$40,000,000 bond issue for
improvements to State hospitals, charitable and correctional
institutions, to be submitted to a vote of the people at the
November election.
Originally the Governor recommended a $60,000,000 bond issue, out
of which $20,000,000 would be for
highways, parks and parkways and the
construction of a World War memorial
building on Capitol Hill, and the
remainder for State institutions.
This recommendation was
the Republican leaders on the ground that it
view was taken by John J. Bennett
Jr.,
bond issue to be constitutional
opposed by
was
unconstitutional.
A like
Attorney-Generai, who held that
can
only be submitted to the people for
a
one
purpose.
If the proposed $40,000,000 bond issue is
approved at the polls this fall,
money will be available for the construction of institutions over the
period from Jan. 1 next year to June 30, 1940.
Meantime, for the first
time in several years no bond issue for
unemployment relief will be sub¬
mitted to a vote this fall.
This is in line with the State's new policy
by
which relief has been transferred from a
temporary to a permanent basis
to be financed by direct appropriations.
the
Volume
Flood-Control Bills
Signed—It was announced by the Chief
May 31 that he had approved of $310,000 in
appropriations for flood-control.
One appropriation is for
Executive
on
in
State's participation
$300,000 to meet the cost of the
Federal flood-control projects, and a second is for $10,000
for the expenses of the temporary State commission which
was
created last year to
assist in
Federal long-range pro¬
a
SAN
COUNTY
DIEGO
O. San Diego), Calif.—BOND SALE—
(P.
$500,000 issue of County Special District Refunding of 1936 bonds
on June 1—V. 144, p. 3716—was awarded jointly to Halsey,
Stuart & Co., and the Bancamerica-Blair Corp., as 2%s, paying a price
of 100.665, a basis of about 2.67%.
Dated Oct. 1, 1936.
Due $200,000
in seven years, $260,000 in eight years, and $40,000 in nine years.
The
offered for sale
BONDS OFFERED FOR INVESTMENT—'The successful bidders
DISTRICT
SUTTER WATER
DEFEATED—The landowners
Bill
Laws—A measure
consolidating two of the sections of the laws governing banks
and trust companies, which had been recommended by the
State Superintendent of Banks, was signed by Governor
Lehman on May 27.
The bill consolidates Articles 3 and 5
of the banking law, relating to banks and trust companies,
Consolidating
Approved
Banking
of
which have become similar in form and content because
amendments
period of
a
over
which have conferred all
trust companies and which
years
commercial banking powers upon
authorized banks to exercise
have
trust
powers.
(This Act is discussed at greater length in our Department
of Current Events and Discussions, on a preceding page of
this issue.)
■
x
.•
offered
the above bonds for public subscription at prices to yield from 2.40 to 2.60%,
according to maturity.
They are believed by the bankers to be legal in¬
vestment for savings banks and trust funds in New York State.
of flood control and regulation of flood waters.
gram
3871
Financial Chronicle
144
bond
issue for
installation
COUNTY
TRINITY
of
(P.
(P.
Yuba City), Calif .—BONDS
O.
18 defeated a proposed $95,000
May
on
surface irrigation system.
a
O.
Weaverville), Calif.—COUNTY HIGH
BONDS SOLD—The $60,000 5% Trinity County High School
on June 1—V.
144, p. 3541—were awarded to the
Bancamerica Co. of San Francisco at par plus a premium of $429, equal
SCHOOL
District
to
bonds offered
Donnellan & Co.
100.715.
bid, offering
Francisco submitted the next high
of San
premium of $138.
a
WATSONVILLE, Calif.—BOND OFFERING—Sealed bids will be re¬
Swisher, City Clerk, for the
ceived until 7:30 p. m. on June 8. by M. M.
purchase of a $64,000 issue of municipal improvement bonds.
Bidders
must specify the rate of interest which the bonds shall bear and will be
permitted to bid different rates for different maturities.
Rate is not to
exceed 5%, payable J. & J., and must be expressed in a multiple of )4 of
1%.
Denom. $1,000.
Dated July 1, 1937.
Due on July 1 as follows:
$4,000 in 1938, and $5,000, 1939 to 1950.
These bonds were approved by
the voters at the election on May 10, as noted in these columns—V. 144,
p. 3541.
The approving opinion of Orrick, Palmer & Dahlquist of San
Francisco will be furnished.
A $5,000 certified check, payable to the
City Treasurer, must accompany the bid.
Bond
Proposals and Negotiations
Rocky Mountain Municipals
ALABAMA
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
BIRMINGHAM, Ala.—PWA LOAN APPROVED—Final approval has
given a $150,000 Public Works Administration loan with which to
complete the $7,000,000 city industrial water system, it was stated recently
by Governor Graves of Alabama.
MEXICO—WYOMING
been
DONALD F. BROWN & COMPANY
GADSDEN, Ala.—BOND SALE—The $32,000 issue of refunding public
improvement bonds offered for sale at public auction on June 1—V. 144
p. 3715—was awarded to Watkins, Morrow & Co. of Birmingham, as 4s,
at a price of 96.06, a basis of about 4.44%.
Dated July 1, 1937.
Due
from July 1, 1939 to 1955.
TUSCUMBIA,
nection with
Ala.—BOND
the report given in
Chairman of the
refunding plan—
3541—it is stated by Mayor Robert Beasley that this infor¬
He goes on to report that the city now has for sale a block
of a total of $14,000 4% electric distribution bonds. Mr.
Beasley also states that the city expects to have an issue of approximately
$225,000 5% revenue bonds for the purchase of the city's water system
up for sale about Sept. 1, 1937.
144,
—
Teletype-
Dnvr 580
DISTRICT NO. 2 (P. O. Loveland).
proposed $160,000 school building bond
election to be held on June 14.
LARIMER COUNTY SCHOOL
ELECTION—A
Colo.—BOND
issue will be submitted to the voters at an
p.
LARIMER COUNTY SCHOOL DISTRICT
mation is correct.
of $6,000
out
Colo.—BONDS
of
on
(P. O. Globe), Ariz.—BOND CALL—It is stated by
Elton S. Bryant, County Treasurer, that refunding bonds numbered from
1 to 8, in the amount of $8,000, are being called for redemption at his office
These bonds are said to be part of an original issue of $88,000,
If the bonds called are not
presented for payment within three months from date of notice the County
Treasurer shall apply the money now applicable to the payment of these
bonds to the redemption of the bonds next in the order of the number of
their issue.
Interest will cease on date called.
July 1.
maturing $44,000 on July 1 in 1944 ana 1945.
DETAILS—The
SALE
$75,000
school
& Co. and Charles W. Scranton &
price of 101.52, as previously
3716-^—mature $5,000 annually on June 1 from 1938
bonds awarded to Edward M. .Bradley
Co., both of New Haven, jointly, as 2Hs, at a
reported—V. 144, p.
to
1952, incl.
COUNTY (P. O. Hartford), Conn .—BILL PROVIDES
BRIDGE BOND ISSUE—The State Committee on Roads,
favorably on a bill directing the State
Highway Commission to begin construction "immediately" on the proposed
new
bridge across the Connecticut River between Hartford
and East
Hartford.
Under the measure, the county would issue $5,500,000 bonds
for the project, to be payable out of the State's general fund.
HARTFORD
FOR $5,500,000
Bridges and Rivers recently voted
Clyde C. Pierce Corporation
WALTON, SULLIVAN & CO.
Barnett National Bank Building
JACKSONVILLE
ROCK,
BONDS
FLORIDA
Retail Distributors
LITTLE
June 1,
BONDS
ARKANSAS
Largest
NO. 5 (P. O. Fort Collins)
bonds numbered 8 to 21,
CONNECTICUT
Conn.—BOND
HAMDEN,
GILA COUNTY
is reported that
CALLED—It
4% school issue dated Oct. 1, 1923, were called for payment on
which date interest ceased.
Optional on Oct. 1, 1935.
a
ARIZONA
on
Keystone 2395
COLORADO
REFUNDING CONFIRMED—In con¬
these columns recently, that the city had
delivered $1,346,278 of refunding bonds to H. E. Pettit,
Bondholders' Protective Committee, to complete the bond
V".
DENVER
Telephone:
ARK.
National
Bank
FLORIDA
...
Branch Office:
1 irst
Building
T
TAMPA
S
Pierce. Resident Manager
ARKANSAS
ARKANSAS LEVEE DISTRICT (P. O. McGehee),
Ark.—RECEIVERSHIP PETITION TO BE HEARD—A hearing will be
SOUTHEAST
held
on
June
23
by Federal
Judge Heartsill Ragon at Little Rock on a
Florida
petition to terminate receivership of the above district as one of the steps
required to make effective a plan for the refinancing of outstanding de¬
faulted bonds by the issuance of new 4% bonds.
Municipals
LEEDY. WHEELER & CO.
CALIFORNIA
BONDS
MUNICIPAL
Orando, Fia.
Jacksonville
Fla.
Revel Miller & Co.
MEMBERS
650 So.
Lo> Angeles
Spring Street
Stock Exchange
Telephone: VAndike 2201
SAN FRANCISCO
Los Angeles
•
Teletype: LA 477
FLORIDA
SANTA ANA
.
COUNTY
(P. O. Starke) Fla.—BOND CALL—It is
Commissioners that refunding bonds of
numbered 10, 11, 13, 14, 16 to 19, 21, 24 to 26, 32, 34, 35 and
45, are being called for payment at par and accrued interest, at the Central
Hanover Bank & Trust Co., New York City, on July 1.
BRADFORD
stated
CALIFORNIA
ALAMEDA COUNTY (P. O. Oakland), Calif.—LIVERMORESCHOOL
DISTRICT BOND SALE—An issue of $16,000 2^% bonds of Livermore
School District has been sold to Kaiser & Co. of San Francisco at par plus a
premium of $113, equal to 100.706.
KERN
COUNTY
(P.
O.
Bakersfield),
E.
Calif.—RONDHAM
Smith,
County
AND
Clerk,
will
receive bids until 11 a. in. June 21 for the purchase of the following bonds:
$25,000 5% Rondham Union School District bonds. Denom. $1,000.
40,000 Arvin School District bonds. Denom. $1,000.
Certified check for 10%, required.
KERN COUNTY (P. O. Bakersfield), Calif.—BEARDSLEY SCHOOL
OFFERING—F. E. Smith, County Clerk, will receive bids until
BOND
a. m., June 14 for the purchase of $140,000 5% coupon school building
School District.
Denom. $1,000. Dated May 17,1937.
Principal and semi-annual interest (May 17 and Nov. 17) payable at the
County Treasurer's office.
Due $28,000 yearly on May 17 from 1938 to
1942, incl.
Cert, check for 10% of amount of bid, payable to the County
Clerk, required.
(This supplements the report which appeared in V. 144, p. 3716.)
11
bonds of Beardsley
,
LOS
Quail
ANGELES COUNTY (P. O. Los Angeles), Calif.—QUAIL
BONDS SOLD—The $20,000 school building bonds of.
SCHOOL
LAKE
Lake
School
offered on June 1—V. 144, p. 3716—were
Royce & Co. of Los Angeles, as 4Ms, at par plus a
District,
awarded to Redfield,
premium of $31, equal to 100.155, a basis of about 4.72%.
Dated June 1,
1937.
Due $2,000 yearly on June 1 from 1938 to 1947, incl.
BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
NEEDLES HIGH SCHOOL BONDS OFFERED—Harry L. Allison, County
Clerk, will receive bids until 11 a. m. July 7 for the purchase of $60,000
bonds of Needles High School District.
SAN
Fla.—BOND SALE AUTHORIZED—It is stated
City Council has authorized the sale of the $300,000 refunding
were discussed in these columns recently—V. 144, p. 3373.
We
understand that these bonds, which are to be offered for sale in July, will
take care of maturities on August 1 and Sept. 1.
They will be issued for
maturity in 21 years.
JACKSONVILLE,
that the
bonds that
Due on May 1 from 1938 to 1943.
ARVIN SCHOOL BONDS OFFERED—F.
by the Board of County
Jsn. 1, 1934,
NEW PORT
RICHEY, Fla.—BOND REFUNDING PLAN DECLARED
Association
OPERATIVE—The city and the trustees of the Bondholders'
formally declared the city's refunding plan operative and will begin to
exchange refunding bonds within a few weeks.
At the time bonds are
exchanged the city will pay, in cash, all interest maturing from Jan. 1,
1935 to July 1, 1937, at the refunding rate. It is hoped that by this action
the city may be restored to a current position by July 1, 1937.
have
TAMPA,
announces
Fla.—BOND CALL—George V.
Booker,
City Comptroller,
the call of all the outstanding refunding bonds, numbered from
1 to 632, 831 to
1575, 1583 to 1826, 1832 to 4017, D1 to D277, and CI to
C398, in the total amount of $3,637,300.
Dated July 1, 1932.
Due on
July 1, 1947.
These bonds constitute all of an original issue of $3,985,300.
except $348,000 which have been retired.
Said bonds and the interest
accrued thereon to July 1,1937, will be paid on or after that date in negoti¬
able form, accompanied by all July 1, 1937 and subsequent coupons, at the
Chemical Bank & Trust Co. in New York City.
Interest will cease on
date
called.
WALTON
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO.
13
(P. O. De Funiak Springs), Fla.—BOND OFFERING—Sealed bids will
be received until July 2, by A. N. Anderson, Superintendent of the Board
of Public Instruction, for the purchase of a $15,000 issue of 5% semi-annual
building bonds.
These bonds were approved by the voters at the election
held
on
April 20. by
a count
of 47 to 2.
3872
Financial
Chronicle
extensions and improvements to the waterworks system owned and operated
GEORGIA
by the City of Bedford, and constitute
a second charge against 18% of
waterworks system, subject only to the prior
of the waterworks revenue bonds issued under date of April 1,
1934, in accordance with the terms thereof, of which there are now out¬
standing bonds in the amount of $51,000 maturing at the rate of $4,000 in
the years 1938 to 1946, incl., and $5,000 in the years 1947 to 1949, incl.
Said bonds are to be issued pursuant to the provisions of Chapter 155 of
the Acts of 1929, as amended by Chapter 254 of the Acts of 1933, and in
accordance with the provisions of Ordinance No. 13 adopted by the Common
Council on April 13, 1937, which ordinance may be examined at the office
of the undersigned Clerk-Treasurer.
Information concerning the water¬
works system and the revenues thereof may be obtained upon
application
to Paul D. Jackson, Superintendent Bedford Waterworks, Bedford, Ind.
the gross revenues of said
DUBLIN, Ga.—BOND ELECTION—It
be held
viding for
as
is reported that an election will
June 8 to submit to the voters a constitutional amendment
pro¬
on
payment
$40,000 issue of refunding bonds, to retire bonded indebtedness
a
June 5, 1937
of Jan. 1, 1938.
P*GEORGIA,
State of—SUPREME COURT REFUSES TO ENJOIN
VOTE ON PROGRAM AMENDMENT—The last
remaining barrier to the
8 election was removed on May 25 when the State
Supreme Court
June
unanimously refused to issue an order which would have had the effect of
enjoining the balloting.
The high court is said to have refused a request
ford a writ of supersedeas, staying the judgment of the Franklin Superior
Court, which had refused to enjoin the election.
The court is understood
to have made it clear that it was not
passing on the merits of the election
but merely on the supersedeas which would have established a
stay of execu¬
tion of the
Superior Court order pending arguments and
a
decision
on
HUNTINGTON, Ind.—BOND OFFERING—-Wallace Reed, City ClerkTreasurer, will receive sealed bids until noon on June 7 for the purchase of
$12,500 4% fire truck purchase bonds.
Dated March 1, 1937.
Denoms.
$1,000 and $500. Due June 1 as follows: $2,000 from 1938 to 1943 incl.,
and $500 in 1944.
Interest payable semi-annually.
A certified check for
$350 must accompany eacn proposal.
the
of the original case.
merits
IDAHO
TWIN
NO.
FALLS
COUNTY
INDEPENDENT
SCHOOL
(This issue was originally awarded March 1 to McNurlen & Huncilman
of Indianapolis, at a price of 103.10.
The sale was not consummated, as
municipal attorneys questioned the legality of part of the proceedings
authorizing the loan. The bankers bid for the issue subject to approval of
transcript.)
DISTRICT
1
(P. O. Twin Falls), Idaho—BONDS VOTED—The voters of the
district at a recent election voted favorably on the
question of issuing $350,000 school building bonds.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND SALE—The issue of
$100,000 coupon school building bonds offered on June 2—V. 144, p. 3543—
was awarded to Halsey, Stuart & Co., Inc. of
Chicago, as 2Ms, at a price
of 100.068, a basis of about 2.24%.
Dated June 7, 1937 and due $5,000
annually on July 1 from 1938 to 1957 incl.
Municipal Bonds of
ILLINOIS
INDIANA
MICHIGAN
IOWA
WISCONSIN
Bought—Sold—Quoted
KOKOMO, Ind.—BOND OFFERING DETAILS—In connection with
the offering on June 23 of $87,500 not to exceed 4M % interest street repair,
0lc<6in6cm VP
swimming pool and gold golf course bonds, previously reported in these
columns—V. 144, p. 3717—we learn that the bidder is required to name a
single rate of interest expressed in a multiple of M of 1 %.
The bonds are
direct obligations of the city, payable out of unlimited ad valorem taxes
to be levied and collected on all of its taxable
property.
No conditional
P/nc.
MUNICIPAL BOND DEALERS136 So. La Salle £>«..,
i
taivuw
*
eietypo CGO« 437
bids will be considered.
LEXINGTON SCHOOL TOWNSHIP, Scott County, Ind.—BOND
OFFERING—Horace M. Sharp, trustee, will receive sealed bids until 1 p.m.
ILLINOIS
June 25 for the purchase of $57,181.42 not to exceed 5% interest
funding
bonds.
Dated July 1, 1937.
One bond for $181.42, others $500 each.
Due as follows: $1,181.42 on Jan. 1 and
$1,000, July 1, 1939; $1,500, Jan. 1
on
CHICAGO,
MAKE
of the
111.—SCHOOL BOARD ANNOUNCES INTENTION TO
PAYMENT ON 1929 WARRANTS—J. B.
ivIcCahey, President
Board of Education, is making public notice to holders of 1929
educational,
building and playground tax anticipation warrants of the
board that money is available for the partial payment of interest
accrued on all outstanding and unpaid Educational
.Building and Play¬
school
ground Tax Anticipation Warrants issued against the Educational, Building
and Playground Tax Levies for the Year 1929 as follows:
^On Educational Tax Anticipation Warrants interest to Feb. 1, 1933.
On Building Tax Anticipation Warrants interest to June 1, 1932.
On Playground Tax Anticipation Warrants interest to June
1, 1935.
Interest will be paid upon presentation of the warrants.
Owners and
holders of the above described tax anticipation warrants, or their auth¬
_
orized agents, are required to send a list containing the numbers and
anticipation warrants and the addresses of the owners
and holders, attested before a notary public, to the Board of Education
of the City of Chicago, Boom 352 at 228 N. La Salle St., on or before
June 10, 1937, in order that interest may be computed and cash warrants
amounts of such tax
drawn
on
the
^Notice will then be given to the owners and holders of said
warrants
collection,
ments
to
present them in person,
tax anticipa¬
through a Chicago bank for
that endorsement of such pay¬
or
their duly authorized agent, so
be made on said warrants and cash warrants in payment be
holders or authorized agents thereof.
as
may
delivered to the owners,
COOK COUNTY (P. O. Chicago), 111.—SEEKS TENDERS OF RE¬
FUNDING BONDS—It is announced that Horace G. Lindheimer,
County
Treasurer, will receive until 11 a. m. on June 7 sealed tenders of offers to sell
to the county refunding bonds of 193b, series A and ±5.
Purchases will be
at the lowest prices, sufficient to the exhaust the not more than
$500,000 available for purchase of the obligations. Offers must be made in
accordance with the foiiowing terms and conditions:
(a) Tenders must state the amount and maturity or maturities of and
made,
the rate
MARION COUNTY (P. O. Indianapolis), Ind.—WARRANT OFFER¬
ING—Charles A. Grossart, County Auditor, will receive sealed bids until
10
a.
m.
on
June 10 for the purchase of $350,000 not to exceed 5% interest
tax anticipation warrants, payable out of taxes heretofore levied for the
general fund and in course of collection.
Interest payable at maturity.
Tne warrants, issued against general und taxes, will be dated
July 1, 1937
and in denoms. of $5,000.
Principal and interest payable at the County
Treasurer's office.
A certified check for 3% of the warrants bid
for,
able to the order of the Board of County
Commissioners, must
pay¬
accompany
each
proposal.
Legal opinion as to validity of warrants to be furnished
by the successful bidder.
City Treasurer of the City of Chicago issued in payment
thereof.
tion
and $1,000, July 1 from 1940 to 1961 incl.
Bidder to name one rate of
interest, expressed in multiples of M of 1%.
Interest payable J. & J.
Township will furnish the successful bidder with the approving legal opinion
of Matson, Boss, McCord & Clifford of Indianapolis.
of interest payable on the bonds offered and the
average
yield to maturity on said bonds at the price at which they are offered and
also the price in dollars (exclusive of accrued interest) at which
or rates
they
are
offered.
MUNCIE, Ind.—-BOND OFFERING—Hubert L. Parkinson, City Con"
troller, will receive sealed bids until 10 a. m. on June 11 for the purchase
of $25,000 not to exceed 4M% interest bonds, divided as follows:
$15,000 series C refunding bonds of 1937.
Dated July 1, 1937 and due
July 1, 1941.
5,000 series D refunding bonds of 1937.
Dated Aug. 26, 1937 and due
July 1, 1942.
1,000 series E refunding bonds of 1937.
Dated Sept. 1, 1937 and due
July 1, 1942.
4,000 series F refunding bonds of 1937.
Dated Dec. 15, 1937 and due
July 1, 1942.
Pllnterest payable semi-annually.
Denoms. as requested by the purchaser.
Rate of interest to be expressed in multiples of M of 1%.
Not more than
one rate
shall be named for the bonds of each issue.
A certified check for
$500, payable to the order of the city, must accompany each proposal.
The approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis
will be furnished the successful bidder.
In the opinion of counsel, the bonds
are direct
obligations of the city, payable out of unlimited, general ad
valorem taxes.
Tenders stating the highest average yield to maturity will be con¬
sidered the tenders offering bonds at the lowest prices.
(c) Tenders stating a price in dollars which exceeds the par value of the
(b)
bonus offered will not be considered.
(d) Tenders accepted shall obligate the county to accept delivery of the
bonus and to pay therefor such amount, plus accrued interest to the date
of
delivery, as will yield to the county in income at the average yield stated
tender, but in any event not more than the price in dollars stated in
in such
WASHINGTON, Ind.—BOND OFFERING—Maud G. Spaulding, City
Clerk-Treasurer, will receive sealed bids until 2 p. m. on June 14 for the
purchase of $5,000 3M% judgment funding bonds.
Dated May 1, 1937.
Denom. $500.
Due $500 annually on Jan. 1 from 1939 to 1948 incl.
In¬
terest payable J. & J.
Successful bidder will be furnished with the approv¬
ing legal opinion of Matson, Ross, McCord & Clifford of Indianapolis.
such tender.
Bight is reserved to reject all tenders and any tenders not complying
(e)
IOWA
with the terms of the notice will be rejected.
Tenders
be
submitted in the alternative or may be
upon the acceptance of all or none of the bonds offered.
may
conditioned
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
Chicago),
111.—SEEKS TENDERS OF REFUNDING BONDS—It is announced that
William G. Gormley, District Treasurer, will receive until 11 a. m. on
June 7 sealed tenders of offers to sell to the district, at the lowest prices,
of outstanding series A and B refunding bonds of 1936, sufficient to exhaust
the sum of not more than $250,000 available for the purpose.
Offers
must
comply with the following terms and conditions:
(a) Tenders must state the amount and maturity or maturities of and the
rate or rates of interest payable on the bonds offered and the
average yield
to maturity on said bonds at the price at which they are offered and a&'&
the price in dollars (exclusive of accrued interest) at which they are offered,
(b) Tenders stating the highest average yield to maturity will be considered
the tenders offering bonds at the lowest prices.
(c) Tenders stating a price in dollars wnich exceeds the par value of the
bonds offered will not be considered.
(d) Tenders accepted shall obligate the District to accept delivery of the
bonds and to pay tnerefor such amount, plus accrued interest to the date
delivery, as will yield to the District income at the average yield stated
in such tender, but in any event not more than the price in dollars stated
of
in such tender.
Bight is reserved to reject ail tenders and any tender not complying
(e)
with the terms of the notice will be rejected.
Tenders may be submitted in the alternative
upon
the acceptance of all
or none
AURELIA,
Iowa—BOND SALE—The
May 28—V. 144, p. 3717—were awarded
may
be
conditioned
This cancels the
of $500 and $100.
DES MOINES, Iowa—BONDS NOT SOLD—It is stated
by John T.
Stark, City Treasurer, that the bids received for the $157,323.33 funding
on May 28—V. 144, p. 3543—were
rejected pending
a proposed
offer of par for 3s.
The highest bid offered was a tender of
101.906 on 3Ms, submitted by the Carleton D. Beh Co. of Des Moines.
bonds scheduled for sale
IOWA CITY. Iowa—BOND CALL—E. B. Raymond, City
Treasurer,
is said to be calling for payment at his office on July 1,
sewerage revenue
bonds, maturing on Jan. 1, as follows: Nos. 279 and 280 in 1954: 281 to
300 in 1955: 301 to 320 in 1956; 321 to 340 in 1957; 341 to 360 in 1958. and
361 to 367 in 1959.
Dated Jan. 1, 1935.
These bonds will be redeemed
at par
MANITO, 111.—BOND SALE—The issue of $26,000 4% water
May 28—V. 144,
p.
revenue
3542—was sold to the Stiers Bros.
Construction Co. of St. Louis.
INDIANA
BEDFORD,
Ind.—BOND
OFFERING—Charles
cease
on
date called.
LETTS CONSOLIDATED SCHOOL DISTRICT (P. O.
Letts), Iowa
—BOND SALE—The $17,000 issue of refunding bonds offered for sale on
Des
1—V.
144,
Moines,
as
p. 3717—was awarded to the Carleton D. Beh Co. of
2Ms, at a price of 100.74, according to W. F. Collins,
MILLS
COUNTY
(P.
O.
Glen wood),
Iowa—BOND
OFFERING—
Maurice Mayberry, County Treasurer, will receive bids until 2 p. m. June 9
the purchase of $47,000 4M% Pony Creek Drainage District No. 2
bonds.
Denom. $1,000.
Dated June 1, 1937.
Interest payable semi¬
annually.
Due $4,000 yearly on June 1 from 1938 to 1948, and $3,000,
June 1, 1949.
Certified check for 5% of amount of bid, payable to the
County Treasurer, required.
Purchaser is to furnish the bonds and legal
opinion.
PRIMGHAR, Iowa—BONDS VOTED—At the election held on May 25—
144, p. 3374—the voters are said to have approved the issuance of the
$125,000 in municipal electric light and power plant bonds by a wide
margin.
V.
E.
Johnson,
City
Clerk-Treasurer, will receive sealed bids until 10 a. m. on June 9, for the
purchase of $44,000 not to exceed 4M% interest, registerable as to prin¬
cipal. water works revenue bonds of 1937.
Dated May 1, 1937.
Denom.
Due Nov. 1 as follows:
$1,000.
$2,000 from 1938 to 1943, incl.; $3,000
from 1944 to 1947, incl. and $4,000 from 1948 to 1952, incl.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1
%. The bonds
are not subject to call and will be payable as to both
principal and interest
(M. & N.) at the Citizens National Bank, Bedford.
A certified check for
$500, payable to the order of the city, must accompany each proposal.
The approving opinion of Matson, Boss, McCord & Clifford of Indiana¬
polis, together with a copy of the transcript of proceedings, will be furnished
to the purchaser without cost.' No conditional bids will be considered.
Said bonds are being issued for the purpose of paying the cost of certain
plus accrued interest, plus a premium of M of 1% for each year or
the redemption date and the maturity date of
fraction thereof, between
the bond.
Interest shall
for
$27,000 4s to the Public Works Administration.
on
on
price of par, while the $6,489.66 5% street improvement bonds were
on a 4.62% basis.
The bonds are coupon bonds in the denominations
a
JONESBORO, 111.—BOND SALE—Stifel, Nicolaus & Co. of St. Louis
bonds offered
offered
District Secretary.
of the bonds offered.
have purchased an issue of $36,000 4% water works bonds.
sale of
bonds
sold
June
or
$11,489.66
to the First Trust & Savings
The $5,000 3 M % town improvement fund bonds
brought
Bank of Aurelia.
SHENANDOAH
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Shenandoah), Iowa—BOND OFFERING—It is reported by J. P. McCloy,
District Secretary, that he will receive sealed and open bids until June 14,
«-t 1.30 p. m., for the purchase of $35,000
building bonds.
Bidders to name
the rate of interest.
Dated July 1, 1937.
Due on Jan. 1 as follows:
$2,000, 1939 to 1943; $3,000, 1944 to 1948 and $2,000, 1949 to 1953.
The
district will furnish the approving opinion of Chapman & Cutler of Chicago.
WEBSTER
CITY, Iowa—BOND OFFERING—The City Council will
receive bids until 5 p. m. June 7 for the purchase of an issue of
$7,500 2M%
fire equipment bonds.
Dated Nov. 1, 1936.
Due on Nov. 1 from 1937
to 1946.
I
Volume
Financial
144
3873
Chronicle
annually on June 1 from 1938 to
Dated
1947 incl.
Int. Rate
Rate Bid
Bank of Gloucester, as 1Mb. at
KANSAS
COFFEYVILLE
DISTRICT
SCHOOL
(P.
BONDS SOLD—It is stated by Thelma Mifflin,
O. Coffeyville), Kan.—
Clerk of the Board of Edu¬
cation, that the $55,000 improvement bonds approved by the voters at the
election on April 6—V. 144, p. 2867—were purchased by the State School
June 1, 1937 and due $8,000
Other bids were as follows:
100.133,
basis of about 1.725%.
a
Bidder—
100.099
100.07
Tyler & Co., Inc
Gloucester Safe Deposit
& Trust Co
100.05
Fund Commission.
DOUGLAS
-
COUNTY
(P.
O.
Lawrence), Kan.—BOND SALE—An
has been sold to Estes, Payne & Co.
R.
-
101.10
2%
2%
101.089
101.02
issue of $20,000 2M % poor relief bonds
of Topeka at a price of 100.11.
100.916
100.819
100.672
100.667
HOISINGTON, Kan.-BONDS AUTHORIZED—An ordinance has been
passed authorizing the city to issue $150,000 electric plant revenue bonds.
-
McPHERSON
BONDS
DISTRICT (P. O. McPherson), Kan.—
Board of Education has sold an issue of $192,000
SCHOOL
SOLD—The
improvement bonds to a group composed of the Ranson-Davidson Co. of
Wichita, the Columbian Securities Corp., and L. C. Atkins & Co., both of
Topeka, at par, as follows: $101,000 as 2Ms, maturing on Aug. 1: $5,000,
1938; $12,000, 1939 to 1941, and $10,000. 1942 to 1947; the remaining
$91,000 as 2Ms, due on Feb. 1: $8,000, 1939 to 1942; $10,000, 1943 to
1947, and $9,000 in 1948.
OLPE, Kan.—BOND OFFERING—W. A. Steffes, City Clerk, is
2M% refunding bonds.
Denom. $1,000.
Dated
1937.
Due $1,000 on April 1, in 1938 and 1939.
for sale $2,000
offering
April 1,
PARSONS, Kan.-BONDS AUTHORIZED—'The City Clerk has
ordinance authorizing the issuance of $50,000 refunding bonds.
passed
Goldman,
F. S.
serially
on
DETAILS—The
SALE
*
June 1 from 1938 to 1947.
LOUISIANA
La —BONDS SOLD—The $9,000 issue of 4% semi-ann.
improvement bonds offered for sale on June 1—V. 144, p.
3718—was awarded at par, as follows:
$5,500 to the Public Works Adminis¬
tration, and $3,500 to the Citizens National Bank of Morgan City.
Dated
March 1, 1937.
Due from March 1, 1938 to 1947, inclusive.
BERWICK,
works
water
(P. O. Lake Providence), La .—BOND
P»EAST CARROLL PARISH
OFFERING—F.
Babb, Secretary of the Police Jury, will receive bids
less than par of $55,000 4%
A.
June 23, for the purchase at not
courthouse and jail bonds.
Denom. $1,000.
until 10
a.
m.
-
Mass.—NOTE SALE—The $500,000 revenue
NEWTON,
anticipation
June 3 were awarded to the Boston Safe
Deposit & Trust Co. of Boston on a 0.43% discount basis plus $7 premium.
Payable Nov. 16,1937.
The National Shawmut Bank of Boston bid 0.45%
discount.
were as
follows
Discount
BidderFirst
0.47%
Bank of Boston
Merchants National
0.474%
Boston
Corp
Day Trust Co
Whiting, Weeks & Knowles
Chace, Whiteside & Co. (plus $1.25 premium)
Faxon & Co., Inc
Jackson & Curtis (plus $11 premium)
0.49%
0.49%
0.50%
0.61%
0.625%
SUNDERLAND, Mass.—NOTE SALE—The Second National Bank of
was awarded June 3 an issue of $20,000 notes at 0.649% discount.
1937 and due Dec. 13, 1937.
Other bids were as follows:
Boston
Dated June 8,
Discount
0.68%
0.74%
Bidder—
Jackson
Curtis
&
National
Merchants
Faxon,
First
Bank
Gade & Co
Corp,__,_
Boston
0.74%
0.78%
__
Prin¬
Dated June 1, 1937.
cipal and semi-annual interest payable at the office of the Treasurer of the
Parish.
Due June 1 as follows:
$1,000, 1940 to 1947: $2,000, 1948 to 1960;
and $3,000, 1961 to 1967.
Certified
able to the Treasurer of the Parish,
100.451
100.329
100.28
2%
temporary loan notes offered on
Other bids
$24,500 3%
water
works extension bonds which were awarded recently to Beecroft, Cole &
Co. of Topeka at a price of 100. 5 are coupon bonds in the denomination of
$500 each, dated June 1, 1937.
Interest payable June 1 and Dec. 1.
Due
Kan.—BOND
100.569
100.566
100.51
an
SENECA,
-
100.636
2%
2%
We Buy
for Our Own Account
check for 5% of amount of bid, pay¬
required.
MICHIGAN MUNICIPALS
appeared in these columns
(This supplements a report which has already
144, p. 3718.)
—V.
LOUISIANA, State of—CALLED BOND LIST COMPILED—'The bond
department of the Whitney National Bank of New Orleans has prepared a
pamphlet containing detailed lists of the bonds called for payment in May
and Juno, 1937, embracing both municipal and corporate issues.
It should
prove of value as a ready reference guide to dealers and investors.
La.—BOND ELECTION—We are informed
MONROE,
Clerk that
Cray, McFawn & Company
DETROIT
A.
Telephone CMerry 6828
Tel.
T. T.
DET 347
by the City
election will be held on July 8 in order to vote on the proposed
$1,500,000 in improvement bonds.
an
issuance of
NEW ORLEANS, La.—CERTIFICATE CALL— It is stated by Jess S.
Cave, Commissioner of Finance, that the city is calling for payment on
July 1, 1937, at par and accrued interest, various 4M% semi-annual re¬
funding paving certificates totaling $641,500, drawn by lot for redemption.
Dated Jan. 1, 1936.
Due on Jan. 1, 1951.
Holders of said certificates
should present same with all unmatured coupons attached for redemption
on date called at any of the places of payment designated on the face thereof.
Interest ceases on date called.
SHREVEPORT, La.—BOND OFFERING DATE CHANGED—It is
stated by J. T. Tanner, Secretary-Tree surer of the Department of
that the $300,000 4% semi-annual street improvement bonds
described in detail in these columns recently—V. 144, p. 3215—will be
offered for sale on June 22, not on June 29, as had been scheduled previously.
now
Finance,
PARISH
TANGIPAHOA
SCHOOL
DISTRICT
102
NO.
(P.
O.
Amite) La .—BOND SALE NOT CONSUMMATED—It is stated by C. C.
Pittman, Superintendent of Schools, that the sale of the $125,000 5% school
bonds to Sutherlin & Scranton, of New Orleans, as noted in these columns
recently—V. 144, p. 3543—was
Due from Aprh 1. 1939 to 1957.
consummated.
not
MICHIGAN
TOWNSHIP (P. O. Engadine), Mich.—BOND OFFER¬
ING—Robert C. Hollsted, Secretary of the Board of Education, will receive
sealed bids until 5 p.m. (Eastern Standard Time) on June 19 for the pur¬
chase of $18,000 not to exceed 5% interest coupon non-callable public
school bonds.
Dated June 1, 1937.
Denom. $750.
Due $750 annually
on June
1 from 1938 to 1961, incl.
Bidder to name one rate of interest,
in multiple of M of 1 %.
Principal and interest payable at the First Na¬
tional Bank, St. Ignace, or its successor, paying agent, which shall be a
responsible bank or trust company in Mackinac County.
Interest payable
oemi-annually.
Delivery of the bonds will be made in Detroit.
A certi¬
fied check for 2% of the bonds bid for, payable to the order of Gustav Fillman, Treasurer of the Board of Education, is required.
The School Board
will furnish at its own expense printed bonds and coupons and the approv¬
GARFIELD
ing legal opinion of Miller, Canfield, Paddock & Stone & Detroit.
The township has an assessed valuation of $441,849 and there is no bonded
debt nor floating debt owed by either the township or the Board of Educa¬
tion.
Dated April 1, 1937.
MIDLAND, Mich.—BOND SALE—The $42,012.11 special assessment
bonds offered on June 1—V. 144, p. 3544—were awarded to Martin,
Ms at par plus a premium of $6, equal to 100.014,
basis of about 2.24%.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows:
sewer
Smith & Co. of Detroit as 2
MARYLAND
a
BRUNSWICK, Md.—BOND SALE—An issue of $45,000 4H% sewer
bonds due May 1, 1957 has been sold to Alex. Brown & Sons of Baltimore.
Interest payable M. & N.
Frederick), Md.—LOWERS
$1.35 per $100 of assessed
valuation, a reduction of 35 cents from the 1936 rate.
The reduction was
due in part to the provision made in the 1936 levy for certain 1937 expenses
for the purpose of placing the county's current operations on a cash basis.
COUNTY
CALVERT
O.
(P.
Prince
TAX RATE—Tax rate for 1937 has been set at
FROSTBURG, Md.—BOND OFFERING—Sealed bids will be received
by Mayor Horace G. Evans until June 14, for the purchase
refunding bonds, to mature serially, with the first payment
of $100,000
to be made
Rate of interest to be named by the bidder.
Aug. 1, 1947.
WICOMICO COUNTY (P. O. Salisbury),
The Board of County
Md.—BOND OFFERING—
Commissioners will receive sealed bids until 3 p.m.
to exceed 4% interest coupon
June 8, for the purchase of $29,000 not
school construction bonds.
Dated June 1,
on
1937.
Denom. $1,000.
$8,000 from 1938 to 1941, and $10,012.11
Corp. of Chicago submitted the second
$305 for 2Ms.
NORTH MUSKEGON (P. O. Muskegon),
SCHOOL DISTRICT NO. 2 (P. O. Troy), Mich.
P. Morrow, Director, will receive sealed
and 1935 certificates of indebtedness dated
Aug. 15, 1935, until 7:30 p. m. on June 22.
Prices must be quoted flat and
bonds and certificates purchased should be delivered to the Detroit Trust
Co., Detroit, within 10 days from date of acceptance.
TROY TOWNSHIP
—TENDERS
WANTED—F.
tenders of 1935 refunding bonds
Due
The bonds are registerable as to principal only.
Principal
& D.) payable at the County Treasurer's office.
A certified
check for 5%, payable to the order of the County Treasurer, must accom¬
pany each proposal.
Approving opinions of Carroll E. Bounds of Salis¬
bury, and the firm of Niles, Barton, Morrow & Yost of Baltimore will be
furnished the successful bidder.
MINNESOTA
EVERETT,
Mass.—NOTE OFFERING—Emil W.
City Treasurer, will receive bids until 11 a. m.
poray
Lundgren,
Tem-
Daylight Saving
Time) June 8 for the purchase at discount of $400,000 revenue anticipation
temporary loan notes, dated June 8, 1937.
Payable $200,000 March 11, 1938 and $200,000 April 8, 1938 at the
National Shawmut Bank of Boston, in Boston.
Will be ready for delivery
against payment in Boston funds on or about June 8.
will be issued in the following denominations for
notes
each
maturity:
6 for $25,000; 4 for $10,000, and 2 for $5,000.
Notes will be authenticated as to genuineness and validity by the Na¬
tional Shawmut Bank of Boston, under advice of Ropes, Gray, Boyden &
Perkins, and all legal papers incident to
bank where they may be inspected.
this issue will be filed with said
Financial Statement as of May 1,
1937
$73,542,200.00
Assessed valuation 1936
Tax
Levy
1935
1934
Uncollected Taxes
Water
excl. of tax
Loans against
Cash
on
$84,266.35
$470,201.03
title loans (includes water) $1,798,400.00
86,000.00
debt
Sinking funds (sewer),
Tax titles held
tax
titles
hand
83,445.80
128,078.52
65.570.45
569,755.95
GLOUCESTER, Mass.—BOND SALE—The $80,000 coupon munici¬
pal relief bonds
offered on June 4 was awarded to the Cape Ann National
SCHOOL
CONSOLIDATED
DISTRICT
NO.
3
(P. O. Fairmont), Minn.—BOND ELECTION—-At an election schedule'7
3 a proposal to issue $27,500 3% school building bonds will bd
for June
voted upon.
.
:
Minn.—BOND
OFFERING—Anna Iv. Hammerstrom,
Village Clerk, will receive bids until 8 p. m. June 15 for the purchase of
$5,000 4% debt funding bonds.
Denom. $500.
Dated June 15, 1937.
Interest payable annually.
Due $500 yearly on June 15 from 1938 to 1947;
callable any time at option of village. Principal and interest payable at the
Village Treasurer's office. Certified check for $500, payable to the Village
Treasurer, required.
ST. PAUL, Minn.—BOND SALE—The $200,000 issue of coupon or
registered public welfare bonds offered for sale on June 1—V. 144, p. 3544—
was awarded to Morris Mather & Co. of Chicago, as 2s, at a price of 100.08,
a basis of about 1.99%.
Dated June 1, 1937, Due from June 1, 1938 to
1947 incl.
Other bidders were:
2.2%
Lowe
Michigan
$360.00
Corp.,
296.00
914.00
560.00
2.4%
2.4%
558.00
327.60
1,250.00
2.5%
111.80
F.
Mercantile Commerce
& Cook.
Bank & Trust Co. and Greenman
302.00
138.00
192.00
2.3%
2.4%
2.4%
Co.
of
'
2.2%
2M%
2.3%
2.5%
Blyth & Co., Inc., and Lazard Freres & Co., Inc
Phelps, Fenn & Co. and Wells, Dickey Co
Harris Trust & Savings Bank
F. S. Moseley & Co...
Stern Bros. & Co., C. S. Ashman Co. and Justus
First
Premium
Rate
Bidder—
Halsey, Stuart & Co
Brown Harriman & Co. and Kalman & Co
First Boston Corp. and Harold E. Wood & Co
Northern Trust Co
Hemphill, Noyes & Co
$2,705,900.08
(Rate $36.40)
$21,869.16
Total bonded debt
1936
$2,534,015.02
(Rate $33.40)
$2,674,122.92
(Rate $35.80)
CHAIN
EAST
HAWLEY,
MASSACHUSETTS
These
Mich.—BOND OFFERING—
Harry S. Stanton, City Clerk, will receive sealed bids until 12:30 p. m.
(Eastern Standard Time) on June 8 for the purchase of $89,000 4% sewer
special assessment bonds.
Dated June 1, 1937.
Denoms. $1,000 and
$800.
Due $17,800 annually on June 1 from 1938 to 1942 incl.
Interest
payable J. & D. A certified check for $500 must accompany each proposal.
June 1, 1960.
and interest (J.
at said bank
in 1942.
The Channer Securities
high bid, offering a premium of
OFFERED TO PUBLIC—The successful bidder reoffered the
above bonds for general investment priced to yield 0.75% on the 1938
maturity up to 1.95% on the 1945 maturity, priced at 100 for 1946 maturity
and 99M on the 1947 maturity.
BONDS
3874
Financial
SWIFT
Chronicle
COUNTY
INDEPENDENT SCHOOL DISTRICT NO. 4
(P.iO. Murdock), Minn.—BOND SALE—The $10,000 issue of
coupon
refunding bonds offered for sale on May 27—V. 144, p. 3544—was pur¬
chased by the First State Bank of Murdock as
4^s, at par.
Dated June 1,
1937.
Due serially commencing June 1,
1939; optional on any interest
payment date.
No other bid
was
received.
June 5,
1937
PHILLIPSBURG, Mont.—BOND OFFERING—Edwin T. Irvine, City
Clerk, will receive bids until 8
p. m.
June 21 for the purchase of $68,000
water works bonds.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the council.
If amortization bonds are sold the entire issue may be
put into one single
bond or divided into several bonds, as the council may determine
upon at
Offerings
the time of sale, both principal and interest to be payable in semi-annual
instalments during the period of 20 years from the date of issue.
(tatlf serial bonds are issued they will be in the amount of $3,400 each.
Wanted:
LOUISIANA & MISSISSPIPI
$3,400 will become due and payable on July 1, 1938 and a like amount on
the same day of each year thereafter.
KThe said bonds, whether amortization or serial bonds, will bear date of
July 1, 1937, will bear interest at a rate not exceeding 6% payable semi¬
annually on Jan. and July 1.
MUNICIPALS
Bond Department
Said
WHITNEY
NATIONAL BANK
NEW
Bell
Teletype N
ORLEANS, LA.
O. 182
JACKSON, Miss.—BOND SALE—The following bonds, aggregating
$121,613.31, which were offered on June 1—V. 144, p. 3720—were awarded
to
R. W. Pressprich & Co, of Chicago, as 3H %, at par plus
$857, equal to 100.704, a basis of about 3.12%:
June
1
follows:
as
premium of
a
District
Clerk
that
Denom. $1,000, one for $683.15.
$1,683.15 in 1938; $6,000, 1939 to
$1,000, one for $930.16.
on June 1 as follows:
$4,930.16 in 1938: $6,000, 1939 to
1944; $7,000, 1945, and $8,000 in 1946 and 1947.
Due
Principal and interest (J. & D.) payable at the
Chase National Bank in New York.
The First National Bank of Memphis bid a premium of
$1,600 for 3 Ms.
JENNINGS
SCHOOL
DISTRICT
(P.
O.
Clayton), Miss.—BONDS
SOLD—It is reported that $10,000 school bonds have been
purchased by
the Mississippi Valley Trust Co. of St. Louis.
MISSISSIPPI (State of)—BIDS REJECTED—NOTES REOFFERED—
State Highway Note Commission
rejected the bids received for the
The
$2,500,000 highway notes, first series, sub-series C, offered on June 2—
V. 144, p.3545.
v
The Leland Speed Co. of Jackson bid 2% interest on
$275,000 notes
maturing in 1938 and 1955; 3% interest on $375,000 notes maturing in
1939, 1941 and 1954, and 4% interest on $1,850,000 bonds maturing in
1940 and yearly from 1942 to 1953.
A. C. Allyn & Co. of Chicago and associates bid a
premium of $1,997 for
$200,000 3% notes maturing in 1938 and 1939; $200,000 notes maturing
injl940 and 1941; and $2,100,000 notes maturing from 1942 to 1955,
Sl lohn Nuveen & Co. of Chicago and associates bid a premium of $122 for
$300,000 2% notes maturing from 1938 to 1940; $225,000 3% notes ma¬
turing in 1941 and 1942; $675,000 3M % notes maturing from 1943 to 1947;
$1,125,000 4% notes maturing from 1948 to 1954, and $175,000
3M%
notes maturing in 1955.
The Note Commission has ordered that the notes be readvertised for
sale
June 14.
on
MISSISSIPPI,
State of—NOTE SALE DETAILS—We are now in¬
$100,000 Natchez Trace Parkway notes purchased on
May 13 by the Delta National Bank, of Yazoo City, at 1 %, plus a premium
of $10.50, as noted in these columns, will mature in
Feb., 1938.
The
only other bid submitted was an offer of par on a rate of 1.36%, submitted
by Lewis & Thomas, of Jackson.
The State had already borrowed $200,000 for the Natchez Trace
rightof-ways purchases, and most of the money has been spent, in Madison,
formed
that
accrued
the
52
(P.
informed
O.
by
$8,000 refunding bonds purchased on May
25 by the State Board of Land Commissioners, as 4s, as noted in these
columns—V. 144, p. 3720—were sold on the amortization plan of maturity,
at par.
The only other bid received was an offer of par on 5s, tendered by
the Securities Trust & Savings Bank of
Billings.
NEBRASKA
1945, and $7,000 in 1946 and 1947.
Denom.
1937.
value with
the
63,930.16 street inter-section bonds.
Dated June 1,
for not less than their par
certified
City Clerk.
the
on
sold
STILLWATER^COUNTY SCHOOL DISTRICT NO.
Absarokee), Mont.—BOND SALE DETAILS—We are now
MISSISSIPPI
Due
will be
missioners of the State of Montana must be accompanied by a
check in the sum of $7,000,000 payable to the order of the
Raymond 5409
$57,683.15street improvement bonds.
bonds
interest to date of delivery, and ad bidders must state the lowest rate of
interest at which they will purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land Com¬
LINCOLN, Neb.—BOND> OFFERING—Sealed
bids will be received until
June 26, by Theo. Berg, City Clerk, for the purchase of an issue
of $110,000 refunding special assessment bonds.
Interest rate is not to
10
a. m. on
exceed
3%, payable
J.
J.
&
Denominations to suit purchaser.
Dated
July 1, 1937.
Due $11,000 from July 1, 1938 to 1947 incl.
Principal and
interest payable at the County Treasurer's office.
A certified check for
2% of the bid, payable to Frank J. Miller, City Treasurer, is required.
(A tentative report on this offering was given in these columns recently
—V. 144, p. 3720.)
LOUP RIVERf PUBLIC "POWER
DISTRICT
(P. O. Columbus)
Neb.—REPORT ON PROPOSED BOND REFUNDING—Harold Kramer
Secretary-Manager, reports as follows on the proposed refunding of the
outstanding debt of the above district:
"All of our outstanding obligations in the amount of
$6,300,000 have been
purchased by the Government.
The issue consists of serial revenue 4%
deoentures dated May 1, 1934, payable
semi-annually on May 1 and
Nov. 1 of each year, maturing in amounts of
$150,000 to $300,000 from
1939 throughsl964.
"A new indenture is being executed this week
authorizing refunding of
the old debentures and purchase of additional bonds
aggregating $12,000,000.
The new serial revenue 4% debentureV will be dated Nov. 1,
1936, will bear interest from Nov. 1, 1936, and interest will become payable
on Nov.
1, 1937, and thereafter May 1 and Nov. 1. The new debentures
will^mature in amounts ranging from $57,000 to $620,000 from 1942 through
"In
an
amendatory agreement dated May 14, 1937, the Government has
agreed to exchange the original debentures for new debentures and purchase
additional bonds aggregating $6,700,000.
The new bonds
according to this agreement will mature in
to $346,000 from 1942 to 1974.
"In
a
supplementary agreement
agreed to purchase
amounts
purchased
ranging from $32,000
of May 15, 1937, the Government has
aggregating $1,273,000. The new bonds
as
new debentures
w^H^mature in amounts ranging from $6,000 to $66,000 from 1942 through
NEVADA
Jefferson and Adams counties.
The first
right-of-ways acquired by the State for the trace were recently
deeded to the Federal Government, and construction work on the
first
link of the trace in Madison County has been advertised for bids.
MISSOURI
Markets in ail
YERINGTON, Nev.—BONDS SOLD—It is stated by the City Clerk
that the $10,000 water system construction bonds
approved by the voters
in February, as noted in these columns at that time—V.
144, p. 1475—were
purchased by the State Industrial Commission,
Jan. 1, 1938 to 1947 incl.
NEW
BONDS
as
3 Ms.
Due $1,000 from
HAMPSHIRE
DOVER, N. H.—BOND OFFERING—Frank F. Davis, City Clerk, will
receive bids until 3 p.m. (Daylight Saving Time) June 10 for the
purchase
State, County & Town Issues
at not less than par of $60,000 coupon
are to specify rate of
interest, in a
hospital improvement bonds.
Bidders
multiple of M%.
Denom. $1,000.
May 15, 1937.
Principal and semi-annual interest (June 1 and
Dec. 1) payable at the National Shawmut Bank of Boston.
Due $10,000
yearly on June 1 from 1938 to 1943.
The bonds will be engraved under the
supervision of and authenticated as to their genuineness by the National
Shawmut Bank of Boston.
The bank will further certify that the
Dated
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS, MO.
legality
approved by Storey, Thorndike, Palmer & Dodge of
Boston, a copy of whose opinion will accompany the bonds when delivered.
All legal papers incident to the issue,
together with an affidavit certifying
to the proper execution of the
bonds, will be filed with the National Shawmut
Bank, where they may be inspected.
of the issue has been
MISSOURI
JACKSON
TOWNSHIP
(P.
O.
Ravenwood),
FEATED—At an election held on May 27 the voters
defeated the issuance of $125,000 in road bonds.
Mo.—BONDS
are
DE¬
reported to have
JEFFERSON TOWNSHIP (P. O.
Clyde), Mo.—BONDS DEFEATED
—At an election held on May 27 the voters are said to have
defeated a
proposal to issue $85,000 in road bonds.
WRIGHT
COUNTY
C. C. Carter,
June 4, for
(P. O. Hartville), Mo.—BOND OFFERING—
Clerk of the County Court, will receive bids until 1 p. m.,
the purchase of an issue of $75,000 4% coupon bonds.
serially in 20 years.
Certified*check for $1,500, required.
Due
OFFERINGS * WANTED, I
UTAH-IDAHO—NEVADA-MONTANA
WYOMING
MUNICIPALS
P
MANCHESTER, N. H.—BOND OFFERING—F.
D. McLaughlin, City
Treasurer, will receive bids until 2p.m. (Daylight Saving Time) June 10
for the purchase at not less than
par of $80,000 3% coupon municipal im¬
provement bonds.
Denom. $1,000.
Dated May 1, 1937.
Principal and
semi-annual interest (May 1 and Nov. 1) payable at the First National Bank
of Boston, in Boston.
The bonds will be valid general
obligations of the city, and all taxable
property in the city will be subject to the levy of unlimited ad valorem
taxes to pay both principal and interest.
They will be engraved under the supervision of and authenticated as to
their genuineness by The First National Bank of Boston.
This bank will
further certify that the legality of this issue has been
approved by Ropes,
Gray, Boyden & Perkins, of Boston, a copy of whose opinion will accompany
the bonds when delivered, without
charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details
required
in the proper issuance of the bonds will be
filed with The First National
Bank of Boston, where they may be inspected.
Bonds will be delivered to the
purchaser on or about June 14, at The First
National Bank of Boston, 17 Court Street office, Boston.
Financial Statement, May 29, 1937
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phene
Wasatch
3221
Bell
Teletype: SL K-372
Assessed valuation for yea4 1936
Debt limit (5%)
Total bonded debt, not
including present loan
Serial notes (not tax anticipation notes)
Water bonds (included in total
debt)
Net debt.
-
MONTANA
BELGRADE SCHOOL
DISTRICT, Mont.—BOND ELECTION POST¬
PONED—The election which was to have been held
May 28 for the purpose
of voting on the question of
issuing $33,000 school building bonds was
postponed indefinitely.
GLENDIVE, Mont.—BOND
OFFERING—It is stated by August Colin,
City Clerk, that he will receive sealed bids until June 21, for the purchase
of two issues of not to exceed 6% semi-annual bonds
aggregating $38,600,
divided as follows:
$36,000 Special Improvement Oil Paving District
No. 12, and $2,600 Special Improvement Oil
Paving District No. 11-A
bonds.
(These
as
are
the bonds that
offered for sale without success
noted in these columns at that time—V.
144, p. 3545.)
were
on
May 17,
a
resolution authorizing the issuance of $90,000 gas system
of Series I, and bonds
M % bonds, dated July 1,
1925, are being called for payment on July 1, and will be redeemed at the
Chase National Bank, N. Y. City.
Due on July 1, 1945, optional after
July 1, 1935.
Interest will cease on July 1.
pation notes of 1936 outstanding, none.
;
—
-
Tax anticipation notes of 1937,
outstanding $1,300,000.00.
mM
^NASHUA, N. H.—NOTE
1938, which
were
offered
on
SALE—The $100,000 notes, payaDie May 2,
June 2—V. 144, p. 3720—were awarded to the
First Boston Corp. on a
.87% discount basis, plus a premium of $2.55.
Brown, Harriman & Co. of Boston were second best, with
.87% plus $1.25.
Other bids
Bidder—
Faxon &
were as
follows:
Discount
Co
0.95%
0.95%
0.95%
0.983%
1.04%
E. H. Rollins & Sons, Inc
Second National Bank of Boston
Trust Co
Mansfield
&
Co
revenue
MONTANA, State of—BOND CALL—Ray N. Shannon, State Treas¬
reports that bonds numbered 4293 to 4642
numbered 4643 to 4884 of series J, educational 4
urer,
4,251,903.00
3,644,500.00
32,962.00
167,000.00
3,510,462.00
Population, 76,834.
1934 levy, $2,823,931.00; uncollected to date,
$6,910.41.
1935 levy, $3,061,541.00; uncollected to date, $12,399.90.
1936 levy, $3,580,174.00; uncollected to date, $225,224.85.
Tax antici¬
Nashua
HAVRE, Mont.—BONDS AUTHORIZED—The City Council recently
passed
bonds.
$85,038,060"00
NEW
JERSEY
ATLANTIC CITY, N. J.—NOTICE OF INTENTION TO PURCHASE
BONDS—Frank B. Off, Director of Revenue and Finance, is
advising
holders of outstanding refunding bonds and
refunding water bonds that he
will receive until 11 a. m. (Eastern Standard
Time) on July 1, at the prin¬
cipal office of the National Newark & Essex Banking Co., Newark, tenders
Volume
144
Financial
\
3875
Chronicle
JERSEY
NEW
TO SELL $3,585,000
(State of)—SINKING FUND
proposals will be received by the State Sinking Fund
Commission, Highway Extension Fund, at the office of the State Treas¬
urer, until 11 a. m. (Daylight Saving Time) on June 10, for the purchase of
an aggregate of $3,585,000 of New Jersey municipal bonds now neld by the
fund.
Purpose of the sale is to provide funds with which to pay $5,000,000
series B highway extension bonds called for payment on July 1, 1937.
The
BONDS—Sealed
H. L. Alleil* Company
New Jersey A^nfcipml
Bends
bonds to be sold
described
are
as
follows:
$270,000 Town of Belleville 4% general refunding Donds.
Dated June 1,
1935, and due $30,000 each June 1 from 1942 to 1950, inclusive.
180,000 Springfield Township, Union County, 434% funding bonds.
Dated June 1, 1935 and due $20,000 each Sept. 1 from 1941 to
Telephoriw-i^raor 2-7333
A. T. & T.
T®|$e N. Y. 1-528
1M Broadway
^
New Yerk
1949, inclusive.
259,000 Union
Union
Township,
County, 434% serial funding bonds.
March 1 as follows: $30,000 from
Dated March 1, 1935 and due
1945, incl.: $20,000, 1946; $30,000 in 1947 and 1948;
$29,000 in 1949 and $30,000 in 1950.
116,000 Borough of Ridgefield 4% local improvement refunding bonds.
Dated March 1, 1936 and due March 1 as follows: $4,000 in 1948
and $28,000 from 1949 to 1952, inclusive.
1942
MUNICIPAL
New
B. J. Van
57
WILLIAM
Y
N.
,
1,980,000 Delaware River Joint Commission, Philadelphia-Camden bridge,
4)4% bonds.
Dated Sept. 1, 1933, and due Sept. 1 as follows:
$89,000, 1941: $105,000, 1942; $149,000, 1943; $148,000, 1944;
$179,000, 1945; $208,000, 1946; $239,000, 1947; $268,000, 1948;
$297,000 in 1949, and $298,000 in 1950.
40,000 Jersey City 434% school bonds.
Dated Oct. 1, 1930, and due
Oct. 1, as follows: $15,000 in 1945 and $25,000 in 1946.
200,000 Jersey City 434% general improvement bonds.
Dated Oct. 1,
1930 and due $100,000 on Oct. 1 in 1945 and 1946.
510,000 Clifton 434% general refunding bonds.
Dated Oct. 1, 1935 and
due Oct. 1 as follows: $100,000 in 1940 and 1941, and $155,000Jn
Ingen & Co. Inc.
,
Telephone: John 4-636*
STREET, N. Y.
T. & T.:
A.
BONDS
Jersey and General Market Issues
Newark Tel.: Market 3-3124
1-730
to
1942 and
$55,000 City of Millville, N. J.
General Refunding 434 s.
Due September
To yield 4.10%
1943.
30,000 Clifton 434% serial refunding bonds.
due $15,000 on Oct. 1, 1942 and 1943.
1, 1956-59
Said bonds
are
in registered form, but
New
York
REctor
NEW
blocks of bonds
of each of the other municipalities herein offered for sale.
All bids must be accompanied by a certified check or a
MArket 3-1718
NWRK
successful bidder.
Proposals need not be for the entire amount of the several
cashier's or treas¬
a responsible bank or trust company, payable to the order
Albright, Treasurer of the Highway Extension Sinking Fund
Commission, for 2% of the bonds bid for.
The checks of the unsuccessful
bidders will be returned upon the award of the bonds.
No interest will|be
allowed on the amount of the check of the successful bidder.
All proposals, together with security deposit, must be enclosed in a sealed
envelope marked "Proposal for Bonds," and must be directed to the Secre¬
tary of the State Highway Extension Sinking Fund, at the State House,
Trenton, N. J.
A. T. & T. Teletype
Wire:
2-2055
under the provisions thereof can'be
issued will be furnished to the
offered for sale, buc proposals must be for not less than the entire block of
Belleville bonds or the entire block of Springfield bonds or the entire block
INCORPORATED
1180 Raymond Blvd., Newark
were
Dated Oct. 1, 1935 and
Original opinions rendered by attorneys at
converted into coupon bonds.
the time said bonds
Cotyer, Robinson $ Company
,
urer's check of
24
of William H.
JERSEY
of said bonds for sale to the city at a price of not more than par and accrued
interest.
The bonds to be purchased are of the following authorized issues:
$24,651,000 refunding bonds and $2,285,000 refunding water bonds, dated
July 1,1936 and due July 1, 1973, writh interest payable semi-annually.
A
of $250,000 will be used in the purchase of the refunding bonds and
$25,000 is available for purchase of the refunding water bonds.
Separate tenders must be made in separate sealed envelopes for said
refunding bonds and said refunding water bonds and each tender must
specify the full name of the bonds and serial number of the bonds so ten¬
dered.
Each tender must be accompanied with a certified check, drawn
to the order of the City of Atlantic Oity, N. J., on an incorporated bank or
trust company, for 1 % of the face amount of the bonds tendered for pur¬
,
NEW JERSEY (State of)—SENATE PASSES TUNNEL BILL—A
$14,000,000 tunnel under the Delaware River linking Gloucester County
and Philadelphia was approved by the State Senate May 24 by a vote of
sum
The propose t tunnel would
Paulsboro, to a site near Hog Island in Philadelphia, giving
motorists and farmers in South Jersey a shorter route to Philadelphia.
Under terms of the bill, the tunnel would be constructed by private
interests and would become the property of both States in 40 years.
Con¬
struction would assure employment for 4,000 men.
The bill calls for the issuance of tax exempt bonds.
Appointment of a
tunnel comnlission by the Gloucester County Board of Freeholders also is
provided. The commission would consist of four members, with the director
of the board, Henry A. Salisbury, as an ex-officio member.
Members of
the commission would not receive salaries.
A secretary and treasurer, not
necessarily members of the commission, would be named by the group.
Senator Robert C. Hendrickson introduced the original bill, known as the
Gloucester County Tunnel Act.
chase.
At the option of the tenderer, each tender may specify that the tender is
for the
purchase of all
or none
of the bonds tendered.
The City of Atlantic City shall have the right to accept or reject any or
all tenders, but unless all tenders for either issue of bonds is rejected, no
tender will be rejected at a lower price than the price of any tender accepted.
If any tenderer whose tender be accepted shall fail to surrender the bonds
on the date and at the place specified in the notice of acceptance,
tendered
the certified check accompanying such tender shall be forfeited to the city.
Each tender shall state the price asked, which price shall be understood
to be the
•
overnor Hoffman for his signature.
be built from a point just north of Mantua
The tunnel bill was sent to
11 to 1.
Creek,
near
price asked for such bonds.
Each tender must be enclosed in a sealed envelope, addressed to the
Director of Revenue and Finance, care of the National Newark & Essex
Banking Co. of Newark, Newark, N. J., and must be plainly marked on
New York have purchased
the outside
incl.
"tender of Atlantic City bonds."
EDGE WATER, N. J.—BONDS AUTHORIZED—'The Borough
PASSAIC VALLEY WATER
Denoms. to suit purchaser.
TOWNSHIP SCHOOOL DISTRICT (P. O. Teaneck),
OFFERING—John H. Ranges, District Clerk, will receive
8 p. m. (Daylight Saving Time) on June 9, for the pur¬
chase of $5,000 4% coupon or registered school bonds.
Dated Nov. 1,
1934.
Denom. $1,000.
Due Nov. 1, 1961.
The bonds are part of an
authorized issue of $507,000.
Principal and interest (M. & NO payable
at the Bergen County National Bank, Hackensack, or at the Chase Na¬
tional Bank, New York City.
A certified check for 2% of the bonds bid'
for, payable to the order of the Board of Education, must accompany each
proposal.
TEANECK
N.
Denom.
MAPLEWOOD TOWNSHIP, N. J.—NOTE SALE—An issue of $100,000
provide funds for current expenses has been sold to the Maplewood
Trust Co. of Maplewood. The notes bear 134 % interest and mature
Bank &
Sept. 1, 1937. The township council passed an ordinance on first reading
1 authorizing the issuance of $45,000 not to exceed 6% interest
public improvement bond anticipation notes.
June
NEWARK, N. J.—BONDED DEBT CLOSE TO LEGAL LIMIT—An¬
Acting City Auditor, recently informed Warren Dixon Jr.,
drew K. Brady,
Supreme Court Commissioner conducting an investigation of the city's
affairs, that the municipality's net debt as of March 1, 1937, was 10.64%,
or within 0.36% of the limit permitted under a law passed last year.
Mr.
Brady, it is said, pictured the debt situation with its relation to ratables,
as
of March 1, as follows: Total assessment, $1,042,688,074, of which
$284,691,474 was on land, $428,831,300 on improvements and $329,165,300
on
personal property; gross debt, $124,984,753; net debt, $109,298,199.
The net debt includes school bonds.
Mr. Brady testified that under the 1935 law the city's debt, including
school bonds, is limited to 11% of the city's ratables.
With school bonds
excluded, the limit is 7%.
Mr. Brady testified Newark last year paid off $5,000,000 in bonds and,
under the 1935 law, is authorized to issue new bonds up to 60% of those
retired, regardless of debt limit.
In the last two years, he said, the city
has issued no temporary bonds or tax anticipation notes, paying its bills
out of current receipts.
Assessment figures put into the record through Mr. Brady showed per¬
sonal property assessments had increased from $274,481,500 as of Jan. 1,
1936, to $329,165,300 as of Jan. 1, 1937, or $54,683,800.
Land assess¬
ments decreased from $286,014,272 to $284,691,474, and improvements
from $438,105,250 to $428,831,300.
NEW JERSEY, State
of—LAW AUTHORIZES ISSUANCE OF
RE¬
MUNICIPALITIES—It is stated that on June 1 a bill
signed by Governor Hoffman authorizing municipalities to issue bonds
for relief, regardless of debt limits.
It is understood that this measure is
intended primarily to benefit the City of Newark.
LIEF BONDS BY
was
J.—BOND
UNION
$1,000.
Due $40,000 annually on June 1 from 1938 to 1952, incl.
Princi¬
pal and interest (J. & D.) payable at the United States Trust Co., New
York City.
A certified check for 2% of the amount of the issue must ac¬
company each proposal.
The approving legal opinion of Thomson, Wood
& Hoffman of N. Y. City will be furnished the successful bidder.
Bonds
will be delivered to the successful bidder at 11 a. m. on June 16.
notes to
21,1937, $100,000
sealed bids until
O. Newark), N. J.—BOND OFFERING—Curtis
LIN WOOD,
N. J —BONDS PASSED ON FIRST READING—On
May 25 the City Council passed on first reading an ordinance authorizing
the issuance of $212,000 refunding bonds.
the purchase of $250,000
Dated June 21, 1937.
Notes mature $50,000 July
bidder.
Burnett, Chairman of the Finance Committee, will receive sealed bids
11 a. m. on June 10 for the purchase of $600,000 not to exceed 6%
Dated June 1, 1937.
COMMISSION (P. O. Paterson), N. J.
Secretary, will receive sealed bids
Troast,
Aug. 21, 1937, and $100,000 on Sept. 21, 1937.
Rate of interest to be
expressed in multiples of 34 or l-10th of 1 %.
Principal and interest payable
at the Second National Bank, Paterson.
A certified check for 2% must
accompany each
proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
until
interest coupon or registered road bonds.
L.
until 3 p. m.(Daylight Saving Time) on June 15 for
not to exceed 6% interest water revenue notes.
J.—RA TABLES UP $41,551,380
County's 22 municipalities total $1,653,-
880,185 this year, according to the abstract of ratables and exemptions
before the County Tax Board.
The figure in 1936 was $1,612,328,805.
The increase, $41,551,380, is due to Newark's total, $961,938,274, being
An increase in Newark's personal
$44,236,052 above the 1936 amount.
property from $199,471,500 in
1936 to $254,252,300 is shown.
This
accounted for the rise, after making up for a drop of $10,257,015 in real
estate assessments from last year's figures.
Deductions and adjustments of assessments allowed in the county during
1936 reached $70,148,891, which compares with $60,870,745 in 1936.
Newark accounted for $63,992,450.
The 1936 figure was $52,283,982.
Exempt property in the county totals $263,587,130, of which Newark
has $144,273,200.
In 1936 the county total was $254,515,860 and Newark's
was $144,677,600.
The biggest jump in exempted property was in Montclair, from $12,087,000 to $16,090,100.
ESSEX COUNTY (P.
OFFERING—P.
—NOTE
ESSEX COUNTY (P. O. Newark), N.
R.
Dated May 1, 1937.
York City.
Counci*
has passed an ordinance authorizing the issuance of $16,000 road improve¬
ment bonds.
—Net valuations taxable in Essex
PARK, N. J .—BOND SALE—H. L. Schwamm & Co. of
privately a new issue of $120,000 4% refunding
Due $12,000 each May 1 from 1938 to 1947
Legality approved by Hawkins, Delafield & Longfellow of New
PALISADES
bonds.
COUNTY
(P.
O.
banks have purchased an issue
Elizabeth),
J.—NOTE SALE— Local
NEW
MEXICO
SCHOOL DISTRICT NO. 28 (P O. Lovington),
N. Mex.—BONDS CALLED—It is stated by C. A. Love, County Treasurer, that bonds numbered 1 to 14, of an issue dated July 1, 1919, were
called for payment at his office on June 1, on which date interest ceased.
LEA
•
N.
of $200,000 tax anticipation notes.
NEW
COUNTY
MEXICO,
State
of—BOND OFFERING— Sealed
bids will be
of Finance, in the
of State Highway
J. & J. Denoms.
to be $1,000 or multiples thereof at the otpion of the purchaser.
Dated
July 1, 1937.
Due as follows:
$250,000 on Jan. and July 1,1949; the same
in 1950, 1951 and 1952.
These bonds are issued in Series G-80 to G-87,
each in the amount of
250,000.
Prin. and int. payable at the office of the
State Treasurer, or at the Guaranty Trust Co. in New York.
The approving
opinion of Thomson, Wood & Hoffman of New York, and the printed
debentures will be furnished by the State Highway Commission, without
cost to the purchaser.
Bids for all or one series will be considered. No bid
at less than par and accrued interest will be considered.
Said debentures
are
issued to anticipate the proceeds of the collection of the five cent
gasoline excise taxes, the motor vehicle registration fees and property tax
provided by law for the State Road Fund. A certified check for 2% of the
amount of bid, payable to the order of the State Treasurer, is required.
received until 2 p. m. on June 14, by the State Board
Governor's office, for the purchase of a $2,000,000 issue
debentures.
Interest rate is not to exceed 4% , payable
OTERO
COUNTY
(P.
O.
Alamogordo),
connection with the sale of the $70,000 334 %
N. M.—PRICE PAID—In
semi-annual refunding bonds
Bosworth, Chanute, Loughridge & Co. of Denver, as noted in these
columns recently—V. 144, p. 3546—it is stated by the County Treasurer
to
that the bonds were sold at par.
Due $7,000 from July 2, 1938 to 1947,
inclusive.
SCHOOL DIST. NO. 39 (P. O. Portales),
received until 10 a. m.
Jones, County Treasurer, for the purchase of an
$8,500 issue of school bonds.
Interest rate is not to exceed 6%, payable
J. & J.
Denom. $500.
Dated June 26, 1937.
Due $500 from Jan. 1,
1939 to 1955, incl.
Each bid must specify: (a) the lowest rate of interest at
which the bidder will purchase said bonds at par, and (5) the lowest rate of
interest and premium, if any, above par at which such bidder will purchase
said bonds at the State Treasurer's office, or such other place as the bidder
may elect.
Only unconditional bids will be considered.
A certified check
for 5%, payable to the County Treasurer, must accompany the bid.
ROOSEVELT
COUNTY
N. Mex.—BOND OFFERING—Sealed bids will be
on
June 28 by Nonnie Mae
3876
Financial
NEW
Chronicle
YORK
proposals will be
B. J. Van Ingen & Co., Inc., and Granberry & Co_
Barr Brothers & Co., Inc
by Win. A. Eckert, City
Comptroller, until June 7 at 11 a. m.,
(Eastern Daylight Saving Time) for the
following tax anticipation certifi¬
cates of
Harris
indebtedness:
interest rate
an
June the city will offer for sale
CHEEKTOWAGA,
N.
OFFERED—During
issue of
CROTON-ON-HUDSON,
Clerk,
N. Y.—BOND OFFERING—Frank Finnerty,
MAMARONECK
(Town of), N. Y.—BOND SALE—The
registered bonds described below, which were offered on
Halsey, Stuart & Co. of New
3Ms, at par plus a premium of $403.92, equal to 100.187, a basis
3.22%:
property (for the current year) subject
taxing power of the Board of Trustees of the
Village of Croton-on-
1934-1935—Uncollected, nothing
on
at date of report on May 24,1937.
year.
at date of report on May 24, 1937.
1936-1937—Tax levy, $92,931.78.
1936-1937—Uncollected $7,880.49 at end of fiscal year.
1936-1937—Uncollected, nothing at date of reprot on May 24, 1937.
1937-1938—Tax levy, $93,716.67.
Collections not due until after June 1.
issuer
is
village organized under the Village Law of the "State
of New York, the bonds offered
being authorized by said village law, and
by the General Municipal Law of the State of New York, and in accordance
with the rules and orders of the
Comptroller of the State of New York.
a
DUNDEE CENTRAL SCHOOL DISTRICT
(P. O. Dundee), N. Y.—
BOND ELECTION—An election is to be held June
5 at which a proposal
to issue $595,600 school
building bonds will be considered.
EVANS MILLS, N. Y.—BOND OFFERING
PLANNED—The village
making preparations for the issuance of $33,000 water bonds.
GENEVA, N. Y.—BONDS VOTED—The voters on June 2 gave their
approval to the proposed issuance of $8,000 war memorial bonds and
$2,500
park comfort station bonds.
GREENBURGH
(P.
O. Tarry town), N. Y —BOND OFFERING—
N. C. Templeton, Town Clerk, will receive sealed bids
until 10 a. m.
(Eastern Standard Time) on June 9, for the purchase of $98,000 not to
exceed 6% interest coupon or registered bonds, divided as
follows:
$38,000 Greenville Water District bonds.
Denom. $1,000.
Due May 1 as
follows:
$4,000 from 1938 to 1945, incl. and $3,000 in 1946 and
1947.
38,000 Greenville Sewer
as
bonds.
Denom.
$1,000.
Due May 1
$4,000 from 1938 to 1945, incl. and $3,000 in 1946
follows:
and
District
1947.
7,500 Sunnyside Land Improvement bonds.
$1,000 each.
Due May 1 as follows:
from 1939 to 1944, inclusive.
7,500 Knollwood Water District bonds.
$1,000 each.
Due May 1
as
annually
on
May 1 from 1938
One bond for $500, others
$1,500 in 1938, and $1,000
bond for $500, others
$1,500 in 1938, and $1,000
Denom.
$1,000.
Due
$1,000
1944, inslusive.
to
All of the bonds will be dated
May 1, 1937.
Each bid must be for the
entire offering of $98,000 and state a single rate of
interest, expressed in
coupon or
registered
bonds offered
of New York
on June 3 were awarded to Geo. B. Gibbons & Co.
bid of 100.2397 for 3.60% bonds, a basis of about 3.58%.
1937.
Due June 1 as follows: $1,000 from 1938 to 1947,
on a
1,
$1,500 from 1948
to
1957.
Roosevelt
&
Weigold of New York bid
100.32 for 3.70s.
COUNTY
(P. O. Rochester), N. Y.—FINANCES TO BE
INVESTIGATED—Acting upon the request of the Board of Supervisors,
State Comptroller Morris S. Tremaine has authorized an
investigation by
State auditors of the city's Department of Finance.
The survey is the
result of recent disclosures by County Manager Clarence A. Smith of
alleged irregularities in sales of tax liens to the Bonded Municipal Corp.,
New York, following suspension of a deputy county
treasurer, according
to report.
NASSAU
COUNTY ^P. O.
Mineola), N. Y.—BOND OFFERING—
Jr., County Comptroller, will receive sealed bids until
i,Daylight Saving Time) on June 11, for the purchase of $3,500,000 not to exceed 4% interest coupon or registered bonds, divided as
Theodore
12:30 p.
Bedell
m.
follows;
$1,500,000 refunding bonds.
Due June 15 as follows: $200,000 from 1947
to 1953, incl. and $100,000 in 1954.
1,220,000 emergency relief bonds.
Due June 15 as follows:
$500,000 in
1946, and $720,000 in 1947.
500,000 public works bonds.
Due June 15 as follows.
$40,000 from
1938 to 1942, incl. and $60,000 from 1943 to 1947, incl.
280,000 general county bonds.
Due June 15 as follows:
$50,000 in
1938 and
1939, and $60,000 from
1940 to 1942, incl.
All of the bonds will be dated June 15, 1937.
to be expressed in multiples of
M or l-10th of
Rate
or rates
of interest
1%.
Although it is not
required that all of the entire $3,500,000 bonds bear the same rate, not more
than one rate may be named for the bonds of each issue.
Interest payable
J. & D.
The approving legal opinion of
Reed, Hoyt & Washburn of New
York City will be furnished the successful bidder.
NEWFANE, N. Y.—BOND SALE—The $77,000
bonds offered
on
of New
as
York,
coupon
or
registered
June 2—V. 144, p. 3721—were awarded to Rutter & Co.
3s, at
a
price of 100.30,
consisted of:
a
basis of about 2.97%.
The sale
$65,000 Water District No. 2 bonds.
Due June 15 as follows: $2,000 from
1939 to 1948, incl. and $3,000 from 1949 to
1963, incl.
12,000 Sewage District No. 1 bonds.
Due $1,000 annually on June 15
from 1941 to 1952, incl.
Each issue is dated June 15, 1937.
One
follows:
from 1939 to 1944, inclusive.
7,000 Hartsdale Sewer District bonds.
MAYBROOK, N. Y.—BOND SALE—The $25,000
sewer
MONROE
at end of fiscal year.
1935-1936—Uncollected, nothing
The
3.40s.
and
May 24, 1937.
1935-1936—Tax levy, $82,664.55.
is
Each issue is dated June 1, 1937.
Denom. $1,000.
Principal and inter¬
(J. & D.) payable at the First National Bank of Mount Vernon, or, at
option, at the Guaranty Trust Co., N. Y. City.
James H. Causey & Co. of New York offered a premium of $732.24 for
holder's
Dated July
year.
as
of about
est
Village of Croton-on-Hudson, New York does
include the debt of any other subdivision
having power to levy taxes
1935-1936—Uncollected $8,657.05 at end of fiscal
York,
$160,000 general bonds of 1937.
Due June 1 as follows: $15,000 from 1938
to 1945, incl., and $20,000 in 1946 and 1947.
56,000 highway bonds of 1937.
Due June 1 as follows: $2,000 from 1938
to 1941, incl., and $3,000 from 1942 to 1957, incl.
The total bonded debt of the
issuer, the Village of Croton-on-Hudson is
$204,500 including the bond issue of $25,000 offered.
The population of the
Village of Croton-on-Hudson, New York, according
to the 1930 Federal Census was
2,436 persons, and at the present time is
estimated at more than 4,200 persons.
The bonded debt of the
1934-1935—Uncollected, $8,569.65
June 3—
V. 144, p. 3721—were awarded to
Hudson, New York, is $10,412,963.
1933-1934—Tax levy, $84,676.85.
1933-1934—Uncollected, $12,587.87 at end of fiscal
1933-1934—Uncollected, nothing at date of report
1934-1935—Tax levy, $83,668.73.
$216,000
coupon or
of the
upon any or all of the property subject to the
taxing power of said village.
The tax collection record of the
Village of Croton-on-Hudson, New York,
for each of the preceding three
years is as follows:
BEACH, N. Y.—BOND OFFERING—August N. Gambia, City
Treasurer, will sell at public auction at 10:15 a. m. (Eastern Standard Time)
June 10 an issue of $175,000 not to exceed 4M% interest coupon
registered judgment funding bonds. Dated June 1,1937. Denom. $1,000.
Due Jan. 15 as follows: $11,000, 1939 to 1941 incl.; $12,000, 1942 to 1944
incl.; $13,000 from 1945 to 1950 incl. and $14,000 in 1951 and 1952.
The
bonds will be awarded to the bidder offering the highest price, not less than
par, and specifying the lowest rate of interest, expressed in a multiple of
M or l-10th of 1 %. Principal and interest (J. & J.) payable at the Guaranty
Trust Co., New York.
The bonds are general obligations of the city,
payable from unlimited taxes. A certified check for $3,500,
payable to the
order of the city, must be deposited by each bidder participating in the
sale. The approving legal opinion of Clay. Dillon & Vanaewater of New York
will be furnished the purchaser.
Financial Statement
not
485.30
184.00
138.03
577.30
or
Time)
coupon, fully
registerable, Radnor Avenue storm drain bonds.
Bidders are to name rate
of interest, in a
multiple of M % or 1-10%, not to exceed 4
%.
Denom.
$1,000.
Dated Jan. 1, 1937.
Principal and semi-annual interest (Jan. 1
and July 1)
payable at the Marine Midland Trust Co. in New York.
Due
$2,000 on Jan. 1 in 1938 and 1939; and
$1,000 yearly on Jan. 1 from 1940
to I9b0.
Certified check for 10% of amount of
bid, payable to the Village,
required. Approving opinion of Thomson, Wood & Hoffman
of New York
wui be furnisned
by the village.
(This supplements the report which
appeared in V. 144, p. 3712.)
to the
368.00
2.25%
-—
710.93
667.00
400.20
on
will receive bids until 2
p. m.
(Eastern Standard
the purchase at not less than
par of $25,000
The assessed valuation
2.10%
2.10%
2.10%
2.20%
Hemphill, Noyes & Co., and Rutter & Co
Goldman, Sachs & Co., and Bancamerica-Blair
Corporation.
Equitable Securities Corporation
First of Michigan Corp., and Brown & Groll
Phelps, Fenn & Co
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons,
Incorporated
LONG
160.77
160.00
138.00
919.77
-
—
207.00
2%
2%
2.10%
2.10%
2.10%
2.10%
Kean, Taylor & Co., and Granbery, Safford & Co.
general obligation, unlimited tax, debt
equalization bonds.
Bidders are to
name rate of
interest, in a multiple of M% or 1-10%, but not to exceed
5%.
Denom. $1,000.
Dated May 15, 1937.
Principal and semi-annual
interest (May 15 and Nov.
15) payable at the Manufacturers & Traders
Trust Co., Buffalo, with New York
exchange. Due $6,000 on May 15 in
each of the years
1942, 1943 and 1944.
Certified check for $360, payable
to the town,
required. Approving opinion of Clay, Dillon &
Yandewater of
New York will be furnished
by the town.
Village
Hutzler
Coffin & Burr, Inc
OFFERING—Albert Sturm, Town
Time) June 10 for
fully registerable,
873.31
779.70
766.00
687.70
526.70
425.50
411.70
361.10
310.50
250.70
2%
2%
2%
2%
2%
2%
2%
2%
2%
Corporation
Bacon, Stevenson & Co., and A. M. Kidder Co—
Brown Harriman & Co., Inc
H. C. Wainwright & Co., and C. F. Childs & Co.,
Incorporated
F. S. Moseley & Co., and Estabrook & Co
-------
Y.—BOND
'
The First Boston
Edward B. Smith & Co
917.70
2%
2%
2%
338.10
Dick &
Stranahan, Harris & Co., Inc
Eldredge & Co., Inc., and Spencer Trask & Co
R. W. Pressprich & Co...
Halsey, Stuart & Co., Inc
of
204.70
&
-
Salomon Brothers &
$499.10
369.50
2%
Roosevelt
1.90%
1.90%
1.90%
1.90%
and
Bankers Trust Co
Sherwood & Co., and Shields & Co
Morris Mather & Co., Inc
Clerk, will receive bids until 3 p. m. (Eastern Standard
the purchase at not less than
par of $18,000 coupon,
June 22, for
Bank,
Blyth & Co., Inc., and George B. Gibbons & Co.
Incorporated
$4,700,000 20-year serial refunding
an
the~month
Savings
Lazard Freres & Co., Inc
on
TO BE
&
Manufacturers & Traders Trust Co., and
Merle-Smith
the entire issue at
not exceeding
6%.
No bid will oe accepted for less than
par.
Bidders are requested to state the
denominations in which they desire
the certificates to be
issued, which must be in multiples of $5,000.
The legality of the certificates
will be examined
by Caldwell and Ray¬
mond, of New York, whose favorable
opinion will be furnished to the
purchaser on delivery of the certificates.
A certified check in the amount of
$50,000, drawn upon an incorporated
bank or trust
company, to the order of the Comptroller, must
accompany
each bid.
The certificates will be delivered to the
successful bidder at the
office of the Comptroller in
Buffalo, or at the Central Hanover Bank &
Trust Co., 70
Broadway, New York tthe preferred place of
delivery to
be specified in the
bid), on June 15, or as soon as possible thereafter,
upon
the payment of the balance
due, plus accrued interest, if any
BUFFALO, N. Y.—BONDS
Trust
Weigold, Inc
tax anticipation certificates of
indebtedness including $1,000,U00'series of 1934-1935, $600,000 series of
1935-1936, and $900,000
of 1936-1937.
Dated June 15, 1937, and
maturing on Dec. 15, 1937; interest payable at
maturity, and both principal and interest will be
payable at the office of
the Comptroller or at the
CeLtral Hanover Bank & Trust
Co., New York,
at the
series
name
plus a premium of $667, equal to 100.29, a basis of about 1.85%,
previously reported, V. 144, p. 3721, were also bid for as follows:
as
BUFFALO, N.Y.—CERTIFICATE OFFERING— Sealed
received
option of the holder.
Bidders will be required to
June 5, 1937
at par
NEW YORK, N. Y —CITY EXEMPTED FROM
NEW MUNICIPAL
LAW AMENDMENT—Governor Lehman is said to
have approved as
Chapter 765, Laws of 1937, a bill amending Section 8-a of the General
Municipal Law, by providing that the terms of the said section shall not
apply to New York City.
NEW
multiples of M or 1-1 Oth of 1%.
Principal and interest (M. & N.) payable
at the Washington Irving Trust Co.,
Tarrytown, with New York exchange.
YORK,
N.
Y.—MAY
TEMPORARY
FINANCING—Tax
anticipation financing by the city during May totaled $21,000,000 and
consisted of the following issues:
$5,000,000 2% special corporate stock notes, due Aug. 1, 1937.
11,000,000 2% special corporate stock notes, due Aug. 13, 1937.
5,000,000 2% special corporate stock notes, due Nov. 21, 1937.
In May, also, the city sold $3,000,000
4% special assessment bonds, due
on or before May
21, 1967. Proceeds will be used in the cost of the Ward's
Island Sewage Disposal plant, now in the course of
construction.
ITHACA, N. Y.—BOND OFFERING—J. E. Matthews, City Comp¬
troller, will receive bids until 2 p. m. June 15, for the
purchase at not less
than par of the following
coupon, registerable, bonds:
$150,000 emergency relief bonds.
Due $15,000 yearly on July 1 from 1938
City Comptroller Frank J. Taylor on June 1 appointed Francis V. McHugh
a new
Deputy Comptroller, to succeed to the post recently resigned by
John Dwight Sullivan.
Described by the Comptroller as a "career man,"
Mr. McHugh, at one period during his
many years in the service of the
city, worked as a clerk in the Finance Department, later becoming an
A certified check for $2,000,
payable to the order of the town, must accom¬
pany each proposal.
Each issue will be payable primarily from assessments
to be levied on the taxable
property in the respective districts.
However,
in the event that income from that source is
insufficient for the purpose,
then all df the town's taxable property will be
subject to the levy of un¬
limited ad valorem taxes in order to
pay both principal and interest of
each of the issues.
The approving legal opinion of
Clay, Dillon & Vandewater of New York City will be furnished the
successful bidder.
to
1947.
200,000 public works bonds.
to
Bidders
1947.
are to name rate
Due $20,000 yearly on July
1
from
1938
-
of
interest, in
F.
V.
McHUGH
APPOINTED
NEW
DEPUTY
COMPTROLLER—
as
Examiner in its Bureau of Law and Adjustment.
practice law in 1916.
multiple of M% or 1-10%, but
not to exceed 6%.
Denom. $1,000.
Dated July 1, 1937.
Principal and
semi-annual interest (Jan. 1 and July 1)
payable at the Chase National
Bank of New York.
Certified check for $7,000, payable to the
city, re¬
quired.
The purchaser will be furnished with the opinion of Reed, Hoyt
& Washburn of New York that the bonds are
valid and binding obligations
of the city.
KINGSTON, N. Y.—OTHER BIDS—The $230,000 general bonds
awarded May 26 to Adams, McEntee & Co., Inc. of New
York, as 1.90s,
were
Mr. McHugh began to
school bus bonds offered on May 28—V.
144, p.
C. E. Weinig Co. of Buffalo, as
a
OVID, ROMULUS AND LODI CENTRAL SCHOOL DISTRICT NO.
1
(P. O.
on
Ovid)
N. Y.—BOND SALE—The $13,360 coupon or registered
3547—were awarded to the
2Ms. Dated May 1, 1937 and due $3,340
May 1 from 1938 to 1941 incl.
SARANAC
(P. O. Redford), N. Y.—BOND SALE—The $32,407.93
floating debt funding bonds offered on June 1—V. 144, p. 3722—
& W. Seligman & Co. of New York, as 3.20s, at
par
premium of $90.64, equal to 100.279, a basis of about 3.16%. Dated
coupon
plus
awarded to J.
a
Volume
Financial
144
May 1.1937 and due May 1
1940 to 1949, inclusive.
as
3877
Chronicle
$2,407.93 in 1939, and $3,000 from
follows:
NORTH CAROLINA
STERLING UNION FREE SCHOOL DISTRICT NO. 19 (P. O. Fair
¥
Haven), N. Y.—BOND OFFERING—Ernest L. Breese, Clerk of the Board
Education, will receive sealed bids until 1:30 p. m. (Eastern Standard
Time) on June 11 for the purchase of $65,000 not to exceed 6% interest
coupon or registered school bonds.
Dated June 1, 1937.
Denom. $1,000.
Due June 1 as follows: $2,000 from 1940 to 1958 incl. and $3,000 from 1959
to 1967 incl.
Bidder to name one rate of interest, expressed in multiples of
M or 1-10th of 1%.
Principal and interest (J. & D.) payable at the Fair
Haven National Bank, Fair Haven, or at the option of the holder at the
Marine Midland Trust Co., New York City. A certified check for 2% must
accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
2%% due 1946 to 1948
of
Price to
yield 2.70 to Par
McALISTER, SMITH & PATE, Inc.
67
NEW YORK
STREET
BROAD
Telephone WHitehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
,
bidder
$652,162
65,000
600
Total bonded debt, incl. this issue
Population, estimated
Tax Collection Report
1935-36
$4,783.00
Uncoil, end fiscal year-.
Uncoil, on May 26,'37-SOUTHHOLD
Southhold),
asking for bids
N.
390.34
UNION
FREE
1933-34
$3,520.98
None
None
$2,942.81
SCHOOL
DISTRICT
OFFERING—The
Y.—BOND
on an
1934-35
$4,338.28
None
None
1936-37
Year—
Levy
Board
NO.
None
None
5
(P. O.
of Education is
school building
offering of $250,000 3 M% registered
Education until 1p.m.
(Eastern Standard Time) on June 11.
The issue is dated July 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows: $6,000 from 1939 to 1941 incl.;
$7,000 in 1942 and $9,000 annually from 1943 to 1967 incl.
Principal and
interest (J. & J.) payable at the Bank of Southhold, Southhold, in New
York exchange,
a certified check for $2,500 must accompany each pro¬
posal
The approving opinion of Terry & Hill of Southhold will be furnished
Sealed bids will be received by the Board of
bonds.
.
the successful
bidder.
Official notice of the offering appeared in iast
Financial Statement
The total bonded debt of the said district
week's issue, on page hi.)
including the amount of this
issue is $281,500.
The estimated
population of said district is 2,000.
The bonded debt of the said school district 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 this district.
The Southhold Union Free School District No. 5, Town of Southhold,
N. Y., has collected all taxes levied for school purposes for the years 1934,
1935, 1936-1937.
The issue of $250,000 bonds of the Union Free School District No. 5,
Town of Southhold, is authorized by Article 17 of the Education Law of
the State of New York and amendments thereto.
SOUTHOLD COMMON SCHOOL DISTRICT NO. 7
(P. O. Peconic),
N. Y.—OFFICIAL OFFERING NOTICE—As offici¬
ally announced on page m, the Board of Trustees will receive sealed bids
at the office of Willard H. Howell, Clerk of the Board of Education, until
lp.m. (Eastern Standard Time) on June 18, for the purchase of $60,000
3% registered school building bonds.
Dated June 1, 1937.
Denom.
$1,000.
Due $3,000 annually on June 1 from 1938 to 1957, incl.
Principal
and interest (J. & D.) payable at the Mattituck National Bank & Trust
Co., Mattituck, to the registered holder thereof in New York exchange.
The bonds are general obligations of the district, all of its taxable property
being subject to taxation to provide for payment of the debt.
A certified
check for $600 must accompany each proposal.
An approving opinion on
said bonds will be furnished by Terry & Hill of Southold.
Town of Southold,
$976,588
60,000
Assessed valuation of taxable property
Total bonded debt (incl. present issue)
Population, estimated, 600.
of any other subdivision having
all of the property subject to taxing power of
Note—Bonded debt does not include debt
Tax
Collections—The
purposes
district
has
for the years 1934, 1935,
collected all taxes levied for school
1936-1937.
Riverhead), N. Y.—BONDS AND CER¬
coupon or registered bonds and
certificates of indebtedness offered on June 4—V. 144, p. 3722—were
awarded to a group composed of Stranahan, Harris & Co., Inc., Hemphill,
Noyes & Co., Minsch, Monell & Co., Inc., and Robinson, Miller & Co.,
Inc., all of New York, as 2.20s at a price of 100.319, a basis of about 2.15%.
SUFFOLK COUNTY (P. O.
TIFICATES AWARDED—The $802,000
Tfa.0
sa 1(3
consisted of*
$352,000 county home bonds.
Due June 1 as follows: $10,0(10, 1939 to
1951, incl.; $20,000 from 1952 to 1961, incl., and $22,000 in 1926.
450,000 certificates of indebtedness issued to fund a similar amount of
temporary debt incurred for relief purposes.
Due June 1, 1938.
The bonds and the certificates are dated June 1, 1937.
The Chase Na¬
tional Bank and the Bankers Trust Co., both of New York, jointly, were
second high in the
for 2.20s.
bidding, with an offer of par plus a premium of $40.10
FREE SCHOOL DISTRICT
NO. 1 (P. O.
Theresa), N. Y.—BOND OFFERING—M. C. Bullard, District Clerk, will
receive sealed bids until 1 p. m. (Eastern Standard Time) on June 15, for
the purchase of $125,000 not to excbed 5% interest coupon or registered
school bonds.
Dated July 1,1937.
Denom. $1,000. Due July 1 as follows:
$1 000
1938 to 1942 incl.; $2 000
1943 to 1947 incl., $3 000 1948 to
1957 incl. and $4 000 from 1958 tol977 incl.
Bidder to name one rate of
interest on all of the bonds
expressed in multiples of H or l-10th of 1%.
Principal and interest (J. & J.) payable at the Farmers National Bank
Theresa
with New York exchange.
The bonds are direct general obliga¬
tions of the district
payable from unlimited taxes.
A certified check for
$2 500 payable to the order of Keith I. Beenfield District Treasurer must
accompany each proposal.
The approving opinion of Clay
Dillon &
Vandewater of New York City will be furnished the successful bidder.
$1,015.
YONKERS, N. Y.—BOND SALE—The $880 000 coupon or
on June 3—V. 144
p. 3722—were awarded to a
bonds offered
registered
syndicate
composed of Phelps
Fenn & Co.; Laden burg Thalmann & Co.; R. L.
Day & Co.; Equitable Securities Corp. and Campbell, Phelps & Co. all
of New York, at a price of par for a combination of $490,000 3s. $330,000
$60,000 4Ms.
The issues mature as follows:
one.
Due June 1 as follows: $20,000,
1943; $25,000,1944; $100,000 in 1945,
$490 000 general bonds of 1937, series
1939 to 1942, incl.; $15,000,
and 1947.
bonds of 1937, series one.
Due June 1 as follows: $15,000
incl. and $20,000 from 1952 to 1957, incl.
60 000 equipment bonds of 19a7.
Due June 1 as follows: $10,000 from
1938 to 1940, incl. and $15,000 in 1941 and 1942.
.Each issue is dated June 1, 1937.
and $135,000 in 1946
_
t
330 000 water
from 1938 to 1951,
The successful bidders are
to
yield from 1.50% to
making public reoffering of the bonds at prices
3.25%, according to maturity.
NORTH
CAROLINA
COUNTY (P. O. Durham), N. C.—MATURITY—It is
now reported by the County Manager that the $50,000 revenue anticipa¬
tion notes purchased by the Depositors National Bank of Durham, at
1M % Plus a premium of $5.50, as noted in these columns recently—V. 144,
p. 3722—are due on June 30, 1937.
,
DURHAM
and accrued interest will be entertained.
will be no auction.
Denom. $1,000.
Coupon bonds registerable
principal alone and as to both principal and interest.
Dated June 1,
1937.
Due on Dec. 1 as follows: $3,000, 1939 to 1943; $4,000, 1944 to
1948, and $5,000, 1949 to 1952.
Principal and interest (J. & D.) payable
in legal tender in New York City.
Delivery on or about June 28, 1937,
at place of purchaser's choice.
The approving opinion of Masslich &
Mitchell of New York City, will be furnished the purchaser.
A certified
check for $1,000, payable to the order of the State Treasurer, must accom¬
pany the bid.
Bids must be on a form to be furnished by the above named
1936-4087x
Secretary.
Financial Statement
$66,450.00
Floating debt
Outstanding bonded debt:
$258,000.00
School bonds
Gas plant
91,000.00
bonds
103,000.00
123,000.00
356,000.00
"Water bonds
Electric light bonds
Other bonds
Total outstanding debt,
931,000.00
including debt to be retired from
proceeds of bonds now offered
Sinking funds ($21,912.99 cash; balance
$997,450.00
invested in
Uncollected special assessments
$78,912.99
55,985.06
Water, light and gas bonds
317,000.00
bonds and notes
Net debt,
451,898.05
$545,551.95
including bonds now offered
All outstanding bonds mature
in annual series, except $130,000, which
July 1, 1937, $75,000 improvement bonds ($2,000 of
held in the sinking fund and will be canceled—the remaining
bonds will be paid from moneys on hand in the sinking fund and the proceeds
of the bonds now offered); July 1, 1944, $25,000, and July 1, 1945, $30,000.
mature
as
follows:
these bonds are
Population, Census
population, 14,000.
1920, 5,772; 1930, 9,293, and present
_
jp,,
_
Tax Data as
1933-34
1934^35
1935-36
val'n.-$6,749,673.00 $6,796,734.00 $7,351,945.00
66,191.94
65,984.97
74,948.45
Collected62,677.50
60,956.17
67,646.85
Uncollected
3,514.44
5,028.80
7,301.60
P. O. collected0.94%
0.92%
0.90%
x
estimated
„
of May 1, 1937
Assessed
-
Serial Bond Maturities for
.$15,000
43,000
47,000
49,000
44,000
—-
1936-37
$7,551,752.00
76,973.52
58,222.97
18,750.55
0.75M%
Next 10 Fiscal Years
$44,000
45,000
45,000
45,000
47,000
1941-42
1942-43
1943-441944-45
1945-46
Remainder of fiscal year.
political subdivision whose boundaries are
There is no other
coterminous with those of the town.
The Town of Greenville has never
practically
defaulted in the payment of either
principal or interest in any of its obligations.
As the tax for the payment of the improvement
bonds to be refunded is
the Act under which said
the principal and interest
of the bonds offered to refund said improvement bonds cannot exceed that
limit.
On the basis of the present assessed valuation this limited tax will
produce more than double the amount required in each year for principal
limited to 15c. per $100 assessed valuation by
bonds were issued, the tax for the payment of
and interest.
*
N. C.—BOND OFFERING—Sealed bids will
(Eastern Standard Time) on June 8, by W. E.
ceived until 11a.m.
be re¬
Easter¬
ling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of the following two issues of bonds aggregating
$37,000:
$20,000 refunding bonds.
Due $5,000 from March 1, 1953 to 1956, incl.,
without option of prior payment. A $400 certified check is required
UNION
UNION (TOWN OF) UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Endicott), N. Y»—BOND SALE—The $175,000 coupon or regis¬
tered school building bonds offered on June 4—V. 144, p. 3722—were
awarded to Rutter & Co. of New York as 2Ms, at a price of 100.181, a
basis of about 2.23%.
Dated July 1, 1937, and due Dec. 1 as follows:
$10,000, 1939 to 1946, incl.; $15,000 from 1947 to 1952, incl., and $5,000 in
1953.
Adams, McEntee & Co., Inc., New York, second high bidders,
named an interest rate of 2.40% and offered to pay par plus a premium of
3 Ms and
No bid of less than par
bonds.
There
as to
LINCOLNTON,
N. Y.—TO REFUND $3,500,000 BONDS—Under the
terms of a debt equalization program recently approved by State Comp¬
troller Morris S. Tremaine, the city will refund $3,500,000 bonds maturing
within the next five years.
The plan provides for the sale of a block of
$1,500,000 in the present year.
SYRACUSE,
THERESA
GREENVILLE, N. C.—BOND OFFERING— Sealed bids will be received
until 11 a. m. (Eastern Standard Time) on June 8, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $55,000 issue of refunding bonds.
Interest rate is not
to exceed 6%, stated in multiples of M of 1%.
No bid may name more
than two rates and each bidder must specify the amount of bonds of each
rate.
The lowest interest cost to the town will determine the award of these
Levied—
Financial Statement
power to levy taxes on any or
the district.
CAROLINA
NORTH
Financial Statement
Assessed valuation real estate, incl. special franchises
with this bid.
17,000 funding bonds.
Due on March 1 as follows: $3,000, 1948 to 1950;
$5,000, 1951, and $3,000, 1952, without option of prior payment.
A $340 certified check.
Denom. $1,000.
Dated March 1, 1937. Bidders are requested to name
exceeding 6%, expressed in multiples of M
the interest rate or rates, not
Bidders may, but are not required to, bid on both issues of bonds
However, each issue will be awarded separately in accordance
with the terms of sale.
A separate check should be submitted for each
issue bid for, checks to be made payable to the State Treasurer.
Coupon
bonds registerable as to principal only on the larger issue and registerable
as
to both principal and interest on the $17,000 bonds.
Prin. and int.
(M. & S.) payable in lawful money in New York City.
No bid may name
more than two rates of interest for either one of the issues and each bidder
of 1%.
offered.
must
specify the amount of bonds of each rate.
The
town will determine the award of the bonds.
to the
and accrued interest will be entertained.
The
Reed, Hoyt & Washburn, of New York City, will
chaser.
Delivery at place of purchaser's choice.
par
lowest interest cost
No bid of less than
approving opinion of
be furnished the pur¬
Roxboro) N. C.—BOND CALL—It is
the Board of County Commissioners, that
and 15 of the resolution authorizing the
bonds, there have been drawn for redemption on July 1, on which date
interest shall cease, the following refunding bonds: Nos. 6, 9, 12 and 26, of
road improvement, and Nos. 10 and 11, of building bonds.
Dated Jan. 1,
1934. Payable at the Central Hanover Bank & Trust Co. of New York City.
PERSON
COUNTY
(P.
O.
stated by W. T. Kirby, Clerk of
in accordance with Sections 14
REIDSVILLE, N. C.—BOND SALE—The $120,000 coupon or registered
sewer and street improvement bonds offered on June 1—V. 144,
3722—were awarded to the Equitable Securities Corp. of Nashville and
F* W Craigie & Co. of Richmond at par, plus a premium of $144, equal
to 100 12, the first $50,000 bonds to bear interest at 4M % and the balance
of the issue at 3%%.
Dated April 1, 1937.
Due on April 1 as follows:
$3,000, 1939 and 1940; $2,000, 1942 to 1943; $4,000, 1944 to 1950, and
$5,000, 1951 to 1966.
water
p
COUNTY (P. O. Wilkesboro), N. C —NO BIDS— There
$65,000 issue of coupon school bonds offered on June 1
Dated Dec. 1,1936. Due on Dec. 1 as follows: $2,000.
1937 to 1961, and $3,000, 1962, to 1966.
WILKES
were no
—V
bids for the
144, p. 3723.
NORTH
DAKOTA
BOWBELLS, N. Dak.—BONDS NOT SOLD—The $2,000 not to exceed
5% semi-ann. improvement bonds offered on May 28—V. 144, p. 3379—
were not sold as no bids were received.
Dated June 1, 1937. Due from
June 1, 1940 to 1957.
3878
Financial
Chronicle
DAVENPORT, N. Dak .—BOND
OFFERING—C. O. Bruskrud, Village
Clerk, will receive bids until 2 p. m. June 14 for the
purchase of $2,400
village hall bonds. Denom. $400. Certified check for
2%, required.
June 5, 1937
received, according to the City Recorder.
$500 from May 1, 1939 to 1954, incl.
GRESHAM, Ore.—BOND SALE
OHIO
Dated
DETAILS—We
May
1,
1937.
Due
informed by
Geo. W. Page, City Recorder, that the $39,785
coupon and registered sewer
bonds purchased by the First National Bank of
Portland, in Gresham, at a
price of 100.19, as noted in these columns recently—V. 144, p. 3734—were
sold as follows: $11,785 as 3s, maturing on June
1; $2,785 in 1938 and $3,000
in 1939 to 1941; the
remaining $28,000 as 2%a, maturing on June 1 as fol¬
lows: $3,500 in 1942 and 1943; $4,000, 1944 to
1946, and $4,500 in 1947
MUNICIPALS
are
now
and 1948.
MITCHELL, HERRICK
700
CANTON
MEDFORD, Ore.—BOND ELECTION—The City Council has
18
CUYAHOGA
AKRON
& CO.
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
a
special election to vote
from 1938 to
DISTRICT,
Denom.
$1,000.
Champaign
Due $1,000 yearly
1952, incl.
new
on
June
Loans of the
City of Philadelphia
Commonwealth of Pennsylvania
1
SALE— Fox,
Einhorn
Msncure Biddle & Ce.
1520
made
PENNSYLVANIA
CLEARFIELD COUNTY POOR DISTRICT (P. O.
Clearfield), Pa.—
BOND OFFERING—R. M.
Hershey, County Comptroller, will receive
sealed bids until
m.
(Eastern Standard Time) on June 16 for the
2M, 2M, 2M, 3, 3M or 3M% coupon, registerable
Dated July 1,1937. Denom. $1,000. Due
July 1 as follows:
$5,000 in 1938, and $10,000 from 1939 to 1949 incl.
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
as
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
ELECTION—A proposed $44,000 school
building
bond issue will be submitted to the
voters at an election to be
held on
June 24.
HAMILTON, Ohio—BOND
SALE PLANNED—The
Treasury Invest¬
Board of city will purchase an issue
of $25,000 3%
sidewalk, curb
and gutter bonds.
Dated June 1, 1937 and due
$2,500 each on Sept. 1
from 1938 to 1947, incl.
Interest payable M. & S.
ment
IRONTON CITY SCHOOL
DISTRICT, Ohio—BOND SALE— The
$83,500 school building bonds offered on
May 28—V. 144, p. 3548—were
awarded to Pohl & Co., Inc. of
Cincinnati, as 3Ms, at par plus a premium
of $684.79, equal to
100.82, a basis of about 3.17%.
Dated May 1, 1937
and due Nov. 1 as follows:
$3,000 in 1938, and $3,500 from 1939 to
1961,
inclusive.
Other bids
Bidder—
were as
follows:
Int. Rate
$488.80
451.00
192.05
1,227.45
3M %
3M %
3M %
1,085.85
cinnati
Bohiner,
Reinhart & Co., Brockhaus
Middendorf & Co., Cincinnati
3M%
3M%
3M%
&
Co.
901.80
484.30
3M %
425.00
Fullerton & Co. and Chas. A. Hinsch &
Co., Cin¬
3 M%
and
310.00
3M%
LONDON, Ohio—BOND OFFERING—Evelyn
Fitzgibbons, Village
Clerk, will receive bids until noon June 19 for the
purchase of $1,700 4%
judgment funding bonds.
Denom. $175, except one for $125.
Dated
May 1, 1937.
Interest payable
semi-annually.
Due $175 each six months
from Nov. 1,1937, to Nov.
1, 1941, and $125 May 1,1942.
Certified check
for $100, payable to the
Village Treasurer, required.
MANSFIELD,
p.
Ohio—BOND SALE
DETAILS—The $10,000 bonds
Trustees, as previously reported—V.
recently
144,
to the Sinking Fund
3723, bear 3% interest and
mature as follows:
$6,000 police and fire signal system bonds.
1938 to 1943, inclusive.
4,000 fire station bonds.
Due $1,000 each
Due $1,000 each year from
on
the question of issuing
$85,000 school
24 to
building bonds.
SALINE TOWNSHIP RURAL
SCHOOL DISTRICT (P. O.
Irondale),
Ohio—BOND OFFERING—E. S.
Elliott, Clerk of the Board of Education,
will
receive
school
bids
building
until
noon
June
17
for
the
bonds.
purchase
of $45,000
3M%
Denom. $1,000, except two for
$500.
Dated
Interest payable
semi-annually. Due $1,000 each six months
April 15, 1938 to Oct. 15, 1959; and $500
April 15 and Oct. 15, 1960.
Certified check for $500,
payable to the Board of Education, required.
June 1,1937.
from
TOLEDO, Ohio—BONDED
DEBT REDUCED
$2,031,241 IN 1936—
city bonds was obtained in 1936, it was revealed
Sinking Fund Commission filed with City Council
recently by Ward Judge, Secretary.
The report shows there were out¬
standing as of Dec. 21, 1936 bonds valued at
$24,513,606, a reduction of
$2,031,241 from the city's bonded debt at the close
of 1935.
Interest totaling
$1,264,746 was paid on city bonds in 1936 as a result
The lowest interest rate
on
in the annual report of the
of the reduction of interest rates
from 4 M, 5 and
6% to 2, 2% and 3 %.
The report points out that
while the interest reduction
it will result in
10 years..
a
saving of
more
than
a
Refunding bonds issued for
appears trivial
half million dollars over a period of
more than half of the amount of
mdebtedness carry an interest rate of
2M%.
YOUNGSTOWN, Ohio—BONDS
has
passed
bonds.
an
a.
,
principal, refunding bonds.
of the County Treasurer, must
accompany each proposal.
The bonds are
issued subject to the approving legal
opinion of Townsend, Elliott & Munson
of Philadelphia.
(Notice of the district's intention to sell the above issue
appeared in a
previous issue.—V. 144, p. 3724.)
'
FOX CHAPEL,
Pa.—BOND
Secretary, will receive bids until 7
coupon
bonds.
Bidders
are
OFFERING— C.
C.
Salmon,
Borough
p.m. June 14 for the purchase of $80,000
to name rate of interest in a
multiple of M%,
but not to exceed 3M%Denom. $1,000.
Due $8,000 yearly on July 1
1938 to 1947.
Certified check for $2,000, payable to the
Borough
from
Secretary, required.
(P. O. New
SALE—The $47,000 coupon bonds offered on
144, p. 3724—were awarded to Singer, Deane & Scribner of
Pittsburgh and E. H. Rollins & Sons, Inc. of Philadelphia, as 3Ms, at
par
plus a premium of $676, equal to 101.438, a basis of about
Kensington), Pa.—BOND
June
1—V.
AUTHORIZED—The
ordinance authorizing the issuance
City Council
refunding
of $350,000
3.12%.
follows:
$2,000, 1947, and $5,000, 1948 to 1955.
Pittsburgh bid a premium of $314.90 for 3Ms.
MAHANOY
CITY
SCHOOL
DISTRICT,
Due
as
Glover & MacGregor of
Pa.—BOND
SALE—The
$30,000
coupon bonds offered on May 28—V. 144, p. 3381—were awarded to
M. M. Freeman & Co. of Philadelphia at a
price of par for 3Ms.
There
were
no
other bidders.
Dated May 1, 1937.
Due $1,000 yearly on
Nov. 1 from 1937 to 1966, incl.
MAYFIELD SCHOOL
DISTRICT, Pa .—BOND OFFERING—Wallace
Hrapchak, District Secretary, will receive bids until June 21, for the pur¬
chase of $15,000 5% bonds.
yearly on June 15 from 1938
Interest payable
to
semi-annually.
1952, redeemable after three
MUNSY, Pa.—BOND OFFERING—Helen
Due $1,000
years.
P. Metzger,
Borough Secre¬
tary, will receive sealed bids until 7p.m. (Eastern Standard
Time) on June
21 for the purchase of
$17,000, 2M, 2M, 3, 3M, 3M, 3M or 4% coupon,
registerable as to principal only, funding and
improvement bonds.
Dated
July 1, 1937. Denom. $1,000. Due July 1 as follows: $5,000 in 1942 and
1947, and $7,000 in 1952. Bidder to
bonds.
A certified check for
2%,
name a single interest rate
on all of the
payable to the order of the Borough
proposal. The bonds are issued subject to
approving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
Treasury,
year from 1938 to 1941, incl.
MARION TOWNSHIP RURAL
SCHOOL DISTRICT, Henry
County,
Ohio—BOND ELECTION—A special election
will be held on June
vote
to
LOWER BURRELL TOWNSHIP SCHOOL
DISTRICT
Premium
Fox, Einhorn & Co., Cincinnati
Weil, Roth & Irving Co., Cincinnati
Provident Savings Bank & Trust
Co., Cincinnati
First Cleveland
Corp., Cleveland
Seasongood & Mayer, Cincinnati
Assel, Goetz & Moerlein, Inc., Cincinnati
Stranahan, Harris & Co., Toledo
sold
11
purchase of $115,000 2
1963, inclusive.
FLATROCK
Philadelphia
2548.)
loan.
We learn that the bankers
paid a price of 95 for the issue, which is due as
follows: $500 Nov. 1, 1939, and
$500 May 1 and Nov. 1, from 1940 to
Florida), Ohio—BOND
Locust Street
&
Co., Cincinnati,
Co. of Toledo,
jointly, were awarded on May 25 a
of $24,500 water works
revenue bonds as 4
Ms.
Only one bid
for the
issue
was
$50,000
issue of 3% semlJune 2—V. 144, p.
County,
(This offering was
originally scheduled for May 31.—V. 144,
p.
EDGERTON, Ohio—BOND
$475,000
& Co.; Hemphill,
& Co.; Tripp &
McClearey, all of Portland: Richards & Blum, of Spokane; Baker, Fordyce
& Co., and Blankenship, Gould & Keeler, both of
Portland, at a price of
102.717, a basis of about 2.47%, to maturity. Dated June 15,1937.
Due
from June 15, 1938 to 1947, with the bonds
maturing from 1941 to 1947,
callable after June 15, 1940.
5,000 series C bonds.
Denom. $500.
Due $500 yearly on June 1 from
1938 to 1947, incl.
Dated June 1, 1937.
Interest payable June 1 and Dec. 1.
Certified
check for $500 required.
and Bliss Bowman &
set June
the question of issuing
Ore.—BOND SALE—The
Ohio—BOND OFFERING—Chas. K. Neal, Clerk of
the Board of Educa¬
tion, will receive bids untfl 8 p. m. June 9 for the
purchase of $35,000 5%
coupon building bonds, described as follows:
$15,000 series A bonds.
Denom. $1,000.
Due $1,000 yearly on Dec. 1
from 1938 to 1952, incl.
15,000 series B bonds.
on
ann. refunding improvement bonds offered for sale on
3548—was awarded to a syndicate composed of Blyth
Fenton & Campbell; Atkinson, Jones & Co.; Camp
AKRON, Ohio—BOND OFFERING— Sealed bids will be received
by
Don H. Ebright, Director of
Finance, until June 21 for the purchase of
$707,000 unlimited tax bonds.
Rll^CLl\SCHOOL
the date of
PORTLAND,
OHIO
CONCORD
as
street paving bonds.
must accompany each
NEW CASTLE, Pa.—BONDS
AUTHORIZED—An ordinance has been
passed authorizing the issuance of $70,000 coupon debt
funding bonds.
PENNSYLVANIA (State
of)—LOCAL
ISSUES
APPROVED— The
Department of Internal Affairs, Bureau of Municipal Affairs, has
approved
following local bond issues.
Information includes the name of the
municipality, amount and purpose of issue and date approved:
Leet Township, Allegheny
County; $15,000; grading, curbing and im¬
proving streets; May 18.
the
The Directors of the Poor of Coal
Township, $150,000 funding floating
indebtedness $119,226.04; construction of additional
buildings, $30,773.96;
May 19.
Arnold Borough, Westmoreland
County; $70,000; funding floating in¬
debtedness, $44,000; permanent street and sewer improvements,
$26,000;
May 21.
PENNSYLVANIA (State of)—NOTE OFFERING— Sealed bids will
be
received by the State Treasurer until
noon on June 15 for the
purchase of
$60,000,000 1M% series CT tax anticipation notes, dated June
1, 1937 and
due May 31, 1938.
ROCK WOOD,
passed
an
Pa .—BONDS AUTHORIZED—The Borough Council has
ordinance authorizing
the issuance of $23,000
bonds.
SOMERSET SCHOOL
DISTRICT, Pa.—BOND OFFERING—H. S.
Wollersberger, District Treasurer, will receive bids until 4 p. m. June 21 for
the purchase at not less than
par of $8,500 coupon bonds.
Bidders are to
of interest, making choice from
3M%,3M%.4%,4M% and 4 M %
Denom. $500.
Dated July 1, 1937.
Interest payable
name rate
semi-annually.
Due
to 1948, incl.
$500 July 1, 1940; and $1,000
yearly on July 1 from 1941
Cert, check for $500, payable to the
District, required.
R. J.
SOUDERTON,
EDWARDS, Inc.
Municipal Bonds Since
1892
Oklahoma
Ok Cy
City, Oklahoma
a
VOTED—An
SOUTH
awarded to Calvert & Canfield of
Oklahoma
bear 3% interest, the next
City.
The first $5,000 bonds
$3,500 3M%, and the last $16,500 4%.
beginning three
years after date of issue.
OREGON
DAYVILLE,
Ore.—BOND SALE—The $8,000 issue of
6% coupon
on May 29—V.
144, p. 3548—
purchased by the John Day Hardware Co. at
par.
No other bid was
semi-annual water bonds offered for sale
May 25
CAROLINA
SALE
DETAILS—It is now reported by
Cheatham, City Clerk and Treasurer, that the
$25,000 factory
building bonds purchased by the city, as noted here
recently—V. 144, p.
3724—were sold as 4s at par, and mature
$2,500 from May 1, 1938 to
Long Distance 158
OKLAHOMA
was
on
1947 incl.
19
MOORELAND SCHOOL
DISTRICT, Okla.—BONDS SOLD—The
$25,000 school building bonds offered on June
1—V. 144, p. 3723—were
Due $2,500 yearly,
held
sewers.
B.
CHARLESTON COUNTY (P. O.
will
election
bond issue of $123,000 for
ABBEVILLE, S. C.—BOND
R.
AT&T
Pa.—BONDS
resulted in approval of
Charleston), S. C.—BONDSALE—
The $175,000 issue of
county bonds offered for sale on June 1—V.
144, p.
3549—was awarded to a syndicate
composed of Lehman Bros, of New York,
Johnson, Lane, Space & Co. of Savannah, G. H. Crawford &
Co. of
Columbia, and Sea brook & Karow of Charleston,
paying par for the bonds
divided as follows: $125,000 as
3s, maturing on Dec. 15: $10,000, 1940;
$15,000, 1941 to 1946, and $25,000 in 1947; the
remaining $50,000 as 2Ms,
maturing $25,000 on Dec. 15, 1948 and 1949.
Net interest cost of about
2.90%.
GREENVILLE COUNTY (P. O.
Greenville), S. C.—BONDS AU¬
THORIZED—The General Assembly is
reported to have passed on May 20
authorizing the county to issue $350,000 in road and bridge im¬
the bill
provement bonds.
LANCASTER COUNTY (P. O.
Lancaster), S. C.—BOND OFFERING
—Sealed bids will be received
by Stafford B. Sapp, Chairman of the County
Board of Commissioners, until 11 a. m. on June
8, for the purchase of a
Volume
Financial
144
$250,000 issue of coupon road and bridge bonds.
Bidders are invited to
name the rate of rates of interest.
The award will be made to the highest
bid at the lowest rate of interest.
As between bidders naming the same
interest, the amount of premium will determine the award.
Dated
July 1, 1937.
Due $10,000 from Jan. 1, 1940 to 1964, incl.
Principal and
interest payable in iegai tender at the Central Hanover Bank & Trust Co.,
New York.
The purchasers shall be furnished with the approving opinion
rate of
of Nathans &
Sinkier of Charleston.
be
also shall
It is stated that the bonds are to
exempt from all taxes, State, county, school and municipal, and
be receivable at par by the County Treasurer, in payment of any
the county, provided that the bonds shall be receivable only
maturity of said bonds.
A $3,000 certified check, payable to G.
County Treasurer, must accompany the bid.
3879
Chronicle
375,000 3M% bonds, dated May 1, 1928. Lue on May 1, 1943. Num¬
bers 2,626 to 3,000.
1,000,000 4341 bonds, dated May 1, 1928. Numbers 1 to 1,000.
Due on
May 1, 1943.
Denom.
TEXAS
taxes due
after the
O. Mobley,
LAURENS SCHOOL DISTRICT NO. 1 (P. O. Laurens), S. C.—
BOND SALE—The $22,500 coupon refunding bonds offered on June 3—V.
144, p. 3549—were awarded to the Robinson-Humphrey Co. of Atlanta,
with all unpaid coupons at
City, or at the office of the
interest upon presentation
Bank & Trust Co., New York
Treasurer.
the Chemical
State
101% of their face
These bonds will be redeemed at
$1,000.
value and accrued
(P. O. Odessa), Texas—BOND OFFERING— Sealed
bids will be received until June 14, by Carl Akin, County Clerk, for the
purchase of an issue of $150,000 court house bonds.
ECTOR COUNTY
.
3Ms, at par plus a premium of $33.60, equal to 100.149, a basis of about
3.73%. Due $1,500 yearly on July 1 from 1938 to 1952, incl. G. H. Craw¬
ford & Co. of Columbia submitted the next high bid, offering a premium of
$15, for $6,500 4s and $16,000 3Ms.
SOCASTEE HIGH SCHOOL DISTRICT No. 6 (P. O.
„
Conway),
14, by
purchase of an
S. C.—BOND OFFERING—Sealed bids will be received until June
L.
E.
Singleton, Chairman of the School Board, for the
$11,000 issue of school bonds.
SOUTH
State of—CERTIFICATE OFFERING—Sealed
(E. S. T.) on Jure 15 by E. P. Miller, State
CAROLINA,
bids will be received until
noon
Treasurer, for the purchase of a $4,000,000 issue of State highway certifi¬
cates of indebtedness.
Bidders are invited to name the rate of interest
which the certificates are to bear.
The rate must be a multiple of M of 1 %,
and must be the same for all the certificates bid for.
Denom. $1,000.
Dated June 1,
Due $400,000 from June 1, 1940 to 1949,
1937.
certificates will be issued in coupon form with the privilege
incl.
The
of registration
principal only or as to both principal and interest. Prin. and int. will
be payable at the State Treasury, or at the agencies of the State in Charles¬
ton and New York.
The certificates will be awarded to the bidder offering
to take them at the lowest rate of interest at a price not less than par and
accrued interest. Purchasers will be furnished with the approving opinion
as
to
Hoyt & Washburn of New York, such opinion to
A certified check for 1% of the amount of
for, payable to the State Treasurer, is required.
of Reed,
the purchaser.
be paid for by
certificates bid
(This report supplements the tentative offering notice given
3724.)
in these
columns recently—V. 144, p.
GOVERNOR
SIGNS
BILL
FOR
IMPROVEMENTS—W
COLLEGE
quote in part as follows from the Columbia "State" of May 19
"Announcement was made yesterday by Governor Johnston that
tory at State Negro College at Orangeburg, $75,000; total, $1,356,000.
"The obligations are to be met from revenue derived from an increase in
the liquor tax—the tax is increased from 80 cents to 96 cents on the gallon,
beginning May
80-cent
the Ways and Means
going to notify heads of all the institutions that
come under this Act, requesting them to meet with me and talk over plans
of construction.
I am of opinion that the Federal Government might
reduce the amount of the State appropriation by possibly as much as 45% ,
thus leaving the State to appropriate only 55% of the total.
'The main purpose in conferring with the institutions' heads,' he said,
'is to discuss the matter of receiving, possibly, Federal funds.'
"The increased liquor revenue will go into the State school fund, and the
income tax revenue will be called upon actually for meeting these obliga¬
tions, the transfer of funds being made without any particular difficulty."
"As the Governor signed the measure—a bill from
'I
am
"
HOWE SCHOOL DISTRICT, Texas—BOND ELECTION—The School
as the date of a special election at which a proposed
KERRVILLE
SCHOOL
DISTRICT,
Texas—BONDS VOTED—A
$100,000 bond issue for school construction and remodeling purposes was
approved at a recent election.
LLANO COUNTY (P. O. Llano), Texas—BOND VOTED—At the
on May 22—Y. 144, p. 3381—the voters are said to have ap¬
proved the issuance of the $35,000 in bonds, divided as follows: $25,000
agriculatural building, and $10,000 road and bridge bonds.
election held
NUECES COUNTY NAVIGATION DISTRICT
the district.
SAN
ANGELO, Texas—BOND SALE—An issue of $23,000 refunding
Dallas at a price of 107.78.
bonds has been sold to Garrett & Co. of
SAN ANTONIO,
Texas—BOND OFFERING DETAILS—In
bonds mature
follows:
as
„
$100,000 fire station building bonds.
1957, inclusive.
60,000 police and fire station bonds.
local investors.
$30,000
issue
of
coupon
works extension and improvement bonds offered for sale on June 1
144, p. 3381—was awarded to Jack M. Bass & Co. of Nashville, as
3Ms, paying a premium of $262.50, equal to 100.875, a basis of about
3.67%.
Dated June 1, 1937. Due $1,000 from June 1, 1938 to 1967, incl.
water
1, 1938 to
1953 to 1957.
COUNTY ROAD DISTRICT NO. 5
(P. O. Odem)
election will be held on
of $100,000 in road construction
bonds.
OFFERING—It
Texas—BOND
VICTORIA,
is reported that sealed
John D. Snegir, City Secretary, for
of $101,000 street improvement bonds.
bids wiil be received until June 14, by
the purchase of an issue
UTAH
DUCHESNE COUNTY (P. O. Duchesne) .Utah—BONDS REFUNDED
—The School Board has arranged with the Lauren W. Gibbs Co. of Salt
Lake
City for the refunding of $69,500
school bonds.
$10,000
O.
Waverly), Tenn.—INTEREST
$30,000 funding
Bank of Waverly, at a price of 100.58, as
3724—were sold as 3 Ms, giving a basis
Due $3,000 from May 1, 1938 to 1947, incl.
(P.
RATE—It is now reported by the County Judge that the
NORFOLK, VA., Terminal 4i/2s
bonds purchased by the Citizens
noted here recently:—V. 144, p.
Due
(P. O. Ripley), Tenn.—BOND SALE—
The $100,000 issue of refunding bonds offered for sale on May 24—V. 144,
p. 3549—was purchased jointly by the First National Bank and the Union
Planters National Bank & Trust Co., both of Memphis, as 4s, at par.
Sept. 1,
1972
@ 3.75% basis
COUNTY
F. W. CRAIGIE &
yearly on May 1 from 1938 to 1957, incl.
These bonds, in the opinion of
are direct general obligations of the county, payable from an
unlimited ad valorem tax.
Legality of the issue is to be approved by
Charles & Trauernicht of St. Louis.
counsel,
Tenn.—BOND OFFERING—
sealed bids will be received until 2 p. m. on June 8 by
Judge, for the purchase of an $80,000 issue of refund¬
MADISON COUNTY (P. O.) Jackson),
A. W. Wilde, County
BONDS OFFERED FOR INVESTMENT—The
above syndicate reoffered
bonds for public subscription at prices to yield from 2.25% to
3.60%, according to maturity. It is said that the entire issue has been sold.
TENNESSEE, Stat© of—BOND CALL—It is announced by Governor
the following bridge bonds, authorized by Chapter 1,
1927, are being called for redemption on July 1, on which date
interest will cease,
m_
Kg
Gordon Browning that
Public Acts of
__
_
$1,000,000 4M% bonds, dated July'l, 1927.~*Niftmbers 1 to
on July 1, 1942.
1,625,000 4%lbonds, dated May 1, 1928. Numbers 1,001 to
on May 1, 1943.
1,000.
Due
2,625.
Due
Va. 83
VIRGINIA
CULPEPER, Va .—BOND SALE—The $97,000 electric light and power
refunding bonds offered on June 1—V. 144, p. 3382—were awarded to the
Culpeper National Bank of Culpeper at a price of par for 2s. Dated June 1,
1937. Due $15,000 each six months from Dec. 1, 1938 to Dec. 1, 1940, and
$22,000 June 1, 1941. Mason-Hagan, Inc. of Richmond and the Kanawha
Valley National Bank each bid par for 2 Ms.
FRONT
the said
A. T. T. Tel. Rich.
Phone 3-9137
ing bonds.
MEMPHIS, Tenn .—BOND SALE—It is stated by D. C. Miller, City
Comptroller, that the $3,000,000 issue of coupon electric plant bonds offered
for sale on June 1—V. 144, p. 3221—was awarded to a syndicate composed
of the Mercantile-Commerce Bank & Trust Co. of St. Louis, the Union
Planters National Bank & Trust Co.; the First National Bank, both of
Memphis; John Nuveen & Co. of Chicago; Braun, Bosworth & Co. of
Toledo; Stern Bros. & Co. of Kansas City; Wheelock & Cummins, of Des
Moines; Bacon, Stevenson & Co. of New York; the Federal Securities Co. of
Memphis; the Provident Savings Bank & Trust Co.; the Weil, Roth &
Irving Co., both of Cincinnati; Lobdell & Co. of New York; the RobinsonHumphrey Co. of Atlanta, and Dulin & Co. of Los Angeles, as 3 Ms, pay¬
ing a premium of $31,800, equal to 101.06, a basis of about 3.67%.
Dated
June 1, 1937.
Due on June 1 from 1942 to 1966, inclusive.
COMPANY
Richmond, Va.
INVESTORS—We understand that the First
National
Bank
of
Memphis and its
associates, are offering to in¬
vestors at prices ranging from 101 to 98, an issue of $100,000 4% refunding
bonds.
Denom. $1,000.
Dated May 1, 1937.
Principal and semi-annual
interest payable at the Chase National Bank, New York.
Due $5,000
BONDS OFFERED TO
It is reported that
Due $3,000 from July
June 12 in order to vote on the issuance
—V.
LAUDERDALE
„
1947; $17,000, 1948 to 1952, and $18,000,
COWAN, Tenn.—BONDS SOLD—It is stated by the Town Records
bonds approved in April by Charles
purchased by
of about 3.13%.
J
inclusive
1957
& Trauernicht of St. Louis, as noted in these columns, were
COUNTY
"
Due $5,000 from July 1, 1938 to
12,000 health building bonds. Due $1,000 from July 1,1938 to 1949, incl.
30,000 airport bonds.
Due on July 1 as follows: $1,000, 1938 to 1947,
and $2,000, 1948 to 1957, all inclusive.
30,000 bridge construction bonds.
Due on July 1 as follows:
$1,000,
1938 to 1947, and $2,000, 1948 to 1957, all inclusive.
45,000 street improvement bonds.
Due on July 1 as follows:
$2,000,
1938 to 1952, and $3,000, 1953 to 1957, all inclusive.
48,000 sewer construction bonds.
Due on July 1 as follows:
$2,000,
1938 to 1949, and $3,000, 1950 to 1957, all inclusive.
The entire issue of $325,000 matures on July 1 as follows;
$15,000,1938
that the $30,000 5% municipal building
HUMPHREYS
connection
scheduled for June 10, of the various issues of bonds,
aggregating $325,000, notice of which was given in these columns recently
—V. 144, p. 3725—it is stated by James Simpson, City Clerk, that the
with the offering
SAN PATRICIO
Tenn.—BOND
OFFERING
POSPONED— It is
stated by F. K. Rosamond, City Auditor, that due to the fact the Federal
Government may participate in building the city hospital the sale of
$634,000 not exceed 6% semi-ann. public improvement bonds, which had
been scheduled to take place on June 11, has been temporarily postponed.
SALE—The
connection with the
Texas—BOND ELECTION—It is stated that an
CHATTANOOGA,
Tenn.—BOND
NO. 1 (P. O. Corpus
offering scheduled for 3 p. m. on June 15 of the 4% coupon dock construc¬
tion revenue notes, noted in these columns recently—V. 144, p. 3725—we
are informed by L. M. Adams, Port Director, that the maximum amount of
the issue is $300,000, but it will probably be much less.
Due serially for
10 years, 10% annually.
Callable after three years at 104 plus interest.
Principal and interest payable at the State National Bank, Corpus Christi,
or the Chase National Bank, N. Y. City.
Legality to be approved by
Chapman & Cutler of Chicago.
The notes are payable out of net revenue of
to
FRANKLIN,
DISTRICT (P. O. McCamey),
been taken by
McCAMEY INDEPENDENT SCHOOL
Texas—BOND SALE—An issue of $272,000 4% bonds has
Due in 12 years.
the State Board of Education.
VEBLEN, S.^D.—WARRANTS CALLED—A.. F. Steen, City Treasurer,
is said to have called for payment the following warrants
water fund,
Nos. 2856, 2884, 2885.
Rent fund, Nos. 2919, 2921, 2930, 2953, 2940,
2957, 2947, 2925 and 2966.
TENNESSEE
Texas—BOND
J.
$25,000 school building bond issue will be voted upon.
DAKOTA
SOUTH
S.
Board has set June 9
$269,000.
Committee—he said
DISTRICT,
SCHOOL
INDEPENDENT
Alexander, President of the School Board, will
June 10, for the purchase at not less than par of
$15,000 schoolhouse bonds, bearing interest at3M %,4% or 4 H%. Denom.
$300.
Dated June 10, 1937.
Principal and interest payable at plactf of
purchaser's choice.
Due on June 10 as follows; $300, 1939 to 1943; $900,
1944 to 1949; $300, 1950 and 1951; $600,1952; $900, 1953 and 1954; $1,200,
1955; and $1,800, 1956 and 1957.
Bidders are to name rate of interest, in
a multiple of M%, but not to exceed 5%.
The district will furnish the
printed bonds, and the approving opinion of Chapman & Cutler of Chicago.
(This supplements the report which appeared in V. 144, p. 3725.)
19.
tax, it was said, brought in approximately $1,325,000;
Senator Thurmond estimated the 16-cent boost would bring in an additional
"The
HEARNE
OFFERING—Dr.
receive bids until 2 p. m.,
Christi), Texas—NOTE OFFERING DETAILS—In
he had
signed the so-called 'college* bill, which would authorize the issuance of
State certificates of indebtedness for $1,350,000, the money to be used for;
"Textile building at Olemson, $300,000; library and administration build¬
ing at University of South Carolina, $325,000; auditorium or classroom
building at Winthrop, $350,000; barracks at The Citadel, $300,000; dormi¬
$36,000 water
EDEN, Texas—BONDS VOTED—A proposition to issue
tvas approved by the voters at a recent election.
well bonds
as
ROYAL,
Va .—BOND
in rayon
ELECTION INDEFINITE—In con¬
the issuance of $100,000
calling of an election to vote on
plant bonds, mentioned in these columns
nection with the
by L. B. Dutrow, Town Manager,
been deferred indefinitely.
early in April, it is stated
that the issuance of these bonds has
SUFFOLK, Va .—BOND OFFERING—Sealed bids will
be received until
June 17, by R. H. Brinkley, City Manager
for the purchase
7:30 p. m. on
$70,000 issue of coupon or registered public improvement bonds.
In¬
terest rate is not to exceed 4 %, payable J. & D.
Rate to be stated in multiple
of M of 1 %.
All bonds shall bear the same rate of interest and shall be bid
of
a
better. Denom. $1,000. Dated June 1, 1937. Due on June 1 as
1941 to 1945, and $3,000 from 1946 to 1965, incl. Prin
payable at the City Treasurer's office. The bonds will be prepared
at par or
follows: $2,000,
and int.
by the Continental Bank & Trust Co., New York, who will also certify as
genuineness of the signatures and seals. Legality will be approved by
Reed, Hoyt & Washburn, of New York, whose opinion will be furnished
the purchaser.
A certified check for $1,400, payable to George S. Swain,
City Treasurer, must accompany the bid.
.
It is stated that these bonds are unlimited obligations of the city and are
to the
exempt from all city taxes.
No specific property tax is
imposed thereon
by the State of Virginia, under existing laws.
VIRGINIA.
State of—CERTIFICATE
coupon or registered
on June 4—V.
144,
Parsons
&
SALE—The $478,000 issue of
refunding certificates of indebtedness offered for sale
p. 3550—-was awarded to Lehman Bros., Graham,
Co., all of New York, jointly.
Co., and Hemphill, Noyes &
3880
Financial
Chronicle
June 5,
1937
at
2%, plus a premium of $6,252.24, equal to 101.283, a net interest cost
of about 1.86%.
Dated July 1, 1937.
Due on July 1, 1947.
The next highest bid was an offer by Salmon Bros. &
Hutzler, of New
York, of $5,458.76 premium on a rate of 2%.
VIRGINIA, State of—CURB
—State officials have decided
to
ON
TAX DELINQUENCIES
terminate the extensions
Canadian Municipals
SOUGHT
through which
Information and Markets
tax delinquent lands and other real estate are
redeemable for the amount
of taxes.
Redemption of property for payment of tax delinquencies has
been extended during the past six years and terminates on
July 1.
Hereafter properties will be sold by the State for
delinquent taxes, plus
interest on the delinquency at the rate of
12% annually,Delinquents are billed in an effort to speed redemptions, money from which
is divided by the State and counties.
BRAWLEY, CATHERS & CO.
accumulated
ALBERTA
Washington—Oregon—Idaho—Montana
<Driunttifa Ehrliclunan & IDhiti?
SEATTLE
SAN
ST.
WEST, TORONTO
ELGIN
6438
CANADA
NORTHWESTERN MUNICIPALS
Teletypes SEAT 187, SEAT 188
KING
26
FRANCISCO
I
I
Teletype SF 296
(Province
of)—JUNE
1
BOND
MATURITY
DE¬
FAULTED—The province failed to meet a maturity of $1,650,000 bonds on
June 1, marking the third default on its obligations in a little more than a
year.
Issues previously in default were $3,200,000 on April 1, 1936 and
$1,250,000 on Nov 1, 1936.
The June 1 default was different from the
previous two in that the bonds were payable in New York City as well as
in Canada.
In announcing on May 31 the impending default, Provincial
Treasurer Solon Low stated that the Bank of Canada had declined to loan
the required funds on the ground that no statutory authority provided for
a grant and the bank's policy is to make advances
only for a general
rehabilitation of a province's finances.
The treasurer expressed the hope
such
that
a "general refunding operation" could be
arranged to cover all of the
province's $160,000,000 debt.
The $1,650,000 of defaulted bonds will
2M%. 50% of the contracted rate, according
WASHINGTON
KITTITAS
TRICT
COUNTY
BOND
(P.
O.
Ellensburg),
OFFERING—Sealed
bids
continue to draw interest at
Wash.—SCHOOL
DIS¬
p. m.,
KITTITAS COUNTY (P. O. Ellensburg), Wash.—SCHOOL DIS¬
TRICT NO. 12 BOND OFFERING—Sealed bids will be received
by James
Snowden, County Treasurer up to 2:30 p. m., June 19 for purchase of
$35,000 serial bonds of School District No. 12 for thejpurpose of
M.
constructiong
grade school building.
a
Bonds to be dated when sold and delivered and
one upward consecutively and to be in
denoms. of
multiple of $100 but not less than $100 nor more than $1,000; said
be numbered from
to
some
to
report.
wi.l
be received by James
H.
June 19 for purchase of $3,000
serial bonds of School District No. 8 of Kittitas
County, for the purpose of
constructing a school house.
Bonds to be dated when sold and delivered,,
and to be in denoms. of some multiple of $100 but not
less than $100 or more
than $1,000; said bonds shall bear a rate of interest not
to exceed 6%,
payable semi-annually.
Said bonds shall run for a period of 20 years and
may be redeemed after 10 years at option of the board of directors.
Bonds
and interest shall be payable at office of
County Treasurer.
All Dids,
excepting the bid of State of Washington, shall be accompanied by a
deposit
of 5% either in cash or certified check of the amount
of bid.
Snowden, County Treasurer, until 2
bonds to bear a rate of interest not to exceed
4% per annum payable semi¬
annually.
Said bonds shall run for a period of 20 years with no optional
privilege.
Bonds and interest shall be payable at office of County Treasurer.
All bids, excepting the bid of the State of
Washington shall be accompanied
by a deposit of 5% either in cash or certified check of the amount of bid.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 116
(P. O. Okano¬
Wash.—BOND OFFERING—Sealed bids will be received until 11
gan)
m. on June 15, by V. B. White, County
Treasurer, for the purchase of a
$27,750 issue of school bonds.
Interest rate is not to exceed
6%, payable
semi-annually. Denomination of bonds to be a multiple of $100. Due in
from two to 20 years after date of
issue, optional at any time after 10 years
from the date thereof.
Principal and interest payable at the County
a.
DEBT ACT HELD
INVALID—The Alberta Appeal Court has upheld
the ruling of Supreme Court Justice Ives, issued in February, holding the
Province's Reduction and Settlement of Debts Act unconstitutional.
CANADA (Dominion of)—TREASURY BILLS SOLD—The Dominion
borrowed $20,000,000 on May 31 through the sale of three-months
Treasury
bills on an average yield of 0.678 %.
CANADA (Dominion of)— FILES WITH SEC—The Government of
the Dominion of Canada hits filed application with the Securities and Ex¬
change Commission for permanent registration on the New York Stock
Exchange of $30,000,000 2M% bonds due in 1944 and $55,000 3% bonds
due in
1967.
EDMONTON, Alta.—VOTES TAX ON PROFITS OF UTILITY SYS¬
TEMS—The city has approved a proposal to tax city
utility profits to the
extent of $630,115, which will be deducted from the 1937 estimated
surplus
of $1,105,000.
The taxation plan has been approved by the Finance Com¬
mittee of the City Council as sound business
practice.
The committee
points out that to show a true profit city utilities should be subject to taxa¬
just as any privately-owned enterprise in the city.
One advantage of
the tax, it has been pointed out, is to reduce the amount that would be
taxable by senior governments if they should decide at
any time to tax
municipal utility profits.
I
The total tax levy of $630,115 for 1937 is made
up as follows: Electric
light, $135,822; power plant, $142,012; street railway,
$119,568:
tele¬
phones, $116,712; waterworks, $116,000.
tion
HAMILTON,
Ont.—BOND SALE CORRECTION—'The $2,482,673
bonds awarded May 27 to the Bank of Montreal and associates at a
price
of
Treasurer's office. Purchaser of said bonds will be required to furnish blank
bonds and will be expected to pay the cost of examination of
the exhibits in
98.054, include $2,000,000 3Ms due serially in from 1 to 20 years and
$482,673 2Ms, due in from 1 to 10 years.
It was previously reported that
both series carried 3M% coupons.—V. 144,
p. 3726.
Other bids were as
connection with such
follows:
required
as
bond issue.
A certified check for 5%
of the bid is
VANCOUVER, Wash.—BONDS AUTHORIZED—'The City Council has
adopted
an
ordinance authorizing the issuance of $850,000
municipal water
system special revenue bonds.
WHATCOM COUNTY
(P. O. Bellingham), Wash.—BOND SALE—
The $47,000 issue of funding bonds offered for sale on
May 28—V.
3382—was awarded to the National Bank of Commerce, of
p.
144,
3s,
equal to 100.31, according to the County
Seattle,
paying
premium of $145.70,
Treasurer.
a
as
WISCONSIN
CALUMET
COUNTY
(P.
O.
Chilton),
Wis.—
The
$40,000 3% highway improvement bonds offered
—were
on June 1—V. 144, p. 3550
awarded to the Commercial Bank of Chilton at par
plus a premium
of
$1,851, equal to 104.6275, a basis of about 2.55%.
Dated Aug. 1, 1936.
Due Aug. 1, 1949.
Halsey, Stuart & Co. of Chicago bid a premium of
$1,728.
GREEN
LAKE COUNTY (P. O. Green
Lake), Wis.—BONDS AU¬
THORIZED—The County Board of Supervisors has authorized the issuance
of $45,000 garage
building bonds.
Rate Bid
R. A. Daly & Co. and associates
J. L. Graham & Co. and associates
I
97.74
97.42
97.169
96.266
_
Royal Securities Corp. and associates
Dominion Securities Corp. and associates
_r
_■___;
HULL, Que.—RELIEF OUTLAY OCCASIONS DEFICIT— Due to
heavy outlay for direct relief, the city had a deficit of $17,902 in the year
ended April 30.
Gross revenue for the year amounted to $738,082 and
expenditures totaled $750,082.
Mayor A. Moussette, in commenting upon
the results for the year, pointed out that there was
very definite improve¬
ment over 1935 and expressed confidence that
1937-38 will see a balanced
civic budget.
KENTVILLE, N. S.—BOND SALE— R. A. Daly & Co. of Toronto
recently were awarded a new issue of $25,000 4% bonds at a price of 100.32,
a basis of about 3.94%.
Due in 1957.
Other bids were as follows:
.
Bidder—
Rate Bid
Royal Securities Corp
_•
J. C. Mcintosh & Co-
(P. O. Lime Ridge), Wis.—BOND OFFERING—Glenn B.
Kinsman, Town Clerk, will receive bids until 2 p.m. June 11 for the pur¬
chase of $40,000 3% coupon town highway improvement
bonds.
Denom.
$500.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
Scotia
Bond
Corp
Cornell, McGillivray, Ltd
Eastern
the Town Treasurer's office.
Due $4,000 yearly on June 1 from 1939 to
1948, inclusive.
Certified check for 3% of amount of bonds, payable to
the Town Treasurer, required.
Town will pay for printing of bonds.
MARINETTE COUNTY <P. O.
99.03
Securities Co
98.87
98.76
3^ % semi-ann.
KITCHENER,
Ont .—FIRST QUARTER
REVENUES
HIGHER—
Revenue receipts to the end of April were $16,570
higher than in the first
of 1936.
The increase is accounted for in part
by a higher
four months
taxrate.
Total receipts for the period amount to
$378,766.
The biggest item in
this total is current and prepaid taxes of $290,687.
Collections of arrears
of taxes total $65,167.
Marinette), Wis.—BOND OFFERING
—Sealed bids will be received until 2 p. m.
(Central Standard Time) on
June 7, by Geo. E. Costello, County Clerk, for the
purchase of a $70,000
highway improvement bonds.
Denom. $1,000.
Dated June 1, 1937.
Due on June 1, 1942.
A certified check for $1,000,
payable to Bernard M. Stehle, County Treasurer, must accompany the bid.
(We reported recenlly in these columns the authorization of the above
bonds—V. 144, p. 3726.)
RACINE COUNTY (P. O. Racine), Wis .—BOND SALE DETAILS—
now reported by Lennie
Hardy, County Clerk, that the $150,000 relief
99.73
99.52
.99.31
Nova
T. C. Douglas, Ltd..
I RONTON
issue of
Bidder—
security.
Current
same
expenditures in the first four months were lower than in the
period of 1935, amounting to $396,879 as compared with $413,539
last year.
UTILITIES INCOME HIGHER-—The city
reports that its electric
light department had a surplus of $34,944 on 1936 operations after all
charges including bond interest and depreciation.
The gas department
had a surplus of $2,437.
The street railway showed a net loss of $1,039
after making provision for debenture interest but before
provision for
depreciation.
It is
bonds purchased jointly by the Bancamerica-Blair
Corp., and T. E. Joiner
& Co. of Chicago, as noted in these columns
recently—V. 144, p. 3726—
were sold as 2 Ms, for a
premium of $317.75,
equal to 100.21,
2.71%.
Due $15,000 from 1938
WAUWATOSA,
a
basis of about
to 1947 incl.
Wis.—BOND
SALE—The
$237.75, equal to 100.317,
15, 1938 to 1947, inclusive.
a
issue
of
special
basis of about 2.41%.
Due from March
WINFIELD
tion held
was
on
(P. O. Reedsburg), Wis.—BONDS VOTED—At an elec¬
May 18 a proposition to issue $44,000 road construction bonds
approved by the voters.
WOODLAND,
of 40% in interest payment on all of the
city's outstanding bonds.
Bondholders have until June 20 to protest the
order, in which event the
decree will automatically be nullified as provided in
Provincial
tion
$75,000
assessment fund first series bonds offered for sale on June
1—V. 144, p. 3550
—was awarded to the Bancamerica-Blair
Corp. as 2Ms, paying a premium
of
MOOSE JAW, Sask.—TWO ISSUES RFMOVED FR( M
LONDON QUO¬
TATION LIST—Two sterling bond issues of the
city have been removed
London Stock Exchange quotation lists as a result of the recent
order of the Saskatchewan Municipal Board
directing an immediate reduc¬
from the
board's
legislation.
PARIS, Ont.—BOND SALE—Isard, Robertson & Co. of London, Ont..
recently purchased an issue of $6,079 3 M% improvement bonds at a
price
of par.
Due serially from 1938 to 1947 incl.
PICTOU, N. S.—BOND SALE—Irving, Brenann & Co. of Halifax
purchased
Wis.—BOND
SALE—The town has sold an issue of
$45,000 4% road surfacing bonds to the Channer Securities Co. of
Chicago
at par plus a premium of $251,
equal to 100.557.
an
REGINA,
THERMOPOLIS SCHOOL DISTRICT NO.
9, Wyo.—BOND OFFER¬
ING—R. M. Richmond, Clerk of the Board of
Trustees, will receive bids
until 8 p. m. June 28 for the purchase of
$97,600 bonds. Denom. $1,000 or
multiples thereof, except bond No. 1 for $600. Dated July 1, 1937. Certified
check for $3,000 required.
The district will furnish
approving opinion and
blank bonds.
% street paving bonds at
Sask.—IMPROVEMENT
IN
TAX
a
has
price of 95.27.
COLLECTIONS—Tax
collections in the first four months of the
year were $24,100 higher than in
the corresponding period of 1936,
amounting to $154,422.
Sales of tax
prepayment
WYOMING
GOSHEN COUNTY SCHOOL DISTRICT NO. 15
(P. O. Huntley),
Wyo— BOND OFFERING—J. B. Fuller, Clerk of the Board of
Trustees,
will offer at public auction at 3 p. m. June 18 an
issue of $39,000 bonds.
Sale will not be made at less than par.
Interest rate is not to exceed 3M %.
Denoms. $1,000 and $500, to suit the purchaser.
Dated July 1, 1937
Interest payable Jan. 1 and July 1. Due on
July 1 as follows: $1,00.), 1938
to 1944; $1,500, 1945 to 1952; and
$2,000, 1953 to 1962. Certified check
for 5% of amount of bonds, required.
The district will furnish the
printed
bonds and the legal opinion of a recognized
municipal bond attorney.
(This supplements a report which has already appeared in these columns—
V. 144, p. 3726.)
issue of $33,000
also
coupons
increased,
amounting
$346,400,
to
with $303,978 in the first four months of 1936.
ST.
compared
THOMAS, Ont .—REPORTS
GAIN IN TAX COLLECTIONS—The
city reports a slight increase in percentage collections of taxes.
Collections
on
the
current
roll
to
the
end
of
April amounted
to
52.2%
of the levy,
compared with 47.5% in the same period of 1936.
Total collections, in¬
cluding arrears, amounted to 58.2% of the levy,
compared with 54.5%
last year.
WESTMINSTER
TOWNSHIP,
Ont.—BOND
Securities Corp. of London,
was awarded
school
a
bonds
at
a
Ont.,
price of 99.67,
basis
in from 1 to 10 years.
an
SALE— The Midland
issue of $10,400 3M%
of about 3.57%.
Due serially
______
WINDSOR,
Ont .—OPERATING SURPLUS
The city reports that total
revenue
in
1936
OF
$563,201
amounted
FOR 1936—
to
$7,409,997 and
surplus of $563,201.
expenditures to $6,846,796, leaving an operating
Receipts exceeded estimates and expenditures were lower than
provided
for by the budget.
Collections of current taxes and arrears amounted to
$4,554,794, while penaltias and interest aggregated $104,558.
At the
end of 1936 the city had
a
surplus account of $4,053,821.
@FedFRASER