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ADM,
ftr
COPYRIGHTED IN 1937 BY WILLIAM B. DANA
COMPANY, NIIW YORK.
ENTERED A3
SECOND-CLASS MATTER JUNE 23, 1879, AT THE
POST OFFICE AT NEW YORK,
6
L^0j.
NEW YORK, UNDER THE ACT OF MARCH », 1S79,
Co.,Publishors,
NO. 3751.
Sta., N.Y.City
William B.Dana
vol. 144.iMu,d w;;Kvrcw~
new york, may 15,1937
William cor. Spruce
BROOKLYN TRUST
NATIONAL BANK
COMPANY
Chartered
CHASE
THE
OF
1866
OF
CITY
THE
YORK
NEW
Kidder, Peadody & Go.
McLaughlin
V.
George
BOSTON
YORK
NEW
President
a
tra-
bankers' bank*
BROOKLYN
YORK
Member
chase is
ditionally
PHILADELPHIA
NEW
The
For
Insurance
Deposit
Corporation
Federal
years
many
served
it has
large number
a
of banks and bankers
as
New York
Euro Bank
depository.
reserve
Member Federal Deposit Insurance
Corporation
®
«IH1
UnionlrustCo.
SAN
Member Federal
correspondent
and
COMMERCIAL BANKERS SINCE 1852
FRANCISCO
Deposit Insurance Corporation
RESOURCES OVER
$200,000
The
FIRST BOSTON
Government
BOSTON
NEW YORK
SAN FRANCISCO
CHICAGO
European
The First
Securities
PRINCIPAL CITIES
AND OTHER
Hallgarten & Co.
United States
CORPORATION
Correspondents
British American
Brown Harriman & Co.
Incorporated
Corporation, Ltd.
Established J8S0
3
63 Wall Street,
Lombard Street
Boston
NEW YORK
Argentine
London
Chicago
Representative
Av» R. Saenz Pena
New York
Telephone: BOwling Green 9-5000
LONDON
Chicago
Philadelphia
San Francisco
Representatives in other leading
567, Buenos Aires
Cities
throughout the United States
WERTHEIM & CO.
New York
Amsterdam
London
& Co.
CARL M. LOEB
61
Amsterdam
Company
Capital Funds
YORK
Berlin
London
.
.
$37,500,000
Barr Brothers & Co.
INC.
BROADWAY
57TH ST. &
40TH ST. &
EDWARD B. SMITH & CO.
FIFTH AVE.
United States Government
MADISON AVE.
SECURITIES
NEW YORK
State
New York
31 Nassau Street
LONDON
-
Municipal
Industrial
BOSTON
PHILADELPHIA
Chicago
New York
Paris
IOO
CLEVELAND
Municipal Bonds
New\orkTrust
BROADWAY
NEW
State and
The
v
120 Broadway
European
8
Representative's Office:
KING WILLIAM
Railroad
-
Public Utility
BONDS
STREET
LONDON, E. C. 4
Correspondent
R.W.Pressprich&Co.
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Members New York Stock
Federal Reserve System,
York Clearing House Association
Member of the
the New
and of
the Federal Deposit Insurance
Corporation
New York
Chicago
Exchange
Philadelphia
San Francisco
Financial
Chronicle
May IS, 1937
BAKER, WEEKS
A. Becker & Co.
G.
&HARDEN
Incorporated
J. & W.
Investment Securities
Established 1893
Seligman & Co.
Members
New York Stock Exchange
New York Curb Exchange
Investment Securities
No.
Philadelphia Stock Exchange
52 WALL
And
Other
London
Commercial Trust Bldg., Philadelphia
Chicago
Street
YORK
STREET, NEW YORK
Graybar Building, New York
New York
Wall
NEW
Chicago Board of Trade
Commercial Paper
54
Correspondents
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Cities
SELIGMAN
BROTHERS
52, Avenue des Champs-Elysees, Paris
Foreign
Leading Out-of-Town
Australasia and New Zealand
Investment Bankers and Brokers
BANK OF
NEW SOUTH WALES
BIRMINGHAM
(ESTABLISHED 1817)
NEWARK
MARX & CO.
New Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
(With which the Western Australian Bank
Australian Bank of Commerce, Ltd. are
and
The
amalgamated)
Paid up Capital
Reserve Fund
P
Reserve Liability of
£8,780,000
6,150,000
8,780,000
Proprietors
BIRMINGHAM, ALABAMA
£23,710,000
SOUTHERN
MUNICIPAL
AND
J. S. RIPPEL & CO.
18 Clinton St.
Newark, N. J.
CORPORATION BONDS
PALM
BEACH
AND
WEST
PALM
BEACH
DETROIT
Specializing in
Aggregate Assets 80th Sept., 1936. £115,150,000
A. C. DAVIDSON, General
Manager
780 BRANCHES AND AGENCIES in
the
Australian States, New
Zealand, Fiji, Papua,
Mandated Territory of New Guinea, and
London.
The Bank transacts
every description of Aus¬
tralasian
Banking Business.
Wool
and
other
Produce Credits arranged.
Head Officet
29 Threadneedle
MICHIGAN MUNICIPALS
47
and
CORPORATION BONDS
WATLING, LERCHEN & HAYES
George Street, SYDNEY
London Offlcest
FLORIDA BONDS
CARLBERG & COOK, INC.
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
the U. S. A.
-
Palm Beach—West Palm
Beach, Fla.
Bell
System Teletype: W-Palm Beach No. 84
Members
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
834 BUHL
ST.
BLDG.,
LOUIS
DETROIT
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chlei Office ID New Zealand:
Wellington
Sir James
Grose, General Manager
Moorgate, London, E. C. 2, Eng.
Subscribed Capital
£6,000,000
Head Office: 8
PUBLIC UTILITY BONDS
St/x
4
Co.
Paid up Capital
Charles A. Parcel Is & Co.
£2,000,000
.
Reserve Fund...
SAINT LOUIS
£1,000,000
Currency Reserve
SO9OUVC st
The
Bank
£500,000
....
conducts
every description
business connected with New Zealand.
Members Detroit Stock
Exchange
PENOBSCOT BUILDING. DETROIT. MICH.
Members
St.
Louis Stock
of banking
Correspondents throughout the World
London Manager, A. O. Norwood
Exchange
MIAMI
We buy and sell for
own
Florida
Missouri and Southwestern
our
Stocks and Bonds
account
Hong Kong & Shanghai
Municipal Bonds
(DnMGAN.^bytfK £ do.
Ingraham Bldg.
MIAMI
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
Bell SyBtem Teletype MMI 18
BANKING CORPORATION
Incorporated in the Colony of Hongkong.
Ths
liability of members Is limited to the extent and
In manner prescribed by Ordinance
No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong
Currency) H$50,000,000
Paid-up Capital (Hongkong Currency)
Reserve Fund in Sterling
Reserve Fund in Silver
(Hongkong Cur¬
rency)
Foreign
Reserve
Foreign
H310,000.000
Liability of Proprietors (Hong¬
kong Currency)
A.
NATIONAL BANK
of EGYPT
Head Office.
FULLY
PAID
RESERVE
CAPITAL
FUND.
.
.
.
3,000,000
King William Street, E. C. 4
£66,800,985
200
Years
CHIEF
3
principal Towns
EGYPT and the
in
of
Commercial
FOREIGN
NATIONAL BANK OF INDIA, LIMITED
Bankers
Over
to
the Government in
and
Banking
DEPARTMENT
>
OFFICE—Edinburgh
General Manager
Kenya Colony
26, Bishopsgate, London, E. C.
Branches in India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital.
Paid
Up Capital
.......
William Whyte
Total number of offices, 254
Bank, Ltd.
£4,000,000
......£2,000,000
Reserve Fund...
SUDAN
Associated Bank, Williams Deacon's
Uganda
Head Office:
Bishopsgate, London, England
HEAD
Branches in all the
KELLOGG, Agent
STREET, NEW YORK
£3,944,171
Deposits
£8,000,000
.
G.
WALL
£3,780,192
Reserve fund
Cairo
.....
72
_—H$20,000.000
Incorporated by Royal Charter 1727
Capital (fully paid)
LONDON AGENCY
8 and 7,
Royal Bank of Scotland
GS20.000.000
£6,500,000
.£2,200,000
The Bank conducts
every description of
and exchange business
banking
Trusteeships and Executorships also
undertaken
f? Hi'- ,,/va
yommciria' fr Uh
No. 3751.
MAY 15,1937
Vol. 144
CONTENTS
Editorials
Financial Situation
PAGE
3223
-
Federal Control of Wages
..3235
and Prices
-...--.3236
Political Problems of Great Britain.
Then and
3238
Now—By H. Parker Willis
Comment and Review
New
Capital Issues in Great Britain...
3239
_
Book Reviews:
Three Years of the
Agricultural Adjustment Adminis¬
3239
tration
Der Walfang.
Week
the European
on
Stock Exchanges
Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment
Course of the Bond Market.
3240
3227
3228
1..3232 & 3270
3240
—
3241
Indications of Business Activity
Week
on
Week
on
3226
the New York Stock Exchange..
the New York Curb Exchange.
.3269
News
Discussions
3251
Company Items
3267
3317
Current Events and
Bank and Trust
General Corporation
and Investment News
—3367
.___._3368
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
.3273
Foreign Stock Exchange Quotations—
3274
Dividends Declared.
Auction Sales
-
3273
New York Stock
Exchange—Stock
New York Stock
Exchange—Bond Quotations. .3281 &3292
Quotations
3282
New York Curb
Exchange—Stock Quotations..
3298
New York Curb
Exchange—Bond Quotations
3301
Other Exchanges—Stock
and Bond Quotations
Canadian Markets—Stock and Bond Quotations^
...3304
3309
Over-the-Counter Securities—Stock & Bond Quotations.3312
Reports
3230
Foreign Bank Statements
..3270
Course of Bank Clearings.
3279
Federal Reserve Bank Statements
General Corporation
and Investment News..
3317
Commodities
The Commercial Markets and the
Crops..
3356
Cotton
3359
Breadstuffs
3363
Published Every Saturday Morning by
the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board anc Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1937 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months?
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months, Great Britain, Continents Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Financial
VI
May 15, 1937
Chronicle
COMPANY
RAILROAD
MISSOURI-KANSAS-TEXAS
and Controlled Companies
Summary of Annual Report to Stockholders for 1936
The
following table shows operating results for the Missouri-Kansas-Texas Railroad Company
and
Controlled
annual report
Companies for the
submitted
the
1936 compared with 1935, summarized from
year
stockholders at the annual meeting held at St. Louis, April 9, 1937.
to
COMPARED WITH
RESULTS
OPERATING
1935
1936
1935
Increase
$27,422,353.92
Operating Expenses.
$31,307,598.96
22,661,701.20
$3,885:245.04
1,145,053.67
14.17
5.32
Net
$ 8,645,897.76
$ 5,905,706.39
PerCent
Decrease
PerCent
Operating Revenues
Operating Revenue.
Taxes..
21,516,647.53
1,781,651.78#
..
$2,740,191.37
1,581,452.99
Uncollectible Railway Revenues
46.40
12.66
,
200,198.79
'
$ 8,642.69
8,642.69
v
Railway Operating Income
$ 6,864,245.98
$ 4,315,610.71
$2,548,635.27
Miscellaneous Income....
82,166.09
94,785.34
6,946,412.07
$"47410,396.05
$2,536,016.02
57,50
2,206,805.35
1,967,169.80
239,635.55
12.18
$ 4,739,606.72
$ 2,443,226.25
$2,296,380.47
4,198,937.06
4,213,425.44
"$
Rentals and Other Payments
Income for Year Available for Interest
Fixed Interest
Charges for Year
Balance Available for Interest
on
on
$12,619.25
13.31
<
93.99
$14,488.38
;
.34
Adjustment
$
Bonds..
Interest
59.06
$
540,669.66
,.$
Net Income....
$2,310,868.85
1,770,199.19*
678,878.36
678,878.36
Adjustment Bonds
s
$2,310,868.85
$ 2,449,077.55*
138,208.70*
94.36
*Deficit
# Federal Income Tax
and Surtax
on
Undistributed Profits
not
applicable due
change in the
no
was
term
debt
of preferred
decreased during the
was
taxable
to earn a
1935,
or common
the hands of the public during the
stock outstanding in
Long
amount
failure
Revenue from passengers
FINANCIAL
There
to
year
by
year.
or
24.81
more
than in 1935,
6.95
income.
carried
Revenue from
per cent.
or
net
was
$486,363
express
more
and mail
was
than in
$120,551
per cent.
The property
of
payment
a
loan received from the Reconstruction Finance Corporation amount¬
has been maintained in condition to meet service
requirements. Train operation, both freight and passenger, was
satisfactorily maintained during the year.
ing to $2,294,148.69.
Interest
not
declared
on
to
5% Cumulative Adjustment Mortgage Bonds was
April 1, and October 1, 1936, by
The
Board of Directors.
your
For the information of stockholders, your company,
to
ADDITIONS
the close of the year,
arranged for
an
subsequent
the year were:
Construction of
issue of $3,750,000 of iy2
15, 1937. These
were
accrued dividends
to
sold
to
bankers
at a net
of such sale
Houston, Texas, both of which
Construction of
are
new
equipment estimated to cost approximately
Your directors
on
and
$4,820,000.
and
said bonds subsequent
been determined to be payable.
June 30, 1935, has not yet
on
$1,145,054
Freight
more
revenues
during 1936 were $3,885,245 more
Operating expenses during 1936
than in 1935, or 5.32 per cent.
were
$3,511,771
more
than in 1935,
concrete
stone
abutment.
new
112-
pound rail with 66-pound relay rail.
separations, 1
per cent.
for 1936
abutment, Bridge
Under the Federal Government's 1935-1936 program
to
were
concrete
for grade
crossing elimination and protection, 39 projects were authorized
on
the lines of your company. Of these projects, 28 are grade
OPERATION
14.17
new
pound relay rail and 1 mile of 52 and 60-
to
Total operating revenues
than in 1935, or
to
pound rail; 3 miles of 85-pound rail with 90-
on
paid currently. Interest accrued
Dallas,
leased
are
Relaying 9 miles of 90-pound rail with
March 22, 1937, determined to be due and
April 1, 1937, interest on youi Company's Adjustment
Mortgage Bonds for the six months periods ended respectively
December 31, 1934, and June 30, 1935, which had not been declared
payable
at
811.3, Hillsboro, Texas, replacing old
being applied to the payment of not exceeding 80 per cent of the
of
industrial warehouse
important traffic producing companies.
price of 98.827 plus
date of sale. The proceeds
an
Texas, and enlargement of similar facility at
cent
cost
BETTERMENTS
road improvements completed during
important
more
Equipment Trust Certificate,
Series 1937, maturing in
equal annual instalments over a period of fifteen years from February
per
AND
be due and payable
or
a
highway relocation and 10 flashing light signals
grade crossings, involving an estimated aggregate expendi¬
of $2,138,000, ali of which will be borne by the Works Progress
protect
ture
Administration. Twelve of the grade separations and the
relocation project were
are
in progress
completed during the
year,
highway
the remainder
of construction.
15.60 per cent.
This improvement took place despite another light
whedt crop and the fact that agricultural conditions generally, and
cotton
particularly, were adversely affected by lack of sufficient
moisture. Oil tonnage for the year compared favorably with that of
1935 and substantial increases in the output of manufactured
products of all kinds
were
evidenced by
greater
volume of movement.
report reflect the inclusion of
of emergency freight charges
originally authorized by the Interstate Commerce Commission in
1935 and continued through the year 1936. These emergency
Freight
revenues as
shown by this
approximately $790,000
charges expired
on
on
account
December 31, 1936. However, there is
pending before the Commission
increases in
freight
rates.
an
INDUSTRIAL
A total of 238
63
new
DEVELOPMENT
industries
were
located
on
the property and
existing industries made important expansions. There
approximately 9
compared with
new
acquisitions
an average
to
of about four to
one
as
during the preceding
five years.
The detailed annual report is
will be furnished
upon
now
ready for distribution.
A
copy
receipt of request addressed to W. K. Hammond,
Vice-President, 25 Broad Street, New York City.
now
application by the carriers for
were
each removal for 1936
MATTHEW S. SLOAN,
President
The Financial Situation
behind when he departed on
real difficulties that
were
weeks ago have
two
indeed
The
or a
part of his journey
who
worse
the Post¬
General, both of whom were with him
master
all
son,
during
raised
generally,
a
"/ Note with Alarm"
disposed
"I
tioningly that it
mains to be
he
the
forces at his
followers to
bellious
but it
must
im¬
re¬
heel,
himself
prove
arrived, politically speak¬
of Congress
But
it
is
selves
only the
that
"new
some
thanks
in
and
in
to
from
Washington
President
down,
but
at bottom of course to
weeks.
betterment for
has
now
a
the
On the contrary, after some
time what is known as
sentiment
the lowest point it has
general uneasiness set in a
understanding
have
imposed
Recent
the stimulat¬
effect they otherwise
doubtless would have had.
Meanwhile, to the disap¬
pointment fo some
souls,
a
hopeful
continued
there is
great lack of
the part of public officials
upon
of
who
themselves the task of "manag¬
and
equal lack
an
of the fact that their sins both of omission
and of commission have of late been exerting an
of grasp
adverse effect upon many
Adversities
upon
Labor difficulties of serious dimensions
steel industry, which the
have broken
public had been
repeatedly told had "come to terms" with Mr. Lewis
and his associates.
The General Motors Corpora¬
tion which some time ago
branches of business. The
unabated.
observable effects
well as upon actual opera¬
notable
financial community.
consequences
is
that,
One of the most
contrary
to
hopes
strongly entertained a week or ten days ago, the
securities markets do not seem to be in a condition
to
would be called only
to
an
quite naturally had
the state of mind as
tions in the
agreement with
signed
things, that strikes henceforth
rate
ing
ing" industry, finance and trade,
All this has
out in the
mainte¬
a
high
barking at business continues
two ago.
Some
try without
com¬
on
of
a
evidence of
which it has rested from
not improved during
naturally
activity throughout indus¬
the
receded to probably
or
of
week,
past
which
reports
nance
due
reached since doubts and
month
left
been fea¬
have
the
of
features
pounding for sins he is inclined to by damn¬
mind to.
Perhaps the Administration has cause to
"note with alarm," but if so that cause is
found in the results of its own acts.
This situation has
the past two
tures
government
be guilty of
industry, and
of further im¬
that give rise to new
business,
ing those he has no
artificial foundations upon
the first.
grams
banks.
to
at
rate
portant reductions in pro¬
the
seems
the
in
indications
speaker are to be
for what they omit than for
Chairman
imposed
business is being
new
received by
they
The
many
decline
which
ardize both themselves and
places of responsibility
in
A
the
obligations and thus jeop¬
the remainder of
the community by creating inflation on a
scale unsurpassed in this country?
of
threats
preachments by
more
that
invali¬
by the Social Security Act.
include.
Why, for example, was
said
about
the practice of the
Administration
in
virtually
obliging
the
banks of the country to buy great quantities
dan¬
part
pronunciamentos,
dation of the taxes
nothing
when he left Washing¬
ger
ton,
would be carried by
that caused both the abnormal
prices of low-grade bonds and the earn¬
of
govern¬
market
bond
ment
hold them¬
blameless in view of the fact
their policy of excessively low
strictures
what
recovery" of which
obviously in
was
criticized
he claims to be the father
was
in,
the
for
cations
three years
To what¬
indulged
been
impli¬
get and the serious
rates
The
The
be.
to
has
ings difficulties of many
his mind what his
is
it
rise in
mands that the President
program
wholly
money
political situation that de¬
make up
it
sight of the still
troubled state of the bud¬
authorities at Washington cannot
suffered.
not
serving to keep observers
there is much conflict of testimony.
extent
security
has of late been
from losing
Insurance Corporation issued
that have come from
mouths of Administration adherents and
ever
deci¬
momentous
a
concerning the validity
program
of the many alarms
occurred during the past two or
and control
and his party
not to be
are
if further
success
loss of prestige
of
which the
of the whole social
public officials during the past few weeks.
Certainly no one will differ with this
speaker as to the inadvisability of the in¬
vestment
of bank funds in second grade
bonds.
As to the extent to which this has
ing, when he must act with
force and
down
Federal Deposit
have
to
now
approach
upon
sion
the
seems
date
Supreme Court may hand
one
Furthermore the
master.
time
practice which I consider
a re¬
speculation in low-grade bonds. The temp¬
tation proved too strong for several of those
who watched the constantly rising bond mar¬
ket in 1935 and 1936.
To these men the sky¬
rocketing market seemed the golden oppor¬
tunity to replenish their depleted surpluses
and to put their banks again on a dividendpaying basis."
With these words the Chairman of the
obvious that he
is
now
close
The
the
to
disposal
bringing
many
banks in
have turned in the
that
beginning
now
movement.
verse
anything but legitimate and which is potenti¬
ally a monkey wrench held over the smoothly
running machine of banking recovery. 1 refer
adequate
to exert pressure
alarm
last two years to a
re¬
whether
seen
to the task of
when
ourse
marshal
can
mense
was
of
It
he left.
with
note
their search for earnings
to
as
reached its zenith and
and is
do his bidding unques-
quarters
trend far from free of artificialities, has
not
hand that Congress is ap¬
no more
informed
some
upward movement in British business
whether the
back to Washington, that
He has thus had
Indeed, the question
supposed.
in
opportunity to learn at first
parently
of impending changes
reached the financial
have
than had been
been
has
he has his work cut out for him.
to
say,
European
community
here.
Reports are also in circulation that conditions
in London, now that the coronation ceremonies are
out of the way, are likely to be revealed as rather
pressing
troublesome.
official aide to him, and from
an
founded
Rumors, whether well
possible to
price of gold, this time by certain
countries,
grown even more
heard from his
doubtless
President
is
not it is not
in the
accumulating about him
during his absence, and certainly no less
now
or
and the
The serious questions
has again been faced by workers
who refuse to work.
April 28 for a needed
rest still await him.
last resort,
a
as
PRESIDENT House, where theback at his deskleft
in
the White ROOSEVELT is
problems he
afford the-financing facilities
promote reasonable recovery in
which
are
needed
the capital goods
3224
Financial
industries.
The
holding its
high-grade bond market
seems
better than other sections
own
to be
of the
Chronicle
There
be
can
waiting not entirely
announcement of the
its cash needs.
without
uneasiness for
As for the stock market, which
had
been counted upon to furnish capital for substantial
capital expansion, it is obviously not yet ready for
such campaign.
any
in
One-half
brokerage house
stricted'■'
under the
of the funds
or more
accounts
said to
are
be
margin system set
new
"re¬
by
up
the Federal Reserve authorities under the Securities
Exchange Act of 1934.
there is the most
for securities.
In
that the so-called
have
a
event that
any
painfully obvious want of demand
fine, fear is being expressed that
the President may
restricted,
It is here in
have his wish (if it is his wish)
heavy industries be restrained and
consummation which would, of course,
plainly
owes
it to business and the
country to drop his hostile attitude toward business
and any
had in
punitive plans that he
financial
It
community has been
needless fears.
some
or
mind, and to take positive action of
likely to revive drooping spirits.
the
have
may
President,
amid
many sorts
for
The
have
sort
a
be that
may
victim of
the
sphinx-like silence of the
numerous
of "plans"
reports
of
emanating from vari¬
many purposes
ous
points within Administration circles, has with¬
out
question caused
late.
Thus
of
rumors
great deal of uneasiness of
a
pending action by the Board
of Governors of the Federal Reserve
ing 100
that
is, total elimination of margin trading—have
served
not
The
system requir¬
margin for speculative accounts—
per cent
same
to
allay uneasiness in
is true of much
the Administration is
more
quarters.
many
definite reports
planning
labor
provisions of
many
of the National Recovery
Administration labor codes, or, for that matter, ac¬
cording to
action
fairs
in
reports, to take
some
labor
matters.
The
even more
current
of
af¬
generally has given rise to many fears of what
the Securities and
Exchange Commission
ently do under the three Acts it is
to
drastic
state
now
may pres¬
called upon
administer, and the financial community is still
in its own mind as to what may be
far from easy
done in connection with
gold and related matters.
If there is substance in
many
float
about,
of the
fears
President
plans at
that
are
be
would
now
entertained
recovery"
eager
able
from blossoming
to preserve.
current
uneasiness
tration
more
widely, the
well advised to reconsider his
Otherwise he
forth
fledged boom he has destroyed the
so
many
presently find that in his desire to prevent his
"new
for
questions that
of
these
rumors
regarding the
the
than the
very
as
a
full
thing he is
If the basis for the innumer¬
and
for
the
general state of
program
remainder of
vaporings of
to be made known without
this
some
of the Adminis¬
Whether
reluctant
year
is nothing
House, that fact ought
delay.
At
any
rate the
of these questions if he wishes to hearten
business leaders whose
govern
the
or
course
One
struggle that he has
court reform
pro¬
not he can force his will upon a
Congress cannot of
course
be known with
certainty prior to the actual voting, but it is clear
beyond question that he is in very serious danger of
the
He could
ignominious defeat which he deserves.
not make
better start with the tasks that lie imme¬
a
diately ahead of him than to consent to having this
whole
indefensible
shelf.
There has of late been
plan laid indefinitely upon the
sion in
the press
regarding
make
possible
it
"compromise" which
for
"pack" the Supreme Court
his
good deal of discus¬
a
a
the
President
effectively
as
original proposal had been adopted
from
the White
House.
understand how any
gress
For
our
in any
on
it
came
part, we can not
self-respecting member of Con¬
who has summoned the
President
as
to
though
as
to oppose the
courage
principle could for
a
moment acquiesce
such cowardly "compromise." We are quite
certain that most of those who have taken
active
an
part in the determined struggle to thwart this in¬
famous
endeavor
to
rob
the
courts
of
their
inde¬
pendence will not have any part in any such "com¬
promise." The way to clear the decks for other
gent matters, and the only way to clear them
less the President shall
of his
now
consent to
a
ur¬
(un¬
withdrawal
proposal), is to administer to him
a
prompt
and well-merited defeat.
The next
question that calls for careful attention
is the
budget.
been
much
Congress.
If
Down to the present time there has
discussion
The
but
eleventh
important economies
economizing
no
hour
has
in
arrived.
now
to be effected in
are
budget appropriations there is not
a
the
minute to be
lost, and apparently only the President himself
prevail
upon
the introduction of at least
economy
can
Congress to take effective action.
reasonable
a
measure
into the fiscal affairs of the Nation is,
trary to popular impression, by no means
merely of budgetary appropriations.
propriations at this time
may
But
a
of
con¬
matter
Reduced
ap¬
easily be followed by
supplementary appropriations at the first of the
Indeed continuance of the present rate of
year.
penditures would create
a
Nation could extricate itself next
January only by
adding supplementary items to the budget
already got into the habit of doing.
first eleven
as
as
it has
During the
days of the current month total expendi¬
tures of the Federal government amounted to
825,000,
ex¬
situation from which the
$267,-
compared with $257,921,000 during the
corresponding period last
year.
The first and most
important task of the President is that of making a
beginning in the direction of actual results in reduc¬
ing expenditures.
of the many day-
President should declare himself
promptly concern¬
many
bitter
precipitated with his so-called
posal.
concerning
well known to be at issue.
the
concerns
dreamers among the President's
entourage without
real influence at the White
ing
are
and let it be known that such foolish
once
of action need not be feared.
courses
may
of these reports that
if there is real foundation for
or
be, there are a number of
decisions that the President must make
that
a measure or meas¬
designed to give effect to the equivalent of the
ures
However all this may
would
wide]repercussions in industry and trade.
The President
Decisions Awaiting the President
an
plans of the Treasury to meet
for further continuance of
excuse
no
the recent studied silence at the White House.
market, but is obviously not particularly avid, and
is
May 15, 1937
decisions govern
and must
of industry, trade and
finance.
The Gold Question
SO FAR as the so-called gold problem is concerned,
community neither here
the
financial
abroad is
as
long
to this
nor
likely to enjoy much
as
peace
gold continues to flow in large amounts
country, and particularly
lization
is
of mind about it
costing
the
as
Treasury
long
as
large
its steri¬
sums
of
Chronicle
which it must raise by the sale of obligations
money
in
increase of
144
market that is
a
none
too eager
to take them. Nor
would current uneasiness be much
absurd
the
allayed by any of
"plans" for dealing with the question
that have been from time to time of late
under advisement at
Washington.
of confidence in the business
ure
likely to await
reported as
A greater meas¬
community is also
altered attitude by the President
an
respecting labor. It is
clear that the President
now
has not been relieved of the embarrassments
growing
that the ratio of total
eral Reserve note
down
are
the uneasiness of business
nor
likely to be greatly relieved by
signed to place him in
execu¬
measures
de¬
make these advances also
bought in the
the decrease.
are on
market
open
These
are
all, of the prob¬
no means
government securities
not much
longer be side-stepped
that
reason
forward to
the next few
and also with
of
students
Crop
weeks with
trends
some
hope of further light
some
the President is back from his
look
anxiety
now
THE outlook different
for the winter that crop as of earlier, >
wheat month May 1
was
that
the
reserve
overcoming
to
assume
a
awkward
the
situation
occa¬
by the accumulation of gold in the inactive
Wednesday, changes
estimated
were
at
Ex¬
kept to a minimum.
$940,000,000.
$50,000,000,
This change
largely from a decrease of currency in cir¬
bank balances
With member
culation.
there
crease,
were
of member banks increased
cess reserves
resulted
In the week to last
of the Treasury.
gold fund
and
expected
nature, at least until some move is made
toward
sioned
be
can
obviously
was
in the Treasury
on
the in¬
need for intervention
no
issues market to "maintain orderly
conditions in the money
market," and the total of
market holdings of United States government
open
securities
unchanged.
was
But the problem of the
becomes ever more difficult, and it
be surprising if the Treasury altered its
gold inflow
would not
of absorbing all offerings at $35 an ounce
program
in the inactive
lems also
are
be done not
gold fund.
inactive
troublesome, for borrowing
are
now
of
up
monetary gold stocks,
our
last
fall, aggregating 57,187,000
reported by
combined,
Federal
Re¬
$9,139,401,000
on
the 12
were
$6,923,000 for the weekly period.
gold
certificates were
Hold¬
off $3,494,000
the
planted
fell
Federal Reserve notes in actual circulation
$13,854,000
to $4,193,868,000.
with the 12 banks increased
Total deposits
$20,211,000 to $7,285,-
449,000, with the account variations consisting of
an
to
increase of member bank
deposits by $60,365,000
$6,942,727,000; an increase of the Treasury gen¬
by $8,914,000 to $106,177,000;
eral account balance
a
gain
of foreign bank deposits by $1,065,000 to
$104,979,000, and a drop of non-member bank de¬
posits
by $50,133,000 to $131,566,000.
of
seeded
is the largest
of
will probably be harvested after
acres
The proportion abandoned this
is con
year
lost, but the comparison is not favorable when made
with the 10 year
(1923-32)
heaviest losses of acreage
area
The slight
of 12.6%.
The
in the Great Plains
made fairly good showing.
In the
nearly all states lost under 5% of their planted
East
areas
age
average
were
and the Pacific Northwest while eastern sections
of the country
while in Wyoming
and South Dakota the
acre¬
lost amounted to 55%.
however
areas
Both of these latter
producers. 40% of the planted
small
are
in Colorado and New Mexico and
ington were abandoned.
42% in Wash¬
All of these states likewise
suffered heavy losses last year.
The estimated crop is
654,295,000 bushels in
com¬
parison with an estimate of 656,019,000 bushels on
April 1. Such a crop has been exceeded in only three
since 1909, viz. 1914, 1919 and 1931.
years
The
crop's May 1 condition
was
77.4% of normal,
which, while somewhat below the ten year (1923-32)
of 81.2% is much better than
average
when condition
As of
was
a year
ago
only 67% of normal.
May 1 the hard red winter wheat belt was in
urgent need of rain which condition had not been im¬
proved
crop
good
to May 10 when the report was issued.
up
There
considerable improvement
was
in the
rye
during April and condition at May 1 was as
78.4% in comparison with only 71.4% of
beginning of April.
The crop is esti¬
as
normal at the
harvest of
and
no more
five
a
year
which
compares
with
a
than 25,554,000 bushels last year
(1928-32)
average
of 38,212,000
bushels.
Business Failures in
to
$8,839,408,000, but there was an overcompensating
increase of the redemption fund and of certain forms
of cash.
acres,
area
record and the May 1 report finds 47,410,000
on
mated at 42,913,000 bushels
reported at $11,882,000,000.
reserves
banks,
May 12,
The
purchases of unwanted gold.
added to
was
which
ings
must
In the week to Wednesday night,
$44,000,000
serve
now
gold fund now is approaching the $650,-
000,000 mark.
Total
Treasury financing prob¬
only to cover the deficit but also to pro¬
vide funds for the
The
siderably less than last when 24.3% of the crop was
NOW that requirements has been effected, weekly
the final increase in member bank
statistics
a
allowing for abandoment of 17% on account of winter
outing.
Federal Reserve Bank Statement
routine
of
Department of Agriculture.
ikilling.
banking
from
little
revealed in the latest report of crop conditions
can¬
evaded. It is for
or
current
at $2,526,-
unchanged
were
The Winter Wheat
t is
his return to Washington. Most of them
upon
this
but by
some,
by which the President finds himself faced
$4,534,000,
290,000.
policies and labor practices to industry and trade.
lems
are
Bank¬
gain of $795,000, but holdings of United States
position to dictate labor
a
Industrial advances were
waning.
$75,000 to $22,779,000, and commitments to
a
barrassments
the slight strain
even
previously by the additional reserve re¬
quirements is
the wage earners
Neither these em¬
Bills discounted fell $1,181,000
$15,654,000, indicating that
occasioned
deposit and Fed¬
to
reserves
liabilities, combined, remained un¬
changed at 79.6%.
to
ers' bills
of the country.
and the lower circulation lia¬
reserves
bility offset the increase of the deposit liability, so
out of his alliance with the radical elements among
tives
3225 1
Financial
Volume
April
APRIL failures followed the usual seasonal trend
Jr\
and
were
therefore
somewhat
smaller
failed with liabilities of only $8,906,000.
there
bilities
were
820 failures
while
$14,157,000.
in
April
In March
involving $10,922,000 lia¬
1936,
830 firms
failed for
In each month of the year to date
failures have been the smallest since
bilities have been the
eariler
than
During the month no more than 786 firms
March.
1920 and lia¬
smallest since that
year or an
one.
All the divisions of
tion line
industry except the construc¬
showed improvement, from the standpoint
3226
of
Financial
casulaties,
over
a
year
The construction
ago.
for three months, has consistently shown
group,
an
Chronicle
London market for the coronation, and lack of the
business that originates these days in the British
unfavorable comparison with last year in number of
center.
failures and in April
Sale of
the 62 failures in this
almost double the 32 of last year;
were
also
pared
liabilities this
higher and amounted to $1,943,000
with
last
$1,570,000
in this group were more
and 161 last; liabilities
sharply reduced amounting
only $2,165,000 the current
in 1936.
year
as com-
Manufacturing
year.
failures numbered 135 this year
to
group were
and $4,959,000
year
In the retail trade division 470 firms failed
for, $3,313,000 in comparison with 506 for $5,581,000
a
wholesale failures totaled 91 with $1,045,-
year ago;
000 liabilities while last year
involved $1,480,000
they aggregated 93 and
liabilities.
firms failed for $440,000
28 commercial service
this
and 38 failed for
year
In
four
failures
stance
the
of
the increase
Reserve
Districts
in-
no
large; in all districts liabilities
than
smaller
were
substantial
most
eastern
Federal
greater than a year ago but in
were
was
involved
twelve
in
improvement
April 1936.
the
in
was
The
north-
parts of the country; the decrease in number
of failures in the Boston New York and
districts
amounted
to
Philadelphia
78% of the total reduction
while liabilities involved in those districts also
were
,T,
v
,
1
q
M
1
and inconclusive,
were narrow
seat on the New York Stock Exchange was
Strike
transaction.
and
news
still
pre-
more
of additional margin hardships for stock
rumors
traders sent the market careening downward
Almost
Thursday.
a
on
third of the issues traded
touched lowest levels of the year, on declines ranging from fractions to more than six points.;
Lead-
ing stocks were hardest hit, but others also joined
A modest rally finally developed
in the decline.
yesterday, but it served to offset only a small part
of the previous losses, and levels for the week show
large declines.
In the listed bond market movements also were
nervous.
United States government
uncertain and
issues showed firmness in the first half of the week,
but recessions developed thereafter, largely because
official consideration of new financing was started,
Highly-rated corporate bonds were hardly changed
In the more speculative sections of the bond
market the tone was soft, but recessions were less
drastic than those in the stock market. Commodity
at all.
levels reflected the general unsettlement, with varia-
Foreign exchange trading was light and
ions small.
sizeably diminished.
1
Movements
a
arranged at $96,000, down $4,000 from the last
vious
$567,000 in 1936.
v
May is, 1937
under the continuous control of the various stabilfcatioh funds, so that actual changes in sterling,
.
heJNew^York^btock Market
SHARP this week in securities markedexchanges, francs meaningless. leading engagements small and
the dealand other Heavy units were of gold for
ings recessions
the New York
on
Decided losses
on
Thursday,
rallying
scale
weeks
two
and
markets
in
the
On
evidence.
there
was
any
levels
shipment from London to New York again
somewhat
from
on
a
falling precipitately.
Selling
Europe to the United States,
stocks touched
modest in the sessions this week, but
Curb
there
almost entire lack
and
and
an
small
declines.
offerings
Trading
on
far under the
was
occasioned
these
stocks.
the
declines
figure close
contributed
to
the
to
the weakness
of
industry added to
did the continued world-wide
as
uncertainty regarding gold prices and the future of
that metal.
ties
there
ther
Washington reports that the authori-
are
increase
considering, however vaguely,
of
margin requirements,
or
simple abolition of margin transactions,
the pressure
a
fur-
even
a
added to
that sent hundreds of issues to lowest
levels of the year.
a
dull tone last
a
drift toward lower
prices occurred.
small, however,
dently
as
Changes
on a
were
the prevailing thought evi-
to await further developments.
was
dealings
Saturday, when
With
small scale, Monday, levels tended to
Exchange
for the
levels
low levels.
new
touched
13 stocks
New
the
Stock
York
low
new
year
10
stocks
while 441
the New York
On
Exchange 280 stocks touched
new
high levels
Call loans
levels.
Exchange remained
un-
changed at 1%.
On
the
New
the
York
lialf-day session
shares;
shares;
Stock
on
746,464
Exchange the sales at
Saturday last
Monday they
on
Tuesday,
were
shares;
Monday,
shares;
216,711
396,845 shares, and
Stock
the
on
Fri-
on
On the New York Curb Exshares;
were
on
117,585 shares;
Tuesday,
Wednesday, 214,670 shares;
on
285,390
Wednesday, 673,676
on
change the sales last Saturday
on
were
779,530 shares;
Thursday, 1,772,450 shares, and
011
day, 1,226,060 shares.
on
on
194,155
Thursday,'
Friday, 276,265 shares,
prices early this week experienced much
same
weakness and lack
of interest
weeks, with losses most predominant.
as
in past
Trading vol-
too, continued very light most of the week.
ume,
The market had
very
0n
ses-
Commodity markets tumbled,
New strikes in the steel
nervousness,
large
week, but the liquida-
the
sent
2,000,000-share level.
and
relatively
1,000,000-share mark in the
Thursday
on
buying interest,
the New York Stock Exchange
sions of the first half of the
tion
of
high
new
Stock
York
New
the
touched
pressure was
was
were re-
ported, however, indicating a steady flow of funds
paralleled those of
movements
when bursts of liquidation in all
ago,
sent
Monday and again
on
only yesterday
tendency
modified
almost
recorded
were
Thursday's session, however, proved the exception,
when
sales
tained.
increased
and
sweeping
declines
ob-
On Monday losses occurred in the final hour
and quotations as a result were
irregularly changed,
Some improvement was noted on Tuesday due to a
drop rather sharply.
Industrial stocks of all de-
lessening
scriptions
while
tiously undertaken, and the market lacked leader-
were
sold,
shares also receded.
one
railroad
owing to
an
ing by the Transit Commission
on
proposal.
little
The tone improved
changes again
were
a
adverse find-
the unification
on
Tuesday,
toward lower levels,
Opening figures showed further losses, but
rally canceled much of the drop.
accentuated
on
copper
Local traction securities proved
of the heaviest groups,
but most
and
a
The dulness
ship of
of
selling
pressure.
Trading
was
kind.
With the markets of England
Wednesday for the coronation of King
George VI, the stock market here suffered from the
closed
any
on
holiday spirit and moved in
changes for the day, too,
a
way.
Price
were, more or less
irregu-
narrow
late
lar.
was
strife between labor and the independent steel
Wednesday by the closing of the
cau-
Depressing influences in the nature of fresh
panies and
rumors
corn-
of increased margin requirements
Volume
supplied the necessary impetus to send stock
into
a
tailspin
on
prices
.
Thursday, resulting in the volume
more
than double that of any full
session in two weeks.
Recovery set in yesterday and
of
sales
being
in
canceled
pronounced de-
moderate degree the
a
Nevertheless, yesterday's
clines of earlier sessions.
closing prices show by comparison a marked downward revision in the
of
a
week ago
Electric
price level of equities over that
and for the current year.
General
yesterday at 50% against 53% on
closed
Friday of last week; Consolidated Edison Co. of
N. Y.
at
35% against 38%; Columbia Gas & Elec.
at
12% against 13%; Public Service of N. J. at 41
against 41%; J. I. Case Threshing Machine at 156
105%
International Harvester at
170%;
against
against 108%; Sears, Roebuck & Co. at 83% against
87%; Montgomery Ward & Co. at 50% against 53%;
47% against 49%, and American Tel.
Wool worth at
& Tel. at
164% against 167.
Western Union closed
yesterday at 57% against 62% on Friday of last
week; Allied Chemical & Dye at 222 against 230;
E. I. du Pont de Nemours at 153
against 157; Na-
Register at 31% against 34; Interna-
tional Cash
58% against 61%; National Dairy
tional Nickel at
against 23; National Biscuit at 25%
Products at 22
against 26%; Texas Gulf Sulphur at 36% against
37%; Continental Can at 54 against 55; Eastman
against 158; Standard Brands at 12%
Kodak at 161
13%; Westinghouse Elec. & Mfg. at 134
against
against 138; Lorillard at 21% against 22%;
States Industrial Alcohol at 34
United
against 36; Canada
Dry at 26 against 28%; Schenley Distillers at
National
and
44%,
against
Distillers
The steel stocks suffered wide
United States Steel closed
on
42%
29%
'
against 31%.
104%
at
declines this week,
yesterday at 95% against
Friday of last week; Inland Steel at 107
against 112; Bethlehem Steel at 79% against 87%;
Republic Steel at 33% against 38%, and YoungsTube
Sheet &
town
In the
82% against 89%.
Auburn Auto closed yesterday at 24%
motor group,
against 29 bid
tors at
at
on
Friday of last week; General Mo-
55% against 59%; Chrysler at 109% against
115%, and Hupp Motors at 3 against 3%.
rubber group,
In the
Goodyear Tire & Rubber closed yester-
day at 36% against 41% on Friday of last week;
United States Rubber at 55 against 59, and B. F.
Goodrich at
In contrast to the
40% against 44%.
gains enjoyed the previous week, the
at
close likewise
yesterday's
railroad shares
show recessions in
keeping with the general trend of the market.
Penn-
sylvania RR. closed yesterday at 42 against 44% on
Friday of last week; Atchison Topeka & Santa Fe at
45 against
Southern
Pacific at 55% against 60%; Southern Railway at
36% against 39%, and Northern Pacific at 33%
against 35%. Among the oil stocks, Standard Oil
88% against 93%; New .York Central at
48%; Union Pacific at 144 against 143%;
of N. J. closed
yesterday at 64% ex-div. against 67%
Friday of last week; Shell Union Oil at 28%
on
against 30%, and Atlantic Refining at 28% against
30%.
In the copper group, Anaconda Copper closed
yesterday at 48% against 52% on Friday of last
week; American Smelting & Refining at 82% against
86%, and Phelps Dodge at 45 against 48.
Trade
decided
for
the
and
industrial
reports
change for the time being.
week ending
American
Iron
and
fail to show
any
Steel operations
today were estimated by the
Steel
Institute
at
91.2%
of
capacity against 91.0% last week and 69.1% at this
3227
Chronicle
Financial
144
time last year.
Production of electric power was
reported by the Edison Electric Institute at
2,176,383,000 kilowatt hours for the week ended
May 8 against 2,193,779,000 kilowatt hours in the
preceding week and 1,928,803,000 kilowatt hours in
the corresponding week of 1936. Car loadings of
revenue freight .for the week to May 8 were reported
by the Association of American Railroads at 767,481
cars. This was a decrease of 14,942 cars from the
previous week but a gain of 98,615 cars over the
loadings for the similar week of last year.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 123%c. as against 127c. the close on
Friday of last week; May corn at Chicago closed
yesterday at 129%c. against 133%c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 49%c. as against 47%c. the close on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 13.18c. as against 13.58c. the close on
Friday of last week.
The spot price for rubber
yesterday was 20.88c. as against 21.88c. the close on
Friday of last week. Domestic copper closed yesterday at 14c., the close on Friday of last week,
In London the price of bar silver yesterday was
20 7/16 pence per ounce, unchanged from the close
on Friday of last week, and spot silver in New York
closed yesterday at 45%c. as against 45c. the close
on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $4.94% as
against $4.92% the close on Friday of last week, and
cable transfers on Paris closed yesterday at 4.48%c.
as against 4.49 3/16c. the close on Friday of last
week.
„
0
,
^
European Stock Markets
T TNCERTAIN conditions prevailed this week on
vJ stock exchanges in the leading European
financial centers. The markets at London, Paris and
Berlin appear still to be following a see-saw trend,
with sharp declines of one week offset in part by
gains of the next, only to have the quotations once
again lowered thereafter. It is evident that the problem of the gold price vexes all markets, for cornmodity issues drifted lower along with other securities. There is also increasing concern in Europe re¬
garding the course of American affairs. Trading
was limited all week on the European markets, and
main movements were toward lower levels. On the
London Stock Exchange dealings were unusually
small, since the coronation overshadowed all other
matters and trading was suspended on Wednesday.
On the Paris Bourse liquidation was persistent, despite indications of political tranquility for the
summer. The Berlin Boerse was irregular, with net
changes small for the week. Fears of untoward governmental measures in the monetary sphere probably did more to keep transactions to small figures
than any other single factor. But the holiday atmosphere in England and the impending Whitsuntide
suspension also induced caution in the making of
commitments. Trade and industrial reports remain
good, owing in part to the huge armaments expenditures. The indications of declining unemployment
that were available in England last week had their
parallel last Monday in a Berlin report that Reich
unemployment has dropped below the 1,000,000 mark
for the first time in ten years
3228
Financial
Price
The
changes
coronation
and
kept
Stock
London
the
on
small in the initial
were
Exchange
trading period of the week.
diverted
attention from
fractionally improved.
noted in
the
while industrial
reflected
stocks
mild
firm,
were
uncertainty.
Gold, base metal and other commodity stocks
soft, and recessions also
favorites.
The
were
the rule in Anglo-
were
trend
World
Tuesday
011
were
Trade Problems
DISCUSSIONS between British and American
political prob¬
authorities
lems
at
world trade and
on
presumably
terminated for the time being
were
London, last Saturday, when Norman H. Davis,
was
Ambassador-at-Large, sailed
our
Gilt-edged securities
generally lower levels.
Only small variations
quiet session yesterday.
securities,
gilt-edged issues
American
May IS, 1937
brokers away from their usual posts.
some
British funds and other
toward
Chronicle
ney
to this country.
In
his return jour¬
on
interview before his
an
dropped fractionally, but larger losses appeared in
departure, Mr. Davis made it fairly clear that Anglo-
industrial issues and the
American
commodity stocks.
African gold shares were hardest hit.
stocks
can
drifted
lower
Anglo-Ameri¬
unfavorable
on
South
reports
from New York.
views
far
not
are
Any general
apart.
political settlement, Mr. Davis said, must be
ceded
accompanied by
or
a
pre¬
revival of international
Trading was suspended at London,
Wednesday, in observance of the Coronation holi¬
trade, for "currency control, import restrictions and
day. When dealings
goods
tone
firm, but there
was
tions.
Gilt-edged issues
and
little
a
tion.
Gold,
modity
buying
resumed
were
were
were
Thursday the
on
hardly
transac¬
any
marked slightly higher,
done in the industrial
was
sec¬
rubber stocks led the
copper and
com¬
to lower levels, and international
group
curities likewise weakened.
Gilt-edged issues
se¬
were
steady yesterday, but industrial stocks and interna¬
tional issues drifted lower.
toward
sharply lower ievels, with all
the
Chamber
groups
a
move
of
secu¬
After Premier Leon Blum hinted in
of
Deputies that increased taxation
be necessary, rentes receded drastically, while
may
bank
stocks
treated.
the
with
and
other
French
International securities
indiscriminate
same
Tuesday
equities
re¬
liquidated in
were
fashion.
also
The
opening
on
bottling
are
tions."
of the
indicated, and
was
treaty between the two countries may be
step.
Much depends, however,
downward, and larger losses
international
recorded in the
were
section.
Mr.
stand in
but
Davis
the
admitted
ing.
Studies
of
these
negotiations
economic
these
on
more
was
showed mild
sumed
in
on
that
uncertainty
The decline
Thursday, although dealings
session.
as
difficulties
matters
problems
gather¬
a
doubtless
prosecuted throughout the coming summer.
will
be
Formal
all-embracing political and
were
avoided in London by Presi¬
emissary, since they
are
properly the function of the ordinary diplo¬
staffs.
But
a
good deal of progress clearly
made, and the hope
world conference will
may
governments
can remove
they did
rencies and
so
be entertained that
a
develop at which the leading
which
sues
grave
probably would not hold aloof from such
closed for the coronation.
figures, while French equities and international is¬
that
of a world economic conference,
significantly that Great Britain
way
he remarked
general confidence and
previous
of
naturally must be taken into consideration,
well.
Trading was listless on
Wednesday, partly because the London markets were
Rentes held to
one
course
Imperial Conference which started yesterday in
London, while the vagaries of our own Administra¬
matic
Rentes were not much changed, but
bank, utility and industrial stocks drifted
the
upon
the
vious
closings.
reciprocal
a
tariff
dent Roosevelt's personal
French
na¬
growing realization of the requirements
a
situation, it
steady, but late in the day another
slump developed which carried levels below the pre¬
was
the free shipment of
the economic forces of
up
Both in Great Britain and the United States
there is
tion
The Paris Bourse started the week
rities affected.
all the barriers which prevent
some
a
of those obstacles to
free exchange
of goods
much to set up by devaluing cur¬
erecting great tariff walls.
was re¬
were
European Conferences
modest
^
Rentes
dipped moderately, while
larger losses marked the trading in French equities,
DIPLOMATIC journeyings ofaccustomed of late
the sort to which
Europe has become well
with bank stocks weaker than others.
were
issues showed
relatively small variations.
tendencies
were noted
yesterday,
equities alike in demand.
The Berlin Boerse
kets all
International
was
Improved
with rentes and
steadier
than other
mar¬
week, owing to the isolation enforced by
authorities. In quiet
trading on Mon¬
day, small declines appeared in the heavy industrial,
potash and other stocks that reflect the trend. Fixedernment loan
were
was
stagnant,
on
a
bit
less
The trend
better, since losses
pronounced.
throughout,
with
chief
on
less
were
Variations
the
fresh Reich Gov¬
as a
the market and
diverted to the flotation.
at
London
vate
were
talks
other
tion
4
Reichsbank
fractional
the
point advance, but other issues
European
but little
showed
scene
Premier Mussolini displayed extreme
the
continued
was
conversations.
British
coolness
In
little
vexa¬
the
on
day, to celebrate the acquisition of Ethiopia, but
improved
led
capital,
these
and
numerous
were
shares
the
of
question of recognition of his Ethiopian conquest.
vehicles
on
the
Boerse, Thursday, and the trend of quotations also
a
tenor
An
point in the equities, while fixed-income securi¬
favorable.
pri¬
was
impressive fete
non-Fascist
market
were
only
was
staged in Rome, last Sun¬
representatives adopted
a
reserved atti¬
tude, under the leadership of the British Embassy.
and the
was
was
Tuesday
previous session. Gains ranged from small fractions
with
It
numerous
was
speculative
Turnover
British
the
the
over
In
a
in
of
respects
change.
ceremony.
dispatches that
regarding European political problems
held
learned
Improvement followed on Wednesday, ap¬
proximately to the extent that prices receded in the
to
coronation
interest
lower.
ties remained inactive.
for the
indicated in London
the German
interest issues
virtually suspended this wTeek, largely because
spokesmen from all countries in the world gathered
obvious
Italian
into
retaliation, Premier Mussolini ordered
press
correspondents home
only reference that
Italian
had taken
place.
was
a
brief
This gesture
Its effect
was
London,
regarding the
statement
was
prising, since Premier Mussolini is
journalist.
from
permitted to slip
thereafter
newspapers
London coronation
was
the
an
that
more
it
sur¬
experienced
to emphasize the sensi-
Volume
Financial
144
of the fascist
tiveness
dictator to
British opinion
Brit¬
and to the scornful references that have filled
since Italian legions in Spain suf¬
ish newspapers
fered
defeats.
severe
further
evidence
German
ments
solidarity.
afforded of Italo-
be
may
rumored that arrange¬
It is
being completed for the long-postponed
are
visit to
repay
Meanwhile, it appears that
soon
Germany by Premier Mussolini, which will
the journey made to Rome last year by Chan¬
cellor Hitler.
'
10
between
of the civil
bitter
Spain
fighting in
loyalists and rebels, it remains im¬
possible to predict with
any* certainty the outcome
Military developments this week
war.
inconclusive, despite their spectacular nature.
were
On the northern coast the
insurgents battered their
toward Bilbao and control of the entire Basque
way
territory, while at Toledo troops of the duly con¬
stituted
regime
Madrid
were
headway.
making
reported
shelled incessantly
was
by insurgent artil¬
lery, but apparently no attempt was made to storm
the
Control of arms and "volunteer" ship¬
capital.
ments to either side
established
nearly
made for heavy
are
became
by other nations
now
has been
After all allowances
month.
a
populace and the killing of scores
ments
effect that the revolt had been
to the
were
uncensored
while
suppressed,
deliveries just before the control
fully effective, it would appear that scarcity
should make itself felt before
only by means of wholesale exe¬
been effected
cutions.
long, for the munitions
WITH traditional pomp consort, Elizabeth, re¬
and ceremony, King
George VI and his
ceived their crowns in
Westminster Abbey, Wednes¬
The new monarch rose to the occasion ably,
he doubtless was awed by the acclaim of his
day.
and
millions of
From all parts of the British
subjects.
partake in the color¬
loyalty. Other
nations sent special ambassadors.
All observers
agreed that the event surpassed in splendor all pre¬
Empire emissaries were sent to
proceedings and express their
ful
vious occurrences of
coronation.
actual
the
this nature, and it may be noted
satisfaction that no untoward event
with
millions, hundreds of thousands of visitors poured
into London from all corners of the world to witness
the
By means of radio communication,
the descriptions that
pagentry.
untold millions more followed
Enormous crowds lined the route
broadcast.
were
procession from Buckingham Palace to the
the
plants of Spain can hardly be adequate to the task
of
Abbey and back, but only
the time
on
the basis of current requirements.
For
being, however, both sides seem to be well
tanks, artillery, air¬
planes and other implements of modern warfare.
small
with
supplied
Committee continues
meet, but the aim of bringing about an evacuation
to
of
the
and
"volunteers" who
are
helping the loyalists
insurgents obviously is difficult to realize.
some
In
quarters predictions now are heard that the
will last three years.
war
It is more reasonable to
however, that the terrible cost of the strug¬
assume,
disorders
British Empire the
importance. It
Prime Minister
Stanley Baldwin would relinquish his arduous post
long been taken for granted that
has
after the
of the
coronation, to be succeeded by Chancellor
Exchequer Neville Chamberlain.
confirmed
this in
the
attempts to conquer the Basque territory
more
in
was
old
no
French
women
to
wise diminished.
and
evacuated in
British
ships.
refused to leave,
a
resist the invasion
Women, children and
a
ceaseless stream
and instead aided the
experienced
for lines
of
on
a
were
don
is
inaugurate the Imperial Conference, which
to
expected to deal not only , with relations of the
Dominions and Colonies with the mother country,
but also with
within the
absence
of the
the land to permit
passage
Airplanes
was
accepted philosophically in London.
fest his annoyance
of
recognition
Italian
dictator
papers were
indignation provoked by the
destruction of Guernica.
senseless
On the Toledo
front, south of Madrid, loyalist troops were
offensive,
that
an
Toledo.
advance of
seven
miles
made
was
the
said
toward
the lack of formal British
of
conquest
withdrew
from
Ethiopia.
London
all
The
the
permitted to print nothing more regard¬
ing the coronation than a nine-word report that it
had taken
place.
tions of the
For the British peoples, recollec¬
abdication of Edward VIII may have
subdued somewhat
is
an
the jubilation, since there still
air of mystery
about that
occurrence.
san¬
Although medieval rites were employed in the
At Madrid
coronation, there was no lack of evidence that the
artillery shelling ;by the insurgents was
changes of the world were taken into due considera¬
Fighting
on
this front
was
extremely
guine, according to some dispatches.
the usual
on
and Valencia government reports
over
his
Italian press correspondents and news¬
swept over Bilbao, but bombs were dropped more
international
Premier
Mussolini utilized the occasion to make more mani¬
sparingly than in previous weeks, possibly because
the
The
Irish Free State from the partici¬
promulgation of a new Irish Constitution, but it
Bilbao, but
accredited
of
important trade and other problems
Empire and with other countries.
pants was not unexpected, in view of the' recent
On
change of heart in that connection,
on
leading
one
refugees under a flag of truce.
war
men
Thursday that the insurgents had
opened
their
interfere with
rebel cruiser attempted to
appeared
on
Some of the Basque
the evacuation of non-combatants from
it
sent
Advantage is being taken of their presence in Lon¬
dig trenches for defense of the city.
occasion
Commonwealth
British
the
The ring around Bilbao
of the Basques to
were
men
With
exception of the Irish Free State, all the nations
political spokesmen to participate in the ceremony.
than
tightened perceptibly and steadily, but the de¬
termination
of
that there
delay in effecting this change.
other
week
this
attention
aspects of the Spanish war.
was
in the list of honors granted in
connection with the coronation suggests
shorter
attracted
Mr. Baldwin
recent address, and his eleva¬
a
tion to the peerage
gle will force a decision or a compromise in a much
period.
coronation naturally
represents a milepost of outstanding
will be little
Rebel
good-will prevailed and
conspicuous by their absence.
wTere
For the
arms,
The London Non-intervention
marred
In addition to England's
of
supply
dispatches from
suppression
points suggested that the
French border
had
the loyalist
Through
The Coronation
of
months
of helpless
censorship re¬
ports still filtered of an anarchist revolt against the,
established regime in Barcelona.
Official state¬
of the
inhabitants.
:
Spain
AFTER
3229
Chronicle
continued, with no other result than embitterment
tion.
Even in
the 26 years
since George V was
Financial
3230
crowned, important variations have developed.
the ceremony on
policy
recognized in
was
of the phrase "The Brit¬
use
ish Commonwealth of Nations."
ties
have
been
In
Wednesday the modified imperial
Loosened
political
by increasing
countered, however,
general allegiance to the Crown, and the symbolical
significance of the monarchy really
than
more
nized,
was
technological
with
along
celebrated
This
anything else this week.
was recog¬
advance,
when
Chronicle
significance, but the
no
to have been stimulated.
to be
in the
for "the dominions
with this ancient
tion of his
is
a
time the
a
integrity.
grace
have
"In
me
were
that
assumed
as
your
King is
duty of maintaining its honor
gave me
representatives around
too,
I
This is indeed
responsibility, but it
beautiful
"By the
by the will of the free peoples of the
Crown," he continued.
that you,
millions.
many
Commonwealth,
vested for
and
assump¬
duties, the King remarked that the Crown
and
British
equal partners
In the formal
kingdom."
symbol of unity to
of God
free and
are now
me
and constant
a grave
confidence to
see your
in the Abbey and to know
enabled to join in that infinitely
ceremonial."
sion Avith the
vent further incursions upon
a
rush of
an
importance occurred at Montreaux, Switzerland,
Saturday, when representatives of 12 nations
proper, or upon
Japanese are not at the moment displaying
tendency to push beyond established lines.
is
distinct improvement, even
a
This
though dangers of
With regard to the Occident,
all sorts still abound.
equally important change in Japanese policy is
an
foreshadoAved.
Inspired
in the Japanese
articles
have suggested of late a resumption of the old
press
Anglo-Japanese amity, and improved relations with
the United States also are desired.
ter Naotake Sato admitted in an
week that he occasioned the
Foreign Minis¬
intervieAV late last
reports of
desire for
a
non-aggression pact with the United States.
a
would
seem
which is
eral
ALTHOUGHEuropeanlittle regarded in the histori¬
it was affairs, event of recent
cal
China
Mongolian territory still under their suzerainty,
that this relates to the naval
of
The indications of
a
a
matter for gen¬
satisfaction, however, and if the Japanese really
contain themselves hereafter
to
mean
Asian
the
It
problem,
developing in a manner not at all to the
conciliatory attitude remain
more
last
Japanese puppet-State of Manchukuo.
Chinese authorities are said to be determined to pre¬
liking of the Tokio regime.
Egyptian Capitulations
Re¬
neAvly-conquered Chahar area, which presum¬
and the
had so wide a significance, he said,
China appears
on
ably will be joined officially on some suitable occa¬
to address his
Never
Pressure
dispatches suggest only mild military activity
cent
George VI resorted to the radio after the coronation
subjects throughout the world.
toward amity seem
moves
relaxing, although it is far from absent.
the
has the ceremony
May 15, 1937
Far Eastern
a
and
develop
territory already conquered the danger
explosion will be diminished
corre¬
spondingly.
agreed to gradual abolition of the ancient Egyptian
capitulations, whereunder foreigners in that country
enjoyed a sort of extraterritoriality.
Signatures
were
attached to the
new
treaty after
a
month of
Discount Rates of
Foreign Central Banks
THERE have been no changes during the week in
the discount rates of
of the foreign central
any
leisurely discussions, and it is well to emphasize
banks.
that in these
shoAvn in the table which folloAvs:
strokes
it
days of swift and startling diplomatic
still
is
possible to arrange important
changes in international affairs by
means
of
were
the principal coun¬
tries that sent delegates to the conference with the
Egyptians.
Most of the spokesmen desired
Effect
Date
for the termination of capitulations, but
Rate
seconded
which
our
own
representative promptly
Egyptian plea for
an
finally
was
adopted.
a
12-year period,
Essentially, this
means
that
foreigners in Egypt, beginning in 1949, will be
fully subject to Egyptian laws and courts, as against
the
regime
under
the
whereunder
for
centuries
Mar.
*\b
Argentina..
10 1935 i
1 1935
May
15 1935
July
BatRvla
4
...
Holland
1 1936
July
Austria
Bulgaria...
6
Aug. 15 1935
2H
Mar. 11 1935
15, 1937.
2
...
Aug. 28 1935
3
Nov. 29 1935
3
June 30
7
Italy..
W
May
18 1936
3.29
Apr.
6 1936
-
Ireland
Japan
-
24 1935
4^
Java...
4
July
IS 1933
5
3
...
4
4
..
Jan.
1 1936
v Jan.
2 1937
Oct.
19 1936
30 1932
-
3X
6
3.65
Jan.
14 1937
5
' Feb.
1 1935
8«
July
..
1 1936
6
Lithuania.
....
1932
3
Jugoslavi
Czechoslo¬
vakia
2 1936
4
India
; Jan.
Danzig
Dec.
Hungary...
-
4
■
3H
Morocco...
6V£
5
Norway
4
Dec,
5 1936
3H
2Yx
5H
4X
Poland
5
Oct.
25 1933
6
Portugal...
5
Dec.
13 1934
5^
Rumania
Dec.
7 1934
6
South Africa
4^
3}*
May
4
May 28 1935
4H
EneJand
2
June
Estonia
5
Sept. 25 1934
4
Dec.
4
Jan.
28 1937
2
Spain
5
July
15 1933
10 1935
4
Sept. 30 1932
Jan.
4 1937
5
Sweden
2H
Dec.
1 1933
3
7
Switzerland
Nov. 25 1936
2
Finland
...
France
Germany
..
6
Greece
4 1934
..
6X
lived
All foreign influence
Foreign Money Rates
IN LONDON open market discount rates9-16%
bills
Friday
9-16%
against for short
Friday of last week, and 9-16@%% for three months'
concerns
Egyptian
firms with
against foreigners,
large
foreign
or
against
backing.
In
special communications attached to the convention,
Avas
Rtte
Egyptian legislation is to end
economic
with the
cious
Egypt agreed not to discriminate in
in the enactment of
it also
Date
Established
4H
2H
4
DenmarJk
Pre¬
Effect
4~
Chile
jurisdiction of mixed courts, in which
foreign judges predominated.
Oct.
they
are
May M
Country
Colombia..
appeared that
centers
Rate in
vious
Established
Canada
of 18 years
it
period
leading
Pre¬
Rate in
May 14
Country
Belgium... £ 2
a
the
at
rates
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
care¬
fully negotiated agreements. Great Britain, France,
Italy and the United States
Present
agreed that there will be
no
interference
archaeological work of American
or
on
bills
as
Money
Paris
were
as
against 9-16@5/8%
on
call at London
the open
on
on
on
Friday of last week.
Friday
was
3^%.
At
market rate remains at 4% and in
Switzerland 1%.
other
Bank of
institutions.
England Statement
Japanese Diplomacy
THE large gain for the week ended gold holdings,
statement of £4,914,796 in May 12 shows
EVEN before deep-rooted Japanese elections dis¬
the recent antagonism to official
resulting from the purchase of the metal announced
Japanese
policies,
nearly correspondingly large expansion of £4,751,000
show that
a
closed
at
a
a
more
indications
pacific
Avere
program
available
to
would be adopted
Tokio, in place of the truculent and expansionist
attitude of recent years.
not
resign
attitude
on
was
The H;ayashi Cabinet did
its electoral defeat, and the official
that the election results
would
be
of
by the Bank
on
May 11.
However,
in note circulation the increase in
£164,000.
other
Public
deposits fell
amount
£9,510,975
deposits
rose
there
reserves
was a
was
£16,138,000
off' £9,987,029.
was
as
Of the
only
while
latter
from bankers accounts and
£476,054 from other accounts.
The
reserve
propro-
tion
Financial
144
Volume
ago;
Loans
on
last
year>
the proportion
government securities rose
£451,984
was
aggregated 4,147,078,000 marks
year
ago
year
before 3,566,619,000 marks.
REICHSBANK'S
made in
the 2% discount rate.
Below we tabulate the
different items with comparative figures for previous
and £312,451 to securities.
No change was
for Week
May 7. 1937
May 7, 1936
May 7, 1935
Reichsmarks
Assets—
Reichsmarks
Reichsmarks
Reichsmarks
+ 30,000
Gold and bullion
No change
Of which depos. abr"d
—95,000
Res've in for'n currency
Bills of exch. & checks.
+ 179,153,000
_
+ 7,358,000
Silver and other coin
years:
—3,415,000
Advances
OF ENGLAND'S COMPARATIVE
BANK
STATEMENT
COMPARATIVE STATEMENT
Changes
addition to discounts and advances
was an
May 13,
May 15,
1936
1935
May 17,
1933
May 16,
1937
Investments
1934
—385,000
Other assets
May 12,
—5,900,000
Liabilities—
Other daily matur.oblig.
479,909,000 424.290,249 390,320,982 378,442.751 370,636,508
11,215,132 15,593,836
7.367,406
13,330,790
32,519,000
134,670,791
124,849,070 120,217,347 141,498,622 135,410,854
97,298.183
99,928 490
Bankers' accounts.
87,664,190
83,214,574 103.008,172
Public deposits
Other deposits
35,482,364 37,372,608
38.490,450
37,002,773
75.412,635 68,451,127
89,883,310 86,906,044
23,248,481
15,368,368
16,733,400
21,092.190
27,167,923
11,573,805
5,320,588
Disct. & advances.
5,708,154
8,826,368
5,893,201
10,047,780 11,674,676
Securities
11,025,246
21,274,722
12,265,822
Reserve notes & coin
62,989,807 73,603,605 76,340,249
39,616,000
40,312,367
Coin and bullion
319,525,751 205,102,616 t93,310,789 192,046,170 186,976,757
Other accounts
Other securities.
Propor'n of gold & for'n
curr. to note circul'n.
New York Money
Market
108,337,460
42.31%
2%
50.19%
50.80%
2%
30.18%
2%
25.10%
liabilities
Bank rate
2%
2%
MONEY York thisconditions an unchanged total
market week, and remained quiet in
New
open-market holdings of Treasury obligations by
the Federal Reserve banks indicates that no inter¬
of
vention
Bank of France Statement
was
THE weekly statement dated gold holdings, of
May 7 showed
another slight increase
in
29,029 francs, the total of which is now
57,358,922,736
francs, compared with 58,029,973,065 francs a year
and 80,283,158,011 francs two years ago.
Bank's
ratio,
reserve
62.33%
last
counted
rose
55.08%
at
French
year.
commercial bills dis¬
securities, creditor current accounts
and notes in circulation declined
11,000,000 francs,
194,000,000 francs respec¬
506,000,000 francs and
Notes in circulation now aggregate 86,869,-
929,190 francs,
year
The
with
412,000,000 francs while the items of
advances against
tively.
compares
as
abroad and
Below
change.
we
furnish
a
comparison
of the
BANK
OF
FRANCE'S COMPARATIVE
+ 29,029
Credit bals. abroad,
No change
May 8, 1936
discounted.,
b Bills bought abr'd
Note circulation.
Credit
Francs
Francs
Francs
57,358,922,736 58.029,973,065 80,283,158,011
9,732,052
277,619,054
12,492,191
...
current accts
out Int. to State..
8,069,099,826 17,048,573.580 3,728,008,230
1,097,947,909 1,292,904,597 1,056,475,164
3,906,467,810 3,503,120,023 3,112,161,746
—194,000,000 86,869.929,190 83,988,284,680 82,651,516,745
—506,000,000 17,263,817,199 9,107,730,343 17,575,195,796
No change
No change
55.08%
62.33%
New York Money
Rates
DEALING in detail with call loan rates was the
on the
Stock Exchange from day to day, 1%
the week for both
90
new
The market for time money is
transactions having been
no
Rates continued nominal at 1J^% up to
reported.
days and 1J^% for four to six months maturities.
Trading in prime commercial paper has been quite
active this
week, particularly
Friday when trans¬
on
Rates
heavy.
unusually
were
are
un¬
Bankers' Acceptances
in France,
Bank of Germany Statement
THE statement for thegain in quarter ofbullion
first gold and May
showed another slight
which is now 68,432,000
aggregated 70,969,000 marks
and two years ago 82,200,000 marks.
The reserve
ratio is now 1.54%, compared with 1.84% last year
and 2.42% the previous year.
Reserves in foreign
currency decreased 95,000 marks, advances 3,415,000
marks, investments 385,000 marks and other daily
maturing obligations of 18,497,000 marks and other
assets 5,900,000 marks, while bills of exchange and
checks, silver and other coin and other liabilities rose
179,153,000 marks 7,358,000"marks, and 95,000
marks respectively.
Notes in circulation showed a
contraction of 163,000,000 marks, which brought the
total down to 4,816,000,000 marks.
Circulation a
30,000 marks, the total of
a year ago
actions
80.10%
b Includes bills discounted abroad,
c Rep¬
resenting drafts on Treasury on 10-bllllon-franc credit opened at Bank.
Gold holdings of the Bank were revalued Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank. See notation to table "Gold bullion In Euro¬
pean Banks" on a subsequent page of this issue.
Not&— "Treasury bills discounted" appeared In blank in the statement of Sept. 25:
as all
these bills had matured and have since been transferred to the account
"Temporary advances without Interest to the State."
Gold
six months' datings.
changed at 1% for all maturities.
19,983,028,908
+ 0.37%
Includes bills purchased
marks.
1%% for maturities to three
—11,000,000
Propor'n ol gold on
hand to sight llab.
of
to
months, and 1%% for four to
+ 412,000,000
Temp. advs. with¬
a
transactions, whether renewals or new loans.
loans held
May 10, 1935
Frencn commercial
Adv. against secure.
c
Time
unchanged this week,
May 7. 1937
Francs
Gold holdings
Stock Exchange remained at 1%
the New York
for all
loans and renewals.
STATEMENT
Changes
for Week
bills
on
sold on Monday two series of
ruling quotations all through
various items for three years:
a
scale. The Treas¬
discount bills, at
rates slightly more advantageous to the Treasury
than last previous awards.
One series of $50,000,090
bills, due in 128 days, was awarded at 0.507% aver¬
age, and another series of $50,000,000, due in 273
days, was awarded at 0.723% average, both com¬
puted on an annual bank discount basis. Call loans
ury
against 83,988,284,680 francs a
balances abroad, bills bought
temporary advances to State showed no
rates were un¬
changed, with business on a small
Credit
ago.
"orderly."
to keep conditions
necessary
Bankers' bill and commercial paper
ago
2.42%
1.84%
1.54%
____
Proportion of reserve
to
Other liabilities
37,184,880
Govt, securities
82,200,000
70,969,000
68,432,000
21,958,000
19,520,000
19,359,000
4,048,000
5,338,000
5,827,000
5,631,502,000 4,259,174,000 3,693,112,000
160,103,000
190,607,000
147,665,000
75,608,000
53,032,000
48,251,000
685,119,000
548,216,000
416,639,000
635,728,000
503,164,000
749,668,000
3,566,619,000
-163,000,000 4,816,000,000 4,147,078,000
912,750,000
685,852,000
775,737,000
—18,497,000
245,203,000
174,009,000
173,342,000
+ 95,000
Ml
Notes in circulation
Circulation
and the
A comparison of
is furnished below:
the different items for three years
Of this latter amount
other securities £764,435.
on
26% a
30.18%.
£5,242,000 and
dropped slightly further to 25.10% from
week
3231
Chronicle
THE market for prime bankers'demand has been
acceptances has
been spotty this week.
The
alternately
up
and down with only
Rates
of bills available.
quotations
as
are
a
limited supply
unchanged.
The official
issued by the Federal Reserve Bank of
and including 30 dhys are
New York for bills up to
V2% bid and 7-16% asked; for bills running for 60
and 90
days, 9-16% bid and }/$% 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
1% for 121- to 180-day bills.
Bank's holdings
The Federal Reserve
of acceptances increased from $3,-
$4,534,000.
739,000 to
Yi°/o for bill running
days, %% for 91- to 120-day bills and
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 follows:
—180 Days—
150 Days—
Bid
Bid
Prime eligible
%
bills
Asked
%
H
Asked
Bid
X
•i«
90 Days
Bid
Prime eligible
9i6
bills
FOR DELIVERY
Eligible member banks
Eligible non-member banks.
Asked
%
60 Days
Asked
X
WITHIN THIRTY DAYS
-
;
;
—120 Days
Bid
Asked
X
»16
—30 Days
Bid
Asked
X
.
.
•'»
% % bid
% % bid
3232
Financial
Discount Rates of the Federal Reserve Banks
Chronicle
May 15, 1937
its gold stock at the old statutory price just
carry
under 85s. per ounce,
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The
following is the schedule of rates
the
for
various
of
classes
in effect
now
the different
at
paper
which makes the gold pound
worth $8.2397 in terms of 59.06-cent dollars.
inclined to
are
countries
than
DISCOUNT RATES OF FEDERAL RESERVE BANKS
thought possible
was
became
markets
Effect on
Date
Previous
May 14
Established
Rate
8 1934
2
Feb.
Feb.
2 1934
Philadelphia
2
Jan.
17 1935
IX
May
11 1935
May
9 1935
few weeks
as
ago
when
to the like¬
would allow the price of
gold to drop.
2
2
lihood that the governments
2X
Cleveland
Boston
much longer period
a
a
greatly concerned
Rate in
Federal Reserve Bant
tripartite
promise that present arrangements and
a
cooperation will continue for
Reserve banks:
Bankers
in the cooperation of the
see
2X
'
New York
Richmond
-
2
Jan
2
Jan.
19 1985
St. Louis
2
Jan.
3 1935
Minneapolis
Kansas City
2
May 14 1935
2
May 10 1985
Dallas.
2
May
8 1035
San Francisco
2
Feb.
16 1934
Atlanta..
...
2
London bankers have
bringing
those of President
in any
central
Exchange
STERLING exchange is steady and shows a decided
undertone of firmness in
dollar.
the
of
terms
Trading and all market operations in London
limited during
the past week because of the
tion festivities and the
approach of the Whitsuntide
The steadiness in the sterling-dollar rate is
holiday.
due of
were
corona¬
course
to the
cooperation of the British
ex¬
represent the concurrence of other
way
bank
associated
officials
Deutscher Volkswirt, organ
with
Minister of Economics and President of the Reichs-
bank, dealt ironically with utterances of the Bank for
It declared that
International Settlements.
the
correct
around because of the rise in prices
and it implied
that the reduction of its value in any one currency
States
range
for sterling this week has been bet ween $4.93 9-16
and $4.94 5-16 for bankers' sight bills,
a
compared with
of between $4.93^ and $4.94 1-16 last week.
range
The
The
range
cable
for
has
transfers
been
$4.93^ and $4.94 9-16, compared with
between $4.93 7-16 and
$4.94J^
week
a
The most important feature of
between
range
a
of
the present foreign
exchange market is the clear evidence of close under¬
standing and cooperation between the British equali¬
zation
fund
and the
tained in the
Bank of
the
Washington authorities,
announcement
con¬
Tuesday that the
on
England has bought £4,999,886 of gold from
British
equalization fund, thus lifting its gold
to
£319,525,751, the highest in the long
reserves
history of the Bank.
Present gold
with the minimum of
£150,000,000 recommended by
the Cunliffe committee and with
Bank's
statement
reserves compare
£136,880,252 in the
just prior to the suspension of
gold in September., 1931.
several weeks also been
a
The Dutch bank has for
heavy importer of gold.
These circumstances point to
of
the
the evident intention
gold
price
decried.
is
competi¬
In Paris also discussion
exchanges.
Sir Ernest
Oppen-
heimer, Chairman of the Anglo-American Corpora¬
tion of South
its
Africa, Ltd., at the annual meeting of
stockholders in Johannesburg a few
said that it
of
ago.
gold in
devalued all
been
already has
sense
would be meaningless except as a weapon in
Bank.
The
him.
of Dr. Hjalmar Schacht,
tion between the
Netherlands
only
were
Trip of the World Bank and did
change equalization fund with that of the United
Treasury and the
It is
the gold discussion at this time.
up
suggested by them that the views expressed
not
Course of Sterling
severely criticized the recent
report of the Bank for International Settlements for
2X
2H
2X
2X
2X
2V,
2X
2X
14 1935
Chicago
■■■.V/
difficult to
was
gold should
level.
The
Ernest
pave
return to the international
is
the
Sir
agreement,
monetary
well
may
ago
appreciably from its present
vary
tripartite
believes,
weeks
why the sterling price
see
way
for
a
general
gold standard which alone
capable of insuring stable exchange rates and of
giving the confidence necessary to promote a sub¬
stantial increase in
world trade.
As
might be
ex¬
pected from the foregoing, the gold flow from Eng¬
land to the United States is
large
subsiding.
also indicate that there is
outward flow of
an
funds from the United States.
a
The recent
gold acquisitions of the Dutch Bank would
foreign
Amsterdam has been
heavy seller of dollars for the past few weeks.
From the
strictly commercial aspect the foreign
exchange markets
of interest.
are
inactive and devoid of features
A business forecast of the Federation of
of both London and Amsterdam to aid the United
British
States authorities in keeping
is to the effect that unsettlement in certain directions
down the United States
Treasury's inactive gold fund.
that the Bank of
It might be thought
England is adding to its gold hold¬
Industry for the second quarter of this
for the next few months would not occasion
but that there is
ings because of its growing note circulation, but in
basic
view of the
program
assurances
given
more
than
a
week
ago
trend.
The
surprise,
indication of any change in the
no
full
effects
yet to be felt.
are
year
of
the
rearmament
Many industries
are
by Chancellor of the Exchequer Chamberlain that
booked
the British authorities
export trade prospects continue good and building
Washington, it
is
seems
are
cooperating closely with
apparent that the British fund
acquiring gold at this time largely to prevent the
shipment of the metal to New York and its final
sterilization
in
Fort
Knox.
Doubtless
British fund is anxious to support
also
the
the South African
with
up
orders
for
months
ahead.
The'
activity, apart from private housing, is being well
maintained.
April 19
The number of
152,000
was
and 609,000
more
above the total
cial bank clearings in
April
workers
employed
on
than the month before
a year ago,
were
while provin¬
22% higher than in
Shipping under construction in Great
gold interests by keeping the day-to-day swings in
April, 1936.
the London open
market orderly.
Britain at the end of March amounted to
that
tons, the highest since the September quarter of 1930
It would
seem
in London in the
practically all the gold taken
past few weeks was taken by the
British equalization fund at a price
closely approxi¬
mating the United States fixed price of $35 an ounce.
In
other
costs,
words, deducting insurance and shipping
the
British
around $34.78.
fund
must
have
been
paying
The Bank of England continues to
and
the first
total
to
exceed
1,114,454
1,000,000 tons since
that time.
Money
changed
in
rates
from
months' bills
Lombard
recent
are
weeks.
Street
Two-
continue
and
un¬
three-
9-16%, four-months' bills 19-32%,
21-32%. All the gold on offer
and six-months' bills
Volume
Financial
144
London
in the
open
market continues to be taken
that
taken by the exchange
of this gold is
most
accepted
It is generally
unknown destination.
for
equalization fund. On Saturday last there was on
offer £202,000, on Monday £253,000, on Tuesday
£621,000,
on
Wednesday the market was closed, on
Thursday £581,000, and
on
ended May
week
12,
Reserve Bank of New
reported by the Federal
as
York,
was as
follows:
NEW YORK, MAY 6-MAY 12,
GOLD MOVEMENT AT
At
Friday £765,000.
$21,614,000 from England
5,496.000 from Colombia
None
Note—We have been
$2,251,000
notified that approximately $11,434,000
received at San Francisco, of
$41,000 from Australia, and
of gold
which $11,353,000 came from Japan,
$40,000 from Hongkong.
Wed¬
nesday.
On* Thursday there were no imports or
exports of the metal but gold held earmarked for for¬
eign account decreased $3,377,400. It was reported
on Thursday that $6,265,600 of gold was received at
for the week ended on
The above figures are
of which $6,224,500 came from Japan
San Francisco,
and $41,100
On Friday there were
exports of the metal, or change in gold
from Australia.
imports or
held earmarked for foreign account.
Gold held in the inactive
daily Treasury statements,
ended last Wednesday, was
GOLD HELD IN
614,653,778
May 8-.- 617,458,020
May 7-_-
+$7,759,924
+488,565
+2,804,242
Increase for
indicated in the
as
The day-to¬
follows.
Amount
Date
Daily Change
May 10. .$625,544,363 +$8,086,343
May 11.. 636,122,120 +10,577,757
May 12.. 650,889,712 +14,767,592
MEAN LONDON
during
Monday,
May 10.
Tuesday,
May 11
LONDON OPEN
May 10—..140s.
Tuesday, May 11
140s.
Monday,
Thursday,
Friday,
May 14
MARKET GOLD PRICE
Wednesday, May 12...
Referring to
Holiday
Thursday,
May 13___140s. 5^d.
Friday,
9d.
7d.
...$35.00
...
35.00
35.00
May 11
110.25
110.28
110.23
May 13
May 14...140s. 8d.
FOR GOLD BY THE UNITED
RESERVE BANK)
Saturday, May 8
Monday, May 10
week
Wednesday, May 12
140s. 8}£d.
Saturday, May 8
the
CHECK RATE ON PARIS
109.86
110.02
..110.26
Saturday, May 8—
STATES (FEDERAL
Wednesday, May 12
$35.00
Thursday,
May 13
day-to-day rates sterling exchange on
cable transfers $4.93
11-16@$4.93 13-16.
On Mon¬
limited trading. The
$4.93%@$4.93% for bankers' sight
day the pound was steady in
and $4.93 11-16@$4.94
for cable transfers.
day sterling was a shade firmer.
1-16@$4.94 5-16;
On Tues¬
Bankers' sight
cable transfers
was
$4.94%@
Wednesday the pound was steady in
limited trading.
The range was $4.94%@$4.94 5-16
for bankers' sight and $4.94%@$4.94 9-16 for cable
transfers.
On Thursday exchange was steady.
The
On
$4.93 15-16@$4.94 5-16 for bankers' sight
$4.94@$4.94% for cable transfers.
On Friday
range was
and
equalization fund influence the dollar-sterling
was held steady.
The range was $4.93 916@
under
rate
$4.94 1-16 for bankers'
vote of
amounts
are
to French
confidence in the French Chamber of
Deputies
May 8 is encouraging, especially as his statements
the time indicated that he was inclined to revise
on
at
policies in the direction of the more
advocated by his finance minister,
financial
his
orthodox
views
The Premier declared that the Treasury
and that of the budget funda¬
is serious
situation
mentally unsound, and told the Chamber that the
State can not exist under the obligation to borrow
Blum
M.
France
twice as much as it can raise by taxation.
admitted that the economic recovery in
was
fragile, neither general enough nor rapid
enough to precipitate financial recovery.
financial
Since the
nearly
He recog¬
bejpre-
recovery.
Popular Front Government gained power
a year ago
wholesale prices have risen 41% in
prices have advanced 26%.
France and Paris retail
Owing, however, to the devaluation
sight and $4.93%@$4.94%
of the franc in
September and the rise in world prices, Anglo-French
prices are about equivalent on
further rise in retail prices is
it would seem that
the gold basis.
expected.
A
At present
the price rise has been halted, but
Minister of National Economy, stated
the Chamber of Deputies on May 8 that
M. Spinesse,
before
higher costs of production have not as yet been com¬
pensated
May 14.______ 35.00
hardly changed from Fri¬
Bankers' sight was $4.93%@$4.93%;
day's close.
important
in
internal affairs and therefore
make every endeavor to protect their resources either
by hoarding the currency of foreign countries or by
exporting their capital to Switzerland, Holland,
Belgium, England, and the United States.
The fact that Premier Blum received a substantial
as
by
increased
35.00
Friday,
Saturday last was steady,
$4.94%.
nothing to do with the unsatisfactory
Those possessed of savings
funds
available
sceptical
ceded by
ranged
between a premium of 11-32% and a premium of %%.
The following tables show the mean London check
rate on Paris, the London open market gold price,
and the price paid for gold by the United States:
$4.94
or
foreign
However, speculation has
delivery.
nized the fact that economic recovery must
Week Ended Wednesday
the
exchange
Canadian
was
that more speculation
by the rise in the premium on
for
each year
INACTIVE FUND
$44,484,423
range
against the franc and reports
M. Auriol.
as
issued during the week
THE TREASURY'S
Daily Chanoe
Amount
May 6...$614,165,213
fund,
calculations.
day changes are our own
Tuesday,
THE French foreign Paris sees bear interests active
exchange and fiscal situation
is
promising.
and
Gold Earmarked for Foreign Account
Decrease:
PAID
Exchange
situation of the franc.
Net Change in
PRICE
Continental and Other Foreign
actually little
$32,795,000 total
Date
closed at $4.93%.
exchange
1,778,000 from India
no
$4.93%,
$4.92%, docu¬
ments for payment (60 days) at $4.93, and 7-day
grain bills at $4.93%.
Cotton and grain for payment
60-day bills at $4.93%, 90-day bills at
is indicated
3,907.000 from Canada
and $4.94% for cable
Commercial sight bills finished at
transfers.
Friday
Closing quotations on
transfers.
$4.94 1-16 for demand
were
not
INCLUSIVE
Exports
Imports
was
cable
for
gold movement for the
the Port of New York the
3233
Chronicle
The
absence
of
ments of the
beyond
incessant embarrass¬
Treasury, which has succeeded in plac¬
ing only one loan in
on
from which fact
real .financial revival is
It is revealed in the
doubt.
only
output,
still higher prices.
arises the threat of
the domestic market—and that
condition of attaching to it unprecedented
guaranties,
such
as
the payment of interest and
principal to subscribers at their option in either francs,
sterling, dollars, or other satisfactory
the almost constant
quotation of government funds below
which
the level at
they stood before the October devaluation.
The first
in
exchange; in
flight of capital abroad; in the
quarter of 1937 showed an actual decrease
weight of exports as compared with the
corre¬
sponding quarter of 1936, while the recent rise in raw
materials stiumulated purchasing so that from Janu¬
ary
to March an import
francs
was
surplus of 5,000,000,000
created, the value of imports rising by
70% and their weight by 27%, while the value of
exports was up 44%
and their weight down by 4%.
3234
Financial
In value French imports
have been
Chronicle
than double
more
The
German
trend from
18.98,
mark situation shows
that of
and
money
past months.
credit
abundant
is
change in
no
To all accounts
Germany,
economic
and
associations
0.74, against 0.74;
and
18.98;
on
2.18%,
Greek exchange closed at 0.90%,
.
yyy.
but
1937
Poland at
Finland at
on
against 0.90%.
'-'''yyv
in
.yy-y yy.y-,
♦
The
EXCHANGE on the countries neutral during the
is steady and inclined to firmness.
All
press
possibility of the Scandinavian countries abandoning
not)bejaccepted with entire confidence.
German
at
against
against 2.18%.
official statements and figures emanating from Berlin
can
Bucharest
on
the value'of exports.
May is,
financial
war
emphasize the Reich's apparent abundance of capital
their sterling
and
question would not have arisen had it not been for
cash, relatively stable prices, and orderly indus¬
trial
development,
gold
with
virtually
that
the
primarily the
plethora
German
of
Reichsbank's
capital
really represents only credit expansion and
market
liquidity.
relative,
day to day rates there
as
2%% to 3%.
World
liquidity
from
at
are
The Vice-President of the German
Economic
to the effect
money
However, in comparison with the
London and New York markets the Berlin
is
is
and therefore
creation
Society recently issued
that artificial
warning
a
capital abundance based
Reich credit must not be confused with genuine
upon
Scandinavian importers to
many
Britain
is
the
chief
When it
countries.
advocated
about 18.20 Swedish
a
inflation.
currency
the
into
Reichsbank,
involving
roughly under $30,000,000, but this does not by any
represent all the gold officially held in Ger¬
means
in
many
ago
some
form of disguised account.
Bank
taken
were
by the State, they
over
were
mated around $60,000,000, but this gold has
appeared in the Reichsbank statements.
in 1935 there has been
net
a
450,000
Since early
gold import into Ger¬
imported in the first two months of this
was
This gold does not
year.
statement,
so
Germany
$150,000,000 in addition.
securities
nationalized
The
hold
must
held
least
at
by
liquidation of
German
citizens
and
table
shows
the
relation
leading European currencies to the
of
the
United States
•
Old Dollar
New
Parity
Dollar
Range
a
Parity
This
Week
3.92
6.63
yyy 13.90
16.95
5.26
S.91
19.30
32.67
22.86
to 22.91
40.20
68.06
54.87
_
Italy (lira)
Switzerland
(franc)
Holland (guilder)
New dollar parity as
4.47^ to
16.84
4.49M
to
16.89^2
5.26^to
5.26 M
before devaluation of the European currencies
between Sept. 25 and Oct. 5, 1930.
The London check rate
at 110.23
against 109.80
New York
at
sight bills
on
on
on
4.47%, against 4.49
transfers
on
Paris closed
on
Friday
Friday of last week.
In
the French center finished
Friday of last week; cable
4.48%, against 4.49 3-16.
Antwerp
belgas closed at 16.85 for bankers' sight bills and at
16.85 for cable
transfers, against 16.89% and 16.89%.
for Berlin marks
were
40.15% for
bankers' sight bills and
in
Finland, several Swedish
return to
comparison
exchange of
a par
to the
crowns
The Riksbank of Sweden
pound instead of
few
a
weeks ago
when it raised its rate for the
of
The gold holdings of the Netherlands Bank
now
1,055,100,000 guilders; the ratio to total
sight liabilities is 81.5% and the ratio to note circula¬
tion is
127.8%.
The Dutch bank has been
acceptor of gold for
a
heavy
time.
some
Bankers' sight on Amsterdam finished
at
54.93, against 54.88
transfers
sight
at
bills
54.94,
at
on Friday
Friday of last week; cable
on
54.88,
against
54.88,
against
and
54.82.
closed at 22.86% for checks and at
commercial
Swiss
francs
22.86% for cable
transfers, against 22.88% and 22.88%.
Copenhagen
checks finished at 22.06 and cable transfers at
22.06,
against 22.05 and 22.05.
Checks on Sweden closed
at 25.47 and cable transfers at
and
25.45%;
while checks
24.83 and cable transfers at
24.81.
Spanish pesetas
are
25.47, against 22.45%
on
Norway finished
not quoted in New York.
EXCHANGEfirm, the Souththe benefit ofcountries
on receiving American the past
continues
execptionally good export
There is also
seasons.
steady flow of foreign capital into the development
of the South American
industries, especially those of
Argentina.
A financial syndicate has recently been
a
organized in Argentina under the guidance of the
Central
Bank
000,000
peso
for the
eventual
issuance of a 200,loan to be used for the repatriation of
Argentina's external debt.
Argentine paper pesos closed on Friday, official
quotations, at 32.94 for bankers' sight bills, against
32.92 on Friday of last
week; cable transfers at 32.94,
against
32.92.
The
unofficial
40.15% for cable transfers,
with 40.21 and 40.21.
Italian lire
or
free
30.40@30.45, against 30.20@30.32.
reis, official rates,
official
or
free
are
8.83 against 8.82.
market
against 6.30@6.40.
market
in
milreis
was
Brazilian mil-
is
The
un¬
6.40@6.52,
Chilean exchange is
nominally
Peru is nominal at
quoted at 5.19, against 5.19.
26.00, against 26%.
—♦
EXCHANGE on the Far Eastern countries presents
features from those
weeks.
no
new
of
recent
closed at 5.26% for bankers' sight bills and at 5.26%
All these currencies follow
closely the fluctuation
for cable
the
On
trian
transfers, against 5.26% and 5.26%.
schillings
change
on
closed
at
18.75
against
Aus¬
18.75;
ex¬
Czechslovakia at 3.48%, against 3.48%;
at
24.83, against 24.81 and
at
Final quotations
cause'
to 55.00
(franc)
Belgium (belga)
are
few
by the German Government.
following
dollar:
$30,-
to
as
The gold acquired since
the end of 1935 has resulted from the
foreign
the
accounted for in the Reichsbank
official
statement,
in the Reichsbank
appear
that instead of less than
of gold
000,000
a
never
of $89,287,000, of which not less than $44,-
many
France
esti¬
extent
sterling to 19.41%.
Guilder exchange is
especially firm, ruling at the highest levels of the
Some time
when the gold holdings of the Gold Discount
an
19.40, which has been the ruling figure for several
years.
year.
V
v
The Reichsbank statement of May 7 shows gold
and
bullion
of
ap ro imately
68,400,000 marks,
y
Scandinavian
of Norway, Sweden, and
Denmark and the mark of
newspapers
the
of
feared that the pound might
crowns
sale
paper
Great
Great
be allowed to decline to such
difficulty for the
holders of Reich paper who might need cash
this
fear that
customer
was
settled the controversy
dump
The
period of inflation.
Britain would experience a
capital creation and pointed out the danger if the
were to
disappeared.
now
the fact that the British rearmament program caused
no
Reichsbank Director Mueller admitted
reserve.
recently
achieved
all
anchorage has
sterling-dollar rate.
economic mission
mercial
leaders
Monday
a
comprising 20 industrial and
of
Japan landed in
San
of
Japanese
com¬
Francisco.
Volume
Financial
144
The group is returning a visit
1935
made to the Orient in
It is headed
by the Forbes economic mission.
by M. Chokyuro Kadono, executive director of the
Economic Federation
Japan
Chamber of Commerce and
Closing quotations for
28.80, against 28.78
closed
kong
30
30.72@30
at
30Manila
at
58against
checks yesterday were
Hong¬
30.67©
against
13-16,
29.95@30J^,
against 29.96©
5034, against 50.20; Singapore at
58
1-16;
purchasers of commodities of like grade and quality,
where the effect of such discrimination may
*
.
.
be
to
monopoly in any line of commerce, or to
a
37.33,
Bombay at
against
who
son
benefit
of
grants
Banks
of either of them."
bullion
exchange) in the principal European banks as of
prohibition does not extend
The
to "differentials which make
differences in
the
only due allowance for
of manufacture,
cost
sale
de¬
or
livery resulting from the differing methods or quan¬
goods are sold or delivered. The
payment or acceptance of
forbids the
form of allowance, discount, fee or commission
any
THE following table indicates the amounts of gold
(converted into pounds sterling at par
knowingly receives the
or
discrimination, or with customers
such
Act further
of
prevent competition with any per¬
or
either
tities" in which the
37.30, and Calcutta at 27.33, against 37.30.
Gold Bullion in European
lessen competition or tend to
substantially
create
injure, destroy
Industry.
yen
Friday of last week.
on
13-16; Shanghai at
of the
president
and
3235
Chronicle
in connection with sale
purchase, or the payment
or
of
anything of value to a customer in return for
services or facilities which the customer may fur¬
respective dates of most recent statements, reported
nish
to
modities, "unless such payment or consideration is
by special cable yesterday (Friday); comparisons
us
shown for the
are
four
corresponding dates in the previous
years:4;/
1936
1935
1934
£
£
£
£
Germany b_
319.525,751
458,871,382
2,453,650
Spain
c87,323,000
Italy
Netherlands
a42.575.000
Nat. Belg'm
3,024,100
90,778,000
63,015,000
53,783,000
25,701,000
Denmark
82,046,000
59,170.000
97,977,000
6,602,000
90,499,000
74,022,000
66,446,000
71,536,000
49,925,000
15,022,000
7,397,000
6,577,000
18,040,000
7,394,000
6,601,000
Amount
a
Bank
held
of Germany
1935, latest figures available,
b Gold holdings of the
exclusive of gold held abroad, the amount of which Is now
Oct. 29,
are
reported as £967.950 c Amount held Aug. 1, 1936: latest figures available.
Note—The par of exchange of the French franc cannot be exactly determined, as
yet, since the legislation enacted Sept. 26, 1936. empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued Its gold holdings
the parity between francs and
pounds sterling Is approximately 165 francs to
stores, but its terms cover all transac¬
purchase
or
middle
essors,
strikes
as
between producers, proc¬
selling
men,
agents
form of price discrimination into
at every
quantity sales
delivery methods do not
or
enter, irrespective of whether the ultimate consumer
is
financially benefited
it is intended to
prices of
the
commodities for the benefit of small
many
Bituminous
The
April 26 last
Coal,
or
Guffey-Vinson, Act of
much farther, although limited
goes
to the field of bituminous coal.
and Prices
multiplication of proceedings instituted by
Federal Trade Commission for alleged violations
of the Robinson-Patman
given to
ers
a
Nominally, the sale
price of coal at the mines, for distribution in inter¬
The
the
If the Act works as
independent dealers at the cost of consumers.
or
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.
not.
or
work, it should operate to keep up
that
Federal Control of Wages
and retailers.
directly fixing prices, the Act
Without in any way
8,380.000
1,217,462,783 1,046,035,850 1,212,494,153 1,209,329.617 1,264,270,416
1.206,889,254 1,066,439,305 1,213,411,312 1,206,969,807 1,274,104,709
Prev. week.
of such
commodities."
or
tions of sale
which
Total week.
competing in the distribution
at the chain
76.451,000
77,345.000
12,056,000
7,397,000
proportionally equal terms to all other
on
Act, in its inception, was aimed particularly
The
186,976,757
647,233,359
18,239,300
90,372,000
68,284,000
77,261,000
61,117,000
84,838.000
48,229,000
23,906,000
6,554,000
6,604,000
6.549,000
..
Norway
192,046,170
612,863,697
6,078,750
193,310,789
641,785,264
2,572,450
89,106,000
342,575,000
83,549,000
Sweden
205,102,616
464,239,784
102.267,000
Switzerland
France
available
products
1933
£
England
processing, handling or selling such com¬
customers
v
1937
Banks of—
in
Act, the extraordinary pow¬
Federal commission by the recent Bi¬
state commerce,
is to be fixed by boards, represent¬
ing both employers and employees, in each of the
districts
23
are
divided
into
which
the
bituminous
coal
areas
by the Act, in accordance with a formula
tuminous Coal
Act, and the debates in and out of
which the Act
Congress
the Miller-Tydings and Ellenbogen
practices, designed in substance to preserve competi¬
bills
over
suggestive indications both of the extent
are
which Federal control
to
been projected, and of the further
or
gone
that may
be
in
no
of wages and prices has
steps
be taken in the same direction. There can
doubt that the
regulation of
wages
arid prices,
large and extended industries at least, is some¬
thing that the Administration and some of its ad¬
visers would like to
of
aid
brought within the range of
authority, to be used as occasion offered
Federal
in
see
the
socialization
of industry.
Since the
overthrow of the codes and the National
Administration,
has
been
to
however,
approach the subject through regula¬
tions of interstate
commerce, or
so-called unfair trade
a
minimum wage,
coercive
der the
lective
Recovery
the general disposition
practices,
the prohibition of
or
the provision of
while in addition is to be noted the
advantage which has been given to labor un¬
Wagner Act through the legalization of col¬
bargaining. A review of important steps thus
far taken will show how the matter
now
stands and
as
an
amendment to
the anti-trust
unlawful "for any person
the
course
19,1936, passed
laws, makes it
engaged in
of such commerce, either
commerce,
directly
or
in
in¬
directly, to discriminate in price between different
and
prevent price-cutting, is set out, and con¬
formity to the requirements of the Act is assured by
the
imposition of
mines
not
prescribes.
prohibitive tax
a
The prices
sales from
created for
the
determined, however,
so
subject to revision by
the
upon
represented in the code which the Act
a
are
National Board which is
industry,
so
that in fact it will be
Board, its members appointed by the President
and removable
by him at
neglect of duty
any
time for "inefficiency,
malfeasance in office," that will
or
finally set the figure. Further, while the sales with
which
state
the
Act
deals
commerce,
primarily those in inter¬
are
the Commission
may
also fix the
prices for intrastate sales if it finds that existing
intrastate
state trade
prices
are
discriminating against inter¬
causing "any undue
or
unreasonable
advantage, preference or prejudice
as
between
per¬
and localities" in intrastate transactions.
For
sons
all
or
practical
purposes,
of bituminous coal
therefore,
Federal
made
On
or
not, has been
complete.
April 24, in
a
letter to Vice-President Garner,
President Roosevelt asked
tion
control
prices at the mine, whether the
coal is destined for interstate sale
something of what is to be looked for.
The Robinson-Patman Act of June
tion
prescribes. A long list of unfair trade
on
the
Congress to postpone
Miller-Tydings
matter" dealt with
bill
"until
by the bill "can be
the
more
ac¬
whole
fully
Financial
3236
an
ized control of the industry, and adduced the opinion
of "competent authorities" that a collapse in the
of the Federal Trade Commission, "to legalize
industry might be looked for by next August or
contracts
and
agreements
proposes
so
as,
fixing minimum resale
prices for goods sold in interstate commerce and
sold within the
contracts
jurisdiction of
agreements
or
have been
any
to intrastate
as
legalized." The ostensible
the
sale
manufacturers and
that
re-
State where such
commerce
advanced
reason
by President Roosevelt for shelving the bill
fear
May is, 1937
in the lan-
bill
The! Miller-Tydings
explored."
amendment of the anti-trust laws
guage
Chronicle
the
was
dealers would
abuse
authority granted, and that in fixing retail
re-
prices the prices themselves would be unduly
raised.
There
was a
widespread feeling in Congress,
however, that the real reason was
a
the field for
measure
a
more
comprehensive
desire to clear
regulation which the Administration
to have in
of price
believed
was
mind, and which would probably be in-
thereabouts.
Finally, on the same day on which the hearings
on
the Ellenbogen bill opened, the American Federation
of Labor, in its monthly business review, marshaled
statistics to show the extent to which prices have
advanced, to the detriment of production and in the
of
face
9,000,000
workers still
and
unemployed,
urged a Federal commission to formulate effective
methods of price control.
What has been said is enough to show the extent
to which the movement for Federal regulation of
prices, and to
already made
a
less degree of wages and hours, has
In most essential respects,
progress.
the movement contemplates a revival of the prescrip-
troduced if the
proposal to pack the Supreme Court
tions of the National Industrial Recovery Act, shorn
could be forced
through Congress.
of provisions which brought that statute under the
Whatever the Administration may
regarding price regulation, it is
have in mind
prehensive plans for the regulation of
hours, frequently referred to
under consideration.
islation,
that
com-
wages
and
no secret
"a little NRA,"
Supreme
the
of
Court,
and
supple-
make the system
more
effective.
The special im-
The scope
are
petus at the moment^ is, of course, Mr. Roosevelt's
of the proposed leg-
as
concern over the rise of commodity and other prices
which his policy of lavish spending has stimulated,
indicated by tentative draft bills
as
disapproval
mented by such new features as, presumably, will
em-
bodying the recommendations of various Executive
but the primary motive is the
departments and Presidential advisers, was outlined
dustry and business generally under Federal control which has characterized New Deal policies from
on
May 2 in
Washington dispatch to the New York
a
"Journal of Commerce."' The
authority, will provide for
assisted by
a
plan, according to this
central Federal agency,
advisory councils in the various indus-
tries to which the proposals will
council would be
minimum
ate
the
thereof
scales of wages
termination of
sion
of
which
to
consider.
upon
industry
and
overtime
schedules."
pay
The
patterns by way
fair
A
wage
would be regarded
as
of the service
or
the class of services
can
if
a
constitutional way
A label of
some
be-
of dealing with it
kind would replace
Eagle, and detailed periodical reports, "accompanied by specimen pay rolls and statements of
employment to which workers had been sub-
jected during the period reported upon," would be
required.
^
The
Ellenbogen bill, introduced by Representative
Henry Ellenbogen of Pennsylvania, Democrat, on
which hearings before a subcommittee of the
House
Committee
35-hour
Labor
on
week
for the textile
and
a
began
Monday,
on
minimum
weekly
minimum
weekly
of $18
offered
by
Committee, Kent Keller of Illi-
nois, Democrat, would establish
a
proposes a
wage
industry. A substitute bill
the Chairman of the
wage
a
40-hour week and
of $15. Sharp differences of
opinion developed at the hearings between the proponents of the two measures, and it seems unlikely
that either bill will be
approved
without
substantial
changes.
by the Committee
Francis J. Gorman,
however, president of the United Textile Workers
of
America, who supported the Ellenbogen bill, warned
the Committee
of the
with prices and
growing tendency to central-
wages
is,
how economically and
or
socially disastrous the interference is certain
tually
to
be,
but
the
warning
sounded, for the attack
upon
should
even-
again
be
competition is obvi-
0llsly under way and certain to be pressed,
Political Problems of Great Britain
The elaborate ceremonies incident to the
British
the Blue
hours of
superfluous to point out how opposed to all sound
economic principles any governmental interference
value
living and other relevant circumstances
be found.
may yet contrive, in one way if not in
another, to get control of the courts, it would be
tion of
ing taken into account, and child labor would be
banned
Roosevelt
one
rendered," the
to bring in-
the beginning. Were it not for the danger that Mr.
of definitions"
advisory councils would be expected to
"fairly and reasonably commensurate with the
cost of
its
an
and hours would be flexible, the deflexibility to be aided by the provi¬
"certain
the
the
occupational basis,
time fixing maximum hours and the
same
relation
for
wages
branches, presumably
at
apply. The advisory
expected "to arrive at the appropri-
purpose
George VI
as
well
may
as
corona-
well have occasioned, among
foreign observers,
serious
some
thinking about the present state of Great Britain
and the
Empire. With all respect for the
office of the
of his
success
credit
ative
pendence
leadership,
even
or
any
marked qualities of initi-
to expect much royal inde-
within the very limited field in which,
under the British constitutional
pendence
and
reign, it is not possible at present to
George VI with
or
person
sovereign and all good wishes for the
can
be exercised.
It
system, such inde-
was
obvious from the
firg^ that the great formal display, unprecedented in
its pomp and
gorgeousness, was
designed in part to
banish for the moment the popular
memory of the
tragic circumstances of the abdication of Edward
VIII and curb the intense popular interest in his
immediate future. It may well have been the
hope,
also,
that the
occasion
would
impress
world, and especially upon Europe,
the
British
which
the
upon
Empire, and thereby add to the
great
armament
the
the power of
preparations
effect
be
thought to have produced. Incidentally, the impressive celebration could be counted
a fitting
preparation for the deliberations of the Imperial
may
upon'as
Conference.
Nothing that
was
said
or
done, how-
ever, serves to conceal the fact that Great Britain is
faced with problems of
more
than
ordinary gravity,
and that the task of meeting them will make
heavy
Volume
drafts
^
144
Financial
British
upon
British
the
and
statesmen
people.
and
Edward's abdication,
circumstances of
The
certain
developments which have followed his re-
have raised
tirement,
serious constitutional
some
questions. In the recent history of the British monarchy the independence and
have declined
Cabinet has
the power
as
powers
increased, and for
ereign has been
of the Crown
of Parliament and the
the sov-
many years
symbol and in most respects a
a
figurehead.
The inside history of Edward's abdica-
tion is not
yet fully known, and until it is known a
judgment based only
of which the
cent
the particular incidents
upon
public is
A
cannot be final.
aware
re-
English writer has pointed out, however, that
2337
Chronicle
tions. In regard to defense, it is to be expected
that
the present armament program, and so much of the
plans for war as the Cabinet may think proper to
reveal, will be approved and the moral support of
the Dominions pledged. Financial support, even indirect, is another matter, and the extent to which
the Dominions will be asked to plan their own defenses in cooperation with one another or with
Great Britain will probably depend upon the degree
of solidarity in the face of a possible war that the
Conference shows. The consideration of trade rela¬
tions, it is expected, will center particularly about
the Ottawa agreements and the desirability of continuing any form of imperial tariff preference in the
present state of world trade.
undertook to settle
It is in the field of diplomacy, however, that Great
personally with Edward the conditions of abdica-
ing the sovereign in all respects to the will of the
Britain faces its greatest difficulties. For nearly a
decade the diplomatic prestige of Great Britain has
been on the decline. In the long debate over the reduction and limitation of armaments, British policy, which might have been independent, was tied
to that of France, with the result that disarmament
Prime Minister in office.
became
when Prime
Minister Baldwin
tion, and delayed asking for the approval of Parliament until
he struck
still
in
settlement had
a
fatal blow at such
a
possessed, and took
a
fact been
rights
as
reached,
the Crown
long step toward subject-
There is much force in the
contention, and the force will be increased if the
Cabinet, under either Mr. Baldwin
or
his successor,
royal family the conditions which shall
his
to
panied by strong words about what might happen
if League obligations were not observed, were withcut the least effect in preventing Japanese defiance
and German withdrawal. The exposure of the secret
attempt to arrange with France a partition of Ethiopia, as a device for checking the Italian program
or
personal conduct. In the present state of public
opinion in England, the status of the Duke of Windand his treatment
sor
ily
become
that
Duke
the
by the Government might
partisan
a
has
issue,
eas-
notwithstanding
renounced
throne.
all
claim
to
the
meeting
doubtless be
of
will
of sanctions added greatly to British discomfiture,
similar meetings have been
The British navy was caught napping in the Mediter-
the
used,
as
Imperial
Conference
used
before, to emphasize the unity and solidarity
well
as
the extent and
is matter of
perial unity has
resources
of the
as
Empire.
It
knowledge, however, that im-
common
more
and more come to consist in
allegiance to the Crown, but that the policies of the
several Dominions are,
independent.
come
up
for most practical
The Ottawa
agreements,
purposes,
shortly to
for revision, showed that in trade matters
the Dominions
much
were
disposed to act for them-
selves, and Canada and the Irish Free State maintain
their
Ministers
own
doubtful if either
jeopardized,
Continental
or
at
Washington.
It
would
today
unless their
go
own
to
for the
war
interests
were
also
would again aid Great Britain in
war
is
Canada, South Africa, Australia
New Zealand
or
mother country
they aided it in 1914.
as
of the Irish Free
°f conquest, revealed one of the worst diplomatic
scandals in recent British history, and the collapse
'
The
byword and the armament race is running
govern
should undertake to dictate to Edward himself
the
a
in full course under British lead. Unctuous protestations of loyalty to the League of Nations, accom-
State
is
The
a
case
peculiar because of the
when the Ethiopian war got under way, and
the humiliating spectacle was witnessed of the hasty
withdrawal of British war vessels from exposed
positions and a reorganization of the whole Mediterranean naval plan. Fear of British power has
ranean
counted for little with Italy or Germany and as littie with Japan, diplomatic relations with France
have become progressively less cordial, and British
influence has been of no avail in checking the progress of the civil war in Spain,
The recovery of diplomatic prestige, accordingly,
has become an urgent question for the British Government. Aside from such effect as the great rearmament preparations may have, it cannot be said
that recovery has as yet made much progress, although large allowance must be made for the extraordinarily complicated conditions which Europe
Becent declarations of British statesmen
long and bitter history of Anglo-Irish relations, and
presents.
the
new
Valera
bave done nothing to improve relations with Ger-
has
lately drawn
will, perhaps, have to wait
and relations with Italy are anything but
cordial. The traditional British attachment to
France is still strong, but it is difficult to "do business" diplomatically with a Government so unstable
Constitution
up
which
President
de
time before it becomes the law of the
some
the trend is
Irish
land, but
obviously in the direction of complete
independence.
The
new
Constitution for In-
dia, again, has revived the Nationalist movement,
many,
and
self-government for India, whether in the form
as that of Leon Blum, and there is a pronounced
feeling that France must not be allowed to drag
now
proposed
Great Britain into a war.
at best
only
or
an
in
some
other,
seems
destined to be
artificial bridge, supported by Brit-
ish
troops,
the
peoples of India from their British rulers.
across
the wide and deep gulf that divides
Against the advancing
tide of Fascism Great Britain still stands unshaken,
stoutly championing, to the encouragement of every
It is
European State that is still free, the principles of
still
possible to speak of British imperial unity, but
only as the term is carefully explained can its mean-
democratic and representative government, but the
ing be accurately understood.
Europe it is apparently powerless to check. Its dip-
The
on
Imperial Conference, which opened formally
as its principal subjects of dis-
Friday, will have
mission
imperial defense and imperial trade rela-
progress
of dictatorship
in Central and Eastern
lomatie recovery has to be made in the face of political ideas and methods with which it has no
sympathy.
Financial
3238
The German-Italian Fascist bloc has been
of
to
late
about
by
which
Europe
Over against that
to revolve.
ever
affairs of
the
are
in which
free
the
Strange
mind in
turn out to contain, is
Empire
the
as
outstanding examples of States
representative government, free elections,
speech and free thought are cherished as the
conditions of
free national
these vagaries of the popular
were
as
1933, most of them have now disappeared.
Such
The United Kingdom and the
hope of democracy.
are
henceforth
result of any
to be set the influence of the British
Dominions
implied, to withhold patronage from these concerns.
pretension, with what¬
of truth it may
measure
pointed
of its defenders as the "axis"
some
May 15, 1937
Chronicle
disappearance has not apparently
definite conviction of
the outcome of
ties which
in the
then proposed.
possible
of two
of getting
way
has corrected
self-evidently
tained
straight path of experience.
depends the future of political, social and
well be doubted that the British armament pro¬
may
is a well devised contribution to that end, for
gram
invite
armaments
into
war,
and in
war
The best that
eclipse.
an
that the immense
freedom
passes
be hoped for is
can
display of force and material
re¬
far greater than any other European Power
source,
marshal,
can
It
show the necessity of
may
The
peace.
greater hope lies in the possibilities of a wise diplo¬
the maintenance of freedom at home, and the
macy,
avoidance
which
of
irritating criticisms of other Powers
prefer to order their affairs differently.
coronation affords
ish
international
recover
take
course
a
on
opportunity to
an
be
it makes its
as
those
who have
has had to be abandoned by
recognized that the restoration of
prices which had been promised
about, and
in fact,
was,
very
not brought
was
inconvenient and
desirable whenever there seemed to be any
of
approximation to
had been
a
that indebtedness
without serious
on
to
a
course
the suggestion
it became evident that
as
of action
inevitably prevented
businesses.
Very much the
same
expand their
change in point of
the mind of the
subject of wages, investment,
or
income distribution.
more
it, and whoever believes that free choice is better
than coercion will heartily wish it well.
be doubted that there is
of
the
today
a
use
Nothing
is
striking
more
in
the
contemporary
than the change of what has been called "psy¬
scene,
chological climate" that reveals itself to
sionate observer who makes
son
of American
an
public opinion
any
dispas¬
analytical compari¬
as
manifestation
Such
retrospective glance naturally recalls the
a
as
seen
at the
present time.
than
belief
a
We
of
cannot
a sane
that
had been
employment, better industrial
are
the external
symptoms of the change for the better which
come
over
that have
the
economic situation
elapsed.
alterations* of
But far
significant
years
the
are
community thought that have been
developed during the four
future
more
during the
has
years
in question.
The
historian, when writing his account of the
development
of public
opinion for the period in
a
as
accompanied the formation
the so-called "NBA."
na¬
of
It would be difficult to obtain
full belief for the feverish exhibitions which
accom¬
fact has
tion
the fact that it became the
of
mer
custom, during the
sum¬
1933, for public officers to post, in public
and
circumstance
by
in
who found them¬
many persons
by
unpleasant
conditions,
or
a
real world.
come
about in
so.
Yet, such
some
a
recognition of
quarters
more
com¬
Perhaps this transforma¬
thought in the direction of sanity could
hardly have been expected, had it been possible for
"Neltv
Deal"
to
possessing
a
retain
and
develop a body of
strong appeal to the better sense
of the
community. In this regard, however, the con¬
1933 and the present is most
impressive. From the standpoint of
expediency it
must nevertheless be
freely admitted that the "New
trast between the
year
to "build
real acceptance for
fact
of
Deal"
any
of
pletely, in others less
Broadway,"
to inspire
partial restoration
community had previously been bound,
abolished or reduced, was, beyond
question,
itations of
panied the early demonstrations of the "march down
or
such
obliged to recognize that they must accept the lim¬
the
hysteria
impossible may be accom¬
that
limitations
hemmed
leaders
sible, for instance, for such manifestations of
doubt
pleasing thought to
selves
strange growth of popular fancy which
tional
predatory disposition rather
the
question, will not fail to allow due weight to the
was respon¬
a
the
point of view has been painful. The belief
the
miliar to all.
Greater
that
plished.
which
far larger trade volume,
granting of employ¬
rights of others through political action,
but it is the result of
marked reversal of external conditions which is fa¬
success,
hardly
There still remains the determination to at¬
tack the
reflected in 1933,
and its
can
far better realiza¬
of available funds in
the conduct of business and the
ment.
difficult to
relationship between the Nation's tax
policy and the continued
By H. Pabkeb Willis
aver¬
who has done any thinking whatever on the
The truth about taxation has been
tion
access
the part of those who needed
on
funds with which to develop and
more
repudiated,
harm, indeed to the benefit of the
capital
new
same way,
the whole could be
community, has yielded
such
un¬
prospect
price change of the sort that
promised. In the
bring home to the popular mind. But it
Then and Now
the
possible to enrich the community by reducing
the value of its money
age man
will
from
The idea that it might
view has enforced itself upon
of difficulties that confronts
maze
variations,
leadership,
personal
attractive though
many
ridiculous
Government, shortly
of the British
worldwide interest
through the
way
and
diplomatic ground that has been
new
with
watched
point of departure in Brit¬
relations
of the
some
The
lost.
to
a new
The
be
than four as a total
more
plus two, but the hard common sense of the
average man
personal freedom in large parts of the world.
It was a fact that,
abstract, many a citizen liked to think of a
life.
a
been the
but, rather,
recognition of the inherent absurdi¬
were
Upon the extent to which those principles are main¬
indispensable
error,
ency,
shape
has done
conspicuously
up" and confirm in
the ideas of
opinion.
a
definite
wrong:
their
in its failure
popular ascend¬
body of those who could
Few features
in
current
popular
places, in the various hamlets and towns throughout
movements have been
the
ity (or unwillingness) of the "high command" to
give the needed support that would result in con¬
land, lists of firms considered out of compliance
with the terms of the
early code of rules which the
NBA
had
force
administration
prescribed;
and to
compliance with its dictates, by advice
en¬
open or
more
firming such leadership.
example.
striking than the inabil¬
Take the Treasury, as
an
A steady succession of "experts" has been
Volume
ignominiously disposed of.
they succeeded in
public places has been quickly taken from
of
ure
them and made of
ries
banking,
on
The extraordinary
avail.
no
money,
theo¬
and kindred topics, which
Capital Issues in Great Britain
New
Such headship as
acquiring during their brief ten¬
3239
Chronicle
office, tolerated for brief periods, and
placed in
then
Financial
144
The following
which
are
British
Mid¬
capital,
revision, exclude all borrowings by the
statistics have been compiled by the
These compilations of issues of new
land Bank, Ltd.
subject to
for
Government
arising from the capitalization
funds and undivided profits; sales of already
of
reserve
they have expounded and sought to put into effect
issued securities which add nothing to
have been
of
quickly discredited by those who were re¬
There re¬
definite body of thought built up
sponsible for their continuance in office.
mains
today
no
and consolidated
far
so
the
as
group among
by these blind leaders of the blind,
public is concerned,
is there any
nor
higher officials which is willing or in¬
clined to commit itself
definitely to
a
offered; issues
held
the United Kingdom; short-dated bills sold in anticipation
long-term borrowings; and loans of municipal and county
for conversion or
in
of
redemption of securities previously
the figures are
based
upon
SUMMARY TABLE OF NEW
unhesitatingly accepted and advocated by scatter¬
brained
occupants of public office, or by "experts"
could
who
make
not
retain
their places
long enough to
consistent and inclusive test of their pro¬
a
the prices of issue.
CAPITAL ISSUES IN THE UNITED
[Compiled by the Midland Bank,
It may positively be asserted that in
no
country has there ever been so great a transforma¬
public policy within
a
period of
which left behind it
belief and
It
so
small a body of logical
advocacy to perpetuate its views.
111999333567———JJJaaannnuuurrryyy.
1921.
1922.
19231924.
1925.
1926.
1927.
1929.
1931.
1933.
said, but it needs definite restatement, that the past
four years
of the "New Deal" have left behind them
satisfactory installation of public policies that
no
1935.
1936.
1937.
be inferred from what has already been
may
NEW CAPITAL
January
February
March
in future years be appealed to by way of dem¬
may
of the
onstration
which
have
underlying theories
given rise to them.
of glowing
tenance
Neither the main¬
ideals, however attractive, nor
MONTHS
ISSUES IN THE UNITED KINGDOM BY
[Compiled by the Midland Bank Limited)
1937
1936
1935
1934
£27,614,265
10.671,858
11,257,125
£33,963.149
£10,853,233
7,007,995
7,081,462
£16,592,347
12,620,080
12.386.235
19.687.120
6,961,500
9,590,367
4,108,238
10,456,037
11,947,382
£34,533,057
£45,706,900
£71,067,806
£61,490,630
19,505,122
19,727,811
22,440,935
12,048,454
14,997,397
9,878.332
20,610.166
18,410,698
53,909,166
6.682.428
7,719,440
24.402,925
■'
•*
■
6,194,413
9.546.101
4.706,804
26.943.859
20.939.125
11,217.941
20.211.176
£150,189,757
£182,824.210
£217,221.225
management remains to furnish to later
of the
new
way
labor, in the rate of interest and the conditions
public securities are placed with hold¬
the circumstances which determine the as¬
taxation, but there
indication that these innovations have achieved
110
61,491,000
12.543.554
sessment and collection of income
is
34,533,000
13,041.644
under which
or
August
105,204,000
130,229,000
161,364,000
208,185,000
207.644.000
37,173,000
December..
alleged changes in the relations between capital
ers,
July
389,565,000
195,470,000
192,497,000
86,601,000
45,707,000
71,068,000
November
accomplishment. There is much disposition to point
and
June
121,968,000
149,014,000
90,735,000
47,073,000
45,008,000
September
thinking and of its appearance in the field of real
to
May
253,055,000
187,211,000
193,900,000
238,443,000
244,468,000
266,953,000
331,470,000
105,213,000
support of firm believers in the no¬
inquirers tangible demonstration
of
4 months
384,418,000
264,514,000
lay at their root, nor the attainment of
well-organized systems of administration and gov¬
ernmental
;—
£106,068,000
£45,935,000
192,812,000
73,115,000
110,374,000
61,917,000
52,058,000
66,954,000
91,526,000
6,747,571
23.446.272
13.056,095
the consistent
tions which
opinions,
or
April
April 30
45,796,000
14,765,000
17,167,000
16,028,000
4,805,000
9,555,000
13,498,000
22,268,000
18,606,000
34,767,000
21,271,000
1,687,000
18,013,000
8,248,000
9,590,000
4,108,000
10,456,000
11,947,000
1920-
1934.
years
Year to
April 30
£6,048.000
1919-
1932.
of accepted
4 Months to
April
1930-
tion
KINGDOM
Limited]
Month of
1928.
grams.
In all cases
specifically limited.
authorities which are not
ceptance of any of the schools of thought with re¬
so
the capital resources
whose securities have been
the company
consistent ac¬
gard to money, banking, and prices, which have been
shares
purely financial purposes;
issued to vendors; allotments
October
Year
OF NEW CAPITAL
KINGDOM BY MONTHS
GEOGRAPHICAL DISTRIBUTION
UNITED
ISSUES IN THE
[Compiled by the Midland Bank, Limited]
Other
Brit.
Foreign
United
India and
Kingdom
Ceylon
Countries
Countries
£
£
£
£
Total
£
16,592,000
12,620,000
12,386,000
14,433,000
9,688,000
957,000
1,202.000
February
2,346.000
586,000
March
11,076,000
1,135,000
176,000
3,443,000
660,000
5,000
4,108,000
38,640,000
5,098,000
1,969,000
45.707,000
568,000
254,000
19,728,000
20,610,000
53,909,000
6,682,000
7,719,000
4,707,000
April
4 months
18,788,000
118,000
June—
19.571.000
13,000
July
'
49,999.000
May
872,000
154,000
3.622,000
287,000
1.921.000
Indeed,
we may say
that it is next door to a cer¬
tainty that a comparatively slight change in
the
political balance of national control will bring about
modifications that will
practically restore the situ¬
September
4,761,000
7,344,000
October...
3.940,000
545~ 000
222,000
November
firm or permanent hold upon public opinion.
any
9,204,000
15,000
3,136,000
December
9,686,000
137,000
1.395,000
11,218,000
161134 000
828,000 17,210.000
2,852.000 182,824,000
33,109,000
194,000
August
Year
existing prior to the rise of the "New Deal."
There
has, in short, been no permanent nor effective
alteration of
of the
basis
public thought and no transformation
for
community action.
Whatever the
"New Deal" has done has been to effect
changes in
transitory methods of administration, not to alter
the real
foundation which
they
possess
in opinion
188",000
751,000
964,000
18,502,000
6,877,000
February
March
22l",660
84.000
12,544,000
33,963,000
19,687,000
6,961,000
8,795,000
4 months......
232~6(H)
1,3561666
73,000
10,456,000
67,193.000
426,000
3,071,000
377,000
71,068,000
17,196,000
April
ation
375,000
27,000
2.014.000
268,000
19,5(15.000
June—
15,344.000
2.939.000
128,000
July
20,712,000
3,537,000
153,000
1.770,000
78.000
18,411,000
24,403,000
6,194,000
9,546,000
26,944,000
May
4,346,000
August
1,528,000
8,018,000
September
451,000
3.763,000
November
22,730,000
18,271,000
30,000
2,069,000
568",000
December
16,997,000
155,000
1,572,000
1,487,000
October
190808 000
1.090,000 22.264,000
24.802,000
Year
2,405.000
20,939,000
20,211,000
3.060.000 217,221,000
no
public consciousness. The "New DeaF' leaves
monuments,
found
and
for this the
reason
must be
partly in the inherent absurdities to which it
early allowed itself to be committed, and partly in
the intolerant and
overbearing attitude with which
it met all criticism and all
tion.
oned
The four years
a
suggestion of modifica¬
from 1933 to 1937 must be reck¬
melancholy period in the history of economic
thought in the United States, fruitless and disap¬
pointing because accomplishing nothing
temporary and inconclusive results.
more
than
407,000
27,614,000
February
8,043,000
31,000
2,581,000
17,000
March..
and in
9,756,000
34,000
April.
7,135,000
1,467,000
4,792,000
"20",000
10,672,000
11,257,000
11,947,000
49,736,000
64,000 11,245,000
445,000
61,491,000
4 months
BOOK
REVIEWS
Agricultural Adjustment Adminis¬
Edwin G. Nourse, Joseph S. Dsvis
D.
Black.
600 Pages.
Washington:
Three Years of the
tration.
and
By
John
The Brookings
study
Brookings Institution completes its
of the first period
of the Agricultural
Administration—the period, that
when the
$3.50
Institution.
With this volume the
is,
Adjustment
down to Jan. 6, 1936,
Supreme Court decision in the Schechter case set
Financial
3240
aside
At
scheme
the
certain
of
points,
Chronicle
include developments throughout
1936.
clusions,
in
but at
On main points the
to
the
of the whaling industry, published in
devoted to inquiries relating to
An informing study
international commerce in raw materials since
in
changes
examines the earlier history
The author
War.
World
the
monographs
of
series
a
For the most part the dissenting views are presented
footnotes
Leipzig:
Bibliographisches Institut.
points there has been diver¬
number of
a
Von Dr. Erik Lynge.
Der^Walfang.
processing taxes as unconstitutional.
the inquiry is carried on to
however,
authors of the volume have been able to agree in their con¬
gence.
May 15, 1937
Mr. Nourse
writes, but a brief supplementary statement is made by
Mr. Davis and a more extended one by Mr. Black, while
Harold B. Rowe contributes an appendix on "ascertaining
arctic, the course of the industry during the war, and its
condition at the present time. The survey includes an ac¬
the
count
benefits
and
of
body
of
burdens
book
the
which
adjustment
programs."
of the industry,
developments under Norwegian enterprise and in
An¬
other
appendix contains the texts of Secretary Wallace's ad¬
dress on agricultural security before the American Farm
Bureau
and of
Federation
agricultural
of which go
adjustment,
before the
same
organization
The Course of the Bond Market
on
Moderate declines have been
phases of the agricultural pro¬
gram, only a few of the conclusions reached can be indi¬
cated here.
The adjustment undertaking, as Mr. Nourse
points out, has to be studied "both as an emergency measure
for
the
relief
of
farmers
and
the
stimulation
of
drought,"
the
over
a
of holding the
a means
as
close to
years
line
a
laid
among
the
greatly,
soft,
did
United
States
losses.
None
the
High-grade
Central
decline
average
showed
of the bond group
railroad
bonds
averages
and
fractional
only minor
have declined to
have been
easier,
registered toward the
declines being
1995, at 104
were
with
the
end of the
off 1; New York
3%s, 1997, dropped 1% to 95; Baltimore & Ohio 4s,
% to 106.
1948, declined
continuously operating economic plan." It is doubted, on
other hand, that the cotton loans "yielded
significant
the
on
Atchison adj. 4s,
week.
in accordance with
not
governments
year's lows, made around April 12.
sharpest
of production
course
out
losses
while
general
the conclusion that the devices were
"to make them practicable in emergency
not "that similar controls could be made
but.
in the bond market this
seen
substantial
High grades,
supports
periods,"
fairly
lower-grade speculative issues of all classes.
enough
practicable
amounting to
week,
recovery and as a permanent way of implementing economic
planning for agriculture." Experience with production con¬
trol, "so far as we can observe it through the dust of the
effective
in processes,
Pasadena, Calif., on Dec. 9, 1936,
H. R. Tolley on soil conservation and
book which covers all
a
comparative costs, market
The statistical tables, some
back to 1669, are especially valuable.
changes
conditions, and similar matters.
Dec. 10.
In
of
the Ant¬
at
address by
an
including American participation, the later
Second-grade railroad bonds de¬
Atlantic
the
veloped heaviness, resulting
net benefits to
Coast Line 4%s, 1964, were off % at 92%; Missouri-Kansas-
growers," and the ever-normal granary plan
is not found necessary to insure the restricted
production
Texas 5s, 1962,
that the AAA contemplated or
accomplished.
in
Nourse declares, "there would be
"In fact," Mr.
inherent contradiction
an
ever-normal granary."
It is nevertheless
"a large governmental undertaking in
crop
an
that
if put on a strictly actuarial
basis, would be
benefit in the better farming areas."
Prime
concluded
lower
insurance,
"No
depression
of
case
in
the
milieu
of
week,
we
are
not
a
or
trenched in such
subsidy which
a
way
activity in this field."
to
"economic
to be
as
a
on
the
agency
for
industry is
coordinating
needed
from
of the contribution
MOODY'S
BOND
(Rased
V. S.
All
120
1937
Govt.
Bonds
in
time
PRICES
"that
this
May 14— 107.97
loosely
organized
Moody's computed bond prices and
given in the following tables:
MOODY'S
A
BOND
(Rased
120 Domestic
Aa
yield
averages
on
YIELD
AVERAGES
(REVISED)
Individual Closiny Prices)
All
RR.
P.
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Daily
Corporate by Croups*
Baa
bond
are
Domes-
Corporate by Groups
U.
Indus.
Averages
May 14—
ticCorp
101.23
112.25
109.44
99.83
86.21
13- 108.04
101.23
100.88
112.25
109.44
108.27
100.00
86.50
12-
108.04
95.29
101.58
101.06
112.45
108.27
13
109.44
100.35
86.92
11
95.62
108.25
101.58
101.23
112.45
108.27
12
109.44
100.35
87.07
10— 108.30
95.78
101.76
112.66
101.23
108.27
11
109.44
100.53
87.21
8— 108.21
95.78
101.41
101.76
112.66
108.27
109.24
10—
100.35
87.35
95.95
101.41
—
Colombian issues, but Uruguayan obligations
while Argentine and Chilean issues remained
almost unchanged.
Japanese obligations have been irregu¬
larly lower and Europeans fluctuated within narrow limits.
such
(REVISED)
by Ratings
Aaa
up,
Average Yields)
tic
Corp *
some
firmed
forward."
120
Domes¬
Daily
Averages
on
Brazilian and
hand, the report,
aspects of the Agricultural
action
this
en¬
other
keenly critical of many
Adjustment Administration,
concludes
weakness developed toward the close.
Rubber
obligations receded, Goodrich 6s, 1945, selling %
lower at 105.
The amusements have been steady.
Iron conv. 4s, 1947, moved down with the stock
market,
closing at 97%, off 3%.
Losses among the oils included the
1%-point decline of Skelly Oil 4s, 1951, to 97%.
Among foreign bonds, fresh weakness developed again in
barrier to truly planned
On the question
democracy,"
while
and
fashion.
Contrary price movements characterized the steels, Inland
Steel 3%s, 1961, advancing % to 104%, while Interlake
.
appear to have become
week,
but
point
On the other
hand,
little apprehensive as to certain
practices of
government aid
.
this
pronounced
company
great degree of conviction to important
parts of our agricul¬
system as showing a better economic organization as
.
slightly
more
„
tural
adjustment effort.
a
Seaboard Air
Industrial bonds have been firm in the early part of the
extraordinary drought" under which the
idea of a managed agriculture has been
pressed, it is never¬
theless "hardly possible at this
juncture to point with any
result of
in
Chicago
losses.
place in these bonds.
Pennsylvania Power & Light 4%s,
1981, closed at 101%, off 2% ; Lehigh Power Securities 6s,
2026, declined 5% to 102%; Pennsylvania Electric 4s, 1971,
at 92% were off 3%.
political
political
manipulation" of
benefit payments, has, however, been found.
Admitting "the
abnormally complicated conditions of continued business
a
softened
ground
wide
off 3%;
companies operating in Pennsylvania reflected ad¬
legislative developments and considerable selling took
verse
and
clear
were
utility
them, and that while the Agricultural Adjust¬
Act "contemplates scientific
planning and directional
influence."
issues
lost
Reflecting the weakness
showed
International
fied to hold
activities, it sets such activities
utility
grades
losses.
Speculative holding company debentures have been weak.
Hydro-Electric 6s, 1944, declined 3% to 73%;
Associated Gas & Electric 5s, 1950, fell 2% to 48% ; Standard
Gas & Electric 6s, 1966, at 76% were off 4.
Obligations of
of substantial
The study notes the many instances in which
important
administrative posts were given to men who were not
quali¬
ment
issues
1959, at 43
Line 6s, 1945, fell 2% to 17%.
if drastic curtailment of private carry-overs were
coupled with a program of building up government holdings
numerous
declined 4 to 75.
defaulted
Great Western 4s,
of policy
in
stocks,
in
95.13
3.93
Aaa
3.35
Aa
A
Baa
RR.
P. U.
2
Indus.
3.49
4.01
—
3.93
3.35
3.49
4.00
4.86
4.28
3.94
3.55
—
3.91
3.34
3.49
3.98
4.83
4.26
3.93
3.55
3.91
3.34
3.49
3.98
4.82
4.25
3.93
3.55
3.90
3.33
3.49
3.97
4.81
4.25
3.92
3.55
4.80
4!
—
4.88
4.29
3.95
3.55
7—
108.03
101.58
112.45
108.27
109.05
8—
100.18
3.90
87.21
3.33
3.50
95.78
3.98
112.25
7
108.85
100.00
3.91
86.92
3.34
3.51
95.46
3.99
4.25
112.05
108.85
6—
3.56
101.23
107.69
3.93
107.93
101.23
4.81
5-
100.00
86.92
3.93
3.35
3.52
95.62
4.00
3.93
101.06
111.64
108.66
5—
3
107.79
107.49
4.27
4-.
101.06
4.83
99.83
3.93
86.78
3.36
3.52
95.29
4.00
101.06
4.83
107.30
4.26
3.94
4—
3.59
3.94
3.38
...
...
3.55
101.23
108.08
3.92
107.94
101.23
4.24
6-
5.38
—
5.37
58
...
107.70
100.88
111.84
108.27
99.66
86.64
3.53
95.13
4.01
100.88
4.84
3.94
111.64
3—
3.60
100.88
107.30
4.28
1— 107.58
108.27
99.66
3.95
86.64
3.37
3.55
95.13
4.02
100.70
4.85
107.11
4.29
3.95
1
3.60
3.95
3.38
3.55
4.02
4.85
4.29
3.96
3.61
...
3.96
3.39
3.55
4.03
4.86
4.30
3.96
3.62
3.96
5.41
3-
Weekly—
Apr. 30— 107.59
23-
107.17
—
100.70
111.43
108.27
99.48
86.50
94.97
100.70
100.70
106.92
111.23
107,69
Weekly—
Apr. 30—
99.48
86.92
95.29
100.70
106.54
23—
100.70
106.54
16—
16—
107.79
100.70
111.03
107.88
99.48
87.21
95.62
9—
107.23
99.48
109.64
107.11
98.45
85.65
94.49
2-.
99.31
107.19
105.41
100.18
110.63
9—
107.49
98.80
86.64
95.13
99.83
106.17
...
•
3.40
3.58
4.03
4.83
4.28
3.96
3.64
5.31
3.96
2..
3.41
3.57
4.03
4.81
4.26
3.96
3.64
4.03
5.33
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
101.23
111.84
3.99
3.43
87.93
3.59
4.07
96.11
3.66
5.36
111.84
Mar. 25—
4.01
101.23
107.30
4.29
109.32
100.70
4.85
19..
108.46
99.14
3.93
87.93
3.37
3.53
96.11
4.03
100.88
4.76
3.60
5.33
102.30
112.86
19—
3.96
110.76
107.30
4.23
12..
109.24
100.35
3.93
3.37
89.40
3.54
4.05
4.76
4.23
3.95
5.2C
5—
12..
3.60
5.30
Mar. 25— 108.40
108.27
99.48
97.45
101.76
108.27
111.82
103.74
114.09
110.43
3.87
101.76
3.32
90.75
3.50
98.45
3.98
103.38
4.66
109.44
4.15
3.55
103.93
5—
3.90
Feb. 26— 112.18
114.72
110.83
3.79
102.12
3.26
90.59
4.55
98.62
3.90
103.93
4.57
109.84
3.81
3.49
5.24
104.11
Feb. 26—
4.09
19.. 112.12
114.30
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
3.77
5.13
3.25
3.42
3.86
4.55
4.06
3.77
3.49
110.83
102.48
91.05
98.97
104.11
109.44
19..
91.51
99.66
104.30
110.04
11—
11— 112.20
104.48
5.. 112.34
Jan. 29.. 112.21
105.04
115.78
111.84
103.38
3.75
3.22
91.66
3.41
100.00
3.84
105.04
110.63
4.52
3.76
3.46
5.18
116.64
5-.
4.02
105.41
112.25
3.72
3.18
103.56
91.51
100.00
3.37
3.81
105.04
111.43
4.51
Jan. 29--
4.00
3.72
3.43
5.10
3.70
3.14
9.34
114.93
111.03
102.84
5.13
22- 112.39
106.17
104.30
92.38
3.35
101.23
.80
4.52
112.05
4.00
3.39
106.36
22..
3.72
15.. 112.53
118.16
3.66
113.48
3.09
104.48
3.30
92.28
101.23
3.76
106.17
4.47
112.25
15..
3.93
3.68
3.36
106.36
117.94
3.65
5.39
8— 112.71
113.89
3.07
104.48
91.97
3.29
101.23
3.75
106.17
112.25
4.47
3.93
3.66
3.35
5.41
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
High 1937 112 78
117.72
113.27
105.79
8
.
.
106.54
118 16
113.89
104.67
92.43
101.41
106.17
112.45
Low
107.01
1937
99.48
109.64
3.64
3.07
107.11
98.28
85.52
3.27
94.17
3.74
99.31
105.41
4.46
High 1937
3.92
3.66
3.34
4.03
5.13
3.48
3.61
4.10
4.93
4.35
4.04
3.70
5*43
May 14'36 109.95
2 Yrs.Ago
May 14'35 108.66
100.70
3.96
3.28
3.52
4.09
4.92
4.38
3.94
3.55
5.89
4.55
3.66
4.03
4.58
5.92
5.11
4.43
4.11
Low
1
1937
Yr. Ago
1
91.05
113.68
106.17
108.85
98.45
85.65
93.69
101.06
108.27
99.48
90.59
73.20
83.06
92.90
98.11
i
Yr. Ago
May 14'36
2 Yrs.Ago
May J4'35
*
These prices are computed from
average yields on the basis of one "typical" bond
level or the average movement of actual
price quotations
They
(4%
coupon, maturing In 30 years) and do not
purport to
merely serve to Illustrate In
yield averages, the latter being tbe truer
picture of the bond market
a
more
comprehensive way the relative levels and
show
the
either
relative
the
5.81
average
movement
of
Volume
THE
Financial
144
| OF TRADE—COMMERCIAL EPITOME
STATE
Friday Night, May 14, 1937.
|
automotive
declines in steel production,
were
stills, these
reactions resulting in a drop in their index figure to 103.6.
This compared with their figure of 104.6 the previous week
and 91.0 for the corresponding week of 1936.
The week
was
characterized by world-wide declines in security and
commodity markets, the break in stocks in this city carry¬
ing the market to a new low for the year.
Another out¬
activity, electric output and petroleum runs to
of
break
labor
in the
troubles
steel
week of 1935.
The first 18 major railroads to report for the week ended
May 8, 1937 loaded a total of 35p,219 cars of revenue freight
on their own lines, compared with 353,165 cars in the pre¬
ceding week and 309,978 cars in the seven days ended May 9,
1936. A comparative table follows;
REVENUE
CONNECTIONS
FROM
I.OADED AND RECEIVED
FREIGHT
General
and
industry
for the corresponding week of 1935.
For the week ended
May 1, 1937, loadings were 16.6% above those for the like
week of 1936 and 37.5% over those for the corresponding
jlweek of 1936. Loadings for the week ended April 24, 1937,
showed a gain of 14.3% when compared with 1936 and a
rise of 36.1% when comparison is made with the same
<
activity in a number of lines slowed up con¬
siderably the past week.
According to tlie "Journal of Com¬
Business
merce," tliere
3241
Chronicle
(Number of Cars)
plants, rumors of certain jobbers being in trouble
London, and the world-wide weakness of commodities
.
Motors
in
held
were
recent
be
to
also believed to be due
was
of heavily increased marginal
markets
the
and
require¬
break in
severe
recession
accompanying
in
speculative commodities may affect business sentiment more
adversely than did the earlier reactions.
However, it is
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR...
22.166
Chesapeake & Ohio Ry
22,769
-
Chicago Burl. & Quincy RR
14,036
20,122
20,437
Chicago & North Western Ry
15,9-18
15,819
Gulf Coast Lines.
2,913
3,510
International Great Northern RR
2,274
4,263
2,271
The "Iron Age" estimates the current average of
New York Central Lines--
steel
the
The
strike
situation
steel
new
on
industry at 92%, unchanged from
far
so
has
but
purchases,
had
discernible
no
account
may
a
for
effect
renewed
mills for prompt deliveries, the magazine states.
pressurq on
It is further stated that the prospects for the third quarter
fairly promising, with indications that the summer let¬
are
down
be less than might be expected in view of the
may
heavy production
for the first half
of
Electric
the year.
21,560
13,918
18,410
14,925
2,761
2,293
14,409
Chic. Milw. St. Paul & Pac. Ry_.
Missouri-Kansas-Texas RR
in
Weeks Ended—
19,311
30,877
23,106
33,585
22,812
35,882
-
-
pointed out that the earlier breaks of March and April
had seemingly little effect on the sentiment of industrialists.
operations
week ago.
Connections
from
May 8, May 1, May 9, May 8, May 1, May 9,
1936
1937
1937
1937
1937
1936
Con¬
markets.
securities
the
Many observers fear that the latest
financial
the
in
Rec'd
Oum Lines
on
Weeks Ended—
the
for
responsible
largely
selling of securities
to the serious threat
ments.
factors
weakness
extreme
siderable
the
Loaded
5,439
13,809
38,762
4,861
20,955
22,909
19,834
72,418
6,948
7,771
30,486
5,183
72,627
6,726
7,748
59,020
29,564
26,769
5,437
5,263
13,875
40,771
Missouri Pacific RR....
N. Y. Chicago & St. Louis Ry
Norfolk <fc Western Ry
Pennsylvania RR.
Pere Marquette Ry...
Pittsburgh & Lake Erie RR
Southern Pacific Lines
-
Wabash Ry__-_.
6,222
6,860
10,952
7,850
8,359
11,093
1,516
2,291
2,923
9,441
42,062
10,027
4,880
48,617
5,839
7,886
x8,985
5,683
350,219 353,105 309,978 214,310
Total
Excludes cars interchanged between
x
4.523
4,529
14,068
47,727
5,821
6,824
19,082
5,232
16,481
10,613
7,532
7,694
7,444
18,642
11,632
7,964
7,811
10,616
1,788
10,973
9,672
1,513
2,257
2,877
9,203
44,440
39,090
10,016
5,011
49,517
40,741
3,026
3,328
9,382
4,277
5,445
5,026
5,939
7,410
x9,092
8,998
x8,234
8,366
222,346 194,936
& New
S. P. Co.-Pacific Lines and Texas
Orleans RR. Co.
TOTAL LOADINGS AND RECEIPTS
output for the week ended May 8 was 2,176,383,000 kilowatt
a decrease of 0.7% from the previous week, but 12.8%
CONNECTIONS
FROM
hours,
ahead
ing
of the corresponding week last year.
week
last
Consumer buy¬
advanced
sharply toward the spring peak
expected next mouth, according to Dun & Bradstreet trade
review, registering a gain of from 10 to 22% over the
like
period of 1936.
Saturday
from
Car loadings for the week ended last
767,481 cars, a decrease of 14,942 cars
totaled
the
previous week, but a gain of 98,615 cars over the
like period of last year.
Real estate as a whole all over
the country
prices
ing
is moving at the highest rate since 1930, and
from 5 to 15% higher than last year, accord¬
range
to
Joseph
Association
Catharine,
W.
of Real
President
Estate Boards.
of
Dust
National
the
storms
the
were
Weeks Ended—
:7'
pVV•'" ''.itv
•
-
:
May 8, 1937
May 1, 1937
May 9, 1936
Chicago Rock Island & Pacific Ry.
24,022
Illinots Central System
30,286
25,618
30,369
23,625
29,444
St. Louis-San Francisco Ry
12,966
13,914
12,708
67,274
69,901
65,777
Total.
Railroads, in reviewing the
The Association of American
week ended May 1,
reported
follows:
as
Loading of revenue freight for the week ended May 1
This
cars.
was
an
of 111,535
increase
.
H
feature of the weather news the past week.
North Dakota in particular suffered from this mucli-dreaded
37.5% above the
corresponding week in 1935.
disturbance.
totaled 782,423
above the corre¬
15.1%
or
cars
sponding week in 1936 and an increase of 213,496 cars or
21,241 cars or 2.8% above the preceding week.
outstanding
with
dust,
At Minneapolis the air was reported as thick
coming
from
the
Dakotas
and
Canada.
This
apparently is having a most damaging effect in tlie wheat
areas
in those sections.
Word
received that in western
was
North Dakota, western South Dakota and practically all of
the better producing sections of Montana, wheat
crop con¬
ditions
about
are
bad
they ever have been during any
previous period at this time of the year. The week brought
decidedly
rather
as
favorable weather for agricultural interests
more
generally from
the North
as
the
Mississippi
Valleys eastward.
Red
and
Rivers
warm-
weather crops, hardy vegetation, such as grains and
grass,
made generally excellent progress, while more sunshine and
only light showers in most places markedly improved
operations, especially during the latter
part of the week.
In
nights
sippi
were
eastward
and
western cotton belt were
State.
tures
dry,
In
the
and
it
was
beneficial
York
with
rain
City
and
is
area
occasional
raining
rains
decidedly helpful.
general
a
New
prevailed,
Today
States, also, while the
mostly too cool, more sunshine from the Missis¬
Valley
remains
Southern
cool
in
the
North¬
Much of Texas
still
needed
in
that
summer-like tempera¬
heavy
thunder
showers.
here, with temperatures
The forecast was for rain
ranging from 62 to 68 degrees.
tonight; Saturday fair;
cooler
tonight;
continued
cool
Saturday.
Sunday fair and warmer.
Overnight at Boston
it
was
5G to 72
degrees;
Baltimore,
64 to
86;
Pittsburgh,
50 to 66;
Portland, Me., 50 to 70; Chicago, 40 to 66; Cincin¬
nati, 50 to 62; Cleveland, 52 to 68; Detroit, 40 to 63; Charles¬
ton, 72 to 80; Milwaukee, 38 to 60; Savannah, 68 to 80;
Dallas. 54 to 74; Kansas
City, 44 to 60; Springfield, Mo.,
44
to
82;
62; Oklahoma City, 50 to 68;
Seattle, 50 to 66; Montreal, 38
44 to
of 1,268 cars
decrease
a
42,290
cars
of merchandise
Loading
an
the preceding
week, 5,039
above the
cars
below
week in
In
the
the
1936 but
an
74,
week ended May
Drop
Week Ended May 8
1 totaled
week in 1935.
grain and grain products loading for the
16,626
cars,
a
decrease of 538 cars below the
cars
below the corresponding week
in 1936.
Live stock loading amounted to 14,853 cars, an increase of 99 cars
the
preceding week, but
1936.
It was,
1935.
In the
a
above
cars
however, an increase of 766
below the same week in
cars
decrease of 327
above the same week in
Districts alone, loading of live stock for
thejweek
ended May 1 totaled 11,845 cars, an increase of 23 cars above the
preceding
week but
Forest
a
Western
decrease of 531 cars below the corresponding
products
loading
totaled
37,162
cars,
an
increase
above the preceding week, 4,998 cars above the same
9,828
cars
and
preceding week, 52,602
70,182
cars
of 147
cars
week in 1936, and
1935.
above the same week in
Ore loading amounted to
the
Hi
week in 1936.
cars,
an increase
of 15,486 cars above
above the corresponding week In 1936,
1935.
H
increase of 343 cars above the
week in 1936 and 5,343 cars
50,021 cars above the corresponding week in
Coke loading
preceding week,
above the
same
amounted to 10,397 cars, an
2,742 cars above the same
week in 1935.
All districts reported increases in the
number of cars loaded with revenue
freight, compared with the corresponding week in 1936, and 1935.
Loading
of revenue
freight in
1937
compared with the two previous
1936
1935
3,316,886
2,778,255
3,003,498
2,974,553
2,512,137
2,766.107
Winnipeg,
14,942
increase of 192,461 cars, or 33.5%, over the total
below the corresponding
1937
and
Cars
in
Loadings of revenue freight for the week ended May 8,
1937, totaled 767,481 cars.
This is a falling off of 14,942
cars, or 1.9%, from the preceding week; a gain of 98,615
cars, or 14.7%, over the total for the like week of 1936, and
an
Ita
cars
increase of 2,429 cars above the same
Districts alone,
Western
Four weeks in March
Loadings
above the corresponding week in 1936 and
week in 1935.
preceding week, and 4,636
Four weeks In February.
Car
cars
same
above
products loading totaled 28,031 cars, a decrease of 186
Grain and grain
cars
lot
above the same week in 1935.
124,606 cars, an increase of 5,141 cars above
Coal loading amounted to
Five weeks in January.
Freight
carload
than
less
increase of 1,479 cars above the preceding week, 8,827 cars
the corresponding week in 1936 and 10,104 cars
40,312
carsfabove
*»*"^
freight totaled 171,308
,
Salt Lake City, 60 to
to
58.
Revenue
below the preceding week, but an increase
week in 1935.
the corresponding
cars,
1 was an increaseffof
ended May 1 totaled 325,884
above the corresponding week in 1936, and 94,693
preceding week, and a decrease of 3,559
con¬
ditions for outside
the
cars
of
of
While temperatures were too
low, especially the night readings, for best growth of
loading of revenue freight for the week of May
Miscellaneous freight loading for the week
loadings
FOur weeks in
April
Week of May 1
Total...
In
the
2,955,241
782,423
12,836,303
2,415,147
2,543,651
2,330,492
2,408,319
2,302.101
670,888
568,927
11,116,376
10,375,946
1
following we undertake to show also the loadings
for separate roads and systems for the week ended May 1.
During this period a total of 105 roads showed increases
when compared with the same week last year:
3242
Financial
Chronicle
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Revenue
Total
Railroads
Eastern
OF
CARS)—WEEK
Total Loads Received
Freight Loaded
1937
May IS, 1937
(NUMBER
1935
1937
1
Total Loads Received
Freight Loaded
1936
1937
District—
from Connections
1936
1935
1936
1937
Southern District—(Concl.)
Ann Arbor
576
485
578
1,700
8,080
1,387
1,728
363
358
7,839
12,161
2,169
10,895
Chicago Indianapolis & Loulsv
2,334
9,061
1,465
Central Indiana
Central Vermont
28
14
22
75
57
1,407
1,114
2,455
4.553
12,101
1,142
6,484
11,347
8,214
8,435
7,608
1,985
7,570
7,384
442
252
223
125
145
.
Bangor & Aroostook
Boston & Maine
_
Delaware & Hudson
6,210
—
Delaware Lackawanna & West
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line-
3.151
1,403
1,058
2,845
3,229
376
254
12,394
5,473
Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
274
317
2,817
3,163
4,037
2,837
3,745
1,962
39,191
1,470
7,412
2,552
Maine Central
Monongahela
Montour
9,993
2,458
47,727
12,126
New York Ontario & Western
N. Y. Chicago & St. Louis—
2,304
1,242
9,286
3,201
2,894
1,160
272
25
52
34,318
10,818
10,861
1,894
4,812
6,636
1,617
44,440
13,687
2,068
10,016
7,332
5,939
40,520
12,806
1,808
Norfolk Southern
1,241
444
916
998
357
312
9,247
21,279
8,179
21,053
7,843
4,701
4,129
4,086
3,911
18,034
15,065
13,866
Tennessee Central
514
347
352
607
555
Winston-Salem
180
155
144
824
770
103,945
97,527
84,837
68,473
61,786
1,904
10,246
3,040
Seaboard Air Line
Southern System
Southbound
Total
236
2,134
9,623
4,222
5,812
Northwestern District—
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
834
792
645
2,062
19,025
2,584
17,119
2,392
•18,976
14,795
10,616
2,894
7,811
3,752
-
& North Western
Great Western,
Milw. St. P. & Pacific.
19,850
3,852
22,979
St. P. Minn. & Omaha
Duluth Missabe & Northern,
Duluth South Shore & Atlantic__
133
238
198
313
341
360
180
199
942
595
1,887
610
1,273
5,437
5,402
5,019
3,061
4,965
3,392
8,998
Wheeling & Lake Erie
3,936
3,584
177,408
153,886
133,011
179,299
486
417
363
5,546
7,021
6,565
466
395
294
180
180
20,856
10,718
12,685
3,540
3.353
688
Ft. Dodge Des Moines & SouthGreat Northern
Green Bay & Western
Lake Superior & Ishpeming
529
582
637
630
1,240
1,898
Total
Allegheny District—
Akron Canton & Youngstown
—
Minneapolis & St. Louis
827
63
5,264
1,703
6,738
9,792
Minn. St. Paul & S. S. M
164,508
688
„
257
837
Spokane Portland & Seattle
622
Wabash
7,594
3,497
214
7,288
Northern Pacific
30
1,446
1,283
8,329
16,707
3,019
5,827
3,862
3,473
1,353
9,034
—
1,202
26
2,045
3,354
Elgin Joliet & Eastern
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia—
6,236
1,337
1,259
449
418
Pere Marquette
Pittsburgh & Lake Erie
1,110
438
Richmond Fred. & Potomac
5,821
7,826
6,726
3,996
4,691
5,632
1,048
Piedmont Northern
1,359
3,257%
15,325
8,232
2,016
1,371
8,166
2,608
8,089
255
2,523
11,162
New York Central Lines
N. Y. N. H. & Hartford
2,260
3,009
16,007
5,791.
12,365
4,708
1,244
1,288
421
16,169
Erie
Rutland
MAY
Total Revenue
Railroads
from Connections
1936
ENDED
1,382
4,533
1,818
2,729
3,779
70
1,708
2,556
3,503
8,630
8,077
156
1,242
115
324
260
1,137
2,013
1,271
1,231
124,375
84,811
79,578
49,128
46,957
23,106
3,188
5,857
2,325
Spokane International.
130
Total
*
Central Western District—
631
683
441
719
707
33,585
29,257
18,642
7,444
2,927
19,774
2,754
17,159
3,448
16,628
2,643
Atch. Top. & Santa Fe System.
6,943
23,310
2,000
2,406
2,221
403
307
237
6
5
492
339
246
133
70
950
873
815
15
20
Bingham & Garfield
Chicago Burlington & Quincy—
14,409
7,964
7,730
7,425
5,411
13,413
11,906
898
853
665
57
53
124
258
210
23
31
1,433
11,890
2,716
719
565
Chicago A Illinois Midland
Chicago Rock Island & PacificChicago & Eastern Illinois
:
14,163
1,460
11,561
2,510
12,877
8,229
122
95
45
42
18
932
776
869
869
3,365
2,531
2,142
Penn-Reading Seashore Lines.
Pennsylvania System
1,213
72,627
1,169
933
3,515
1,610
Colorado & Southern.
Denver & Rio Grande Western.
914
676
1,581
Denver & Salt Lake
355
349
1,196
11,493
49,517
18,624
42,981
18,370
16,374
60,699
16,567
12,812
51,947
Reading Co
5,804
6,523
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek
Cambria
&
&
Gauley
Indiana
Central RR. of New Jersey.
Cornwall
Cumberland
&
Pennsylvania
Ligonier Valley
Long Island
—
Union (Pittsburgh)
West Virginia Northern
''
16,115
3,839
44
54
24
0
0
3,549
3,153
2,425
6,917
6,174
164,405
Western
138,522
106,629
122,550
106,006
Maryland
Alton
-
8,889*
2,714
7,325
2,354
1,798
1,425
2,865
1,167
3,159
294
18
1,018
1,018
893
1,516
1,014
1,458
1,319
1,831
1,125
1,900
1,289
130
117
772
753
726
344
334
109
106
83
68
94
21,851
20,095
17,043
5,660
289
335
276
13,227
12,102
11,153
1,287
7,874
5,135
1,212
8,453
Fort Worth & Denver City
Illinois Terminal
2,203
Nevada Northern.
North Western Pacific
—
Peoria & Pekin Union
Southern Pacific
Total
V,
1,297
9,865
(Pacific)
Toledo Peoria & Western
Union Pacific System
-
Utah
2,356
33
261
196
219
8
7
1,653
1,619
1,273
2,040
1,951
104,426
95,504
83,395
54,279
50,433
255
192
173
5,348
4,437
215
134
137
425
91
90
106
240
189
Gulf Coast Lines
3,510
2,845
1,788
International-Great Northern..
2,271
3,323
2,453
2,120
3,026
1,332
2,345
1,168
1,697
1,123
Western Pacific
—
Pocahontas District—
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
22,812
22,909
Virginian
16,393
21,714
20,329
1,874
1,628
4,088
11,632
5,011
15,211
Total
9,591
4,261
1,272
1,438
3,288
1,459
2,347
885
847
47,205
35,410
18,966
15,971
Southwestern
Total
51,437
District—
Alton & Southern
Burlington-Rock Island
Fort Smith A Western
Southern District—
Alabama Tennessee & Northern
277
257
185
161
155
Atl. & W. P.—W. RR. of AlaAtlanta Birmingham & Coast-
831
868
669
622
612
10,382
9,445
8,632
4,474
4,129
3,715
1,208
1,075
4,683
2,923
1,222
627
413
455
395
1,223
1,086
452
267
153
153
1,590
1,371
1,729
Atlantic Coast Line
Central of Georgia
Charleston & Western Carolina
Clinchfleld—
Columbus A Greenville
Durham & Southern
Florida East Coast
Gainesville Midland
Louisiana Arkansas & Texas—
143
107
64
432
475
Litchfield & Madison
291
240
123
1,001
993
Midland Valley
Missouri & Arkansas..
410
468
399
341
358
1,060
1,695
203
298
261
Missouri-Kansas-Texas
119
390
309
Missouri Pacific
601
Natchez & Southern
879
91
84
263
3,328
2,949
9,672
8,990
Quanah Acme & Pacific
1,598
1,401
St. Louis-San Francisco
322
280
489
431
64
131
110
6,525
4,619
4,058
2,676
2,295
5,498
3,902
3,432
3,150
5,381
2,237
6,547
4,551
1,820
Taxes & New Orleans..
Texas & Pacific.
2,990
2,651
2,403
4,391
19,966
18,105
245
242
286
52
54
54
54
33
40
34
56,427
54,433
46,067
65,092
58,514
St.
Louis Southwestern
1,551
976
945
11,599
11,112
20,709
5,947
4,724
155
109
585
483
Wichita Falls &
Wetherford M. W. & N. W
195
174
122
289
317
1,647
3,135
1,642
1,920
2,698
2,624
Terminal RR. Assn. of St. Louis
1,676
2,348
3,065
Note—Previous year's figures revised
30
6
127
7,519
16,357
15,679
2,056
37
55
133
7,680
2,430
7,713
—
178
Southern
Total..
4,111
* Previous figures.
Greater
Influence
Commercial
has
1936
Than
Business
Sentiment, Says Col. Ayres
there
two
months
have
again
action
of the security markets is a
shaping business sentiment than
are all the figures of production and
profits," says Colonel
Leonard P. Ayres, Vice-President of the Cleveland Trust
Co., Cleveland, Ohio, in his monthly survey of business,
potent influence in
that
of
as
seems
of
profits
earned
by
Probably
forgotten.
had
us
things
forgotten
the
that
chief
of
cause
during
even
our
recoveries
continuously rising markets.
one-way
probable that
now
totals
almost
most
such
no
are
It
of the past
been
now
is
worries
of Cleveland Trust Co.
that the
308
3,916
12,541
52
54
769
1,564
Ohio
demonstrated
159
4,583
13,851
218
—
18,637
Nashville-Chattanooga & St. L.
more
104
4,529
14,068
Lines._
22,049
developments
932
1,883
1,055
1,063
44
Mississippi Central
"Tlie
89
1,424
1,403
2,586
1,974
Markets
203
1,981
1,721
248
4,121
1,295
1,942
899
303
on
147
1,883
1,718
City Southern
Louisiana & Arkansas
19,415
Louisville & Nashville
Macon Dublin & Savannah
Indices
Kansas
42
Gulf Mobile & Northern
Illinois Central System
Security
Kansas Oklahoma & Gulf
929
Georgia
Georgia & Florida.
Mobile &
729
—
both
volume of business
the
business
in
will
general
be
done and
greater
in
the
this
second
quarter of this year than they were in the first quarter despite
disconcerting changes in commodity and security prices.
Employment will
almost
surely
Railroad
the
be
larger,
be
the
year
for
prospects
and
will
traffic
the
greater
of
distinctly
payrolls
volume.
Under
whole appear to
a
as
totals
in
these
higher.
circumstances
be promising rather than
disquieting.
issued
May 14.
"Except for the strikes," Colonel Ayres
stated, "we have been having an almost unbroken series of
reports of increased production, greater volumes of trade,
higher earnings, more construction, and favorable agricul¬
Colonel Ayres also had tlie following to
regarding unemployment:
tural
accompanying
increases
unemployment
totaling
Nevertheless, stock and bond prices have
prospects.
had
important
an
of
sorts
has been
decline,
commodities
a
and
have
harvest of
moved
It
seems
wholly
The
volumes,
and
it
will
to
as
for
The
ing.
is
large
be
that
steel
to
expanding
year.
The
railroads
trade
they
going
are
business
declines
They
were
by speculation.
in
in
is
of
continue
automobile
not
is
anj' such
amount
an
able
The
forward
at
vigorously,
are
need
pessimistic
producing
The
an
many
result
impending
not
more
long
fear that
close
full
is
for
many
big
year.
doing better
and
these
there
than it
making
more
fundamentals
will
be serious
con¬
reces¬
general.
6tock
all
The
and
overdue,
for
and
commodity prices
prices
equally serious
had
decline
been
in
are
marked
stock
not astonish¬
up
prices
overly " fast
in
carefully
the
in
April
of
spring
fair
is
which
told
recent,
creased
who
a
compiled
1933,
seem
the
the
in
working
about
differ
of
to
present
improvement
great
agree
when
leave
deal
that
we
their
greatest
since then about
only about
to the
are
was
unemployed.
10,000,000 have found work,
about
spring of
that
idleness
15,000,000
5,000,000
number
of
estimates
but those
of
the
estimates
various
volume
about
were
have
The
figures,
and
activity,
still
workers.
the
there
unemployed
spring of 1929
in
business
in
forces,
7,500,000
good
agreement that
would
that
From
idle,
and)
7,500,000.
1937
our
yet
.
we
are
.
population has in¬
by a little over 6%, but in the same time the. numbers of those
normally make up our gainfully employed have increased by
10*%.
The reason for this is that the age composition of our
would
nearly
population
is changing so that the proportion of adults in it is growing
good deal faster than is the population as a whole.
During this depres¬
sion the size of our working force has increased
by nearly 4,500,000 people,
a
so
bond
the
unemployment
most
that
another
freight
as
capacity
books
its
on
war¬
are
to
of
There
activity
having
but it
carrying
As
are
forecasts
at
orders
nearly
makers
improving.
we
downward.
for
Colonel Ayres continued:
industry
Retail
last
money.
sion
so
come.
Construction
did
has
apparently
months
tinue
doubtful
and
iron
quotations
gloomy warnings about
decline in general business."
ranted.
the
Despite
in his survey
say
that
workers
We
we
should
have needed to findi jobs for that
merely to keep unemployment from increasing.
have
numbers
of
had
new
to
undertake
workers,
and
the
at
double
the
task
same
of
time
many
finding jobs
to
find
places
additional
for
great
for
those
Volume
Financial
144
of
Unfortunately,
to work
since the spring of 1933 are old workers who have returned to employ¬
ment and how many are new workers employed for the first time.
The
workers taken care
of by the government
emergency projects
are only
about
equal in numbers to the increase in the labor force since the
formerly employed but made idle by depression conditions.
we
how
know
do not
projects
emergency
were
100%
the
209.0
217.3
163.2
208.7
162.7
228.1
203.
208.0 2 weeks ago, April 30
208.2 Month ago, April 14
206.7 Year ago, May 14
204.7 1936 High, Dec. 29
Low, May 12
204.5
203.4 1937 High. April 5
Low, May 13
205.1
registered 75.8%.
index
declined during the week price changes
indexes advancing compared with
in the index of food prices, caused'
primarily by lower quotations for meats.
An advance in the price of
cotton combined with slight rises in grain prices were (responsible for an
upturn in the farm product price index.
The downward trend in the
textile
price index which had lasted during the preceding month was
reversed last week, due to an advance in prices of cotton, cotton yarns,
hemp and jute.
Continued weakness in steel scrap and non-ferrous metals
resulted in another slight drop in the metal price index.
The first decline
shown by the index of building material prices this year was brought about
mixed,
fcy
The
price
Thirty-three
week and'
17
the group
of
largest drop
was
in the price of glass.
drop
a
three
with
declines.
20
included
series
in the index declined during the
35 declines and
week there were 40 declines and 18
advanced; in the preceding week there were
in the second preceding
advances;
advances.
WHOLESALE COMMODITY
WEEKLY
Compiled by the National Fertilizer
Per Cent
April, Accord¬
Index—Tenth Con¬
Week
1937
1937
83.4
Group
Week
May 1,
84 2
Retail Prices Increased 0.7 of 1% During
Fats
Monthly Rise
"With
low.
the exception
New
of
one
furnishings
the
continuing
still
very
and
marked,
for
cotton
clothing,
in
advance
necessary
are
consider
to
the greatest
gains.
yet of receding despite the halt in the
according to A. W. Zelomek, Economist,
is compiled.
well
as
He points out that most
levels,
overhead in determining ultimate
FAIRCHILD PUBLICATIONS
RETAIL PRICE INDEX
Copyright 1937, Fairchild News
71.6
Textiles
81.4
81.1
83.0
67.0
7.1
Metals
105.2
105.4
107.9
83.0
6.1
Building materials
95.3
95.5
94.7
80.2
1.3
Chemicals and drugs
94.2
94.8
95.4
94.4
0.3
Fertilizer materials
71.4
71.4
71.3
65.6
77.0
77.0
76.9
70.4
94.3
94.3
93.1
92.6
87.3
87.5
88.2
75.8
machinery
combined
All groups
0.1% in Wholesale Commodity Prices During
Ended May 8 Reported by United States
Decline of
Week
Department of Labor
commodity prices measure by the index of the
Statistics, United States Department of
Wholesale
of Labor
Bureau
Labor, declined 0.1 % during the week ended May 8, said an
May 13 by the Department of Labor.
announcement issued
The
decline,
Mar. 1
Apr. 1
These
commodity classifications, six averaged lower
1933
1937
1937
1937
69.4
88.1
93.0
93.7
94.5
products,
95.2
terials
averaged
from
Piece goods
65.1
84.5
87.0
87.6
88.2
70.7
87.4
88.4
89.0
89.4
89.9
Women's apparel
71.8
89.8
92.2
92.5
93.0
76.4
92.8
94.9
95.1
95.3
95.7
of
93.4
Infants'
the
each
88.6
Men's apparel
70.2
89.2
93.1
94.0
94.7
64.3
64.3
64.8
64.9
products,
farm
chemicals
'
65.0
higher
Wholesale
are
market
during the
metals and
and miscellaneous commodities.
fuel and lighting materials, and building ma¬
unchanged
Compared with a year ago, the indexes for
were higher, the increases ranging from
materials to 19.4% for farm products.
of raw materials declined 0.3% during the
prices
1.6% below the
above the level for the
Piece goods:
drugs,
textile products,
groups
1.3% for fuel and lighting
week and
and
foods,
and housefurnishing goods remained
preceding week.
the commodity
95.3
57.4
were
Hides and leather products,
May 1
1937
the
of chemicals and drugs, foods, and
the fifth week in which the composite
index has declined.
The all-commodity index advanced
from the latter part of January to the year's high point
88.3 on April 3. It now stands at 87.3% of the 1926 average,
or 1.1% below the
level of April 3. It is, however, 11.1%
above the corresponding week of May, 1936.
The Labor
Department's announcement also had the following to say:
metal
Feb. 1
1936
Department explained, was largely
the
result of falling prices
farm products. This is
Of the 10 major
May 1
Home furnishings
79.6
90.6
week.
Service
M at/1,
wear
82.6
8.2
1931=100
JANUARY,
Composite index.
71.5
83 5
Home furnish¬
prices.
THE
70.3
80.3
89.5
Publications,
not yet reflecting current replacement
study the trend of labor costs as
retail
117.0
79.5
89.7
Farm
Mr. Zelomek also maintains that it is not
the trend of basic commodities, but also to
reaction.
64.5
113.4
advanced during the month, with home
Index
the
at retail
the recent
despite
quotations,
supervision
items sold
of the
only
wholesale
whose
under
as
70.8
80.6
Miscellaneous commodities..
Fertilizers
furs, blankets, sheets, floor coverings, furniture,
wash goods, men's shoes, infants' shoes, china
prices show no signs
88.1
72.9
Fuels
0.3
luggage.
Retail
84.5
85.8
10.8
0.3
advance above the corresponding period a year
ago.
The gains since the beginning of the year are 3.8% for the com¬
posite index, 2.9%
for piece goods, 2% for men's wear, 2.2% for
women's wear, and 0.8% for infants' wear, and 3.8% for home furnishings.
With the exception of corsets and brassieres, men's hats and caps and
infants' socks, every item included in the Fairchild Index advanced.
Ad¬
vances
since the
beginning of the year in individual commodities have
men's
69.0
17 3
history," said
ings also show tiie greatest
been
77.2
86 4
103 2
83.5
of the sharp upturn in the Na¬
days, the present advance
record
to
84.3
79.1
92.5
78.9
Livestock
100.0
major groups
1936
1937
114.2
Grains
York, which added:
Each
May 9,
85.9
Cottonseed oil
represents one of the most marked in recent
an announcement issued
May 2 by Fairchild
10,
94.1
oils
Cotton
Recovery Administration
tional
Ago
Ago
74.9
and
Farm products
23.0
prices advanced for the tenth consecutive
Year
Month
Apr
78.6
Foods
25.3
month,
according to the Fairchild Publications Retail Price Index.
Quotations on May 1 show an advance of 0.7 of 1% as com¬
pared with April 1, and a gain of 8.1% above the May 1,
1936, level.
Prices have advanced 8.3% since last year's
Retail
1926-1928=100
Prec'd'g
May 8,
Each Group
Total Index
secutive
PRICE INDEX
Association.
Latest
Bears to the
ing to Fairchild Publications
The an¬
May 10, went
by the Association, under date of
Although the all-commodity index
Moody's Commodity Index Declines Sharply
7
8
10.
11
12.
13
14
The
only
to say :
on
begun.
Moody's Index of Staple Commodity Prices declined
sharply this week, closing at 205.1 this Friday, as compared
with 208.0 a week ago.
A new low for 1937 was made this
Thursday at 203.4.
During the week, the prices of hides, hogs, silver and
coffee advanced, while silk, cocoa, rubber, wheat, corn,
scrap
steel, cotton and wool declined.
There were no
changes for copper, lead and sugar.
The movement of the index during the week, with com¬
parisons, is as follows:
May
May
Mon.
May
Tues.
May
Wed.
May
Thurs. May
Fri.
May
ago
year
nouncement
four
Sat.
the preceding week.
in
entire five consecutive weeks was
A
were
Fri.
87.5%
against
as
recession during the
1.6%.'
the 10,000,000 who have gone
among
many
3243
Chronicle
corresponding week of April. They are 15.5%
The index for semi¬
corresponding week of last year.
Woolens
69.2
82.6
85 2
85.6
85.9
86.4
Cotton wash goods
68.6
106.7
111.5
113.3
113.8
114.5
65.0
99.5
104.2
105.4
106.2
107.3
week
but is 17.9% above a year ago
The finished products group index remained unchanged at 87.4.
It is 0.1%
above the corresponding week of April and 8.2% above that of May a
72.9
98.3
105.9
107.1
108.2
108.7
year ago.
Hosiery
59.2
75.4
76.1
76.2
76.6
76.7
Aprons & house dresses.
75.5
103.9
105.1
105.2
105.4
106.2
Corsets and brassieres..
83.6
92.1
92.9
93.0
93.0
93.0
Furs
66.8
99.2
109.6
UO.S
113.0
113.5
Underwear
69.2
86.3
85.7
85.8
86.0
86.3
Shoes
76.5
81.8
83.8
83.8
84.0
84.5
64.9
87.0
87.1
87.6
87.6
87.7
Silks.
Domestics:
Sheets
..
Blankets & comfortables
Men's apparel:
69.6
Underwear
Shirts
and
neckwear...
ago
91.2
92.2
92.6
92.9
93.2
74 3
86.2
87.1
87.3
87.5
88.3
83.1
83.9
84.0
84.0
prices is 0.8% below the level prevailing a
lower than a month ago,
and 2.9%
■''
■
Women's apparel:
Hosiery
manufactured connnodity
commodities other than farm products" declined
The group "all
0.1%.
commodities as a whole are 0.2% below
the level of a month ago', but are 9.2% above the level of a year ago.
In¬
dustrial commodity prices, measured by the index for "all commodities
other than farm products and foods," were unchanged at 86.3% of the 1926
average.
The index for the group is now at the level of a month ago and
.94% higher than in May, 1936.
The largest group decrease for the week—0.9%—was recorded in the
chemicals and drugs group.
The subgroup of drugs and pharmaceuticals
Average prices of non-agricultural
Hats and caps..
69.7
81.6
Clothing, incl. overalls..
70.1
87.6
89.8
90.8
92.0
92.9
averaged 2.8% lower and
Shoes
76.3
90.8
91.2
91.7
92.1
93.0
and mixed fertilizers
items showing
Infants' wear:
Socks
74.0
94.8
100.7
100.7
100.7
100.7
Underwear
74.3
93.1
93.5
93.7
93.7
94.0
Shoes
80.9
90.6
90.6
90.8
91.5
69.4
93.5
98.1
98.9
99.4
100.2
Floor coverings
79.9
102.1
110.4
112.5
113 5
114.2
Musical Instruments
50.6
59.0
60.2
60.5
60.6
60.7
oils, and glycerine.
The wholesale foods group
92.5
Furniture
60.1
74.7
76.3
78.1
78.4
79.2
Elec. household appliances
72.5
79.0
80.5
80.9
81.5
81.6
China
81.5
93.2
92.7
92.9
93.2
94.4
Luggage
chemicals and decreased 0.8%. Fertilizer materials
Individual
marked price reductions were copra, inedible tallow, vegetable
remained unchanged at last week's level.
decreases
of 1.9%
declined 0.6% during the week as the result of
for dairy products,
0.4% for meats, and 1.3% for the
Cereal products, on the other hand, increased
1.0% and fruits and vegetables advanced slightly. Important individual
food items for which lower prices were reported were butter, fresh milk
subgroup
"other foods."
(Chicago), powdered milk, apples (New York), lemons, dried beans, po¬
fresh and cured pork, dressed poultry (New York),
tatoes, fresh mutton,
Prices of rye and wheat flour, hominy
oatmeal, raisins, apples (Chicago), oranges, canned
apricots, hams, fresh veal, and coffee were higher.
The current food
index—84.7—is 1.6% below a month ago, but 8.6% above a year ago.
Wholesale market prices of farm products again fell sharply.
The decline
for the week amounted to 0.5% making an accumulative decline of 5.2% in
eggs, raw sugar,
Wholesale
Commodity Prices Again Declined Slightly
During Week Ended May 8, According to National
Fertilizer Association
The
slight
downward
tendency
in
wholesale commodity
prices which had prevailed during the four previous weeks
was continued during the week ended May 8, according to
the weekly commodity
Fertilizer
price index compiled by the National
Association.
*
Last
week the
index
(which
had
grits,
corn
the past
and
and edible tallow.
meal,
five weeks.
The subgroup of "other farm products" dropped 1.1%
Grains, on the other hand,
livestock and poultry decreased 0.2%.
advanced 0.7%.
Pronounced price declines were reported for barley, steers,
lambs, cotton, hops, timothy seed, and
for
corn,
oats,
rye,
advanced steadily from
certain food items were higher.
high point of 88.7%)
is
84.0% at the first of the year to a
stood at 87.3% of the 1926-28 average
certain food items. Average prices
wheat, hogs, live poultry (New York), flaxseed, and
This week's farm product index—91.0—
2.7% below the level of a month ago but 19.4%
above
a year ago.
3244
Financial
Weakening prices of cotton goods,
silk, and silk
raw
yarn resulted in an
0.4% decline for the textile products
group as a whole.
Average prices for
print cloth, cotton broadcloth, sheeting, tire fabric, cotton yarns, Canton
and Japanese raw silk, silk yarn, suiting, and burlap were lower.
Woolen
broadcloth, manila hemp, and
the week.
raw
jute advanced slightly in price during
Clothing and knit goods prices
were
stationary.
The index for the metals and metal products group dropped
0.3% pri¬
marily due to lower prices for nonferrous metals, electrolytic copper, copper
and brass products
steel.
scrap
vehicles
and pig tin, and further sharp reduction in prices of
Agricultural implements
and
plumbing
and
heating
advanced
materials
fractionally and
unchanged
were
motor
last
at
week's levels.
Chronicle
the
for
100, from 108.6 revised in March.
April, 1936, was 102.0.
in
index
May IS, 1937
month
The
as
The index for grocery chain sales advanced to 104.5 from
103.0 in March; for the drug group the figure in April was
131.3 as compared with 126.8 in March and for the apparel
the index
group
The
declined.
The
130.0 against 126.0 in March.
the 5-and-10 and the shoe chains
was
figures for
both
former
110.5
was
in
the
111.6
against
while the index for the shoe chains
March,
in
129.0 against 134.0
was
preceding month.
Cattle feed prices rose 0.4%. Average prices of crude rubber
dropped 3.4%
and paper and pulp declined 0.5%.
Automobile tires and tubes were
Electric
stationary in price.
Advancing prices of men's shoes
were
leather
The subgroup of
fractionally lower and hides and skins remained unchanged.
was
A seasonal advance in prices of anthracite and higher
prices of Pennsyl¬
vania gasoline caused the index for the fuel and lighting materials
group to
increase 0.4%.
Average prices of bituminous coal and coke
0.3%
because of advances in
higher largely
unchanged.
were
The index for the building materials group increased
0.2%.
averaged
Lumber prices
spruce,
ponderosa
sewer
Electric
Edison
The
Institute, in its weekly statement,
production of electricity by the electric
light and power industry of the United States for the week
ended May 8, 1937, totaled 2,176,383,000 kwh.,
or
12.8%
that
disclosed
above the
the
1,928,803,000 kwh. produced in the corresponding
week of 1936.
pine, and red cedar lumber.
sand, gravel and
Output for Week Ended May 8 Totals
2,176,383,000 Kwh.
largely responsible for the 0.8%
rise in the index for the hides and leather products group.
Rosin, turpentine, door and window frames,
pipe showed higher prices.
Indexes for the sub¬
The Institute's statement follows:
PERCENTAGE
brick and tile, cement, structural steel, and plumbing and heating
unchanged from the preceding week.
INCREASE
OVER PREVIOUS YEAR
groups
were
The
house furnishings goods
group
index remained at
90.8.
Major Geographic
Week Ended
Week Ended
Regions
May 8, 1937
May 1, 1937
New
weighted according to their relative importance in the country's markets
14.5
14.4
14.5
9.6
14.3
13.0
12.5
15.5
15.9
16.6
15.5
Middle Atlantic
West Central
on
Week Ended
11.4
wholesale prices of both furniture and furnishings remained
unchanged.
The index of the Bureau of Labor Statistics includes 784
price series
and is based
Week Ended
April 24, 1937 April 17, 1937
Average
the average for the year 1926 as 100.
England
Central Industrial
8.0
10.5
10.1
8.0
Southern States
The following table shows index numbers for the main
groups of com¬
modities for the past five weeks and for May 9, 1936 May
11,1935;
15.4
16.4
17.3
16.0
Rocky Mountain
23.7
31.0
27.5
37.5
Pacific Coast
4.0
4.6
4.1
4.1
12.8
13.5
14.3
12.4
May 12,
1934, and May 13,1933:
Total United States.
(1926—100)
All
Farm
commodities
products
May
1,
Apr.
24,
1937
Commodity Groups
May
8,
1937
1937
87.3
87.4
91.0
87.5
91.5
92.7
;/
v
Apr.
DATA FOR RECENT WEEKS
May
17.
Apr.
10,
9,
11,
12,
1937
1936
1935
1934
1933
87.6
87.9
78.6
79.9
73.8
62.3
49.0
92.4
May
May
Percent
Change
Week Ended
1937
93.5
76.2
80.8
60.5
85.2
85.0
85.3
86.1
78.0
84.1
67.3
59.1
106.8
106.7
107.2
Mar. 13
106.8
94.9
88.1
89.3
75.8
78.6
78.6
78.7
Mar. 20
Mar. 27
78.6
69.6
68.7
73.5
54.0
78.2
77.9
77.6
77.5
77.1
77.2
74.4
73.0
61.3
M etals & met. pro ds.
94.8
95.1
95.1
95.8
96.3
86.0
85.2
88.8
77.9
Buildings materials-
96.8
96.6
96.6
96.8
96.8
85.6
84.7
87.4
70.8
Chemicals & drugs.
84.4
85.2
85.6
86.6
87.0
77.5
80.7
75.3
72.6
Housefurn'g goods.
Miscellaneous
90.8
90.8
90.4
90.3
90.3
82.8
82.0
83.0
71.8
80.4
80.6
80.9
81.0
80.1
68.4
68.9
70.1
59.0
Raw materials
87.8
88.1
88.7
88.5
89.2
76.0
Semi-mfg. articles..
87.7
88.4
88.8
89.7
90.3
74.4
Finished products
87.4
87.4
87.1
87.3
87.3
86.4
86.5
86.4
86.6
86.3
86.3
86.2
86.5
_
_
X
X
X
X
X
X
X
86.6
79.1
79.7
76.6
78.9
77.5
79.1
1932
192
6
Mar
—
2,199,976
2,212,897
2,211,052
2,200.143
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
Apr.
1,933,610
1,914,710
1,932,797
2,176,383
Apr.
3
Apr. 10..
Apr. 17
24
May
1
May
8
May 15—
66.5
+
+
+
+
+
1,903.363
1,893,311
1,900,803
1,862,387
1,867,093
1,916.486
1,928,803
1,947,771
—
15.6
1,734,338
1,724,131
1,728,323
1,724,763
1,712,863
1,700,334
1,725,352
16.9
16.3
18.1
15.0
+ 13.6
+ 12.4
+ 14 3
1,519,679
1,702,570
1,537,747
1,514,553
1,687,229
1,683,262
1,480.208
1,679,589
1,465.076
1,663,291
1,480.738
1,469,810
1,701,945
1,673,295
1,698,178
+ 13.5
+ 12.8
1,706,719
1.538,452
1,709,331
1,696,543
1,454,505
1,429,032
1,436,928
1,699,822
1,688,434
1,698,492
65.3
86.3
1935
X
80.8
1937
1936
84.7
Fuel <g. mat'Is—
1936
from
Hides & leath.prods. 107.7
Textile products
78.3
Foods
(THOUSANDS OF KILOWATT-HOURS>
13,
1937
May
1,701,702
X
All commod's other
than farm prods.
All commod's other
than
farm
x
Trend of Business in Hotels, According to Horwath &
prods.
and foods.
Horwath—April Sales Above Year Ago
Horwath
Not computed.
trend
Index of Department Store Sales of Board of Governors
of Federal Reserve
System,
Unchanged from March
to
Total value of department store sales showed little
change
from March to April, the Board of Governors of the Federal
Reserve System announced
May
10,
and
the
Board's
seasonally adjusted index, which makes an allowance for
the early date of Easter this
year, remained at the March
level.
The index for the last three months and for
April
1937
1937
1937
1936
93
93
95
84
89
90
76
85
monthly survey of the
"April sales, rates
state that
tapering off in business,"
said
the firm,
any
April since
the country
1929; it
was
was
at 71%
three points
of capacity, the
higher than
a
year
ago—this increase being the same as the average for the year to date.
All localities had slightly higher occupancy than a year ago and
only two
of the nine sold less than
The rate increase of
10 years;
shown
rooms
the
20%
at
of all the hotels reporting their figures
lower
a
largest
rooms.
the best on record for any month in the
was
nevertheless,
April sold their
has
70% of their
8%
the return
to
more
was
far this
April,
year
1936.
and Phila¬
New York City has trailed Chicago
reasonable rates,
for the first four months
rate than in
average
rate increases so
delphia and Washington the smallest.
in
Index of department stores
sales, 1923-25 avge =100:
Adjusted for seasonal variation
Without seasonal adjustment.
a
Room occupancy throughout
Detroit
Feb.
of
month
highest of
last
Mar.
in their
adding:
for
April
Horwath,
during
April,
1936, is shown below:
&
business in hotels,
and occupancy continued to better those of the
corresponding
month a year ago at about the same moderate pace as in
the three months preceding.
There was no evidence
the
April
of
although
the same in both
the average occupancy
cities—72%.
The decreases in total sales from the
corresponding months seven years
ago are shown in the following:
Total sales in
April were 4% larger and in the first four
months of the year 12% larger than in the
corresponding
periods last year, said the Board, presenting the
following
compilation:
Nov.
Dec.
Jan.
Feb.
Mar.
April
Avge.
FEDERAL
RESERVE
Number
Number
of
of
Jan. 1 to
Federal Reserve districts:
Boston.
17%
Chicago
11
23
19
18
24
2
16
39
44
39
35
38
34
38
20
17
3
1
12
18
12
31
32
38
27
35
16
30
8
x3
0
21
13
9
Pacific Coast
20
22
9
15
20
17
17
16
10
14
13
16
6
13
Detroit
P. C. Change from Year Ago
April*
22%
All others
D
24%
Washington
DISTRICTS
24%
Philadelphia
BY
16%
Cleveland
REPORT
New York City
Stores
Reporting
Included
20%
8
Cities
April 30
14%
Total
14%
+8
+3
54
54
28
+ 9
29
13
+9
+22
33
12
Richmond
—3
+8
56
26
+ 13
27
+ 17
St. Louis
+ 11
+ 13
36
18
—2
+8
37
15%
17%
8%
14%
25%
24%
27%
19%
25%
17
Chicago.
+7
+ 10
16%
28%
33
+8
0
Cleveland.
16%
24%
Same month of last year
+2
20
New York
.
Philadelphia.
Atlanta.
Minneapolis
Kansas City
58
+5
Total
+8
+ 14
21
+ 11
81
TREND
+ 12
29
an
April,
adjusted
for
WITH
Room
Occupancy
number
Rate
Percent¬
age of
Same
same
analysis
1937, COMPARED
255
of
Total
Rooms
Restaur't
This
Month
Month
Inc.
(+)
or
Last Year Dec.
(—)
seasonal
average
Pacific Coast..
+ 12
+ 13
+ 11
Texas
+ 15
+ 11
74
+ 14
+ 12
+22
+16
78
All others
70
68
+8
+ 14
+ 12
+
15
71
68
+8
13
+ 13
+ 13
70
67
+7
Chicago
Philadelphia...
Washington
Cleveland
factors,
110.0 of the 1929-31
Detroit
+ 12
+ 15
+9
+9
+ 16
+ 10
Total
Store Sales Accelerate Gains
index level of
APRIL,
Sales
leading chain systems regularly reviewed, according to the
current survey by "Chain Store
Age."
advanced to
IN HOTELS IN
Percentage of Increase (+)
or Decrease (—)
Fresh gains which accelerated the
composite improvement
in chain store trade in
April were reported by most of the
for
issued the following
APRIL, 1936
New York City
results
also
20
515
■"April figures preliminary in most cities the month had the
business days this year and last year.
Total
Horwath
OF BUSINESS
29
+4
April Chain
&
by cities:
9
+2
San Francisco
Denotes Increase.
Horwath
30
+ 12
Dallas
x
Year to date-
t
+ 11
+ 13
73
69
-H14
-i-16
70
67
+8
+10
+ 16
+ 17
62
48
+2
+ 16
89
87
77
72
+7
71
70
+ 14
68
67
+6
tl
+8
+11
+6
Financial
144
Volume
Car-Makers Group Rose
Factory Shipments of
April
by
sales
Factory
Association
turers
PORTS
Automobile Manufac¬
to 387,163 cars and
estimate released May 8 by the
members
OF
EXPORTS.
OF
INCLUDING RE-EXPORTS,
MERCHANDISE
BY
GRAND
the
of
Association discloses.
Month of
Exports to—
1936
March
3
Months
Ended
esti¬
2%
above the preceding month, although
under April, 1936.
mate, were 10%
Sales for the first four months of this year
1,252,868 units, which was not only 3% above last.year's
but, with the exception of 1928 and 1929, was the
highest volume for this period in the history of the or¬
281,680,000
195,113,000 256,390,000
Northern North America
Southern North America
amounted to
259,225,000
81,004,000
52,536,000
44,903,000
92,380,000
19,093,000
26,560,000
575,700.000
710,911,000
5,839,000
7,945,000
5,319,000
11,719,000
14,738,000
14,347,000
12,272,000
2,604,000
6,087,000
8,313,000
100,565,000
83,305.000
27,990,000
19,587,000
15,347,000
32,570,000
Europe
South America
Asia
5,762,000
Oceania..
Africa
10,553,000
__
97,060,000
38,266,000
26,594,000
22,842,000
52,972,000
8,606,000
10,049,000
figure
ganization.
but
all
one
report, which covers the operation of
major motor vehicle producers in the
the
of
United States,
April,
is summarized below:
387,163
352,089
397,010
1937
March, 1937
1936
April,
Total.
Argentina
Association's
Australia
...
Belgium
Brazil
BrPish India
1,252,868
1,221,087
Four months 1937
Four months 1936
475,000
Cuba
Czechoslovakia
Not since May, 1930, has residential building
such
heavy volume
as
reported
wras
been under¬
in April of
According to F. W. Dodge Corp., the value of
residential building operations started during April in the
37 States east of the Rocky Mountains amounted to $108,year.
204,400, marking a gain of 20%
the March figure of
over
$90,167,600 and an increase of 61% over the total of $67,151,000 reported in the same area during April, 1936.
The
Finland
Gr66C6
Haiti,
1937
the
volume
total
residential
of
represented
an
increase
both
was
residential
of 78%
months of 1936.
construction
Total
started
all
and
in
other
the
37
amounted
types)
$270,125,200.
This
about 16% better
to
figure and
(inclusive of
April
during
States
gain of about 17% over the March
a
was
Incidentally, the April, 1937, total was
the biggest monthly figure since that recorded for August, 1936.
Besides
residential building, the April, 1937, figure included $96,179,300 for non¬
residential building and $65,741,500 for heavy civil engineering projects,
than
i.e.,
the
figure for April, 1936.
public utilities.
public works and
started
construction
Total
amounted
to
in
$932,455,400.
the
<
37
States
Eastern
since
1
has
over
the
Jan.
increase of 18%
This represents an
figure of $788,605,400 reported during the initial four months of 1936.
CONSTRUCTION
CONTRACTS
STATES EAST
AWARDED—37
ROCKY
No. of
mmmm
Space (Sq. Ft.)
29,483,000
18,461,600
$108,204,400
96,179,300
451,500
65,741,500
...
16,162
$270,125,200
8,233
19,735,700
$67,151,000
3,791
Public works and utilities
1,313
17,320,600
411,600
1,003,000
3,918,000
2,187,000
39,033,000
25,274,000
1,053,000
936,000
744,000
1,887,000
1,351,000
1,286,000
1,812,000
5,888,000
324,000
16,401,000
6,979,000
498,000
1,148,000
1,764,000
1,424,000
18,879,000
848,000
48,762,000
17,315,000
2,913,000
29,971,000
9,401,000
2,465,000
Spain
3,453,000
1,153,000
146,000
Sweden
2,688,000
6,306.000
19,683,000
1.216,000
77,080,000
24,244,000
5,427,000
6,710,000
9,378,000
1,861,000
6,015,000
565,000
613,000
New Zealand
1,347,000
Norway
1,178,000
2,085,000
1,129,000
2,506,000
1,904,000
Philippine Islands
Poland and Danzig
5,277,000
1,315,000
Newfoundland and Labrador.
Panama
....
766,000
Portugal
637,000
Switzerland
1,948,000
1,546.000
7,041,000
1,692,000
16,536,000
1,270,000
4,850,000
5,047,000
5,932,000
3,725,000
19,426,000
4,905,000
3,082,000
972,000
13,987,000
2,673,000
1,997,000
1,022,000
615,000
U. S. S. R. (Russia)
....
United Kingdom
Uruguay
Venezuela
1,017,000
1,437,000
2,299,000
5,097,000
15,433,000
17,025,000
3,094,000
34,036,000
943,000
11,183,000
102,619,000
1,852,000
108,164,000
1,703,000
...
6,188,000
4,218,000
32,024,000
600,000
Turkey
Union of South Africa
3,720,000
4,153,000
9,768,000
8,289,000
2,515,000
IMPORTS OF MERCHANDISE INTO THE
STATES, BY GRAND
UNITED
DIVISIONS AND PRINCIPAL COUNTRIES
Imports from—
March
1937
3
Months
Ended
1936
March
1937
164,278,000
221,009,000
102,412,000
87,244,000
8,619,000
11,389,000
73,117,000
69,513,000
78,271,000
168,760,000
10,394,060
14,624,000
85,273,000
123,142,000
234,929,000
29,790,000
198,701,000 306,699,000
Northern North America
....
South America
...
578,957,000
824,869,000
18,166,000
15,766,000
5,421,000
8,148,000
12,847,000
42,832,000
23,039,000
7,533,000
10,545,000
28,877,000
11,447,000
18,848,000
16,927,000
33,432,000
72,092,000
3,748,000
8,149,000
23,255,000
10,691,000
39,877,000
5,475,000
629,000
1,538,000
728,000
3,247,000
55,788,000
26,661,000
24,828,000
26,125,000
80,522,000
37,625,000
35,125,000
46,175,000
54,587,000
Europe
5,209,000
73,412,500
1936—Residential building
94,068,100
Oceania—
Africa
.....
.....
Total.
37,467,900
13,337
Total construction
First Four Months—
5,700,000
4,427,000
4,398,000
9,469,000
6,712,000
10,728,000
26,295,000
1,631,000
2,448,000
5,851,000
3,464,000
13,310,000
Australia
31,906
12,653
3,435
89,891,800
60,432,900
2,051,300
$339,782,400
Total construction
47,994
152,376,000
$932,455,400
1936—Residential building.
21,256
12,012
4,748
54,761,000
$190,986,600
59,799,400
2,075,400
328,402,700
China
269,216,100
Colombia
38,016
116,635.800
$788,605,400
1937—Residential building
Non-residential building
Public works and utilities
Belgium
346,375,500
Brazil
246,297,500
British India
British Malaya
Canada
Ceylon..
Non-residential building
Public works and utilities
......
Chile
Cuba..
Total construction
—
2,088,000
Czechoslovakia
223,000
452,000
Denmark
NEW CONTEMPLATED
WORK REPORTED—37
ROCKY MOUNTAINS
STATES EAST OF THE
Dominican Republic
Residential building
13,123
Non-residential building
4,339
Public works and utilities
1,373
Total construction
18,835
$149,958,900
157,824,600
128,053,100
$435,836,600
10,262
$110,243,500
4,372
92,033,700
1,735
134,058,100
16,369
$336,335,300
978,000
208,000
147,000
270,000
407,000
916,000
413,000
493,000
5,637,000
399,000
803,000
1,614,000
2,612,000
_—
.......
-
Greece
...
Hongkong
Iran
(Persia).
112,000
2,812,000
149,000
12,670,000
Irish Free State
Italy
Jamaica
Japan
First Four Months—
Mexico
Residential building
42,571
Non-residential building
15,788
$573,257,400
633,348,300
288,629,800
28,782
2,131
60,490
Public works and utilities....
$1,495,235,500
$346,487,900
14,472
382,432,900
6.258
401,719,200
49,512
$1,130,640,000
5,239,000
4,446,000
...
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador.
Total construction
Panama
of
Exports and Imports of Merchandise
by Grand Divisions and Principal Countries in
First Quarter
The Department of Commerce on May 13, 1937 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
the
three months ended
1937 and 1936.
plete:
The following
with
are
March
for
the tables
the
com¬
Peru.
Philippine Islands
Poland and Danzig
741,000
432,000
Portugal
Spain
....
Sweden
Switzerland
Turkey
Union of South Afrioa
U. S. S. R.
(Russia)
United Kingdom
Uruguay
Venezuela
1,389,000
3,336,000
366,000
755,000
2,188,000
352,000
761,000
8,270,000
New Zealand
Norway..—
and
1,015,000
Haiti, Republic of
Germany
Gold Coast
Valuation
Projects
Valuation
Month of April—
years
6,166,000
19,369,000
3,081,000
Honduras
France
No. of
No. of
Projects
March
5,110,000
12,202,000
1,760.000
7,559,000
7,978,000
1,829,000
2,338,000
Finland
1936
1937
Value
37,096,000
2,198,000
227,000
1,152,000
1,067,000
5,385,000
6,490,000
1,740,000
1,312,000
Ecuador
Egypt
Total
5,504,000
28,315,000
$234,631,600
Argentina..
\
1,587,000
3,706,000
1,545,000
2,614,000
13,331,000
1,301,000
4,048,000
3,497,000
5,175,000
3,322,000
13,897,000
5,236,000
2,155,000
10,391,000
Netherland West Indies
Netherlands
Asia
Non-residential building
8,542,000
22,055,000
244,000
240,000
6,396,000
1,123,000
600,000
4,901,000
Mexico
Southern North America
48,396,100
296,000
4,760,000
15,004,000
334,000
340,000
Month of
1,340
1,869,000
1,089,000
1936
3,741
13,460,000
1,152,000
.
Japan.
Valuation
11,081
17,079,000
15,338,000
20,034,000
530,000
(Persia)
Irish Free State
Italy...
VALUE OF GENERAL
Public works and utilities
30,748,000
912,000
of
Hongkong
OF THE
Non-residential building
20,621,000
676,000
Republic
New Floor
Projects
Total construction
432,000
1,348,000
901,000
12,440,000
9,292,000
344,000
400,000
424,000
564,000
Honduras
MOUNTAINS
Month oj April—
1937—Residential building
508,000
Peru
States amounted to $339,782,400; this
over the figure of $190,986,600 for the
building started in the 37 Eastern
corresponding four
1,371,000
462,000
Germany
Netherland India
of
458,000
825,000
381,000
368,000
France
Gold Coast
vania, Southern New Jersey, Delaware, Maryland, the Dis¬
trict of Columbia and Virginia).
months
2,876.000
8,187,000
691,000
73,233,000
62,698,000
140,058,000
3,721,000
9,031,000
5,575,000
16,947,000
1,040,000
2,842,000
1,151,000
882,000
3,027,000
1,310,000
29,848,000
25,537,000
726,000
1,586,000
301,000
1,234,000
454,000
8,388,000
9,485,000
242,000
Ecuador
Egypt
Jamaica.
four
1,538,000
5,071,000
Republic
Dominican
quantitative gains occurred in the metropolitan area of New
York and the Middle Atlantic
States
(Eastern Pennsyl¬
initial
1,274.000
3,729,000
101,873,000
272,000
....
improvement over-last April was generally shared by each
of the 13 Dodge geographic districts; the most important
the
106,000
Denmark
Iran
For
1,245,000
79,651,000
1,909,000
6,504,000
Colombia
in
832,000
37.631.C00
93,000
....
China
April
5,888,000
27,400,000
Canada
Ceylon
Construction Contracts Awarded in
this
3,786,000
4,322,000
4,742.000
4,108,000
2,120,000
British Malaya
Chile
taken
March
1937
1936
1937
"
April operations for the group, on the basis of this
The
AND IM¬
PRIN¬
DIVISIONS AND
CIPAL COUNTRIES
in April amounted
preliminary
the
trucks,
VALUES
TOTAL
387^163 Motor Vehicles
to
3245
Chronicle
1,843,000
2,736,000
1,541,000
1,486,000
673,000
a,171,000
16,949.000
2,062,000
1,712,000
1,840,000
472,000
210,000
3,878,000
141,000
17,660,000
6,981,000
9,322,000
1,851,000
5,327,000
529,000
3,149,000
3,980,000
343,000
1,345,000
12,162,000
2,819,000
1,208,000
2,347,000
3,144,000
2,028,000
1,272,000
1,220,000
1,357,000
20,606,000
2,164,000
1,840,000
3,421,000
15,534,000
18,225,000
3,3 97,000
993,000
20,835,000
33,079,000
26,956,000
49,940,000
100,753,000
5,176,000
13,126,000
28,957,000
16,735,000
46,034,000
7,958,000
1,661,000
2,424,000
799,000
4,864,000
3,961,000
20,217,000
22,094,000
7,157,000
7,725,000
811,000
1,254,000
2,967,000
1,303,000
283,000
469,000
8,771,000
380,000
42,593,000
13,596,000
12,330.000
14,761,000
3,045,000
9,614,000
1,025,000
398,000
53,725,000
17,578,000
27,519,000
4,470,000
13,292,000
1,658,000
2.127,000
5,507,000
6,512,000
8,624,000
1,256,000
965,000
3,758,000
27,022,000
2,126,000
20,038,000
1,733,000
1,602,000
4,941,000
10,788,000
3,914,000
4,876,000
1,556,000
4,430,000
48,004,000
5,433,000
5,662,000
6,278,000
2,820,000
4,716,000
12,438,000
6,031,000
5,774,000
3,615,000
5,377,000
58,091,000
7,175,000
3,993,000
Financial
3246
VALUE
EXPORTS
OF
PORTS
UNITED
OF
CONSUMPTION
FOR
Chronicle
MERCHANDISE AND IM¬
DIVISIONS AND PRIN¬
STATES
Employment
GRAND
BY
May
Industrial
Imports for
Consumption
Exports of United States
Merchandise
Grand Division
and
.
3 Mos. End.
3 Mos. End.
Country
March
March
March
1937
1937
1937
Oceania
8,545,000
Afrioa._
10,030,000
30,686, 000
South America
36,276,000
26,159,000
22,676,000
Asia..
52,821,000
Southern North America
252,268,000
Total
76,390,000
37,255,000
34,354,000
43,995,000
85,355,000
7,576,000
11,003,000
113,568,000
230,144,000
23,033,000
26,906,000
699,733,000 295,928,000
95,761,000
784,898,000
5,825,000
Employment in March in manufacturing, agriculture, the
trade, distribution and finance com¬
1929, the National Industrial
These indus¬
tries, the Conference Board points out, normally afford em¬
ployment to from 80% to 85% of the total number of the
country's workers.
The number of workers employed in
208,642,000
101,449,000
81,157,000
with
868,000 workers, or nearly 2.3%.
An announcement by
the Conference Board bearing on its report on employment
was
also said:
16,881,000
4,974,000
7,442,000
38,869,000
17,562,000
20,311,000
Belgium
Brazil
5,307,000
10,506,000
32,869,000
in
British India
2,598,000
8,299,000
11,064,000
26,008,000
agriculture
816,000
1,829,000
95,372,000
295,000
16,870,000
50,629,000
36,740,000
100,275,000
2,201,000
4,599,000
4,968,000
11,883,000
6,167,000
19,992,000
5,168,000
11,975,000
28,458,000
16,711,000
British Malaya
35,648,000
Canada
Chile
105,000
1,490,000
China
5,062,000
14,962,000
Colombia
2,834,000
Cuba
8,093,000
8,411,000
21,811,000
Ceylon
Honduras
526,000
1,073,000
1,279,000
6,777,000
7,886,000
1,779,000
819,000
266,000
487,000
Hongkong
Iran (Persia)
733,000
1,779,000
1,513,000
44,227,000
7,886,000
1,642,000
2,516,000
821,000
4,068,000
3,951,000
18,732,000
21,398,000
7,014,000
2,905,000
817,000
1,252,000
2,827,000
244,000
238,000
1,148,000
>1,759,000
432,000
154,000
3,816,000
428,000
12,243,000
662,000
1,543,000
1,367,000
496,000
429,000
1,342,000
3,692,000
Czechoslovak! a
Denmark
Dominican Republic.
Ecu&dor
Egypt
Finland
898,000
12,234,000
France
Gold Coast
375,000
418,000
oflZIIIIIIZ
Haiti, Republic
Irish Free State
900,000
6,938,000
Italy
Jamaica
Netherland India
123,000
385,000
16,980,000
23,692,000
29,877,000
9,123,000
2,464,000
Mexico
1,302,000
19,457,000
1,198,000
76,814,000
492,000
Japan
1,637,000
1,761,000
38,340,000
24,665,000
1,053,000
9,168,000
344,000
Germany
Greece
3,095,000
1,009,000
1,001,000
222,000
1,511,000
984,000
3,900,000
2,179,000
5,750,000
52,739,000
15,521,000
27,565,000
4,146,000
13,561.000
5,420,000
9,363,000
Netherland West Indies
1,857,000
6,700,000
Netherlands
5,903,000
16,216,000
606,000
1,654,000
5,346,000
515,000
Newfoundland and Labrador.
Poland and Danzig.
1,691,000
1,255,000
4,841,000
4,969,000
5,903,000
3,693,000
19,393,000
4,897,000
Portugal
Spain
1,151,000
3,080,000
139,000
6,297,000
1,019,000
1.015,000
966,000
New Zealand
2,497,000
-
Norway
1,879,000
1,939,000
1,532,000
7,032,000
Panama
Peru
Philippine Islands
Sweden
Switzerland
Turkey.
Union of South Africa
U. S. S. R.
5,088,000
3,092,000
33,353,000
(Russia)
United Kingdom
Uruguay
5,759,000
964,000
2,657,000
27,022,000
6,037,000
2,625,000
4,411,000
12,403,000
5,949,000
2,771,000
3,153,000
5,303,000
56,569,000
2,090,000
958,000
1,121,000
8,277,000
1,545,000
106,611,000
2,479,000
930,000
3,702,000
Venezuela
1,174,000
5,234,000
2,554,000
2,551,000
343,000
920,000
12,161,000
2,551,000
1,085,000
2,061,000
3,150,000
13,966,000
2,643,000
2,267,000
16,991,000
21,237,000
1,973,000
1,845,000
9,726,000
4,245,000
1929
further rise in
Board.
All
9,070,000 workers in 1929 to 9,131,000 in March,
distribution and finance the number of workers
increased from 7,323,000 to 7,409,000, or a little over 1%.
Total
employment in all industries and occupations in March, 1937,
was
approximately 4% under the average monthly record of 1929.
The
number
which
major
declined
advanced
groups
seasonally.
in
cost
except
coal,
The cost of living in April was
0.5% higher than in March, 5.9% higher than in April, 1936,
23.2% higher than in April, 1933, the low point during
the depression, but still 10.8% below the level of April, 1929.
In an announcement issued May 10 the Conference Board
and
averaged
March,
but they have
low
1933.
in
of
April,
Rents
them
In
slightly
risen 7.9%
of
April
this
(0.2%)
since April,
year
food
higher
1936,
prices
April
in
in
43.0% since the
and
15.1%
were
than
lower than
1929.
12.3%
appreciably
higher
1934,
than
their
(1.2%)
from
April,
1936,
in
low
point.
In
April
March to
April, which
35.9%
and
of this
higher
rents
year
made
than
were
of
prices
substantial
a
clothing prices
the
low
Coal
of
in
but
clothing
still
to
prices.
a
April
In
year
22.9% below the level
in
April
ago
this
year
and 25.5% above
of April,
1929.
sundries
of
prices
cost
of
higher
housefurnishings,
sundries
than
in
at
April
the
was
low
candy
2.3%
of
and
drugs,
and
higher than
1933,
and
toilet
in April,
only
3.7%
113.3c.
in
articles.
1936,
lower
and
than
was
public
utilities
in
the
1937,
1929
March employment
the number employed being 769,000
less than the 1929 average,
30%
943,000 as against an average of
was
1929, a decrease of 20%, and in mining, March employment
1,167,000 in
was
of employed in March was 1,897,000,
monthly average of 2,416,000 ; in the
number
below
22%
1,087,000 in 1929.
against
Increases Since Low Point
number
of
month
low
the
Since
the
of
totaled
employed'
of Depression
March,
depression,
there
35,586,000,
which
in
1933,
been
has
the
increase
an
in
of 9,725,000 persons.
This advance constituted a reabsorp83.2% of the decline in numbers employed between the 1929 aver¬
employment
tion of
depression month.
the low
and
age
expressed
displaced labor has taken place in manu¬
114.4%.
In this field, in other words, the
employment by March, 1937, more than compensated for the
employment from 1929 to the low month of the depression.
with
in
decline
in
the
105.9%,
with
record
a
and
industrial
other
the
In
of
record- of
a
followed with
Agriculture
finance
industries.
the different
among
reabsorption
greatest
upturn
decline from 1929 to the low points,
percentages of the
as
widely
varied
have
the depres¬
the numbers employed since the low points of
The increase in
the
distribution
110.0%; trades,
of
service
industries
and
104.0%.
the reabsorption of labor has not equaled
groups
displacement that occurred between 1929 and the depression low points.
In
been
and
construction
the
number
and
>•
reabsorbed
workers
low
19.1%.
industry,
point
Manufacturing,
distribution
ties,
of
the
from
groups
follows:
40.4%; in the public utilities, 31.5%,
in transportation,
reabsorbed;
in
of the workers displaced during the decline have
41.9%
mining, only
the
of
by
the
depression
1,540,000;
finance,
transportation,
service
agriculture,
352,000
mining,
;
1937,
March,
tq
industries,
4,798,000;
;
public
and
as
trade,
;
construction,
utili¬
103,000.
Estimates of
Total
unemployment
in
Unemployment
1937,
March,
amounted
7,553,000
to
2,255,000 persons less than the unemployed total in March,
pared
1933,
there
maximum number of unemployed of
with the
depression
in
of
of
in
unemployment
unemployed in March
month
average
the face
of
a
1,965,000
only
in
difference
states, to the growth in
as
decline
a
14,984,000
since
persons,
Com¬
1936.
the
in March,
low
the
of
about 7,451,000 workers.
estimated
1929,
dates
been
has
of
number
The
an
were
1,582,000
1,272,000
229,000,
industrial
major
various
persons
was
6,521,000
The
1929.
greater than during
increase,
as
compared
in
total
employment between
is
due,
the
Conference
with
these two
Board's
report
the estimated size of the potential labor force.
New York State Factory
purchasing
compared
the
transportation
In
which
as
employment in March
almost
was
in
April, 1929.
Tiie
March
employed' in
workers
of
the
month in 1929.
In other words, construction
60% under the average for 1929.
average
only
consequence
of
less than
in
from March to April, which made them 2.3%
1936, and 8.2% lower than in April, 1929.
rose 0.2% from March to
April because of increases
April,
cost of
the
7.1%
men's
March
as
1929 average.
Employment in the construction industries is still notably behind the
general improvement in other fields of enterprise.
March employment in
this
industry totaled
1,145,000 persons as against 2,841,000 for the
prices declined 2.0%
The
The
in
from
3.3% above the level of
were
1933,
lower than
in
rise
0.4%
number
the
industries
these
In
2,757,000
was
or
increased
45,311,000
was
lag in
states.
7.5% below the level of April, 1929.
Clothing
this year
of
employment in construction, transportation, the public utilities
and mining was responsible for the fact that employment on the whole in
March was less than the 1929 average level, the Conference Board'6 report
A
401,000;
advanced
January,
only
March
in
the Nation's labor force.
the total number in
in
sons
The
prices
employed
workers
of
47,276,000 in 1929. Thus, the total number
of employed workers today is estimated to be 1,965,000 less than in 1929.
In this
connection, however, it must be remembered that from 1929 to
March, 1937, there was an estimated increase of roundly 4,556,000 per¬
also stated:
Food
trade,
in
against a monthly average of
The
living costs of wage earners was noted
to the National Industrial Conference
the number of workers rose from 10,650,000 in 1929 to
in March, or a little over 1%; in the service industries em¬
and
1%;
facturing,
April, according
March,
11,678,000 in
to
10,766,000
or
ing to National Industrial Conference Board
A
In tins field the number of
ployment advanced from
3,967,000
Living Costs Continued Upward During April, Accord¬
1929, has taken place in muanuworkers increased from 11,073,000
1937, an advance of almost 5.5%.
In
greatest gain, as compared with
The
facturing.
sion,
in
The increase over 1920
1929 average of 38,116,000.
a
5,854,000
7,928,000
t,
York, reported May 3.
March totaled 38,984,000, which compared
these activities in
16,951,000
15,290,000
19,960,000
13,423,000
Argentina
Australia
than in
higher
was
Conference Board, New
$
S
277,915, 000
96,665, 000
72,249, 000
62,109, 000
139,565, 000
20,545, 000
EuropeNorthern North America
Reports
Activity,
Board
Conference
service industries, and
bined,
March
1937
of
1929 Levels in
National
Exceeded
March
During
Branches
Four
CIPAL COUNTRIES
1937
15,
with
value
113.8c.
of
in
the
March,
dollar
1937,
was
119.9c.
in
April,
April,
1936,
Mid-March to
and 100c.
Employment Up Slightly from
Mid-April—Payrolls Gained 1.2%
Factory employment in New York State showed
1923.
of 0.2%
gain
Indexes of the
Relative
Importance
Item
Per Cent of
Cost of Living
Increase (+)
or Dec. (—)
1923=100
a
in
from
Family
_
.
.
Clothing.
March,
1937
1937
33
Food*
Housing
April,
Budget
87.4
87.2
+0.2
20
85.2
84.2
+ 1.2
12
March, 1937
April, 1937
to
76.2
75.9
+0.4
Men's.
82.6
81.9
69.8
69.8
0.0
Fuel and light
5
30
Weighted average of all items.
100
86.1
—1 3
85.6
—2.0
87.2
Gas and electricity.
Sundries
85.0
83.9
Coal.
87.2
0.0
96.6
96.4
+0.2
88.3
87.9
+0.5
113.3
113.8
—0.4
a slight
the middle of March to the middle of
April, according to a statement issued in Albany, May 12,
by State Industrial Commissioner Elmer F. Andrews.
Fac¬
tory payrolls, the Commissioner pointed out, increased
during the same period.
1.2%
The corresponding period last year
registered the same percentage increase in employment and
decrease of 1.3% in payrolls.
The following is from Com¬
a
Andrews's
missioner
+0.9
Women's
from
The
York
New
State
statement
Labor
of
Department
May 12:
index
of
factory
employment
for
April rose to 90.0, and that of factory payrolls rose to 87.1.
By
applying the increases registered by these indexes since 1935 to the number
of
earners
wage
year as
that
and amount of
wages
in New York State factories in that
reported by the United States Bureau of the Census, it is estimated
the
level
of
employment
in
manufacturing
industries
is
now
within
2% of the
Purchasing value of dollar
same
able
for
13, 1937 and March 16, 1937.
a Revised series.
Figures on revised
1936, may be found in "The Cost of Living in the
United States, 1914-1936," price $2 50
April
basis for
dates prior to July,
average for the year 1929.
The payroll level, estimated on the
basis, is approximately 12% below the 1929 average.
The less favor¬
comparison for payrolls is accounted for by the fact that payrolls
dropped
so
more
that, in
rapidly and continued to fall for
1933,
payrolls
were
much
a
longer period after 1929
lower compared with
the
1929 level
Volume
than
Financial
144
The
employment.
was
rise
percentage
been suf¬
estimated
from
the
Census are
a
little more than
10% below 1929, while the
average weekly
earnings of workers employed by factories which report
to the New York State Department of Labor are less than 7% below 1929.
Figures released recently by the United States Bureau of Labor Statistics
indicate that the cost of living in New York State in March, 1937, was
from
of 2,079
1,804 out
representative factories in New York State which report each month to the
New York State Department
of Labor.
These reports are collected and
tabulated in the Division of Statistics and Information, under the direction
B.
E.
Dr.
payroll
weekly
The
Patton.
pieliminary April
reported1 in time for the
factories which
1,804
tabulation
total
employing 425,906 workers on a
were
$11,933,504.
of
Report8 on Industrial Districts
gains
Employment
reported
were
New York City, where the
in
except
in
In Albany-
employment and payrolls.
mills,
weeks ended May 1, 1937, as reported by
14% above that of corresponding weeks of 1936.
Soft¬
was
wood production
the
51%
above
Hardwood
1935.
four
1937 was 14% above that of the same weeks of 1936
record of comparable mills during the same period
in
and
of
the
during
output
Chemical manufactures had increased forces in
Syracuse, Rochester and Buffalo.
Wood products concerns in the Binghamton-Endicott-Johnson City district reported net reductions in both employ¬
ment and payrolls.
Most other industries had taken on a few workers, but
shoe and metal concerns reported lower payrolls than in March.
those
of
those
18%
were
weeks
of
loss
received
Orders
above
weeks
corresponding
hardwoods
ended May 1, 1937, were 16%
1936.
Softwood orders in 1937
above the same
compared with
of 1936.
corresponding weeks
stocks as reported by 458 softwood mills were
105 days' average production (three
years'
average,
1934-35-36)
as
compared with 3,259,603,000 feet on
May 2, 1936, the equivalent of 107 days' average production.
On May 1, 1937, unfilled orders as reported by 451 softwood mills were
1,241,155*000 feet, the equivalent of 42 days' average production, compared
with 840,395,000 feet on May 2, 1936, the equivalent of 28
days' pro¬
On
1937,
May 1,
gross
the equivalent of
3,210,374,000 feet,
duction.
of United
Reported by Bureau
All, Regions
in
Income
Farm
Increased
During First Quarter
States
Agricultural Economics
of
+ 5.2
that
+ 6.6
Rochester
+ 1.3
+ 1.9
Utica
+ 1.1
+2.8
Buffalo
Binghamton-Endicott-Johnson City
New York City
Regional gains ranging from
receipts from marketings of
-
Week Ended
May 1, 1937
the
of
heaviest
National production
date.
to
year
8% fewer mills was
reported for the week ended May 1 by
3% less than the output of the preceding week; shipments
were 5%
above shipments of that week; new orders were
orders, according to reports to the
Association from regional
below that week's
Manufacturers
Lumber
National
of important hardwood
business during the week
ended May 1 was 0.1% below production; shipments were
9% above output; in the previous week new orders were
1% below and shipments 2% above production.
Production
in the week ended May 1, 1937, was shown by mills report¬
ing for both 1937 and 1936, 15% above the corresponding
week of 1936; shipments were 16% above shipments of last
year's week; new orders were 19% above orders of that
associations covering the operations
and softwood mills.
Reported
During
of
week ended
the
bqoked
orders
Mills,
were:
222,000
258,546,000
of
feet;
shipped
combined;
258,730,000
282,431,000
feet;
figured for the preceding
266,039,000 feet; shipments, 270,-
Revised
feet.
production,
564;
reported;
1937, 518 mills produced
1,
softwoods
and
hardwoods
May
Lumber
that of the
above
production
1936
week.
May 1, 1937, by 436 soft¬
above the production of the
reported for the week ended
orders
mills
Coast and Northern
but West
regions
totaled
249,808,000
feet,
or
1%
the same week were 270,945,000
feet, or 10% above production.
Production was 246,639,000 feet.
Reports from 100 hardwood mills give new business as 8,738,000 feet,
or
28% below production.
Shipments as reported for the same week
were 11,486,000
Production was 12,091,000
feet, or 5% below production.
mills.
Shipments
reported for
as
South Atlantic
South Central
Last
243,287,000
respectively,
269,072,000 feet and 228,966,000 feet, and orders received, 248,024,000
feet and 204,587,000 feet.
In the case of hardwoods, 81 identical mills
reported production last week and a year ago 12,034,000 feet and 8,355,000
feet; shipments, 9,028,000 feet and 10,671,000 feet, and orders, 7,246,000
week's
a
and
425 identical softwood mills
production of
year
ago
Western
Receipts
all
from
and
Shipments
Weeks Ended
We give herewith data on
ended
May
1,
1937,
as
Manufacturers Association
average
of
Barometer
524
for
mills
of Lumber During
May 1, 1937 ^
Four
identical mills for four weeks
National
May 11, 1937:
by
reported
on
reported
the
follows
as
the four weeks ended
May 1,
months
three
to
the
Lumber
1936
Shipments
1937
was
1936.
$1,739,000,000, or 16% more than for the first
Farmers received, in addition, $207,000,000 of
through March this year, compared
from January
from
For
higher in each of the regions than
were
reported1 as follows:
Atlantic—Slightly
were
from marketings in
smaller receipts
North
Hardwoods
988,291
40,624
868,824 1,043,213
34,457
34,889
New
for
potatoes
England
and
during
States
grains
of
marketings
larger
and
1,028,915
903,281
1,078,102
dairy and poultry'
products.
Central—Income gains
North
East
and
attributed largely to higher prices of
and larger receipts
government payments
potatoes
Larger
products.
from
meat
contributed
animals and dairy
to gains in total
income.
North
West
Central—Smaller
in
receipts
a
number
of States
in
this
of corn and wheat and reduced inven¬
summer's drought.
But receipts in
Minnesota, Iowa
and Kansas higher, largely due to higher
prices of
potatoes and grains, and larger wheat marketings from Kansas.
South
Atlantic—Smaller marketings of tobacco and cotton
caused1 a
decrease in receipts in North Carolina during the first quarter, but larger
government payments more than offset the decrease.
Other States showed
increases
on
account of larger income
from truck crops, citrus fruits,
tobacco, grains, eggs and dairy products.
South
Central—All States except Oklahoma in this group had higher
income from marketings.
Gains attributed to higher prices of tobacco,
cotton and rice.
Cotton was marketed in larger volume because of in¬
region attributed to short supplies
tories
of
livestock
following last
supplies available and
the more nearly normal seasonal movement
National
Lumber
1936
Arizona
potatoes,
the
in
were
first quarter
a
less in Montana, New Mexico
ago, but there were sub¬
year
in all other States largely because of
increased income from
truck crops, apples and most livestock items.
Java's Sugar Carry-Over April 1 Smallest Since
Amounted to 277,600 Long Tons
Java's sugar carryover on
April 1 this year amounted to
according to Lamborn & Co., New York.
This year's carry¬
held
is the smallest since 1929, when 60,476 tons were
over
prior to start of new crop operations.
Lamborn & Co. fur¬
ther announced:
decrease in carryover
the
tons
885,518
1,005,501
854,846
38,167
28,373
34,639
933,685 1,033,874
889,485
1929—
277,600 long tons as contrasted with 942,000 tons carried
over
last year, a decrease of 664,900 tons, or over 70%,
Orders Received
1936
than
stantial gains
The
1937
marketings
Western—Receipts from
and
is
1936
has
now
sugar
been
crop
decreed
to
this year is due principally to the curtailment
583,029 tons.
For 1937, a crop of 1,400,000
Harvesting of this crop
by the local government.
under way.
ending March 30, 1937, totaled
increase of 111,700
Local consumption approximated 273,000
974,900 tons as against 863,200 tons last season, an
tons,
Total lumber
most of
the first quarter, on account of lower
prices for whole milk and poultry products.
But in Maine, Connecticut
and Middle Atlantic States,
receipts higher on account of higher prices
the
Sugar exports by Java for the crop year
Softwoods
the principal farm
in March last year. A
gain of 45% was recorded in the South Central States, while in the other
five regions the gains ranged from 3% to 28%.
With government pay¬
ments included, total receipts were considerably higher in each region.
Highlights of the situation by regions for the first quarter of 1937
products
1937:
{In 1,000 Feet)
1937
of
$16,000,000 in the first quarter of 1936.
the Month of March alone, cash receipts
with
138,609,000
258,422,000
239,613,000
principal products make up about 93% of the income
The total cash income from marketings for the first
payments
government
of
Production
from
363,998,000
372,374,000
products.
quarter of this year
was
it was 214,086,000 feet; shipments were,
9,347,000 feet.
Production
_
§190,853,000
360,471,000
124,853,000
199,809,000
196,376.000
East North Central
West North Central
of cotton to market.
Identical Mill Reports
feet, and
§168,990,000
315,411,000
North Atlantic
creased
feet.
(excluding government pay¬
January-March, 1936 January-March, 1937
grain
263,095,000 feet.
orders,
pine reported orders below
production during the week ended May 1.
All but Southern pine, West
Coast, California redwood and Northern pine reported shipments below
output.
All regions but redwood, Northern hemlock and Southern hard¬
woods reported orders above those of corresponding week of 1936; all but
Southern Pine, redwood, Southern hardwoods and Northern hardwoods re¬
ported shipments above those of last year's week, and all regions reported
All
principal products
of
by regions were:
ments)
new
The Association further
week.
sales
from
Receipts
1937,
stood at 74% of the 1929 weekly average of production and
82% of 1929 shipments.
Reported new orders were slightly
below the previous week and the weekly March-April aver¬
age.
Reported production was below the two previous
weeks; otherwise heaviest of any 1937 week.
Shipments
were
receipts from
ported :
'
during the week ended May 1,
The lumber industry
by farmers more than offset
sales.
The Bureau further re¬
payments received
smaller
the
Movement,
Lumber
of
Weekly^Report
Central States larger gov¬
of the West North
in most
ernment
An
of
weeks
of similar weeks of 1936 and 23%
Hardwood orders showed1 loss of 18% as
that
—3.8
+ 1.6
Trade
the four weeks
during
corresponding
of
above
1935.
of
9%.
—2.1
Syracuse
feet
1936
+0.4
+ 7.8%
+ 1.7%
same
the
+ 0.7
Payrolls
Employment
Albany-Schenectady-Troy
wood
of
—1.7
1937
City
week
production
1% to 29% in farmers' cash
principal farm products during
the first quarter of this year as compared with the corre¬
sponding period of 1936 were reported on May 7 by the
Bureau of Agricultural-Economics, United States Depart¬
ment of Agriculture.
While receipts were less in some of
the States in the North Atlantic and West North Central
regions than in the first quarter last year, the Bureau said
March to April,
feet
above
ended May 1, 1937, were 15% above
of 1936, softwoods showing gain of 18%
Shipments during the four weeks
employment and payrolls.
2%
18%
was
period.
both in
plants contributed to the gains
metals and machinery
the
in all districts from March to April
seasonal decline in the clothing and
Utica, Rochester and Buffalo continued expan¬
Schenectady-Troy, Syracuse,
sion
both
reduced
industries
millinery
these
and
approximately 14% below the 1929 average.
The analysis for April is based on reports
of
Production
payrolls since 1933, even
in
though greater than the percentage rise, in employment, has not
ficient to overcome this difference.
Average per capita earnings
3247
Chronicle
or
approximately
tons, while last year
12.9%.
it was 285,000 tons.
Financial
3248
Record Sugar
Crops Anticipated in^British West Indies
Group During Current 1937 Season
Sugar crops in the British West Indies group during the
1937
current
season
expected to reach
are
record figures,
according to Lamborn & Co., New York, who report that the
latest
estimate
forecasts
yield of 450,700 long tons, raw
a
with 410,900 tons produced last year, an
increase of 39,800 tons, or 9.7%.
The Lamborn firm also
sugar, as contrasted
announced:
the
Of
of
116,000
estimate
Jamaica's
duced
Barbados is expected to show the largest increase,
group,
production
a
tons,
or
10,700
indicates
previously, while Antigua's
the
than
more
1936
including Trinidad,
group,
203,500
tons,
The
tons
more
more
than
with
last season.
tons pro¬
than the 91,500
is anticipated to yield 7,700 tons
tons.
The other islands in the
Kitts and St. Lucia, are expected to make
St.
Indies
West
in the previous season.
approximately 39,000
locally
consume
surplus is shipped principally to the
The
annually.
crop
21,300
10,600 tons more than
or
British
of
outturn
10,800
tons
tons
United Kingdom and
Canada.
i
Rayon Production During First Quarter Re¬
ported by "Rayon Organon"—Output Aggregated
76,000,000 Pounds
Record
With the rayon
mills of the country operating at capacity
during the first quarter of 1937, production of yarn estab¬
lished
high record for any quarter in the history of
new
a
industry, according to the current issue of the "Rayon
the
Organon," published by the Textile Economics Bureau, Inc.,
York.
Production of viscose plus cupra and acetate
New
amounted to 76,000,000 pounds in the first quarter of
yarns
1937.
This
with
compares
a
1936
quarterly
average
of
69,400,000 pounds.
Output of viscose plus cupra (nonacetate) rayon yarn amounted tq 59,000,000 pounds com¬
pared with a 1936 quarterly
average
of 53,700,000 pounds,
55,600,000 pounds produced in the final 1936 quarter.
and
Acetate yarn
with
1936
a
production totaled 17,000,000 pounds compared
quarterly average of 15,700,000 pounds.
The
following is also from an announcement by the
Textile Eco¬
publication:
Bureau bearing on its
nomics
continue to operate at capacity
and some further increase in plant
capacity is expected, producers are experiencing difficulty in obtaining
new
producing machinery.
For this reason the "Organon" states "there
will be a shortage of rayon yarn in this country for some time to come."
Surplus stocks of rayon held by producers at the end of April amounted
to an 0.1 month's supply which is virtually the smallest total reported
since the establishment of the industry in the United! States.
While
rayon
Commenting
"as of
that
not
does
of the
two
Industrial
Petroleum
casts
to
Otherwise the labor situation in the rayon industry
forebode
of
smaller
future
trouble such
production."
producers
The
as
would result
country's
signed agreements
in
a
sub¬
largest rayon pro¬
with the Committee
Organization during April.
Its
and
Products—Monthly
Demand Fore¬
Abandonment Recommended by House Group
—Industry Defends
for
to
year,
labor conditions in the industry, the "Organon" states
producer.
seem
curtailment
and
ducer
for
upon
expected
are
May 1, there was a strike in progress at one of the plants of a
medium-sized
stantial
mills
remainder
the
during
Texas
Forecasts—Lower
Seen—Crude
Stocks
Jump
Oil
Quota
Sharplyin
Week—Daily Average Oil Output Off
Widespread support of the Bureau of Mines monthly crude
oil market estimates developed among the industry and
Chronicle
the current month's level .[according to
the general interpre¬
Thompson's recent statement that production
is too high and crude is going into stroage too fast.&Mr.
Thompson in addition to being Chairman of the Interstate
Oil Compact Commission, also is Chairman of the Texas
regulatory body.
It was Texas which took the initiative in raising allowables
when the Bureau of Mines estimates proved too low several
months ago.
Since then crude oil stocks have turned up¬
ward, however, and present inventories are sharply above
the 15-year lows set last January.
While the 1,412,069barrel quota for Texas in May set at the outset of the month
was lower than April, completion of new wells since then has
lifted it substantially above that level.
It is understood that
the Commission is considering setting a top allowable for
each field, regardless of new well completions.
An increase of 2,512,000 barrels in stocks of domestic and
tation of E. O.
foreign crude held in the United States during the final week
of April lifted the May 1 total to 303,209,000 barrels, which
is nearly 20,000,000 barrels above the 15-year low set early
in 1937, according to Bureau of Mines figures released
May 13.
The gain represented an increase of 2,518,000
barrels in holdings of domestic crude, offset partially by a
dip of 6,000 barrels in stocks of foreign crude.
An Associated Press dispatch from New Orleans in the
New York "World-Telegram" of May 11 stated:
"The Interstate Oil Compact Commission, representing six
States, announced today that it had ratified extension for
two years of the Interstate Treaty for conservation of oil
and gas and elimination of useless waste in production. The
six States operating under the compact are Texas, Oklahoma,
Illinois, Colorado, Kansas and New Mexico.
"The treaty drawn up at Dallas, Texas, in 1935 and ex¬
piring in 1937, was ratified without change for two years
longer. Under the compact, States participating agree to
enact laws, among other things, to prevent inefficient gas-oil
ratio in wells, the drowning with water of any stratus capable
of producing oil or gas in paying quantities, avoidable escape
into the open air or wasteful burning of gas from a natural
gas well, and the creation of unnecessary fire hazards."
The treaty thus signed now goes before the Governors of
the member States for their approval. Louisiana, which has
been invited to join the group, signified that it might but
pointed out that it already is operating in conformance with
the spirit of the compact. In commenting upon the extension
of the treaty, delegates expressed their satisfaction with the
working of the plan to date and said that the interstate
agreement had successfully staved off Federal intervention.
Daily average crude oil production in the United States
during the week ended May 8 slid off 8,250 barrels from the
record high set in the previous period. The 3,489,200-barrel
total reported for May 8 by the American Petroleum Insti¬
tute compared with estimated May market demand of
3,332,900 barrels set by the Bureau of Mines and actual
production in the like 1936 period of 2,961,700 barrels.
An increase of 23,600 barrels in California pared the
31,850-barrel reduction for all producing areas east of the
Rocky Mountains to the final net decline of 8,250 barrels.
Oklahoma and Kansas cut production sharply, Texas and
Louisiana showing only nominal increases.
There were no price changes.
Prices of Typical Crudes per
Government officials when it became known that the House
Committee
on
Appropriations had recommended that the
May IS, 1937
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2,67
Bradford, Pa
$1.27
Eldorado, Ark., 40.
Department of the Interior abondon the practice of releasing
Corning, Pa
1.25 Rusk, Texas, 40 and
1.42 Darst Creek
such market forecasts.
Illinois
1.35
Central Field, Mich
1.42
Western Kentucky
1.40
Mid-Cont't, Okla., 40 and above--
1.30
1.25
0.90
Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
1.22
1.40
Petrolla, Canada
2.10
The House Committee
Tuesday recommended to the Con¬
that the Department of the Interior, under whose juris¬
diction the Bureau of Mines falls, be prohibited from issuing
gress
estimates of demand for
gasoline and motor fuel, and estimat¬
ing crude-oil production on a monthly demand basis.
The American Petroleum Institute, through William Boyd,
Executive Secretary, said, "We are strongly in
forecasts.
They serve a wholesome purpose
favor of these
in furnishing
information about the probable market situation to the pro¬
ducer, the consumer and the industry generally."
The
Independent Petroleum Association of America announced
through an official that it felt that the "forecasts are of the
highest importance to the industry," and voiced its opposi¬
tion to any move to discontinue them.
The threat to the Bureau's Work is in the form of a rider,
be available
demand for
gasoline and motor fuel, and estimates of crude oil production
to supply such demand."
The rider is reported to have been
inserted through the intervention of the National Oil Mar¬
keters Association, who held that the forecasts tended to
restrict production and raise the price of oil.
Secretary Ickes on Thursday in his press conference issued
a
statement supporting the monthly forecasts, saying, "I
doubt very much whether the forecasts raise prices," adding,
"while I am in full sympathy with marketers, I believe they
blame the wrong thing for what they complain of."
In¬
cidentally, oil men pointed out, the argument of the jobbers'
group that the estimates restrict production doesn't stand up
in argument as all major-producing States virtually ignored
the Bureau's recognition during most of the early part of
which states "no part of this appropriation shall
for the preparation of monthly forecasts of the
1937 whenv"crude stocks were sinking.
The
proration meeting of the Texas Railroad Commission
set for
May 17 probably will result in a June quota far below
Lima (Ohio Oil
Co.)
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.27
over
—
1.09
1.20
REFINED PRODUCTS—BUNKER FUEL OIL PRICES ADVANCED
—MOTOR
FUEL
STOCKS
FIGURES—REFINERY
Increases of 5 to
RISE
ON
BASIS
OF
ADJUSTED
OPERATIONS DIP
15 cents
a
barrel in Atlantic and Gulf
Coast port prices of Grade C bunker fuel oil were posted by
the Standard Oil Co. of New Jersey on May 10, effective the
following day.
The increase was met by other major com¬
panies operating in the affected areas.
Under the new schedule, the terminal and tank car price
of fuel oil has been lifted 15 cents a barrel at New York,
Baltimore, Norfolk, Boston and Charleston.
Prices at the
ports are now $1.35 and at Charleston, $1.30.
A 5-cent a barrel boost at Baton Rouge and New Orleans
lifted the price to $1.05 a barrel.
The following day, the
company raised Philadelphia prices 15 cents to $1.35.
Stocks of finished and unfinished gasoline mounted 62,000
barrels to 81,469,000 barrels during the first week of May,
the American Petroleum Institute reported. ; The report
pointed out, however, that the gain came as a result of the
revision in the May 1 figures which were cut from 82,273,000
barrels to 81,407,000 barrels.
Before this adjustment, the
supply situation showed a drop of 804,000 barrels in stocks.
Total gasoline stocks of about 81,500,000 barrels are now
more than 1,500,000 barrels under the record high of 83,000,000 barrels set recently and are several million barrels above.
stocks held at this time a year ago.
With domestic con¬
sumption to date this year running about 10% above last
year's record breaking level, current stocks, on the basis of
demand, are equivalent to the same total days' supply at
first four
1937's lower totals.
Volume
Financial
144
52,008,000
barrels
to 22,044,000 barrels.
Stocks of unfinished gasoline gained
223,000 barrels to 7,417,000 barrels.
Gas and fuel oil stocks
gained 583,000 barrels in keeping with the normal seasonal
trend, totaling 94,874,000 barrels.
Daily average produc¬
tion of cracked gasoline 20,000 barrels to 675,000 barrels.
Refiners cut down operations sharply during the initial
week of May, a 2.4 point dip paring the rate to 78.3% of
capacity.
Daily average runs of crude oil to stills slumped
dipped
stocks
Refinery
328,0(30
barrels
to
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE
AND
barrels with holdings at bulk terminals rising 167,000
75,000 barrels to 3,065,000 barrels.
Representative price changes follow:
terminal and tank car prices
'
WEEK ENDED MAY 8,
FUEL OIL,
AND
Daily Refining
Crude Runs
1937
Stocks of Finished and
Capacity
to StiUs
Unfinished Gasoline
Stocks
of
Unfin'd
Reporting
tial
Rate
...;
Total
C.
P.
P.
Oper¬
At Re¬
age
ated
fineries
,
East Coast..
669
Appalachian.
Ind., 111., Ky
146
80.0
98
76.0
1,298
92.1
467
449
Distill.
&c.
535
424
90.8
10,067
6,071
Oil
1,290
11,494
1,279
3,119
669 100.0
Fuel
Terms., Nap'tha
88.4
129
507
and
C.
Daily
Aver¬
Poten¬
Gas
in
Finished
District
5,824
242
586
1,232
4,681
648
3,032
1,382
6,522
1,675
380
84.6
282
74.2
5,842
2,675
Inland Texas
337
183
54.3
101
55.2
365
793
757
95.5
652
86.1
1,586
9,339
114
Texas Gulf..
281
1,797
La. Gulf
164
323
Mo
of Grade C bunker fuel oil 5 to 15 cents a
prices of Grade C bunker fuel oil 15 cents to $1.35.
U. S. Gasoline (Above 65
134
84.8
533
383
58
63.7
48
82.8
313
68
80
89
62
69.7
44
71.0
109
689
821
746
90.9
507
68.0
1,876
11,342
2*021
1,130
67,921
3,609
88.8
2,825
78.3
48,267
21,434
7,216
92,617
3,741
610
201
2,257
52,008
22,044
Rocky
„
Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York-
96.3
91
Mtn.
California...
tank
May 11—Standard of New Jersey lifted Philadelphia terminal and
158
No. La.-Ark.
barrel.
car
GAS
(Figures in Thousands of Barrels of 42 Gallons Each)
Okla., Kan.,
May 10—Standard of New Jersey lifted Atlantic and Gulf Coast port
*
3249
Chronicle
Reported
Chicago
.07 k
Texas
New
Orleans.
Tide Water Oil Co
.07 k
Gulf
Gulf
ports
Richfield Oil (Cal.)
.07
Shell Eastern
|L Warner-Quinlan..
457
Est. unreptd.
Other Cities—
Colon lal Beacon.. $ .07
240
3,065
3,140
305
.07
Stand. Oil N. J—$.07k
Socony-Vacuum.
i
_
.07
07 k
Tulsa
,07 k
$.05
-.05)4
.06H-.07
.05)4
.05
-.05k
xEst.tot.U.S.
May 8, '37
4,066
4,066
May 1, '37
4,066
4,066
7,417 94,874
z7,194 Z94.291
z52,336 z21,877
U.S. B. of M.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas
New York—
Fuel Oil,
F.O.B. Refinery
California 24 plus
N. Y. (Bayonne)—
Bunker C
$1.35
Diesel 28-30 D
|
I Los Angeles.. .03k--05
$.05H
(Bayonne)—
I New
$.04
or
Tulsa
.03H-.04
—
(Bayonne)—
Phila., Bunker C
$1.00-1.25
i
$.04 k '
New York
Brooklyn
z
Mines'
Chicago,
28-30 D
|
.185
1
1.35
..$.02k-.03
.
Coal
Production
During Week
*
.
I Buffalo
.17
I Chicago
177
ESTIMATED
UNITED
Output
in Week Ended
Petroleum
American
The
Off
Barrels
8,250
Bituminous coal:
May 8
that
the
May 8, 1937, was 3,489,200 barrels. This was a loss of 8,250
barrels from the output of the previous week.
The current
above the 3,332,900
remained
figure
(IN NET TONS)
May 1,
1937 d April 24, 1937e
May 2, 1936
a
6,880,000
6,550,000
6,864,000
Dally average..
1,147,000
1,092,000
1,144,000
1,439,000
1,611,000
1,536,000
Pennsylvania anthracite: b
daily average gross crude oil production for the week ended
week's
1937
Total, including colliery fuel
estimates
Institute
1,
May
STATES PRODUCTION OF COAL AND BEEHIVE
COKE
Oil
Crude
Ended
weekly coal report of the United States Bureau
of Mines disclosed the following statistics relative to pro¬
duction of coal during the week ended May 1, 1937 and
comparative periods:
Week Ended—
Average
98,850
Revised
z
comparable with week of May 8 but not prior weeks.
Not including 2% city sales tax.
Daily
6,950
22,180
1936, daily average,
$.175
$1.65
Boston
43,888
May,
y
The current
iTulsa U
$.053
I Newark...
—$.185
basis,
$1.05
New Orleans C
Gasoline, Service Station, Tax Included
z
Bureau of
1.85
27 plus
z
Estimated
x
Terminal
D
Gas Oil, F.O.B. Refinery or Terminal
N. Y.
y2,924
xMay 8, *36
Orleans.$.05k--05k
Total, including colliery fuel
Daily
239,800
268,500
256,000
1,370,000
1,534,000
1,463,000
68,900
79,300
19,100
11,483
13,217
3,183
average
Commercial production_c
Beehive coke:
'
Total
barrels calcu¬
for
period
Daily average
United State Department of the Interior to be
total of the restrictions imposed by the various oil-
lated by the
the
producing States during May. Daily average production for
the four weeks ended May 8, 1937, is estimated at 3,486,650
The
barrels.
daily
output
average
for
week
Imports of petroleum for domestic use and1 receipts in bond at principal
United
a
States
daily
146,000
the
ports for
average
the week ended May 8 totaled
bairels,
146,429
of
compared with a daily average of
and 164,786 barrels daily for
ended May
four weeks
8.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
and
183,000
totaled
May 8
compared with
a
barrels, a daily average
barrels for the four weeks ended May 8.
18,893
estimated
daily
indicate that the
basis,
potential refining capacity of the United States
as a whole ran to stills, on a Bureau of Mines
industry
refineries, bulk terminals, in transit and in
the week 81,469,000 barrels of finished and
unfinished gasoline and 94,874,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.7% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines bask, produced an average of 675,000 barrels
daily during the week.
lines
as
g
of
the
DAILY
end
Total
for
1,231,900
period
made into coke and local sales, b Includes washery and
dredge coal, and coal shipped by truck from authorized operations. Estimates based
on railroad carloadings and current production reports furnished through trade
association
e
Revised,
years,
and
State sources,
c
Calcu¬
May 1
from.
1937
Ended
Ended
May 8
May 9
Week
May 8
Week
1937
1936
AND
WEEKLY
STATES
Kansas
_.
622,700
187,100
645,150 —20,450
186,200 —12,150
187,100
North Texas
West Central Texas—
62,000 —16,800
+ 250
70,800
32,800
209,450
121,900
659,700
537,800
193,750
155,200
+ 50
56,750
70,700
59,650
32,900
25,000
201,900
East Central Texas
120,153
East Texas.
459,300
117,350
458,800
226,862
459,950
229,450
+ 700
Southwest Texas
+ 100
226,600
146,350
201,754
203,500
+ 4,100
Coastal Texas
1,340,800 1,411,236 1,389,850
Total Texas
+ 9,850
75,100
185,050
52,900
449,750
187,915
West Texas..
+ 3,700
199,850
187,300
77,050
+ 3,400
73,800
73,850
—2,650
177,350
145,350
252.750
+ 750
251,150
219,200
27,250
113,950
44,800
+ 250
—6,550
—2,050
50,500
—1,100
16,450
4,650
—400
113,850
Coastal Louisiana
revision,
.
,
MONTHLY
PRODUCTION
OF
COAL,
BY
[The current estimates are based on railroad car loadings and river shipments
are subject to revision on receipt of monthly tonnage reports from district
Week Ended
Monthly Production
State
Apr. 24 Apr. 17 Apr. 25
1937p
1937p
1936r
Mar.,
Feb.,
1937
1937
Mar.,
1936
1
Alabama
;
_
w.
Arkansas and Oklahoma
-
-
1
3
10
7
11
31
35
220
1,420
1,197
910
4
Alaska.
4
18
225
318
139
65
Colorado
49
72
767
821
490
1
1
1
4
4
2
464
468
690
6,920
160
163
289
2,260
5,737
1,860
3,984
1,566
25
_
+ 7\900
27,300
116,200
45,250
52,400
16,250
4,550
107,800
28
53
430
377
299
——_
-
908
787
528
4,094
2,570
2,631
71
129
1,271
660
543
23
30
194
160
2
Michigan...
77
679
15
Maryland
31
658
98
Western
38
718
—-
Kentucky—Eastern
2
17
77
80
70
37
34
39
332
288
262
30
29
28
197
190
110
21
166
360
153
410
2,827
1,885 f 4,572
2,737
24
North and South Dakota.
22
350
284
1,980
Ohio
1,883
125
i 8,323
2,435
3,850
7,020
47
48
93
593
471
Texas
15
15
15
68
62
64
Utah
30
34
31
428
479
200
198
167
195
1,494
1,140
767
24
164
210
130
1,550 112,950
f r7,570
W estern
e.
Tennessee
Virginia
Western
1,740
4,471
370
26
a
Other W estern States
c
Total bituminous coal.
23
1,558
550
472
[r2,810
6,514
2,293
70
Virginia—Southern
Northern b
1,628
492
Washington
Wyoming.
+ 1,950 1,383,200 1,162,750
175,700
North Louisiana
to
and State sources, or of final annual returns from the operators.]
Pennsylvania—Eastern d
83,374
66,528
65,350
Panhandle Texas
d Subject
(IN THOUSANDS OF NET TONS)
New Mexico
622,700
fuel,
available.
and
Montana
{May)
Oklahoma
Excludes colliery
f Adjusted to make comparable the number of working days In the three
g Comparable data not yet
Kansas and Missouri
Weeks
Previous
Ended
lations
20,213
Includes lignite, coal
a
Iowa
Four
Interior
g
2,102,100
487,700
4,689
11,845
Daily average
Georgia and North Carolina
Change
Week
Allowable
g
g
Indiana
M.,
State
g
g
•
Illinois
(Figures in Barrels)
Dept. of
1,724,000
Beehive coke:
of
AVERAGE CRUDE OIL PRODUCTION
B. of
177,550,000
g
g
in storage at
companies had
pipe
Dally average
Commercial production_c
ESTIMATED
barrels of crude oil daily during the week, and that all
3,065,000
g
88.8% of the 4,066,000-
Reports received from refining companies owning
barrel
of 26,143 barrels
daily average of 16,000 barrels for the week ended May 1
1929f
141,089,000
1,381,000
1,571,000
average
Total, Including colliery fuel
1,025,000 barrels,
barrels for the week ended May 1
cl60,589,000
Total, including colliery fuel
Daily
1936f
t'
a
Pennsylvania anthracite: b
the Institute, follow:
by
1937
Calendar Year to Date—
Bituminous coal:
ended
Further details, as
May 9, 1936, totaled 2,961,700 barrels.
reported
the
*
62
90
591
644
415
1
1
1
5
3
3
6,550
6,244
7,132
51,315
42,110
31,527
a Includes operations on the N. & W.
C. & O.; Virginian; K. & M.; B. C. & G.'<
& O. in Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties, c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Represents that portion of the
and on the B.
249,400
Total Louisiana
28,500
117,400
34,900
49,000
15,200
4,800
Arkansas
Eastern
Michigan
Wyoming
Montana..
Colorado
99,800
New Mexico
Total east of Calif.
California
240,900
.
x602,230
34,200
State not included in Western Pennsylvania,
for
1935
and
cover
e Figures are comparable with records
production of Western Pennsylvania as defined by the NRA
p Preliminary,
r Revised.
Sub-Divisional Code Authority,
39,850
14,800
4,550
74,950
April Anthracite Shipments Reach 5,980,660 Net Tons
2,845,400 —31,850 2,857,550 2,377,400
643,800 + 23,600
629,100
584,300
reported to the Anthracite Institute, amounted to 5,980,560
114,000
2,749,600
583,300
29,950
104,150
Shipments of anthracite for the month of April, 1937,
This is an increase, as compared with
shipments
during the preceding month of March, of 1,745,466 net tons,
or 41.21%,
and when compared with April, 1936, shows an
net tons.
Total United States. 3,332,900
x
3,489,200
—8,250 3,486,650 2,961,700
Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not
might have been surreptitiously produced.
Include
any
estimate of
any
oil which
as
increase
of
1,763,888 net tons,
or
41.83%.
Financial
3250
(in net tons)
Shipments by originating carriers
are
as
Chronicle
and
June
for
transactions
follows:
and
April,
March,
April,
March,
1937
1937
1936
966,902
834,450
376,109
538,631
432,821
439,932
997,602
692,757
401,674
570,721
424,404
470,697
286,890
144,714
214,645
4,235,094
market
The
_
_
.
.
.
.
5,980,560
metal
the
1933
Year
March
April
May
June
July
August
September
October
November
December
1934
Year
Year 1936
783,552
591,728
598,915
979,907
984,097
886,065
578,108
547,794
624,497
during the last
quiet
a
lower
market
in
than
demand
little
was
882,643
1,067,365
5,905,966
7,347,549
10,784,273
moderate
by
buying
for
tin
Markets," in
its
issue
the favorable character
did
price
market
some
fluctuate
not
to
ruled steady to
Cadmium
ward.
54.075c.;
tin, 99%,
reports
on
of
unchanged
was
far as
so
busi¬
contract
London
cent.
a
of
cause
coronation
the
suntide holidays.
the
and
imminence
of
Whit¬
the
The publication further reported:
With
the
for
week
the
have
been
last Thursday
of
that
rumors
on
totaled
8,746 tons,
of
disposed
the
might
quiet
was
the
and for
domestic
to
when
(May 6),
price
period
last seven-day
the
in
copper
exception
sold
were
than
more
and
uninteresting.
month
to date
The
consumers.
4,000
market for
advance, the
price
Sales
13,662
held at
over
but
Consumption
the United
of copper in
51% of the total consumed in
first
quarter
This
compares
of
period
the
of
the current
first
two
Statistics,
or
1936 amounted to
year,
or
an
of
average
short
reported
as
by
the
that
112,000
accounted
tons
in the
37,333 tons monthly.
in the January-March
tons monthly.
of 26,583
average
an
quarters,
in
outlets
States in
with 79,750 tons by the same group
1936,
American
The
record
Bureau
of
for
Metal
tons:
nominally
was
4,000
1,200
3,300
23,300
29,700
5,000
2,600
6,400
79,750
112,000
26,000
—
Electric refrigerators
Air
-
Totals
45,000
14,000
Building
—
-
-
classification
quarterly
on
consumption
of
copper
and
included
Stocks
April 24
in
air
conditioning
electrical
of
copper
totaled
is
exclusive of
their
equipment,
electrical
manufactures.
in
20,909
London
Exchange
Metal
A
tons.
month
previous
official
warehouses
PRICES OF METALS ("E. & M. J." QUOTATIONS)
Straits
producers
about
ducers
an
market
selling
believe
orderly
maintained
moderate
a
4,200 tons,
the
believes that the
a
present
daily.
7,800
price level is
thereby
St. Louis
13.950
54.900
6.00
5.85
13.900
55.325
6.00
5.85
6.75
55.450
6.00
5.85
6.75
May 10
13.775
14.000
55.375
6.00
5.85
May 11
13.775
13.900
54.700
6.00
5.85
6.75
13.775
13.900
54.700
6.00
5.85
6.75
13.775
13.938
55.075
6.00
5.85
6.75
,
London
6.75
6.75
■
•
Prices
Sales
the
encouraging
consumers
a
healthy
for
Lead
Tin, Std.
Copper
Copper, Std.
Zinc
Electro.
'
'l
'
{Bid)
Svot
60
56 %
63
249%
249
3M
Spot
3M
3M
Spot
248
60 %
56%
63
247
May 10-_-
61%
58%
64
250%
24%
■24%
May 11--
60 %
57%
Holl day
63%
246
23%
23%
6
May
7
May 12
251%
247%
Holi day
3M
Spot
24
24i,6
24'16
May
23%
23%
23%
233,6
239,6
2211,6
24
23%
23
Holt day
Holl day
Hoi.
Prices for lead and zinc are the official prices for the first session of the London
Metal Exchange; prices for copper and tin are the official closing buyers' prices.
are in pounds sterling per long ton (2,240 lb.).
New
Steel
Business
the
previous
Continues
Production
All
The
"Iron
but
Off,
Taper
to
Keeps Up
Age," in its issue of May 13, stated that the
production of steel continues at a high rate, but most con¬
sumers find that their present stocks
or commitments are
quently the volume of new business is still shrinking moder¬
ately. Consumption is heavy, however, in many lines, with
the result that current orders
week totaled
week.
Pro¬
represent actual requirements.
The publication further stated:
It is estimated at
Pittsburgh that new business in the past two weeks
has been about 70 to 75% of shipments.
a
Some of this is for third quarter,
good deal of it is fill-in tonnages that the mills are now able to take
for shipment in late May or June.
products, but only to
a
Deliveries have become easier on some
minor extent.
Strike threats against some of the leading
which may come to a head this
steel purchases,
new
independent steel companies,
week, have had
no
discernible effect upon
but may account for renewed pressure on mills for
At Chicago, business has improved sufficiently over
quicker deliveries.
the
preceding two weeks to bring about a slight rise in the steel production
rate.
On the other hand, there have been minor gains and losses in
summer
same as
last week.
are
fairly promising, with indications that the
letdown may be less than might
production of the first half of the year.
are
be expected in view of the heavy
One
company,
whose products
largely flat rolled steels, estimates that orders now on its books for
third quarter are equal to a
additional business
60% operation through that period and that
logically to
siderably above that figure.
pace,
be expected will assure
an
steady
a
the price incentive has been removed.
Business
was
aided in the past week by fresh releases
from
some
automobile companies, the placing of steel for recent construction
and for railroad equipment
risen far
and by
a
of the
awards
rising demand for steel in the farm
Demand for farm machinery, including tractors, has
beyond the expectations of the manufacturers in that field; an
example of this is that schedules for the new small combines have been
revised
upward.
Manufacturers
of
heating
equipment
and
household appliances are also extremely busy.
Building construction is lagging in the investment type of structure, but
is
fairly sizable in bridges and other forms of public work and in the indus¬
trial field.
The
$40,000,000 expansion program announced by General
to buy in
Motors Corp. and a smaller outlay by the Chrsyler Corp. are
market.
The
a
for May are about 95% covered
activity con¬
Forward buying is proceeding at
but without the excitement that accompanied second quarter buying,
consumers
trade
other
districts which about offset each other, leaving the rate for the country at
during the last week, with
tons in
maintaining
requirements of
Zinc
St. Louis
13.975
miscellaneous
steady tone
tonnage
compared with
manner,
Lead
New York
13.775
repeatedly
Lead
lead
Tin
New York
13.775
equipment industry.
on
the stocks amounted to
25,824 tons.
The
May 6, 53.650c.; May 7,
13.775
is
arbitrary, it is pointed out, in that the accounting for automobiles, refrig¬
erators,
follows:
as
6
as
industrial
good
a
May 10, 54.125c.; May 11, 53.450c.; May 12,
May 8, 54.200c.;
Prospects for third quarter
1937
31,250
Automobiles..
The
at
8
92%, the
manufactures
conditioning
Exports
continues
7
January-March
1936
Electrical
plate
May
offerings of futures have been increasing at about 10 points under spot.
for
tin
of
The
and the trade considered' the
range,
May
but
holiday spirit in London extended to the metal markets, and prices
fluctuated within narrow limits.
Near-by material continues tight,
abroad
withheld
approaching Whitsuntide holidays.
wide
a
Consumption
Dom.,Refy. Exp., Refy.
tons
14c.,
Valley, throughout the week.
The
trade
ample to take care of their nearby requirements, and conse¬
Copper
tons
the general
the
on
This brought
was
Domestic antimony was reduced three-quarters
traders restricted their operations be¬
pound.
per
week except
53.450c.
concerned, with outside lots bringing up to $1.80
was
ness
last
operating at 100% capacity.
rate, with the mills
Chinese
but
consumers,
and the
steadier.
little
a
13,
May
of
of the
somewhat last week, but
firm.
Quicksilver
eased
during the
on
otherwise the
moved up
import parity, establishing the quotation at $96 and up¬
prices
to
pro¬
during the period because of the inactivity in London due to
coronation ceremonies
the
consumption in the face of the recent unsettlement in prices.
markets
with
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Shipments of copper, lead and zinc to consum¬
industries have been holding up well, with producers
Tin
sellers had little
concentrate,
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.
—(40,859)
Mineral
over
zinc
weeks.
recent
occasion when the price here dropped below 55c., on May 11.
Average..
last week.
impressed
quantity
average-price basis applies
an
for
average-price
total
Average prices for calendar week ended May 8 are:
Domestic copper f.o.b.
refinery, 13.775c.; export copper, 13.933c.; Straits tin, 55.738c.: New York lead,
6.00c.; St. Louis lead, 5.85c.; St. Louis zinc, 6.75c.; and silver, 45.050c.
reported that demand for major non-ferrous metals was fair
ing
on
is
satisfied
A moderate
with
the
of
zinc
in
are
Tin
There
Moderate Scale—Consumption
Continues at High Level
and
shortage
week,
proportion
On prompt and near-by business
reported
somewhat
'
"Metal
The
pound'.
per
The tendency to buy zinc
Joplin
duction
1937
1,149,918
1,133.724
1,414,399
1,343,644
950,851
923,703
961,803
1,007,417
614,933
686,741
681,820
661,515
—(23,750)
Metals
at 5.85c.,
brands for
May 12
676,315
668.056
745,064
085,337
369,938
378,023
370,306
343,962
366,119
418,630
721,414
5,805,235
of
and
own
the
substantial
a
Daily
Buying
its
FOR
Year
534.055
583,137
—(19,907)
Total for year
of
May
331,777
385,500
588,209
643,009
+ (44.283)
Yearly adjustment
sales
result that operators
the basis of 6.75c., St. Louis.
on
for
futures.
chiefly to
8c.
Electrolytic Copper
Year 1935
reported
with
booked
was
accounting
disposed of.
offer.
above
quotation
business
of
INDICATED
285,138
275,929
256,793
335.321
455,302
603,937
701.322
668,155
575,161
572,897
430,358
600,639
Co.
premium.
a
gradually,
lift
the
DAILY
MONTHS
BY
at
selling
was
to
maintain
to
1933:
PRODUCTS
East
Lead
April statistics showing zinc stocks on hand of only 13,911 tons were
in
Month
also the contract
was
& Refining Co.,
Zinc
The
commitments
January.
February
Smelting
2,429,194
Joseph
in the
delivery
April, 1937, is the highest April since 1929, when ship¬
ments were 1,498,330 tons.
For the four months of 1937 shipments of finished steel
products amounted to 5,041,685 tons, compared with
3,161,188 tons in the comparable period in 1936, an increase
of 59%.
Following is a tabulation of the monthly shipments since
STEEL
New York, which
6c.,
4,216,672
St.
1936.
OF
at
the American
just about as strong as any the industry has seen since 1925, at which time
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. amounted to 1,343,644
tons for the month of April, 1937.
This is a decrease of 70,755 tons compared with the pre¬
ceding month, and an increase of 363,737 tons over April,
YEARS
firm
held
180,397
201,027
56,090
213,289
April Steel Shipments Highest for the Month Since 192S)
SHIPMENTS
week's
the
in
210,284
235,244
Louis.
volume
OP
involved
interests
St.
contracts
TONNAGE
buying
551,507
467,385
188,646
280,336
210,044
293,762
expected
Total..
Principal
storage-battery manufacturers and makers of sheet lead
calling for prompt shipments to
basis of
settling
1,326,310
1,187,575
Central RR. of New Jersey
582,642
Delaware Lackawanna & Western RR.
804,359
Delaware & Hudson RR. Corp
578,750
Pennsylvania RR
601,736
ErieRR
386,682
New York Ontario & Western Ry_._.183,383
Lehigh & New England RR
329,123
40%.
were
Numerous orders were booked
pipe.
jobbers.
1936
Reading Co
Lehigh Valley RR
1937
IS,
May
trend of lesser proportions in other industries; for
at
indicative of
example, a paper plant
Houston, Texas, that will take 2,350 tons of steel and a $1,300,000
Volume
Financial
144
of a business machines manufacturer.
program
only 16,000 tons, but
were
in the market.
automobile
output may
have reached its
months,
least, is
at
industry are not
warrant,
as
large
expected.
Steel shipments
as current
motor car
a
of manufactured parts,
accumulated during the labor troubles, are being heavily drawn upon.
Steel
prices have
scrap
continued their downward
drop occurring at Chicago, where
the previously published
below
50c.
There have been declines also
price.
ton at Pittsburgh and Philadelphia, bringing the "Iron
a
of
Age" steel
composite price down to $18.75 and marking the fifth consecutive
scrap
weekly decline in this figure, totaling $3.17 from the peak of $21.92 on
There has been
April 6.
a
$4 decline within that period at both Pitts¬
and Chicago and $1.50 at Philadelphia, where export sales have
burgh
served as a cushion.
ment,
"IRON AGE" COMPOSITE PRICES
Finished
May 11, 1937, 2.605c. a Lb.
Based on steel bars, beams,
tank plates,
2.605c.
wire, rails, black pipe, sheets and hot
One month ago
2!605c.
rolled strips.
One year ago
2.097c.
85% of the United States output.
High
-2.605c.
Mar.
1937
1936
These products represent
consumption
at
high
a
^
1931
2.008c.
Jan.
Oct.
3
1.867c.
Apr.
1.977c.
Oct.
4
1.926c.
Feb.
2.037c.
1932
Apr. 24
2.015c.
1933
Oct.
2.199c.
1934
Dec. 28
2.130c.
-
Jan.
13
1.945c.
7
2.018c.
2
2.273c.
11
2.217c.
2.273c.
Jan.
1929
2.317c.
Apr.
1928
2.286c.
1
Dec.
1930
.
2
18
2
Dec. 29
Dec.
9
Oct. 29
July 17
Pig Iron
May 11, 1937, $23.25 a Gross Ton
One week ago
the
Valley
One month ago
23.25
—
of basic iron at Valley
average
Philadelphia,
Chicago,
Valley,
and
Buffalo,
With
Feb.
16
9
$20.25
Nov. 24
18.73
Aug. II
18.84
1936
Nov.
5
17.83
May
14
17.90
-
1935
1934—.
-
May
1
16.90
Jan.
27
Mar.
3
16.90
1928
Steel
Jan.
13.56
Deo.
Dec.
15
Jan.
7
15.90
Dec.
16
May 14
18.21
Dec.
17
Nov. 27
17.04
July
24
Scrap
One year ago
No.
1
melting
heavy
13.42
-
$17.92
12.67
10.33
$21.92
Mar. 30
17.75
Dec. 21
1935
13.42
1934
13.00
Mar. 13
9.50
Sept.
1933
12.25
Aug.
8
12
6
6.75
6.43
8.50
Jan.
18
29
11.25
14.08
Dec.
13.08
July
-
1932..
„
8.50
1929
-
American
Iron and
Jan.
16.50
-
1928
Feb.
17.58
-
Jan.
15.00
-
1930
Jan.
11.33
—
1931
The
Dec. 10
Dec. 31
Institute
Steel
Jan.
June
Apr.
July
Dec.
Dec.
4
9
23
25
3
5
29
9
3
2
May 10 an¬
received indi¬
cated that the operating rate of steel companies having
97.7% of the steel capacity of the industry will be 91.2%
of capacity for the week beginning May 10, compared with
91.0% one week ago, 90.3% one month ago, and 69.1% one
increase of 0.2 points, or
0.2% from the estimate for the week of May 3, 1937.
Weekly indicated rates of steel operations since April 6,
ago.
year
This
represents
an
Apr.
Apr.
64.5%
6
13
67.9%
70.4%
71.2%
4
70.1%
11
69.1%
18
69.4%
25.—67.9%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75 4%
75.3%
75.9%
74.2%
74.3%
20
July
July 27
3
Aug.
Apr. 20
Apr. 27
Aug. 10
May
Aug. 17
May
May
May
Aug. 24
Aug. 31
Sept.
7
June
1
68.2%
Sept. 14
June
8
69.5%
70.0%
Sept. 21
June 15
June 22
70.2%
Sept. 28
Oct.
5
June 30
74.0%
Oct.
12
July
6
67.2%
Oct.
19
July
13
69.0%
Oct.
26
Nov.
2
Nov.
9.
8
74.7%
74.0%
Feb.
Feb.
15
Nov. 16
74.1%
Feb.
22
Nov. 23
74.3%
Mar.
1
Nov. 30
75.9%
Mar.
8
80.6%
81.6%
82.5%
85.8%
87.3%
Dec.
7
76.6%
Mar. 15
88.9%
Dec.
14
Dec. 21
79.2%
77.0%
Mar. 22
89.6%
90.7%
Dec. 28
77.0%
Apr.
5
1937—
4
Jan.
Mar. 29
Apr.
12
79.4%
Apr.
89.9%
90.3%
91.3%
19
bank
reserves
arose
an
the
the
points to 83%,
and New
Birmingham
The
of
percentage
produced nearly 30%
for
All
four
Lake
for
3,770,555 tons
in
1932
April,
1937
of
then
capacity
and
100
St.
previous
only 3,567,985 tons
However,
89.91.
month of
same
at
under
1936.
April
Produc¬
50% larger than for all 1932.
shipments for April
ore
broken
were
This compares with 2,516,241
In the entire ore season of
record.
moved.
were
only
was
slightly
total
a
tons,
gross
March and in May, 1929.
shipped by vessel.
the
1929,
is almost
Superior iron
were
5,017,875
gave
ingots than the
more
months
records
when
83, Detroit at
at
month
April total has been exceeded only in
tion
Youngstown four
England three points to
totaled
April
in
shorter
In April,
1936, 19,446
tons
were
shipped.
March
exports
first quarter,
in March
scrap
set
exports
scrap
all-time record with 362,249 tons.
an
those of February and 118%
over
Steel
586,369 tons.
were
exports without
208,327 tons, the highest month since July,
totaled
gain of 59%
a
of steel scrap
first
quarter
first
March,
over
1929,
1936.
For
91.5%
over
quarter of last year.
By
putting out
automotive
total
a
2,050
more
Ford
one
This
cars.
week
35,875,
of
and
40,705,
of
cars
the highest
in
the
of
steelmakers
April,
better
Continent,
before the
the week
than
single week with
a
with the previous high of 140,800
General
1929.
Motors
produced
56,550
-
in April brought the total for four months
cars
for
since
that period
have
supplies
but
advanced
Continued
1929.
prices about
February.
The
composite,
semi-finished steel
of
sufficient
not
decline
making grades 81c.
steel
week
all-time record for
an
compares
£1 per
strong market and inability to produce sufficient to
Continued
of
last
cars
476,886 tons,
were
purchase
May gives promise of sustaining high rate.
Somewhat
the
scrap,
Chrysler 32,000.
Placing of 9,772 freight
to
of
industry established
of 141,525
during
cars
exclusive
exports,
in
market
carried
has
the
in view
ton,
meet demands.
obtained from
being
are
the
ease
definitely.
composite
of
steel-
$18.79, equaling the level of the first week
to
influence caused
$40.14.
to
to
prices
scrap
lower,
same
The
decline of 11c. in the iron and
a
finished
steel
composite
remains
un¬
changed at $61.70.
Steel ingot production in tlie week ended
at
May 10 is placed
91% of capacity, according to the "Wall Street Journal"
of May
ago
12, unchanged from the previous week. Two weeks
was 92%.
The "Journal" further stated:
the rate
United States
over
87%,
weeks
over
from
Steel is
85%
estimated
in the
93% against 95%%
The
at
two
points to slightly
87% two
and compared with
down nearly 2%
are
a
points to a little
comparison of the percentage of production
of previous
corresponding week
in
increase of
in the two preceding weeks.
following table gives
the nearest
an
before,
week
Leading independents
ago.
points,
1936
69
45
+
1934
with the
together
U. S. Steel
87
91
1935
years,
the week immediately preceding:
from
Industry
1937
63
—1
93
73%
%
-
41
%
Independents
+2
-2%
-1%
48
+ 1
+2
59
+2
45
+2
70
1933
34%
+2
29
+ 1%
39%
1931
46
+1
48
+1
45
+1
1930
76
80
72
—1
1929
%
+ %
—1
89
—1
80
—1
—1
87
—2
73
—1
Apr. 26
May
3
92.3%
1928
91.0%
1927
80
77.9%
May 10
1
79.6%
—
100%
+
+2%
95
%
91 2%
Feb.
1932 not available.
Additions
to
Changes in the amount of Reserve bank credit outstanding
reserve
member
increase of $44,000,000 in
decrease
of
week.
The statement in full for the week ended
related
items
May 12, 1937,
during the week
were as
and
the
May 12, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3280 and 3281.
year
ended
follows:
Increase
(+) or Decrease (—)
Since
May 12, 1937
May 13, 1936
$
+11,000,000
+1,000,000
2,526,000,000
U. S. Government securities
(not
—1,000,000
5,000,000
Bills bought
advances
$
16,000,000
Bills discounted
Industrial
May 5, 1937
$
in circulation
$2,000,000 in
Treasury currency.
Excess reserves of member banks on
May 12 were estimated to be approximately $940,000,000;
an
increase of $50,000,000 for the week.
Inactive gold
included in the gold stock and Treasury cash amounted to
$651,000,000 on May 12, an increase of $45,000,000 for the
a
and
gold
Treasury cash and $9,000,000 in Treasury deposits with
capacity.
but
March,
2%
92,
lost
ingots
78.8%
deposits and other Federal
and
of
rate
change.
80.6%
by increases of $43,000,000
banks
steel
18
Reserve accounts, offset in part
Reserve
no
of
11
and $49,000,000 in non-member
Federal
90.27%
79 %%,
at
made
94
25
stock and decreases of $21,000,000 in money
in
over
production high in the
is steady at 91%
repairs that tend to reduce output from
point to
one
Jan
$61,000,000.
from
A
$2
to hold
effort
national operating
necessary
Jan.
Jan.
The Week with the Federal Reserve Banks
increased
offered.
iron for Japan at
of pig
tons
every
the
97%
84%
During the week ended May 12 member bank
balances
premiums
tempting
the
at
even
Chicago
approximate changes,
1937—
1936—
1936—
1936—
94%.
Cleveland
at
Production
with
1936, follow:
operations
Pittsburgh has gained three points to 93%, Eastern Penn¬
73%, Wheeling six points to 94, and Cincinnati
Buffalo
to 83,
Louis
on
nounced that telegraphic reports which it has
sustain
points to
points to
points
British
1936
1937
four
Low
High
will
on
fall, and
of
is
buying
current
exerting
in spite of
three
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
21.42
One month ago
on
inquiry,
demands,
time.
cars,
Based
May 11, 1937, $18.75 a Gross Ton
One week ago
$19.53
meet
to
6
14.79
18.59
-
1929
13.56
5
6
18.71
1930
5
Jan.
18.21
-
Jan.
15.90
-
1932
1931
Dec.
14.81
1933
Tonnage
situation.
quieter
the
in some cases well into the
further buying
rate
fact,
has booked 25,000
mills
steel
to
capacity,
For
Low
High
19.73
$23.25
1937
In
export
interest
effort
Southern iron at Cincinnati.
18.84
One year ago
on
furnace and foundry irons at
high
a
records in almost every depart¬
near
or
over
weeks,
the domestic market.
tons
Based
$23.25
at
level.
attractive
90%.
Low
Mar.
2
2.084c.
Mar. 10
2.124c.
Jan.
8
felt
is
good proportions and
only by comparison with the unnatural rate of March.
Producers,
most part, have too much domestic business to accept much of the
suffers
2.330c.
9
2.330c.
1935
apprehension
sylvania
One week ago
andi conditions grow easier
is welcome to mills
statistics showing records
is sufficient for several
time
Steel
in practically every line of steel pro¬
contrasting sharply with feverish
buying,
in
few weeks ago,
a
no
books
for
lull
present
week.
With
of
THE
the
with
the sharpest
trend,
sale to a consumer was at $1.50 a ton
a
each
May 10 stated:
on
large specification backlogs
activity
the automobile
to
production would seem to
leading to the assumption that banks
With
duction
peak for the year,
continuation of the present large volume of assemblies through the next
two
markets,
Awards of concrete reinforcing bars totaled 16,500 tons,
of which 6,000 tons is for department store additions in Chicago.
While
"Steel" of Cleveland, in its summary of the iron and steel
steefflettings
Structural
projects amounting to 21,000 tons appeared
new
3251
Chronicle
---
+96,000,000
-Deluding
$17,000,000 commitm'ts—May 12)
—1,000,000
+6,000,000
2,576,000,000
Total Reserve bank credit
—1,000,000
+107,000,000
11,882,000,000
Gold Stock
Treasury currency--
2,545,000,000
Member bank reserve balances
6,943,000,000
Money In circulation
—7,000,000
23,000,000
6,000,000
Other Reserve bank credit
.
Treasury cash
Treasury deposits with F. R. bank--
6,405,000,000
3,056,000,000
106,000,000
+44,000,000 +1,580,000,000
—2,000,000
+49.000,000
+61,000,000 +1,332.000,000
—21,000,000
4 517,000,000
+43,000,000
t473,000,000
-1-9,000,000
—472,000,000
Non-member deposits and other Fed¬
eral Reserve accounts.----
49-4,000,000
—49,000,000
—114,000,000
Financial
3252
Returns of Member
New York City
Banks in
Chronicle
Increase
and
May 6, 1937
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 cur¬
rent week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
?4V"";<•-V+May 12
+++..r,; ' +.+,:■ 1937
•
Assets—
$
Loans and investments—total..
May 13 May 12
1936
1937
May 5
1937
1936
$
8,550
1,047
1,073
922
72
74
71
41
42
36
734
732
750
155
150
148
101
City
.104
146
22
22
16
(except banks)..
Accpts. and rom'l paper bougnt
Loans on real estate
1,994
.
1 +
133
•'''
1
* *
14
14
*/'«»
15
80
79
67
3
13
6
1,623
1,179
414
410
270
3,027
3,034
3,618
953
943
995
434
442
548
95
95
93
1,056
1,089
1,116
296
295
2,480
2,430
2,212
599
595
639
55
55
53
31
30
36
Obligations fully guaranteed by
United States Government..
I
'
,
/
Other securities
_
...
Reserve with F. R. Bank
y, \
■
Cash In vault
72
71
71
158
162
187
481
477
502
64
64
73
Balances with domestic hanks..
Other assets—net
Liabilities—
Demand deposits—adjusted
'
-V-
-
■*-
■
'
6,338
6,103
1,485
1,488
583
449
448
196
81
84
1,936
1,983
2,318
568
553
571
502
481
351
6
8
—
i;'
Borrowings
6
end of
393
387
"364
21
21
.r'W. 34
1,476
1,475
1,473
236
236
232
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business May 5:
statement of
May
deposits
credited
domestic
banks,
banks,
and
deposits,
to
in
each in
$30,000,000
and increases
reserve
balances
demand deposits-adjusted! and
$35,000,000 in borrowings and
of
Reserve
Federal
with
government
$38,000,000 in
total loans and investments.
Loans
to
brokers and
dealers in
dealers
loans
to
brokers
loans
on
securities to others
ings
of
real
and
and
acceptances
estate
loans
New
outside
(except banks)
commercial
increased
York
and
bought
Hold¬
$12,000,000,
declined
as
of the
on
assets
March 31
32,234,941.93
45,087,291.06
32,694,813.58
25,233,908 64
25,636,097.02
26,538,408.01
.106,654,185.67
.133,379,366.18
101,346,933.92
130.696,121.68
.240,033,551.85
232,043,055.60
26,138,117.77
1,666,384.91
27,011,756.14
1,668,688.73
27,804,502.68
28.680,444 87
21,605,115.54
99,450,911.63
26.863.531.95
68,035,897.53
10,281,695.08
48,480,773.12
6,636,625.58
68,232,519.19
77,449,299.76
5,779,407.02
77,889,987.34
11.773.318.96
263,047,202.15
259,431.880.55
1,301,533.10
399,720.64
1,328,725.18
96,299.95
.
on current
account with banks...
.
.
1.
Commercial bills and bankers' acceptances.
Treasury bills
Total
Time funds at interest:
Not exceeding three months
Total
Sundry bills and investments:
1.
Maturing within three months—
(a) Treasury bills
(b) Sundry investments
2
Between three and six months—
3.
Over six months—
(a)
(b)
Treasury bills
Sundry Investments
(a)
Treasury bills
Sundry Investments
(b)
Total
Other assets:
1.
2.
Guarantee of central banks
on
bills sold
items
Sundry
Total
1,701,253.74
1,425,025.13
622,750,174.57
Total assets
618,842,202.24
LIABILITIES
March 31
April 30
Capital paid
.125,000,000.00
up
125,000,000.00
3,784,029.10
6,091,706.43
12,183.412.83
3,784,029.10
6,091,706.43
12,183,412.83
Reserves:
1.
Legal reserve fund
2.
Dividend
3.
General reserve fund
reserve
.
fund
.
.
Total
22,059,148.36
22,059,148 36
.153,280,000.00
76.640,000.00
1,368,100.00
41,726,938.64
153.157,500.00
76,578,750.00
1,403,900.00
42,818,835.73
.273,015,038.64
273,958.985.73
.103.744,036.85
31,143,344.21
105,482,000 41
24,148,370.78
134,887.381.06
4,268,425.10
Long-term commitments:
1. Annuity trust account deposits
2. German Government deposit
3. French Government deposit (Saar)__
129,630,371.19
4,248,186.75
.
.
French Government guarantee fund
...
Total.
.
Short-term and sight deposits (various currencies):
1. Central banks for their own account:
(a)
(b)
banks increased $28,-
loans to
Cash
2
$4,000,000, and1
increased $14,000,000.
paper
$1,000,000,
increased
International
for
April 30
:V;>+
On hand and
$40,000,000,
increased
Oity
Bank
of
Sight funds at interest
Rediscountable bills and acceptances:
4.
New York
as
April 30
weekly reporting member banks in 101 lead¬
$118,000,000
of
April, issued May 4.
Cash:
shows decreases for the week of $213,000,000 in
domestic banks,
$167,000,000 in balances
with
5
Condition
of
v:;:
As
on
—267,000,000
+ 142,000,000
+38,000,000
Gold In bars.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
cities
-213,000,000
+ 14,000,000
+35,000,000
.
Between three and six months...
Other liabilities
The condition
5,224,000,000
521,000,000
38.000,000
.
.
hand and on current
account with banks at the latest date was given at 32,694,814
Swiss francs, against 25,636,097 Swiss francs March 31.
The following is the statement for April 30 as compared
with the preceding month, as contained in Associated Press
advices from Basle, May 4 (figures in Swiss francs at par):
4
Capital account
ing
+1,089,000,000
+73,000,000
—521,000,000
.
it is shown in the Bank's statement of conditions
29
-
-39,000,000
-9,000,000
-39,000,000
.
Assets of the Bank for International Settlements, Basle,
Switzerland, increased during April to 622,750,175 Swiss
francs April 30, from 618,842,202 Swiss francs March 31,
101
6,333
v
....
Settlements
462
66
Foreign banks
y"-:t
...
United States Govt, deposits....
Inter-bank deposits:
1,398
658
53
704
Time deposits
United States Govt, deposts...
Inter-bank deposits:
Domestic banks.
Demand deposits—ad lusted
Time deposits
288
U. 8. Govt, obligations..-
.
129
130
Other loans
.15,349,000,000
5,149,000,000
233,000,000
Liabilities—
1,867
1,641
Loans to banks
—167,000,000
Balances with domestic banks...
Statement
S
1,985
8,379
Loans to brokers and dealers*
In New York
*
+849,000,000
—33,000,000
—445,000,000
May 13
1937
8,322
Outside New York City
Loans on securities to
others
{
—17,000,000
♦
May 5
%
$
%
(- -)
May 6,1936
—118,000,000
5,307,000,000
337,000,000
1,797,000,000
■Gblca (t/vVillllHgCy
New York City
•+i;
Decrease
or
April 28,1937
$
Foreign banks
Borrowings
(In Millions of Dollars)
;
Assets—
Reserve with Fed. Reserve banks.
Gash in vault
Domestic banks.
CENTRAL RESERVE CITIES
IN
(+)
Since
Chicago—Brokers' Loans
Federal
1937
May IS,
Not exceeding three months...
Sight
.
000,000 in the New York District and $44,000,000 at all reporting member
v-'H:
banks.
"Other loans"
Holdings
increased
of United
Total
$14,000,000.
2.
States government direct
obligations
000,000 in
and
Other depositors:
the New York District and $36,000,000 at all reporting mem¬
ber
Central banks for account of others- -Sight...
3.
$39,-
declined
banks,
ings
obligations
of
declined
in
$10,000,000.
the New
Demand
trict,
at
deposits-adjusted
member banks.
reporting
ernment
all
at
banks
domestic
$118,000,000 in
of
New
total
credited
balances
in
declined
to
the
all
the New York Dis¬
districts,
domestic
New
the
principal
These
$167,000,000 of balances with domestic banks.
weekly reporting member banks aggregated $38,000,000
week
compared with $3,000,000
$29,000,000
A
was
the week before.
reported1 by New
the
in
Of
with
at the
with¬
end of the
the total
(+)
increase,
or
Decrease
(—)
Sin:e
SSC-tS
§
'
'
Loans and investments—total
$
May 6, 1936
^
22,240,000,000
+38,000,000
+ 343,000,000
1,115,000,000
+40,000,000
+4,000,000
on
securities
to
+ 14,000,000
—29,000,000
+40,000,000
+11,000,000
+27,000,000
226,000,000
Total
U. S. Govt, direct obligations....
guaranteed
United States Government
Other securities..
39 044.931.55
1,353,739.49
41,470,714.44
40,398,671.04
..622,750,174.57
Total liabilities..
618.842,202.24
Spanish Rebels Report Gains in Attacks
on
Loyalist
Cities—Evacuation of Bilbao Continues
Spanish rebel troops this week continued their attack on
Bilbao, while British and French ships continued to evacuate
the city of women and children.
Most reports from Spain
indicated rebel successes, as well as an intensification of the
drive against Madrid.
The progress of the Spanish civil
was was last noted in the "Chronicle" of
May 8, page 3094.
Government troops this week concentrated on attacks against
Toledo and, according to insurgent leaders, the loyalists
suffered "unprecedented slaughter."
Status of the war was
summarized as follows in Associated Press advices of May 12
—12,000,000
+ 1,000,000
+44,000,000
-t 14,000,000
Government
prisoners estimated their dead in the
campaign
at more
+963,000,000
Waves
8,334,000,000
-36,000,000
—513,000,000
1,165,000,000
3,208,000,000
-10,000,000
-21,000.000
-113,000,000
-152,000,000
by
of
government
infantry
charged
Insurgent
positions
south
of
the Tagus River as a climax to four days of fighting.
Insurgents braced their lines tonight along a six-mile front south of the
Tagus.
to
fully
commercial bills sold..
than 3,000, with total casualties not calculated. Insurgent reports said.
others
(except banks).;
2,054,000,000
Accepts and com'l paper bought381,000,000
Loans on real estate..
1,157,000,000
Loans to banks
128,000,000
Other loans
;
4,472,000,000
Obligations
on
from Toledo:
City..
Outside New York City
Loans
Sundry Items
-t-95,000,000
+ 14,000,000
Loans to brokers and dealers:
In New York
Guarantee
being
May 5, 1937, follows:
Increase
1.
2.
Borrowings of
April 28, 1937
239,353.79
23,309.485.38
Chicago
York banks.
May 5, 1937
361,910.17
21,687,556.80
1,359,449 95
40,111,264.49
........
and
reporting member banks, together with changes for the week
and year ended
229,032.91
Miscellaneous:
other
of the principal assets and liabilities of the
summary
Total
;
decreases in
accompanied
were
to
8,320.88
8,377.92
353,532.25
.......
Sight deposits (gold)
Gov¬
District
decreases
$29,000,000
$213,000,000.
banks
$9,000,000.
credited
Not exceeding three months
Sight
(b)
$39,000,000
and
York
Deposits
District and
decrease being
other
in
District
the
in
banks.
member
York
Chicago
Time deposits declined
$21,000,000
reporting
the
the
and
District,
drawals
declined
deposits
$39,000,000
reporting member banks.
$39,000,000
increased
in
at all
(a)
Hold¬
District.
fully guaranteed by the United States government
Holdings of "other securities" declined $13,000,000
York District and $21,000,000
declined $36,000,000
and
all
increased $14,000,000 in the Philadelphia
Estimates of government troops in the offensive ranged from 18.000
22,000
men.
No-man's land
yesterday.
was
covered with dead and wounded after
Squads from both armies roamed the
for wounded.
.
.
:
area in
a
terrific battle
the night looking
Volume
Financial
144
The brilliant defense of
Insurgent militiamen in
one
sector, it is stated,
for them the collective award of the Laureada, the highest honor for
won
bravery in the Spanish Army.
Prisoners taken by the Insurgents were quoted as saying the government
army
in the Toledo sector included two brigades of the Lister Division and
two other international
outfits, the Gampesina Brigade and the Dimitroff
Battalion, in addition to the units already on the front.
were
by
sent to reinforce government troops
Insurgents
last
October,
when
Apparently they
comrades besieged in
the
Comparative^Figures of Condition of Canadian Banks
following
we compare
the condition of the Canadian
banks for March 31, 1937, with the
and March 31, 1936.
figures for Feb. 27,1937,
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA
$40 coupon, $17.50 per $35 coupon, $10jper
$20 coupon and $8.75 per $17.50 coupon, upon presentation
at the New York office of Dillon, Read & Co., accompanied
by
letter wherein the holder
a
Mar. 31,1937 Feb. 27, 1937 Mar.
31,1936
agrees
to accept such payment
in full satisfaction and discharge of the coupons.
+.
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock and Curb
Exchanges
The
monthly list of companies listed on the New York
Exchange reporting changes in the reacquired holdings
of their own stock was issued by the Exchange on May 13.
A previous list was given in our issue of April 24, page 2744.
•The following is the list issued May 13:
Stock
The following companies
Assets
and after June 1, atltbe
ment, accordingly, will be made on
rate of $20 per
trying to recapture the city won
they freed
Alcazar.
In the
3253
Chronicle
acquired stock held
have reported changes in the amount of re*
Stock
heretofore reported by the Committee on
as
List:
Current gold and subsidiary coin-
$
In Canada
Elsewhere
5,579,497
4,410,664
....
Shares
$
$
5,394,483
4,443,220
Previously
5,991,769
10,231,839
Name—
*
Total.
9,990,161
9,837,703
16,223,598
Dominion notes
42,174,427
Deposits with Bank of Canada.
38,352*680
32**55*0*266
194,275,502
7,435,410
21,195,477
119,996,159
Notes of Bank of Canada
195,044,747
188,202,912
7,008,273
22,413,880
96,325,124
6,885,703
22,425,298
90,442,219
including bills redlscounted
Deposits
made
with
and
dut
balance
from other banks in Canada
4,323,815
United Kingdom
Dominion
Government
3,837,676
5,370.254
25,303,178
23,920,997
53,178,973
104,106,776
Due from banks and banking correspond¬
ents In the United Kingdom
163,978,160
71,259,433
and
Government securities
1,134,924,472 1,123,381,752 1,070,592,366
179,091,727
159,870,661
119,640,614
84,996,702
Addressograph-Multigraph Corp. (common)
Air Reduction Co., Inc. (common)
....
Allied Stores Corp. (common)
American Chicle Co. (common)
American Home Products Corp. (common)
American Steel Foundries (common)
American Steel Foundries (7% preferred)
Associated Dry Goods Corp. (common)
Atlas Corp. (common)
Atlas Corp. (6% preferred)
Barker Bros. Corp. (common)—
Barker Bros. Corp. (5preferred)
Beatrice Creamery Co. ($5 preferred)
Bristol-Myers Co. (common)
Childs Co. (common)
Cleveland Electric Illuminating Co. ($4.50 pref.)
Commercial Investment Trust Corp. (common)
800
14,938
38,119
2
Co. (preferred)
General Motors Corp. (common)
sufficient
a
cover
marketable
Hudson Motor Car Co. (capital)
value
.........
...
Elsewhere.
124,113,291
76,188,582
694,215,664
172,317,216
118,821,683
67,808,315
691,687,139
167,565,468
76,920.514
69,472,594
732,657,582
140,357.521
5
184,663
299,928
None
None
1,762
6,142
679,863
1,199
2,730
None
14,850
General Printing Ink. Corp. (common)
General Printing Ink Corp. ($6 preferred)
Hat Corp. of America (preferred)
Elsewhere than in Canada
64,618
303,528
200
3,000
2,045
6,542
680,442
5,996
3,023
690
7,850
28,100
100,505
4,348
702
11,300
77,647
Insuranshares Certificates, Inc. (capital)
x
Interlake Iron Corp. (common)
(common)
International Business Machines Corp.
International Printing Ink
921,975
6,621
463
20,000
400
None
26,607
2,383
8,460
466,1-23
20,590
4,054
126
1,100
13,902
38,129
—
Consolidated Oil Corp. (common)
Consolidated Oil Corp. ($5 preferred)
Federal Mining & Smelting
Report
908,175
6,650
1,399
None
None
7,600
26,606
4,168
12,460
360,200
16,173
1,551
Davega Stores Corp. (5% preferred)
168,296,571
123,957,816
Per Latest
Reported
.
Adams Express Co. (common)
Detroit Edison Co. (capital)
ties other than Canadian.
1 Shares
3,972
Corp. (common)
1,402
.
(Now Interchemieal Corp.)
Loans to Provincial governments...
18,532,491
vlded for.
Mortgages
on real estate
sold by bank..
24,943,195
101,468,437
and school districts.
18,070,303
95,232,131
106,345,727
11,911,336
8,782,417
4,175,969
11,947,061
8,817,753
13,709,619
8,698,763
5,318,089
4,135,445
(common)
Interstate Department Stores. Inc.
G. R. Kinney Co., Inc. (common)
17,840
10,200
Martin-Parry Corp. (capital)
John Morrell & Co. (capital)..
40,181
1,375
70
25,509
2,496
630
None
3,166
37,398
Murray Corp. of America (common)
National Acme Co. (common)
less amounts (If any) written off.
74,785,260
75.024,848
75,806,717
Outlet Co.
credit
74,260,253
75,511,002
61,318,860
Reynolds Spring Co. (common)
7,053,705
7,046,512
6,886,788
11*228*608
9~,72*7*642
10",598411
1,814,550
1,809,041
2,019,700
(preferred)
Remington Rand, Inc. ($4.50 preferred)
as
per contra.
Safeway Stores, Inc. (6% preferred)
for the security of note circulation
Deposit In the central gold reserves
Shares of and loans to controlled cos
going heads.
3,336,827,669 3,329,043,731 3,143,046,348
Total assets.
Safeway Stores, Inc. (7% preferred)
W. A. Sheaffer Pen Co. (common)
Shell Union Oil Corp. (5H%
preferred)
Swift & Co. (capital)
Texas Corp. (capital).—
,112,600,768
Notes In circulation
114,238.885
123,665,982
ducting adv. for credits, pay-lists, &c.
Advances under the Finance Act
26,518,525
114,945,308
55,501,237
*
48,412*004
34*.72*0*572
40,141,423
655,514,404
568,918,406
Deposits by the public, payable on de¬
mand In Canada
payable after
notice or on a fixed day In Canada..
1,583,780,912 1,563,829,859 1,532,157,747
420,797,381
414,367,961
423,488.691
Deposits elsewhere other than in Canad
Loans
the
public,
banks
other
from
In
Includes 282,313 shares not
x
Consisting of 22,858 shares in the treasury of the company and 77,647 shares
authorized for listing on the New York Stock Exch.
subject to certificates of conditional interest under plans for distribution to officers
710,848,542
Balance due to Provincial governments.
by
108
252
None
(common)
Vick Chemical Co. (capital)
Balance due to Dominion Govt, after de¬
Deposits
....
—
Tide Water Associated Oil Co.
and employees.
York Curb Exchange announced on MayJ13
following fully listed companies have reported
changes in the amount of reacquired stock held:
New
The
the
that
Shares
Deposits made by and balances due to
Elsewhere
in
than
Kingdom
Canada and
15,639,236
11,979,732
13,075, 452
11,406,049
10,976,021
9,064,476
33,267,096
719,613
74,260,253
2,967,642
30,616,240
694,414
75,511,002
3,080,868
2,949,327
133,750,000
145,500.000
30,484,536
1,107,850
61,318,860
2,759,281
804,442
132,750,000
145,500,000
the
United Kingdom.
Bills payable
Letters of credit outstanding
Liabilities not lncl. under foregoing heads
(convertible preferred)
Co. (common)
Air Investors, Inc.
133,750,000
145,500,000
up
Carman & Co., Inc.
the footings in
Note—Owing to the omission of the cents in the official reports,
the above do not exactly agree with the
totals given.
(class A)
Davenport Hosiery Mills, Inc. (convertible
(preferred)
Driver-Harris Co.
Stores, Inc. (preferred)
(common)..
Kaufman Department
for
Remitted
on
Co. (common)
preferred, with warrants)
convertible preferred)
Payment
of
32}^%
of May 1
External
7% Bonds of 1928
funds
as
of
State
fund
7%
of
Maranhao,
bonds
of
1928
Brazil, external
xNone
Oilstocks, Ltd. (capital)
508 4-10
66,034
Pittsburgh Forgings Co. (capital)
x
"Old" common,
1
on United States of Brazil External
8% Bonds, Due 1941, and 7% Bonds, Due
to be Paid at Rate of 50% of Dollar Face
Coupons
1952,
Amount
as
Exchange Commission
and
Securities
7,604 2-3
on
when certifying financial statements
Commission.
the
series
published
opinion relative to the question of the indepen¬
dence of an accountant
before
of
The
interpretations
opinion
is the
accounting
on
second
of
principles.
a
It
follows:
SEC
The
special agent for United States of
external loan of 8% bonds, due 1941, and
30-year 7% bonds, due 1952, announces that funds have
been remitted for payment of the June 1 coupons on these
bonds at the rate of 50% of the dollar face amount.
Pay¬
Dillon, Read & Co.,
Brazil 20-year
7,644 2-3
"New" common.
y
Independent
The
satisfaction.
Loan
-
Status of
Accountant—Finds Those
Substantial Holdings in Company Are Not
with
May 6 an
June
-
Clarifies
SEC
Coupons will be paid at this rate if accompanied by a letter
wherein the holder agrees to accept such partial payment
full
y60
1,213
66,334
500
575
850
820
None
600
-
Inc./6% first preferred
\5% second preferred
Tung-Sol Lamp Works, Inc. (common)
rate
in
(common)
Paramount Motors Corp.
have
special agent, for the payment of May 1 interest at the
of 32y2%
of the dollar face amount of coupons.
.
6,781
19,885
155
6,000
6,004
910
New York Merchandise Co., Inc
SterchiBros. Stores,
secured
been advised that
have been remitted to Bankers Trust Co., New York,
Holders
sinking
3,200
31,109 27-38
39,871 9-10
4,915
3,427
264
None
177,186
2,000
28 7-10
131
7,737
19,785
427
3,500
8,569
5,600
Louisiana Land & Exploration
May Hosiery Mills, Inc. ($4
State of Maranhao, Brazil,
4,820
3,327
129
135
125,786
None
28 2-10
145
Kleinert (The I. B.) Rubber Co. (common)
Lane Bryant, Inc. (7% preferred)
Midland Oil Corp. ($2
Coupons
preferred).
Equity Corp. (common)
General Telephone Corp. (common)
Jonas & Naumburg Corp. (common)
Knott Corp. (The)
3,323,973,530 3,319,104,063 3,131,617,703
Funds
Report
1,300
30,379 27-38
28,271 9-10
—
American General Corp. (common)
Burco, Inc. ($3 convertible preferred)
814,145
Dividends declared and unpaid
Rest or reserve fund
Capital paid
Per Latest
Reported
Name—
American Equities
ents in the United
Shares
Previously
Canada,
secured, Including bills redlscounted..
other banks In Canada..............
80
25,547
7,132
1,270
1,761
3,336
38,698
6,212
40,637
97,824
511,122
122
352
2,800
2,226
36,037
102,270
511.067
Square D Co. (class B common)
Sterling Products Inc. (capital)
United Corp. ($3 preference).
Liabilities
7,568
6,474
69
1,000
None
14,302
39,837
None
G. R. Kinney Co., Inc. (8% preferred).
Lehn & Fink Products Co. (common)
in
an
a
accountant
sidered
to
from time
particular
be
was
independent
filed
Securities
in
Act
of
such
for
1933
and
nature
a
the
connection
of
has been called upon to determine whether,
time
to
the relationship
case,
purpose
with
the
the
existing
as
of
to
between
prevent
certifying
registration
Securities
of
him
a
registrant
being
and
from
con¬
financial
statements
securities
under
Exchange Act of
1934.
the
Financial
3254
In
such
to
response
that
an
been
In
of
he
if
or
respect to
which
the
for
and
case
review,
an
officer
interest
his
or
in
a
own
firm
that
and
constituted
1%
of
one
considered
of
1937
Week Ended April 17.
Total for
Week
the
a
of members, except transactions of
transactions
Round-lot
Per
Cent
1,767,740
Total volume of round-lot sales effected on the Exchange
specialists in stocks In which registered:
independent
such
such
the
member
STOCKS
ALL
IN
(SHARES)
OF MEMBERS*
FOR ACCOUNT
regis¬
registration,
contemplating
could be
EXCHANGE—TRANSACTIONS
CURB
YORK
NEW
has
significant with
public accountants,
of
than
more
or
director of the
that the value of
the fact
upon
is,
personal fortune.
firm
the
or
registrant that is
corporation
a
hold
the
in
the position
taken
has
independent if he
of certifying the financial statements
refusal
its
substantial
be
involving
refused to
purpose
based
to
under
an
stock
owned
Commission
deemed
total capital
recent
a
be
cannot
holds
its
Commission
the
requests,
during the period
trant
accountant
1937
15,
May
Chronicle
55,325
1. Initiated on the floor—Bought
corporation
Sold
45,135
........
.....
—
holdings was
partner's
2.84
100,460
TotaL
personal
fortune.
.
54,800
67,850
2. Initiated off the floor—Bought
Sold
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended April 17—
SEC Reports Decreases from Previous Week Ended
April 10
for their
own
below the
account
during the week ended April 17
previous week ended April 10, it
mission.
The Stock Exchange members
traded for their
215,635
204,680
Total
-
325,760
317,665
—
...
Sold
—
Total
18.20
643,425
Odd-lot transactions of specialists in stocks in which registered:
Bought
142,652
Sold
own
110,204
account
transactions of 9,444,230 shares.
On the New York Curb
Total
*
252,856,
"members" Includes all Exchange
The term
members, their firms and their
partners, including special partners.
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total
Exchange total round-lot trans¬
during the week ended
11.89
420,315
Total round-lot transactions for accounts of all members:
Bought.
(in round-lot transactions) in amount of 3,215,285
shares during the week ended April 17, an amount which was
22.33% of total transactions on the Exchange of 7,198,710
shares. During the preceding week trading by the Exchange
members amounted to 4,233,113 shares, or 22.41% of total
3.47
which
in
stocks
registered—Bought
announced
was
in
specialists
Sold
was
yesterday (May 14) by the Securities and Exchange Com¬
-
122,650
of
transactions
Round-lot
Trading by all members of the New York Stock Exchange,
except odd-lot dealers, and of the New York Curb Exchange
—
Total
Exchange volume Includes
only sales.
actions for accounts of all members
April 17 were 643,425 shares as total transactions on the
Curb Exchange during the week amounted to 1,767,740
shares, the member trading for their own account was
18.20% of the total volume, which compares with a per¬
centage of 20.32% in the preceding week ended April 10
when member trading amounted to 965,255 shares and total
transactions 2,375,745 shares.
The data issued by the SEC is in the series of current
figures being published weekly in accordance with its program
embodied in its report to Congress last June on the "Feasi¬
bility and Advisability of the Complete Segregation of the
Functions of Broker and Dealer." The figures for the week
ended April 10 were given in our issue of May 8, page 3096.
In making available the data for the week ended April 17
the Commission said:
Three
The
Rule
the
week ended
was
April 17
The total round-lot volume for the
by the ticker.
volume reported
the New York Stock Exchange, 7,198,710 shares,
on
On the New York
8.2% larger than the volume reported on the ticker.
Curb Exchange, total round-lot volume in the same week, 1,767.740 shares
exceeded by 6.2% the ticker volume (exclusive
The
data
published
respectively
having
These reports are classified as follows:
this
Form
of
further
3-MD
deposit
securities
on
with
Form
of
the
in
the
102
Initiated on floor
317
....
April
-
number
the
may carry
in
classifications
the various
of reports received
may
because, at times,
a
total
more
STOCK
FOR ACCOUNT
OF MEMBERS*
IN
the
Per
Cent
a
transactions
Initiated
on
of
members
except
transactions
of
the floor—Bought
Total
2.
1,212,310
Initiated off the floor—Bought
Sold
annual
Act of
securities
26,
668,245
transactions
of
specialists
in stocks
in
registered—Bought
1,334,730
which
SEC
4.64
-
Sold.
Total.
3,215,285
-
1.
D-l
305,200
151,240
-
Total
2.
In odd lots (including odd-lot transactions of
Bought
Sold
Total
specialists):
the
"K"
exchanges.
2,075,563
a
all
reports
registered
by
required
That
1934.
under
Section
has
section
forms
the
the
cases
to be
Act
the
of
of
do not in
used
listed
certain
1933
13
on
exclusively
Securities
application only to
Securities
one-
to Section
of securities
of
Form
provisions
form, 1-MD,
15(d)
before
on
each
applicable.
are
pursuant
are
how¬
which the registra¬
of time
issuers
the
of
ending
year
Annual reports
In
for
issuer
to
An
16-K,
Here also,
after the close of
forms adopted
of 1934
The "MD"
on
Ex¬
issuers
after
or
It does not require the filing of reports in any event by
on a national securities exchange
is
therefore
required
file
to
reports under
Section
13
of
the
Exchange Act.
Issue
to
Data
Under
Daily
Registration Statements
on
Securities
which is available to the
To eliminate the present
members
filed.
Act—Would
Eliminate
of
the
public
the
(Up to the present,
22.33
2.
To
combine
in
hearings,
orders,
of 1933.
This daily report,
public, is designed:
delay in reporting to investors and interested
fact
on
that
registration
statements
have
been
the great majority of issues, this information
has been released only on a weekly
basis.)
releases; and
3.
To
augment
a
the
single
&c.)
daily
which
the
release
is
information heretofore
statement becomes
effective, the data
relating
other
is
a
material
Securities
to each
as
to
registration
made
now
information
public through
made available,
daily the filing of each amendment, the date and
there
985,619
1,089,944
1937.
days
filed.
was
all
456,440
for
report
31,
60
1936.
prior
1937.
1,
of Form
case
of the
year
31,
the above periods
of
of
any
different
In round lots—Bought...
Sold
Dec.
published today, like the general
(filings,
registered:
Aug.
ment, under the Securities Act
9.27
1,533,565
1,681,720
Transactions for account of odd-lot dealers in stocks in which
fiscal
after
Sept.
were
special
a
ending
year
to
the
in
as
statements
The Securities and Exchange Commission announced on
May 10 that henceforth it will release a daily report of all
events occurring in connection with each
registration state¬
1.
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought-
is
Delay in Informing Investors
676,820
657,910
Total...
time prior
annual
an
Exchange Act
1936.
Filed
whic h
Sold
corre¬
but
issuer which has securities registered
250,375
417,870
Total
Round-lot
Form
on
supplant
Securities
8.42
not
securities,
However,
fiscal
such
any
required,
or
C-l.
the anniversary of the date on
on
to extensions
forms
Securities
the
14-K,
listed
as
2-MD does
listed
financial
Form
of each
on
filing
which
at any
is
extended to
ending
as
new
way
and
606,370
605,940
Sold
ending
for
is
statement
Rule MD1
specialists and odd-lot dealers in stocks in which registered:
1.
filed
3-MD
after the close
time
tion
any
Round-lot
Form
days
period
of
Form
and
registered
required to be filed within 120 days
on
for
reports
be
may
on
year
change
Form
for
forms
for
year
statement
1937,
Aug.
7,198,710
fiscal
required to be filed within
the
16-K
securities
of the investment trust ending after the
30,
for
Week
full
that
national securities
Total for
fiscal year
are
The
The Com¬
Form 4-MD for certificates
exchange.
4-MD
STOCKS
(SHARES)
trusts
Form 3-MD for
Jan. 6.
on
Form
for
report
April
of
Week Ended April 17. 1937
Total volume of round-lot sales effected on the Exchange
last
120
single report
ALL
annual
registration
report
any
EXCHANGE—TRANSACTIONS
investment
to date the information in the registration statement
up
underlying securities
entries in more than one classification.
YORK
NEW
of reports
number
after
forms
securities
the
of each
1937,
30,
ever,
The
of
made
within
145
560
*Note—On the New York Curb Exchange the round-lot transactions of
specialists "in stocks in which registered" are not strictly comparable with
(lata 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 those of the specialist.
than
is
annual
93
344
445
Initiated off floor
Reports showing no transactions
for
Form C-l,
certificates and
closely
very
An annual report on Form 2-MD is
close
200
2-MD
on
published
was
voting trust
national
a
after the close
provision
Other than as specialists:
by
prescribed
0-1.
filed
Reports showing transactions:
Form
corresponding
any
Exchange
866
forms
announced:
modeled
the
respectively,
spond
for
are
N. Y. Curb
As specialists*
designated
series, 1-MD,
mission
Exchange
1,071
additional
reports of issuers having securities
Securities Act of 1933 and having a
voting trust certificates, and Form 4-MD for certificates of
The new forms complete the series of "MD" forms,
for annual reports required by Rule MD1.
The first form
N.Y. Stock
Number of reports received
three
deposit.
the New York
StocklExchange and the New York Curb Exchange by their respective
of
annual
securities registered
designed to bring
of rights and warrants).
based upon reports filed with
are
for
for
duty to file reports pursuant to Section 15(d) of the Securi¬
ties Exchange Act of 1934, was announced by the Securities
and Exchange Commission on May 10.
The new forms are
on
members.
adoption
MD2
registered under the
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected on those exchanges as distinguished from
for
Filing Annual Reports Issued
Investment Trusts, Voting
Trust Certificates and Certificates of Deposit
of
for the New York Stock
The figures given for total round-lot volume
Forms
New
by SEC—For Use
manner
many
by reporting
in which
each
poet-effective amendments, and
securities
issue
with
respect
to which
Act registration statement.
As a guide for those who wish to obtain photostatic
copies of documents which have been filed with the Com-
Volume
Financial
144
mission, the report indicates the number of pages in each
filing, said the announcement of May 10, which continued:
Because
the
information
the Com¬
registrations,
hearings, orders, &c., sending this new release instead, to those who have
requested this type of information.
However, it will continue this practice
of issuing individual releases covering the filing of statements for large
issues and making public tie text of Commission opinions as in the past.
It is estimated that, numerically, between 35% and 40% of the present
mission
will
same
discontinue
Securities Act releases
This daily report
substance
of
amendment
will
carried
is
be
in
releases
periodic
the
daily report,
the
covering
the
major
the
offering price data
For
developments.
offering
price
will be set
securities
of
forth.
So also
to
as
where an
registration, that
example,
in
the
of under¬
names
will
reference
the
of
purposes
be
made
understanding of
an
Commission
has
which
to
the
prepared
in
the
will
make
available
of
summary
each
facilitate
item, the
to by
in registration
item
the benefit of
those who
the Commission
events,
will
registration statements
cover
that
page
issue
preserve
monthly
referred
a
during
to
of each daily report will list the
this record of registration
the
day succeeding that
wishing
this
names
of issuers appearing in
release
regularly
do
may
so
without
addressing the Publications Section, Securities and Exchange
Commission, 1778 Pennsylvania Avenue, N. W., Washington, D. 0. *'
For
the benefit of persons wishing to obtain back information with
charge
31
Sept. 30
file of
these
daily reports covering the experimntal stage in the
development of this procedure, back to Dec.
1, 1930.
$1,440,389 in Volume of Bankers' Accept¬
During April—Total April 30 of $395,031,279
Compares with $396,471,668 March 31—Is $51,-
ances
336,980 Above Year Ago
outstanding
acceptances
on
April 30 totaled $395,031,279, it was made known on May 11
the Acceptance Analysis Unit of the
by
Bank
However, as compared with
March 31 total of $396,471,668.
April 30, 1936,
Federal Reserve
amount is $1,440,389 below the
of New York, which
the figure for the
end of April this year
represents an increase of $51,336,980.
The decline during April in the volume was due to losses
in all classifications of credit excepting those drawn for
goods stored in or shipped
The year-to-year gain is attrib¬
uted to increased credits for imports, domestic shipments,
and domestic warehouse credits.
The report for April 30
imports
and
based
those
on
between foreign countries.
was
issued
follows by
as
the New
York Federal Reserve
Bank:
BANKERS'
ACCEPTANCES—UNITED STATES—BY FEDERAL
RESERVE
DISTRICTS
April 30, 1937
Federal Reserve District
March 31,
1937 April 30, 1936
571,369
646,035
1,274,949
1,517,155
$32,807,279
254,648,941
11,206,276
2,482,131
466,452
1,180,780
17,494,432
471,557
1,294,903
2,168,329
27,031,625
2,441,352
"663",259
28,152,815
20,978,289
5395,031,279
$396,471,668
$43,607,692
$44,384,744
2. New York
281,378,994
17,160,513
2,323,081
278,430,837
17,242,322
3,342,481
4.
Cleveland
1,582,433
1,571,868
1,842,962
1,984,651
16,089,332
5. Richmond
16,757,408
-
6. Atlanta
7.
Chicago
8. St. Louis
9.
Minneapolis
10. Kansas City
11. Dallas
12. San Francisco
-
which
they
the
year,
TO NATURE
April 30, 1937
March 31,
56,209,369
83,592,723
11,718,346
63,892,473
$110,671,914
85,622,060
8,899,037
48,467,035
1,245,479
1,605,264
1,515,827
76,280,447
75,638,530
88,518,426
Dollar exchange
the associations
up
$147,328,862
170,511,925
recorded
total
since
Increase for month
RATES
ON
MAY
Dealers'
Buying
to keep monthly figure five years
League began
the
and is three and a half times the loans
ago,
Rate
disbursed in like period of
the institutions.
Encouraged by the unmistakable prosperity direction of the thrift and
home
financing institutions' activity, Morton Bodfish, Executive VicePresident of the League, indicated that the analysis of purposes for which
the March loans were made tells an even more meaningful story of people's
1934, the lowest point of activity for
growing interest in property ownership.
One dollar out of each $1.63 disbursed in
March loans went for the
the same month last year
only $1 out of each $2.09
disbursed.
Actually, the amount of money put out by the associations to
refinance home owners' existing obligations to some other source of mort¬
gage money was larger this March than last, by some $3,500,000, but the
increases in totals for purchase and construction loans were so noteworthy
as
to dwarf the proportion of refinancing loans to total loans by com¬
and
purchase
of
construction
For
homes.
purchase loans accounted for
and
construction
parison.
construction loans was estimated at
9,000, prac¬
tically all of them for the building of new one-family homes,
amount borrowed on the new homes being $3,410.
Purchase
the average
number
March
of
loans which
vied in volume with those of July and September, 1936, to make March
the second highest month in the past 18 for this type of loan still held!
the lead over construction loans which they have had since the beginning
of the year, owing largely to seasonal obstructions to home building in
some parts of the
country in March, and the winter months preceding.
Bodfish
Mr.
also
indicates that some of the loans
listed by the associa¬
purchase loans represent the money required to transfer a newlybuilt house from the contractor-builder's hands to its first owner-occupant's
tions
as
In many cases there existed an agreement
possession.
tion
between the associa¬
the latter's funds would not be tied up in the
intervening between building and selling,
association stood ready to finance the purchaser.
.
.
.
(>and the builder that
house
during
save
the
since
the
period
analysis of March
purposes
loans and the per cent,
follows:
,
of the total loaned for
■
Made by All Associations
Percent
6,096,600
5.8
34,539,400
25,244,300
23.8
9,939,400
9.3
Repair and modernization
Home purchase
Refinancing
Other purposes
Total
_
.
29.1
$30,763,800
New construction
-
jv
32.0
$106,583,500
—
Trusts in United States and
Ago—$1,109,793 Appropriated
During 1936 for Philanthropic Purposes
Resources of Community
Canada Above Year
PRIME
11,
BANKERS
Dealers'
7-16
Days—
The resources of 78 community trusts
and Canada have risen to
Dealers'
Selling Rate
ACCEPTANCES
1937
Buying
120
Dealers'
Rate
Selling Rate
in the United States
$46,329,202 from $45,137,146 a year
the past decade, according to a
published recently in New York by the New York
Community Trust.
Their appropriations for philanthropic
and have trebled in
ago,
survey
150.
X
H
9-16
9-16
%
purposes
9-16
180
H
H
aggregate of $5,432,000, the New York institution
X
30
60
-
90
following table, compiled by us, furnishes a record
of the volume of bankers' acceptances outstanding at the
close of each month since April 30, 1935:
The
$413,372,771
374,755,247
Jan.
31
Feb.
29
343,285,933
Mar. 31
31
320,890,746
Aug. 31
321,807,411
Sept. 30...— 327,834,317
Apr. 30
June 29
July
Oct.
31
Nov. 30
Dec. 31
1936—
1936—
1935—
Apr. 30
May 31
362,984,286
387,373,711
396,957,504
May 30
June 30
July
of Total
in the United States
$317,840,787
$1,337,575
Total
Days—
This is the highest first-quarter
BY ACCEPTING BANKS
Own bills
Bills of others.
MARKET
27%
to $262,872,200, or
shipped
between foreign countries
CURRENT
Loan
of mortgage lending business
more than the transactions
figure brought the first quarter total
The
1937 April 30, 1936
$160,024,332
Domestic warehouse credits
HELD
through Decem¬
Estimated March Loans
82,520,054
11,701,523
BILLS
and loan associa¬
$100,000,000 mark
League's announcement said:
of
OF CREDIT
$167,074,407
Imports
Exports.-.Domestic shipments
It
173,000,000
Building and
States
United
Purpose of Loan
Based on goods stored in or
159,300,000
Increase for year, $51,336,980.
$1,440,389.
ACCORDING
— .
8. Passing the February
total by 28%, and the March, 1936, figure by 22.1%, the
March loans this year numbered approximately 46,250 and
the volume was placed by the League at $106,583,500.
The
various
Decrease for month,
March above the
sustained monthly from April
last
of
ber
The
Grand total
31
.Ifcllu—
back in
climbed
$343,694,299
1. Boston
3. Philadelphia
175,600,000 June 30..
177,721,250 May 31
Feb. 20
Jan.
Mortgage loans by the savings, building
tions
The
DOLLAR
183,100,000
176,800,000
163,600,000
totaled in the first three months last year.
bankers'
of
volume
184,300,000 Sept. 30
173,700,000 Aug. 31
180,200,000 July 31
Mar. 31
League, Chicago, announced May
Decrease of
The
$171,500,000
178,400,000
180,400,000
Oct.
$106,583,500 in Mortgage Loans Advanced by Savings,
Building and Loan Associations During March—
Amount
28% Above February and 22.1% Over
March, 1936
by
a
31
May 31
215,200,000
191,300,000
198,800,000
197,300,000
respect to securities issues, the Commission has established in each regional
office
168,700,000
Nov. 30
preceding month.
the
which the events occurred.
on
receive
to
June 30
Dec. 31
alphabetic index
The
cumulative
daily report will be completed early enough to be mailed regularly
Persons
$205,200,000
187,600,000
July
Apr. 30
Nov. 30
day's report.
The
on
wish to
1935—
31
Aug. 31
1936—
Dec. 31
a
Below we furnish a two-year
1936—
31
Jan.
handbook
shortly
the close of
compilation of
March 31 and with $173,700,000 at
$285,000,000
290,400,000
267,600,000
243,800,000
Feb. 28
April 30, 1937.
April 30 compares with $290,400,000 out¬
1937—
Oct.
For
on
Apr. 30
To
form.
forms.
to
standing
Mar. 31
the material referred
of
and
itemized
an
number
$285,000,000 of open market paper outstanding on
April, 1936.
the figures:
however,
commercial paper dealers show a
by this Bank from
Reports received
total of
material,
to other
respect
item
the nature
include
will
With
issue.
Outstanding
by New York Federal Reserve
This figure for
writers, the size of the issue, the denomination of the securities, and the
general
as Reported
Bank—Total April 30
of $285,000,000 Compares with $290,400,000 March 31
The following announcement showing the total value of
commercial paper outstanding on April 30 was issued on
May 11 by the Federal Reserve Bank of New York:
Value of Commercial Paper
replaced by this new procedure.
will of necessity be in tabular form and will give the
only
gives
its
3255
Chronicle
31
Aug. 31
Sept. 30
$384,146,874
376,804,749
359,004,507
343,694,299
330,531,460
316,531,732
315,528,440
308,112,141
315,000,590
Oct.
31
Nov. 30
Dec. 31
$330,205,152
349,053,490
372,816,963
tinuing
reached $1,109,793 in 1936 and attained a five-year
Eleven
community foundations have funds in excess of
largest is in New York, followed by Chicago and
and
their respective
$8,764,712
6,300,000
5,843,787
New York
Chicago
387,227,280
401,107,760
396,471,668
Apr. 30
395,031,279
30
Feb. 27
In
Trust
with
$1,000,000. The
The "big ten,"
Indianapolis
Minneapolis
-$2,644,100
2,468,510
4,892,080
Cleveland
Winnipeg
Mar. 31
Jan.
Cleveland.
resources, are:
Boston
1937—
said, con¬
:
— —
philanthropic
led
with
Richmond
1,955,815
1,429,937
3,248,177
Los Angeles
1,081,346
distribution
$200,794,
Buffalo
during
by
followed
1936, the New York Community
Boston with $199,951, Cleveland
$191,518, and Chicago with $130,532.
3256
Financial
Receipts of
i,
$1,250,707."
,and
during the
Chicago reported the largest gain, $281,685, from this
was second with
$214,029.
the
first
past
Walla
and
community
Walla
trust
made
B.
G.,
Cleveland
at
up
Foundation
receipts
first
their
set
was
Victoria,
reported initial
Hartford
source,
of
principal,
disbursements.
in
1914.
and! those
Of
78
the
During
that
in
think
to
in
Asheville
existing
of holdings with those of two and four years back.
I
Appropriation
$1,109,793
1,060,021
1,107,000
40,818,000
37,500,000
1932
relief
be
beaten
originally
designated
ticable.
The
funds,
Thomas
years.
W.
Aldrich
is
funds
York
it
Community
has
paid
Debevoise
Chairman
out
heads
of
its
becomes
Trust
execution
impossible
administers
Distribution
Trustees'
the
if
of
40
12
and
to regain
of
*word
a
May
of
caution.
inimical
that
have
forces
to
been
destructive
greater
even
barri¬
our
we
may
that
highly vul¬
normalcy need1
be farseeing enough to rebuild and reinforce
anticipation of the next attack.
in
we
being
to recognize
of
economic
with
again
return
to
May
escape
recently proved
standards
our
we
not fail
we
normal
as
that
remember
only
fair amount
a
imprac¬
or
upwards
Committee
security.
think
indicating
we
before
back
force; and
of
during the past
$1,700,000
over
its
employed
are
ultimately
purposes
New
which
from
which
for
May
an
your
fruit of these changes, but may
false
like to
we
volatile,
raised.
cades
uses
and
they
of
force
fuller realization of their
a
I share
interpolate
here to
of
because
joy and your sense
But at the risk of seeming pedantic and a
occurrence.
sense
a
them
in
tremendous
interests.
these things.
see
like
should
conditions
nerable
Community Trusts are composite charitable foundations, with funds of
differing sizes administered for varied! charitable purposes and with power
the
their
at
I
to
into
the
the
We look forward to
to the fullest the
to
amend
is good
return to what we like
a
personal pride
overcoming
in
devote to outside
to
it
lulled
Year's
Funds
$46,329,202
We take
achievement
enjoy
Total
1934
of
They indicate
since they indicate we may expect soon
leisure
killjoy,
53
normalcy.
as
real
promise,
of
Yes,
1936—.t
of
these signs.
see
unprecedented depression.
trusts,
comparison
May IS, 1937
good to
represent
established,
was
is
It
making annual distributions and 58 have principal funds, compared
a
year ago.
The rising volume of their resources is shown by a
are
with
the
year
Chronicle
aggregated
year
New York
The
41
funds by community trusts
new
T.
K. Smith,
President of American Bankers Associa¬
Over-Chartering of Banks
tion, Warns Against
During Prosperity
Winthrop
Committee.
Warning against the danger of chartering too many banks
J.
F.
T.
to meet needs for
O'Connor J[Says
National
Bank Earnings
Second Half of 1936—
Increased Substantially in
of
that
"splendid progress" in the four
and
that
in
banks
of
Indiana
superficial observer it often
keeping
greatly exceeds the average for the country as a
whole.
In discussing the position of all National
banks,
The
the
National
active
banks
in
the
country
Dec.
on
81,
then
banks
from
competitor,
previous six months,
ings profits
an
sold of
securities
on
investments,
$136,732,000 compared to $123,402,000 in the
increase of $13,330,000.
Adding to the net earn¬
&c.,
previously
$79,024,000, and recoveries
charged
off
of
$96,944,000,
less
the
this
accentuates
and
losses
lowered.
are
Too
only
not
in
banks,
many
interest
of
banks
are
unsound
evil,
tied up
depreciation of $158,302,000,
the net additions to profits before dividends
from
in
$154,398,000,
the
Thus
Federal
the
unsound
unit
since
now
than
also
loans.
for
damages
its sound
It has been pointed out
Insurance
Deposit
more
in
result
moreover,
but
rates
and the whole structure is weakened.
existence
and
loans
on
that
competition,
standards
Credit
of
If that happens,
far.
movement may go too
a
managed.
poorly
are
uneconomic
operations
a
supply of trained banking personnel gives out, and inevitably some of
the
1936,
not
extensive banking
logical solution."
Mr. Smith
More
•
danger is that such
reported gross earnings for the last half of the calendar year 1936 amount¬
ing to $423,893,000 and expenses of $287,161,000, resulting in net earnings
current
be
to
seem
that the supply is
seems
the demand.
continued:
he said:
5,331
with
pace
facilities
State
The
question
ing such-periods the demand for credit it great, and to the
made
ended Dec. 31, 1936,
of the banks in that
years
respects the record
some
$287,161,000.
expenses were
National
in
of new banking institutions.
of charters always becomes active during
periods of economic advance.
The reasons for the demand
for greater banking facilities are easy to understand.
Dur¬
The
ings of these banks in the second half of last year, he said,
said
Association,
"That problem is the chartering
Currency, told the annual convention of the Indiana
Bankers Association at Indianapolis on May 6.
Gross earn¬
$423,893,000, while
Bankers
"The upswing in business activity, however,
accentuating another banking problem," Mr. Smith said.
is
of the
O'Connor
Missouri
the
St. Louis, Mo.
Net profits of 5,331 National banks in the last six months
of 1936 totaled $154,398,000, J. F. T.
O'Connor, Comptroller
amounted to
before
address
an
Convention
on May 11 by Tom K.
Bankers Association, in
the American
Smith, President of
Comptrollerof Currency Addresses Indiana Bankers
Mr.
enlarged credit facilities during a period
expanding business was voiced
Corporation merely
the
ever
fortunes
with those of their less solid neighbors.
of
sound
Losses resulting
banking system.
the
value
period
of
amounted
and
common
Dividends
declared
to
preferred
on
capital
and
common
$9,195,000, respectively,
total
a
of
which
stock,
or
9.62%
was
of
the
4.87% of capital
preferred capital
were
par
funds.
$66,337,000 and
$75,532,000, representing 4.71% of the
total par value of capital stock.
In
the
current
endar
in
calendar
operations
1935,
year
1936
were
previous
year.
6.17%
or
tion
loans
50.10%,
or
reported1
of
earnings from
to
$794,156,000 in the cal¬
3.99%.
Total expenses
$16,565,000, or 3.02% over the
$31,691,000,
increase of
an
gross
or
The net earnings from current operations were $260,134,000,
1935, when they amounted to $245,008,000.
on
and
investments,
the
&c.,
previously charged off and
totaled $360,617,000, exceeding by $120,-
amount
reported
charged off decreased 6.17%,
Net additions
banks
$825,847,000 compared
increase
an
or
in
1935.
Losses
and
from $326,764,000 to
deprecia¬
$306,608,000.
to
profits before dividends aggregated $314,143,000 in 1936,
and exceeded by $155,652,000, or
98.21%, net additions to profits in the
preceding calendar year.
These additions in 1936 were 19.57% of the
total
value of
par
Dividends
par
common
declared
value of capital
in
and preferred stock,
1936
stock,
of
or
$137,676,000,
showed
an
increase
9.91% of capital funds.
representing
of
8.58%
$20,028,000,
the
of
17.02%
or
1935.
over
entitled
which
of
since
rest
T.
is
the
Association
that
distributed
several
years
the
over
a
published
ago
great part of
entire
study
a
past banking difficulty
our
laxity in the granting of bank charters.
which
over
one
merely
are
Chartering History and1 Policies of the United States,"
clear
authority
in
for
chartering
itself.
the
banking
banks
directly
of
banking
new
the
In
system
exercise
can
has
The problem
little
control,
institutions
does
not
last
analysis it is the public
itself, the business leaders in each community, who bear the responsibility
for avoiding chartering excesses.
The officials who have the authority for
permitting
new
dangers which
and
years,
I
lead
in
As
a
mention
banks to
that with
educating
the
practical
way
public to
aware
they
well
as
with
boards
these
include
other
chartering
powers.
already
been
be
of
aid
set
up
in
may
instruments
dresses Missouri Bankers Convention
are
a
State
one
banking
to
business,
bankers,
as
I
and
The
Undoubtedly
like
to
States
to
should
various
chartering
organization of
another, but
and
they
public
have
they
be
can
generally
officials
broad
development, but I understand
new
successful.
very
proving
the
well
as
These boards
from
course,
outside
men
of
responsibilities.
have been
problems of bank supervision.
varies, of
representatives,
will
bankers to take the
as
help commissioners of banking in dealing with problems of bank
as
the
of
the coming
over
the
for
obligation
bankers
banking boards which
policy
public support
movement
our
their
which
in
informed
any
Here again it is
thoroughly
are
chartering
loose
a
combating
in
banks.
the
from
confident
am
in business
engage
result
may
eagerly
cooperate
unnecessary
they
Crowley Offers Seven-Point Program for Im¬
Banking System—FDIC
Chairman
Ad¬
it
from undue
course
their
Leo
"The Bank
made
resulted
National
securities sold in 1936
on
370,000,
of
1936
$565,713,000,
over
Recoveries
profits
year
Bankers
American
The
«
banking practices
or
advisory
they have
made
effective
banking matters.
for
the
development
and
expression
of
public
opinion
on
A
seven-point program for development of a sounder bank¬
system was proposed on May 12 by Leo T. Crowley,
Chairman of the Federal Deposit Insurance
ing
Corporation, in
address
an
before
the
annual
convention
State Bankers Association at St. Louis.
of
the
Missouri
Mr.
Crowley's pro¬
posals included rigid control of bank chartering, the elimina¬
tion or consolidation of unprofitable
banks, maintenance of
adequate capital by banks, a policy of charging off losses
or reserving for them as
they arise and adding to capital
before declaration of dividends, avoidance of speculative
loans
and
investments and
development of
coordination
excessive trading in securities,
uniform banking code, and regulation and
a
of the
chartering and operations of financial
institutions other than commercial banks.
In
Mr.
discussing recent changes in the outlook for bankers,
Crowley said:
Much has
our
of
ways
which
nently,
the
happened during the three years just past.
Our thoughts and
life have altered considerably.
Many of the doubts and fears
us
during the early part of 1934 have disappeared, perma¬
harassed
we
hope.
depression
applying brakes
serious
bins
the
to
shortage
materials
have
and
demand
for
of
as
of
Dec.
31,
skilled
to
these
goods.
1933
1936.
and
which
and
to
an
in
we
tide
unemployment,
exhausted
$41,500,000,000 in
the
boom and
a
commodities
been
and effort
energy
stemming
widespread
saw
we
The
and
of
then directed toward stopping
deflation
preventing
we
now
semi-skilled
then
filled
many
cases
have
inflation.
hear
about
Surpluses
warehouses
it is not
now
Where in
constantly
labor.
our
turned
of
and
difficult
to
1934
the
raw
storage
to
meet
Bank deposits have grown from the low of
all-time high of more than $61,000,000,000
Increased
business
activity
is reflected
in
available
figures of bank debits which indicate that the activity of deposits accounts
was
65% greater in 1936 than in 1933.
Recently released figures indicate
our
banks have emerged, temporarily at least, from the lean
years
of large deficits.
that
I■
_
■
.
,
Inflated Prices and Rising Interest Rates infthe Offing
Dr.Kemmerer Tells California Bankers
""Warning bankers
to restrict to
a
minimum the
more
dis¬
tant maturities in their investment
portfolios, Dr. Edwin W.
Kemmerer, of Princeton University, told the annual meet¬
ing of the California Bankers Assn., at Pasadena, on May
13, that a long period of rising commodity prices is in pros¬
pect, which is likely to attain increasing momentum in the
years immediately ahead. Dr. Kemmerer grounds his belief
to the inflationary policies pursued by the Government in
recent years, the resulting forces of which, he said, have not
yet attained full swing.
When they do, however, he de¬
clared, "no cheap money policy on the part of the Govern¬
ment can prevent a rise in interest rates."
Pursuing this
trend of thought further, he said:
At
such
times,
period 1914-1920,
as
a
evidenced
by
our
cheap money policy
American
experience
causes
expansion of bank de¬
an
during
the
posit credit of an inflationary character which pushes up the level of com¬
modity prices and in doing
so
aggravates the rise in interest
rates.
the interest rate increases with the rising price level, the market prices
bonds
As
of
will decline,
because their coupon rates will be capitalized at this
rising market rate of interest.
The longer the maturity of the bonds,
other things being equal, the greater will be the decline in their market
price.
of
This principle will apply to government securities
as
well
as
to those
corporations.
To any
who might contend that the Government would
obliged to maintain the market value of its bonds, Dr.
reviewing the various methods possible,
including refunding outstanding issues at higher rates of in¬
terest.
This method, he concluded, would be costly and
politically unpopular while the other methods would prove
be
Kemmerer replied by
Volume
Financial
144
The only recourse therefore would be, he
found, to monetize the bonds, as done by Germany in the
Post-War inflation.
Monetizing them, he explainedr would
"mean making them practically convertible into bank notes
or bank deposit credit through the Federal Reserve Banks
inadequate.
and the member banks."
The
He added:
could be sus¬
during the
Germany.
This process would be strongly infla¬
tionary and would push up commodity prices to higher and higher levels.
The Government would be holding down the interest rates on its own securi¬
ties by a process that would be boosting commodity prices.
The advance
in commodity prices would carry up with it market rates of interest.
If
the Government maintained the price of its long-term, low-couponed bonds
in this way, their yield would get progressively smaller relative to the ad¬
restrictive
provision
pended under the plea of
of legal
requirements
reserve
emergency
conditions as they were
inflation in
post-war
vancing yields
other
on
high-grade, long-term
Every owner of
bonds.
these Government bonds, except the banks that were in
position to mone¬
the banks
tize them, would hasten to sell his bonds to the Government or to
in order
to
the
get
give higher yields.
funds
with
which
back in the hands of the Government
monetizing them.
were
The Government
to
other bonds that
buy
would
would soon all be
hands of the banks that
In this way the Government bonds
or
in the
happened
This is essentially what
bonds would be maintained
tinually depreciating value
in Germany.
of con¬
high-grade bonds
parity in dollar
at
purchasing power; other
or
having such Government monetization support would decline in price;
not
while commodity prices, the cost of living, prices
of equity
securities
of real estate and prices
Such a policy of
would rapidly advance.
monetarization of the public debt might for a short
practical
time be the line of least
would be a
of post-war inflation in
political resistance for the Government, but in the long run it
disastrous
most
Europe
are
Dr.
policy to
follow
if the lessons
ing incident, showing the effect of rising commodity prices
in Germany during the inflationary period, on interest rates,
which we quote as follows:
An extreme illustration of this principle is the one
hardt of Berlin in writing of his experiences
the
at
University of Berlin.
given by Dr. E. Geb-
the
for
and
in
also
Jan. 30 increased member
full extent authorized
the
System's
purpose
States
of United
portfolio
government obligations
conditions in the money market,
the adjustment of member banks to the final increase
of preventing disorderly
facilitating
requirements.
reserve
Excess
Several
factors
in reserves.
which had increased from
about $200,000,000
March to over $300,000,000 on March 31, declined
to below $100,000,000 by the end of April,
and these disbursements by
the Treasury added to the reserves of member banks.
The increase in the
Reserve System's holdings of
government securities of $96,000,000 also
resulted in additions to member bank reserves.
Member bank deposits
the
at
beginning of
declined
the period,
in
largely as a result of reductions
in bank holdings
government securities, and this reduced by about $60,000,000
reserves that member banks were required to carry.
the volume
in this growth of excess
showed the largest relative gain.
following table, showing the reserve position of the different classes
of member banks for the week of April 23, indicates that for each class
of bank taken as a whole excess reserves for that week wewe larger than
the 14 2/7% by which requirements increase on May 1.
banks shared
member
of
classes
all
While
the central reserve city banks
reserves,
The
POSITION OF MEMBER
ESTIMATED RESERVE
trading.
BANKS
Ended April 22]
[Daily Averages for Week
of commodities
Thirty per cent a day was not prohibitive when prices
growth
this
contributed to
balance at the Reserve banks,
2/3%
$1,300,000,000,
$1,640,000,000.
The Treasury's
which after the increase of 16
reserve
of
I had borrowed my working capital
since the prices increased faster than
day, I could meet my small demands with the returns of my
of member banks,
reserves
requirements went into effect on March 1 were
increased substantially in April, and on April 28 were about
in
by
He said that he made money
maximum price decree was issued.
an interest rate of 30% daily, but
per
the
increase
of
The cigarette prices were changed every noon according to the dovar
quotations at the Berlin stock exchange.
It was therefore possible to buy
cigarettes "n the forenoon and to sell them in the afternoon and to buy
with the profits such goods of which the price was not increased in the after¬
noon.
Those goods were especially foodstuffs and such goods for which
a
bank reserve
by law, this action was taken
for
the purpose of removing from
the credit base a large volume of
unnecessary reserves arising entirely from the inflow of gold from abroad
and constituting the basis of a possible injurious credit expansion.
So
long as member banks hadl a volume of reserves far in excess of legal
requirements, the customary instruments of credit policy, open-market
operations and discount rates, were wholly ineffective.
This was for the
reason that withdrawals of reserves
through open-market sales could have
been met by member banks out of excess reserves without the necessity of
borrowing from the Reserve banks.
Through the elimination of about
$3,000,000,000 of excess reserves, the Federal Reserve System waB brought
into closer contact with the market and was placed in a position where
sales or purchases in the open market could tighten or ease credit conditions
in accordance with the public interest.
In this way open-market opera¬
tions, a far more flexible instrument of credit policy than changes in
reserve
requirements, have once more become an effective means of exert¬
ing the System's influence on credit conditions.
In the statement issued at the time when reserve requirements were
increased1, the Board announced that the Federal Reserve System proposed
to continue its policy of
exerting its influence toward the maintenance
of easy money conditions for the encouragement of full economic recovery.
In harmony with this policy, when disturbed conditions developed in the
money market in March, the Federal Open
Market Committee decided to
When the Board of Governors on
requirements to
with inflation while he was a
trading in cigarettes.
30%
increased its holdings of
Excess Reserves
movement.
student
and April 28, the
United States government
statement was issued,
when this
4,
April
obligations by $96,000,000.
Kemmerer
Earlier in his address Dr. Kemmerer related an interest¬
at
Between
Federal Reserve System
of any value."
expressed the opinion that the United
States is now "in a temporary period of monetary and credit
glut and resulting low interest rates", which he has found
to be customary during the early part of a strong inflation¬
ary
3257
Chronicle
advancing much faster than that rate.
were
Excess Res erves
Other speakers at the meeting of the California Bankers
Assoc. were Dr. Walter E. Spahr, of New York University,
Cyril James, of the University of Pennsylvania,
both of whom likewise warned of the dangerous boom possi¬
bilities and ultimate consequences inherent in the fiscal and
monetary policies of the Government.
Reserve
Balances
and Dr. F.
Effective Since Increase in Reserve
the
of Federal
Substantial
open-market operations of the Board of Governors
Federal Reserve System, designed to control the
national
result
credit
situation, will be far more effective as the
of about $3,000,000,000 of excess
elimination
the
of
in reserve requirements
effective March 1, according to the May "Bulletin" of the
Board, made available May 9.
The Board points out that
so
long as member banks retained a volume of reserves
greatly in excess of legal requirements, the usual instru¬
ments of credit policy were wholly ineffective.
The "Bul¬
letin" revealed that banks in recent months have increased
all
the
following
reserves
increase
types of loans, simultaneously with a decrease
investment
industrial
mercial,
In
its
in their
The Board said that most of the
reflected the extension of credit for com¬
portfolios.
increase in loans
discussion
and agricultural purposes.
of open-market operations the Board
said:
Federal
United
States government securities.
During the preceding period of over three
years,
open-market operations had effected shifts in maturities in the
System's portfolio but had not increase or diminished the total holdings.
In February and1 March prices of United States government and corporate
bonds had 6hown sharp declines as the result of a considerable volume of
sales, which, with other developments, had exerted an unfavorable influence
on
the capital market and resulted in a sharp reduction in flotations of
the
During
new
In
month
April,
of
open-market
operations
the
securities.
these
circumstances
the
Federal
Open
Market Committee on April 4
adopted the open-market policy set forth in the following
at
of
System resulted in an increase in Reserve bank holdings of
Reserve
the
close
P "With
a
of
the
statement issued
meeting:
view (1) to exerting its influence toward
orderly conditions in the money
facilitating the orderly adjustment of member banks to the
requirements effective May 1, 1937, the Open Market Com¬
mittee of the Federal Reserve System is prepared to nake open-market purccased
market
and
increased
(2)
to
government securities for the account
banks in such amounts and at such times as may be
of the Federal Reserve
desirable.
This purpose is
announced by the Board of Governors of tne Federal
Reserve System in its statement on Jan. 30, 1937, which declared, with reference
to the increase In reserve requiremehts, that by this action the System would be
placed in a position where such reduction or expansion of member bank reserves as
may be deemed in
the public interest may be effected tbrougn open-market
operations."
^ g
In conformity wltn the policy
29
28
47
Member Bank Credit
of weekly reporting
investments
loans and
Total
member banks in lead*
change in the first three weeks of April, following
a
sharp decline in March.
The March decline reflected a substantial
reduction in holdings of government obligations, following smaller decreases
in other months since last July.
For the period from Jan. 6 to April 21
taken as a whole the amount of United States government direct obliga¬
ing cities showed little
held
tions
which
by
reporting member banks declined by $860,000,000, most of
central reserve cities of New York and Chicago.
Hold¬
in the
was
banks
by
ings
in
other
declined in March but increased
leading cities
slightly in April.
'
been
Increases in real estate
loans, loans to banks, and loans on securities to customers have been
relatively small, and loans on securities to brokers and dealers have shown
rather wide fluctuations.
Most of the increase in bank loans has reflected
extension of credit for commercial,
industrial and agricultural purposes,
as
indicated by
a
further growth in so-called "other" loans and by
increased' holdings of
open-market paper.
Holdings of acceptances and
commercial paper bought by banks outside of New York City increased
by $76,000,000 from the first of the year to April 21, while banks in
New York City showed a decrease of $35,000,000 in their holdings.
In
the first quarter of the year an additional $100,000,000 of bankers' accept¬
ances
and commercial paper became available
in the market for bank
Decrease in the
investment portfolio
of banks in recent months has
of loans.
accompanied by an increase in all types
purchase.
During
the past year so-called
roughly
as
industrial
decline
in
"other" loans, which may be considered
indicative of the extension of bank credit for commercial,
agricultural purposes, have increased steadily, except for a
and
January of this year.
From early February to April 21
their
half of which was in New York
City and the other half of which was spread over all the Federal Reserve
districts, with the largest percentage increases in the districts of Cleve¬
land, New York (outside New York City), Atlanta and Chicago.
Such
loans
usually increase in the early spring, but the increase has been
larger this year than is' usual for the season and larger than during the
corresponding period of 1936.
This year the increases in the agricultural
districts of Atlanta, St. Louis, Kansas City and Dallas were considerably
growth amounted to $360,000,000, about
larger than those during the same
Demand
reserve
of nUnltedfc States
30
Requirements,
Gain in Bank Loans
of
26
$6,888,000,000 $5,280,000,000 $1,608,000,000
Chicago
j
Controlling Credit far More
in^Opinion of Board of Governors
Reserve System—May "Bulletin" Notes
The
of
Required\
$566,000,000
135,000,000
486,000,000
421,000,000
$2,768,000,000 $2,202,000,000
473.000,000
608,000,000
2,201,000,000 1,715,000,000
890,000.000
1,311,000,000
New York City
All member banks
in
Amount
Central reserves city banks:
Country banks
Policy
Reserves
Reserves
Reserve city banks
Open-Market
Percent
Required
clined
deposits,
somewhat
in
other
than
April
at
period a year ago.
government and interbank
New
York
part the sale of government securities to
banks
in
other
cities
there
has
been
deposits, de¬
large
At reporting member
City banks, reflecting in
depositors.
little change
in
deposits since the
in Chicago around April 1.
deposits have shown moderate increases this year in New York City.
Balances
due to domestic banks, after declining in the latter part of
end
of
last year
except
for wide fluctuations
Time
February and in March, owing mainly to
withdrawals to meet the March 1
3258
increase
Financial
in
reserve
depositors,
reflecting
requirements
showed
occurred
creases
little
the
and
in
the
payment
Federal
of
three
first
weeks
of
by
taxes
of
movement
short-term
funds from abroad.
.
.
The amount of credit extended to customers
by brokers carrying margin
increasing by $200,000,000 in the six months ending with
increased further during March by about $65,000,000 to a new
February,
high level since 1931.
Secretary Morgenthau Announces Treasury Adoption
of Smaller Working Cash
Balance—Policy of Per¬
mitting Fund to Fall Substantially Below $1,000,000,000 Planned After Consultation with Board
Governors of Federal Reserve System
Secretary of the Treasury Morgenthau told
ference
on
May
10 that
the
Treasury
Board
of Governors
of the
the
cash working balance of
a
of
as
Mr. Morgenthau
press
con¬
an
agreement
Reserve Sys¬
require¬
reserve
pointed out that
Treasury has abandoned its former policy of maintain¬
ing
May 7 the fund
300,000
$100,000,000—to be Dated May 19—$50,000,000 of
122-Day Bills and $50,000,000 of 273-Day Bills
compared
$1,401,083,000
$1,000,000,000, and said that
amounted
with
$989,036,738
Dec. 31, 1936.
on
to
approximately
on
April
A
new offering of $100,000,000, or
thereabouts, of Treas¬
bills in two series was announced on May 13 by Secre¬
tary of the Treasury Henry Morgenthau Jr., the tenders to
which will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, May 17.
Bids will not be received at the Treasury
Department, Washington.
The new bills, which will be
sola on a discount basis to the highest bidders, will be dated
May 19, 1937. They will, as stated, be issued in two series,
ury
each in amount of $50,000,000, or thereabouts.
1
$603,-
and
122-day bills, maturing Sept. 18, 1937, and the other
273-day bills, maturing Feb. 16, 1938. The face amount of
the bills ef each series will be payable without interest on
their respective maturity dates.
The bidders are required,
said Secretary Morgenthau, to specify the particular series
for which each tender is made.
There is a maturity of sim¬
ilar securities on May 19 in amount of $50,064,000.
The
following is from Secretary Morgenthau's announcement of
May 13:
The bills will be issued in bearer form only,
nations
No
with
On Jan. 30, when the Re¬
Board promulgated its order increasing reserve re¬
quirements, the Treasury's cash balance was $1,735,735,363.
A Washington
dispatch of May 10 to the New York
"Times" discussed Mr. Morgenthau's remarks as follows:
stances
to
been indicated several
times that the
Treasury,
appeared to warrant such action, would reduce
as
soon
circum¬
as
its working balance
around
$600,000,000 or $700,000,000, and maintain it at about that
level.
Cutting the cash balance has permitted the Treasury to reduce its
borrowing by a substantial amount since the first of the year.
No Hint
Mr.
Morgenthau
declined
to
Financing
on
give
Treasury financing before the end of the
the
Treasury
basis.
bill
issue
policy
fiscal
being
was
as
year
on
maintained1
the
to
course
June 30.
He said
week-to-week
a
on
of
Whether
other financing would take place in June in addition to
refinancing of $300,000,000 in bills maturing about that time was not
the
disclosed.
It
was
expected,
however, that through increased
otherwise the Treasury's cash might be built
up
Further
than
his remark
Morgenthau would
not
go
the
on
reduction
in
bill issues
or
somewhat before June 30.
the
working
balance, Mr.
officials, however, pointed out that the government had reached
position where to maintain a huge cash working reserve was not so
essential as a year ago.
At that time and practically up to the end of
1936 the
Treasury had regarded a working balance of at least $1,000,000,000 necessary because of the domestic and international situation.
The need
for
such
a
policy is
considered to
now
for
tender
amount
an
than
less
tender must be in multiples of 81,000.
on
81.000 will be condisered.
have
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.,
99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
trust
companies and from responsible and recognized dealers in investment
Tenders from other must be accompanied by a deposit
securities.
of the face
amount
accompanied by
of Treasury
of 10%
bills applied for, unless the tenders
are
guaranty of payment by an incorporated bank
an express
trust company.
or
Immediately after the closing hour for receipt of tenders
1937, all tenders received at the Federal Reserve banks
May 17,
on
branches thereof
or
the closing hour will be opened and public announcement
to
up
probably
pressly
the following morning.
on
reserves
as
soon
of the
possible thereafter,
as
The Secretary of the Treasury ex¬
the right to reject any or all tenders
or
parts of tenders,
and to allot less than the amount applied for, and his action in any respect
shall be final.
series will be
Any tender which does not specifically refer to
subject to rejection.
or
particular
Payment at the price offered for
Treasury bills allotted must be made
cash
a
Those submitting tenders will be advised
of the acceptance or rejection thereof.
the
at
Federal
Reserve
banks
in
other immediately available funds on May 19, 1937.
The Treasury bills will be exempt, as to principle and interest, and any
into details.
Other
a
and in amounts and denomi¬
81,000, 810,000, 8100,000 8500,000, and 81,000.000 (maturity
acceptable prices for each series will follow
indication
any
of
value).
serve
It has
One series
will be
substantially
Federal
tem, concluded before the Board increased
ments of member banks.
a
has
lowered its cash balance in accordance with
with the
of
.
accounts, after
of
May 15, 1937
New Offering of Two Series of Treasury Bills in Amount
In¬
April.
during March and April in deposits due to foreign banks,
inward
an
change
Chronicle
gain from the sale
other disposition thereof will also be exempt, from all
or
taxation, except estate and inheritance taxes.
No
loss from
other disposition of the Treasury bills shall be allowed
as
a
the sale
or
deduction,
or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States
or any
of its possessions.
Treasury Department Circular No.
eased.
418,
as
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Decline in
The
Treasury has permitted its
member banks
Deposits
issue.
deposits at the Reserve
banks
the
and
other
or
special depositaries to decline substantially in recent
7 statement the Treasury showed $152,084,000 in the
Federal Reserve banks and
$226,648,000 in special depositaries on account
months.
of
In
sales
On
of
the May
government escurities.
Dec.
31,
1936, the Federal Reserve banks held $275,743,000 of
gov¬
deposits and the special depositaries $988,859,000.
On June 30,
1936, government deposits in the Reserve banks amounted to
$861,913,000,
and in special depositaries
$1,150,338,000.
ernment
The member bank
reduction
a
a
of
reserve
balances
$52,000,000 in
May 5 amounted to $6,883,000,000,
on
week and
a
an
increase of
$1,350,000,000 in
year.
Tenders of $302,534,000 Received to
Offering of $100,000,000 of Two Series of Treasury Bills Dated
May 12—$50,072,000 Accepted for 128-Day Bills at
Rate of 0.507% and
$50,027,000 for 273-Day Bills
at Rate of
0.723%
It
announced on May 10 by
Henry Morgenthau Jr.,
Secretary of the Treasury, that tenders of $302,534,000 were
received, and $100,099,000 accepted, to the offering of $100,000,000, or thereabouts, of Treasury bills, which were offered
in
was
two
was
series
128-day
of
$50,000,000 each.
securities
One series
of
the
banks
and
the
Eastern Standard Time,
branches
May 10.
thereof
up
to
2
p.
m.,
Previous reference to the
offering was made in our issue of May 8, page 3101.
De¬
tails of the bids to the two issues of
bills, as announced by
Secretary Morgenthau, follows:
.
128-Day Treasury Bills, Maturing Sept,
For
amount
The
this
series,
applied
accepted
which
for
bids
annum,
the
at
this
per
on
latter
was
ranged
series
annum
bank
a
price
to
be
on
a
in
price
from
99.826,
to 99.812, equivalent to
discount
basis.
The average
is
issued
and
99.820,
equivalent
a
this
series,
a
rate
of
0.529%
for
price of Treasury bills of
the average rate is
about 0.507%
discount basis.
which
was
9,
of
annum,
the
on
latter
a
bank
price
discount
was
basis.
accepted.
this series to be issued is
99.452,
per
annum
on
a
bank discount
comprising E. H. Rollins and
Sons, Incorporated, Robinson & Co., Inc., Nichols, Terry
Dickinson, Inc., and Ames, Emerich & Co., Inc., at
100 and interest to yield 3%.
The proceeds of the sale of
these bonds will be used to retire a like amount of
5% bonds
callable June 1, 1937, effecting an annual interest
saving of
$27,820.
The
bank
previously retired
approximately
$1,100,000 of 5% bonds during 1937.
The Virginian Joint Stock Land Bank was chartered
(No. 2) under the Federal Farm Loan Act May 7, 1917, to
operate in Ohio and West Virginia.
Through mergers, the
bank holds mortgages in Ohio, West
Virginia, Virginia,
Michigan and Indiana, the bulk of the loans being in Ohio
and West Virginia.
President Roosevelt Ends
Fishing Vacation—Returns
Washington—Reiterates Relief, Farm, Price Aims
to
President
Roosevelt
returned to Washington yesterday
17-day fishing vacation in the Gulf of
Mexico.
The President immediately conferred with several
of his chieftains on pending New Deal legislation.
While
enroute to Washington May 13, the President had renewed
his pledge of allegiance to the social-economic
program of
unemployment relief, farm aid and stable prices he set forth
in his campaign for re-election last fall and
promised to fight
for its adoption by Congress in United Press
advicesxof
May 13, emanating from the President's special train,|it
(May 14) from
was
a
^also^stated:
Mr. Roosevelt recalled the vigorous words of his
closing campaign _rally
fall In New York City—"We have just
begun to fight"—as he met
last
newspapermen aboard
his private car this afternoon to outline again the
Confers With Farley
$50,000,000, or thereabouts, the total
applied for was $164,362,000, of which $50,027,000 was
accepted'.
The accepted bids ranged in
price from 99.520, equivalent to a rate of
about 0.633% per
annum, to 99.434, equivalent to a rate of about 0.746%
per
Stock
and
1938
for
amount
at
refunding issue of $1,391,000 Virginian Joint
principles he thinks should be adopted.
273-Day Treasury Bills, Maturing Feb.
For
to
rate of about
Only part of the amount bid
accepted.
was
bank
1937
$50,000,000, or thereabouts, the total
$138,172,000, of which $50,072,000 was accepted.
about 0.489% per
annum,
per
17,
for
was
A
Land Bank of Charleston, W. Va.,
3% Farm Loan Bonds
due June 1, 1942, optional June 1, 1939, was offered
May
14 by a banking syndicate
bills
maturing
Sept. 17, 1937, and the
other 273-day bills
maturing Feb. 9, 1938.
The tenders to the
offering were received at the Federal
Reserve
Offering of Refunding Issue of $1,391,000 of 3% Farm
Loan Bonds of Virginia Joint Stock Land
Bank,
Charleston, W. Va.
The
Only part of the amount bid for
average
price
of
Treasury
bills
and the average rate is about 0.723%
basis.
The President granted the special interview as
the
Midwest
toward
Indianapolis
Farley joined him to confer
on
where
his train sped through
Postmaster-General
James
|A.
Congressional consideration of the judiciary
reorganization plan and other proposals.
M
Before he boarded the train Mr. Farley said he planned to discuss with
Mr. Roosevelt the events which had transpired in Washington
during^his
absence and bring the President up to date on developments before
gaged in conferences tomorrow.
he'en-
Volume
Financial
144
of the President's
Mr. Farley still was optimistic over ultimate passage
Supreme Court reform proposals.
Indianapolis.
The Chief Executive made a five-minute stop at
Mr. Roosevelt emphasized his belief that prices
and fair
would mean
to producers
Any plan to achieve that aim, he said,
costs to consumers.
not price fixing.
explained that objectives of the Agricultural Adjustment
stabilization within reasonable limits, and
price
Roosevelt
Mr.
Act
normal wheat granary
and the Administration idea of developing an ever
could be applied to the problem.
Congress May 12, President Roosevelt
urged the consideration of measures "looking toward con¬
servation of waters, prevention of erosion, and control of
floods."
The President informed Congress that water
problems are not confined only to large rivers, and said that
"little waters are of critical importance."
The President
submitted along with his message a booklet, "Headwaters
Control and Use," containing proceedings of the Up-Stream
Engineering Conference held in Washington last year.
The
President said that this booklet is a sequel to his report to
Congress on Jan. 30, 1936, on "Little Waters."
This earlier
report was referred to in "Chronicle" of Feb. 1, 1936, page
to
706.
submitted to
The
following is the text of the message
Congress by the President on May 12:
pairing the service now rendered, it was explained by Sen¬
ator Byrd.
The following was also noted in a Washington
6,
May
Bank
Reconstruction
the
Based
is based
bill
the
for
estimated
of
committee
the
Engineering
Up-Stream
1936, with the accompanying record, under the title
Control and Use," of the precedings of the conference.
This
"Headwaters
which was
of Jan. 30, 1936.
Whereas
of the relations between
proceedings is a sequel to the report Little Waters,
volume of
transmitted to the Congress with my message
Little Waters was an initial elementary analysis
problems, the pro¬
Conference constitute a more ex¬
of the subject, and bring together under one cover the
precipitation, run-off, and soils, and of accompanying
ceedings of the Up-Stream Engineering
haustive treatment
hydrologic data and principles, experience in applying
basic
these principles
problems, and appraisals of the significance of
this experience.
to land-water
of service to the Congress in
"Headwaters Control and Use" should be
of measures looking toward the conser¬
connection with its consideration
It is becom¬
prevention of erosion, and control of floods.
vation of waters,
big waters are not the only part of our water
resources presenting problems and requiring constructive treatment.
Little
Waters also are of critical importance.
In fact, with respect to some prob¬
ing increasingly apparent that
whole, both headwaters
drainage basins must be treated as a
lems,
main channels of any river system
being brought into an
Roosevelt Praises
President
Work"
Last
During
new
would be
agency
January
Kind in Nation's
History
of the American Red Cross
The work
ters and other
did
during flood disas¬
catastrophes in the last two years was "splen¬
notable," President Roosevelt said in a letter to
and
Grayson, Chairman of the organization,
May 10 at the opening session of its
annual convention in Washington.
The President said that
the floods of last January were the greatest disaster of the
kind "that has ever visited this Nation."
The text of his
Admiral
which
Cary
letter, and
ported as
T.
read
was
on
of the convention, were re¬
follows in United Press Washington advices of
other proceedings
May 10:
"For
ready to
us
years
cause
every
of
organization
now," the President said, "the Red Cross has been ever
and these last two years have given
to be increasingly grateful that we have this volunteer
our citizens through which we can express our human
to any scene of distress,
move
impulses.
"Tiie
HOLC
has
now
a
last two years the organization has given
2,000,000 persons stricken by disaster.
the
assistance andi
Twice has the
proportions.
"The work did not end with the urgent emergency of rescuing, housing,
feeding and providing hospital care for the victims of the flood, but was
carried on until thousands of houses were repaired, furniture replaced and
those supporting their families enabled to return to their regular occu¬
Red
almost
to
catastrophes of almost overwhelming
Cross faced
pations.
"The
whole
of
great task has
this
been done because of the generous
giving of the public to the Red Cross,
and the efficient operation of the
organization."
Grayson reported that the Ohio and Mississippi River floods
constituted "the greatest disaster the Red Cross has ever
He said that 12
States were affected and Red Cross units
great Red Cross
Admiral
this
year
handled."
320 counties along an area
operated in
He
in
sons
in
1,450,000
that
persons
were
1
Sees
Admiral
the Red
Grayson said
Cross
by
affected,
November roll call of
tion
who
that
drought of 1930-31.
FHLBB
the
Washington
"Outside
District
the
Contributed
nearly
$25,000,000
during
the
January
pointing out that "never in peace times has such a sum
savings.
of Columbia the HOLC
disasters,
been subscribed."
FHLBB,
$24,500,000
Submitted to Senate Would Consolidate
FHA
and
HOLC—Annual
Saving
of
Seen
possibilities.
"If the appropriate committee will allow this
full
for
and
Senator
Harry
F.
on
Byrd
of
Virginia,
Chairman
bill to come to the floor
other bills of this nature pro¬
discussion by Senators,
open
follow."
viding for substantial savings are sure to
Introduced in Senate and House
Railroad Pension Bill
of the
Federal Executive Agency Reorganiza¬
Be¬
Represents Compromise Agreement
Unions and Management
—Measure
compromise bill to amend the existing Railway Retire¬
with the agreement between the rail¬
ment Act to conform
introduced in the Senate
and Representative
Crosser, who sponsored the present law.
The House InterState and Foreign Commerce Committee began hearings on
the bill May 13.
The new measure provides further con¬
cessions to employees, including eligibility for pensions when
workers are absent on account of sickness, increases in death
benefits, and authority to include prior service in calculating
length of service upon which annuities are based.
A Washington dispatch of May 11 to the New York
"Journal of Commerce" commented on the new bill as fol¬
road union and managements was
and House
on
May 11 by Senator Wagner
lows:
Commenting on the bill, Senator
"We
are
companies
Wagner and Representative Crosser said:
glad to know that not only are the
as a
railroad
just introduced, evidence
pension principle."
Widens Employment Definition
_______
Characterized
railroad workers of the United
pension plan established by law but that
by their approval of the bill
also,
acceptance of the statutory
most "desirable*' change, the
as to
__________
________
bill broadens the defini¬
include among those eligible for retirement
who may be absent on account of sickness.
These persons are
It is estimated that the change will cover
persons
excluded under the present law.
8,000 persons not now covered.
The bill provides
that the following described persons,
been employees on or
if they shall have
after the enactment date of the existing law
(Aug. 29,
service and relinquishing the right to
return to employer service, be eligible to receive an annuity:
1. Persons who on or after the enactment date shall be 65 years of age or
1935) shall, upon ceasing employer
over.
Persons who on or after the enactment
2.
over
and either have
date shall be 60 years of age or
completed 30 years of service or have become totally
permanently disabled for regular employment
and
less than 30 years
at the rate
monthly fraction thereof that they are
when the annuity begins to accrue.
totally and permanently
who on or after the enactment date are
disabled for regular employment and shall have
completed 30 years of service.
■
after 30 years
year
.
,
Terms of Present Act
prescribed eligibility for an annuity at age 50 or over
the employee is under 65, at the time
less than 30 years' service as
of retirement.
for each
It does not,
60 for one permanently disabled who has
provided in this bill.
The present act requires a person
to retire at 65 or suffer a loss
of 1-15th
he
for each year he continues in service after that age, unless
files with the retirement board a written agreement
his
_______
of service with a reduction of l-15th in the annuity
however, allow eligibility at age
for
for hire although with
shall be reduced
of service, but the annuity of such persons
of 1-15th for each year or
under age 65
continuance in
service;
of the carrier each year
and it further provides, unconditionally,
that he shall suffer a reduction of 1-15th of his annuity
tinues
Senate Committee
is paying $983,177.28 a
the field; the FHLBB is paying
$15,690 for 9,751 square feet of space, and1 the FHA is paying $228,270.72
a year
for 187,310 square feet of space.
It is anticipated that with the
proposed consolidations the space requirements would be curtailed.
"These are some
of the samples of administrative expense reduction
for 1,098,248 square feet of space in
year
of his annuity
Bill
reported
is
between $5,000 and $10,000 a year.
consolidated at great
be
The present act
"America has reaffirmed! her confidence in
magnificent increase of 600,000 members during the
1936."
He paid tribute to volunteers of the organiza¬
a
of
Saving in Salaries
officially to have 20 persons
The HOLC has a
Washington staff of approximately 20 in salary brackets of $7,000 and
above. The FHA is listed officially with a Washington staff of more than
25 with salaries more than 5,000 a year.
It is anticipated that these would
"In
whose salaries range
_________
thq 1927 Mississippi flood or during the
State with salaries in these
each
The bill contemplates consolidation
$4,000 each.
of
excess
3. Persons, irrespective of age,
adding that the
was "more than in any domestic disaster."
He said 1,107,000 per¬
246,095 families registered for aid, a greater number than during
reported
number
extending from Pennsylvania down
Mississippi Rivers to the Gulf.
the Ohio and
in
manager
field forces.
tion of employment so
.
"During
comfort
by an
positions ranging up to $8,500.
The FHA likewise has a field organiza¬
tion in each State, and reports it has 205 representatives in the field with
States pleased to have a
56
headed
in contrast with the six officials, each
Byrd said', continuing:
Senator
tween
Years—Says
Two
be
and the HOLC,
administrator whose salary
receiving $10,000,
who now head up the three agencies proposed for abolishment.
The FHLBB employs 326 persons, the FHA 4,720, and the HOLC 17,801.
This personnel would be consolidated and undoubtedly reduced drastically,
The
D. ROOSEVELT.
Cross for 1 Splendid
Floods Were Greatest Disaster of
Institution experts, who
Committee that there would
Reorganization
Senate
would be $10,000,
A
Red
Brookings Survey
and
integrated program
♦
—
on
the findings of Brookings
on
the
"
12, 1937.
The White House, May
Loan banks or the
days after passage.
saving of $24,500,000 in the consolidation of the FHA
latter being the principal agency of the FHLBB.
a
of regulation.
FRANKLIN
new
The Act would become effective 120
agency.
The
the
to
transfers
functions to be transferred to Home
dissolution, with
new
other agencies
the
over
also
It
and transfers to the new
now under the Home Loan
administration supervision of
Finance Corporation Mortgage Corporation for possible
supervision
Board.
these
letter from the
Conference held
the bill abolishes the three agencies
Literally,
agency
salaries
States.
22 and 23,
Sept.
Tribune" of
the New York "Herald
to
I transmit herewith for the information of the Congress a
organizing
existing agencies without im¬
perform the functions of the
of Flood
Control, Soil Erosion Prevention, and Water Con¬
servation—In Message to Congress Says "Little
Waters Are of Critical Importance"
To the Congress of the United
Board, the
Administration and the Home Owners'
Loan Corporation.
The proposed new agency, to be called
the Federal Home Credit Administration, is designed to
May 7:
President Roosevelt Stresses Need for Program
message
consolidate
Housing
dispatch,
♦
In
tion, submitted to the Senate on May 6 a bill to
into one agency the Federal Home Loan Bank
Federal
should be made stable
throttle speculation, insure a reasonable return
to
3259
Chronicle
for each year he con¬
after 70.
The bill contains no such provision, but
65 years of age or over
provides that service of a person
who continues in service after July 1, 1937, shall not
3260
Financial
be added to his years of service.
Chronicle
May IS, 1937
the view that larger sums will
It further provides that his compensation
be needed during the first half of the next
received after July 1, 1937, shall be disregarded in calculating his annuity
fiscal year, Mr. Hopkins
if to include it would dimish his annuity.
President under the proposed $1,500,000,000
Proposals for this new legislation
icle" of April 17, page 2581.
were
broke down
table of probable allocations by the
a
fund
follows:
as
July 1, 1937, to September 30, 1937, $443,000,000.
noted in the "Chron¬
Oct. 1. 1937, to Dec. 31,
1937, $395,000,000.
Jan. 1, 1938, to March 31, 1938, $363,000,000.
April 1, 1938, to June 30, 1938, $299,000,000.
House Extends
of
Two
CCC
President Roosevelt
CCC
Make Corps Permanent In¬
to
stitution—Reduces
Salary
of
Robert
Fechner,
Director
The House of
on
May 11, by
a
bhsis for a period of two years. The House
acted in opposition to President Roosevelt's wishes, since he
had asked Congress to grant it a permanent status, as noted
in the "Chronicle" of April 10, page 2402.
The House ex¬
tended the CCC at the level of 315,000 men, as recommended
by the President, but it reduced the salary of Robert Fechner,
CCC Director, by $2,000 a year.
Its action was taken as a
Committee of the Whole, and Administration leaders said
that they would ask a separate roll call vote on the
two-year
amendment.
The House rebellion against the Administra¬
tion was emphasized on
May 12, however, when the House
by a roll call vote of 385 to 7 approved the amended bill.
This action was noted as follows in a
Washington dispatch of
May 12 to the New York "Herald Tribune":
emergency
Before taking final action
its interest in
the CCO the House sought to safeguard
on
large quantity of patronage by adopting
a
a
series of
compromise on $1,250,000,000, as between the sub-com¬
votes in which a
offered by Represen¬
mittee's $1,000,000,000 and the Administration total,
tative
Umstead, Democrat, of North Carolina, was voted down 20 to 15.
Then
Representative
of
Democrat,
Cannon,
Clarence
Missouri,
acting
chairman of the committee, moved to substitute the President's recommen¬
Representatives
vote of
224 to 34, voted to continue the Civilian Conservation
Corps
on an
taken in
The action of the full appropriations committee was
Temporary Agency for Period
to
Adopt Suggestion of
as
Years—Refuses
an
dation of $1,500,000,000 for the sub-committee's figure.
Woodrum restriction was adopted 20 to 16 as well as two
Later, the
other amendments proposed by Representative J,
Burwood Daly, Demo¬
One would prohibit WPA administrative officers
crat, of Pennsylvania.
and
the other would
supervisors from having outside employment, and
require supervisors to be bona fide residents of the state in which they are
employed
The bill, which follows closely the pattern of the relief acts
1936, in which the Presideilt had wide authority
marks
the
amounts which the President may
spend
ear¬
buildings,
parks
and
other
follows:
as
First, highways, roads, and streets, not
lic
of 1935 and
allocations,
over
projects to be unterdaken only to the extent of limiting the
than $415,000,000; (2) pub¬
more
buildings
including
facilities,
recreation
therein, public utilities including
water supply and purifi¬
sewer systems,
cation, airports and other transportation facilities, flood control and other
conservation projects, not more than $630,000,000;
(3) assistance for edu¬
cational, professional, and clerical persons and women's projects, not more
than
$379,950,000, and (4) National Youth Administration, not more than
$75,000,000.
Resettlement Fund Provided
amendment
exempting civilian employees of the corps from civil service requirements.
It also specifies that "the appropriation shall be available for such loans,
This amendment was adopted by 232 to 146,
The House leaders con¬
fessed by implication their inability or unwillingness to
apply pressure and
relief and rural rehabilitation of needy persons as the President may de¬
stood aside
Administration up to the amount of $75,000,000 recommended by Henry A.
as
the House appeared to revel in its independence
On the final passage of the bill there were
only two negative Democratic
votes: from Ross A. Collins of
York.
Mississippi and Martin J. Kennedy of New
The five Republicans who voted in the negative were: James W.
Wads worth, Francis D. Culkin and John Taber of New
York, Earl Michener
of Michigan and Fred L. Crawford of
Michigan.
Half
of
hour after the House acted,
an
SenatorlHugo L. Black, Democrat,
Alabama, reported favorably to the Senate
on
on behalf of the Committee
Education and Labor the CCC bill in the form desired by the President.
The original House vote
reported as follows in a Wash¬
ington dispatch of May 11 to the New York "Times":
Apparently bent
was
asserting its independence, the House rewrote the
on
Labor Committee's bill in other
particulars.
Fechner,
Director
of
Emergency
$10,000, and put back in the
measure a
for the 300,000 enrollees which
It reduced the salary of Robert
Conservation
had
Work,
from
$12,000
to
provision for vocational education
been
taken out
by the Labor Com¬
mittee.
The committee of the whole also struck from the bill
civilian personnel of the CCC
termine,"
sponsorship
was
at
of
Representative
Starnes
of
Alabama,
Wallace, Secretary of Agriculture.
One
time for the House to undertake to "assume
not
to
exceed $30
CCO for two years.
a
our
failed to enact specific authorizations.
an
probably next
the House leadership
week,
today appeared confident it
would be able to beat down amendments to cut, as well as those to be pro¬
posed by the House "spending" bloc to increase the appropriation to the
$2,200,000,000 sought by the United States conference of
President
Roosevelt's
mayors.
Congress asking the
appropriation of $1,500,000,000 for work relief was given in
these columns of April 24, pages 2750-2751.
to
message
House
Group Approves $115,871,265 Appropriation Bill
Department of Interior—Figure Is $5,773,997
Under Last Year's and $4,741,340 Below Budget
Estimate
The House
Interior
(
On the standing vote, nearly all the
together with probably
Republicans supported the Lanham
the largest
Democratic defection in
years.
After that amendment had been
adopted, debate started on the vocational
amendment by Representative Whittington of Mississippi, with
Represen¬
tative O'Connor of New York
supporting it.
The amendment would
require 10 hours' instruction weekly in "general educational and vocational
training."
Connery vainly opposed the amendment, citing opposition of
or¬
is
from
said
to represent
In
Relief Bill
as
Decision
of
Sub-committee
Which
Cut
Appropriations Committee on May 13 favorably reported to the House the relief appropriation bill for
carrying $1,500,000,000, the amount
by President Roosevelt.
The Com¬
by a vote of 23 to 14.
In approving
the $1,500,000,000
appropriation the Committee reversed
the decision of its
sub-committee, which, by a vote of 5 to
4, on May 11, recommended a $500,000,000 reduction in the
appropriation.
The Appropriations Committee on May 13
also approved a rider to the bill which
requires the Works
Progress Administrator, Harry L. Hopkins, to allocate the
fund over the entire 12-month
period beginning July 1,
next, so as to avoid a deficiency appropriation later in the
year.' This rider was sponsored by Representative Clifton
A. Woodrum, of
Virginia, leader of the House economy bloc
which is seeking a reduction in the relief
appropriation from
the amount asked
by President Roosevelt.
In reporting the action of the
Appropriations Committee,
Washington advices, May 13, to the New York "HeraldTribune" of May 14, said:
Administrator Hopkins had testified that the
$1,500,000,000 would pro¬
an average of 1,730,000 workers
throughout the next fiscal
vide Jobs for
and would necessitate the dropping of approximately 525,000 workers
Works Progress Administration rolls.
now on
Even this program, Mr, Hopkins
said, was contingent on private in¬
dustry being able to absorb the displaced WPA workers.
While expressing
The reduc¬
fiscal year is
measure on which
1937
the
the largest cut in any
the present session.
the supply bill for the 1938 fiscal year,
on
The last of the nine
next
year's
and
regular appropriation
governmental
supplying funds for
measures
raised
it
operations,
the
total
for
departments
agencies to $4,668,000,000.
ing
committee recommended
to
crease
demands of
$9,655,060 for vocational education, yield¬
hundred
a
Representatives
works
item
below
$11,300,400
the
for
budget
substantial
a
in¬
committee reduced the department's
below
the
The
request.
public
the
for
by the Budget Bureau.
the other side of the ledger, the
$54,340,500
was
half
$5,329,060 approved
over
$6,690,500
works
present
appropriation
committee's
program,
which
and
recommendation
includes
Boulder
Dam, the Ail-American Canal, the Central Valley project in California and
the
Grand
Grand
Coulee
Coulee
$1,400,000
the
a
less
Dam
and
than
in
Washington.
Central
the
Valley
current
put
were
appropriation
down
and
for
$26,250,000—
$3,500,000
less
than
Budget Bureau wanted.
The
1938 fiscal year
recommended recently
mittee reported the bill
for
Associated Press advices from Washington, May 11, said:
Appropriation by $500,000,000 <' m
The House
appropriation
commenting
public
Reverses
the
the committee has acted during
year.
Favorably Reports $1,500,000,000
Requested by President Roosevelt—
May 11 approved
budget estimate for the department.
tion
On
Committee
on
$5,773,997 below last year's appropriation and is $4,741,340
The
a
Appropriations Committee
Department
supply bill for the 1938 fiscal year
carrying appropriations totaling $115,871,265.
This amount
ganized labor.
Without debate, but with a noisy voice vote, the House
adopted the
amendment by Representative Miller of Arkansas
reducing Mr. Fechner's
year
This provision prohibits the con¬
"unless and until there have been allocated and
Although Representative Woodrum announced that he would make
below the
House
Passamaquoddy
effort to reduce the fund to $1,000,000,000 when the bill reached the floor,
legislative
Representatives Snell and Taber of New York attacked the"permanent
salary $2,000
bill, however, to prevent
irrevocably set aside federal funds sufficient for its completion."
month, with higher rates for "leaders"
plan.
Mr.
the
into
written
was
struction of any project
amendment fixing the pay of the CCC
an
Representative Lanham of Texas offered the amendment extending the
the
drastic limitation
tidal power projects, begun with relief funds but stopped when Congress
who
and to "assistant leaders."
amendment
Resettlement
provision that the
a
be engaged in accordance with civil service
functions," the House adopted
enrollees
Rural
of the
care
for
the
asserted it
take
to
fresh experiences similar to the Florida ship canal and the
regulations.
Under
designed apparently
committee
$40,981,600
approved
$14,797,000 reduction
under the
under
the
for
present
reclamation,
appropriation
representing
and
$4,200,000
budget estimate.
The National Park
Service
allotted
$2,475,300 more than its
$16,136,080, but $2,438,800 less than the budget figure.
The Indian
Bureau would
appropriation and
A
total of
was
$31,095,005,
get
$2,164,360 less than
$1,448,660
the
or
current
$2,905,810 under the 1937
budget estimate.
recommended for administering and maintain¬
ing the governments of Alaska, Hawaii, the Virgin Islands and equatorial
South
and
Sea
was
Islands.
«.
SEC
in
.
Report to Congress Asks Legislation to "De¬
Reorganization
Proceedings—Urges
mocratize"
Greater
Powers
for
Personnel—Would
Commission
End
and
Enlarged
Deposit Agreements
The Securities and
Exchange Commission on May 10 sent
report recommending legislation designed to
provide greater "democratization" by curtailing the powers
of managements, protective
committees, bankers and lawyers
in reorganization proceedings.
The SEC charged that those
to
Congress
interests
a
have
occupied
with reorganizations.
sion of
and
a
dominant position
It proposed
a
in connection
grant to the Commis¬
extraordinary authority over solicitation of proxies,
deposits and assets and the activities of protective
over
Volume
Financial
144
•
3261
Chronicle
pointed out that the Commission's work would be
greatly increased if these powers were granted, and asked
Congress to consider enlargement of the
personnel of
qualified to undertake the
task of administering the insolvent estate and capable of initiating the
preparation of plans of reorganizations.
The Commission's study revealed
that the interests of security holders were often jeopardized by the ability
of. the old management
or its bankers or other insiders to secure
the
appointment of friendly trustees, or to obtain an order leaving the old
management in control of the property.
On this subject, the report
the SEC.
states:
committees in
the
courts;
for
the
within and without the jurisdiction
cases
and,
where courts
SEC to
intervene
in
advisory
an
of
authorization
capacity.
The
involved,
are
report
The
all
reorganizations
of
independent
an
trustee,
onlyfto make It Im¬
independent trustee Is designed not
study
report was prepared in connection with the general
of protective and reorganization committees inaugu¬
given rise to the need for reorganization, but also to provide machinery whereby
rated
by
necessary
the
Commission
Section 211 of the
the fourth
to
October,
1934,
pursuant to
It is
of the general report of that study to be
part
transmitted
in
Securities Exchange Act of 1934.
Congress.
Previously, reports were trans¬
mitted on protective committees for municipal and quasimunicipal obligations; on real estate bondholders commit¬
tees, and on trustees under indentures.
vestigation
was
The study and in¬
headed by Commissioner William 0. Doug¬
Collab¬
orating with him on this portion of the report were Samuel
O. Clark Jr., Abe Fortas, Samuel H. Levy and Martin
las, as director of the Protective Committee Study.
Riger, all of the Protective Committee Study. An announce¬
ment by the SEC bearing on its report submitted to Con¬
gress, May 10, said:
The
deals with the
strategy and techniques of reorganization and the general conditions sur¬
part of
Commission's
the
report transmitted
The
transmitted
that
the
vast
comprising
today,
body
of
stockholders
reorganization will
be the expeditious, economical, and honest reconstruction of the distressed
enterprise into an efficient going concern, and the vigorous protection and
prosecution of the claims and rights of security holders and creditors
instead of the too-frequently prevalent objective, on the part of self-serving
groups, of control for the sake of the monetary rewards involved.
The
most striking
characteristic of many reorganizations, the report
states, is the fight to retain or obtain control, which follows immediately
upon
financial collapse of a company.
The report states that bankermanagement groups affiliated with the company at the beginning of reor¬
ganization are generally the victors in these campaigns.
This fight for
control is motivated by the profits accruing to those who are able to
dominate the nature and activities of the reorganization, and the affairs
of the reorganized company.
Among the more direct of these emoluments
are
large reorganization
and protective
committee fees,
counsel fees,
depositary fees, brokerage commissions, underwriting discounts, and the
salaries and possibilities of personal profit which flow to those who are
able to gain control
of the reorganized company.
The report concludes
that in this struggle for control the interests of investors are too frequently
subordinated or completely forgotten.
It states, also, that the judicial
to
supply
that
assurance
the
primary
objectives
and are com¬
pletely prepared for reorganization before the security holders are made
aware of
the existence of any conditions which would make a reorganiza¬
tion
necessary
or
inevitable.
The Commission reports, also, that the
practices and objectives of outside groups organizing opposition to the
banker-management group are, like the latter's practices and objectives,
often devoid of any substantial benefit to the investor.
The Commission,
however, points out that the outside groups do, on occasion, act as a brake
upon excessive practices of the inside groups.
inside
these
groups
are
General
in full operation
behind the
transmitted
report
today
concludes
of reorganization to the end that
with bona fide security holders
and their direct representatives.
This would mean that the first standard to be
applied In considering the right of a group to participate In the reorganization In a
representative capacity Is that It shall truly represent the security holders and that
it shall have no major Interests which are In conflict with those of the security
holders.
The Commission comes to the conclusion that the fact of having managed
a company, or of having underwritten and sold Its securities, or of having per¬
formed services for the company, Is not sufficient to Justify control over Its reor¬
ganization.
It Is obvious, also, the Commission states, that control over reor¬
ganizations should be denied to those merely d«*8lrous of wresting financial control
fromfthe inside groups for their own self-aggrandizement, those seeking a share
of the patronage attendant upon reorganization, or those who seek to exploit a
nuisance position.
The Commission proposes that only those groups which can
demonstrate an unalloyed fidelity to the Interests of the securltyiholders should
be permitted to play a representative's role In reorganization.
■!
Second—That renewed emphasis be placed upon the fiduciary responsibilities of
the representatives of security holders In reorganizations.
This proposal contemp'ates the prohibition of dual or multiple Interests on the part of protective com¬
mittee members and their lawyers and also looks to an independent appraisal in
every case of the value of services rendered by them In reorganization.
Third—'That the abuses which have characterized the strategy and techniques
of reorganization, should be prohibited.
This proposal has reference to such
practices as the use of oppressive deposit agreements to deprive security holders
of their rights, the monopolizing of lists of security holders by banker-management
groups, and the employment of high pressure, misrepresentation, and non-disclosure
In the solicitation of deposits, proxies and assents.
First—That control of reorganizations be placed
As
and
a
result
of
its
studies, the
Commission recommends an amplification
juris¬
On this
strengthening of the powers of the Federal courts, under whose
diction
the
great
majority
of
reorganizations
are
accomplished1.
subject the report states:
technical aspects
We recommend that the powers of the courts be broadened,
provided with further and more specific standards to guide their
of reorganization.
that
they
be
administration,
and that machinery be designed to afford the courts
of administrative assistance In these complicated financial and
The
Commission
within
also
recommends,
as
the benefits
business situations.
to most reorganizations
which
the
mails
the
or
of
jurisdiction
in
interstate
the
commerce
Federal
courts,
by committees
having interests
ma¬
terially conflicting with those of the security holders they are undertaking
to
represent or
failing to abide by specified minimum standards for
such
fiduciaries.
The
Reorganizations in Federal Courts—Standards of Trusteeship
Commission's recommendations with respect to reor¬
in
Federal courts
is
the requirement
for
W
the Com¬
Independent Trustee—Specifically,
an
the
duties of
the
trustee should be:
independent
between
the
is
been
has
that
Assents
Reorganization Plan
a
plan should not be solicited until
a
scrutinized
order
in
to
by the Court—The second
respect to reorganizations in
with
to
assents
essential
the
by
to
indefensible
holders before
plan had been made, and
The
even
the fairness
or
of
facilities
of
third
as
in
fairness
all
of the
analysis
this
Under
the
provision
agency
of the estates and
the administration
in
and
of plans of reorganization.
soundness
be given the
would
SEC
in
to intervene
right
submit advisory reports to the courts on any
and the power to
cases,
aid
an
by the Commission
proposed
step
administrative
qualified
a
available to the courts
an
Be Made
is
should be made
Qualified Administrative Agency Should
a
Courts—The
the
to
the
that
*
Assistant
Available
pressure
equity of the
before such plan has been disclosed to the
review of
any
security holders.
3.
Commission
The
court.
the
remove
by confronting them with assents to a plan obtained
courts
upon
security
of
Scrutinized
Carefully
carefully
be
to
Solicitation
Commission
the
of
courts
this
from
of various plans.
Been
Has
recommendation
exerted
existing management and
Be No
Should
the Plan
Until
of
proponents
There
2.
worth
formulation of
for the
facts necessary
ascertain
the
plans of reorganization which concern corporations having a national inter¬
the
At
est.
bility be
all
in
required in
All
there
in
proceeding.
heard
nor
mandatory
cases
cases
or
Commis¬
by the
Should
Stockholders
and
all
the
Have
Right
that
recommends
Commission
the
the right
upon
on
bona fide creditors
of all
arising in the reorganization
matters
control
that while
also recommends
The Commission
management
necessitous
are
if participation
present
Matters—Further,
be
to
they
case.
restrictions
no
proceedings should lie
the
be
would
Creditors
All
be
should
stockholders
and
whether
This would avoid the otherwise grave admin¬
every
Fide
Bona
Heard
Be
to
which
burden
were
4.
irrespective of
not be
participation would
that its
so
national interest.
a
istrative
sion
the Commission recommends that sufficient flexi¬
time,
same
incorporated
cases
having
of the
in the hands of bona fide security holders, neither
the employees of a corporation should be denied an
opportunity to be heard with respect to matters affecting their interests.
Indenture
5.
a
definite
file
in the
their
of
Have
Definite Status
a
Reorganization
in
indenture trustees be given
The Commission believes that, in the
recommended that
further
is
status
fulfillment
Should
Trustees
Proceedings—It
proceedings.
obligations
bondholders,
to
be permitted
should
they
that they should be author¬
ized to intervene, to be heard on all matters, and to file proofs of claim
on
behalf of security holders, and that they receive legitimate allowances
to
petitions initiating the reorganization,
and expenses
fees
for
undertakn in these connections.
Should Allow
Courts
6.
Compensation for Proper Expenditures by Prop¬
the appointment
in
services,
for
compensation
the
for
in
or
that
value
submission
in
plans.
of
and
costs
proper
reimbursement of
or
the
that
of
vote
the
court
claim
any
of
expenses
also
recommends
the
from
be
estate
sold securities in expectation of or
or
Also, in this connection, the Com¬
be
empowered-to
share of stock.
or
for plans,
suggestions
Commission
The
beginning of the proceedings.
pass
upon
the "good
The purpose of
these
is to enable the court to prevent racketeering groups from
nuisance positions in the proceedings by purchasing securities
proposals
depressed prices.
7. Courts
Economic
sion
and
and!
in
parties
participating in
person
representing
in
appears
the
Participant
the
in
Should Be Advised of the
Proceedings—The Commis¬
established a routine method of advising the
of the actual economic interest of all
there be
that
all
Each
of
Interest
proposes
court
,
Parties
Interested
Properly
persons
of
rendered
have bought
who
recommends
of
acquiring
at
those
to
after the
faith"
of
with the plan of reorganization, including recognition
or
services
confirmation
compensation
no
mission
two
of
opposing
allowed
reimbursement
the
and
incurred by parties in interest in connection with the administra¬
expenses
tion of the estate,
interest
It is recommended that every
creditors or stockholders and who
the proceedings.
than
more
12
court a sworn statement
him and other pertinent
proceedings shall file with the
the
securities
of
amount
or
claims
owed
by
information.
8.
Lists
Interested
lists
of
an
end
the monopolizing of the
by banker and management
groups,
the Commis-
such lists be collected in each proceeding and made
persons possessing proper interests in
them.
The Com¬
all
to
mission's
study
that
revealed
of security
groups
in
universally
almost
holders has been
banker-management
one
their
the exclusive
possession
of the most powerful weapqns of
retain control
fight to
of
the
reor¬
and that it has been almost impossible for persons out¬
company,
antagonistic to such groups to make any direct appeal to security
or
because
New
9.
to
that all
available
side
to bring
order
security holders
ganized
Properly
Security Holders Should Be Made Available to All
of
Parties—In
sioh' proposes
of
these lists.
inaccessibility of
Standards
the
in
Selection
of
the
Management
of
New
the
recommendation of the Commission is that the court
solicitous in considering the provisions for the selection of
Company—Another
should
the
be
as
personnel of the management of the new company as it would be in
proper allotment of assets and earnings among the various
determining the
The
claimants.
valuable
company,
the
keynote of the
ganizations
to
holders
are
the enactment of a
separate statute giving the SEC the power to require disclosure of all
relevant facts concerning committees, and the solicitation of deposits or
proxies, and also the power to prohibit such solicitation through use of
not
that
a plan; (2)
to
consider the desirability
of its retention by the new company; (3) to disclose and diligently pursue
all claims in favor of the company against directors, officers and others;
(4) to take the initiative and primary responsibility for preparing a plan
of reorganization or for bringing together and' supervising the negotiations
(1)
evaluate
of lists
The Federal courts have become trained and experienced In the
Duties of
recommends
erly Interested Parties—The courts should be empowered' to allow reasonable
that the "refashioning of the
primary emphasis be given to
the protection of the investor" is essential and states three broad objec¬
tives to be sought in such a program.
They are:
The
processes
mission
scenes
Objectives of the Recommendations
protective committees,
longer be the province of self-appointed
The Proper
1.
of
machinery> for reorganization has been so employed as to become an im¬
portant aid to the retention of control by the inside group.
Frequently,
administrative supervision, scrutiny and control over the
reorganization.
Such basic and important
and
no
reorganization managers and the small coterie ol directors and bankers.
states
approximately 900 pages,
and bondholders receive
inadequate protection and representation under existing reorganization pro¬
cedures.
In substance, the Commission recommends legislation designed1
report
concludes
judicial
process
plan
questionnaire replies.
and supervision.
...
In substance, the Inde¬
the vehicle ior bringing Into the reorganization
scrutiny
formulation and negotiation of plana of
functions would
the
extensive
Its
be performed within the
procedures may
and essential reorganization
Federal
and analysis of
an
trustee would serve as
the
as
of
under
or
pendent
involving field investigations, public hearings
study by the Commission
and examinations,
court
disclosed by nearly two years
rounding protective committee activities,
of
today
Appointment
possible to leave these estates In the bands of those whose mismanagement may have
who
stakes
^nd
management
have
10.
a
of
of
of
proper
Creditors
Progress
report
urges
the
and
that
points out
reorganization
is
of
one
control
of
the
the reorganized
sense
of
their
Stockholders
company
fiduciary
Should
Reorganization—To
of
management
entrusted
see
only to
a
that
those
responsibilities.
Be
remove
is
and
important
most
the
that the court should exercise diligence to
Regularly
the
shroud
Informed
of
of
mystery
the
sur-
Financial
£3262
rounding
and
the
plans
stockholders
company,
periodic
be
that
that
about
about
information
data
and with
jurisdiction
principal
for
this
will
restriction
location
the
or
proceedings should follow
of the principal assets,
The Commission indicates the belief
reorganizes from shopping for friendly
prevent
jurisdictions.
i
'
1
..
•
,
•
'
.
1
■
Reorganizations Outside the Federal Courts—Control of Solicitations
i
Many reorganizations,
them the various types of so-called volun¬
among
courts.
administrative regulation.
Existing controls over such solicitations are limited and inadequate.
Many
reorganizations, the report states, are exempt from the disclosure require¬
ments qf the Securities Act of 1933, and the Securities Exchange Act of
1934 has only a limited application.
Moreover, even in cases covered by
these Acts the powers of the Commission are inadequate for purposes of
effective
control.
Though full disclosure fe made, the Commission is
powerless to regulate or control the practices of reorganization committees
of their
the standards
and
subjected
be
buy
not, as their
or
required by
In such cases the
judgment dictates.
disclosure
essential and of great utility.
the Securities Act is
But
on
default, investors, unorganized and largely helpless to help themselves, have
little
and
choice
of
freedom
self-appointed,
the facts
of
but
to
these protectors
To meet this situation, the
those committees which
conflicts
of
when
their
as
having
to
which
what
This
Subsection
at this
time
The
unsound plan.
an
unfair
program
practices which
persist
may
would entail legislation
embrac¬
of
solicitations,
Commission
the
recom¬
system of regulation and control which will provide,
a
generally:
under
and
it
contain.
must
requires that at least
which
powers
which
State
some
has
proxies In connection with reorganizations and that present exemp¬
tions, from such control, be restricted.
2. That the payment of commissions for solicitation of assents to plans, or of
deposits with, or proxies or powers of attorney to committees or other representatives
be controlled for the protection of Investors.
3. That deposit agreements be outlawed, except where It may be shown that
physical possession of the security Is necessary in order to protect adequately the
of security holders,
Interests of investors; and that the powers contained In deposit agreements, in the
cases where their use Is authorized, be limited both in duration and in scope to
the particular needs of the occasion.
4. That the solicitation of any deposit or authorization be forbidden unless the
seourity holders are given greater freedom of withdrawal or cancellation and greater
protection against assessments and penalties for the exercise of the privilege.
5. That In case compensation and expenses of committees are not subject to super¬
vision and determination by Federal or State courts or agencies, deposit agreements
proxies be prohibited which do not contain adequate machinery for independent
or determination of such matters; and that in such cases adequate provisions
is
co-trustees, however, as is necessary
conflict within
of the
removal
or
important
more
conflicts
Elimination of
is also
enumerated
are
days after
90
paragraphs
in
creditor
indenture,
unlike
that
improvement
any
bankruptcy
trustee
of
their
Subsection
do
mortgage
(e)
trustee,
rule
better
no
position
his
of
for
trustee,
a
he represents,
If
a
trustee
in violation of the provisions
loan,
a
between
bondholders
preceding default.
for the benefit
preference
deficiency
and the
period
debenture makes
long-term
a
the
respect
obligor,
four-month
effect deemed to be
of
the
the
of
the
after
is in
case
Competition
is designed to eliminate competition
unsecured
an
the
(c)
a
during and
the
its
(b) relates to provisions with respect to conflicts of interest
The
Subsection
of
with
(9).
to
who
supervision or
responsibili¬
governmental
to
commensurate
for individual
to
apply
not
already outstanding.
trustee be an institution with
one
subject
resources
does
It
are
laws.
resignation
requires
arises.
(1)
of 1933 in regard to the Issuance of securities, be Imposed upon the solicitation of
or
(a)
and
Subsection
is
1. That standards of full disclosure, such as those set forth in the Securities Act
all deposits and
indentures
Provision is made
ties.
comply.
the indenture must
only to indentures with respect
this section applies
that
such
trust
examination
period
control
the
to
contract the Commission
other
any
application for qualification has been filed, and merely states
an
corporate
After the indenture is
"qualified."
like
forth the standards to which
noted
provisions
the aid of committees.
respect
been
with respect to enforcement.
7 sets
be
is to
under
With
indenture has
enforceable only
is
no powers
Section
It
solicitation of proxies, deposits and assents, including solicitation
by management seeking to effect so-called voluntary plans
without
it
Limited
that the Commission's responsibility ceases
it is proposed
the form of
executed,
Disclosure
protectors.
is of little practical utility.
latter
the
bill
exempt from regulation must be subjected
interests and
material
spite of full disclosure.
mends
SEC Responsibility
Commission's report concludes that in general
now
are
in
ing the
mortgage bonds.
as
Under the
of full disclosure of all relevant facts, and the elimination
of
of
along with those who, self-constituted
the mercy of an unfair committee or
at
the necessity
go
themselves
announce
regarding
still
investor is
to
well
as
existing trust indentures under which securities
membership.
number of
in
up
corporate financial
complexity of
of securities have, by and large, a real choice—
Prospective purchasers
to
Federal
to
see
connection with trust indentures.
The increased
deals, the impracticability of individual
action by scattered bondholders and the desire to restrict such individual
action, he said, led to the vesting in the trustee of more and more powers
with
respect to the enforcement of the bondholders' rights,
and the
extension of the trust indenture device to unsecured debentures and notes
have grown
evils
do
should
reorganizations
to
Barkley told the Senate in introducing the bill that a
Senator
not come within the jurisdiction of the Federal
The Commission's report recommends that in certain respects these
reorganizations,
tary
investors)
(including prospective
complied with.
the Commission proposes
of reorganization
business
standards,
representative of the
that those standards are
by adding the SEC to the drafting tables as a
public
Friendly Jurisdiction Should Be Restricted—
purposes
of
place
the trustees, and (3) restrictions upon "excul¬
upon
patory clauses" relieving the trustee of liability.
The result is to be accomplished by establishing statutory
and
reorganizations in Federal courts,
to
as
May 15, 1937
duties
of active
sition
of reorganization.
rather than the place of incorporation.
that
reliable
with
its operation,
of
recommends
Commission
the
provided
statements
The Practice of Seeking
11.
Finally,
the
proceedings
reorganization
creditors
the
Chronicle
applies,
such
after
or
the other hand,
on
himself
during
In
of the bondholders.
and
the
a
rule not
restriction
only
the bondholders
than
in
do
claim.
requires periodic financial reports by the obligor to the
trustee and the bondholders.
Subsection
issuers
tion
and
the
(f)
names
which
would
and
correct the present situation
achieved
a
strangle hold
on
under which
the reorganiza¬
through
their
control
bondholders'
of
lists.
addresses
bondholders
of
filed
with
under requirements of
1936.
The
is
sentence
formation, in accordance
disclosure provisions of
from
as
to the
ownership certificates
paying agents in connection with interest
ments,
last
obtained
sub¬
This
require the filing with the trustee of information
now
are
have
and the version of the company's affairs which is presented to
bondholders,
section
is intended to
underwriters
process
pay¬
the income tax title of the Revenue Act of
intended to
with
the disclosure of such in¬
exempt
provisions
of
the indenture,
from
the
non¬
the Revenue Act.
review
for periodic accounting by the committee be required.
6. That solicitation of acceptances of a plan (whether
Specific Duties Imposed
.
conditional or uncon¬
ditional, preliminary or final) be prohibited until the court, or other duly authorized
agency, has carefmly scrutinized the plan and authorized Its submission to in¬
vestors, except In those cases where the reorganization Is not subject to the Juris¬
diction of a court or agency having such power.
The
foregoing six recommendations relate to the control of solicitations.
While
they
under
the
primarily concerned with reorganizations outside the juris¬
diction of the Federal courts, they would, of course, apply in proceedings
directed
acting
are
Federal
the
to
in
Bankruptcy
elimination
of
Other
conflicts
capacity
representative
a
Act.
detailed
interest
of
the
assume
The
Commission
additional
that
if
assigned to the SEO, the
are
the
Bill
finally suggests
report
bilities
of
tasks
and
its
the
and
the
foregoing
question of
administrative
to
making those
near
well
as
future.
duties and
responsi¬
the present organization
equipment
to
these
assume
Proposed by SEC Would Provide Federal Control
Over
Bond
and
Would
mission
Note
Be
Issues—Another
Trust
Granted
Measure
Indentures—Com¬
Authority to Approve
Proposing Control of
Following
a
request by the Securities and Exchange Com¬
on
May 6 introduced
bill designed to provide for comprehensive Federal control
a
bond and note trust indentures and to charge the trus¬
tee with the obligation to have no conflicts of interests and
over
to conduct itself in accordance with
dent man."
based
a
"pru¬
The bill, which was reported to have Adminis¬
tration support,
rate trust
philosophy of
a
might require widespread revision of corpo¬
indentures
now
in
existence.
The
measure
was
recommendations
made to Congress by the SEIO
studying the work, activities, personnel and
functions of protective and reorganization committees.
An¬
other report, based on the same survey, is noted elsewhere
on
1936
in
The bill proposed
scribed
"Chronicle."
May 6 by Senator Barkley was de¬
follows in a Washington dispatch of that date
as
While the
measure
is
on
conferred
powers
not
the Commission
revamping
law
is
the form of the
of
the
of
administration
1935
will make
possible,
present
indentures
after
interests
between
as
all
to
future
(1)
materially
can
of
the
the
it
is
believed,
proposed
new
indentures comply with certain minimum
prohibitions against the possession by the trustee
with
those
of
indenture impose
prior
the
upon
default,
to
to
be
issuer, the trustee and the Commis¬
against the background1 of what a prudent man would do under similar
circumstances.
Specific mention is made in the subsection of certain of
the
important functions of
more
Another
House
the
on
use
trustee
a
prior
default.
to
bill
{sponsored by the SEC, introduced in the
May 11 by Representative Lea, would prohibit
of mails
or
instruments of interstate
commerce
in
"repatriation" of defaulted foreign bonds at reduced
prices resulting from the default. The measure would ex¬
tend the power of the Commission over the solicitation of
proxies or deposits of securities infconnection with reorgani¬
zations or! municipal or foreign debt arrangements and of
proxies, deposits or assents in voluntary readjustments. A
Washington dispatch of May 11 to the New York "Times"
gave the following additional details of the measure:
The first step,
as
described by Mr. Lea, is to set up
a
system of ad¬
ministration control to impose disclosure requirements, similar to those
tions to represent security
of
holders
or to solicit their assents to
reorganization
plans.
IfctJnder the bill such
persons are
required to file
a
declaration similar to
the registration statement required under the Securities Act of 1933 and to
furnish to the person solicited a
prospectus similar to the Securities Act
prospectus.
Recognizing that
Mr.
mere
disclosure,
Lea said, the bill provides,
however,
would
not
be sufficient,
by extending the refusal and stop-order
devices contained in the Securities Act of 1933, means of preventing per¬
sons
who
have
palpably conflicting interests from assuming to act in
fiduciary capacity, from reserving to
immunities inconsistent with their
themselves
rights,
position^as fiduciaries and
privileges
a
and
from usurping
unnecessary, arbitrary and oppressive powers.
"Where the evil exists and is discovered before the declaration becomes
effectiv,," Mr. Lea explained, "a refusal order is issuable, the effect of which
is to prevent such solicitation by the use of the mails or instruments of inter¬
When the evil does not arise
or
is not discovered until a
later date, a stop order will be issuable which has the effect of preventing
further solicitation by the use of such
tions
or
assents
means >nd
previously obtained* unless
of invalidating authoriza¬
the
Commission
otherwise
Various Practices Outlawed
F
The intent of the bill,
among
is to outlaw the "uncontrolled
other things, according to its sponsors,
right" of committees to determine their
fees and expenses, to trade in securities of the
bondholders,
(2)
impo¬
own
^company, and otherwise
to
profit from their fiduciary position,'and to make it impossible for them to
be largely remedied by
trust
conflicting
the
obligations,
the
be relieved of breaches of fiduciary
of the bill is that existing evils
requiring that
requirements
and
sion
in exist¬
passed.
The theory
of
in
now
Securities Exchange Act of 1934 and the Public
Utility Holding Company Act
conference
that
requires
duties
orders."
directly retroactive to indentures
upon
Securities Act of 1933, the
specific
state commerce.
to the New York "Journal of Commerce":
ence,
worked out in
after
in this issue of the
certain
effect
in
the Securities Act of 1933, upon persons who assume to solicit authoriza¬
Protective Committees Submitted to House
mission, Senator Barkley of Kentucky
(g)
the
also be deserving of consideration.
may
trustee
recommendations
responsibilities
the powers of fiduciaries, will be submitted in
as
Subsection
'duties. 4
4-4
be'permitted
Committees, under the bill, would not
a
to solicit assents to
plan which had been proposed by persons who had no bona fide inters
in the reorganization or whose interests obviously conflicted with those
the security
holders.
X
Volume
foreignfdebt arrange¬
vested with the power,
and in some cases the duty, of rendering advisory reports with respect to
plans.
Copies or approved summaries of these reports must be included
in the prospectus.
The Commission is likewise vested with the power,
and in some cases the duty, to intervene in certain judicial proceedings.
"Similar abuses have been found to exist in the field of municipal and
"In addition,
except in the case of
municipal and
ments," said Mr. Lea, "the Commission is to be
foreign debt readjustments add, to a degree, similar
"Further protection is afforded to the
administrative controls
holders of defaulted foreign
by prohibiting the use of the mails or instruments of
bonds
interstate commerce
of such bonds at the reduced prices
in the repatriation
induced by the
default."
Stock
New Book He Sees
1939—In
in
Predicts
Dawes
G.
Charles
Market Collapse
Another Period of
collapse of the stock market in the summer or
Another
fall of 1939 unless the world is at war or
the United States
predicted by Charles G. Dawes,
Chairman of the Board of the City National Bank & Trust
inflates
its
currency
was
Vice-President of the United
States, in a book entitled "How Long Prosperity?" which
was published on May 9.
General Dawes forecast a period
of prosperity during the next two years, a minor business
recession coinciding with the stock market decline of 1929,
and an era of prosperity following that recession.
A Chi¬
cago dispatch of May 9 to the United Press quoted from his
Co.
Chicago and former
of
conclusions
follows:
as
long study of the common trends of the
depressions of 1873, 1893 and 1929 in a new book "How Long Prosperity?"
the 71-year-old Chicago financier said:
"I predict, therefore, barring wars or inflation of the currency:
"1. That a high degree of prosperity
will maintain in this country
results of
Announcing the
a
1939.
into
in
business
of one or
General
ensue
made
Dawes
in
the United
followed by a period of
about the
prosperity."
length of the prosperous
follow the predicted market collapse and business recession in
a study of his stock market chart would indicate still another
market collapse and business recession to follow between 1942 and 1943.
General Dawes, who startled the business world in December, 1934, by
period
to
but
1939,
predicting
that the depression would end by June or July, 1935, offered
depressions to support his prophecies:
the tenth year after the initial stock price collapse in both the
this record of past
In
"1.
marking
and the 1893 period, there occurred a stock collapse
each case the commencement of another business recession.
1873 period
in
These minor business
"2.
approximately
one
on
Jones,
stated
that authorizations and commitments of the RFC in the
recovery program to April 30, including disbursements of
$889,764,132 to other governmental agencies and $1,799,984,880 for relief, have been $11,566,088,643.
Of this sum,
$1,386,310,641 has been canceled and $823,064,643 remains
available to the borrowers and to banks in the purchase of
preferred stock, capital notes and debentures.
The relief
disbursements
include $299,984,999 advanced directly to
States by the Corporation, $499,999,881 to the States upon
certification of the Federal Emergency Relief Adminis¬
trator, $500,000,000 to the Federal Emergency Relief Admin¬
istrator under provisions of the Emergency Appropriation
Act, 1935, and $500,000,000 under the provisions of the
Emergency Relief Appropriation Act, 1935.
Of the total
disbursements, $6,461,060,631 was expended for activities of
the Corporation other than advances to governmental agen¬
cies
and
for relief, and of this sum $4,589,996,674,
or
approximately 71%, has been repaid.
The Chairman con¬
monthly
tinued :
jjLoans authorized to 7,493 banks and trust companies aggregate $2,502,- "
109,328.
Of this amount $456,496,324 was withdrawn or canceled, $65,001,249 remains available to the borrowers, and $1,980,611,755 was dis¬
bursed.
Of this latter amount $1,806,253,639, or 91%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes
and
debentures of 6,743 banks and trust companies aggregating
$1,295,264,364 and 1,121 loans were authorized in the amount of $23,422,755 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 6,864 banks and trust companies of,
$1,318,687,119; $110,735,785 of this was canceled or withdrawn and $132,529,230 remains available to the banks when conditions of authorizations
been
was
canceled
rowers
tion
in
distribution
to
of 2,718
and1 $56,414,292
authorized to refinance
614 drainage, levee and irriga¬
aggregating $134,889,763, of which $16,625,887
and $46,616,288 remains available to the
was
was
with¬
borrowers;
disbursed.
aggregating $16,422,275 have been
business and industry
with the National Recovery Administration program ; $10,and
sixty-three loans
through mortgage loan companies to assist
cooperation
depositors
$1,271,711,989;
canceled
hundredi
authorized
for
$277,270,511 of this amount
remains available to the bor¬
disbursed and $848,197,632 has been repaid.
withdrawn
have been
or
$71,647,589
One
authorized
aggregating
or
districts
drawn
been
$938,027,186 was
;
Loans
t
Administra¬
having par
value of $488,594,521.
Of this amount securities having par value of
$361,146,509 were sold at a premium of $10,738,658 (including securities
having a par value of $58,348,600 sold to issuers prior to maturity at a
premium of $327,376).
Securities having par value of $12,911,422 pur¬
The
tion
of
Corporation has purchased from the Federal Emergency
Public Works 2,250 blocks (1,525 issues) of securities
Securities
still held. In addition, the Corpora¬
tion has agreed to purchase at par, to be held and collected or sold at a
later
date,
such part of securities having an aggregate par value of
$79,913,900 as the PWA is in a position to deliver from time to time.
chased
par
subsequently collected at maturity.
the PWA were
from
value of $114,536,590 are
repayments to April 30 for all pur¬
Disbursements and
follows:
were as
poses
Disbursements
Repavments
$
%
Loans under Section 5:
receivers)—..1,968,274,288.92 1,795,181,384.77
177,042,417.44
Railroads (Including receivers)
522,126,239.00
372,902,539 58
Federal Land banks
387,236,000.00
241,589,171.09
Mortgage loan companies
——
363,645,843.47
173,243,640.72
Regional Agricultural Credit corporations
173,243,640.72
114,594,771.30
Building and loan associations (lncl. receivers).
116,842,564.72
85,831,586.48
Insurance companies
89,675,416.42
15,114,882.23
Joint Stock Land banks
17,905,857.47
12,783,535.11
Livestock Credit corporations
13,101,598.69
Banks and trust
companies (lncl.
-
deposits of public
State funds for insurance of
13,064,631.18
moneys
corporations
Agricultural Credit
Fishing industry
9,250,000.00
banks—.—-—
Federal Intermediate Credit
5,635,812.26
........
684,075.00
-
600,095.79
Credit unions
for payment of pro¬
cessing tax
14,718.06
...
Total loans under Section
14,718.06
3,681,300,781.81 3.002,353,568.75
5..
purchase
of Agriculture to
Secretary
to
13,064,631.18
9,250,000.00
5,518,618.22
117,083.31
381,719.21
3,300,000.00
cotton
levee and Irriga¬
3,300,000.00
71,647,588.86
54,835.411.30
11,663,023.12
2,878,295.26
20,224,586.66
20,177,690.67
15.894,888.29
authorities for payment
Loans to aid in financing
22,300,000.00
261,094,362.33
Loans to public school
of teachers' salaries
815,665.94
22,353,420.47
tion districts
self-liquidating construc¬
tion projects....
.....
reconstruction of property
damaged by earthquake, fire, tornado, flood
Loans for repair and
and other catastrophes
s
...
Loans to aid in financing the sale
of agricultural
surpluses In foreign markets
Loans to mining businesses
Loam,
....
assets of closed banks-
on
83,623,882.24
2,186,500.00
12,337,466.36
businesses
Loans to Industrial and commercial
Loans to finance the carrying
-—
637,694.21
11.072J254.52
and orderly market¬
and livestock:
ing of agricultural commodities
Commodity Credit Corporation for:
454,416,755.58
133,804,723.32
6,925,985.16
8,381,289.32
42,969,186.91
19,345,320.35
1,000,000.00
454,416.755.58
129,071,335.65
6,925,985.16
599,013.92
secured by prefjrtock.4,836,574,872.49
capital notes and
companies (In¬
cluding $18,148,730 disbursed and $5,765,485.26 repaid on loans secured by pref. stock)_.l,075,422,103.23
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Loans secured by preferred stock of Insurance
companies (Including $100,000 disbursed for
the purchase of preferred stock)
...
34,376,000.00
3,757,479,739.00
1,134,797,103.23
457,364,870.12
Loans
on
on corn..........................
on
turpentine......
on
tobacco
cotton.............
Other
-
Administration—
Total loans, excl. of loans
Purchase
of
17.924,049.80
preferred stock,
debentures of banks and trust
Total
Federal
Administration
Emergency
Works security
of
Public
451,345,242.62
......
6,019,627.50
„
489,688,655.01
transactions..—
375,152,065.01
6,461,060,630.73 4,589,996,674.13
Total
Allocations to Governmental
agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to
purchase:
200,000,000.00
120,006,100.00
Capital stock Home Owners' Loan Corp
Capital stock of Federal Home Loan banks. _
Farm Loan (now Land Bank) Commissioner
for loans to:
Farmers
145.000.000.00
2,600,000.00
55,000,000.00
....
Joint Stock Land banks
Corp. lor loans to fanners
Federal Housing Administrator:
To create mutual mortgage Insurance fund
Federal Farm Mortgage
10,000,000.00
40,000,000.00
For other purposes
115,000,000.00
Sec. of Agriculture for crop loans to farmers (net).
Governor of the Farm Credit Administration for
revolving fund to provide capital
Credit corporations
Stock—Commodity Credit
for production
40,500,000.00
97,000,000.00
.......
Corporation
5,000,000.00
Stock—Disaster Loan Corporation
Regional Agricultural
purchase of capital
held in revolving
Credit corporations for
stock (lncl. $29,500,000
fund)
44,500,000.00
3,108,278.64
12,049,752.92
...
Expenses—Prior to May 27, 1933
Since May 26, 1933
—
Governmental agencies..
889,764,131.56
States directly by Corporation
States on certification of Federal! Relief
299,984,999.00
Total allocations to
For relief—To
To
Administrator
Under Emergency
Under
10,756.788.00
499,999,880.89.
500,000,000.00
...
Appropriation Act—1935
Relef Appropriation Act,
Emergency
500,000.000.00
1935
1,799,984,879.89
Total for relief
10,756,788.00
met.
have
banks
closed
$20,497,973 of 378
canceled and $5,322,553
available.
remains
Loans to Rural Electrification
report, issued May 8, Jesse H.
(Chairman of the Reconstruction Finance Corporation,
Loans
$7,946,635 of which was withdrawn or
Other
Period—$1,386,310,641 Canceled—$6,461,060,631 Ex¬
pended for Activities of Corporation
his
participations aggregating
agreed to, purchases of
has
Loans
market reaction
Report of Operations of RFC Feb. 2, 1932, to April 30,
1937—Loans of $11,666,088,643 Authorized During
have
Finance
loans
conditions then ensued."
the chart was a graph showing the
though all three depressions started on the same day.
In
provisions of Section 5(d),
Corporation Act June
the
Loans
*
year.
That prosperous
Superimposed
as
1884 and 1904)
and in the 1904 period
recessions (known as those of
1884 period approximately two years,
lasted in the
"3.
which was added to the Recon¬
19, 1934, the Corporation has
1,981 loans to industry aggregating $138,972,959; $38,202,512
of this amount was withdrawn or canceled and $24,375,850 remains avail¬
able to the borrowers.
In addition, the Corporation has authorized, or
Under
struction
Loans for refinancing drainage,
prediction
no
$5,701,835 was dis¬
authorized
Loans
States a minor recession
two years.
recession will be
this
That
"4.
then
will
there
That
"3.
October, 1938-October,
wit: in the summer or fall
the latter part of the year
1939, the tenth year from October 29, 1929, to
of 1939 there will be a stock market collapse.
withdrawn or canceled,
was
$2,986,824 has been repaid.
Processors or distributors
That beginning in
"2.
this amount
of
and
having
Prosperity Following Decline
Business
720,440
bursed
businesses,
fields.
established for committees operating in these
are
3263
Financial Chronicle
144
Interest on notes issued for
funds for allocations
21,536,205.82
and relief advances
......
9,172,345,848.00 4,600,753.462.13
Grand total
The loans authorized and authorizations canceled or
drawn
for
bursed
to
table
each
and
railroad,
together
with
with¬
the amount
dis¬
repaid by each are shown in the following
(as of April 30, 1037), contained in the report issued
May 8 by Mr. Jones:
,
3264
Financial
Authorizationt
Canceled
Authorized
or
Withdrawn
Disbursed
Repaid
%
Aberdeen A Rockfish RR. Co....
Ala. Tenn. A Northern RE. Corp.
Alton EE. Co
Ann Arbor EE. Co.
127,000
275,000
2,600,000
634,757
400,000
(receivers)..
Ashley Drew A Northern Ry. Co.
Baltimore A Ohio RR. Co. (note) 82,126,000
Birmingham A So'eastern RR.Co.
41,300
Boston A Maine RR
7,569,437
Buffalo Onion-Carolina RR
63,960
Carlton A Coast RR. Co
Central of Georgia Ry. Co
Chicago A North Western RR.Co
Chicago Great Western RR. Co..
Chlo. Mllw. St. P. A Pao. RR.Co.
Chio. No. Shore A Mllw. RR. Co
Chicago R. I. A Pac. Ry. Co
Cincinnati Union Terminal Co...
Colorado A Southern Ry. Co
Columbus A Greenville Co
Copper Range RR. Co
Denver A Rio Grande W.RR.Co.
Denver A Salt Lake West.RR.Co.
Erie RR. Co
Eureka-Nevada Ry. Co
Fla. E. Coast Ry. Co. (receivers)
Ft. Smith A W. Ry.Co.(receivers)
Ft. Worth A Den. City Ry. Co..
Fredericksburg A North. Ry. Co.
Galnsville Midland Ry. (receivers)
Galv. Houston A Hend. RR. Co.
Georgia Fla. RR. Co. (receivers).
Great Northern Ry. Co
105,422,400
Greene
2,098,925
53,600
60,000
3,000
90,000
627*075
99,422,400
22,667
1,000,000
3,000
744,252
100,000
99,200
Murfreesboro-NashvllleRy. Co..
600,000
3,000,000
17,000
4,475,207
300,000
7,995,175
Pioneer A Fayette RR
Pittsburgh A W. Va. RR. Co
Puget Sound A Cascade Ry. Co..
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
Sand Springs Ry. Co.
Southern Pacific Co
18,790,000
117,750
200,000
162,600
6,000
Wichita Falls A Southern RR.Co.
Totals
of
said
"if
of the Farm Credit
sioner
summarizing
S.
Federal
766*666
30,000
39,000
39,000
15,731,583
4,366,000
to
of
Aside
uniform
Northwest
in
a
the
where
trouble
it
has
in
been
the
too
Dust
dry,
level
since
purchased
of
instalments
the
FCA
beginning of the
Land
Land
and
bank
the Pierce bill,
which
by the administrator
provides that
is not approved
revise
may
be the
same
as
to
sell
of
a
the
Policy
Policy Committee which
committee goes to the ques¬
your
Committee recommended
authority to
those
charged
that
establish uniform rates
or
areas.
that the rates
or
for power developed at other projects
different conditions and costs.
But it was suggested
in the Act which should require the adminis¬
switchboard
the
at
at
price which should exclude
a
transmission.
policy would impose
the
restrict
an
undue cost
market
distant
upon
for
outlets
short-sighted because cheap
wide
is
Power
have
be nothing
power
narrowly
of
revised',
so
he 6aid:
The
should
as
effective."
rates,
rates.
by
such schedule
consumers
Such
power.
depends upon
power
and'
policy
the develop¬
a
markets.
unthinkable
that
the
benefits
of
national
and
of power
not
should
distributed
be confined to
equitably
among
a
the
expenditures
small
area
near
communities
for
the
within
the
power
trans¬
distance."
Court
to
loans
down
is
the
payments
the
are
at
President's
Measure
In¬
revision
of President Roosevelt's Court
preparing to retire in June.
and
Some
rumors
said
Van Devanter would resign at
legislation.
In such
an event, it was said, Adminis¬
Congress might abandon the Court re¬
organization measure now being considered by the Senate
Judiciary Committee.
It was also reported that, as a result
of the increasing opposition to the Court
program in its pres¬
ent form, the Administration might
accept a compromise
measure which would add two Justices to the
Supreme Court,
instead of six, as proposed by the President.
be
farms
since
were
tration leaders
highest
on
largest
to
the conclusion of the present term of the
Court, and that
President Roosevelt might then appoint two Justices whose
views were in accordance with his broad
policies on social and
the
in
seems
or
that Justices Brandeis
Bank
States
whole
a
Opposition
in
Status of the Court reorganization bill was last discussed
the
in the "Chronicle" of
May 8, pages 3104-05.
A Washington
dispatch of May 12 to the New York "Times" commented on
Finance
Farm
Purchases
of enactment of the
program as
Increased
program for
judiciary reorganization might be settled within
and that it would involve the retirement of
to finance
some
Roosevelt's
a
few weeks
of the present members of
the Supreme Court were revived in some circles here today.
Mortgage credit extended by the 12 Federal Land banks
Commissioner
follows:
Suggestions that the controversy raging around President
During First Quarter
and the Land Bank
submitted
become
Abandonment
by Federal Land Banks andJLand Bank Com¬
to
Rates
on
reorganisation program was more freely predicted in Wash¬
ington this week, following the circulation of unconfirmed
reports that at least two members of the present Supreme
depression.
missioner
Compromise
suggested that the rates must be uniform
the prospects
Loans
the
"primary interest
creases
May 10,
on
Land
some
as
bank
cash
the work of
on
Resign—
and
financing
and
Belief Grows that Court Reorganization
Program Will
Be Abandoned or Modified—Rumored that Two
Justices of Supreme Court May Soon
the performance of
upon
agriculture
Federal
organized,
was
Federal
with
on
the
control
under
engineers'
Commission, the Commission
substantially
mission
good position.
Collection
gen¬
as
22,525
Federal
Bowl
reflection
no
army
throughout the prescribed transmission
not
was
development
Mr. Goss stated:
from
the
subject of discussion before
uniform
cost
site
Presidents, who had been in conference in Washington the
past week.
implied
committee adopt
shall
administrator
"It
the Corporation has approved,
12
far
so
was
uniformity of
been the
ment
Goss, Land Bank Commis¬
the
that the
power,
be
should
facilities
power
but
project,
administrator."
he remarked,
the
schedules
would
100,000
York
Committee," he said,
government
of government
government,
for,
Power
would be very
1,403*666
Administration, said
of
reports
the
conformity with the standards prescribed by this Act, and,
labor
the
the
Power Policy
of
Bonneville
marketing
statement
schedule
rate
any
the
"Such
147,700
follows
as
New
the
to
suggested by Mr. Ickes to meet the objections voiced
by the Federal Power Commission concerning responsibility for rates.
He
all
starting the 1937 crop season with the best
A.
10
the field of power development."
compromise
trator
Agricultural Prospects Best in Four Years in Opinion
of A. S. Goss, Land Bank Commissioner of FCA
in four years,
the
the
that there should
490,000 at a diseount of 1 %. equivalent to $134,900.
prospects
by
civilian
one
Senate
are
with
Favors
A
under
Note—Loans to the Baltimore A Ohio RR. Co. outstanding, amounting to $69,59,923, are evidenced by collateral notes of the railroad in the total face amount of
70,094,823.
Part of the outstanding loans was refunded by acceptance of the
ailroad's five-year 4 V$% secured note, due Aug. 1, 1939, In the amount of $13,-
Farmers
May
National
partition
no
and
undertaken
not lie in
should
628,597,795 106,393,556 522,126,239 177,042,417
principle, loans in the amount of $50,347,310
specified conditions.
of the
be
connection
transmission
Ickes
"It
100,000
22,525
in
opinion
should
in
Department
does
the
282,672
400.000
addition to the above loans authorized,
Mr.
rates
80*666
400,000
22,525
Wrlghtsville A Tennllle RR
summarized
were
of
■
the
is
tion
108,740
4,366,000
dispatch
"Another recommendation of the National Power
30,000
......
45,000
15,731,583
Wabash Ry. Co. (receivers)
Western Paoific RR. Co
is
there
War
has
22,000,000
30,000
Tuckerton RR. Co.
"It
As
18,200,000
34,200
28.900.000
3,000,000
7,000
750,000
300,000
2,805,175
18,672,250
700*666
..
Texas Southern-Eastern RR. Co.
Washington
a
"Times":
220,599
22,000,000
19,610,000
100,000
5,147,700
1,200,000
opposed the War Department proposal to operate
engineers.
The statements of Mr. Ickes
in
such
27,4*99*666
162,600
23,200,000
19,610,000
Sumpter Valley Ry. Co
100,000
Tennessee Central Ry. Co
5,147,700
Texas Okla. A Eastern RR. Co..
108,740
Texas A Pacific Ry. Co
700,000
...
Southern Ry. Co
*""266
27,499,000
18.200,000
7,699,779
28.900,000
3.000,000
17,000
4,475,207
300,000
7,995,175
18,672,250
200,000
221
29.500.000
Pennsylvania RR. Co
Pere Marquette Ry.Co
he
the power house by arm"
785,000
1,070,599
25,000
27,499,000
18,200,000
7,700,000
N. Y. Chic. A St. L. RR. Co
N. Y. N. H. A Hartford RR. Co.
tion
in
785,000
25,000
New York Central RR. Co
of power, including rate-making, be placed in the
hands of "one civilian administrator."
In this recommenda¬
suggested that
630,898
62,500
2,300,000
2,300,000
23,134,800
99,200
785,000
1,070,599
Mobile A Ohio RR. Co. (receivers)
tribution
direction
2,550,000
50,000
He recommended that
operation of the Bonneville power development and the dis¬
same
6.000,000
9,915
520,000
95,000
8,500,000
800,000
10
development" for the
Mr. Ickes appeared
power
project.
power-navigation
May
on
Committee, advocated
Bonneville Dam and would grant control over transmission
eration,
1,061,000
354,721
6,000,000
13,915
520,000
25,290,000
8,500,000
800,000
2,550,000
197,000
testifying
of power to a civilian administrator.
"that
15,000
10,539
Ickes,
both the Smith and Honeyman bills, which provide
Department control over power produced at the
War
constructed
985,000
6,843,082
Missouri Southern RR. Co
Mobile A Ohio RR. Co
to oppose
for
320*666
227,434
8,176,000
2,300,000
23,134,800
Missouri Pacific RR. Co
1,481,000
Interior
the
"unpartitioned, integrated
an
53*566
100,000
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
8,300,000
500,000
71,300
4,690
6,843,082
Minn. St. P. A SS.MarleRy. Co.
538
'53*506
.
.
155,632
4,338,000
8.838
8,081,000
3,182,150
16,582,000
2*19*666
.
.
63,458
230,028
464,298
20,000
464,298
140,000
5,916,500
46.588,133
1,439,000
15,340,000
1,150,000
13,718,700
8,300,000
28,925,300
500*606
13,915
Gulf, Mobile A Northern RR.Co.
520,000
Illinois Central RR. Co
25,312,667
Lehigh Valley RR. Co.
9,500,000
Lltohfleld A Madison Ry. Co
800,000
Maine Centra) RR. Co
2,550,000
Maryland A Penna. RR. Co
200,000
Meridian A Big bee River Ry. Co.
(trustee)
1,729,252
In
535*866
1,000
of
before the House Rivers and Harbors
Bonneville
3.124,319
35",702
1937
IS,
Rivers and Harbors Committee
Secretary
234.757
275,000
12,150,477
41,300
May
Secretary Ickes Advocates Unified Control of Power
Projects by Civilian Administrator—Opposes Bills
on
Bonneville Project in Testifying Before House
605^367
53,960
13,200
County RR. Co
.
127.000
634,757
400,000
82,110,400
41,300
7,569,437
14,600
549,000
3,124,319
500,000
140,000
5,916,500
46,589,133
1,439,000
15,840,000
1,150,000
13,718,700
10,398,925
28.978,900
60,000
53,500
8,300,000
3,182,150
16,582,000
3,000
717,075
227,434
8,176,000
15,000
88,539
1,061,000
354,721
Central RR. Co. of N. J
Charles City Western Ry. Co...
Chicago A Eastern 111. RR. Co...
S
127,000
275,000
2.500.000
Chronicle
(|Meanwhile,
the purchase
the Senate Judiciary committee held its last session
on
the
Court
bill, waiting presumably to give President Roosevelt
his Senate leaders know whether he would accept a compromise on
an
opportunity
of
farm
land aggregated $15,664,000 in the first quarter
compared to $13,998,000 in the 1936 first quarter,
according to a statement issued May 8 by the Farm Credit
to let
of
1937
the measure, which they now regard as doomed to almost certain defeat if
Administration.
recommendation by the Judiciary committee.
the first
in
to
The number of farms
three months
of
this year was
buying
in
has
purpose
$80,000,000,
number,
dent
announce¬
said:
Interest
this
The
increased
from
Land
bank
noticeably
Oct.
1,
20,154
farmers
bought
other
Commissioner loans
since
the
fall
to
1935,
which farmers used
10,687 bought from
and
April
1,
of
1935.
1937,
to
finance
Total
to
in purchasing 30,841 properties.
farms
sources.
from
the
Federal
Land
farm
loans
amounted
for
nearly
Of
and
probable unfavorable
Presi¬
after his return to the capital Friday to discuss the matter of a
Some Senate strategists believe that
a
bill providing for the
addition
of two Justices to the Court would attract votes from many
Senators who feel that they cannot sunscribe to the principle of trying to
force aged Justices from the bench and permitting the addition of six new
ones.
Chances of Naming Justices
this
banks
soon
compromise.
!
Federal
a
It Is understood that the Administration stalwarts will try to see the
5,668 compared
4,962 in the corresponding period of 1936.
ment
presented to the Senate in its original form after
bought and financed
Passage of
a
bill increasing the Supreme Court immediately to 11 members
and retiring two Justices would give President Roosevelt the opportunity
Volume
to
the near future, subject to the
four Judges in
name
In the remaining
Senate.
think chances for the appointment
normal
E.
approval of the
period of his second term some of his
of other Justices would come
Gerard Swope, President
Representing the Public
University, Princeton, N. J.
Savings Bank, 110 E. 42d St . New York, N. Y.
Paul Douglas, University of Chicago, Chicago, 111.
William Haber, member of Unemployment Compensation Commission, Lansing,
could be no possible
Henry Bruere, President The Bowery
deadlock on the Supreme
bench, about which the President has complained.
Senator McAdoo explained to the Judiciary
visions of his substitute plan, urging the
of the country in their plans for the
a
Mich.
committee today the pro¬
Supreme Court.
University of Washington, Seattle, Wash.
A. L. Mowbray, University of California, Berkeley, Calif.
T. L. Norton, University of Buffalo, Buffalo, N. Y.
George L. Stocking, University of Texas, Austin, Texas,
Elizabeth Wlsner, President of the Association of Schools of
litigation, but also that progress in industrial
brought inevitable conflicts of interest which
in
Orleans, La.
and financial organization
ultimately must be
settled
The
"Hollywood plan," includes a bill to increase
the
of the Court to
McAdoo
Ten members would constitute a quorum,
15.
envisages
an
for
described
immediately the size
which one member of the committee
which
arrangement under
sought.
be
10 members would
discussion
mended at this session of Congress.
In this manner, he suggests, con¬
sitting while five others wrote opinions.
called together within the next 30 days
of the subjects concerning which advice is
At that time a program will be developed! for future meetings.
expected that any fundamental changes in the Act will be recom¬
council will be
advisory
It is not
and Mr.
University of Wisconsin, Madison, Wis.
preliminary
a
Sooial Work, New
.
Edwin E. Wltte,
by the courts.
The Californian's proposal,
York, N. Y.
Theresa McMahon,
of the Court was set
population bring an increase
Minn.
National Consumers' League, New
Luoy R. Mason, General Seoretary
130,000,000 inhabitants.
He argued that not only did increase in
University of Minnesota, Minneapolis,
Alvln H. Hansen,
growth
He told them that the
members not to forget the
population of 38,500,000 when the size
at nine and now has
as
General Eleotrio Co., New York.
J. Douglas Brown, Prinoeton
danger during the remainder of his term of a
Nation had
United States Steel
Chairman of the Finance Committee.
Stettinius Jr.,
R.
Corp., New York, N. Y.
friends
through
vacancies.
Under these circumstances, they maintain, there
Court
3265
Chronicle
Financial
144
fundamental
Court
was permitted to reject many of the appeals brought to it from inferior
courts without a hearing.
He said that this Act was passed at the request
of the Justices, who held it was needed to enable them to keep abreast of
matters of immediate concern
their work.
recommend anySecurity Act to this
it would not
that
announced
SSB
The
siderable work could be dispatched.
most of the
He also urged the repeal of
the Act of 1925 under which the Supreme
"It is not the business of Congress to restrict
of
As
companion bill, he proposed that a
a
submitted for ratification fixing the size
Congress, but would only make recommendations as regards
regarding which there appears
jurisdiction so that a group
constitutional amendment be
the next
27,000 End Strike Sponsored by CIO at Jones & Laughlin
Steel
Corp.—Police Use Tear Gas Against
of the Court at 15 for
Pickets
Approximately 27,000 employees of the Jones & Laughlin
Steel Corp., who went on strike on May 12, returned to their
jobs yesterday (May 14) following the adoption of a tentative
peace agreement.
The strike was sponsored by the Com¬
mittee
of
Industrial
Organization, after the company
refused to recognize the CIO and to sign a contract with
the union.
Philip Murray, Chairman of the CIO Steel
Workers' Organizing Committee, issued the strike orders,
after conferring with James F. Dewey, Federal Labor De¬
partment conciliator, who aided in concluding the recent
automobile strikes. On May 13 police hurled tear gas into a
crowd of pickets at the Aliquippa, Pa., plants of the company,
after police said that the pickets were disorderly.
Union
men charged that the police had attacked without provoca¬
tion, and also charged that other independent steel companies
were collecting arms and ammunition in preparing against
threatened strikes.
The Jones & Laughlin walkout was the
Nation's first major steel strike in 18 years.
United Press advices of May 13 from Pittsburgh reported
and compulsory retirement at 75.
Advisory Council of 24 Members Named to Study Pos¬
sible Revision of Social Security Act—Announce¬
ment
Made
Senate
by
Finance
Committee
and
of
SSB—Proposed Changes Include Abandonment
$47,000,000,000 Reserve Fund
Social Security Board and
the Senate Finance Com¬
May 10 jointly announced the appointment of an
advisory council of 24 members to study possible funda¬
mental changes in the Social Security Act, including pro¬
mittee on
posals to extend its provisions to workers not covered by
the law at the present time.
Senator Harrison, Chairman
the committee, and Arthur J. Altmeyer, Chairman of
of
that the council would begin the survey
Appointees to the council included repre¬
sentatives of workers, employers and the public.
Among
Board,
within
a
said
month.
the strike
proposed changes the council will consider abandon¬
of the $47,000,000,000 reserve fund which has been
other
ment
At
hearing
a
Council
175,000 men, in refusing to sign
signed during the past two
union
agreements
Similar
contracts.
were
smaller concerns.
conference between
Mr. Murray and the company chairman, Mr. Lewis, the corporation had
agreed to sign a contract with the Steel Workers Organization Committee
for its members providing that an identical contract is given to employees
months by United
The corporation
Altmeyer concerning the creation
Social Security:
on Finance of the United States
Senate, on Feb. 22, 1937, it was agreed that the Chairman of the Com¬
mittee on Finance would appoint a special committee to cooperate with
the SSB to study the advisability of amending Titles II and VIII of the
Social
Security Act.
The Chairman of the Committee on Finance has
appointed such a special committee consisting of" Senator Pat Harrison,
Senator Harry Flood Bvrd and Senator Arthur H. Vandenberg.
It was
agreed that this special committee, in cooperation with the SSB, would
appoint an Advisory Council on Social Security to assist in studying the
advisability of amending Titles II and VIII of the Social Security Act.
It is desired that the Advisory Council on Social Security cooperate
with the special committee of the Committee on Finance of the United
States Senate and with the SSB in considering the following matters:
(1) The advisability of commencing payment of monthly benefits under Title I
Advisory
apparently had joined four other
major independents, who employ about
Vandenberg of Michigan. It will also
consider a possible decrease in payroll taxes in later years
from
the schedule as it now stands and an increase in
monthly benefits during early years of the program.
The following is the announcement issued May 10 by
Senate Harrison and Mr.
follows:
as
Tbe strike came as Jones & Laughlin
attacked by Senator
of the
stated that
proposed amendments are designed to improve
the administrative features of the Act as it is now written.
Under the terms, Congress would not be
for all Judges
the
The Board
agreement.
general
rather
be
to
compelled to reconsider
the question of the Court's size at the end of that period, but if it did make
any change the new status would have to endure for a further period of 25
years.
The amendment would also provide voluntary retirement at 70
The
Social
keep up," Mr. McAdoo asserted.
men can
25 years.
the
in
changes
issued
statement saying that at the
a
belonging to the S. W. O. C.
not
on
States Steel Corp., and more than 100
The company said it also
before the Committee
would sign a contract for exclusive collective
bargaining with the group which obtains a
supervised by the National Labor
is the nation's fifth
majority of votes in an election
Jones & Laughlin
Relations Board.
largest steel producer.
The shutdown of the mills came
with little disorder.
At the Pittsburgh
^
The advisability of increasing
for those retiring in the early years.
(2)
(3) The advisability of extending
incapacitated prior to age 65.
now
One
The advisability of
Several thousand
(7) The size, character
(8)
and disposition of reserves.
concerning the Social Security
SSB may desire the
Any other questions
Senate Committee or the
,
Title VIII.
to include groups
The
the
.
Act about which either
advice of the Advisory
About 8:30 p.m.,
"We
had
a
two-hour
conference with Mr.
the meanwhile,
to serve as members
of an Advisory Council on
Social Security:
S. W. O. C. leaders to call a
Franklin
personal
T.
for
was
an
industry.
halls near the mills tonight to learn the results
McQuade,
superintendent of Pittsburgh police, will take
charge of police in
Southside Pittsburgh to prevent any dis-'
Jack Robbins, secretary to
According to an announcement by
about five miles
It
Representing Employees
In
Sunday had voted authorization to
strike tonight if an agreement was not signed
Chairman Lewis.
Mayor Cornelius D. Scully,
is
No
The S. W. O. O. has been in charge of the CIO's
Workers had convened in
of the conference with
where occurred
M.
Lewis this afternoon.
employees at the two mills
by the steel corporation.
turbance.
special committee on Social Security of the Committee on Finance
States Senate and the SSB join in appointing the following
signed by the company.
The conference will be continued tomorrow.
the mills will go down at 11 o'clock tonight."
campaign to unionize the steel
United
by union workers at the plants
for 11 p. m. if no contract was
Mr. Murray issued this terse sta tement:
agreement was reached.
the SSB will make all necessary
Bugnlazet, Secretary International Brotherhood of Electrical Workers of
America and President of Union Cooperative Insurance Association, Washington,
G.
O. C. leaders had been authorized
to issue a strike call
Union
and the SSB.
of
diminish as midnight
approached.
studies and furnish
all necessary technical assistance in connection with the consideration of
the foregoing subjects.
It is further understood that these subjects will
be considered jointly by the advisory council, the special Senate committee
persons
that no violence
entering the mill, the union men
The crowds about the gates began to
cheered lustily.
Council.
It is understood that
and
aid in removing workers
pickets formed an impregnable line across the various
workers were prevented from
As the
S. W.
increasing the taxes less rapidly under
extending the benefits under Title II
minor disorder at the Aliquippa plant,
occurred.
who become
'
the benefits of Title II to survivors of indi¬
,
a
Extra police also were at the gates to see
mill entrances.
payable under Title II
.
beaten in
was
from the plant.
excluded.
the Special
man
pickets prevented a bus from going into the mill to
the benefits of Title II to persons
(4) The advisability of extending
viduals entitled to such benefits.
(6) The advisability of
the monthly benefits
through the picket lines was
forcibly removed across the street.
than Jan. 1, 1942.
sooner
(5)
plant, one man who tried to force his way
Jones & Laughlin's Southside Pittsburgh plant
River from Homestead, Pa.,
down the Monongahela
the bloody steel strike riots of 1892.
reported that Jones & Laughlin officials had
election to be held by the National
termine whether a majority
offered a proposal
Labor Relations Board to de¬
of the employees are S. W. O. C. members.
D. C.
President Oil Field, Gas Well and Refinery Workers International
Union, 1200 15th St., N. W., Washington, D. C.
John P. Frey, President Metal Trades Department of the American Federation
* of Labor, Washington, D. C.
Sidney Hiliman, President of the Amalgamated Clothing Workers of America,
15 Union Square, New York, N. Y.
~
~
Philip Murray. Vice-President United Mine Workers of America, Washington, D. C.
Matthew Woll, Vice-President International Photo Engravers' Union
of North
America and President Union Labor Life Insurance Co., New York, N. Y.
Harvey Fremming,
"''V''.
'V
Marion B. Folsom, Treasurer Eastman Kodak Co., Rochester, N. Y.
Walter D. Fuller, President Curtis Publishing Co., Philadelphia.
Jay Iglauer, Vice-President Halle Brothers, Cleveland, Ohio.
M. Albert Linton, President Provident Mutual Life Insurance Co., Philadelphia.
,
Representing Employers
:
George VI Crowned King and Emperor of Great Britain
—Coronation Address, Following Elaborate Cere¬
Pledges Faithful Service to
Speech
monies,
of
People—Text
George VI was crowned King and Emperor of the British
Empire and its possessions in colorful ceremonies at West¬
minster Abbey in London on May 12, while his wife, Eliza¬
beth, was crowned Queen.
The new monarch succeeds
Edward, the present Duke of Windsor, who abdicated last
3266
Financial
December.
More than
Chronicle
million persons
lined the route of
London, while almost 8,000
Abbey.
Coinciding with the coronation rites in London, celebrations
were held
throughout the British Empire.
The new King on the evening of his coronation day broad¬
cast an address throughout the Empire, in which he
promised
to serve his people faithfully during his
reign.
He thanked
his people for their loyalty to his Queen and
himself, and
pointed out that he assumed his crown not only by the grace
of God, but "by the will of the free peoples of the British
Commonwealth."
He pictured the coronation ceremonies
as a solemn "dedication" of himself and the
Queen, and said
that "the highest of distinctions is service to others."
The complete text of the new King's address is given below:
the
coronation
a
to
a
full heart I speak to
very
tonight.
you
Never before has
newly crowned King been able to talk to all his peoples in their
the day of his coronation.
on
own
Never has the ceremony itself had
so
After serving one six-year term in the Senate Mr. New
renomination by Albert
ancient kingdom.
Senator.
the
Mr.
now
Abbey.
I rejoice that I
FaU's portfolio.
Postmaster General
President
we
ship is always before
And to them I would send
us.
living
are
Their example of courage and good citizen¬
special
a
message
of
sympathy and good cheer.
I cannot find words with which to thank you for your love and
loyalty
to the
Queen and myself.
Your good will in the streets today, your count¬
less messages from overseas and from
filled
hearts to overflowing.
our
years I can show my
quarter of these islands has
every
I will only say this: that, if in the coming
gratitude in service to you, that is the way above all
others that I should choose.
To many millions the Crown is a symbol of unity.
and
In
me as
your
King is vested for
maintaining its honor and integrity.
responsibility, but it gave
me
By the
grace
in the
me
This is indeed
confidence to
Abbey and to know that
of God
and message are always new, for the highest of distinction is the service of
sharing dedicated
myself, with the Queen at my side, in words of the deepest solemnity.
"We will, God helping us, faithfully discharge our trust.
Those of you who
are
children
father's coronation.
In the years yet to come, some of you will travel from
part of the commonwealth
family circle, will meet
many
to another
and, moving thus within the
whose thoughts
memories, whose hearts unite in devotion to
colored
are
our common
You will learn, 1 hope, how much our free association
much
can
for
nee
by the
means
help the
cause
May we
surrounds
may
us
ever
be worthy of the good will which I
how
I thank
reign.
you
am
from
proud to think
heart, and
my
and
Economic
Review"
of
Amsterdamsche
Mr.
and
Review."
The
"Review," which is issued quar¬
terly by the statistical department of the bank, contained
a
detailed report on all circumstances that have been of
the financial and
economic conditions of Hol¬
land
during the first quarter of 1937. It is moreover usually
preceded by an article written by some authority on the
subject dealt with.
This time an article has been inserted
by Dr.
Netherlands
Brinton
received,
Nominating
nor
independent nomi¬
with the
was no
disagreement
any
Members
E.
Burb
Charles
Frank
*
Grubb,
R.
member of
the votes they
Coggeshall
&
651
Hicks
632
Harding, partner of Chas. B. Barney & Co
of Paine, Webber
&
652
Co
645
654
Moore, partner of Hallgarten & Co
Rutherfurd,
Stone,
T.
Robert
and
Johnson, partner of Shearon, Hammill & Co——
Harry H.
C.
elected,
of Governing Committee for Four-Year Terms
Hope, partner
L.
Jacob
Others
Beane, senior partner of Fenner & Beane
B.
♦Walter
655.
announced by th Exchange as follows:
were
Alpheus C.
F.
H.
Reynolds,
at
of
partner
654
Fish & Co
Asiel &
652
Co
641
Talmage, partner of Clark, Dodge & Co
Whitmer
639
.
Jr., partner of Edward B. Smith & Co.
641
Governing Members Of Governing Committee for Four-Year Terms
Thomas H.
Gammack, partner of Gammack & Co
*Robert Vose White,
William
partner of
654
Dyer, Hudson & Co.
654
B.
of the Gratuity Fund for Five-Year Term
Potts, member of J. W.
♦Reelected.
Davis & Co
658
■■■
.
.O'
At the organization meeting of the
Governing Committee,
May 11, Walter L. Johnson, a member of the com¬
mittee, was elected Vice-President of the Exchange and
held
G. W.
J. Bruins,
Clearing Institute,
of
The
Netherlands Bank, entitled "Some Considerations with Re¬
gard
to Exchange Clearing, with Particular Reference
Experience in the Netherlands."
to
♦
Mr.
Association,
Johnson
Inc.,
succeeds
was
E.
reelected Assistant
H.
H.
Simmons,
of
H. H.
been
and
Simmons & Co., who declined reelection.
He has
member of the Stock Exchange since October, 1918,
a
a
Governor of the Exchange since 1919.
President of the New York Cotton
previously served
as
He is
a
former
Exchange and also has
Vice-President of the New York Stock
Exchange, from May, 1924, to May, 1928.
He has been a
director of the Stock Clearing Corporation since its organ¬
ization in 1922.
At the present time he is Chairman of the
Committee
on
Securities
and
a
member
of
the
Law
and
Conference Committees.
Mr.
President-director of the
Royal Commission
Clearing
Treasurer.
E.
Amsterdam, Holland
The Amsterdamsche Bank N. V., Amsterdam, Holland,
recently issued the fifty-first issues of its "Financial and
written
the
Robert W. Keelips, President and director of the New York
Bank N. V. of
on
of
Brinton, Treasurer, who went into office with Mr. Gay two
ago, was also reelected.
Mr. Gay received 656 votes
Cotton
influence
Vice-
as
years
the earth
God bless you all.
Economic
Simmons
of peace and progress.
at the outset of my
"Financial
There
the posts,
Trustee
The Queen and I will always keep in our hearts the inspiration of this
day.
H.
same
to us,
on
of
any
heritage.
freindship with each other and all other nations
our
H.
selections of the Nominating Committee.
Charles R. Gay, President of the Exchange, was reelected
to that office for a third one-year term.
Benjamin H.
the day of carefree happiness such as I still have of the
day of my grand¬
one
E.
selected without opposition.
The total vote
659 out of 1,375 members, said to be one of the
was
♦Edward
will, I hope, retain the memories of
now
Postmaster-
was
smallest ballots in years.
John
your
Succeed
to
May 10, the entire official slate
cast
enabled to join in that
others, and to the ministry of kingship I have with
became
Brown,
At the annual election of the New York Stock Exchange,
held
and constant
down from distant times, but its inner meaning
come
F.
'
President
infinitely beautiful ceremonial.
Its outward forms
reappointed
Exchange Elects Entire Official Slate
—C. R. Gay Continued in Office of President for
Another Year—Governing Committee Elects W. L.
Johnson
time the duty of
a grave
appointed
was
was
^
representatives around
see your
you, too, were
a
Subsequently, he
Walter
appointee,
.
by the will of the free peoples of the British commonwealth I have
assumed that Crown.
Hoover's
Committee
do not forget at this time of celebration those who
lame duck Senator,
can
go.
under the shadow of sickness.
a
New York Stock
a
In this personal way the Queen and I wish health and
happiness to you
all, and
as
March 6, 1923.
year,
Gay, who will head the Stock Exchange for
is senior partner of Wliitehouse & Co.
election
a
third
Prior to
his
President, in May, 1935, he had served on the
Exchange's Governing Committee for 12 years.
Mr. Brinton,
who was reelected Treasurer, is senior partner of Brinton &
Co.
He has been a member of the Exchange since Decem¬
as
ber. 1927.
Death
of
and
Harry S.
Former
New,
United
Former
States
Postmaster
Senator
from
General
Indiana
Harry S. New, who served as Postmaster General under
Presidents Harding and Coolidge from 1923 to 1929, and
former United States Senator from Indiana, died on
May 9
in the Johns Hopkins Hospital, in Baltimore.
He was 78
years old-.
Since his retirement from political life in 1929
Mr. New had been living in Chevy Chase, Md.
Mr. New was appointed Postmaster General
by President
Harding in March, 1923, and was succeeded in March, 1929,
by President Hoover's appointee, Walter F. Brown.
He is
credited with establishing the nation's air mail service, which
at the time of his appointment was
only plans.
The follow
ing summary of the career of Mr. New is from the New York
"Herald-Tribune" of May 10:
Mr. New
was
born in Indianapolis Dec.
public schools and at Butler University.
31, 1858, and
He passed three
was
educated in
years
in Europe
while his father, John C. New, was Consul General at London, and
then,
in 1878, returned to
reporter
father
with
Indianapolis to start his newspaper career as a police
"The Indianapolis Journal."
Soon afterward he and his
purchased the
paper, and he held
at one time or another until the paper
While connected
Whitcomb
as
Secretary of
as
General, received
by President Coolidge, and he held the post until March 5, 1929, when
speak to you all, wherever you may be, greeting old friends in distant
good fortune to
Mr. New,
on
General.
a
lands and, as I hope, new friends in those parts where it has not
yet been
my
Hubert Work, then Postmaster
Dr.
and
his term
serve out
Early in 1923, however, Albert B. Fall resigned
Interior,
I felt this morning that the whole empire was in very
truth gathered within the walls of Westminster
to his Demo¬
Mr. New had been offered the post of Secretary of War in the original
Harding Cabinet, but had declined it, preferring to
free and equal partners with this
are now
J. Beveridge, who lost in the election
who had been his close friend in the Senate.
,,
significance, for the dominions
defeated for
was
cratic opponent, Samuel M. Ralston.
On the day after his term expired,
however, Mr. New was appointed Postmaster General by President Harding,
homes
wide
tc£l912
|» » m|
serving as Chairman in 1907 and 1908.
procession in
attended the elaborate ceremonies in Westminister
It is with
May IS, 1937
1900, and of the Republican National Committee from 1900
with
the
Riley and printed
paper
some
virtually
every position on the staff
The
of
Banking
Institutions
Taxation,
banks,
trust companies and private banking institutions, held its
nineteenth annual meeting at the Hotel Astor, in New
York City, on May 13. Edward J. O'Connor of the
Guaranty
Trust Co. of New York was elected Chairman, Frank K.
Bosworth of the Empire Trust Co., Vice-Chairman, and
Thomas L. Pryor of the Brooklyn Trust Co., Secretary.
Anthony G. Quaremba of the City Bank Farmers Trust Co.,
Daniel O. Deckert of the Bank of the Manhattan Co;
Stephen L. Jenkinson of the Chemical Bank & Trust Co.,
and Donald K. Barnes of the Bankers Trust Go., were
on
elected members of the Executive Committee.
The objects of this organization are to cooperate in assist¬
ing in the administration of tax laws, to disseminate among
its members information pertaining thereto, and to act as
a
clearing house for communications from Federal and State
New met and befriended James
of the
poet's first
verse
in his paper.
business with the Bedford Stone and Construction
Company, of which he
was President until his election to the United States
Senate in 1916.
He
Committee
Committee of Banking Institutions
on Taxation
which comprises representatives of national and State
Conference
Mr. New became interested in politics about that time and also entered
previously had been a member of the
to
tax authorities.
merged with another in 1903.
Mr.
Officers Elected
Indiana
State
Senate from
1896
on
Consumer Financing to Be
University of Chiicago May 20-21
Business men,
ers
interested
in
Held
at
government officials and university teach¬
the problems of consumer financing will
/
Volume 144
assemble
at
Financial
the
University of Chicago, in Chicago, 111.,
20-21, where, under the auspices of the School of
Business, the first Conference on Consumer Financing to
May
held in
be
the United States will take place.
Among the
speakers scheduled to address the conference are
Morton Bodfish, Executive Vice-President of the United
State Building and Loan League; R. B. Umberger, VicePresident of the Personal Loan &
Savings Bank, Chicago;
C. R. Orchard, director of the Credit Union Section of the
many
Farm
IGredit
Administration;
G.
Earle
special
Ingram,
counsel of the Division of Consumer Credit of the Wisconsin
State Banking Department, and John H. Cover, Professor of
Statistics in the School of
Business, University of Chicago.
Chronicle
Association
Automobile Show
Held
Be
to
in
York
New
Oct. 27 to Nov. 3
Invitations to exhibit in the National Automobile Show,
in Grand Central
issued
May
4
Palace, New York, Oct. 27 to Nov. 3,
all
to
recognized
of
manufacturers
were
motor
vehicles, trailers, shop equipment and accessories both here
abroad, along with plans for decorations and promotion
President
and
its
than
long list
issued by the
of
predecessors,
said
successful
more
even
announcement
an
Automobile Manufacturers Association,
New
York, which added:
Drawing
will
for
passenger
feet of
in
the
first
space,
applications
with
27,
section
car
the
Alfred
Reeves,
must
Show
which
be
which
the exhibit,
of
Palace, will take
drawing,
car
passenger
May
the
square
the automobile manufacturers in Detroit
included
be
To
in
space
56,000
occupy
annual meeting of
Friday of Washington, a director of the National Bureau
Research, and Harold G. Parker, Vice-President
of Economic
of
Standard
Statistics Co.
evening, May 27, arrive at Bermuda early on Saturday
morning, May 29, leave Bermuda Sunday evening, May 30,
and
arrive back in
New York early Tuesday morning,
June 1.
Manager,
366
equipment
and
Madison
&
Bank
Exhibitors
in
the
trailer,
shop
required to have their applications
New
Aveuue,
accessory
filed by May 27 in
section
are
order to share the
will be
Monday
Trust
York
__________
ITEMS
ABOUT
BANKS,
COMPANIES,
TRUST
P
Arrangements were made,, May 12, for the transfer
New York Stock Exchange membership at $96,000.
previous transaction
$100,000,
was at
&c.
of a
The
May 3rd.
on
$
Governors of the Commodity Exchange,
Inc., at its regular meeting, held May 12, voted to close the
Exchange for all business on Saturdays from July 3 to Sept.
4, 1937, inclusive.
The Board also voted to suspend trad¬
ing in all metals on Saturday, May 29, 1937, preceding
Memorial Day.
.
,
that is included in the first allotment.
space
of the convention at sea
Co., Norwich; Secretary, Clifford F. Post,
City; executive Manager, W. Gordon Brown,
New York City.
New
The Board of
York.
preferred
of officers for the new year
The election
at the final session
afternoon, May 31. Present officers of the Association are:
President, Mr. Ball; ^Vice-President, Frank K. Houston,
President, of the Chemical Bank & Trust Co., New York
City; Treasurer, Otis A. Thompson, Cashier of the National
June 3.
on
generally requires all the
not
later than noon,
filed
New York.
of
The cruise convention will sail from New York Thursday
during the
place
Lincoln-Alliance Bank &
the
ship going and returning, and two full days ashore for the
enjoyment of Bermuda.
Other speakers will be Dr. David
and
which is expected to make the affair
of
Trust Co., Rochester.
The convention this year is taking the
form of a cruise to Bermuda with business sessions on board
held
National
3267
»
...
The
Illinois
Bankers
vention
in
Association
Chicago
Guaranty Trust Co. of New York announced on May
appointment of Stuart C. DuBreuil as Assistant
Treasurer and Frederic K. Bullard as Assistant Secretary.
the
13
to
Hold
Annual
24-25—J.
May
F.
Con¬
Schmidt
Nonimated for President
The forty-seventh annual convention of the Illinois Bank¬
Association will be held at the Palmer House, in Chicago,
ers
May 24 and 25. Nearly 1,000 officers and delegates, repre¬
senting the 815 member banks, are expected to attend the
A.
Graettinger,
Executive Vice-President, an¬
in Chicago on May 3 that J. F. Schmidt, Vice-Presi¬
nounced
was
elected
trustee of the Bank of
a
Mr.
11.
Motors
Acceptance Corp., New York City,
May 4 from the New York State Bank¬
ing Department to open a branch office in Montgomery, Ala.
General
The
convention.
Martin
Charles E. Adams
New York & Trust Co., New York
City, on May
Adams is President of the Air Reduction Co.
received authority on
dent of the State Bank of Waterloo had been nominated for
of
President of the Association and Fred A. Gerding, President
the First National Bank of Ottawa, for Vice-President.
National Bank & Trust Co., New York,
Two candidates for Treasurer were named by the Nominat¬
Jensen and
At
a
meeting
of the Public
appointed Robert E.
Assistant Cashiers.
13 the directors
held May
Philip L. Glass as
ing Committee, which selects candidates suggested by the 12
regional groups of
Treasurer are R. O.
tional
Bank
President
of
of
the association.
The candidates for
Kaufman, President of the First Na¬
Vernon, and W. H. Martin, Vice-
Mount
National
Second
the
Bank
Danville.
of
election will be held at the annual convention.
Executive Vice-President,
tinger,
who
has
The
Mr. Graet¬
been
with
the
Gwathmey Jr.,
Archibald B.
a
partner of E. A. Pierce &
Co., members of New York Stock Exchange, died after a
brief illness on May 13 at his home in New York City.
He
was
63 years old.
Born in Brooklyn, Mr. Gwathmey, after
Brooklyn Polytechnic
attending
Institute, graduated from
the Sheffield Scientific School at Yale in 1894.
Association for 20 years, and Mrs. O. S. Jennings, Secretary,
member
equally
He
was a
until 1928.
long, hold these offices through appointment by
as
the Council
Dr.
will
who
address
forty-seventh
the
annual
convention of the Illinois Bankers Association in the Palmer
House, in Chicago, May 24-25, Martin A. Graettinger, Ex¬
ecutive Vice-President of the Association, announced in
Chicago, May 10.
J. F. T. O'Connor, Comptroller of the
Currency, will speak on "Banking Progress" and Stewart
McDonald, Administrator of the Federal Housing Adminis¬
tration, will speak on the subject, "Homes—Speculation or
Investment?"
Dr. Moley, who \^as intimately associated
Administration
Roosevelt
the
during
first
its
two
will address the bankers on the subject, "Where Do
We Go from Here?'"
The following is also from the an¬
years,
Orval
W. Adams,
and
Lake
Mr.
of
nouncement
tion
Executive
City,
York
New
will
Graettinger
:
discuss
current
the Utah State
of
Walter
E.
National Bank,
Bait
the title
"At
economic conditions under
Vice-President
Hallett,
at his home in
Co.,
Richmond,
of
his
Va., will
speak
of the State-Planters
"Principles
on
trends.
Community Problem"
and
the
Bank & Trust
Current,"
in
a
present financial
"Industrial
Louis
Peace
of
labor relations
Nearly 1,000
Is
a
Trustee
and
of
was associated with the Bank for Savings longer
other active employee, having come to the bank
in 1891.
He was made an officer in 1917, Vice-President
in 1927, and was elected a Trustee in 1934.
Mr. Hallett was
recently reelected Treasurer of the National Association of
Mutual Savings Banks, an office which he held for a num¬
ber of years.
He was born in Astoria, Long Island, in 1864.
He was a certified public accountant, and a graduate of
Columbia University, where he was a member of Phi Beta
Kappa.
than
any
«
...
made by the Lawyers Trust
was
Co., New
May 11, of the election to the board of Raoul E.
Desvernine of the law firm of Miller, Owen, Otis and Bailly.
York,
on
Effective May 1, the corporate title of the Second National
Bank of Hempstead, N. Y., was changed to the Second
upon
problems.
officers of the
815
of Hempstead.
which
*
President
member banks are expected to attend
vital legislative and economic
The
respective stockholders of the Green Island Bank,
Green Island (P. O. Troy), N. Y., and the State Bank of
Albany, N. Y., will vote on May 25 on a proposed consolida¬
the convention, at which committee reports on
tion of the institutions.
problems in the State will be considered.
Bank, totaling $75,000 with a par of $50 a share,
liquidated at $160 a share.
There also is $75,000 in
debentures, included in the capital stock, which
liquidated at face value.
Holders of common will
Bank
tees
Management,
are
expected
Crime Prevention,
to be
among
The reports of the Agricultural,
Education and Legislation Commit¬
the most important.
State Superintendent of Banks W. R. White to Address
New York State Banks Association Convention
William R. White, Superintendent of Banks of New York
State, will be
among
the speakers to address the
conven¬
tion of the New York State Bankers Association which faill
be held
ton"
at sea on
over
the
the
Mr. Hallett
National Bank & Trust Co.
is the thesis
of Servel, Inc., Evansville, Ind., will base
the financial, political and social aspects of present-day
Ruthenburg,
discussion
1903
*
Harvie Wilkinson, Vice-President
discussion
from
13
Bronxville, N. Y., after an extended illness.
the Flood Gates."
J.
Exchange
Bank for Savings in the City of New York, died on May
Announcement
First Vice-President of the American Bankers Associa¬
Vice-President
Cotton
»
Raymond Moley, editor of "News-Week" and former
speakers
with
the
of Administration.
Assistant Secretary of State of the United States, is among
the
of
board
Memorial
the
Day
transatlantic liner "Washing¬
week-end, it
was
announced
recently in Rochester by Raymond N. Ball, President of the
a
total of
until
The
$240,000.
issuance
of
Common stock had
the
"Knickerbocker
Common stock in the Green Island
debentures two
Press"
of
May
or
a
will be
class B
will
be
receive
$100 par value
three years
ago.
12, authority for the
above, added, in part:
The Green Island Bank will be
was
reported
The
smaller
State
several
Bank
institution.
days
will
closed and
not
the assets
and
operated
as
a
branch,
as
ago.
take
over
assume
liabilities of the
Financial
3268
The
election
of
B.
Walter
Lashar
President
as
of
the
First National Bank & Trust 0o. of Bridgeport, Conn., while
continuing
Chairman
as
the Board
of
of
Directors,
was
announced
this week by the institution, it is learned from
the Hartford "Courant" of May 12.
Mr. Lashar will devote
Chronicle
ment of a
1932.
May 1.
The Chicago "Journal of Com¬
4, from whose account of the matter the
foregoing is obtained, went on to say:
Mr.
Rockaway, N. J., was placed in voluntary liquidation. The
institution, which was capitalized at $100,000, was absorbed
by the First National Bank of Morristown, N. J.
■'
♦
As of April
■
assessments
Previous
institution, which was capitalized at $50,000,
absorbed by the Foxburg Bank, Foxburg, Pa.
was
Wilman.
who resigned.
The Markle
Banking & Trust Co. of Hazelton, Pa., cele¬
brated the 70th anniversary of its founding on May 6.
The
occasion was marked by a dinner at the Altamont Hotel in
Hazelton at which Alvan Markle, Jr., President and Trust
Officer of the institution, was the principal speaker and
John H. Bigelow, Toastmaster. Hazleton advices on May 6
tojhe Philadelphia 'inquirer" in reporting this, continued
in
part:
Bl
partnership entered into
1867, by Ario Pardee,
May 6,
on
banking business with
total
capital of $60,000.
a
of $956,972
resources
and total
deposits of $818,017.
Thereafter
A.
A.
Hostetler
was
Farmers & Merchants
elected
recently
President
of
the
Ohio, to fill the
caused by the death of H. S. Rutt, according to a
vacancy
dispatch
from
that
"Money and
place appearing in
Lawrence C.
The first, amounting
paid in October, 1934.
»
12,000 depositors with approved claims in the closed State
Savings Bank of Royal Oak, Mich. Savings depositors were
to receive $421,028 and commercial depositors $68,205.
The
"Michigan Investor" of May 8, from which this information
is obtained, supplied further details as follows:
The
State
Banking
examination
has
payment
the
of
been
received from
and is deposited in
checks
y.■■■.
y
,->y
withdrawals would have expired.
of
funds
received
and
$50,810.06
children
savings account
on
The previous dividends totaled 22%.
233,829.87,
received
the
by the receiver since the bank was
90-day moratorium
the receiver paid a 5%
hand,
on
depositors
y'y'yyv.-. v,;v
third distributed
The dividend is the
Out
Finance Corporation
the Reconstruction
closed, June 11, 1931, the day the
$37,392.18,
The money
the Guardian Bank of Royal Oak, on which the dividend
drawn.
are
following an
for the
the pay-off
approved
Department has
receivership accounts and) records.
with
dividend, Jan. 31, 1933.
depositors
commercial
the
in
money
School
paid
were
Savings
ihmd
payment of their claims in full.
as
4
May 20 the State Bank of Croswell, Croswell, Mich.,
make
will
fourth
its
release
holders
to
certificates
of
of
participation, according to advices from that place, printed
in the "Michigan Investor" of May 8, which added:
This
latest payment of
10% will amount to $42,097.
1936,
July,
1936,
Sixty per cent, of
released in addition to payments
original deposits have been
»
announced
representing a 12% dividend totaling $489,233
have been mailed by Harry W. G. Gross, the receiver, to
Com¬
merce" of May 8.
S. Johnson, receiver
Checks
On
Bank of Smithville,
repay¬
in the "Michigan In¬
This is the second dividend payment.
•
,
a
all claims against the receiver's trust.
on
conservative and constructive banking."
on
made
ago
First National Bank in Manistique, has
to 60%, was
the business of the institution increased rapidly under the slogan that "the
stability of the future depends
Manistique advices, printed
10% dividend
Savings
after the founding of the bank, available records reveal
months
several
Dawes
payments had
by Dwight D.
for $25,000
was
$5,200.
From
George Bushar Markle andjWilliam Alexander M. Grier to conduct a pri¬
years
G.
largest
vestor" of May 8, it is learned Gottfrid
The bank, which on March 1,1937, reported total resources of $9,811,034,
deposits of $7,531,906, and individual trust funds of $6,725,387, is an out¬
vate
The
of stockholders indicated
$100,000 in
♦
a
It is learned from Jennerstown, Pa., advices, printed in
"Money and Commerce" of May 8, the directors of the Peo¬
ples State Bank of that place have elected Mrs. Margaret
O'Connell Assistant Cashier to succeed Mrs. Claude Raley,
^Thirty
decree, about
the final
Charles
groups
ruling.
Wilkerson's
Judge
entry of
General
of
for the
♦
a
appeal
to
pointed out that several other payments
Meanwhile, other
28, the First National Bank of Parkers Land¬
The
growth of
the RFC,
for
been made by stockholders.
ing, Parkers Landing, Pa., was placed in voluntary liquida¬
tion.
May
made this week.
would
they
ment
'
1
of
Albers, special receiver appointed by the court to collect the stock¬
will be
Effective April 28, the First National Bank in Rockaway,
entered
was
ers
holders'
•
$90,000,000 loan made by the RFC to the bank In
The final decree fixing the liability of the stockhold¬
merce"
couple of hours daily to affairs at the bank.
a
May 15, 1937
and December,
January,
on
1936.
T.';:Vv
•
Bucher, connected with the Ohio State Bank¬
Notice of payment of a third liquidating dividend of
ing Department as an examiner for Southwestern Ohio, was
elected an Assistant Vice-President of the Ontral Trust Co.
to
of Cincinnati
12*4%
tificates
In noting his
on
May 11 and will
assume
his
new
duties.
election, the Cincinnati "Enquirer" of May 12
continued, in part:
He
entered
Trust
the
State
interval of
an
the Worldi War,
two years,
Banking
Department
the American
of
when he
was
in
the army
during
he served that institution until he became associated with
in
Dayton bank from 1926 to 1931.
Chapter
He
1931.
1916 he
In
Institute of
was
was
Ind.,
Calumet
Dayton
National
version to the National
is President of the
new
of
Hammond,
Hammond,
System of the Calumet State Bank
Joseph E. Meyer
bank and Edward Meyer, Cashier.
»
Linton, Ind., advices
"News," it is learned that
Bank
was to
of
May 3 to the Indianapolis
10% dividend, amounting to
the
be paid to the creditors of the First National
on May 5.
The dispatch also
receivership four years ago 68%,
dividends totaling $122,000, had been made.
The
tion
'
;
«
The Merchandise National Bank of
Chicago, Chicago, 111.,
representing a conversion of the Merchandise Bank & Trust
Co.
to
the
are
President and Cashier, respectively.
Central
Republic
stockholders'
Bank &
Trust
Co.
Chicago
(the
once headed by General Charles G'. Dawes)
was
May 3 to Charles H. Albers, receiver of the bank,
by Dawes Brothers, Inc.
The sum paid by the firm (the
Dawes family
holding company)_ represents- approximately
10% of the $10,500,000 judgment against 3,200 stockholders
that Federal Judge James H. Wilkerson sustained on May 1
that day
of
the
Reconstruction
reconsideration of his recent opinion
(Nov. 7, 1936)
holding them responsible for part of the deficiency in repay¬
Corp.
will
an
aggregate
have
paid
its
The present dividend will bring
points
out
that checks
will
be
mailed
of
the
yy
the
/
#
affairs
Bank-Detroit, Detroit, Mich.,
May 1 carried the following:
the
"Michigan
indications
National
point to
Bank
of
payoff
a
in
Detroit with
eventually liquidate all
did not
20 and
corpora¬
•:V /■•yy'-y-y
defunct
All
May
liquidating dividend.
the
claims
full
to
First
depositors
National
Investor"
of the
of
defunct
the
remaining assets being sufficient
of depositors.
B. C. Schram, receiver,
make
remaining
which is
public the date of the payments, however.
The value of all
assets was estimated by Mr. Schram as being $114,775,331,
well above
the depositors' claims.
y y
♦
P* The final 20% payment of impounded funds at the time
of the 1933 national banking
holiday will be paid to holders
of participation certificates on June
5, Peter Handberg,
Cashier of the Peninsula Bank of
Ishpeming, Mich., has
announced, according to advices from that place on May 10
to
the
Milwaukee
"Sentinel".
The
dispatch supplied
further details
as
follows:
Although final date for payment
is
was Sept. 5, 1938, the Peninsula Bank
making the last installment'l5 months ahead of schedule,
A total of
$138,307.28 will be paid to depositors, of which $97,973.34 is the dividend
and $40,333.94 represents interest.
4
A payment
of $22,000
was
made last week by the trustees
of the
segregated fund of the Union State Bank of Amery,
Wis., representing a 5% dividend, it is learned from a dis¬
patch from that place
on
May 2 to the Milwaukee "Sentinel"'
which added:
The payment was
the second from the fund
ously been made.
Finance
Corporation.
On
Judge Wilkerson overruled the plea of stockholders
for
Depositors
$12,469,237.
liability in the
of
on
favor
of
on
.
.
$1,306,438.38.
institution
made
.
The aggregate payments, plus interest, since
reopening of the bank are
♦
Payment of $1,027,600 for
approximately $3,117,006
Guardian
of
National
System, was chartered by the Comp¬
troller of the Currency on May 6.
The new bank is capi¬
talized at $500,000.
R. L. Redheffer and H. J. Reichwein
total
indorsement
an
institution.
to
be necessary for certificates to be presented to the
Concerning
to
in
a
announcement
for
in two
old
dividend,
v..'
Jasonville, Ind.,
additional loan of $119,925 from the Reconstruction
Finance Corporation, depositors of the South Side Savings
Bank & Trust Co. of Chicago, have received another 5%
payment, amounting to $143,801, bringing total disburse¬
ments to date to 55%.
John A. Carroll is receiver for the
amount
certificates.
payments on the certificates to 50% and total dividends paid
original claims against Guardian National Bank of Commerce to
that it will not
First
by
in
84%.
stated that since going into
BfThe Chicago "News" of May 10 reports that aided largely
The
total
the
on
on
a
will
$24,938,489
certificate holders
Bank
y,y.
From
The dividend
of
Including this
Hammond, is capitalized at $200,000.
$18,000,
and creditors
distribution is payable May 20 to holders of record May 10.
We quote further from the Detroit "Free Press" of May 1:
Banking.
chartered by the Comptroller of the Currency on
The new organization, which represents a con¬
was
April 30.
of
Depositors Corp. participation cer¬
(representing the 32% balances assigned by de¬
of the defunct Guardian National
Bank of Commerce of Detroit, Mich, under a plan dated
Oct. 25, 1934) was announced on April 30 by W. T. Zurpositors
Vice-President of the
President of the
#
The
of Guardian
Schmiede, President and Treasurer of the corporation.
Co.
Except for
the
banking field in 1911 with the Dayton, Ohio, Savings &
holders
v
At
of St.
an
a
a
5% payment having previ¬
.'
♦
•
meeting of the directors of the First National Bank
Louis, Mo.,
Assistant
on May 11, Herbert F. Boettler, heretofore
Vice-President, was advanced to a Vice-Presi-
Volume
Financial
144
Mr. Boettler has been with the institution for many
dent.
At the same meeting the directors elected Willard
Cox, President of the Coca-Cola Bottling Co., of St.
It is learned from the Toronto "Financial Post" of today's
years.
date
R.
official
Louis,
member of the Board.
a
May 6 the Barnett
W.
National
Bank
Jacksonville,
of
the
following changes
banquet and dance at the Mayflower Roof Garden, Jack¬
attended by more than 100 persons.
Bion H.
L.
Kerr,
formerly
Western
formerly
Gemmill,
Inspector,
Manager
at
been
made
the
in
of
progress
10-year periods from its establishment in
to
be
Manager
at
to
be
Manager
at
Alta.,
»
The Bank of
Barnett, Chairman of the Board of Directors, who was the
principal speaker of the evening, reviewed the
Winnipeg,
Stettler,
Colonsay, Sask.
sonville,
the institution in
have
of the Bank of Toronto, head office Toronto,
staff
Edmonton.
Fla., celebrated the sixtieth anniversary of its founding by
a
that
Canada:
*
On
3269
Chronicle
Montreal, Montreal, Canada, has announced
the following appointments in its official personnel,
ing to
the Toronto
"Financial Post"
of today's
accord¬
(May 8)
1877, with but three employees, as the Bank of Jacksonville
date:
(the name was subsequently changed to the Barnett Na¬
tional Bank) to the present time.
The institution today
R.
J.
Cock, formerly at Winnipeg, to be Manager at Goldfields, Sask.
A.
J.
N.
is
capitalized at $1,500,000 and has total
603,254.
of $27,-
resources
A.
Manager at Calgary, Alta.
Macpherson, formerly Assistant
Associate
♦—
Two promotions in the trust department of the Florida
National Bank of Jacksonville, Fla., that of L. V. Chappell
and S. Wayne Cahoon, to Assistant Trust Officers, were
announced
by
officials of the institution
learned from
had
the "Florida
the following to say
regarding the
of
6,
May
on
Times-Union"
it is
May 7, which
Foss, formerly of superintendent's department, Winnipeg, to be
Assistant
J.
at
R.
Manager
at
Duke
University Law
St.
at
John's
Co.
Trust
been
Mr.
in
He
York
been
identified
Cahoon
Florida
is
for
1930,
after which he
formerly
was
having graduated from the
connected
did
graduate
with
the
work
Brooklyn
several
the
of
for
a
little
Bank
trust
for
13
years,
department.
Banking and
corporate
than
more
four
years.
native of Jacksonville and has
a
National
with
Institute
and
School
College.
of New
Carolina,
has
been
connected with the
approximately eight of which
He
is
specialized
graduate
a
in
trust
the
of
department
have
American
accounting
work.
trust
*
Associated
Press
advices from Austin, Tex., on May 3,
following regarding the affairs of the defunct
contained the
First State Bank of Arlington, Tex.:
Zeta
Gossett,
final
payments
First
State
State
Bank
of
"Depositors with
paid,
probably
Banking Commissioner, said
deposits
on
in
to $5,000
up
Monday
(May
being made at
were
that
3)
the
closed
Arlington.
than
more
full,
that
from
amount,"
collections
we
Mr.
Gossett
make.
said,
"will be
may
This
take
six
months."
No
propositions for the organization of
a new
bank have been filed.
»
The Idaho First National Bank of Boise, Boise, Ida., has
issued an illustrated brochure in commemoration of the
seventieth
anniversary of its establishment, the institution
opened for business under the titled of the First
having
National
Bank
of
Idaho
on
May 15, 1867, with a paid-in
In its statement of condition on July 1,
the newly-organized bank showed total resources of
capital of $80,000.
1867,
$136,109.
In the fall of 1933, seven affiliated State banks,
then operating as independent units, were
incorporated with
the First National Bank of Idaho as branch
banks, and in
1936, the corporate name of the institution was
changed to the Idaho First National Bank of Boise.
As of
July,
March
31, the present
year, the enlarged bank showed com¬
surplus, undivided profits and reserves of
$1,683,868 and total assets of $20,675,995. Crawford Moore
bined
capital,
heads the
institution, while John A. Schoonover
is Executive
Vice-President.
*
Following the regular board meeting on April 30, Paul S.
Dick, President of the United States National Bank of Port¬
land, Ore., announced the following changes in the bank's
J. J. Gard, Comptroller, was advanced to the
position of Cashier, succeeding W. M. Cook, Vice-President
personnel:
and
time
Cashier, who relinquishes the latter post to give full
to his duties as one of the Senior
Vice-Presidents;
Milton W.
the
Rice of the trust department was promoted to
position of Comptroller, while Hal L. Stiles, Assistant
Cashier,
Assistant
was
relieved
Personnel
executive activities.
elected
a
of
his
Director
At the
duties
to
same
Chief
as
devote
Clerk
time
and
to
his
meeting C. F. Wright
was
director.
more
/
*
Acquisition of the Tower Savings Bank of Seattle, Wash.,
by the Seattle Trust & Savings Bank of that city, the former
institution becoming a branch of the latter, was to be con¬
summated on May 8, it is learned from the Seattle "PostIntelligencer" of May 6.
Cebert Baillargeon continues as
head of the Seattle Trust & Savings Bank, while Frank E.
Burns, former President of the Tower Savings Bank, has
been made a Vice-President and a director of the
enlarged
bank, in charge of the new branch.
We quote in part from
the paper mentioned:
With purchase of the Tower Savings Bank the Seattle Trust &
Savings
Bank expands its resources to more than
$8,250,000, making it
one
of the
biggest savings banks in the State.
Depositors of the Tower at the last bank call
$1,912,000 and
resources
to
$2,392,000.
while
on
Mar. 31 amounted to
Seattle
Trust
&
Savings
Bank reported its deposits at $5,180,000 and total resources at more than
$6,200,000.
With minor adjustments the combined figures will represent the
deposits
and resources of the Seattle Trust &
Savings Bank after May 8, effective
date of the purchase.
From the membership of the present
advisory board will be formed
directing board of the Tower
an
to actively assist in the future conduct and
business of the branch bank.
>
Calgary,
Alta.,
to
be
Cook,
formerly
accountant
at
Sherbrooke,
to
be
Manager
at
be Manager
at
Canso, N. S.
R.
Corner
G.
Eldridge, formerly
Brook,
Manager
at Mahone
Bay,
to
Nfld.
of the new
careers
years prior to his connection with the
department of the Florida National Bank, with which institution he
trust
has
native of North
a
at
Gervais, formerly at Richmond, Que., to be accountant in charge
W.
THE
Chappell is
Manager
111.
Senneterre, Que.
C.
officers:
Mr.
Chicago,
CURB
EXCHANGE
Curb market
trading has been dull and listless during most
daily transfers dropped to an unusually
Prices have been irregular, and while there were
brief periods of strength, the advances were not maintained
and the general tendency has been downward. Public utili¬
ties attracted a moderate amount of buying and there was
some interest displayed at times
among the oil shares and
mining and metal stocks. Specialties also showed occasional
gains, but they were generally in minor fractions.
Price movements were dull and without noteworthy feature
during the abbreviated session on Saturday, and while there
were
occasional advances scattered through the list, the
trend, on the whole, was toward lower levels. In the special¬
ties group Pepperell Manufacturing Co. moved backward
and forward and finally closed at 140 with a gain of 3
points.
Derby Oil pref. registered an advance of 4 points on a small
turnover and Safety Car Heating &
Lighting improved
2 points to 135. The volume of sales for the day was
approxi¬
mately 118,000 shares, the smallest turnover for the short
session since last September. There were 286 issues traded
in with 81 advances and 92 declines, most of these being in
of the week and the
low level.
minor fractions.
Lower
prices again ruled in the Curb market as the trading
on Monday and many
active shares slipped
downward from 3 to 5 or more points. Pan American Air¬
ways and Aluminum Co. of America were particularly weak,
the former dipping 3K points to 66
while Aluminum Co.
of America dropped 5% points to 130 34- Metal stocks were
fairly steady and some of the slow-moving issues registered
fractional gains.
Alabama Great Southern moved against
the trend and closed at 79 with a gain of 1}{ points; Ohio
Power moved up a point and Penn Salt advanced 5
points to
175. The transfers were 216,661 shares, against 239,000 on
Friday the last full session.
Numerous declines were apparent all along the line as the
market came to a close on Tuesday. Public utilities bore the
bulk of the recessions though the downward movement ex¬
tended to practically every active group in the list. Transfers
were
light and dropped to approximately 194,000 shares
against 217,000 on Monday. Industrial stocks were generally
weak, particularly Pittsburgh Plate Glass, which moved
downward 2 points to 121; Columbia Pictures, 4 points to
34;
Singer Manufacturing Co., 2 points to 295; Thew Shovel,
2y2 points to 57Yi\ Bunker Hill-Sullivan, 2 points to 25^;
Mangel Stores pref., 3 points to 60, and Penn Power &
Light pref., 2}/% points to 98.
Irregularity marked the trading on Wednesday, and while
there were a few strong spots scattered through the list, the
declines largely exceeded the advances.
Pepperell Manu¬
facturing Co. moved ahead to 139H at its top for the day
but dropped back to 136 and closed with a gain of 1
point.
Aluminum Co. of America improved a point and Cities
Service pref. BB forged ahead 2 points to 50.
Prominent
among the declines were General Tire & Rubber 2% points
to 27Y%\ Minnesota Power & Light pref., 8 points to
90;
Safety Car Heating & Lighting, 7 points to 128; Tubize
Chatillon A, 3 points to 83, and Alabama Great Southern,
2 points to 77.
New lows for the movement were registered by many
active stocks on Thursday as the market turned
sharply
downward due, in a measure, to labor troubles in the steel
group.
Jones & Laughlin Steel, against whom the C. I. O.
had called a strike, tumbled 93^2 points to 95 H>, and Babcock & Wilcox dipped 8 points to 118.
Public utilities
again weakened, United Light & Power pref.
A declining
4Yi points to 42^, and Long Island Lighting pref. B dropped
4Yi points to 65.
Specialties were also hard hit, Dow
Chemical slipping back 9 points to 1353^, Draper Corp. 6
points to 80, Pepperell Manufacturing Co. 4 points to 132,
and Pittsburgh Plate Glass 5 points to 115.
Following moderate irregularity during the early trading
the market displayed some improvement and small gains
were registered by a number of the more active of the
specu¬
was
resumed
lative favorites.
Aluminum Co. of America
was
in demand
Financial
3270
Chronicle
1937
15,
May
and climbed
rapidly upward and closed at 142Iwith a gain
points.
Jones & Laughlin Steel moved up 9 % points
following the announcement that the strike had ended and
Brown & Co. pref. forged ahead 2% points to 64.
In the
general list the advances and declines were about evenly
balanced.
As compared with Friday of last week, prices
were generally lower, American Cynamid B closing last night
at 2934 against 3034 on Friday a week ago, American Gas &
Electric at 32 against 33, Carrier Corp. at 4334 against 4934,
Consolidated Gas of Baltimore at 72 against 74, Creole
Petroleum at 3234 against 33%, Electric Bond & Share at
16% against 18%, Fisk Rubber Corp. at 13% against 1534.
Ford of CaDada A at 2334 against 24%, Gulf Oil Corp. at
5234 against 56, Hollinger Consolidated Gold Mines at 11
against 11%, Humble Oil (new) at 76 against 7734, Lake
Shore Mines at 52 against 53%, New Jersey Zinc at 79 against
82, Newmont Mining Corp. at 107 against 110, and SherwinWilliams Co. at 129 against 133.
of 7
TRANSACTIONS
DAILY
AT
THE
YORK
NEW
EXCHANGE
CURB
We collect
{Par Value)
55
May 14, 1937
Monday
Tuesday
Wednesday
Thursday
Friday
Member Federal Reserve
Total
1,416,231
FOREIGN EXCHANGE
$17",000
11,000
14,000
33,000
13,000
$88,000
$151,000
requirements of Section 522 of theJTariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
1937
1,036,382
59,228,372
67,492,124
$10,823,000
452,000
243,000
$200,977,000
6;247,000
5,509,000
$383,133,000
8,013,000
5,099,000
$8,138,000
Total.
$11,518,000
$212,733,000
$396,245,000
TREASURY CASH AND CURRENT LIABILITIES
The cash
holdings of
April 30, 1937, are set
are taken entirely from
States Treasury of April
the Government as the items stood
out in the following.
The figures
the daily statement of the United
30,1937.
CURRENT ASSETS AND LIABILITIES
GOLD
Liabilities—~
Assets—
Gold
$
Gold certificates:
.11,799,288,470.81
of Treasury)
2,905,551,529.00
of Govs., F. R.Sys
Redemption
6,027,925,937.68
fund—
Fed. Res. notes...
9,595,400.85
156,039,430.93
reserve
Exch. stabillza'n fund.
1,800,000,000.00
10,899,112,298.46
Gold In general fund:
Inactive
567,996,793.58
result, from reduc¬
in
weight
the gold dollar
of
In working balance.
May 8
140,907,191.92
191,272,186.85
-
SILVER
Assets—
Liabilities-—
$
$
Silver ctfs. outstanding. 1,243,104,573.00
Treasury notes of 1890
817,967,609.66
505,826,946.00
Silver dollars
outstanding
1,172,822.00
79,517,160.66
Silver in general fund--.
Total
Total
1,323,794,555.66
1,323,794,555.66
Federal Reserve notes.
.
Fed. Reserve bank notes
Subsidiary silver coin
Minor coin
Silver bullion (cost val.)
Silver bullion (recoinage
value)
money
1,441,160.89
Unclassified—
Collections, &c
3,127,935.96
Deposits in:
Fed. Reserve banks._
131,641,764.18
Special depos. acct. of
sales of Govt.secur.
To credit of Treas¬
urer
U. S
credit
U. S
credit
other
1,611,174.11
notes(5% fund
money)
Uncollected items,
ex¬
changes, &c
Total
Note
above)
Seigniorage (silver) see
note 1
1,884,405.69
1,879,918,846.61
1—This
18,630,621.11
.012825*
.012825*
.012825*
.012825*
.034856
.034856
.034857
.034851
.220345
.220562
.220629
.220645
.220404
4.937300
1.936333
t.941500
1.942500
Finland, markka
.021780
.021789
.021787
.021805
i.942250
.021781
France, franc
Germany, reichsmark
Greece, drachma
Holland, guilder
Hungary, pengo.....
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
.044900
.044796
.044851
.044841
.044801
.044770
.402057
.402039
.401978
.401650
.400958
.400707
.009037*
.009048*
.009051*
.009051*
.009053*
.009053*
—
140,907.191.92
350,469,896.77
642,138,931.18
1,701,512,813.45
Total
1,879,918,846.61
item represents seigniorage resulting from the issuance of
alive*
tion dated Aug. 9,1934.
Note 2—The amount to the credit of disbursing officers and certain agencies today
$1,998,960,517.83.
.548696
.021785
.549017
.549814
.649807
.549796
.197875*
.197625*
.197850*
.197850*
.197850*
.197850*
.052604
.052608
.052605
.052606
.052607
.052606
.247983
.248000
.248220
.248291
.248310
.248054
.549007
.189400
.189400
.189250
.189400
.044733*
.044783*
.044733*
.044725*
.044741*
.007282*
.007296*
.007296*
.007296*
.007296*
.007296*
.055357*
Spain, peseta.
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
.189433
.044675*
.054750*
.053812*
.054250*
.053375*
.053142*
.254450
.254450
.254704
.254775
.189400
.228764
.229003
.228994
.254800
.229012
.254522
.228776
.023040*
.023060*
.023060*
.023060*
.023060*
.023060*
.297875
.228587
Asia—
China—
Chefoo (yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) do]
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee..
Japan, yen
Singapore (S. S.) dol'r
.297875
.298083
.297875
.298083
.298083
.298041
.298250
.298041
.298250
.298250
.297916
.298250
.297916
.298041
.298250
.297916
.298041
.298250
.298041
.298250
.298250
.298041
.306387
.306437
.306593
.306750
.306593
.306281
.298041
.372628
.372800
.372825
.372990
.3726001
.287662
.287671
.287740
.287816
.287883
.287716
.578875
.578875
.579500
.579687
.580000
.579187
.372622
Australia, pound
New Zealand, pound.
.934821*3 .934821* 3.936197*
.939107*3 .939107*3.935714*
.962678*3 .963750* 3.964285*3.968333*3 .968750*3.964427*
Africa—
South Africa, pound.. 4.890833* 4.889285* 4.893214*4.896071* 4.894218* 4.890714*
North America-
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
.002187
.002115
1.002127
1.002187
1.002187
1.001802
.999166
.999166
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.277500
.999687
.999661
.999687
.999687
.999687
.999335
.329083*
Argentina, peso
Brazil (offlolal) mllreis
(Free) mllreis
.329016*
.329283*
.329460*
.329420*
.329033*
Uruguay,
.087188*
.087205*
.087188*
.087172*
.087172*
.064350
.064375
.064300
.064400
.064314
.051725*
.051725*
.051725*
.051725*
.051725*
.569631*
.569637*
.569631*
.669631*
.569631*
.669631*
.785750*
peso
.087172*
.063714
Chile, peso
Colombia, peso
.786000*
.787000*
.787000*
.787000*
.786000*
.051725*
Nominal rates; firm rates not available.
COURSE OF BANK
CLEARINGS
Bank
clearings this week will show an increase 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, May 15),
bank clearings for all cities of the United States from which
it is possible to obtain weekly returns will be
2.9% above
those for the corresponding week last
year.
Our
prelimi¬
total stands at $6,060,524,124, against $5,890,234,280
same
week in 1936.
for
At this center there is
Friday of 0.5.
Our comparative
a
loss for
summary
the week follows:
Clearings—Returns by Teiegraph
Week Ending May 15
Per
Boston
Kansas City..
St. Louis
Pittsburgh
New Orleans..
Twelve cities, five days..
1937
1936
$2,792,437,890
279,091,253
319,000,000
193,961,000
79,152,458
78,200,000
121,866,000
124,679,838
101,631,912
90,059,003
59,256,806
35,319,000
Total all cities, five days
567,996,793.58
certificates equal to the oost of the silver acquired under the Silver Purchase Act o*
1934 and the amount returned for the silver received under the President's proclama"
was
$
.012837*
Baltimore
408,460.09
To credit of Treas¬
U. S..
.168400
Other cities, five days
Working balance
Philippine Treasury:
urer
.187100*
.168588
Cleveland
Nat.
bank
Inact. gold (as above)
Increment on gold (as
1,321,869.08
of
.187100*
.168705
San Francisco.
32.829,145.99 Balance today:
Govt, officers
.187114*
.168728
$2,805,783,120
—0.5
234,674,799
275,000,000
176,395,000
69,392,345
74,600,000
111,423,000
102,346,493
87,181,028
70,514,593
49,052,930
28,243,000
+ 18.9
$4,274,655,160
775,781,610
$4,084,606,308
675,042,095
+4.6
+ 14.9
$5,050,436,770
1,010,087,354
$4,759,648,403
1,130,585,877
-10.7
$6,060,524,124
$5,890,234,280
+2.9
Cent
+ 16.0
+ 10.0
+ 14.1
+4.8
+9.4
+21.8
+ 16.6
+27.7
+20.8
+25.1
178,406,033.16
credit of Treas¬
urer
To
.187216*
.168746
Detroit.
other
Govt, officers—
May 14
.187114*
Chicago
Philadelphia..
Deposits for:
of
S
.168875
New York
12,315,230.47
of
Foreign depositaries:
To
4,355,073.35
83,608.174.04
...
lawful
depositaries:
5,402,210.65
60,800,000.00
5,201,493.92
Other deposits
Redemption
317,931,000.00
Nat. and other bank
M ay 13
$
.034862
the week ended
Postmasters, clerks of
courts,
disbursing
officers, &c
May 12
S
.220350
for the
$
900,176,172.35 Treasurer's checks out79,517,160.66
standing
3,418,553.00 Deposits of Government
officers:
14,889,857.50
Post Office Dept
258,946.00
Board
of
833,745.00
Trustees,
Postal
7,263,298.90
Savings
System:
4,169,895.16
365,287,531.67
5% reserve, lawful
.
National bank notes
To
Liabilities—
$
Gold (as above)
Silver (as above)
United States notes
May 11
S
.012875*
nary
GENERAL FUND
Assets—
May 10
$
.187128*
.034851
11,799,288,470.81
Note—Reserve against $346,681,016 of United States notes and $1,172,822 of
Treasury notes of 1890 outstanding.
Treasury notes of 1890 are also secured by
silver dollars in the Treasury.
Silver
RESERVE
Austria, schilling
Belgium, belga
Bulgaria, lev...
Czechoslo'kia, koruna
*
Total
FEDERAL
Noon Buying Rate for CabU Transfers in New York
Value in United States Money
Europe—
900,176,172.35
11,799,288,470.811
Total
BY
1937, INCLUSIVE
14,
South America—
Balance of increment
tion
CERTIFIED
Australasia—
Outstanding (outside
Gold ctf. fund—Bd.
Gold
RATES
1937, TO MAY
England, pound sterl'g 1.936166
1936
$7,899,000
161,000
88,000
Foreign government..
Foreign corporate
8,
Denmark, krone
$8,138,000
Bonds
Domestic
MAY
1,248,000
1,431,000
1,463,000
1,734,000
1,477,000
1,416.231
Stocks—No. of shares.
record for the week just passed:
Unit
Jan. 1 to May 14
1936
1937
a
EXCHANGE
Country and Monetary
Curb
York
Exchange
RATES
Pursuant to the
$785,000
23,000
Week Ended, May 14
Sales at
New
Association
Corporation
Total
21,000
$7,899,000
System
BANKS TO TREASURY UNDER TARIFF ACT OF 193Q
Corporate
40,000
35,000
25,000
YORK
BROAD STREET, NEW
Member New York Clearing House
FOREIGN
$7,000
$778,000
1,210,000
1,397,000
1,409,000
1,666,000
1,439,000
117,585
216,711
194,155
214,670
396,845
276,265
Saturday
Gocernm't
Domestic
COMPANY
Member Federal Deposit Insurance
Foreign
Foreign
of
Shares)
clean drafts drawn on
PRINCIPAL OFFICE AND FOREIGN DEPARTMENTi
{Number
Week Ended
or
United States an d on foreign countries.
MANUFACTURERS TRUST
give below
Bonds
Stocks
documentary
any part of the
All cities, one day.
Total all cities for week..
+ 6.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
has to be estimated.
In the elaborate detailed statement,
'
however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended May 8.
Volume
Financial
144
For that week there
increase of 11.1 %, the
was an
aggregate
clearings for the whole country having amounted to
$6,404,222,695, against $5,766,072,350 in the same week
of
increase of 17.7%,
the bank clearings at this center having recorded a gain
of 6.8%.
We group the cities according to the Federal
Reserve districts in which they are located, and from this it
appears that in the New York Reserve District (^including
this city) the totals register a gain of 7.4%, in the Boston
Reserve District of 16.6%, and in the Philadelphia Reserve
District of 13.1%.
In the Cleveland Reserve District the
totals are larger by 20.8%, in the Richmond Reserve Dis¬
trict by 20.4%, and in the Atlanta Reserve District by
14.7%.
The Chicago Reserve District has to its credit an
improvement of 19.6%, the St. Louis Reserve District of
14.8%, and the Minneapolis Reserve District of 10.0%.
In the Kansas City Reserve District the increase is 14.8%,
in the Dallas Reserve District 30.2%, and in the
San
Week Ended May 9
Clearings atInc. or
1937
In the following
furnish
we
%
Seventh Feder al Reserve D istrict—Chi cago—
Mich.—AnnArbor
Detroit
a summary
districts *
by Federal Reserve
SUMMARY OF BANK CLEARINGS
480,948
290,981
+ 65.3
524,761
394,063
108,086.755
3,812.493
2,006,899
1,404,681
21,693,000
86,778,281
+ 24.6
+40.8
75,518,679
1,813,449
1,123,828
65,665,550
1,508,422
Peoria
4,569,476
Rookford
1,517,019
1,416,325
2,707,641
1,234,497
1,149,799
15,442,000
1,288,338
4,305,744
18.788,254
1,103.221
8,900,842
3,524,659
380,053
280.758.746
792,855
4,821,478
902,257
1,393.229
519,717,559
434,562,875
Grand Rapids.
Lansing
+ 62.6
802,930
+ 1.7
16,064,000
1,053,333
4,031,665
16,671.249
1,270,226
9,885,622
2,762,559
471,071
253,568,455
643,095
2,559,496
631,221
1,076,718
+ 19.6
390,472,357
337,768,790
Eighth Federa 1 Reserve Dis trict—St Lo uis—
+ 11.8
77,800,000
87,000,000
+24.2
28,331,386
35,182,112
Ky»—Louisville..
+ 12.6
16,195,530
18,236,948
Tenn.—Memphis
67,500,000
24,551,568
12,139,936
60,900,000
21.411,434
11,239,847
Indianapolis
South Bend
Terre Haute
Wis.—M ilwaukee
la.—Cedar Rap's
Des Moines
1,701,086
5,593,066
22,016,216
1,199,304
11,899,159
3,261,306
Sioux City
HI.—Bloom'gton.
Chicago
428,275
327,769.408
862,143
Decatur
Total (18 cities)
+ 29.9
+ 17.2
+8.7
+ 33.7
—7.5
+ 12.7
+ 16.7
+ 8.7
—5.2
+ 68.1
Mo.—St. Louis..
Inc.or
1934
1935
Dec.
1936
1937
Week Ended May 8, 1937
Boston
$
Dlsts.
f
%
247,483,655 —f—16.6
288,668,291
12 cities
217,019,241
226,743,781
York. 13
"
3,881,379,387
3,615,520,463
+7.4
3,172,650,368
3rd
PhlladelphialO
"
403,888,646
357,272,337
+13.1
313,796,381
3,559,647,588
306,644.035
4th
Cleveland..
"
311,695,820
257.879,203
198,661,907
12,316,000
1,160,706
3,647.373
14,813,139
462,377
6,334,278
2,483,411
475,900
221,678,900
763,716
2,577,856
603,415
1,023,019
Qulncy
x
x
x
689,000
HI.—Jacksonville
Reserve
■
1st
900,113
960,552
+22.2
+40.5
+ 32.0
Ind.—Ft. Wayne
Springfield
Francisco Reserve District 19.5%.
Federal
1934
1935
Dec.
1936
Outside of this city there was an
in 1936.
>
3271
Chronicle
604,000
+ 14.1
494,000
334,000
141,108,060
122,930.916
+ 14.8
104,685,504
93.885,281
Reserve Dis trict—Minn
eapolis
2,723,693
62,459,911
23,977,503
+ 11.5
2,132,486
52,725,481
21,898.479
1,776,491
594,088
2,034,629
48,598,809
17,859,396
1,654,505
188,907,409
2nd
New
5th
Richmond .6
"
139,571,519
6th
Atlanta.... 10
"
154,029,219
+20.8
115,929,286 +20.4
134,267,983 + 14.7
106,663,599
97,094,586
7th
Chicago ...18
"
519,717,559
434,562,875
+ 19.6
390,472,357
337,768,790
8th
St. Louis
4
"
141,108,060
122,930,916
+14.8
104,685,504
93,885,281
9th
Minneapolis 7
"
104,038,000
94,617,222
72,725,511
"
142,977,373
124,556,606
+10.0
+14.8
82,162,493
10th Kansas City 10
11th Dallas
6
123,071,713
98,862,579
"
65,089,176
49,989,902 +30.2
40,946,028
38,891,822
5
Fran„ 11
12th San
"
211,061,902
252,159,645
94,469,998
99,664,354
+19.5
161,818,061
185,927,854
.112 cities
6,404,222,695
5,766,072,350
+11.1
5,035,721,799
5,277,459,441
Outside N. Y. City.....
2,666,109,817
2,264,345,312 +17.7
1,967,967,856
347,669,490
317,458,629
Ninth Federal
3,325,216
Minn.—Duluth.
Minneapolis.
..
69,624,860
24,873,347
St. Paul
N. D.—Fargo...
S. D,—Aberdeen.
Mont.—Billings
.
+22.1
+ 3.7
2,083,411
760,779
2,117,811
—1.6
588,494
+29.3
676,406
592,216
+ 14.2
495,784
345,596
1,830,480
72,725.511
2,693,981
Helena
2,157,594
+ 24.9
104,038,000
94,617,222
+ 10.0
402.096
2,539,684
82,162,493
1,815,856,142
—14.4
Total (4 cities).
Total
Canada
.32 cities
548,381,000
469,407,423
Total (7oitles).
Tenth Federal
Neb.—Fremont.
We
now
add
our
detailed statement showing last
figures for each city separately for the four
week's
years:
Omaha
Kan.—Topeka...
Wichita
Clearings atInc.
1937
F First Federal
1936
Reserve Dist rlct—Boston
Me.—Bangor
Portland
Mass.—Boston..
Fall River
t Lowell
k New Bedford._
k
Springfield
t
Worcester
Conn.—Hartford.
IwNew Haven
R. I,—Providence
or
Dec.
1934
590,056
2,021,562
211,567,345
+ 15.4
645.674
v
377,494
738,485
3,355,857
2,196,119
18,632,050
560,065
+ 15.3
+31.4
+ 1.8
391,391
—3.6
627,557
3,084,008
+ 17.7
687,157
1,572,874
183,714,192
608,973
478,375
Total (10 cities)
2,863,304
30,104,843
2,314,727
3,196,332
99,935,937
124,549
155,320
3,192,331
30,890,150
2,398,263
as
City
64,036
70,962
118,934
+ 13.6
—6.6
90,380
—10.3
2,198,761
—2.5
2,156,811
26,945,922
1,490,206
1,805,677
62,691,286
2,659,415
+ 19.7
28,959,138
2,144,506
2,373,829
+23.8
83,072,060
2,875,116
724,075
676,561
2,669,366
80,711,379
3,111,154
629,615
674,479
—76
+ 15.0
2,850,784
595,412
+0.3
667,909
530,628
142,977,373
124,556,606
+ 14.8
123,071,713
98,862,579
—3.5
447.636
1,555,594
199,245,065
751,347
277,867
1,889,201
+ 16.2
13,579,770
+37.2
311,736
597,582
2,625,000
1,219,592
14,643.288
4,041,568
+ 10.9
2,987,003
8,676,700
+22.5
1.335.923
9.339.924
3,037,017
7,196,900
401,881
+ 8.8
Mo.—Kan. City.
St. Joseph
Colo —Colo. Spgs
Pueblo
_%
775,613
2,057,771
244,145,008
4,480,745
10,627,800
1935
141,466
145,012
Lincoln
Week Ended May 9
Reserve Dis trict—Kans
_
Hastings
551,022
2,572,866
635.675
454,432
+39.9
7,556,400
495,444
288,668,291
247,483,655
+ 16.6
217,019,241
York-
17,749,323
738,702
14,213,202
District—Da lias—
Ft. Worth
Galveston
Wichita Falls._
La.—Shreveport
670,482
933,528
31,416,843
4,683,026
1,172,263
+ 34.7
+26.4
2,183.000
833,612
37,563,703
6,088,621
1,863,000
638,067
3,770,924
Dallas
2,664,248
+41.5
1,517,000
677,152
1,718,479
65.089.176
49,989,902
+30.2
40,946,028
1,579,303
47,473,420
9,248,917
+ 51.9
+ 17.2
+30.6
30,250,692
4,689,197
1,310,000
1,971,451
226,743.781
Feder al Reserve D istrict—New
Eleventh Fede ral Reserve
Texas—Austin-
N.H.—Manches'r
k.
Total (12 cities)
Total (6 oitles).
Ml
It
38,891.822
Second
N. Y.—Albany..
Bingham ton
23,667,264
1,542,676
11,314,348 + 109.2
+48.8
1,036,660
Twelfth Feder al Reserve D istrict—San
Buffalo
+23.5
Elmlra
+25.1
27,400,000
552,414
+28.3
434,391
35,200.000
28,500,000
883,113
705,752
671,261
523,385
New York
3.738,112,878 3,501,727,038
Rochester
8,980,538
7,394,402
Syraouse
4,380,237
3,637,298
Westchester Co
4,302,749
3.041,797
Conn.—Stamford
5,011,142
3,958,307
Jamestown
—
N.
J.—Montolalr
Newark.
Northern N. J-
736,713
Wash.—Seattle-
Spokane
38,658,630
8.621,000
1,072,537
Yakima
25,617,784
468,860
415,364
Utah—S. L. City
16,057,416
+ 6.8 3,067,753,943 3,461,603,"299
Calif.—Long B'ch
4,193.517
+21.5
+20.4
+41.5
+26.6
628.902
*450,000
+ 39.8
21,850,191
36,148,436
21,426,860
31,804,616
+ 13.7
+2.0
6,371,291
3,243,681
2,503,729
2,824,070
400,000
16,424,679
26,254,145
6,142,544
Franc
isco—
21,841,886
6,879,000
+8.3
27,270,835
7,505.000
+29.4
579.898
396,162
+ 24.8
21,468,344
11,447.295
+27.9
4,014,769
_
Pasadena
San
2,770.299
San Jose
2,679,191
Santa Barbara.
Francisco
.
K. Stockton
3,839,060
3,192,833
+25.7
3,156,586
2,758.852
142,389,000
122,781.121
+ 16.0
107.682.138
3,131,707
1,524,585
2,217,108
+41.3
1,343,075
+ 13.5
2,332,593
Ore.—Portland.
2,934,534
250,000
30,219,123
7,962,000
828,678
24,165,206
12,709,963
1,803,735
+29.3
1,742,038
939,634
1,377,234
19,609,712
9,729,321
2,543,013
2,536,787
94,774,313
1,435,651
1,002,669
1,069,547
252,159,645
211,061.902
+ 19.5
185,927,854
161,818,061
30,163,891
+26.3
+ 9.2
16,339,653
25,476,145
Total (11 cities)
Wj
Total (13 cities) 3,881,379,387 3.615,520,463
+ 7.4 3,172,650,368 3,559,647,588
Grand
total
(112
cities).
Hfl
Third Federal
Pa.—Altoona
Lancaster
Soranton
_
York
+47.7
427,536
630,330
—6.2
321,668
1,240,699
345,000.000
1,385.839
+25.8
299,603
+ 17.7 1,967,967,856 1,815,856,142
257,342
+8.4
+ 12.5
984,648
301,000,000
295,000,000
+21.5
1,135,028
1,683,473
2,581,944
1,224,149
1,971,116
5.443,400
N. J. Trenton
+ 11.1 5,035,721,799 5,277,459.441
2,264,345,312
Outside New York 2,666,109,817
410,687
404,662
1,344,999
388,000.000
Chester
435.562
591,430
PhiladelphiaReading
Wllkes-Barre.
404,167
643,473
Bethlehem
6,404,222,695 5,766,072,350
Reserve Dis trict—Phila delphi
2,457,071
1,590,574
1,373,594
2,837,000
+ 5.1
1,707,906
—23.0
945,571
+43.5
1,189,802
5,695,600
+ 91.9
725.645
1,414,328
1,878,197
1,398,410
1,181,946
4,384,000
Week Ended May 7
Clearings at—
Inc. or
1937
Canada—
1936
%
$
Fourth
357,272,337
+ 13.1
306,644,035
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
x
Cincinnati
+ 26.6
Cleveland
50,755,552
75,023,629
Columbus.
14,102.400
Mansfield.
2,293,090
12,297,100
1.500,406
Pa.—Pittsburgh
_
44,765,769
81,768,965
—45.3
19,836,527
61,395,435
19,827,856
71,418.518
+0.1
—14.0
6,377,515
2,927,322
5.675,951
+ 12.4
36,838,703
12,983,893
75,054,404
3,765,455
2,231,712
3,538,610
4,414,874
1,824,682
1,521,364
2,737,850
3,688,807
2,958,204
Quebec
+25.2
41,943,850
57,957,811
38,650,260
54,908,324
+ 14.7
9,910,700
9,715,700
+52.8
1,177,934
1,125.726
Youngstown...
81.493,584
Winnipeg
x
x
137,028,636
118,302,516
+ 15.8
87,671,612
84,507,399
311,595,820
257,879,203
+20.8
198,661,907
188.907,409
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
(5 cities),
k
Regina
Brandon
Fifth Federal
Reserve Dist rlct—Richm ond—
Lethbridge
h Richmond—
412,289
2,873,000
35,772,529
265,101
2,451,000
29,120.971
+ 22.8
S. C.—Charleston
*1,250,000
1,080,100
+ 15.7
Md.—Baltimore.
71,294,161
27,969,540
59,109,459
23,902,655
+20.6
51,714,700
17,573,901
52,276.639
+ 17.0
139,571,519
115,929,286
+20.4
99,664,354
94,469,998
+2.5
+7.2
2,678,326
12,928,046
35,400,000
937,563
2,083,645
11,289,748
35,600,000
850,836
+36.0
742,798
449,553
27,507,000
—29.0
14,506,000
+27.2
15,243,425
1,728,591
15,553,508
1,354,898
11,864,000
13,787,992
+27.6
1,075,086
179,459
121,881
+ 47.2
27,217,583
+30.8
116,752
23,035.603
6,485,056
6,205,665
2,986,333
2,952,144
5,149.392
8,012,516
2,323,350
1,986,316
3,937,183
—0.8
+ 25.9
l
80,400,233
59,976,990
14,358,067
4,781,221
3,665,746
2,309,153
3,595,676
4,520,675
5,923,683
—15.7
335,900
357,849
—6.1
442,392
—11.7
390.247
1,780,388
500,878
1,694,973
3,936,695
1.821,364
1,520,793
2,371,775
3,486,583
4,596,112
312,842
353,028
+ 5.0
1,414,340
1,271,407
806,617
714,422
+ 12.9
1,260,460
1,228,893
+ 2.6
519,744
782,954
868,084
706,584
273,803
668,419
744,038
961,110
—9.7
712,644
273,455
736.206
—0.9
+0.1
—9.2
392,335
763,468
668,525
494,314
208,199
601,202
713,303
+ 4.3
550,601
215,979
584,849
618,103
1,261,821
2,275,938
491,550
1,210,386
2,133,072
2,316,688
—14.2
318,421
276,768
2,002,562
3,374,220
4,693,405
4,995,426
116,753
20,077.096
—22.6
+28.5
+0.8
—14.3
+ 3.8
320,753
974,963
35,597,100
118,658,188
102,452,086
—10.9
Toronto
Ottawa
x
64,245,806
93,925,888
^ Total
313,796,381
—9.7
157.562,153
Vancouver
403,888,646
146,256,159
140,421,443
161,886,753
Montreal
Total (10 cities)
1934
1935
Dec.
W.Va.—Hunt'ton
Va.—Norfolk
D.
£
C.—Wash'g'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxvllle
3,699,268
17,629,940
Ga.—Atlanta
53,400,000
1,312,583
1,164,170
Augusca
Macon
Fla.—J'ksonvllle.
Ala.—Birm'gham
Mobile
19,527,000
19,791,108
La.—New Orl'ns.
115,948
1,862,000
24,961.455
714,322
14,539,634
Saskatoon
Moose Jaw
Brantford
Fort William..,.
New Westminster
Medicine Hat..
Peterborough
3,607,671
13,625,313
43,200.000
1,223,981
856,148
Sherbrooke
Kitchener
+29.4
+23.6
x
Miss.—Jackson..
Vloksburg
+ 17.2
128,271
2,509,000
26,767,413
971,069
Reserve Dist rict—Atlant
Nashville
I
+55.5
Windsor
1,367,770
3,242,225
cities)
154,029,219
134,267.983
421,633
Moncton
938,812
708,789
777,980
+20.7
588,312
722,475
—1.9
579,635
578,381
567,080
519,025
614,033
—7.6
397,880
406,196
562,753
—7.8
1,032,567
835,262
+23.6
473,932
659,640
643,365
469,407,423
548,381.000
—14.4
347,669.490
317,458,629
Kingston
Chatham
Sarnla
Sudbury—
Total (32 cities)
+14.7
106,663,599
97,094,586
953,239
Prince Albert—
*
Total (10
+ 8.4
+42.5
531,276
489,571
Estimated,
x
No figures available.
.
691,210
434,433
3272
Financial
Chronicle
May IS, 1937
GOVERNMENT RECEIPTS AND EXPENDITURES
Month
and 1935-36:
1936
$
Receipts—
$
Income tax
general fund balance...
Increase
(+)
or
—124,215,488
Mlsoell. internal
revenue
upon
carriers
$
1935-36
$
35,731,179
1,563,879,986
151,785,013
1,802,605,504
1,687,598,178
321,575
18,844
2,501
67,302,949
32,225,662
398,389,361
324,422,163
31,425,440,396
34,940,629,365
31,425,440,396
Accounts,
Increment
Gold, &c
.
23,431,197
69,547
dollar
Panama Canal tolls, &c
2,189,394
...
-
315,648
64,944,951
166,314,645
9,250,000
60,837,100
28,113,645
435,063,368
381,101,296
21,522,416
25,230,490
189,682,746
172,915,989
b8,497,486
Total.
2,197,407
20,081,813
21,334,116
2,784,069
2,290.544
43,408.503
34,827,914
Trust accounts
9,238,047
4,910,938
53,886,529
50,973,881
Transactions
230,645,012
4,091,498,611
3,330,624,850
7,327,697
119,664,343
Expenditures—
in checking
acc'ts
Expenditures—
41,754,787
Public buildings, a
Public highways, a
33,929,804
426,368,612
374,195,636
(Sec. 13b. Fed. Res. Act
3,717,445
a
1,155,403
26,520,822
11,260,569
6,077,497
21,086,681
80,476,875
21,086,681
For retlrem't of Nat. bk. notes
4,799,292
113,555,513
60,563,258
Unemployment trust fund—In¬
867,215
Security Act
Retirement funds (U. S.share)
10,012,174
9,837,159
32,560,412
55,038,862
53,950
3,625,668
73,569
61,190,726
3,437,819
328,125,665
9,431,964
46,735,300
40,662,400
5,000,000
Social
1,203,348
5,000,000
""720,381
Postal deficiency
Railroad Retirement Act
amended)
875,000
29,598,928
Adjusted service ctf. fund..
Agricul. Adjust. Admin..a d.
Agricul. Adjust. Admin. (Act
Aug. 24, 1935)
Agricultural Contract Adjusts.
SoU Conservation & Domestio
Allotment Act
35,252,945
298,921,093
Work.a
Farm Credit Administration a
k Tennessee Valley Authority
a
k_Debt charges—Retirements..
9,250,000
Investments & transfers (net)
Benefit payments
36,346,288
407,664,980
314,291,685
bioo.ooo
49,897,491
48,448,061
482,943,683
b98,922
b563,325
11,111
2,877,689
40,294,760
3,239,343
2,234,259
31,811,645
115,753,899
39,919,225
2,903,681,000
2,755,154,000
354,600,000
350,516,000
Certificates of Indebtedness (ad-
Certificates of Indebtedness (unployment trust fund series)..
284,624,115
34,722,922
256,160,936
13,468,810
b3,772,550
17,352,827
4,610,933
3,488,011
35,453,058
11,936,158
2,750,000
207,979,000
Exchanges
9,250,000
Treasury notes
3,840,580
39,625,000
17,364.850
16,982,700
96,537,450
385,729,050
Old-age
71,986,815
663,321,027
609,648,449
Civil
1,034,633
13,333,568
13,218,403
1,698,933
25,473,559
23,917,802
195,468
762,050
5,809,589
10,640,572
317,000,192
3,872,497,335
3,223,809,662
2,155,101,650
204,425,400
reserve acct. series
service
retirement
Agricul. Adjust. Admin...
2,239,996
146,873
Commodity Credit Corp...
6,053,738
50,623,627
b24,279,526
b2.200,371
179,928,814
b35,693,866
45,105,324
b519,519
3,229,878
bl00,736,334
bl6,739,609
15,753,813
4,894,473
62,630,437
Fed.
Emer.
Relief
Admin, (incl. Fed. Sur¬
726.804,400
180,000,000
45,000,000
fund
series
43,700,000
37,000,000
363,000
335,000
500,000
661,000
Foreign service retlrem't fund
series
Zone
retirement
fund
series
Railroad
retirement
fund series
Emerg. Conserva'n work..
243,275,061
54,900,000
Receipts—
Treasury bills...
Alaska
plus Com. Corporation)..
Civil Works Administration
171,433,803
usted service ctf. fund series)
Recovery and relief:
Agricultural aid:
Federal Land banks
624,376,359
1,226,105
Public Debt Accounts
343,592,139
1,510,275
l,.
ReUef:
606,497,171
100,000,000
9,423
Canal
Farm Credit Admin
50,619,537
22,505,892
59,610,995
479,047,971
55,960,649
230
230
Excess of receipts or credits.
Excess of expenditures
486,489,'/30
Total, general
207.929,000
650,000
3,941,123
farm prod.
2,750,000
reserve account:
1,508,392
revenue
370,995,886
Other
67,658,879
Interest
Refunds—Customs
87,498,379
295,980,324
49,566,040
85.181,418
Emergency Conserv.
15,311,350
39,625,000
vestments
Old-age
Total.
Army
Navy
5,614,453
6,960,835
5,707,500
Dist. of Col. (U. S. share)
National defense: a
Veterans' pensions & benefits:
Veterans' Administration ac
568,573
297,473
as
11,561,743
River and harbor work, a
65,031,459-
Chargeable agst. increm.on gold:
Melting losses, &C
Payment to Fed. Res. banks
General—Departmental, a
on
34,569,040
212,088,206
155,254
62,372,079
of governmental agencies (net)
Total receipts
700,506
4,155,324
2,750,000
62,058
363,049,158
Seigniorage
Other miscellaneous.....
1,582,668
2,904,314
34,439,531
67,449
357,897
1,485,435
1,973,403
204,836,147"
186,823,454
21,053,067
Increment resulting from reduc¬
tion In the weight of the gold
Seigniorage
Interest—for'n obligations.
15,000
Postal Savings System series.
Treasury bonds
Exchanges
35,000
30,000,000
.
1,221,413,000
1,630,853,350
1,546,939,100
1,226,819,800
462,877,978
210,487,552
United States savings bonds (in¬
cluding unclassified sales)
Adjusted service bonds
34,774,104
25,906,176
2,396,700
136,560,800
Postal Savings bonds
496,835
3,618,765
11,356,183
492,194,413
24,066
53,674
260,918
591,396
1,187,129
Dept. of Agricul., relief
Public Work (incl. work rel'f):
28,847,745
62,559,465
152,054
389,071
689,042
9,169,297
27,510,506
190,478,014
91,639,270
14,235
1,139,390
b3,198,049
bl26,812,438
10,449,013
b3,401,360
230,743,855
175,637,149
3,364,830
10,759,267
86,267,818
124,389,694
1,091,904
209,752
6,278,520
841,956
146,302,248
183,640,679
1,614,374,471
913,364,959
26,823,127
38,974,839
312,864,356
335,323,614
223,895,115
8,004,156
22,867,521
tional bank notes
2,679,094
689,592
20,744,000
Deposits for retirement of Na¬
437,336,204
87,183
Boulder Canyon project-_.
Loans and grants to States,
municipalities,
&c
Loans to railroads
Public highways
River and harbor work
Rural Electrifica'n Admin.
Works Progress Admin
All other
Aid to home-owners:
Total
3,274
Emergency housing
...
Federal Housing Admin...
Resettlement Admlnistra'n
Subsistence homesteads.
Miscellaneous:
t Admin, for Indus. Recovery.,
Export-Import Bks. of Wash.
25,719
20,681,126
1,142,706
38,870,344
22,968,915
821,983
1,177,623
13,872,572
12,116,170
29,579,894
28,029,784
165,658,950
94,243,495
b5
16
16,751,010
b342,333
19,583,400
472
1,818
11,370
5,109,755
b3,780,520
b31,406,787
b337,817,653
bl69,845,054
Tennessee Valley AuthorityTotal recovery and relief
27,814,668
238,712,029
Total expenditures
313,886,974
725,201,758
Excess of receipts
630,887,166
2,373,686,563
2,744,187,864
6,246,183,898
5,967,997,516
271,587,000
2,915,289,000
2,887,574,000
Unemployment
Treasury notes
52,250
237,600
2,181,250
3.794,050
2,000,000
1,400,000
139,800,000
260,200,000
trust fund ser.
50,000
15,290,650
service
ser.
10,524,400
1,820,590,850
985,397,500
1,500,000
2,200,000
16,600,000
17,000,000
24,000
Civil service retlrem't fund
19,000
216,000
retirement
fund series
Canal Zone retlrem't fund ser.
Postal Savings System series..
Federal
Deposit
Insurance
Corporation
362,152,601
400,242.155
2,154,685,288
2,637,372,665
series
5.000,000
Adjusted service bonds
War savings securities
4,440,151
—
expenditures
(+)
1,017
...
Treasury savings securities
First Liberty bonds
Second Liberty bonds
Third Liberty bonds
Fourth Liberty bonds
Victory notes
of
+362,152,601
16,982,700
excess of
on
96,537,450
+383,259,455 +2,058,147,838 +2,251,643,615
gold,
55,416
96,566,350
7,600
Less nat. bank note retlre'ti
(+)
or
of
+22,505,892
+171,433,803
405,765,347
2,229,581,641
2,494,918,676
15,311,350
87,498,380
370,995,885
6,960,835
i
1
+243,275,061
expenditures
receipts (—)
10,350
99,850
141.650
12,400
21,650
135,800
220,700
1,478,050
5,696,850
17,634,150
1,269,042,900
4,550
..........
4,100
29,900
3,780
1,784,240
1,795,360
1,500
6,020
8,600
596,700,650
36,700
74,637,260
..........
43,450
32
150
1,608
3,234
8,600,985
17,798,200
100,671,608
398,609,740
259,941,482
312,774,068
6,801,288,407
6,657,068,096
1,162,086,871
2,724,547,771
Fed'l
Total
a
are
receipts (—) or
343,561,646
excess
13,827
27,645
12,251,950
385.729,050
—1,226,105
Total
9,906
4,403
1,653,950
—
Excess of receipts
Excess of expenditures
(+) or
receipts (—) (excluding pub¬
lic debt
retirements)
+344,787,751
&c.,
1,327
6,677
1,044,100
—
Panama Canal bonds
+400,242,155 +2,154,685,288 +2,637,372,665
17,364,850
expenditures
Trust accts., increment
1,500
7,906,509
671,499,650
or
Less public debt retirementsExcess
5,000,000
26,921,300
1,609,798
10,408,000
Other debt items..
National bank notes and
Reserve bank notes
Summary
of
169,000
55,000,000
376,400
United States savings bonds
....
Excess
185,000
172,000
70,000,000
Postal Savings bonds
Consols of 1930
...
Excess of expenditures
9,381,605,867
Treasury bonds
Reconstruction Finance Corp.
—direct loans & expend's..
6,963,374,278
210,065,000
Certificates of Indebtedness
Adjusted serv. ctf. fund series
428,264
[b854,474
279,074,176
Expenditures (incl. Public Debt
Retirements shown above)—
36,564,885
6,448,954
472,326,804
Treasury bills
Foreign
Home loan system
h.
28,700,892,625
34,940,629,365
Unemployment trust fund.
Principal—for'n obligations
Internal
33,778,543,494
Trust accounts
46,2524 63
Processing tax
31,469,140,278
Receipts—
Proceeds of Govt.-owned sees.
Panama Canal,
Trust
on
140,783,268
Miscellaneous receipts:
All other
+2,724,547,771
34,728,244,043
Public debt this date
2,767,176
77,514,895
prod'ts
Customs...
-33,699,882 +1,162,086,871
decrease (—) in
the public debt
+212,385,322
Public debt at begin, of month
1,081,410,573
71,246
on farm
+600,624,980
$
57,009,511
their
&
employees..
Processing tax
1936-37
467,951
Taxes under Social Sec. Act..
*
S
—979,997.'^0
—424,153,879
—July 1 to April 30
165,546,479
...
Unjust enrichment tax
Taxes
-Month of April
1936
1937
Internal Revenue:
1936-37
*
Increase (+) or decrease (—) In
or year
General and Special Funds—
July 1 to April 30——
1935-36
of April
1937
Through the courtesy of the Secretary of the Treasury,
we are enabled to
place before our readers today the details
of Government receipts and disbursements for April, 1937
and 1936, and the 10 months of the fiscal years 1936-37
+336,600.810
+390,453,997 +2 142,083.261 +2,123,922,791
212,385,322
33,699,882
Additional expenditures on these accounts for the months and the fiscal
years
Included under Recovery and Relief Expenditures, the classification of which
will be shown in the statement of classifed receipts and expenditures
p. 7 of the daily Treasury statement for the 15 th of each month.
b Excess of credits
c
(deduct).
appearing
on
•
Includes administrative expenses.
d Payable from processing taxes on farm produots or advances from the
to be deducted from processing taxes.
COMPARATIVE PUBLIC DEBT
Tr3asury
STATEMENT
(On the basis of daily Treasury statements)
March 31, 1917
Pre-War
Gross debt
Net balance In general fund
Gross debt less net balance in general fund..
Aug. 31, 1919
Dec.
31, 1930
When War Debt
Lowest Post-War
Was at its Peak
Debt
Debt
April 30, 1936
A
Year Ago
March 31, 1937
Last Month
April 30, 1937
$1,282,044,346.28
74,216,460.05
$26,596,701,648.01
1,118,109,534.76
$16,026,087,087.07
306,803,319.55
$31,425,440,395.88
2,441,970,519.23
$34,728,244,042.41
1,825,728,301.77
$34,940,629,364.65
1,701,512,813.45
$1,207,827,886.23
$25,478,592,113.25
$15,719,283,767.52
$28,983,469,876.65
$32,902,515,740.64
$33,239,116,551.20
Gross debt per capita
12.36
250.18
129.66
244.98
268.98
Computed rate of interest per annum on inter¬
est-bearing debt outstanding (per cent)
270.47
2.395
4.196
3.750
2.566
2.573
2.568
Volume
Financial
144
following compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first of February,
March, April, and May, 1937:
Holdings in U. S. Treasury
Mar.
Feb. 1, 1937
1,
May 1, 1937
Apr. 1, 1937
1937
Net silver coin and bullion
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bant, notes.
744,856
6,215,610
Net subsidiary silver.
Minor coin, &c
827,095,424 1,056,215.603
446,245,853
454,760,487
3,418.553
3,444,244
833,745
1,320.641
14,889,858
16,411.272
684,962,191
449,599,028
2,830,640
1,733,851
14,998,815
417,062
6,891,912
6,717,098
601,684,471
437,612,371
2,716,606
2.506,037
17,182,670
9,258,159
258,946
936,648
7,410,316
7,470,916
924
on
Less gold reserve fund
Cash balance In Treas..
156,039,431
921,880.348 1,011,111,166 1,162,810,517 1,380,384,257
Dep. In spec'l depositories
account Treas'y
bonds,
Treasury notes and cer¬
tificates of Indebtedness
Dep. In Fed. Res. bank...
442,391,000
317,931,000
131,641,764
425,754,000
216,935.565
729,707,000
207.099.007
367.462,942
To credit dlsb. officers.
Cash In Philippine Islands
Deposits In foreign depta.
Net
cash
In
12,315,231
32,829,146
1,884,406
2,933,043
13,862,502
35,380,962
11,758,836
36.917,475
1,783,121
2,784,457
10,965,908
38.226,986
2,199,002
2,681,963
1,581,406
3,241,348
Treasury
1,912,660,214 1.723,681,620 2,010,093,677 1,879,918,847
178,406,033
184,365,375
Mabllltles.
185,089,198
186.934,860
and In banks
Deduct current
>
1,701,512,814
Available cash balance. 1,725,725,364 1,538,592,422 1,825,728,302
*
Includes
on
$4,169,895 minor, &o„ coin
May 1, $366,728,693 silver bullion and
BOURSE
Ounce
The
140s.
140s.
140s.
140s.
140s.
140s.
140s.
.
Francs
Bank of France..
1,195
528
Canadian
1,156
505
280
283
278
Canal de Sue* cap
23,500
23,400
23,700
995
923
911
British India
British Malaya
Australia
New Zealand
Irish Free State
Soviet Union.
Germany
Netherlands
1,320
59
1,370
56
61
490
517
517
678
210
200
686
200
684
200
220
223
219
517
506
1,490
1,380
338
541
508
1,510
1,380
532
506
1,510
1,360
325
527
616
600
608
503
900
890
665
695
372
23
1,741
64.50
65.30
64.30
69.90
68.90
92.20
4,920
1,783
1,090
880
674
689
375
20
1,720
64,50
65.40
64.30
69.90
68.90
92.40
870
675
690
372
20
1,690
64,40
64.90
64.00
69.70
68.50
92.50
4,880
1,735
1,075
233
Credit Commercial de Franoe..
Credit Lyonnalse
Eaux Lyonnalse oap...
Energle Electrlque du Nord
Energie Electrlque du Littoral..
Kuhlmann
L'Alr Llqulde
Lyon (P L M)
Nord Ry
Orleans Ry 6%
Pathe Capital.
HOLI-
696
DAY
374
Pechlney
23
1,751
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%s, 1932 A
Rentes 4%%, 1932 B
Rentes 5%, 1920
64.70
65.50
64.50
69.90
68.90
92.40
Royal Dutch
4,980
Saint Gobain C 4 C
1,780
Schneider A Cle
1,120
340
4,960
1,760
1,102
1,510
1,350
70
1,380
1,378
1,379
510
510
141
135
140
420
Wagon-Llts
64,40
100
96
96
11
-Per Cent
43
Allgemeine Elektrizltaets-Gesellschaft
Berliner Handels-Gesellschaft (6%)-.
131
165
(4%) ..112
Dessauer Gas (7%)
117
DeutscheBank und DIsconto-GeseUschtv5%) 117
Deutsche Erdoel (4%)
151
Deutsche Reichsbahn (German Rys) pf 7 % _xl24
Dresdner Bank (4%)
105
Farbenlndustrle I G (7%)
169
Berliner Kraft u. LIcht (8%)
Consumerz'und Privat-Bank A. G
151
(8%)
^.147
17
(3%)
128
Other countries.
(7 %%)
Siemens & Halske (7%)
ENGLISH
FINANCIAL
Sat.,
Mon.,
May 8
May 10
_
Consols,
2%%
British 3)4%
W. L
.
British 4%1960-90
May
13
130
130
131
165
165
165
130
165
123
123
124
124
105
105
105
105
105
169
xl64
164
166
166
151
146
17
151
151
151
152
145
146
145
145
17
17
18
18
128
128
128
129
129
113
113
118
118
119
118
117
117
113
117
117
152
153
154
153
-
.
20 7-16d.
of
the
current
m mm mm
mm mm mm mm
m mm m mm
45% cents
45% cents
New York recorded during the
$4.94% and the lowest $4.92%.
period
Stocks
$65 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Stocks
Shares
1,022% Pacific S.S.
231
232
160
159
204
206
209
210
MARKET—PER
CABLE
Wed.,
Thurs.,
Frt.,
May 12
May 13
May 14
20%d.
20 7-16d.
140s.5%d. 140s.8d.
77
76)4
102 )4
Holiday
102 )4
102%
110%
110%
Holiday
110%
110%
Bar N. Y. (for¬
45
45
45
45
45%
50.01
50.01
50.01
50.01
50.01
U. S. Treasury
77.57
77.57
par
$100
$125 lot
Corp. (Del.), class A
^common
7,500 Platinum O 1 (Del.)
160
,
S3 lot
18
228
$ per Share
$2 lot
$100
398 Malvern Realty Co. (N. Y.), common, par
526 6-19 Pyramid Bond Mortgage & Securities
208
160
(N. Y.), par $100
& Guarantee Co. (N. Y.)
50 Greater New York-Suffolk Title
18
230
Wednesday
By Adrian H. Muller & Son, New York:
Shares
25 Suffolk Title & Guarantee Co.
211
102)4
'mm mmm
cents
cents
cents
week:
18
77.57
mmmm m
following securities were sold at auction on
206
77.57
45
45
--45
AUCTION SALES
The
18
Holiday
77.57
NEW YORK
Apr. 26
Apr. 27
,
205
Holiday
77.57
24t
20%d.
20 5-16d.
20%d.
20.375d.f-
18
77)4
50.01
IN
(Per Ounce .999 Fine)
Apr. 21
Apr. 22
Apr. 23
20%d.
20%d.
CtThe highest rate of exchange on
from the 22d to the 28th April was
43
price of silver per ounce (in cents) in the United
States on the same days has been:
(newly mined)
LONDON
14
43
Holiday
Closed
£38.742
May
P The
eign)
U. S. Treasury
1,231
2,410
of Par
130
165
113
117
117
152
124
Holiday
Holiday
Holiday
Portugal
Quotations during the week:
Apr. 22...20 5-16d.
Apr. 23...20 3-16d.
Apr. 24
20%d.
Apr. 26...20 5-16d.
Apr. 27
20%d.
Apr. 28
20 7-16d.
Average
20.312d
43
20%d.
140s.7d.
77
Switzerland
Coin at face value.
204
Tues.,
May 11
France
-Bar Silver per Oz. Std.2 Mos.
Cash
daily closing quotations for securities', &c., at London,
reported by cable, have been as follows the past week:
Silver, per oz_.
20%d.
20%d.
Gold, p. fineoz. 140s.8%d. 140s.9d.
2,956
1,800
1,520
Denmark
£163,264
x
The
as
xl ,300
Other countries
4,910
43
160
204
4,770
2,755
Egypt
Anglo-Egyptian Sudan..
Cent. Amer. & W. Indies.
12,171
18
Rhelnische Braunkohle (8%)
British India
xl,500
3,555
203
229
160
204
Norddeutscher Lloyd
Relchsbank (8%)__
Salzdetfurth
3,231
5,204
15,951
£13,900
6,100
United States of America.
93.30
43
113
£73,106
36,477
12,069
69.00
May
May
10
of silver
mid-day on the 26th inst.:
Exports
—
69.90
12
May
United Kingdom imports and exports
Imports
Japan.
Egypt
Irish Free State.
received by cable
8
demand ,
towards
sufficiently high.
Germany
Belgium
EXCHANGE
May
Mannesmann Roehren
would appear
64.25
93
as
the week was due largely to poor
pressed and there was no general movement
liquidation of bull commitments; the technical position of the market is
therefore unchanged and until it shows some improvement the present level
64.90
Ex-divldend.
STOCK
not
Canada
407
(6%)
Hamburger Elektrizltaetswerke
Hapag
were
New Zealand
138
413
Gesfuerel
sales
as
IN
425
BERLIN
China sales and speculative
the market therefore the more
responsive to small pressure either way.
510
Tubiae Artificial Silk, pref
THE
but have ruled at a lower level
re-sales, but conditions have been quiet and
121
1,360
Closing prices of representative stocks
each day of the past week:
£197,000.
Mexico
70
129
lUnlon d'Electrlctie
f
£7,784,811
April 24 carries gold
compared with last week.
68
71
131
Soclete Marseillaise
•
SILVER
880
377
950
Other countries
The SS. Strathmore which sailed from Bombay on
to the value of about
The following were the
78
Soclete Lyonnalse
Yugoslavia
registered from mid-day on the 19th inst. to
138
Soclete Francalse Ford
Soclete Generale Fonciere
Switzerland
5,773
The easier tendency seen during
200
1,520
1,380
342
555
Courrleres
Germany
Buying by the Indian Bazaars has been met by
54
509
670
Comptolr Nationals d'Escompte
Coty S A
France
£6,792,816
as
l",350
5,958
55,100
101,257
34,200
76,601
British India.
Prices have been subject to fluctuations
1,320
54
Cle Generale Transatlantlque...
Citroen B
the 26th inst.:
United States of America_£7,510,745
4,782
313,323
35,400
16,905
Other countries
887
1,340
Cle Generate d'Electricltie
12s. 1.16d.
12s. 1.07d.
12s. 0.96d.
Exports
£2,879,690
176,548
9,092
91,403
13,458
333,002
37,545
14,900
2,836,575
12,155
12,265
Tanganyika Territory
23,400
Cle Dlstr. d'Electrloltle
12s. 0.82d.
Kingdom imports and exports of gold
following were the United
British South Africa
British West Africa
280
Paolflo
12s. 0.90d.
12s. 0.82d.
Imports
1,138
493
23,500
Banque de I'Unlon Parislenne..
1,175
510
291
Banque de Parte et Des Pays Baa
12s. 0.99d.
7%d.
8%d.
9%d.
9%d.
5%d.
6%d.
7.83d.
registered from mid-day on the 19 th inst. to mid-day on
Peru
May 10 May 11 May 12 May 13 May 14
Francs
Francs
Francs
Francs
Francs
6,700
6.900
6,900
6,900
6,600
MayS
Equivalent Value
of £ Sterling
Per Fine
April 22
April 23
April 24
April 26
April 27
April 28
Average
Switzerland
PARIS
Prices,
freely.
Quotations:
France
Quotations of representative stocks as received by cable
each day of the past week:
lower its buying price for gold,
however, have again ruled considerably below dollar parity.
Belgium
not Included In statement "Stock of Money."
THE
week's official denial of any intention
purchases for shipment to New York have been made more
Dep. in National banks—
To credit Treas. U. 8..
of
There have been further sales
of at the daily fixing.
the part of the American Government to
on
Wednesday.
has been active and about £2,400,000
.
156,039,431
156,039,431
156,039,431
against notes amounted to £313,661,-
April 21, showing no change as compared with previous
of gold holdings, but following last
7,263,299
7,297.831
1.077,919,779 1,167,150,597 1,318,849,948 *1536 423,688
of
GOLD
The Bank of England gold reserve
Business in the open market
Net sold coin and bullion.
o^
reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
April 28, 1937:
We
bar gold was disposed
Total cash In Treasury-
GOLDJAND SILVER MARKETS
ENGLISH
THE
HOLDINGS
TREASURY MONEY
The
3273
Chronicle
$ per share
100
$10 par
Lines Ltd. class A com—2% shares at $2,63 shares
and 957 shares at $19.
600 Mene Grande Oil Corp. (Del.), no par—.
at $6
3,000 Old Conquintidor Hotel Co., common
51
300
(Ariz.), no par
By R. L. Day & Co., Boston:
$ per Share
Stocks
Shares
15
1%
--350
28 38-80 Central Public Utility Corp., A
2% lot
6 Republic Service, common
2%
10 Securities Co. of N. H., 1st pref., par $100; 30 Securities Co. of
N. H., common; 10 Northern Texas Electric Co., 6% pref., par
$100; 10 New Hampshire Acceptance Corp., pref., par $10; 5 New
HampshireAcceptance Corp., common; 50 Kreuger & ToU Ameri¬
can ctfs., 100 kronen
$390 lot
15 Ames Shovel & Tool Co., pref., par $100—
7
10 Southern Indiana Gas & Electric Co., 4.8% pref., par $100
89
75 Fall River Gas Works, par $75
15%
lOKansas City Stock Yards, common, par $100
63%
5 Chicago Junction Rys. & Union Stock Yards, common, stamped,
9 Fall Aplaca Co., par
$50
25 Units Imco Participating Co., Ltd
1 Boston Athenaeum par $300
par
$100
5 University Associates, par $100Bonds—
$250 Robert Gair, Inc., 6s
$2,000 Eastern Offices Inc., 5s, June, 1946
—
-—
—196
21%
Per Cent
90 flat
---71% & int.
3274
Financial
Chronicle
May 15, 1937
By Crockett & Co., Boston:
Shares
Stocks
63 Berkshire Fine
($40 paid in liquidation),
t. c.
v.
95c
50 Motor Development Corp., $6
preferred
5 New England Power Co., pref., par $100
11
124
51 Rockland Light & Power Co., par $10
10 New England Power Co.,
10 H
pref., par $100
124
England Bond & Mtge. Co., pref., par $50; 16-80 New
England Bond & Mortgage Co., common; 15-160 New England
Bond & Mortgage Co., common
$4.50 lot
10 Louisiana Oil Refining Corp., common; 50 Federal Power &
Light
Co., common, par $50
$19 lot
New
Bonds—
Per Cent
$5,000 Boston Metropolitan Bldg. 3s, Jan., 1950
51H & int.
By Barnes & Lofland, Philadelphia:
Integrity Trust Co.,
par
Share
Company
Canada Cement Co., pref. (quar.)
Carthage Mills, class A (quar.)
Class B (quar.)
Caribbean Syndicate, Ltd., common
Optional div. of H sh. of com. stk. or cash.
Central Illinois Light Co., 4H% Pref. (quar.)--
$ per Share
14H
9)4
....
$10
40 Geo. I). Wetherill & Co., common, par $100
20 Geo. D. Wetherill & Co., pref., par $100
70 Thomas Conway, Jr. Corporation
85 L. H. Gilmer Co., par $5
44
45
-
-
_
$6 lot
-
11
.8*
60c
50c
Chicago
Chicago
Chicago
Chicago
Corp., $3 pref. (quar.)
Flexible Shaft Co. (quar.)
Rivet & Machine (new)
Venetian Blind Co. (monthly)
Cincinnati New Orleans Texas Pacific pf. (qu.)_
City Ice & Fuel Co. (quar.)
Preferred (quar.)
City of New Castle Water Co., 6% pref. (quar.)
City of Paris Dry Goods Co., 7% 1st pref. (qu.)
Compo Shoe Machinery Corp.
Congoleum-Nairn, Inc. (quar.)
Continental Assurance Co. (Chicago), (quar.)..
Continental Casualty Co. (Chicago) (quar.)
Cook Paint & Varnish Co. (quar.)..
-
June
June
following information regarding National banks is
from the office of the Comptroller of the Currency,
Treasury
Department:
_
CHARTER
ISSUED
Amount
May 6—Merchandise Nat. Bank of Chicago, Chicago, 111
$500,000
Capital stock consists of $500,000, all common stock. President,
R. L. Redheffer.
Cashier, H. J. Reichwein.
Conversion of
The Merchandise Bank & Trust Co. of Chicago, 111.
CHARTER
June
BRANCHES
AUTHORIZED
May 1—Marion Nat. Bank, Marion, Ind.
Location of branch:
3028 South Washington St., South Marion, in the City of
Marion, Ind.
Certificate No. 1338A.
May 1—The Ohio National Bank of Columbus, Ohio.
of branch:
2463 East Main St., City of Bexley,
County. Ohio.
Certificate No. 1339A.
Location
Franklin
May 6—The Chase National Bank of the City of New York,
N. Y.
Location of branches:
No. 9 Rockefeller Plaza (corner
48th St. & Rockefeller Plaza), New York City and No. 45 Rocke¬
feller Plaza (corner 51st St. & Rockefeller Plaza), New York
City.
Certificate Nos. 1340A and 1341A.
$50,000
at
100,000
Montrose, Montrose, Cal.
50,000
—
Preferred (quar.)
Great Northern Paper Co. (quar.)
Extra
show
the
dividends
June
June
$6 pref.
A (quar.)
June
21
75c
June
18
June
25c
June
May 17
May 24*
$1
June
June
1
7Hc
June
May
May
May
May
May
May
May
20*
19
19
19
20
20
20
25c
Amalgamated Leather Co., 6% pref. (quar.)
American Box Board Co. (irregular)
American Oar & Foundry Co., common
American Chicle Co. (special)
American Electric Securities Corp., pref. (quar.)
American General Corp., $3 pref. (quar.)
$2H preferred (quar.)
$2 preferred (quar.)
American Laundry Machinery Co. (quar.)
Andian National Corp., Ltd. (semi-aim.)
When
Holders
Payable of Record
June
75c
June
62 He
50c
June
20c
June
$1
$1
Extra
June
June
June
from
$1X
May
May
May
32c
15c
30c
60c preferred (quar.)
Barlow & Seelig Mfg., class A (quar.)
Bangor Hydro Electric Co., 6% pref. (quar.)
7% preferred (quar.)
Bath Iron Works Corp. (stock div.)
S
3%
3%
$1H
Stock dividend
Biltmore Hats, Ltd., 7% pref. (quar.)
Birmingham Water Works, 6% pref. (quar.)
Border City Mfg. Co
Boston Garden Arena Corp., preferred
Brazilian Traction, Light & Power Co
Brown Fence & Wire Co., $1 par
June
8c
class A and B (quar.)
June
25c
Atlantic Refining Co. (quar.)
Bankers National Investors (quar.)
June
July
July
July
May
May
May
May
May
May
15
21
13
13
13
19
June
10
June
10
July
1
Dec.
Dec.
15
50c
$8
*50c
15c
30c
Old class B
Butler Water Co., 7% pref. (quar.)
$1H
$1H
Cabot Mfg Co. (quar.)
Calamba Sugar Estates (extra)
California Art Tile Corp., $1H preferred
60c
June
May 15
June
...
June
May
May
July
May
May
May 5
May
5
May 31
May 15
May 15
June
June
1
May
July
May
6
June
15
t50c
June
10c
June
1
7% preferred (quar.)
}
-
f
10*
1 May 14
1 May 14
1 May 21
15 June
1
1 May 21
1 June 15
15
1 May
15
1
30,June 10
18 (June
3
May 20 May 12
June
15 June
1
1 May 18
12 June
1
May 27 May 24
1 June 15
July
May 27 May 20
June 15 June
1
June
Sept. 30 Sept. 25
May 25 May 14
May 15 May 10
June
1 May 19
June
1 May 19
June
1 May 19
1 June 18
July
1 June 18
July
June
1 May 20
June 10 May 31
June
1 Apr. 20
Bank stock series
22c
10c
Building supply industry series
18c
Business equipment industry series
Chemical industry series
23c
Electrical equipment industry series.Government bond series (initial)
10c
10c
5c
15c
Insurance stock series
10c
Machinery industry series
Merchandising series
22c
Metals series.
Oil industry series
25c
35c
25c
20c
10c
Tobacco industry series
21
20
llMay 20
June
15c
June 21
5
5
5
5
20
17
15
20
11
11
14
14
14
20
20
29
7
15
15
15
15
20
20
14
15
1 June
June
Automobile industry series
Aviation industry series (initial)
June
15
15 June
__
June
Canfield Oil Co
8
19
19
19
June
Preferred (quar.)
Railroad series (initial)
Railroad equipment industry (initial)
Steel industry series (initial)
May 22
May 15
17
June
Meteor Motor Car Co
Food industry series
18
21
20
3
3
June
—
Michigan Steel Tube Products
Mid-West Rubber Reclaiming Co., $4 pref. (qu.)
Minneapolis Gas Light Co. (Dpi.)—
$1H June
6% preferred (quarterly)
June
U%
5H% preferred (quarterly).
June
$1M
5% preferred (quarterly)
$5.10 series preferred (quarterly)
$1.27H June
Monroe Chemical Co., pref. (quar.)
87 He
July
June
40c
Motor Wheel Corp. (quar.)
June
80c
Murphy (G. C.) Co. (quar.)
25c
Natcon Corp., common
May
25c June
National Casualty Co. (Detroit) (quar.)
60c
July
Newberry (J. J.) Co. (quar.)
New York Stocks, Inc.—
30c
May
Agricultural industry series
20c
Alcohol and distillery industry series..
May
June
Campe Corp. (quar.)
July
July
Merck & Co
20c
Abbotts Dairies, Inc. (quar.)
Allen Industries (quar.)
Allied Stores Corp., 5% pref. (quar.)
June
International Safety Razor, class
May 15
May 20
Per
Share
Company
Canadian income tax deducted
non-resident share holders.
Artloom Corp., preferred
June
June
are:
20
20
20
20
20
June 21 May 31
June
1 May 21
(s.-a.)
July
July
in our "General Corporation and Investment
News Department" in the week when declared:
5%
June 25 June
June
ljMay
June
25c
previously announced, but which
name
Name of
II May
May 25'May
May 15 May
May 15 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
May 15 Apr.
May 20 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
May 24 May
June 25June
$1H
second table in which
The dividends announced this week
25 May
24 May
June
Intertype Corp., 1st pref. (quar.)
2d preferred (semi-ann.)
Jarvis (W. B.) Co. (quar.)
Joslyn Mfg. & Supply Co. (increased quar.)
Kaufman Dept. Stores, pref. (quar.)
Kerr Lake Mines, Ltd
Key Co
Kingston Products (quar.)
7% preferred (quar.)
Kresge (S. S.) Co
Lane Bryant, Inc. (resumed)
Leath & Co., $2H pref. (quar.)
Leonard Custom Tailors Co. (extra)
Lincoln Printing Co
Lockhart Power Co., 7% pref. (s.-a.)
Manischewitz (B.) Co., common
Matson Navigation Co. (quar.)
MayfHosiery Mills Co., class A (quar.)
Class A (extra)
Preferred (quar.)
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
15 May
15 May
June
International Power Securities Corp.,
a
15 May
15 May
_
—
Special disbursement
grouped in two separate tables.
In the
bring together all the dividends announced the
follow with
June 30 June
June
1 May
May
May
May
May
May
May
Special disbursement
International Mining
are
we
(quar.)
June 30 June
June 30 June
Imperial Oil, Ltd. (semi-ann.)
DIVIDENDS
we
-
Class B (quar.)
International Petroleum Co.
Then
1 May
1 May
May 31 May
June
1 May
June
1 May
1 June
July
June
1 May
June
1 May
July 15 July
July 15 July
June
1 May
May 15 May
June
Illinois Zinc Co
TITLE
10
2 June 15
15 June 10
5
1 June
5
1 June
(quar.)
Huntington Water Corp., 7% pref. (quar.)—
6% preferred (quarterly)
Charter No. 13044.
OF
1 May 21
10 May 27
10 May 27
1 May 20
June
Ely & Walker Dry Goods Co. (quar.)
1st preferred (semi-ann.)
2d preferred (semi-ann.)
Equity Corp., pref. (quar.)
Equity Fund, Imc. (quar.)
Finance Co. of America (Bait.), cl. A & B (qu.)
43 He
7% preferred (quar.).
Clai
_lass A preferred (quar.)
8Mc
Firestone Tire & Rubber Co., 6% pref. A (qu.).
Gallaher Drug Co., 7% preferred
t$1.40
7% participating preferred
$1%
7% preferred (quar.)
35c
7% participating preferred (quar.)
Gamewell Co., preferred
Gemmer Mfg Co., $3 preferred A
75c
General American Corp. (quar.)
....
30c
General Finance Corp., 6% pref. (s.-a.)
Gosnold Mills Corp., 5% pref. (s.-a.)
62Hc
6% preferred (quar.)
Hawaiian Pineapple Co., Ltd
Hein-Werner Motor Parts Corp.
May 1—The Second National Bank of Hempstead, Hempstead,
New York, to: "The Second National Bank & Trust Co. of
Hempstead."
we
July
July
El Paso Natural Gas Co. (quar.)
Preferred (quar.)
Hanes (P. H.) Knotting Co., A & B,
Class A and B (extra)
Savings Association, San Fran¬
CHANGE
current week.
June
Extra
of America National Trust &
first
July
•*••••••■•
•
15
June 30
Guggenheim Co., 7% preferred (quar.)
6, 1937.
Liq. Agent, W. O. Marshall, 550
Montgomery St., San Francisco, Calif.
Absorbed by Bank
Dividends
June
Dayton Power & Light Co., 4H% Pref. (quar.)
De Beers Consol. Mines, Ltd. (s.-a.)-._
Dominion Coal Co., 6% pref. (quar.)
Duro-Test Corp. (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
East St. Louis & Interurban Water Co., 7% pref.
6% preferred (quar.)
El Dorado Oil Works (quar.)
Halsco Co., Inc. (extra)
Hancock Oil Co., class A (quar.)
Extra
April
cisco, Calif.
June
....—...
-
Extra.
Common stock 35,000.
Preferred stock 15,000.
'Effective
Extra
June
Great Atlantic & Pacific Tea Co
Charter No. 1188.
May 6—Crescenta-Canada Nat. Bank
June
June 30 June
—
—
VOLUNTARY LIQUIDATIONS
May 3—The First Nat. Bank of Parkers Landing, Parkers
Landing, Pa
Effective April 28, 1937.
Liq. Agent, E. W. Allen, Parkers
Landing, Pa.
Absorbed by Foxburg Bank, Foxburg, Pa.
May 5—First National Bank in Rockaway, Rockaway, N. J
Effective April 28, 1937.
Liq. Committee, Murray H. Coggeshall, Emil G. Kattermann, Edwin J. Matthews, William
Gerard and Carl V. Vogt, care of the liquidating bank.
Absorbed by The First National Bank of Morristown, N. J.,
1 May
1 May 21
1 May 21
June
Creameries of America (quar.)
Creole Petroleum Corp
OlciSS A,
15 15June
1
15 June
15
June
—
Electric Power Associates
ISSUED
April 30—The Calumet Nat. Bank of Hammond, Hammond, Ind. $200,000
Capital stock consists of $200,000. all common stock. President,
Joseph E. Meyer. Chashier, Edward Meyer. Conversion of
the Calumet State Bank of Hammond, Ind.
7 May 14
June 30 June
Preferred (quar.)
NATIONAL BANKS
June
May 15 May 10
-
...
Extra
The
June 30 May 31
1 June 19
1 June 19
July
July
June 30 June 15
June
1 May 22
June
1 May 20
-
-
Holders
When
Payable of Record
1 June 19
July
May 25 May 15
May 15 Apr. 30
June
1 May 15
June 29 June 19
June 15 May 25
Apr. 30
June
1 May 15
Central Tube Co
Central Vermont Public Service, $6 pref—-—
-
Shares
Stocks
20 Ninth Bank & Trust Co., par $103
Name of
15
common
I? Par $5
90
Per
$ per Share
Spinning Assts.,
779 Pelzer Manufacturing Co.,
25c
15c
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
1 May 20
1 May 20
1 May 20
1 May 20
1 June
15
10 May 20
1 May 21
17 May 11
15 May 28
1 June 16
22 May 14
22 May 14
22 May 24
22 May 14
22 May 14
22 May 14
22 May
22 May
14
14
22 May 14
22 May 14
22 May 14
22 May 14
22 May
22 May
22 May
22 May
22 May
22 May
May 22 May
May 22 May
14
14
14
14
14
14
14
14
Financial
Volume 144
Per
Name of Company
Share
National Casualty Co. (Detroit)
(quar.)—,
Preferred A and B (guar.)
New Bedford Cordage Go-.
Class B
June 15 May 28
June
2
June
-
June
Preferred (semi-ann.)
-
June
(~qu.").
1 Nov. 20
21
1 May 25
1 June 15
July
7
May 15 May
June
1 May 15
June 15 Juhe
June
July
July
July
1
1 May 20
1 June 19
1 June 19
8
1 June
June 15 June
1
May 24 May 20
June 30 June 15
June 15 May 21
June 15 May 25
Aug.
2
Nov.
1
May 25 May
June 15 May
June 15 May
June
1 May
;
—
10
29
29
15
June 25 June 15
July
1 June 15
June 12 June
Rich's, Inc., 634% pref. (quar.)
------ —
Royalty Income Shares series A
San Carlos Milling (monthly)
Savannah Gas Co., 7% pref. (quar.)
Schiff Co.. common (payable in stock)
Schumacher Wall Board Corp. $3 pref
Sherwin-Williams of Canada, pref
Simplex Paper Corp. (initial)
5
June 30 June 15
June 11 May 27
—
May 25 Apr.
May 15 May
June
1 May
May 26 May
May 15 May
July
2 June
May 25 May
May 15 May
—
—
(resumed)
30
1
20
11
10
15
15
7
June 30 June 15
June 15 May 31
July 15 June 30
Spencer Kellogg & Sons (quar.)
Standard Oil Co. (Ohio), common
5% cumulative preferred (quar.)--Standard Silica Corp. (interim)
June
Sterling, Inc., common (extra)
Stix, Baer & Fuller
Storkline Furniture Corp. (quar.)
Sullivan Consol. Mines (initial)
Superior Portland Cement preferred
Represents payment for 4 mos. ending June 30
Sylvanite Gold Mines, Ltd. (quar.)
Telephone Investment Corp. (monthly)-—
Terre Haute Water Works 7% pref. (quar.)
Tilo Roofing Co
Title Insurance Corp. of St. Louis (quar.)
May 25 May 15*
May 25 May 15
May 29 May 18
June 15 May 31
June
J May 24
July
May
June
Tobacco & Allied Stocks
Trinidad Leasehold ordinary registered
Tubize-Ohatillon Corp., class A
June
June
May
July
July
May 18
June
10
June
10
June
June 12
-
June
June
June
pref. (quar.)
erwood Elliott Fisher Co
15 June
1
May 22
May 20
May 20
10
May 21
1
Amusement Corp., Ltd., cl. A & B (s.-a.)
May
May 15
Electric Corp. (quar.)
Merchants & Mfrs., Inc. (semi-ann.)
June
June
Paperboard Co.. Inc
May
July
July
June
-
United States Gypsum Co. (quar.)
Preferred (quar.)
United Wall Paper Factories 6% pref. (quar.)—
Utica & Mohawk Cotton Mills, Inc. (quar.)
June
Virginia Electric & Power Co., $6 pref
Waialua Agricultural Co., Ltd
Ward Baking Corp., 7% preferred
Ware River RR. (s.-a.)
Washington Water Power Co., pref. (quar.)
Wayne Pump Co
Western Auto Supply (quar.)
Western N. Y. & Pa. Ry. Co. (s.-a.)
Williams (J. B.) (quar.)
Willson Products, Inc. (quar.)
Wilson-Jones Co., common stock div. of
June
May
May
July
July
Below
com.
4
May 17
May 17
June
15
15
May 20
May
6
May 28
May 19
June
June
15
June 30
June
May 25
July
June
June
May 20
July
May
-
June
June
18
30
May
6
May 31
one
for each share held.
May 12 May 12
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Name of Company
Share
Albany & Vermont RR
Acme Steel Co. (quar.)
Acme Wire Co., voting trust ctfs.
June
1 May 10
June 15 May 2l
When
Holders
Payable of Record
June 21 May 21
June
1 May 15
June
1 May 21
May 20 Apr. 24
May 20 Apr. 24
July
1 June 10
June 15 May 25
July
1 June 10
July
1 June 10
June
1 May 10
July
1
June 22 June 11
June
1 May
7
June
1 May
7
1
May 15 May
1
May 15 May
June
1 May 10
May 15 Apr. 20
June 10 May 28
June
1 May 15
June
1 May 15
5
May 20 May
5
May 20 May
July
1 May 28
July
1 May 28
June
1 May 14*
June
1 May 14
1
May 15 May
June
1 May 15
June
1 May 15
June
1 May 15
5
May 15 May
Argo Oil Co. (semi-ann.)
Extra.
Armour & Co.
(Del.), pref. (quar.)..
Armour & Co. (111.)
$6 prior preferred (quar.)
Old 7% preferred (quar.)
—
—
Armstrong Cork
Arrow-Hart 8c Hegeman Elec. Co., 634 Pf- (qu.)
Art Metal Works Co. (quar.)
Associated Dry Goods Corp., 6% lut pref
7% 2d 2d preferred
—
Associated Tel. & Tel. Co. 7% Is pref
First $6 preferred
...
Atlas Corp., 6% pref. (quar.)
Atlas Plywood Corp
—
Atlas Powder Co
Radio Show, Inc. (quar.)
6% preferred (quarterly)-—
Baltimore
Bandini Petroleum
(quar.)
Extra
Bangor 8c Aroostook RR. Co. common
Cum. conv. preferred
Barber Co., Inc
Baton Rouge Electric, $6 pref. (quar.)Beacon Mfg., 6% pref. (quar.)
Beattie Gold Mines
Beaunit Mills, Inc
Preferred (quar.)—
Belden Mfg. Co. (quar.)
Bellows & Co.. class A (quarterly)
——
—
...
Class A
June 25 June
Bensonhurst National Bank (quar.)—
Best & Co. (quar.)
Bethlehem Steel Corp
June 15
May 15 Apr. 24
May 28
July
l'June 4
July
1 June 4
June
1 May 17
5% preferred (quarterly)-.-.——————.
7% preferred (quarterly)
Bigelow-Sanford Carpet Co. (interim)
Preferred (quar.)
June
1 May 17
1 May 14
May 15May
1
May 15;May
1
Blackstone Valley Gas & Elec. Co., 6% pf. (s.-a)
June'
Blauner's, Inc. (quarterly)
Preferred (quarterly)
Blue Ridge Corp
June
—
June
$3 convertible preferred (quar.)
Optional payment 1-32 sh. of com. or cash.
Borden Co., common (quar.)
Boss
—.
Extra
Bright (T. G.) & Co., Ltd. (quarterly)
6% preferred (quarterly)
Bristol-Myers Co. (quar.)
—
Extra
British American Oil Co., Ltd
(quar.)
Brooklyn Edison Co. (quar.)
—
Brooklyn Union Gas Co
Brown Shoe Co. common (quar.)
Bruce (E. L.) Co., old and new 7% pref... —
New $334 preferred
Covers period from Oct. 1 '36 to Mar. 31 *37.
$154
7% preferred (quar.)
Covers period from Jan. 1 to Mar. 31,1937.
$1
Buckeye Pipe Line Co. common
1234c
Buck Hill Falls Co. (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
tl234c
Apr. 30
2
July
May
June
15
June
June
June
June
May 15
May 28
Canadian Oil Cos.,
July
June
50c
June
25c
May
....
June
June
June 15
Sept.
Dec.
15
June
15
Sept.
Sept. 15
Dec
Dec.
40c
35c
July
July
May
May
May
May
15 Apr. 30
15 Apr. 30
3734c
6234c
25c
American Can Co. (quar.)
American Capital Corp. $534 pref. (quar.)
American Chicle Co. (quar.)
American Envelope Co., 7% pref. A (quar.)-.
—
7% preferred A (quarterly)
7% preferred A (quarterly)———
Forging & Socket
Fork & Hoe Co. (quarterly)
Home Products Co. (monthly)
Investment Co. of 111., common—
American Metal Co., resumed
American
American
American
American
—
—-
(quarterly)
June
June
1
Central Massachusetts Light 8c Power (quar.)—
June
May 25
Aug. 25
6% preferred (quar.)
—
Central Mississippi Valley Electric Property—
6% preferred (quarterly)
Centrifugal Pipe Corp. (quar.)
Sept.
Dec.
Nov. 25
June
May
3
June
June
5
June
Juhe
May 14*
May 10
May 21
May 21
May
5
June
5
Sept. 5
Dec.
5
Apr. 30
June
June
June
Sept.
Dec.
........
15
May
Central 111. Public Service $6 preferred-—
6% preferred
Quarterly—.——...——
1
1 June 15
1 June 15
15 Apr. 30
29 May
8
June 15
June
1
May" 15*
June 18 May 31
May 15 Apr. 30
July
1 May 15
July
1 May 15
July
1 May 15
1
May 15 May
July
1 June 19
June
1 May 15
July
1 June 21
June 15 June 10
July
1 June 12
May 22 May
7
May 25 May 15
May 25 May 15
May 15 Apr. 30
July
7% cum. prior preferred (quar.)—.
7% cum. 1st partic. preferred (s.-a.)—
June
May
May
(quar.)
Central Arkansas PubHc Serv. Corp., pref. (qu.)
Central Cold Storage (quar.)
7% pref. (quar.).
7% preferred (quarterly)....
t$2
50c
Cedar Rapid Mfg. & Power Co. (quar.)..
Celanese Corp. of America—
May 15
May 15
Apr. 23*
May 15
American News, N. Y. Corp. (bi-monthly)...
—....
"Bfc
Catawissa RR. Co., 5% 1st o 2nd pref. (s.-a.)—
Caterpillar Tractor (quar.)..
——
June
1
14
14
3 Apr. 20
Teleg. Co. (quar.)
(quar.)
May 20
15
25
5
June
—.
June
1
1
11
29
May
Carter (Wm.) Co., Inc., 6% pref.
Case (J. I.) preferred (guar.)
Preferred
28
1
25c
II
July
June
American Re-Insurance
15
7
1
20
15
15
534%
.
Carolina Telep. &
June
June
June
8% preferred (quar.)_
June
—
Extra
American Paper Goods Co.,
7% preferred (quarterly)
Sept. 15
Dec
June
American Bakeries Corp. 7% pref. (semi-ann.)
American Business Shares (quar.)
Preferred
May 15
May 15
June
-
American Arch Co
10
Extra
Ltd. (quar.)..
8% preferred (quarterly)
June
June
20c
Carman 8c Co., Inc., class A
-
1
May
May
May
May
May
May
May
May
May
May
May
May
May
June
$134
3734c
$134
16
1 May 15
May
May
May
15c
Byron Jackson Co. (quarterly)
Cable & Wireless (Holding), Ltd.—
American deposit receipts, 534 % preferred—
Less tax and depositary expenses.
Calamba Sugar Estates (quar.)
Preferred (quar.)
.
California Packing Corp. (quar.)—————
5% preferred, new (quar.)—
California Water Service, 6% pref. (quar.)
Campbell. Wyant 5c Cannon Foundry (quar.)—
Canada Malting Co. (quar.)
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, 634% pref. (initial)
Canadian Converters Co., Ltd. (quar.)
Canadian Foreign Investment (quar.)
June
—_
June
June
3734c
(quar.)
(quar.)
May
Apr. 30
1
20
15
20
1
1
29
29
14
14
I5c
Bonus
Bullock's. Inc
Bulolo Gold Dredging Ltd. (irregular)-Bunker Hill & Sullivan Min'g & Cone., new (qu.)
Bunte Bros., 5% pref. (quar.)
Burlington Mills (quar.)
Burroughs Adding Machine Co.——.—
June
5
May 20 Apr.
1 May
May 25!May
May 20 May
May 20 May
June 15 May
June 15 May
June
1 May
Juno
1 May
2 June
July
May 29 May
1 June
July
June
1 May
1 May
June
June
1 May
June
Brewer (C.), Ltd. (monthly)
Brewers & Distillers of Vancouver
Preferred
5
June 25 June
Bearing—
Boston Fund, Inc. (initial)
Brach (E. J.) & Sons (quar.)
Butler Bros,
liMay
May 22
June
1 May 15
May 15 Apr. 30
Mfg. Co., common
Bower Roller
IjMay
June
Bond & Share Trust, 6% pref. (quar.)....
(quar.)
Addressograph-Multigraph Corp. (quar.)
Agnew-Surpass Shoe Stores preference
Albers Bros. Milling Co., 7% preferred
Allegheny Steel Co., common,f
Preferred (quar.)
Allied Mills, Inc
Allied Products, class A (quar.)
Aluminium, Ltd., preferred
Preferred (quarterly)
Aluminum Manufacturing, Ino. (quar.)
—...
—
Quarterly
Quarterly
;
——
7% preferred (quar.
7% preferred (quar.
7% preferred (quar.
1
1
Dec. 24 Dec.
June 1 2May 20
June 30 June 21
May
June
1
Sept. 25 Sept.
(quarterly)
Class A (quarterly)
Bendix Aviation Corp
;
Apr. 30
May 28
2 July 20
2 June 19
Aug.
July
Anglo-Huronian, Ltd
Archer-Daniels-Midland Co
17
20
20
15
1 May 29
July
American Tobacco Co., com. 8c com. B
American Water Works & Elec. Co., Inc., cornAmerican Zinc, Lead 8c Smelting preferred
Amoskeag Co. preferred (semi-ann.)
June 30 June 15
(increased)
additional share of
7% preferred
American Thermos Bottle Co.. pref. (quar.)
American Thread Co. 5% pref. (semi-annual)—
Anaconda Wire & Cable Co
June
Prosperity Co., Inc., 5% pref. (quar.)
United
United
United
United
-—-
1 Aug. 21
7
June
1
June 30 June 15
June 30 June 15
July
1 June 20
—
Dec.
5% preferred (quar.)
Puget Sound Pulp & Timber Co
Reeves (D.), Inc. (quar.)
634% preferred (quar.)
Reinhardt Brewery Co., Ltd. (initial)
Reliance Electric & Engineering Co
Rensselaer & Saratoga RR. Co. (s.-a.)
'o
2nd preferred
1 May 22
May 25 May
June 1 May
1 May
June
1 May
June
July 31
July 31
1 May
June
-
ilvii
Ogilvie Flour Mills, pref. (quar.)
Ohio Water Service Co., class A (increased)
Olympic Forest Products Co., $8 preferred
Omnibus Corp., preferred (quar.)
Pacolet Manufacturing Co. 7% preferred
Patter-Sargent Co. (quar.)
—
Penick & Ford, Ltd. (reduced)
Pennsylvania Gas & Electric class A (quar.)
$7 preferred (quar.)
7% preferred (quar.)
Peoples Drug Stores (quar.)
Preferred (quar.)
——
Pfaudler 6% preferred (quar.)
Philadelphia Baltimore 8c Washington
Pittsburgh & Lake Erie RR
-—
Procter & Gamble Co., 5% pref. (quar.)
Un
6%
Holders
When
Payable of Record
May 29 May
American Smelting & Refining Co..
American Steel Foundries
June
7H%_2d preferred (quar.).
Rike-Kumler Co. (quar.)
15
June 30 June 15
July 15 June 30
Share
Name of Company
Sept.
4% preferred (quarterly)
4% preferred (quarterly)
.
North Pennsylvania RR. (quar.)
Northwest Public Service, $7 pref
$6 preferred
Nova Scotia Li~g"ht~& Power Co., 6%"pref.
Nunn-Bush Shoe Co., 7% pref. (quar.)
Soule Mill
June 15
July
July
(s.-a.)
Niagara Falls Smelting & Refining Corp...
North Central Ry. Co. (s.-a.)
Northern RR. Co. of N. J., 4% pref. (quar.)—
Richardson Co.
May 12
May 12
May 12
June
7% preferred (quarterly)
New York &r Harlem RR. Co.
Per
Holders
When
Payable of Record
July
—
3275
Chronicle
1 June 15
June 30 June
-_
—
17*
5
20
20
15
30
June
1 May 15
5
May 15 May
5
Aug. 16 Aug.
———
Quarterly.....
—————————
Century Ribbon Mills
................
7% preferred (quarterly)
—.—
Chain Belt Co. (quar.)
Champion Paper 8c Fibre, preferred (quar.).—
Chartered Investor, Inc., $5 pref. (quar.)
Chester Water Service Co., $534 Pref. (quar.)..
Chicago District Electric Generating Corp.—
$6 preferred (quarterly)...-..
——
15
1 May
May 15 May
June 15 May
June 15 May
May 31 Apr.
May 15 Apr.
June
Nov. 15 Nov.
5
May 15 May
7
June
1 May 20
May 15 May
1
July
1 June 15
June
1 May
1
May 15 May
5
$134
June
1 May 15
3276
Financial
Per
Name
When
Share
of Company
37 He
Chicago Mail Order Co. (quar.)
50c
Chicago Yellow Cab (quar.)
Chile Copper Co
50c
—
Chrysler Corp. common
$2
Cincinnati Union Terminal Co., 5% pref. (qu.).
Preferred (quarterly)
——
Clarke Equipment Co. (quar.)
Preferred (quar.)
Clear Springs Water Service, $6 pref. (quar.) —
6% preferred
t$l
Cleveland Electric Illuminating (quar.) —
60c
Preferred (quar.)
$1,125
Cleveland & Pittsburgh RR. Co. gtd. (quar.) —
87)4c
_
-—
Guaranteed (quar.).
———
Guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Coca-Cola Co. (quar.)
Class A (semi-annual)
Coca-Cola International (quar.).
Class A (semi-annual)
Colgate-Palmolive-Peet Co. (quar.)
87 He
87$
50c
May 10
May 20
May
4
May
4
Sept. 18
May
June
July
Oct.
Mar. 20
June
May 27
May 27
May
5
May
5
June
May
May
July
July
June 10
June 18
June
May 10
Sept.
Nov. 10
Dec.
June
May 10
Aug. 10
Sept.
Nov. 10
Dec.
$3
July
July
July
July
12 He
June
May
$134
July
May
June
6
5
30c
50c
June
May
May
May
May
May
Apr.
Apr.
Apr.
Apr.
May
15
19
19
19
22
20
20
20
20
4
(quar.)
Guaranteed betterment (quar.)
Ever Ready Co. (Great Britain), Ltd., ord.stk.
4
Bonus
June
.4
Preference
June
4
1
1 May
1 May
5
15
12
12
1 May
1 May
12*
15
June
May 17
May 17
June
June
June
Preferred (quarterly)
Fa jar do Sugar
June
Fansteel
June 30 June
Metallurgical Corp. $5 pref. (quar.)—
$5 preferred (quar.)
$5 preferred (quar.)
Farmers & Traders Life Insurance (N. Y.) —Quarterly
Oct.
Federal Insurance
July
July
(quar.)
(Jersey City) (quar.)
Oct.
Federal Light & Traction pref. (quar.)
Federal Mining & Smelting pref. (quar.)—...
Ferro
Ferry-Hawley Co., preferred (quar.)—
Common (increased, quarterly)
Financial Association, Inc. (monthly)
June
Apr. 15
Apr. 30
June
May 15
June
May 31
Enamel
June
Dec.
First National Bank
June 30 June 23
24
Mar. 15
Dec.
—
(Jersey City) (quar.)
First National Bank (N. Y.) (quar.).
First Security Corp. of Ogden(
1 (Utah), ser A (»-a)
Fishman (M. H.) Co., new.
~
June
May
May
May
May
June
June
June
15
15
15
15
May 31
May
7
Mar. 15
June
May 15
May 21
May
5
Apr. 24*
May 15
Apr. 30
May 15
Apr. 30
June
May
May
May
May
June
May
July
June 30
June
May
Apr.
May
May
Apr.
May
May
May
May
June
June
May
May
June
June
"
~
5H% preferred (s.-a.)*--.
Fitz Simons & Connell Dredge & Dock.
Florida Power Corp., 7% pref. A (quar.).
---.
Class B (quar.)
Ford Motor Co. of Canada, A. & B. (quar.)—Four Wheel Drive Auto Co. (irergular).
Freeport Sulphur Co. common (quar.).
Preferred iquar.)
Fuller Brush Co. 7% preferred (quar.).
7% preferred (quar.).
General Cigar Co., Inc., preferred (quartrly)
General Finance Corp., 6% pref. (s.-a.)
General Metals (quar.).
General Water, Gas & Elec. Co. common (qu.)-
May 29 May 19
May 29 May 19
May
May
5
(quar.)
—
$5H preferred (quarterly)
Georgia RR. & Banking Co. (quar.).
Gibson Art Co. (quar.)
Globe Democratic Publishing Co., 7% pf. (qu.)
Golden Cycle Corp. (quar.)
Goodrich (B. F.) Co
Preferred (quar.)
Goodyear Tire & Rubber Co
Preferred (quar.)
$7, 2nd preferred
——
Gossard (H. W.) Co
Grand Union Co., $3 preferredGraton & Knight, pref. (initial s.-a.)
7% preferred (quarterly)
Great Lakes Dredge & Dock (quar.)
June
1
Cushman's Sons, Inc., 7% preferred
June
May 29
May 14
Davenport Hosiery Mills
7% preferred (quar.)
July
July
Deere & Co., pref. (quar.)
Preferred
June
l'May 15
Great Western Electro-Chemical
June
1 May 15
liMay 20
(Aug. 20
Gulf State Utilities Co. (quarterly)-
1 Nov. 20
1 July
1
$534 preferred (quarterly)
Gurd (Chas.) & Co., Ltd., pref. (quar.)
-
Dentists Supply Co. of N. Y. (quar.)
June
Sept
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Dec.
July
Oct.
7% preferred (quarterly)
Deposited Bank Shares, N. Y. ser. A (s.-a.)
Payable in stock.
Derby Oil & Refining preferred
Detroit Gasket & Mfg. preferred (quar.)
Dec.
July
July
June
Diamond Match Co
Sept.
Common
Dec.
June
15
June 15
1 Oct.
1
23 Dec. 23
1 May 15
1 June 15
1 May 15
1 Aug. 14
1 Nov. 15
Common stk. div. of 4-50tbs of a sh. of Pan
Amer. Match Corp. for each sh. of Dia¬
$1H
$2
SI Yi
37 He
62 He
20c
20c
50c
$2
Sept.
June
June
May
July
July
June
Sept.
Dec.
July
July
t$2H
June
J30c
May
May
May
May
May
75c
$1M
15c
$2
cash.
1 May
1 May
15 Apr.
1 June
1 June
14
14
30
10
10
1
1
1
20 June 30
20 June 30
1 May 15
15 Apr. 30
15 May
1
15 May
1
15 May
4
25 May 12
Option
pf. (qu.)
1 Aug. 14
Marl'38 Feb 15'38
$6 preferred (quar.)
Eastern Utilities Assoc.
shares
May
May
Aug.
50c
May 10
May 10
May
May
Aug.
June
50c
Nov.
Nov.
50c
May
May
May 10
May
5
60c
May
$1H
June
40c
10c
15c
June
June
50c
June
common
Preferred (quar.)
Hanna (M. A.) Co., common
Preferred (quarterly)
—
(quar.)
(monthly)
Extra
Hoover & Allison 5% pref. (initial).
(Geo. A.) & Co. (quar.)
(quar.)
Preferred A
Horn & Hardart Co. (N. Y.) $5 pref. (qu.)
Hotel Barbizon, Inc., vot. tr. ctfs. (quar.).
Preferred
$154
$1H
$IH
June
July
July
July
15 May 14
15 May
4
10 May 25
June
1
June 30
15
15
15
15
June 30
June 30
1 May
2 July 15
1 June 22
1 Sept. 22
1 May 22
June
May 25 May
May 15 Apr.
June 12 May
2 July
Aug.
2 July
Aug.
2 July
Aug.
May 20 May
July 15 July
1 June
July
June
1 May
June 10 May
15
15
30
13
6
15
15
10
1
20
20
31
June 30 June 21
June 30 June 21
June 15 May 15
June 15 May 15
July
June
June
May
May
May
May
1
1 May
1 May
15
10
1
1
3
15 May
5
15 May
15 May
15 May
(quar.)
Hummel-Ross-Fibre Co
Idaho-Maryland Mines Corp. (quar.)
Imperial Life Assurance of Canada (quar.)
Quarterly
Quarterly
Indiana Pipe Line Co.
Indiana Security Corp. 6% preferred (quar.)
6% preferred (quarterly)
Ingersoll-Rand Co
-
Steel Co
Extra
Insuranshares Certificates
International Harvester preferred (quar.).
International Nickel Co. of Canada
Interstate Home Equipment Co., Inc. (quar.)
Interstate Hosiery Mills
Intertype Corp., common.
—
11
29
28
28
1
15
June 30 June 16
June
1 May
15
2 June
June 15 June
4
July
1
June
1 May
June 30 June
June
1 May
Hershey Chocolate Corp. (quarterly).
Preferred (quarterly)
Heyden Chemical Corp
Heywood-Wakefield, 5% pref. B (quar.)—.
Hibbard, Spencer, Bartlett & Co. (mthly).
Monthly
Hires (Chas. E.) Co. class A common (quar.)
Hobart Mfg. Co.. class A (quar.)—
Hollander (A.) & Sons (quar.)
Hollinger Consol. Gold Mines, LtdHolophane Co
Holt (Henry) Inc., participating A.
Homestake Mining (monthly)
Inland
Extra
Electromaster, Inc
Elgin National Watch Co
El Paso Electric Co. (Del.) 7% pref. A (qur.)
6% preferred B (quarterly)
El Paso Electric Co. (Texas), $6 pref. (quar.)
June
50c
—.
Co
Voting trust certificates (quarterly)
Household Finance Corp. (quar.)
$1H
$1H
10c
„
conv.
Quarterly
Quarterly
Quarterly
Eaton Mfg. Co. (quar.)
Eddy Paper Co
Electric Shareholdings Corp., preferred
Payable at the rate of 44-1000th sh.
or optional $1)4 cash.
Electrolux Corp. (quarterly)
Water
—
Hormel
15
June 19 May 29
June 10 May 31
June 19 June
Heileman (G.) Brewing Co. (quar.)---.
Hercules Powder Co., pref. (quar.)
75c
75c
15
1 June
May 15 Apr.
June 15 May
June 15 May
May 15 May
June
1 May
Preferred (quarterly)
Hale Bros. Stores, Inc. (quar.)
Halifax Fire Insurance Co. (M. S.) (s.-a.)
Hamilton Watch
Preferred
May 15
1 June
(semi-annual)
Hawaiian Agricultural
20c
or
Hackensack
July
July
Die Corp., preferred
Hazel-Atlas Glass Co. (quarterly)--—
Heel a Mining Co
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
com.
Greenfield Tap &
Harbison-Walker Refractories Co
stk. held.
Payable in
three installments, the 1st of 2-50ths; the
of
—
Greene R.R. Co.
15 June
1
1 May 15
Sept. 1 Aug. 20
1 May 21
June
June
1 May 15
Oct.
—
Corp—.
General Public Service Corp., $6 pref. (quar.)
15
June
June
Aug.
July
30
10
13
7
1 June
23
20
June
General Motors
Preferred
July
15 Apr.
15 Apr.
June
7% preferred (quarterly)
Florsheim Shoe class A (quar.)
10
30
21*
28*
June 16
June 19
June
—-
July
sh.
15 June
1
15 Apr. 30
15 Aprl 30
Sept.
■Extra
June
a
1
15 June
Fire Assoc. of Philadelphia (semi-annual)
Firemen's Insurance Co. of Newark (s.-a.)——
Guneo Press, Inc., preferred (quar.)
Curtis Publishing 7% preferred
of
1
10
June
Sept. 25
18
must be exercised by May 22.
Eastern Shore Public Service Co., $6)4
June 15 June
Mar. 25
June
l-10th
19
1 Sept. 20
1 May 17*
June 21 June
—
June
Early & Daniel Co
1 June
May
May
May
May
June
_
1 Sept. 10
1 June 15
May
(resumed)
-
June
1 Sept.10
1 June 10
June
—
Preferred (quar.)
Dow Drug Co
Oct.
July
Extra
Faultless Rubber Co.
15
Sept. 30 Sept. 15
Dec. 17 Dec. 15
1 June 10
July
Extra
Mar. 12
July
May
—:
Dominion Bridge, Ltd. (quar.)
1 Aug. 31
1 Nov. 30
June
1 May
June
Orum & Porster Co., preferred (quar.)
Crum & Forster Insurance Shares, pref. (quar.)
Class A & B
Dow Chemical Co
1 Mar. 31
Dec.
June
June
—.
Dominion & Anglo Investment Corp., 5% pref—
10 Nov. 30
Sept.
Fairbanks Morse & Co. (quar.)
Extra
25c
—
Quarterly
Quarterly
Dec.
June
12
$1H
6854c
.
Dome Mines, Ltd. (quar.)
Extra
23
May 25 May 11
5
May 18 May
June 10 May 31
Sept. 10 Aug. 31
June
May
May
May
May
May
preferred (quar.)
—
—
Consolidated Paper Co. (quar.)
Container Corp. of America (quar.)
Continental Can Co., Inc., common (quar.)
Copperweld Steel Co. (quar.)
Corporate Investors, Ltd. (quar.)
Corrugated Paper Box Co., 7% pref (quar.)
Cosmos Imperial Mills (quar.)
6% preferred (quar.)
Creameries of America, Inc., $3H pref. (quar.)
Cresson Consol. Goid Mining & Milling (quar.).
Crown Cork & Seal Co., Inc., common (quar.)
Preferred (quarterly)
Crown Cork & Seal Co., Ltd. (quar.)
Crown Drug Co., preferred (quarterly)
Crown Zellerbach Corp. $5 pref. (quar.)
Class A (quarterly)
Doctor Pepper Co. (quarterly)
1 Sept. 21
2 Dec.
Faber, Coe & Gregg, Inc. (quar.)
May
Dictaphone Corp
Preferred (quar.)
Diem & Wing Paper Co., 5% pref. (quar.)
Dixie-Vortex Co. (quarterly)
1 June 22
Oct.
Jan.
12
June
Preferred (sem-ann.)
15
15
15 Apr. 30
23 Sept. 11
June
June
Match preferred stock held.
Preferred (semi-ann.)
-
July
1 May 21
31 May
31 May
June
June
cum.
com.
June
May
May
May
Sept.
May 15 May
20c
$2H preferred (semi-annually),
(quar.)
mond Match
Holders
When
Payable of Record
Ewa Plantation Co
80c
onsoli
Consolidated Edison of N. Y.
Consolidated Oil Corp. (quar.)
Cuban American Sugar Co.,
pref.
Cuban Tobacco 5% preferred
Guaranteed betterment
12
June
Connecticut Power Co. (quarterly)
Connecticut River Power, 6% pref. (quar.)
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Diversified Standard Securities—
Crow's Nest Pass. Coal Co
Crucible Steel, preferred
Empire & Bay State Teleg. Co., 4% guaranteedEmpire Capital Corp., class A (quar.)
Class A (extra)
-—
Employers Re-Insurance Corp. (quar.)—
Emporium Capwell Corp., 7% pref. (s.-a.)
4H% cumul. preferred A (quarterly)
—
4H% cumul. preferred A (quarterly)—-4—
4H %cumul. preferred A (quarterly)
.—
Emsco Derrick & Equipment Co. (quar.)-—-.
Equity Shares Corp
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Mar. 12
June
June
—
Share
Name oj Company
June 12
$1H
—
$5
June
June
50c
6% preferred series A (quarterly)
6% preferred (quarterly)
5% cumul. preferred (quarterly)
Columbia Pictures Corp. $2M pref. (quar.)
Common (quar.)
Columbian Carbon Co. (quar.)
Special
Commercial National Bank & Trust (qu.)
Commonwealth International (quar.)
Commonwealth Utilities Corp., 6)4% pf. G(qu.)
Compania Swift Internacional (quar.)
Compressed Industrial Gases (quar.)
Concord Gas, 7% pref. (quarterly)
Confederation Life Assoc. (Ont.) (quarterly)
Quarterly
Quarterly
Connecticut Light & Power Co., 5H% pref
Per
Holders
Payable of Record
50c
$134
$3.90
Preferred (quarterly)
......-——
Collective Trading, Inc., class A
Collins & Aikman Corp
Extra
Preferred (quar.)
Columbia Broadcasting A&B
Columbia Gas & Electric Corp., com. (quar.)
May IS, 1937
Chronicle
14
19
15
June
1 May 10
July 20 July
6
May 31 May 25
1 June 17
July
June 15 May 15
May 15 May
1
May 15 May
4
May 15 Apr. 24
May 15 Apr. 24
June
1 May 20
June
1 May 22
May 28 May 18
June 25 June
1 May
June
15
15
June
1 May 18
May 17 Apr. 30
May 20 May
6
June
1 May 15
June
1 May 11
May 25 May 20
May 25 May 20
June
1 May 15
May 15 May
1
May 15 May
1
June
1 May 12
5 July 24
Aug.
Nov.
5 Oct. 25
July 15 June 30*
July 15 June 30*
May 15 May
1
June 10 June
1
July
Oct,
2 June 30
1 Sept. 30
Jan.
3 Dec. 31
May 15 Apr. 23
1 June 15
July
Oct.
1 Sept. 15
June
1 May 10
June
1 May 14
June
1 May 14
June 26 June 16
June
1 May
5
Juae 30 June
1
June 15 May 15
May 15 Apr. 30
June
1 May 15
Volume
Financial
144
Per
Share
Name of Company
Sept.
...
....
Ironwood & Bessemer Ry. & Lt. Co. 7% pf.
Jantzen Knitting Mills
preferred (quar.)
1 Nov. 10
%IH
50c
1$IH
—
iig
Dec.
J3c
May
25c
July
June
21
50c
June
91X
June
40c
June
May 15
May 15
May 10
91X
July
Aug.
May
89c
June
87 He
(quarf.)
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.)
Lake of the Woods Milling, preferred
Lake Shore Mines, Ltd. (quar.)
June
10
10
1
10
8
8
June
May
May
May
May
May
May
May
—
June
June
Extra
Land is Machine
(quar.)—
May 15
May 15
May
5
Aug.
6
5
5
May
May
Apr. 30
June
May 28
June
3
June
Lehigh Coal & Navigation (semi-annual)
Lehn & Fink Products Corp., common (s.-a.)—
Lessing's, Inc..
—
Le Tourneau, Inc. (quar.)
Quarterly
June
May 15
Aug. 15
June
Sept.
Nov. 15
Dec.
Quarterly
Preferred
(quar.)
Preferred
15
Sept. 10'Aug. 25
Dec.
10 Nov. 26
1 May 10
June
1 May 10
May 31 May 21
June
June 30 June
19
July 31 July 21
Aug. 31 Aug. 21
Sept. 30 Sept. 20
Oct.
30 Oct.
20
Nov. 30 Nov. 20
Dec. 31 Dec. 20
July
June 28
Oct.
Sept. 28
Jan.
Dec.
May
July
Apr. 30
June
May 17
June
31
-
Mabbett (G.) & Sons, 7% 1st & 2d pref. (quar.).
Macy (R. H.) & Co. (quarterly
Madison Square Garden Corp
Magnin (I.) & Co., 6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)__
Managed Investment, Inc. (quarterly)
18*
Apr. 23
May
5
June
22
May
Aug.
May
Aug.
May
Aug.
17
16
31
31
Nov.
Nov. 30
Sept.
June
June
May 15
May
1
June
June
June
June
1
June
May
May
May
May
May
May
29
15
20
15
15
June
June
June
June
May
July
19
21
Jun
June
June
Midco Oil Corp., vot. tr. ctfs. (quar )_.
Middlesex \\ ater Co. (quar.)
Midland Grocery Co., 6% pref. (s.-a.)
May
June
June
Participating preference (quar.)
June
June
.
June
June
May
May
May 15
May l5
May
4
May 20
May
1
May
1
June
Minneapolis-Honeywell Regulator Co
4% preferred B (quar.)
Monmouth Consol. Water Co., $7 pref. (qu.)
Monolith Portland Cement, 8% pref---
May 10
May 15
May 25
July
Midwest Oil Co. (semi-ann.)
Milwaukee Gas Light, 7% pref. A (quar.)--.
June
10
30
19
20
20
20
Participating preference (partic. in com. div.)
Metal & Thermit Corp., 7% preferred (quar .) —
Mid-Continent Petroleum (interim)
May
1
June
Apr.
May
May
May
May
Metal Textile Corp. common
June
June
June
June
15,May 25
June
May
June
June 30 June
May
May
May
May
151 Apr 1
19
15
30
1
1
15 Apr. 29
15 May
15 May
no par,
May
15
July
Aug.
Aug.
Aug.
May
May
May
July
June
15
June
(quar.)
Nov.
June
May 15
May
(quarterly)
Nov.
May Dept. Stores Co. (quar.)
Quarterly
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McColl Frontenac Oil Co. (quar.)
Mclntyre Porcupine Mines (quar.)
McKenzie Red Lake Gold Mines, Ltd
-
June
June
(quarterly)
Preferred C
May
May
1
...
May
May
May
May
7
May 15
May 15
May 15
May 10
May
1
May
1
May
7
May
7
Apr. 29
June
May
7
May 10
May
5
Aug.
5
19
June
June
(monthly)—-
Preferred A
May 15
May 10
May 10
June
(quarterly)-June
June
Parker-Wolverine
(irregular)
Pender (David) Grocery Co., class A (quar.)—
Peninsular Grinding Wheel Co. (quarterly)——
Peninsular Telephone (quar.)
—
Quarterly
—
7% preferred (quar.)
June
May
July
July 15
July 15
July 15
Apr. 30
Apr. 30
Apr. 20
June
May 10
May 15
May 20
Aprl 26
June
15
Sept. 15
May
5
Aug.
5
Nov.
Nov.
Feb.
Feb.
May
June
May
May
May
May
May
May
May
May
May
July
June
June
May
May
May
June
June
June
Extra
8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
Phoenix Hosiery Co. 7% preferred
Pickle Crow Gold increased
——
30
May
Aug.
Oct.
7% preferred (quar.)-7% preferred (quar.)
-——
7% preferred (quar.)
—
Penmans, Ltd. (quar.)
Pennsylvania State Water Corp. $7 pref, (quar.)
Pepeekeo Sugar (monthly)
Petroleum Corp. of America
Pfeiffer Brewing Co. common
Phelps Dodge Corp
Philadelphia Suburban Water pref. (quar.)
Phillips Petroleum Co. (quar.)
Phoenix Finance Corp.,
1
June
—
May
May
Aug.
June
Nov. 16
6% preferred (monthly)
5% preferred (monthly)
Onomea Sugar Co. (monthly)
Ontario & Quebec Ry. (semi-ann.)
Debenture (semi- annual)
-—
Ontario Steel Products, 7% pref—
—
7% preferred (quarterly)
—
Owens-Illinois Glass (new initial quar.)
Oxford Paper Co. $6 preferred—
$5 preferred, new (quar.)
Paauhau Sugar Plantation Co. (monthly)—-—
Pacific Finance Co. of California (quar.)
5% preferred (quarterly)
Ohio Public Service Co., 7% pref.
15
May 14
May
6
May
5
Apr. 30
May 14
June
June
5
28
10
8
17
17
June
Payable at such time as said stock is turned
in for exchange to $2 H par common.
Preferred (semi-ann.)
19
10
May
May
May
May
Aug.
Dec.
—
Common,
June
June
Sept.
-—----—
Co., 6% pref. (quar.)
Dec.
21
May
June
-
Preferred (quarterly)
Apr. 30
June
Northern Oklahoma Gas Co. 6% pref.
Sept. 21
June
—
May
—
Apr. 30
Apr. 30
May
5
Oct.
June
Preferred
North River Insurance
1
July
May
May
May
July
Jufy
McKinley Mines Securities Co., Ltd
McWilliams Dredging (quar.)
Mead Corp. $5H preferred B (initial)
Preferred (quarterly)
Memphis Natural Gas Co
Preferred (quarterly)
Mercantile Stores Co., Inc., 7% pref. (quar.)
Mergenthaler Linotype Co. (quar.)
May 11
Apr. 27
May 29
Apr. 30
July 31
June
—
(quar.)
North Central Texas Oil Co., Inc. (interim)
6% preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Truck Service, Inc. (Calif.), 7% pref—
Parker Pen Co. (quar.)
Parker Rust-Proof Co., common (quar.)..——
8
Apr. 30*
Marsh (M.) & Sons (quarterly)
Massachusetts Fire & Marine Insurance Co'
Extra
Nov.
June
—
(quarterly)
May
May
May
McKesson & Bobbins, Inc., preferred (quar.)
Nov.
North American Edison Co.. pref.
Apr. 30
Manufacturers Casualty Insurance
Extra
Marconi's Wireless Teleg., Ltd., ordinary
Morse Twist Drill & Machine.
Preferred
19
June
May
May
June
June
Manhattan Shirt Co
-
Norfolk & Western Ry. Co. (quarterly)
May
1
May 17
May 20
May
7
May
5
May
5
May
7
May 25
May 25
July
May
Aug.
——_—
Pacific Gas & Electric 5X % pref.
May
1
May
1
May 11
May
1
May
1
Extra
June
Mills
Jan.
—
-
Montgomery (11 A.) Co- (quar.)
Montreal Light, Heat & Power (quarterly)
Moody's Investors Service preferred (quar.)
June
May
May
pref. (qu.)
-
June
Light & Power
—
Preferred (quarterly)
New York Telephone Co. 6H% pref. (quar.)—Nineteen Hundred Corp., class A (quar.)
Class A (quarterly)
—Class A (quarterly)
June
1 May
1 June
15
July
5
May 15 May
June 10,May 21
May
May
Lynch Corp. (quar.)
Monsanto Chemical
New York Air Brake
New York & Queens
Ohio Power
1 May 24
1 May 24
July
(quar.)
(quar.)
Luzerne County Gas & Electric $7 1st
$6 1st preferred (quar.)
May
May
May
—
Ohio Oil Co
1 Oct.
June
-
June
Sept. 10 Aug. 25
Dec. 10 Nov. 26
Nov.
Lumbermen's Insurance Co. (Pnila.) (s.-a.)
Lunkenheimer Co. (quarterly)
June
—
(initial common)
preferred (s.-a.)
Class B
10
June
May
June 10 May 25
2
June
Ludlum Steel Co. common
June
—
May
May
May
1
Aug.
-
conv.
May 29
May 14
May 14
June
June
1
June
Monthly
...
Monthly
Monthly
8% preferred (quar.)
----8% preferred (quar.)
8% preferred (quar.)
Loew's. Inc. preferred (quar.).
Loose-Wiles Biscuit Co., 5% preferred (quar.).
Lord & Taylor, 1st pref. (quar.)
Los Angeles Gas & Electric, pref. (quar.).—
Ludlow Manufacturing Associates
6% cumul.
June
June
June
—
(qu.).—
6% preferred (quar.)
6% preferred (quar.)
Northern Pipe Line Co
Oahu Sugar Co., Ltd. (monthly;—
Occidental Insurance Co. (quar.)
O'Connor Moffatt & Co., class AA (quar.)
Link Belt Co. (quar.)
Preferred (quarterly)
Little Long Lac Gold Mines
_
June
-
July
June
Northeastern Water <fc Electric (quar.)
Northern Canada Mining
15
May
May
May
May
May
July
May 12*
Apr. 27
June
June
June
26
June
_
16
May
1
May 28
May 20
Apr. 26
May 15
May
June
June
...
Apr. 26
May 20
June 17*
Nonquitt
June
Special guaranteed (quar.)
Special guaranteed (quar.)
Original capital
—
Original capital
Original capital
Loblaw Groceterias Co., Ltd., A. & B
Class A & B (extra)
—
Lock Joint Pipe Co. (monthly)—
Monthly.
Monthly
----Monthly
Monthly
Dec.
June
20
28
1
18
18
27
Lexington Water Co., 7% pref. (quar.)
Libbey-Owens-Ford Glass (quar.)
Life Savers Corp. (quar.)
——
Liggett & Myers Tobacco Co. (quar.)
Class B (quarterly)
Lincoln National Life Insurance Co. (qu.)
Quarterly
Lincoln Stores, Inc. (quarterly)
Preferred (quarterly)-—
guaranteed (quar.)..
Dec.
New Mexico Gas Co.
Sept.
—
Lanston Monotype Machine
Laura Secord Candy Shops (quar.)
Lee (H. D.) Mercantile Co
Little Miami RR., special
pref. (quar.)-
Dec.
5
15
17
Sept. 18
May
Transit Co
Nebraska Power Co. 6%
Sept.
Nov.
June
12
June
Sept.
—
May 21
May 15
May
5
Nov.
June
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)...
7% preferred (quarterly)
June
May
June
National Credit Co.
May
«.
May 15
June
July
May
May
Dec.
May
Aug.
15*
15
June
National Biscuit Co. (quar.)
Preferred (quar.)
National Casket Co. (semi-annual)
7% preferred (quar.)
Neiman (Marcus) Co. 7% pref. (quar.)
Neptune Meter, preferred (quarterly)
Newberry (J. J.) Co. 5% pref. (quar.)
New Jersey Zinc Co. (quarterly)
Newmarket Mfg. Co
June
(quarterly),---
Quarterly
June
June
1 Nov. 26
June
Preferred (quarterly)
Muskegon Piston Ring Co., (quarterly)
Muskogee Co. 6% cum. pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% pref. (quar.)
—
6% pref. (qu*r.)_
Nash-Kelvinator (quar.)
National Bearing Metals Corp. (quar.)
—
1
July 20
May 15
1
27
1 Aug. 27
June 15 May
June
1 May
(semi-ann.)—....—
Development—-—Mfg. Corp. class B (payable In stock)—
National
June
1 May
Dec.
Quarterly
Quarterly
1
18
2
Sept.
Society (quar.)
(Seattle, Wash.)—
5% preferred (quar.)
—
National Lead preferred A (quar.)
National Life & Accident Insurnace (Tenn.)
National Power & Light Co. common (quar.).National Pressure Cooker Co.(extra)-National Supply Co., preferred
—
June
$1*|
Lake Superior District Power 7% pref.
6% preferred (quar.)
Preferred
June
1
l Oct.
2 Jan.
June
Mountain Producers Corp.
Mount Diablo Oil Mining &
Sept.
1 July
Oct.
:
May 15 May 15
1
May 15 May
5
May 15 May
June
Holders
Jan.
Quarterly
Quarterly
Mulling
When
Payable of Record
July
Moore (Wm. R.) Dry Goods (quar.)
Morris Plan Insurance
91X
$1H
$1.58
Share
Company
1 May 15
June
1 May 25
5
June 21 June
,
Kayser (Julius ) & Co
Kelvinator of Canada, Ltd., 7% pref. (qu.)
Kemper-Thomas Co.—
7% special preferred (quar.)
7% special preferred (quar.)
7% special preferrred (quar.)
Kendall Co., preferred (quar.)
Preferred (participating dividend)
Kentucky Utilities, 7% jr. pref. (quar.)
Keokuk Electric, 6% pref. (quar.)
Keystone Custodian Fund, series S-2
Kirkland Lake Gold Mining Co., Ltd
Klein (D. Emil) (quar.)
Kobacker Stores, Inc., common (quar.)
Name of
June
(QU.)
Jewel Tea Co., Inc.,
(quarterly)
Kable Bros. Co., 6% preferred (quar.)
Preferred
1 May 10
1 Aug. 10
Dec.
Quarterly
Quarterly
Per
Holders
When
Payable of Record
June
Iron Fireman Mfg. Co. (quar.)
3277
Chronicle
5
5
5
20
10
13
15
19
12*
7
7
30
Oct.
May 18
June
June
May
May
June
May 11
May
1
Sept. 15
May 15
July
June
Oct.
Pillsbury Flour Mills Co
Pitney-Bowes Postage Meter, (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
6% preferred (semi-ann.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)Quarterly
7% preferred (quar.)
—
Dec.
June
—
Sept. 30
Jan.
—-—
Sept. 10
July 10
Sept. 10
Oct.
July
Oct.
7% preferred (quar.)
Pittsburgh Suburban Water Service Co—
$5H preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quar/
7 % preferred (quar.
7% preferred (quar..
Plymouth Fund Inc. A (quar.)
91X
May 15 May
31
15
10
5
June
l'May 20
Sept.
1; Aug. 20
Dec.
Nov. 20
June
May
15
June
June
15
Poor & Co.. class A
June
Portland & Ogdensburg Ry., guaranteed (qu.)Potomac Electric Power Co. 6% pref. (quar.)—
May
May
May
May
May
May
May
Apr.
15
20
Extra
June
5H% preferred (quar.)
Hall, Inc. (quarterly)
$3 preferred (quarterly)
June
Prentice
Procter & Gamble Co.
(quar.)
June
June
May
May
—
Extra
Public Electric Light Co., 6% pref. (quar.)
Public Service of Colorado, 7% pref. (mo.)
June
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of N. J., pref. (monthly)
Pullman, Inc. (quar.)
June
June
June
—
May
May
15
15
20
20
23
Apr. 23
May 19
May 15
May 15
May 15
May
1
Apr. 24
3278
Financial
Per
Name of
Share
Company
Purity Bakeries Corp.
Quaker Oats Co.. preferred (quar.)
_
Quaker State Oil Refining Corp
Quebec Power Co. (quar.)
Rainier Pulp & Paper Co., cl. A & B (quar.)—
Rapid Electrotype Co. (quar.)
............
Quarterly
Quarterly
Reading Co., 1st preferred (quarterly)
2nd preferred (quarterly)
Regent Knitting Mills, non-cumu.. pref. (qu.)_.
Non-cumul. preferred (quarterly)
Non-cumulative preferred (quarterly)-—
Reliable Stores Corp.
(guar.)
—
For the quarter ended March 31,1937
Quarterly
For the quarter ended June 30, 1937.
Reliance Mfg. Co., preferred (quarterly)..
Republic Insurance Co. of Texas (quar.)
Republic Petroleum Co., 5 >4% Pref. A (initial)
...
.......
—
15c
$1H
25c
J25c
60c
60c
60c
60c
50c
50c
When
1 May 14
May 29 May
1
Thew Shovel Co., 7% pref. (quar.).
Third Canadian General Investment Trust
Thompson (John R.) Co
Tide Water Associated Oil Co
Tide Water Power Co. $6 pref. (quar.).
Timken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.)
Timken Roller Bearing Co. (quar.)
Tobacco Securities Co., Ltd., ord. (interim)
Less tax and depositary expenses,
Toburn Gold Mines, Ltd. (quar.)
Toledo Edison Co., 7% pref. (monthly).
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevator, Ltd
5H% preferred (quarterly)
June 15 June
1
Sept. 15 Sept.
1
Dec. 15 Dec.
1
June 10 May 20
July
8 June 17
40c
40c
40c
June
25c
June
Sept.
May 15
Aug.
5
Dec.
Nov. 15
May 20
25c
June 21
Sept.
1 Aug. 20
1 Nov. 20
1 May 20
May 20 May
6
June
1 May 15*
July
1 June 21*
May 21 Apr. 30
June
1 May
7
June
1 May
7
May 15 May
6
June
1 June
15
May 28 Apr.
June
5 Apr.
14
16
penses.
Roxborougb Knitting Mills, Inc., pref. (qu.)
Royalite Oil Co., Ltd
June
May 15
May 15
15
June
Special
Rudd Mfg. Co. (quar.)
1 May
June
June 15 June
Rustless Iron & Steel Corp., pref. (quar.)—
St. Louis Bridge, 6% 1st pref. (s.-a.)
3% 2nd preferred (semi-ann.).
Savage Arms Corp
Preferred (quarterly)
Savannah Electric & Power Co.. 8% deb. A (qu.)
6
1 May 15
July
1 June 15
July
1 June 15
May 28 May 15
May 28 May 15
July
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
June
7)4% debentureB (quarterly)
7% debenture C (quarterly)
....
6)4% debenture D (quarterly)
Schoellkopf, Hutton & Pomeroy, Inc.—
534% cum. pref. (quar.).
$6 preferred (quar.)
15
1 June
15 June
June 15 June
10
14
17
14
15
June
Preferred (quar.)
;
United-Carr Fastener (quar.)
Preferred
June
United Dyewood Corp. Preferred (quarterly)
Preferred (quarterly)
—
Preferred (quarterly)
United Engineering & Foundry Co., common...
Preferred (quarterly)
United Gas Corp., $7 preferred
United Gas Improvement (quarterly)
(quarterly)
United Light & Rys. Co., 6% pref. (monthly).
6% preferred (monthly)
7% preferred (monthly)
7% preferred (monthly)
....—
6.36% preferred (monthly).
6.36% preferred (monthly).
ily)
United New Jersey RR. & Canal (quar.)
.
preferred
United States Electric Light & Power Shares, B
United States Graphite Co. (quar.)
15 June
June
(quarterly)
United Corporations, Ltd., $134 class A—
United Drug (irregular)
United Paperboard Co., 6%
United Profit Sharing Corp
1
May 15 May
May 17 May
1 May
June
1 May
Aug.
1 July
534% preferred (quarterly)
Tyre Rubber Co. 6% preferred (quar.)—.
Union Bag & Paper Corp
Union Tank Car Co. (quar.)
United Biscuit (quar.)
5
5
15 June
Jan.
3 Dec.
10
May 18 May
May 18 May
June
1 May
June 30 May
June 30 May
June
May
June
July
June
May
June
July
June
May
June
July
June
July
May 27 May
June 15 May
May 15 Apr.
8
8
12
28
28
15
June
Preferred ser. AAA (quarterly)
Simmons Broardman Publishing Corp.—
$3 convertible preferred (quar.)
15
June
Brewing (quar.)
1 May 19
1 June 17
1 Sept. 17
1 May
17
May 29
May 29
Singer Mfg. Co., Ltd.—
Amer. dep. rec. for ord. reg. (interim)
Sioux City Stock Yards Co.
Common and preferred (interim)
May 19 Apr. 23
May 15 May
1 June
July
1 Aug.
Aug.
1j
Nov.
....
1
1 Nov.
~
$1,125
June 15 June
May 15 May
May" 15
June
1
June
1 May
1 May
June
June 15 May
June 15
Standard Oil (Indiana)
June 15
June 15
Extra
Standard Oil Co. (N. J.) $2 5 par (semi-ann.)
June 15
Extra
June 15
(semi-ann.).
June 15
Extra
June 15
Standard Steel Construction $3 class A.
June 30 June
24
Sept. 30 Sept. 23
Dec. 31 Dec.
June
18
Sept.
May 15*
May
8
May
8
June 15
Sept. 16
Dec.
Dec.
15
May 25 May
May 25 May
June
1 May
1 May
June
June
1 May
13
13
15
11
11
June 15 June
1
June
Extra
June
_
May
May
May
May
May
May
May
15
15
15
15
15
15
17
17
17
17
1 June 15
July
May 15 May
1
Stanley Works 5% preferred (quarterly)
Stecher-Traung Lithograph 7)4% pref. (quar.).
734% preferred (quar.).
7)4% preferred (guar.).
Sterling Products, Inc. (quar.)
Stewart-Warner Corp. (semi-ann.)
(quarterly)
Tennessee Electric Power Co., 5% pref. (quar.).
6% preferred (quarterly)
...
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)_._.
6% preferred (monthly).
7.2% preferred (monthly)
'
7.2% pifiULitJU (monthly)
VO preferred
Texas Pacific Coal & Oil (quar.)
Thatcher Mfg. Co. preferred (quar.).
5
June
Extra.
A
1
May 28 May 10
Preferred (quarterly)
Standard Oil Co. (Calif.) (quar.)
Extra
—
1*
1
May 15 Apr. 15
May 25 May 15
May 25 May 15
June
1 May 15
May 15 Apr. 20
June 15 May 20
May 15 Apr. 30
June
1 May 15
May 20 Apr. 30
June
1 May 15
.
Stix, Baer & Fuller Co. 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
Stokely Bros. & Co
7% preferred (quarterly)
Strawbridge & Clothier Co. 6% pref. A (quar.)
Stromberg-Carlson Telep. Mfg
6)4 % preferred (quarterly)
Sullivan Consol. Mines (Initial)
Sun Oil Co. (quar.)
Preferred (quar.)
Super-Mold Corp. (quar.)
Superior Oil of Calif, (initial)
Swift International Co. (quar.)
Syracuse Lighting Co., 8% pref. (quar.)
634% preferred (quar.)
6% preferred (quar.)
Tamblyn (G.) Ltd. (initial, quarterly)
Quarterly
Tampa Electric Co. (quarterly)
15
15
21
17
21
30
15 June
1
Dec.
May
May
May
July
Jan.
3 Dec. 20
May 15 Apr. 28
May 15 Apr. 30
May 15 Apr. 30
June
1 May 15
....
....
15
Sept. 15 Sept.
United States Rubber Reclaiming Co. 8% prefUnited States Steel Corp., pref
July
Shawinigan water & Power Co. (quar.)
Sherwin Williams (quarterly)
Extra
Skelly Oil Co. (resumed)
Smith (S. Morgan) Co. (quar.)
Quarterly
Solvay Amer. Investment, 534% pref. (qu.)
Soundview Pulp Co
Preferred (quar.)
South Bend Lathe Works (quar.)
Southern Calif. Edison Co., Ltd., com. (quar.).
6% preferred ser. B (quar.)
Southern Canada Power Co.. com. (quar.).—.
Southwest Consol. Gas Utilities Corp
Sovereign Investors (Interim)
Spear & Co., 1st & 2nd pref. (quarterly)
Spiegel, Inc.. new $4)4 pref. (quar.).
Spring Valley Co. (liquids '
iating).
Stamford Water Co. (quar.)
Standard Brands, Inc., $7 pref
Standard Cap & Seal Corp. (quar.).
15
15
Quarterly
15
Oct.
(guar.)
9
9
May 15 Apr. 30
June
1 May 14
July
1 June 10
Oct.
1 Sept. 10
July
July
June
...
...——.
June
1234c
$154
June 15 May 25
June
1 May 10
May 15 Apr.
May 20 May
1 May
May 15 Apr.
May 15 Apr.
May 15 Apr.
July
June
Oct.
i
25
10
15
20
20
20
::::::::
May 15 Apr. 30
May 15 Apr. 30
1 June 15
July
1 June 15
July
1 June 15
July
1 June 15
July
June
1 May 15
1 Juhe 15
July
June
1 May 15
1 June 15
July
June
1 May 11
May 15 Apr. 30
1
June
United States Playing Card Co. (quar.)
Extra
I
15
21
15
15
15
5
22
June
June 30 June
(quarterly)
Servel. Inc. (quar.)...
Preferred (quar.)..
Preferred (quar.)
May 21 Apr.
June
1 May
June
1 May
June
1 May
May 15 May
June
7 May
May 15 May
Truax-Traer Coal, 6% pref. (quar.).
Preferred
15 June
1
May 15 Apr. 30
May 15 May
5
June
1 May 10
June
1 May 10
June
1 May 20
Sept. 1 Aug. 20
June
5 May 18
May 21 Apr. 28
June 30 June
June 30 June
Extra
Preferred
20c
Holderm
June
May 15 May
6
June 15 June
1
May 15 Apr. 30
June 15 May 15
June
1 May 15
July
1
Sears, Roebuck & Co. (quarterly)
Second Investors Corp. (R. I.) $3 pref. (quar.)—
Securities Acceptance Corp. 6% pref. (quar.)
Seaboard Finance, (quarterly)
par
19c
When
Payable of Record
Quarterly
June 24 June
Scotten-Dillon Co
Seaboard Oil Co. (Del.) (quar.)
Seaboard Surety Co
$100
SIX
1234c
Trane Co., common
July
1 June 21
May 25 May 10
May 15 May
5
June
.
Share
June 15 May 29
May 15 Apr. 28
June
1 May 15
Dec.
Simon (Wm.)
Extra
Pe'
Name of Company
June
5% preferred (quar.)
Reyborn Co
Reynolds Metals Co., common.
534 % preferred (quarterly).Roan Antelope Copper Mines
Rochester Gas & Electric, 5% pref. E. (qu.)_..
6% preferred C & D (quarterly)
Rolland Paper Co. (quarterly)
6% preferred (quarterly)
Rolls-Royce, Ltd., ordinary registered
Amer. dep. rec. for ord. reg. (final)
Less tax and deduction for depositary ex¬
Preferred
May 15, 1937
Holders
Payable of Record
Republic Portland Cement Co. 5% pref. (qu.)—
5% preferred (quar.)
Preferred
Chronicle
Special
June
...
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
Common (quarterly)
Preferred (quarterly)
—
—
Utica Clinton & Binghamton RR
Debenture (semi-ann.)
Utility Equities Corp., $534 div. priority stockValley Mould & Iron Corp., $534 Pref. (quar.)
Vanadium-Alloys Steel Co
Van Raalte, Inc
:
Preferred (quarterly)
Vapor Car Heating Co. 7% pref. (quar.)
Vick Chemical Co. (quar.)
Extra
May 15
Aug. 10 July 31
16
May 15 May
June
May
June
May
June
May
June
May
June
May
1
15
20
20
18
18
June
10 June
16
I
1
1
June
June
Year-end special
Vogt Mfg. Co. (quar.)
June
June
preferred
(quarterly)
—
July
Oct.
Wailuku Sugar Co. (monthly)
Walker (H.)-Gooderham & Worts (quar.)
Preferred (quarterly)
Waltham Watch, prior preferred (quar.)
(quar.)
Washington Ry. & Electric Co
i.
6% preferred (quarterly)
5% preferred (semi-ann.)
Wayne Screw Products (quarterly)
Weisbaum Bros.-Brower (quarterly)
Quarterly
—
Quarterly
Extra
Wentworth Manufacturing (new common)— .
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
West Jersey & Seashore RR. Co. (s.-a.)
West Penn Electric, 6% pref. (quar.)
—
7% preferred (quarterly)
Western Cartridge, 6% pref. (quar.)
"Western Public Service. $134 pref. A—
Western Tablet & Stationery Corp. (qu.)
5% preferred (quar.)
Westinghouse Air Brake (quar.)...—.—
<■
■»————»«■»—
Westland Oil Royalty Co.. Inc. A, (monthly)_Class A (monthly)
Weston (Geo.) Ltd. (quar.)
Westvaco Chlorine Products (quarterly)
West Virginia Pulp & Paper Co., pref. (quar.)
West Virginia Water Service Co., $6 pref
—
Wheeling Electric Co., 6% pref. (quar.)
Whitaker Paper Co. (quar.)
...—
7% 2d preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)
Wicklund (J. V.) Development Co. (monthly)
—
—
Extra
Williamsport Water Co. $6 pref. (quar.)
Wilson & Co. (quarterly)
Winstead Hosiery Co. (quarterly)
....
Quarterly
Extra
Wisconsin Hydro-Electric, preferred
Wool worth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly..
Monthly
Youngs town Steel Door Co
Zellers Ltd., 6% pref. (quar.)
1 May 15
1 May 15
1 May
—
—
—
15
1 May 17
20 July
20 Oct.
May 20 May
15 May
June 15 May
July
2 June
Oct.
2 8ept.
June
1 May
May 29 May
June
1 May
June
1 May
May 25 May
June
May
Sept.
Aug.
10
11
10
21
21
19
18
16
15
15
15
10
10
9
Dec.
Nov.
June
May 10
May 20
May 15
June
June
9
June 15
July
May 15 Apr. 20
May 15 Apr. 20
May 20 Apr. 30
June
1 May 25
May 15 May
5
July
1 June 21
July 30 June 30
Oct. 30 Sept. 30
Jan.
juarterly
Westinghouse Electric & Mfg. Co
»,»
10 Dec.
June
Prior preferred (quar.)
Warren (Northam) Corp., $3 pref.
*
15 June 15
June
Dec.
.
Extra
1 June 15
15 Apr. 30
29 May
29 ~~
May
1
Sept. 10 Sept.
7% preferred (quar.).
7 % preferred (quar
*.)■
Extra
1
Sept. 20 Aug. 31*
June 26 June
Dec. 27 Dec.
Debenture (semi-ann.)
Utica Gas & Electric 7% pref. (quar.)
Preferred
15 June
June 19 May 29*
Dec. 20 Nov. 30*
1 June 15
United States Sugar Corp., preferred (quar.)
Universal Insurance (Newark, N. J.) (quar.)
Vulcan Detinning Co.,
Preferred (quarterly)
1
8 Nov. 24
30 Dec. 31
May 31 May 10
May 31 May 10
May 15 Apr. 30
June 15 May 31
July
2 June 19
June
1 May 10
May 15 May
1
June 15
July
June
May
7
June 21
July
June 21
July
June 21
July
June 12
July
May 20 May 15
May 20 May 15
June
May 20
June
May 15
Aug.
July 15
Aug.
July 15
Nov.
Nov.
Oct.
Oct.
15
15
June
——-
—
May 20
June
Apr. 26
May 15 May
5
June
1 May 20
July
1 June 20
Aug.
2 July 20
Sept. 1 Aug. 20
Oct.
1 Sept. 20
June 15 June
1
May 15 Apr. 30
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in tne case of non-residents of Ca nada
a tax of 5% of the amount of such dividend win be made.
deduction of
Volume
Financial
144
Weekly Return of the New
Clearing House
OF
MEMBERS
OF
THE
WEEK
•
City
York
Capital
Net Demand
in comparison with the
date last year:
Deposits,
Deposits,
Average
previous week and the corresponding
Time
Undivided
Profits
Clearing House
following shows the condition of the Federal Reserve
Bank of New York at the close of business May 12, 1937,
193?
MAY 8,
SATURDAY,
The
HOUSE
CLEARING
YORK
NEW
ENDED
York
New
weekly statement issued by the New
Clearing House is given in full below:
ASSOCIATION FOR THE
of the Federal Reserve Bank of
Condition
York City
The
STATEMENT
3279
Chronicle
Average
Surplus and
Members
May 12, 1937 May
5,
1937 May 13, 1936
$
Assets—
Gold certificates
Bank of N Y & Trust Co.
Bank of Manhattan Co..
137,449,000
13,010,800
416,239,000
25,666,700
56,699,400 al,460,917,000
6,000,000
20,000.000
National City Bank
Chemical Bank & Tr Co.
77,500,000
20,000,000
90,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr..
Corn Exchange Bk Tr Co
First National Bank
Irving Trust Co
Continental Bk A Tr Co.
Chase National Bank
704,386,000
67,456,800
249,856,000
17,452,000
509,243,000
104,479.100
460,502,000
60,860,400
65,464,000
4,014,700
125,302,300 cl,932,207,000
50,825,000
3,610,600,
(*715,431,000
74,400,100
15,374,000
2,727,000
83,632,000
8,831,400
270,038,000
27,781,300
4,000,000
100.270,000
500,000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar & Trust Co..
Marine Midland Tr Co..
10,000,000
5,000,000
New York Trust Co
12,500,000
As
per
Total
Secured
Total
79,057,000
80,722,000
884,780,100
9,523,559,000
660,050,000
official reports:
Bills
bills
bought In
open
bills
and
AND
NATIONAL
STATE
480,834,000
725,029,000
729,383,000
740,059,000
741,569,000
87,000
4,775,000
157,936,000
10,071,000
13,075,000
All other assets
Due from
WITH
THE
CLOSING
FRIDAY, MAY 7.
BANKS—AVERAGE
foreign banks
Uncollected Items
-
Bank premises
the figures for the week ended May 7:
HOUSE
210,182,000
330,742,000
184,105,000
741,752,000
ecurltles
following
WEEK ENDED
1,735,000
7,513,000
725,029,000
Total U. S. Government securities.
Total
CLEARING
1,728,000
5,956,000
87,000
4,258,000
146,407,000
10,071,000
97,000
6,852,000
145,932,000
10,851,000
29,081,000
68,473,000
180,076,000
$266,134,000; 5 $79,772,000;
a
Federal Reserve notes of other banks...
IN
2,938,000
210,182,000
330,742,000
184,105,000
—
......
"Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
THE
1,642,000
7,346,000
2,523,000
5,966,000
market..
Treasury notes
Treasury bills
The New York
BUSINESS FOR
1,364,000
8,234,000
discounted..
Bonds..
C$127,890,000; d $40,783,000.
INSTITUTIONS NOT
5,982,000
United Statee Government securities:
trust companies, March 31, 1937.
are
1,296,000
6,583,000
1,651,000
Industrial advances
1937;
1937; State, March 31,
National, March 31,
Govt, obligations
U. S.
by
direct or fully guaranteed
Other bills discounted
81.553,000
7,932,200
8,324,400
Includes deposits In foreign branches as follows:
3,392,884,000 3,385,496,000 3,150,624,000
reserves.
Bills discounted:
2,181,000
523,607,000
Totals
3,304,863,000 3,308,297,000 3,051,949,000
1,287,000
908,000
1,457,000
97,388,000
76,291,000
86,564,000
Other cash f
350,000
7,000,000
7,000,000
Publlo Nat Bk & Tr Co.
hand and due from
on
United States Treasury x
Redemption fund—F. R. notes
27,253.000
563,000
3,258,000
32,705,000
1,421,000
48,915,000
Com'l Nat Bk & Tr Co..
*
446,521,000
.54,108,700
179,693,200 61,399,765,000
445,931,000
42,429,000
42,837,000
21,000,000
15,000,000
10,000,000
50,000,000
12,568,000
33,529,000
166,423,000
26,681,000
47,491,000
95,588,000
52,515,000
23,656,000
3,400,000
OF
Total assets.
12,735,000
4,320,580.000 4,299,113,000 4,085,006,000
i937
FIGURES
Liabilities—
F. R. notes In actual circulation
Loans,
Other Cash,
Res.
Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
$
899,147,000
890.988,000
777,855,000
2,986,064,000 2,941,429,000 2,561,117,000
40,774,000
228,066,000
60,791.000
37,651,000
30,689,000
38,716,000
117,906,000
69,079,000
221,829,000
$
Disc, and
Deposits—Member bank reserve aco't.
U. 8. Treasurer—General account—
Foreign bank
Other deposits
Manhattan
Grace National
21,798,600
Sterling
National...
22,020,000
508,000
7,281,600
7,470,000
Trade Bank of N Y.
5,136,168
284.926
1,672,066
2,476,100
592,000
105,404
Brooklyn—
People's National...
4,983,000
97,000
749,000
90,000
105,600
27,588,800
Total deposits
5,293,000
3,154,650,000 3.137,760,000 3,041,701,000
26,930,000
5,797,607
Deferred availability items.
TRUST COMPANIES—AVERAGE
FIGURES
Reserve for contingencies..
All other liabilities...-
Res. Dep.
Dep. Other
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
S
$
$
Loans,
Disc, and
Cash
Investments
Manhattan—
$
Empire
63,147,600
10,179,597
10,303,970
Federation
Fiduciary
Fulton
Lawyers
United
...
States
Includes
♦9,353,200
7,904,200
2,275,753
151,270
*780,672
*6,102,800
20,717,700
28,825,400 *14,759,900
73,493,267 23,656,021
Ratio
to
reserve
deposit
232,600
Contingent liability on bills
for foreign correspondents
72,705,900
10,994,306
22,568,600
705,312
total
9,306,868
803,300
18,093,913
Commitments
to
85,011,694
3,901,000
7,744,000
and
make
83.9%
83.9%
553,000
373,000
82.5%
purchased
industrial
ad¬
vances
42,260,600
1,610,000
51,474,000
4,320,580,000 4,299,113.000 4,085,006,000
F. R. note liabilities combined
3,118,400
417,739
239,300
liabilities
of
9,110,000
143,230,000
50,901,000
50,825,000
7,744,000
8,849,000
51,273,000
6,044,000
6,299,000
t "Other cash" does not include Federal Reserve notes
or
a
bank's
10,330,000
own
Federa
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
♦
$
Total
140,995,000
153,475,000
51,273,000
51,474,000
7,744,000
9,091,000
1,885,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
82,261,000
34,393,462
amount
with
Federal
4,047,000
38,918,000
2,527,400
9,909,318
Reserve
follows:
as
Empire,
$7,859,800;
These
certificates given by the United States Treasury for the gold taken
over from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
x
49,000 118,858,000
41,219,140
are
100 cents to 59.06 oents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Fi¬
duciary, $408,981; Fulton, $5,838,900; Lawyers, $13,924,000.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which
weekly returns are obtained.
These figures are always a 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.
The statement beginning with Nov. 6, 1935, oover* reporting banks In 101 leading cities, as it did
prior to the banking holiday in 1933, Instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and
partly
ln"Other loans." The Item "Demand deposits—adjusted" represents the total amount of demand deposits
standing to the credit of Individuals, partnerships, corporations;
associations, States, counties, municipalities, <fco., minus the amount of cash items reported as on hand or In process of collection.
The method of computing the Item "Net
demand deposits," furthermore, has been ohanged In two respects In accordance with provisions of the
Banking Act of 1935: First, It Includes United 8tates Government
also been revised further so as to show additional Items.
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These ohanges make the figures of "Net demand deposits" not
oomparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly included a relatively small amount of time deposits of other
banks;
which are now included In "Inter-bank deposits."
The Item "Due to banks" shown heretofore included only demand balances of domestic banks.
The Item "Borrowings*
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account." "Otner
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets now otherwise specified, less cash items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES. BY
DISTRICTS, ON MAY 5, 1937 (In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
New York
Phila.
ASSETS
$
$
$
$
$ "
1,288
9,271
1,181
1,884
632
561
3,041
1,115
17
1,082
9
226
27
76
17
15
4
7
2,054
141
857
136
220
Loans and Investments—total
22,240
Cleveland Richmond
Atlanta
Chicago
St.Louis
$
$
$
%
Minneap. Kan. City
$
$
8allcu
San Fran.
$
666
383
691
47
6
1
$
481
2,161
4
3
19
43
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
3
1
3
(except
banks)
53
212
73
29
50
381
88
123
25
16
10
5
42
11
10
20
1
30
1,157
84
240
61
179
27
26
77
45
6
19
22
371
128
5
79
2
4
2
4
17
8
2
1
337
1,792
3,271
202
261
127
180
576
149
117
158
""l45
428
427
349
857
269
176
1,467
218
161
257
186
696
Obligations fully guar, by U. 8. Govt.
4,472
8,334
1,165
22
481
89
59
48
33
167
51
12
45
27
131
Other securities
3,208
140
1,270
291
273
73
77
433
105
45
136
54
311
Reserve with Federal Reserve Bank..
5,307
254
2,567
301
337
138
105
811
136
72
165
110
311
Acceptances and com'l paper bought.
Loans
on
real estate
Loans to banks
.
Other loans
U. 8. Government direct obligations..
Cash In vault
72
168
4
337
71
16
38
18
11
61
10
5
11
9
102
197
137
164
126
104
311
88
60
183
149
176
87
555
90
107
41
39
97
24
16
23
29
226
15,349
1,014
1,098
430
333
2,225
401
234
471
386
912
278
6,959
1,056
886
5,149
Other assets—net
69
1,797
1,334
Balance with domestic banks..
284
717
199
178
852
182
121
146
119
233
2
1,017
71
11
10
6
7
91
2
2
4
8
19
5,224
229
2,050
287
340
201
204
763
243
118
359
177
253
'9
483
18
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities...
............
521
-
Capital account
4
1
38
-
...
1
31
909
31
400
"25
21
3,592
236
1,611
228
343
,
1
7
------
1
/
1
mrnim.
14
3
•
1
1
1
24
"
7
"28
9
5
3
7
349
92
89
355
87
55
90
79
327
3280
Financial
Chronicle
1937
15,
May
Weekly Return of the Board of Governors of the Federal Reserve System
The
following was issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, May 13,
■howing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as
week last year.
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
resources and liabilities separately for each of the twelve banks.
The Federal
a
The second table shows the
Reserve note statement (third table following) gives details regarding transactions in Federal deserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns
for the latest week
in our department of "Current Events and Discussions
appear
COMBINED RESOURCES
AND LIABILITIES OP
Three ciphers (000) omitted
THE
'
\
Gold ctfs.
on
May 12,
May 5,
1937
<
1937
5
ASSETS
hand and due from U. S. Treas.x
FEDERAL RESERVE BANKS AT THE CLOSE
Apr
%
,
8,839,408
28,
1937
$
Apr. 21.
Apr.
1937
14,
1937
8,843,903
8,843,894
9,776
2S2.306
10,656
288,280
8,843,402
9,595
289,136
9,139,401
9,132,478
9,142,133
12,949
13,917
2,705
2,918
9,366
1,633
15,654
16,835
10,999
7,692
4,534
22,779
3,739
22,854
3,743
3,465
23.180
23,084
732,423
734.728
1,156,393
688,621
1.174,343
1,190,343
641,469
732,428
1,152,393
641,469
635,119
623.619
2,526,290
2,526.290
2,526,240
2,486,583
11,713
Other cash ♦
Total reserves-.
Apr. 7,
1937
.
31,
1927
3
$
I
S
8,842,902
10,079
279,497
Redemption fund (Federal Reserve notes)
OF BUSINESS
Mar
MAY
Mar. 24,
12,
Mar.
1937
1937
17,
May
13,
1937
$
¥
1936
♦
8,844,400
11,375
285,028
8,844,385
12,095
270,407
8,844,417
12,523
279,673
8,843,905
11,149
273,758
265,865
7,729,834
12,451
324,928
9,135.985
9,134,223
9,128,812
9,140,803
9.126.887
9,122.805
8,067,213
6,260
9,789
1,259
6.650
1,500
10,860
1,147
6,175
1,517
3,170
1,164
2,292
2,489
11,048
8,150
12,007
7,692
4,334
4,781
3,522
3,436
3,310
3,079
4,677
29,963
Bills discounted:
Secured by U. 8. Government obligations.
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Sills bought In open market
Industrial advances
United States Government securities—Bonds..
Treasury notes
1,152,393
Treasury bills
Total U. S. Government securities..........
1,432
22,544
22,566
3,347
22,338
22,666
22,653
689,621
662,084
1,190,343
606,619
636,890
1,218,843
574,494
631,784
1,231,343
567,100
589,725
1,281,343
606,619
679,159
265,693
1,547,849
616,717
2,486.583
j
2,459,046
2,430.227
2,430.227
2,430,227
2,430,259
Other securities
Foreign loans
181
on
gold
Total bills and securities
Gold held abroad
2,569,718
2,569,257
2,564,162
2.520,824
2,523,697
2,467,919
2,493,198
2,463,895
2,460,293
2,469,861
_
"""230
21,542
666,762
45,787
""230
230
21,036
"""230
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items.
21,033
626,231
45,861
23.904
693,276
45,956
616,874
45,785
45,122
12,488,935
""230
"""227
**"227
"'"232
""230
""240
20.621
21,008
600,029
45,870
44,129
19,185
622,090
45,880
43,393
19,810
618,002
22,936
595,188
45,973
42,933
20,740
804,811
45,987
40,858
12,333.273
12,339,497
12,317,732
12,495.724
11,243,252
45,495
45,869
43,944
780,351
45,872
45,631
12,431,243
12,445,145
12,464,032
12.550,625
4,193,868
4,207,722
4,176,990
4,184,068
4,176,094
4,178,661
4,174,231
4,160,726
4,172,763
3,762,028
6,942,727
6,933,816
6,876,640
6.639,080
310,950
71.405
164,149
6,578,279
6.829,578
86,538
5,611,072
577,985
131,566
6,882,362
97,263
103,914
181,699
223,223
88,588
154,860
266,517
7,285,449
660,697
Capital paid in
132,193
Surplus (Section 7)...
Surplus (Section 13-B)
145,854
35,974
132,193
145,854
27,490
35,993
7,410
Bank premises
All other assets
Total
sets
48,050
39,764
LIABILITIES
Federa
Reserve notes In actual circulation
Deposits—Member banks'
reserve account
94,747
118 631
6,900,752
111,674
96,017
99,234
93,622
173,966
145,780
142,271
6,683,964
274,867
93,463
153,102
7,265,238
7,298,546
7,240,285
7.248.319
7,205,396
7,185,584
7,183,160
7,159,584
6,539,800
609,920
619,975
132,183
145,854
27,490
691,279
132,186
36,142
7,965
36,142
6,728
36,177
8.413
631,997
132,235
145,854
27,490
36,170
5,930
815,722
132,242
145,854
27,490
36,166
5,923
595,878
6,833
600,749
132,176
145,854
27,490
36,177
0,770
619,573
27,490
776,110
132,168
145,854
27,490
12,488,935
12,431,243
12,445,145
12,464,032
12,550.625
12,333,273
12,339,497
32
12.495.724
11,243.252
79.6%
79.6%
79.7%
80.0%
80.0%
80.2%
80.5%
80.4%
80.5%
78.3%
1,532
1,034
784
17,183
17,454
17,528
17.530
19,211
19,370
18,611
19,135
19,178
26,014
14,580
15,911
10,226
6,971
3,611
3,044
615
United States Treasurer—General
account..
Foreign banks.
Other deposits..........................
106,177
104,979
Total deposits
Deferred
availability Items
27,490
Reserve for contingencies
All other liabilities
Total liabilities
145,854
/
278,659
102.999
132,236
145,854
27,490
30,176
6,517
12,317,
-
84,226
130,721
145,501
26,513
34,114
8,697
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability
on
bills
purchased
for
foreign correspondents
Commitments
to make industrial
advances
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
7,101
10,424
7,487
11,360
59
41
253
248
303
88
20
84
106
59
48
51
287
338
218
511
487
355
228
293
82
104
74
86
258
199
143
89
84
74
211
242
291
254
15,654
16,835
10,999
7,692
11,048
8,150
12,007
7,692
4,334
4,781
874
16-30 days bills discounted
81-60 days bills discounted
206
30
171
2,715
82
133
81-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
.
1-15 days bills bought In
open market
16-30 days bills bought In
open market...
81-60 days bills bought In
open market..
61-90 days bills bought In
open market
Over 90 days bills
bought in open market
Tota
...
*
*
1,642
782
574
136
198
59
385
"_373
614
301
395
414
309
"""566
""44I
506
2,749
2,789
2,795
353
2,555
2,665
2,744
996
3,282
4,534
t
310
541
2,858
.......
243
£.739
3,743
3,465
3,522
3,436
3,347
3,310
3,079
4,677
795
bills bought In
open market
837
942
883
781
983
1,285
1,271
1,343
1,652
255
315
206
245
221
249
233
204
137
133
177
577
586
413
459
446
445
400
433
348
1,101
20,100
1,108
20.078
661
620
668
695
553
508
607
760
20,943
20.873
20.416
20,239
19,963
20,321
20,178
26,775
22,779
22,854
23,180
23,084
22,544
22,566
22,338
22,666
22,653
29,963
27,870
24,667
68,121
73,108
2,332,524
27,420
26,007
62,221
65,208
2,344,434
23,790
27,770
59,278
67,123
2,348,279
22,277
27,320
85,527
80,158
12,277
12,250
24,309
24,000
53,010
48*597
35"6l7
75,922
2,301,301
52,437
71,271
2,326,858
5,000
22,277
61.827
84,365
2,285,577
2,289,018
78,171
2,291,209
72,437
2,298,464
115,847
135,762
2,134,570
2,526,290
2,526,290
2,526,240
2,486,583
2,486.583
2,459,046
2.430,227
2,430,227
2,430,227
2,430,259
advances..............
51-90 days industrial advances
Over 90 days industrial advances
....
Tota {Industrial
advances.......
...
securities
...
securities..
securities
securities
Over 90 days U. 8. Government
securities
Total U. 8. Government
securities...
1-15 days other securities
16-30 days other securities
81-60 days other securities
61-90 days other securities
119
666
1-15 days Industrial advances
16-30 days Industrial ad ranees
81-60 days Industrial
1-15 days U. 8. Government
16-30 days U. 8. Government
81-60 days U. 8. Government
81-90 days U. 8 Government
95
465
...
521
•
23,740
"12",277
20,080
"
......
.
Over 90 days other
securities......
Total other securities
—
......
::::::
........
""181
.:
181
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent
Agent
........
4,501,461
307,593
4,496,178
288,456
4,494,218
317,228
4,480,484
296,416
4,474,511
4,478,480
299,819
4,480.832
306,601
4,473,064
298,417
306,338
4,464,801
292,038
4,042,174
280,146
4,193,868
4,207,722
4,176,990
4,184,068
4,176.094
4,178.661
4,174.231
4,166,726
4,172,703
3,762,028
«
as
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8
By eligible paper
Total collateral.
*
x
"Other cash" does not include
Federal
4,536,622
16,344
4,521.132
16,759
4,510.132
10,949
4.499,132
4,511,132
4,056,140
11,750
7,394
52,000
52,000
4,508,132
7,912
45,000
4,509.132
52,000
4,518,132
10,848
52,000
4,516,132
7,472
45,000
62,000
72,000
3,813
72,000
3,483
46,000
4,597,976
Treas...
......
United 8tates Government
securities.......
4.589,891
4,580,980
4.575,604
4.573.081
4.561.044
4.582.882
4,578.526
4.586,945
4,105,623
Reserve notes,
t Revised figure.
These are certificates given by the United States Treasury lor the gold taken over from tbe Reserve banks wben
cents on Jan.
tbe dollar was devalued from
31,1934, these certificates being worth leas to the extent ol the difference, tbe difference itself having been appropriated
the orovlslona of the Gold Recei ve Act of 1934
as profits
100 cents to 59.0fl
by the Treasury under
Volume
Chronicle
Financial
144
3281
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 12
1937
Three Cipheri (000) Omitted
Federal Reserve Bank of—
New York
$
certificates on hand and
from United States Treasury
Cleveland Richmond
Phlla.
$
$
$
Gold
$
Atlanta
Chicago
$
$
$
A.
Dallas
Lonis Mlnneap. Kan. Clip
San Fran
$
$
$
$
$
due
690,447
281,529
271,701
200,352
1,286
13,494
732
436
520
1,951
19,381
4,830
16,378
6,339
23,298
reserves
703,852
301,381
263,495 1,758,638
286,481
205,914
291,777
188,963
689,763
275
418
478
467,406 3.304,863
826
1,457
86,564
39,323
522,660
703
935
471
25,335
12,470
9,139,401
Redemption fund—Fed. Res. notes..
664,614
182,104
250,041 1,728,828
627
1,769
11,685
29,183
8,839,408
11,713
288,280
Other cash *
Total
Boston
Total
ItB SOURCES
507,555 3,392,884
548,698
274,963
Bills dlsoounted:
Secured by U. 8. Govt,
obligations,
1,215
130
175
300
45
808
350
15
54
5
137
85
141
145
229
305
182
893
619
12,949
664
156
6,583
1,651
1,858
2,705
15,654
direct and (or) fully guaranteed..
Other bills dlsoounted
820
8,234
1,969
223
318
292
119
107
383
86
60
87
87
249
4,119
61,845
97,319
54,172
983
2,172
38,566
60,687
251
1,006
335
786
683
71,291
112,185
62,446
32,276
50,631
28,184
80,706
126,999
70,693
32,290
50,811
28,284
23,822
35,983
37,488
20,866
56,625
31,519
1,333
28,594
44,994
25,046
1,925
63,501
99,925
55,623
111
"
Total bills dlsoounted
Bills bought in open market
1
1,565
53,372
83,987
46,750
2,523
5,966
210,182
330,742
184,105
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
2,569,257
188,372
741,752
219.742
247,472
135,743
113,014
279,932
112,035
83,327
125,079
100,947
221,842
Bonds.
Treasury notes
Treasury bills
Total U. S. Govt, securities
Total bills and securities
418
22,779
732,428
1,152,393
641,469
4,534
Industrial advances
U. S. Government securities:
275
....
3,220
33,781
230
17
87
23
21
10
8
27
4
3
7
7
16
21,542
666,762
45,787
360
4,775
906
1,331
1,513
2,476
53,361
4,910
69,070
6,320
4,900
59,660
'
2,773
24,171
2,223
1,820
4,671
4,275
25,213
1,264
1,606
1,524
32,903
3,230
2,010
475
157,936
10,071
13,075
1,979
28,889
2,372
1,760
732
72,036
2,915
95,293
1,761
2.556
32,734
3,415
3,448
833,269 1,032,966
503,938
407,207 2,145,751
433,520
308,578
456,530
318,630
953,774
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Bank premises
All other resources
3,038
2,814
45,956
Total resources.........
774,192 4,320,580
12,488,935
5,629
.
2,858
15,496
1.500
■.,
.
LIABILITIES
F. R. notes in actual circulation.....
4,193,868
313,301
890,988
313,900
430,974
195,329
182,352
969,364
178,340
140,582
159,459
89,694
329,585
Deposits:
Member bank reserve aocount.....
6,942,727
346,387 2,986,064
8,200
60,791
466,121
3,978
9,540
227,170
1,166
133,456
2,897
2,385
4,146
180,831
536,352
3,231
200.812
3,176
3,111
6,937
246,969
4,100
22,992
180,581 1,018,315
2,102
5,208
3,630
12,029
2,007
2,606
158
2,563
3,007
4,558
11,847
188,919 1,037,559
U. S. Treasurer—General aocount.
Foreign bank
Other deposits
7,570
Total deposits
Deferred
7,285,449
660,697
availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
433,583
502,631
236,026
153,475
52,103
12,241
67,409
57,502
4,857
23,253
13,362
14.323
5,616
4,325
3,000
3,121
4,869
3,422
1,522
755
645
411
833,269 1,032,966
503,938
71,949
9,376
9,826
.2,874
132,193
145,854
27,490
35,974
All other liabilities
69,079
364,869 3,154,650
131,566
38,716
2,712
106,177
104,979
419,669
2,459
10,162
1,293
1,570
427
7,410
Total liabilities
12,488,935
Contingent liability
on
774,192 4,320.580
12,856
1,007
.
3,007
9,537
7,363
214,036
142,884
254,234
190,959
565,099
30,605
3,803
4,655
15,717
2,898
3,116
32,854
754
94,152
12,607
21,504
1,416
545
1,003
1,690
7,888
1,198
2,069
941
26,903
3,860
3,851
1,262
1,847
34,775
10,112
9,645
1,996
2,037
306
1,26.1
338
309
294
254
525
407,207 2,145,751
433,520
308,578
456,530
318,630
953,77*
4,317
3,993
3,613
1,142
bills purchased
1,532
does
not
112
553
150
141
66
54
178
46
35
44
44
109
17,183
for foreign correspondents
Commitments to make Indus.advances
•"Other oash
51,273
51,474
7,744
9,091
1,885
4,459
2,333
6,044
166
1,340
2,177
351
10
1,001
64
134
302
3,261
Include Federal
Reserve notes
RESERVE
FEDERAL
Three Ciphern (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
PMla.
5
S
%
S
Federal Reserve notes:
NOTE
STATEMENT
Cleveland Richmond
$
Atlanta
$
$
$
$
$
San Fran
Dallas
Louis Mlnneap. Kan. City
St
Chicago
$
$
$
4,269
171,241
11,782
98,797
9,103
313,301
890,988
313,900
430,974
195,329
182,352
969,364
178,340
140,582
159,459
89,694
329,585
4,536,632
16,344
In actual circulation
27,333
187,696
9,356
373,085
25,157
201,199
18,847
144,851
111,998
205,326
9,997
996.697
19,839
330,312
16,412
456,131
307,593
4,193,868
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
356,000 1,010,000
332,000
460,000
206,000
146,000
174,000
99,000
389,000
275
418
180,000 1,010,000
145
1,459
30,000
174,632
1,894
199
305
179
891
643
211,459 1,010,145
189,831
146,305
174,179
99,891
389,643
333,140 1,002,986
4,501,461
43,500
Collateral held by Agent as seourlty
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury....
Eligible paper
U. 8. Government securities
820
9,116
45,000
Total collateral.
...
356.820 1,019,116
4,597,976
United States Government Securities
Below
we
furnish
Corporation bonds
on
Daily Record, of U. S. Bend Prices
May 8
S2ds of
one or more
May 10 May 11 May 12 May 13 May 14
High
115.10
115.12
115.16
Low.
Close
4 HB. 1947-62
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
a
Quotations after decimal point represent
Treasury
206,418
460,275
333,894
15,000
115.10
115.10
115.10
115.6
mmmrn
115.12
115.10
115.7
mmmm
point.
.
Daily Record of U. S. Bond Prices
May 8
High
115.3
Treasury
2Ha. 1945-47
102.8
102.12
102.13
102.7
Low.
115.3
115.10
May 10 May 11 May 12 May 13 May 14
102.8
102.11
102.10
102.5
102.2
102.2
Close
115.3
115.10
a
102.8
102.12
51
102.10
102.5
102.5
102.2
27
102.5
29
155
102.2
97
87
Total sales In $1,000 units...
3
1
Total sales in $1,000 units...
High
105.27
106.3
106.4
105.28
105.30
105.28
[High
Low.
105.26
105.27
105.30
105.26
105.27
105.28
106
106.1
105.28
105.30
105.28
Close
3
7
83
Total sales In $1,000 units...
30
31
12
152
High
99.28
99.29
99.26
99.23
99.16
99.15
Low.
99.27
99.27
99.23
99.14
99.10
99.12
99.J4
99.16
3)48, 1943-45
6
5
17
mmm
Close
105.27
Total sales in $1,000 units...
2
High
110.25
111
111
110.24
110.22
Low.
110.25
110.30
110.31
110.24
110.22
110.23
Close
110.25
111
111
110.24
110.22
2J*a, 1948-51
110.23
4s. 1944-54
71
11
2KB. 1951-54
[High
LOW.
99.26
99.27
99.22
99.12
99.8
99.9
Close
99.26
99.27
99.23
99.12
99.9
99.13
109.2
Close
109.12
109.10
109.13
109.4
109.2
Low.
35*8, 1943-47..
Close
Total sales in $1,000 units...
mm
mm
106.13
106.13
mmmm
106.13
106.13
1
10
mmmm
mmmm
106.6
106.6
102.20
102.20
102.20
102.13
102.7
102.16
102.18
102.15
102.7
102.2
Close
102.20
102.19
102.15
102.7
102.4
Close
Total sales In $1,000 units...
73
31
67
50
103.25
103.23
103.19
103.22
103.21
.mmmm
103.24
103.21
103.15
103.19
103.18
103.24
103.22
103.16
103.22
10
201
105.15
105.18
105.18
Low.
mm
105.15
105.18
105.18
Close
105.15
105.18
105.18
Total salts in $1,000 units...
1
2
3
High
106.20
mmmm
106.25
Low.
106.20
Close
106.20
$1,000 units...
mmmm
mmmm
106.22
58
mmmm
2
105.19
105.19
97.26
97.20
97.13
97.11
97.11
97.25
97.16
97.13
•
105.20
106.19
106.15
mmmm
106.16
106.16
6
110
104.11
104" 9"
104.8
104.8
104.6
104.8
104.11
104.6
104.6
Close
104.8
104.11
104.11
104.9
104.8
Total sales in $1,000 units...
1
21
High
104.8
104.8
Low.
104.8
104.5
Close
104.8
26
104.7
104.5
202
103.29
103.29
103.26
103.30
3
2
7
30
m'm<-m
106.18
106.20
106.19
106.14
106.11
mmmm
106.16
106.20
106.17
106.10
mmmm
106.18
106.20
102.8
102.6
102.6
101.31
102
101.26
106.12
3
62
105.30
106
105.28
105.25
102.17
mmmm
Low.
102.17
mmmm
Close
Total sales in $1,000 units...
102.17
3s. 1942-47
Federal Farm Mortgage
25*8, 1942-47
•
Low.
101.10
101.6
115
32
33
10
102.24
102.22
....
102.26
102.24
102.20
....
102.26
102.24
102.22
6
mm'mm
mmmm
101.6
mmmm
mmmm
10
1
mmmm
mmmm
mmmm
•
-
-
-
mmrnrn
.
mmmm
....
■
mmmm
1
2
| High
101.27
101.28
101.28
101*22
101.21
101.18
Low.
101.25
101.26
101.25
101.18
101.12
101.14
101.28
101.25
101.21
101.21
101.18
•
_
Close
Total sates in $1,000 units...
Home Owners' Loan
101.10
....
102.26
mmmm
101.7
_
38. series A. 1944-52
mmmm
101.10
Cloee
Total sales in $1,000 units.
Home Owners' Loan
*3
High
25
101.25
25
42
mmmm
m
68
m
100.3
100.4
100.5
Low.
100.2
100.4
100.1
99.30
Cloee
100.2
100.4
100.1
99.31
.
Total sales in $1,000 units...
27
89
| High
25*s. series B. 1939-48..
mmmm
100
....
21
99.28
100
99.26
99.25
99.28
100
18
125
332
45
37
8
High
99.21
99.22
99.21
99.14
99.13
99.12
Low.
99.21
99.21
99.20
99.12
99.10
99.10
99.21
99.21
99.20
99.12
99.13
99.12
6
16
47
35
3
7
Home Owners' Loan
105.27
Low.
105.24
105.29
105.28
105.25
105.24
105.23
105.29
105.30
105.25
105.25
105.27
Close
mmmm
105.24
8
Total sales in $1,000 units...
6
Note—The
bonds.
Total sales in $1,000 units...
3
26
29
79
3
5
High
100.26
100.28
100.27
100.22
100.16
100.15
6
Low.
100.25
100.26
100.23
100.14
100.9
100.12
4
Cloee
100.26
100.27
100.23
100.15
100.14
100.12
44
43
211
90
127
53
■
2
11
High
83
1
I Close
106.19
10
High
254s. 1955-60
....
Close
7
mmmm
Total sales In $1,000 units...
Federal Farm Mortgage
2)*s. 1942-44
105.24
Total sales in $1,000 units...
35*8. 1944-46
102.11
101.26
106.9
Close
102.20
101.23
106.9
Low.
354s, 1941
104.7
102.26
102.27
•••
101.31
2
High
104.8
....
102.4
103.29
3
102.16
102.5
103.27
103.29
Total sales in $1,000 units...
102.20
102.3
26
103.30
102.26
101.29
104.5
104
•
102.24
102
20
103.31
11
102.16
102.1
104.6
4
mmrnrn
29
248
102.24
102.6
106.15
106.22
mmmm
104.11
8
mmmm
97.13
324
102.26
102.6
106.15
104.8
Low-
97.20
6
102.8
32
mmmm
mmmm
Close
105.19
19
97.26
102.27
14
High
Total sales in $1,000 units...
Federal Farm Mortgage
High
3s. 1944-49-Low.
105.17
mmmm
mmmm
mmmm
Low.
354s. 1949-52
97.25
3«a. 1944-64
75
105.20
High
.
97.13
Low.
103.21
mm mm
High
3548. 1946-49
98
97.16
102.2
31
mmmm
30
Low.
Total »ales in
11
97.22
Federal Farm Mortgage
102.2
High
354s, 1941-43...
230
97.23
*
102.2
Total tales In $1,000 units
354s, 1940 43
10
97.27
Close
Total sales in $1,000 units...
5
16
Low-
3s. 1946-48
21
97.25
2^8. 1949-53
106.8
mmmm
5
High
106.8
mmmm
82
72
Total sales in $1,000 units...
45
106.8
High
3s. 1951-66
2KB. 1956-59
109.2
2
99.15
99.13
109.2
106.6
99.23
99.9
109.4
34
99.27
8
93
109.12
mmmm
100.3
99.23
109.10
43
100.7
273
109.9
106.14
100.8
99.27
Low.
I
100.15
61
High
106.13
100.18
99.27
109.2
6
100.4
100.3
28
109.2
mm-m m
100.8
100.3
99.26
109.6
[High
99.27
100.8
100.8
Close
10
109.14
Toiai sales In $1,000 units...
mmmm
100.17
100.13
Total sales in $1,000 units...
7
109.10
35*s. 1946-66
mmmm
100.18
100.18
10
1
109.12
5
mmmm
110.23
Total sales in $1,000 units...
2
mmmm
Low.
Total tales in $1 000 units
..
above
table
includes
Transactions in registered
Treas.
only sales of
bonds were:
coupon
3J*s 1943-45.. 105.26 to 105.27 11 Treas. 3}*s 1944-46._105.26 to 105.26
Treas. 3^s 1946-49.. 106.13 to 106.13 11 Treas. 2J*s 1955-60.. 100.24 to 100.24
*
Deferred
delivery sale.
May 15, 1937
3282
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY
AND
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTIOE—Cash and deferred delivery sales are
disregarded in the day's range, unless they are the only transactions of the day.
computing the range for the year.
1
account is taken of such sales in
United States
York Stock
Securities
Government
Exchange—See previous
the
on
No
Transactions at the New York Stock Exchange,
New
Daily, Weekly and Yearly
page.
Total
Stocks,
United States
Rates quoted are
May 14 1937
for discount at purchase.
Railroad <fc
Mis cell.
State,
Municipal &
United
Number of
Shares
Week Ended
Treasury Bills—Friday, May 14
States
Bond
Bonds
For'n Bonds
Bonds
Sales
$513,000
794,000
986,000
$250,000
541,000
2,175,000
1,772,450
1,226,060
83,494,000
6,229,000
6,083,000
5,656,000
7,990,000
5,893,000
867,000
1,283,000
1,321,000
1,331,000
1,007,000
854,000
$4,257,000
7,564,000
9,244,000
7,854,000
10,280,000
8,068,000
5,483,570
$35,345,000
$5,764,000
$6,158,000
$47,267,000
285,390
779,530
746,464
673,676
Saturday
Monday
Tuesday....—
.
Bid
Asled
Bid
Ailed
Wednesday
May 19 1937
May 26 1937
61937
Oct.
Aug. 11 1937
Aug. 18 1937
0.40%
0.40%
0.46%
0.45%
0.45%
0.45%
0.45%
0.50%
0.50%
0.50%
0.50%
0.60%
0.60%
0.60%
Aug. 26 1937
0.60%
Jan.
1 1937
8 1937
Sept. 16 1937—
0.60%
0.60%
0.60%
0.60%
0.60%
Feb.
2 1938........
Feb.
9 1938
June
2 1937
June
9 1937
June 16 1937
June 23 1937—
June 30 1937.
July
7 1937
July
14 1937
21 1937
July
—
July 28 1937
Aug.
4 1937
Sept.
Sept.
Sept. 22 1937
Sept. 29 1937
Oct.
Oct.
20 1937.
Oct.
27 1937
3 1937
Nov.
Nov. 10 1937
Nov. 171937
Nov. 24 1937
1 1937
Deo.
8 1937
Deo.
Deo.
....
1937
15
Dec. 22 1937
Deo. 29 1937
Jan.
51938
12 1938..
Jan.
19 1938
Jan.
Thursday
.65%
.65%
.65%
65%
70%
70%
70%
70%
70%
70%
70%
70%
70%
78%
78%
78%
78%
78%
78%
13 1937—
26 1938
Friday
Total
Week Ended May 14
Salet at
Jan. 1 to May 14
New York Stock
4,581,090
203,754,260
230,019,873
$6,158,000
5,764,000
$2,643,000
35,345,000
35,657,000
$241,710,000
156,750,000
1,044,450,000
136,519,000
1,208,800,000
$47,267,000
$43,975,000
$1,442,910,000
$1,467,519,000
Stocks—No. of shares.
5,483,570
Bonds
.
Government
—
State and foreign.....
Railroad and industrial
Total
5,675,000
Stock and Bond
Below
Quotations for United States Treasury Certificates of
as
a
Figures after decimal point represent
point,
one
daily closing
on
Averages
of representative
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocks
Int,
$122,200,000
32ds of
more
or
the
are
stocks and bonds listed
Indebtedness, &c.—Friday, May 14
1936
1937
1936
1937
Exchange
10
int.
98.22
16 1941
Deo.
100.13
Rate
Maturity
98.25
Mar. 15 1940.
1 H%
2H%
234%
100.15
June 15 1939.
1941t._
99.13
99.15
Sept. 15 1938.
Mar. 15 1939—
100.21
100.23
99.28
99.30
June 15 1938.
15 1939—
Deo.
June 15
Mar. 15 1941
Bid
100.23
10
101.29
June
15 1940...
100.8
100.10
16 1940...
100
100.2
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
100.25
101.31
Total
102.6
May 14.
169.15
57.76
27.56
60.87
106.33
108.20
87.54
102.66
101.17
May 13.
167.46
57.27
27.17
60.25
106.44
108.13
87.81
102.65
101.26
234%
102.12
102.14
May 12.
172.24
58.89
28.03
61.99
106.51
108.46
88.46
102.81
101.56
3
102.4
102.6
May 11.
172.55
58.95
28.38
62.17
106.35
108.29
88.71
102.69
101.51
101.2
Mar. 15 1938.
Dec.
20
Rail¬
Date
101.15
101.4
May 10.
173.04
58.61
28.73
62.28
106.28
108.38
88.83
102.69
101.55
8.
175.54
60.14
29.23
63.40
106.25
108.41
89.01
103.19
101.72
102.4
1 1938.
Feb.
Ailed
30
Indus¬
Asled
Bid
Rate
Maturity
Sept. 15 1937.
May
101.18
New York Stock Record
SALE PRICES—PER
HIGH
SHARE,
Tuesday
May 11
Wednesday
May 8
Monday
May 10
$ per share
$ per share
$ per share
*48%
48%
*48
48%
*58%
63
*58%
63
62
*78
80%
18%
26%
32%
2%
74%
3%
*77
79
*76
18
*25%
32%
*2%
74%
3%
*96
100
12%
*
12%
183
3%
4%
52
51
50%
51%
52
*50
43
43%
36%
37
*
*20%
*229
104%
21%
232
27%
16%
*80
63%
*29%
27%
17%
80%
63%
32
6
6
*40
40%
100
99
*90
92%
25%
25
17%
25%
32
2%
73%
3
*97
12
*-..-
3%
60
*46%
49%
40%
35%
*48%
17%
25%
32%
2%
74%
3%
183
4%
51
May 12
May 14
$ per share
$ per share
$ per share
Shares
48%
78%
17%
*77
25%
31%
2%
73%
*25
79%
17%
25%
3
17%
3
183
3%
49%
50
*47
50
*46
3%
49%
49%
49%
40%
*58%
75%
16%
24%
32
72%
2%
12%
48
62
31%
2%
97
*
73
*65
12
*
2%
50
50
*48
2%
70
3
2%
*85
97%
12%
183
3%
31
11%
*
4
48
50
61%
180
384
47%
48%
17,800
2,800
49
300
*46
50
200
40%
40%
*39%
41%
34
35%
3334
104%
"26"
224
26
15%
*77
58%
20
226
26%
16%
79
85
62%
29%
5%
39%
92%
86%
22
23
29%
5%
39%
92%
63
62
62
61
62
62
62
61
61
62
62%
62
63
61
63
*130
138
132
127
127
*127
138
*
900
34
3,200
104%
"26"
220
20
600
222
2,000
3,300
11,200
25
15
25%
*
15%
79
200
58%
60
10,300
29%
5%
3984
29%
5%
3984
2,400
93%
94
1,800
86
86%
21%
22
*75
*61
6I84
*127
6
Acme Steel Co
63% Jan
6
15
4
Adams
25
...No par
Express
No par
24i2May 13
10
Air Way El Applianoe. -No par
29$4May 14
2%May 13
68% Apr 9
284 Apr 29
Ala A Vlcksburg RR
97
Adams Mlllis
Address Multlgr
Corp
No par
Co..100
Alaska Juneau Gold Mln
10
90
90
92%
92%
145
*134
*87%
*88%
*131
90
91
137
*101% 104% *100% 104%
*23
400
900
800
4,500
64
170
3,200
100
6284
138
24%
28%
23%
24
28
24%
27%
25%
28
95
95
95
9%
*11
13
*11
13
*156
300
*156
300
♦
104%
25
95
18%
*102
24%
27%
28%
44
101% 102
25
*90
23%
102
*23
138
17
95
44
*101
35
*128
17%
27%
23%
102
*23
138
17
27%
*18
102
*128
*24
*24%
27%
55
138
18
25
8%
*128
35
25
8%
*53
138
17%
18%
9%
90%
*130
18%
19
9%
89%
98
100%
97% 100%
97%
155% 155% *155% 159
*155% 159
51
50% 53
53% 54%
52%
91
90
88
88
*81%
89%
89
89
87
89
86%
86%
18
35
19
9%
90
100
18%
35
*23
*93
89
8%
8%
52%
22%
52%
*90
9%
*11%
9%
13
300
*156
8%
51%
8%
52%
23%
23
23
*43
45
42
42%
18
18
18
18
Bid and asked prices; no
9%
*11%
*156
8
9%
13
300
8%
*90
9
11%
*156
7%
35
94%
9
11%
300
8
50
51
49
22%
22%
44%
19
41
18
17%
18
*42
18
*24
100
4,000
600
1,600
■1
m
—
—
••
-»
300
23
1,500
1,200
26
27
3,600
884
94%
9
*11
13
*156
20
2,800
300
7%
784
49
21
19
20
41
38%
16%
38%
17
84% Apr 20
22*g Mar 11
28% Feb 3
36
Jan
9
48» Jan 26
7
SU Jan 25
80i4 Jan
100
10,600
1,000
2,700
700
2,000
Highest
t per share $
share
per
58s Feb 18
Pre! A with 330 warr
100
Pref A with 340 warr
Pref A without warr
100
43*4 Jan
5
69
100
43
4
58% Feb 17
52is Feb 18
45&8 Mar 15
No par
Jan
40
Apr 28
33*4May 14
59*4 Feb 11
Feb 11
234% Prior conv pref .No par
Allegheny Steel Co
No par
Alleg A West Ry 6% gtd..l00
103
Apr 26
110
1
20
Apr 29
Allied Chemlo&l A Dye.No par
Allied Mills Co Ino
No par
Allied Stores Corp
No par
220
14
28
14
10
13
-2378 Apr 12
258i2Mar 9
33is Jan 16
2178 Mar 6
Allen Industries inc.
5%
preferred
100
Allls-Chalmers Mfg
No par
Alpha Portland Com
No par
Amalgam Leath Cos Ino new 1
6% com preferred.
50
Amerada Corp
No par
Am AgrloChem (Del)..No par
American Bank Note
10
Preferred..
60
Am Brake Shoe A Fdy .No par
BH% conv pref
Rights
100
American
Can..
25
Preferred
100
No par
100
Amer ChainACabCoInoNo par
5% pref..
100
Chicle
No par
(Alleg Co)..26
Amer Colortype Co
Am Comm'l Alcohol
10
Corp. .20
American Crystal Sugar....10
6% 1st pref
.100
Amer Encaustic Tiling new..!
Amer European Sees
No par
Amer Express Co—
100
Amer A For'n Power
No par
Preferred
2d preferred
36 preferred
Mar
70
69
Apr
Apr
74% Fob
15% Nov
9%
1778 June
22% Jan
xl% Jan
58
Apr
2
May
24ig Apr
15 May
79%May
58%May
28i2May
47„ Jan
34U Jan
5
5
5
92%May 13
83
Jan
5
2U2May 14
59
Apr 8
57% Apr 28
Mar 25
125
85
Jan 26
Mar
9
831* Jan
39*4 Jan
87* Mar
52% Mar
Mar
13
2i2
12%
12%
12%
No par
..No par
.No par
Amer Hawaiian SS Co
10
5% Nov
Jan
61% Nov
60% Nov
Jan
Jan
Jan
245
Aug
Jan
22
35%
Jan
81
28
19% May
15
1147* Mar 11
31*4 Nov
89
Dee
55%
Apr
73
Nov
160
Feb 18
65
Jan
40
Apr
124
May
Deo
110
162
Mar
4
7% Jan
49 May
19 May
38%May
16% Apr
2
sales on this day. t In receivership. a Def. delivery. » New stock, r Cash sale, x Ex-dlv.
.
y
13
13
14
28
Mar
70% Deo
141
Deo
li2 Mar 31
9
U%May 13
Nov
Jan
July
9
22ft
Nov
Deo
Deo
75
Jan
4
Deo
34%
6%
39%
125%
36
Jan
Feb
8% Jan
Nov
Nov
49
121
98
Apr 26
27% Apr 8
131% Jan 7
23 May 14
25%May 13
94% Apr 2
Aug
Jan 22
Jan 16
Feb 4
Feb 18
174
71
5
Oct
Deo
10112
41*8
75is
80*4
12
13
28
Jan 25
34
90
Oct
Nov
20% Nov
Jan
24
Jan
60
64% Nov
23
4
Mar
Apr
69
13
Nov
17% Sept
195
167
97% Apr
152i2 Apr
60%May
87
Apr
72
103
Feb
7
115
Oct
Jan
86% Nov
6% Apr
40%
111%
6*4
Feb
37%
27
Apr
267b July
98
Nov
21%
July
Aug
~
35%
Jan
91
*4 Apr
American Car A Fdy
Preferred
*.
American
42*
178
100% Jan 22
15*4 Feb 25
3%May 13
43% Jan 2
Allegheny Corp
Am Coal of N J
35
*47
49%
6,100
17%
2334
*90
Mar 11
118a Apr 29
...
99% 100%
100% 101%
101% 101%
*155% 159
*155% 159
*154% 159
55%
55%
54% 55
*55% 67
Jan
Albany A Susque RR Co..100
*46
63
132
10
5,000
Year 1936
8
Mar
3,200
49
*
Mar
69
Air Reduotlon Ino new.No par
3%
3%
50%
61%
138
*130
*
55
5,200
12%
3 per share
Feb 10
Advanoe Rumely
97
12
share
May 13
3
2%
*85
12%
ver
58
3,000
1,300
2%
s
48
8,200
900
Range for Previous
Lowest
Highest
Abbott Laboratories—No par
Abraham A Straus
N» par
71
2984
2%
70%
97
Par
31
25
72%
2%
Lowest
1634
25%
49
*45%
*45%
50%
42%
40%
40% 40%
36%
35% 36
*35% 36%
104
*102
*100
104
104% *101
20% 20% *20
21% *20% 22
228
227
228% 226% 227
227%
27
26% 27
27%
26% 26%
16%
16%
16%
16%
16%
17%
*77
79
79% *77
79% 80
62
62% 63%
63%
62% 63%
29% 29% *29% 32% *29% 31%
6
6
5%
5%
*5%
6%
*40
41
39% 40
39% 40
99
96
96
96%
*96% 98
91
*87
91% *88
91% *88
25
25
23% 24%
22% 24
25
200
79
16%
31%
2%
50
60%
60%
*74
75%
17%
180
3%
50%
66
400
48
48
48%
64
*63
Range Since Jan. 1
Las
On Basis of 100-Share
Week
48%
*58%
12%
12%
EXCHANGE
Friday
48%
97
100
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
May 13
63
17%
25%
31%
*2%
72%
Saes
tor
LOW AND
Saturday
4
1041* Feb 4
99i2 Apr 20
148
Apr 20
1051* Jan 22
29
Jan25
235* Mar
3
30*4 Mar 31
33% Jan 21
9914 Mar 2
131* jan 28
17
225
Jan 18
Mar
4
137% July
May
30% Apr
57
Apr
174
31
Jan
111
Nov
78% Dec
120% Dec
113% Oct
87% May
27
Nov
16%
Jan
32
Apr
101
Aug
Sept
8% Dec
14% Feb
31* Apr
9% Jan
175
Oct
13*4 Jan 22
687* jan 18
381* Jan 22
587* jan 22
25
Apr
Apr
21
13
175
61* Apr
29% Jan
Jan
Feb
5
12
Deo
35% Deo
16% Deo
35% Nov
71* July
20% July
89
Dee
60% Deo
100
Ex-rights, T Called for redemption.
Oct
9% Mar
60%
22%
50%
21%
Dec
Dec
Deo
July
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
Volume
LOW
AND
•
Boston
Buffalo
•
Montreal
•
New York Stock
144
HIGH
SALE PRICES—PER
NOT PER
SHARE,
Toronto
♦
Tuesday
May 8
Monday
May 10
May 11
$ per share
$ per share
5 per share
8%
8*1
*42
*4312
*312
*23
734
4is4
44*2
44%
384
25
14i4
48%
*108
109
22l2
*912
50%
108
10
*44
24
*22%
14%
3*9
1484
47
45
108
*108
22
2284
734
41%
443g
3%
44%
*3%
*223g
14%
45%
1414
48
8%
42
22%
22%
9*2
9%
9%
51
52
120
*115
52
*115
120
*115
64
64
63
*63%
65
10
10
9%
66
66
*63%
56
56
21%
*156
Sales
CENT
8TOCK8
NEW YORK
165
May 12
May 14
$ per share
Shares
8
8
*41%
44%
44
8%
43
£43
3%
3
22%
223g
*20%
14%
46%
109
44%
3%
3%
2284
14%
45%
14%
13%
43%
108
22%
9%
21%
51
50
934
119% *115
64
64
47%
109
22
934
64
10
9%
10%
63%
64%
5634
54
2134
165
21%
*151
21%
9%
55
21%
165
63
5234
20%
*151
36
34
35%
34
34%
34
3434
29%
2484
5138
29%
29%
*29%
29%
30%
31%
29%
24
24
24
24
*29%
*23%
24
50
5034
49*2
50
49%
5034
867S
»14234 145
84%
86%
83*2
8434
8334
86*8
8434
143% 143% 142
14234 14234 14234
*1058732l06ig 10527321052*32 10527M105273, 105*%2l052%3
59
} *59
60*2
59% *58%
59%
5834
6884
*
193
133
•133
*
136
*
136
800
46%
43
500
3
2,100
22%
100
13%
4334
14
13%
44%
3,000
3,200
IO984
21%
3,000
107
21%
21
9%
9
46%
8%
60
52
53
21%
210
900
1,200
34,200
21
......
130
22% 223g
16634 167i2
7884
7834
81% SII4
130
13034
14%
145g
20
20
*94l2
98
*934
10
*64
65
preferred
oonv
Amer News N Y Corp
No par
Amer Power A Light—No par
$6 preferred
$5 preferred
No par
No par
Am Rad A Stand San'y.No par
Preferred
100
American Rolling Mill..
25
5258
847g
*20*2 207g
*1065g 10984
*24
26
*73g
88g
4234
*4212
*117
11834
1095g
11*4
92l2
Ills
*92
*
106
~62~
63
*1234
13
*1034
127g
*95
105
17l2
17*2
*91
94
♦101
115
116
*14
16
*29
31
*6*2
7
*3518
67g
39
7
7S8
714
'
6i8
104
*96
103l2
3414 3412
40
41l2
102
*3214
33
2634
*38lg
2634
3834
273S 27*2
*1584 16
*11118 114
*24
25
103U
42l2
*41
112
*109
*1258
1234
*8534
~2"l%
21
2138
55
86U 87
I884
187g
*117i2 118
*55i2 5712
31
311s
♦
17
*89%
*101
106
"5^2
58%
*12%
13
*11
1234
105
94
17
17
17
*89%
*110
*51%
9334
58
Mar 19
25%
Jan
56*4
136*2
Jan
103
Jan
104
Jan
152% Mar
108% May
73*2 Jan
145*4 Dee
3,700
*89%
100
17%
93%
115
*105
115
52
*52
53
97
97
97
96
96
91%
8884
90%
99%
89%
99
48
4834
49%
*22
23
23
92%
99%
50%
23%
34
34
75
16
*71
73
*11334 121
*14
99%
34%
34%
29%
29%
109% 109%
16%
16%
*50% 51
71
71
*11384 118
16
*14
16
28%
*6%
29
2734
28
*28%
29
7
*6%
7
*6%
7
*35*8
634
7%
39
*35%
39
*36%
39
7
6%
7
684
6
7*8
100*2
*90*4 103*2
32% 34*4
38*4 38*4
*41
6%
6
*90
5%
r95
7
5%
95
*92% 100
3234
3734
3334
38%
6%
584
96%
*93%
33%
37%
6%
7
6
96%
99
34%
38%
*95
16%
*89%
1234
190
Preferred
100
1[2d preferred 6% cum...100
American
Snuff
26
Preferred
100
Amer Steel Foundries. .No par
U Preferred
100
Rights
Stores
American
Amer
117
109%
1034
100
Am Sumatra Tobacoo..No par
Amer
Telep A Teleg Co... 100
American
Tobacco...
Common class B
100
Am Type Founders luc
105
Am Water Wks A Eleo.No par
1st preferred
No par
American
Woolen
16%
Preferred
100
Writing Paper
60
5,000
55
18%
*51
8234
1834
55
82%
1834
117
117
55
55
*53%
56
31
3134
*30
3034
117
*51
18%
117%
55
84%
1.884
117% 117%
*53% 55
31
30%
Bid and asked prices; no sales on this day.
Armstrong Cork Co...No par
Constable Corp
6
No par
Arnold
100
Associated Dry Goods
1
93
93
*100
115
52
*50
53%
300
96
*93
96
210
5% pref with warrants..100
87
85%
90%
89% 150,600
*99% 100
9934 100
1,700
47
48
50%
46%
10,300
700
22%
23%
21%
21%
31
34
800
32%
31%
28
29
29%
28%
9,800
200
*107
110% *107
109%
16
15%
15%
15%
16,800
300
50%
50%
50%
50%
70
70
300
70%
70%
50
*11384 118
*11334 118
14
*12
300
1334
13%
25
28%
23%
2284
3,300
400
6%
6%
6%
6%
Atch Topeka & Santa Fe_.100
Preferred
100
51%
*93
93%
100
i
■
*36
*36
39
6
6%
684
6%
5%
534
90
*8884
31%
36%
39
97
33%
36%
.
*51
78%
1834
.
.
55
600
92%
32%
37
—
*51
-
_
37.700
2,100
-
800
70
3,300
600
20
15,800
1,200
20
1,200
100
6% 1st preferred
7% 2d preferred
100
100
Assoc Investment Co..No par
Atlantic Coast Line RR...100
Atl G A W I S3 Lines..No par
Preferred
100
Atlantic Refining
25
4% conv pref ser A
Atlas
100
Corp......
6%
1
Assented
....
100
Baltimore A Ohio
100
Preferred
100
Bangor A Aroostook
Conv 5%
50
preferred.....100
Barber Co ino
10
Barker Brothers..
5H% preferred
No par
..50
Barnsdall Oil Co
Bayuk Cigars Ino
1st
preferred
Beatrice Creamery
55 pref w w
1,200
100
4l"400
1,000
6
5*2 Jan 8
40
Apr 26
a Def. delivery,
r Cash sale,
Feb
Jan
7% Mar
44
Jan
78
Dec
50
Dec
9
June
43
Nov
3
July
7
Nov
37
Apr
46
Feb 18
8
111
6
1384 Feb27
8IS4 Jan
2
99% Mar
Feb
4
96
57*2May 11
12*a Apr 29
10*4 Apr 28
95
Mar
2
15% Apr 28
93 May 14
Jan
114
9
49% Mar 24
96
May 12
69*2 Jan
4
126
Mar
Jan
1
6
70*2 Mar 13
16*4 Feb 27
17% Jan 21
97*4 Feb 18
24% Mar 5
101
125
Jan 28
Mar
9
106
38*2May 13
10038May 11
2978May 14
24*2May 13
38
Feb 17
11134 Apr 19
22*2May 13
101'4 Jan 5
40*2 Jan
Feb
5
5
19*8 May 14
203s Apr 29
50*2May
6
73
4
Jan
18*2May 1
117
Apr 29
z51%May 14
28
Apr 28
x Ex-dlv.
y
7*2
Jan
8%
Jan
95
Jan
12% Apr
Jan
Jan
84
Jan
128
Dec
62% Mar
18% Nov
22%
Feb
108
May
27% Nov
95
Deo
112
Oct
98
Feb
124
Oot
Jan
7
59
9
9084 Jan
21% Apr
107
Oct
49
Dec
11
31% Oct
54»4 Nov
35% Apr
118% Deo
29
86*4 Jan
88*2 Jan
20% Jan
333g Jan
Jan
7%
Feb 18
21*2May 14
31
May 14
28
May 13
26
13
28
13
6
21
4
4
Jan
122
110%
May
Jan
4% June
66*4 Jan
104
Aug
47*4 Feb
Feb
55*2 Mar 17
Apr
May
6*4 Apr
538May
50
118
105*4
9434May
104
6*8 May 13
Jan
57*2 Feb 18
97*2 Apr 30
44*8 Jan 26
109%May 10
153s May 14
Dec
37*2 Jan 12
10*4 Feb 10
121% Feb
15%
Mar
111
4
Jan 16
n New stock,
2
10
Jan
May
Jan
84
Blaok A Decker Mfg Co No par
Oct
97
7
Apr 29
1,000
3*2 July
27»4
109% Sept
11% Feb
70«4 Feb
Feb 13
4
2
12
700
500
Apr
4% Apr
Jan 12
Jan
105
No par
19%
Jan 22
1®4
107>4
11634May
20
5% preferred
20
7% preferred
...100
Blgelow-Sanf Carp Ino .No par
Deo
984 Jan 22
79
24% Jan 16
50
Beth Steel new (Del)
Mar
18
92'4 Jan
7% Sept
52>4 Sept
84 May
14% Jan 18
111
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref....
6
Feb
150
89%
2684
Beech-Nut Paoklng Co
Aviation
1
104
Jan
8% June
65% Nov
14*4 May 13
Beneficial Indus Loan. .No par
Best A Co
..No par
Feb
Mar
88*2 Mar
Jan
No par
100
25
No par
Bendlx
107
87
136
Jan
24*4May 14
3,800
99% Feb
150*2 Jan 26
20*8 Feb 3
29*i Jan 13
20% Mar
149% Apr
Jan
63% Aug
Sept
26% Jan
190% Nov
102% Feb
May
6
9,800
Jan
Jan 28
36
145
28
6
Pref assented
99
Jan
24
39
Preferred
25% Jan 25
187
24*2 Dec
48*4 Apr
129
35
Corp of Del(The)new.3
t Baldwin Loco Works.No par
Deo
Feb 23
No par
No par
Prior A
Avla'n
61
145*2 Nov
97
1334May 13
2234May 13
Austin Nichols
Jan
79% Feb 23
69% Mar 10
Apr 10
Atlas Tack Corp
No par
Auburn Automobile...No par
Preferred
Apr
79
44% Jan
50*2May 14
70
May 13
11334 Apr 26
50
......No par
20*2
107%
Dec
Nov
4734May 13
1..100
preferred
Atlas Powder
26% Jan 20
56% Jan 11
Jan 13
100
Beech Creek RR Co
"465
54
78%
8034
1834
1834
117
117
*11534 116
53
53% ar51%
52%
30
29%
28% 28%
t In receivership,
.
9,600
4,600
534
89
*90%
31%
36%
82%
I884
.
14" 500
634
6%
5%
.
.
6%
6
89
90
>.
84
100
Jan 20
57*2 Mar
133% Jan
46*8
Nov
3% Apr 14
Feb 23
May
Preferred
73% Jan 21
115
Feb 23
22
No par
5
20
Jan
56 conv pref
Feb
185
Jan
5
107% Apr 7
68*2 Jan 29
2
68g Jan
18
Armour of Illinois new
Jan 28
14384 Jan 13
21i2Mar 23
160*8 Apr 28
75 May 14
76
May 14
128*4May 13
13*8 Apr 28
17 *8 May 13
97*2 Apr
87gMay 13
61
May 13
106
Artloom Corp
Preferred
4,500
Apr
43%May 14
129%May
No par
Cap.
conv
200
I684
4858May 14
109*2 Apr
2U Apr 26
20
154
148
Apr
preferred. No par
Andes Copper Mining
20
A P W Paper Co
No par
56.50
115
*100
....
86
25
25
Copper Mining. .60
800
40
40
*39
40
41% 41%
40%
38%
100% 100% *100
103% *100% 103%
103% *100
*32% 3234
32%
32% x30%
3134
29%
30%
*26
*26
25
27% *25% 26%
24%
24% 24%
*38%
*38% 38S4 *38% 3834
*38%
38%
38%
38%
26*2
26% 27
26% 27
24%
26%
24%
2534
15
15%
15%
15% *15
14%
14%
1434
15%
*112
114
114
allltg 111% 114
*111% 114
*111% 114
24
24
24
23% 23% *23% 24
22%
*22%
23%
*102
103% *102
103% 102% 102% *101
103% *101
103%
*41
42
*41
*41
42% *41
42% *41
42%
42%
114
114
109% 110' *108
*109
109
109
108% 108%
12% 12%
12%
1234 *12%
1234
12%
12%
12%
12%
*8534
*8534
86%
86%
*8534
*8534
20
20*2 2084
20%
20%
20% 20%
19%
19%
1984
21
21
20% 21
2034 21
2034
20%
20% 20%
18%
1
$5 prior pref
11
105
57i2May 13
133
8s Apr 10
Archer Daniels Mldl'd.No par
30,400
1,000
Jan 15
105
35s Apr 10
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
500
Jan 23
79%May 13
138l2 Apr 14
1
Amer Zinc Lead A Smelt
Anaconda
Apr 29
22U Apr 27
No par
12%
16%
No par
1,900
100
41%
84
700
106
*95
10
Anchor
400
89%
12%
25
Preferred
800
117
"57%
25
Anaconda W A Cable. .No par
......
10834 10834
10%
10%
*10%
100
140
117
12%
10%
No par
Sugar Refining
Preferred
100
32%
26*2
3884
27%
1534
*51
69,700
84
58%
par
Preferred
300
49%
*100% 102
32
13,600
""
60
*
165*2 Aug
105% Mar 11
700
18%
18%
18%
109
*106% 109
*22
26%
26%
7%
7%
7%
43%
42%
42%
101
Jan
41
50
x89
Feb
18% Apr
Smelting A Refg.No par
800
92
36%
157
Shipbuilding Co.No
58
*61
Jan 21
87*2 Sept
74*2 Sept
27% Jan
Amer
135
83
170
Nov
14% July
Feb
Amer
*56
47%
69
Feb
43
500
143
*55
Jan
7*2
Feb 15
16*2 Jan 13
87*s Jan 18
72*2 Jan 12
29*2 Feb 3
Feb
15,600
82%
1052732l052732
50%
x35%
75
15
54% Nov
July
39% Oot
28% Nov
*125
57%
134
37
48
12%
Deo
Apr
*47
*100
Apr
Apr
118
Jan
48% Dec
122*2 Nov
29% Jan
18
84
13
May
10
27
Jan
16*8 Nov
Feb 20
48%
190
21
Feb
24
29
79%
12%
66
Jan
600
48
*100
Apr 16
5
29% Mar 8
13% Jan 20
6884 Mar 10
129*2 Feb 1
125
5%
Deo
23
58%
99%
*11334 121
*14
13%
190
20%May 13
153
51% Nov
31
23
57%
5134
4734
*70
*60
84%
19%
19%
18%
*106% 10934 *106%
*22
*20
26%
7%
7%
7%
4284 43%
42%
*117
117
11834
*109
109%
10834
10
10%
10%
*92
93
89%
*104
106
101.
5834 59%
57%
*12%
12%
12%
11%
11%
10%
*95
29% 30%
29% 29%
109% 109% *107
11134
16%
16*4
16%
16%
*50% 51
*50*2 51
*71
58%
50%
105
17*4
115
13
*100
*95
....
21
*5018
*95
*
12%
34
116
51%
8434
12%
34
75
58%
62
23%
*73
*102
12%
23%
99%
4912
*33% 3714
30
3012
*10978 11134
I6I4
I6I4
*50% 51
*4058
"58"
*11
49
24
102
106
48
*22
40
*
96%
8834
99%
97
93
50%
13%
190
8434
8434
"20" 20% *19% 20
*106% 10934 *106% 10934
24
24
23% 23%
8
*734
8*4
*7%
4234 4234
*42% 4234
*117
11834 *117
11834
109
109
10984 10934
11
11%
10%
10%
92
92
92%
92%
51%
97
6
*57
51%
91?g
*9878
4912
*96
58
53
*
54
*5l7g
12%
*100
51*4
5314
*70
13
190
58
62
*5712
*109
12%
*100
8i2May 13
59i2 Apr 28
51% Apr 28
Jan
Sept
Sept
Apr
Apr
Apr
2%
16*2
9%
23%
23% July
"52"
54*4
52% "51%
52% ♦ 48%
50% 27,400
5134
48%
410
112 U1"»U1,3» 111%6 111%6 111716 111716 UlLe 1117,s
2
2%
2%
2%
105,500
2%
2%
rl%
2%
rl%
22
22
21
22*2
2134
21%
20%
20%
20%
1,500
44
44
47
4534
45*2 45% *45%
45%
43%
1,300
130
130
*125
130
130
100
*120
*124% 130
*124% 130
22% 2284 *22%
2234
22%
2234
1,100
21%
21%
21%
21%
163
165
165*4 167
164% 16534 165% 166
11,200
16334 164%
76
76
78% 78%
77
75
78*2
78%
2,100
78%
7734
81
80
79
76
81%
8O84 81
79%
7634
77%
5,500
131
132
*129*2 132
1,600
12934 130
128% 129
12834 129
143g
15
1434
14%
15%
14%
1434
1334
1434
14%
8,700
18
19
19% 20
1834
19%
18%
17%
18%
17%
18,300
*94*2 98
100
*94*2 98
*94% 98
9734
9734
*96%
97%
9
934
9*2
*9%
9%
9%
9%
8%
9%
1,700
9%
64
64
*62
63
61
62
61
61
700
*62*2 64
13l8
190
Mar 11
62
share
8% Mar
46
3
Preferred
13
46*8 Apr 29
115 May
1
37
per
Cot
Feb
Am
*100
100
May 14
May 14
Apr 28
9
31%
36
21,800
5412 5434
52*2
*111'332 112 *111**32
2%
27g
23g
*22% 23
21%
46% 461s
4534
*125
6%
No par
4
13
13
3
16
15
11
4
45*4 Mar 11
23%
135
Jan
11% Mar
5584 Mar
528g Mar
484 Mar
27% Feb
17«4 Mar
58% Feb
Highest
share %
4% Oct
per
3158May 13
500
1052732l052732
57%
5884
Preferred
2% Jan 5
17i8 Jan 7
13i8May 14
42
Lowest
$
share
28
30
*125
100
May
2
6
4
per
Amer Safety Razor new.18.50
American Seating Co..No par
33%
*140
non-cum pref
Amer Internet Corp
No par
American Locomotive. _iVo par
42
Amer Metal Co Ltd
32%
142
6%
1
No par
21
30
142
Amer Home Products
American Ice
6% Jan
37% Jan
107
3334
29%
23%
8034
60
100
18,200
9%
60%
165
1
6% oonv pref
Amer Maoh A Fdy Co..No par
Amer Maoh A Metals
No par
100
52
20%
*151
Amer Hide A Leather..
5
5 per share
5,100
63
63
9%
61
700
Par
1,500
9%
47%
115
115
63
165
7,300
734
40%
*21%
3%
22%
Norfolk, Va.
Range for Previous
Year 1936
Highest
Lowest
3
43
8%
61
3534
*51
40%
*4234
*107% 10934
29%
*2414
7%
734
41%
49
50%
4634
119%
119% *115
66
*156
7%
40%
•
3283
Range Since Jan 1
On Basis of 100-SAare Lots
STOCK
Weel
$ per share
41%
Richmond, Ya.
•
EXCHANGE
$ per share
9%
57*4
22%
21%
*166
he
Friday
Thursday
May 13
Wednesday
64%
56%
21%
10%
66
*56
22
165
5084
Indianapolis
•
Record—Continued—Page 2
for
Saturday
Cleveland
•
Mar 13
44
Jan 18
37
Mar 11
116% Feb 6
18*2 Mar 6
52% Mar 10
Apr
13% Apr
26% June
109
Sept
88% Aug
94
Mar 11
48
Jan
84
Nov
133
Jan 13
xll2
Jan
131
Nov
14
June
18% Jan
3684
9*2
52%
9*4
11*4
9*2
9
Feb 2
Feb 1
Mar 25
Jan 12
Jan 29
Jan 30
120
Feb
5
120
Feb
5
40% Mar 17
47»4 Mar 17
45
Feb 11
110% Feb
43% Mar
30*8
Feb
26% June
5% June
54*4 Mar
29*2 June
3
Apr
2% July
46*2 Jan
7% Mar
11<4 Dee
9% Dee
2% July
29*2 Apr
33% July
15% Apr
21
Apr
39
Deo
10%
Jan
94%
Dec
94%
Dee
27% Nov
41% Oct
49%
Feb
8
9
32
Jan 21
42
24% Nov
13*4 Jan
38*2 Dee
28% Nov
Jan 21
35*4 Feb 1
20*4 Jan 16
114
14*8 Jan
16>4 June
May
Feb
2
28% Feb
10584 Mar
9
18
Jan
8
100
Aug
43*4 Feb 19
112
110
35
Feb
28% Deo
22*4 Nov
115
Deo
28% Nov
105
42%
July
Oot
Mar 30
85
Feb
15% Feb 6
87
Mar 17
13
Deo
16*4 Mar
83
June
30*2
2384
6284
105%
Feb 11
Mar 11
20
Jan 18
Jan
Jan
5
8
149*2 Feb 16
6984 Feb 10
38
Ex-rlgbts.
Jan 21
112
Deo
21%
Jan
20
Jan
89% May
32% Oct
25*4 Oot
48
Jan
72
Apr
Apr
107% July
Nov
45%
77%
Deo
16%
20
Dec
23
Jan
28%
Deo
135% Nov
65% Dec
x34% Dee
1f Called for redemption.
:•<
New York Stock Record—Continued—Page 3
3284
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT
PER
CENT
Sales
STOCKS
NEW
J VI
Saturday
Tuesday
May 11
Wednesday
Thursday
May 8
Monday
May 10
May 12
$ per share
$ per share
$ per share
$ per share
25
25
*25%
31
*86%
36%
*4234
89%
*86%
90
*44%
45%
25%
37%
24%
*26%
*86%
35%
43%
42
*85%
25
24
31
*24
89%
25%
86%
*82%
May 13
$ per share
2434
$ per share
Shares
23%
31
87
23
24%
*24
*82
31
*24
86
*82
85%
35%
36
35
36%
32%
34%
42
42
42
42
41
4134
*85%
89
88
8534
44%
90
45%
2534
25%
2534
41
41%
40 84
41%
41
12%
12%
*11%
12%
*2%
3
12%
*2%
15%
3
*234
15%
1638
23%
86
50
Apr 28
Feb 26
Bluraenthal & Co pref
85%May 11
32% May 13
4078 Apr 8
85% Mar 22
41% Mar 12
100
Boeing Airplane Co
5
1,400
Bohn Aluminum <fe Brass
6
88
85%
80
4438
44
443g
140
25%
24%
25%
10,800
Borden Co (The)
19,000
Borg-Warner
43%
13%
4034
4234
40%
42
12
13%
12
1234
2%
2%
*234
2%
200
1638
2%
15%
2%
16%
16%
16%
15%
16%
9,300
2,800
Bon Ami class A
No par
Class B__
No par
„15
5
Corp
Boston & Maine
100
tBotany Cons Mills class A.50
Bridgeport Brass Co
No par
Rights—
46
45
46
*45%
47%
47%
47%
*42%
43
43
43
45%
434
*23
484
77%
*33%
4%
45
44%
4534
47%
43%
47%
4234
47%
4%
4%
4%
23
23
4%
*22%
27%
29
29%
4%
2334
3134
31
45
*45%
*4234
82
76
78
34%
3338
3334
77
32%
*45%
17%
17%
25
*22%
29%
3038
80
82
33t4
3238
4834 ,*4534
17%
17%
18
17%
44
4%
*22%
25
29%
41%
4234
45%
45
45
400
4234
41%
45%
*42
4234
42
42%
900
4%
2834
80
81
32%
4834
31
32%
47
46%
46%
*45%
4834
18
18
18
18%
18%
17%
17%
18%
1834
1834
16
18%
17%
1634
*103
108
*103
108
*106% 108
*103
107% *103
107
9%
9%
934
10%
934
934
9%
9%
8%
9%
*71
*72
78
*71
87%
75
75% *71
71
*66%
*46
9
9
55
55%
34
27
9
884
3334
34%
27%
838
26
834
54%
34
*8
54
2634
5438
32%
2634
*7%
834
834
5434
*32%
2634
55
33%
2634
8
884
5434
4%
2,900
24%
29%
16,600
80%
2,200
31%
32%
4534
4534
3,400
200
17%
17%
1,600
16%
4,100
15%
107
107
8%
8%
71
71
50
14,800
No par
Bullard Co..
7%
Burroughs Add Maoh_.No par
JBush Terminal
No par
27
28
1,300
200
*29
30
70
14%
2934
5%
22%
14%
30%
5%
2238
72
72
14%
1434
14%
14%
14%
30%
5%
23%
303s
2938
74
73%
303s
5%
23%
73%
23%
*73%
*28%
5%
22%
6%
*30
30%
5
5%
14%
734
8%
434
14%
100
—..No par
5,900
30
30%
5%
No par
preferred
7%
2,600
30
13%
2834
434
20%
Debentures
100
....
tBush Term Bldg gu pf ctfslOO
13%
4,200
29%
2,000
5
5,300
Butte
22
3,400
Byers Co (A M)
Butler Bros
29%
27%
39
40
28%
37%
28%
40%
38
*3734
38%
*37%
50%
50%
50%
50%
50%
50%
*50
52
3%
3%
3%
3%
3%
50%
334
3%
334
3%
3%
3%
3%
18,400
Callahan Zinc-Lead
1334
13%
2834
12%
27%
11,200
2634
27%
1,400
Calumet & Hecla Cons Cop..6
Campbell W A C Fdy..No par
2734
28
26%
27%
25%
13%
28%
26%
1234
29
13%
2934
12%
28%
2534
26
30%
57
*55
*28%
13%
*27
2634
*
29
1334
13%
*28
28%
26%
27%
57
*
13
133s
28%
2738
*
57
*
57
57
70%
250
27%
28%
37%
1,500
37
*49%
*
14
"12%
13%
"l234
13
"1234
13%
"12%
1234
49%
15%
49%
*15%
50
4934
*15%
4934
15%
*49
50
48%
48%
12%
*48%
15%
*15%
15%
14%
15%
15
*51
53
*51
53
*51
53
IO284
101
101
101
101%
*51
53
*51
*
*101
8%
884
8%
8%
8%
169% 169% *161% 166% 163
*122
128
122
*121% 128
89
90% 90%
90%
90%
39
40%
37% 39
37%
*105
112% *110
112% *105
41
41
41
*40% 41%
*77
76
77
76
77%
*33
*33
34% *33
34%
8
8
838
8%
8%
♦101
10634 *10134 10234 101%
*29
30
*15
16%
*15
16%
*1084
12
*1034
11S4
28
28
*
"~8%
884
165
163
*122
124
*122% 128
88
88%
89%
287%
37% 39%
36%
38%
112% *109
112% *109
112%
41
41
41
39
76%
76%
76
33%
33
102
7%
15
15
*14%
11%
11%
105
*103
105
66
66
64
66
63%
17
1634
1534
16%
71
71
15%
69%
70%
69
11%
64%
16%
108
108%
105
*103
63%
1534
69%
67%
33
Century Ribbon Mills..No
62%
15
6734
81
80
58%
56%
58%
56%
95%
95
95
3%
10%
*3%
10%
*2%
10%
234
*94%
*3%
*9%
2%
13
13%
1234
*94%
3%
*9%
*2%
1234
*10%
3
3
*14
8%
*27
*2%
5%
67%
81
14%
8%
27%
238
384
10%
234
12%
8
834
9
9%
9%
*27
27%
2%
*27
27%
2%
5%
4%
*26%
2%
5%
4%
2%
2%
105
15
80
•
*103
61
55
334
108
108
53%
*21
68
108
*
67%
*105"
54
*15
5,500
108
110
55
300
23
77%
80
80
80%
3,700
57
55%
56%
5634
31,400
96
*94%
234
9%
2%
56%
*94%
2%
9%
3%
9%
3
13%
12
10
10%
24%
27%
2%
2%
434
96
3%
9%
2%
2%
12%
12%
12
11%
25%
2%
434
24%
2%
96
3%
9%
890
2%
2,100
538
5%
4%
4%
14%
26%
62%
14%
14
27%
62%
26%
27
25
25
23
60
60
*59%
61%
56%
24%
66%
2%
2%
*7%
6%
2%
7i4
2l2
7%
2i4
238
2l4
238
7
7
634
7i8
6
6
6
400
19%
I8I4
1578
*62%
63%
2%
2%
8
8
*6%
19%
16%
7
19%
16%
*13%
13%
*52
63
11434 116
19%
19%
*84%
*61%
7%
39
234
*7%
*6%
19%
*16%
12%
*52
7%
6%
19%
16%
13
63
11234 114%
*19
1934
86
*84%
86
65
*62
65
734
40%
*98
7%.
38
734
39%
*98
*107
107
*19
14
14
2%
7%
6%
6%
20
*19
*16%
16%
16i8
13
13%
13%
55
55
734
37
65
*62
734
39%
88
39%
*85%
40
*85
*47
50%
*48
50%
*48
50%
*38%
*85i2
*48
92
94
90
89
90
129
*127
129
*127
129
*127
160
160
153
158
150
153
*58%
5834
20%
21%
*102% 103% *102% 103%
56
56
56
55%
110% 110% 110
110%
*35
45
*35
38
38
37%
21%
*21%
*21%
*21%
*20%
*21%
2134
23%
42%
37%
21%
23%
23%
23%,
118
II784 11734 *116
33
34% 34%
34%
*41
42% *40% 42%
13
13%
13%
13%
94%
9434
94%
94%
*75
90
6334
64%
*75
90%
63
64%
65
*62
7i2
*127
5834
13
38%
107% *107
*39
88
21%
I6I4
1212
714
*107
107%
40
21%
16
7
89
*58%
21
*35
5834
21%
36%
*19%
110
55
*110
21 s4
*21% '23%
*21% 23%
115% 115%
34
*41
43
12%
94
*75
62%
13
94
90%
64
*34
19
6334
65
50i4
Clark
5834
2034
58
58%
2038
21
9,500
103
300
5238
103
10312
54%
5218
53%
110
110
*110
112
*35
45
*35
200
3,900
45
*
6OI2
9014
62l2
*
this day,
160
"2,100
270
4,500
100
43,600
60%
t In receiversnlp.
a
Jan 14
Apr
7
2%May 14
6% Jan
47*4
67% Sept
111
Feb 10
Feb
4
x60% Apr 13
100
Feb 13
Jan
Jan
51
Jan
Mar 11
13% Mar 17
24%May 13
32
1834
Jan
4
Mar
8
Jan 20
3% Mar 18
No par
No par
par
Feb 16
300
Feb
9
70% Jan 25
3% Mar 17
1%
3%
3%
19®4
Apr
Apr
Apr
Jan
17% Sept
3
7
Mar 11
25
Jan
85%
Jan
15% Mar
135% Feb 11
21% Feb 18
15%
Jan
Jan
Jan
Mar
7
Apr 28
32% Apr 7
40% May
8
484
2384
Jan
Mar 25
103% Apr
5
90
Feb
105
Mar 19
113
7
86
35
Jan
5
Apr 23
47% Mar 31
10% Mar
Jan
1
107%
Jan
Jan
4434 Apr 22
33
July
90
82
Feb
Jan 14
Mar
Jan
2
50% Feb 26
98% Feb 11
48
78
48
Apr
126
Jan
4
130% Feb 18
124
Jan
122% Jan
6
170% Apr
58% Apr
57
Jan
6
19% Feb 11
4
2
84
7
55%
2584 Mat 19
13
Jan
Jan
100
No par
5138 Apr 28
100
5% conv preferred..
Colonial Beacon Oil
No par
Colo Fuel A Iron Corp .No par
108% Mar 29
June
Aug
39% Apr
11234 Mar 11
Colorado A Southern
100
4% 1st preferred
4% 2d preferred
Columbian Carbon
100
100
No par
v t o
Col Plot Corp v t o
No par
$2.75 conv pref
No par
Columbia Gas A Eleo_.No par
26
Jan 18
34
14
45
Apr 12
51% Feb 10
28% Sept
30
27% Mar
19
4
28
12
12584 Apr
May
20% Apr
21%May
21% Apr
112% Mar
31
May
3
40%May 13
12
May 13
5
30
Jan 14
29
Jan 25
Jan
9384 Apr 30
108
Jan
9
101
Jan 14
10
5634 Apr
8
100
100
104
Mar 15
63% Apr 28
Mar 27
69% Jan
114
8
8
Jan 12
80% Jan 26
120
Jan 25
$6 preferred series
Conde Nast Pub Ino
75% Jan 13
1,100
Congoleum-Nairn Inc..No
3634 Jan
45% Mar 11
Solvents..No par
Commonw'lth A Sou
No par
n
New stock,
r
No par
No par
Cash sale,
par
x
Ex-div.
y
2
Jan
May
90% Mar
conv pref
Jan
31
100
43*%
16
39% Jan 20
46% Jan 20
20% Jan 14
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
19%
Jan
Dec
94
6% preferred series A
preferred
Commercial Credit
8%
1
2,000
Def. delivery,
12% Apr
4084 May
884 Mar 8
27% Jan 14
22% Jan 29
80
Apr
Apr
684 May
10% Feb 19
2% Apr 27
50
Apr 29
13% Apr 28
1,400
May
2%
14% Apr 28
54,300
Jan
6
2%
4
Jan
Apr
25% May
1% Apr
7% Mar 17
Commercial
10,400
2%
1%
4
100
100 zl02% Mar
preferred
Collins A Alkman
100
7; 500
1% May
6% Mar
6%
~~7~8o6
Aug
4
18% Mar 6
12
May 13
Apr 28
5534May 14
Mar
19
59
4
4
101
6
434 Mar 16
4
Jan
8% June
22%
2%May 14
Apr 28
8
Apr 29
Jan
Apr
6% Apr
97% May
82
12
2
35
86% Mar 10
23% Feb 10
104% Jan 6
6234 Feb 13
600
90%
"60~
100
Colgate-Palmollve-Peet No
120
"""406
115
3
72%
6
Coca-Cola Co (The)
Class A
6%
14% Mar
45
1,800
"3", 500
Jan
6% Nov
Feb 18
Clev A Pitts RR Co 7% gtd_50
Special
50
Cluett Peabody A Co. .No par
151
2538
Feb 23
1,800
150
39% Jan 12
12% Jan 28
70
"""170
15312
May
92
No par
Preferred..:
Deo
Apr
54
83%May 14
39%
87
•
19
82% Jan
60
107%
"sou
Jan
2184 May
100
C C C A St Louis Ry Co pf 100
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The) .1
128
*5818
2014
25
Equipment
Jan
Jan
100
5,100
86
91
18%May 14
1534May 1
12% Apr 12
46% Jan 22
10
No par
2,100
!127
Apr 29
35% Jan 4
May 14
5 zl06%May 13
738
90
108
2% Feb 16
684 Feb 2
Corp
3634
*85*4
*4714
May 13
May 13
67%May 12
15
5% Apr 28
Preferred
116
106
33
39
38
60
No par
City Ice A Fuel
92%
48% Mar
21
107
107""
14
684 May
5434
par
No par
7
10
14
28
100
Copper Co
Chrysler
400
*97
111% *104% 111% 10634 10634 *106
11134 *100
11134 *100% 11134
*67
67
67
6734
67%
6734
67%
6734
64
63i2
67
6312
*10584110
*10534 108
*10534 108
*10534 108
10534 10534
10514 105%
1584
15%
15%
15%
15
15%
15%
1538
1458
15
1458
1478
234
2%
2%
234
2%
2%
212
2%
212
258
2%
2i2
*52
56
53
53
54%
54%
50
*5234 53%
51
51%
51i4
*16
16
16%
16%
16%
16%
*1518
16%
15
15l2
1512
15%
40
♦39%
37%
39%
3734
38
38%
37
3812
37
3712
37%
on
3,600
Chile
3134May
7%May
100% Apr
27%May
100
preferred
6% preferred
Chicago Yellow Cab
City Investing Co
City Stores
42
*107
Bid and asked prices; no 9ales
30
58,000
36% Jan 13
7434 Apr 26
Feb
19% Feb 17
fChlo Rock Isl A Paolflc._.100
Chlckasha Cotton Oil
63
Mar 24
4% Apr 28
3% Jan 2
11% Jan 6
No par
Childs Co
128
55
64i2
Conv preferred
1,200
111%
90%
Chicago Pneumat Tool .No
7%
~
100
Preferred
2,900
86
149
100
16
35
*3618 37
34
34
36i8
21
21l2 23
21%
22%
*20i4
2314 23%
22
22
*2H4 23
*21i2 23i2
*21l2 23l2 *21l2 23%
11478 H478 *114
115
zll2% 112%
34
34
32
32
3312
3134
*40% 42
42
*40
40U
40i4
12
1212
13
12
12l2
12%
*9334 95
94
94
*9334
9412
*75
1,000
Preferred
^Chicago A North Western 100
1238
*127
92i2
129
102% 102l2 *103
42%
36%
33
37
153% 15334
*58i8 5834
21
2n2
102% 102%
5434
55%
110
107
*85t4
*47U
1,400
3,000
100
36
7i8
87%
50%
4,400
57
*62
3714
3934
2434
10712 110
19
1914
8338
8412
*97
107%
700
1218
*5H2
65
36
*97
*84%
*58%
16%
13i2
3712
38
*39%
91%
19
13%
24%
55
51%
5112
113% 115% zl06% 11134
1912
19%
19i8
19%
85i2 86
84i2
84i2
*98
107
6U
20
2,800
Jan
68% Mar
tChio Mil St P A Pao__No par
6,200
4%
5534
14
*51%
11134 114
19%
19%
84%
85%
65
14
5
4%
*13%
Jan
91
55%May 13
JChic Ind A Louisv pref...100
Chicago Mall Order Co
6
600
6
1534
27%
5
4%
87
Jan 18
52% Jan
25
6% preferred
.100
^Chicago Great Western.. 100
200
Feb
106
90% Mar
500
1134
Jan
102
77%May 13
100
25%
4584
5
48
Preferred
Jan
Apr
1284 May
6
23
JChlo A East 111 Ry Co
1,300
10%
Jan
No par
Chesapeake Corp
Chesapeake A Ohio
Jan
Feb
No par
5
700
5%
4%
12%
par
100
Cab
Jan
2434 Jan 11
1
Common
6
Mar 19
12
ChampPap A Fib Co 6% pf 100
3,900
37
12%May 14
100
2%
17% Mar
61% Jan
18% Mar 11
10% Feb 23
103 May
5
Preferred series A
1234
Jan
19
200
4%
5%
4%
Copper.No
6% prior pref
Checker
54
par
Certain-Teed Products
1,400
24
*53%
25
Jan 14
61
107% Jan 26
4134 Jan 15
100
Cerro de Pasco
180
5%
26%
*
Preferred
"7" 500
5
5
100
Central Vloleta Sugar Co
81%
3%
preferred
500
15%
Apr
4034May
113% Mar
400
6334
10%
6
400
105
38% Mar 19
6
12%
15
7
12% Apr 29
4838 Apr 28
14%May 13
Jan
30
26% Jan
1034
60
May
%
20% Jan 12
37% Feb 13
106% Jan
1034
*103
6% Feb 25
Apr 29
Jan
5034 Mar 31
par
Central Aguirre Assoo..No par
16
343$ Mar
48% Feb
100
400
64%
Jan
Jan 11
5
12%
105
16% Apr
64% June
22
Apr
30% Apr
91
85% Jan
10,200
29
3334 Mai,
116
7%
90
May 13
176% Feb 9
12984 Jan 22
3134
102
Dec
Dec
4
11%
7%
*101
33%
29%
2%
Jan
14%
.
101
18% Mar
36% Mar
9% Feb 25
138
27%
26
96
6%
Jan
Jan
9% Apr 20
14
55
58%
3134
734
70
Jan
Apr
Apr
Apr
6
11%
*20
80%
5638
33
76
25
Apr
2%
8%
Jan
No par
Jan
83g
11%
2084
14%
100
7% preferred
Celotex Co
85
Feb
39
7
par
44% May
Sept
45
45% Feb
100
Preferred certificates
Caterpillar Tractor
No
Celanese Corp of Amer.No
100
1,100
7
2
45% Jan 18
35% Feb 9
ID4 Jan 29
1
100
Carriers A General Corp
Case (J I) Co
110
2,100
45,100
13
13
28
684 May 13
25%May 13
50
Jan 11
65% Mar
2
99
7
100
*26%
108
80%
56%
1,900
3934
*74
in
Jan
Jan
2% Jan
55
5234 Jan 14
100
Stamped
11%
*21
81
Preferred A
15
108% 108%
55% 55%
26
3734
1
29
101
2734
56%
55
88%
25
No par
Carolina Clinch A Ohio Ry.100
112% 112%
3834
100
Feb
Feb 15
Apr 29
6
Jan
9734
13
Mar 22
Capital Admin class A
4,200
Jan
Dec
2
Jan
14Sg
27
12
102%
98
37
Canadian Paolflo
60
70
1
Cannon Mills
700
8%
33
40%
13
50
Central Foundry Co
1
Central 111 Lt 4^% pref..100
Central RR of New Jersey .100
26
26
*95
32%
7%
8
102
*20
26
87%
36%
76
8%
102
400
123
123
40
77
27", 400
155% 158
8934
*103
108% 108%
57%
57%
160
"~8%
Jan
4%
Jan 12
14
28
No par
50
Canada Dry Ginger Ale
Canada South Ry Co
1234
100%
15% May
May
8%May
71 May
8
Apr
50% Apr
31 May
25%May
7
Apr
2534 Apr
24% Jan
107
No par
preferred
4934
101
*
39
27%
*103
154
164
5%
53
*__
122
28
*27%
"8%
8%
100%
8%
100
Byron Jackson Co
California Packing
300
10,300
No par
Preferred
15
*51
53
101
*
101
800
57
*48%
*15%
13%
52
May 13
13% Jan
*40
70
31
2884May 14
4% Apr 28
20% May 14
5
*50
70
Jan 13
10
22%
71s4
2834
38%
22%
72%
8
30
5% conv preferred
Copper & Zlno
223g
*71%
*2834
21
Apr 27
8% May
8% Jan
26%
8
4
Feb 11
107% Sept
9% Jan
32%
*28
41
1% July
yl2% July
Apr 13
117% Mar 12
32
8
Dec
Jan 23
Jan 11
Feb 23
14
100
26
30
Apr
47
47
4%
23%
»,6
59%
14
7% preferred new
Budd (E G) Mfg
2634
34
43%
53% Feb 13
41
15
28
27
13
30
Apr 22
50
31
8
234 Apr
Apr
*16 Apr
41% May
4378 Mar
15
24% Jan 11
25% Feb 3
31
*27
Apr
1534 Mar 23
17% May 11
2534
*30
Jan
6
June
45% Mar 30
27
?0
25%
Bruns-Balke-Collender.No par
Bucyrus-Erie Co
5
3334
30
39
Jan 18
43%May 12
Brooklyn I alon Gas...No par
Co...
No par
No par
30
Jan 22
28
Brown Shoe
Bulova Watch
*28
Feb 13
46% Apr 13
$6 preferred series A .No par
1,900
32
share
14% July
18% May
77% July
16% Apr
40% Deo
80% June
53
52%
31
$ per
Jan 7
Jan 16
Mar 3
2778May 10
76 May 10
54
*30
93
share
Mar 10
No par
Bklyn Manh Transit
Budd Wheel
*7%
*28%
per
29%
32%
94%
4934
48%
38% Jan 14
100
34
$
22% Apr 27
51%
29%
21334
2/29
Year 1936
Lowest
No par
5,600
31
8%
Preferred.
8%
*29
24% Apr 28
3878 Apr 28
8% Jan 28
Brooklyn & Queens Tr. No par
8%
52%
834
*28%
838
Brlggs Manufacturing-No par
Brlggs & Stratton
No par
Co..
5
Bristol-Myers
100
80
29%
83
7,100
4%
*2234
28%
25
share
22
7,200
25%
13%
$ per
28
3334
45%
x25
Range for Previous
Highest
No par
41%
42%
3
Par
Blaw-Knox Co
32%
40%
85%
2538
13
Lowest
Bloomingdale Brothers.No par
7,000
31
*85%
45%
45%
25%
42%
Range Since Jan. 1
On Basis of 1 00-Share Lots
STOCK
Week
4234
46%
16%
*24
YORK
EXCHANGE
Friday
May 14
36
4438
25%
16
24%
31
he
May IS, 1937
21% Jan 21
4%
Jan 13
19% Feb 11
Ex-rights,
39%
14
Dec
Jan
90%
8034
Jan
Jan
44
Jan
100% July
55
Jan
97
Jan
14% June
Apr
59% Apr
7
July
30% Aug
2%
t Called for redemption.
Volume
LOW
AND
New York Stock
144
H10H
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 4
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
May 8
May 10
May 11
$ per share
$ per share
$ per share
May 12
Friday
May 14
$ per share
$ per share
$ per share
Shares
16U
*15
16
*15
16i8
*15
16*4
18i2
13U
*1312
18l2
*14
20
*14
20
*1212
13i2
*13
*83
90
*83
8978
85
85
*89l2
90
89l2
89
90
89
89
89l2
*89
*89i2 110
334
334
14
14
3814
334
38l2
*10
1534
1578
*10434 1051s
0i2
37*2
3758
36i4
3778
104*2 105
10i2
*10*8
6I4
s4
78
638
6*8
s4
104U 10414
10
78
6i8
11
11*4
105g
47
44I2
347S
353s
32
2514
3114
2434
3314
25l4
3i4
25*4
24i2
33s
3ia
314
3
94i2
*90
5578
5334
*2012
2034
20i2
*36i4
36i2
238
36
95
44
4414
238
4238
3034
30
66
66U
5634
57i2
5714
15412 *153
7«s
*4734
758
4834
*11358 11534
31i2 3ll2
7l2
48
115
3D2
19i2
20
20
77i2
48i4
4U2 4ll2
20l4 20i2
10334 10334
*65
6612
120
116
*11
*934
*38
114
*38
39l2
57s8
64l2
5538
15534 15534 *15334
758
7*2
7l2
47
4734
4714
15534
734
48*2
*11414 lie
31
3U2
20
19i2
65l2
120
1*2
*10i8
13*4
934
914
114
114
*74i4
*49i2
80
*76
78
*1412
1534
183s
*7414
*49i2
*75i2
*1412
19i2
55
131
1325s
128
*29
29l2
*29
*62I2
33
3212
37
*1S58
19
22'4
*36
183s
2178
223s
2134
*37
39
*40
41
4012
*10
4034
*34
*2i4
23g
5
*109
117
15614 15612
♦1325s 133
114
114*2
12
117s
15814 15834
*150
152
35
35
5
*14i2
*109
*37
12l2
13
12
1214
90
88
89
534
80
49
50
*4812
54
150
75
*71
76
300
Cutler-Hammer
300
16
19*4
Apr 13
Corp. 10
20
Apr 29
100
42
Diesel-Wemmer-Gilb
Delaware & Hudson
JDenv A Rio Gr West pref.100
Detroit Edison
100
2158
22
2134
2034
8558
5,600
Distil Corp-Seagr's Ltd No par
20*2
2U2
86
86
*84
2U2
1934
21
20
39
"38i"4
40
38i2
40*2
46
*4314
*2912
*34
1
*2is
23s
5
15
117
39
39
39
39*4
39*2
3914
103s
52i4
*38*2
103S
52
38*s
1038
10*4
4734
*44
47l2
*43*4
47i2
30
*29*2
30
29*2
1
*34
1
*34
*2
238
238
5
15
116
514
15
38*4
28*2
*34
2*4
47g
*14l2
23g
*109
5
15
116
34i8
1038
12i8
3678
*66
39
74
70
67
39
39
39
157l2
157
159*2
*109
151
151
152
3478
10i2
478
34*8
12*a
3778
10*8
47g
1958
183s
12i8
3712
3478
12*8
12 *8
38*4
1158
39*4
103s
36*2
727$
*70
47g
19*2
7134
68i2
385g
1*4
*64*2
66
*150
33*2
,
/
*76
*76
100
J) .No par
0% oum preferred
Eaton Manufacturing
Co
100
4
18*4
187g
175S
27i8
27
27
26
22i2
22
22
20
*76
2658
20
.
-
-
58 May
Apr 29
3i2 Feb 19
814 Jan 16
17i| Jan 19
Us Jan
47# July
1318 Aug
115*8May 11
148*2 Apr 28
Jan 19
114
Feb
180is Jan 18
133
Apr
13 Hj Feb
2
135*s Feb 19
129
Feb
Mar 13
115*s Jan 22
151
Apr 29
175U Feb
Apr
163
2
3134 Apr 12
preferred
No par
$0 preferred
No par
60
$5
conv
$5H
$0
preferred
preferred
preferred
78i4 Jan 30
81
Feb 19
48
80ij Feb 10
984 Jan 15
55
May 14
235s Mar 17
363s Mar 17
11
175g
26*8
18*4
Erie
26*4
6,100
2,700
20
100
137g Jan
First preferred..
100
24
Second
100
Apr 28
28UMar
11V
Jan
May
80
Jan 14
68
Jan
Eureka Vacuum Cleaner
6
10
May 12
12
Jan
Evans Products Co
6
24i2May 13
338May 13
3*4 Apr 29
20»4 Apr
14i8 Jan 21
3414 Mar 3
684 Jan 21
25l2
2,160
50
50
1,400
Fairbanks Morse A Co.No par
50
May 14
150
Mar 31
5412
"""400
6% conv preferred
100
Fajardo Sug Co of Pr Rico.20
20
1934
20*2
1934
*1958 20
1938
93
*90
93
90
90
*90
93
90
90
*88*2
118
*113
114
114
111
119
111
114l2 114l2 *112
*100
101
101
10134 *100
*100
101*2 *100
101*4 100i2 100l2 *100
7
7
7*4
758
7*2
7*4
77&
738
7*2
*738
714
738
7
7
7
7
7
7
67g
658
6*4
6*4
7U
7*4
4
378
334
378
334
*334
358
378
35g
35g
4i8
4i8
35
35
35
36
35U
35U
3334 3438
*3334
35i2
35i2 *35
*
99*2 99*2
9834 9834
99i2 99i2
9912
9978 *9834 997g
*9834
36
36
"37"
37
37
37
3738
36*2
36*2
3734
38*4
38ls
1,300
Federal Light A Traction... 15
*12478
*56i2
195s
*12478
5712
55l2
1934
*19l2
334
2312
53
24
*515g
378
5612
25
5238
*5178
*123l2
5658
*55
*126
*55
378
25
414
*12338
56Bs
*52*2
4*8
*12338
54l2
54I2
1934
1958
930
92
300
Exchange Buffet Corp.No par
Fairbanks Co
*90
*32iS
♦
40
*32i8
40
■*32l8
3912
Bid and aaked prices; no aalea on
*32*8
39*2
this day.
*2638
39*2
*263g
1 In receivership,
a
39*2
26
100
Preferred
50
*114i2 119
Preferred
No par
Federal Min A Smelt Co...100
100
Preferred
100
53U Mar
193sMay 13
90
May
60*a Jan 27
94U Apr
2,300
Federal Motor Truck..No par
7
1.600
1,900
Federal Screw Works..No par
Federal Water Serv A...No par
35s Apr 28
600
Federated Dept Stores.No par
300
3,100
......
Det. delivery,
Jan
19i2May 14
2634
52*4
5234
10
Jan
Apr
Apr
Apr
76
51
*23
17'
5U
60
preferred
Erie A Pitts RR Co..
25
53
Feb 11
6
Equitable Office Bldg_.No par
53
358
2314
53
00
Us Jan
2234 Nov
53ia July
110
Aug
7is Jan
45is Jan
Mar 31
277$
358
23
Jan 18
May 13
1,700
2,200
1,200
Jan 18
May 14
334
334
4*4
Jan
8
29
72
2678
438
Deo
is
Jan 19
66
358
35g
24i2
*4*4
393s
2
63
2534
438
Jan
44i2 Jan 16
No par
No par
27
414
334
4*2
29is
Jan
No par
24*2
33S
3*2
2712
*43s
*312
27i2
4*2
Jan
Jan
8
115ii Jan 19
17«4 Jan 16
2738
2778
*4U
Dec
87
8i2May 14
27
*2714
10i2
27i2
5
63g
551; Jan 14
10834 Mar 20
6
500
10
3284
1
Corp
preferred
Engineers Publio Serv
100
Jan
Apr
Apr
Apr
7
60
100
El Paso Nat Gas Co
300
28is
92U Jan
3
Elec Storage Battery ..No par
Endicott-Johnson
Feb 23
May 14
383sMay 14
1*8 Jan 2
4U Apr 28
2158 Apr 28
10
*10i4
2714
July
714 Feb 6
205s Jan 14
10
10l2
Apr
152
9*4May 14
16i2May 13
68 May 13
6%
5is July
156
45g Apr 28
110
xlllU June
3
3
Boat
Jan
Jan 11
37ij Feb 11
Electric Power A Light. No par
10
*1038
5
684
10*4
1038
Mar
150
10
1038
17
30»4
3,000
"""766
10*4May 14
Mar 17
2,000
*76
112
122
10
t Elk Horn Coal Corp.No par
0% part preferred
60
700
Apr 28
Jan
16
6
"lO
5
45ii Feb 11
1912
19
18s Jan
5is
1158May 13
500
19
7
Jan 16
3434 Apr 28
61
6*4
29
39>4 Jan
6
60
6*8
55
28*2May 14
123s Mar
No par
Schild
Eleo Auto-Lite (The)
64
6*2
*76
Preferred
6234
7478
Jan
45*8 Apr 29
15
Du P de
1,800
*65
Apr
7
434 Apr 29
1
68
72
Jan
7is
5058
Apr
2
100
68
72
41is
8
34 Jan 12
No par
70
*6*4
----
Preferred
Jan 28
Deo
7714 Jan 25
Convertible class B__No par
68
*72
♦21
51
Jan
10
Eleo A Mus Ind Am shares
75
23
38*8May 13
No par
Electric
70
18l2
2634
4634 Feb 17
4,800
65*2
19*8
27*4
3634 Apr 10
6,700
*67
6i2
Aug
35,200
*72
63S
40
934
*03
6*2
41U Jan 25
478
1734
75
75
8
434
70
*72
Oct
39
1634
65*2
75
19
47g
300
Apr
18U
1038
*72
10*2
Oct
Oct
93
I884
*68
58ig
111
37is
9
Eastman Kodak (N
1,000
2,500
Jan
30is
9
9*2
434
39
June
Feb
4734May 13
$7
13
42
Mar 17
16*2
/
Apr
Mar
Douglas Aircr Co Ino__ No par
Eitingon
23
May
4
29
3,900
30
4
Apr 10
4018 Feb
Jan
128
25
2,600
4,100
3,300
6,400
1134
28i4May 14
May 13
18 May 11
x35
76*s Feb 19
36ij Feb 2
43s
96
Nemours(EI)A Co.20
0% non-voting deb
100
Duquesne Light 1st pref
100
Eastern Rolling Mills
..5
33
3734
May 13
19*2May 14
30 May 13
Apr
1934May 13
Dunhill International
100
Jan
Jan
00
Jan
Jan
Apr
Dominion Stores Ltd. .No par
Duplan Silk
*63
24
Ha
4f>8
Dome Mines Ltd
30
29
Deo
52
20*4 Apr 28
86 May 13
Co No par
800
39
*36*2
3834
3838
3838
1*4
1*4
13g
1*4
*1*4
138
5
458
484
412
434
45g
45g
/
24
23
23
24*2 25
225g 24
24l2
58
58
58
5634
5634
*5638
*56*4
*56i2
*110*2 111*4 *110*2 111*4 *110*2 111*4
110i2 111
9
9*4
*9*8
9*2
87g
9*8
8*2
87g
*61
*63
63
6512 *62*2 65*2 *6212 65
*67
70
66
70
*66*2
66*2 66*2
66*4
U8
434
Doehler Die Casting
400
151
32i2
1158
36*8
9*4
Class A
""166
500
27
No par
Co
2i4
5,400
107
1478
0
478
1434
116
5
No par
Dixie-Vortex
"""466
Jan
137*s Apr 21
3134 Mar 5
24*j Mar 17
107g Feb 18
146ij Jan 7
JDuluth S S A Atlantic...100
_
109
17i8 Jan
6*4 Apr 28
Dresser(SR)Mfg conv A No par
1,100
10,000
1
15812 161
152
33*2
4558
28i2
152*2 153*4
131*2 131*2
11334 11334
10*4
1034
15734 159
151
10*8
49*2
*44
2,800
4,700
40
10
1
*2
3734
5
3684
20*8 Apr
5% pref with warrants.. 100
20
48*2
47*2
2912
434
*14l2
39
".87"
600
Feb
683»Mar 17
9
No par
24
May 13
9®s Apr
Match
Jan
Jan
Sept
19is
preferred.. 100
non-cum
4
10is
5
Co...100
Devoe A Raynolds A ..No par
100
20
*
1038
5134
5338
5
15
"38"
39
15
*5
38l2
38*2
38*2
11518 11518 *109
,
♦
Det A Mackinac Ry
Apr 23
114*2May 14
Diamond T Motor Car Co.-2
7334
*64U
*7578
29
500
74
267S
Apr
1734
74
*2U2
Jan
75g
18
434
23
43U
pref
18
18Bs
727$
*64i4
3858
2834
3018 May
I8I2 Jan 16
18
5*s
23
Feb 27
907s Mar 10
18
1934
*28
62
18
5
20
Apr 28
May 13
18
89
99is Mar
14*2May 11
19
Apr 29
183s
22*4
22is
6
75
Participating preferred...25
*21
205s Feb 11
109*2 Jan
Jan
48
5
25
400
*87
1
Sept
No par
1043s Jan
1,700
Mar
9
0i8
63is Jan
35is May
1678 June
Inc...No par
Delaware Lack & Western..50
2834
Jan 11
1U Sept
59
100
5%
4
143s Jan 12
Apr
Apr
95is
Jan 14
20
Diamond
7U May
28~
86
No par
70
3
4
Preferred
300
Dec
Apr 15
Mar
173s Jan
127
43
Deere & Co
970
Apr 13
Jan
44
6
37
2U2
Jan 30
46U July
83s Mar
*34
89
Jan 11
1558 Mar
43s8
Jan
23'4Mar
35
*21
MarlO
3
May 14
3
8
Jan 28
Feb
16*2May 13
73
Apr 29
700
63*2
*87
135
5
Dayton Pow & Lt 4^ % Pf.100
2,200
28'4 Jan 15
...1
2812
*
Mar
May 14
3,900
14,000
29
*17*2
20*2
Nov
35
900
19*2
28*4
130
Jan 10
May 14
X35
1834
Oct
Jan 28
6,400
1,000
July
538May 13
3:28*2
19
1978
40
Aug
4
41
37
12
A
Conv 5%
1,000
158
3
50i2 Feb
1
Cushman's Sons 7% pref.. 100
8%
17H2 Jan 14
lOUMar 16
121
88
Davega Stores Corp
635s Aug
5
No par
preferred
75
210
Class
4
Dec
3
No par
36
1034
6l2
1834
Curtis Pub Co (The)
Preferred
Curtiss-Wright
Jan
Deo
Dec
38*2May
60
6384
15s
914
Apr
4
*X% preferred
Fidel Phen Fire Ins N Y
100
60
Filene's (Wm) Sons Co No par
n
New stock,
r
Cash Bale,
x
Apr 28
5*s Jan
63s Jan 28
28
8is
3434
Jan
122is
31&8
I834
Feb
Jan 11
293s Jan 18
103
150
129
Jan
37
Aug
Apr
2
697g Mar
73s
ll*s Feb 25
3
Jan 14
4334 Mar
4
May 12
9
455s Jan 18
39U Apr 23
39*4 Feb 19
Ex-rights.
Apr
84
1087s Mar
y
Jan
4
Jan
115s Feb 19
6
Apr
Mar 11
3334May 13
Ex-dlv.
25s June
Jan 28
94*4 Apr 23
36
23*s July
4-is
Jan
717| Jan 15
210*4 Jan 14
70
Deo
3778 Dec
20i4 Mar
353s Nov
Jan
65U
8i2May 13
3U2
5i8
658
Packing
07U
25
8
Feb 13
71i< Jan 15
7
9
June
12*4 June
1584 May
103$ Jan
158
Jan
378 Feb 11
Mar 30
110
36
1934
6i2
4,800
1,500
39,400
10,000
Cudahy
3734 Jan 14
5U Jan 15
May
...100
10
30*2
5is
*914
300
Sugar
Preferred
17U
1284 Nov
2
10934 Feb 17
77
Oct
958 Nov
10018 June
355s Mar
29
Feb
July
Jan
4738 Apr 20
4
Jan
109
Feb
5*s Sept
38 May
4
100
Cuban-American
36
19i2
57
Cuba RR 0% pref
820
IDs
l*4May 13
..No par
Apr
Apr
101
4
158 Feb 2 7
13i4 Apr 6
5234 Apr 6
373S Apr 13
105s Jan
116
100
(The)
36
157
111
500
Preferred
37g
Jan
17
Jan
14
Jan
99
Cuba Co
13ia Feb 26
1778 Apr 5
1057« Jan 23
51
5
700
102
10078
50i2
47U
2514
10834
8134
$5 conv pref
No par
Crucible Steel of America..100
483s
13
185sMay 14
No par
Apr
27*4
Jan 12
108
20i8
7is
17is June
35is Apr
2>8 Apr
2818 June
70*2 Apr 7
4712 Apr 10
40 May 11
Crown Zellerbaoh Corp
9
69i8 Jan 9
2534 Jan 23
No par
ex-warrants
1834 Jan
4*s 8ept
15*4 Apr
4234 Jan 23
No par
pref w w__No par
cony
534 Jan 20
14
113*2May
29*2 Apr
3634
11
11
100
2
13
Apr 14
0
29
12is
58 *g
preferred
28
42*2May 14
*60
37
11
153
100
60
11
*57
7%
6
5478May 13
25
30
125s
*110l2 111
Corn Products Refining
Preferred
60
*150
*458
23l2
5
28*2
39
2478
1
Continental Oil of Del
Continental Steel Corp.No par
Corn Exch Bank Trust Co..20
6312
11
434
20
$2.50
*55
1258
*2414
May
5058 Apr
1934May
353s May
2
May
3934May
2038 Jan
62*2 Apr
*27
152
Us
95
Continental Diamond Fibre..6
Continental Insurance
Continental Motors
4
May 14
27s Apr 29
100
Continental Can Ino
Feb 24
2058 Jan
No par
32
38i4
Us
434
22
Class B
62l2
3514
1212
3734
1*8
58May 13
8*s Jan 20
Continental Bak class A No par
7414
18*4
534
1734
9
May 13
33
28*2
157U 159
3514
6
5% preferred v t o__
100
Container Corp of America.20
53s
1678
*7234
155
155*2 156*4
155l2 1565S 154
152*2 155
132i2 133
*132*8 133
*132i8 133
*132*8 133
114
*113
11334 114
113i2 11312 *113
113*2
11
12
117g *1178
1178
1178
1178
1134
*150
10434 Apr
Crown Cork A Seal
22,100
1,200
2,300
39
89
4
Jan
14*2May 14
No par
No par
Consol RR of Cuba pref... 100
JConsolidated Textile-.No par
Consol Coal Co (Del) v 10..25
62l2
3134
*27
64
30*4
15
Consol Oil Corp
Preferred
9*4
33
28*2
*45i8
30i8
5
5
15*4
28*2
103s
15
39
55
5078
*34
*2ts
Consol Laundries Corp
103*2May 14
Crosley Radio Corp
4,400
*37
834
76
1034
1
9
9*4
77l2
52l2
4712
11
*10*8
8*2
39
14*2
497g Jan 23
Consol Ed Co of N Y..No par
$5 preferred..
No par
No par
3,900
39
15
14
No par
Cream of Wheat ctfs
1*2
55
15
Nov
Preferred
900
116
1*4
14l2
14*2
1412
14r.8
15*4
*1414
*14*4
15*4
20
20
*20
19*2
19i2
1934
1934
20*4
103i2 103l2 *10234 10334 *10234 10334 *10234 10334
132
132
125
126*4 127*4
129l2 132
130*2
29
29
2912
28
2938 *2758 28
*2758
21
21
21
20
*20l2 215s
20*4
20*4
44
42
44
44
44io
45*2
43*2
4234
19
19
18
1914
181$
1978
17*2
187S
7
8
7h
634
*684
758
7*8
634
119
118
115
119
118
118
114*2 11412
1034
3U2
*112
138
*75
50i2
*45ifi
118
1*4
*49l2
53
*3018
117
15i2
39
3934
61
77i2
1034
52i2
59
55
22
"3»r$
63
74
89
♦
61
74
*21
2134
18*2
19*2
99*2 10034
7414
15
94
Pref
74
121
Nov
Feb
300
80
*85
89
*85
*40
18i2
758
95
731*
$2.25
18*4
1934
Jan
5
100
1858
1878
7i2
72 U
Mar
7,200
10*8
878
11212
76
Mar 11
92
74
111
*4912
95
300-
19
Nov
9
13
14
14
*45
7434
475g
*41
4U2
187g
19*4
100*2 100*2
85
88*2May
3*4May
12i2May
3434May
200
1858
Jan
Deo
6584 June
187s Jan 16
83*2 Apr
31
19*4
June
share
33ij
1934
100
116
75*2
48*4
4U2
8
per
2584 Mar
Prior preferred
*30
19
Aug
Prior pref ex-warrants.. 100
Consol Film Industries
1
114*2 114*2 *114
73
Jan
15
Mar
25
*45
16
Jan 14
87
No par
31
19U Jan 23
22
7
Coty Ino
*2934
Highest
share $
Jan
Crane Co
114
93s
lll2May 14
$ per
share
80
4,500
1878
20
500
Apr 28
per
loo
6,100
758
53g
16*2
x74i4
1934
310
7,500
155
73g
42l2
57g
29*2
1,000
$
1334May 14
45
734
46l2
13*2
92i8
44*2
6312
155
7*4
4438
534
43 I2
28l2
56*4
112
1278
129
8,000
1,100
3,200
15,200
13,500
share
per
15
..No par
Preferred
64
55*8
5478
5538
154l2 154l2
9U2
46
*63
64
2
57g
46
*27
11
3934
27*4
29*4
6414
118
1312
22
14i2
28i2
*10i8
914
28
*114
92i2
2134
*118
4712
4U2
20*8
40*4
36*2
238
4134
277$
534
I8I4
2U2
14i2
9i2
13i2
92U
6
2U2
734
11
114
39l2
19U
103l2 10312
*10234 10334
1934
74i2
47I2
*4038
39i2
*19
185s
19i2
75
48*4
40i4
*114i2
*2934
39*2
1458
57s
31
1934
1938
19I2
10U2 10U2 zlOl
101*4
63 b8
64i4
63i2 63*2
123
123
*11938 123
1*2
138
1*2
1.1$
20i2
103*S
93
3212
63
64
57
1412
*36
64l2
563g
15534
758
47*4
116
31*2
1934
77*4
64
577$
93
120
2*4
41*4
66I4
6
14i2
2
23g
2934
15
120
5414
1934
3612
20
35*2
42
93i8
*75s
53*4
20*4
3538
43
57s
1812
*19
5534
20
30
93 I8
*1458
53
40
*10i8
934
10
118
*114
57
Year 1930
Lowest
Highest
Preferred
92
*87
94l2
20*2
36*4
238
43*4
2934
4134
1*2
*80
Cigar
$
Connecticut Ry & Ltg pf._100
Consolidated Cigar
No par
12,200
5534
*39
120
3
3534
2i4
7334
158
23
278
20i2
*4712
1314
*1*2
31
22
55s8
76*4
1912
3038
3
36
48*4
64i2
32*4
23*2
2034
74
103
84
1034
45
54
*47l2
7614
*47l2
3*a
42i8
*2914
115
58
1058
45
35*2
214
30
66
34
11*4
46
6
6
2034
5512
2034
36*4
23g
4334
*29i4
24
94*2
1,900
24,000
1,300
1,400
38,100
58
10*2
32l2
*90
30
*103*2 105
6
Congress
110
2,000
437g
30*4
22*8
278
34
3
934
147g
*9*2
14*2
Par
80
2,000
23,600
4,900
1,030
15,000
3,100
6
1158
4778
24
32l2
2434
31s
*89
34
45
3*4
3'*8
13
12*2
3434
35*2
103*2 104
15*4
145g
6*4
1058
45i2
32i8
11
45
*153
89
88*2 88*2
3*2
338
13
1234
36*8
3478
104*4 104*4
9*2
10*8
155a
6*4
78
1158
23S
10*8
15U
1558
48
557$
88
88
3838
1U2
95
88
*88
89
89
13U
47
*91
600
*1434 1081s *10434 105*8 *10434 105i8 *103*2 105
612
h
12l2
81
89
13i2
153s
11*2
80
♦88*2
3*2
13*4
1578
1258
80*2
88*2
125g
3*2
10
30
80
358
978
1538
1334
13
37*2
1058
15
1334
85
358
13*2
105
15
14
13
334
14i8
105
100
15*2
*15
*81
13i2
Lowest
14
1358
105
105
110
On Basis of 100-Share Lots
Weet
*15
Range for Previous
Range Since Jan. 1
YORK STOCK
EXCHANGE
Thursday
May 13
*15
1314
the
3285
2is
20is
Jan
Apr
Jan
Jan
105
Dec
38
Apr
20U
Jan
If Called tor redemption.
Nov
New York Stock Record—Continued—Page 5
3286
LOW
AND
HIGH
SALE PRICES—PER
SHARE.
NOT PER
CENT
STOCKS
Sales
Monday
May 10
Tuesday
May 11
$ per share
$ per share
$ per share
tj2l8
k 103
45
*33%
*4978
33%
*7%
*52%
■
54
*50
53
*51
33%
*32%
7%
36
*32%
7%
36
120
*52
*116
7%
11
11
*60
12%
68
26
26%
2578
26%
*108% 114
*108% 114
*46
50
50
50%
*30
30
30
31%
57S
578
5%
578
25
25%
25% 26
102
13%
*12%
101
"5"
70%
13%
13
13%
147
*
146
9
8%
26
26
13%
12%
101
70
71%
13%
102
*95
13%
12%
105
71
*25%
51%
8%
26%
51%
53
52%
117
116% 116% *114
42%
41%
41%
42%
*134
$ per share
$ per share
Shares
140
7%
53%
129% *115
54
125
45
44%
44%
45%
116% 116% *113
117%
1278 *10%
12%
*10%
*60
*60
67
69%
26
25%
25%
2578
109
109
50
*47%
*28%
5%
30
5%
257S
25
*95
*110
47%
*28%
*5%
*25
*95
102
13%
13%
12
12
*101
13%
12%
103% *101
69
69
70
13
13
*135
145
12%
*.
47%
29%
5%
25%
25%
*25
52
*50
*114
*40
52%
120
50%
*105
65
*60
600
95
l2%May 14
10i2May 13
Gen Amer Investors...No par
Gen Am Trans Corp
1,400
4,000
$8
2",400
General Bronze
1,400
8%
23%
General
50
800
300
140
50
40%
40%
40
39%
39%
2
2
2
39%
1%
2
1%
Class A
*52%
59
*52%
5978
*52%
597s
*52%
56%
*57%
65
*57%
65
*58
65
*58
65
*58
65
*58
*63
75
*63
75
*63
75
*63
75
*60
75
*60
64%
65
65
6478
64%
64%
62%
63%
*118
118
120
*118
120
120
118% *118
r5 7%
54%
57%
58%
59%
48%
58%
59%
117% 117%
118% 118% 118% 118% 118% 118%
64%
*117
64%
119
59%
59%
*117% 118%
*44
*44
49
*11
49
1078
11%
11
17
1678
*16%
1678
*106% 107
*106% 107
*3%
*45
4
378
46%
*
111
44%
*
3%
36%
"3%
*63
64%
62
*65%
*24%
26%
*38
39%
"*3%
36%
66
35%
65
*24%
*37%
16%
16
*80
83%
*81
23%
*84%
23%
23%
87%
42%
42%
*84%
42%
16%
*52
53
52
478
5%
5%
6%
6%
*6%
*110% 114% *110%
44
42%
44%
83
*82
81%
41
41%
125
*120
39%
*115
*40
*44
49
1078
1078
16%
85
40%
120
14
11%
14%
11%
27g
278
*41
50
*13
13%
*71
85
13%
11%
*2%
*41
38%
118
3978
11%
17%
10%
118
45
107S
44
387S
£35%
38
357g
£114
114
111
*110
11178 *110
92
3%
834
3
3%
3%
21%
37
39%
21%
53%
21%
*35
35%
14
14
14
13%
11%
11%
2%
11%
278
11%
2%
1278
*12%
13%
108
9
150
7,600
200
4,400
400
4,700
19,400
900
39
39
21%
21%
54
52%
21%
54%
357g
1,300
*50%
64%
30%
31%
*71
13%
11%
2%
12%
13%
*32
50
13
13
51
*32
12
12
51%
*49
51%
*49
47
48
32
*31%
32
*31%
32
32
£31%
31%
*31
32
*31
33
*32
33
*31
33
*31
17
15
15
15
16
16
*16
16%
16%
28
*26% 27%
26%
2634
*26%
26%
26%
*105% 107
*106% 107
*106% 107
*105% 107
102
102
98
98
102%
9834
*102% 103
9834
102% 102% 102
43
43
43
45
45
43
#4534 46%
44% 45%
*44% 46
*16%
*27
28
107
*128
138
14%
14%
16%
16%
27
27
135
*128
135
*128
135
13%
14%
1378
1378
13%
♦
*
*
101
101
10178
101% *_
"*5*
5
434
5%
~~4%
478
4%
"4%
104
*105% 106%
105% 105%
104% *10378 105
13
13%
1234
13%
12%
12%
12%
1278
*128
13%
14%
108
108
*108
*140
156
*140
112
108
*
135
101
"4%
4%
*105% 112
108
*128
1334
10378 10378
12
12%
*105% 112
*140
*140
*
*29
3078
*143
155
*127
127%
*60
*28%
*150
30%
*107
150
126
126
*60
61
107
27%
3878
350
3878
*107
10778
27
27%
3478
35
34%
*110%
352~"
344
*11034
-
30%
150
107
109
27%
3478
-
127%
61
*39%
-
155
127
107%
39%
*107
*29%
~
*60%
*107
37%
61
110
37%
107% 10778
26%
*34
26%
34%
*11034
351'"
*37%
38%
22%
*59%
22%
61
*60
61
*91%
92%
*91%
38%
38%
21%
22%
344
345"
900
"700
No par
300
345
27%
35%
61
92
15
15%
75
75%
3%
15
76
75
76
3%
11%
*3%
3%
*8%
10%
3%
316
17%
3%
%6
31%
16%
3%
%
*3%
*9%
1678
3%
16%
3%
%6
3
%6
30%
31
*3%
*8%
16%
12%
16%
33%
37%
37%
21
22
.
Hercules
$7
190
20
20
62
63
63
63
63
63
21%
20%
20%
*20
21
20%
20%
/
Powder..
*61%
*18%
Jan
105
3% Apr
32% Apr
106
4
Jan
2
4
123% Nov
2
Apr
26% May
Apr
32% Apr
110
6%
57
88
Jan
6
Jan 25
17
Feb 11
Feb 1
30% July
13% June
31% Deo
44% Nov
19% Oct
Feb 23
70
90
Mar
9
90% Mar
9
51%
58%
678
8%
115
Jan 28
Jan 18
Feb 25
Feb 19
Feb 17
6%
84
47% Mar 11
141
July
Aug
92
Feb
Jan
Sept
21% July
£100
Dec
87
Jan
Apr
Jan
6
77
Jan
4% Feb
9
2
June
Apr
16
Apr
24% Aug
28% Jan
8
15
200
3%
16
Jan
32%
Jan
31
Jan
136
Jan
120
55
conv
4% Jan 11
Feb 27
59
14%
Dec
1% July
24
59% Mar
6
8
30%
34% Feb
30
Jan
36
7
33
June
13% Jan
pref erred ...No par
5
No par
100
43
Apr 13
12S4 Apr 30
.
101%May 3
4
May 14
'101
55%
66
Nov
Jan
Deo
7%
Feb
10%
Feb
118
35%
Oot
Deo
86% Nov
317g
Apr
105% Dec
116% Dec
14% Deo
96% July
4% Feb
11% Mar
6%
Jan
£25% Nov
44
Dec
52% Nov
22% Oot
46% Oot
42% Deo
149% Aug
6
100
Preferred
100
Hudson Motor Car—No par
Hupp Motor Car Corp
l
Rights
Illinois Central
.100
51
100
6% pref series A
65
140
Leased
20
390
RR Sec ctfs series A
Jan
62% Oot
34% Deo
37
Aug
15% Dec
Jan
31
Feb 16
14
Jan
Feb 18
£104
Dec
105
Jan 22
100
June
58% Mar
5
30%
Jan
Feb 26
120
Jan
17% Jan 11
107
Feb 26
12
Jan
104
Nov
8
Jan 14
109% Mar
3
r
4% Apr
99% Dec
12% Aug
32
55
Deo
135% Deo
18% Nov
115
Jan
9
Mar
133
Mar
9
117
May
141
Jan
Jan
6
150% July
165
Dea
39% Feb 11
25% Apr
41
58
Apr 27
102% Mar 12
35%May 13
105% Apr 2
21
Jan 27
1578 Jan 25
185
Feb
Jan
150
Deo
Aug
587| Sept
135
Apr
111
102
119
Jan 19
4
30% Mar
43% Jan
114% Mar
9
7
3
108
Feb
115
Oot
Mar 29
407
Deo
544
Feb
Jan
5
9
19%
Jan
Jan
27% Feb 11
397b June
22% July
73
Jan 11
54% June
94
49%
124
38
y
Dec
Dee
33% Oot
427b Deo
Mar 20
22% Jan 28
Ex-dlv.
Jan
Feb
120% Jan
1578 Jan 21
23% Feb 17
4
Apr 24
%6 Apr 28
4
80
5
20% Apr 28
57% Mar 25
88% Apr 9
12
Apr 8
62% Jan 4
3% Apr 29
9% Apr 28
15% May 14
3
May 11
%2May 13
14% Jan
Sept
30% Jan
108
June
62% Feb
41
4
Oot
84
126
Mar 18
Jan
Jan
3
431
May 10
21%
135% Feb 2
67% Jan 21
31% Mar 4
110S4 Apr 27
May 14
46
x
Nov
125% Nov
105% Mar
Feb
62
Cash sale,
Deo
Dec
19% Mar
108
140
4%
66
Jan
166
100
100
6
17% Nov
126
May 6
27%May 13
150 May 11
126 May 11
...100
lines
20% Feb 10
Oct
Jan
140
37
10 new 25
Jan
July
95
12
May 13
10534May 14
par
100
v
Jan 13
336
stk No par
Hudson A Manhattan
Apr 27
128
100
No par
com
4
25% Apr 2
104% Apr 1
98 May 14
1
Howe Sound Co
14,700
8
11% Mar 18
1678 Feb
47
May 14
£31%May 14
26% Apr 17
No par
Class B
7,300
39,700
14,100
3
9%
Houdallle-Hershey ol A .No
12%
Mar
9
...No par
No par
Holly Sugar Corp
7% preferred
Homestake Mining
400
8
5
25
800
1,200
6,200
Jan
Jan
...100
.2
Holland Furnace
t In receivership, a Deferred delivery, n New stock,
sb
Jan
27% Nov
Mar 11
8%
Deo
Oct
153% Mar 10
13% Jan 18
96
Dec
89
Jan
37% Dec
62% Sept
37g Jan
6% Nov
116
71
17% Jan 22
90% Mar 10
6% Jan 21
Mar 17
6% Jan
48% Jan
3% June
8% Apr
13% May
18% Apr
67% Mar 11
30
June
72
Jan 20
58
Jan
25% Mar 11
11
May
44%
33
Ex-rights.
Feb
Mar
£78% Nov
1378 Deo
65
Dec
57s Jan
17% Feb
22% Nov
29% Oot
54% Sept
73% Oot
20
1
,Li
Feb
Deo
118% Mar
478 Deo
48% Deo
-
•'
Bid and asked prices; no sales on this day.
Deo
June
33%
4378
2078
88%
29%
33%
1% July
Mar 15
Deo
7
4
Jan 12
May 14
May
Jan
5% Jan 22
27% Feb 1
48% Feb 8
47% Jan 5
28%Mar 8
55% Mar 10
42% Jan 2
145% Mar 2
Mar 26
Jan
4878 Jan
70% Feb
4
Jan
May 12
Jan
17% Mar
preferred...
100
Hershey Chocolate
No par
Conv preferred..—.No par
3,200
65
64
118
113s Apr 28
cum
28,000
*61%
*62
Nov
74
40
25
2,200
29%
77
.100
100
14%
48
56
Jan 19
2%May 13
...100
73%
3%
48
*49
Jan
537g
Mar 20
10% Apr 15
25
10
33
116
Aug
100
300
3%
123
87% Mar 11
35
10
No par
Water.
Hercules Motors
15%
Oct
7
135
100
72
%2
287g
*46%
116
70%
1238May 13
15
3
July
65
76
56
30%
*50%
56
3
19
110
Oct
58
39% Nov
5% preferred
Houston Oil of Tex
*8%
15%
81
Apr
Household Fin
10%
Jan
May
500
3%
Oot
19%
65
400
334
Oot
77
50% Mar
91%
71
70% Feb 11
122% Feb 2
71
Jan
22
347
21%
1
Feb
Jan
19
98
Hollander A Sons (A)..
20%
*59
Feb
4%
Deo
64% Mar 10
39% Mar 10
4,600
38%
124
59% June
14
13%
39
1
25%
38%
05% Jan 18
140
73
60%
91%
31%
%
336
60% Deo
128% Nov
5934 Apr 24
30%May 13
91%
14%
60%
91%
1378
*3%
*8%
15%
25%
32%
Jan 27
Jan
Dec
50% Mar 11
4
600
*112
349"
16%
3%
'16
30%
3%
%6
*50
26%
'32
28%
3
58
•
340
*59
*52
21%
25%
32%
*112
349"
22%
15%
30%
26%
34%
*11034
77
Jan 13
49
4
3
Preferred
100
92
75
*136
150
149%
126% 126% *126% 127%
150
Jan
17
70%
Jan
Feb
Hecker Prod Corp v 10.No par
Helme (G W)
25
9,800
2,300
22
3%
107S
18%
28
Jan 26
19
Hazel-Atlas Glass Co.
800
~
60
60
60
60
6034
110
*107
109% *107
109%
37
38
35%
37%
37%
108% *106% 108%
107% 107% *107
60
16
-
Apr 26
33
100
preferred
Hayes Body Corp
4,900
37
60%
76%
27%
«
4
5% Jan 13
3%May 13
19% Apr 28
No par
No par
Hat Corp of America cl A
mmm'*. mm
*60
60%
*91%
*3%
*9%
17%
29
-
Mar
65% Feb 4
117% Jan 22
5% Jan 20
6% Jan
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrao.No par
90
*107
37%
15%
31%
15434
126% 126%
37%
76
31%
27%
37%
2178
92%
15%
%
*150
31
37%
21%
92%
1578
•
*29
*140
13
12
8%May 13
'
*140
Deo
28
3
1
Preferred
101
Jan
28
27% Jan
Hamilton Watch Co ...No par
Preferred
100
500
"4"
4%
103% 1037g
12
12%
105% 105%
11%
Jan
15%
91% Apr 28
7% preferred class A
Hall Printing...
1,800
13%
Oet
5%
59%
100
Preferred
135
13%
Oot
7
4
Jan
40% Jan
Hackensack
*105% 107
*128
Nov
Feb 11
79% Jan
■
*105
Deo
20
5%
No par
Gulf Mobile A Northern
33
51
51
76
155
1
111
5H% preferred
100
32
10%
Apr
Apr
Jan
42%
141
Greyhound Corp (The).No par
300
*30%
*47%
*31%
49
32
*31
177g Nov
14% Nov
104% Apr
Jan
97
4
32% Mar
65
105% Aug
15% Feb
100
Preferred
*31%
14
Feb
Nov
15% Deo
8% May
14
.No par
Guantanamo Sugar
600
*50
153
100
Feb
Nov
Greene Cananea Copper... 100
49
12
15%Mar
105% Jan
86% Feb
19% Jan
1
9
5
17
14
Jan
.No par
Green (H L) Co Ino
1,700
49
19% Feb
30
18%
31
Great Western Sugar ..No par
Preferred
100
3,300
11%
*32
106% Jan 2«
11% May
9
Gt Nor Iron Ore Prop .No par
10,600
1078
2%
2%
50
Green Bay A West RR Co. 100
107S
2%
Jan 16
60% Jan
Great Northern pref
2,200
13%
33
7% Aug
1
15% Jan 4
83
Apr 12
20% Jan 4
83% Apr 28
39% Apr 30
51%May 14
4% Apr 28
5%May 14
110% Apr 29
No par
Conv pref series
Granite City Steel
Grant (W T)
mkmmmmm
11
2%
53%
Jan
May
37
..No par
Grand Union Co tr ctfs
12%
1
34i2May 13
58% Apr 29
61%May 14
2234May 14
...No par
preferred
May
3
1
2,000
10%
78
Apr
3%
41i4May 13
110i2May 11
No par
3,500
31%
85
No par
.1
Gr'by Con M S A P 2d stpd—5
64%
30%
*71
Jan
31%
3
Jan
May
15% Apr
107
May
334 Apr
Graham-Paige Motors
110
*50%
85
Mar 22
10
1
Preferred
20,900
138
44
No par
$6 preferred
1,800
4,500
45,200
85
No par
No par
conv
4
54%May 14
11412 Apr 8
10
$7 2nd pref
Gotham Silk Hose
110
39%
136
117
Goodyear Tire A Rubb.No par
1,500
52
*35
100
May
60
$5 preferred
38,000
20%
35%
—No par
preferred
4J4 %
mmmmmm
39%
136
6412 Apr 5
69
Apr 16
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
200
35
52
No par
No par
preferred
Glldden Co (The)
500
136
No par
$6
4,500
54%
35%
47%
8
7% Mar
Deo
No par
22
Deo
4
48% Jan
73
Oot
Feb
Apr
Jan
No par
39%
35%
Nov £135
108
7g
Conv preferred
36
97%
3% Jan 18
64% Jan 29
70% Feb 17
Glmbel Brothers
21
Mar 25
July
23% July
l%May 13
600
*34
32% Jan 13
117
63
No par
12,300
*20
9
Nov
Gen Theat Equip Corp .No par
Gen Time Instru Corp .No par
Gillette Safety Razor..No par
100
35
8%
3%
Jan
44
$6
1,200
35
3%
Feb
18% Jan 12
83
55
36
General Refractories...No par
Gen Steel Castings pf—No par
1,600
20
8%
Deo
Feb
Gen Realty A Utilities
1,100
9
127
Deo
Deo
152
Gen Railway Signal...No par
Preferred
100
9,500
3%
8%
3%
45%
Jan
preferred
Gen Public Service
30
93
3
48%
120
Apr
$6
100
*91
Aug
34%
33%
General Printing Ink
600
8%
92
Jan 14
June
24% Apr
95% July
6478 Jan 21
44% Feb 9
$5 preferred
3,100
37%
135
32
106
152
Common
3,400
1117g
5
3
25% Mar
3% Aug
Apr 13
Gen Outdoor Adv A—No par
10
108
Apr
66% Deo
34% Deo
11% Mar
Deo
May 13
May 13
General Motors Corp
2,500
2,400
3%
8%
3%
21%
135% 135%
64%
*50%
31% 31%
*71
50
8%
93%
3%
8%
85
*41
9%
*9%
*92
*71
3
40%
118
111
Apr
54% Feb
58% Nov
42% Deo
45
50
Preferred
100
10%
58
128
36% Deo
105% Nov
136
$7 pref class A
$8 pref class A
General Mills
97,700
1,000
118%
10
9
1
3
Jan
Feb
Apr
30% Sept
40
100
Conv pref series A
10
55%
44
118
118
50
1278
*44
49
12,200
100
54%
100%
Gen'l Gas A Elec A
4,400
118
*24%
9
1
5
5
No par
No par
No par
General Electric
"MOO
17
17%
16%
16%
17%
*16%
107
107
*106% 108% *106% 108%
*106% 107
4
378
378
3%
3%
*3%
378
3%
3%
44
44
44
42
42
44%
45%
44%
41%
111
*110% 114
110% 110% *110% 114
*110% 114
3
3
3%
3%
3%
3%
3%
3%
3%
*35
35
35
36%
34%
35%
34%
36% *36
63
62
60
60%
60%
59%
*6034
60%
60%
65
63
64
69
65
65%
*65%
61%
61%
25
24
*25
23%
25%
25% *24%
2438
22%
39
39%
39% *37% 39%
*37%
*37%
37%
37%
16
16
16
15%
16%
16%
16%
15%
15%
84
85
*80
83
83
84%
83%
83%
83%
21%
20%
21%
20%
21%
22%
22%
23%
2278
87
86
83%
84%
*82%
8378
*84%
85% *84%
43% 44%
42% 44%
43%
42%
4278
43%
43%
52
52
52
52
*51%
*51%
51%
*51%
52%
5
5
478
5%
4%
4%
4%
5%
4%
6
6
6%
6%
6%
6%
6%
5%
6%
*110% 113
*110% 113
114% *110% 114
*110% 114
42%
43%
43%
4278
39%
40%
42%
43%
39%
82
*80
80%
80%
817g
82%
*8134
81% 81%
*109% 111% *109% ]1178 *109% 111%
10
9%
9%
9%
*9%
9%
*92
*92
93%
93%
93%
93%
3io
3%
3%
3%
3%
3%
9
9
8%
834
8%
8%
*3%
3%
338
3%
33«
*3%
21% 21%
*20% 21% *21% 2178
*35
39
*35
*36
38
39%
40
*3934 40%
39% 39%
3978
22
22
22
22
22%
21%
54%
54%
53%
5334
52%
52%
*35
36%
36%
36%
35%
35%
135
135% *135
135% *135
135%
*60
*60
64%
*60%
64%
64%
32
32
32
31
32%
31%
*71
11
118
May 13
41^8 Mar 11
107% Feb
52% Mar
46% Feb
58% Feb
39% Mar
978 Feb
Highest
$ per share $ per share
126% Mar 31
52% Jan 23
No par
preferred...... 100
cum
7% preferred...
43~7o6
63
62%
22
share
General Foods
75
2
4
per
47% Apr 28
1121a Apr 28
39
Apr 29
7%
65
2
Jan
8i4May 14
5
No par
Cable
General Cigar Ino
500
*134
53
40%
145
No par
preferred
Mar 13
65i2May 14
1212 Apr 27
5
6
General Baking
_
May 13
101
No par
Preferred
100
119
51%
*134
47i2May 12
Apr 28
26
..No par
$6 2d preferred
May 11
Gar Wood industries Inc —3
*45
527S
140
24i4May 14
GanDet Co conv $6 pf..No par
*113
51%
*134
109
4% Jan 6
22
Apr 26
50
53
140
100
Gabriel Co (The) ol A..No par
Gamewell Co (The)
No par
50
51%
39%
*134
53%
Apr 26
2,800
3,600
140
139% *134
50
51%
5078
36
39%
36%
38%
1%
1%
1%
1%
*52% 5678
52%
52%
53%
40%
May 10
440
145
40%
11
67
Fuller (G A) prior pref.No par
70
60
113% 115
40
42%May 13
112i2May 13
10
Co
Preferred
1,800
25
40
47% Jan 25
11612 Jan 19
100
No par
7%pfl00
Free port Sulphur Co
10
Francisco Sugar
10
22
42%
8
6»4 Jan 14
F'k'n Simon A Co Ino
4,500
12
11%
103% *101
103%
68
66
65%
65%
12%
1278
12%
12%
2278
Apr 12
33%May
No par
Preferred
50
500
*101
"8%
46
4^% conv preferred...
Foster-Wheeler
3~500
12%
11%
87g
30%May 14
No par
t Follansbee Bros
No par
Food Machinery Corp new.. 10
95
12%
"8%
3
20
95
13
*
May
May 10
No par
Florshelm Shoe class A.No par
10
95
145
44
Fllntkote Co (The)
~
12%
*
102
1,800
67
10%
$
share
32%May 13
100
Preferred series A
""166
125
95
119
40%
35%
7%
50%
7
per
First National Stores..No par
3,400
24%
25%
24%
2478
*110% 114
*110% 114
50
47% 47% *40%
27
27
28%
28%
5%
5%
5%
5%
25
23%
22%
22%
54
116
*32
*60
9
52
40%
36
7%
$
Firestone Tire A Rubber—10
600
1,300
43
42% 43
42%
117
112% 112% *105
12
*10
*10%
11%
27
Par
54
*108
13
116
*51
Year 1936
Lowest
Highest
Florence Stove Co
54
7%
50%
69
145
30«4
Lowest
3,400
44%
31%
*32
13%
12%
105
34
32%
44
*51
102
"878
9
8%
25%
114
the
102% 102%
Range for Previous
On Basis of 100-<SAaro Lou
Week
34
34%
34% 34%
32% 34
103% 103% *102% 103% £102% 102%
44% 44% *44% 44%
44% 44%
33
33
32
3278 33%
32%
53% *52
129% *115
44%
45%
*116% 118%
67
*
Friday
May i4
*32% ,36
1
7%
7%
*52%
52%
7%
53%
*116
*101
share
*50
46
13%
12%
$ per
Range Since Jan. 1
1937
IS,
EXCHANGE
May 13
54
122
*95
May 12
34
45
46
67
Thursday
34% 35
1037g 10378
44
4478
33
3378
35%
104%
*116
*11%
Wednesday
YORK STOCK
NEW
for
Saturday
May 8
May
1f Called tor redemption.
Oot
355=
Volume
LOW
AND
144
New York Stock
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
CENT
Record—Continued—Page
Sales
or
Saturday
May 8
Monday
Tuesday
May 11
Wednesday
May 10
May 12
Thursday
May 13
$ per share
$ per share
$ per share
$ per share
$ per share
♦14
15%
4314
43
130
*13512
112
21%
*4%
712
*59
*109
734
7
*5314
*156
—
...
157
156
148
1H2
10
lll2
1038
1214
12%'
12
157
156% 15714
12
5958
61%
6178
*121
12878 *125
1287g
1734
1878
1834
1878
*1278
1234
1234
1358
678
634
678
7'8
105
6'8
*25%
1034
10%
10%
1034
10
lll2
1178
11%
59
60i8
59%
1287g
I8I4
1234
I
*43U
1078
2714
*104
106
*19
124
*73%
7512
131% 13112
124
125
124
125
*33
120
42
*3914
41%
96
*96
99
11
*124
*6i8
48
43
10%
26%
126
104
*187g
29
*124
634
126
3334
*117
23
34
120
3378
*117
*29%
30
*29%
30
22
22
22
22
*22
*9834 101
*99
101
100
2278
101
1738
1378
17%
1712
17%
17%
14
14
*13%
*13%
104
104
*103% 106
54%
5514
54%
53%
17%
17i2 *17
17%
42
4112
4234 *40
*100l8 106
553s
5578
17i2
»4234
17i2
4312
*7
8
*63%
24i8
*934
65
62i2
24i8
24
62i2
24i8
10i2
*934
11
135
*3612
22U
*18
*2618
*7
*105
*36
3912
2214
1978
22
*16
28
21
*14
*2312
2012
2114
17i2
2514
3934
*2434
3934
*
180
1412
24
39i2
*
2OI4
"i9i"8
2
2
2
1034
1038
12214 12214
17%
1714
*48i2
4912
120
10;%
49
1278
*2634
13
2734
12l2
27i4
9834
9834
99
99
98%
99
9712
15614
155
23i2
5512
787g
7914
2278
6634
69
5412
9%
10%
934
24%
*19
2834
27%
126
*124
20%
21%
19%
*23
100
*95%
17%
16%
14
12%
106
3934
*
180
"15"
*178
19%
♦
1%
*36%
21%
19%
*17
28
*23
19%
*12%
1934
2,100
10
10%
10%
122%
120% *12u
17%
16%
16%
*48
48%
48%
48%
67
67%
6634
67%
12%
1278
*12%
12%
*2634
27%
27% 27%
98
9734
*96%
98%
96
98
97
96%
*153% 156
*153% 155
22%
66
55
*10512 106
234
278
105% 105%
2%
53
55%
7%
234
53
7%
7%
32%
33
3234
*108
110
22
*4
*21
4
414
107S
11
21
4
1034
2
2
*13
28
*4
1078
2i2
20%
*2
10%
2
167S
*13
1678
2812
*27i8
28
27%
*3%
512
*3%
*334
*44i2
44l2
2458
4512
2478
24
5%
44i2
2434
28
28
27l2
28
*884
22%
*2%
17%
*23
400
106
180
19
1%
11734
1Y9"
16
16%
1,200
1,300
1,000
1,300
*46
17%
47%
300
47
67%
65
66%
5,300
12%
11%
*26%
12%
5,300
2634
27%
500
98
*96
98
600
97%
2%
51
7%
32%
734
32%
32%
7
*108
2%
2%
53
2%
21
4%
4
10%
2
2
2
16%
11%
2534
*3%
26%
27%
5%
13
*10%
25
4
1034
10%
103g
2
2
2
12
43
43
24
24%
23
2334 I
26%
27%
24%
26%
44
*42%
23%
24
27
27%
4
334
*
*
75% May
6
39% July
Southern
Jan
28%
Jan 13
35
17
Jan
Kayser (J) A Co
23%
Dec
Class
B
1
Kendall Co pt pf ser A.No par
Kennecott Copper
No par
Keystone Steel A W Co No
Kimberly-Clark
Kinney Co
par
No par
No par
Preferred
.No par
Kresge (S 8) Co
10
Kresge Dept. Stores.—No
Preferred
Lane Bryant
Lee Rubber & Tire
No par
5
Lehigh Portland Cement
4% conv preferred
Lehigh Valley RR
Lehigh Valley Coal
25
17
60
No par
Llbbey Ownes Ford Gl. No
par
Libby McNeill & Llbby No
par
Life Savers Corp
Liggett & Myers Tobacco
...
5
25
25
...
Preferred
100
Lily Tulip Cup Corp...No
Inc
Preferred
par
No par
par
Loose-Wiles Biscuit
110
5%
25
preferred..
Lorlllard
(P)
100
Co
May 13
Mar
500
2234
24%
24%
10,700
25%
778
6,100
100
Prior preferred
100
2d
100
preferred
Marlin-Rockwell
No par
Marshall Field A Co ...No par
Martin (Glenn L) Co
1
151
*142
151
*142
147
147
*143
147
59
59
5734
59
58
58
58
58
56%
57
a;55
55
"i:265
*10U
1034
10l2
1034
10%
10%
10%
10%
10
10%
10
900
*38
39
*38%
39%
38%
300
No
7% preferred
May
par
No
Preferred
Bid and asked prices; no sales on this day.
X In receivership,
a
Def. delivery,
n
New stock,
10%May 14
24%May 14
384 Apr 29
41
Apr 28
18%
8
40%
Apr
Jan 20
8%
Jan
MarlO
34%
Jan
1%
Jan
7
Mar 30
30
Jan 11
No
Feb 25
55
par
10
May 14
May 13
par
Cash sale.
x
Jan 14
16% Jan 20
29% Jan 30
684 Feb 17?
14% Feb 13
3% Mar 29
20
Jan 21
39
Jan 20
6% Mar 27
5Mar
38%May 13
74
7%
Jan
6
4
30% Mar 10
7
May 14
54% May 13
Jan
7% Jan 12
29% Apr 30
13% Jan 10
34%May 14
Oct
Jan
4
Jan
67%
127%
27%
24%May 13
155
No par
r
9
10
Preferred ex-warr't«.No par
Prior preferred
70
Jan
100
Department 8tores
Maytag Co
44l0
2
Feb
8
June
32
Dec
12%
Deo
17% May
2%
Jan
8% Apr
1% Jan
6% July
1884 Jan
2% July
41
May
11% Jan
6%
Apr
27%
153%
Apr
5
41% Jan
7
165
Jan 25
66% Mar 11
15% Jan 11
44
Jan 13
Jan
43% May
13%
43%
Apr
Deo
Feb
5
45
Jan 13
44
Nov
106%May
7
111
Jan 22
103
Jan
43%
d Change of name from Intern atlonal
»
9
9
384 Apr 29
Preferred
Dec
May
8
10% Apr 29
42%
10612
132% Feb
62% Mar
58% Mar
_l'
42%
*38
5
Maracalbo Oil Exploration.
50
*
Jan
Marine Midland Corp (Del) .6
Market Street Ry
100
30
44%
Mar 31
130
39
310
Apr
20
Jan
22% July
1838May 10
834May 13'
19% Apr 29
334
May
33
Feb 11
25
10%
21%
140
4134 Mar 11
t Manhattan Ry 7% guar.100
Modified 5% guar
100
670
107
36
Mar 17
Manhattan Shirt
151
38%
Oct
1,100
Martin-Parry Corp
106%
Jan'
Jan
2,600
6,800
Apr
3sjj
16% Jan 11
600
Feb
2
z38»4
21% Apr
180
104%
43% Jan 8
110
May 12
28% Feb 8
14784 Jan 20
2834 Jan 13
1334 Apr 28
Bros
Jan
35%
No par
Pref ctfs of deposit.....100
Masonite Corp
No par
Mathleson Alkali Wks.No par
38%
2
4%May 14
16
Apr 26
17
May 10
1,500
*
3
Jan 23
3% Feb
15%
Mandel
Apr
75% Mar 11
1034 Jan 26
63
1,800
44%
110
5
60
Oct
19
36
July
32% June
43
Apr
Jan 14
84% Apr 19
1134 Mar 19
2,600
106% 106%
5
160
61
53% Mar
45
700
Jan
25%
10
100
12
38% May
47% Jan
83% Feb 15
100
55
39
23%May
Magma Copper
X Manatl Sugar..
34%
44% *__
8
Jan 16
15% Mar
Madison Sq Gard \ to. No par
55
106%
Mar
218s Feb 11
58% Jan 9
900
34%
39
1
4
30%May
44% May 14
36%
*104"
Feb
24% Mar 17
3»4 Jan 18
18% Jan 18
Jan
July
15% Apr
94% Apr
8% Jan
2
July
9% Apr
89
May
99
No par
56
*
203
7%
12
June
8634 Apr 29
29% Jan 4
Macy (R H) Co Inc
54%
39
1784 Mar 1
27% Mar 11
51% Feb 1
200
35%
44%
Mar 31
4,700
58%
39
4
32% May 13
42'4
3634
106% 106%
4
No par
57
*
16% July
6
Mar
No par
Preferred
Apr
32
Mar
Jan 13
6% preferred
220
20%
41% Jan 14
24
175
Mack Trucks Ind
Certificates ol deposit...100
Feb
24
21
3,000
200
74%
35®4 Aug
19% June
May
Ludlum Steel
500
Apr
Apr
Apr
9784 Mar
2.7C0
36%
4412
24% Jan 14
27% Jan 14
4%
20%
Jan 28
51%May 14
43% Jan 4
4
105%May 11
106
Jan 13
47% Jan 23
3% May
30
114
1,100
1
147
Jan
11
193s Apr 29
10
2
15% Jan 16
18%
May
64% Jan
6% Jan
Feb 30
Jan
17a4 June
7
Louisville Gas A El A ..No par
Louisville A Nashville
100
Mac Andrews A Forbes
93g Mar 30
71
29% Jan
28%
97
21% Apr 30
1,100
Feb
8
4634 Apr 14
25
138% Mar 30
preferred
87
20% Mar
2
10
7%
Dec
28% Jan 18
113% Feb 4
100
60
17%
14
Feb 25
Jan
Jan
Dec
19% Jan 14
109% Feb
698g Mar 10
79
59
80
19%
61% Apr 28
9'4 Jan 2
9534May
96
May
153
Apr
21% Jan
Jan 14
Jan
23% Feb 11
137
25%
Mar
27% Jan 18
110
11734May 14
16
Apr 19
47
May 13
Long Bell Lumber A...No
581
*10614 106i2
6
2%May 14
*142
*_
Jan
Apr 28
184 Apr 29
9% May 6
50% May 14
25%
*978
4
Lone Star Cement Corp No par
36
*143
Jan
160
Preferred..
Series B
Apr 28
17
50
Lehman Corp (The)...No par
Lehn & Fink Prod Corp
6
Lerner Stores Corp
13
35% Apr 28
100
No par
583g
*142
May 11
3,900
4,200
Nov
Kaufmann Dept Stores.$12.50
No par
24%
334
7
13
19%
36
8%
116
Mar 17
44% Jan 16
58%
8
Mar 17
29
Apr 29
3634
834
121
4
Jan
35
36
834
8
115% Apr
Jan
Feb
20
*8i2
58U
834
46
Jan
May
100
3634
8%
May 13
Loft Inc
10%
2534
334
43 78
*42%
8
3%
11
1034
2
4
Feb 15
58%
100
300
'800
4
136
33
9,900
2,100
4
120%May 14
10
No par
7%
19%
12184
No par
32%
19%
88
Jan
Loew's
32%
20
Jan
126
Liquid Carbonic
7%
111
155
Mar 18
900
32%
*108
Apr 29
May 13
500
19,100
54
111
71
120
Lima Locomot Works..No par
Link Belt Co
No par
50%
7%
19%
10%
600
2,700
Jan
Apr
125
Kan City P & L pf ser B No par
300
9534
113
100
Kalamazoo St & Furn Co
3,500
5334/
*20
~3"900
9634
2%
2034
800
126% Mar 29
87% Jan
No par
25% Apr 28
18% Jan 2
2,400
Apr 15
.No par
Laclede Gas Lt Co St Louis 100
15%
134
Jan 16
6% preferred..
100
Lambert Co (The)....No par
23%
37%
18%
121
70
23%
36%
*_
24% Aug
~4~9o6
*12%
178
30
Apr 24
21%May 14
17
May 14
15%
19
25% Jan 26
34
28
20
15
105
155
153% 153% *152
22
22
21% 21%
62
65%
62%
63%
*53%
54%
51%
53%
48
47%
49%
47%
1
74%
7534
74%
76%
*105% 106
*105% 106
77%
Jan
11% Sept
26% Jan 30
100
11%
2634
50
Apr
Feb
Kress (S H) & Co new. .No par
Kroger Groc & Bak
No par
19%
10
96%
10%
82
Jones & Laugh Steel pref._100
50
200
3,600
64%
54%
110
17
1934
28
120
*96
15% Feb 19
36% Jan 18
107% Apr
934May 14
24%May 13
103%
par
2138
Oct
Apr
June
17% Apr 26
Preferred
160
37%
Jan
1
Johns-Manvllle
400
100
Jan
Apr
16
98% Apr 28
16% Apr 29
12%May 13
102
Apr 5
51
Apr 29
1534May 14
38% Apr 8
5% Jan 5
47% Jan 12
23%May 14
8% Apr 29
5,300
4
19%
50
2034May 13
30
8»4
Feb 19
__5
2038
180
53
110
125
Feb 16
Mar 11
Kelsey Hayes Wheel conv cl A1
400
37%
21%
2134
Jan
10
52
Kelth-Albee-Orpheum pf__100
4134
*105
38
Jan
1%
20% Apr
3s4 Jan
110
10
47
6534
106
1,900
300
125
Apr
2%
No par
Jewel Tea Inc
Kansas City
46
3,500
2,100
60
10
22%
*65%
54%
*49%
76%
"loo
30,000
23 78
10%
Feb
384
Jan
No par
Preferred
16%
60
125%
Jan
59
58
*36
938
*13
390
400
53%
23%
*834
Jan
2434 Apr
18
Apr
9% Apr
12134 Apr
13584
90
Preferred
20
1534
99
22%
2234
2238
22%
22%
22% 22%
22%
2134 22
2134
*
140
*140U 142
*14014 142
142
141
*140% 141%
140%
20
20
20%
20%
20i8
20%
19%
19%
"l9% 20% *19% 19%
*91
92
92
9114
90
9U2
92% *91%
90
90
9234
92%
33
32
32
*3214
3214
32%
30
3134 32
3134
29% 30%
32
32
*31
32
*31
*3034
32
*31
*31
32
*3078
32
*130
*130
131l4 *130
131% *130
131% *130
131% *130
131%
*47
48
47
47
44
45%
46%
45% 47
45%
44% 45%
48
47
46
47
*47%
4638
45%
46%
45%
44%
45%
44%
*13
13
13
13%
*12%
13%
*12%
13%
12%
*1234
1238
13%
46
48
47
4538
4538
*4534
45
45
46% 47
*4434 45
6%
6l2
5
678
5%
5%
*5l8
5%
6%
5%
5%
*4%
684
*512
*4
*4%
*4%
6%
7%
*4%
634
6%
434
4%
*19
20
18
19
*19
20
20
17
18
*18%
18%
18%
I
*
*
*15
17
17
17
17
19l2
19%
19%
19%
*14
15
*14
15
*14
14
1434
"14% 1434 "li"
14%
14%
*18
27
*19
*17
1838
1838
24
19%
20%
20
*18
20
9
914
9i4
9i2
938
9
9%
9%
834
9%
9%
9%
22
100
3,000
5178
7
Deo
43% May
31%
Island Creek Coal
35
60%
13%
100
preferred
Inter Telep & Teleg
Intertype Corp
23%
1078
Jan
1834 Jan
733g Mar 10
9
100
7%
20
120
100
Interstate Dept Stores.No par
Preferred
100
126
24
*16%
Preferred
120
*124
*41
4%
15% Apr
Silver
26,500
106
Apr
International
100
126
106
Jan
2%
47
10
*116% 120
22
2178
*32
347g
29%
29% 29%
22%
21%
21%
102
*95% 102
17%
1634
16%
13%
1234
1234
534 Jan 12
90% Jan
578 Apr 28
Jan
Jan 29
4938 Jan
25
33 78
May 14
16%
148%
42%May 13
1,900
*32%
11
Apr
56%
Jan 18
No par
28
39
18%
1%
2
17
65%
4
162
2234 July
160
Jan
111% Jan 22
Shoe
28
37
10%
2234
6% Jan
189
International
28
22%
*
120
69
4
May 14
99% Apr 7
14478 Apr 30
878 Jan 4
Jan
2% July
400
19
42%
*105
39
ISO
"l9%
2
Jan
42
2
1,300
*1S~
1634
*6%
1534
24%
3934
24
*39
Jan
3
20
42%
22%
15
1534
24%
2%
9% July
23
300
16
21
*24
11% Mar 16
Jan 30
70
103
*103% 106
5438
51%
125
2034
*14
*39
227g
110
*37%
1978
76%
*108
*29%
2034
4334
*105
28
4934
*7i2
29%
22%
55%
17%
7%
21%
75%
3278
*32
*42
22
4934
33i8
3634
17
39%
*54%
55%
54%
24
Internat Rys of Cent Am.. 100
Certificates
No par
Apr
Dec
28% Mar 11
9% Apr 14
63% Apr 14
57% Feb 16
28S4 Jan 25
*92
24%
25%
103% 104
100
107
111% Jan
6%May 13
Apr 26
25% Apr 29
96
*834
54%
55%
734
106
9
787g
5512
*7%
110
1034
26%
Preferred
May
10%
No par
94
42%
3778
1
5
37
6
International Salt
42%
3778
9834
11
*23
20
200
*834
*15
200
50
60%
23%
105
9,100
17,200
26%
24
2134
5,900
4,500
*25
7%
63%
50%
2%
*108
Internat Mining Corp
*43%
24
76
278
*33
98i2
156U
*13%
7
*49
51
*10512 106
Int Mercantile Marine.No par
50
63
*37
2
7014
1278
2738
*5412
*49i2
4,300
25%
42%
39
62
105
20
*48i2
66%
*2278
68%
10
Oct
Jan 18
1384 Jan 20
64% Apr 20
6
128% Apr 7
16% Feb 23
10% Feb 24
24%
934
1412
2434
3934
17i2
71
*155
10
25
Feb
Preferred
-.100
Inter Pap & Pow cl A..No par
Class B
No par
Class C
No par
61%
3912
2238
19%
2578
2H8
121
17%
434
4% Jan
25% May
May
125
Aug
88% July
6% Jan
106
16%May 13
400
24
135
*17
70
7
J3*
180
*19%
10l2
Int Hydro-El Sys cl A
10
30
100
9,000
1,700
*29
Preferred
10%
22
23%
No par
10%
117
*22%
*33%
29%
*104
147
22
37
1378
147
117
*33
107% Apr 24
153
Prior preferred
..100
Int Business Machines.No par
120
23%
35l2
Jan 21
5
Internet Harvester
1,200
678May 10
No par
1,400
*117
*34
Agrlcul
9,800
33
38
*17
700
100
Iron
154
33
24l2
*22
Internet
34
*36
*97
10,000
42%
37%
20
*23>2
2278
No par
*33
3378
120
No par
Interlake
1,700
131% Mar
33% Feb 23
47g Apr 28
41
55% Apr 29
*44
104
*124
6% preferred
Intercont'l Rubber
30,300
;
Int Nickel of Canada—No par
99
2834
No par
Jan 21
2,500
43%
39%
20
29%
__
137
41,200
43%
39%
*19
1
v t o._100
Corp
"
133% Mar 27
106%May 14
19
May 14
59%
43
10%
80
t Interboro Rap Tr
d Intercnemical
20
22% Jan 20
47% Apr 20
Feb
11%
25%
25%
600
100
No par
Inspiration Cons Copper
Insuranshares Ctfs Ino
Highest
$ per share
share
144
57%
26
104
2,200
1,900
6% preferred
Inland Steel
1234 Jan
36% Jan 26
Apr 28
$ per
125
11
48
11
50
3,600
11,700
10
59%
26
26%
No par
No par
11%
48
104
Indian Refining
Industrial Rayon
Ingersoll Rand
$ per share
57%
26
Year 1936
Lowest
Highest
11%
48%
*96
1,100
Par
105%
*73l2
75% *72
75%
*7334
75%
*74%
75%
75% 75%
130
131
129
129
128
127
12914
129% 125
127%
*121% 12434 *121% 12434 *121% 124% *121% 124% *121% 124%
123U 12314
124
122
122% 123% *123
122%
120% 120%
3334
*117
*25%
49
*104
2934
124
6i8
26l4
43%
26%
10512
19%
1938
2812
293g
22
29%
6
6ig
634
7%
200
10,300
Lowest
153
129
*128
129
128% 128% *128
17
17
17%
18%
17%
17%
1234
12%
12%
13%
13%
12%
7
6%
638
6%
6%
638
102
96
97
100
10334
102%
*6
8
*5%
7%
*5%
7%
6
*6%
634
6%
6%
*6%
103
10%
2612
43l2
9734
1U8
27%
*96
101
96
44
*40
17%
1234
6%
Range for Previous
100-Share Lots
EXCHANGE
102
155
107%
146% 147
10
10%
938
9%
60%
*125
155
103
11%
10%
11%
*38i4
50i2
26i4
155
1034
*6'8
48i2
*25i2
4278
634
*49
107% 108%
14734 14734
14734 1 4734
10112 104
7
*6%
*6i8
155
107% 10778
61%
105
...
...
10734 108%
147i2 14712
1034
1112
10%
1014
Range Since Jan. 1
On Basis of
STOCK
Shares
16
*14i4
15
1434
1434
14%
14%
43%
42i4 427g
4134
43%
39%
42%
39% 40%
*125
131
130l2 *125
129
126
126
*123
126
*135l2
135
*135%
*135
135% *135
112
111
112
111
11078 11078
111% *107% 109
106% 107
2238
2H2
22is
19
21l2 2134
21% 22
19%
21%
20%
5
*478
5
5
5
47g
478
4%
4%
4%
4%
8
734
8
8
678
8
*7%
734
8%
7%
7%
59i2
59% 59l2
60
62
59% 60
57%
57%
*56% 58%
*109
*109
109
109% 109%
109% 109%
109%
734
738
7i2
7
7
738
738
738
7%
634
7
20i2
19
1938
20i2
19i2
1834
1938
16%
18%
17%
18%
714
634
6
738
634
678
634
6%
6%
6%
6%
52
52
55
51
47
51
47
*50^4
52
47
48%
108% 10884
148
$ per share
*12
14
YORK
Weet
128
..
20
the
May 14
*1412
4212
130
NEW
Friday
3287
6
STOCKS
Ex-div.
Frinti ng Ink. Corp.
y
Ex-rlghts.
H Called for redemption.
New York Stock Record—Continued—Page 7
3288
LOW
AND
HIOH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
May 10
Tuesday
May 11
Wednesday
May 8
May 12
Thursday
May 13
ft per share
ft per share
ft per share
ft per share
ft per share
*2912
1678
30
1678
29i2
*1612
2984
29
1634
*16i2
29I8
1634
*88
91
*88
96
*88
96
52
62
51
»1978
33l2
2134
33i2
20l2
3234
31i4
14i8
*4514
3134
1438
46
31i4
13»4
*45i2
1378
61
51
2058
3314
3U2
1438
46
1378
103i2
*20i2
33i8
3H8
1358
2938
163g
2912
51
14
293g
155s
293g
10i8
*2914
15l2
88
88
*86
92
4934
2014
335g
31i4
13ig
50
*48
60
5034
.
14
137g
9414
9412
9412
4534
4578 4578
1334
*1334 14
103X2 *101
10234
27X2 28
*2734 28i2
94
93X2 93l2
9334
*74
76
74
74
73
73
13
13
1234
13
4218
42>8
3612
14
14
*
*
103i2
29
29
29
*4538
1334
*
64
ft 2912
*40
16l2
2934
40
*116i2 117
63
40
*108
110l2 *108
103
1378
*158
4
*3i8
*4
1«4
13i2
4
*4
2858
8U
8U
734
3038
*47f
30i2
538
10
10
33
33
32
89
478
27l2
*8678
5338
60
28l2
365»
367g
800
Midland Steel Prod
117
118
260
8% cum 1st pref
100
Mllw El Ry & Lt 6% pf-..100
Minn-Honeywell Regu.No par
*10812 110i2
1338
93
1«8
U2
314
4
478
5
28i4
434
9is
317g
85is
51l2
9i2
32
87
86X2
87
5114
52
4314
*40
41
734
1J4
15s
3438
33i2
2258
33i2
2238
33i2
*2214
158
33i2
22U
I84
3438
22
*4314
*28i4
*87t4
4478
29i2
44
44i2
28
28
4334
2758
94is
*90
9314
*29i2
*7834
30
*7834
82
TZhz
2132
14l2
'32
1312
66
*61
20
20is
1934
3934
20
19i8
*13i2
25b8
1414
26i8
148i2
148
2258
*95
3312
23
*18*4
712
3138
108
1914
17
16
*3478 3514
*15514 157
22XS
2H2
4334
4312
27i4
44
2714
9314
*9212
2758
93
*90
....
1358
1378
66
1378
*62
19X2
1958
1912
3834
*38X2
19i8
1914
13
13
255g
26
*95
148
2778
98
3234
108
18
IO8I4
I8I4
7l2
7l2
30i2
*29i8
1578
3034
3478
16
14i8
19
1978
39X2
1914
4314
100
61
290
1
91,500
30
*29ig
1534
3414
3058
34i2
1578
140
*130
140
51
51
5184
IOI4
51
51s4
*106i2
200
100
....
h
103
8334
107l2
129
129
10i8
934
*1X4
58
X2
l2
8214
8234
105lg
103
106
104
*121
130
*122
9XS
*87g
10X2
4538
93g
10X2
10i2
*4514
*56i4
46
46
58
*56
57
*103l8 104
104
104
13
1314
*62
158
16" 600
1758
19
38l2
37
3734
160
18
19
18
I8I4
3,200
1,200
12,800
29Xg
*29
9X8
10X2
29
35
*29
15
15ig
32
32
3414
157lg 157i2 *155
2934
140
98
5,500
157
400
""806
934
15g
58
81
9i8
*li4
9I2
*12
58
79
13,800
15g
""560
82
104l2
104
10634
128
126
5,700
126
*8X2
834
10ig
103g
4612
8X2
10i8
*45X2
10,600
800
10i8
1,200
200
46
57
3114
821S
47b8
*21
26
23
3458
3234
*8014
34
33
8312
83
83
4512
68
25
3234
83i2
83i2
48i8
68
25
26i2
3378
4712
45i2
4634
46X4
57
56
100
56
*55X2
84
*103Xg 104
*1017g 105
23
23
23
40
*22i8 26
30
32
343g
3258
3234
38,300
82
83i2
8OI4
79X2 81
1,400
4734
43i2 46i4
4378 453s 153,400
63l4
9134
2918
104
64
64
64
64
64
*103i8 105
*92
93
2934
*1912
*834
30i8
2012
*19
9i
*858
9314
90
90
90
90
2958
2834
29
283g
29X8
19l2
9i2
1858
85S
1734
19
18ig
812
1712
1838
87«
86
9
25ig
rl534
8
6234
90
2738
17i8
8X4
*61i2
65l2
85
85
25ig
26X4
15i2
834
rl5
8X4
1,300
1,300
10,100
4,200
630
*19
20
19
19
17
18
440
*126
130
125
126
125
125
*121
125
*121
125
*121
125
90
131
*125
131
*125
131
*125
131
1
1
1
1
1
n8
"4:500
658
1914
414
1014
6I4
I8I4
414
914
6I2
6,900
5,500
*126
131
*125
131
*125
1
1
1
1
19
*1
7
lis
678
20
7i8
2014
1914
438
*10l4
4i2
1158
438
1978
438
*4X4
4i2
*1014
1012
*10X4
105S
*61
65
65
*60
65
*10114 102
IIII4 IIII4
3
3
*247
250
*104
110
25
2514
*5334
5412
12
12i8
1007s 10078
7
634
C
10114 IOII4
111
111
110
1H2
12
1003g 10038
3458
53
41?
*26i2
205S
32i2
*26i2
20i8
*132
133
66
I8I4
*95
*13i2
36l2
*132
434
30
2134
68
1834
110
1438
37
133
11X2
1134
113g
IOOI4 ioox2 *100
104i2
987S
3234
*53
412
*26li»
20
6712
1734
*95
*1358
3534
133
9878
343g
*99l4 102l2
34
35U
55
*53
412
32
2038
68
I8I4
110
45g
*29
1934
6212
17i2
*95
64
458
32
2014
67i2
17l2
110
1384
1334
1378
37i8
36iS
3678
133
133
133
414
600
9I2
2,000
100
100
""310
110
*2X2
65
99i2
9934
*108l2 110i2
234
2X2
2X2
245
245
238
*104
106
800
225g
535g
IOI4
20l2
54
113g
*977g 101
*9812 102l2
3212
3438
53
52i4
414
418
22I2
2334
54
53i2
10i8
1058
*98i4 101
7Q0
<
400
*99
102l2
50
33
3438
5214
4i8
69,600
*5034
4i8
40
1,800
28
29
27
27i8
40
al8ig
6914
19
185a
1938
61i2
29,400
7,800
3,500
17
*95
1234
3434
132
6212
17i2
110
13i2
3638
132
60
1678
*95
17U
"l",366
36l2
8,700
132
132
175S
1758
16
17l2
17l2
17U
17l2
17i8
17i2
1758
1618
♦.... 13434 *120
133
*120
133
*120
*120
133
133
*120
86
*2384
24
*64i4
67
*84
86
*2384
24
*64i4
67
*114
*H4
84
84
2334
2334
*64*4
67
*114
23iS
*64i4
83
2314
67
*114
'30
96"
9514
9*6"i2
95
~95~l2
1914
1914
*18l4
1914
1834
1834
934
*75
93l2
*1814
93l2
1914
10
IOI4
10
10
32
30
32
*29
31
30
30
*1758
19
18i2
19
*17
19
*17
19
*
934
10
Bid and asked prices; no sales on this day,
23i2
64i4
82
2312
64i4
*114
*30
978
*75
82
*2314
235g
64i4
*60
400
10
92U
1738
I8I4
934
29
1734
92*l2 "3:306
88
28
9l2
28
1878|
*15
t la recelversblp.
18
a
2,700
320
Jan
7
Jan
4
28
1214 Mar 17
40?a Jan 23
2
Sept
378 Jan
1978 Aug
60X2
Jan
Mother Lode Coalition.No par
Motor Products Corp. .No par
34May 12
31i4Mar23
312 Feb 26
38x2 Jan 15
84
Jan
2838 Apr
Motor Wheel
5
20!4 Apr 23
26
Feb 13
16i8
51
Mar 15
1
No par
24X2May 14
9112 Mar 12
27i2May 13
No par
70
90
Mar 13
4478 May
100
102
108i2 Jan 26
102i8 July
40
.....
Preferred
No par
Munslngwear Ino
Murphy Co (G C)
6% preferred
Rights
Murray Corp of America.. 100
5
Nashv Chat A St Louls__.l00
National
Jan 27
Apr
36
Corp
May 13
12
May 14
25i4 Apr 30
148 May
2578 Apr 29
93i2 Apr
No par
Biscuit
Apr 27
18
Aome
Nat Aviation
National
May 14
9i6 Apr
13 May 13
585g Jan 23
173s Jan 8
No par
Nash-Kelvlnator Corp
10
2958 Jan
No par
22
100
108
May 13
Apr 13
100
107
Mar 11
7% pref class A
7% pref class B
Nat Depart Stores
No par
6% preferred-...
16i2May 13
678 Apr 29
lo
Nat Distil Prod
No par
B
30
100
2d
preferred
National Steel Corp
National Supply of Del
48
Jan
393« Mar 20
11
Apr
993gMar 19
70
May
36X2 Feb 11
21
Jan
"32 Apr 20
2034 Feb 11
14
Apr
71
43
Jan
Mar
1
x245j Jan 28
47i2 Mar 11
2012 May
24
12X8 Apr
9i2 Apr
2884 Oct
Mar
9
183s Jan 21
3338Mar
167
2
Jan 18
3334 Jan 13
163
Jan
307,
Dec
103i2 Feb 3
3878 Feb 25
26 x8 Feb 8
100
Dec
21
Apr
Apr
112i2Mar 11
107«4
IO914 Jan 14
245gMar 9
107
Dec
10
Apr
21
Oct
1078 Jan 28
Mar 17
255s June
Mar
28
13
28
44
Mar 11
26
171
Jan 22
155
29
8
150
Jan 29
137»4
Oct
18X8 Apr 22
May 13
4
6178 Jan 22
1434 Jan 14
70
Jan
62
Jan 26
2
203s June
1
Jan 18
94X2Mar
10978May
5
8
Oct
64
Jan
Dec
958 May
2X4 Jan 18
x2 Apr 27
25
Preferred
I
38
li4May
25
Jan
Jan 14
Apr
9
100
May
41i8 Dec
35
1478May
31l2 Apr
15434 Apr
133
Apr
Nat Mall A 8t Cast's Co No par
National Power A Lt
No par
Nat Rys of Mex l»t 4% pf.100
79
3584
5
27lj Feb
Nat Enam A Stamping.No par
Nat Gypsum Co
National Lead
10
Preferred A
100
78
Jan
x2 Jan
5714 Apr
1978 Jan
100
12112 Feb 26
National Tea Co
No par
8i4 Apr 28
J2X8 Jan 15
77? July
Natomas Co
No par
10i8May 4
4538May 10
13i8 Feb 25
5714 Feb 13
IOI4 June
Neisner Bros Inc
1
Newberry Co (J J)
6% pref series A
No par
41
Apr
Apr
Jan 11
10412
Apr
6
37
Mar 17
19
Jan
IOI4
Feb
Apr 28
4134 Jan 18
9
73l2 Apr 30
98i2 Feb 10
5514 Mar 17
32i2
27«4
Apr
Jan
No par
40 "'•» Jan
Preferred series A
'V Apr 28
100
41
Jan
4
72
Mar 17
83 1
Jan 14
100
Jan 22
100
NYC Omnibus Corp_.N*
Purchase warrants
_
15$ Apr 29
17
60
125
10% pref
50
t N Y Investors Ino
No par
JNYNH & Hartford
lpo
126
1
.-..IdO
N Y Ontario A Western.
100
N Y Shlpbldg
Corp part stk..l
*
*
par
No par
100
OmnibusCorp(The) v 10No
A
Jan
934Mar
8
3
26ia Feb
678 Feb
19xa Feb
76X| Jan
10234 May
25
11
11
22
3
ll2x4May
5
434 Mar
3
Api
7«| Apr
4
9ia
July
Apr
57
May
83
Mar
93ia Apr
Da Aug
Jan
105
May
par
par
No par
Preferred
100
......No par
..100
1st pref..No par
Outboard Marine & Mfg
5
conv
No par
100
Owens-Illinois Glass Co. 12.50
Pacific Amer Fisheries Inc...5
Pacific Coast
10
No par
No par
r
4
1
Jan
100
Oppenhelm CollA Co._No
New stock,
9
Jan
Jan
7
114
:..No par
Oliver Farm Eq new...No
par
n
Apr
2
Jan
125
Jan
102
Norwalk Tire A Rubb..No
par
Prrferred
go
preferred
107
Mar 12
2
100
No par
Ohio Oil Co
1st
Mar 23
137
210
Telegraph...60
2d preferred
95
119
Jan 14
Northern Central Ry Co...60
Northern Paolflo.
100
Outlet Co..
6212 Apr 28
3ia July
IOX4 May
Jan 20
272
go
Steel...
.512 Jan 2
*6X4 Jan 2
4i8 Apr 29
1278 Jan 22
253s Jan 22
135
23634 Apr 29
North Amer Aviation
1
No Amer Edison pref..No
par
Otis Elevator
Jan
Jan
100
Preferred.
Northwestern
Mar 23
May 14
Apr 28
May 4
Apr 27
9l4May 14
J00
Adjust 4% pref
North American Co
17»4
36i2
21 x2 Mar 20
8"
lOiv
t Norfolk Southern
Norfolk A Western
Jan
9
3178Mar 19
100
No
»1« Apr
ri-GI 25X8May 13
,
*
New York Dock..
Preferred
N Y A Harlem
70
4
jA ■
97 1st preferred
3284
28
N Y Chic A St Louis Co
$5.60
6434 Mar 10
l
New York Central
preferred..
N Y Steam 56 pref
Jan
109
No par
preferred
74i?
100
Newport Industries
Otis
Apr 19
1
7
N Y Air Brake
Conv
130
Apr
54i2 Feb
100
100
t New Orl Tex A Mex
250
Pet, delivery,
14ia
66I2 Jan 18
Preferred
*17i2
9U
Jan
3458 Mar 17
May 13
Prior preferred
""loo
5x2
59
*114
91
914
2612
*16i8
*75
Jan
984 Mar 17
Jan 18
100
10,600
234
2
4
Feb 17
133
1658
2xa Aug
1684 June
Mar 10
Preferred
1278
5
69
110
1214
3334
Apr
46
40
27,400
1,500
17,700
34
Jan
101
7%
239
106
2X4 Jan 23
5i8 Mar 4
6i4 Jan 8
6X2
6714 Jan
13s July
40i4May 13
80
*60
Mar 10
6i4 Mar 17
..
65
*104
54
53
3912
106
24
3314
39l2
247i2
106
54
478
143s
258
247
235S
1834
110
111
535«
53
1414
258
17i2
*60
62
24i2
35i8
19
95g
5358
1138
*434
69
105
18
4X4
100i2 100l2
*110
6I4
4X2
23 58
*52i4
110
105
*60
17ig
1038
5412
99
19
111
19i2
*414
IOI4
7i8
2014
2478
99
*95
*98i8 100i2
*110
65g
2412
5358
99
2034
1938
278
*212
*2X2
278
250
24812 248i2 *247
*104
*98i4
3458
69
658
19X4
I8I4
16i8 Mar 11
101
20
Rights
62
Apr
124
May 14
Apr 29
May 13
200
8l2
Dec
7
29
28
14
14
48
Preferred
4914
119
4
Jan
85
140
49
MarlO
Jan
10
560
"MOO
Apr
2
Nat Dairy Prod
•
9
*H4
*X2
78i4
*130
49i2
1514
3314
V Mar
Mont Ward A Co Ino. .No par
Morrel (J) A Co
.No par
Morris A Essex
60
80
10,900
Feb
88
Jan
13,200
80
110
2
3
"5",800
1,600
Jan
*05
4i8May
2538May
678 Jan
2414 Jan
7% oum pref
100
Nat Bond A Invest Co .No par
6% pref ser A
100
Nat Cash Register.....No par
1,700
33
147g
*41
46
30
200
Jan
Jan
Jan 22
Jan
100
preferred
Myers F A E Bros
19l4
*122
127
6,400
66
18
978
158
8234
1334
66
38
49i2
*x2
8238
9is
107g
13
6
100
Mohawk Carpet Mills
Monsanto Chemloal Co
20
600
31X2
405s
684
Mar 17
3
100
Mueller Brass Co
*130
978
*114
*1
Preferred series A
t Missouri Pacific
Jan 16
7214 Mar 6
26»4 Feb 23
120
li2 Apr
No par
Mulllns Mfg Co class B
92
Jan
67j May
106
11
100
1,700
29i2
Jan
Dec
65x4
122
100
1,600
83
1284
*95
3
88X2
No par
26
1,500
3,200
Dec
9934May 7
96 May 14
108 May
4
115i2May
100
ser B
4034
24X2
93
*88X4
29ig
*27i2
76
*7514
*106i2
13
12
127g
12X2
1234
12l2
25l2 2534
255g 26i2
2514
2578
*14314 148
*143X4 14734 *145
147
28
28
26i2 275g
2612 26i2
*95
98
*96X2 9934
*96X2 98
3212 33
30i2 32l2
303g 317g
22
22
23
22i2 23
22Xg
112
112
111
111
*110l2 112
*108
10914 *108i4 10914
10914 10914
18
I8I4
16X2
175s
1678
1678
712
7i2
712
7i2
7X2
7X2
*130
4538
*56i4
3,300
1,100
28,700
Jan
Apr
*95
.215s'Jan
preferred
Conv
Apr
*17x4 Apr
4 % leased line otls
Mission Corp
Mo-Kan-Texas RR_
10,700
1,200
4,100
Jan
85s
3784
1112
48x2Mar
40
*62
66
140
58
3,100
7%
Deo
4938
353s Mar 10
42i2
76
*133
47
100
2414
Oot
3658May 14
41
Cash sale,
x
Apr
8
22i2May 14
5138 Apr 6
lOigMay 14
8
3478 Jan 14
6714 Feb
3
97 78 Mar 16
173s Jan 21
104X2 Jan 8
93
Mar 23
105
27
May 14
51 x2
Jan 8
314 Jan 4
28
Apr 27
17i8 Jan
53i2 Jan
16X2 Apr
110x8 Feb
12X4May
3334May
127x2 Mar
16 May
4
4
29
25
Jan 28
365s Mar 11
53X2 Jan 22
678 Mar 3
40
Jan 18
2278 Apr
73
5
Apr 20
23i8
Apr
5234
65s
Feb
98
Jan
2
Jan
19
Aug
12i8 Aug
24i8
17
Feb 13
107
14
193s Mar
14
4514 Jan 21
1
18
14
140
112X2 Jan 23
134
Mar
Mar
8
Jan
9712 Apr
23?8 July
50
Aug
26X2 Feb 16
114
Jan
July
Jan
8
Jan
2414
Apr
Feb
3
243s Mar
8
12i2 July
6
70
July
79
Dec
75
Jan 26
97
22
Apr 29
28
75
Jan 12
123
Jan
Jan 26
64X4 May 13
114
Mar
4
*82X2 Apr 28
173gMay 13
9i4May 13
25i2 Jan 4
16i2 Apr 29
Ex-dlv.
u
114
Mar
4
47
Jan
114
July
96i2May 10
7
"13"
July
153s Feb
1
3X2
Jan
Mar
3
8X4 July
2714 Feb
2
414
23
40
Ex-rights
Jan
Nov
June
10
Minn Moling Pow Impl No par
Preferred
No par
Minn St Paul A S S Marie. 100
300
3,200
46
16
38 x8
No par
5
pref
Jan 13
2312 Nov
10Hf Deo
8
Copper
conv
Feb 16
86
June
9
2614
27X2
2778
35
9l8
400
4%
3434 Apr 19
101
92
4012 Nov
163s Feb
Mld-Confinent Petrol
60
8,900
1,000
8
Jan
2x4 May
4734 Mar
25
81
35l2
15718
130
*40
Miami
19
29
39i2May 13
3434May 14
58
Apr 28
1434 Apr 29
2758May 14
1
100
Meroh A Mln Trans Co.No par
Meet a Machine Co
:
5
22
29
*155
83
*10858 113
12
12X2
9384 95
1X2
1X2
*3
3ig
4i8
4i8
253g 26
784
7%
2658 2838
4l2
4i2
87g
8x2
28
29i2
8578 88
49ig 5038
No par
Mengel Co (The)
5% conv 1st pref
47X2 Jan 12
112X2 Jan 14
93i2May 11
703j} Apr 29
1U2 Jan 2
No par
31i2
21i2
29
3238
1658
5184
978
1,800
No par
7g
31X4
2078
*76
35
5334
IOI4
10
96
Corp
56 pref series A
Melville Shoe
42
157
914
*25
22X2
157
168
58
84l4
84i4
10734 10978
*45
1
34
157
*1
*5614
*103l8
34
31X2
100
*
59
114
157
140
9
28
34
3138
17
1078
59
7834
*148
305S
3134
*32lo
*12912
19i8
1414
26
I8I4
734
35
*5238
10l8
4014
3412
223g
38
7l2
*31
*130
20U
108
18
7i2
313g
86ig
5U2
4014
84
2212 2234
2234 2278
11212 112l2 *110i2 112i2
108
914
48
29i2
*61
9984
3234
*110l2 112l2
108
5234
412
40
700
14i4
148
28
3812
98
33i2
86
28
2634
4X2
85g
29X2
*85X2
21,
38
*2778
3178
60
*34
106X2 106i2 *106l4
66
*3812
1934
*95
2934
434
934
43
59l2
267g
734
7i2
7834
10612 107
14l2
*145
*90
62is
3Xg
*4l8
26
29X2
82
107
26
*59i8
127g
93i2
ix2
318
414
H2
8
*40
60l2
*13i2
478
2714
29
60
*61
314
*41g
*4X2
62
107
ll2
450
,
58 s8
~96~
109
12
94
5,200
35
II6I4 117
98
109
80
500
12X4
413g
*
100
96i2
13
2734
32
*
99
101l2
94
5314
*40
1%
11778
100
29
5134
4314
2758
96
76
14
101
100
38
1314
938
Mead
1
preferred
16i4Mar 17
14
10
share ft per share
Feb
37
Dec
per
2
12i2May 13
May 13
25»4 Jan 6
No par
Stores
oonv
285s
26
914
1,900
5J634
6%
37
27i8
77«
484
$3 oonv preferred
MoLellan
100
28ig
25i2
734
434
700
1,900
share
Jan
24i8 Feb 11
106i4Mar 2
64X2Marl2
28i2 Jan 19
42i2 Jan 14
42i2 Mar 24
6
May
3234May
31i8May
125s Jan
44i2May
5
41
94
*4
MoKesson A Robbing
2914
a99
108
*112
*3i8
10,300
per
36
Lowest
11
20
10
1,400
7,300
7,000
8
28
5334
*40
28i4
13i8
McKeesport Tin Plate
16i8
*117
101
*91
3,600
1514
62
*6112
*38
108
92U
*2734
*87
29X4
110l2
*338
478
I6I4
10012 102i4
*ll2
134
6H2
103
13*8
9214
95
McGraw-Hill Pub Co_.No par
Molntyre Porcupine Mines..6
16i2
35
40
*
600
61i2
35
ft
4,600
6
5934
1514
39X2
35
share
4038 Jan 12
Eleo Co
1658
42
12 ig
per
29
McGraw
16
12l2
7414
1212
417g
*
35
96
7438
127g
*117I8 118
102
10534
1358
*38
116i2 117
99
*166"
*92
61l2
1534
2834
27i2
42
423g
2914
4112
*
42
*34
16
2658
*92x2
74I4
ft
May 11
15i2May 14
88 May 13
102
Year 1936
Highest
No par
McCrory Stores Corp new...!
6% oonv preferred
100
20
3514
34ig
1334
4434
1314
*98
Par
MoCall Corp
2834
1258
42
62
64
1638
29l2
ft 1638
101
900
4,300
26i2
*9212
*74X2
1134
4138
3434
58l2
7438
1234
36
4H2
*
12X2
101
Lowest
100
3358
3114
13i8
44I2
1234
Range for Previous
100-Share Lots
900
20
20i2
3384
32i8
137g
453g
1334
45
*94
29
9414
k.
.
Range Since Jan. 1
On Basis of
STOCK
Shares
2958
1534
20l2
3414
3114
*33X2
31ig
313s
share
per
YORK
1937
15
EXCHANGE
Weel
96
5034
2012
3358
ft
'he
1612
*88
2234
Friday
May 14
May
Jan
f Called for redemption
Volume
LOW
AND
New York Stock Record—Continued—Page 8
144
HIGH
SALE PRICES—PER
SHARE,
NOT PER
the
May 12
May 14
Weel
$ per share
I per share
$ per share
Shares
Tuesday
Wednesday
May 8
May 10
May 11
$ ;per share
$ per share
$ per share
254
24i4
2914
*44i2
3038
45
45
35
34
140
140
*3412
*136
2414
*135
34i2
140
*135
2334
934
*1214
338
2334
978
14
312
*91
4
114
*72
101
*91
204
21
143i2 146
140
9i2
*12i4
312
108
71
*91
101
194
34
958
1334
334
11412
101
21l8
197g
143
139
34
31
139
...
938
1214
9&8
1214
458
3912
2512
1834
18
19
18
I8I4
29
*2734
2834
81S
*58
*53
9812
97
4
734
8i8
*58
97
98
*378
7l2
4l8
734
*58
64
5
77g
64
264
26i2
2612
4414
43
4334
*53
*53
57
*53
57
96
57
26l2
4314
26l2
43 I8
26i2
4438
98
47g
758
64
26i2
44
9734
»378
758
♦58U
97i2
75
*71
83
*80
2012
10
1018
2012
18
18i2
934
1
75
*
75
83
*80
*20l8
1734
934
23
18
*
75
80
83
20l2
37g
714
I8I4
10
95g
J"'l28
4734
4612
4634
4614
44
44
44
'128
I
'64
88*2
89
*893s
90l2
*5
6
*47g
6
"*47g
6
"*44
9
9
9
9
834
13g
7334
9
*834
800
433s
4138
4214
14,000
53
5478
200
13g
*7312
14l2
*72
74
*6i8
*52
44i2
*44
*
14
*1334
147g
*1334
84
*72
84
*72
*618
758
*52
57
*16
*11
13
*58
61
53
*6i8
*514
*15l4
*297g
712
57
16
16
*2978
30
1678
30
5412
t
53
*il"
13
*58
i
Pfelffer Brewing
6is
16i2
*15
16*4
30
*2978
30
2934
53
*50*2
53
13
*11
55
*55
*
13
55
4334
7,700
4578
44
*
700
100
8812
3,600
1,500
15
*12"
lSg
1U
138
7312
1334
*7314
*1314
7334
1334
84
*72
5378
15's
*29
*U~
"""800
200
53
12
"""166
*55i8
55
12
64
*160
*160
*160
*160
Phlla & Read C AI
*17514
*17514
*176
*175U
Phillips Jones Corp
15l2
15l2
1578
33
*99
101
*2i2
♦18
5
*3034
108
40
15*2
1534
15
*2934
3134
*29
1558
15
15U
29
29
99
9312
9512
Phoenix
3
19i2
300
45g
3,100
9912
234
9534
2i2
2238
*18*8
223g
*18iS
223g
434
5i8
45g
434
*434
438
434
40
*100
39i8
99
99
3
108
*212
99
lOOU
3
*100
108
39
*40
39i8
98
415s
98
37
107
*100
39
5
25g
19
414
*
4,700
100
Hosiery..
..100
100
2714
27
212
273g
1834
18
18
26&s
6i4
27i8
26
27
*2
2l2
9i8
2334
*18
*878
2334
212
*158
6l8
6I4
*2
878
2212
*2212
25
*22
*61
64
*60
6178
6178
*11514 117
4134
6138
4H2
25l2
*584
26
24i2
26
534
2414
*558
2i4
*1S4
*2
130
101
1712
175s
9i2
8
8i4
8
20
22l2
2118
2138
2312
23l2
*20
23
22
22
61
*60
62
*59
63
62
*59
6II4 614
11678 117
41
4134
101
1734
9U
94
165g
1734
9i«
*85
*68
6978
8l2
812
*30
31
*39
41
*4514
*3914
*918
*64
4634
*94
68U ■69
8l2
8I4
29i2 2934
39i8 39ig
*4514 46
68l2
8I4
*2934
3834
40
3914
*9
912
*64
70
*234
3
*234
4514
*3838
3914
♦263s
2514
29i2
2534
*26
29
*81
83
*81
*95
24=8
*95
101
612
6I4
6I2
4034
80
80
*134
135
*
92
*24"
2438
*102i2 105
24
*233s
130
167g
19
I8I4
111
111
101l2 10134
r f
*1634
IV 34
1734
1734
9
93g
108
6834
8
8i2
8I4
18
18l2
1714
1714
1104 11018
11014 IIOI4
*101
102
^01
16i2
;i634
I6I4
171s
174
1738
9
*87i2
6678
784
2912
8
2934
9
85g
*447s
4514
444
46
38*8
38-3s
38
38
*22
27
*25
28
253s
■
25
83*2
9
70
214
234
*84
28
22
*25
28
*97
17i2
*25
200
28
6i8
*
92
234
*103
23
24
105
♦
92
"234
24
*103
105
233g
23
23
♦
92
*234
105
*22U
2334
105
*103
10512
23
22U
2214
50
*
914
22S4
"2234
103i2 103i2
*2238
50
23
5018
6II2
"i",66o
25
Pittsburgh United
.100
Preferred
Pittsburgh A West Va
100
pf.100
No par
*3l2
8I4
5114
378
838
124
6l2
6I2
52l2
51*2
358
314
378
338
52i8
33g
8
8
8
74
7»4
*14l4
1634
*14ig
16s4
*14l4
1634
*143s
I684
*26
34
*26
34
*26
34
*26
34
*
jfct
1
,r.in
Bid and asked prices; no sales on
mszzsic—
this day.
*110
6l2
50
124
6l2
51
10912 109i2
86
55
7%
8%
144
*26
1034
Feb
1134
Apr
Apr
Apr
130
164
July
Jan
114
No par
553sMay 14
Apr
Dec
No par
100
100
Purity Bakeries
.-No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer_-.No par
8% conv preferred
6% preferred
No par
$3.50 conv 1st pref.-No par
{ Radio-Keith-Orph
No par
Raybestos Manhattan.No par
Reading
preferred
Real Silk
6
Hosiery
100
111
MarlO
Jan
Jan
7
Nov
Jan
Apr
Mar
5
124 May
31
8
16
244 Nov
100
Preferred
100
474 Mar llf
Apr 23
Oct
Aug
174 Aug
81
Deo
994 Sept
44 July
187®
Apr'
124
77
2
1104 Mar 10
784 May
334 Jan 19
494 Apr 14
98
Apr 14
Jan 19
71
5\i % preferred
Reynolds Metals Co
94 Feb 18
4
10
A
110
2
Jan
Jan 21
1284 Jan
91
Apr
4
8
Jan
Deo
97g
944 Jan 30
Feb 18
804 Jan 5
97 May 14
99
16>4
Oot
654
17g
1
274 Jan
50»4
6
44 Mar
Remldgton-Rand
-
10
May
Apr
244 June
100
44
25
Deo
Deo
Nov
901 j Nov
114
Apr
84 Mat
297®
Dec
128
Deo
1044
OtB
39»4 Deo
794 Deo
Apr 17
90
Apr
138
Oot
9534 Jan 26
92
Deo
98
Nov
224 May
105
Apr
34
Feb
117
Jan
139
100
1
103
Apr 26
303s Jan 14
112
Jan 8
2234May 14
344 Jan 22
25
July
364 Nov
10,000
Reynolds (R J) Tob class B.10
50
Apr 22
58
8
50
Apr
60
7
67
Jan 26
804 Nov
654 Feb
14
Feb 23
200
600
5H% conv pref
Reynolds Spring new
No par
23
Apr 29
100
Antelope Copper
Mines
Ruber'dCo(The)capstk No par
Rutland RR 7% pref.
100
Lead
10
12
Apr
23
Apr 17
May
8
60
Apr 27
34
Def, delivery,
jst
100
Preferred
n New stock,
r
Jan
314 Feb
4
864 Mar 10
1094May 14
140
64May 3
43®4 Jan 29
Mar 19
65
3
a
47
354 Mar 31
294 Mar 9
11
{ In receivership,
Jan
223g Feb
83g Apr 29
Apr 28
preferred
100
{ St I/)UlsSouthwestern...100
1634
Deo
37
4384 Jan
62
{ St Louis-San Francisco.. 100
*14i8
50
8
133s Jan 16
83
Jan 20
Apr 26
109
Oct
Jan
384 Nov
38
6% conv preferred.
100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
144
Jan
8
274 Apr 28
21
Apr 28
Republic Steel Corp...No par
194
Jan
Jan
49
6
Mar
Jan
1084 June
80
July
107$ Nov
39
Apr
Jan
164 Oct
984 May
Jan 11
45
6
204 Nov
Jan
47
10
6
Apr
1174 Mar
94 May
Apr
Mfg Co
Beo Motor Car
13334
914 May
5
Jan 15
30
Corp...No
247s Mar
287f
354
80
784 Mar 22
2914 Apr 29
37
Apr 29
174May 14
preferred
Reliable Stores
8978
104 Apr 19
664May 14
Jan
par
No par
July
1444 July
3634 Jan 11
103
10
*26
7
1224 Feb
604 Nov
113
July
834
684
7
2,900
14ig
May
100
Co
Jan
103
24May 13
22
May 13
Rels (Robt) A
367g
3
2334 Feb 25
187g Jan 21
1234 Mar 6
84 Apr 28
Jan
112
Aug
107
1534 Apr 28
16
Apr 8
103
146
16
244 Feb
6
99
128
11234 Feb 27
Feb 15
17i4May 13
108
4,500
34
Oct
404 May
1124 Feb 8
1284 Jan 21
1404 Jan 20
1624 Jan 25
1134 Jan 25
724 Feb 4
12712 Apr 26
147i2May 11
314
7l2
7i8
574
134
1004 Mar 23
115
May 14
St Joseph
3
Oct
No par
100
100
100
El A Gas pf $5.Ne par
Pure Oil (The)
Class
17»4
334
Dec
Pullman Inc
1st
44
Apr
200
7l2
Deo
39
7,500
33g
Feb
2784
264 Mar
11534
preferred
preferred
preferred
preferred
Pub Ser
Feb 11
Jan
1184 Jan 4
5234 Jan 21
No par
6l2
7i8
Apr
July
3»4
1144 Mar 25
404May 14
5% pf (ser of Feb 1 *29) .100
6%
Jan 22
154 Jan 20
317g Feb 11
Feb 10
Apr 28
654 Jan
5U2
3
414
167
654 Jan 15
Pub Serv Corp of N J
:
37g
63
50
*5i8
Apr
Dee
54May 13
158 Apr 26
8
May 13
20 May 13
50
No par
Roan
5112
Jan 12
4
Procter A Gamble
100
*110
3
31
67
7*4
14May 14
May 14
Reynolds (R J) Tob class A. 10
Rhine Westphalia El A Pow_.
Rltter Dental Mfg....No par
125
July
22
100
*6l2
50l2
167
Deo
Deo
1
12i8
*90
Jan
Feb 16
-.5
pref
23
714
Jan
21
167
7
56
conv 1st
♦11&8
125
584
1374 Jan 30
474 Mar 5
Feb 16
9714 Apr 29
3U2 Jan
167
D 0
94 Anr
1124 Nov
284
734
6%
*60
*612
51l2
312
734
Oct
Deo
284
{Postal Tel A Cable7% pf.100
Pressed Steel Car Co Ino
12lg
*100
24
44
304
Deo
6H2
714
1
June
Deo
Deo
Deo
Dec
*1158
125
84 Feb
2
14 May
14
114
*60
*658
51l4
33$ Jan
49
294
13
*100
Jan 12
Jan
6H2
*6214
Jan 12
Jan
14 Jan
684 May
174 Oct
50l2
6712
MarlO
4
28
12
*1138
2312
122
334 Feb 4
1178 Jan 22
No par
..No par
Class B
*60
*63i2
93i2May 14
23® May
1
19
May 14
Oct
May
13*4
*22
8
20
61*2
75
8
Mar
297s Apr 22
5034
25
Mar
43
214 Apr 14
*1114
*65
20
17i2May 11
2234 Apr 30
*60
*20
2
244 Mar 22
133g
67
764 Jan 22
5
6II2
25
2
Pond Creek Pocahon_.No par
(The)
Plymouth Oil Co
5034
67
184 Jan
14
117a
Pittston Co
50
*20
Deo
Deo
*1134
68l2
Feb
184
110
1
100
preferred
6%
*60
25
Deo
Jan
Jan
100
7% cum pref
Pitts Term Coal Corp...
1338
*21
8
Deo
84
Deo
6II2
*6434
114
Deo
5012
70
Mar
524
1378
*1178
23
88
Jan
54 July
70
July
384
29
*60
23
May
Nov
74 Apr
234 Dec
50
*67
68
Apr 5
Jan 20
Jan 13
Apr 5
Jan 27
13i8 Jan
50
*20
50
2434
No par
50
503s
6i8May 13
Apr 28
15 May 13
50
6
16
Deo
97.
9H2
594
94
744
2084
Jan
34
101»4 July
May
Preferred with warrants..25
2314
874 Jan
4
Apr
77
Rensselaer A Bar RR Co...100
x23~
6
Mar
784
160
20
*
Mar
494 Jan
75
66
187
300
16,300
Jan 16
Feb
97
584
20
Mar
12
1678 Mar
Mar
84
.
34 Feb 1
844 Feb 25
Oct
1024
176
2412
sjs
li4May 13
Apr 7
124 Apr 28
34 Jan
84 Jan
14 July
155
84
6
70
Jan 12
7
2312
100l2
Jan
74 Feb
14
Deo
Jan
84
5l2
814
1004 Jan
47gMay 14
84 May 13
Pittsburgh Steel Co
Reliance
17,466
544 Aug
8
2
8878 Apr 12
Plttsb Screw A Bolt.—No par
Preferred
1,000
56>4
Jan
Jan 18
50
28
17is
Jan
544 Jan 14
May 11
190
2d
500
254
454
4334May 14
44
Dec
175
500
"l"206
194 Mar
4 Apr 15
5978Mar 10
Apr 12
1st preferred
"
104 June
'i28May 11
May 11
100
2i4
Nov
184
55
60
50
9
Deo
31
1744 Apr 23
25
*97
,'00l2
6
400
90
Jan
123s June
165
84
85
6*4
1,000
Jan
16
214 Mar 11
134 Feb 19
100
23l2
25=8
100*2
20,700
70
*19i2
28
"2", 700
56
163sMay 14
z94May 13
100
3938
214
177g
1,800
62,400
8
Jan 11
100
Preferred
46
*834
22
1778
3,800
2912
3934
*64
25g
18is
.
18
1834
"9
•64
93g
70-
258
3
160
1,100
8is
*38
40
38
35,100
6634
*3714
*4412
4514
200
7
Jan
25
Jan
Preferred B
*87i2
66I4
734
2914
4034
83l2
6I4
*140
30i2
2478
*97
5,900
149
.
*38
83
612
100
1114 11134 *11114 112l2
57U
5914
653g
2
Jan
91
Deo
500
100
87
4
Aug
600
115
Apr 29
May 12
184
270
1285S
14834
*30
2558
10012
115
11678 117
130i8 *125
*125
3834
*9
*25
7,300
297S
*64
1834
11778
1177s 1177s *115
4058
4H2
4114
4034
102
10H2 10H2
102l2
938
97
*9412
68*2
"4", 700
60
613s
73
20i2May
624
6% conv 2d pref
6078
"el"
14834 *140
1125s *11134 1125s
604
5958
597s
102
*
Feb
Deo
100
3538
3214
3414 130,300
3234
353s 37
3534
3712
355g 3634
115
400
116
11712 *114
11712 11712 *11714 118*2 *11714 118
105
300
*102
*96
105
10412 *101
105
10434 10512 *97
3,200
3312
36i2
37l2
39
38
344
37l2 384
*37l2 38*4
76
76
77
77
78
1,200
78
80
7938
78i2 78i2
30
133
*12634 13684
*128
134
134
134
134
13634 *128
3734
38i4
*11714 119
*10512 108
40
11834
128*2 *127'
147*2 *144
9
*22
19
103
103
118*2 *117
70
*234
29
19
1177s 11778
4134
4114
9
3
*22
1958
10312
16i2
613s
*64
9l2
70
1958
29
*23
4112
1858 19
IIOI4 110*4
*101
17l2
175g
2,400
2,800
*
74
74 June
354 Apr
62
6178
9
83s
2214
Oct
58
464 Aug
112
Nov
4984
100
8
2278
1634
175S
958
*85
578
214
*22
834
2212
103
17l2
5i2
*134
2
23
834
22i2
*128
101
618
2
*22
185g
195g
193s
193s
IIOI4 IIII4 *11014 110l2
101
6*8
212
5
80
Jan
Feb 17
Poor & Co class B
25*2
*534
400
4
254 Apr
644 Jan
34
56
Porto Rlc-Ain Tob cl a.No par
17i2
Jan
Mar
484 Mar
594 Nov
11634 June
9
1,100
257g
17l2
Apr
4
6
17
4
Oct
45
Jan
3,700
27
17i2
38
654 Feb
5
Deo
2784 July
104 Apr 28
100
25
26
18
Feb
Mar
Mar
104 Mar
74
Pittsburgh Coal of Pa
7,200
27l2
30
110
63
Feh
374
263g
17i2
27*8
9
11634 Jan 27
4934 Jan 14
Deo
Dec
100
*1712
284 Apr
3*4
73
1124 Nov
67g Jan
274
IBs
17i2
Jan
Jan
June
114
174 Nov
333s Jan 18
158
2i4
27i2
119
*128
*14
2i4
1712
2514
103
*10214
117l2 117l2 *117
130
12812
*145
149
*14712 149
147*2
*11134 1125g *11134 1125s *11134
60
597g
58l2 60
60l2
*10314 104
*118
*15s
214
27
6l8
2i2
87g
2312
II6I4 H6I4
417g
*15g
17
Apr
Apr
10
4
Pitts Young A Ash 7%
*is8
27U
44
2884
Deo
284 Jan
10
240
36l2
36l2
2
34 June
Deo
374
PUlsbury Flour Mills
25
Pirelli Co of Italy ''Am shares'
30
103
39
100
No par
..5
Pierce Oil Corp pref
1,420
*214
234
*18i8
*212
No par
Preferred
30
223S
98l2
5
*100
16
31
*18i8
3
2238
15l2
*294
16
3134
10
preferred
Phillips Petroleum
*17514
*30
No par
Phillip Morris A Co Ltd
Pitts Ft W A Chicago
*160
*17514
60
preferred
7%
200
*160
25
Preferred
30
*
13
55
15l2
.........
Philadelphia Co 6% pref...50
*6 preferred
No par
{ Phlla Rapid Tran Co
50
52
15
2934
200
7i2
*46
Corp of Am
6
Co
No par
Phelps-Dodge Corp
7%
16",200
5312
7i2
6is
300
100
No par
Rights
84
525s
52
53
60
64
5,900
100
*46
504 Mar 17
Preferred
Pet Milk
270
1334
55
*46
9i2
8l2
7l2
*6*8
7l2
57
1634
47g
5212
4
444May 13
914
8l2
*72
764 Feb 1
2934 Feb 10
100
100
1638
47g
H4
Jan 13
10C
Petroleum
812
72
124 Feb
May 13
100
3,500
44
Mar
May 14
Pere Marquette
Prior preferred
200
45
Aug
69
7
People's G L & C (Chlo)
""166
64 June
104 May
14 Jan
60
Jan
22
44 Jan
Jan
9
64
55
3984 Jan
Apr
44
10334 Mar 8
63g Jan 23
1124 Apr 12
80
80
3
No par
60
No par
100
2U2
514
55
537s
55
""166
8l2
84
553g
Peoples Drug Stores
*201*8
464
88i2
v 10
Pennsylvania RR
*70
*
2H8
144 Feb
Peoria & Eastern
T.600
"*478
138
14
545g
42l4
Corp
Mar 13
38
No par
pref ser A
conv
Penn G1 Sand
48,900
6
*72
65i2
*2978
*5112
1*2
74
*35
No par
Preferred
1012
*8i2
10l2
423g
75
15
14l2
84
5514
13g
75
*50
116
*112l2 116
46
45
45l2
80
74l2
138
138
7514
$7
600
9*4
1%
3,500
53
44
'32
Peerless Corp
No par
EnterprNo Par
3
714
414
'64
47
46
fid
324 Nov
800
56
94
4612
23
37g
25
1738
45
Parker Rust Proof Co
Penney (J C)
No par
Penn Coal & Coke Corp
10
Penn-Dixle Cement
No par
25
1658
48
294 Feb
No par
Penlck & Ford
*50
z94
48
'32
Parke Davis & Co
3,300
7
712
978
48
54 Jan
474 Mar
3,400
26
♦2018
4714
234 July
4084 May
1
378
4
21l2
1734
21734
10
Park Utah CM
9534
58
♦
84 Aug
174 Jan
953g
26
*
2634 Jan 28
344 Jan 5
84 Feb 25
4434 Feb 3
41
55
80
♦20i8
63g
97l2
*112l2
*112l2 116
*1124 116
*11212 116
46
44U
47i2
464 48l2 *47l2 4812
11
*812
*8l2
11
*912
*8i2 11
*36
40
40
42
*4012 4212 *40
20l2
*1814
154
Deo
164May 13
41
-
Deo
2734May 13
4
May 14
104 Jan 5
2378 Mar 11
73g Feb 18
65g
Deo
25
174
1
6i2May 14
5
34 Jan 2
41
May 12
9414 Apr 28
378 Apr 28
41
Apr
44
744 Apr
Feb
974
1094
10
Ino
Patino Mines &
June
July
234 Deo
134 Oct
204 Jan
22»4
Pathe Film Corp
900
July
74 Aug
59
74 Jan 14
1534
6l2
612
103
44 Apr 29
154
3818
10978 Mar 18
2834 Jan 28
2004 Jan 28
1758May 13
May 13
24i2May 13
3,800
7
Apr
2.50
11,000
6,200
415s
Jan
67
Parmelee Trangporta'n.No par
64
658
184
MarlO
1,400
612
16
May 13
90
126
Deo
152
121
1,300
12,600
7
41
105
preferred
Park-Tllford
Jan
Apr
6
Jan
6884 July
474 Deo
153
67g Jan
124 Aug
14 Jan
39U
2412
438
16
7
3
394 Nov
41
July
Jan
11»4
4
658
1612
140
6
123s Feb 18
174 Jan 20
44 Jan 25
500
4l4
4412
2
11,000
414
44
Jan
2984 Apr
17i2
4i2
7
149
2734
43g
244
1758
118
165g
4U
4514
2d
4
2734
24l2
45g
7
1612
100
1
9
Jan
May 13
Jan 25
69
100
Jan
4478 Jan
234 Jan 12
60
preferred
Deo
4434 Dec
144 May
1712
25
45g
634
45g
678
conv
May
30
30'4
152
858May 14
Highest
% per share $ per share
share
5334 Jan 14
2034May 14
11
per
3234 Jan 14
38
Jan 12
28i4May 14
434 Mar 24
31
May 13
138 May 14
133
Apr 28
100
1st preferred
$
share
May 14
28
25
45g
634
I6I4
67g
Year 1936
Lowest
Highest
per
No par
Paramount Pictures Ino
2,000
25
*81
7514
89" 600
25
*71
'32
194
137
3834
2412
1658
658
43
4%
101/
1838
39
45
*40l2
*91
*134
39
17i2
678
12
8% conv preferred
Parafflne Co Ino
700
4&s
7
51
3,090
75
3934
7
116
{Panhandle Prod & RefNo par
414
458
No par
Pan-Amer Petrol & Transp..5
3912
254
*9
Packard Motor Car
700
7,600
434
3934
458
55
*112l2
*4734
32,400
4l2
3934
254
64
26l2
4414
44
9
Corp
3i8
478
3978
4i2
*4
I6I4
2734
18*4
29
preferred
Pao Western Oil
11512 120
138
100
100
10
1112
*60
1938
1758
126
..No par
~2"306
458
3978
434
3912
25l2
4514
98l2
101
*2734
7
1714
634
*91
20*4
1734
*28
458
*45
71
139
2912
I884
*28
121
101
Paolflo Telep <fe Teleg
6%
85g
69
19i2
Paclflo Mills.
2I84
2O84
Ill's
3ig
115
No par
170
$
23
25
Corp
500
3112
138
912
72
139
Paolflc Ltg
(Cal).lG
Pacific Gas & Electric
1,600
1112
34
9
1U8
33g
120
*91
2058
7,700
*135
233g
2213
358
3*2
115
Paolflo Finance Com
234
29
138
*135
2434
700
Par
44
314
140
23*2
Lowest
284
31
140
*70*4
142
23
Range for Previous
1
Lots
EXCHANGE
44
2312
29i2
44
*2258
28i2
4334
140
24
71
74l2
2938
4414
*135
2314
934
14
24
44
*3314
*13612 140
24
108
IO6I4 115
*71
7412
24
29*8
2334
2938
4412
34
*135
2334
9i2
*12i4
4
23i2
287g
4414
30i4
45
On Basis of 100-Share
YORK STOCK
NEW
for
Friday
Monday
*244
304
Range Since Jan
STOCKS
Sales
CENT
Thursday
May 13
Saturday
3289
Jan
2
64 Jan
4
Jan 27
28f2 Jan
Cash sale, x Ex-dlv.
4
934 Feb 19
Mar 11
4»4 Mar 17
114 Feb 25
5
20'4 Mar
374 Mar 11
y Ex-rights.
5878 Sept
884 Nov
134
Jan
194
Feb
35
Mar
32
Jan
7534
Deo
7484 Apr
6 8® June
22
July
119
Deo
Feb
Deo
34 Mar
634 Deo
104
SO3®
14
Ian
23s
Jan
77t
Jan
15
Oot
Jan
37
Oot
18
If Called for redemption.
3290
LOW
New York Stock
AND
HIGH
SALE
PRICES-PER
SHARE,
NOT PER CENT
Monday
Tuesday
May 8
Wednesday
Thursday
May 10
May 13.
May 12
$ per share
*100
$ per share
38
*374
373s
10234 *100
*1064 110
111
444
95
*14
*164
404
14
44
944
444
9434
14
944
14
1104 11034
23
2338
44
444
14
*94
14
164
1534
16
14
404
40
404
14
39
84
8558
88
60
304
378
14
54
274
134
32
30
95
95
1138
11
107s
11
59
59
60
*59
60
*394
274
40
40
40
104
284
134
454
424
'fi4 *...
34
"34
284
104
104
134
134
'l28
334
564
134
434
434
274
44
*
124
"34
13
434
*
900
1,600
100
5,600
524
3,700
*98
100
*101
155
155
1033.J
IO384 104
""190
*100
104
*100
104
*100
*37
104
3838
230
34
*3334
34
33
800
*224
2334
19
1938
*111
....
*4
*144
247s
59
39
354
*144
247g
594
394
5U2
*514
*94
514
4
•
148
35
*144
244
584
2438
5638
3834
37
484
*514
*834
*634
94
*
100
*111
4
3534
374
70
*
........
244
5634
59
*64
184
,4
364
148
22
1838
*111
44
364
334
22
194
504
484
59
*51
9
*63
*
-
-
-
324
214
22
174
184
184
*111
4
34
354
354
148
144
25
34
144
244
5738
5434
3534
234
564
3034
454
484
464
47 4
504
*51
9
59
84
70
*63
*
....
*50
834
70
100
638
"64
234
*194
21
84
*194
*784
324
*314
324
*31
18
184
174
3134
184
3034
324
1838
3134
638
"54
174
6
21
*774
85
10
*31
32
400
1734
304
49
48
48
2238
3034
474
2134
474
2238
*3034
*464
214
224
924
2134
8934
92
90
904
*90
91
41
41
40
40
*38
404
404
134
134
13
134
13
134
*394
124
194
8934
38
13
1234
87s
834
834
84
84
3134
2038
224
204
46
*42
504
338
4334
444
*
4438
4478
31
~67~
6734
*42
44
*65
6534
1938
19
*154
2338
154
*6734
1534
2334
1584
69
4258
434
434
444
664
414
654
1858
1538
224
154
4534
43
53S
354
*364
*174
244
314
1734
134
54
364
54
*344
374
184
244
3138
1734
1358
1278
524
364.
*174
244
*7
124
604
74
124
614
*43
37
*37
39
*62
*94
*874
1038
*44
624
1034
894
*94
104
254
64
*255S
174
254
64
2734
*97
974
234
6238
1458
144
*184
*85S
14
384
*62
*934
874
934
44
*94
104
5
25
6
2558
1734
18
964
2338
614
145g
15
2138
834
1064
934
*94
20
374
374
*46
48
*104
11
*71
82
194
*34
1978
78
80
*81
2484
1434
914
*284
25%
*
33g
84
99
994
244
1434
914
294
26
494
*3
4258
44
*
84
84
46
*84
74
184
404
50
474
21
.
*48
174
304
12,600
284
48
484
50
1,400
484
214
20
21
11,600
90
88
90
320
39
*36
13
404
124
43
31
444
*
8I4
734
74
204
414
494
3
34
4234
444
8
84
84
174
1,100
26,200
124
31
67
"664
674
"67"
6758
*40
43
*40
43
66
66
184
*154
224
194
153s
234
1534
69
444
538
36
364
184
244
314
174
134
1234
524
74
654
654
19
194
*154
1534
23
224
154
154
69
*674
1244 1244
*414
5
3438
364
*1738
24
31
164
1234
43
54
344
364
184
244
314
164
34
*24
44
4134
434
674
z6 3 4
*384
634
634
174
*144
204
6334
184
304
19
13
13
*114
124
1234
*114
1234
*51
524
524
524
*7
74
124
134
594
604
124
604
7
64
13
604
........
738
364
1384
13
1134
114
74
364
124
114
184
964
2334
6238
244
54
254
174
94
1338
1134
114
1034
5
254
6
6
104
254
64
2338
614
2334
614
*224
174
254
174
96
234
614
234
614
14
14
1434
144
134
14
1434
144
144
144
194
*184 20
*184 20
834
84
84
84
84
*105
1064 *105
1064 *105
1064
10
934
94
94
94
934
*16
*16
18
*16
174
174
37
374
3658 364
364
374
45
46
45
454
454 454
*10
11
11
104
104
*104
*71
81
*71
80
*714 794
19
184
194
184
1834
194
34
34
*34
34
*34
34
78
77
774
77
774
774
82
814
7934
804
804 804
96
974
983S
964
964
974
244 2434
243S
244
244
2434
142
142
141
1414
1424 1424
91
914 *904 9134
9134
9184
29
2834
*284 2834
2834 2 884
25
2538
244
244 254
2534
Bid and asked prices; no sales on this
day.
634
35
1,900
1,000
Conv $4.50 pref
No par
Square D Co class B
1
Standard Brands
•.
-
-
«.
24
954
2334
No par
Studebafcer Corp (The)
Sun Oil.
1
No par
Preferred
100
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
Sutherland Paper Co
10
Sweets Co of Amer (The).-.60
Without warrants
May 14
2734 Apr 26
300
*934
*85
9
44
*94
244
54
*23
44
94
2434
534
244
1634
17
934
224
134
134
1334
144
18
18
8
105
94
*14
■m
rn
'tm
-
—.
20
4,600
94
400
7,600
4,200
14,900
4,400
5,900
2,000
100
3534
364
7,800
45
45
45
1,000
104
104
104
244
1404 1414
*91
9134
274 274
234 254
80
3
*76
954
Jan 12
724 Jan
7
94
Jan
Jan 11
2
Feb
34
Jan
35
Aug
Feb
324
474
484
Deo
31
Deo
32
9
Jan 25
76
Mar
9
48
Mar
5
Feb 17
774 Jan 11
25
125
Jan
Jan
Mar
554 Jan
244 May
914
z274
2334
274
244
14,100
704 Deo
404 Oct
784 Nov
244 Apr
Jan
Apr
144
Jan
94
70
Dec
91
Mar
304
Jan
157a
delivery
4
118
Jan
125
Nov
614 Feb
3
27
Jan
00
Dec
44May 14
30 May 13
324 Jan 2
74 Mar
474 Mar
3978 Jan
204 Jan
284 Mar
3378Mar
234 Jan
2
3
Jan
04 Mar
424 Deo
3778 Oot
13
Jan
8
11
25
20
8
20
15
174 Jan 21
634May
354 Apr
1134May
104May
4234 Apr
Nov
124 Nov
154
Deo
3
94 Mar 15
44
134 Nov
204 Nov
3578 Jan
204 Deo
8
84 Jan 12
154 Mar 3
654 Apr 22
44
Apr 10
13
28
13
Jan
204 Apr
284 Apr
154 Jan
574 Feb
Apr 20
64
31
11«4 Apr 26
50
94 July
23
Jan
Mar 30
14
164 Jan 22
164 Jan 28
29
544 Mar
6
64 May
94
Jan
64
Apr
13
Deo
2878
Jan
554
Deo
0
33
74
Nov
87* Deo
444 Nov
154 Feb
144 Mar
49
July
Jan
Jan
94 June
28
Jan
48
Feb 19
337s
Apr
487s Nov
62
9
04
Jan 13
69
Mar
The Fair
034
No par
94 Apr 29
85
Apr 6
9
Apr 28
Preferred
100
Thermold Co
1
$3.50
cum
100
pref
25
par
par
No par
Tidewater Assoc Oil
10
$4.50 conv pref
No par
Tlmken Detroit Axle
10
Timken Roller Bearlng.No par
Transamerica Corp
No par
Transcont A West'n Air Inc. 6
Transue A Williams St'l No par
Trl-Ccntlnental Corp. .No pai
6% preferred
No par
Truax Traer Coal—..No par
Truscon Steel
10
20th Cen Fox Film
CorpN#
Feb
4i8May 14
978May 11
23
Mar 22
54 Apr 26
Apr 28
1684 Apr 29
22
93
May 14
134 Mar
1
86
124 Mar
1358 Nov
284 Feb 11
104 Jan 25
404 Jan 25
244
Jan
47g
20
324 July
84 Mar
Apr
214 Feb
144
Jan
4
Cash sale,
x
Feb
Deo
124
79
Feb
4
60
Apr
134May 14
134May 13
174 Feb
3
11
Apr
184 Nov
1478
Jan
274
224
Apr
12
Feb
18
Apr 29
8
May 13
1044 Apr 7
84 Jan 11
16
May 13
224 Jan 11
274 Jan 22
114 Mar 8
1094 Jan 21
12
Apr 29
Apr 28
May 14
764May 13
03
Feb 17
95
Apr 28
2334May 13
1264 Jan
4
904May 7
264 Apr 30
23i2May 13
Ex-dlv.
y
Jan
277* Deo
744 Nov
104 May
74 Jan
93
Jan
Mar
3
47*
264 Mar
8
74
110
Jan
Apr
66
r
394
214
604 Apr 28
50
New *»<ick.
Jan
Feb
214 Apr 28
404 Mar 13
5
94
97i2May 4
284 Feb 11
94 Apr 28
.No par
Feb
Jan
424 Jan 13
United Aircraft Corp
Nov
84
334 Feb 24
100
Oot
10
110
Oct
84 May
34 Jan
par
.....
84 June
934 Jan 4
13% Feb 3
84 Jan 13
154 Mar 6
No par
Preferred
Union Tank Car
«
Deo
Oot
4
Preferred
600
Feb
4078 Apr 28
Mar 13
28
84 May
94
Jan 20
25
Deo
Oot
94 NOV
224 June
314 Apr
174 Jan 22
Deo
384 Nov
474 Nov
174 Deo
Mar 29
3
1,900
Deo
Deo
Feb 19
20
Feb 10
Deo
02
724
60
674May 13
119
277*
'
4
134
4
Feb
134 Mar
9?s Feb
50
20i4May 14
Jan
434 Nov
184 Nov
244 Apr
204 Apr
104
18
Def
8
05
Nov
129
Apr
65
1
800
a
324 Mar
54
Jan 29
Twin Coach Co
7,100
Oct
244 Aug
214 Apr
144 Apr
1204 Jan
94 July
Feb 11
Ulen A Co
No par
Under Elliott Fisher Co No par
Union Bag A Pap Corp No par
Union Carbide A Carb-No par
Union Oil California..
25
Union Pacific
100
91
t In receivership,
634 Mar
8
174 Jan 20
334 Jan 9
3,200
24
244
14034 144
37
75
1,700
3,900
1,200
9,400
79
Jan
Jan
21
184
99
8
Jan 20
Feb 8
Jan 22
Twin City Rap Trans.-No par
Preferred
100
600
10
80
134
44
5
34
184
78
Jan
374 Jan
Third Avenue
364
*68
Oot
924
364
No par
No par
Thompson (J R)
Thompson Prods Ino..No
Thompson-Starrett Co-No
300
17
27
734 June
294 May
154 Apr
Thatcher Mfg
$3.60 conv pref
100
10,200
1,500
Oct
1144 Nov
94 Mar
Jan
4
Jan
434 Apr 16
900
2,000
5,500
Deo
Oot
82
Apr
04
Feb
Mar
117* Nov
'
300
84
105
94
61
100
160
Jan
54
July
74
354 Aug
1014 Mar
174
678 Apr 21
100
114
64 July
634 June
634May
1034 Apr 28
503g Jan 18
1st paid receipts
174 Nov
Mar
34 July
Apr 28
Mar
144 Mar
2
5
25
Texas A Pacific Ry Co
_
954
484
164
1284
124
4134May 141
434 Apr 29
3058May 14
a:6358May 14
5
Corp (The)
"""266
134
144
184
814
76
Texas
Texas Pacific Coal A Oll-.-lO
Texas Pacific Land Trust...1
93
96
Telautograph Corp
Tennessee Corp
11,700
7,500
224
604
184
34
774
50
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
95
71
preferred
5,000
234
614
16
_
5M%
Jan 18
1178May 14
9
364
104
174
105
Swift Internet Ltd
114
54
26
25
Sept
124 May
284 Feb 11
1434May 13
1
Talcott Ino (James)
40
..
634
25
276
19i2May 13
88
Stokely Bros A Co Ino
Stone A Webster
36
44
104
314
764
50
344 Jan
-mm—'-—
*38
74
364
1234
114
*94
184
234 Jan 12
344 Apr 5
Starrett Co (The) L S..No par
Sterling Products Ino
10
Stewart-Warner
5
4,700
—
7
*64
104
894
94
71
17 May 14
284 Jan
4534 Apr
124
524
'
774 Mar 17
1044 Jan 7
94 Jan 28
2
*1134
*5034
7
59
2
154 May 14
124
544
Jan
Jan
Symington-Gould Corp ww__l
13
Jan
Feb
4,200
524
19
94
154
114
*934
354
444
Standard Oil of Kansas
10
Standard Oil of New Jersey .25
304 Dec
34
6
654 Jan 20
1178Mar 16
36
125„May 14
12015j 6 Apr 30
8
1
Apr 29
par
7i8May 14
par
17i2May 13
par
404May 12
44 May 13
par
par
27* Feb 20
Standard Oil of Calif. ..No par
Standard Oil of Indiana
25
Jan
21
324 July
477* Oot
204 Deo
Apr 28
16
624
104
894
94
*10
prior pref--No
prior pref
.No
Stand Investing Cor p..No
Nov
72"
Feb
May 11
No par
37
9
cum
85
404 June
Feb 26
3034
1634
124
*42
16
No
cum
Jan
Dec
Apr
Apr
31
304
*62
105
No
Prefeired
$7
84
31
64
474
132
234
124
May 14
No par
.No par
Stand Comm Tobacco
Stand Gat A El Co
$0
Mar 22
558May 13
z34 June
194 Jan
974 Dec
54
Sept
25
604Mar
20
84 July
194 Jan
Jan
Apr 28
8isMay 13
100
Nov
150
Apr 29
Spang ChalfaDt A Co Ino pf 100
Sparks Withlngton
.No par
Spear A Co
1
55.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t e
..1
Spicer Mfg Co
No par
Conv preferred A
No par
Spiegel Inc
2
45
284 Dec
1274 Nov
144 Jan
484 Oct
Deo
2
Jan
54
58ij Feb
Dec
155
45
100
Deo
Deo
64
Apr
100
1st preferred.
Deo
26
22i2May 13
424 Jan
par
Jan
110
324 Jan 13
654 Mar 11
434 Mar 17
Preferred
194 Nov
3278
1044
114
294 Feb 15
204 Apr 21
1134 Feb 6
64 Feb 26
424 Jan 12
Jan
Spalding (A G) A Bros-No
Jan
Jan
July
Jan
304 Apr
144 Apr
102
Deo
74 Nov
1014 Nov
314 Nov
8
544 Jan 11
404 Feb 16
24
100
2378May 13
a:30i8May 13
*35
8
Mar 29
Swift A Co
46
134
134
184
141
300
62
934
224
604
Jan
4,900
2,900
374
54
*2234
1634
34
174
62
94
44
Mar 18
334 Apr 29
244
374
*85
110
17
134
104
464
*42
*44
*94
32
344
"9,200
36
*94
1734
964
30
28,300
7
74
364
5
254
400
434
15,600
42,400
94
244
95
43
124
46
934
70
1224 1224
594
404
624
104
894
94
94
700
114
*44
*44
26,100
58
*38
104
254
64
2534
144
674
1234
46
*934
144
674
604
404
624
104
874
934
*85
400
12,200
12
*44
*934
15
44
Mar
234
*64
*38
874
1,000
8,400
584
47
*62
300
134
384
624
104
874
104
44
*62
400
26,000
21
43
Mar 16
Mar 10
304
2304
154
124
*114
524
*38
74
364
134
114
15,600
13,900
614
*40
74
364
2634
300
43
31
154
174
200
-
4234
4334
3034
644
40
"<35~
40
314
8,000
2,500
3
434
174
184
1434
154
204
224
154
1558
144
154
68
68
674
674
1244 1244 *1224 1244
*42
43
434
*404
5
5
54
434
30
33
344 344
35
364 364
354
18
*174
174
174
244
2438
234
244
314
164
184
454
242
23
6534
600
12,500
45
44
24308
*
414
174
*38
4634
*238
84
74
74
40
44
3
*84
184
*36
4358
444
144
144
*184
84
*105
*18
134
*114
*504
484
734
37
14
114
*45
62
1634
1134
mml
*234
31
74
1258
5938
*394
74
364
zl34
114
"758
31
*1224 1244
*444
*114
*5058
*42
504
33«
*67
*1224 125
47
*3
*..._
29
49
26
Southern Pacific Co
H Preferred
84
84
51
100
32
32
*3
"5" 166
174
224
51
6
20
32
*464
224
924
*424
20
85
*31
*21
70
17
Southern Calif Edison
8
Mobile A Ohio stk tr ctfslOO
994
20
100
Southern Railway...*....100
7,800
"""766
84
"54
Preferred
7,200
33,600
25,300
57
84
*63
634
994 *mmmm
*194
*774
64
85
*59
84
*
23
84
224
57
84
634
Socony Vacuum Oil Co Ino. 16
Solvay Am Invt Tr pref
100
380
38
"64
9
144
224
544
*204
*784
324
*834
834
2 800
34
*141
354
64
*3038
344
South Am Gold A Platinum. 1
So Porto Rico Sugar
No par
59
2378
334
1858
6~300
184
878
44
i16 Apr 28
May 11
304 Apr 28
214 Apr 29
104 Jan 15
114
204
89
Feb
120
May
Deo
Dee
Jan
Apr
44
197
34
24
4
2
304 Aug
34 July
594 Jan
154 Jan
434
854 Jan
101
Feb
Feb
Jan 21
44 Apr 21
604 Apr 22
1024 Feb 4
Jan 27
44
204
44
984 Apr 29
42
No par
"34
394
4934
59
$6 preferred
800
-
Sloss Sheff Steel A Iron...100
Snider Packing Corp__ .No par
574
494
25
....100
2,000
56,900
3734
5734
384
"*64
89
144
..10
Skelly Oil Co
14 May
1
344 Feb 19
1054 Feb 2
May 13
'mMay 10
34 Jan
Smith (A O) Corp
...10
Smith A Cor Typewr_.No par
"
334
354
144
314
214
24
*204
*784
*324
183S
89
34
Slmms Petroleum..
Preferred
*111
_
034
3534
.-24
100
324
224
*111
V. 4
*834
70
100
i
324
224
184
*324
314
214
174
Rights
Mar 20
174 Nov
1014 Mar
74 June
Feb
1778Mar 11
700
3718 Mar 12
254 ApJ 28
Nov
554 Nov
Deo
65
May 13
Deo
114
1144 Mar
June
93
14
58
100
184
A # par
MarlO
124 Apr 28
9,800
33,300
155
22
Sharpe & Dohme
120
May 13
94 Apr 28
40
3,400
424
4 28
34
*98
35
95
4
Silver King Coalition Mines. 6
Simmons Co
..No par
13
124
404
153
32
No par
conv pref
Feb
174 Feb 10
5
102
164
*324
34
424 Mar 10
Jan
Sheaffer (W A) Pen Co .No par
Shell Union Oil
No par
Conv preferred
.100
100
36
Apr 28
1278 Apr 28
29
50
*98
*334
26
...No par
No par
900
*153
37
Jan
7,200
165
104
7i8 Jan
11
99
374 July
2
2
84 Jan
54i8 Apr 5
114 Mar 1
954 Mar 10
29
*150
34
Aug
40
168
324
24 Jan
494 Nov
1104 Sept
59
168
104
108
3
Conv preferred ser A .No par
58
38
6
share
per
Dec
1
Shattuck CF G)
Sharon Steel Corp
$5
96
274 Mar 2
514 Mar 17
984 Mar 15
34 Feb 9
234 Feb 10
454 Jan 14
Jan 11
Bervel Ino
5,600
166
3384
224
Feb
U2May 13
1358May 12
z38
81
100
*37
Jan
113
Highest
$ per share
27
July
6
May 10
Seagrave Corp
No par
Sears, Roebuck & Co..No par
58
53
94
Jan 13
Mar
14i8 Jan
41ijMay 14
100
No par
46
share
113
I
Mar 18
110
per
103
800
18,200
164
554
J
l4May 14
5 May 14
3658May 13
*98
554
i
t Seaboard Air Line...No par
Preferred....
100
*334
5534
574
*974 100
*974 100
May
974 Jan
I06i8May
1
Preferred
$
100
'l28 *34 "34
55
514
"*34
JSchulte Retail Stores
Scott Paper Co
share
Lowest
103
103
40
112 8
358
554
36
..No par
5% preferred...
100
6% preferred
100
7% preferred
100
Savage Arras Corp
.No pai
Schenley Distillers Corp.._ .5
5M% preferred
.100
per
Seaboard Oil Co of Del-No par
594
*384
274
104
Safeway Stores
$
5,800
11
*59
Year 1938
Highest
11,300
1,500
99
1034
2SU
104
520
274
134
314
*94
40
*284
294
104
6,500
1,400
84
834
274
134
304
1334
314
104
*59
14
8
32
1138
5
374
74
847s
284
600
14
144
4034
14
54
394
74
*1334
*384
14
54
1,200
3,800
424
95
14
40
330
22
*94
14
364
74
2834
864
2834
144
14
22
414
*99
324
104
114
6
854
284
14
138
404
84
*8
86
3258
294
134
*54
404
284
*99
104
434
112 8
'64
14
404
84
854
284
40
104
1334
454
*8
60
394
284
14
584
40
114
*59
104
135S
454
'64
*358
534
424
84
105
11S8
40
14
584
33
*101
124
14
874
294
134
284
134
324
33
1,700
44
95
9434
14
14
134
144
384 ^40
154
40
294
144
30
42
134
41
lh
54
6
*594
393S
11034 11034
22084 214
95
164
108
*103
11034 11034
*214
2134
Par
""126
1024 *100
110
108
Range for Previous
of 100-Share Lots
Lowest
10934110
11034 11034
1024 *100
108
*107
On Basis
EXCHANGE
.36
1024
1024 *100
*107
40
9
*114
Shares
36
108
14
43
324
$ per share
37
364
404
14
*14
$ per share
the
May IS, 1937
Range Since Jan. 1
YORK STOCK
Week
38
3734
20
*54
*424
*84
874
294
*101
94
2
374
May 13
1024 *100
11034 11034
214 2134
4418 44if
2338
444
*94
37
9
STOCKS
NEW
Friday
May 14
107
107
111
*21
$ per share
38
Sales
for
Saturday
$ per share
Record—Continued—Page
04 Jan 20
1004 Jan
8
914 Mar 27
111
Feb 20
284
1484
994
314
354
Ex-rights.
Feb
4
Mar 16
Jan 13
Feb
Mar
4
5
654
Jan
27* June
744 June
384 May
714 Jan
204 Aug
1084 Jan
904 Jan
224 Jan
204 Apr
109
Dee
84
1024
Deo
70
Jan
Deo
1054 Nov
284
1494
100
U Called for redemption
314
324
Feb
Aug
June
Feb
Feb
n
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
144
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Sa
CENT
Range for Previous
Range Since Jan. 1
STOCKS
es
3291
On Basis of
NEW YORK STOCK
Year 1936
100-Share Lots
'
Saturday
Monday
May 8
May 10
May 11
May 12
May 13
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
1634
16%
*21
15%
23
*25*2
25%
*20
16*4
1534
23
*20
Thursday
Wednesday
16%
16%
21
1678
15*2
19%
21
*20
25*2
2584 2534
*115*4 11784 *115*4 11734 *115*4 11734
79
79
79
79*2
79
79*4
*31
32%
3134 32
31% 31%
5
5*4
5
5%
5*4
5%
40% 40%
40*4 4034
39% 40
13*4
13
13%
13*8
13%
13%
*23%
24%
23% 23*4
22*2 23
5
32
30
5%
39%
13*4
22%
39%
13%
4%
38%
*12%
5%
39%
21
5
4%
40%
39%
12%
13%
123g
21%
21
96%
*95
2*4
*134
1234
*21%
96*2
1%
*11
13
1%
1334
2134
21
21
11334 11334
113
113
156
156
159
*156
20
6212
20%
20*4
62%
*62
1634
*108*4
*55*4
*12*4
5834
90*2
8634
66
96%
*95
96%
*95
United
*11
8684
847g
69
68
103
104
*83
68*8
9934
10
52%
87
69
97*2
68*8
99*8 102%
52%
84
*67
847g
82%
*68
9884 100%
93%
135
133
135% 135*4
135% 135*2
*135*2 136%
84%
68*8
85
108
131
*124
128
125
125
125
125
125
125
122
150
150
*150
155
*150
155
*150
155
*150
U S Realty A Impt
U S Rubber
1st
155
7
5
4%
78
*70
*70
*68
75
*68
72
*68
72
68
68
150
*142
150
*141
145
*141
145
*141
145
73
*74
80
76
72
72
*68
80
20
2%
134
178
53
28%
29
2734
115
*46
1%
53%
26*4
3734
54
54
27%
28%
40*4
28
2834
39
*
84
2%
1%
54
115
4534
278
134
53*2
39
46*2
234
234
134
*114
40*2
*39*4
2%
2%
53l2
28l2
*39
*
115
"45%
46
84
*----
1%
1»4
84
39
39
*
*
115
"46%
46%
♦
m
47
*
84
1%
5334
5334
26%
2734
38
No par
*
84
t Utilities Pow & Light A
Vadsoo Sales
Vanadium
1
.—No jwr
978
934
*59
9%
*7
111
9*4
56
112*4
*7*4
7%
978
59
57
60*4
114
*111
7%
11134
7%
26
128
*125
133
*122
*21%
*79
95
*79
81
79
*7%
125
*121
123
121
121
*21%
*125
7*s
14*4
7
7*8
14*4
*8%
14
*29*2
*113*2
15%
*44
*1878
32
7*8
*75*4
7*8
*13*2
*
6s4
137g
1334
634
8
7*8
*21%
27
*125
79
75
*11734 125
7
634
*121
14
13
*75%
14
13%
6*4
"l4~
29*s
13*8
60*2
12*2
*55
127g
60*2
34
9*4
9*4
87g
12%
*50
34
9*4
28
*25
*25
26
40
*38*4
3978
*30
31%
*29%
5%
30%
5*2
*5*4
*1%
9
38%
*30
5*8
5%
"1*34
*1%
12%
75
1234
60
*50
84
9%
9
.
84
34
9*4
39
39*4
26%
39%
30%
30%
31
26*4
26%
5%
5%
5*4
"l%
*1%
"1%
49l2
47
48
47
47
46
47%
81
49*2
*80
80%
80%
*80
82
82
82
98
*95*2
98
*95%
98
9934
98
98
100*2
93*2
120*4 120*4
*113% 114
98
100
10034
93
9334
92*2
*114
114% 114%
*1678
*3%
8%
3*4
*3*8
8
5978
44*4
9*4
9%
1934
3*4
*16%
834
61%
45
45
4578
138
13834
136
13734
149
149
150
*145
92%
*11934 120%
9
1934
8%
93
11334 114
*16*2
62
93
11934 120
9*2
61*4
99
9934 100*2
120
9*2
115
9%
1934
*9
*16%
*3
3
3%
8*2
8*2
8*2
59*4
60*4
44%
44*4
134% 135%
57*4
4334
*145
149
135
*145
120*4
Jan
Apr 29
6
110
126
100
75
75
50
*121
125
125
*10278 103*2
25
2434
*15
15*4
48
*98
-
48*4
*121
47*2
10334 *100
24
24*2
*15
15*4
2334
*15
434
434
434
3234
3234
31%
*4*9
3478
434
4%
4*2
9%
978
9*2
934
4%
9%
83%
47%
3634
5
*434
*3234
85
*83%
49*4
49%
37
37*2
105*2 106
*87
91*2
100
*98
69*2
*6878
52
*51*4
22*4
23*2
129
*126
40%
40%
■
8934
101
35*4
6*2
83l2 83%
4834 49%
36*2 36*2
106*2 106*2
*87
91%
*97
*68*4
51
21*2
126
39%
85%
*100
3434
6*2
102
69*4
5134
23
126
40
104
*85
*97
6884
49*4
2178
126
39%
85*4
88*2
100%
35
100
*34%
6*2
6%
«.«•*.»
*121
48
47*2
103
*98
24*4
15%
23%
*15
4*2
434
32
32
434
9%
4%
9*2
83
83*2
49%
46%
36%
3634
105
89*2
100
91
113% 114
114
114
44%
123
48*4
103
48*8
39%
85
8734
*95
100%
Bid and asked prices; no sales on
Jan 13
3%
2:g Jan 20
1
July
30
June
16U
Apr
Mar
5
28>4
40
Jan
Feb
Apr
1234 Apr
6
743s Apr
6
115
'
Feb 15
1234 Jan
7
37
Jan
5
135
Mar
4
98
Mar 12
16
Mar 17
118
5
2
3334 Apr 28
28% Apr 29
4
May 14
46
Jan
5
Mar 10
38I4 Feb 19
934 Feb 1
West Penn El class A..No par
Mar 13
80
93
6% preferred
Apr 10
100
Western Paclflo-
100
Preferred
100
Jan
26*g
177g
10%
Apr
Apr
110i2 Apr
9
Deo
3758
Deo
Apr
19*2 Apr
20%
124
38%
82%
*90
35*2
33%
6*2
6%
6*4
Jan
7
19i2May 13
Apr 29
2234
14%
50
21%May 13
700
White Rk Min Spr ctf—No par
1434May 14
5
800
White Sewing Mach—No par
4i4May 13
32
700
Conv preferred.....No par
4%
*30%
438
2,200
Wilcox Oil A Gas
6
9%
834
9
12,300
Wilson A Co Ino
No par
80
1,100
27% Apr 28
4i4 Apr 28
834 Jan 2
79 May 14
46%May 13
32i2May 13
81%
79
45g
47%
4638
47%
35
34
35%
52
22%
126
38%
102
520
87
87
200
*92
100
600
Wright Aeronautical-..No par
Wrtgley (Wm) Jr (Del)-No par
50%
900
Yale A Towne Mfg
21%
70.800
98
6884
50
21%
124
70
124
37%
38
1,700
81
83%
*90
18,000
Co
25
Yellow Truck A Coach ol B..1
100
Preferred
160
85
6%
100
10
WorthlngtonPAM (Del. )Nopar
Preferred A 7%
100
Preferred B 6%
100
100
35
22,000
2,400
$6 preferred-
Woolworth (F W) Co
Young Spring A Wire.-No par
Youngstown S A T
No par
6H% preferred
100%
100
33%
35%
4,600
Zenith Radio Corp
5%
6%
3,200
100
No par
Zonlte Products Corp
t In receivership,
a
1
39*2 Deo
11*4 Feb
Jan
Deo
4
78
Feb
8384
Deo
9
91*4
Jan
107
96
Jan
110
Apr
87
Feb
102
Sept
116*2
III84
Jan
Jan
124% Sept
11634 Deo
Apr
12*8 Feb
23*4 Sept
84% Feb
*100% jan 19
123i2 Mar 9
U5i2 Jan
1134 Mar
23i2 Mar
434 Mar
III4 Mar
83i2 Jan
5784 Mar
8
5
6
17
17
22
6
1675s Jan 22
170
Jan 22
303g Jan 22
39
May 6
8*8
15
2714 Feb 23
3478 Jan 7
115
Apr 13
123%May
65
6
Mar 11
1214 Feb 2 7
9is4 Mar 2
653g Jan 20
47
Jan 22
112i2Mar 25
Apr
17g Nov
5*8 Aug
72*2 May
3484 Jan
94*2 Jan
123*2 Jan
225g June
16
*834
81%
46%
32%
21*2 July
84
July
17»8 Nov
43
2314 Jan
65g June
11
Jan
71
Nov
36>4
Deo
8684
Deo
76
Jan
7
63
99i2 Apr
6
lODgMar
9
115
6
Jan 27
8
40% Feb 17
5i2May 14
9% Jan 16
Apr
n
New stock,
r Cash sale.
* Ex-dlv,
y
Jan
87
Apr
23*s Apr
68
Apr
44'4
68% Mar 6
4878 Apr 29
75i2 Jan
Nov
5*4 Mar
June
70
Jan
*31
684 Nov
Apr
Jan
46»g Feb 15
Feb
283g Nov
Apr
62%
3778May 14
Oot
Deo
Feb
3*4
47
Jan 23
397g
109*4
Oot
Nov
1384 July
6
62% Jan 27
373g Feb 16
35*4
July *120
Mar
142
Jan
91
99
MarlO
4
Oot
3384
Jan
34
128
Jan
Oot
160
Jan
100
Apr 28
Deo
153*2
July
Jan
201s
*5078
32
Jan 4
Apr 28
123
Feb
39
77»4
4
Sept
35*2 Oct
1984 June
3I84 Nov
81
99
4
June
97g Feb
96% Nov
Aug
333g Apr
8O84
Oct
14084 Sept
79
Feb
51
Nov
Jan
23*4
Deo
83*2 Jan
42*4 July
41>4 Jan
163*2
Deo
Apr
884
105
Jan
11*8 Jan
534 July
55
87»4
122
Oct
Aug
42% Nov
9%
'
Def. delivery,
Deo
234
46% Jan 4
6% Jan 25
36»s
1434
32
12*4
85
183s
31%
4%
Feb
21
333g Feb 16
1878 Jan 25
684 Mar 22
22i2May 14
*414
White Motor
278
Nov
385g
110*8 Mar 17
7,100
Nov
75g Nov
Deo
4
22%
Nov
62
Deo
4
4%
20
i2 June
45g Jan
157t Jan
Jan
4%
Jan
183g
Jan
Preferred
«u» •
Deo
Deo
4984 Nov
128g
69
38
-
118
Apr
44
103
-
784 Mar
Nov
19
39*4
105
100
»
Jan
Feb
2*g Apr
473g Jan
9*4 Apr
5H% conv preferred—100
44%
103
Jan
5*b
Wheeling Steel Corp—No par
43%
*98
No par
Feb
5238
Jan
Mar 24
100
4ig June
gig
4*2
335g June
Feb 11
90
—100
86
Mar 17
102
118
2d preferred
56
109
100
Western Maryland...
4U2 Deo
131*2 Aug
6*8 June
May
1
Aug
Mar 22
100
.
Deo
Deo
114*2 May
1384 Deo
6
214 Jan
May 13
100
6% preferred
4
43%May 14
No par
West Penn Power pref
8*2
6884
83
Jan
1
Preferred
Jan
48*4 July
10% Mar
30
123
*118
Oct
Deo
305a Deo
493s Nov
116
Aug
Jan
6
3,000
47%
103
2%
57
137*2 June
Jan 18
121
6*2 Mar
Aug
120
Aug
2*4 Aug
70
Dec
—100
preferred
Apr
May
114
35% Jan 16
Feb
4
14
*114*2
Jan 28
24
18
Mar
Apr
69ia Jan 23
I84 Feb 17
12U Jan 25
59
109
30
ll%May 13
Apr 27
s4 Apr 27
63s Feb 1
6
5
4*g Jan
2884 Aug
8
Feb
5% Apr 28
May 3
May
19
2934May 14
*110*4
Jan 18
43
Jan
58ia Jan 20
3938 Mar 11
445s Jan 20
90
35*4
this day.
Aug
Apr
478
75
Co
Class A
1
•
115
114
*50
23%
129
Jan
30
50*2
104
50
5% preferred
30
Wheeling A L Erie Ry Co.. 100
15
36%
Jan 18
500
23%
83
108
30%
15
9%
Nov
165
30%
21%
434
92
Mar
31%
120
102
575g Apr
153
*30%
15%
32
67*4 May
884 Nov
Jan 19
Westvaco Chlor Prod—No par
*98
Deo
Jan 21
600
30
Apr
86
300
114
79%
15484 Nov
164
20
*105
76*8
Nov
39
110
Nov
10334 Nov
July
*19%
110
101
168
*38
22%
Dec
19*4 Deo
4938 Nov
Oct
39
22%
637g
Jan
Jan
Sept
Apr
20%
2234
104
Apr
5
19*2
2234
*38
978
1838
160
5
Weston Elec Instrum't-No par
24*4
4*2
8,700
69
July
9
5
84i2 Jan 11
Feb
20*8 Nov
62*4 Nov
144
Jan
8% Feb
125*4 Nov
169*4
Apr
914 Feb
169
4
4178 Apr 28
130% Apr 12
143
May 14
900
Jan
72% July
131
Mar
Jan
11734 Feb
Westingh'se Air Brake.No par
Westingbouse El dc Mfg
50
1st preferred
—50
69%
6%
70
70
3
143%
*6834
35
Apr 26
Feb 17
7,300
43%
1,800
200
47
9
136
9
Wesson Oil A Snowdrift No par
280
,
834
17%
Jan
7% Apr
183g Jan
Jan
10i8 Mar 16
183gMar 16
Webster Elsenlohr..—No par
180
270
69*2
86*2
100
200
120
9734
38%
4,800
81%
120
21*2
115*2
122ia Jan 11
No par
Preferred
*90
85
39*2
30
120
100
22*4
1,300
Conv
Oct
Jan 22
150
A o par
134
445g
Wells Fargo A
4%
126% Mar 11
No par
No par
4%
7,300
134
110
Aug
31% Aug
Jan
Jan
5
No par
$3.85 oonv pref
4
143
31%
49
68i2
463g
2
100
;
Waukesha Motor Co
131
753$ Jan 18
I884 Mar 11
49U Mar 16
1978 Jan 8
503s Feb 1
1034 Feb 26
99i8Mar 2
Warner Bros Pictures
«,
200
85
50
*
200
98
*125
„
97
*92
23%
w
98
88
49*4
126
m
98
101
69*2
36,700
..
*95%
*85
70
Preferred
600
8%
Mar 11
105
Jan
No par
Preferred
600
*16%
2%
9
193s Jan 12
318
Ward Baking class A—No par
Class B
No par
400
98
*95
103
8,300
100
145
31*2
*121
500
37%
*1%
43%
72% Mar
100
3034
37%
112
9
100
100
*29
*25
6% Apr 28
Apr 26
26
100
7'4 Jan 5
13
Apr 28
No par
28
Apr 29
—No par
1I6H% preferred
100 *112% Mar 18
Walworth Co
No par
11% Jan 4
42% Apr 28
Walk(H)Good A W Ltd No par
300
2634
8%
13434
*31
49""
100
t Warner Quintan
j Warren Bros
Convertible pref
Warren Fdy A Pipe
145
21
*48*4
-
5,200
131
39
*121
-
%
8%
34
14834
*20%
110
-
1,800
60
137
*38
120
124
Virginia Ry Co pref
Western Union Telegraph-100
*23
Jan
Aug
4,900
23
May
87g
Sept
18,300
39
160
84
758
*38
Mar 22
70
1958 Feb 11
98
44
Feb 10
49
98
42%
Feb
2312 Mar 22
23»4 Nov
Jan
393g
80
Preferred B
97*2
90%
3
137
172
Walgreen Co
*81
90*2
Apr
Sept
100
Preferred A
82
120
Jan
10
24% June
80% May
May
Virginia Iron Coal A Coke. 100
6% preferred
100
100
6% preferred
*80
45%
35s Jan 28
20i2 Jan 19
347g Jan 13
72
57%
*23*4
*105
*81
Nov
5
84
738
*20%
114
5%
"l%
Feb
100
Feb 26
55%
21*4
*105
1%
44'%
20
Jan
Jan
Mar 27
7%
39
120
4%
Apr
2
88
57%
*20*2
*105
31
13
91
80
7*4
54*4
8%
5934
45%
*38
31
38
29%
9
Waldorf System—
-
Jan
3
l",706
-
Nov
Mar 18
No par
Preferred
23,400
1938
8
2,300
_
87
113% July
Mar 27
3
24*2
3034
37
Jan
85
3
3*4
23
3084
30%
Feb
Mar
Feb
14i8 Nov
109
80
8i2 Apr 28
15i2 Apr 29
2i2 Jan 2
7U Jan 13
54i4May 13
39
31
9
Chem
t Wabash
"
12
*50
34
Jan 14
May 12
Va El A Pow $6 pref--.No par
1,400
80
1138
<
Jan 14
Dec
60'4 Nov
47
9*8
16%
*23%
31
*24
12%
17
June
66% Jan
115
8%
*20%
23%
84
8*4
*75
60
8684 Mar 19
113%
16i8
2434
100i2
32i8
4134 Apr 30
16%
*38
23%
11%
*50
2
June
8)4
3734May 13
IIII4, Mar 27
100
Vulcan Detinnlng
1,600
13%
1234
80
Mar
16i2 Feb
29% Aug
105
5
73s Jan 4
52
Apr 28
108
Mar 18
10
6%
6%]
684
13%
Va-Carolina
4
9%
24
6*2
100
7%
27
126
*21%
75%
July
487g Aug
100
Vick Chemical Co
1,500
180
218 Apr 29
li2May 14
19%
24
35
7%
7%
27
130
*80
*80
*80
*80
"184
134
34
82
*78
1234
60
*26*4
*39
*80
80
80
34
89
56
11134
*
12%
14*4
34
*100
54
*111
29%
80
*70
80
1278
93
834
8%
9%
55
111
7,100
76l2 Apr 27
68 May 13
May 8
72
May 13
145
26
Vlcks Shr A Pao Ry Co oomlOO
84
4%May 14
Corp of Am.No par
7% 1st pref
1,400
12
*5
*7
12%
*8*4
12%
12%
14
14*4
14%
13%
13%
133s
13%
28
29
29%
29%
*29%
29%
28%
28%
114
*113% 114
*113% 114
*113*2 114
*113% 114
*113% 114
15%
1578
147g
1534
15*4
14%
15%
14%
1578
15*4
14%
43
43
43
44
43
45
4334
4434
43%
43% 43%
*19
19%
19%
19%
*187g
19%
19%
*18%
19%
*18%
19%
30
32
31*2 31%
*27*2 32
31% 31% *21
2934 2934
6
7
6%
678
6%
6%
6%
634
5*4
7*8
534
12%
14*4
2934
*55
*100
8%
52%
111
130
79
*121
9%
57
110
7*2
27
26
130*4 *126
26
26
9*4
57
110
57
111
4
4
Jan
May 13
121
May 14
147
Apr 29
658 Apr 28
48
6% non-cum pref
9
Jan
723gMar 31
1)8
Feb 18
100
Van Raalte Co Inc
—
44
100
Preferred
400
115
"44"
100
Universal Pictures 1st pref-100
6,400
38
*36
No par
No par
350
28%
*
44%
93
52i2May 13
10
May 13
Jan 4
86
May 14
82
May 14
68
May 7
75
Preferred
6,700
2,300
25g
1%
1%
115
*44%
2%
234
54
4
131
Preferred class A
_
Jan
44i4
100
Universal Leaf Tob
20
89
100
United Stockyards Corp
1
United Stores class A—No par
100
713g
*60%
60
Preferred
30
75
60
Corp
U8 Tobacco--....
1,500
78
100
Preferred
3,400
145*4 *142
20
No par
No par
preferred
U S Steel
500
7%
434
100
U 8 Smelting Ref A Min
Preferred
963s 133,100
1,300
121
434
*113
preferred v t o
U S Pipe A Foundry
400
69
*150
5
2%
10614 Feb 26
9% Mar 11
138 Apr 13
Jan
155
5
55
Jan
71
122
5
2%
15
Mar 30
No par
No par
v t c
Prior
100
121
5
*134
Apr
Aug
131
5*4
*50%
538
40% Apr
1034 Apr
10
131
*5
*73*2
Jan 11
9684 Nov
35% Nov
9U Feb
2684 Apr 19
63
Jan
Jan
Jan
15% Mar 13
223s Mar 17
2,200
5*8
73
535s
8
117
68
43 % Feb
Class A
6,100
5*8
80
Jan
Mar
16
Oct
25i2 Sept
37% Nov
335g Nov
225g
6U Jan 2
13i8 Apr 23
83%
7%
*72
4
17
8% Jan 14
46% Jan 14
111
3234May 13
8734
78
5
50
3
Mar 17
U S Leather v t o
82
7
*70
U2 Apr 29
8
1234May
Feb
91
35
U S Industrial Alcohol-No par
86
7%
78
9512 Apr 28
Jan
16*2 Apr
24U Mar
5,000
*6838
93%
7%
*70
534May 13
38 Apr 27
46i2 Jan 7
77% May 13
12%May 14
108
May 14
6I2 Jan 4
16
May 14
105i2 Apr 28
156 May 10
100
Corp
5M% conv pref
3,600
7%
78
Jan
20
7% preferred
7,000
38,400
7*4
*68
4
Jan 26
18ig
96s4
13
31% Feb 10
30% Jan 11
11734 Feb 6
3,100
11%
5534
7%
*70
Apr
12i8 Apr
2438 Jan 12
Highest
share $ per share
2,500
83
98
478 Apr
38
1738May 14
U S Hoffman Maoh
100
53%
*7*4
*70
100
1,100
69
133
100
Apr
.—No par
U S Gypsum
2*100
111
734
78
2,500
52%
10%
5338
88
No par
U S Freight
29
14
6
14
16
28
30
28
28
26
per
15%
15%
*7*2
145
U S Dlstrib Corp
Preferred
15% May
19%May
24%May
11312 Mar
6934 Apr
$
$ per share
share
$ per
9%
*108
5434
11%
56%
No par
United Paperboard new
10
U S & Foreign Secur___JVo par
Preferred
100
3,200
1,200
34
9
16%
108
5
1
Preferred
96%
3338
9%
100
No par
United Gas Improve-par
20
35
5
10
Rights
100
834
1534
No par
United Eng & Fdy
United Fruit-
300
2
3234
No par
Preferred
United Drug Ino
United Dyewood Corp
Preferred
2,100
20,000
21
35
35
35*4
3434
3434
978
978
10*4
934
97S
978
16*2
17%
I684
16*2
16*4
16*2 *1634
111
111
*108
*108
120
*108*4 115
56
56
56
55*2
5434
55*4
55*4
12
12
12%
12*4
11%
1134
11%
57
59*2
58%
55*2 57
56*2 58*2
88
90
88
90%
88*2 90
92%
Corp
par
United Electric Coal Cos
14
*1%
2%
14
10*2
*68
*95
96%
Corp .No
22,700
54,200
16,00
2
2
*1%
*1%
14
14
*11%
*11*8
21
17%
17%
20*2
1738
21%
109
107
113
113
10734 109%
109% 111
156
156
*156
159
*155% 159
*155*4 159
*18
19
20
1834
1834
20%
1978
*19%
*58
64
*61
64
*60%
61% *5834 60
*1%
*11%
20%
35
36*4
36
*10*4
20%
*95
No par
Unlted-Carr Fast
*100
*95
100
United Carbon
1,000
21%
22%
103
*100
*100
103
*100
103
104*2 *100
103
104*2 *100
7
678
7
6%
634
634
534
6%
534
6%
6%
6%
34
78
%
%
%
r%6
%
%
*2
%
38
52
49
49
48
*48
*49*2
51% 51*2
47%
47% 48
50%
81
81
81
81
80
7734
8U2 81*2
77%
81*2
79%
77*4
13
13%
1334
13%
13%
13*4
12%
1334
13%
13% 13%
13%
*110*8 110%
110% 110% *110
10938
110*4 *10938 110% 108
111% *110
14
13
14
1378
1334
1334
1334
12*2
13*4 *1234
13%
13%
16
16
18
18
*1734
18*2
17*4
17%
17%
16*4
17%
17%
No par
No pat
Preferred
10
2,700
1,600
45,100
5,800
4,300
30
30
3134
Corp.—5
United Biscuit
1,400
*25
25*2
25%
24*2
25%
115*4 115*4 *115*4 11734 *115% 11734
78
77
79
77%
79%
79*2
31%
Un Air Lines Transp
United Amer Bosch
300
20
*19
Par
14,200
16%
15%
16%
20
Shares
Lowest
Highest
Lowest
Week
25
26
EXCHANGE
the
Friday
May 14
Tuesday
Ex-rights. <1 Called for redemption.
Jan
3292
May IS, 1937
"
'
•
new
foek:
Bond Record,
On Jan. 1,1909, the
a
range, unless
footnote in the week In which they occur.
the year.
2
Friday
T*
BONDS
N.
Y
STOCK
Last
§5
EXCHANGE
Week Ended May 14
Bid
A
Low
U.
S.
Friday
or
Since
Asked
High
No.
115.3
115.16
32
105.26
106.4
110.22
111
109.2
109.14
Low
D
177
35
131
106.8
106.6
106.14
32
Sept 15 1951-1955 M 8 102.2
102.2
102.20
282
113 .16 121.14
104 .2
109.26
109 .12 115.20
107 .12 114.9
104 .20 107.27
142
104 .24 108.24
104.11
380
102 .20108.24
Treasury 35*s
Treasury 35*8
Aug 10 1941 F
A
A
O
D
D
103.29 103.26
106.9
106.9
104.8
47
102 .24 108.18
106.20
79
104 .24 108.24
15 1944-1946
105.27 105.23
15 1955-1960 rvi h 100.12 100.09
Sept 16 1945-1947 M 8 102.2
102.2
100.28
568
102.13
446
Apr
Mar
25*s._.Sept 15 1948-1951
1951-1954
M
J
Sept 15 1950-1959 M
Treasury 25*s
Dec 15 1949-1953 J
Federal Farm Mortgage Corp—
15 1944-1964 M
3s
May 15 1944-1949
3s
Jan
25*s
Mar
S
1 1942-1947 M
1 1939-1949 F
100.3
145
106
104
109.25
99
104.30
100 .18 106.16
235*
7
20
235*
245*
5
20
1946 M N
1947
1953 rvi n
Cordoba (Prov) Argentina 7s.-1942 J
Costa Rica (Republic of)—
S
99.13
99.8
99.27
375
98
103.18
J
97.27
732
96 .6
101.22
102.27
116
101.7
102.8
203
100.11105.17
102.17
102.26
20
101.8
105.23
101.6
101.10
3
99.6
104.10
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
101.18 101.12
99.28
99.25
99.10
101.28
272
99.24 105.3
101.5
565
98.28103.2
114
98.16 102.31
99.22
245*
245*
*225*
235*
2
.....
98
985*
15
145*
145*
6
1945 J
J
14
14'*
4
f 7s series C
1945 J
J
f 7s series D
1945 J
J
f 7s 1st series
1957 A
O
s
8
♦External
s
♦External
sec s f
7s 2d series.1957 A
O
♦External
sec s f
7s 3d series. 1957 A
O
Antwerp (City) external 5s
1958 J
\Argentine Govt Pub Wks 6s__ 1960 A
1959 J
f 6s of Oct 1925.. 1959 A
1957 M
1958 J
.
125*
125*
175*
165*
13
16V*
135*
5
13
135*
10
1005*
101916 101<932
16
100i32
100*32
40
101916
1012'32
41
101
101732
1001,6
101®32
1005*
75
101732 1 02 5*
23
100*16 102
1005* 1035*
101*32 1025*
O
S
101732
......
4
1005*
101
101
1015*
41
1015*
1015*
4
195*
195*
1
195*
108
1095*
4
108
......
108)*
11
117
1175*
8
109
98
185*
108
1025*
255*
1105*
1055* 1095*
1155* 1185*
99
1025*
995*
20
18
25
195*
21
185*
245*
D
47
46
50
30
O
445*
36
38
101
35
695*
475*
O
365*
355*
385*
81
35
47
D
375*
375*
405*
40
355*
475*
1962 J
D
on
1961 IVI
J
O
O
S
1961 MS
-
1961 F
A
1977 M
8
1976 F
A
1976 A
O
1975
1984 J
J
f
45*8-45*8
Refunding sf45*s-45*s
Extl re-ad J 4^8-45*8
Extl s f 45*8-45*8
....
f $ bonds
(Kingdom
30
1045* 1105*
1045* 110
995* 1025*
195*
Extl
Bulgaria
107
100
195*
♦65*s stamped
8
1065*
965*
99
D
♦Buenos Aires (Prov) extl 6s
♦6s stamped
3% external
29
1025*
100"32l03
195*
Buenos Aires (City) 65*9 B-2..1955 J
External s f 6s ser C-2
1960 A
External s f 6s ser C-3
1960 A
8
1075*
1065*
J
—1950 J
Budapest (City of)—
♦6s July 1 1935 coupon
1065*
D all75*
1957 IVI S
.1958 F A
f 6s
127
20
1952 J
Sinking fund gold 6s
985*
98
D
65*s of 1927—.1957 A
Brisbane (City) s f 5s
s
101
27
1957 A
♦7s (Central Ry).„
M
.
.
355*
5
3
101
11
101
101
101
17
1025*
1025*
103
5
29J*
31
34
......
......
101
......
......
1005*
1951 A
O
O
Canada (Dom of) 30-yr 4s
5s
1960 A
O
—.1952 M N
10-year 25*s
Aug 15 1945 F A
25-year 35*8
J
...1961 J
♦Carlsbad (City) a f 8s
J
1954 J
♦Cent Agrlc Bank (Ger) 7s
1950 M S
♦Farm Loan s f 0s..July 15 196( J
J
Denmark 20-year extl 6s
External gold 55*s
External g 4 5*s
1015*
985*
1955
Apr 15 1962
I^Stamped extd to Sept 1 1935
75*8 unstamped
101
External 7s stamped
7s unstamped
1949
1965 J
♦55*s of 1930 stamped
♦5 5*8 unstamped
1965
♦German Rep extl 7b stamped .1949 A
♦7s unstamped.
1949
German Prov A Communal Bks
1015*
....
102
99
995*
86
85
10
86
7
175*
245*
12454
116
115
117
1155* 1195*
1215*
1195* 130
1185*
1175* 124
275*
♦(Cons Agric Loan) 6 5*s
♦Greek Government
8 f ser
♦Sink fund secured 6s
1958 J
187
275*
265*
205*
275*
225*
225*
1
185*
29
305*
152
27 5*
24
335*
235*
285*
235*
245*
265*
D
29
45
235*
32
36
36
33
41
295*
30
275*
35
985*
185*
995*
965* 100
18
78.-1964 M N
18
F
A
Haiti (Republic) s f 6a »er A
1952 A
♦Hamburg (State) 6s
1946 A
♦Heidelberg (German) extl 75*8 '50 J
O
J
Heislngfors (City) ext 65*8
I960 A
Hungarian Cons Municipal Loan—
♦75*8 unmatured coup on
1945 J
O
*105
1055*
*24
265*
215*
*24
26
215*
305*
24
24
215*
24
24
215*
305*
27**
515*
545*
1968
855*
4
76
76
76
775*
775*
25
78
795*
805*
15
57
575*
11
-
1075*
......
......
995*
57
255*
25)*
1
265*
......
265*
5
1075*
1075*
1125*
21
112
56
99
99
14
985*
995*
99
57
57
1
47
475*
8
325*
475*
325*
6
Irish Free State extl s f 5s
Italy (Kingdom of) extl 78.....1951 J
Italian Cred Consortium B
1947 IW
Italian Public Utility extl 7s...1952 J
255*
22
275*
86
865*
80
85
755*
805*
715*
825*
96
965*
93
995*
965*
83
14
*55*
55*
J
*7
8
J
*7
85*
♦6
65*
F
a
f 6 5*8
21
52
205*
21
63
21
205*
21
♦External sinking fund 6s...1962 M S
♦External slnkli g fund 08... 196c M N
21
21
16
21
205*
21
15
185*
18)*
6
10
7
9
65*
7
6
95*
42
6
95*
55*
65*
83
554
85*
1
8H
135*
83
O
13
1952 J
73
25
245*
8
245*
27
26
67
67
625*
625*
10
1025*
1025*
1035*
41
1025*
1025*
103
31
105
1045*
1065*
106
1065*
1075*
28
104
1035*
104
48
1965 A
1015*
1015*
52
1963 F
975*
965*
*1025*
*195*
1025*
975*
s
t 5s... 1970
Oslo (City) s f 45*8
Panama (Rep) extl 55*8
♦Extl 8 f 5s ser A
J
1955 A
O
995*
1953 J
D
1055*
185*
185*
185*
10
Pernambuco
O
185*
185*
185*
40
♦7s Sept coupon off
1947 M S
♦Peru (Rep of) external 7s
..1959 M S
♦Nat Loan extl s f 6s 1st ser.. 1960 J
D
♦Nat Loan extl a f 6s 2d ser..1961
185*
185*
14
165*
175*
15
675*
675*
11
S
191*
195*
3
185*
""665*
♦Stamped
81
755*
995*
1055*
*74
1963 1VI N
D
165*
1
1944 M
1943 F
J
D
"3I
1956 M
A
1962 M N
"74"
27
D
D
I960 M
"73"
25
1957 J
......
8
65*
755*
205*
21
75*
75*
85*
1959 M N
New So Wales (State) extl 6s..1957 F
A
External s f 5«
Apr 1958 A
Municipal Bank extl
85*
115*
115*
11
55*
1959 M
.
17
55*
6
♦6s series A
Norway 20-year extl 6s..
20-year external 6a
98
65*
1958 M
♦Sec extl 8 f 65*8
♦Montevideo (City) 7s
25
12 5*
*6
Milan (City, Italy) extl 65*s...1952 A
Minas Geraes (State)—
♦Sec extl
195*
95
6
1954
81
205*
855*
405*
135*
.
J
795*
295*
102
1947
1958 M N
A
835*
40
*205*
f 7s
y
825*
*975*
«
(Province of)—
coup on...1950 J
935*
94
40
D
Austria
♦75*8 June 1 1935
54>*
115
755*
A
♦Leipzig (Germany)
305*
85
Japanese Govt 30-yr s f 8 5*s..l954 F A
Extl sinking fund 55*s
1965 M N
Jugoslavia State Mtge Ba»k—
♦7s with all unmat coup
1957 A O
Lower
195*
855*
1953 M
21
475*
111
'25
107
J
♦STreas 6s of '13 assentOarge) '33
♦I Small
215*
17
165*
105
S
D
Oriental Devel guar 6a
Extl deb 65*8
......
19
*1145*
1960 M N
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small..
4
775*
575*
♦7s unmatured coupon on
1946 J
♦Hungarian Land M Inst 75*8.1961 M N
♦Sinking fund 75*8 ser B
1961 M N
♦Hungary (Kingdom ot) 75*8—1944 F A
♦4s of 1904
58
795*
......
995*
O
♦Assenting 5s large
♦Assenting 5s small
18
855*
765*
......
S
13
107
1035*
20
18
765*
9
100
30
7
80
665*
685*
24
705*
82
25
34
245*
655*
605*
1015*
1015*
1045*
1055*
1015*
995*
955*
1025*
33
685*
04
1055*
105
1075*
109
1045*
1025*
975*
1035*
17
815*
1055*
9
*34
24
245*
755*
815*
715*
765*
975* 1005*
105
745*
107
85
645*
76
225*
205*
305*
28
26
(State of)—
♦Poland (Rep of) gold 6s
♦Stabilization loan a f 7s
♦External sink fund g 8a
98
10054
1055* 107 5*
22
305*
1952 F
JBS
,
225*
D
"o
♦Nuremburg (City) extl 6s
For footnotes see page 3297.
107
1185*
4s s f ext loan...
M
100
121"
j""D
1949
73
(City)^Germany 65*s.l950
81
German Govt International—
20
♦Cologne
78
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q
1055*
16
1015*
♦101J*
995*
O
S
815*
8I5*
80
*
215*
1951 J
78
115
D
215*
—
805*
1941
425*
♦Guars! 68.
785*
*195*
205*
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 5s
82
785*
107
205*
1961
73
*98
5
..1961
82
795*
*75
8
♦Guar sf 6s
82 5*
72
*75
1969 M S
1969 M S
32
♦Chile Mtge Bank 65*8
♦Sink fund 0 5* s of 1926
505*
745*
785*
315*
s f 6s
Jan 1901 J
♦Extl sinking fund 6s._Sept 1961 M
45
79
785*
785*
42
♦Ry ref extl
975* 100 5*
775*
32
♦External sinking fund 0s...l90( A
♦Extl sinking fund 6s...Feb 1961 F
99
79
Dominican Rep Oust Ad 5 5*8..1942 (VI s
1st ser 55*8 of 1926
1940 A O
42
A
1005* 1025*
?85*
*455*
O
6s.._Oct 15 196C
1045* 1055*
102
975*
M S
♦Farm Loan 6a ser A Apr 15 193? A O
♦Chile (Rep)—Extl s f 7s
.1942 M N
s f
1055*
1015*
1952
External sink fund 45*s
External 8 f 4 5* s
♦Farm Loan
2
1035*
*1035*
♦Medellin (Colombia) 05*s
D
1954 J
♦Mexican Irrig assenting 4 5*s..l943 M N
995* 1035*
995* 103
101
of)—
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 5*8 May coup off 1968 M N
1035*
1065*
62
102 5*
1005* 1025*
31
100"32 1005*
1941 J
(Germany) s f 6 5*s
♦External sinking fund 6s
♦Brazil (U S of) external 8s
♦External s f 6 5* s of 1926
20-year
15
1012932 102
1958 J
♦Berlin
f
1002732 1005*
1002332
985*
A
1960 M S
1950 A O
f 6s
103
1013*32
J
1949 M S
1955 J
1955 J
1015*
985* 1015*
1015* 1025*
lOO'az 102
1002732
S
External 30-year b f 7s
331
1045*
62
98
French Republic 75*8 Btamped.1941 J
205*
13
13
—
J
Externals f 6s
665*
1025* 1045*
68
565*
1035* 1055*
1035* 1055*
20
100
135*
13
...
1956 M N
Belgium 25-yr extl 65*8
135*
135*
20
54
1945 F
97
205*
32
♦Bavaria (Free State) 65*8
1045*
"~2
665*
14
IOU32
1
100
635*
135*
1
10 1 2932 1 02>32
1957
101
*985*
635*
1005*
1957 M
"75
635*
1019,6
1001,6
1019,6
1955 J
51
1025*
♦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 6 5*8...1953 1VI N
22
101732
External g 4 5*s of 1928
Austrian (Govt) s f 7s
22 5*
14
102
—
27
365*
1025* 1055*
335*
102
26
145*
f External
External 5s of 1927
80
99
195*
D
1962 F A
1971 M N
90
95
195*
O
s f 6s of May 1926
1960 M N
s f 6s (State Ry)._1960 M S
IfExtl 6s Sanitary Works.
1961 F A
IT Extl 6s pub wks May 1927—1961 M N
16
195*
30
30
135*
If Extl
If Public Works extl 55*8
235*
14
135*
D
D
995*
♦Dresden (City) external 7s...1945 M N
A
O
1963 M N
J
1945 J
f 6s series A
D
..1942 A
5>*s 1st series..
♦External
93
77
705*
*1025*
"f02~
2d series sink fund 55*s
1940 A O
Customs Admins 5 5*s2dserl961 M S
♦External
965* 101
Deutsche Bk Am part ctf 6s...1932
A
f 7s series B
14
106.10
101.26 101.23
......
8
9?5*
67
....
765*
96 M
975*
J
s
1! External 6s series B
"755*
A
Sinking fund 55*s...Jan 15 1953 J
♦Public wka 55*8...June 30 1945 J
97.11
94
105
A
1949 F
102.16
985*
895*
S
1949 F
External loan 45*8
♦External
IfArgentlne 6s of June 1925
935*
33
1944 IV1
104.16
99.12
♦Sink fund 6s Feb coupon on.1947 F
♦Sink fund 6s Apr coup on. .1948 A
♦Antloqula (Dept) coll 7s A
J
103.17
1942-1944
Akershus (Dept) Ext 5s
98
94
A
♦7s Nov i, 1936 coupon on..1951
Cuba (Republic) 5« of 1904
External 5s of 1914 ser A
985*
A
98 4
97.13
31
305*
305*
4
99 2
......
38
69
24
233
8
38
29
99
32
22%
22 5*
609
D
29
32
29
99.29
100.8
Agricultural Mtge Bank (Colombia)
s
1
High
205*
29
29
5 5*s 2nd series
♦External
Low
29
99.10
100.3
Foreign Govt. & Municipals-
a
No.
J
99.15
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 IVI N
Bergen (Norway) ext
High
O
D
M N
15 1942-1947 J
S f external 45*8
Australia 30-year 5s
Since
O
D
102 .10 107.30
57
106.25
s
Range
Jan.
Asked
on_.Oct 1961 A
Jan 1961 J
1957 F
1957 F
346
105.25
U External
A
♦Colombia Mtge Bank 6 5*1-- 1947 A
1952 J
103.25
106.15 106.15
104.5
104.5
s
Bid
of)
♦6s July 1 1935 coup on
Cordoba (City) 7s
7s stamped
103.21 103.15
^External
Price
A
105.19 105.15
15 1949-1952 J
(Republic
♦6s Apr 1 1935 coup
F
8
15 1946-1949 J
Colombia
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
25-year gold 45*s
L>
15 1941-1943 M
25*8 Beries B__Aug
25*8 series G
*
Friday
Low
♦Sinking fund 7s of 1926
D
Mar
A,
106.28
15 1940-1943 J
35*s
"H
104 .28 110.18
101
15 1946-1948 J
Treasury
14
Range or
Sale
EXCHANGE
Farelgn Gov*. & Mun. (Concl.)
June 15 )943-1947 J
Treasury 25*8Treasury 25*s
STOCK
High
Treasury 3s
June
Treasury 35*8...June
Treasury 35*8—-Mar
Treasury 35*8—.June
Treasury 35*8
Deo
Treasury 25*s
Treasury 25*s
Y.
Week Ended May
Jan. 1
Government
Treasury 45*s...Oct
15 1947-1952 A O 115.3
Treasury 35*s._.Oct
15 1943-1946 A O 105.28
D 110.23
Treasury 4s
Dec 15 1944-1954 J
Treasury 35*8
Mar 15 1946-1956 M 8 109.2
Treasury 85*s_.
Treasury 3s
N.
Week's
Last
BONDS
Range
Friday
Price
sa,
they are the only transactions of the week, and when selling
No account Is taken of such sales In computing the range ror
Week's
Range
Sale
bonds
changed and prices are now "and interest"—except for income and defaulted
was
disregarded In the week's
are
exchange
stock
Friday, Weekly and Yearly
Exchange method of quoting bonds
NOTICE—Cash and deferred delivery sales
outside of the regular weekly range are shown In
K
1940
_
...1947
1950
*20
185*
185*
475*
605*
225*
185*
185*
20
129
185*
20
85
185*
47
485*
605*
455*
26
7
47
62
62
24
60
80
465*
13
455*
04
a*«es
Volume
BONDS
STOCK
Range or
Last
EXCHANGE
Week Ended May
Bid
A
Low
Foreign Govt. AMunlc. (Conct.)
A iked
High
No.
1961 J
♦Prussia (Free State) extl 6%a
♦External sf6s
29H
D
1966 J
♦7 Us July coupon off
Prague (Greater City) 7%a
J
6
20
12
19%
20
9
16%
109%
110
27
109%
110
4
109
113
*24%
1960 M 8
26%
31%
37
29H
24
N
25%
25%
27%
21
25H
26
28
12
26
32 H
O
74 %
74%
75
14
72 H
83H
36
35
36
12
25H
36 H
*21
30
21%
27
*25
33
25
27
1963
25
7s
:
38
11
36%
31%
27
29 H
28%
9
24 %
24%
27
92 %
92%
94
*18%
*17
1946
24%
34 H
60
91
98
19%
24
22
31%
31%
40 H
54
30
39H
29%
12
42%
43
5
39%
F
F
J
M
External s 1 6%s guar
1961 A
Trondhjem (City) 1st 6%«—1957 M
♦Uruguay (RepubJc) extl 8s—1946 F
1046
1956
Taiwan Elec Pow a 1 5%s
1971
Tokyo City 6s loan ot 1912—1952
A
95%
A
104%
J
f 5%»
75%
-
S
O
N
A
*70%
100
100
1
95%
5
75%
71%
4
100
6a Nov coupon on
Warsaw (City) external
22
67%
68
133
63 H
86
63%
Yokohama (City) extl 6s
80
83%
2
82%
41%
84%
42 H
D
1961
63%
70
Coll A
conv
♦Coll A
100
100
5
100
100%
101%
101%
102
O
C
*106%
1944
F
O
—
*103
103%
99
99%
«.
-
w
90%
1998 A
1942 M
1950 A
S
*94
o
.97%
1956 M
Am A
2030 M
S
1953 J
D
96
-
-
Foreign Pow deb 6s
f deb 5s
O
--mm--
*109%
99
mm — mm
m
S
74
87 %
96 H
84 H
60
93 H
69
79
79
99%
11
98%
16
81%
1955
O
97 H
97%
98%
87
97%
97%
97%
138%
138%
152
8
1975 MN
AnacoDda Cop Mln a t deb 4 Ha 1960 A O
♦Anglo Chilean Nitrate—
S f Income deb__
J
1967
104
104
106
21
105%
106
74
Deb g 6s series A
105H
*
*102
103
1955 F
A
97 H
1957 J
J
102%
97%
96 H
1950 J
37%
103
J
34
98
174
Adjustment gold 4s
4s
gold 5a
95
16
103
108
173
106 %
116
Cal-ArU, 1st A ref 4Ha A
109%
100%
86
96%
109%
103% 110
105
108
108
111
105 H
25
24%
31
6
85
88
60
62
16
60
83
61
62
7
*101%
105%
104% 2105
25%
24%
111%
111%
16
114%
117%
115
13
109% 110
113
118%
114% 121
117%
117
114%
8
112%
112%
12
111%
123%
112%
124%
48
110% 110%
110% 110
! "124"
17
120% 128%
94%
104%
107
104%
114%
113%
114%
22
110
92
6
89%
99%
102% 105
115%
103
103
103%
4
78
....
*25%
5
150
155|
1951
6
35
107
Cent 111 Klec A Gas 1st 6a
110%
111%
113
Cent Illinois Light 3 Ha
111%
112
21
111
113
f*Cert New Engl 1st gu
Central N J gen g 5a—
*
-85%
"30%
108% 111
103
89%
30%
78%
106%
93
31%
10
80 m
32 A
26
29
36%
19
211
25
19
20%
23
34 a
18%
18%
29%
23%
23%
*31
)
24
31
80
*
J
1
25 *
....
19%
40
81
40
23%
30
34
3
150
244
5
100
100
103,«
18
100
125%
3
104%
103%
104%
16
102
109
)
100%
100
101
32
99% 104%
103
103
103 i
1
100% 108%
63
75%
M
1966
V
1961
J
68
68
70
11
.1987
J
65
65
69
43
65
88%
1987
J
57
57%
3
57
78%
4s
4s
BROKERS
Railroad, Public Utility and Industrial Bonds
Vilas & Hickey
Members— Now York Curb Exchange
NEW YORK
Private Wires to Chicago,
114% 121
112% 118%
104%
92
►
For footnotes see page 3297.
2
116%
114%
1
110
—
3
42
119%
112%
22%
9
Telephone HAnover 2-7900
105
24
*16"
16
—
103
112
J
105%
-
9
13
26
>
110
York Stock Exchange
....
»
73%
101% 103%
60%
115
>
105%
49 WALL STREET
32
23
88
>
108%
New
24
....
88
I.IIII
29
General
100% lOD' n
82%
93
....
i "29"
m «.
BOND
101% 102
108% 110
4
51
87
*22
I
108H
*
1
....
18
7
111%
101%
100%
103% 100%
104%
110%
105%
S
101%
*108%
"166%
100
105% 109
110
104%
1
6
103%
104 %
1962 M
52
105%
110%
10
Trans-Con Short L 1st 4«.__1958 J
106%
103%
105%
45
105%
97
1952
104%
w m —
122%
118% 132%
1938
♦Mid Ga A Atl Dlv pur m
m
112
14
26
99% 105%
72%
83%
103% 105#
112
J
35
99
106% 110%
112
D
113
119%
80
102
1948 J
1965 J
Rocky Mtn Dlv lot 4s
115%
61
102
Cony deb 4Hs
103
108
7
«...
34
102%
28
99H
83
106
5a_1947
♦Mobile Dfv 1st g 5a
1946
Central Foundry mtge 69-.—.-1941
Gen mortgage 5s
1941
CeDt Hud G A E 1st A ref 3H9-1965
104%
73
104%
112%
♦Ref A gen
100#
82
105%
90
♦Ref A gen 5b series C
102 H
94 H
97%
♦
69%
101%
*75%
105%
D
104
242
94
106%
106%
1960 J
91
91
106%
104%
Conv g 4a Issue of 1910
105#
41%
101%
104
105H
97%
105%
105%
..
104H
D
50
X♦Central of Ga 1st g 5s—Nov 1945
♦Consol gold 5s
1945
105
105%
.
104
D
100%
Carriers A Gen Corp deb 5a w w 1950
Cart A Ad 1st gu g 4s
1981
♦Cent Branch U P 1st g 4s
1948
42 H
74
33
6H3---1946
110%
1955 J
100
97
June 15 1955
4%g
109%
1955 J
101%
118%
109H
Conv 4s of 1905—
90
118%
"Il3"
Oct 1969
1970
1996 A O
1995 Nov
Conv gold 4s of 1909
12
*75
July 1969
5Ha aeries B....1959
1959
♦Chatt Dlv pur money g 4a_. 1951
♦Mac A Nor Dlv 1st g5s
1946
--
41%
90%
1957
gold
34%
25
*65
..1952 A
5s
20%
24%
8
113%
gold
3
30
*21
Caro Clinch A O 1st 5s
104 H 107
104
96%
-26%
29
92%
1938 J
1995 M N
f 4s ser O (Del)
Armstrong Cork deb 4s
Atch Top A S Fe—Gen g 4s
"100%
1981 F
1937 M
1957
1st A cons g 6s aer A.Dec 15
102
103
91%
85%
90
1950
4a
4% deb stk perpei
1946
58 equip trust ctfa
1944
Coll trust gold 5e
Dec 1 1954
Collateral trust 4 Ha
I960
f*Car Cent 1st guar g 4a
...1949
110H
66 %
104
78
29
1955 J
Canadian Pao By
Coll trust 4Hs
113
96% 102H
96 H 102#
50
82%
34
26%
1947
Guaranteed gold 4 Ha..
1956
Guaranteed gold 4Ha..Sept 1951
138% 200
67%
------
Ark A Mem Bridge A Term 5s. 1964 M S
TArmour A Co (111) 1st 4Ht—1939 J D
Stamped
33
34
104%
164
19G6
♦Am Type Founders cony deb.1960
Amer Water Works A Electric—
46
114%
Guar
^97
111H 114
214
90
85
80%
26%
"26%
1950
1957
5s A
99%
112
82
27%
f deb 3%s
Canadian Northern deb
36
106%
92%
107
83
79%
A
gtd 5«_194l
Canadian Nat guar 4 Ha
Guaranteed gold 5s
103% 106
107
101
79
8T
5s
con* gu
71
95%
148
21
61
al05%
Caoada Sou
105H 109
29
106
s
1956 IM N
con
20
104%
84%
83%
83%
1942 A
..1962 A
Guaranteed
105%
113%
94%
10
25
24%
24%
*107
D
1967 M S
6s
,87#
105%
105%
J
s
76 H
234
105%
112%
1995
gold
Guaranteed
4
113#
(Del)
o
1944
103%
95
5a stamped
100
124
105H
1st M
4s
20%
....
103%
J
M 4Ha ner
♦Camaguey Sugar 7a ctfa
100#
94%
20
18%
18%
5
cons
131
20
4
101H
106%
94
..
120
2
21%
20%
93 H
J
Convertible debenture 4 %a—1939 J
3%s debentures
1961
f 4s ser B
21
D
115% 121%
17
....
21
98 %
97 %
106%
_
-
-
15
118%
123%
*102
f*Bush Term Bldgs 6s gu
1960 A
Cal G A E Corp untf A ref 5s... 1937
Cat Pack cony deb 5s
1940 J
93 H 102 H
107 H 112H
110
Teiep A Teleg—
20-year sinking fund 5%s___1043 MN
t*Ann Arbor 1st g 4s
123%
20%
♦Consol
101%
1
-
118%
123%
118%
......
20%
f*Bush Terminal 1st 4a
65
147
78%
102% 103%
70
*101%
O
♦Certificates of deposit
107
95 H
76
20%
Consol 4 Hs
Am
debentures
*73
D
if ♦Burl C R A Nor 1st A coll 5s 1934
76
106 %
-
Amer I G Chem conv 3 Ha
1949 M N
Am Internet Corp conv 5%s_-1940 J
J
t,
116%
Buffalo Gen Elec 4%s ser B
•ffBuff Rech A Pitts gen g 5s
110
101
-
*99%
1st M
110%
111)
20%
Brura A Weal 1st gu g
103%
105%
81
65%
1951 FJ A
...
3%a
110
103
110%
105%
64
-
86
61%
♦Aiptne-Montan Steel 7s
s
111
110%
4
O
Brown Shoe
106
,
67
93%
86
~
61H
1950
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
Allied Stores Corp deb4%»_._.
4%a debentures
American Ice
1
4
1st lien A ref 5s series B
109%
79
99H
114% 115
70
m
84
67
*66
90 H
D
1950 A
107" "II
mmm
99
A
1949 J
6s
♦6s stamped
m
7
86%
*60
>mm
1946 AO
tr 6s
85
O
1948
assented
85
D
1943
6a
conv
111
104%
Bklyn Qu Co A Sub
17
100%
*«,«»•. mm
1943
Alb A Susq 1st guar 3 Ha
Alleghany Corp coll
76
111
85 a
15
1952 A
1st cons 4s series B
warr
86%
84%
104%
54
105
A
♦Albany Perfor Wrap Pap 6a.. 1948 A
♦6s with
S
99%
93%
82%
93%
73%
83%
39 %
101
105
88
83%
77H
104
D
101% 107%
2
52
6
101
1946 F
1947
10-year deb 4Kb.
Adriatic Elec Co extl 7s
Ala Gt Sou 1st cons A 5s
102
39
92%
A
Debenture
Coll trust 4s of 1907
35
104%
92%
216
13
101
98%
104
103%
77%
1st lien A ref 6e aeries A..
99%
103%
103%
86%
98
COMPANIES
94%
110%
103%
98%
75%
84%
92 H
42%
85%
103%
...1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s..
1945
♦UAbittM Pow A Paper 1st 5e. 1953 J D
Adams Express coll tr g 4s
1048 M 8
97
106%
104% 108%
98%
♦Certificates of deposit...
INDUSTRIAL
AND
110
56
105
84
J
1st
RAILROAD
94
99%
114
114
Brooklyn City RR 1st 6s
1941 J
Bklyn Edison cons mtge 3HS..1966 MN
Bklyn Man hat Transit 4 Ha
1966
98
85
88
76
1st g 4%a aerlea JJ
1961
I»Bo«ton A N Y Air Line 1st 4s 1955
If ♦Botany Cods Mills 6 Ha
1934
09 H
*95%
87%
114%
85%
85%
Undergr 6 Ha 1956
D..1960
Cons mtge 3%a aer E
1968
70
68
1952 M N
7a—1058 F A
79
84
1st M 5s series II
66
105% 100%
1051A "~2
107;*
S
Bosron A Maine 1st 5s A C
65%
80
105% 107%
106
"l06
J
78
66%
A
1
8
*104
O
Big Sandy 1st
66
Venetian Prov Mtge Bank 78..1952
Vienna (City of)—
68
106
A
•Berlin Elec El A
99 % 103
83%
68
J
1960
Beth Steel
54
74
105
1948
72 H
10
42
100"izl02
68
85%
1943 J
Bell Telep of Pa 5s aeries B
1st A ref 5a series C
65
78
66
...........
10
39
1951 J
76 %
69
1964 M N
6s.
21
75
106
A----
Belridere Delaware cons 3 Ha. .1943
♦Berlin City Elec Co deb 6 Hi—1951
♦Deb sinking fund 6 Ha
1959
101% 105H
1960 M N
f 6a
40
53%
46
74%
"l"08
4a stamped
1951
Battle Creek A Stur xst gu 3a. .1989 J
Beech Creek ext 1st g 3Hs
1951 A
95 H
90H
6
105
76%
76
104%
1996 M
4s
♦Debenture 6s
Styrla (Province of)—
7s Feb coupon off...
105%
99%
99%
102% 106%
49%
00%
1960 F
4 Ha
iet
99
88%
90
51
25
25 H
24
....
28
*25
Con
26
38
43
1962 M N
J
1968 - D
♦Stleoian Landowners Assn 6a..1947 F A
103%
51
1940
Ref A gen M 5s aer F
B.»ngor A Aroostook 1st 5e
44
43
35
30
28%
28
♦7s Not 1 1936 eoupon on
81
1937
4%a
Tol A Cin D|y 1st ret 4s A...1959 J
Ref A gen 5s series D
2000 M
25
32%
28%
♦Silesia (Pror of) extl 79
95
104%
D
Ref A gen 6s series C
....1995 J
P L E A W Va Sys ret 4a ....1941 M N
J
Southwest Dlv 1st 3H-5fl..-1950 J
34H
25
Serbe Croats A Slovenes (Kl&sQom)
♦8s Not 1 1936 ooupon on... 1962 M N
93%
110% 116
*100%
Bait A Ohio 1st g 4a
..July 1948 AO
D
Refund A gen 5* aeries A
1996 J
1st gold 6s
July 1948 A O
35%
25
9
36%
1945
0%s
30
mmmtm
29%
30
1940
♦Saxon State Mtge inrt 7s
93%
1940 Wl N
Conv
|*8« July coupon off
19S6
♦External 8s July ooupon off.I960
♦External 7s Sept coupon off 1966
♦External 6s July coupon off. 1968
97
•
6s assented
32H
26
A
61
93%
"74%
Baldwin Loco Works 1st 5a
33
111
103%
44
1939
1941
deb
High
118% 118%
108
111%
4
110%
J
J
1959
conv
Low
....
102%
91%
40
42
D
1962 M N
♦Extl 0%s May coupon off..1957 M N
s f
Auburn Auto
26%
San PauiO (State of)—
s
33
29%
25%
Sao Paulo (City of Bratll)—
♦8s May coupon off
♦External
34H
23%
79
No.
....
92%
102%
1948
Atl Gulf A W I SS coll tr 5s
VAtlantic Re/lnlng deb 5a
24 %
1969
♦Saarbruecken (City) 6s.
♦External
27
1967 J
1962
110
1948
2d 4a
1W0 M
♦7s August coupon off
mmmmm
*107
Austin A N W 1st ju g 5s
23%
23H
1963
Rome (City) extl a%«
*110
J
May 1 1945 M N
10-yr coll tr 5a
Atl A Dan 1st g 4a
Jan. 1
High
D
J
1944
A
26
6
29
Roumanla (Kingdom of) Monopolies
s
24
24
21H
36%
28
-.1946
♦7s May coupon off....
♦7a June coupon off
Sydney (City)
100
17%
L 1st 4 Ha
Since
Atkei
1946 J
J
1st 30-year 6s serfea B
1944 J
Atl Coast Line 1st cons *s July 1962 M S
General unified 4 Hs A
.1964 J D
LAN coll gold 4s
Oct 1952 MN
113H
109%
...4
A
Rio Grande do Bui (State of)—
♦8s April coupon off...
1946
♦6s June coupon off...
1968
g
92
26%
94%
20
O
♦Sinking fund
25%
1
Atl A Charl A
33%
31
25%
O
♦6 Ha Aug coupon off
27%
94%
"■*
94 H
1962 A
♦Rhine-Main-Danube 7« A
Rio de Janeiro (City of)—
♦8s April coupon oft
12
29%
A
Low
High
Low
Bid
Price
Range
c2
Friday
Sale
Si
•5
Range, or
Last
EXCHANGE
STOCK
Week Ended May 14
20
V*
Mt
1982 M N
1961 M S
Queensland (State; extl s f 78—1941 A
26-year external 6s
1947 F
a f
Y.
1
Jan.
At! Knox A Nor 1st g 5a
Porto Aiegre (City of)—
♦8s June coupon off
Secured
N
Since
<§
05
BONDS
Range
fa
Friday
Sate
Price
14
Week's
Friday
Week's
Friday
N. Y.
3293
New York Bond Record—Continued—Page 2
144
A. T. & T. Teletype NY X-911
Indianapolis and St. Louis
Week's
Friday
2 "8
BONDS
N.
Hennett 'Bros. &
L.
G*/f
~
iMembers
STOCK EXCHANGE
V
IS
ft.
Johnson
Bid
4c
A
Debenture 5s—
Apr
15 1952
Debenture 5s
Jan
15 1961 J
High
No.
103%
103%
38
102%
103%
O
J
102%
8
"161%
101%
128
Col 4c H V 1st ext g 4s
^ew York,
Y.
Trivate Wire
N.
Y. STOCK EXCHANGE
Range
Sale
Friday
Bid
Price
Week Ended May 14
4c
Low
1949 F
Cent Pao let ref gu g 4s
A
A
O
F
A
Through Short L 1st gu 4s..1954
Guaranteed g 5s
1960
TCent RR 4c Bkg ot Ga coll 68.1937
Central Steel 1st g s f 8s
1941
Certain-teed Prod 5%s A
1948
Champion Pap <fc Fibre deb 4%sl950
HCheaap Corp conv 6s
1947
f10-year conv coll 6s
1944
con
107%
99%
E—1996
May 1940
con g
4s
101
166" "91
4
88
5
123
105%
105H
IVI
S
M
S
M N
J
D
86
rl28~"
el26%
111
112H
F
A
88
21
12
126% 156
116
137
111
107H
13
118
5
96%
96 H
97 %
80
96H
96 H
97%
47
U1H
*109 %
*108
M
S
105 %
General 4s
1968 IVI
s
109%
1st 4c ref 4 He ser B
1st 4c ref 6s ser A
1977
108
113
108
57 H
15
105%
106H
45
52%
58%
104% 110
109%
27
108% 113%
109H
65
107%
56
1
108%
F
A
109
108 %
109
12
106%
A
!!$
115H
115%
116H
12
114
119
101%
101%
2
100
101%
36
36%
36%
Chicago <fc Erie 1st gold 6s
1982 IVI
ITCh G L 4c Coke 1st gu g 6s... 1937 J
{♦Chicago Great West 1st 4s..1959 M
{♦Chic Ind 4c Loulsv ref 6s
1947 J
N
*116
J
S
43
42 %
J
82
35%
14
34
118
"32"
"46 H
198
"32"
35
51%
44%
39
43
32
32
39%
26%
26%
34 %
1966 IVI N
J
18%
18H
1956 J
J
102 %
102 %
Chic L S 4c East 1st 4 He
1969 J
D
♦Chic M 4c St P gen 4s ser A.. 1989 J
16
"28H
Jan 1 2000 A
3 Ha-1987 M N
9%
1987 M N
1987 M N
♦1st & ref 4Ha stpd.May 1 2037 J D
D
♦1st 4c ref 4Ha ser C.May I 2037 J
♦Conv 4%s series A
1949 MN
F
1988 J
4s
J
M~S
65
4
64
66
4
64
71%
28
31
278
36%
9%
10H
390
39H
12
27%
9%
39%
D
1960 J
Dec 11960
"l7%
M
"26%
16%
18
83%
43%
42%
26%
22%
25%
22%
10%
16
37 %
78
35%
35H
4
35%
20%
22 %
290
19
19%
19
17
43
19%
11%
*108%
19%
22
13H
109%
150
108% 113%
*86
*91
94%
91
98%
90 %
91 H
90%
80
78%
91
106
106%
30
107%
107%
108%
14
106%
104% 113
105%
106%
55
103
103%
104
33
101% 108%
100
100% 108%
99% 105%
94
85%
J
T6§"
103
103%
101%
101
102
1943 J
O
87
.1993
1941
*104
1963
J
1977
1939
J
99%
Cleve-Cllffs Iron 1st mtge 4Ha. 1950
95
103%
46
99%
100
28
28
99
104%
95
"7
8
111**
40%
97% 104%
104% 108%
107% 109%
101
110%
97
107%
107%
107%
2
107
107%
28
*105%
F
105
93
103
95
104%
f 6s series B guar
1st sf
4Ha series C
o
1977
o
D
Coal River Ry 1st gu 4s
1945
Colo Fuel 4c Ir Co gen s 1 5s...1943 F A
♦5 Income mtge
1970 A O
Colo 4c South 4 Ha aer A......1980 MN
For footnotes Bee page 3297
110
105%
102H
18%
105%
100%
5
34%
A
Crane Co
f deb 3 %s
s
Crown Cork 4c Seal
s
105%
"102""
35%
3
34%
70
32
106'
40
63%
103%
34%
102
103%
21
99%
101%
101%
68
98%
98%
101%
99%
3
96%
M N
9
102
21
101
'l03%
103%
103%
101%
101%
102
D
100
100
100%
8
F
A
98%
99%
38
97
1950 M N
105%
105%
105%
13
104
104
104
104%
10
103%
1951
f 4s
69%
69%
34%
34
"46"
D
M N
Crown Willamette Paper 68—1951 J
Cuba Nor Ry 1st 5%a
1942 J
J
99%
(♦1st ref 7 %s series A
♦Certificates of deposit
(♦1st lien 4c ref 6s ser B
..
D
48%
47%
51%
17
47%
1952 J
♦Cuba RR 1st 5s g
J
47%
47%
51%
16
47%
1936 J
D
64
64
1
62
60
62
5
60
j~~D
*53
65
1936
♦Certificates of deposit
Dayton Pow 4c Lt 1st 4c ref 3 %s 1960 A
Del 4c Hudson 1st 4c ref 4s
103%
1943 M N
90%
Del Power 4c Light 1st 4%s... 1971 J
1st <fc ref 4%s
1969 J
1st mortgage 4 %s
Den Gas 4c El 1st 4c ref
s
*
O
J
1936 J
1936 J
(♦Consol gold 4 %s
{♦Den 4c R G West gen 5s.Aug 1955 F
♦Assented (subj to plan)..
♦Ref 4c impt 5s ser B
Apr 1978 A
{♦Des M 4c Ft Dodge 4s ctfs... 1935 J
{♦Des Plains Val 1st gu 4%s_. 1947 M
Detroit Edison Co 4%s ser D_. 1961 F
Gen & ref 5s ser E
1952 A
"102%
11
101%
91%
93
88%
105%
1
104%
102
102%
6
101%
104%
3
104%
108%
108%
2
106%
107%
108
3
106%
O
26%
12
26%
18
14
17
30
15%
24
26%
42
24
26%
-29
16%
24
J
8%
S
*50
A
O
65
31
15%
29
16%
27
J
ser F
1965 A O
Gen 4c ref mtge 3%s ser G.. 1966 M 8
♦Detroit 4c Mac 1st lien g 4s... 1995 J D
29%
106%
106%
109
109
103%
104
16%
6%
9%
57%
56%
113%
107%
109%
112%
111% 116%
40
106% 110%
105% 111
101
109%
15
8
*55
85
*55
65
"55"
59
45
50
D
50
41%
113
113
1995
1961 M N
1937 A
1937 J
1965 J
J
113
O
55
111
103%
55%
45
50
118%
"56"
101% 102%
54%
72%
104%
102
*101i33Z.
J
"103%
12
57%
14
*50
1995
1995 J
Detroit Term 4c Tunnel 4%s..
1fDul 4c Iron Range 1st 5s
{{♦Dul Sou Shore 4c Atl g 5s..
Duquesne Light 1st M 3%s...
104
90%
104%
J
A
Gen <fe ref M 4s
♦Second gold 4s
♦2d 4s assented
55
56
59
103%
105%
J
J
1969 J
f 5s... 1951 M N
1951 M N
Stamped as to Penna tax
(♦Den A R G 1st cons g 4s
East Ry Minn Nor Dlv 1st 4s._1948 A O
East T Va 4c Ga Dlv 1st 5s
1956 M N
110
conv
4%s
ser
*104
"112""
112
112
7
1939 J
J
104%
104%
2
1995 J
J
*130%
4s....1952 F
A
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
A
Conv deb 4%s
'108%
1941 M N
1951 J D
1946 J D
1965 A
O
cons g
4s prior
1st consol gen lien g 4s
Conv 4s series A
conv
103
*
107
*136
115
"~24
155
167"
*107
108
"3
110
*103%
*103%
1996 J
1996 J
99
99%
99%
30
4s series D
Ref & impt 5s of 1927
Ref 4c lmpt 5s of 1930.Erie <fe Jersey 1st s f 6s
Genessee River 1st s f 6s
83
84
43
1953 A
85
86
21
1953 A
Series B
Gen
109%
102
Erie 4c Pitts g gu 3%s ser B...1940 J
Series C 3%s
1940 J
Erie RR 1st
108
135
*110
1965
84
86%
88%
78%
82
139
81%
128
U7%
2
83%
1953 A
*
1967 M N
79
1975 A
O
78%
1955 J
J
78
117%
*116%
J
1957 J
N Y 4c Erie RR ext 1st 4s...1947 M N
3d mtge 4%s
...1938 M S
1954 F
A
1956 J
D
5s International series
1st lies
s
f 5s stamped
1st lien 6s stamped
30-year deb 6s series B_.
Flat deb s f g 7s
1942 M
9
*106
1942 M
S
1954 J
110% 113
105
12
105"
111%
106% 106%
6
16
108% 116%
109% 113
106
46
104% 111%
101% 1102%
100
99% 105%
"3
110% 112%
104% 108
109
105
80
80
80%
13
80
96
63
63
64%
32
63
77%
72
64%
72
102%
102
101
105
102%
102
103%
102%
103%
102
*101%
102%
*102%
D
*98
1946 J
J
*
{♦Fla Cent & Penin 5s
..1943 J
{♦Florida East Coast 1st 4%s„1959 J
J
101% 102%
102
13%
13%
({♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
({♦Proof of claim filed by owner M N
♦Certificates of deposit
*4
*3%
73
87
14%
13%
20%
13%
20
81%
107%
73%
74%
93%
D
*115%
A
100%
104%
100%
13
J
104%
5
J
30%
30%
1948 M N
*29
34
118
6
A
101%
101%
34%
102%
36
A
99%
99%
100%
42
Gen Steel Cast 5%s with warr. 1949
{♦Ga 4c Ala Ry 1st cons 5s
1945
J
({♦Ga Caro 4c Nor 1st ext 6s..1934
J
♦Good Hrtpe Steel 4c Ir sec 7s..1945
Goodrich (B F) conv deb 6s...1945
1st mtge 4%s
1956 J
Goodyear Tire 4c Rub 1st 5s... 1957
Gotham Silk Hosiery deb 5s w wl946
Gouv 4c Oswegatchle 1st 5s
1942
Gr R 4c I ext 1st gu g 4%s
1941
*
a8 3%
87%
13%
40%
~40%
40%
105""
104%
O
D
102%
284%
*13%
J
*23%
D
99%
99%
M N
104%
104%
104%
100
99%
*102
108%
*'~~8
....
104%
108%
108%
30
40
40
29%
40
98% 105
98% 105%
101% 103%
84%
97%
40
44%
39
23
29
105%
100%
87%
93% 100%
121% 122%
100% 102%
103% 106%
30
1
36%
Gen Motors Accept Corp deb 3sl946
15-year 3%s deb
.....1951
Gen Pub Serv deb 5%s
1939
J
33%
5
107 Vi
107% 108%
93%
D
6%
3%
5
108"
74%
74%
9%
4
5
*104%
108
96%
81%
9
10%
O
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 6%s A
1947
f deb 6s
*7%
82
"73"
13%
1974 M S
91%
73
♦Certificates of deposit...
Fonda Johns & Glov 4%s
1952
s
103%
104%
98% 105
99
*78%
D
♦1st 4c ret 58 series A
80%
101%
102
101%
S
S
1942 M
♦20-year
105% 111%
*99
72
S
1942 M
108
110%
110%
104%
Ernesto Breda 7s
107
105%
*104
I65"
35
34%
34%
3
33
240
J
103
109%
O
..1973
19%
19%
J
(Germany) 7s Jan 15 1945
♦Sinking fund deb 6%s
1940
*101
s
101%
♦Gen Elec
110
*101
J
1st
108
100%
Galv Hous 4c Hend 1st 5 %s A.. 1938
Gas 4c El of Berg Co cons g 5s.. 1949
*99
*103
O
1977
ser
107%
101% 105%
91% 98%
103% 106%
*103
B...1981
4Hs
107%
101
102% 106%
107%
101
J
101
161"
Cleve Short Line 1st gu4Ha_—1961
Cleve Union Term gu 5 Ha
1972
Gen 4 Ha ser A
J
J
J
Fort St U D Co 1st g 4%s
J
..1941
Framerlcan Ind Dev 20-yr 7 %s 1942
J
Francisco Sugar coll trust 6s...1956 M N
118
...
101
107H
38
118
99
A
Gen 4c ref mtge
64
36
103% 105%
105732 1051*32
94%
96%
*102%
O
104
104% 104%
98%
1942 A O
J
...1942 J
1948 MN
1950 A
"4
95
J
J
1
108%
108
102%
*103%
MN
Cleve Eleo Ilium 1st M 3%s_—1965 J
Cleve 4c Pgh gen gu 4Ha Ber B.1942 A
38
*1031*32
1057,6
1940 M S
1940 J
100%
118
Cln Wabash 4c M Dlv 1st 4s_1991 J
J
St L Dlv 1st coll tr g 4s
.1990 MN
W W Val Dlv 1st g 4s
37
*104
J
Spr 4c Col Dlv 1st g 4s
79
90 %
39
107%
103
J
Ref <fc
99%
D
IT Ref & impt 6s ser C
TiRef 4c impt 5s ser D
87
39
"~99%
J
D
Cleve Cln Chi 4c St L gen 4s...1993
105
103
Fairbanks Morse deb 4s
Federal Light 4c Tr 1st 5s
1962 M S
Clearfield & Mah 1st gu 4s
104%
102%
105% 112%
104% 107%
100% 108%
99%
80
91H
S
Cln Un Term 1st gu 6s ser C..1957 M N
1st mtge guar 3Hs series D..1971 M N
Series B 3Hs guar
70
35%
35%
22
D
1970
1st mtge 3%s
1966
Container Corp 1st 6s
1946
15-year deb 5s with warr
1943
Copenhagen Telep 5s .Feb 15 1954
El Paso 4c S W 1st 5s
5s stamped
17
"l"2 %
104%
102%
3%s
38
36%
36%
24%
192
76
20
A
s f 6s
1960 J
Consumers Power 3%s.May 11965 J
1st mtge 3%s
May 1 1965 M N
M N
1st mtge
Electric Auto Lite
27%
20
18
105%
A
♦Consolidation Coal
El Paso Nat Gas
27
100%
99% 105%
104% 106
105%
105
1956
Elgin Jollet 4c East 1st g 5s
11
94
105
♦Debenture 4s
56
20
115
108%
98%
102%
101
*31
52
29H
'7%
F
114
102
*31
61
19%
D
Cincinnati Gas 4c Elec 3%s
1966 F A
Cln Leb 4c Nor 1st con gu 4s...1942 M N
Series A 4Hs guar
Series C 3Ha guar
Series D 3Ha guar..
1
30
J
99% 105
106%
*105%
105%
J
101% 105
109
*102%
1955 J
49%
28%
19%
Okla 4c Gulf cons 5s...1952 M N
E
Cairo Dlv 1st gold 4s
43%
106%
..1943 A
ser
60
"16
J
1955 J
46
~50%
106
4s...1952 J
1st 4c ret M 4%s aer D
lmpt 4 Ha
45%
28 H
*67
35H
1951 M
B
45
41
43%
1963 J
Chllds Co deb 5s
ser
3
97%
101%
O
High
101% 105%
12%
49%
52%
52%
54%
1944 J
1963 J
1st mtge 4s series D
1st mtge 3Ha series E
General 6s
43
"45"
27%
18
1960 MN
Chic T H 4c So East 1st 6s
con
63
64 %
27%
27H
D
Chicago Union Station—
Guaranteed 4s
13
17
1952
Ch St L 4c New Orleans 6s
1951 J
Gold 3Hs
June 16 1951 J
Memphis Dlv 1st g 4s
1951 J
C^Inc gu 6s
65
57%
69%
69%
30
A
1934 AO
♦Certificates of deposit
(♦Secured 4 Ha series A
♦Certificates of deposit.
♦Conv g 4 Ha
52%
49%
♦Certificates of deposit
(♦Refunding gold 4s
3
43%
*40%
1987 MN
(♦Secured g 6Ha--.1936 IVI N
♦1st ref g 5s
May 1 2037 J D
gen
66
*31%
A
Low
111H
105%
97%
♦Debenture 4s
♦1st 48 assented
56%
*40
MN
♦4 Ha stamped
I {♦Chicago Railways 1st 6s stpd
Aug 1 1936 25% part pd
110% 111%
23
42%
Fed lnc tax 1987 MN
♦Gen 6s stpd Fed lnc tax
18%
39H
64%
{♦Chic Mllw St P 4c Pac 6s A..1975 F
4%s atpd Fed lnc tax..1987
16
100% 107%
58 %
52 H
58 %
52%
64%
♦Gen 4%s series F__.May 1 1989 J
♦General 4s
42%
66
♦Gen g 3 He ser B__May 1 1989 J
♦Gen 4Hs series C._May 1 1989 J
♦Gen 4Hs series E-.May 1 1989 J
gen g
18
*110%
58 %
124
100% 102%
♦1st 4c gen 68 series A
♦1st 4c gen 6s series B.May
Chic Ind 4c Sou 50-year 4s
1966 J
46%
45%
34%
*30
*
J
J
1047
39
38%
117%
*100%
J
1947 J
♦Refunding g 5s Ber B
♦Refunding 4s ser C
{♦Choc
108
109
,
♦Certificates of deposit
3Ha guaranteed
Chic 4c West Indiana
116% 128%
95
102%
95% 102%
1971 F
({♦Chicago 4c East 111 1st 68-1934 A O
{♦C 4c E 111 Ry (new Co) gen 68.1951 IVI N
{♦Chlo R I 4c P Ry
106% 109
111% 111H
120%
112% 115
115
*106H
109%
non-p
137
110% 111
J
♦Stpd 4s
108
162
118
1949 J
♦Gen
85
105%
108%
104%
95%
125%
96%
132
107%
1949 A O
J
1949 J
♦Conv adj 6s
{♦Chic 4c No West
97
89H
Illinois Division 4s
Chic 4c Alton RR ref g 3s
Chic Burl & Q—111 Dlv 3 He
32
High
106% 112%
123%
1989
1941
108 H
Low
89H
1989
2d consol gold 4s
Warm Spring V 1st g 6s
No.
105%
♦Debenture 4s
123 %
86
Potts Creek Branch 1st 4s.—1946
R 4c A Dlv 1st
Since
Jan. 1
M N
g 6s
Craig Valley 1st 6s
High
*104 %
General gold 4%s
Ref 4c lmpt M 3%s ser
I3
§3
IV! N
1939 M N
1992 IVI S
Ref 4c Impt mtge 3%s ser D1993 IVI N
Ches 4c Ohio 1st
107 H
Asked
4%s—1951
1951
1961
Consol Edison (N Y) deb 3%a.l946
3 % s debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956
Consol Gas (N Y) deb 4%s
1951
Consol Oil conv deb 3%s
1951
{♦Consol Ry non-conv deb 4s. .1954
Stamped guar 4%s
s f 3%s A
Range
or
M N
1943 A
Conn River Pow
Week's
Last
*106%
Conn Ry 4c L 1st 4c ref
135 So. La Salle St.
Friday
100%
*108%
A
Conn 4c Passum Rlv 1st 4s
Connections
%andolph 7711
Ti- Y. 1-761 -<• 'Bell System Teletype •>- Cgo. 543
IS
O
F
LtMs
1965
Commercial Credit deb 3%s—1951
Commercial Invest Tr deb 3%s 1951
TJlgby 4-5200
BONDS
A
1955
Columbus Ry Pow 4c
Chicago, III,
One Wall Street
1948
Col 4c Tol 1st ext 4s
%A1LRQAD BONDS
Jan. 1
Asked
Low
Columbia G 4c E deb 5s—May 1952 M N
f 'H.ew York Stock Exchange
f c^ew York Curb £xcbange
Since
Friday
Sale
Price
Range
Range or
Last
*
Week Ended May 14
7
May IS,
New York Bond Record—Continued—Page 3
3294
"35
100
71
5
104%
52
30%
107
97% 101%
103% 105
99
107%
103% 103%
108% 111
•
Volume
Friday
Week's
Last
Range or
Sale
Friday
BONDS
N.
STOCK EXCHANGE
Y.
Week Ended May
Price
14
Bid
A
1944
1950
Great Northern 4%s series A..1961
General 5%s series B
1952
94%
F
1st Agensf 6%s
94
95 H
J
111%
117
110%
104%
102%
130%
108%
93%
111%
J
J
ill"
General 5s series C
1973 J
General 4 %s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4s series H
1976
1977
1946
1946
Gen mtge 3%s ser 1
1967 J
J
J
103%
J
136
J
109
♦Green Bay & West deb ctfs A
93 H
*60
Feb
♦Debentures ctfs B
10%
Feb
*98
4
95%
23
42
110
118
39
29
105%
17
363
118% 140
109%
125
106
94%
79
11%
98%
101
100 H
o
103 H
103
103%
1952
J
106
106
106
1949
25
OR
J
25
{♦Housatonlc Ry cons g 5s
1937
MN
Houston A Texas Cent 6s gu..l937 J
1THouston Belt A Term 1st 58..1937 J
*115%
"~90"~
ser
Hudson Co Gas 1st g 6s
Hudson A Manhat 1st 5s
1962 J
A
J
1949
D
81
46
103
48%
20
39
57%
29%
29
36%
106%
84%
78%
107%
74
A
O
A
M S
conv deb 4s.
1947 A O
IVI N
Corp 6s stamped 1942
J
{♦Int-Grt Nor 1st 6s ser A
1952 J
Interlake Iron
s
6%s.l944
cons g
{♦Man G B A N W 1st 3%s_._1941
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
97%
101%
100%
97%
100%
Metrop Ed 1st 4%s ser D
35%
Metrop Wat Sew A D 5%s
34%
1950
J{*Met West Side EI (Chic) 48.1938
71%
77
♦Mex lnternat 1st 4s asstd
79
81%
97%
88%
88%
City Air Line 4s
95%
95%
J
J
64%
64%
66%
Jack Lans A Sug 3%a
1st gold 3%s
J
J
80
80
82%
1955 F
A
68
68
69%
1959 J
D
100%
100%
98
7%
7%
95%
S
A
O
A
o
"52"
o
50%
o
86%
J
J
J
J
J
90%
107""
D
107
1987 J
J
108%
1964
1974
1st A ref s f 5s
1938
Secured 6% gold notes
Leh Val Harbor Term gu 5a
For footnotes see page
1954
3297.
as
102
109%
107%
*101%
146%
*
146%
102
*106
113
106
102% 104%
105%
100
103%
*18
79%
86%
64%
6
62
90
66
7
64
j
O
36
36
39%
48
36
57%
31%
34%
39
31%
53
78%
75
78%
37
41
4
93
92%
3
100
99
84%
97% W)l%
101%
*100%
90% 100
99
103
104
104%
20
103% 107%
106%
104%
108
69
106% 109%
100% 104%
*100%
A
13
1977 M S
3
I
92%
38
*70
*
O
M
33%
92%
82%
"93%
*83%
A
1977
1956
90%
20
*92%
F
1968
4
20
20
D
106%
103%
13%
"9
2
3
12%
3
16%
5%
*2%
S
*
D
1940
..1951
1952
1979
J
"24%
_
24%
26%
*104%
105%
103% 105%
*104%
J
M
105
104% 110%
S
IVI N
J
103%
103%
J
,■
2
101
108
A
O
57
2
57
J
D
102%
31
100
102%
21
101% 105
24%
57
95
96
84
84
1
36%
38
24
*57
.
84
36%
99%
91%
46%
57
63
16%
16%
"~~5
5%
6%
33
5
5%
90%
105
95
*58
*90
84
4a Int gu.1938
6
57-
11%
21%
5
10
6
3%
8%
51
23%
37%
J
J
"26%
1946 J
J
18%
1938
1975
♦1st A ref 5s series F
1977 M
50
49%
50%
43%
93%
91%
93%
90
60
59%
60%
56%
70%
59%
59
60%
56
70%
53%
53
53%
53
68%
62
55
70
50%
101
*166"
105%
100%
100%
36%
36%
39%
36%
44
38%
37
43%
32
38%
31%
34%
31%
97
J
J
J
J
95%
93%
A
O
103%
97
94%
103%
100% 106%
98
109%
34%
92% 106%
90
104%
100% 105%
♦Certificates of deposit
♦Conv gold 5%s
♦1st A ref g 5s series
H
1
20
32
26%
7
23
41%
18
18%
16
18
19%
7
17
28%
82%
95%
48
61%
84%
*95%
55%
85%
22%
86
11
"57" "15
30
87
65
85%
96%
75
79
62
75%
88%
68
75
68
1
68
76
71
71
2
71
79%
66
66
66%
48
64
80
41
40%
43%
71
39
48%
39%
S
45%
"l9"
41
"4l"
"2l""
155
15%
24
40%
43%
138
39
49
40
1
37
40%
43%
19
*37
41
205
15
14%
16%
A
O
41
40%
42
39%
1981 F
A
41%
40
39%
43%
155
38
38
39%
4
♦Certificates of deposit
♦Mo Pao 3d 7s ext at
4% July 1938
{♦Mobile A Ohio gen gold 4s_..1938
♦Montgomery Dlv 1st g 5s.. 1947
♦Ref A lmpt 4 %s
1977
♦Secured 5% notes
1938
47
45
1
38%
48%
36%
69
IVI N
1949
1980
♦Certificates of deposit
♦1st A ref 5s series I
22%
26%
40
m"s
1978 MN
♦1st A ref 5s series G
25%
*37
♦Certificates of deposit
♦General 4s
*101%
105%
"84%
24
18
J
1938
Int
♦Certificates of deposit
Lehigh A New Eng RR 4s A
M S
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref a f 58.1944 F A
Is A ref s f 6s
1954
97%
106
83
25-year 5%a
109%
*100"
♦Certificates of deposit
1st A ref s f 5s
A
1949 IVI S
J
1st ref 5%s series B
1978 J
1st Chicago Term s f 4s
.1941 M N
J
{♦Mo-Ill RR 1st 5s series A
1959 J
Mo Kan A Tex 1st gold 4s
1990 J D
J
Mo-K-T RR pr Hen 5s ser A...1962 J
J
40-year 4s series B
1962 J
J
Prior lien 4%s series D
1978 J
♦Cum adjust 5s ser A
Jan 1967 A O
{♦Mo Pac 1st A ref 5s ser A
1965 F A
99
*
..1942
1975
1954
1954
1965
1946
46
104
103
81%
J
con g
1st A ref 6s series A
98%
102"
1961
1st mtge income
"81%
102
1st cons 5s gu as to
108%
1961
Lehigh C A Nav s f 4 Ha A
Cons sink fund 4 Ha ser C
D
S
1940
1st cons 5s
*27%
98%
99
4 Ha unguaranteed
1941
1997
1954
93
9
62
J
102
M St P A S3 M
*
1942
109% 115
104
103%
103%
103%
*102%
103%
102%
40
Kentucky A Ind Term 4 Ha-—1961
1961
Kings County El L A P 5s
1937
Purchase money 6s
1997
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 6s
1954
First and ref 6Hs
1954
Kinney (G R) 5 Ha ext to
1941
Kresge Foundation coll tr 4S-.1946
3 Ha collateral trust
1947
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 6Ha series C
1953
Coll A ref 5 Ha series D
1960
113
*95%
102
12
Kentucky Central gold 4s
♦Lautaro Nitrate Co Ltd 6s
4%s series C
21
S
103%
104%
MN
IVI
96
98
90%
105% 111%
96%
85%
110% 115
94% 100%
96
1961
J
1971 J
|♦Mllw A No 1st ext 4%s(1880)1934 J D
1st ext 4%s
1939
Con ext 4%s
1939
{♦Mil Spar A N W 1st gu 4S...1947 M S
J
{♦Mllw A State Line 1st 3%s..l941 J
{♦Minn A St Louis 5s ctfs
1934 M N
♦1st A refunding gold 4a
1949 IVI S
♦Ref A ext 50-yr 5s ser A
1962 Q F
86%
1946
Lake Sh A Mich So g 3 Ha
42
M
Milw El Ry A Lt 1st 5a B
1st Mtge 5s
50%
A
Keith (B F) Corp 1st 6s
Lake Erie A West 2d g 5s
Ref A lmpt
Mid of N J 1st ext 5s
8%
101%
..1943
Coll tr 6s series B
92%
Michigan Central Detroit A Bay
*100
(par $925)..1943
Coll tr 6s series A
♦Mlag Mill Mach 1st a f 7s
51%
102
stmp (par $645)__1943
Plain
♦4s (Sept 1914 coupon)
95%
IVI
A
Stamped
106% 111
99% 108%
23
112
D
14%
A
stmp (par $925)
25
99%
*95
A
1943 J
12%
35%
34%
73%
F
1947 A O
1940 Q J
1st 6s with warr..1945 IVI N
1947 F
w w
14
104
90%
"90%
Market St Ry 7s ser A...April
1972 M N
w w
108%
103%
Marlon Steam Shovel s f 6s
Mead Corp
1st lien A ref 6 Ha
Int Telep A Teleg deb g
Conv deb 4 Ha
♦Ctfs
105% 109%
106%
98%
J
37%
Int Rys Cent Amer 1st 5s B
S
112%
46
106
108
104"
J
36
101%
98%
warr
2013
73%
J
M
106
108%
*106%
106%
31%
4s.l990
73%
J
♦Ctfs
127% 135
116% 124%
90% 100%
3
81
64
75%
1947
♦Ctfs with
31
94%
s
a f 5s...1953 IVI
Manila RR (South Lines) 4s... 1939 IVI N
1st ext 4s
1959 IVI N
lnternat Paper 5s ser A A B
Ref s f 6s series A
1950
1950
1960
Kansas Gas A Electric 4Hs—1980
♦Karstadt (Rudolph) 1st 6s... 1943
128
118
"93"
S
...2003
1960
f 7 %s._.1942
o
Apr
127%
118
127%
110%
1941
Ref A lmpt 5s
106%
104%
"89%
O
Kansas City Term 1st 4s
100
*87%
1944
♦Certificates of deposit
100
19
*109%
lnternat Hydro El deb 6s
Int Merc Marine s f 6s
Kan City Sou 1st gold 3s
108
34
1980
1945
J
__
103
103%
104%
*106%
1956
s
'?$
106% 106%
101% 103%
103
1946
A—July 1952
1956
1955
108
102%
2003
O
4%s A..1961
1990
{|»K C Ft S A M Ry ref g 4s_1936
97%
69%
102%
*102%
103
Manila Elec RR A Lt
26
Int Agrlo
Jones A Laughlin Steel
Kan A M 1st gu g 4s
IVI
J
1940
♦Certificates of deposit
♦Second 4s
22
James Frank A Clear 1st 4s.
108
2
74
73%
73%
103%
1944
73%
{♦Iowa Central Ry 1st A ref 4s. 1951
7
129%
129% 136
117
126%
"99"" "I6§
105
2003
{♦Manhat Ry (N Y)
71%
27
♦Certificates of deposit
1939
120%
♦Certificates of deposit
70
♦Certificates of deposit
♦Certificates of deposit
109
116
6
120
2003
|{*Manatl Sugar 1st
98%
1932 AO
105
....
*102%
1951 F
Gen mtge 4%s ser A
101
104%
..1961
{Interboro Rap Tran 1st 6s
1966
86
118%
*101
McCrory Stores Corp s f deb 5a 1951 IVI N
McKesson A Robblns deb 5 %a_1950 IVI N
D
Maine Central RR 4s ser A...1945 J
77%
103%
Inland Steel 3% a series D
76%
82%
36
38
{♦Ind A Louisville 1st gu 4s
^Ind Union Ry 6s series B
Ref A Imp mtge 3Ha ser B-.1986
63%
71
*100
S
1945
72
48
130
98
103%
57%
118%
O
S
♦Lower Austria Hydro El
1950
1956
1965
Debenture 6s
109
100
129%
South Ry Joint Monon 4s...1952
Atl Knoxv A Cln Dlv 4s
1955 IVI N
77%
4HS--1952
*107%
High
Low
33
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4%s
100%
ser
75
S
1st A ref 3%s series E
106%
104%
♦1st 5s series B
66%
72%
Paducab A Mem Dlv 4a
1963
1940
♦1st g 5s series C
63%
72%
D
IVI
1st A ref 4 %8 series C
Ind 111 A Iowa 1st g 4s
♦Adjustment 6s
64
A
M
1st A ref 4s series D
A
83%
1932
68
129%
IVI
Unified gold 4s
1st A ref 5s series B
1983
7% notes
48
Louisville A Nashville RR—
MN
Ind Bloom A West 1st ext 4a..1940
conv
No.
62%
O
1950
1938
1949
1949
.....1949
Louis A Jeff Bdge Co gu 4s
J
M N
High
O
O
Since
102%
101%
59%
J
Long Dock Co 3%s ext to
Long Island gen gold 4s
5s
F
IVI N
Louisiana A Ark 1st 5s ser A...1969 J
Springfield Dlv 1st g 3 Ha—1951
Western Lines 1st g 4s
1951
l*10-year
2003 IVI N
Lorillard (P) Co deb 7s
MN
111 Cent and Chic St L A N O—
i* 10-year 6s
5s
4s stamped
1951
1st A ref 4Ha series C
Illinois Steel deb 4Ha
4%s
cons
12
Extended 1st gold 3 Ha
1st gold 3s sterling
Joint 1st ref 5s series A
cons
General
Unified gold 4s
Guar ref gold 4s
1970
Gold 3Hs
General
Lehigh Val (Pa) cons
IVI N
6s
1951 F A
Little Miami gen 4a series A...1962 M N
Loews Inc s f deb 3%a
1946 F A
Lombard Elec 7s ser A
1952 J D
103%
♦Adjustment Income 6s.Feb 1957 A O
J
J
J
1940
2003
2003
4%s
g 4s
Range
Jan. 1
101 %
59
Low
Leh Val N Y 1st gu g
Liggett A Myers Tobacco 7S...1944
44%
85%
1951
.1951
Collateral trust gold 4s
1952
Refunding 4s
1955
Purchased lines 3 Ha
1952
Collateral trust gold 4s
1953
Refunding 5s
1955
40-year 4Ha
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s_._1951
Louisv Dlv A Term g 3 Ha
1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s
1951
0Q&3
Price
101
116% 124
1951
—.1951
Friday
Bid
A
Asked
n
14
A
71%
1st gold 3%s
Range or
9
Leh Val Term Ry 1st gu g 5s...1941 A
Lex A East 1st 50-yr 6s gu
1965 A
74%
Illinois Bell Telep 3%s ser B
Illinois Central 1st gold 4s
Week Ended May
Week's
Last
Sale
Y. STOCK EXCHANGE
100% 101%
A
A-1957 F
ser
N,
79%
86%
101% 102%
*118%
MN
25
114% 126%
84
97%
91
102%
99%
25
Friday
2
BONDS
91%
99% 105%
102% 105%
105% 108
117
90
46 %
97% 103%
76
97%
*70
Houston Oil sink fund 5 Ha A..1940 IVI N
106%
~90~
*100%
*100%
J
106%
®
o
J
A. T. A T. Tele. N. Y. 1-1698
15
10
104
22
NEW YORK
Wall St.
63
Telephone Whitehall 4-2900
106
1946
Hudson Coal 1st s f 6s
"l5
102%
Exchange
Members Neto York Stock
111%
94%
92%
72
1966
o
D* H. SlLBERBERG & Co.
108
115%
100% 109%
136%
96%
1944
116%
100% 108%
O
1999
84%
102
1961
♦Hoe (R) A Co 1st mtge
98%
95%
90
104
97%
♦Harpen Mining 6s
Hocking Val 1st cons g4%s
BANKS AND DEALERS
FOR
114% 119%
llli
*91%
*91%
96%
100%
Stamped
10-year deb 4 %s
BROKERS IN BONDS
High
95%
J
J
Hackensack Water 1st 4s
1
Low
112%
O
1st mtge 5s series C
1950
Gulf & S 11st ref A ter 5s Feb 1952
Gulf States Util 4s ser C
No.
*101
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob & Nor 1st 5%S B—1950 A O
4%s
Since
Jan.
*95
Grays Point Term 1st gu 5s...1947 j
Gt Cons EI Pow (Japan) 7s
Range
sS
Asked
High
Low
Gulf States Steel s f
3295
New York Bond Record—Continued—Page 4
144
45%
18%
48%
13
39%
36%
39
37%
46%
49%
47
MN
98
99
M S
84%
93
97
64%
39%
39%
F
44%
S
M
S
Mohawk A Malone 1st gu g 4s. 1991 M
S
Monongahela Ry 1st M 4s ser A '60 IVI N
31
46%
9
43%
30%
A
M
32%
16
30%
32%
22
31
31
3
88
98%
106%
106%
23
105
111%
100
108%
89%
'l"66%
100
90
Monongahela West Penn Pub Serv
90%
86
94%
1st mtge 4%s
1960 A
O
102%
103
70
97%
97%
97
100%
6s debentures
1965 A
O
39
101% 110%
62%
62%
78
102%
1009,6
103%
63
100%
13
1009i6 102%
57%
57%
56%
77
56%
57
56%
75
98
98
98
*86
62%
"57"
98
102
102%
102
100%
107
J
\Mont Cent 1st guar 6s......1937
list guar gold 5a
1937 J
J
J
"ioo9"i6
*1007,6
102
100% 102%
New York Bond Record—Continued—Page 5
May 25,
1937
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 14
Low
Montana Power 1st A ref 32*8.1966
Montreal Tram l8t A ref 5s
1941
Gen A ref 8 f 6s series A
1955
D
High
94 H
101H
b f 5a series B
1955
Gen A ref 8 f 4 Hs series C—1955
Gen A ref s f 5s series D
1955
ow
95
101
O
Gen A ref
Morris A Essex 1st gu 3 Ha
Constr M 5s series A
94 H
J
83
853*
♦Oct 1935 and sub coupons. .1945
793*
80
86 H
803*
84
84
♦Stpd as to sale of April 1 '33 to
April 1 1935 lncl coupons.. 1945
North Pacific prior lien 4s
1997
O
D
90 3*
1955 M N
"90
96 %
Constr M 4 Ha series B
1955 M N
Mutual Fuel Gas 1st gu g 5s
1947 M N
Mut Un Tel gtd 6s ext at 5%--1941 M N
88 2*
2*
1143*
*106
106 H
A
92 H
92 3*
A
*100H
1012*
50 %
*100%
103 H
1033*
104"
104 3*
105
*3
4
*3
4
4
3%
*33*
3H
♦Assent
o
Nat Steel 1st coll
a
on
f 4s
J
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5s
O
D
63*
*80
D
*1182*
J
J
77
70
122 H
82
117H
New England Tel A Tel 5s A—1952
D
1st g 4 Ha series B
1961 M N
N J Junction RR
guar 1st 4s.__1986 F
63 H
121
117H
*100
63H
1183*
1163*
100H
1043*
101
N J Pow A Light 1st 4
Ha
1960 A
New Orl Great Nor 5s A._
NO A N E 1st ref A
1983 J
J
92
93
92
J
J
79
79
96
97 X
97%
92%
_.
106H
1952 A O
J D
1955
New Orleans Term 1st
gu 4s... 1953
{{♦N O Tex A Mex n-c lnc 5s._1935
♦1st 6s series B
1954
95
95
912*
J
913*
*
A
50
"51~"
"si
A
♦Certificates of deposit...
♦1st 5s series C
♦1st 4 Ha ser. es D
♦1st 5Ha senes A
50 }*
.1956 F
53
502*
54
*
1956 F
55
N A C Bdge gen
guar 4 Ha
UN Y Cent RR conv 6s
O
54
58
29
54
10
*110
1945 J
1944 M N
104 H
97 3*
Consol 4s series A
1998 F
10-year 32*s sec s f
Ref A lmpt 4 3*s series A
Ref A lmpt 6a series C
1946 A
0|
2013 A
O
2013 A O
Conv secured 3Ha
1952 M N
N Y Cent A Hud River M 3
Hs.1997 J
J
Debenture 4ei
1942
Ref A lmpt 4 Ha ser A
2013
Lake Shore o»ll gold 3 Hs
Mich Cent coll gold
3Hs
TN Y Chic A St L 1st g 4s
104H
102
1013*
97
743*
1273*
962*
■r
105H
88
1072*
94 3*
106 H
88
90 3*
90 2*
1998
903*
1998
223
120
972*
1013*
144
195
962*
1073*
19
331
923*
913*
101X
29
15
10
100
52
89
272
100
70
1043*
62
108H
1082*
62
60
99 J*
973*
109
"63
109
X
11
61%
27
612*
563*
1003*
78
97
1003*
31
120X
121H
13
113
121H
1133*
8
1162* 125 H
1092* 117 H
99
1946;M N
2000,«VI N
1973,M N
*100
97 H
NYLEAW Coal A RR
5H8-1942 M N
♦Non-conv debenture 3
Ha—1947 M S
♦Non-conr debenture 3
Ha—1954 A O
♦Non-conv debenture 4s,.
1955 J
J
♦Non-conv debenture 4s
♦Conv debenture 3
Hs
♦Conv debenture 6s
*35
*25
36 H
36 X
37X
106
1053* 1063*
108 H
Phllllpplne Ry 1st
sec
653*
283*
60
60
423*
93 X
46
26
26
28
16H
16X
93 H
12
1946 J
♦Certificates of deposit
{{♦Norfolk A South lat g 6s...1941 IW N
N A W Ry 1st eons g 4a
1996 O
1961
F
1957 IVI
Aug 15 1963 F
Deb Is serlea C
Nov 15 1969 M N
North Cent gei. A ref 5s
..1974 M
Gen A ref 4 Re series A
1974 IVI
104H
60
71
373*
55
1
90 H
993*
90
26
462*
71
16 H
10
1022*
85
92
93
132*
102 %
107
102 H
106 H
29 2*
1023*
1063*
28H
28
"77
77
115
115
103 %
1033*
103 H
103 H
102 %
103 H
102 %
103
15H
1022*
1073*
1033*
106H
313*
283*
105 3*
1062* 1083*
1062* 1082*
106H 1072*
106
493*
1003*
1072*
422*
101H 101H
833* 95
1012* 109H
105
84
85
14
"95
1052*
104
104
1042*
1023*
102
32
.
992*
1042*
1042*
1003*
1043*
105 H
"23
1012*
100
1032*
502
100
1
108
34
109
993*
1981 A
1943 IVI
108
112"
M
IVI
"982*
A
F
109
103 H 105 H
1163*
108
112
112 3*
113
147
96 H 103 H
11
1092*
1163*
133
1152* 126
1062* 1162*
12
101
101
97
106
37
106 3*
1053*
108H
106H
1062*
1092*
1172*
1943 A
1947 M
1172*
1956 J
J
1956 J
1980 IVI
S
H7H
1122*
*89
cons
163*
17H
*
101H
952*
94
J
952*
1093*
1202*
113H
J
D
1083*
1967 J
D
992*
1937
J
26H
O
1943 M N
1974 F
1977 J
1981
A
29 H
28
12H
19491'"
f 4s
99H
123*
253*
1033* 111H
1033* 111H
1052* 1113*
23
116J* 1212*
55
114
112
92
93
17H
163*
109
61
103H
94
2
98
14
110H
121H
1143*
1093*
1042*
5
117H
99
26 H
113
1002* 106
92
101
95H 1032*
107
113H
116
129
7
112
119
7
108J* 117
6
244
302*j
111
14
108
27
>
Series B 4 Hs guar
Series C 4Ha guar
67
2
11
132
107 H
76H 92 H
79% 91
51% 693*
100% 1063*
1063* 109 H
83
94 3*
90
98
132*
222*
32
100
37
106 H
80
19
48
109 H
107%
1003* 104
102 % 1092*
23% 32%
8
22
31
10
69
82 H
1152*
56
112
104
42
103
106H
1032*
1033*
16
101
105 %
80
104
*116
1243*
*114
104
63
122
1013* 106 H
992* 107
1073*
121
99 H 106 H
28
503*
123*
262*
18 H
30
Series D 4s guar.
.....1945 M N
Series E 3Hs guargold
A
1949
Series F 4s guar gold
D
1953
cons guar
—
*107
A
1970
D
116
1975
O
116
1977
J
Pitts Va A Char 1st 4s guar
1958
D
O
1960
1062*
1943 M N
1958
o
1st M 4 Hs series C
Pitts Y A Ash 1st 4s
ser
A
*106
90
*893*
*893*
D
1948
1st gen 5s series B
1962
1974
D
111
111
109
109
112
1143*
1143*
113
1253*
111
124 H
1163*
1132*
124
116H
1073*
1132* 123 H
1042* 1072*
112H 113
90
963*
"115%
112
90
91
89
96
90
89
973*
Port Gen Elec 1st 4Hs ser C...1960 M S
1st 5s 1935 extended to 1950
J
J
Porto Rlcan Am Too conv 6s__1942 J
J
{♦Postal Teleg A Cable coll 5s 1953 J
J
*1192*
108
108
110H
123
1192*
1243*
*110
58 H
683*
106
"782*
253*
Potomac Elec Pow 1st M 33*s 1966 J
J
Pressed Steel Car deb 5s
J
1951 J
{♦Providence Sec guar deb 4s.. 1957 IVI N
782*
243*
61 3*
88
106 3*
80
26%
285
102 3*
93
100
106
92
100
*202*
263*
20
{♦Providence Term 1st 4s
1956 IVI
Pure Oil Co
1950 J
111
110
1172*
123
warrants
1950 J
1033*
103 3*
33
f deb 5s
...1948 J
1033*
973*
993*
23
1162*
98 3*
47
107
48
s
f 43*8 w w
43*s without
Purity Bakeries
s
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)..
{♦Debenture gold 6s
Gen A ref 4 Hs series A
Gen A ref 4 Hs series B
85 H
*75
J
282*
90
110
1313*
102 2*
105
973* 101
J
..1941 J
Reading Co Jersey Cent coll 4s. 1951
583* 75X
1052* 1083*
782* 883*
243*
45H
1023*
A
98 3*
1997 J
1997 J
1062*
J
1062*
97 H
1062*
1062*
1123* 1263*
97 H
105
1042*
108H
1053* 108
107
120
124
112H
D
1977
108
A
1st gen 5s series C-_.
1st 4 Hs series D
113
108
*1093*
*1082*
*115H
115H
..1964 IVI N
Pitts A W Va 1st 4 Hs ser A
1st M 4Hs series B
1133*
1133* 113
*100
A
1963
4H8
General M 5s series A
General mtge 5s series B
General 4Hs series C
109
*106
1957 M N
1960
106
109
1092*
109H
1942 M N
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Hs
6
1083*
1253*
3297.
3B
113H 123
982* 107
609
109
101 H
J
1123*
1162*
1093* 116H
992*
1182*
106 H
1082*
1063*
1082*
1152*
101 H
A
103?* 1063*
109 H 109 H
*1092*
983*
1183*
A
1952
6s
cons
99 H 102
105H
1981
_
107 H
104H 110
993* 106 2*
1072* 1113*
253*
80
D
4
109
41H
1062*
1063*
107%
M
19
25
67
*108
33
85
1062*
106H
107 H
59
O
100
105H
1072*
1073*
*~~
6s stamped
1946
{♦N Y Weatch A Bost lat 4HS-1946 J
J
Niagara Falla Power 3Hs
1966 M
Nlag Lock A O Pow lat 5a A
1955 A O
Niagara Share (Mo) deb 6Hs—1950 IVI N
Nord Ry ext sink fund 6 Hs
1950 A O
{{♦Norfolk South lat A ref 5S..1961 F A
193*
1013*
1032*
1053*
1072*
1073*
1943 M N
4Hs—.1939 M N
F
1984 J
♦Conv deb 6s
Series J
*1.1—
1002*
1003*
45 H
45
67 X
702* 753*
99H 1053*
993* 103
39H 603*
65
77%
1163* 122 H
85
90H
100H 1013*
101H 1063*
1062* 107
o
60
J
18
1942
44
43"
1951 M N
71 H
1940
57
O
1956 M N
702*
1003*
993*
58
433*
46H
*117H
♦87 H
*100H
*102 H
*103H
*103H
1042*
101 J*
101H
1968 J
5s series A
s
"38
Pitts C C A St L 4 Hs A
45
1940 A
{♦N Y Susq A West 1st ref 5S..1937 J
{♦2d gold 4Hs
1937 F
General gold 5s..
1940 F
1052*
98 X 104H
38
463*
443*
35
1957 M N
1072*
99
99
1
♦Collateral trust 6s
1947 M N
35
*90
47 H
83 H
101
1952 IVI N
47
♦Debenture 4s
.
100
Pirelli Co (Italy) conv 7s
37
482*
N Y A Putnaa 1st con
gu 4a___ 1993 A
O
N Y Queens El Lt A Pow
3 Ha. 1965 M N
{♦N Y Rys prior Hen 6a stamp. 1958 J
J
N Y A Rlchm Gas 1st 6s A
1951 M N
46
47
10
*99
18
1003*
107 H
100H
102 H
102 H
1083*
85 H
98
36
J
O
79
1003*
993*
1003*
82
111
992*
942*
942*
100H
Plllsbury Flour Mills 20-yr 6s.. 1943
373*
1948 J
A Boston 4s 1942 A
72 H
103
98
37
38
D
89
36H
39%
38
..1955 J
913*
39
"45"
44
1992 M S
121H
992* 102 H
88H
913*
100
97 X
114
98
383*
383*
27
1944i—
{♦Phlla A Reading C A I ref 5s. 1973 J
J
1st A ref 4 2{s ser of
1927
1967 J
D
♦Harlem R A Pt Ches 1st
4s_1954 M N
1942
1981
General g 4 Hs series C
General 4Hs series D
1072*
1956 J
♦
88 %
102
...1970 A
.
Phlla Co
37
1956 M N
113"
123
106
70
1965 J
1st g 4 Hs series C
Phlla Bait A Wash 1st g 4s
General 5s series B
104 H
*100
1
111%
110H 1123*
110H 116
1102* 116
1072*
65
1963
Pere Marquette 1st ser A 5s
1st 4s series B
*102
*105H
*1063*
3
103 H
"45
4s—1940 A
April 1990 Apr
Peoria A Pekin Un 1st 5Hs
1974 F A»
1012*
4
1112*
1102*
102 3*
97 %
1002*
.1937
E trust ctfs
99H 107
973* 105H
104H 109X
983*
104H
1973 M N
99
99H
105
97H
"2
112
105H
1968
1952N
Ber
Refunding gold 5s
Peoria A Eastern 1st
♦Income 4s
105 H
"112%
*37
1941
Peop Gas L A C 1st
72 H
72
202*
333*
1092* 1092*
1012* 106 H
1012*
963*
992*
100
1953
Gen mtge 4 3* s series E.
Conv deb 32*8
972* 105 X
99%
NYLE AW Dock A lmpt 58.1943 J
J
N Y A Long Branch
gen 4s
1941 M S
{♦N Y A N Eng (Boat Term) 4s 1939 A O
{♦N Y N H A H n-c deb 4s
1947 M S
»•»
109
124
105
i002*
1955
Debenture g 4 Hs
General 43*s series D
953*
1002*
1053*
I
Ha
North Amer Co deb 5s
No Am Edison deb is aer A
Deb 5H« aer lee B
86
lOO"" 105H
39
105
1955
General 4Hs series A
General 5s series B
97H 105
98 H
100
13
233*
1015*
J
Consol gold 4s
1948
4s sterl stpd dollar
May 1 1948
Gen mtge 32*8 ser C
1970
Consol sinking fund 4Hs
1960
982
1033*
106
38
4Hs serlea B
Pennsylvania P A L 1st 4 Hs.
Pennsylvania RR cons g 4s
97 H
102X
106
*1082*
62
60
88 H
88
101
110
1092*
116
♦
4Hs A. 1977
1053* 1082*
862*
96" '
102
102
*60
A
Penn-Dlxle Cement 1st 6s A... 1941
Penn-Glass Sand 1st M
4Hs
I960
Pa Ohio A Det 1st A ref
103
22
23
*104
28-year 4s...
963*
104
1033*
1052*
117
88X
99%
Guar 3Hs coll trust ser B
Guar 3 Hs trust ctfs C
Guar 3Hs trust ctfs D
95
106 3*
99H 103X
86 H
94
692*
82 2*
973* 106
109H 112
118
J
Penn Co gu 3 %& coll tr A
1133*
104H 135H
53
1173*
102
J
Parmelee Trans deb 6s
1944
Pat A Passaic G A E cons 5s—1949
♦Paulista Ry 1st ref s f 7s
..1942
105
99%
103H
1966 A
N Y Lack A West 4s ser A
4 Hs series B
Terminal 1st rold 5s
D
1938 F
{♦Park-Lexington 6 Ha ctfs
109
86 H
1965
N Y Greenwood L gu
g 5s
N Y A Harlem gold 3
N Y Telep lat A gen s f
N Y Trap Rock let 6a
1966 J
Paramount Pictures deb 6s
Paris-Orleans RR ext 5 Hs
57
94
98
1938
51H
104
86 H
1951
1st mortgage *s.
D
D
1st M s f g 3s loan ctfs
853*
943* 1033*
943* 103
912* 1002*
44 H
513*
48H 592*
47
542*
482* 60
463*
553*
513* 623*
117
983*
1953
N Y Steam 6s aeries A
1st mortgage 5s
98
1497
109
100 3*
N Y Gas El Lt H A Pow
g 5S__.1948!J
Purchase moDey gold 4s
1949! F
\ or for tr*
482
1953
Serial 5% notes
N Y Edison 3 3* s ser D
1st lien A ref 3>*s ser E
N Y A Erie—See Erie RR
ice
124
102 X
1946
4Hs A
1st guar 6s series B
N Y Dock 1st gold 4s
{♦N Y Provide
1964 J
1961 J
176
79
81H
1012* 1123*
110
{{♦Pan-Am Pet Co (Cal) conv 6s *40 J
♦Certificates of deposit
Paramount Broadway Corp—
1253*'
100H
107H
110
89?*
98 X
88
1937
Refunding 5Hs series A
1974
Ref 4Hs series C
...1978
3-year 6s
Oct 11938
♦N Y Ont A West ref
g 4s
General 4s
J
105
D
Guar 4s
A
"54"
52 H
1954
♦Certificates of deposit...
4s collateral trust
N Y Connect 1st
gu
106H
1962 J
1946 J
112
77
*109
S
♦2d extended gold 5s
1938
Pacific Tel A Tel 33*8 ser B
1966
Ref mtge 33*8 ser C
1966
Paducah A 111 1st s f g 4Hs.:—1955
79
Imp 4 Ha A1952
New Orl Pub Serv 1st 5s ser A
First A ref 5a series B
O
J
1963 IVI
102
*1153*
*1173*
1043*
J
1961 J
1st A ref mtge 3Hs ser I
Pac RR of Mo 1st ext g 4s
93 H
118
112%
HI2*
1112*
1102*
J
1946 J
1946 J
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
1st A ref mtge 32*s ser H
1023* 107 2*
70
63 H
120 J*
63 H
121
6
119
70
1945 J
126
4s
5s
104
112
1945 M N
D
1946
com g
cons g
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Oslo Gas A El Wks extl 5s
Otis Steel 1st mtge A 4Hs
72*
33*
32*
1945 J
"63*
104 2*
1043*
742*
993*
1043*
202*
♦105H
A
Ontario Transmission 1st 5s
Oregon RR A Nav
4
"32*
5%
105 J*
86
A
F
1943!
Ore Short Line 1st
1042*
105 H
21
1947 F
1st A ref 7s series B
"6 3*
"33*
98 %
111%
1033*
1033*
♦104H
♦1073*
102 H
102 %
1948 J
gu g 4s
1943 M
1965 MN
Ohio Indiana A West 5s. .Apr 11938 Q
Ohio Public Service 7 Hs A
1946 A O
106 H
4
3 2*
*51
1948 J
__
17
3%
J
1944
Ontario Power N F 1st g 5s
2*
*2%
*22*
1954 IVI N
{♦New England RR guar 5s.
♦Consol guar 4s
103
99
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1023* 107
*4
O
1965
18
*3
*3
1951
1951
No 4
176
*3
o
No 4 on.1926 J
warr A rets
♦Og A L Cham 1st
4
J
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4
Ha—
♦4s April 1914
coupon on
♦4s April 1914
coupon off
95
73
1112*
Norweg Hydro-El Nit 5 Hs.—1957 MN
633*
1002*
1042*
J
1957 J
♦4Ha July 1914 coup on
1957 J
♦4Hs July 1914 coup off
1957 J
♦Assent warr A rets No 4 on '67
♦4s April 1914 coupon on—1977
♦4s April 1914 coupon off
1977
warr A rets
50
1032*
73 H
1938 A
Nor Ry of Calif guar g 5s
Northwestern Teleg 4 Hs ext
912*
982*
1002* 102H
51
♦75
1043*
2047
2047
2047
2047
2047
Ref A lmpt 6s series B
Ref A lmpt 5s series C._.
Ref A lmpt 5s series D
111
J
♦4 Ha Jan 1914
coup on
Gen Hen ry A Id g 3s Jan
Ref A lmpt 4 Hs series A
852*
973*
962* 102
883*
97
1122* 119
98 H
89 %
89H
1143*
Nassau Elec gu g 4s stpd
J
1951
Nat Acme 4Ha extend to
D
1946
Nat Dairy Prod deb 32*s w w__1951 IVI N
Nat Distillers Prod deb 4 Ha—1945 IV1 N
Nat Ry of Mex pr lien 4 Ha
1957
♦Assert
guar 5s—
♦April 1 1934 A sub coupons. 1945
{Northern Ohio Ry lBt
86 H
79 H
"79H
79 H
O
Namm (A I) A SonASee Mfrs Tr—
Nash Chatt A St L 4s ser A
1978
Nash Flo A S 1st gu g 5s
1937
High
99?-*
104H
82 H
O
2000
High
92
101
%
1
Volume
3297
New York Bond Record—Concluded—Page 6
144
Friday
Week's
BONDS
N.
Y.
STOCK
Range or
S?
EXCHANGE
Week Ended May 14
Price
Since
Bid
A
107 X
Purch money 1st M conv 5}*s '64
Gen mtge 4}*s series C
1956
Revere Cop A Br 1st mtge 4}*s_1956
110
♦Ithelnelbe Union
153
96
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
1955
20 X
♦Certificates of deposits
Roch G A E 4}*s series D
Gen mtge 5s series E
53X
1962
S
21
♦108}*
195*
*21
225*
23}*
1005*
♦Rut-Canadian 1st gu g 4s
1949
♦Rutland RR 1st con 4)*s_._194l
4>*sl966 A
m
St Joe A Grand Island 1st 4s_.1947 J
18t Jos Ry Lt Ht & Pr 1st 6s_
O
44
1996
19 X
205*
225*
285*
23 X
54
22%
24}*
101
99
99
99
22 X
25
34}*
"16
102}*
255*
325*
99X 104}*
107
100
1996 AO.
St Lawr & Adlr 1st g 5s
2d gold 6s
84
40}* 525*
116}* 116 X
1075* 1085*
109
*108
J
1937 M N
.
100%
91}*
71
405*
40 X
.1948
f 6s
58
91
~7l"
1977
{(♦R I Ark A Louis 1st 4}*s._1934 M
Saguenay Power Ltd 1st
103}* 104}*
I
_
s
♦Guar
57 X
1955
(♦Rio Grande June 1st gu 5s_.1939
•Rio Grande West 1st gold 4s. 1939
♦1st con A coll trust 4s A
1949 AO
112 J*
98}*101»3t
103}*
98X 102
100
St]|Louis Iron Mt A Southern
♦f Rlv A G Dlv 1st
g
1933 M N
4s
47
80
♦Certificates of deposit
26
1950 J
♦Con M 4)*s series A
♦Ctfs of deposit stamped
{♦1st terminal A unifying 5s. 1952
♦Gen A ref g 5s series A
1990
St Paul A Duluth 1st con g 4s. 1968
(♦St Paul E Gr Trk 1st 4}*8.__1947
(♦St Paul A K C Sh L gu 4)*s_1941
fSt Paul Minn A Man 5s
1943
fMont ext 1st gold 4s
1937
(Pacific ext gu 4s (large)
1940
St Paul Un Dep 5s guar
1972
f 6}*s series C
1943 J
21X
118
102
32}*
♦Stamped
♦Guar
s
f 6 3*s series B
1946 A
Scioto V A N E 1st gu 4s
{(♦Seaboard Air Line 1st
{♦Gold 4b stamped
♦Adjustment 6s.
{♦Refunding 4s..
1989
1950
Oct 1949
1959 A
29
O
14}*
1945 M S
17}*
♦Certificates of deposit
{♦Alt A Blrm 1st g 4s.
1933
(♦Seaboard All Fla 6s A cts.._1935
♦Series B certificates
Walworth Co
Sharon Steel
conv
deb 4}*s
1951
Shlnyetsu El Pow 1st 6 }*s
♦{Siemens A Halske s f 7s
♦Debenture
s f
6}*s
♦Silesia Elec Corp 6}*s
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
Socony-Vacuum OH 3}*s
110
975*
1045*
1950
*
Southern Calif Gas
110
99}*
845*
*98}*
"20"
69
69
975*
1045*
*120}*
95}* 102
89)*
81
99}*
103}*
105 X
161X
Gold 4}*s
885*
1969
1981
87 X
10-year secured 35is.
1946
99}*
San Fran Term 1st 4s
1950
107 X
5S..1937
If So Pac Coast 1st gu g 4s
Devel A gen 6s
1955
1955
1994
1956
1956
Devel A gen 65*s„...
Mem Dlv 1st g 5s
1996
1st 48 stamped
.
Southern Ry 1st cons g 5s
Devel A gen 4s series A
1956 A O
St Louis Dlv 1st g 4s
50
69
49
67 X
102
104)*
34
110)2 110}*
*110
*110
UOX 113}*
3X
5X
3X
3X
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23 X
107X
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4
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58
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103
103
110
96
J
57
103
M
97
94
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103X
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54
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81
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16
93 X
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101
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38
39
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F~
A
36
36
36
44
37
33X
41
35
36
38
35
...
1978 AO
*31
•
O
36
36
36
44
40
35
40
104}*
1955
O
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1939 IVI
S
105
80
79X
80X
96
96}*
"95"
94}*
40
73
2
102
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45
47
10
IVI
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64
65
8
F
A
70}*
.1945 F
77 X
90
94
99}*
93?* 100}*
45
55}*
04
76
77
80
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107}*
A
.1945
109}*
104
A
101)* 102}*
109
mx
110
112)*
112
127
West Penn Power 1st 5s ser E.1963
1st mtge 4s ser H
1961
S
*116)*
109)*
117
123}*
109)*
107
92 X 100}*
87 X
98
97!
975
965* 102 X
106}* 109}*
87X
87
Wash Water Power
s
f 5s
108
J
117}*
J
104
104
104)*
31
o
104
103}*
106}*
104}*
125
109}*
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40
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106
107?*
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102?*
102 X
West N Y A Pa gen gold 4s.__ 1943 A
S
106 X
O
A... 1946 M
ser
♦5s assented
J
Funding A real est g 4}*b...1950 M N
D
25-year gold 5s.
1951 J
30-year 5s
.1960 IVI S
J
♦Westphalia Un El Power 6s.. 1953 J
2361 J
Registered
J
2361 J
West Shore 1st 4s guar
33 X
32}*
34
.1946
Wheeling A L E Ry 4s
loik
101 x
99X
99
100X 100X
104}* 112}*
77 X
85J*
97X 105}*
101}* 110}*
102
105}*
97X 103
Mobile A Ohio coll tr 4s
1938
92
955*
109}*
100 X
1015*
102
99
30
101X 106 X
102
J
D
29
Wilson A Co 1st M 4s series A. 1955 J
J
Winston-Salem S B 1st 4s
J
D
1900 J
93 X
31
95
107
101
102}*
26
99
107X
98}* 109}*
19
25}*
90X 100X
96
.
11
97X 103X
102X 105
34}*
31}*
35
32}*
106}*
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106
135
34)*
100
99}* 11IX
105
110
47
47
27}* 62
103}* 103H
09
103}*
l6i"
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104 X
86 X
*103}*
Took
40
39}*
101**
106}* 115
"28k
26
25?*
(♦Wis Cent 50-yr 1st gen 4s...1949 J
{♦Sup A Dul dlv A term 1st 4s '36 M N
♦Certificates of deposit
(♦Wor A Conn East 1st 4}*s..l943 j"j
Youngstown Sheet A Tube—
Conv deb 3}*s
1951 F A
1961 IVI N
26}*
24}*
20
25
18
35}*
32X
25 X
*15
19
16 X
24
*22}*
♦Certificates of deposit...
1st mtge s f 4s ser C__
28
8
34}*
31X
27 X
32
Wllkes-Barre A East gu 5s
1942 J
Wlimar A Sioux Falls 5s......1938 J
conv
26
115
102}*
J
7s A. 1935 MN
♦Ctfs for col A ref
105
40
95
(♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
111
32}*
34
20}*
*108}*
100}*
100 x
106
17
102 X
101X
*106
S
1940 MN
White Sew Mach deb 6s
108 X
103
4
102
82
91X
a86X
Tlx
-.1949 M S
A
107
20 X
99
99X
J
ser D...1966 M
RR 1st consol 4s
8
mx 109}*
1952
Maryland 1st 4s
1st A ref 5}*s series A
(♦Western Pac 1st 5s
"I
.1977
1st mtge 3}*s series I......I960
Western
1025* 103}*
1961
39)2
36
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A"
110
97X 101)
91X
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Standard Oil N J deb 3s
43 H
32
...
mx 108
130
105
1955
1946
99?
2
101}* <105}*
103}* 1065*
3}*b ser B..1964
44}
41}*
71X
6
1025*
(♦Spokane Internet 1st g 5s
Staley (A E) Mfg 1st M 4s
38
118}*
107 X
S'western Gas A Elec 4s ser D.1960
81
34}*
36
39
Washington Cent 1st gold 4s.. 1948 Q IVI
1st 40-year guar
74}*
62}*
97 X
68}*
97 X
1955
3)*s_
4s..
"74k
86
100 X
100
*31
1976
1st M 4s
Wash Term 1st gu
81X
82H
*95"
74}*
90X
108"
East Tenn reor lien g 5s
Staten Island Ry 1st
102
A O
F A
M N
118}*
1951
1938
8'western Bell Tel
106}*
57
148
J
.1937
So Pac RR 1st ref guar 4s
77
105)2
97 X
100 X
50X
Wheeling Steel 4}*s series A...1966 F
So Pac of Cal 1st con gu g
22
44
52
Western Union coll trust 5s... 1938 J
Gold 4)*s
101}*
101
32 X
32 X
24)*
~26
99
30 X
170)*
105}* 107)*
22
33X
D
Southern Natural Gas—
88}*
25}*
97 X
1055* 108
105 X
94}*
26
26
*25 X
26
27}*
148
1939
105 X
103}*
94
14
"88
Ltg 5s stpd gtd_.1950
118
106 X
103 X
1st 4 )*8 (Oregon Lines) A...1977
Gold 4 )*3
1968
107
Westchester
105 X
129
103
98}*
33}*
106}*
82$
18}*
1057|6
106}*
1st mtge pipe line 4}*s
1951
So Pac coll 48 (Cent Pac coll). 1949
112
143
101X
105X 107 X
97X 103 H
111
114}*
73
100
50 X
68
1947
1st mtge A ref 4s
Southern Colo Power 6s A
mx
109 X
69
105)*
5sl941 J
92 X
1
64
50
(♦Warner Bros Co deb 6s
1941
3}*s._2000
20
1961
1965
a f
4}*s
106}*
34
100
31
*
(♦Warner-Qulnlan Co deb 6s..1939 IVI
100
"65k"
*
South A North Ala RR gu 5s.. 1963 A
tSouth Bell Tel A Tel 1st
98}*
98}*
98}*
*110)*
"SI
96
109 X
111X 115X
93X 101}*
90
106
N
1941 J
6s debentures
95*
1951
1951
1952
1935
1951
1946
1941
103
115}*
49
Warren RR 1st ref gu g
Shell Union Oil deb 3)*s
63
115X
95}*
95}*
J
Warner Bros Plct deb 6s
9X
109 X
112}*
105}*
56
104
50
1980
♦Certificates of deposit
Walker (Hiram) GAW deb 4)*s 1945
33
1935
111}*
109X 114}*
110
116X
116 X 121H
49}*
♦Ref A gen 5s series D
9X
15}*
14}*
195*
185*
♦Certificates of deposit
♦1st A cons 6s series A
84
106
.1954 J
♦Ref A gen 4}*s series C
♦Certificates of deposit
"34"
4s. 1950
g
111}*
95}*
1966 M
♦Certificates of deposit
♦Ref A gen 5s series B
♦Certificates of deposit
30}*
32}*
O
♦Stamped
23
19
110
1939 J
Omaha Dlv 1st g 3}*s
.1941 A
Toledo A Chic Dlv g 4s.....1941 IVI
(♦Wabash Ry ref A gen 5 }*s A. 1975 IVI
35
1946
10
19}*
117
"99
1958!A
Det A Chic Ext 1st 5s.._
Des Moines Dlv 1st g 4s
108}*
113}*
6}*8
34
103}*
».
San
guar
106
95 X
95X
85H
104}* 107 X
103
106}*
"96
(Wabash RR 1st gold 5s...... 1939 IVI N
♦2d gold 5s
1939 F
111
(♦Schulco Co
2
104}*
Virginian Ry 3}*s series A
Santa Fe Pres A Phen 1st 6s__1942
92}*
100
112)*
103
1965
90
110
1942 J
1st cons 5s
San Antonio Pub Serv 1st 6s__1952
Diego Consol G A E 4s
90
1
116}*
101«s)6
100»16
101}*
4
94}*
1959 F
ser A
1955
Va Iron Coal A Coke 1st g 5s._1949
Va A Southwest 1st gu 4s
2003
*29
J
123
101X 103}*
1947 J
1st lien g term 4s
S A A Ar Pass 1st gu g 4s
118
116
22
96
19X
1951 J
Virginia El A Pow 4s
♦107
100',6
102X 107}*
3
92}*
104}*
105
1944 M
4s...l934 J
♦Vertlentes Sugar 7s ctfs
40
21X
101'5,6
s
108}*
100}* 103
94X
A
J
U S Pipe A Fdy conv deb 3}*s-1946 M
U S Rubber 1st A ref 5s ser A.. 1947 J
♦Un Steel Works Corp 6}*s A. 1951 J
♦Sec
101
96
A
34-year 35*s deb..
....1970 A
35-year 3J*s debenture
.1971 M N
United Biscuit of Am deb 5s. .1950 A O
United Drug Co (Del) 5s
1953 M
g
83
6
116
1022932l02»32
Union Pac RR 1st A Id gr 4s.. 1947 J
1st Hen A ref 4s
June 2008 M
1st lien A ref 5s
June 2008 M
{(♦United Rys St L 1st
73
-
117
116
({♦Union Elev Ry (Chic) 6s.. 1945 A
Union Oil of Calif 6s series A.. 1942 F
3}*s debentures
I.
1952 J
U N J RR A Can gen 4s
99X
17
*117
{♦Vera Cruz A P 1st gu 4)*s..l934 J
{♦July coupon off
J
64}*
54}*
_
Union Elec Lt A Pr (Mo) 5s._ 1957
Un E L A P (111) 1st g 5 Xb A
1954
Vanadium Corp of Am conv 58.1941
Vandalla cons g 4s series A
1955
Cons s f 4s series B
1957
22 X
89
1989 M N
.Nov 1989
29X
103X
98}*
97X
27
26
1978
113
*102}*
1945 M
f 7s
b
♦Debenture 5s
24}*
(St L SW 1st 4s bond ctfs
UJlgawa Elec Power
46)*
99X
103
1952 F
f 7s
(♦Utll Power A Light 5}*b
26
J
♦Certificates of deposit
_
X
25
♦Certificates of deposit
♦Prior lien 5s series B
sec s
73)2
98}* 1011*
*102
1942 M S
♦Sink fund deb 6}*s ser A...1947 J
Utah Lt A Trac 1st A ref 5s... 1944 A
Utah Power A Light 1st 5s.._1944 F
83
26}*
(♦St L-San Fran pr Hen 4s A--1950
♦2d g 4s lnc bond ctfs.
895*
88X
79 X
805*
41}*
(♦S L Peor & N W 1st gu 5s.—1948
St L Rocky Mt & P 5s stpd___1955
O
UTruax-Traer Coal conv 6}*s. 1943 M N
♦Tyrol Hydro-Elec Pow 7}*s.. 1955 IVI N
104 J*
1952
D
1950 A
57 X
27 X
28X
102X
*90}*
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s
1949 M S
J
Trl-Cont Corp 5s conv deb A.. 1953 J
46 J*
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
3}*s 1960
High
Low
45
98X
D
Tol W V A Ohio 4s ser C_
51
(♦Richfield Oil of Calif 6s___1944
♦Ruhr Chemical
Tol A Ohio Cent ref A Imp
Tol St L A W 1st 4s
195*
205*
♦205*
205*
205*
1953
31
100
99X
1953
Since
Jan. 1
126
59?*
*
1937 J
g 5s
Range
1*
§3
High No.
27X
27 X
Jan 1960 A
1st 6s dollar series
1025*
20 X
Asked
Tokyo Elec Light Co Ltd—
27
Rhine-Westphalia El Pr 7s.__1950
♦Direct mtge 6s
1952
A
57X
1960
Tide Water Asso OH deb 3}*s__ 1952
97
♦Rhine-Ruhr Water series 6s__1953
♦
♦Adj lnc 5s
IThlrd Ave RR 1st
955*
109 54
102 X
Bid
Price
Low
Third Ave Ry 1st ref 4s
109
150"
97X
Friday
Sale
is
Week Ended May 14
Range or
Last
§1
Y. STOCK EXCHANGE
High
107 X
.1946
f 7s
s
N.
Jan. 1
Asked
Low
Remington Rand deb 4Mb w w.1956
Rensselaer A Saratoga 6s gu
1941
Republic Steel Corp 4)*s ser A. 1950
Gen mtge 4}*s series B
1961
BONDS
Range
Friday
Sale
Week's
28
132}*
132
139
102
101
100?*
101)*
130
123H 162X
98X 105
4}*s
1943
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 35*8
1950
112}*
102X
141X
105}*
159
107X
195
143
Tenn Coal Iron A RR gen 5s.. 1951
117
126
A Chem deb 6s B...1944
Tennessee Corp deb 6s ser C..1944
103
♦Symington-Gould conv lnc wwl956
1956
Without warrants
Tenn Cop
Tenn Elec Pow 1st 6s ser A.
1947
Term Assn of St L 1st g
4J*s..l939
1st cons gold 5s
1944
Gen refund s f g 4s
1953
Texarkana A Ft 8 gu 5}*s A—1950
deb 3)*s
gold 5s
Texas A Pac 1st gold 5s
Texas Corp
Tex A N O con
Gen A ref 5s series B
Gen A ref 5s series C
Gen A ref 5s series D
Tex Pao Mo Pac Ter
1951
.1943
2000
....1977
1979
1980
5}*s A..1964
!
e
Cash sales transacted during the current
week and not Included In the yearly
range:
„
Chesapeake Corp. 5s 1947, May 14 at 124X-128.
105
93)* 104
106
115
109)*
118}*
105X mx
103)* 108}*
105 X
100
a Deferred delivery sale; only
sale; only transaction during
Impaired by maturity,
t Accrued
Cash sale; only transaction during current week,
transaction during current week,
n Under-the-rule
r
ourrent week,
x
Ex-interest.
{ Negotiability
interest payable at exohange rate of S4.8484.
IT Bonds called for redemption or nearlng maturity.
( Companies reported as being In bankruptcy, receivership, orjreorganlaed
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
105
110
118
128)*
»
101
106)2
♦
101
108
Deferred delivery sales transacted
under
Bonds selUng flat.
1
100X 108}*
107 X 109}*
Friday's bid and asked price.
No sales transacted during current week.
during the current week and not
In the yearly range-
105}*.
Gen. Steel Casting 5}*s 1949, May 14 at 83}*.
Calif. Packing 5s 1940, May 14 at
lnoluded
New York Curb
3298
NOTICE—Cash and deferred delivery sales
regular weekly range are shown in
a
are
Exchange—Weekly and Yearly Record
disregarded in the week's range, unless they
footnote In the week In which they occur.
the only transactions of
are
May
the week, and when
1937
15,
selling
outside
the
of
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on.the New York Curb Exchange for the
beginning on Saturday last (May 8, 1937) and ending the present Friday (May 14, 1937).
It is compiled entirely
daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
from the
Friday
Sales
Last
Par
Acme Wire v t
Week's Range
of Prices
Low
High
Week
Price
com...20
c
44 %
42
Range Since Jan. 1, 1937
Low
Agfa Ansco Corp
200
1,400
3%
Feb
38
May
600
14%
2%
3%
May
May
22
Feb
4
May
1
Alnsworth Mfg common_.fi
Air Device* Corp com...l
14%
2%
3%
28%
2H
Air Investors common...*
Conv
preferred
Wftrr&DtS
m+'mm
15
3%
3,400
1,500
4%
28%
Va
►
Alabama Gt Southern..50
1
77
56%
Jan
24
May
Jan
Jan
1%
Jan
7%
79
400
70
72 X
130
70
66
60
61
Jan
79
May
May
87
Jan
77
Jan
125
Apr
125
Apr
3
Mar
5%
Jan
Jan
6%
Mar
72%
"166
Alliance Invest common..*
3%
Mar
Allied Internat Investment
Common
*
$3 conv pref
Aluminium
2
*
Allied Products cl A
Co common..*
Aluminium Ltd
*
common..
preferred
6%
130
115%
115% 116%
100
American Airlines Inc...10
Jan
120
Apr
177
Mar
119
Mar
111
Apr
100
17
107
2,500
100
29%
2%
200
23%
2X
Jan
140
Mar
Jan
131
May
400
2%
common
20 n
20%
10c
preferred
Jan
75
17%
Feb
24%
"2,600
22%
8
%
*
15.50 prior pref
Am Cities Power A Lt—
Class A
35
200
Va
35
34%
35
1
10
n-v
Amer Dist Tel N J com..*
3%
122
Mar
89%
Mar
375
34
Mar
35
3%
3,100
122
Amer Foreign Pow warr...
Amer Fork A Hoe Co com *
*
com
Preferred
2%
#
"32
*
American General Corp 10c
$2 preferred
1
preferred
10
34
1
150
1,800
500
39%
100
19%
100
28%
25
preferred
11",600
19%
29
19%
20%
2,700
"51%
""425
400
"Bo"
Amer Maracalbo Co
"49"
1%
Amer Meter Co
*
1%
44
Preferred
Angostura Wupperman__l
Apex Elec Mfg Co com..*
Appalachian El Pow pref
Apr
10
May
33%
38% May
19%
Apr
19
A
*
Apr
Mar
26%
28 %
Jan
Jan
54%
Apr
Mar
1%
82
Jan
Jan
Mar
2%
Mar
Carlb
Syndicate
7
900
5%
Jan
8%
Feb
29%
29%
32
108%
400
29%
105%
May
Mar
42%
110%
Feb
Jan
3
Feb
8%
6%
12%
6%
5,300
1%
5,800
6%
Feb
6%
May
May
12%
23,100
2,400
13%
Apr
Apr
10%
Feb
Jan
86
96
Jan
12%
6%
Apr
12%
200
6%
3,100
8%
12
2%
20%
12
1%
100
2%
18
1%
3%
22%
9,400
%
%
%
10%
1,500
332
%
Va
8%
8%
50
6%
22%
2
22%
1%
6%
9%
1,600
1,100
1,300
9%
53
2%
23%
2%
7%
10%
18
May
332 May
%
Jan
1,700
%
700
400
47
5,600
2
1,200
17,700
19
3
Jan
May
Jan
5%
39%
732
1%
Jan
Feb
%
May
Jan
Apr
Apr
Mar
7
13%
57%
4
Jan
Jan
Apr
$6 preferred.
Carrier Corp......
^
Feb
29%
Mar
3%
Mar
4,400
1,000
7
9
Feb
Jan
11%
Mar
Apr
11
Apr
118
1%
3%
4%
32
110
28
Mar
43
Jan
127
275
118
Apr
156
Jan
2%
3%
6%
18
3,000
3%
5
Barlow & Seelig Mfg A._.5
17%
4%
Mar
3%
3%
Apr
5
Mar
5,100
Jan
8
Feb
750
16%
Apr
21
Feb
o8*
1
Barium Stainless Steel... 1
1% May
Mar
11
May
Apr
103
Jan
600
Baumann
(L) & Co com..*
7% 1st pref
100
80
1
3
12
1
6%
12
6%
4
13
6%
1,000
1,800
1,800
100
3
May
Apr
11%
Jan
5%
159
Bell Tel of Pa 6% % pf-100
*
Preferred
Feb
113% May
4
May
Benson & Hedges com
18
2%
1%
13%
13%
36
36
16%
5
"2%
*
2%
1
16
37%
2%
46
"26"
7% 1st preferred
100
Borne Scrymser Co
25
{Botany Consol Mills Co.*
Bourjols Inc
*
Bower Roller Bearing....5
20
6,300
1%
13%
36%
17%
37%
2%
46%
21%
4,300
400
50
1,600
100
4,900
500
1,500
com..*
100
23%
100
5
23%
2
5
Feb
Mar
Mar
2% May
4
Jan
1
May
13% May
36
Jan
16
Apr
36% May
2%
May
42%
Mar
20
May
May
Apr
15%
2d preferred
169
125%
5%
Mar
Feb
Jan
Va
Adr
300
7% 1st preferred
8%
Mar
19
7
5%
30%
18
Jan
40
5%
28%
1%
For footnotes see page 3303
2%
4% May
2%
Feb
15%
37%
24%
Mar
38
Feb
preferred
Jan
Cherry-Burrell Corp com.*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chica Rivet A Mach
Chief Consol
*
Columbia Pictures com..*
Commonwealth Edison 100
Jan
28%
May
Jan
36%
Jan
Compo Shoe Mach
11
Jan
56%
Jan
Consolidated Aircraft
Feb
Consol Biscuit Co
1
Consol Copper Mines....5
Consol GELP Bait com *
v
t o..l
Jan
38%
%
Feb
5%
Mar
May
8
Mar
28
Jan
35%
Feb
5% pref class A
Apr
2%
32%
Jan
Jan
Consol Gas Utilities
Warrants
Jan
1%
Jan
1%
Mar
"16
600
5%
100
%
Jan
%
Jan
May
5
125
27
5%
32%
Feb
Apr
7
Apr
79%
5%
,60
24
Apr
31%
Apr
45
,73
Mar
5% May
300
155
1%
22
"lVa
10
1%
23
155
200
Apr
May
1%
3,100
82%
8%
7%
161
Feb
Apr
Feb
Mar
Jan
Jan
Jan
Apr
3%
Jan
Jan
15
Jan
2%
x25
21,700
100
23%
May
£l%
May
2%
Jan
24
Mar
26%
Apr
5
*1%
x25
Mar
7%
Jan
29
29
May
2,800
2
May
3%
Feb
30
29
2
2%
93
Mar
102 %
Jan
Apr
100
2%
93
94
42
49%
4,700
10%
900
83
43%
9%
9%
31
31%
36
"
36
6%
116
6%
10
Jan
9%
97%
54%
Apr
May
14%
Feb
Jan
300
28
Mar
38%
Feb
200
36
May
May
39%
Mar
6%
108 %
Jan
7%
2,300
120%
116
35
Jan
30
325
10
10%
Jan
122
May
May
16
Mar
39%
Jan
57
Mar
50
93 %
Jan
1,300
15%
Apr
19
Jan
92%
10
105
Mar
96
Feb
14%
May
22%
Feb
83
Apr
100
15%
105%
15%
16
"14% "14% "15"
83
83
1%
16
"l4~
5
150
2%
May
May
91%
4,600
6%
Jan
1%
9,900
1% May
2%
Jan
27%
51%
33%
26%
Jan
25
16
14
Apr
29
May
Apr
32%
100
"14"
"""so
5%
3,200
4%
17%
13%
17%
100
13%
14
500
80
80
81%
118
14-
May
4% May
17%
13
Apr
Mar
68%
1S16
87%
3%
89
47
50%
75
71%
Jan
50
118
67
110%
Jan
200
52%
Jan
16%
3%
Mar
3%
18
29
14
105%
87%
2%
1%
2%
""800
1,300
1%
2,300
500
3
14
Apr
,S16 May
76
Jan
3%
46%
4%
May
Mar
Jan
Jan
Jan
7
Mar
19
May
Feb
16%
82%
123
Mar
Apr
76%
May
17%
Mar
Feb
2%
92%
5%
Apr
50
70
42
65%
57%
9%
4%
65%
25
64
37
9%
5
47
4%
40,700
3,600
1,400
39%
2%
6,600
3%
100
%
8%
Jan
8%
Jan
Jan
400
40%
Apr
Apr
Mar
4%
2%
2%
"40%
8%
40%
12%
_
61
Apr
Feb
Apr
60
5%
58
79%
7
Feb
57%
May
76
Feb
9%
Apr
16%
Feb
100
4
Apr
4%
Feb
200
37
Apr
40
41
14%
7%
May
10%
48%
1,200
10
Jan
15%
800
4
Feb
1
May
Jan
1
1%
2,500
4%
5
Jan
Jan
1,400
16
13
Jan
Jan
100
10%
4%
5%
"4",300
9
2%
22
Apr
Mar
Jan
Mar
13%
8%
Jan
4%
Jan
300
4
Jan
4%
3%
3%
3%
Jan
4%
Feb
1,100
1,400
13%
May
24%
Feb
56
Feb
74%
Apr
74
Apr
Apr
104%
10%
66%
76
8
13%
61%
76
50
8
11,300
34
100
34
1,800
107
7%
34
107"
107
16%
112
6%
%
11,600
%
1%
42
"""225
27
300
36%
25%
300
1%
16
"38*
1%
36%
25%
1%
1%
15
15
15%
21%
20%
24
500
15
16%
5%
8%
72
5%
8
71
6%
9%
74
1,800
1,300
10,600
1,600
100
1
Mar
Jan
ext to 1946
1
Jan
Apr
1
43%
5
1
155
)
Commonw Distrlbut
Jan
Apr
Mar
800
5%
%
Jan
Jan
Mar
A Southern
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv._l
8
""loo
%
1%
Warrants
1,700
Apr
May
1 sh
Colt's Patent Fire
Arms.25
Columbia Gas A Elec—
Conv 5% preferred.. 100
Columbia Oil A Gas
1
Jan
Mar
5
*
5% income stock A.._£l
6% conv pref
£1
Colorado Fuel A Iron warr.
%
7%
1%
20%
155
1
com
Feb
100
25%
106 %
4%
Cllnchfield Coal Corp. .100
Club Alum Utensil
Co...*
Cockshutt Plow Co com..*
5
500
Feb
Apr
May
May
24%
99%
25%
70
1
77
1S16
Claude Neon Lights Inc..l
Clayton A Lambert Mfg.. »
Cleveland Elec Ilium
*
100
200
51%
1%
5%
87%
"III*
Development
30%
Jan
7
49
B
Jan
40
l
Jan
19
1,900
Apr
400
24%
100
Preferred BB
*
Cities Serv P & L $7
pref-*
$6 preferred
City Auto Stamping
City A Suburban Homes 10
v t c
Feb
Jan
5%
new. 4
Mining
Childs Co preferred
Cities Service common
New
Apr
28%
*
4%
48%
May
100
5%
100
Chamberlln Metal Weather
Strip Co
5
Charls Corp
10
Commonwealth
Apr
Apr
5
%
%
»
Conv preferred
100
Conv pref opt ser
'29.100
Colon
82%
zl5%
28%
12%
"j6
1
6 % pref without
warr 100
Cleveland Tractor
Mar
46
200
__.*
Preferred
Jan
Feb
Feb
9%
5%
__i
Cent Ohio Steel Prod
1
Cent P A L 7%
pref...100
Cent A South West
UMI.6O0
Cent States Elec com
1
Preferred
39
Jan
7%
50
*
Cent Hud G A E com
*
Cent Maine Pow
7% pf.100
Jan
2%
Apr
Mar
May
5i«
___*
$7 dlv preferred
1st preferred
Mar
Mar
Mar
4
Carnation Co common...*
Carnegie Metals com
.1.1
Carolina P A L $7 pref...*
7%
Mar
26%
Apr
11
III*
Clark Controller Co
31%
118
warr
Blumenthal (S) A Co
*
Bohack (H C) Co com...*
13%
1% May
6% May
6%
10
Blue Ridge Corp com—.1
Apr
1% Apr
2% May
Tobacco—
$2.50 conv pref
*
Bliss (E W) & Co com....*
16% Feb
8%
Jan
Apr
44
100
12%
31
Mar
4
*
Centrifugal Pipe
6
Blckfords Inc common...*
Jan
Jan
5
warrants.....
Jan
6%
Automatic Voting Mach_.
Berkey & Gay Furniture. 1
2%
"~6H
2
com..
Jan
Jan
*
*
69
Jan
1%
7
Automatic Products
Apr
May
48
24% 24%
100% 100%
25% 27
27
25c
Carman A Co class A
Class B
Jan
41
4%
5%
1
Feb
59 %
Austin Silver Mines.
Bowman-Blltmore
38
Apr
"2%
$3 opt conv pref
Jan
May
Atlas Corp warrants
Atlas Plywood Corp
Biiss & Laughlln com
Mar
3%
Atlantic Coast Line Co..50
Purchase
Jan
37
7%
48
100
99
*
common
Bell Tel of Canada
Feb
32
4% May
Atlantic Coast Fisheries. .*
com
42
Feb
preferred
Mar
Assoc Tel & Tel Co Cl A
Corp
36%
6%
Celanese Corp of America
7% 1st partio pref
100
Celluloid Corp common. 15
8%
7%
Canadian Indus Alcohol A *
B
non-voting
*
Canadian Indust7% pf.100
Canadian Marconi
1
Capital City Products...*
Jan
Option warrants
Assoc Laundries of Amer.*
Bellanca Aircraft
Mar
34
1%
preferred
Bell Aircraft
12
900
Common
com
Jan
27%
32%
Assoc Gas & Elec—
Beech Aircraft
Jan
500
£1
Bardstown Distill Inc
Feb
May
24%
Associated Elec Industries
5 Baldwin Locomotive
24
48%
112%
400
1
common
Jan
4%
5
Class A
4%
3
7%
7%
8%
1%
Cables A Wireless Ltd—
Am dep rets A ord sh._£I
Catalln Corp of Amer
6%
Feb
"37% "37%
Jan
6%
Jan
32
Warrants
Apr
6%
33
Apr
$3 convertible pref
10%
40
Mar
Burma Corp Am
dep rets
Burry Biscuit Corp.. 12%o
Cable Elec Prod v t c
*
53
1
*30%
9%
Bunker Hill A Sullivan 2.50
Burco Inc common
Jan
1%
1,400
*
Apt
May
6%
Ashland OH & Ref Co
Babcock & Wilcox Co
Jan
35%
4%
*
Art Metal Works com
Avery (BF)
Axton-Fisber
$5 1st preferred
1
108
31!
Feb
Feb
70
38
IX
31%
31%
77
May
21%
200
Arkansas P A L $7 pref..*
V t c
Jan
3%
10
Amer deposit rets
Jan
Mar
5%
4%
com..
Common class A
Preferred
108
125
136
88
1
May
May
Am dep rets B ord shs.£l
800
108
Arcturus Radio Tube
22%
Buckeye Pipe Line
50
Buff Niag A East Pr
pref 25
200
34
22%
$6 preferred
Bruce (E L) Co
1
4 J*
22%
Amer dep rets pre! shs £1
Calamba Sugar Estate..20
Canadian Canners com
*
Canadian Car A Fdy pfd 25
Canadian Dredge & Dock*
Canadian Hydro-Eleo—
93
34
Jan
28
Feb
25%
44
*
10
130
100
1,850
Jan
15,900
*
200
53
8,100
Jan
1
American Thread pref..
Anchor Post Fence
10%
30
14%
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com new. 110
1%
91%
10%
71
8
1%
550
12
Feb
22,900
400
56%
61%
1
Amer Potash A Chemical
Amer Seal-Kap com
2
Am Superpower Corp com *
1st preferred
Arkansas Nat Gas
2
47%
53
14
42
....
Amer Pneumatic Service.*
Jan
64
8
82
25
Amer Mfg Co common 100
Preferred
100
Jan
6%
1
36
x20
Amer Laundry Mach._.20
com
1,100
"33"
2 %
__
35%
Apr
110% 111%
10
10%
34
34%
38%
19%
Amer Hard Rubber com.50
Amer Investment of II _.*
Amer Lt A Trac
"31"
700
1,100
100
com.
26%
4% Apr
2% Apr
18% May
31
May
Mar
""260
4%
*
Jan
118
Feb
7%
16%
Jan
10%
37
Class B
Jan
126
300
Apr
British Col Power class A. *
47
50
4%
2%
Jan
108%
3%
3%
10%
dep rets ord bearer £1
41%
50
122
127
4%
2%
21 %
Apr
54
*
Apr
3% May
Jan
33%
Apr
Apr
Mar
31
Feb
Feb
16
Amer dep rets reg
£1
British Celanese Ltd—
Am dep rets ord reg.. 10s
Mar
1%
Jan
300
35
36%
4%
127
7% conv preferred—100
Amer Gas A Elec
11
Jan
l3ie
42
_29% "27% ~30% "9",066
Amer Equities Co com__.l
$5
Apr
Mar
36%
281
Brillo Mfg Co common
Class A
Mar
86
25
B
Class B
Class
Jan
May
Amer Cyanamld class A. 10
6%
Jan
35
100
*
Class A with warrants 25
$2.50
May
62
10c
Common class B
Class
32%
3%
Mar
14%
Apr
8
Brown For man Distillery. 1
98%
20% May
30%
Jan
9% May
3%
100
Feb
May
121
preferred
Am
18%
31
25
108%
Vs
"""% "I
Jan
Capital—
Class A
3,000
200
1937
j.
High
8
17%
8%
1,800
19
*
Brown Co 6% pref
Brown Fence & Wire
Class A pref
Feb
100
123 X 123 %
1,100
'18
*
14%
250
103
10%
32%
British Amer Oil coupon. _*
British Amer Tobacco—
Feb
9
123 %
21 J*
Amer Box Board Co com.l
$3
Jan
24
26%
17
8%
American Beverage com..l
American Book Co
100
American
144
17
*
com
2%
Jan
Jan
5,000
142
6% preference
100
Aluminum Goods Mfg.
Aluminum Industries
Jan
21%
22
25
com
22
9%
32%
16%
100
Corp class B
Jan
1J16
Lew
21%
Bright Star Elec cl B
Brill
Range Since Jan.
Shares
10
1
Class A
61
Alles A Fisher Inc com...*
Preferred
High
22
Breeze Corp
Bridgeport Gas Light Co
Bridgeport Machine
Mar
Low
Price
Brazilian Tr Lt A Pow.
Jan
Apr
6%
Jan
1,400
Allegheny Steel 7% pref 100
Week
6%
34%
61
...*
for
of Prices
26% May
100
70
Ala Power $7 pref
$6 preferred
May
21
Week's Range
Sale
Par
44 %
42
Last
High
"3% "4%
*
com
STOCKS
Continued)
Shares
14%
Aero Supply Mfg class A
Class B
Sales
Friday
for
Salt
STOCKS
20%
5%
7%
71
113
"2%
"2% "2%
1
1
"uoo
200
2%
1
May
May
Jan
May
Jan
Jan
Jan
139
Mar
May
May
May
May
May
May
May
May
Feb
Jan
16
2%
Jan
Jan
64
Jan
34
Jan
2%
17
Mar
Jan
17%
Jan
33%
Mar
11
11%
89%
Jan
Mar
Jan
Apr
Apr
114%
Feb
4%
Mar
May
2%
Mar
Volume
144
New York Curb
Friday
STOCKS
Last
CContinued)
Weeft
Sale
Par
8%
preferred..
Consol Royalty Oil
for
7%
"2%
9%
! Range Since Jan. 1
Shares
Low
Apr
100
10
60
Jan
Feb
135
Mar
113
200
2%
Apr
3?*
6
Feb
17%
86
May
1
Apr
86
88
19?*
21?*
1,600
11
U%
200
16
%
17%
900
25%
'2~I6o
102%
Jan
2%
26%
Feb
11
Apr
15
23?*
~22%
_*
prior preference
Feb
16?*
May
Mar
22%
May
10
6
11
3%
1
6%
*
87%
1
Preferred
3%
1%
Cramp (Wm) A Sons Skip
A Eng Bldg Corp...100
1
6%
87%
2
Last
Week's Range
for
Sale
May
18?*
Jan
of Prices
Low
High
Shares
3% May
5?*
Jan
10
100
300
6,000
1
8,700
28?*
12%
12
14
1,800
12
15
2,200
Press
Inc
%
Gen Investment
100
7%
May
1%
May
12%
May
16
Feb
3%
3%
1,900
3%
Apr
5
Jan
22%
Apr
25
Feb
%
6%
May
300
'
43
43
200
43
106
106
50
106
Apr
May
May
13%
316
12%
22%
%
12%
13%
21%
'16
14
6%
Jan
50%
108%
16%
nU
'17%
'13%
.....
Detroit Paper Prod
Detroit Steel Products
*
Diamond Shoe Corp com.*
"9%
Dominion Steel A Coal B 25
Jan
28%
Apr
7%
33
Apr
12% May
16
Jan
69
87
May
1,700
6%
Jan
8?*
82
175
76
Apr
88
17%
17%
18
500
15%
Jan
19?*
18 %
200
17
Mar
13
14%
800
13
May
5%
600
18%
38
*
58
42%
Eastern States Corp
$7 preferred series A
*
$6 preferred series B_._*
9%
"foo
'17% ~19%
"2~,20d
38
38
Glen Alden Coal
Godchaux Sugars class A
283*
600
11
11?*
44%
28?*
30
agreement extended
24
"V
8
Apr
30
Jan
107
Mar
800
50
3%
68
6%
""900
800
19%
3,500
5%
57%
42%
60
400
45
1,000
25
75
6
Apr
May
6%
17%
2,600
Jan
Apr
1%
8%
17%
80
200
5%
96
Jan
Jan
42%
111
Jan
May
6?*
79
Feb
Feb
1H Mar
7% Mar
Jan
10?*
May
27%
Jan
Feb
May
May
10%
Jan
80
Jan
42?* May
71
Jan
21
26%
6%
82%
82%
13%
Feb
57%
Apr
4%
800
4
65%
200
63
May
62
100
62
May
10
10?*
800
10
Apr
17
May
Jan
Jan
Jan
65
80
Feb
73
77%
700
73
87?*
Jan
6%
200
6
150
55
500
3%
200
Jan
Jan
11?*
9?*
Jan
Apr
7%
Gypsum Lime & Alabas.
Hall Lamp Co
—*
Haloid Co..
5
Hartford Eiec Light
Hartman Tobacco Co
Jan
97
97
97
May
117?*
May
May
128
Feb
47
Apr
«-
-
-
-
*
Harvard Brewing Co
80
Jan
Apr
14
Jan
1219* 122J*
373*
40?*
133*
13
15
53*
5
1,900
5?*
700
43*
Jan
6
3*
100
%
Apr
1?*
51?*
56?*
7,700
51?*
May
633*
Jan
Feb
92
Apr
90
45*
2?*
Class A
Feb
200
155*
Jan
18%
17%
Feb
15
15?*
47
163*
175*
15
100
47
i-i 0 0
40?*
"415*
22
36
24
36
100
65
31
31
400
29?*
16
16
100
15?*
23*
10,200
363*
50
2
1%
5,800
29%
350
19%
6%
8%
19%
14%
21%
7%
3,100
2,100
9%
20
1,000
600
14%
200
'14%
14%
15
"39"
37 J*
39
67 %
%
67%
70%
'64
1,000
'64
800
700
2,800
113
70
30
81
Feb
Apr
31?*
Feb
Apr
19?*
Mar
2?*
47?*
Jan
Imperial Oil (Can) coup..*
Feb
*i«
%
.
Jan
Jan
Jan
1?*
3?*
45?*
Feb
Feb
Mar
21%
18 9*
Jan
6?*
Apr
8
Jan
275*
89*
11?*
19?*
Apr
24
Feb
12?*
Jan
17?*
15?*
Feb
14
Apr
'64 May
Apr
15?*
Apr
36
Feb
Mar
Mar
'32 May
5*
67?*
May
47?*
18?*
1?*
82?*
Mar
Mar
Feb
Feb
50
Ctts of deposit
36
Jan
Apr
35
11
Apr
19
Jan
Apr
Apr
153*
333*
11?*
22?*
293*
21?*
75
Apr
112
Jan
27
Apr
42
Feb
3,100
75
May
87
Feb
700
17
Jan
23
Mar
400
1
May
2
16
May
Feb
75
773*
20
1?*
19
29
9?*
29
200
5?*
Jan
53?*
Mar
1,600
1,200
29
,
93*
May
May
28?*
Apr
32
Jan
623*
Feb
Mar
Mar
Apr
95*
24?*
Apr
24
Feb
Jan
15
Mar
600
36?*
30
23
25
25
20
24
Apr
93?*
93?*
50
92
May
2?*
33*
100
2?* May
4?*
200
3
May
4?*
Jan
1?*
Apr
Feb
12?*
64?*
May
Mar
2?*
22?*
23
7% preferred
100
Insurance Co of No AmerlO
65%
12?*
65?*
International Cigar Mach *
23
23
300
Mar
Mar
500
393* May
65
Mar
Am dep rets ord reg..£l
Ford Motor of Can cl A..*
6%
23%
6%
23%
7
24%
8?*
29?*
31?*
Feb
International Petroleum.
Registered
Feb
International Products.
Jan
Jan
May
53*
109*
Feb
Class A
Jan
14?*
Feb
Class B
Pref $3.60 series
50
_
*
263*
"35?*
25
3303
1
Jan
2?*
100
23*
May
Apr
26?*
28?*
%
133*
1,900
25?*
Apr
44
3*
Jan
35?*
363*
5,000
2?*
183*
393*
Mar
Mar
359*
100
38
Mar
63*
300
300
*
50
13?* May
33?*
34?*
Jan
Apr
6
Feb
Jan
17
5?*
17
25*
'16
%
5%
18
400
2
1
16
7,300
'16
1?*
100
'i6
%
100
5%
900
Feb
74?*
Jan
289*
Feb
Feb
43*
Jan
8?*
Jan
Apr
Mar
103
Apr
15*
Feb
May
,5i6
2
1
200
100
.
New warrants
International Vitamin
gj j
Jan
1,200
%
Old warrants
For footnotes see page
Jan
123*
67?*
23?*
6% preferred
100
Internat Safety Razor B_*
International Utility—
rj£
Jan
39 %
105
13%
A stock purch warr
Interaat Metal Indus A..*
8?*
Mar
6?*
18?*
92
43%
700
15
36
359*
114?*
12%
Jan
Mar
7?*
2?*
Interaat Holding <fe Inv.
Internat Hydro-Eleo—
Jan
11%
Jan
12
Jan
Jan
1
44?*
Mar
253*
Jan
103*
9
Apr
25?*
1
72 3*
5
Mar
33* May
11?*
25?*
3
112?*
Jan
9?*
203*
20?*
14
3
50
2?*
11?* May
33?* May
700
4,500
*
5,800
lOOfrcs
Feb
13
1,100
215*
Class B.
V t c common
15%
Jan
Feb
Apr
Industrial Finance—
803*
Jan
Feb
27?*
26
Apr
10?*
31?*
13
2?*
13%
Apr
Jan
May
150
21?*
2?*
39 J*
6?*
41?*
3?*
900
20?*
*
80
22?*
25?*
Apr
459*
Jan
9?* May
4?*
50
31
Non-voting class A
"46"
com
353*
Indian Ter Ilium Oil—
*
4,000
1,300
Jan
Mar
MOO
21?*
7% preferred
100
Indpls P & L 6 % % Pref 100
Mar
Class B
Jan
Feb
60
113*
Mar
Ford Motor of France—
Apr
8?*
30
pref 100
Jan
24
Britain and Ireland. _£1
Indiana Pipe Line
10
Indiana Service 6%
Jan
26?*
200
20
76
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Preferred
Jan
150
1,300
Am dep rets ord reg._£l
Feb
Apr
10?*
283*
42?*
Apr
43?* May
Illuminating Shares cl A..*
Imperial Chem Indust—
36?* May
100
26%
Illinois Zinc
May
65?*
(Peter) Brewing
Franklin Rayon Corp
39?*
11
373*
9?*
Feb
Mar
"27?* "29?*
9?*
Mar
Apr
Mar
105
"29"
3?*
77
Apr
20
115*
48?*
74
Feb
9?*
8
43J*
29
11
3?*
72?*
Feb
Mar
200
43
28?*
11
48?*
May
May
52
25?*
7
300
Jan
Apr
23
73*
33*
Mar
9%
73*
*
SHuylers of Delaware Inc—
May
May
May
May
15?*
7
Hygrade Food Prod
..5
Hygrade Sylvanla Corp..*
65
113
600
5,400
Hydro Electrlo Securities.*
55
A or
16?*
Mar
75
Jan
4
Mar
Jan
Jan
15
5?*
60
70
Apr
40?*
Apr
Jan
Apr
Jan
16
350
24
May
7% pref stamped
100
7% pref unstamped.. 100
1,000
Apr
Apr
1?*
2}*
Feb
3%
32%
Feb
17?*
73*
11?*
Feb
Jan
90
Jan
100
47
16?*
*
5% preferred
100
Hud Bay Min & Smelt—*
Humble Oil & Ref..
*
Apr
May
400
22?*
17?*
Jan
13?* Mar
3% May
31?* May
57
Rights
1,300
"
Holt (Henry) & Co cl A..*
Hormel (Geo A) Co com..*
Horn & Hardart
*
Jan
15?*
i
Holllnger Consol G M
Holophane Co com
Jan
12
15
60
1%
2?*
2?*
23*
2?*
21
w w
Mar
12
*
Heller Co...
16?*
4?*
17?*
700
5
59
5(
25<
Jan
14?*
45*
1
6% preferred
Jan
3*
—
150
60
2
121?*
150
37%
8?4
17%
56
363*
100
Jan
87?*
—
Hearn Dept Store com...5
Preferred
300
730
373*
Hat Corp of Am cl B com.]
Hazeltine Corp
*
Hecla Mining Co
Helena Rubenstein
102
1
60
Fox
Jan
Jan
1
25
Amer dep rets
27?*
May
Common
55
13%
Jan
Apr
1,200
-Jan
45
1
Feb
38
163*
Illinois Iowa Power Co...*
3%
31%
100
7%
14?*
7?*
98?*
100
Corp
Feb
Feb
H
153*
3?* May
80?* May
613*
56 preferred
107
4?*
100
57
Florida P A L 57 pref
Ford Motor Co Ltd—
Jan
Feb
39?*
18?*
22?*
2?*
83
100
Flak Rubber
15
51
Jan
Hussman-Llgonier Co
100
Mar
316 May
Feb
5?*
25
*
10
5
300
8%
*
stock
Hires (C E) Co cl A
Hoe (R) <fc Co class A
66
3%
80%
16%
Fldello Brewery
1
Fire Association
(Phlla).lO
First National Stores—
Apr
11
Feb
Apr
1(
68,200
61
com
Heyden Chemical
18%
6
Non-vot
Jan
16%
*
26
Feb
Mar
52?*
159?*
Jan
20
41
600
Jan
16
23*
123*
143*
Gulf Oil Corp
25
Gulf States Util $5.50 pref *
$6 preferred
Apr
6?*
1
200
2,700
95%
45?*
21?*
Grocery Sts Prod com..25c
Guardian Investors
1
50
Jan
6%
Jan
May
May
Apr
300
Apr
110%
Mar
Falstaff Brewing
May
8%
40
3,800
Mar
Jan
Apr
4?*
28?*
1%
75
100
Apr
2?*
14?*
7% 1st preferred
100
Gt Northern Paper
25
Greenfield Tap & Die--
Jan
May
23
'20%
Apr
13?*
Mar
12
24
100
3*
900
Jan
Empire Power Part Stk..*
Emsco Derrick A Equip..5
,
425
10
75
$7 preferred
»
Goldfield Consol Mines...1
Jan
70
3%
73
55
*
Apr
36?*
%
100
113*
Class B__
10?*
29%
28%
17%
Apr
Equity Corp com
10c
Eureka Pipe Line com...50
European Electric Corp
11?*
Apr
25
May
57
Apr
Apr
24
Jan
65
100
7% 1st preferred
10?*
May
May
May
Apr
May
Apr
100
Ferro Enamel Corp
Flat Amer dep rots
10
40
42
75?*
76?*
10
40
*
*
Preferred
c
Feb
107
%
Jan
2%
16?*
100
11
33?*
19
1
Jan
50
17
Elgin Nat Watch Co
16
Empire Dlst El 6% pref 100
Empire Gas A Fuel Co—
Mar
37
100
*
'""260
Jan
38?*
36?*
Apr
600 1134
Electrographlc Corp com.l
6
11?*
Feb
51?*
Jan
37
200
*
Fansteel Metallurgical
Fedders Mfg Co
11
*
Mar
Jan
41
111
3%
8
Fanny Farmer Candy
100
1
Jan
Mar
18?*
*
1,800
l
49
S3 preferred
Gorham Mfg Co—
2%
Option warrants
Electric Shareholding-
300
100
19%
6%
3,100
6
2%
*
3
May
4,600
49
9
30
25
i
7% preferredEx-cell-O Air A Tool
Falrchlld Aviation
17%
49?*
30?*
16?*
24?*
6
16%
com
Option warrants
Evans Wallower Lead
16%
'27%
S16
Great Atl <fc Pac Tea—
9%
19
73%
6?*% preferred
7% preferred..
8% preferred
Feb
16%
3?*
22§*
Gray Telep Pay Station. 10
17
10
56 preferred
preferred
Jan
*
2%
.
1H
Apr
4
Edison Bros Stores new.
Elsler Electric Corp
v t c
100
25%
62
Elec Bond A Share com._
$5 preferred
*
Electrol Inc
1%
30
63
Easy Washing Mach "B".*
EoonomyGrocer y Stores
Common
1%
Feb
24%
4 % % prior preferred. 100
6% preferred
100
Eastern Malleable Iron.25
Class A
Jan
Mar
33Z May
100
Georgia Power $6 pref
Gilbert (A C) com
V t
Jan
Feb
100
96 3*
2%
72
8
Jan
Feb
100?*
Grand National Films Inc 1
Grand Rapids Varnish..
111
17%
Feb
Apr
Feb
37%
Elec P A L 2d pref A
6% preferred A
Gen Water G & E com
Mar
1%
May
64
86
10
~3~606
74%
Apr
36
Common
General Telephone com.20
$3 conv pref
*
General Tire & Rubber...5
Feb
23?*
64?*
1%
Jan
600
May
80
6
Feb
23
May
Gorham Inc class A
Feb
6?*
'"""26
6
East Gas A Fuel Assoc—
56 conv pref w w._
Elec Shovel Coal 54 pref.
11
Jan
Mar
18%
May
May
Jan
19
%
32
50
*
Duro-Test Corp com.....1
Duval Texas Sulphur
Elec Power Assoc
18%
14?*
98
"74% '74%
1,200
10
3%
"l% "l%
W arrants
1,100
135?* 144%
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co.
100
Durham Hosiery cl B com*
"500
Feb
20
108
*
"18?* "193*
Jan
83
26
100
Eagle Picher Lead
Apr
Jan
15
...
"l%
7%
preferred
100
Douglas (W L) Shoe Co—
Driver Harris Co
Apr
3
1,300
Jan
56
53%
6?*%
preferred
5%
4?*
May
May
18?* May
18%
50
Domin Tar A Chem com
Chemical...
Draper Corp
Feb
15%
Jan
Apr
11?*
Warrants
May
Mar
17
*
$3 preferred
May
30
500
4
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref....1*
Gen Rayon Co A stock...*
Feb
12%
200
400
High
75
6
53
Distilled Liquors Corp...6
Distillers Co Ltd
£1
Dow
Feb
1
com
$6 preferred
Feb
19%
29%
13
5%
Feb
13%
78
Detroit Gasket A Mfg coml
6% pref ww
20
Detroit Gray Iron Fdy...5
Det Mich Stove Co oom__l
Jan
100
87
6%
2?*
15
Jan
1,300
12%
Preferred
Apr
2%
1,000
13%
24
82
1
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
Mar
%
12,500
Feb
12
12
17?*
Low
Gen Electric Co Ltd—
Jan
Mar
11?*
17
11%
*
20
1%
Range Since Jan. 1 1937
Week
*
Amer dep rets ord reg.£l
Gen Fireprooflng com
*
Gen G & E $6 conv pf B._*
Jan
Price
15
Jan
100
7
Conv preferred
Gamewell Co $6 pref
General Alloys Co
38
10,000
6%
Froedtert Grain & MaltCommon
1
Mar
7%
"""% "i" ""600
Dayton Rubber Mfg com.*
Class A
35
6%
Feb
2%
Davenport Hosiery Mills.*
7%
1%
3%
6
Dejay Stores
14?*
Mar
Jan
12%
6?*% preferred
100
Curtis Mfg Co
5
Cusl Mexican Mining..60c
com
39%
7%
.
*
Darby Petroleum
Apr
Mar
1%
12%
2
tc.*
com v
Jan
12%
*
com
Cuban Tobacco
Jan
Mar
4?*
Par
May
1
33%
'16
7%
94?*
May
May
1?*
27?*
12%
Apr
Feb
5%
86
100
25
Crystal Oil Ref
Sales
Friday
STOCKS
(.Continued)
32
*
Preferred
Apr
Jan
32%
Crown Cent Petroleum... 1
Crown Cork Internal A..*
Crown Drug Co com..25c
Cuneo
1%
..1
Crowley, Mllner A Co
Tel. HAnover 2-5370
Jan
Mar
35
Jan
*
Croft Brewing Co
Exchange
52?*
6
Crocker Wheeler Elec
St., New York City
64?*
4,100
£1
Creole Petroluera
20 Broad
& COMPANY
York Curb
Apr
200
100
Courtaulds Ltd
21%
61%
New
Members
Apr
Corroon A Reynolds-
Common
Jan
53
*
$6 preferred A
SCosden Oil com
request
35%
*
Copper Range Co
Cord Corp
UHLMANN
Jan
17%
6\%
*
upon
Mar
125
Analysis
Jan
8,100
preferred..
com
Electric Bond & Share Co.
Mar
May
2%
20
Cook Paint A Vara com._»
Cooper Bessemer
S3 preferred A
1937
10%
86
Cont Roil A Steel Fdy
*
Continental Secur Corp..6
3299
High
7%
800
8
121
2Va
9%
2
Week
High
120
10
S3
Low
Exchange—Continued-Page
|
73%
7%
100
Consol Steel Corp com
*
Cont G A E 7 % prior pf 100
Continental Oil of Mex.._l
$4
Range
of Prices
Price
Consol Min & Smelt Ltd..5
Consol Retail Stores
6
Sake
21?*
3?*
Feb
Apr
Jan
%
Jan
5?* May
Feb
%
Jan
5*
73*
Feb
Mar
New York Curb Exchange—Continued—Page 3
3300
Sales
Friday
STOCKS
Last
Week's Ranoe
for
(Continued)
Sale
oj Prices
Loto
High
Price
Interstate Hosiery Mills..*
Italian
1
*
1
Warrants
Jan
May
42%
24%
%
600
7i«
Jan
Jan
22
450
20%
Apr
"16
27M
13
500
11% May
185?
1
'l6
Jacobs (F L) Co
Jeannette Glass Co
140
34%
11%
Mar
12%
11%
12
1
14%
*
8%
1%
'-16
15%
8%
*16
14%
8%
800
%
Jan
600
'is
Jan
Jan
preferred
78
400
6% preferred
85 X
100
7% preferred
100
Jonas & Naumburg
2.50
Jones & Laughlln Steel. 100
May
6%
400
96%
5%
Apr
May
1,300
90%
25%
Jan
111%
95
105
Julian & Kokenge com...*
Kansas G & E 7% pref.100
113
113
10
Ken-Rad Tube <fe Lamp A *
20
21
300
Kingsbury
Breweries
105
84
19
1
2%
70
40
46
1
1
Kirby Petroleum
Klrkld Lake G M Co Ltd
4%
5%
1
1%
*
10
1
'11%
.
Klein (D Emll) Co com
Kleinert (I B) Rubber
Knott Corp common
Kobacker Stores
6
6,300
1,500
28%
Apr
32
Jan
2%
112%
59%
Mar
80
Jan
Jan
*
8%
25
1 %
1
Lit Brothers com
*
Loblaw Groceterias A
5
Lockheed Aircraft
1
12%
*
10%
.__*
3%
Lone Star Gas
Corp
Newmont Mining Corp.10
Jan
New Process common
*
Jan
N Y & Honduras RosarlolO
N
N Y Pr & Lt
14
4,900
1,600
14
400
18,000
22%
Jan
11%
Apr
15% May
70%
Apr
47%
Apr
4% May
97%
Apr
2%
Apr
200
8%
1%
20%
4%
2,700
5
9,100
7%
May
Apr
,5i«
Jan
Apr
16%
Jan
4%
May
600
23
Mar
111%
12%
Jan
21 %
Jan
78%
59%
9%
Feb
7% preferred
6% pref class B
100
-
-
-
65
100
20
Jan
13%
2%
30%
26%
Apr
7
g
Apr
14%
Jan
6%
Jan
81
65
69%
250
76
Apr
93
100
65
May
80
400
4
4
Apr
11%
12%
8,300
1%
"i%
"266
11% May
95
5
1%
Apr
Apr
May
150
5
39%
39%
400
38
3%
3%
3%
1,000
3%
May
Mangel Stores
7%
7%
7%
400
7%
Mar
60
60%
60
Margay Oil Corp
28%
29
Marion Steam Shovel
13
$5 conv preferred
Manlschewitz (B) com
60%
6%
60
Jan
Jan
Feb
Mass Utll Assoc v t
11%
23%
..
May Hosiery Mills pref..
McColl-Frontenac Ltd—
7
25%
114
5%
corn-
Feb
82
Jan
Apr
Jan
15%
25% May
33% Mar
22% Mar
3%
Jan
May
3
200
4,000
8%
Apr
Feb
300
18%
Jan
150
55
Jan
16%
Mar
25%
Apr
55% May
73
53%
105%
Mar
Feb
Apr
7
Mar
100
25
%
8,800
3%
100
2%
-
2%
8%
2%
2%
2%
8%
12%
10
200
4,200
Feb
Preferred....
10
6%
t o
non-cum
Jan
Feb
Jan
4%
3%
Jan
Jan
13%
40
40
43%
1
com
*
Ohio Edison $6 pref.....*
Ohio OH 6% pref
100
Ohio Power 6% pref...100
Ohio PS 7% 1st pref
100
conv
90%
81
com.
15
50
pref
24
Mar
Jan
90
Mar
Apr
1,400
10%
May
4%
14%
400
2%
Apr
5
33% May
43
Jan
90
98
Jan
10%
100
Mock, Jud, Voehrlnger Co
9%
3%
8%
3%
,
100
10
13%
9%
3%
160
400
5,200
100
-10
*
90
13%
1
A. 1
Montgomery Ward A
11%
3%
34%
114% 114%
2.50
Montana Dakota Utll
10%
2%
33%
90
Miss River Pow pref
142
142%
30%
35%
35%
30
*
25
*
100
Moore (Tom) Distillery__1
Mtge Bk of Col Am shs
4
3%
Mountain Sts Tel A Tel 100
6%
1,200
140
*
Nachman-Sprlngfilled
Nat Auto Fibre A v t c..*
National Baking Co com.l
22
142
23%
118
Jan
Mar
Feb
Feb
40
— -
—
1,000
2%
29%
32%
500
25%
Jan
37
300
Apr
35%
56
56
250
30%
43%
101%
106%
109%
101%
92%
111
101%
101% 103
107%
150
950
100
20
""13% "13%
'"~8o6
"11%
il
11%
1,700
-----
27%
28%
700
3%
4%
9
29%
9
29%
T800
100
29%
26%
1,500
104% 104%
175
26%
400
*
9%
9%
Common
Conv pref
ser
28%
Jan
Pitney Bowes
20
Mar
97%
Mar
50
Apr
33
50
29
38
150
36%
200
200
110
3303,
11%
37%
27%
*
72
Mar
17%
113
112
175%
4%
Mar
Jan
Jan
Jan
Feb
Mar
95
Feb
Mar
151
Apr
Mar
37
Feb
11%
May
Mar
Apr
11%
20
116%
34
Jan
Feb
Mar
May
15%
Feb
Jan
11%
Mar
400
35%
Apr
40
Mar
1,3 0
19%
Jan
2%
Jan
33%
3%
Feb
Jan
Feb
4
4
4%
2,900
4
May
6%
7%
7%
7%
1.000
7% May
9%
Jan
Apr
42%
Jan
27%
116%
147%
2%
Apr
Feb
Pitts Bessemer A L Erie RR
Common
Feb
Jan
Feb
Apr
Jan
Apr
Postage
Meter
47
Mar
42%
Feb
Mar
6
1
Pioneer Gold Mines Ltd_.l
'
32%
*
Jan
57%
12%
30%
110
31%
114
Power Corp of Can com.. *
Jan
200
25
10
com
Feb
Jan
12%
200
13%
3%
52%
4
100
4,300
Apr
900
*
32
10%
38%
Powdrell A Alexander
4%
*
32
11%
Jan
3%
Conv part preferred
National Steel Car Ltd
132"
32
9%
Jan
Mar
96
11%
2%
%
7%
96
50
9%
37%
19%
Jan
500
96
11%
10% May
%
12
*
May
May
2,100
300
May
15%
%
12%
101%
98%
79
~16% "2^800
516
%
4
121
Jan
19
8,300
500
51%
Jan
May
140"
*
200
Jan
4%
*
Pleasant Valley Wine Co.l
Plough [nc
*
Pneumatic Scale Corp
10
Potrero Sugar com
5
8
1
'96%
4
12
4
100
Jan
11%
34
Jan
3 %
59
4,400
Jan
Feb
Mar
May
15%
13%
7
28
109% May
3
1 %
13
*
Feb
162
10,000
91%
12%
Feb
100
Feb
May
Jan
53
43
150
Mar
74
75
Jan
Jan
3
14%
150
36
Jan
Apr
175
14%
25
Nat Rubber Mach
Nat Service common
34
Jan
30
3
44%
100
Feb
172
Jan
76
$
Feb
60
A
Apr
38%
Mar
Mar
1
Apr
74
24%
54%
75%
4%
24%
Phoenix Securities—
22
*
Jan
5%
10
Jan
Jan
8%
100
27
27
89
Feb
Feb
Apr
2%
Pa Water A Power Co
May
7%
33%
Apr;
5
96
Phillips Packing Co
100
Apr
*
Jan
8%
Mar
*
56 preferred
Pierce Governor
4
*
Mar
Feb
Pa PrA Lt $7 pref
Penn Salt Mfg Co
Penn Traffic Co
Apr
%
28
26%
104
10%
32%
29%
107%
Feb
Pines Wlnterfront
'
Apr
82,500
8
4%
109% 110
27
*
Mar
2,400
10
Jan
6%
4%
May
1
Jan
Apr
9
Jan
Mar
Jan
National P A L 56 pref
%
8
Feb
May
May
May
May
Feb
Feb
15%
%
8%
38%
Nat Leather common...10
Apr
3%
32%
1
7%
155%
Nat Mfg A Stores com
National Oil Products
106
7%
44
Mar
Jan
Apr
Apr
10% May
53%
14%
May
Apr
ok
2%
54
Apr
26
May
44
Jan
Feb
59
29%
1,800
9%
Feb
Feb
14%
38
500
12
Jan
104%
22
200
32%
11
Jan
112
Apr
750
Jan
29%
111%
111%
4,000
Mar
29%
Feb
May
'job
184
Feb
Jan
Mar
May
13
78
"5% "T%
com
_.*
Phlla Elec Co $5 pref
..*
Phlla El Power 8% pref-25
23
67
110%
Jan
Feb
Pennroad Corp vto
Pa Gas A Elec class A
5
Mar
Apr
6%
Jan
Feb
10
3%
Philadelphia Co
400
May
41
Feb
May
Apr
Jan
140
Jan
Mar
70
Jan
Feb
Apr
12%
98
*
Pepperell Mfg Co
8
2
39
*
Perfect Circle Co
Jan
108
Apr
Feb
34% Mar
42% Mar
180% Mar
3% May
Apr
4%
103%
Jan
7%
21% May
Jan
5%
Feb
Feb
Apr
Apr
87%
96%
69%
Apr
17
Apr
1
16%
Ht
Jan
Jan
24%
102%
106% 107%
110% 111
Jan
Jan
21%
100
Feb
*
11%
4%
Apr
80
104
102
100
S2.80 preferred
55 preferred
Apr
Mar
%
10
28
Apr
Apr
2%
28
Feb
Penn Mex Fuel Co
Mar
Mar
Jan
May
5
62%
11
213
Nat Bond A Share Corp..*
National Candy Co com..*
Apr
38
18
12
1%
For footnotes see page
Jan
60%
50%
50%
4%
63%
*
8%
97%
12
1
Refining Co
Class B
Peninsular Telep com
Preferred
3%
6
*
1
National Fuel Gas
77
Jan
Jan
10
Amer Airways
13% May
1,500
*
Natcon Corp
Mar
30
6%
100
com
Apr
35%
31
mmmmm
Paciflo P A L 7 % pref.. 100
Pacific Pubiio Service
*
SI .30 1st preferred
*
Pacific Tin spec stock..
*
18
"6%
10
Murray Ohio Mfg Co
Muskogee Co com
114
220 *138%
150
29%
Class A 7% pref
Mountain Producers
May
12
142%
Montreal Lt Ht A Pow...*
Moody Investors pref
Moore Corp Ltd com
61%
500
""•ioo
36%
Apr
2,000
100
1
Jan
Jan
3%
90%
33
71
98
51
"l2%
90%
"ill"
Patchogue-PlymouthMllls*
125
Apr
Apr
Jan
.....
5
Oldetyme Distillers
Pan
Feb
7%
100
S3 preferred
8%
81
Jan
80%
Feb
16
May
2,100
8
Jan
Feb
Feb
May
%
85%
500
Feb
%
2%
3%
%
%
6%
Feb
Feb
40
2%
6%
7
Jan
16%
11%
500
25
2
Feb
6%
5%
25
10
Mar
65
May
May
5%
...10
Apr
Apr
49%
..5
Parker Pen Co
Apr
33
119%
5%
35
54
54
Jan
Apr
11%
2,400
1%
100
1,200
3%
56%
45
Feb
1,900
Apr
3%
1
1%
516 May
1%
3%
3,800
5
Mar
Apr
1,100
1,500
Pantepec Oil of Venez
1
Paramount Motors Corp. 1
3%
Minnesota Mining A Mfg
Minn P A L 7% pref..
100
National
12
Feb
1%
Jan
12%
Apr
2,600
Penn Central Lt A Pow Co
Minlug Corp of Can
Nat Bellas Hess
12%
Mar
May
105%
Jan
11%
6%
106
5%
Jan
Feb
20%
Mid-West Abrasive com50o
Midwest Oil Co
10
6% preferred.
%
2
11%
18%
80
Molybdenum Corp
850
89
Apr
dlv shs
new
17,700
6
Mar
6%
Mar
May
6
37
Jan
Mar
Apr
38
1
Jan
2%
Feb
15%
115%
Mar
2%
Feb
8%
Midvale Co
Common
13%
12
pref
Monroe Loan Soc
11%
87%
10
500
2%
Midland Steel Products—
$2
12%
~38:"
100
5
'I %
t c
conv
"38"
12%
1%
1,800
Jan
Mar
Apr
Mar
2,200
Overseas Securities
Pacific G & E 6% 1st pf.25
5%% 1st preferred... 2 5
Pacific Ltg $6 pref
*
Middle States Petrolv
111%
4%
Pender (D) Grocery A...*
Michigan Sugar Co
v
'111% 111% "MOO
17
111%
Oliver United Filters B.._*
Apr
34
Apr
May
99
2%
Jan
Apr
6%
16
Jan
Mar
Apr
41%
Jan
2
13
8%
1%
Michigan Steel Tube..2.50
20
28%
107%
2%
31%
11%
2%
80%
2%
60
2%
27% May
5% May
%
Jan
55
May
7i6
Jan
2%
Apr
.
250
900
200
9%
16
Ohio Brass Co cl B
Oklahoma Nat Gas
1%
100
8%
1%
5Nor Texas Elec 6% pf.100
Northwest Engineering..*
Novadel-Agene Corp.
*
Apr
55
100
10
6% 1st preferred
Ollstocks Ltd 00m
900
28%
30
13%
14%
109% 110%
Apr
May
May
37
Feb
cl A.. 100
Jan
Metropolitan Edison pref.
Michigan Bumper Corp..
Michigan Gas & Oil
Class B
com
Mar
6%
3%
135%
Feb
Northern Pipe Line
Nor Sts Pow
7
Jan
Jan
94
Nor Ind Pub Ser 6 % pf. 100
7% preferred
100
Nor N Y Utll 7% 1st pf 100
121
Part preferred
Class A
Nor Cent Texas Oil
Nor European Oil com
Jan
Apr
200
6% prior preferred ...50
No Am Utility Securities
May
39
3%
26
Feb
100
103
3%
com..
100
Mar
5
115
32
Corp
1,100
31
94%
Apr
Apr
Feb
..*
5%
916
3%
108
Apr
Feb
6
36 preferred
101%
400
30
l09%
North Amer Rayon cl A..*
Class B com
...»
600
55
107
Mar
Mar
Mar
Jan
20
77%
2%
103%
1
300
^Participating preferred.
100
100
88
Apr
Common
5%
98% Mar
14%
Feb
44% Feb
5%
Co
100
2.100
35
140%
30%
93
Noma Electric
Nor Amer Lt & Pow—
Apr
Merchants & Mfg cl A
6%% A preferred
82%
2%
Apr
Apr
May
95
Mar
5%
1%
22
3%
-.5
May
47
76%
Jan
98
..*
7
73
5%
1%
150
Class A pref
25
104%
Warrants
78%
Jan
Jan
87
Nlplsslng Mines
700
100
Merrltt Chapman <fc Scott
Apr
31
100
common
1,900
45%
7% preferred
Midland Oil
Class B
7%
28%
115%
5%
Jan
23%
6%
Niagara Share—
95
7
25%
Mercantile Stores com
Mexico-Ohio Oil
Jan
5%
10%
Jan
3
23%
55%
Memphis P & L $1 pref
Metal Textile
42
Apr
13
1,700
100
Mead Johnson & Co
Iron
Jan
Feb
2% Jan
6% May
Apr
13
11%
23%
55%
MoCord Rad & Mfg B
MeWilliams Dredging
Mesabl
May
15%
100
Jan
Jan
17
200
16
3
c
Massey-Harris common..
6% preferred
Apr
6%
Mar
15%
20%
Mapes Consol Mfg Co.-.
Master Electric Co
167"
Class A opt warr new
Class B opt warr new
3% May
1%
6
2%
Apr
100
Mar
10%
Majestic Radio <fc Tel
Lynch Corp common
Mar
10%
4%
100
6% 1st pref new
5% 2d pref cl A
5% 2d pref clB
4,800
11%
m__l0
Ludlow Valve Mfg gen stk*
Memphis Nat Gas
Common new........10
Feb
Feb
Mar
2,500
Louisiana P <fc L $6 pref..*
Lucky Tiger Comb
1%
100
Niagara Hudson Power—
4%
3%
78%
4
Loudon Packing
_*
Louisiana Land & Explor.l
100
200
5
Nliee-Bement Pond
...
Feb
1%
14%
2%
N Y Water Serv 6% pf. 100
Long Island Ltg—
Common
Apr
Mar
16
79
1
Jan
4%
Jan
Jan
19%
19%
1%
14%
22
79
*
New York Transit Co
xl3%
9%
700
80%
116
Jan
Feb
Shipbuilding Corp—
Founders shares
N Y Steam Corp com
*
UN Y Telep 6%% pref.100
4,300
12%
$6 preferred
Jan
13% May
13%
Apr
125
10
7% pref.. 100
Feb
Mar
23%
18%
16%
15
Y Merchandise
N Y
110%
14
Feb
110
12%
14%
11%
10%
200
30
*
Feb
*
Locke Steel Chain
Feb
Feb
May
Feb
26%
21%
4%
275
77
1
25
21%
*
Lion OllRefining
115%
13%
N Y City Omnibus—
Warrants..
53%
5%
13%
115
1%
16
1%
*
25
Jan
15%
8
Leonard Oil Develop
Line Material Co
New Haven Clock Co
New Jersey Zinc
New Mex & Ariz Land
13%
17%
1
Lehigh Coal & Nav
Feb
N Y Auction Co com
Lane Bryant 7% pref.. 100
13%
Jan
Mar
Feb
Lackawanna RR (N J) -100
*
3%
Apr
100
Lefcourt Realty com
Preferred
400
13%
100
21
500
4%
'115%
53%
New England Tel A Tel 100
Jan
12
51%
700
*
6% preferred
Feb
Apr
22
5%
New Engl Pow Assoc
Jan
23
1,300
.5
10%
10%
22
52
Jan
New Bradford Oil
18%
106
Lakey Foundry & Macb__l
Mar
2%
50
*
100
11
15%
51
100
com
100
22
Lake Shores Mines Ltd—1
Neptune Meter class A
300
11
Koppers Co 6% pref—100
Kress (S H) & Co pref.-.10
Kreuger Brewing
1
1st preferred
*
Nelsner Bros 7% pref. .100
Nelson (Herman) Corp
5
5%
,st6
1
11%
Ftb
Mar
18%
11%
1%
18%
*
com
5%
6%
3%
Mar
21
Nestle-Le Mur Co cl A...*
Jan
Feb
40
46
Jan
May
Nev-Callf Elec
4%
74
46
May
1
Jan
30
Jan
12%
21
Jan
114%
28%
Jan
9%
Jan
112
com
9%
126%
88%
65%
8%
8%
1%
70
5% preferred D
Kingston Products
5
Jan
28
Mar
*
2%
1
100
Jan
May
May
May
Kings Co Ltg 7% pref B100
100
Apr
May
Mar
9%
*
Jan
85%
60
Apr
10
25%
Nebraska Pow 7% pref.100
Nehl Corp common
*
96%
78
25
25
High
Nebel (Oscari Co
Jan
75
1,200
"Il% "ii% "12% "3", 700
25%
1 1937
Lots
Jan
89
78%
85%
National Sugar Refining. _*
National Tea 6%% pref-10
National Transit
12.50
Range Since Jan
Week
Feb
Feb
5%
100
Stores
Price
Feb
iyA
IV*
Jersey Central Pow & Lt—
5 % %
for
of Prices
Low
High
Nat Union Radio Corp
Navarro Oil Co
Feb
13%
Jan
8% May
3,000
Week's Range
Sale
Par
37%
21
21
Superpower A
100
Last
High
9ie
%
v t O..10
Mfg
Irving Air Chute
Low
Stores
STOCKS
{Continued)
11%
1
Iron Fireman
Ranoe Since Jan. 1 1937
37%
Interstate Power $7 pre!.*
Investors Royalty
Sales
Friday
Week
Par
May 15, 1937
50
Pittsburgh Forglngs..... 1
Pittsburgh A Lake Erie.60
Pittsburgh Plate Glass. .25
6% 1st pref.
Pratt A Lambert Co
Premier Gold Mining
41%
20%
19%
100
21%
104%
1,500
100%
115
115
123
1,100
310
18%
88%
115
Jan
Mar
Feb
1%
1%
400
1%
May
May
16%
16%
400
16%
Feb
'"2% "3%
MOO
1,400
2%
May
9%
Apr
33%
Feb
41
Jan
6
2%
5
9%
10%
Feb
21
21
25
21
May
34
34
100
34
Apr
19
Jan
Apr
8
Feb
4%
Jan
12%
Feb
..100
1
2%
2%
2%
3,600
2%
Apr
4%
Jan
31
Volume
New York Curb
144
Friday
STOCKS
Last
(Continued)
Sale
Par
Prentice-Hall
Price
*
com
Producers Corp
Low
30
Pressed Metals of Amer—*
Range
High
28
*16
Shares
SPropper McCallumHos'y*
*
"ll'X
*
"IIX
Prudential Investors
Common class B
Preferred
13
29
77
78
6% preferred
Jan
Standard
Starrett (The, Corp v t c
Steel Co of Canada ord
21)4
X
Ry & Utll Invest cl A
1
Rainbow Luminous Prod-
X
34
Jan
1st
Feb
2d
119)4
Mar
Apr
117)4
Apr
*
_
Rath Packing Co
40)*
6
5)4
60c
*
14
*
"§4~
....
,*
com
Relter-Foster Oil
1)4
Reynolds Investing.
Rice StU Dry Goods
"in
1
98
20
*
.
..
Jan
21
54
May
Jan
Jan
i)4
5
m
9)4
5)4
98
7
108
106
434
128
4)4
5)4
600
135
128
X
75
X
10)4
900
OOl K! '"§34 "»k
10)4
60
St Regis Paper com
6
7% preferred
100
Samson United Corp com. 1
5)4
5)4
1.000
3)4
3)4
2.000
37)4
38)4
37)4
200
43 X
3,950
40 X
*
5)4
3)4
6
45
40
Manufacturing.26
Scranton Spring
BrookWater Serv $6 pref
*
Securities Corp general—*
2)4
125
2)4
100
•
"*"234 ""2)4 "2)4
7)4
Selberllng Rubber com.._•
7)4
8
Mi Oi Ol
3,500
23 X
Selby Shoe Co
2)4
__1
23 X
50
2X
24X
2)4
3,800
26
5
Conv stock
prior stock
26
certificates.-
26
500
97X 100
98
100)4
2,250
102 X
100
1,650
Apr
Jan
98
May
2*4
Jan
May
May
12
34
Apr
10$
Feb
Feb
dep rec
£1
Sentry Safety Control—1
Seton Leather
8%
*
com
Seversky
Aircraft Corp.-l
Shattuck
Denn
Mining..6
Shawlnlgan Wat 4 Pow..*
Sberwln-Wlillams com..25
f
*
)4
'16
8)4
9)4
4%
16 X
2634
34
At
4)4
16)4
26)4
129
4
15)4
26
1,400
300
4,100
6,700
300
129
132H
650
110
5% cum pref ser AAA 100
11034
330
40
Apr
6554
Mar
90
Jan
10834
May
Apr
Jan
6)4
Jan
Tr.jkex Safety Glass Co—
Am dep rets for ord
8
Mar
141
Apr
54
Jan
Jan
15)4
Apr
Tung-Sol
38 54
Apr
Mar
1154
Apr
102)4
May
11734
5)4
May
6
Apr
Apr
4)4
4)4
295
2,000
50
6
500
434
37)4
May
May
42
40)4
2)4
44)4
May
78)4
6)4
5054
2)4
6
May
May
May
Apr
23)4 May
1)4
634
6% original pref erred.26
25
5)4% Pref series C...26
Jan
May
Jan
Mar
55
Mar
4)4
9)4
30
Jan
Jan
Jan
Feb
Mar
27)4
Spanish
1)4
15*
6)4
2,100
6)4
800
36)4
80
27)4
27)4
400
25)4
"~4)4
100
New Engl Tel..100
8o West
300
36
7% preferred
25 54
4)4
300
4X
155"
100
9)4
Jan
let $7
98
103
Jan
Apr
2)4
1)4
Feb
8)4 May
12)4
Mar
3)4
May
1534
25)4
Apr
6)4
28)4
Jan
Feb
Feb
Mar
154
Jan
)4
Apr
Apr
129
May
108
Mar
Jan
4)4
295
May
Apr
5*4
Jan
Apr
Jan
5)4
1)4
May
5)4
27)4
25
Jan
3354
154)4
114
Jan
Feb
Common class B_.
Jan
3
Feb
69
Apr
Apr
105
Feb
May
115
Mar
2
Feb
55
734
370
654
100
Feb
Feb
Jan
2X
4)4
12)4
4,000
2
700
1)4
Apr
3
Jan
16
900
15)4
8)4
May
17
Mar
4,200
"~26~
~28k
6)4
4,400
700
86
600
6)4
1054
1,000
3)4
3)4
800
2)4
2)4
1,600
$3 preferred
14)4
14)4
100
*
Preferred...
111)4
"lx
Mar
83
160
Jan
Jan
6)4
10
May
May
934 Mar
31)4
Feb
8534 May
1134
Feb
Feb
Apr
1334
934
6)4
May
4)4
Jan
May
114)4
Feb
3)4 May
4)4
234
Feb
Feb
13)4
Mar
Apr
Jan
17 )4
May
100
8X
Apr
18)4
Jan
X
Apr
85
30)4
13)4
Jan
Mar
Feb
800
854
9)4
111)4 114)4
700
1
Apr
2
Jan
Mar
xl 1
Mar
854
111)4
Apr
2
2)4
"5)4 "6)4
42 X
28
6)4
47
3,800
May
2
Apr
Mar
~8~7O6
5)4
100
6)4
May
May
1,400
42 X
May
13)4
124
3)4
Feb
Jan
Jan
94
Jan
11)4
11)4
Jan
75)4
Jan
Jan
50
28
28
Jau
45
Feb
55
IX
1
U S and Int'l Securities..*
1st pref with warr
conv
*
2
154
May
75
Feb
300
5)4
1)4
11)4
2)4
""960
88)4
275
38
13
14 X
1,600
2)4
3,600
2)4
2
2)4
28
50
"6)4
Products
Jan
May
May
May
Apr
34)4
Mar
Feb
16
Mar
14
Mar
Jan
18)4
Jan
1)4
4)4
Feb
Feb
300
28
500
1,500
12)4
6)4
500
X
20
J4
May
10,200
3 H
Jan
4)4
10,000
3)4
12)4
May
"lli
""466
15)4
50
15)4
23)4
May
5
Jan
7)*
Mar
2
Jan
Feb
Utlca Gas A Elec 7 % pi 100
10)4
2,300
5)4
11X
Apr
4234
700
Utah Pow A Lt 57
65
pref—*
Utah Radio Products
5
4
*
94 X
Jan
May
9
*
155
6
300
15)4
Mar
4X
"24)4 '25)4 ""166
8
3
93)4
7)4
716
"5"
1
200
May
Jan
Pictures com_.l
Universal
2
Jan
May
354
Mar
Feb
2X
10
Unlversa
Apr
Jan
86 X
354
Jan
Jan
13
47)4
18)4
300
50c
Feb
434
98)4
2,400
X
United Wall Paper
Consol Oil
Jan
Apr
'
*
Universal
Apr
Feb
Mar
Mar
12)4
7
8)4
1)4
12
3)4
28X
87
7)4
X
4)4
to
Feb
37)4
6)4
54
*
Jan
Apr
84
12)4
1
1st pref
2)4
85 X
86 X
"2)4
10
com
v
"l3"
*
U S Lines pref..
U S Playing Card
$7
IX
38
86 X
Universal Corp vtc
Universa
Insurance
Jan
Apr
15 H
60
600
46,000
6)4
"43 X
25
Jan
Mar
Feb
Apr
91
""254
Preferred
4m
834
5)4
13)4
*11
United Shipyards com B.l
Umted Verde Exten
28
19)4
8)4
1C
U S Rubber Reclaiming..*
U 8 Stores Corp com
*
Mar
2954
17)4
8)4
Am dep rets ord reg
United Profit Sharing
U S Radiator
7
Jan
Apr
4)4
11
85
*
Jan
Mar
Apr
112
*
Apr
2954
Jan
Jan
United Molasses Co—
Feb
Apr
Jan
18)4
4)4
*1)4
1)4
IX
$6 1st preferred
•
United Milk Products—.*
Apr
May
Jan
4
200
*
United G A E 7% pref. 100
United Lt A Pow com. A.*
United stores
4J4 May
May
May
Jan
66
1)4
10
2X
Jan
65
May
May
Apr
May
1)4
6
17)4
8)4
Jan
Jan
Mar
Apr
22 X
19
Jan
35)4
Feb
Jan
65
50
4
100
254
Feb
80)*
4)4
Apr
10
94)4
May
103)4
Feb
6
Jan
94 X
1,300
4)4
Jan
42
Apr
48
Jan
Utility Equities Corp
Priority stock
*
79
80
175
78
42
Ja»
Utility A Ind Corp com..6
1
1
300
1
Apr
Apr
89)4
May
2
Jan
3)4
3)4
X
700
3)4 May
9is
Apr
6)4
IX
Feb
854
Mar
600
54
34
34
300
934
10)4
1,200
X
21)4
34
22)4
600
24)4
24 H
4)4
9)4
7i6
24)4
5i6 May
7ie
Apr
85*
3)4
Feb
)4
May
1,100
24)4
Apr
May
400
21
Feb
1
Mar
134
Mar
12)4
Apr
4)4
Jan
1
Jan
Mar
*
1934
15)4
Standard Invest $5)4 pref*
Standard OH (Ky>
10
47
48
200
47
19
Jan
May
Apr
11
May
19)4
1934
1 9 54
11
11
11
36)4
36
38)4
100
104)4 105
1,900
100
1,300
100
33)*
104
Jan
Mar
I Utll Pow A Lt
7
common.. 1
Class B
.100
com.
l
Van Norman Mach Tool.5
27
Venezuela Mex Oil Co..10
5)4
21
63 )4
Jan
May
Jan
2054
1354
Mar
45
Mar
1055*
Apr
Jan
Va Pub Serv
3)4
54
17
Jan
3
500
2)4
May
3)4
Mar
1,150
16)4
Apr
28)4
Jan
400
6)4
56
50
29
1,000
6
100
2
2,600
88
10
6
1)4
88
6)4
•
*
Jan
18
56
.....
Jan
16)4
*
Wagner Baking vtf
4,200
'
916
2)4
26)4
1
Waco Aircraft Co
5
654
7% pref ..100
Vogt Manufacturing
4)4
"26)4
5
22)4 May
Apr
4)4
1
7% preferred
Valspar Corp vtc
vtc conv pref
6
Apr
55
Mar
73
Feb
26)4 May
6
Apr
33
Apr
1)4
88
13)4
6
Jan
May
Apr
May
Apr
10 X
9)4
3)4
100
Feb
Feb
Jan
Jan
18)4
Feb
10
Jan
200
Feb
4X
Jan
11X
May
2)4
Jan
2)4
Jan
6
Feb
17)4
3
Claw B._
1
2234
Mar
1)4
19
Apr
934
18
Wahl (The^ Co common..*
Bond class A
*
Waitt A
Walker Mining Co
For footnotes see oage 3303
*
preferred.
Venezuelan Petrol
4 J4
Apr
Apr
Apr
3
Jan
*
warrants
May
36
Mar
X
1
pref non-voting.*
254
854
Apr
1834
1034
Jan
300
6)4
10)4
3)4
United Gas Corp com
Opt'on
250
6% preferred
104)4
34
1)4
Mar
*16
78
..*
Corp w^j-ranta—
United Elastic Corp
Mar
200
25
100
73
X
78
1754
com
$3 cum 4 part pref
Mar
4)4
(Neb)
10
30
101
104)4 105
26 x
•
Warrants-
United Cbem'cals
4)4
28X
19
Oil
51
Union Stockyards
100
United A.rcraft Transport
Conv
•
Standard
Union Gas of Canada
5,400
*
Standard Oil (Ohio) com 25
600
Jan
734
30
Standard Cap & Seal com.l
preferred
100
61)4
Feb
Jan
17)4
2)4
190
'""16
42
Am dep rets ord bearer £1
Spencer Chain Stores
*
Conv
10
5)4
Corp—
Am dep rets ord reg__£l
Conv preferred
-.10
Standard Dredging Co—
Common
»
100
United
& Gen
Brewing Co
7% preferred.
101)4
83
Pa Pipe Llne._50
StahJ Meyer Inc corn
17 X
2)4
2
Co
Mfg
434
9)4
500
634
77)4
112
Union Elec Light & Pow
5)4
*
Standard
preferred..
Unexcelled
4
155"
10
Southland Royalty Co...6
South Penn Oil.,
26
6%
pref..25
Jan
Calif Edison—
Southern Pipe Line
Lamp Works..1
80c dlv preferred
Ulen & Co 7 )4 %
2)4 May
24)4 May
94)4
Jan
20 *4
6)4
3)4
Apr
Jan
12)4
Union Oil of Calif deb rts
98
5)4
800
•
Jan
31
1
1
South
Truni Pork Stores
Tublze Chatlllon Corp...l
Class A
.1
3
16)4
24 X
16
4)4
113*
1)4
1754
34
575
Jan
Mar
1)4
1
1454
Jan
57)4
101
10
U S Foil Co class B
(H) Paper Mill...*
Solar Mfg Co
1
Southern Union Gas
Common
Transwestern Oil Co
Jan
4)4 May
55)4
14)4
58
Jan
534
Apr
5)4
43X
X
United Shoe Mach com 25
Smith
Southern Colo Pow cl A.25
lolx
Mar
114
1,000
2)4
"59)4
Feb
2)4
May
May
May
8
reg—£1
41
Feb
4)4
5 54
17)4
16X
Apr
3)4
1854
55
17)4
Feb
Apr
Apr
5)4
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
May
Slmmons-Broadman Pub—
6% preferred B
Am dep rets def
£1
...
1
64
3
4
Jan
295
1,100
4
May
35)4 May
101
Tobacco Prod Exports...
Tobacco Securities Trust
12
12)4
Apr
4)4
22)4
1,000
9,100
5)4
5
5
2
Trt-Continentai warrants.
1
*
200
11)4
Mar
Traus Lux Plct Screen—
28)4
Southern
21)4
Jan
Jan
Sonotone Corp
Soss Mfg com
22)4
Jan
Apr
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
1,200
3)4
1
*16
pref
36)4
IX
3)4
18
24)4
Conv
Feb
Apr
Taylor Distilling Co
1
Technicolor Inc common.*
dep rets ord reg
Jan
Jan
114
IX
Am
50
Jan
35)4
1354
Shreveport El Dorado Pipe
Line stamped
25
Simmons Hard're & Paint *
Apr
98
1)4
7% pref erred A
100
Tonopab Belmont Devel 1
Tonopab Mining of Nev.J
Sherwln Williams of Can.*
Singer Mfg Co
...100
Singer Mfg Co Ltd—
May
18
Jan
Feb
Mar
600
112
35)4
Jan
Prov Stores—
Amer
Jan
45
Tobacco and Allied Stocks*
Inc—
Common
4
400
2,800
Apr
Jan
Apr
9H
200
6,100
12)4
Mar
5*
23
100
102)4 105
195*
4)4
6,000
1
1
1
pref A
28
May
11)4
14)4
17.166
*16
May
15
4)4
46)4
110
Tllo Roofing Inc
1
Tlshman Realty A Const.*
Mar
Feb
7,500
700
300
19
12
57
1354
7)4
3,300
Apr
2,200
Feb
17
Thew Shove !Coal Co
May
6)4
Mar
54
19)4
33)4
2)4
46
Mar
9)4
15)4
Apr
Apr
Texon Oil A Land Co
Feb
500
23
Apr
Mar
254
100
300
Apr
Jan
May
1,800
Feb
24
11
10
100
2X
5)4
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref..100
May
1,200
Jan
1634
Teck Hughes
15
1,300
2
44
Feb
100
5
Feb
1,500
100
Mar
4)
7,800
23)4
Mar
654
27)4
200
Mar
Feb
%
12)4
7)4
Apr
Jan
17)4
535*
6
Jan
Apr
4)4
12)4
49
Jan
6
Jan
Feb
16)4
Jan
>
Mar
17)4
Jan
33
15)4
May
22)4
22)4
100
1
Jan
9)4
19
19)4
4
15
Mines
Mar
125
8,300
$3.30 class A partlclpat.*
Tastyeast Inc class A
15)4
3954
May
18
Jan
700
1«
4)4
700
7
6)4
1954
"16
20)4
45
4
300
200
10)4
Feb
107
Apr
8)4
18
41
17)4
465*
834
154
32)4
554
1,200
3,000
17
1
6)4% conv pref
50
Sunshine Mining Co
10c
Superior Ptld Cement B..*
Jan
14)4
5)4
5)4
St Lawrence Corp Ltd—♦
Industries
150
19)4
1
Feb
Mar
100
Mines. 1
«,
Jan
2
*
Machinery
Sunray Drug Co
Sunray Oil
Feb
Feb
Feb
Mar
3
19
Sullivan
34
x38X
12X
Safety Car Heat & Lt.100
Inc
Feb
.....
9)4
654
5)4
54
2
14)4
Ryerson & Haynee com._l
Broe
Apr
145*
124)4
5)4
23)4
Taggart Corp common...*
Tampa Electric Co com..*
12)4
*
Sega! Lock & H'ware...
25
Jan
Jan
9)4
6)4
54
Jan
12)4
1
Savoy Oil Co
Schlff Co common
Jan
600
954
10
23)4
1)4
6
Mar
6)4
35
*
May
~""x ""916 "2",300
Royal Typewriter
*
Russeks Fifth Ave new.2}$
Anthony Gold
Jan
May
5)4
6
Rossla International
Consol Petrol
90)4
60)4
854
*
Swan Finch Oil Corp
Swiss Am El or oref
200
25
16)4
107
854
(S) & Co
SStutz Motor Car
Jan
900
5M
1
Rustless Iron & Steel
Jan
Stroock
100
2X
...6
Royalite OH Co Ltd
Jan
Jan
38
98
6% preferred cl D—100
pref
1065*
8
20
5
Rochester Gas A. Electric—
Root Petroleum Co
Feb
28)4
6
Feb
60
103
4)4
6X
20
25)4
6
9)4
Roosevelt Meld Inc
Apr
May
preferred
preferred
heb
34
23)4
"iJi
Reybarn Co Inc
com
33
200
14)4
1
Reliance Elec & Englng._5
Richmond Rad
Apr
*
Apr
41
Mar
100
pref
24)4
$3 conv preferred
Reed Roller Bit Co
69)4
32
*
Common
Apr
6)4%
Sterch; Bros Stores
May
10
Raytheon Mfg com
Red Bank Oil Co
May
X
Raymond Concrete Pile—
"lx
1
.
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling inc
1
Stetson (J B) Co com
.*
Stlnnes (Hugo) Corp
5
1,800
*16
*
Class B
20
com
17)4
500
8
20)4
98
34
34
Apr
Jan
93
25
Jan
6
18
Jan
Jan
Mar
Jan
200
Wholesale Phosp
200 Xl25)4
18
21)4
IX
175*
Ry & Light Secur com...*
1,400
Feb
'*,«
93
Feb
60
100
7)4
25
36
10
41
600
19)4
Jan
May
Apr
68)4
112
10
112
*
100
*
19
Apr
28
Feb
May
May
2)4
Pyrene Manufacturlng__10
6)4
1754
7u
Jan
Jan
200
93
May
50
6
1
916
30)4
716
Jan
*
27
375
3,100
7,400
20
28
Apr
7X
7)4
69)4
Stein (A> & Co common..*
150
72)4
33
37)4
22)4
22)4
9)4
10)4
•12
112)4
18)4
716
...—
High
May
Apr
3)4
19
1
Lead—1
«fc Acid Works
10
95
72
Pyle National Co com__
(Daniel)
Jan
100)4
33
Class A...
Feb
109
95
*
$8 preferred..
Quebec Power Co
105
May
117)4
$5 preferred
Quaker Oats com
6% preferred
May
117)4
95
7% prior Hen pref—100
Pub Util Secur $7 pt pf__
Puget Sound P & L—
Sel fridge
103
May
47
6% prior lien pref—100
Allotment
Standard Tube cl B
70
100
$5 60
Jan
100
..100
7% preferred
Selected
14k
250
'
60
Pub Service of Okla
Seeman
Sliver
Standard Steel Spring com*
May
77
Common
Scovllle
Products Co
Standard
Jan
90)4
-
Pub Serv of Nor 111 com
conv
Standard
Mar
100
50
27
$2
Feb
17)4
11)4
108
47
St
54
Apr
10134
27
Ryan
Mar
1134
47
conv
954
Lots
3)4
55
May
3*
2,000
"466
-*
*
$6 preferred
3,700
4X
*
14)4
101)4 101)4
3)4
Shares
*
Jan
"iik "ii«
Public Service of Indiana—
$7 prior pref
3 H
1
Feb
100
100
1st pref
Standard P&L
•is
*16
100)4
6% 1st preferred
$1.20
Feb
35)4
$6 preferred
Reeves
45
Price
Mar
200
*
7%
Par
High
Lots
May
5,500
X
Prosperity Co class B
Pub Service Co of Colo—
Week
28
7t6
13
for
of Prices
Low
High
Feb
34
Providence Gas
Week's Range
Sale
45
516
1
Last
300
30
Range Since Jan. 1 1937
STOCKS
(Continued)
Range Since Jan. 1 193?
for
Week
of Prices
Sales
Friday
Sales
Weet'i
3301
Exchange—Continued—Page 4
234
2X
3
2,400
Jan
New York Curb
3302
Weet's Range
Sale
1
42%
42%
1
Wentworth Mfg
Western Air Express
Tl %
11%
5%
5%
8%
900
7
High
34
300
8%
Feb
Denver Gas & Elec 5s .194 9
46 %
Apr
Apr
10%
Apr
Det City Gas 0s ser A.1947
5s 1st series B
-1950
10£%
13%
Apr
Mar
1,600
6%
2,200
5%
May
1,100
5,300
8%
Jan
26%
Apr
Mar
16%
28
Feb
10
30%
13% May
30% May
102%
Jan
21% Mar
98
Jan
117
28
"28M
Apr
*32
Apr
62
40
86% May
101
Co.—20
Feb
Western Maryland Ry-
7% 1st prelerred
Western Tab & Sta
107
100
107
*
West N J & Seashore RR 50
West Texas Utli $0 pref.
West Va Coal & Coke
4%
*
Wliuams (RC) &Co
*
Williams Oli-O-Mat Ht..*
*7
%
{Willow Cafeterias Inc.. 1
Conv preferred
*
«*
Common
v
4,600
5%
7%
100
%
Apr
Apr
45%
Jan
60
Feb
24
300
22
May
24
16%
700
13%
May
May
81
Wise Pr & Lt 7% prel-100
Woodley
14%
2
com
81
4%
Wolverine Portl Cement-10
14%
170
4%
16
900
Woolworth (F W) LtdAmer dep rots (new)—_5
6% preferred
Jan
Mar
16%
Jan
10
95
Jan
m
Feb
12%
Jan
81
13 %
500
1
Petroleum
Jan
May
4% May
300
Jan
Feb
Jan
8% May
1,300
19%
18%
6%
67
1951
97%
1st A ref 5s
1956
97%
1st A ref 5s
1968
87
1967
81
f deb 5s '52
160%
Aluminium Ltd deb 5s 1948
1948
105)4
Amer G A El deb 5s~2028
106%
Am Pow A Lt deb 6s—2016
93%
-.
Amer Radiator 4%s—1947
Am Roll Mill deb 5s.. 1948
65
2%
106"
100
Ark-Louisiana Gas 4s 1951
Arkansas Pr A Lt 5e__195P
98%
Associated Elec 4 %s—1953
Associated Gas A El Co—
52%
87
105%
100%
93%
104%
102%
105%
JaD
104%
Apr
101
33
79%
"80%
3,000
1,000
33
103%
Jan
93%
Jan
Jan
105%
73%
108%
Jan
33
May
33
Feb
Mar
May
104
104
104%
Mar
104
17,000
4,000
103%
104
103%
90
92%
"51*666
98%
99%
100% 101%
100% 101
"90%
97%
Mar
28,000
53,000
3,000
17,000
4,000
Jan
105
Jan
94
$94
General Bronze 6s
1940
General Pub Serv 58—1953
100%
101
100% 101
96
Jan
96
Jan
87
Apr
100%
Jan
Apr
101%
Jan
Apr
104%
102%
Jan
Jan
103
103
86
Jan
97%
100%
99
Mar
98%
Feb
91%
Apr
3,000
101
Feb
101%
101%
104%
29,000
96%
103%
89%
86
Apr
99%
99% 100
98%
99%
54
52%
25
19
25
21%
Apr
87%
95%
May
Gen Wat Wks & El 5s-1943
87%
87%
89
105
Jan
Georgia Power ref 6s—1967
96
96
97%
97
Apr
Jan
Georgia Pow & Lt 5s._1978
72%
87
105%
99%
Jan
♦Gesfurel 6s
97%
81
105
Apr
106%
Jan
102
Apr
107
Jan
105% May
105% Mar
92
36,000
70,000
98%
94%
31,000
51
95
105%
Jan
Mar
72%
$25%
80%
78%
1953
Glen Alden Coal 4s—1965
Gobel (Adolf) 4%s—1941
"si"
Grand Trunk West 4s-1950
Gt Nor Pow 5s stpd—1950
77
83%
48
48
48%
47
40%
45%
Grocery Store Prod 08.1945
Jan
Guantanamo & West 6s '58
$52
45%
1968
Guardian Investors 5s. 1948
57
57
Mar
104%
Jan
Hackensack Water 5s. 1938
109
Apr
108%
Mar
Jan
Apr
Apr
Apr
68
Apr
48
May
44
37,000
47
71,000
46%
45%
May
May
May
May
May
1977
55
'84%
Assoo TAT deb 5%s A *55
Gas Lt 4%s-1955
83%
100
Atlanta
45%
1,000
55
1,000
55
18,000
82
10,000
84%
100
98
J07%
5s series A
107
May
Hall Print 6s stpd—-.1947
May
♦Hamburg Elec 7s
1935
Hamburg El Underground
Jan
Jan
102%
104%
Jan
67%
Jan
♦A St. Ry. 6%s
1938
Heller (W E) 4s w w._ 1946
Houston Gulf Gas 68—1943
Apr
Apr
83% May
Jan
62%
100
61
Jan
Jan
Idaho Power 5s
65%
Jan
60%
Jan
Illinois Central RR 08.1937
111 Northern Utll 5s.-.1957
111 Pow A L 1st 0s ser A '63
69
Jan
91%
Feb
105%
Jan
♦6s with warrants--1938
184% 190
10,000
158
Jan
240
Mar
♦6s stamped w w-1938
♦6s without warrants 1938
172
21,000
158
Jan
240
Mar
170%
170
174
7,000
146
Jan
225
Feb
170
♦6sstamped x w__1938
Canada—
170
178
31,000
143
Jan
227
Mar
Bell Telep of
Jan
113
45,000
114%
Apr
Apr
May
145
Jan
99
Jan
1960
Canada Northern Pr 5s '53
108%
99%
112%
♦Canadian Pac Ry 0S-1942
Carolina Pr A Lt 5s..-1956
Cedar Rapids M A P 5s '53
Central III Publlo Service—
13,000
71
8,000
92
11,000
$106
1939
5,000
86%
92
Broad River Pow 5s—1954
133%
86
69
108
105% 105%
103% 104
108% 109%
99% 100%
112%
113
"
130
85%
69
91%
105%
Mar
Mar
Apr
2~656
105
Jan
18,000
ti 8,000
101
Mar
61,000
6,000
108%
99
111%
Apr
6s
97%
1st A ref 4%s ser F-1967
1968
104%
97%
98%
101
1981
101
93
5s series G
93
100
Cent Ohio Lt A Pr 5s—1950
D--1957
12,000
Indiana Service 6s
Jan
Ind'polls P L 5s
Jan
106%
Apr
Jan
Apr
114%
105%
Feb
113
Mar
Mar
105
Jan
104%
104%
Jan
103%
Jan
65,000
94%
18,000
7,000
98
Mar
93
May
Apr
Jan
Jan
79%
Apr
94
Feb
96,000
89
Mar
99
Jan
54%
72%
72%
75%
Jan
11,000
7,000
"92%
Cent States Elec 5s_--1948
55
55
58%
26,000
5%s ex-warrants..-1954
55
55
8,000
Cent States P A L 6%s '53
Chlo Dist Eleo Gen 4%s'70
59%
59%
105
55%
Mar
55%
104% 105
105% 106
98
55
36,000
55%
8,000
103%
4,000
104%
Apr
May
May
Apr
Mar
Jan
Jan
Feb
Jan
106%
Jan
94%
Jan
62
Jan
75%
109%
Jan
106
Jan
102%
27
Jan
Feb
Mar
20%
104%
Mar
Jan
105
Mar
98
Mar
102
20%
Mar
97
Mar
102%
Feb
Jan
Mar
33%
Apr
76%
Mar
88%
86%
Feb
"7",000
106%
Mar
23,000
99%
May
101%
Jan
106
Jan
107%
Feb
102
Mar
Mar
77
2,000
Mar
109
Feb
Jan
106%
Feb
Mar
106%
104%
Jan
96
90
Apr
99%
100%
Jan
Jan
105
85
Apr
May
Apr
99
Jan
107
Feb
107
Feb
101
95%
4,000
15,000
91%
106% 106%
$111
70%
89%
89%
105
31%
90
67%
Jan
io"666
102
$74
Jan
100
106%
Jan
Jan
"3~66o
89%
May
16,000
105%
Mar
106%
May
109%
Feb
110%
May
67%
May
May
79%
Jan
Apr
82%
Jan
Apr
70%
"lb",660
70%
22,000
67%
72
78
78
Jan
Jan
International Power Sec—
Jan
23
87
{♦Intercontin'ts Pow 6s '48
104
97%
Apr
Apr
67,000
32,000
99% 107,000
33,000
91
♦Indianapolis Gas 5s A1952
Apr
102
$107%
1963
Jan
Jan
8,000
100
88
Apr
Mar
$97
1950
1st lien A ref 5s
88%
101%
107%
102%
96%
99% 100%
88
87%
94
92%
Cent Pow A Lt 1st 5s .1956
1961
100
96%
1957
ser
A. 1957
0 %s series C
7s series E
7s series F._
1952
104%
Jan
Jan
105% 106%
7
70
$70
;.1957
Interstate Power 6s
Debenture 6s
1957
1952
8%
69
68%
International Salt 5s—1951
si'ooo
103%
Mar
106%
27,000
7
May
14%
Jan
2,000
65
Apr
Apr
77
Jan
76
68%
71
107% 107%
101% 101%
"s'ooo
73%
68%
105
Apr
Mar
83%
Feb
81
Feb
12,000
100%
Jan
107%
102%
60
68,000
55%
Apr
76%
44%
55%
43%
46%
21,000
41
84
83
85
28,000
29.000
101%
56
6,000
Apr
Jan
Mar
Jan
69%
Jan
96
Jan
Interstate Public Service—
5s series D
—1956
4%s series F
-.1958
Iowa-Neb LAP 5s—1957
5s series B
1961
78
102%
102%
Jan
Isarco Hydro Elec 78-1952
Jan
106
May
Isotta Fraschlnl 7s
1942
Italian Superpower 6s. 1963
78
79%
102% 103%
103%
101
106
Iowa Pow A Lt 4%s—1958
Iowa Pub Serv 5s
1957
100
Chicago A Illinois
105%
-—1955
{International Sec 5s. 1947
104
1956
96%
Indiana A Mich Elec 5s '55
Jan
21,000
131
1951
124
118%
118% 118%
"69"
99
Apr
Mar
108
104% 105
101% 102%
99
1953
5s series C
125
118
133
0%s series B
Mar
1st M 5s series B—1957
5s series C
Bethlehem Steel 6s_--1998
104%
101%
Feb
105%
Apr
2,000
81
108% 109
99% 100
106% 106%
108%
100
Indiana Electric Corp—
6s series A
1947
Mar
110
Birmingham Elec4%s 1968
1959
1st A ref 5%s ser B.1954
1st A ref 58 ser C
1956
Sf deb 5 %s--May 1957
Jan
22,000
Birmingham Gas 5s
$79
1949
1947
115%
115
1960
6s series B
80
Feb
97
27
Mar
6,000
Mar
Mar
May
1,000
77
26
25%
Jan
57
18,000
Jan
Jan
88
97%
86%
Jan
Apr
55
11,000
79
Mar
"i~666
36,000
97
78
Jan
May
106%
9~6oo
22%
22%
Indiana Gen Serv 6s.-1948
Indiana Hydro-Eleo 5s '58
114
114%
1st M 5s series A—1955
1,000
15,000
103% 104%
101% 102
50
$32%
103%
♦Hungarian Ital Bk7 %s '63
Hygrade Food 0s A...1949
65%
109%
103% 104
99% 100
35
$28%
1977
108%
119%
|Baldwin Locom Works—
184
50,660
21%
76%
60
May
1,000
50
44
90%
Jan
106%
105%
31,000
50%
40%
"44"
70
~
Jan
120,000
1950
29,000
91,000
11,000
35
Apr
6%s with warrants.1943
77
74%
82%
78%
99% 100%
$106%
89%
70%
76%
Jan
11,000
2,000
9,000
$15
$15
108%
32,000
105%
$74
{♦Gen Vending Corp 0s-'37
♦Certificates of deposit-
May
May
May
May
105%
81,000
107%
95% 168,000
105
25,000
59,00
102%
Debenture 5s——1968
106
102% 102%
72
72%
16,000
81%
76%
101%
32,000
101
10,000
104%
Apr
Apr
20,000
99 %
Mar
Apr
Apr
Mar
88%
105%
104%
106
106
Jan
Feb
Feb
May
May
2,000
66
Jan
79%
Feb
72
Jan
80
Feb
"58%
58%
59%
19",000
55
Jan
71
Feb
50%
50%
51%
23,000
40
Mar
56%
Jan
104% 104%
104% 104%
$94
96%
117% 117%
101% 101%
16,000
103
Mar
105%
Apr
Apr
72
$73
84
Jacksonville Gas 6s. -.1942
93%
Midland Ry 4%s A 1956
93%
93%
18,000
92
Apr
100
Jan
107% 108%
2,000
100
Mar
110
Jan
102
Chlo Jet Ry A Union Stock
1940
102
Chic Pneu Tools 5%s_1942
102
Stamped
Jersey Central Pow A Lt—
5s series B
1947
1,000
101%
Mar
72
29,000
68%
May
95%
12,000
95
$98% 100
70%
72%
98%
70%
Jan
Kansas Power 6s
"7",000
Apr
82
Jan
69%
Mar
83
Jan
104
84
Apr
101%
Apr
105%
Jan
4 %s series C
Jan
Kansas Elec Pow
Feb
Kansas Gas A Elec 63.2022
1966
70%
.1950
69%
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
101%
100% 101%
61,000
99%
Apr
103
Jan
101%
101% 103%
65%
70
67%
70%
12,000
101%
May
104%
Apr
88,000
65%
May
67% Apr
47
May
79%
Jan
80
Jan
1961
3%s. 1966
67
Cities Serv PAL 5%s-1952
6%s
1949
♦Commers APrlvat 5%s'37
68%
50,000
47
47
3,000
50
117%
1947
1st mtge 5s ser H—1961
0 %s series D
1948
5%s series F
1943
104%
104%
Kentucky Utilities Co—
72% 210,000
68%
95%
{♦ChicRys 6s ctfs
1927
Cincinnati St Ry 5%s A '52
6s series B
1955
1969
91%
93%
102% 103%
1955
5s aeries I
91%
102%
Kimberly-Clark 5S...1943
Lake Sup Dist Pow 3 %s '66
100
90%
90%
92%
102% 103
"95%
95
95%
36,000
102%
"5",066
117%
25,000
100
95
29,000
19,000
2,000
26,000
Feb
Lehigh Pow Secur 6s„2026
Lexington Utilities 5s.1952
Jan
113%
Apr
Llbby McN A Libby 5s '42
100% 107% 131,000
103% 103%
3,000
104% 105
9,000
1st M 5s series B-.-1954
112
112
103%
104%
112
11,000
110%
Jan
113%
May
Lone Star Gas 6s
105
111
110% 111
110% 111
106
100%
103% 103%
103% 103%
75%
78%
99
98%
104% 105%
6,000
106%
105% 106%
93%
93%
59,000
107%
107%
102%
100%
37,000
102%
1965
103%
Com'weaith Subsld 5%s *48
103%
Community Pr A Lt 5s '57
Community P S 5s
1960
76
99
126
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
1971
100%
Consol Gas (Bait City)—
5s
1939
100% 101%
$118
—
118
1954
126
12,000
71,000
47,000
21,000
1,000
28,000
Apr
111
Feb
Long Island Ltg 6s— -1945
Apr
1.12
May
Jan
Louisiana Pow A Lt 5s '57
♦Manitoba Power 5%sl951
Mansfield Min A Smelt—
Jan
♦7s without warr'ts-1941
Jan
{♦McCallum Hos'y 6 %s '41
McCord Rad A Mfg 6s '43
Memphis P A L 5s A-.1948
Mengel Co conv 4%s—1947
Metropolitan Ed 4s E.1971
Mar
106%
Jan
Mar
106%
Mar
104
75%
Apr
96%
Apr
May
126
90%
101
Jan
130
Jan
98%
Apr
104%
Feb
107%
123
Feb
Apr
109%
Jan
118%
3,000
118
13,000
68,000
5,000
75
102
Cuban Telephone 7 %sl941
1944
7,000
97
Jan
Cuban Tobacco 5s
78%
86
88%
103% 103%
98%
99
$60
73
73
Mar
Delaware El Pow 5 Ms-1959
102% 102%
"T.ooo
125%
Jan
May
Apr
93%
Mar
98%
Jan
Feb
103%
100%
Mar
Middle States Pet fl%s '45
Midland Valley 6s
1943
Milw Gas Light 4 %s—1967
Minn P A L
stamped—1943
Cont'l Gas A El 5s
1958
Crucible Steel 5s
1940
75
80%
75
85%
102%
Feb
For footnotes see page 3303
S
80
105%
Apr
Jan
Jan
58
4%s
106
$22%
99%
97
"§6%
8,000
2,000
40
99%
98%
106% 111
101% 104%
91%
91%
90
80%
102% 103
1978
"98"
98
—.1955
104%
104
99
104%
Jan
99%
Jan
Apr
Apr
107%
103%
Jan
Mar
99%
104%
100%
100%
103%
103%
104%
May
101%
111%
Jan
Jan
Jan
Jan
Jan
Mar
105
Jan
Mar
106
Feb
Feb
105%
Apr
Feb
107
May
103%
Apr
106%
May
93%
May
105
Jan
22%
1,000
25,000
May
26
Feb
Mar
50
Feb
60
97
May
May
104
21,000
104
Jan
56,000
50,000
105
Mar
118
Apr
65
$
106%
101%
106
104%
Mar
Mar
110%
"l06"
Mar
93
4,000
1956
Jan
16,000
112
1st 4 %s series D
1957
1st M 4s series F.---1981
98
89%
Mar
121%
Apr
112
1942
102
Jan
97%
Apr
102
112
102%
89%
105%
Mar
9,000
1st M 6s series A-.-1953
Commonwealth Edison—
6s ser A
Apr
Mar
88
104
Mar
25,000
42,000
88%
82%
105% 105%
106% 106%
Conv deb 6s—
Gen mtge 4%s
Consol Gas Util Co—
Mar
Firestone Cot Mills 5S-1948
Firestone Tire & Rub 5s '42
First Bohemian Glass 7s '57
Florida Power & Lt 58-1954
4%
102
81
1938
1948
1949
(Balt) 3%s Ber N.
Jan
Feb
104%
Jan
Jac
101% 102% 826,000
99
97%
27,000
3,000
97% 98
Conv deb 5%s
Conv deb 4%s C
Conv deb 4 Ha
Conv deb 5%s
96%
115
May
Feb
2%
Mar
5s registered
Jan
Jan
93%
3,800
3%
Mar
354s series H
Apr
Mar
101%
96%
Jan
95%
109
102%
105%
Mar
109
C
106
102
Jan
Apr
106
1st 4%s series
Apr
Mar
May
61%
2,000
Line 6s
Jan
85%
Jan
79%
800
69
45,000
Conv deb 5s
Mar
100%
78%
63
$66
09%
106% 106%
106%
5s ex-warr stamped. 1944
10,000
Cities Service 5s
4%
101%
Deb gold 6s.June 151941
Deb 6s series B
1941
107
Yards 6s
May
5,000
Jan
111
6s series B
Mar
13,000
8%
80%
108%
ser
Jan
12%
4%
81%
Apr
106
Cent Power 5s
16,000
78,000
13%
May
101% 101%
6%
111
4%s series H
98%
90%
May
May
101%
Gatlneau Power 1st 5s. 1956
108
6s series E
97%
100
Mar
Finland Residential Mtge
Banks 6s-5s stpd..-1961
Jan
2024
Appalachian El Pr 58-1950
Gen A ref 5s
~3~66o
102
89%
"89%
1953
Apr
Appalachian Power 58-1941
102%
Amer Seating 6a stp—1946
Buffalo Gen Elec 5s
6 %s series A
Erie Lighting 5s
1967
♦Farmers Nat Mtge 7sl963
Federal Water Serv 6%s '54
6 %
103%
102%
104%
104%
Debenture 6s
1952
23%
$103% 104%
1942
1st A ref 5s
5s called
Empire Dist El 5s
102
109%
107%
Apr
106% May
Gen Pub Utll 0%s A.1956
♦General Rayon 6s A. 1948
1946
8
"5"6OO
102"
Jan
Feb
Mar
8%
7%
2%
2%
8
2%
'
Co—
1st A ref 4%s
6,000
8%
234
1950
Elec Power & Light 68-2030
IO",660
"6% "~6%
2%
1st & ref 5s
Aluminum Co
103
Elmlra Wat Lt & RR 5s '60
Apr
Mar
BONDS
Power
105%
El Paso Elec 5s A
Eastern Gas & Fuel 4s-1956
Edison El IU(Bost)3%s '65
6
Youngstown Steel Door..*
Yukon Gold Co
5
Abbott's Dairy 8g
1 1937
High
Gary Electric & Gas—
19%
£1
Wright Hargreavee Ltd..*
Alabama
106
9,000
17.000
31,000
2,000
2%
100% 101
7,000
86%
86% 102,000
86%
103
17,000
102% 103%
83
83%
84% 106,000
$104
107
♦Certificates of deposit
Dixie Gulf Gas 6%s-1937
Empire Oil & Ref 5 %s.l942
100
6
Lew
Ercole Marelli Elec Mfg—
15%
1
8%
$7
234
Aug 1 1952
Feb
22
22
♦Deb 7s
Feb
500
3
106%
♦6%s
Aug 1 1952
♦Certificates of deposit
12%
IV
May
4%
49%
Winnipeg Electrlo cl B_,
Wolverine Tube
Mar
Mar
Feb
7
400
%
Feb
Apr
95%
Jan
100
7
Mar
4%
49%
*
new
87%
7
Wilson-Jones Co.Willson Products
87%
4%
7%
Range Since Jan
3
Detroit Internet Bridge—
7%
High
107% 108%
106% 106%
105% 106%
107%
Jan
10
Range\ for
J Week
of Prices
Low
Mar
8%
12%
10
Sale
Price
62
Western Auto Sup com..10
West Cartridge 6% pf 100
Grocery
Low
Sales
j
Week's
Last
BONDS
(Continued)
3,600
9
1.25
Wellington OH Co
Range Since Jan. 1 1937
%
7%
45
9
Welsbaum Bros-Brower.-l
Western
High
7
7
5
Wayne Pump common
Friday
Week
Low
Price
Wayne Knit Mills
for
of Prices
Last
STOCKS
(Concluded)
May 15, 1937
Exchange—Continued—Page 5
Sales
Friday
5,000
99%
101%
1,000
20,000
90%
35,000
101%
38,000
6,000
86%
95
100%
May
Apr
May
Apr
Apr
Mar
107%
99%
97%
106%
102%
100
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Volume
Last
West's Range
for
Sale
of Prices
Low
High
Price
Miss Pow & Lt 6s
%
84
1967
89 M
85
89 M
91M
3,000
41,000
109 M
3,000
Last
BONDS
1 1937
Range Since Jan
Week
Mississippi Pow 5S...1955
Sales
Friday
Sales
Friday
BONDS
(Continued)
Price
High
Low
84
May
88
Apr
99
100 3*
Jan
Feb
♦Munson 83 0 3*s ctfs.1937
6M
6%
10,000
6M
May
14 3*
Jan
{Standard Pow A Lt 6sl957
♦Starrett Corp Ino 5s. 1950
Stinnes (Hugo) Corp—
94
2026
85
2030
Deb 5s series B
{♦Nat Pub Serv 6s ctfsl978
"11%
44
45
109 % 109?*
118
118
Nebraska Power 43*8.1981
2022
6s series A
86%
104
Nelsner Bros Realty 6s '48
105
Nevada-Calif Eleo 6s. 1956
89%
90 M
New Amsterdam Gas 5s '48
1951
Debenture 6s
26,000
8,000
18,000
1,000
1,000
15,000
44
107 %
116M
104
38,000
88
1,000
113
10754
9734
Feb
Jan
May
51
Jan
Mar
Mar
May
110
May
1263*
Jan
110
Jan
Jan
May
993*
Apr
12134
Jan
75
953*
Mar
803*
Mar
21,000
3,000
Apr
May
96
793*
985*
72
96
Mar
97
Standard Investg 63*s 1939
Jan
Nat Pow A Lt 6s A
Mar
8,000
30,000
Mar
102
Jan
72
783*
53,000
91,000
72
May
96
Mar
32
Apr
443*
4,000
37
Apr
503*
75
1003*
May
93 % May
81M
Apr
Mar
95
75
8454
Apr
103 %
95
May
May
76
May
94 M
9,000
95
May
75
763*
70?*
1,000
103 % 104%
•93 M
97
May
76
2,000
♦Certificates of deposit
4,000
94%
104
76
10,000
80
79
73M
Nassau A Suffolk Ltg 6s '46
12,000
79
79
94%
107
803*
76
76
1935
703*
"70 3*
Power—
53*8
Debentures-Deo 11966
2d
"743*
33
35
2d stamped 4s
1946
Super Power of IU 43*s '68
1st 43*8
Syracuse Ltg 53*s
3*
.
37
403*
403*
1940
stamped 4s
1970
1954
Mar
106
1023*
Mar
105?*
Jan
107
"moo
Jan
1093*
Mar
Mar
107 %
Apr
1153* 115%
84%
Jan
Tennessee Elec Pow 5s 1956
70 M
59,000
17,000
68%
69 M
67
Apr
85
Jan
Tenn Public Service 5s 1970
73
Conv deb 5s
1950
68 %
71%
50,000
67%
Apr
8454
Jan
Terni Hydro-El
93%
93,000
92 M
May
J013*
Jan
Texas Elec Service 58-1960
96 M
36,000
9534s
May
1025*
Jan
New Eng Pow Assn
5s.l948
92%
68M
92 M
1954
95 %
95 M
Debenture 53*8
'm%
{♦Texas Gas Util 6s. .1945
'105%
1942
90
90
92 M
26,000
86
Mar
9554
Jan
♦Income 6s series A. 1949
80
80
82 M
17,000
79 M
Mar
92
Jan
Tide Water Power 5s__1979
N Y Central Elec 53*s '50
100
10454
Feb
♦Tletz (Leonard) 73*8-1946
Toledo Edison 5s
1962
es
stamped
100
100
2,000
100
May
New York Penn A Ohio—
Ext
107M 107M
4?*s stamped.. 1950
N Y PAL Corp 1st 43*8 *67
1063*
N Y State E A G 4 3*8.1980
101
N Y A Westch'r Ltg 4s 2004
1043*
Debenture
1954
5s
1,000
103
Mar
10934
Jan
Twin City Rap Tr 53*s
1063* 106 M
52,000
105
Apr
10654
Jan
100
Apr
1043*
100
Apr
Apr
10434
1123*
Jan
May
110M
Feb
Jan
101
103
104 %
tlll% 113
86 M
86 M
May
~4~66o
84
Mar
8654
93 M
4,000
91
Apr
1003*
54
2,000
107% 108
3,000
No Amer Lt A Pow—
93 M
54
1956
No Indiana G A E 6s.1952
1966
1970
1033*
1969
4 3*s
series E
97M
"99%
1945
Ogden Gas 6s
Ohio Power 1st 5s B..1952
102 M 103 M
103 % 103 %
"l05%
104%
99% 100 M
107M 109
105
{105
1st A ref 4 3*s ser D.1956
30,000
4,000
29,000
97%
103
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
54
106?*
May
Jan
693*
108
106
20,000
14,000
19,000
16,000
.1961
53*s series E
Okla Nat Gas 4?*s—1951
1946
6s conv debs
97M
97 M
{106 M 107
97 M
98
97
90?*
Okla Power A Water 6s '48
1941
Pow 5s..1942
Pacific Pow A Ltg 6s
1955
Palmer Corp 6s
1938
Penn Cent L A P 4 3*8-1977
99 M
100
91?*
Deb 53*s series
91H
"92%
102%
1981
91%
{♦Peoples Lt A Pr 6S..1979
Phlla Elec Pow 63*8-1972
1105*
18
95
Elec 6s. 1953
91%
100 %
Power Securities 6s.-.1949
99%
I
92
96
Mar
803*
83
27,000
18,000
102?*
95
106?*
104M
103 %
79 %
83 %
104
Safe Harbor Water 5 Ms *79
107 %
104%
102%
Pow 58.1957
"93"
Southeast PAL 6s..2025
983*
5,000
Utica Gas A Eleo 5s D 1956
{1053* 1073*
1952
{1063* 109
1023* 1023*
1023*
993* 1003*
993*
933*
933*
933*
93
943*
93
United Lt A Rys (Me)—
Jan
Feb
Mar
10554
May
6s series A
6s series A
1973
43*s_...
6s series
.
.
E
93
Vamma Water Pow 5
34,000
6,000
Jan
Va Pub Serv 53*8
Jan
105 %
Jan
108
Jan
3*s'57
A..1946
1950
1st ref 5s series B
1946
6s
104
103
'863*
1952
Jan
♦7s with warrants. .1954
3,000
119
Jan
10234
Jan
113
3O~,666
Mar
Mar
Mar
117
76
Apr
933*
Mar
102 %
Jan
863*
105 3*
Jan
West Penn Elec 5s
Jan
West Penn Traction 6s '60
West Texas Util 5s A 1957
94%
99M
91
993*
May
10554
Jan
Jan
Apr
103
Jan
13,000
101
Apr
106
Mar
5,000
95
Mar
9154
6,000
2,000
30,000
1937
Wash Gas Light 58—1958
Wash Ry A Elec 4s
1951
77
Apr
1063*
Jan
Wise Pow A Lt 4s
Mar
1113*
Jan
Yadkin River Power 5s '41
105
883*
Mar
Mar
8,000
6234
10654
""5,666
1023*
18 3*
76
77
100% 100 %
99%
99%
10554
Jan
1065* May
100
303*
112
993*
1,000
10,000
Jan
Mar
1023*
Jan
6,000
90
Mar
101
Jan
98%
102%
105
Jan
10PH
78,000
97
Apr
105?*
Jan
6,000
106
Apr
Apr
May
1143*
Jan
993*
Jan
Mar
♦Cauca Valley 7s
39,000
913*
20,000
21,000
1033*
Mar
1053*
Jan
1053*
1053*
Feb
108
Apr
Feb
107
Apr
92 %
Apr
2i"666
41,000
993*
9954
Mar
104
Feb
Apr
102
Mar
Feb
16
1,000
'2:666
1952
♦6s series A
100
1955
Danzig Port A Waterways
External 63*8
1952
{513*
193*
20
326660
Mar
1035*
Jan
101
Mar
♦Hanover (City) 7s
10054
Apr
10354
10354
Jan
48,000
Jan
♦Hanover (Prov) 6 3*8.1949
19,000
102
Mar
1055*
Jan
♦Lima (City) Peru 6
100
26,000
99
Mar
105 3*
Jan
♦Medellln 7s series E.1951
Jan
♦Mendoza 4s
7934
May
May
Apr
9834
923*
Jan
♦Issue of May 1927
1033*
Jan
10434
Apr
♦Issue of Oct 1927
Apr
107
Jan
Mar
27
Mar
♦Secured
Jan
6s
103
4,000
1,000
2234
20
1,000
18
106 % 107?*
15
14%
104 %
105
34
102% 102 %
Apr
47,000
1043*
Jan
7,000
14%
May
213*
108
183*
Feb
Apr
Mar
73,000
1003*
Apr
107
2,000
127 3*
May
132
Jan
10754
Feb
110
Mar
Jan
'243*
♦Parana
(State) 7s
1958
♦Rio de Janeiro 63*8.-1959
♦Russian Govt 6 3*8—1919
Mar
♦Santiago 7s...
10354
Jau
107
17,000
105
Jan
97
Apr
1013*
Feb
6854
Feb
72
93%
7,000
46,000
9154
Apr
101
Jan
1093*
Jan
25
Mar
2,000
Jan
25
Mar
17
Mar
14,000
17 3*
18
Apr
Jan
Feb
23
Mar
233*
293*
Mar
Feb
Jan
313*
15
Apr
21
Feb
913*
Jan
9634
Apr
24 3*
22
Apr
23 3*
213*
Feb
273*
Feb
213*
Mar
243*
"3",000
9,000
153*
Jan
98
5,000
953*
26
3,000
24 3*
Apr
May
May
183*
Feb
273*
22
{10
973*
243*
Feb
100
Jan
34
Jan
353*
263*
9,000
253*
13*
13*
{13*
13*
13*
2,000
1%
Jan
2
Apr
13*
2,000
1
Jan
13*
Apr
13*
Jan
1%
Jan
13*
1?*
Apr
"10",000
623*
Jan
81?*
Mar
16
Jan
20 3*
Mar
16
Jar
20N
Mar
13*
13*
723*
73
12,000
17
17
2,000
{16
18
73
Apr
Mar
93
Jan
17
253*
.1949
..1961
♦7s
Feb
77
Apr
17
Jan
7,000
Jan
Mar
Feb
71%
Apr
May
102% 103
102% 102 %
102% 102%
Feb
273*
"7", 000
"e", 000
155*
18
183*
1931
6s stamped
Mtge Bk of Denmark 5s *72
Mar
105
Feb
50
96
{223*
{223*
♦63*a certificates
1919
♦53*s
1921
♦53*8 certificates
1921
♦Santa Fe 7s stamped.1945
9,000
Feb
21
26?*
273*
953*
96
stamped.1951
Mtge Bk of Bogota 7s. 1947
47
22,000
91
91?*
Apr
1023*
22
{26
153*
1958
7s
Feb
Apr
193*
183*
20
3*s-'58
Feb
30
Mar
23 3*
{203*
193*
1939
29
1,000
Jan
19,000
20
193*
20
1947
101
25,000
103%
104% 105
23%
Jan
99
55
♦German Con Munio 7s '47
104%
Jan
1073*
1003*
2,000
99
Jan
104
1023*
Feb
20
1003*
99
193*
3,000
25
100
1953
5s
213*
203*
{203*
♦Prov Banks 6s B..1951
Apr
96
Feb
793*
Apr
86
Cent Bk of German State A
Feb
Jan
833*
{86
10554
8334
58
1063*
95
163*
833*
..1952
1947
1948
112
12,000
Feb
Mar
81
97% 101
104J*
2,000
3,000
973* May
Feb
•
No par value,
the rule sales
107
995*
Mar
108
Jan
9934
Apr
108
Jan
11054
Jan
102%
24,000
103
104% 106
16,000
104
103% 104
13,000
1023*
78%
78 %
97
98
2,000
77
Mar
not
Deferred delivery sales not
a
Included
Ex-dividend,
t
y
In
year's range,
Jan
105
May
Apr
87
Jan
X Friday's bid and asked price.
♦
r
Included in year's range,
n Under
Cash sales not Included In year's
Ex-Interest.
Jan
Mar
79,000
21,000
I62"
19,000
May
Jan
102
So'west Pow A Lt 6s..2022
Mar
(Province)—
♦7s stamped
♦73*8 stamped
101% 102 %
101%
107
833*
843*
143*
Buenos Aires
Jan
Apr
Mar
105% 106
S'western Assoc Tel 5s 1961
Apr
Mar
Jan
101%
104%
1053*
293*
Apr
102
1951
Jan
12,000
25
1035*
38,000
Jan
108
Jan
1083*
86%
Jan
443*
1013*
Jan
Apr
7,000
80%
Apr
Apr
147
79%
313*
1003* May
1053*
183*
range,
3 Ms
7,000
17,000
22
Mar
83%
Jan
923*
223*
109
8634
Feb
Mar
104 3*
25
25
♦20-year 7s
129
54,000
103
Mar
98
23
♦Baden 7s
1,000
101M
86 M
88%
Feb
106?*
{19
Feb
132 M 132 M
102 %
1023*
Mar
{22 3*
23
2134
Feb
{223*
Jan
18
2,000
Jan
106
1951
Jan
1,000
102
Jan
1947
Feb
76
Apr
Agricultural Mtge Bk (Col)
♦20-year 7a
1946
77
107
16066
Jan
953*
FOREIGN GOVERNMENT
108
85
Jan
Jan
893*
103
AND MUNICIPALITIES—
Mar
Jan
Mar
Jan
115
6,000
28:606
89
87
Jan
96?*
Jan
10754
10554
953*
943*
58
623*
1043* 105
""87"
1937
Feb
Jan
Jan
Apr
21M
1966
York Rys Co 5e
Apr
Apr
104
1073*
{107
1063* 1063*
1065*
94 3*
953*
943*
{1063* 1073*
May
Mar
2,000
58
107
1043*
May
933*
78
943*
Un 6s '44
104
107J*
8,000
70%
98
1073*
93
Jan
107
1043*
1053*
18,000
1003* 1003*
1053* 1055*
1063* 106 3*
105
1063*
993*
973*
West United G A E 53*s *55
105
Apr
107%
"l05
Wheeling Elec Co 5s. .1941
Wise-Minn Lt A Pow 5s '44
Mar
95 M
1053*
2030
109
1754
95
1003*
Ward Baking 6s
36
35
353*
Wash Water Power 53.1960
May
115
Sou Calif Edison Ltd—
1944
Jan
10654
70%
102%
So'weet Pub Serv 6s—1945
"13",000
Apr
Apr
May
11154
10834
106% 107
4Mb series B
1968
1st 4Ms series D...1970
Sheridan Wyo Coal 6s. 1947
S'western Lt A Pow 5s 1957
1103*
Apr
7,000
34
Shawinigan W A P 4 Ms '67
..
13,000
Apr
Un Lt A
53.000
128% 128M
{109
{23 % ~24~~
♦Schulte Real Est 6s..1951
Sou Indiana Ry 4s
1103* 1103*
763*
{75
93
953*
53*8
Jan
1083*
20
1955
1945
1960
Ref M 3?*s B.July 1 '60
1st A ref mtge 4s.
1960
8ou Counties Gas 4 Ms 1968
Mar
Jan
105
♦Mtge Bk of Chile 68-1931
L A P 6s B "52
Ref M 3 Ms-May 1
84 3*
1053*
1005*
23 %
♦Saxon Pub Wks 6s-.1937
Debenture
12,000
Feb
100
Jan
94%
46,000
1974
1959
Rys (Del) 53*s '52
Jan
Apr
Mar
89%
Apr
Apr
873*
63*s
1043*
8834
24?*
Apr
76
793*
1023*
Jan
{104 % 105
1968
Queens Boro Gas A Eleo—
6 Ms series A
1952
♦Ruhr Gas Corp 6 Ms. 1953
♦Ruhr Housing 6Ms.. 1958
Sou Carolina
1945
f 6s
♦Maranhao
100
1st A ref 4 Ma ser D.1950
Scrlpp (E W) Co 5M8-1943
Serve! Inc 5s
...1948
3,000
110?* 110M
Quebec Power 6s
Sauda Falls 5s
s
Apr
19
{105M 107
102 % 103 %
102 %
102 M 103
103
86 %
San Joaquin
Apr
793*
♦1st
1133* 114
United Lt A Pow 6s... 1975
Danish 53*8
132 M
Puget Sound P A L 5Ms '49
1st A ref 5s series C.1950
{♦St L Gas A Coke 6s..*47
San Antonio P 8 5g B.1958
32,000
64,000
803*
Pub Serv of Oklahoma—
1966
1063*
Mar
1043* 105J*
763*
Jan
Pub Serv of Nor Illinois—
4s series A
108
Mar
1053*
Mar
May
Apr
76 3*
Jan
10554
Public Service of N J—
4 Ms series
Mar
1043*
111
1053*
1957
53?*
Jan
107
111
{20 %
Electric 68.1954
1978
1980
108
Feb
Mar
18
77
Corp(Can)43*sB '59
F.1981
1960
May
Feb
Mar
110
107M 107M
{106 % 107 %
43*s series F
1961
Potrero Sug 7s stpd.,1947
series E
May
1063*
1043*
1967
West Newspaper
102 % 102%
{76
Portland Gas A Coke 5s '40
1st A ref 4 3*s ser
463*
2,000
4 3*8
Apr
99M 137,000
99 M 102
18,000
92
96 M 105,000
69
1948
43*s series D
9,000
1063* 1063*
1053* 1053*
May
91
103 % 104
24 M
{20 %
Potomac Edison 6s E.1956
4 3*s
4,000
50
.1954
97
6,000
{107
Pittsburgh Coal 6s..-1949
1956
1966
493*
463*
"463*"
5s series A
96
12.000
106 % 106%
1968
Peoples Gas L A Coke—
series B
1st A ref 5s
Jan
Feb
24
100 M
105
25,000
6s series C
943*
60
493*
1944
Certificates of deposit-
23".666
39,000
•
Jan
Apr
Mar
Apr
105%
6% perpetual certificates
May
47 3*
109
203*
193*
Apr
109
♦Prussian
Jan
Union Elec Lt A Power—
107
107 M
Power
Apr
3,000
1,000
106 54
109
♦Pomeranian
80
Jan
19?*
223*
223*
Mar
104
Pittsburgh Steel 6s
stamped
Feb
Mar
223*
223*
103?*
105
Phlla Rapid Transit 6s 1962
Pledm't Hydro-El 63*s *60
183*
10634
1043*
793*
22,000
1954
4s series B
32,000
82
Feb
Apr
95
1173*
Feb
Penn Water A Pow 5a. 1940
4 Ha
15" 000
Feb
Mar
11054
99 M 100
97% 101
B..1959
D
10,000
973*
403*
663*
Mar
Penn Pub Serv 6s C..1947
5s series
113
3,000
Penn Ohio Edison—
1950
106
35
104%
71
108?*
115?* 116
{113?* H4M
76M
77%
101% 101 %
gg
6s series A x-w
Apr
106% May
2,000
{ Waldorf-Astoria Corp—
116
Pacific Ltg A
.......1979
Penn Electric 4s F
1971
Jan
703*
Pacific Gas A EJec Co—
1st 6s series B
106
United El Serv 7s ex-w 1956
5,000
{106 % 106M
Pacific Coast Power 6s '40
Pacific Invest 5s ser A.1948
Apr
Apr
Jan
100
103
105 %
109% 110
105
105?*
1954
D
ds 3d
'52
Utah Pow A Lt 6s A..2022
1953
5s series
100
Jan
May
Ohio Public Service Co—
6s series C
Feb
United Eleo N J 4s—1949
Northern Indiana P S—
6s series D
Jan
80
5O"666
25
{203*
1073* 1083*
80
853*
J an
♦United Industrial 6 3*s.'41
Nor Cont'l Util 53*s..l948
6s series G
803*
983*
May
66
50,000
5s series B
Nippon El Pow 83*8—19531
63*s series A
108""
96 3*
Apr
73
5.000
70
683*
1013* 102
343*
{313*
105
1053*
85
11,000
Ulen Co¬
101M 100.000
21,000
"96%
May
"i9"666
1065* 107
2022
6s
107
1063*
75
73
63*8—1953
Texas Power A Lt 5s.. 1956
New Orleans Pub Serv¬
Jan
May
107
1957
Jan
37
102
1153*
69M
5s series B
49%
Jau
5,000
1948
May
963*
6,000
Conv deb 6s
72
793*
Mar
40
393*
1053* 106
106
{105
106
{1073* 1083*
863*
853*
85%
N E Gas A El Assn 5S-1947
1937
High
Low
$
76
76
♦Certificates of deposit
♦Convertible 6s
Range Since Jan. 1
Week
of Prices
High
Low
80
{♦Stand Gas A Eleo 6sl935
1944
{♦Missouri Pub Serv5sl947
Feo
107
10934
Jan
for
Week's Range
Sale
(Concluded)
Apr
Feb
109
Miss River Pow 1st 5s. 1951
Montana Dakota
3303
New York Curb Exchange—Concluded—Page 6
144
No sales were transacted
during current week.
Bonds being traded flat.
{ Reported In receivership.
H Called for redemption
e
Cash
saies
16,000
963*
Mar
10354
Jan
101% 102 %
94
{91
24,000
993*
Mar
104
Jan
10454
"76660
106
Jan
not
Included In weekly or
No sales.
100 % 102
transacted during the ourrent week ano
yearly range:
Jan
92
Apr
1003* May
V
Under-the-rule sales transacted during the current
weekly
or
yearly
week and not Included In
range:
No sales.
x
Deferred delivery sales transacted during
In weekly or yearly
range:
the current week
Abbrevia'ions
and not Included
'
'
No sales.
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.
0
3304
Financial
Chronicle
1937
15,
May
Other Stock Exchanges
Friday
New York Real Estate Securities
Closing
bid
and
asked
quotations,
Last
Exchange
Friday,
May
Stocks (Concluded)
14
Eastern SS Lines
Unlisted Bonds
Bid
Chesebrough Bldg 6s-.1948
56
58
City & Suburban Homes..
4
Harrlman Bldg 6s
1951
Lefcourt Manb Bldg 4a 48
Park Place Dodge Corp—
65
69 46
Lincoln Bldg
446
Ask
Unlisted Stocks
Bid
Ask
42*
7046
Pennsylvania Bldg ctfs
Edison Elec Ilium.....100
*
m
59
135
2143
Established 1853
39
350
11
*
378
146
21
45
45
70c
70c
York
and
Stock
Baltimore
Members
New
Curb
York
1546
*
1
cum
v
t
5846
*
c
Inc
1
Nat'l Tunnel & Mines
*
New England Tel & Tel 100
N Y N H & H RR(The) 100
North Butte
Exchanges
*
Old Colony RR
Exchange
May 8 to May 14, both inclusive, compiled from official sales lists
Friday
Last
Week's Range
Sale
22
Jan
2326
46
Jan
54
Mar
246
546
2
Jan
3
Jan
263
5
Apr
9
Jan
34*
100
34* May
82
3026
3146
30
28
74 46
287
72
26
112
Apr
75
39
123
3946
125
121
127 46
41
151
122
148
3946
134*
134*
118
1246
124*
3 26
323
3
68
3926
3926
*
134*
346
134*
134*
34*
60
60
2146
2146
2226
*
.
Guilford Realty common.*
Preferred
*
Houston Oil pref
100
*
t
Mfrs Finance 1st pref
2d preferred
1
1
25
25
10 46
Mar Tex Oil com class A-.
326
646
146
48
Jan
Apr
Jan
Jan
132*
Mar
Jan
1346
4
20
46
104*
146
Mar
14*
1246
226
Feb
Apr
276
Merch & Miners Transp..*
35
36
75
35
Apr
41
2526
26
263
2726
Series B 5s
Feb
50
116
70
4446
.1426
4446
8
44
15
National Marine Bank..80
New Amsterdam Casualty5
Northern Central Ry—50
16
79 46
2
2226
Western National Bank. 10
34
Jan
1426
22 26
34
5
9746
Apr
300
5
46
7946
34
25
981
64*
Bait Transit Co 4s (flat) '75
A
3146
.1975
flat
5s
37 46
1975
B 5s_
$2,000
32 46
37 46
39
146
2
Jan
Jan
90
Feb
11646
45c
500
30c
Jan
98c
Mar
29
30
170
2546
Feb
33
Mar
86
89
3826
126
8646
3946
146
742
98
Jan
40
3646
Apr
464*
Jan
2,950
14*
Jan
296
Jan
1346
292
1926
1246
Feb
Feb
36
160
35
Jan
46
Feb
81
81
$1,000
81
May
89
Feb
91
92
92
900
90
Apr
95
Jan
846
418
SECURITIES
Members
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle
St., CHICAGO
Chicago Stock Exchange
Jan
May 8 to May 14, both inclusive, compiled from official sales lists
Apr
116
May
116
May
May
4196
Sales
Apr
48
Jan
May
104
Mar
Par
Week's Range
for
of Prices
Week
Price
Low
High
Last
Sale
1,000
100
Common (new)
48
250
48
May
5546
12
100
12
May
1724
io
1046
946
1146
350
646
Jan
12 46
Jan
750
8)*
Jan
12 2*
Mar
May
172*
Apr
18
23
100
18
Jan
2326
Feb
2246
224*
100
22
Jan
26 46
67
170
64
84 46
Jan
10
10
20
10
May
May
16
Feb
1046
246
1146
246
5246
1046
746
7,950
7
Jan
139*
Feb
426
Mar
57 46
10
*
1146
18
2246
65
Armour & Co common
5
"1046
Asbestos Mfg Co com
1
Associates Invest Co com.*
246
Athey Truss Wheel cap...4
"1046
Automatic Wash conv
Y. Tel. CAnal 6 1541
Backstay Welt Co
for
11
7
226
4846
Apr
Mar
50
May
May
17
Jan
700
1046
64*
9
Mar
250
3 4*
Jan
9
Mar
400
14 V*
Feb
1946
50
1646
Apr
19
Jan
1646
May
20 46
Feb
Feb
18
1646
1646
IS
1,200
"l'oli
1746
1926
1946
1046
2046
2026
1046
*64
'64
*64
31,600
1246
3546
12 46
500
3546
1246
3746
5
4126
4046
1
*1346
1246
2726
27 46
500
27
2246
1446
3046
900
20
2,600
1326
200
2946
1926
*
l
Blnks Mfg Co capital
1
Bliss & Laughlln Inc cap.6
Feb
250
1746
com
Feb
1,500
1
Bastlan-Blesslng Co com.*
Feb
8
1046
646
5
Bendix Aviation
Range Since Jan. 1, 1937
150
*
com
H) com
Barlow & Seelig Mfg A—
Week
1146
52
pref*
Barber Co (W
Lewiston
Sales
of Prices
High
9
Automatic Products com.5
N
4826
64
com
Amer Pub Serv Co pref. 100
Annex Hotel Co com...100
Exchange
Week's Range
High
12
*
*
Allied Products Corp com 10
Class A.
25
and Tyson
DEPARTMENT
Low
Low
Abbott Laboratories—
Berghoff Brewing Co
Rights
Price
Range Since Jan. 1, 1937
Shares
Jau
37 pi
Stocks-
Common
Par
Jan
Jan
Portland
Stocks-
Apr
646
Feb
Exchange
Friday
13
37
3146
30 State St., Boston
Boston Stock
Mar
84
Apr
34
New York Curb Exchange (Asso.)
Bangor
Feb
2946
Private Wire System
Boston Tel. LAF 7010
Feb
346
56
2226 May
1887
TRADING
Jan
332*
Feb
95
Members
Exchange
Jan
45"
Exchange
Feb
Apr
3,500
Townsend, Anthony
UNLISTED
Jan
Feb
50
Allied Labor Inc
Boston Stock
346
16 26
20
Adams Royalty Co com..*
Advance Alum Castings..6
York Stock
2546
225
(Associate)
Adams (J D) Mfg com
New
Apr
Feb
226
1396 May
204* May
23
Feb
10,500
10046 10046
Established
Mar
246
5046
11146 11246
Sale
116
Mar
119*
2
90
Jan
50
365
316
Jan
May
Jan
200
Last
116
20
Jan
246
Friday
1959
44 46
1446
2346
New York Curb
City—
4s 3d sewer serial
May
May
Vml
H.Davis
BondsBaltimore
294*
Listed and Unlisted
Mar
18 J*
104
May
2,705
Mar
Feb
818
4446 May
May
26
.
11346
22
20
CHICAGO
Apr
82
9946
46
Penna Water & Pow com.*
1,747
72*
Jan
79 46
25
9946
Owings Mills Distillery.. .1
U S Fidelity & Guar
446
7
74
11046 May
81
1948
Apr
446
May
7
_
Mar
3046
3946
2046
Mar
926
24*
10
5
Mar
Mar
Jan
85
25
Apr
16
142
Jan
546
20
7
1146
Apr
May
68c
3346
4446
246
1346
New York Stock
2526
73
-
326
Bonds—
Eastern Mass St. Ry—
Series A 446s
1948
Jan
-
7,600
Mar
646
124
50
Jan
-
355
126
25
1346
2046
Monon-W Penn P S—■
74
322
Feb
35
May
«
2,655
1,410
Jan
346
56
Jan
Jan
May
-
946
7
*
Jan
3
100
Apr
165
*
Jan
275
Pref
Jan
44
Mar
Anr
7
Mt Vern-Wdb M com..100
3
230
23
"146
1
2346 May
3,490
25
505
May
Feb
62
Jan
276
preferred
3
4546
Jan
19
Feb
275
7%
64
May
Jan
48 26
Jan
200
242*
5
Warren (S D) Co
50
Mercantile Trust Co
Jan
Jan
112
.....
Torrlngton Co
*
Union Cop Land & Min.25
Union Twist Drill Co
5
United Shoe Mach Corp.25
Preferred
25
Jan
109*
16
3046
4126
*
Utah Metal & Tunnel
Jan
646
1
36
22
*
Waldorf System Inc
Warren Bros Co
136
Apr
146
346
146
326
*
Jan
Jan
1946
49
Stone & Webster
Jan
Apr
55
1
*
Jan
246
Mar
5
146
3146
Jan
50
Apr
May
110
112
Reece Folding Machine. 10
Jan
50 46
Apr
1,619
10 46
1046
146
50
2926
2
826
Reece Button Hole MachlO
38
115
May
—10
50
89 46
May
11346 11346
2926 2926
39 46
3946
Apr
34* May
Apr
72
72
20
.
Finance Co of Am ol A
com v
18
145
5
11346
1
Preferred
Mfrs Finance
976
34*
prefer ml
..100
Eastern Sugar *»n com.-l
Fidelity & Guwr Fkfl.
High
52 46
2
6%
Fidelity & Depotdl
Low
2226
5
*
Black & Decker com
Shares
52
vtc.*
com
High
2126
(Conn).50
Consol Gas E L & Pow___*
Class B
Low
70c
531
326
4
12046 12446
646
746
25
Suburban Elec Securities
2d preferred
Week
of Prices
Price
Range Since Jan. 1, 1937
for
35
200
20
*
Shawmut Assn tr ctfs
Sales
200
60
9
32*
100
Pennsylvania RR
Quiney Mining Co
Exchange
20 2*
2
Feb
Feb
16
3
Ctfs of aeposlt
Baltimore Stock
Jan
146
4546
Northern RR (N H).._100
Inc.
Jan
1546
23
3
121
Apr
14 46
2146
5846
"2146
100
Mar
May
Apr
840
446
Mar
29*
15c
May
16
100
com
pref
346
346
47
Jan
26 26
Jan
126
Jan
160
Apr
4246
1146
1646
Pacific Mills Co
Bait Transit Co
49
1146
1546
146
Mass Utilities
Broadway
Board of Trade and Commodity Exchange,
Chicago Stock Exchange
1st pref vtc
*
Benesch & Sons Co Inc..*
35
*
Linotype..*
Narragansett Racing Ass n
Yod, flo.
Louisville, Ky.
Haoerstown, Md
..*
21
High
12
May
May
May
15c
Mergenthaler
NEW YORK
IAUIMORE, MD.
Arundel Corp
135
100
Maine Central
Baltimore Stock Exchange
on
6 S. Calvert St.
Atlantic Coast L
613
278
15o
Preferred
STEIN BROS. &> BOYCE
Par
9
15c
5%
Stocks—
Low
150
946
135
14046
214* 2126
4346 4346
246
246
Hathaway Bakeries cl B._ *
•
6146
Orders Executed
Associate
9
946
Range Since Jan. 1. 1937
Shares
Gillette Safety Razor
_
'
New
for
Week
High
*
Isle Royal Copper Co--_25
Loews Theatres (Boston)25
Chicago
Low
General Capital Corp
*
Georgian lnc(The)clA pf 20
Helvetia Oil Qp T C
Members
Price
Range
of Prices
Gilchrist Co
m
2946
61 B'way Bldg 546s... 1950
*
com
Common
9
Income bonds v t c
Par
Employers Group
Corp vtc...
Sales
Week's
Sale
Feb
Mar
650
19
Jan
23 46
350
1916
May
3046
1,130
1046
May
144*
Feb
'e4 May
946
Jan
46
May
Feb
14 44
Feb
4346
Mar
400
32 46
Jan
4326
8,550
3826
Apr
432* May
1446
4,950
11
Apr
Feb
Jan
154*
28 46
May
304*
Mar
Jan
1846
Mar
Mar
Borg Warner Corp—
Shares
Low
(New)
High
com...
Brown Fence & Wire—
Amer Pneumatic Service—
Common
25
0% non-cum pre!
Common
60
Amer Tel & Tel
Boston & Albany
Boston
100
100
Elevated.... ..100
BostoD Herald Traveler..*
146
126
146
346
16246 16726
13246 135
3
163 Vs
13246
50
1
Apr
155
3
May
1,467
160
Apr
160
13214
65
64
65
390
64
2646
26
262*
312
25 26
May
246
Jan
6
4*
Jan
187 46
Jan
147
Jan
May
6946
30 46
Jan
Boston & Maine-
Common
100
Prior preferred
12
1346
115
826
100
Class A 1st pref stpd-100
Class A—1st pref.
100
48
47
51
512
36
15
184*
318
11
*17"
1346
194*
1746
56
Class B 1st pref stpd-100
Class B—1st pref
100
1446
1346
1626
1746
22
23
Copper
Range
25
26
12
30
1446
26
14 4*
1446
Mar
Jan
Jan
*
246
246
100
3446
3646
400
com.
10
.20
17
17
Castle (A M)—
Common (new)
5646
Mar
Central Cold Stor
Mar
*1346
Feb
Apr
3646
May
Jan
2446
Mar
Mar
2
526
34 >6
Jan
May
3946
Mar
Central Illinois Seo—
1846
14
1446
200
13 2*
1246
523
11J4
Apr
io 46
10
1346
114*
887
10
58
546
564*
4246
546
6046
4446
21
Mar
29
Mar
Common
1
$146 conv pref
Cent 111 Pub Serv pref
Central S W—
2
*
15
18
Jan
Common
Jan
Prior lien preferred_.__*
Preferred
*
1
17 46
Jan
May
104*
Jan
621
56 4*
May
81
Jan
Chicago Corp
87
42 >6
Apr
69
Jan
Preferred
20
246
Jan
Apr
19
Jan
Apr
18146
Feb
15
300
126
1426
69
180
65
246
Feb
Jan
246
1546
700
19
15
346
Feb
May
626
Jan
94
94
96
490
94
May
1104*
Mar
5446
5446
6046
650
54)*
May
81
81
Cherry-Burrell Corp com.*
May
5 46
2
6746
*
2046
346
4,800
20
2J6
72
77
85
Jan
Feb
Feb
Chic City & Con Ry—
100
100
32
*
Eastern Mass St Ry—
100
246
4046
24*
Apr
100
246
4046
25
1st preferred
25
4046
May
51
Preferred B
100
12
12
30
12
May
1546
6
6
65
5
Apr
100
For footnotes see page 3308
Part
preferred
common
*
»
*
Chicago/Flex Shaft com..5
Common
Adjustment-
30
conv
20
12 26
Common
prior pref
6% cum pref...
10
pf
conv preferred
Canal Constr Co
Jan
East Gas & Fuel Assn—
4 46%
5%
"20
1326
2946
Jan
Feb
Jan
Mar
Class D 1st pref stpd-100
Boston Personal Prop Tr.»
Calumet & Hecla
665
926
*
*
Mar
Apr
Class A preferred
Bruce Co (E L) com..
Butler Brothers
346
7
Mar
Jan
Chicago & N W Ry com 100
Chicago Rys part ctfs 1.100
446
*4346
6546
446
146
446
4336
6546
446
10,450
446
Apr
4446
6846
426
1,500
432*
Apr
48
Feb
53
Jan
77
Mar
146
146
146
50
146
5
100
550
350
46
326
Jan
Jan
2
62*
Jan
626
3
146
Feb
Mar
Part ctfs 2
100
46
46
690
46
Jan
Part ctfs 3
100
46
46
200
46
Jan
Jan
Mar
Mar
Feb
46
Jan
46
Jan
Volume
Financial
144
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Chic Rivet & Mack cap__4
Chicago Towel—
17
10
77
130
76
19%
3%
20
300
19% May
Feb
37%
Apr
14%
S west Gas & Elec 7%
Week's Range
for
of Prices
Low
High
Week
Price
Par
Stocks (Concluded)
High
Low
76
..
.
.
*
.
3%
3%
5,330
1%
600
Jan
6H
Jan
Storkllne
3% May
1% May
Mar
Swift International
15
36
37
120
34
Jan
37
May
Swift & Co
25
108
111
900
103
Apr
139
Jan
Sundstrand Mach Tool Co*
40
42
250
40
May
48%
Feb
Thompson (J R) com
May
11
Jan
1%
Compressed Ind Gases cap*
Consolidated Biscuit oom.l
6%
5%
6%
1,050
5%
2%
Common
5
6% prior pre! A
100
7% cumul. pre!
100
Cord Corp cap stock
5
Cudahy Packing pref-,100
4%
3%
107%
Cunningham Drug Sts.2%
Curtis Lighting Inc com
*
.
20%
Dayton Rubber M tg com. *
Decker & Cohn com
10
Deep Rock Oil
Dixie Vortex Co
22%
6%
pref. *
conv
>mmm
6
com
mmmmm
Eddy Paper Corp (The)..*
m
Elec Household Utll cap .5
Elgin National Watch
Gardner Denver Co
$3
cum conv
m-
m
m
mm
8%
*
mmm
General Finance Corp com 1
Gen Household Utll—
5%
Common
5%
Feb
110%
Mar
21%
30%
8%
29%
8%
Walgreen Co common
26%
10%
Feb
Jan
28%
Jan
Woodall Indust
100
20%
Feb
Zenith
29%
Jan
May
25
90
34
600
8
Mar
12 J*
350
32
May
40 %
400
57
Feb
61%
58%
5.200
4%
10%
20
14
Jan
750
30
Hupp Motor
RIgl ts
com
16
20
21
3
21
100
3
3%
v
13%
10
100
100
t c_.*
39
Indiana Steel Prod com.-l
3
11%
13%
19%
27%
4
May
170
99%
39
100
39
10%
770
10
Mar
Jan
110
•
Jan
49
21
Jan
29 %
Feb
41
Jan
51
Feb
16%
Feb
1,400
12
May
Par
Stocks—
12%
Mar
28%
Feb
Burger Brewing
50
Apr
43%
Jau
Champ Paper & Fibre.
6% preferred
.100
Kerlyn Oil Co cl A com-.5
Kingsbury Brew cap
1
76
76
77
Le Roi Co
3%
Cln Gas & Elec pref.
Jan
13%
Feb
Cln Telephone
Jan
34%
Mar
*
30
30
17%
17%
19%
880
17%
12
12
12%
530
9%
Jan
15%
Mar
10%
750
9%
12%
Jan
10
Lib by McNeill &
Llbby.10
Lincoln Printing Co—
Common..
*
♦
S3% preferred
43
40
10
4
Lion Oil Refining Co com. *
Loudon Packing com
*
43-1
May
19% May
v
4
7
Preferred
100
108
108
250
Jan
26%
Mar
Early & Daniel
1,050
6%
Jan
Gibson Art
JaD
Hillton Davis
Feb
Jaeger
4
Apr
42
27%
49%
30%
49%
130
27 %
May
100
41
Jan
*
49
49
20
49
May
57%
Jau
4%
Jan
30%
Mar
.
Marshall Field common..*
M
er
& M fra Sec cl A com. 1
Preferred
24
5%
*
2%
23%
5%
26%
2%
750
600
24
2%
19
Jan
350
5%
Apr
27%
50
26 %
May
3%
10%
600
3%
Mar
8,400
9%
1,000
3%
May
May
5%
7
31%
Mar
Mar
Middle West Corp cap
5
btock purchase warrants
Midland United Co—
Common
4
H
%
*
Jan
6% preferred A
100
7% preferred A
100
2%
*
Monroe Chemical Co
com
Jan
6%
May
12%
Jan
5%
May
9%
Mar
3%
May
9H
Feb
70
2%
2%
37%
Apr
8%
Jan
5
Feb
150
Mar
Apr
46%
Jan
8H
150
7%
Jan
10
10
142%
Apr
156
%
com..10
National Pressure Cooker 2
Nat Rep Inv Tr conv pfd_*
Jan
26
22%
Jan
28
50
1
3,050
%
May
May
32
%
10%
6%
17
500
14 %
Jan
17
Apr
Apr
12%
Lunkenheimer
28% May
36%
3%
300
Northwest Bancorp com..*
Northwest Eng Co com..*
11
11
30
30
com
2%
"42"
May
9
Mar
3
108
May
111
108
Jan
27%
34%
Feb
36
Feb
24%
Apr
30
Apr
31
31
31
175
31
May
22%
42%
22
24
45
22
Apr
42%
44
25
35
35
25
11%
11%
11%
78
42% May
Jan
27%
Feb
9%
49%
35
Feb
101%
37
12
Jan
Jan
Mar
Apr
Jan
15
98
21%
21%
22
15
21% May
24
Jan
31
31
31
150
31
Feb
37
Mar
2
May
14
Mar
100
100
100
2%
2%
791
3
56
*
18
18
20
*
Meteor
20
20
20%
288
*
10
*
60%
60%
61%
115
*
21
21
22
176
8
8
8
169
33
31
33
28
28%
28%
29%
*
B
*
Rapid..
r
U S Playing Card
10
*
50
10
Apr
Apr
May
Jan
55%
20%
8
29%
Feb
38
Feb
39
28
Apr
4
50
Apr
34%
6%
Feb
15
29
3%
12%
Apr
21
10
4
10
21
100
Wurlltzer
10
Feb
May
10
15
100
114
Western Bank
97
11
4%
20
20% May
Feb
16%
Jan
65%
Jan
23%
Jan
11%
14%
4
U S Printing
Preferred
10
Feb
14%
20%
Feb
Jan
Mar
20
Feb
16
Mar
25
Apr
42
21%
9
490
92
Jan
134
Apr
12%
Preferred
114
115
Feb
29%
6
North Amer Car
180
May
Feb
50
6
1
com
Noblltt-Sparks Ind com..5
Jan
7
46
2 50
Magnavox
Jan
6%
20
Natl Union Radio
29%
103
148
Feb
29%
2%
43%
6%
11%
10
6
7%
31
*
28
6
2%
Jan
Jan
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
National-Standard Co—
Capital stock
Feb
Jan
Feb
150
28
National Battery Co pref.*
108%
30
*
National Pumps
80
140
Mar
31
100
Procter & Gamble
490
39
8%
Muskegon Motor Spec cl A*
Leather
550
107
18% May
...
Jan
1%
Feb
*
1st preferred
Kroger
Jan
Jan
5
25
*
A
7%
142% 142%
24% 24%
*
Montg Ward & Co cl A..*
National
%
Mar
*
15%
3%
2%
38%
M odine M fg com
Jan
4
5%
3%
2%
..100
2,950
8%
5%
6H
Utll7% prlien 100
6% prior lieu
5
2
*
Randall A—
*
Conv preferred A
Midland
8%
3%
9%
3%
Jan
144
10%
18%
Manischewitz
1
100
Feb
Mlckel berry s Food Prod—
Common
108
May
May
18%
Kahn common
Jan
Feb
7
90
18%
10
Jan
Mar
101
*
Hobart
OO K
54
4%
180
7
Jan
13%
7%
113
180
180
111
Apr
26
91
90
60%
305
104% 105%
7
7%
*
Eagle-Picher Lead
6
Manhatt-Dearborn com..*
7
90%
_*
Mar
McCord Rad & Mfg A...*
M cQuay-Norrls M fg com
104%
Dow Drug.
4%
Mar
com
96
.100
Coca-Cola A
Jan
38%
Electric
_
May
107
4
300
McGraw
_
Apr
4
107
40
40%
Apr
9
90
107
90
39%
108
26
Cln Union Term pref. .100
700
16%
16
9%
4
4
4
5
Lynch Corp. com
109
9%
4
43
Jan
Mar
4
Ware— ..25
Cln Tobacco
Apr
May
45
Jan
5
Jan
9%
50
4
..
22
com
28
92
Jan
4
-.50
22
9%
10
40
108
Cln Street Ry
Jan
9
7 %
108
Cln Ball Crank pref
3%
Feb
Jan
Mar
3%
35%
25
57
*
50
*
1%
38
57
26%
*
Apr
20
com
Lindsay Light
2
Preferred
200
3%
57
Churngold.
Jan
2
92
3%
3%
.*
100
Jan
Mar
40
92
92
*
7%
2
88
50
100
Jan
Apr
31%
40
33
Baldwin pref
9%
17%
110
pref. 100
Feb
30
150
89
Apr
8
30
3%
800
May
May
3%
May
2
3%
10
May
Ai>r
3
2
3%
35
6
Jan
2
2
20 H
76
36%
..*
29»%
29%
High
Jan
34
Part pref
34
50
Low
Shares
293%
20
1,250
Price
Amer Laundry Mach. ..20
Amer Prod prior pref. ...7
34
Cumulative pref
Range Since Jan. 1, 1937
21% May
12%
200
Cln. 291
Sales
Friday
for
12
9%
CO.
&
CINCINNATI
BLDG.
Feb
12
Leath & Co com
Unlisted Securities
27
]
900
Trading Markets in
May 8 to May 14. both inclusive, compiled from official sales lists
Mar
Co—
2
Feb
Apr
Week
350
2
Feb
40%
of Prices
Low
High
1,150
cum
Feb
Mar
31 %
Week's Range
43
6%
12
3.100
Sale
24%
La Salle Ext Unlv com
33
Apr
15 %
Last
21%
Lawbeck
34%
7%
10% May
Jan
22%
6%
2%
12%
Jan
1,450
10% May
May
41
6%
May
7
1,100
8%
11%
35%
21
9
21%
6%
2%
Mar
100
7
8%
10%
8%
Apr
9%
"iiH
Ky Utll Jr cum pre!
26%
20%
5
Cincinnati Stock Exchange
% May
19%
May
"21%
9%
Feb
Feb
250
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel
Apr
3
1
*
Kellogg Switchboard com.*
Feb
49%
Feb
Jarvls (W B) Co cap
Jefferson Electric com
Ken-Rad T & Lamp com A*
24%
Apr
2%
628
Jan
Apr
150
Common
22%
11
TRUST
UNION
Mar
Apr
13%
13%
99% 103
10
28%
1,030
BALLINGER
Jan
May
'32 May
12%
Apr
9%
Apr
May
50
23%
29%
22
Active
Jan
16
200
10
Feb
Mar
20
10
20%
Interstate Power §6 pref.. *
Iron Flrem Mfg com v t c_*
Katz Drug
29%
May
3,000
'32
39
9%
350
8%
'16
'32
Indep Pneum Tool
200
16
(new). 10
Illinois Brick Co cap
III North Utll pref
6%
22 %
20
23
Cincinnati and Ohio Listed and
Jan
16
10
May
Mar
20%
10
Jan
3%
700
Apr
42%
15
2,250
5%
May
May
20
21
2
Mar
Members Cincinnati Stock Exchange
Feb
69
Jan
Mar
Mav
16
*
Apr
*
Radio Corp com!
Mar
50
20
*
1
2
com
Mar
59%
Harnischfiger Corp com. 10
com
1,700
Mar
Jan
Great Lakes D & D com..*
Inc
4%
350
Apr
4%
36%
Houdallle Hersbey B
Feb
Wisconsin Bankshs com..*
Jan
450
Horder's
Apr
Williams Oil-O-Mat com.*
11%
32%
6%
63
9%
9%
2%
7
Apr
May
May
19 %
34
8*4
Mar
250
28%
*
22
300
11,050
8%
May
4,600
Wleboldt Stores Inc com.*
5%
37%
llelleman Brew Co G cap.l
Heln Werner Mot Parts..3
May
9%
2%
Jan
4%
36%
<
*
com
24
4%
23
Apr
4%
36%
Goldblatt Bros Inc
30% May
22
9%
*
com
5
10
5%
Apr
2,750
1,600
23
3%
._.*
Common
Wahl Co
20
58%
5%
Mar
31a%
24%
Viking Pump Co—
Feb
63
'
59
20
pref
21
32
15
com..
May
Apr
600
7%
22
Mar
3%
3%
24
6%
22
16%
33%
3%
250
22
Jan
100
3%
Feb
30
11
12%
3%
6%
6
May
7
%
Jan
Apr
%
20%
Convertible pref
Apr
104
Jan
1
%
10
15%
1
4%
4,900
1,800
1
7
Feb
Jan
20
5
70
12
5%
Common
30
6
6
.
%
%
8%
8%
4%
4%
3%
3%
107% 107%
20% 22%
83 %
Apr
Corp—
Jan
300
May
4
28%
28%
15%
Sf
25
Utah Radio Products com *
Utll & Ind
Consumers Co—
75
22
24
Commonwealth Edison. 100
com
Jan
210
24
*31
*
Club Aluminum Uten com*
Coleman L P & Stove
Jan
107
2,350
30%
10
High
100% May
5
4%
18%
12
27%
Furn com
30
77
75
4%
18%
Standard Dredge com....»
Convertible preferred..*
May
77
May
Low
Shares
101% 101%
101%
pflOO
St Louis Natl Stkyds cap.*
76
capital
*
Chicago Yellow Cab Co..*
C ltles Service Co com
Shares
17
Common
Range Since Jan. 1, 1937
Last
Sale
Range Since Jan. 1, 1937
Last
Par
Sales
Friday
Sales
Friday
Stocks (Continued)
3305
Chronicle
42
150
1 %
Jan
450
39%
58
Feb
150
6
Jau
May
1,200
11
Apr
16%
50
25%
Jan
37
Mar
Apr
81
Jan
May
54
Jan
9%
Feb
GILLISlrJWOODcQ
Jan
Northwest Utll—
Prior lien pref
100
65
63%
65
330
63%
7% preferred
100
33
33
37
160
33
Union Trust Building, Cleveland
.
10
24%
24%
100
Peabody Coal Co B com..6
1%
1%
1,500
Parker Pen Co com
Pictorial Paper Pkge com.6
Pines Winterfront com...l
Potter Co
(The)
"2H
200
12%
350
12
May
17%
33
100
30
May
35
6
100
0
Feb
7%
Mar
2%
3
3%
1,100
2%
Jan
3%
Feb
100
3%
Jan
5%
Feb
1%
2%
1,600
1%
Apr
3%
Jan
*
"1%
1%
*
Process Corp com....
Mar
20
3%
1
com
Prima Co com
Jan
6
30
2%
2%
,■
400
19%
2%
Apr
May
4%
Cleveland Stock Exchange
Jan
Jan
Jan
May 8 to May 14, both inclusive, compiled from
Week's Range
Last
Sale
Par
Stocks—
of Prices
Low
Price
Common
76%
78%
60
6% preferred.
111
.100
100
7% preferred
Quaker Oats Co com
*
112
78%
78%
112
115% 116%
112
112%
75
Apr
50
75
Apr
99
Jan
40
110
May
120
Jan
City Ice & Fuel
70
114
Apr
122
Jan
Clark Controller
120
112
May
125%
Jan
Cleve Builders Realty
Jan
Cleve Cliffs Iron pref
200
100
134
134
70
121
Apr
10
Preferred
20
21
350
20
May
Rath Packing Co com
99%
150
37%
Jan
Mar
50c
Common v t c.
...5
6% pref vtc
Reliance Mfg Co com... 10
Rollins Hos Mills conv pf_»
28%
5%
2%
28%
28%
6%
2%.
28%
34%
7%
Feb
50
2
Jan
3%
Feb
50
28
Apr
36 %
Jan
1,060
15
Feb
4
Jan
38
39%
200
d38
22
22
23
400
21
86%
11%
86%
12%
50
83 %
Jan
350
11%
May
cap.*
1
Serrick Corp cl B com
Slgnode Steel Strap com..*
Preferred
'l2%
80 Bend Lathe Wks cap..5
Southwest Lt & Pow pfd.
For footnotes see page
750
92
3308
-
36%
rnmmmmm
93%
100
Ctfs of deposit
100
Cliffs Corp vtc
*
Commercial Bookbinding. *
360
12
20
19
12%
19%
19%
36%
38%
335
5%
93
5%
94
107% 107%
14
Feb
Apr
21
Feb
-
-
42
Apr
pref—.100
Federal Knitting Mills...*
28%
Feb
Foote-Burt
May
—
Jan
4
.
Feb
8
Mar
Jan
101%
Mar
86%
106%
Mar
Mar
63%
Jan
55
57
53
Feb
63%
Jan
36
42
769
33%
Jan
50
51
mmmmmm
37%
51
91
30
Jan
51%
112% 112%
130
16%
75
5%
25
16
May
5% May
49%
22%
7
Jan
Feb
Feb
Jan
*
55
57
55
55
Apr
60
Jan
50
50
60
50
May
50
May
$5 cum pref *
102
102
10
101
Jan
104
Jan
Hanna (M A)
Jan
27%
Mar
Harbauer
May
33%
16
Apr
A. *
100
Halle Bros pref
Apr
19%
33
117
Grelf Bros Cooperage
Mar
92
mm
112% May
33
Apr
Fostoria Pressed Steel
35
140
-
16
15
Mar
Mar
40
550
Jan
56
Mar
Jan
93
112
10
126
14%
Jan
92
*
40%
95
16%
36
32%
24%
30
Apr
Feb
32
10
641
Jan
Apr
33%
14%
56
56
Railway
31
34
32%
23%
34
30
*
m
Dow Chemical
38
Schwltzer-Cummlns cap__l
Sears Roebuck & Co
*
Apr
10
34% May
2,450
Sangamo Electric Co—
(New) common
...1
mm
High
Low
21
21%
12
12
mm
Cleve Elec 111 $4.50 pref--*
Cleveland
Raytheon Mfg—
*
High
Range Since Jan. 1, 1937
for
Week
Shares
21%
Airway Elec Appl pref. .100
Akron Brass
*
official sales lists
Sales
Friday
Public Service of Nor HI—
Common
AT. GLEV. 565 & 566
AT
Jan
2%
24%
12
Penn Gas & Elec A com.. *
*
29%
Apr
1%
30
20
Penn Elec Switch conv A 10
Perfect Circle Co com
24% May
Telephone GHerry 5050
95
Jan
.
Interlake Steamship
5%
.
15
*
*
65
15
50
64%
67
169
14
Jan
18
56%
Feb
73%
Apr
Mar
3306
Financial
Friday
Jaeger Machine
Kelley laid Lime & Tran.
Lamson & Sessions
Leland Electric
Weel's Range
for
Sale
Par
of Prices
Low
High
35
*
23
*
11%
Ohio Brass B
9
Jan
14
Jan
25
16
May
27
Jan
Packer Corp
*
25
41
Apr
205
40
Jan
60
Feb
7
50
Mar
25
225
79% May
23%
Apr
85
35
Mar
Apr
12%
10%
Mar
Jan
"4%
Feb
9%
5
6%
6%
205
2%
2%
50
1%
6 %
1%
56%
200
T%
56
215
3
_
_*
15
15
15
23%
-
Peerless Corp
Rlchman..
23%
25
85
6%
6%
7
49
120
48%
7%
50
354
8
55
90
34
34
100
Stouffer class A
Union Metal Mfg
Upson Walton
]
Van Dorn Iron
*
*
Vlchek Tool
20
8%
25
8%
9%
9
9
*
12
100
100
Weinberger Drug Inc
21%
.
20
305
153
Jan
Feb
2%
Mar
15
May
23% May
20%
Jan
7%
57%
9%
48
Apr
Mar
6%
Par
Preferred
Preferred
t c
v
^..1
Central Investment
100
*
3%
Citizens Nat'l T & S Bk_20
Claude Neon Elec Prod..*
31%
10%
14%
18%
5%
Chapman's Ice Cream
Consolidated Oil Corp
Consolidated Steel pref
Creameries of Amer
v
*
*
t c—
Emsco Der & Equip Co..5
Exeter Oil Co A
1
21
110
29
Jan
43
100
2%
Jan
31% Apr
10%
Jan
14% May
18% May
5%
Jan
15% May
445
400
300
700
100
6
300
16
300
1.10
7,309
445
21
55%
22%
10%
Feb
60c
Mar
Mar
Jan
Jan
46
Mar
Jan
24
Feb
1,200
11c
lie
11c
1,000
23c
35c
4,400
100
3
Los Ang Investment Co. 10
Jan
70
34c
30c
460
30%
11%
10c
30c
Mar
Jan
Kinner Airplane & Mot.-l
Los Ang G & E 6% pf.
Los Ang Industries Inc
Feb
Mar
1%
May
8%
32%
Lincoln Petroleum Corp__l
Lockheed Aircraft Corp.-l
Feb
7
19%
18%
21
Mar
Feb
Feb
Jan
Mar
59% May
100
9%
Feb
4%
44%
12%
17%
24%
Jan
445
Feb
300
400
*
com
14c
200
22
13%
Apr
Mar
40
Jan
Jan
59%
21%
Mar
Mar
Jan
40
21%
15%
43%
10
Jan
24
50
22
Jade Oil Co
100
Feb
40
Apr
Jan
Feb
16c
Goodyear Tire & Rubber.*
May
Feb
17c
Jan
Globe Grain & Milling..25
34
Feb
Jan
8c
Hancock Oil A
Feb
12
90c
55
32%
15%
8%
17%
1.10
21
Apr
90
15%
55%
14
10c
2,000
35
Gladding McBean & Co..*
Mar
1.000
9c
3%
34%
10%
15%
18%
Feb
Mar
11c
55
33
14%
18%
5%
15%
High
6c
3%
31%
Mar
64
10
33
Low
100
9c
55
445
Jan
May
May
55
Range Since Jan. 1 1937
Shares
10c
lie
9C
.25
for♦
Week
High
10c
lie
California Bank
39
9
Low
10c
1
Prices
o
Price
Buckeye Union Oil com..l
Sales
Week's Range
Farmers & Mer Natl BklOO
General Motors Corp
10
34
65
100
Feb
67
10
12%
21%
Apr
44
135
52
*
West Res Inv 6 % pref.
m
i%
3%
100
_
Jan
7%
6%
1,670
*
Selberling Rubber.
8% cum pref
8% May
47
24%
*
Patterson-Sargent
895
42%
50
cl A__ *
Feb
7
9%
*
Mar
37%
30
40
25
cum
May
42%
"40""
Monarch Machine Tool..*
Nestle Le Mur
Jan
23
Stocks {Concluded)
8% May
58% Mar
Metropolitan Pavg Brick.*
National Refining
NatlonalTlle
National Tool
High
24
25
*
*
Low
44
16
Last
Sale
433
"m
McKee (A G) class B
Medusa Ptld Cement
Range Since Jan. 1 1937
Shares
36%
24%
12%
16
11%
*
Lima Cord Sole & Heel
Friday
Week
Price
*
_
May 15, 1937
Sales
Last
Stocks (Concluded)
Chronicle
8c
Feb
18c
27c May
72% c
Jan
33c
4,600
27c
Jan
60c
Feb
12%
500
9%
Jan
16%
Feb
110% 112
*3%
4
7%
7%
1,700
12
12%
110%
3%
7%
95
300
119
106%
Feb
3% May
7%
Jan
Mar
6%
Feb
10
Feb
Mascot Oil Co
1
1
1
1
700
80c
Jan
1.45
MenaSco Mfg Co
1
3
3
3
500
3
Apr
4%
Jan
Mills Alloys Inc A
*
Mt Diablo Oil Min & Dev 1
watling, Lerchen & Hayes
New York Stock
Exchange
Building
Par
Auto City Brew com
Baldwin Rubber com
7.000
18c
Jan
50c
50c
50c
400
45c
Jan
80c
Feb
1.50
1.40
1.50
3,300
70c
Jan
2.00
Mar
28c
7,600
40c
Mar
Burroughs Add Mach
*
Week's Range
1
Shares
Det Cripple Creek Gold-.l
Detroit Edison com
100
1
com
20
2%
Ex-Cell-0 Aircraft com
Frankenmuth Brew com.
1
3
Goebel
Brewing com
1
Graham-Paige com
1
Valley Brew com__l
29
20
5%
Mich Sugar com
Mich Sugar pref
10%
10%
100
10% May
24%
600
23
32
10
14
14
14
100
10
10%
10%
10%
300
11% Apr
10% May
25
29
10
*
104
6
"i%
5
5
%
%
26
*
_
*
com
1
_
com
Scotten-Dillon com
Standard Tube B com
.
28
-.25
Standard Oil of Calif
*
Sunray Oil Corp
Superior Oil
Taylor Milling Corp
24%
47%
11%
1
23c
4,500
3c
3c
3,000
39c
1,600
5c
5c
5p
28,500
15% c
10%c
28,100
5,500
21c
21c
Oatman Rainbow Gd MIOc
15c
14c
Zenda Gold Mining
10c
10c
15%
1%
5%
939
23
Feb
2,525
,316
725
1%
Feb
8%
1%
Feb
28
New York Central RR:
North Amer Aviation Inc. 1
Packard Motor Car
10%
Jan
Mar
4%
Jan
3
4%
12%
44%
Jan
May
28
40
897
24
203
24
9%
Mar
3
39%
1,343
21% 21%
163% 167%
3%
3%
45%
1%
Apr
Apr
9
May
37% Mar
21%
163%
3%
.
Cities Service Co
Curtlss-Wright Corp.
1%
7%
540
Amer Rad & St Sanitary.
Amer Tel & Tel Co
100
Feb
Feb
Feb
55
Mar
25%
Mar
15%
Jan
155
Jan
28%
Feb
47%
May
13%
Apr
20c
Jan
lc
Mar
38c
Feb
4c
Feb
2%
Feb
Jan
9c
Feb
lc
Jan
17c
Apr
9c
Feb
15c
Jan
21% May
29%
187%
Feb
sg
Mar
35c May
1%'*
8
Unlisted—
Apr
2%
Apr
250
1
.
Jan
Mar
3%
10%
35c
_
Feb
3
900
3c
Mar
Feb
5
Mar
39
35C
Feb
Feb
200
10c
Blk Mammoth Cons M.lOc
Apr
%
30
2,500
43%
Jan
21%
Apr
13% May
141% May
24% Apr
Feb
Feb
Mining—
Apr
Feb
10,000
Calument Gold Mines.
11
Apr
100
Cardinal Gold Mining
1
Imperial Development-25c
1
6
6
45%
10%
8%
9%
16%
11%
8%
9%
16%
11%
Radio Corp of America....
Tide Water Associated OilWarner Bros Pictures Inc.5
Feb
6
45%
12
9%
9%
16%
123%
100
172
200
100
200
400
200
200
100
1,000
160%
3%
5%
Apr
43%
10%
8%
8%
16%
11%
Feb
May
Jan
Jan
Apr
Apr
54%
17%
12%
12%
21%
17%
May
Apr
May
May
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Feb
18%
755
13%
Jan
19
Feb
4%
4%
3,240
3%
Jan
5
Apr
5%
829
6%
Jan
5%
4%
9%
Feb
1,430
5%
Feb
6
1,550
6%
Jan
28%
5% May
203
5
185
6%
1,877
8,296
1,468
10%
7%
36%
10%
7%
250
6% May
3% May
10% Mar
7% May
35
115
38
520
7
130
5%
5
1%
1%
5%
6
%
15
Jan
4% May
5%
Jan
28% May
5% May
%
15%
530
Established 1874
DeHaven Si Townsend
Members
New York Stock Exchange
Mar
10%
Feb
8
Feb
13
Philadelphia Stock Exchange
Jan
10
Jan
PHILADELPHIA
38%
Feb
9%
Feb
8%
Mar
Philadelphia Stock Exchange
Feb
May 8 to May 14, both inclusive, compiled from official sales lists
Feb
Apr
933
1%
5%
7%
1%
Jan
7%
Feb
1,100
%
Apr
1616
Feb
360
13
Jan
18
Jan
Feb
Friday
Par
Bel Tel Co of Pa pref
Budd (e g) Mfg Co
Week's Range
for
Sale
of Prices
Low
High
6%
2%
Range Since Jan. 1. 1937
Low
5
1,100
Apr
1,300
1.10
1.10
1.10
800
10
65c
62% c
65c
1,300
10
4%
4%
4%
200
2% May
1.10
May
20%
164%
Low
High
20% 22%
162% 166%
38%
39
31%
31%
Range Since Jan. 1, 1937
Shares
Low
High
370
20
Apr
578
160
Apr
150
38
Jan
45
Mar
May
43
Mar
5
31%
26%
187%
114%
*
8%
8%
8%
May
14%
8
9%
8%
175
8
80
8
May
13
107
114%
692
107
May
General Motors
10
Horn & Hard (Phila) com. *
Horn & Hard (n y) com.*
Lehigh Coal & Navigation*
.
50
109%
38%
1
rr
25
50
2.25
Feb
90c
Apr
Jan
Tacony-Palmyra Bridge.
8%
18%
2%
3
4%
171%
114%
33%
4%
8%
25
583
206
8%
3%
4%
41%
44%
169% 172%
114% 116
33
4%
1
.
8
1%
12
12%
36
8%
20%
3
3%
10%
34
30
50
Salt Dome Oil Corp
Scott Paper.
7%
92
39%
Philadelphia Traction
Jan
1,143
29%
Jan
Apr
256
59%
*'.
7% preferred
50
Phila & Rd Coal & Iron..*
45c
39%
*
Jan
4
38%
5
9%
1%
12%
13%
40%
9%
3%
239
126% 127%
25
18%
50
Penna Salt Mfg
50
Phila Electric of Pa $5 pref*
113% 115
55
127""
*
Pennroad Corp vtc
Phila Elec Pow pref
Phila Rapid Transit
High
■
Price
*
Nat'l Power & Light
Week
Shares
Week
Mitten Bank Sec Corp..25
Preferred.
__25
Sales
Last
for
of Prices
100
Chrysler Corp
5
Electric Storage Battery 100
Pennsylvania
5%
2%
*
Week's Range
Sale
Budd Wheel Co
Teletype l.a. 290
Sales
Last
Stocks-
American Tel & Tel
100
Bankers Securities pref. .50
Barber Co
...10
Angeles Stock Exchange
Friday
YORK
30 Broad Street
Jan
5
1,150
NEW
1513 Walnut Street
11
Apr
Apr
May
6%
4 %
1,525
35
May 8 to May 14, both inclusive, compiled from official sales lists
300
21%
21%
14%
13%
141% 141%
23% 24%
47%
47%
12%
11%
20
7%
3308
47
44%
22
Los Angeles
k or footnotes see
page
Jan
44%
21%
13%
141%
*
Transamerica Corp
Lehigh Valley.
Bolsa Chica Oil A
B_
Jan
May
4
Jan
Exchange Chicago Board of Trade
Angeles Stock Exch. San Francisco Stock Exch.
Warrants
45
42
400
Jan
4
5%
2%
400
400
Apr
New York Stock
1
59%
43%
4%
4
7
members
Bandlnl Petroleum Co
Berkey & Gay
55
42
4
17% May
15% May
1% Mar
5%
Apr
%
Apr
1%
500
42%
17
22
200
Feb
4% May
10% May
77
28
26
55
50
5%
Price
25%
100
2%
5%
Wm.Cavaiier&Co.
Par
Jan
Mar
25
6% preferred...
5%% preferred
Southern Pacific Co
American Stores
Stocks—
Jan
29%
28%
62%
49%
25%
330
5
Los
32%
22%
27%
25%
374
4%
623 w, 6th St.
22% May
27% May
25% May
23%
Feb
1
.....
Los
4c
17%
3%
15'
Jan
19%
7
com
60
2c
10%
6%
1%
5%
Jan
1,000
1,20(
25
Wellington Oil Co
6%
3%
Walker & Co B
56
53%
Feb
7
5%
28%
10
Apr
1,150
3c
Feb
5%
"7%
Jan
42
56
1,400
8
100
4%
*
3
200
54
2%
4%
4%
5%
10
200
43
3c
70
18
4%
2%
4%
42%
3c
Van de Kamps Bakeries..*
525
400
25c
Feb
24
39%
Sierra Trading Corp
Sou Calif-Edison Co
400
Apr
54
*
_
7
28%
2%
4%
42%
10
19%
100
9
Univ Cooler A.J
B.
Wolverine Tube
Ryan Aero
50
4,100
5%
Wayne Screw Prod com..
Wolverine Brew com
9% May
3% May
6% Apr
o?4
Jan
2%
Markets—
25
Jan
1
4%
com
5,500
7
Public
Union Oil of Calif.
"5%
U S Graphite com
9% "10%
3%
3%
7
Richfield Oil Corp
W&rr8iDts
Union Bank & Tr Co
3
1
com
9%
3%
87%c Mar
10% May
3% May
9%
Jan
3%
Feb
6%
Feb
Feb
Feb
10
7
,5I6
*
Tom Moore Dist com
Union Investment com
United Shirt Dist com
13% Feb
Jan
Mar
3
9
5
_
Apr
33c
2%
11
1
2
com
River Raisin Paper com.
145%
7
*
com
Feb
1
-"16
2.50
Prudential Investing com
Feb
7>
27%
1%
Jan
23^
Jan
1%
900
Mar
100
Jan
26
1%
„
com
Warner Aircraft
1%
26
Mid-West Abrasive com50c
Brewing
15%
Feb
107
Apr
1,000
2,300
12% May
Apr
55%
6
May
3 %
Jan
1% May
4% Mar
100
35
May
29
8%
20
3,260
Jan
104
23%
100
4%
29
35
55c 62%c
2,800
1,750
200
7%
2
679
209
29%
104
23%
20
1,996
30
29%
104
55c
Apr
May
3,490
Jan
Jan
Mar
7%
5
3%
1%
5%
Feb
14%
10%
37%
23%
1
6
1,540
29
29%
May
*
500
13%
56%
6%
Feb
18
23
300
7
56%
"5%
1
_
May
Jan
1%
12%
*
com
29
22
3% May
Jan
%
20%
1%
12%
10
com
Jan
2% May
%
Apr
6
1
1
19% May
Feb
35
117% May
15%
1%
com
200
560
feb
2%
15%
98
17%
*
260
1% May
9%
Jan
25% May
28%
Apr
600
Hudson Motor Car com.. *
Hurd Lock & Mfg com
Kingston Products com__l
Kinsel Drug com
..1
1,875
3,020
282
4%
10%
18%
17%
Mahon Co R C A
pref
Masco Screw Prod com
1%
%
1
Tivoli
Jan
10%
Secur Co units of ben int.
High
2%
Hall Lamp com
*
Home Dairy class A
*
Hoover Ball & Bear com. 10
Hoskins Mfg com
*
Rickel H W
18c
45C
23
Samson 6% pref ann
Low
%
3%
1%
5%
com
Range Since Jan. 1, 1937
Week
2%
10
com
Grand
Reo Motor
250
20c
Rice Ranch Oil Co
117% 119%
5%
5%
114""
3
.
com
14%
26%
19%
13%
25%
1
com
Penin Metal Prod
25c
*
Security-First Nat'l Bk_20
1%
13%
25%
29
1
Consolidated Paper com. 10
Det & Cleve Nav com
10
com
18c
10
Roberts
for
of Prices
Low
High
Price
Bower Roller
Parker Rust-Proof
Parker Wolverine
18c
Republic Petroleum Co.-l
Sales
1
Parke-Davis
Apr
Pacific Gas & Electrio
Exchange
Sale
Stocks—
Packard Motor Car
Mar
97%c
Pacific Indemnity Co
Pacific Lighting pref
Randolph 6530
Last
Micromatlc Hone
2.25
Jan
Preferred C
detroit
Friday
McClanahan Oil
May
70c
Preferred A
May 8 to May 14, both inclusive, compiled from official sales lists
General Finance
1.10
1.200
1
Pacific Clay Products
Pacific Finance Corp
Chicago Stock Exchange
Detroit Stock
General Motors
100
80c
1
Pacific Western Oil
Gar Wood Ind
1.10
75c
5
Olinda Land Co
New York Curb Associate
Telephone
Det Paper Prod
1.10
75c
Oceanic Oil Co
Exchange
Buhl
Det-Mlch Stove
1.10
Nordon Corp
Occidental Petroleum
Members
Detroit Stock
Mar
160
1,394
265
112
May
38% May
55
126%
25
7%
May
May
May
Apr
17%
Apr
2% May
2%
Feb
8% May
4,627
3%
May
1,753
Jan
Jan
582
39%
164%
113%
32%
150
4%
721
May
May
152
150
35
241
554
43
108
127%
Feb
Jan
Mar
Jan
Feb
134%
Mar
44%
70%
Feb
139
Jan
Feb
41%
13%
Feb
24%
Mar
4%
5%
14%
5%
Apr
50%
Mar
Jan
Feb
Jan
Apr
175
Feb
Apr
May
117%
35%
7%
8% May
13%
Jan
3%
16%
Feb
1%
12
12%
x38
28%
Mar
Apr
Feb
Feb
Feb
Apr
20
Jan
45%
Jan
Mar
32%
Feb
Jan
Volume
Financial
144
Weeks Range
Sale
Stocks (Concluded)
of Prices
High
Low
Price
Par
5%
690
39%
265
13%
109% 111
9,047
468
12%
26
9%
*
United Gas Improve
Preferred
9%
53
6
......
*
Preferred
39%
13
*
com.
*
_.
Westmoreland Inc
109%
*
Westmoreland Coal
15,6 May
109% May
12%
60
United Corp com
451
*
Die
Die
625
825
6%
Stocks (Concluded)
High
Low
4%
1*16
1
Union Traction
Week
Shares
9%
7%
8%
Feb
Jan
Jan
13% May
114%
Jan
Jan
14%
46%
Apr
9%
1»,6 May
Feb
Feb
11
for
of Prices
Low
High
Shares
Price
Par
Rice-Stix Dry Goods com. *
1st preferred-
Weeks Range
Sale
38%
12%
1%
Tonopah Mining
Range
Last
1 1937
Range Since Jan.
for
he Jan
1% Apr
4%
Jan
4% May
37%
Apr
12% May
Tonopah-Belmont Devel.l
Sales
Friday
Sales
Friday
Last
3307
Chronicle
9%
115
100
"4%
St L Bk Bldg Equip com.*
95
9%
9%
20
115
5
4%
4%
Since Jan. 1 1937
Week
High
Low
13%
Mar
May
117%
4% May
8%
Mar
Feb
9% May
115
90
Jan
St Louis Car pref
77
77
May
16
16
16
25
16
May
19%
Apr
Scullin Steel pref...
Securities Inv common
25%
24
27
528
19
Jan
29%
Mar
50
52
83
50
May
58
Mar
119%
119
120
167
118% May
128
Mar
100
Scruggs V-B D G com...25
..*
*
Southw Bell Tel pref—100
Sterling-Aluminum
"41%
100
9%
9%
Prod.l
Wagner Electric com—15
25
77
77
41
45
455
33
33
$1,000
90%
92
32
33%
30
33
9% May
Jan
39
11%
Mar
49%
Feb
Bonds—
Elec&Peoples tr ctfs 4s '45
13
13% $22,000
11%
Peoples Pass tr ctfs 4s 1943
18
19
18
6,000
16%
May
Mar
21
Jan
Mar
Bonds—•
tCity & Sub P S 5s-. 1934
tScullin Steel 6s
1941
tUnited Railways 4s..1934
91
"36"
4s c-d's
28% May
33
May
Jan
101%
Mar
16,000
29% May
36%
Jan
23,000
27% May
34%
Jan
3,000
88
h. s. edwards & co.
f Pittsburgh Stock Exchange
Momhftra
Members
UNION
NflW York Curb Exchange
j
BANK BLDG.,
Tel. Oourt-6800
120
Dean Witter
(Associate)
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
8c Co.
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: Newark Stock Exchange, San Francisco Stock Exchange, Chicago Board ofTrade
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
NewYork Curb Exchange
San Francisco
(AssoJ, SanFrancisco Curb Exchange, HonoluluStock Exchange
Stockton
Sacramento
Oakland
Tacoma
Seattle
NewYork Honolulu
Portland
Fresno
Beverly Hills
Lo$An9e'es
Pasadena
Long Beach
Pittsburgh Stock Exchange
May 8 to May 14, both inclusive, compiled from official sales lists
Range Since Jan. 1, 1937
Last
Par
Stocks—
Week's Range
for
Sale
0/ Prices
Week
Price
Low
High
Low
Shares
May 8 to May 14, both inclusive, compiled
High
7%
81%
58%
23%
IOC
Preferred
Armstrong Cork Co.._
*
Blaw-KnoxCo
*
2
Carnegie Metals
1
Clark (D L) Candy Co. —*
5%
12%
Columbia Gas & Elec. Co. *
Cons Ice Co pref
5
50
30
8%
24%
1,104
Feb
Jan
21%
174
100
10
Jan
24%
13%
Feb
13%
32%
125
30
Apr
50
45%
108%
11%
140
43%
Apr
2%
.....
9
_
6%
6%
*
110
18
104
10% Apr
1%
Jan
7%
Jan
6% May
2,021
425
2%
9%
7
Apr
3,100
452
25%
5%
5%
685
16%
14%
14%
922
*
Phoenix Oil com
1%
8c
8c
1,000
4%
5%
40%
21%
500
2%
600
115% 121%
15%
15%
26% 26%
1%
2
4%
4%
30
1%
25c
5
*
Pittsburgh Brew com
Preferred
39
40
*
21%
Pittsburgh Forging Co
1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt
*
Plymouth Oil Co
5
RennerCo
2
1
Reymer Bros com
*
San Toy Mining Co
1
Shamrock Oil & Gas
1%
*
1%
6c
3%
50
40
27
16% Feb
1%
Jan
4% May
450
140
5,000
2c
6%
6%
3,315
6%
9c
11c
43,124
49%
51%
240
46%
Jan
61%
50
51
240
45
Jan
Jan
*
38%
38%
*
United Engine & FoundryVanadium Alloy Steel
"50"
*
Waverly Oil class A
3
Jan
248
28%
Mar
32%
Mar
21% May
37% May
23%
Mar
48%
Feb
50
52
Apr
50
10
100%
Jan
12%
Jan
56
Mar
423
35
Jan
46
Apr
6
May
42
335
6
20%
2,658
99% 103%
750
.
*
Westinghouse El & Mfg. 50
151
Apr
108
Apr
10%
10
10%
17%
Mar
41
42%
70
40
May
59
Mar
18
18
19
645
18
May
24%
Mar
3
Emporium Capwell Corp.
39%
39%
41%
650
39% May
53
May
47%
Mar
10
60%
Jan
37
42
Feb
53
-
450
9%
3
53
53
3
37
37
37
10
5
86
86
88
330
84%
)
51
51
51
240
47%
5%
5
5%
225
30
18%
18%
38
55%
58%
844
*
16
16
16%
1,105
Mar
*
38
38
38
*
21
21
22%
Feb
*
Feb
*
r>
Jan
*
3
16c May
7
6%
•7%
40
Jan
May
Apr
96%
Jan
Jan
57%
Mar
7
Mar
Jan
22
Mar
Feb
40
Mar
Jan
4
17%
36«fl
70%
14%
Jan
18%
Jan
120
36%
Jan
41%
Mar
325
18%
Jan
31%
Feb
6%
Apr
8%
Apr
660
100
111
111
25
111
4
4
37
4
113
Apr
._*
May
17%
17%
106
17% May
22%
22%
235
21%
43
45
28%
29%
32%
32%
1,08,'
22
Feb
45.
28%
29%
23%
Jan
May
43
Apr
53%
Jan
Apr
36%
Jan
6% % pf
Pennroad Corp vtc
5%
Mar
Hunt Bros A common.
1C
_.
32%
2(
Jan
32%
Mar
2
2
2%
261
2
May
4%
May
5
Lone Star Gas
Feb
17%
28%
Honolulu Oil Corp Ltd..
Honolulu Plantation
Feb
54% May
22%
Jan
Unlisted—
Feb
25
Mar
42%
3
Jan
8%
56%
164%
7%
Feb
18% May
99
43
Westinghouse Air Brake.
Feb
10
43%
37%
4c
7%
99%
146
10%
45
18%
106% May
245
10%
6
6
100% May
Jan
367
45
19%
May
Feb
87
89
18%
37%
55%
Jan
41% Apr
132% May
250
*
3
Jan
Jan
9c May
50
4%
5
44% 44%
132% 135%
*
*
Jan
52
6K
Rights
29%
Apr
2c
2c
Mar
100% 100%
10%
26% Feb
4% Feb
Feb
147%
19% Mar
Apr
29%
2% Mar
4% May
18%
Jan
1% Feb
115% May
13%
Jan
34%
50
45
Feb
Feb
1,018
3
25c
27%
50
*
8%
374
38%
Jan
Feb
50
Jan
10
21%
87%
Feb
213
Jan
50
87%
Feb
Jan
37%
100%
Mar
25
6%
21%
*
Feb
7%
5% May
14% May
194%
50
3
31%
35
37%
Feb
Jan
100
3
Apr
High
Low
23%
8%
28%
207
*
3
7%
1% May
Jan
35
275
8%
Mar
10
Apr
May
8%
28%
29%
5
112
Penn Federal Corp com
205
207
28%
29%
21%
3
Apr
58%
111%
14%
4%
12%
24%
5%
5
Feb
11
11
*
Natl Flreproofing com
26
Range Since Jan. 1, 1937
for
Week
Shares
210
3
Jan
Jan
18%
of Prices
High
5
Apr
14
Weeks Range
Low
3
Jan
5
Price
24%
3
Feb
Mar
8
Sale
r
Par
Stocks-
Feb
8%
20%
12% May
1%
Feb
25
23
108
Koppers G & Coke pref. 100
Lone Star Gas Co
*
Supply.
Apr
378
13%
4
May
5
100
43%
Harb-Walker Refrac com.*
Mountain Fuel
2
207
13%
*
Follansbee Bros pref.__ 100
McKinney Mfg Co
1,830
30
5
Electric Products
47
21%
24 %
..10
Duquesne Brew com
35
5
8H
Crandall McKA Hend... *
Devonian Oil
4
6
12% Feb
10% Jan
70% Mar
29% Mar
7% Apr
8% May
58% May
21% Apr
30
7%
8%
60%
24%
2%
from official sales lists
Sales
Friday
Last-
Arkansas Natural Gas com*
Exchange
Francisco Stock
San
Sales
Friday
5
5%
33'
5
May
8
Feb
16%
Jan
Langendorf Utd Bak A..
on
711
12%
37%
38
35J
37% May
42
Feb
32
31%
36%
1,761
31% May
45%
Feb
11%
11%
11%
24(
Jan
14%
Apr
12%
11%
12%
2,21(
9%
Jan
16%
Feb
111%
30
106%
Feb
114%
Mar
6%
Mai
7%
Jan
1
L A Gas & Elec Corp pr
Sold for cash
1(
Business Established 1874
Enquiriet Incited
14
38
Lockheed Aircraft
i. m. simon & co.
14
1C
LeTourneau (R G) Inc...]
Libby McN & Libby com.11
ST. LOUIS MARKETS
14
Leslie Salt Co..
111%
Magna vox Co Ltd..
2
2
103%
St.
Louis Stock
Chicago
Exchange
315 North Fourth
St., St
of
Board
Me-ier Frank
Trade
Louis, Mo.
300
4,031
10
105 %
A pi
108
22%
Ja'
28
24
24%
1,991
25%
12%
28%
10%
Market St Ry pr pref.
New York Curb (Associate)
6%
2%
103% 103 %
%
25
25 J'
40
11%
12?-.
1,880
28%
32%
1,011
24
MEMBERS
New York Stock Exchange
6%
1%
6%
Lyons-Magnus Inc A
all
Mid-Western and Southern Securities
111
10
Apr
1% May-
5
Jan
,
Jan
Feb
Maj
38%
Jan
11% Maj
Maj
13%
May
44%
Feb
25
29
5%%
13%
Feb
St. Louis Stock Exchange
Stocks—
Par
for
of Prices
Low
High
*
common
8% preferred
7% preferred
Brown Shoe Co
20%
Low
Shares
5%%
High
25
27
Mar
47
71
46
49%
preferred......1
315
31
37
Jan
4%
75
4
Jan
5%
Central Brew
5
4%
Hyde Park Brew com
27% May
~
~
21
21
May
138
139
50
138
May
138
138
10
133
Apr
5
15
19%
14%
21
21
20
*
Republic
25
Jan
48
Feb
193
100
May
125
Mar
Richfield Oil
8
Jan
Mar
Roos Bros
3%
Jan
6
Feb
16%
Jan
23
Mar
15
200
13
Jan
20%
21
45
17%
Feb
21
Jan
40%
18%
80
82 *
60
77%
Apr
89%
Jan
77
78 «
461
50
Jan
79%
Feb
72
74%
340
46
Jan
78
Feb
9%
Feb
8
9%
8%
1,153
10%
4,577
26
Schlesinger &
Sons
(B
26
106
106
12
12
100
Shell Union Oil pref
100
Signal Oil & Gas Co A...*
103% 103%
39
36%
40
103
600
103%
36%
42
3%
Jan
75
9% May
15%
Feb
Soundview Pulp Co
So Pac Golden Gt A
*
1
1
1
43%
193
42% May
49%
Jan
Spring Valley Water Co.. *
9
9
9
38%
39%
335
23%
Jan
39%
Apr
Standard Oil Co of Calif.
1%
Mar
5
*
*
*
20
20
10
14%
Jan
22
Mar
Super Mold Corp of Calif 10
Laclede Steel common. .20
27
27%
31
24
Jan
32%
Mar
Tide Water Ass'd Oil com. *
McQuay-Norrls common.*
50
50
15
50
May
58
Mar
Knapp Monarch com
Lacl-Chrlsty Clay Pr com
Mo Portl Cement com. .25
21
20%
21%
245
Nat Bearing Metals
50
50
51%
50
Preferred
Nat
Candy common
com.*
116
100
*
For routnoteb see page
^
3308.
-
10%
116
10%
10
175
17%
Jan
26%
Mar
49
Feb
70
Mar
Jan
116
112%
10% May
13%
May
Mar
$4% preferred
.
100
42%
17%
16%
96%
41%
42
44%
42%
1,582
200
12%
Mar
Jan
Jan
105%
Feb
Jan
48%
Mar
40
Feb
47%
Mar
1
Apr
120
9
Apr
875
42
May
15
Jan
1%
Feb
Feb
20
17%
500
16%
17
480
16% May
21%
96%
10
96% May
97
13%
Apr
13%
13%
14%
24,678
24
24%
2,135
24
May
18%
18%
20
315
18
Apr
United Air Lines Trans..5
15%
15%
15%
170
15% May
Jan
12
49%
96%
16%
May
36%
24
*
Feb
10% May
May
25
Transamerica Corp
Union Oil Co of Calif.-.25
Union Sugar Co com
Jan
t
9%
105
110
12
42%
2%
Jan
106
9%
10
33
30
42%
2
13%
9% May
May
26
310
100
Preferred
7% May
135
12%
International Shoe com..*
Hydr Pressed Brick com 100
3% May
F)
preferred...
new
26
106
common..
Apr
May
Jan
13%
Apr
8
Petroleum.
330
32
Jan
5%
82
6%.
370
145
Jan
150
13%
72
100
Jan
152%
490
Apr
864
Jan
200
Mar
3%
20%
24
Jan
Jan
3%
6
38%
1,248
8%
3%
13%
Feb
11%
21%
107
3%
13%
Apr
113
3%
417
21
77
3%
103% May
6
May
138
preferred.
160
38
38
<*•...
70
44%
Jan
9%
Jan
43% May
53%
25%
Feb
36%
Jan
695
794
Mar
110
Jan
29%
26%
Apr
May
138
(Non-vot)
6%
Apr
Mar
26%
6
17%
Feb
28%
6
12% May
32%
1,800
6
Mar
Mar
30
43%
Mar
18%
12%
29%
103% 104
33
102%
38
100
29
9
8%
.
Apr
13% May
9%
2,312
96
15
Jan
13%
Jan
100
10
Ap;
30
May
4%
3,942
85
13%
7
152
10
29
80
10
Huttig S & D common
13%
10
100
--
Griesedieck-Western Brew*
Hussman-Ligonler com
13%
35
35
*
Emerson Electric pref. .100
Hamilton-BrownShoecom*
12
7
4%
5
1
Mar
25%
10%
95
152
152
Coca-Cola Bottling com__l
_
Mar
24%
7
10
Dr Pepper common
16%
28
93
Century Electric Co... 100
Falstaff Brew com
4%
12% May
24
103%
Feb
34 %
Apr
Apr
33%
com
30
30
*
Mar
270
410
Jai
29%
26%
43%
Apr
May
27%
Burkart Mfg common
Columbia Brew
Feb
22%
30
47
Chi & So Airlines pref
29%
May
27%
46%
33%
*
common
300
20
30
.25
_
20%
338
27%
..25
common.
20
96
12%
98
13%
Pac Light Corp com.....
American Inv
85
12%
10% Maj
23%
Jai
29
Week
■price
85
13%
lists
Range Since Jan. 1, 1937
Week's Range
Sale
10
10%
Sales
Last
120
24%
May 8 to May 14, both inclusive, compiled from official sales
Friday
685
99
.12%
preferred
North Amer Oil Cons.
10%
27
99
85
com.
27
99
No Amer Inv
10%
27
Natomas Co
Telephone Central 3350
Jan
Feb
May
17%
Jan
28%
May
24
Feb
23%
Jan
3308
Financial
Last
Pa
Week's Range
for
Sale
(Concluded)
of Prices
Low
High
Provincial and
Week
Price
r
Range Since Jan. 1, 1937
Shares
Low
Province of
High
Alberta—
Bid
5s
Universal Consol OH
10
1937
IS,
May
Sales
Friday
Stocks
Chronicle
C*
T—<
16
14%
14%
Waialua Agricultural Co.20
Western Pipe A Steel...10
62
63
Tt<
31
31
31%
T*
Yel Checker Cab Co A. .50
47
47
49
lO
62
11%
30%
Jan
May
Apr
May
64
62
Mar
75
Jan
1 1948
4%s
40%. Mar
47
OO
18%
Jan
Oct
1 1956
Oct
6s
5s_.
Sept 15 1943
May
11959
12 1949
100
101
1 1953
6s
July
4% s
95
96
93%
95%
Oct
5s__
MONTGOMERY
1 1941
June 15 1954
5s
Dec
Aug
93
4s
4% 8
4%s
STREET
Apr
Apr
15 1960
15 1961
4s
111
Sept
15 1952
5a
Mar
1 1960
Feb
1
1902
110
5s
June 15 1943
Nov
Oct
111%
108% 109%
105% 106%
107% 108%
1958
5%s
4%s
105% 106%
106
4% s
2 1950
1
4%s
May
1 1961
Prov of Saskatchewan—
Province of Nova Scotia—
(Since 1880)
Mar
116% 117%
104% 105%
Jan
4%s
96
110
June
109% 110%
115% 116%
15 1965
Province of Quebec—
Prov of New Brunswick—
FRANCISCO
1942
4%s
95
94
2 1959
1
Ask
Bid
5s
61%
Province of Manitoba—
STRASSBURGER & CO.
SAN
Province of Ontario—
64
Prov of British Columbia—
Jan
4%s
133
Municipal Issues
Ask
f62
/60
91
94
90
1 1951
92%
92%
15 1946
91
107
113% 114%
Members: New York Stock Exchange—San Francisco Stock
Exchange—San
Curb
Francisco
Exchange—Chicago
(Associate)
Board of Trade—New York Curb Exchange
Direct Private Wire
Francisco Curb
San
Canadian
Wood,
Exchange
Bonds
May 8 to May 14, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks-
Week's Range
for
Sale
of Prices
Tow
Price
Par
High
Range Since Jan. 1, 1937
Shares
Alaska-Mexican
5
12c
16c
5
10c
15c
830
American & Foreign Pow_ *
7%
7%
162% 167%
Low
550
Alaska United Gold
100
American Tel & Tel
16c
164
100
American Toll Bridge.
75c
__
Anaconda Copper
50
6%
Arkansas Natural Gas A.
5
50
Aviation Corp
Bancamerica-Blair
6%
3
.
1
10 %
Bunker Hill & Sullivan.. 10
26 %
z
Jan
6c
Jan
50c
160
Apr
186%
4,175
75c May
97c
Feb
25
63%
27%
11%
175
50% May
20% May
7%
7%
735
6% May
16%
50%
6%
382
10
7%
15%
50%
6%
9%
26
55
100
Jan
13
May
May
May
May
Feb
52%
Jan
9%
Jan
13%
28% May
Feb
25%
May
Railway Bonds
Feb
Mar
18%
10%
2,034
26%
21%
695
55
19%
Apr
4.50
35
4.00
Jan
6.25
90
10
90
May
95%
Bid
Canadian
92
28c
30c
630
Jan
50c
37c
37c
44c
1,500
36c May
82c
1.25
1.15
1.35
3,031
40c
Jan
1.90
Mar
2 Preferred
1
Cities Service
Claude Neon Lights
1
Columbia River Packer...
1.25
1.20
1.25
200
40c
Jan
1.90
Mar
3%
3%
2%
3%
2,313
3% May
5%
4.00
4.10
200
41%
5%
41%
5%
20
240
60c
90c
213
...
Continental Oil
Curtlss-Wright Corp
1
Cypress Abbey
2
Electric Bond & Share..—5
2
com.
55
45
46%
8%
1954
106
107
1 1960
101
102
5s
15 1942 /108% 109%
15 1944
1 1944
102
Dec
1
July
200
Feb
July
1 1956
1 1957
July
1 1969
5s
Oct
1 1969
5s
Feb
1 1970
111 %
Sept
114%
112%
111%
114%
116%
116%
Jan
28%
50% May
66% May
43%
Apr
1 1951
June 15 1955
5s
Apr
Bonds
Ask
Ask
Bid
Canadian Northern Ry—
4%s
4%s
4%s
4%s
Mar
1.00
103
113% 114%
Canadian National Ry—
Apr
112%
6%s
July
1 1946
123% 124%
115
Grand Trunk Pacific Ry—
112%
111%
4s
Jan
1
115%
3s
Jan
1 1962
1962
105% 107
94%
93%
117%
117%
Feb
64%
76
Mar
48%
Mar
1.05
1.20
Jan
1.60
Mar
4.10
6,050
2,245
80c
3.90
3.60
Apr
7%
Jan
International Cinema...1
1.25
1.20
1.45
3,170
1.10
Jan
1.85
Mar
10%
10%
45
10% May
15%
Apr
76c
89c
3,815
51c
Jan
1.25
Mar
4.35
76c
1
1
5%
5
5%
3,275
Kinner Airpl & Motor.. 1
34c
28c
37c
5,700
35c
40c
851
3.10
3.10
200
41c
47c
10,150
7%
ll%c 12%c
54
6%
5,195
10
1
Menasco Mfg Co
M J & M & M Consol.
2
44c
1
Monolith Ptld Cement pflO
Mountain City Copper..5c
Nevada Porph
7%
12% c
25c
25c
"36%
36%
37%
48c
48c
50c
12%
72c
4.80
Feb
Apr
9%
Apr
17%c
Mar
25c
Apr
Apr
50
Occidental Pete
20
12%
Pacific Clay Prodcuts.....
Pacific Coast Aggreg—10
10%
11
2.75
3.00
Pacific Ptld Cement pf 100
Radio Corp of America
52%
52%
36
43c
430
9
Radio-Keith-Orpheum
7%
600
1,658
2.40
5%
25
23 %
24%
25%
27%
28
215
S P Gold Gt Ferr
6% pf 100
25%
27%
32%
22%
25%
994
5%% preferred......25
6% preferred
25
23%
25
45
Stearman-Hammon .1.25
1.85
1.80
1.95
Sterling Oil & Develop...1
•
Superior Ptld Cement A...
Texas Consol Oil
1
Victor
2
1.90
Equipment
1
Preferred
7%
5
Warner Brothers.
Feb
32%
28%
Mar
29%
Jan
23%
44
30c
5
896
11%
12%
16%
Feb
Feb
60% May
Jan
8%
Bid
Abltlbl P & Pap ctfs 5s *53
Alberta Pac Grain 6s_1946
Beauharnols Pr Corp 5s '73
99
Maple
2%s to '38—6%s to '49
Massey-Harris Co 5s. >1947
102% 103%
Calgary Power Co 5s„1960
95%
96%
Minn A Ont Paper 6s_ 1945
Montreal Island Pr 5% 8 '57
Montreal L H & P ($50
/69%
Canada Bread 6s
1941
108
Canada North Pow 5s. 1953
103%
104"
Canadian
Inter Pap 6s '49
101
101%
Canadian Lt & Pow 5s 1949
102
Canadian Vickers Co 6s '47
97%
98%
112% 114
87
/86
Cedar Rapids M & P 5s '53
Consol Pap Corp
5%s 1961
5%s ex-stock
Dom Gas & Elec
1961
par value)
18
Feb
Gt Lakes Pap Co 1st 5s '55
15
21%
Jan
1950
....1950
Cortlandt
Private wire to
own
Santa
—
Barbara
Power Corp of Can 4%8 '59
5s
Dec 1 1957
-
Monte
No par value,
two-for-one basis
c
on
Cash sale,
March
9.
a A.
—
Hollywood
Los Angeles
—
Beverly
—The Commerce
—
Hills
its informative
M. Castle & Co. split its common stock
$1
on
Listed,
included
sale—Not
In
range
for
year,
x
Ex-dlvldend.
v
Ex rights
t In default
t Company in bankruptcy, receivership
Steel of Canada Ltd 6s '40
110
74
Winnipeg Elec 6s.Oct 2 '54
82
94
United Securs Ltd 6%s '52
or
in
reorganination
NOTICES
the
ing"
of the status of the furniture industry has been prepared by
Seiclman & Seidman, accountants, for Eugene J.
Hynes & Co., Inc.
Tenn., manufacturers of anklets.
NOTICES
Inc.
pamphlets dealing with
know.
&
Co.
announce
the
withdrawal
of
"Associated
(6x9)
Press,"
cases,
Schmuck
an
as
a
partner in their firm as of May 10, 1937.
—W. P. Moncreiff and John M. Tittle
book contains information
the formation of Mon-
rediff, Tittle & Co., to conduct
an investment management and advisory
business with offices at 105 S. La Salle St., Chicago.
Both of the principals
were
formerly connected with Lawrence Stern & Co. »'
every
employer
"Washington, Virginia & Maryland Coach",
"Freedman-Harry Marks Cloth¬
case.
—The New York Stock Exchange firm of C. B. Richard & Co.
announces
Flushing, L. I., in the Bank of Manhattan
Building, 39-15 Main St., under the management of Chandler G. Burrows.
nected with
A.
Co.
B.
announce
Leach
—Edward
&
Co.
that
Henry E.
and James
H.
Richards, formerly
Causey & Co.,
con¬
Inc., has
them.
P. Tastrom,
become associated with
announce
recently issued another of
and also the important "Virginia Railway Co. v System Federa¬
become associated with
Paul A.
has
a current
It includes the Wagner
—Lebenthal &
—Munds, Winslow & Potter, 40 Wall St., New York, have prepared
analysis entitled "The Outlook for Bank Stock."
—Robert
75
the opening of a branch office in
—James Talcott, Inc., has been appointed factor for Rex
Knitting Mills,
Inc., LaFollette,
.
98
Clearing House,
handy, 76-page
to
tion, No. 40"
—A study
96"
94
"Jones & Laughlin", "Fruehauf
Trailer",
CURRENT
104%
100% 101
102% 103%
103% 104%
National Labor Relations Act,
together with explanatory comment, and official rules and regulations of the
National Labor Relations Board.
In addition, it gives the full text of the
epochal decisions of the United States Supreme Court
sustaining the Act
1, 1936.
paid Sept.
104
Saguenay Power 4%s_1966
important problem.
This
publication is called Labor Relations Laws and is priced, as usual, at
wants
Stock dividend of 100%
Cash
>
ioi"
99
per copy.
This
1937.
d Stock split up on a two-for-one basis.
r
-
Shawlnigan W A P 4%s '07
Smith H Pa Mills 4%s '51
CURRENT
—
6 Ex-stock dividend.
0
_
/ Flat price
7-4150
new
•
-
mmm
102
United Grain Grow 5s. 1948
97
mim
103
Provincial Pap Ltd 5%s '47
Quebec Power 5s
1968
'
105
101%
MacLaren-Que Pr 5%s '61
91
*
75
'
1961
91
102
101
103% 104
1961
50%
New York
offices in San Francisco
DeJ
75
84
«
102
Int Pr A Pap of Nfld 5s '68
No par value
101
Certificates of deposit.._
....
1956
5s
Broadway,
90%
Northwestern Pow 6s. 1960
102%
100% 101%
/92%
92%
Gatlneau Power 5s
Apr
*
90%
Ottawa Traction 5%s_1955
Ottawa Valley Pow 5%s '70
FraserCo6s_—Jan
Apr
-
70%
50
1973
Montreal Tramway 5s 1941
83
9%
18%
York Stock Exchange
1939
1956
3%s
100
-
98%
104
93%
East Kootenay Pow 7s 1942
Eastern Daries 6s
1949
6s
83
97%
66%
Donnaconna Paper Co—
4s 1956
1
3s
3%s
•
/65%
92%
6%8.1945
5%s
111
94
McColl Frontenac Oil 6s *49
58
57%
114
Lake St John Pr & Pap Co
Members New
Ask
93
82
Jan
Schwabacher & Co.
5%s_1951
Milling—
Leaf
115
Feb
Apr
Manitoba Power
80%
11% May
53
Bid
99%
5%s-3%s_1948
Burns & Co
2.90
Jan
Utility Bonds
Ask
/99%
98%
Bell Tel Co. of Can 53.1955
Jan
15
125
16%
Feb
3.75
May
6%
100
5
West Coast Life Ins.
Feb
49
Jan
1.25
Jan
Mar
1.30
Apr
57%
Jan
2.70
Feb
45
9
17
Apr
1.80 May
100
..5
2.40 May
9%
3,740
8%
7%
Mar
1.55
1.95
17
Feb
20%
925
5
1.90
Jan
22% May
25% May
27%
Apr
10
60%
5
■_
Feb
12%
9%
200
3.15
60%
Corp of Del
U S Petroleum
60
Jan
750
47
2.85
Texas Corp
United
Jan
3%
142
60c
47
2
Feb
4.15
250
6
60c
18%
2.35 May
2.35
6%
So Calif Edison
Jan
HAnover 2-6363
•
System Tele. NY 1-208
Industrial and Public
Feb
17%
New York
•
Bell
Jan
82c
140
2.35
Ryan Aeronautical.
Royal Securities Corporation
30 Broad Street
Feb
Jan
15
300
7%
16%
Schumacher Wall Board...
53c
44
8%
Apr
7% May
16% May
16%
Riverside Cement A
Mar
12% May
10% May
2.75 May
52% May
10
9%
2
Corporation
•
York, Montreal and Toronto
Apr
10 %c
SECURITIES
Municipal
•
Private uire connection between New
Jan
63c
Government
Mar
3.10 May
41c
Apr
CANADIAN
Feb
50c
900
.5
Olaa Sugar Co
7%
359
1
Jan
25c May
20c
Apr
400
20
Oahu Sugar Co
2
105
1 1946
4% 8
Sept
Dec
July
Bid
Mar
4.10
Preferred
2
104
Sept
Dominion Government Guaranteed
Mar
60c May
18
May
50
45
3%
5.25
.1.05
Kleiber Motors
2
50%
67
Jan
Mar
1
Italo Petroleum
2
70c
3.00
1
International Tel & Tel
2
Pacific Ry—
4% 8
5s
Jan
41% May
5% May
50
50%
*
20
Holly Development
Idaho-Maryland Min
2
2
18
66%
50%
Great West El Chem
18c
548
3
18
General Electric Co
Hawaiian Sugar Co
93
4% 8
Jan
41%
5%
6s
Feb
1
2
Ask
Bid
Canadian
4s perpetual debentures.
Mar
Ask
Pacific Ry—
Feb
Jan
1
Cardinal Gold
Central Eureka
Inc.
Private wires to Toronto and Montreal
Feb
4.50
Cal-Ore Pow 6% pf_'27 100
Calif Pacific Trading
2
Co.,
Feb
50%
26
4.50
New York
Feb
Mar
90
B
&
Feb
50c
13
20%
__
Cal Art Tile A
2
10c
14 Wall St.
Jan
22
7%
15%
50%
6%
9%
_
Atlas Corp com
Preferred
High
7% May
153
78c
50%
20%
5
Anglo National Corp
Argonaut Mining
Gundy
Week
formerly with Preston, James & Co
Herrick, Heinzelmann & Ripley, Inc.,
,
Inc., has
as manager
of their trading department.
—Peter P. McDermott & Co., 39
Broadway, New York, members New
York Stock Exchange, have issued
par common stock.
a
bulletin
on
Copperweld Steel Co. $10
members
Telephone
IN
SPECIALIZING
ALDRED
new
york
UTILITY
CANADIAN
Cable Address Hartwal
STOCKS
INDUSTRIAL
AND
52 WILLIAM STREET
BUILDING
PRIVATE
WIRES
AND
BONDS
ROYAL BANK BUILDING
TORONTO
YORK
NEW
MONTREAL
Volume
association
security dealers
Bell System Teletype NY 1-395
2-o90o
HAnover
CONNECT
OFFICES
3309
144
Canadian Markets
LISTED
For miscellaneous Canadian tables,
this section,
AND
UNLISTED
Montreal Stock
usually found in
3307.
see page
Exchange
Sales
Friday
Range Since Jan. 1, 1937
Last
Stocks (Concluded)
Montreal Stock Exchange
May 8 to May 14, both inclusive, compiled from official sales lists
Friday
Last
Tooke Bros pref
Tucket Tobacco
Range Since Jan. 1, 1937
for
for
of Prices
Low
High
Weel
Price
Par
24 3*
__100
pref... 100
United Steel Corp
Week's Range
Week's Range
Sale
Jan
5
7
7?*
4
*
Viau Biscuit
21
152
May
152
152
"~73*
—
High
25
243*
243*
Low
Shares
660
4
6?*
20
Apr
May
4
34 U
Jan
Jan
159
Mar
113*
7
Par
Agnew-Surpass Shoe
Jan
Breweries
Bawlf
(N) Grain
130
53*
53*
100
Jan
423*
11
Jan
16
2,345
Apr
175
3
Mar
173*
4
193*
4
31
31
31
159
158
160
31
427
British Col Power Corp A. *
36 J*
36
37
616
8
8
10
*
*
Preferred
Canadian
15 H
Celanese
*
"121H
35
May
7U
Anr
Jan
Montreal
100
234
232
234
142
2173*
Jan
241
Feb
Jan
Nova Scotia
100
325
325
325
21
314
Jan
340
Mar
Royal
100
204
204
206
397
200
May
226
Feb
Mar
145
213*
May
95
23*
65*
Jan
75
5
35
25
111
20?*
18
293*
4
Jan
Jan
Jan
Jan
10
Mar
Mar
80
17
2,860
133* May
213*
545
23
32
Feb
333
24
Apr
Apr
31
Mar
110
30
121
Mar
126
Jan
22
Feb
80
243*
143
23
Apr
33
Feb
763*
79
932
71
May
833*
83*
73*
Jan
80
77
1213*
5H
53*
53*
1,900
43*
43*
43*
795
123*
143*
133*
25
3,198
163*
16
183*
505
77
75
80
193*
193*
143*
*
"~12H
25
*
*
«.
a,
«.
~21
«
5
43*
143*
100
Apr
May
May
Jan
23^
Last
Weet's Range
173*
223*
100?*
Mar
Sale
of Prices
Low
High
72
Apr
110
18
Jan
22
Jan
Apr
May
29
Mar
100
63
60
67
5,560
5% May
Jan
413*
583*
233*
Mar
Asbestos Corp voting tr..*
92
90
100
1,622
80
Apr
122 3*
Apr
Mar
Bathurst Pr & Pap class B *
9
9
9?*
291
7
Feb
12 3*
Apr
7
7
73*
7?*
1,452
Jan
9?*
Jan
Feb
9
Apr
294
Jan
4
193*
33*
193*
475
63*
73*
2?*
143*
22?*
23?*
2,125
213*
Apr
213*
263*
Mar
18
20
163*
Mar
213*
280
203*
52
711
47
20
203*
380
19?*
Jan
Mar
Price
Par
Stocks—
Abitlbi Pow & Paper Co..*
6% cum pref
110
20
no
Jan
118
Mar
140
55
140
Mar
140
Mar
63*
Beauharnois Power Corp.*
140
Brewers & Dist of Vane..*
Mar
Dominion Steel <fe Coal B 25
193*
173*
203*
14,701
13
Jan
28?*
Dominion
*
80
80
80
142
73
Jan
85
Apr
*
14
133*
16 3*
610
13?*
Jan
20
Apr
143*
850
123*
Apr
13
110
110
5
108
Apr
183*
117
Apr
May
Brewing Corp of Canada.*
S3
cum
Brit Amer Oil Co Ltd
*
23
B C Packers Ltd
*
18
Calgary Pr 6%
cum
*
2
2
5
2
Jan
63*
Jan
3
3
100
23*
5
Jan
Canada Malting Co Ltd..*
373*
Electrolux Corp
1
Apr
Apr
Can Nor Pow Ltd pref. 100
109?*
Engish
Electric B__
*
Foundation Co of Can...*
General Steel Wares
*
GoodyearT pref Incl927100
Gurd,
Charles
670
173*
63*
205
53*
Jan
113*
65
113*
Jan
83*
16?*
23
253*
425
Apr
133*
143*
2,199
Jan
11**
"23
14
340
123*
Jan
18 3*
Apr
10?*
May
273*
856
183*
Jan
153*
343*
5
993*
Apr
102
22
143*
143*
35
35
Lindsay (C W)
7,911
2,649
203*
133*
Jan
40
333*
Apr
Apr
36
353*
363*
1,810
333*
Apr
59
573*
61
4,737
54
Apr
73*
893*
*
100
.
73*
15
903*
20
19
*
113*
*
93*
520
153*
313*
515
30
10
113*
*
McColl-Frontenac Oil
20
10
"30
Massey-Harrls
123*
93*
303*
80
Montreal L H & Pow Cons*
293*
93*
293*
Montreal Tramways
80
80
National Breweries
100
Niagara Wire new
Noranda Mines Ltd
Ogilvie Flour Mills
Ontario Steel Products
Ottawa L H & Power
.
*
183*
8
8
2
2
33*
23*
33*
750
33*
12
Preferred
Dom Eng Works Ltd....*
60
60
62
Apr
73
Apr
103*
11
375
93*
Apr
12?*
Apr
*
103*
14?*
13?*
15?*
2,021
133*
May
193*
Apr
*
13?*
133*
14
2,010
133*
May
19
Apr
100
93*
Feb
103*
Feb
Jan
Mar
Mar
Dominion
Stores Ltd
Donnacona Paper A
B
*
Jan
/
93*
European Elec Corp Ltd 10
83*
Apr
13
Jan
Jan
29J*
Feb
Feb
50
Feb
163*
Mar
Voting trust ctfs
38
42 3*
6,951
Apr
Apr
Apr
15
Mar
Frelman (A J) 6% cum
47
47 3*
363*
Fairchild Aircraft Ltd
*
*
pflOO
Jan
Mar
40?*
------
102
Gen Stl Wares 7 % cu pf 100
235
May
300
25
15
Jan
12
91
May
95
183*
250
8
Apr
25
19
Jan
104
Jan
Apr
Jan
100
83*
1.85
61?*
68
193
52?*
90?*
20
903*
Jan
Montreal Ref & Stor v tr. *
2
2
5
Feb
$3 cumulative preferred*
16
16
16
5
100
100
15
25
Jan
39?*
22
Mar
25
3
*
63*
Mar
Apr
Apr
Apr
May
cum
pref
Power of Can
cum
93*
30
May
Apr
17
May
no
Mar
Jan
Apr
483*
Apr
79
pref. 100
100
102
37
1043*
Apr
107
Rogers-Majestic Ltd A
*
Royailte Oil Co Ltd
*
Sarnia Bridge Co Ltd A..*
Shawlnlgan W & Pow
Jan
30
Apr
127
127
15
Mar
130
Jan
14
14
10
14
Jan
16
Jan
Walkervllle Brewery Ltd.*
100
100
100
2
101
Jan
101
Jan
Walker-Good
*
78
78
81
586
25
73
73
733*
Worts (H) *
10
Mar
141*
Feb
6
May
83*
Feb
Mar
615
90c
343*
37 3*
343*
May
593*
13
25
13
May
22
7
United Securities Ltd..100
*
Feb
10
10
7
5
8
Jan
16
Jan
106
Southern Can
100
6
Apr
Mar
03
35
Sarnia Bridge Co Ltd B__*
P pref.. 100
United Distillers of Can..*
133*
Jan
2.00
99
100
Feb
Apr
643*
6
No par value.
Feb
Apr
Apr
35
13
*
9
May
60
Feb
Mar
Mar
1,015
Apr
883*
13
Mar
5,982
333*
Jan
1.40
733*
100?*
67
94?*
74
63*
Jan
Jan
413*
Reliance Grain Co Ltd.—*
Mar
3
19
Feb
Apr
65?*
Apr
963*
31
Feb
373*
363*
Feb
Apr
125
385
243*
66
68
773*
33*
63*
23?*
Feb
37
Page-Hersey Tubes Ltd..*
Price Bros & Co Ltd...100
63*%
63*
Apr
May
Apr
133*
33*
100
Jan
Jan
Feb
253*
27
2
1,493
90
24
21
633*
33?*
25?*
103*
233*
1063*
1033*
1.60
50
585
21
1,880
Preferred
865
24
293*
Mitchell & Co (Robt) Ltd *
81
Steel Co of Canada
1.90
83* May
24
Melchers Distillers Ltd pf.*
283*
.
50
Jan
78
Preferred
Mar
83*
Feb
Jan
243*
1283*
Jan
110
Mar
26
240
49
Jan
90?*
61?*
50
Mar
76
28
24
Feb
48
18?*
79
263*
1.70
293*
20
453
99
263*
25
1003* 103
McColl-F Oil 6% cu pf.100
Melchers D.still Ltd
*
St Lawrence Paper pref 100
25
93*
30
9
Preferred
59
22?*
19
Simon (H) & Sons
135
474
Mar
Sherwin Williams of Can.*
Apr
610
May
*
243*
360
25
75
Jan
93*
15
5,090
Apr
413*
91
2,722
4?*
Mar
Massey-Harr 5% cu pf.100
313*
Jan
4
17?*
Feb
23
Jan
Apr
Apr
143*
Feb
103*
33*
103*
153*
83
23
175
Consolidated Paper Ltd..*
54
283*
125
10
Mar
Apr
103*
Feb
Commercial Alcohols Ltd.*
Apr
303*
113*
Apr
Mar
59
*
Jan
Jan
40
50
6?*
Apr
80c
145
99?*
83*
20
16
Jan
3,412
165
8
Jan
Jan
Apr
30c
63
12
May
9
450
42
103
18
495
35
MacLaren Pow & Paper..*
102
175
9
35
_
Lob aw Groceterias Ltd A *
5
19
7?*
273*
City Gas & Electric Corp.*
Claude Neon Gen Adv...*
Jan
104
Mar
Jan
Feb
104
3
Mar
Feb
25
183*
9
9
Jan
10
33*
243*
Apr
100
3
9
60
A preferred
W
Mar
373*
20
St Lawr Flour M new.. 100
„
47
23
50
St Lawrence Corp..
M
20
Apr
9
68
103
«.
Jan
383*
39?*
633*
Saguenay Power pref
•4
Feb
19
10
23
24
Preferred
112
20
5
58
Holland Paper pref
Apr
38
2.50
573*
233*
109
38
Fraser Cos Ltd
260
83*
31
109?* 110
193*
193*
Feb
Ford Motor Co of Can A„ *
15
19
May
Jan
May
23
39
Jan
20
83*
Jan
113*
Mar
91
*
34
15
58
Power
Knitting
110
433*
22
Regent
38
Jan
22
*
Quebec
Mar
373*
Jan
Power Corp of Canada...*
Penmans
73
May
433*
260
15
913*
Apr
80c
423*
60
Jan
60
20
Apr
41
80
350
Apr
60
22
10
150
224
11
Jan
May
80
37?*
Feb
90
66
90
Jan
140
39
Jan
Jan
103*
98
2,434
15
Apr
75
Mav
29
1,057
Jan
Apr
103*
Mar
453*
100
24?*
153*
383*
39?*
733*
123*
22
80
75
393*
393*
43
40
*
*
1,225
1,908
83*
83*
83*
103
High
153*
Catelll Fd Pr 5% cum pf.15
Mar
815
393*
43
"42"
393*
40
Jan
153*
183*
*
Hydro-Elec Sees Corp
*
InternatI Utilities Corp B. 1
41
*
25
Preferred
National Steel Car Corp..*
5
893*
30
a.
100
»
2,680
143*
Lake of the Woods
Catelll Food Prod Ltd
113*
35
Land Jonna Co
Feb
Jan
Apr
21
"213*
Power
*
73*
Industrial Acceptance
Preferred.
56
Canadian Vickers Ltd
13?*
Imperial Tobacco of Can.5
International
Can P & P Inv 5% cum pf_*
Jan
165
102
100
*
Can Pow & Pap Inv Ltd..*
Mar
1,245
Holllnger Gold Mines
Intl Nickel of Canada
Apr
18
153*
143*
103*
253*
Inter Petroleum
31
10
14
Imperial Oil Ltd
Mar
Can Dredge <fe Dock Ltd—*
54
113*
253*
*
54
Canada Vinegars Ltd
Mar
143*
14
5
83*
Jan
Mar
10
143*
Preferred
50
23
24
54
......
*
Gypsum Lime & Alabaster*
Hamilton Bridge
*
Howard Smith Paper
20
39,345
90
*
17 3*
6
93*
653*
pref 100
East Kootenay Power
Eastern Dairies
mmm
•
3
*
pref
5H
7?*
3
Canada & Dom Sugar Ltd *
Enamel & Pleating Prod..*
Low
Shares
Mar
110
13
Range Since Jan. 1, 1937
or
Weel
3,028
47
Preferred
Sales
Friday
Jan
Jan
21
-
compiled from official sales lists
Feb
14?*
'
100
Dora Tar & Chemical
Montreal Curb Market
May 8 to May 14, both inclusive,
Apr
20
*
100
Paper
Industrial Bonds
330 Bay SL, Toronto
12
483*
Distill Corp Seagrams
Dry den
St., Montreal
Sparks St., Ottawa
Apr
243*
56
Mar
75
Con Min & Smelt
Textile
Municipal
Public Utility and
*
1881
Mar
21
25
Preferred
255 St. James
Feb
100
Canadian Pacific Ry
Cockshutt Plow
Dominion Glass
ESTABLISHED
Jan
220
*
Dominion Bridge
Dominion Coal pref
Canadian Government
i
INCORPORATED
Mar
613*
22
Canadian Indus Alcohol..*
new
HANSON BROS
Jan
30
80
Can Hydro-Elec pref.-.100
Crown Cork & Seal Co
Jan
Jan
80
121
Canadian Foreign Invest.*
Canadian Locomotive
59
58
Feb
May
Feb
473* May
106
58 3*
—50
Apr
22
100
Class B__
Jan
211
100
7%
Rights
59
159?* May
Jan
*
Preferred
Canada Cottons
Jan
Jan
26
27
82?*
Jan
109
143*
243*
24?*
Jan
May
57
Jan
26
25
43
70
183
Jan
108
109
..100
Canadian Car & Foundry.*
30
50
143
May
63*
28
70
18
14
25
30 3*
70
22
16
473*
303*
100
Preferred
Woods Mfg pref
Jan
150
104
63*
Jan
197
50
25
10
100
Apr
Apr
43*
1593*
125
473*
25
*
...»
140
197
436
3
4?*
159
104
3
Jan
4?*
B
8
100
73
3
ioh
100
22?*
Canada Steamship
*
Canada Steamship pref 100
Apr
Commerce
Jan
293*
JaD
746
Canadlenne
Jan
20
5
5?*
Canada..-
May
18
53*
5
Jan
63*
173*
53*
*
Feb
170
Jan
153*
18
Jan
*
Winnipeg Electric A
Mar
38
Jan
563*
17
Apr
25
303*
393*
113*
113*
Jan
140
20
Preferred
183*
390
Can North Power Corp..*
Can Wire & Cable B
263*
159
1,875
103
60
May
Banks—
7
*
Jan
21
Jan
17
*
50
110
ii
5
62
100
95
21
233*
7
16
50
21
Apr
153*
*
Canadian Bronze
11,061
Jan
Mar
61
7
*
Building Products A
Canada Cement
Preferred
Jan
17
233*
Canada Forglngs cl A
Class B
7
160
100
Mills.
JaD
135
213*
Silk
Jan
14
22 X
Bruck
12
33
Brazilian Tr Lt & Power. _»
B
Jan
14
100
Telephone
83*
43*
28?*
32
32
*
Preferred.
Bell
93*
"l7 j*
50
*
Preferred
93*
*
Bathurst Pow & Paper A.*
100
———
High
Low
5?*
100
Preferred
Weel
Shares
9%
*
Alberta Pacific Grain A
Associated
of Prices
High
Low
Price
Wabasso Cotton
Windsor Hotel
Sale
Stocks—
107
54
104
Jan
108
Feb
90c
23
2
433*
2
433*
90c
300
65c
Apr
1.15
25
Jan
Jan
f Jan
23
May
23*
160
2
Apr
33*
Jan
433*
50
42
Apr
491*
Jan
23
5
3310
Financial
Chronicle
May IS, 1937
Canadian Markets—Listed and Unlisted
Curb
Montreal
Market
Toronto
Friday
Last
Sale
Stocks (Concluded)
Par
Price
I
Week's
Range
•
of Prices
Low
High
far
Range Since Jan. 1, 1937
Shares
Low
Stocks (Continued)
High
Copper Corp
*
1.00
1.00
1.13
11,000
Alexandria Gold Mines
Arno Mines
1
2%c
2c
3c
11,500
3c
3Hc
400
Apr
May
3 He May
1,000
8%c May
Ashley Gold Mining
Beaufort Gold
75c
1.90
Feb
2c
4Hc
Jan
8 %c
Bouscadlllac Gold Mines. 1
42c
1,000
lc
36c
10,900
Par
45c
4,100
42c
45c
23
Apr
26%
36 H
Apr
39
37
16
8
60
23c
25c
1
8.90
8.90
Buffalo Canadian
*
3% c
3%e
60%
Feb
Building Prod
72c
Feb
Bunker Hill
1,000
9.25
1,160
4c
3,100
63
12c
14c
*
60
14c
12,600
40c
Apr
1.15
Feb
1,600
6c
Jan
Burt. FN
5c
Apr
May
15c
10,800
13c
Jan
Calgary & Edm
*
"2.2.5
2.10
2.40
27c
1,084
25
May
Feb
Calmont Oils
Canada Bread
J
55c
52c
60c
7%
17%
878
<2.40
1
30
2.25
May
6.40
Feb
1.20
1.20
1.30
1,300
4,700
2.10
*
1.10
Apr
2.48
Mar
24c
21c
26c
15,000
18c
Apr
47 He
Jan
49,700
*
37c
41c
May
65
Mar
1.15
4,702
1.00
May
2.70
Feb
Can Permanent
100
22 c
30c
90,600
17c
May
30c
Apr
Can
75c
75c
4,850
Apr
3.60
Feb
Preferred (new)
39M
May
50%
Feb
New
*
Mar
*
75c
*8He
30
55c
100
""86""
Steamships pref
Duparquet Mining Co
1
Jan
15c
1
1.00
1.00
1.10
90c
Apr
2.03
Jan
Eldorado Gold M Ltd
1
2.60
2.50
2.65
27,500
11,383
4,625
5Hc
East Malar tic
2.10
Apr
3.60
7.80
7.75
8.25
815
7.40
Apr
12 H
Feb
Can Bank of Commerce 100
13H
15
153%
Feb
Jan
12%
6%e
74%
Mar
12o May
23c
Feb
51
Feb
Jan
220
15
125
39H
Apr
44%
2 00
Apr
6 55
Feb
40c
Apr
1 75
Mar
6%
May
125
May
18
Mar
Jan
10%
Jan
Jan
23
Apr
101
May
110
Feb
100
84
Apr
98
Feb
12
145
Jar
156
Feb
25
6
103
46
86
86
153% 159
7
Jan
Jan
1.10
7
150
15%
May
14% Mar
5%
Feb
50
May
May
Jan
210
15%
5%
15%
5%
50
58
60
58
58
5
58
195
198
82
183
9
20
9%
Jan
18
Apr
7
Apr
75
Mar
73
Jan
Apr
Falconbrldge Nickel M„_*
Federal Klrkland__
16
Mar
11%
22,080
103
*
685
"l6~"
100
39Hc 40 He
*
30c
1.05
24c
1
Preferred
Canada Packers
15
41
6%
*
Canada Cement..
15
40
15
25
1.10
Central Cad
May
23o May
8%
Apr
3 He
Apr
14,385
26c
Cartter-Malartic G M Ltd 1
Coulson Consol
8
2,700
7c
Burlington Steel
High
21%
8
Buffalo Ankerlte
65c
Low
4,262
*
—*
B
1
lHc May
Range Since Jan. 1 1937
6Hc
26c
Calgary & Edmonton
Dalhousle Oil Co
22%
36%
Br Dom Oil
2.10
Dome Mines Ltd
36 %
for
Week
Shares
High
5c
"5 He
Brownlee Mlnes(1936)Ltd 1
Bulolo Gold Dredging Ltd 6
Consol Chlbougamau
23
Low
7c
Brazil Gold & Diamond Ml
Cndn Malar tic Gold
B G Power A..—.
Price
Jan
12c
Jan
Apr
41c May
*
of Prices
Jan
9c
33c
41c
Big Missouri Mines Corp.l
1 He
35c
35c
__1
9c
lHc
1
1
Barry-Holllnger M Ltd
Sales
Week's Range
Sale
B A Oil
*
Exchange
Last
Week
Mines—
Aidermac
Stock
Friday
Francoeur Gold M Ltd
*
Home
*
1.60
Hudson Bay Mln & Smelt *
Hunter Va[[ey Oil war
J-M Consol G M Ltd
1
Kirkiand Lake Gd M Co..1
8c
28%
Oil
Klrkland Gold Rand
1.55
27
35c
May
55c
Jan
Apr
1.58
Feb
1st preferred
2nd preferred
2,925
450
100
31c
16Hc
Lee Gold Mines Ltd.
1
3Hc
Macassa Mines
)
30c
350
97%c
May
Mar
1.64
Apr
35c
May
45C
Apr
925
57c
36 H
7 He
May
27 He
Jan
15c
Apr
30c
Jan
OPR..
4,500
3c
Apr
7 He
Jan
Cndn Wallpaper B
Apr
8.50
Jan
Canadian Wineries
Cariboo Gold
1
May
3c
Jan
1.56
Apr
4.90
5.25
1,800
1.20
400
1.10
3,000
3c
3Hc
25c
200
17c
4c
1,100
4c
Newbec Mines Ltd
*
5c
5c
5c
600
8.35
8.00
8.50
4,265
m
"19 %
11%
15%
38
5%
1.20
51c
57c
7,900
20c
20c
5,999
20c
Parkhlll Gd M Ltd new__l
16%c
16Hc
17c
710
3.70
3.70
1,250
1.03
1,000
3.70
1.00
16% May
17
3.70
19
Apr
Apr
135
24
10
2
1.55
2
1.55
900
102%
102
100
50
1.55
15
12%
24
May
2
17%
Mar
27%
4
1.47
1.75
Apr
102
May
1 00
Apr
107
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
43o
Jan
Chemical Research
*
84c
80c
90c
3,300
60c
Apr
1.44
Chromium Mining
*
80c
75% c
88c
60c
Apr
1.47
Jan
Commonwealth Pete
Cockshutt Plow
*
25c
25c
28c
20,650
3,300
24c
Jan
95c
Feb
16%
16H
18%
465
Feb
22%
M ar
Conlaurum Mines
Cons Bakeries
*
Feb
Jan
6.85
May
95c May
May
115
1.66
Cons
1
Feb
May
11
10
2,720
5.25
2.51
Placer Development
Read-Authler Mine Ltd__l
97c
170
14
Apr
6.50
2.55 May
Jan
Feb
118
11%
Jan
8%
2.30
Apr
3.80
2.15
46%
14c
Feb
1,300
Jan
2.60
42c
8,200
Feb
32
19.040
Apr
May
7,300
14,940
Jan
21%
22,600
Mar
.118
1,520
1.25
12%
Apr
Apr
38
May
4%
Apr
1.10
Apr
3.10
1.10
2.90
125
38%
5%
Mar
14
23%
18%c
Apr
2.40
110
15c
Jan
97c
10
770
1.10
Feb
2.30
2,286
2.75
He
2.55
12 %
17
26
16c
13H
1.05
Jan
3.05
Jan
2.80
Feb
20%
"Too
Apr
1
9%
Mar
12%
118
"ml
*
Carnation Co pref
Castle Trethewey
11
Apr
18%
24
11
100
25
7%
45
I
Feb
50c
1..*
Preferred...
5
1.19
Jan
430
19 %
1
Jan
Mar
Apr
Apr
Canadian OH
19%
11%
14%
25%
•
1
8c
10c
6.50
51c
Jan
45c
5c
O'Brien Gold Mines Ltd__l
Pato Gold
59
Jan
4.90
25c
Reward
196%
*
3c
Red Crest
Canadian Dredge
*
Canadian Ind Alcohol A..*
Canadian Malartic
*
3,000
4c
Perron Gold Mines Ltd
Feb
*
Canad Car & Foundry...*
Preferred
25
4,200
7 He
1
Pend-Orellle
Apr
1,318
Montague
Murphy
Pandora Cad
Feb
15,000
1.10
1
Feb
16c
10c
5.10
Mackenzie (RL)
Moffatt-Hall Mln e8
4.10
41H
Feb
50
*
100
16Hc 16Hc
4c
3Hc
"7 He
1
Apr
May
15c
35c
52 He 53 He
1
Lamaque Contact G M__*
Lebel-Oro Mines
1.35
27
1.30
;
*
Canadian Canners
65c
34c
1.30
35c
13 He
28%
30c
1.30
1,500
5,550
1.70
'■
34c
~-30c
Can Wire & Cable A
Canadian Bakeries pref.100
88c
78c
--
Lake Shore Mines
9c
May
Feb
2.00 May
Central Patricia
Central Porcupine
*
1.20
Cons Smelters
Consumers Gas
5
100
Cosmos
1.13
20%
*
Chlbougamau
"TI6
77 %
204%
1.02
75%
204
1.10
1.20
2,375
21
721
1.15
1.13
20
2.14
May
Apr
Apr
23
Jan
Feb
Feb
45
Apr
100%
Mar
201
Feb
211
Mar
65
23
72
36
80
45
14
Jan
4,856
2,511
204%
23
*
6,050
23
1.00
2.68
Jan
May
41
Apr
67c May
27%
2.95
Jan
Mar
9c
Ritchie Gold
9c
10Hc
18,600
9c
May
22c
Feb
Crow's Nest
6c
1
6c
6c
2,500
6c
May
16c
Feb
Darkwater Mines.
1
75c
67c
92c
27,000
*
25%
39 %
20%
38 %
22 %
1,775
20
Apr
28%
40%
5,021
38 H
Apr
61
169
229 H
Apr
Apr
250
Jan
24
Mar
100
Shawkey
1
56c
56c
68c
8,100
56c
May
1.13
Feb
Dist
Sherritt-Gordon
1
2.30
2.20
2.40
3,250
1.80
Apr
4.00
Feb
Dome Mines.
Siscoe Gold Mines Ltd
Sladen Mai
1
3.75
3.75
4.00
6,155
3.70
Apr
6.65
Jan
Dominion Bank
1
1.25
1.15
1.25
May
2.50
Jan
1.45
"1.32
Dominion Coal pref
*
1.57
6,000
70,335
1.08
Stadacona-Rouyn
Sudbury Basin Mines
94c
Jan
2.90
Mar
Dom Explorers
*
Sullivan Cons Mines Ltd.l
4.10
4.10
4.10
100
4.05
Apr
6.50
Mar
Dora Scottish Inv
1.32
1.30
1.40
13,325
1.09
Arp
2.25
Jan
Dom Steel Coal B
Teck-Hughes G M Ltd
I
Thompson Cad
.1
Towagmac Exploration.. 1
5.10
4.95
4.90
Apr
6.10
67c
Ventures Ltd
Seagrams
♦
100
25
25
Wayside Cons G M Ltd 50c
White Eagle Silver M Ltd.*
Feb
Dom Stores
23,990
Apr
2.15
Jan
300
1.0 0 May
1.95
Feb
Dom Tar & Chemical Ltd.*
Dorval Siscoe
...l
1.90
150
1.70
Apr
3.30
2c
3,000
l%c May
7c
Jan
East Malartic
1
2 He May
»
2Hc
500
4%c
Jan
46c
17,800
40c
Apr
73 He
Apr
Easy Washing
Eldorado Mines..
6.30
6.50
1,070
6.30
May
8.10
Jan
English Electric A
_*
B
1
*
.....
Falconbrldge...
Duncanson, White
Famous Players
Fanny Farmer
Federal Kirkiand
Co.
New
Curb
*
*
*
1
Foundation Pete
Francoeur
Toronto Stock Exchange
Commodity Exchange, Inc.
York
*
Ford A
&
STOCK BROKERS
Members
15
40
345
3,500
15
11,727
19%
15c
4%c May
40
44
May
12%
Apr
Apr
Jan
Apr
28%
Mar
12%
Jan
9%
Jan
Jan
....♦
*
10
14
-
Mar
18
Apr
60c
60c
15,200
40c
Jan
1.22
1.07
95c
1.13
41,855
90c
Apr
2.05
2.60
2.50
2.65
33
33
33
6
11
11
6
11
6
"Tso
6
7.75
8.25
4%
Jan
9%
Jan
2.10
Apr
3.65
Apr
2
1
30
Apr
125
11
May
36%
16%
5%
Mar
7
Mar
7.10
Apr
12.90
May
29
15
35
Mar
28%
21
1,090
19
27
75c
70c
104
13%
43% e
Jan
13
19%
27
Jan
2,925
29
23%
Jan
200
20
12c
Feb
10,340
29
13%C
23%
Frost Steel pref
..100
General Steel Wares.. ..*
(Associate)
1,025
""60c
Equitable Llfe_""""l25
Canadian
17%
10 %
4%c
42%
20%
10%
15
19%
10%
21
*
45c
6.30
Wright Hargreaves M Ltd*
2 He
45c
Wood Cad
233
20 %
50
Feb
lHc
2c
700
85c
1.06
1.90
*
5.15
75c
230
4%c
20 %
"~42%
prdg
1.00
76c
230
1
10
Jan
Apr
24%
Feb
15c 141,500
10c
Apr
54c
Jan
1,630
22%
Jan
29%
Jan
24%
32%
6,300
25c
Apr
85c
17,250
70c
May
20
100%
Jan
8
Jan
104
14%
280
1.25
58
1
107
Feb
Feb
Mar
18%
Apr
King Street West, Toronto.
65c
May
Toronto Stock
Gillies Lake Gold.,
Glenora
WA. 3401-8
May 8 to May 14, both inclusive, compiled from official sales lists
Stocks—
Par
Week's
Sale
Abitlbl
of Prices
Low
High
Shares
9%
21,725
Price
*
6% preferred
5%
60
100
67
Acme Gas & Oil
»
Afton Mines Ltd
1
Ajax Oil & Gas
1
40c
Alberta Pac Grain pref.100
32%
A
5c
Low
1,907
12%c
5%c
40c
41 h
11c
12,300
600
33
Apr
80
Apr
20c
4Hc May
4,500
Apr
10Hc
29c
60
28
Apr
Jan
Jan
Jan
57c
Jan
43%
33c
980
29c
Apr
95c
Feb
1.13
34,250
86C
Apr
1.89
Feb
1
2%C
2c
2%c
5.75
5.75
6.00
60c
60c
64c
5,050
60c
Apr
1.42
FeD
49c
51c
3,500
Feb
3,600
49c May
8c
Apr
1.15
8%c "9%c
10c 12%c
57 H
59
15c
Feb
1'
Arntfield Gold
1
Ashley Gold
_1
Astoria Rouyn
1
-__50
Bagamac Mines
1
Bank of Montreal
"Wo
12%c
59
27c
100
Bankfield Cons
1
Bank of Nova Scotia
Bank of Toronto
100
Barcelona
*
Base Metals Mln
9
Beattle Gold
1.27
Beatty Bros A
12
30c
17
s%
1.20
16
7
u-
100
90c
159
17,300
1,393
2c
May
4Hc
Jan
5.75 May
8.75
Feb
96,500
9c
Jan
85
57 H
Jan
14,425
23c
52
Jan
Apr
3
305
260
4
250
6
35c
650
455
25c
17
7H
1.00
Jan
9H
Jan
116
154
Apr
72,684
8,900
40c
11%
12%
14c
15c
6,200
6.50
6.40
6.60
4,410
~22%
Brewing Corp
Preferred
60c May
235
'l4%o
.....
24%
21H
7H
23
3
19%
19
7%
3%
20
Feb
21H
80c
Cordage pref.2
Apr
Jan
47c
Distillers..
1.75
Feb
Apr
Apr
42c
Brazilian
10
6
60c
24 %
65c
24H
15
77c
12
Apr
11H May
15
45c
Bobjo Mines
Jan
Apr
Mar
Mar
406
Big Missouri
Bralorne Mines
Mar
19 %
3,400
Jan
Mar
H May
1.30
Apr
Feb
8
May
10
17
1.85
273
6
140
6%
7%
157% 159
49c
245
Jan
Mar
300
103
60
Feb
340
12 %
9
23c
May
Bldgood Klrkland
Biltmore Hats
Apr
221
80 He
9,265
323
6
17
B
234
260
12%
30c
Bathurst Power A
85c
31c
323
*
Barkers Bread
27c
233
"~85c
100
Brew
Mar
99c
Argosy Gold Mines
30c
Apr
lie
13c
11,400
10c
Apr
30c
Jan
48c
45c
50c
45c
Jan
24% c
24c
30c
May
25c
Apr
1.02
1
19,283
14,400
5
Jan
1.70
Jan
Apr
72c
Feb
Apr
16%
Feb
14c May
6.40
176
May
29c
Jan
9.00
Feb
Mar
24% May
26%
Jan
30 H
Mar
9H
Mar
8,483
10
21
7
Apr
2H
Jan
14H
Jan
1,380
1,540
i
3H
21
28c
30C
5,850
.1
46c
45c
50c
5,850
1
Goodflsh Mining
Goodyear Tire
14% c
13%c
15c
12,400
*
84
50
54
85
84
.1
20c
53%
19%c
1
Graham Bousquet
Granada Mines
Grandoro Mines
21c
20c
54
22c
Apr
82
May
92 %
Feb
61
53
Mar
57
Apr
63o
Feb
57c
Feb
4,500
16
9%c
18%
40
35
35
36
75c
75c
85c
6%c
Apr
Apr
33%
Mar
51
Apr
40
Mar
29%
Jan
69c
Apr
1.25
Jan
13%
Feb
18%
Apr
14%
15%
1,815
2%
2%
3,500
2
2
2
20
Harding Carpets
»
5
5
5
140
Hard Rock
Darker
1
1.60
1.62
18,765
*
15c
15c
16c
Hlghwood Sarcee
*
16c
16c
20c
20 %
2% May
7
2
Apr
3%
Jan
4%
7
Jan
1.39
Apr
Apr
3.44
20,200
15c
Jan
33c
Feb
17,800
15c
Jan
90c
Mar
455
22%
Feb
Hlnde <fc Dauch
*
Holliriger Cons
5
"nlic
lie
20%
11%C
3,890
19%
10%o
Homestead Oil
1
34c
34c
39"
46,600
32c
Howey Gold
1
36c
36c
37c
15,915
33%o
Apr
Apr
Apr
Apr
50
12%
Mar
B
[
20%...
Imperial Bank
Jan
19
Mar
14
14
5
12
Mar
18
Mar
85.
8
72
Jan
90
Mar
14
14
20
11
Feb
15%
Mar
232
240
100
232
21%
59
79
231
Jan
7,797
20
Apr
Apr
251%
22
24%
Mar
62
13,134
5,337
54%
Apr
73%
Feb
33%
Apt
May
39%
Mar
1.50
80c May
36c
Apr
1.61
Mar
53c
Mar
*
36%
20%
57%
35 %
Internat Utll B
*
1.65
1.65
1.80
1,210
Jack Walte Mines
Jacola Mines
1
80c
80c
90C
1
35c
35c
37%c
4,600
18,141
1.13
44,035
30c
9,000
1
1.08
1.00
36%
11
30c
28c
*
27 %
27%
Kerr Addison
1
2.55
2.35
2.65
40,168
Kirk. Hud Bay
l
1.75
1.55
1.75
3,900
1.40
30
72
Klrkland Lake
1
1.45
53,625
Laguna Gold
1
60c
62c
1,000
Lake of the Woods
*
1
29%
53%
30
Lake Shore
5,914
Lamaque Contact
Lang & Sons
1
29%
51%
7%c
11c
19
20
Lapa Cadillac.
l
No par value.
Jan
72c
85
*
*
Jan
87c
*
*
Consolidated
Kelvlnator...
Jan
100
International Nickel
International Pete
Jelllcoe Cons
15%c
Jan
1100
Imperial Oil
J M
Apr
41
2%
Huron & Erie
26%
13,625
14 %
14
Jan
13%
490
*
13
18o
760
Halcrow Swayze
1
Hamilton Utd Theatres.25
Hunts A
Jan
16c
37
1.40
Apr
Apr
81
20c May
i
Gypsum Lime & Aiab
May
9,350
8c
100
10c
Jan
39c
68
4,166
16 %
37%
8c
Jan
Apr
21c
*
*
12c
45
49c
23c
,.*
Great West pref
Gunnar Gold
Jan
Jan
47% c
50c
Great Lakes Paper
Preferred
15 %
30c
Anglo-Huronlan Ltd
Brantford
High
May
99c
1
*
Bell Telephone..
Range Since Jan. 1 1937
*
P Cons Oils
Beauharnol8
for
Week
Jan
Aidermac Copper
Alexandria Gold
Bank of Canada
11c
65,450
11c
*
Preferred
Sales
Last
Range
55-
1
Gold Belt Mining..
Gold Eagle
Exchange
Friday
1
God's Lake Mines
Goldale Mines...
15
*
1.30
70c
76c
90c
Apr
28c May
3.15
Feb
2.15
Feb
59c
Feb
Jan
May
2.20
Apr
39
3 30
Apr
1 35
2.65
Feb
1.70
Apr
27%
Apr
90c
Feb
60c
Apr
1.10
Feb
Feb
24
Apr
42
47%
Apr
59%
28,930
80
May
28c
Feb
75
15%
Jan
21%
Mar
10.900
63c
Apr
1.33
Jan
Jan
Volume
Canadian Markets
3311
Chronicle
Financial
144
-
Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
WAverley 7881
Sale
Stocks (Concluded)
TORONTO
*
16
4.10
3.85
4.10
3,180
20c
20c
21c
10,800
Sullivan Cons.---
—.1
1.30
1.30
1.40
Sylvanite Gold
—
1
3.10
3.CO
3.10
7,250
14,995
*
16
16
16*6
410
15%
10c
10c
10*6°
♦
5.05
4.95
5.20
26,901
11,200
1.85
2.10
22,940
1.50
12%
12*6
109% 109*6
45
15
Klrkland Lake
Montreal Curb Market
Tambiyns
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Teck Hughes
Tashota
—
Texas Canadian
*
1.90
Tip Top Tailors
Timmlaa
*
12%
109%
Preferred
.,100
Toronto Stock
Exchange
2.25
1,125
38
39*6
360
-100
Preferred
48
48
48
Sales
125
125
2.10
2.10
Last
Sale
*
1
Price
Cap Gold-..-
Lebel Oro
1
Lee Gold
1
of Prices
Low
w
High
69
10
69
*
-
B
*
Low
03%
1
1
50c
50c
*
13%
Apr
77
*
21c
*
7%
Jan
Ventures--
Jan
Vulcan
Feb
Walte Amulet
1934
26,683
Apr
30c
334c
500
3c May
7%c
65c
24,700
4,070
58c May
1.35
5.00
Jan
Walkers
238
23
5.75
21
21
21*4
25
25
73c May
1.05
8.40
Apr
Apr
25
Feb
*
Macassa Mines
1
5.00
4.90
5.35
MacLeod CockshuttMadsen Red Lake
1
1.79
1.70
1.91
-1
78c
75o
84c
*
3c
3c
14*6c
960
21
Jan
23
Feb
1,500
Lower y Petroleum
Malargo Mines
Maple Leal Gardens
10
21
Apr
90
Feb
Preferred
Massey Harris
*
Preferred
---100
May Spiers Gold
McColl Frontenac
1
*
Preferred—
u%
61*6
ll*6o
9*6
905*
Apr
8.60
Jan
Jan
65o
Apr
1.20
Mar
334c
3c
Apr
16c
Feb
14*4 c
16C
7,600
14c
Apr
36c
Mar
2.00
100
75c
Jan
3.00
4
195
Jan
Jan
Mar
515
2%
0%
5
834
734
11
Jan
139
5
Apr
12%
2,315
8%
74
44c
*
Apr
14%
125
4c
4c
434 c
35,900
29c
32c
26,000
50c
50c
60c
17,050
26"
30c
12c
13c
*
*2~85
2.80
3.20
2,795
13c
12**C
23c
9,800
Monarch Knitting
Preferred
100
+
5
5
67
67
20
30
Jan
Apr
18*6
Jan
106*6
Jan
30c
Mar
17c
Feb
14c
6c
4*6
4*6
*
30
.,100
*
2*6 c
2%c
40c
2,500
434 c
11,700
39
3934
125
9
934
1,825
10
138
35c
35c
45c
3,650
5c
434 c
5c
Apr
77o
15,661
6.05 May
8.10
Jan
1.700
26c May
52c
Feb
Sales
Jan
Feb
Brett Trethewey
1
7%c
7%c
50c May
1.18
Jan
Canada Bud
*
63c
Mar
37%
38
Feb
*
*
834
37%
39c
Canada Malting
Canada Vinegars
19
19
5.00
Feb
Canadian Marconi
26c
Apr
10c
Apr
2.80
Apr
12*6c May
5
May
67
May
33 He May
1.05
Apr
5%
70
1.98
Mar
...
Central Manitoba
Churchill Mining
Coast Copper
Apr
Cobalt Contact
Mar
Consolidated Press
Corrugated Box pref—. 100
89
49
52
55
49
May
42#
Feb
Dom Found & Steel
30*6
30*6
20
30
99
99
10
99
Apr
May
2
2
8%
136
Jan
May
35c May
4c
Jar
Apr
140
Apr
49
*
*
100
Dorval-Sisoe Gold
*
1.05
Feb
East Crest Oil
*
1.49
Jan
Foothills Oil
*
1.05
2.40
Apr
3.60
Feb
Hamilton
*
14
14
59J4
4---- -100
80
80
Bridge—
Apr
Honey Dew Preferred
*
95c
Apr
Hudson Bay M & S
*
O'Brien Gold
8.50
8.00
8.75
Apr
13.25
Jan
1.25
1.20
1.40
1.05
Apr
4.10
Feb
434
17,270
14,100
4,100
6.50
Okalta Oils—.
4%
Apr
12
Jan
Kirkland Townslte
58c
37,100
45c
Apr
Jan
Mairobic
83
1.28
Feb
"~2~40
1
1
Feb
98
Feb
118
2.00
Apr
Jan
Mar
Jan
16o
18o
16c May
46c
Jan
54c
60c
48,805
54c May
1.38
Jan
28,550
10,890
28c May
1
-.100
1
_
l
Pressed Metals.
*
Preston E Dome
1
1.16
15*0
2234
3,000
5.75
6.20
4.00
4.35
16,005
4,670
22
4.05
98
1.06
22
Power Corp.
Premier
98c
2.50
30
98
50
20
95c
2034
2.45
30
1.20
22
15,950
40
2.64
4,450
Preferred
Montreal LH&P
150
30
1
Nordon Corp
North Star Oil
5
Apr
Jan
OH Selections
Apr
40
Feb
Oslsko Lake Mines
20c
Apr
41
31c May
Pawnee Kirkland
Jan
2
109
9.20
Feb
0%
445
6
4.00 May
Jan
96
6.85
102
Feb
Mar
Rogers-Majestic
Shawinlgan W&P
Stand Paving
*
*
Stop & Shop
Sudbury Mines
*
1
134c
l*6c
Jan
Supertest ordinary
*
36
35
36
36
Feb
35*6
50
Apr
He May
85
48c
1.05
2,450
48c
52,620
39c May
1.00
500
95c May
1.52
650
2%
30%
15c
36
32
50
19c
36
17c
72,100
3634
16o 2334c
Jan
Common
80c
78c
80c
2.35
2.20
2.85
14,279
1.59
57c
67c
9
*
*
Apr
32o
Apr
Apr
2.40
Jan
1.10
Feb
57c
Mar
1.90
Apr
May
May
98
9934
40
3.90
3.60
Bladen Malartic
1
1.20
1.12
1.29
Slave Lake
1
1.10
1.00
1.32
2o
30
Sterling Coal
*
"~60o
60o
60c
20,555
21,306
10,950
12,760
1,160
—90c
35c
35c
35c
100
29o
*
1.45
90 He
79
56c 119,004
265
8134
71
7334
100
"n~
4
4
32
20
1.00
1.00
2o
53o
78
71
3%
Apr
Apr
May
May
Apr
Apr
Jan
Apr
May
Jan
4c
l*6o
Jan
37
Jan
36
Jan
Apr
May
55
35*6
25
35c
41c
24,500
20o
Jan
58o
Mar
2
100
2*6
Mar
57
35
1%
51*6
Jan
55
38c
33*6
33*6
Jan
62 H
Jan
2%
100
2
Apr
3%
Jan
3
2J*
2*6
2%
234
300
2*6
Feb
5
Feb
CURRENT
NOTICES
—The annual meeting of the Municipal Bond Club of New York has been
Jan
Feb
13o
3.70
*
48 %0
54c
98
Jan
3*6
May
Apr
48,000
245
2c
Mar
Jan
1.25
9
1
9H
No par value.
Mar
3.85
25
♦
Apr
60
100
Preferred
*
6
1
Jan
Feb
34
Feb
2
*
100
25*6
5*6
Jan
856
May
Mar
—1
131
4
1.35
33
Preferred
Steel of Canada
1
260
Apr
Apr
Apr
Apr
Apr
7c May
Feb
Feb
227
Slscoe Gold
*
Feb
1.78
Feb
115
9
1.95
Apr
May
Apr
35
1
1.50
57c
Feb
15o
516
50c
1.50
1
6.85
30*$
198
68,434
4,915
8,325
2,300
1
Apr
87c May
49
205
300
6*6
Feb
95c
204
28
6
Feb
39c
—
25%
2.20
90c
Stadacona
,
25%
634
115
4.50
40c
-
6
33%
1.00
-
115
6
May
95o May
*
Spooner Oils
115
_*
2.45 May
30
Apr
20%
*
17o
Jan
Feb
20%
Apr
Red Lake G Shore
204
Jan
Feb
Apr
5.20
United Fuel pref
Walkerville Brew
*
Jan
12c
30c
Feb
21
Jan
22,575
4
Apr
Apr
16o
4c
*
90c
Feb
12 He
122
5o
14,000
1
4
49c
11c
10,300
Thayers
87c
Apr
Apr
6.65
5c
Temiskaming Mines
334
Apr
Apr
6,500
49,760
14,000
6c
Jan
88c
Jan
6c
Apr
4*6c
5c
Jan
Reeves MacDonald Mines*
57*6
2.90
2.87
4c
4*6c
1.55
Relnhardt Brew
Jan
37*6
Apr
Apr
3*6o May
2.60
6c
1.47
6,980
Jan
Apr
Apr
2*6c
2.80
334c
15c
434c
Apr
4.00
2
1
Red Crest Gold
Southwest Pete
2%c
Feb
69c
4*6o
Ritchie Gold
3.60 May
90c
Apr
South Tlblemont
2*6c
200
4*6c
Apr
8,500
2,500
Robb Mont bray
l
Robert Simpson pref—-100
3.60
—
18c
2
Jan
3.85
-
45*c
15c
2
Jan
1
Simpsons B
4*6c
2 50
Read Authier
Sherritt Gordon
434c
3*6c
Waterloo Mfg A
St Anthony
San Antonio
15c
Apr
Feb
600
Shawkey Gold
Sheep Creek..
8,200
98c May
84c
11c
Mar
55o
Apr
l*6c
1.10
11c
__*
1
19c
__1
1
1,000
*
Royallte Oil
16 *6 c
1
?end Oreille
orcuplne Crown
23,995
Quemont Mining
1
100
2o
Jan
18*6
108
Apr
1.13
600
Roche Long Lac
Royal Bank
40
1
9%
1.40
50c
Riverside Silk A..
29
195
3,000
*
20o
97c
50c
1
577
2*6c
*
5%
1.40
1
Reno Gold.
30%
45*6
2%c
42
—*
1.05
Quebec Gold
Jan
Jan
23c
2c
May
27c
Apr
234c
1634c
*
—
Night Hawk
1.40
Prospectors Air
2c
90*6
41
Mar
134c
15
29%
2.20
32c
2c
425
26c
40
43?*c
27c
May
13
94
24c
Mar
Apr
23c
"~25c
20
10c
20C
12
12
1234
-100
10
1.00
4.00
Feb
30
2,400
24c
Apr
30
16,700
8
15
4156
100
1.10
2.40
Jan
Apr
2
1334 c 1534c
2.20
12
27
Apr
Mat
Apr
93
25
3,322
91
*
Preferred
14
29
2
5%
100
14
27
"29"
20
16c
Pioneer Gold
Jan
1.40
1,600
50%c
Porto Rico pref
Powell Rouyn
Apr
4.05
63
38c
3
5.90
905*
6,285
2
3
l
Apr
Jan
Apr
10
1.79
2*6c
205
10
Inter Metals A
1.53
1.60
32c
7
3%
l
*
18*6
2
2
Paymaster Cons
1.05
3.55 May
Jan
*
415
Paulore Gold
1
Apr
*
3
Partanen Malartic
29c
90c
12*6
Mercury Mills
2%
6,501
2,500
2,116
7,400
3,000
___1
Feb
1,700
Mandy
106
6%
2134c
20c
Feb
45c
Mar
305
98
1
2*6
Jan
Mar
109
112
Preferred
National Steel Car..
.1
Jan
10c
4,200
18,000
6
*
1%
17,300
80
Jar
Apr
Apr
May
390
15
Jar
99
100
14c 15*6c
1.00
1.05
15c
1,100
67o May
58*6
33*6
Feb
Feb
12c
8,200
1.00
Apr
Jan
1.75
15c
Feb
22*6
185*
Feb
Apr
l"05
3.60
15*6
Preferred
Apr
20*6
95*6
15
11
Jan
6c
Apr
15
Apr
Jan
Mar
Jan
55c
16,215
55
Apr
Pickle Crow
86c
18
70c
1
Mar
15
18%
93
75c
75c
17
1.20
;
Jan
35
18
91
"93~"
17
7,600
Peterson Cobalt
Photo Engravers
Jah
17
3.768
Perrod Gold
Fob
3**c
4.75
l*6c
12*6
*
81c
Payore Gold
10
Apr
135
2,500
*
1.65
*
Apr
Apr
4.80
l*6c
DeHavilland
80c
Painour Porcupine
Pautepec Oil
3*6c
4.80
Disher Steel pref
Dominion Bridge
1.35
Park hill
31c
Feb
81c
Page Hersey..
3%
Apr
Feb
1.45
*
Jan
6c
10c
Normetal Mining Corp Ltd
North Can Min.
*
Pacaita Oils
1.60
88c
38
Jan
18%
705
7,750
2,000
l*6c
*
—
21
50
2.00
Apr
33c
Home Oil
Preferred
Oro Plata Min
Jan
Feb
7 *6c
4c
3*6c May
Jan
3
10**
38*6
Apr
Jan
34
3%c
*
165*c
*
Feb
Apr
55
134c
.5
Dalhousie Oil
21c
8*6
295
Apr
"3 34 c
*
Mar
8%
80
7c
1
1
High
Low
3,800
1.75
1.7 5
1
Feb
Week
8*6c
8%
'
1
Apr
May
Orange Crush
Range Since Jan. 1 1937
57c
Price
85c
53e
34c
Exchange—Curb Section
2.50
107
Feb
11.600
28c
19%0
6c
55c
Jan
47c
Jan
59%
109
5c
6.55
Apr
Par
4,500
1
Jan
Jan
44
28c
17c
Stocks—
3,995
100
69
45c
Toronto Stock
634 c
Ontario Loan
10
4*6
May 8 to May 14, both inclusive, compiled from official sales lists
02%
Omega Gold
Apr
29
Apr
2*6c May
Jan
10
15
13,500
65c
4
Jan
6.05
*
6c
4
Apr
4*6
4*6
31*6
2*6
Mar
45c
*
Ymir Yankee Girl
6c
Olga Oil & Gas
12c
Feb
2.25
4*6c May
90
2.50
"61**
Norgold Mines
15*6
99
3.30
6.35
1
Wright Hargreavcs-.-
1
Noranda Mines
3,500
1.60
1,100
6c
5
2*6c
10,000
67c
95
14c
4*6c
*
699
for
252% May
360
5
Feb
Mar
Shares
Feb
*
-
70c
11*6
Mar
15*6
16*6
100*6 101
15%
101
Jan
45
*
Niplsslng
Apr
Feb
2.03
188
3%C
136
Jan
17o
6*6
Mar
Apr
267
36c
136
Feb
20
of Prices
Low
High
Apr
National Breweries
*
2.60
19
Apr
49%
Week's Range
Apr
National Grocers
Preferred
100
13
May
Sale
42
75
3*6c
Newbec Mines.
New Golden Rose
50c May
Feb
May
Last
180
252% 25234
Naybob Gold
Mar
2.00
19
44*6
19*6
Jan
200
180
100
l
126
Apr
42
1.95
Mar
640
183
100
—
1,418
4,400
3,135
7,406
42%
24,669
B-.-.
Murphy Mines
89
1.37
A..
Morris Kirkland
Apr
4334
42
42
Jan
Mar
880
8,300
1,300
720
...1
_
21c
Friday
1.04
1.25
52
4.65
Mar
17,275
1.30
Jan
Apr
Apr
Apr
25
1.25
100
Apr
4.65
46
1.00
101
1.10
<500
—*
Moneta Porcupine..
Moore Corp
110
Apr
2.35
Mar
3.062
*
Mar
2.20 May
36
400
18% May
32% May
9134
1834
3534
Minto Gold....
Mining Corp.-
104
Jan
3,052
1,036
19
White Eagle
Wood Cadillac
Mar
3,700
3,900
Merland OU
—
Preferred
Jan
8%
26c
McWatters Gold
Mercury Oils
15
7*6
42
B
Mar
lie
6734
1134'c
Q3/
9%
9%
11c
90%
1834
32%
1
McVittle Graham
Apr
Mar
52 %
Jan
Jan
Apr
16%
510
5,300
1,687
13
62
31c
McMillan Gold
Jan
14
Jan
"35*6
*
5
-
Apr
Feb
2.35
10
Jan
Feb
1.15
19
Winnipeg Elec A
1.23
100
McDougall Segur
Mclntyre Mines
McKenzle Red Lake
6.00
2.85
WUtsey Coghlan
4.85
11 %
28*40
Apr
1.75
43*6
,.100
May
7%
Jan
Apr
10%
1.15
♦
Westons
1.70
7 56
Preferred
Feb
2.60
*
4.90
3*|
4.80
1.80
+
Preferred
26,735
25,350
15,950
25,700
8
Apr
Apr
Apr
Apr
1
2.00
*
Preferred
Maple Leal Milling
Jan
2.70
2.65
*
—
W hitewater Mines
Manitoba & East
8
50C
3.25
28 %
120
22
1.15
6
58c
24
1.00
United OUs
3*6c
5.15
-
United Steel
1634c
23%
-
-
1.00
Jan
17p
5.40
-
Apr
12,900
15c
-
13*6
18*6 c
83c
61c
-
Jan
Apr
High
73c
23*6
Little Long Lac
Loblaw A
Shares
*
Towagmac Expi
Tread well-Yukon
Range Since Jan. 1,1937
for
73c
1
Leltch Gold..
Week's Range
Toronto Mortgage
Union Gas
Friday
Feb
1.08
10c
38
—1
Toronto Elevators
Mar
6.90
40*6C
4.90
*
Toburn Gold
Lava
Apr
3.75
Apr
20c May
1
North Bay
Bourlamaque
High
17
15*6
—
Sarnia
Laura Secord
Low
10
16
Sudbury Contact
H amilton
Stocks (Continued)—Par
Range Since Jan. 1 1937
for
Week
Shares
Winnipeg Grain Exchange
Sudbury
Owen Sound
High
The Toronto Stock Exchange
Noranda
Ottawa
Low
16
Sudbury Basin
MEMBERS
Cobalt
Montreal
Range
of Prices
Price
Par
Stuart Oil pref
OFFICES
Toronto
Sales
Week's
Last
GRAIN
BONDS
Exchange
Friday
Jan
called for Wednesday, June 2nd, at the Bankers Club at 12:15 p. m.,
was
coming
The
G.
Darby
of Darby & Co., Inc., Chairman of the nominating committee, is as
follows:
year.
Apr
Feb
Feb
Stevenson & Co.;
110
Feb
Smith; Governors for
Jan
2.49
Jan
2.50
Feb
slate
presented
to
members
by
Myron
President, Emil C. Williams of Chemical Bank & Trust Co., present Secre¬
81c
3.95
17
6.65
it
At this meeting club members will elect officers for the
announced.
tary-Treasurer of the club; Vice-President, Gethryn O, Stevenson of Bacon,
&
Hutzler and
Secretary-Treasurer, Fred W. Reichard of Dick & Merlea
three-year term, L. Eugene Marx of Salomon Bros.
Reginald M.
Schmidt of Blyth &
Co., Inc.
members of the nominating committee are James G.
The other
Couffer of Blyth &
Jan
Co., Inc. and Charles J. Waldmann of Kean, Taylor & Co.
2.00
Feb
of Bankers Trust Co. is now President of the club.
68c
Mar
2.85
Apr
5*6 0
96
Feb
88
Mar
4%
Mar
E. F. Dunstan
—Weingarten & Co., 29 Broadway, New York, members New York Stock
Exchange,
have
prepared
a
pamphlet
entitled
"The
Tire
and
Rubber
Industry;. Prospects 1937-1938."
ok
I
3312
Financial
Quotations
on
New York
Bid,
Jan
a3s
1 1977.
1
1954.
1
1960.
104
a3%s Jan
15 1976.
1 1954..
105
104 % 105%
a3%s July
1 1975.
a4s
May
1 1957.
a4s
Nov
1 1958.
107%
109% 110%
109% 110%
a4s
1 1959.
110
110%
a4s
May
May
1 1977.
112
113
a4s
Oct
1 1980.
a4%s Sept
106 %
114
113%
113% 114%
113% 114%
1 1960.
a4%s Mar
1 1962.
New York Trust
City Bonds
Bid
a3%s Nov
a3%s Mar
May 15, 1937
Over-the-Counter Securities—Friday May 14
Ask
97 %
98
101% 102%
104% 105%
104 % 105%
1 1975.
a3%s July
d'i %s May
Chronicle
Par
Ask
Companies
255
Comm Itallana.100
105
115
114% 115%
Bk of New York & Tr__100
459
469
Guaranty—
15 1972
a4%s June
1 1974
a4%s Feb
15 1976
a4%sJan
1 1977
a4%s Nov 15 1978
a4%s Mar
1 1981
a4%s May 1 & Nov 1 1957
a4%sMar
1 1963
115% 116%
116% 117
116% 117%
117
117%
117% 118
118% 119
117
117%
117% 118%
Bankers
a4%8 June
1
«4%& July ; 1
a4%s Dec 15
a4%s Dee
1
118
114
1 1964
1 1966
—
«4%s Apr
1965
1967
—
Banca
115
10
Bronx County
7
67%
65%
11%
12%
-.100
129
134
20
Brooklyn.—..
125
.100
270
331
Fulton
—
«4%s Mar
«4%s Apr
Ask
Bid
Par
Ask
Bid
336
16%
15%
Irving.
Kings County
1850
100 1750
.25
47%
128
Central Hanover
Lawyers
—
Manufacturers
44%
20
53%
1971
118% 119%
119% 121%
1979
64%
66%
Clinton Trust
50
85
95
Preferred.
-20
Colonial Trust
25
15%
17%
New York.—.
..25
128
Continental Bank & Tr.10
16%
18%
Title Guarantee & Tr. ..20
13
14
Corn Exch Bk & Tr
119
Cehmical Bank & Trust. 10
63%
64%
94
104
20
Empire
10
31%
30%
—
United States
52%
52%
50%
131
1
1
1830
1780
121% 122%
...
Chicago Bank Stocks
Par
New York State Bonds
Bid
Ask
Bid
Ask
Bid
Ask
& Trust—--.
270
295
2.70 lessle
World War Bonus—
2.80 lessle
4%s April 1940 to 1949.
Highway Improvement—
&2.20
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
Ask
Bid
...100
302
307
Harris Trust & Savings. 100
465
490
Northern Trust Co
-.-100
Continental Illinois Bank
3s 1974
3s 1981
Par
First National
American National Bank
760
800
100
121%
Canal & Highway—
5s Jan & Mar 1946 to *71
3.00
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964—
Can & Imp High 4%s 1965
129%
129%
126%
....
Bid
-
...
—
Hartford Insurance Stocks
BO UGHT—SOLD
Authority Bonds
Bid
Ask
105% 106 %
Gen & ref 2d
ser
3%s '65
103
104
Gen & ref 3d
ser
3%s '76
101
102
3s. 1976
97%
1939-53
J&J 3
Holland Tunnel 4%s ser E
1937-1941
M&S
98%
1942-1960—
M&S
Inland Terminal
George Washington Bridge
4%s ser B 1940-53.M N
104% 105%
51.00
Members New York Stock Exchange
6
2.10
111% 112%
CENTRAL ROW
Tel. 5-0151
HARTFORD
A. T. T. Teletype
.
...M&S
51.50
1942-1960
„.M&S
107
108%
Bid
Par
United States Insular Bonds
Aetna Cas &
4s 1946.
Ask
Bid
100
101%
Honolulu 5s
53.50
114
4%s Oct
1959
107
109
U S Panama 3s June 1 1961
4%s July
1952
107
109
April 1955
100% 102
5s
Feb
1952
110
113
97%
Home
42
44
Home
Aetna Life
10
27%
29%
Homestead Fire
3.00
Agricultural.
25
86%
89
Importers & Exporters. -5
1941
111
114
115
116%
118
10
21%
5
38%
10
15%
Newark...2%
11%
41%
23%
41%
17%
12%
43%
26%
28%
Mass Bonding & Ins.. 12%
Merch Fire Assur com. -5
Merch & Mfrs Fire New'k.5
—
American Equitable
American Home
Hawaii 4%s Oct 1956—
d3.75
5s
111
112%
American of
108
111
American
109
111
American Reserve
10
American
5%s Aug
4 %s July 1958-
25
50
52
10
29
30%
July 1948
U S conversion 3s 1946
Conversion 3s 1947
3.50
Re-Insurance. 10
Surety
Automobile
3s 1955 opt 1945—...J&J
3s 1956 opt 1946
..J&J
Baltimore Amer
Ask
100% 100%
100% 100%
Bid
43 1957
opt 1937
M&N
4s 1958 opt 1938
M&N
Ask
101% 101%
102% 103%
100% 100%
4%s 1957 opt Nov 1937...
101% 101%
4%s 1955 opt 1945. -M&N
101% 102%
108% 109%
4s% 1958 opt 1938. -M&N
104
J&J
Security.
-10
104%
8%
66%
16%
18%
-5
3%
Lincoln Fire
Maryland Casualty
—
National Casualty
1
Bid
Atlanta 5s.
Ask
100
Atlantic 5s.
—...—
Burlington 5s
—
Bid
_
100
50
California 5s
-
New York 5s
/5%
Dallas 5s
6%
100
——
Denver 5s
-
94
First Carolinas 5s
96%
102
130
9%
134%
653
663
New Amsterdam Cas— —2
15
16
19
21
New Brunswick Fire... -10
33
35
23%
New Hampshire Fire.
New Jersey
.10
45%
47%
.20
48%
51
19%
23
New York Fire
2
27%
Northern.....
...12.50
.
4
5
North River.
2.50
43
46
Northwestern
National.25
5%
41%
-
«
83
Greensboro 5b—
100
—
Illinois of Monticello 4%s
Iowa of Sioux City 4%s_
-
—
Kentucky of Lexington 5s.
La Fayette 5s
-
86
100
97
100
99
88
•
-
-
-
M
~
101
10%
12%
Glens Falls Fire
5
41%
Seaboard Surety
.10
31
33
Globe & Republic
5
Globe & Rutgers Fire. -.15
19%
43%
21%
62%
.10
36
37%
100
100
Southwest 5s
_
89
/24
91
Springfield Fire & Mar. .25
Stuyvesant
118
87
25%
Sun
640
690
458
468
9%
8%
Atlantic.-.
35
40
23%
25
10
31%
33%
U S Fidelity & Guar
U S Fire
10
65%
67%
U S Guarantee
Hartford Steam Boiler...10
58%
60%
Westchester Fire
Virginia-Carolina 5s
100
Virginian 5s
99% 101
Ask
—
Par
New York
—
Bid
100
10
Corp 2-5s '53
54
«...
79
Arundel Deb Corp 3-6s '53
15
Associated Mtge Cos Inc—
40
45
North Carolina
100
29
72
78
Pennsylvania
..100
20
24
100
12
14
Potomac
100
59
62
Des Moines.
100
58
63
San Antonio..
100
48
100
8
10
Virginia
Fremont
100
1%
2%
Lincoln
100
3
5
5
Virginia-Carolina
100
80c
47
32
1.00
55
Debenture
3-6s
1953
46
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s '53
44
78
15 1937 b .85%
16 1937 b .90%
60%
32%
34%
2,50
24%
2-3s
Bid
Ask
Ask
Corp—
1954
55
1954
79
49
—
issues
-»
47
Corp
)2-5s
1945
46
36
75
Corp—
3-6s
50
Corp 2-5s'55
(all
1953
Potomac Cons Deb
1953
44
47
Corp 3-6s '53
44
47
44
47
Potomac Franklin
Deb Co
39
3-6S-.
1953
81
ture
Corp 3-6s
Potomac
Nat Bondholders part
...1953
Potomac Maryland Deben¬
Deb
ctfs
(Central Funding series)
Ask
Bond
Potomac Deb
Inc 2-5s
Aug
51%
57
Series B2-5s
Empire Properties Corp—
Interstate Deb
Intermediate Credit Bank Debentures
l%s—-July
49%
Bid
Nat Union Mtge
Series A 3-6s
Potomac
Mortgage Bond Co of Md
F I C l%s
22%
4
10
■
54
First Carolinas
F I C
Co -2
Ask
83
Ask
100
15 1937 b .60%
9%
Surety Guaranteed Mortgage Bonds and Debentures
Allied Mtge Cos Inc—
All series 2-5s
1953
100
FIG l%s—May
FIC l%s—June
121
99% 100%
Dallas
Bid
100
8%
100
Denver
Federal
Travelers
Hartford Fire
Arundel Bond
Bid
100
Life Assurance- 100
26
Tennessee 5s
_.
207
24
Hanover Fire
30
88
Security New Haven
10%
202
5
Great Amer Indemnity... 1
Halifax Fire.
10
100
/27
109
59
—
15
Bid
Par
5
St Paul Fire & Marine- .25
Joint Stock Land Bank Stocks
Atlanta..
Rossia..
9%
25%
11%
Seaboard Fire & Marine -5
San Antonio 5s
Union of Detroit 5s
99
10
28
66
Southern Minnesota 5s
_
25
10
.
(Paul) Fire.
27
Potomac 5s—
_
8%
23%
23%
Y) .2
Republic (Texas)
43%
St Louis 5s
-
Reinsurance Corp (N
25
107.
103
29%
41%
2d preferred
78
35%
87%
26
—
Great American
100
33%
10
100
101
19%
Providence-Washington -10
Gibraltar Fire & Marine.10
100
Greenbrier 5s
17%
Georgia Home—-——
Pennsylvania 5s
Fletcher 3%s
Fremont 5s
..5
Pref erred Accident
99% 100%
_
_
139
83%
62
Ohio-Pennsylvania 5s
Pac Coast of San Fran 5s—
101
135
10
Revere
Phoenix 5s
101
100
85
General Reinsurance CorpS
100
99
Illinois Midwest 5s_.
101
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
99
Chicago 4 %s
100
98%
98
First Trust of
North Carolina 5s
Phoenix
130
135
Pacific Fire.
11%
87%
31%
9%
5
99% 103
24% 25%
70%
68
5
100
96
First of New Orleans 5s—
Newark
Pacific Coast of Portland 5s
99% 101
First Texas of Houston 5s-
Franklin Fire
43%
99% 100%
Oregon-Washington 5s
Firstof
-
Firemen's of
100
6%
121% 126
Fireman's Fd of San Fran25
100
13%
19%
37
96
11%
8%
35%
10
53
National Liberty
-.2
National Union Fire... .20
25
Fire Assn of Phila
50
8%
105%
25%
Ask
7
61%
61%
10
96
First of Fort Wayne 4 %S—
Montgomery 5s._
94
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
60
100
Chicago 5s
Lincoln 5s
4%
58%
17%
10
Fidelity & Dep of Md—20
6
59%
.
Connecticut Gen Life
10
5%
18
64%
City of New York
Federal.
6
34%
.5
.
Excess
Bank Bonds
16%
Ask
Ins Co of North Amer— .10
Employers Re-Insurance 10
Joint Stock Land
4
Knickerbocker
25%
26%
5
32%
10
7%
Camden Fire. ————5
Carolina
10
Bid
.10
2 %
Bankers & Shippers.-—-25
Boston
100
-10
..
Continental Casualty-—5
Eagle Fire
2 %
3s 1956 opt 1946... -M&N
4s 1946 opt 1944
-5
Fire
National Fire
Federal Land Bank Bonds
Bid
Par
93%
10
American Alliance
Ask
Govt of Puerto Rico—
5s
Companies
Ask
10
Surety
Aetna Fire
Bid
Hartford 35
—
2.60
Insurance
Philippine Government-
Q VOTED
4%s ser D
1937-1941
110% 111%
—
PUTNAM a CO.
Bayonne Bridge 4s series C
Gen & ref 4s Mar 1 1975.
ser
110%
113%
Ask
Port ol New York—
134% 138%
121%
Barge C T 4s Jan '42 to '46
Barge C T 4%s Jan 1 1945.
-
Port of New York
Gen & ref 4th
& Trust--.----.-.33 1-3
...
/41
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953
76
44
44
^
47
1953
68
Atlantic
44
47
1953
46
49
Unified Deben Corp 5s 1955
35
38
Realty
m,m
1953
Realty
Corp 3-6s
Bond
&
Mortgage
deb 3-6s
FIC
15 1937 b .75%
...
l%s—Sept 15 1937 bl.00%
FIC1%S—Oct
15 1937 bl.00%
FICl%s—-Nov 15 1937 61.10%
FICl%s—Dec 15 1937 61.10%
...
Telephone and Telegraph Stocks
Par
Am Dist Teleg
Bid
Ask
Far
Bid
Ask
(N J) com.*
121
123
New England Tel & Tel. 100
119
122
100
126
128
New York Mutual Tel.100
25
28
Bell Telep of Canada..100
157
159%
Bell Telep of Pa pref. .100
113
116
Pac & Atl Telegraph
20
22
Cincin & Sub Bell Telep .50
Cuban Telep 7% pref—100
88
91
Preferred
New York Bank Stocks
Par
Bid
Ask
Par
Bid
Bank of Manhattan Co-10
32%
34%
Ktngsboro National
100
65
Bank of Yorktown—66 2-3
67
72
Merchants Bank
100
100
Bensonhurst National... 50
95
125
50
50
Chase.
13.55
50
52
12%
44
46
National Safety Bank. 12 %
Penn Exchange
_10
Commercial National-.100
192
198
Peoples National
Fifth Avenue
970
1016
Public National
First National of N Y—100 2145
2185
Ask
City (National)
Flatbush National
100
.100
37
42
National Bronx Bank
—
50
54
Peninsular Telep com
Preferred A
*
100
1
115
Emp & Bay State Tel. .100
62
40
45
19
21
Franklin Telegraph
100
Gen Telep Allied Corp—
13%
15%
*
97
99%
60
76
Int Ocean Telegraph
100
100
Mtn States Tel & Tel—100
138
25
44
46
Sterling Nat Bank & Tr.25
38
30
86 preferred
40
Trade Bank
37
12%
...
25
For footnotes see pages
3314.
27% 29%
108% 111
Rochester Telephone—
142
86.50 1st pref
100
So & Atl Telegraph
25
Sou New Engi Telep.-.100
112
S'western Bell Tel pref. 100
Wisconsin Telep 7 % pf. 100
118% 120%
115
20
24
157
159
114
116%
,
Volume
Financial
144
Quotations
Chronicle
3313
Over-the-Counter Securities—Friday May 14—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
Earnings and Special Studies
Members Njrw "York Slock
Exchange
john
#^
e. sloane & co.
Members New
Tel, REctor
GUARANTEED
MEW YORK
Bulletin
__
.
Dealer* In
120 Broadway
41 Broad St., N. Y.
-
York
Secuntv
HAnover 2-2455
Dealers
Association
Bell Syst. Teletype NY 1-624
-
2-6600
STOCKS
Monthly
Request
on
3oscpb Klalkers Sons
.
QUOTED
.
Since1855,
Railroad Bonds
Guaranteed Railroad Stocks
Akron Canton &
Youngstown 534s
.1945
^.7"-*
Alabama & Vicksburg (Illinois Central--
fksked
—
.
Boston & Albany 1st
Boston & Maine 3s
100
-100
6.00
95
-100
10.50
176
182
-100
—
Albany & Susquehanna (Delaware & Hudson).
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
Boston &
Bid
Par in Dollars
6.00
102
106
8.75
131
8.50
130
136
Canada Southern (New York Central)
-100
2.85
4.00
98
Cleve Cinn Chicago & St Louis pref (N Y Central) —100
Cleveland & Pittsburgh
—50
--50
Betterman stock
-»
5.00
——
——
98
102
3.50
86
2.00
49
51
2.00
(Pennsylvania)
99
__
44
47
8834
Fort Wayne & Jackson pref (N Y Central)
-100
5 50
89
94
Georgia RR & Banking (L & N-A CL)..
Lackawanna RR of N J (Del Lack & Western)
—100
10.00
193
197
-100
4.00
68
72
50.00
1000
—
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)..
_
59
New York Lackawanna & Western (D L & W)__ -100
5.00
89
94
Northern Central (Pennsylvania)
4.00
98
101
4.00
60
65
4.50
66.
70
—50
Northern RR of N J (Erie)
—60
Oswego & Syracuse (Del Lack & Western)
41
43
—50
1.50
..,50
3.00
82
86
Pittsburgh Fort Wayne & Chicago (Pennsylvania) -100
7.00
162
167
7.00
175
180
Pittsburgh Bessemer & Lake Erie (U S Steel)
Preferred..
Preferred
,,100
6.82
98
101
-100
6.00
133
138
-100
3.00
67
71
6.00
135
-100
10.00
239
-100
6.00
89
-100
5.00
95
100
5.00
81
85
Rensselaer & Saratoga (Delaware & Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred.
—
Tuone RR St Louis (Terminal RR)
United New Jersey RR & Canal (Pennsylvania)
Utlca Chenango & Susquehanna (D L & W)
—
—
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (Illinois Central)
_
—
245
92
5.00
85
90
—50
3.50
48
52
—50
3.00
61
64
Preferred
Warren RR of N J (Del Lack & Western)
West Jersey &
__
Sea Shore (Pennsylvania)
1950
66
70
1942
84
8634
86
88
93
—
100
103
8
91
1952
63
65
1965
96
99
1995
9234
94
.1945
66
68
1978
100
105
.—
—
.
Cincinnati Indianapolis & Western 1st 5s_„
—
—
Cleveland Terminal & Valley 1st 4s.._.
Georgia Southern & Florida 1st 5s
Goshen & Deckertown 1st 534SHoboken Ferry 1st 5s.
96
1961
—
-
89
94
1955
104
106
—.1978
100
103
/24
10334
105
10134
103
„
Kanawha & West Virginia 1st 5s
Kansas Oklahoma & Gulf 1st 5s—
Little Rock & Hot Springs Western 1st 4s
1939
_
62
3.875
—50
98
97
106
10334
__1944
,
434s
Chateaugay Ore & Iron 1st ref 4s
Choctaw & Memphis 1st 5s
*.'«•
102
5.00
-----
Delaware (Pennsylvania)—
•
7434
94
April 1, 1943
Buffalo Creek 1st ref 5s
57
54
Carolina Clinchfield & Ohio (L & N-A C L) 4%„ -100
Common 5% stamped
-.100
-
74
72 34
96
Convertible 5s
139
-100
434 s
Prior lien 4s
Prior lien
43
41
2.00
Albany (New York Central)
(New Haven)
-100
Boston & Providence
—
1953
1957
Augusta Union Station 1st 4s—L—..
Birminghsm Terminal 1st 4s
7234
1945
6s
Dividend
;
Asked
Bid
(Guarantor in Parenthesis)
Long Island refunding mtge4s__
1949
Macon Terminal 1st 5s
28
Maryland & Pennsylvania 1st 4s
70
Meridian Terminal 1st 4s.
90
93
54
75
Minneapolis St Laul & Sault Ste Marie 2d 4s
1949
48
Montgomery & Erie 1st 5s
1956
95
1946
70
74
1966
90
93
6734
6934
New York & Hoboken Ferry general 5s
—_
-—-
—
Piedmont & Northern Ry 1st mtge 394s
Portland RR 1st
334s_
Consolidated 5s
85
88
1957
91
94
St Clair Madison & St Louis 1st 4s
1951
95
Shreveport Bridge & Terminal 1st 5s—•
1955
93
Somerset Ry 1st ref 4s
Southern Illinois & Missouri Bridge 1st 4s.
66
72
1951
87
90
108
112
Rock Island Frisco Terminal
Toledo Terminal RR
434s
434s
Toronto Hamilton & Buffalo
97
95
98 34
67
1966
434s
Washington County Ry 1st 334 s
70
EQUIPMENT TRUST CERTIFICATES
TEXAS POWER & LIGHT COMPANY
Quotations-Appraisal* Upon Request
7% PREFERRED
Bmidl Brothers
Stroud & Company Inc.
Private
Wires to
EST.
Philadelphia, Pa.
New York
and
Railroad
n. y.
members
Tel. DIgby 4-2800
1908
stock
n. y. curb
Atlantic Coast
Line
Baltimore & Ohio
5s
434s.
434s—
Equipment Bonds
Bid
Ask
62.00
1.35
63.10
Missouri Pacific
63.75
434s
Par
3.00
63.00
63.00
2.00
Bid
Alabama Power $7 pref—*
6734
70 34
8534
8734
63.25
2.25
New Orl Tex & Mex
434 s—
63.80
2.75
Arkansas Pr & Lt $7 pref_*
5s
63.00
2.25
New York Central 434 s—
63.00
2.25
Associated
334s~Deol~ 1936-194411
63.25
2.25
62.25
1.50
Original preferred
*
63.25
2.25
$6.50 preferred
*
15
17
$7 preferred..
___*
16
18
Boston & Maine
4>4s
—
5s
N
Canadian National
63.15
2.40
63.15
2.40
434 s
63.00
2.25
Cent RR New Jer 434 s
62.50
1.50
4>4s—
5s.
Canadian Pacific
Y~Chio &~St
L
-
5s
62.60
2.00
63.85
63.85
3.00
Northern Pacific 434S-—-
62.00
1.25
1.25
61.50
1.00
Carolina Pr & Lt $7 pref*
1937-49
call
63.00
2.00
Dec 1 1937-50
63.10
2.25
Pere
63.00
2.25
63.00
2.25
5s
62.00
1.10
5s
62.75
2.00
4s series E due
1.25
3.20
4.50
4.75
6%
Jan & July
3.20
64.85
834
1034
Central Maine Power—
1.00
Pennsylvania RR 434s
Marquette 434s
Reading Co 434s
preferred
*
$7 preferred
non
100
$6 preferred
100
Cent Pr & Lt 7% pref.-100
Columbus Ry Pr & Lt—
-
1st 6s preferred A
112
131
7434
7634
24
2434
9234
95
83
8534
8834
7734
9134
8034
81
8334
5s
Denver&RG West
85
81
Chicago RI & Pac434s—
81
85
5S
54.00
2.75
64.00
434s—
2.75
99M 10034
97
99
434s-
98
100
9834
10034
100
$6.50 preferred B
100
Consol Elec & Gas $6 pref.
Consoi Traction (N J)-100
63.50
2.50
Consumers Power $5 pref.*
63.00
2.00
Continental Gas & El—
2.50
113
67
183
St Louis Southwestern 5s__
534s
1.50
62.50
1.50
434s-
63.10
2.25
5s
62.50
1.25
62.00
1.25
434s
5s
1.75
63.20
2.35
2.10
Essex-Hudson
1.75
62.00
62.50
_100
Dallas Pr & Lt 7% pref 100
Derby Gas & El $7 pref--*
63.00
Southern Pacific
2.75
62.50
534s
6s
Great Northern
434s
5s
Hocking Valley 5s
61.75
1.25
Illinois Central
63.25
2.40
62.25
1.25
63.90
2.75
63.00
2.00
62.50
1.50
61.90
1.25
61.90
1.25
5s
5s
....
Internat Great Nor
434s—
Long Island 434s
5s
Louisv & Nash
434s
5s
Maine Central 5s
534s
Minn St P & SS M 4s
5s
preferred
Miss Riv Pow 6% pref. 100
Mountain States Pr com--*
7% preferred
100
Nassau & Suff Ltg pref. 100
Nebraska Pow 7% pref. 100
Newark Consol Gas
100
New Eng G & E 534 % P*- *
N E Pow Assn 6% pref-100
Ask
57 34
60
67 34
72
70
74
11434 11594
334
594
3534
39
33
35
111
116
38
120
73
3934
75
*
57
59
New Orl Pub Serv $7 pref*
New York Power & Light
56
58
99
101
New Eng Pub Serv Co—
$7 prior lien pref
$6
cum
preferred
7% cum preferred.-.100
Gas
18
58
*
10934
83
111
86
88
94
96
7% preferred..
100
Okla G & E 7% pref—100
101
103
Pacific Pow & Lt 7% Pf 100
Penn Pow & Lt $7 pref
*
72
95
9634
Philadelphia Co $5 pref—*
8534
108
78
82
3534
3634
3734
3834
Pub Serv of Colo 7% pf 100
$6.50
1.50
$7 cum preferred
38
40
1.10
Gas & Elec of Bergen. .100
116
1.10
Hudson County
183
61.75
1.00
Idaho Power—
Republic Natural Gas
Rochester Gas & Elec—
61.75
1.00
10634 10834
10834 110
$6 preferred C
100
Sioux City G & E $7 pf-100
110
11134 112 34
10634 109
74
Queens Borough G & E—
61.60
5s.
$6 cum preferred
2.25
61.60
434s
2.25
62.25
434s
10034 10194
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
63.00
5s
Virginia Ry
Ohio Edison $6 pref
$7 preferred
63.00
Texas Pacific 4s
cum
preferred
Gas.-.100
*
100
$6 preferred
6%
preferred..
100
1
10734 10994
7134
5%
7434
694
9934 100J4
100
102
91
93
5s
10034
10234
Illinois Pr & Lt 1st pref—*
47
4934
Sou Calif Edison pref B-25
27
28
534s
101
103
Interstate Natural Gas—*
26
28
182
6s
100
10134
South Jersey Gas & El-100
Tenn Elec Pow 6% pref 100
Wabash Ry
434s_
63.25
2.25
2.25
Western Pacific 5s
For footnotes see page 3314.
7% preferred
15
53
Federal Water Serv Corp—
63.25
3.00
—
434 s
Western Maryland
5s—
63.75
63.00
434s
_
Southern Ry
Union Pacific
434s
Bid
115
62
100
St Louis-San Fran 4s
64.00
534s
Erie RR
$7
Nor States Pr $7 pref--100
10634 10834
10434 10634
5s-
5s
Mississippi Power $6 pref—
Mississippi P & L $6 pf—*
Electric
62.00
61.50
65.25
4>4s.
&
Atlantic City El $6 pref—*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref-*
Buff Niag & E pr pref—25
5s._
1.00
63.85
Gas
3.00
61.50
63.85
5s
Chic Milw & St Paul
-
434s—
234s series G
Chicago & Nor West 434s.
434s III
5s
N Y N H & Hartf
62.00
Chesapeake & Ohio 5>4s—
634s
434s
Par
Ask
2.00
534s——
2.00
Utility Stocks
Ask
5s
2.25
62.50
_
Teletype N.Y. 1-1146
exchange
Public
Bid
ONE WALL ST., N. Y.
exchange
534s
434s__
$7 preferred
pref—*
10
12
62.85
2.35
Jamaica Water Sup pref-50
53
55
62.75
2.00
Jer Cent P & L 7%
63.75
2.75
Kan Gas & El
63.75
2.75
Interstate Power $7
pf—100
94
96
7% pref-100
110
112
Kings Co Ltg.7% pref--100
Long Island Ltg 6% pf-100
68
72
65
79
72
7% preferred
100
Memphis Pr & Lt $7 pref-*
7% preferred
100
Texas Pow & Lt 7% pf_100
Toledo Edison 7% pf A 100
-
-
51
53
60 34
6234
10134 103 34
10434 10634
6734
United G & E (Conn) 7% pf
Utah Pow & Lt $7 pref...*
64
66
82
Utica Gas & El
9354
95 34
75
Virginia Ry
7% pf—100
100
92
166
94
172
Financial
3314
Quotations
Chronicle
May IS, 1937
Over-the-Counter Securities—Friday May 14—Continued
on
Securities of the
OFFERINGS
Associated Gas & Electric
First
System
Water
American
S. A. O'BRIEN
Members New York Curb
150
BROADWAY, NEW YORK
COrtlandt
&
75
Amer States P S 5M8-1948
/84
Bid
Dallas Pow & Lt 3 Ms. -1967
81M
Federated Utll 6 Mb—1957
95
96 %
Green Mountain Pow 6s '48
Houston Lt & Pow 3)48
61M
62 M
Income deb 3 Ms—1978
36 M
Inoome deb
36%
37 M
37 M
39
40
43%
72
73
Louisville Gas & El 3 )4b *66
Meirop Edison 4s ser G '66
Missouri Pow A Lt 3%s 66
Ask
Water Works Securities
102% 102%
73
75
Complete Statistical Information—Inquiries Invited
103 M
104%
101% 101%
44 M
Associated Electric 58.1961
Iowa Sou Utll 5 )4s
Assoo Gas & Elec Corp—
3Jis—1978
Income deb 4a
1978
Inoome deb 4 Ma—1978
1973
Conv deb 4s
Conv deb 4Mb
1973
73
75
Conv deb 5s
1973
77 M
80
Conv deb 5 Ms
1973
86
8 year 8s
1940
96
66
1950
Kan City Pub Serv 38.1951
Kan Pow A Lt 1st 4
Keystone
Ms '66
Telep 5)48-1955
Mtn States Pow 1st 6s 1938
Assoc Gas & Elec Co—
43
Sink fund Income 4s 1983
43
Sink fund Income 5s 1983
Newport N A Ham 68.1944
N. Y. State E A G Corp.
47
37
Sink fund lno4Ms~1983
99
Swuct.Brent&G*
101
45
107 M
47
108
INCORPORATED
99 M 101
40 EXCHANGE PLACE,
93
NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0610
100% 100%
102
102%
97%
97%
Water Bonds
95
99
Narragansett Elec 3 )4s '66
Cons ref deb 4 Ms.-1958
Tel. 2-3761
Specialists in —
Ask
79 %
Amer Utility Service 6s '64
Amer Wat Wks A El 5s '75
101% 101%
105% 106%
Bid
Alabama Water Serv 6s *57
Bid
Ask
98
105
Ashtabula Wat Wks 5s '68
101
103%
Atlantlo County Wat 5s *68
100
103
106
~
»
-
45
95
102
4s
96
—
52
Northn States Pow 3)^8 '67
Ohio Edison 3%8
1972
95 M
95M
38
98%
Sink fund lnc 4 M-514s 86
44
Okla Gas A Elec 3%s_1906
98
99 %
98 M
Sink fund lnc 5-6S..1986
46
Sink fund lnc 514-6 Ma 86
53
48""
1946
102 M
Old Dom Pr 5s May 15 *51
71M
Debenture 4s
102
Blackstone V G & E 4s *65
107
103 M
...
103 M
96
74 M
Phlla Electric 3)4s---1967
Public Serv of Colo 68.1961
81
Pub Serv of N H 3 %s D *60
104
M
Colorado
5 Ms series A
1954
102
10294
105 M 106 94
102 M
101%
Pub Utll Cons 5 )4s—1948
74
79""
6%
Sioux City Gas A El 4s 1966
Southern Bell Tel A Tel—
96 M
97 M
Power 6s.. .1953
Conn Lt & Power 3 Ms 1956
3 Ma series F
1966
3%s series G
1966
106 M
Debenture 3Ms
101% 101%
103% 103%
100% 101%
3^s A. 1961
104 % 105
102
Citizens Water Co
97)4
47
49
81M
83 M
Tel Bond A Share 5s. .1958
Utica Gas A El Co 68.1957
51
48
51
Wisconsin G A El 3 Ms 1966
49 M
52
Wise Mich Pow
95
95%
118
Wisconsin Pub Ser
49
1962
6s series B
6% secured notes. _1937
Cumberl'd Co PAL 3%s'66
3%s__1901
101%
1951
5 Ms series A
1951
City of New Castle Water
6s
103
mmm
1954
100%
1957
—
1st 5s series C
104%
1901
102 M
85
103 M
86 M
98 M
mmm
100M 101)4
43%
6s stamped
67%
105
104 M
87
''
•
*
•»«.
4MB
1958
93
96
1st mtge 5s
1958
97
100
Davenport Water Co 6s '61
105
1942
100
1942
100
1960
102%
1952
63
102
mmm
Chesebrough Bldg 1st 6s '48
67%
60%
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
M1n y'^s™'
N. Y.
1st A ref 6 Ms
1947
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 Legended..
50 Bway Bldg 1st 3s lno '46
/9%
6 Ms unstamped
1949
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
42 R-vay 1st 6s.
6s.
6s
Sf deb 5s
1942
1936
..1945
67
70
/34%
36%
reg'55
/30
32
/ 30
5%s series BK
90
1st A ref 5s A
92
1967
90
92
B 1901
ser
98
101
South Bay Cons Wat 6a '50
South
65M
67 M
Pittsburgh Water—
1st mtge 5s
109
mmm
101
1954
103
1962
104%
1955
101
5s series A
1960
101
"'mmm
1960
105
::mm'm
...
'mmm
mm m
Spgfield City Wat 4s A1956
96
Terre Haute Water 6s B '56
101
6s series A
mmm
97
102 M
101% 103
99
100%
1958
95
98
101
103% 104%
104%
1957
100 M 102 M
mm'm
mmm
Lexington Wat Co 5 Ms '40
Long Island Wat 5Ms.1955
104
Middlesex Wat Co 5 Ms '57
104
98
1949
Water Serv 5 Ma '51
W Va Water Serv 4S..1961
Western
Indianapolis W W Secure—
6s
Texarkana Wat 1st 58.1958
103 M
103
Union
.1966
N
Y
96 M
98 M
Water Co—
6s series B__
98 M 100 M
1950
1st mtge 5s
95
...1951
1st mtge 5 Ms
1950
Westmoreland Water 5a *52
98
100 M
101
103
Wichita Water—
5s series B
1956
101
1960
103
1949
103
W'msport Water 5s.-.1952
mmm
106
6s series C
68 series A
Borland Shoe Stores
7% preferred
Bid
*
12 M
95
.100
B/G Foods lno com
100
32%
102
Bickfords lno
102
-
■
-
-
-
mmm
mmm
104
52.60
Bohack
/5 9
62
57
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
/25%
28%
O'iver Cromwell (The)—
1st 0s
Nov 15 1939
/io
14 M
Par
Kress
Bid
(8 H) 6% pref
Ask
11%
Miller (I) Sons com
11%
16
_*
21
6M% preferred
100
Murphy (G O) 55 pref.100
40 M
106
108
36
pref
_*
(H C) common..*
conv
4M
11%
36%
6%
Nelsner Bros pref
.100
115
115M
Reeves
(Daniel) pref. .100
100
5%
100
100
30
39
104
10
11
45
107
H) Co Inc..*
Diamond Shoe pref
46
/54
Ask
101
3M
13M
*
7% preferred—
60%
15%
6%s series Q
41
45
/50%
/63%
79
/12%
70%
/48
1
70%
-
-
—
-
-
14
72%
52
71%
73
64
66
88
90%
63%
/60
53
55
73%
72
95%
97
51
63%
71%
VI %
---
*
21
25
100
7% preferred
87
28 M
28
Sts 6% pf.100
6% pref ctfs
New
Kobacker Stores
common
1%
30 M
30
1%
93
New preferred
54
.*
58
Park Avenue—
2nd mtge 6s
1951
103 E 57th St 1st 08—1941
165 Bway Bldg 1st 5%s *51
90
Sugar Stocks
70
52
54
63
67
Prudence Co
I
5%s double stpd
1961
Realty Assoo Sec Corp—
68 Income
Bid
Ask
Par
1943
/62
64
6%s_1940
Savoy Plaza Corp—
Realty ext 1st 5%s_1945
/5 6
20%
22%
31
West Indies Sugar Corp._l
1 I
39
1
As*
42
*1
Bid
Savannah Sug Ref com__.l
29
36 M
8%
38%
58%
Roxy Theatre—
6s
1945
3s with stock
1956
/23
/23
45%
1%
Miscellaneous Bonds
25
25
49
Bid
Associates Invest 3s__1946
94%
Ask
95M
Bear Mountain-Hudson
3-5%8deb lnc (w s).1956
60 Park PI (Newark) 6s '37
/28
48%
31
/32
35%
61 Bway Bldg 1st 5%s 1950
Syracuse Hotel (Syracuse)
/57%
59%
1st 6%s
Preferred.
Haytian Corp Amer
1st fee A 1'hold
616 Madison Av 1st 6 %s'38
70
United Cigar
FIshman (M
49
Sherneth Corp—
/49%
1st 6 Ms (L I)
102 M
Scranton Spring Brook
Water Serv 6s...1961
Chain Store Stocks
/43
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 16 1937
Ludwlg Bauman—
1st 6s (Bklyn)
106
100
99% 101%
1954
Par
/57%
/46
69%
London Terrace Apts 6s '40
104
102
5%s series C-2
1st 4-5s extended to 1948
1947
99
6%s series F-l
/44
1st 6s
m
99 M 101M
96
85
1939
140O Broadway Bldg—
1st 6 Ms stamped
1948
Lincoln Bldg lnc 6MS.1963
Loew s Theatre Realt Corp
.1947
Munson Bldg 1st 0%s_1939
N Y Athletic Club—
11
■mmm'
'■'-mm
90
J 958
99% 101%
103
32%
93
84
68
Fuller Bldg deb 6s
1944
6 Ms unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s *42
Hotel Lexington 1st 6s '43
Hotel St George 4s...1950
Lefcourt Manhattan Bldg
.1948
81
1958
Fox Theatre A Off Bldg—
1st 6 Ms
Oot 1 1941
/30%
Ask
83
500 Fifth Avenue—
62d A Madison Off Bldg—
6s
Nov 1947
Mortgage Certificates
1st A gen 6s
..1946
N Y Eve Journal 6%s.l937
N Y Title A Mtge Co—
58
35
m
5s series B
.,1977
1st mtge 3 Ms
1st mtge 2s stmp A
/5 5
/32
Roch A L Ont Wat 58.1938
Shenango Val 4s
Metropolitan Chain Prop—
Court A Remsen St Off Bid
1950
4MB
5s series A
1952
Roanoke W W 5s
St Joseph Wat 43 ser 19A'06
Scranton Gas A Water Co
Indianapolis Water—
Majestic Apts 1st 0S..1948
69%
60%
mmm
''mrn
101
Metropolitan Corp (Can)—
..1948
103
'
100
Richmond W W Co 68.1957
Metropol Playhouses lno—
Chanln Bldg lno 48—1945
1948
1948
'
Bid
/39%
1948
Plalnfleld Union Wat 58 '61
Illinois Water Serv 5s A '62
Ask
1st leasehold 6 Ms. .1944
Broadway Motors Bldg-
1st consol 4s
98 M
99
101
Pittsburgh Sub Wat 5a '58
Kokomo W W Co 6s..1958
-
1950
81
Interstate Water 6s A. 1940
-
Works Co—
78
Joplin W W Co 5s
•
4%s..l960
Water
101
6s
INCORPORATED
34%
95
Peoria
'
AMOTT, BAKER A CO.
/48%
31%
93
Penna State Water—
1946
6s series A
5s series B
Broadmoor (The) 1st 6s *41
B'way Barclay 1st 2s. 1956
B'way A 41st Street—
90
Pinellas Water Co 6 Ma '59
58
43%
-
100
98
87M
Phlla Suburb Wat 4S..1965
Huntington Water—
Public Utilities—Industrials—Railroads
Bid
107 M
77%
.1946
5 Ms series B
/39M
92
86
74%
5 Ms series B
Hackensack Wat Co 6s '77
Reports—Markets
Jan 1 1941
-
1st consol 6s
Water Service
6s series B
Real Estate Bonds and Title Co.
Ohio Cities Water 5 Ma '63
Ohio Valley Water 58.1954
Prior lien 5s
...
100
99 M
100 M 101M
Estate Securities
Broadway,
97 M 100
105 M 107
96
99
Community
5s series A
Alden 1st 6s
78
90 M
1st coll trust
City Water (Chattanoga)
6s series D
2360
77
.....1951
'
77
New York Wat Serv 6s *61
1st A ref 6s
mmm
Greenwich Water A Gas—
150
,
73
Ore-Wash Wat Serv 5s 1957
100
1941
6s series B
BArclay 7
mmm
■
Ohio Water Service 58.1958
101%
E St L A Interurb Water—
1st mtge 4s.
Real
'
V.\
Connellsville Water 6s. 1939
96 M
1958
Sou Cities Utll 5s A
'58
(Wash)
Clinton W Wks Co 5s. 1939
1962
Western Mass Co 3 Ms 1946
Western Pub Serv 5)4s '60
Consol E & G 6s A___1962
...»
mmm
.■
1951
6%s.
mmm
Consol Water of Utlca—
Conn River Pr
100
5s series B
102
105
100
5s series B
/5%
wlthstkl952
•
104 M
6s.195,0
;
New Rocbelle Water—
102% 104
Butler Water Co 5s—1957
5s
/91
Central Public Utility—
Income 6)48
100
Chester Wat Serv 4 Ms
101M 103
1962
1st 4s '65
Peoples LAP 5)4s.— 1941
72 M
79
101
1954
Calif Water Service 4s 1961
99
Penn Telep Corp
94
Cent Maine Pr 4s ser G '60
95
Pennsylvania Elec 5s
Central G & E 6Ms—1946
1946
6s series B__
104
6%s
Newport Water Co 6s 1953
Cent Ark Pub Serv 5s 1948
1st lien coll tr 6s
104
97"
Parr Shoals Power 58.1952
Bellows Falls Hy El 5s 1958
103 M
73 M
1957
:
100
New Jersey Water
6s series C
1950
Morgantown Water 5s 1965
Water Works
Birmingham
95
'■
Monongabela Valley Water
Muncle Water Works 5s '65
1965
Northern N Y Utll 68.1955
Sink fund lno 6M8--1983
96 %
Ask
93 M
Monmouth Consol W 5s '56
100
1956
Alton Water Co 6s
Sink fund lnc 4-5s._1986
Atlantic City Elec 3%sl964
Inc.
Est. 1854
PORTLAND, MAINE
Utility Bonds
86
Co.,
(Maine)
H. M. PAYSON & CO.
HANcock 8920
Telephone between New York and Boston
Teletype—N.Y. 1-1074
Bid
Electric
FEDERAL ST., BOSTON
Bell System
Public
&
Works
Consumers Water Co.
Exchange
7-1868
Direct Private
CO.
WANTED
Mortgage Bonds of Subsidiaries
50%
River Bridge 7s
1953
Sept 1
Oot 23
Textile Bldg—
1st 3-5s (w s)
1958
47
1939
90
94
64%
67%
—
1938
1940
/72%
Walbrldge Bldg (Buffalo)—
Oct 19 1938
/25%
Westlnghouse Bldg—
1st fee A leasehold 4s '48
/22%
1937
100^32 100»32
2s
Aug
15
1938
June
101% 1015,6
100®32 100%
1 1939
Journal of Comm 6%8 1937
85
95
Reynolds Investing 6s 1948
Triborough Bridge—
88
90 M
1005,6 100 M
4s s f revenue 1977.AAO
4s serial revenue 1942-68
*
2 Park Ave Bldg 1st 4s 1941
1st 6%s
75%
15
l%s
104
Aug
100% 100'>32
49
Trinity Bldgs Corp—
1st 5%s
1939
Federal Home Loan Banks
lMs
No
par
value,
a
Interchangeable.
& Basis
f Flat
price,
to i When
Issued,
x Ex-dividend,
Curb Exchange,
z Ex-stock dividends,
t Now listed
on
Ask
IHb
Federal Farm Mtge Corp—
1Mb
Bid
Home Owners' Loan Corp
price,
y Now
d Coupon,
selling
on
100% 101
&2.65
e
3.90
Ex-rights.
New
York
New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grama of pure
gold.
i.
Volume
Financial
144
Quotations
3315
Chronicle
Over-the-Counter Securities—Friday May 14- Continued
on
Industrial Stocks and Bonds—Continued
Merck & Co. Inc.
•
com
Rome Cable Corp com
Scovlll Mfg
Lawrence Portland Cement Co.
Amer. Dist. Tel.
*
Remington Arms
Molybdenum Co.
Simplicity Pattern
Singer Manufacturing.
Singer Mfg Ltd
Co., Com. & Pfd.
34
l
Worcester Salt
100
60
64
394
114
York Ice Machinery
*
100
214
854
234
884
147
American Tobacco 4s. 1961
13
Trico Products Corp
Tubize Chatllion
Bristol & Willett
Established
Members New
116
York
Bell System
1920
174
404
424
1004 1044
54
44
*
pf. 10
See Chain Store stocks—
United Merch A Mfg com *
Security Dealers Association
Broadway, N. Y.
cum
93
conv
2
Par
American Arch.
Bid
43
46
64
68
103
108
Galr (Robert) Co oom
American Hard Rubber—
Garlock Packing com
8% cum preferred—. 100
American Hardware
344
36
Golden Cycle Corp
*
21H
23 4
86
Good Humor Corp
American Mfg 5% pref.100
American Republics com.*
82
Andlan National Corp
Graton A Knight oom
Preferred
14
40
60
62
234
25
33 4
36 4
10
8 4
94
*
114
17 4
184
68
72
*
494
50 4
Great Lakes SB Co oom__*
474
49
Art Metal Construction. 10
25 4
27'4
Great Northern Paper..25
37
Beneficial Indus Loan pf.*
504
52
K11 dun Mining
Corp
1
Lawyers Mortgage Co..2G
23
254
26 4
Lawrence Portl Cement 100
Bowman-Blltmore
Hotels
1st preferred
Burdlnes Inc
Chilton Co
100
>
com
23 4
10
com
91
1st 6%
8
64
Climax Molybdenum,...*
Columbia Baking com
*
Lord A Taylor oom
64
100
10
44
334
234
»
Preferred
52 4
54 4
*
454
48 4
100
108 4
com
Dennlson Mfg class A... 10
Dentists' Supply Co of N Y
60
63
Devoe & Raynolds B com *
53
57
Dictaphone Corp
72 4
5
44
•
144
154
Wltherbee Sherman 6s '44
Wilcox-Gibbs common..60
25
28
54
Woodward Iron
Wlllye Overland Motors.-1
6% preferred
.10
5
6
11
12
For footnotes
see page
2d
1014 103
123
1344
1962
1st 5s
1962
inc 5s
conv
3314.
United
117
115
17
154
44
110
113
*
69 4
100
1184
Dixon (Jos) Cruolble...lOO
60 4
65 4
New Britain Machine
Douglas Shoe preferred. 100
Draper Corp.,
»
37
40
80
83
New Haven Clock pf 6 4100
Northwestern Yeast... 100
76
6
38
20
25
New
Broadway
York
40 4
*
42
81
Norwich
Cigar Stores
Incorporated
48
*
Bros.
Morton Lachenbruch & Co.
100
*
Preferred
Follansbee
34 4
Muskegon Piston Ring
National Casket
Woodward Iron
-
32 4
6% preferred
100
Mock Judson A Voehringer
Preferred
.100
B
»
624
Merck A Co Inc com
97 preferred,
24
1024
/49
1943
64s
-
1
19
55
Class
/22
assented... 1942
Struthers Wells Titusvllle
---
■
•
16
53
Crowell Pub Co
1945
Standard Textile Products
1st 64s
101
54s
90
974
984
1064 1084
1952
Pipe Line 4s
Scovlll Mfg
Wickwire Spencer Steel—
New common wi
*
114
654
*
preferred
105
104
14
120
Columbia Broadcasting A *
cum
70
424
110
100
preferred
2d 8% preferred
84
220
/65
260
Maofadden Publloa'n com *
47 4
46
14
40
100
210
39""
34
24
2
1939
1946
80
N Y Shipbuilding 5s..1946
Otis Steel 44s
1962 t ..Panhandler Eastern
314
214
40
100
(Glenn L)
6s
conv
37
99
95
1014 1024
Nat Radiator 5s
107
97 1st preferred..... 100
/S54
/29
1948
Conv deb 6s
994
874
314
994
Kopper Co 48 ser A... 1951
1
com v t o
1004 1014
1955
1937
214
184
100
West Dairies Inc
34b
Deep Rook Oil 7s
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
17
93 cum preferred
*
White (S S) Dental Mfg.20
White Rock Min Spring—
Ask
13
38
*
*
10
1
Gen Fire Extinguisher
25
Amer Malse Products
Bid
*
101
45
preferred
Preferred
*
Preferred
99
1940
f 6s
conv s
1st
Martin
7% preferred
-.100
Weet Va Pulp A Pap com.*
Par
Ask
♦
100
American Book
100
24
144
Welch Grape Juice com..6
Industrial Stocks and Bonds
90
97
1st
Warren Northam—
Teletype NY 1-1493
95
Cudahy Pack oonv 4s. 1950
174
xl6
United Piece Dye Works.*
Preferred
100
Tel. BArclay 7-0700
106
Am Wire Fabrics 7s.. 1942
Chicago Stock Yds 5s. 1961
Conti Roll A Steel Fdy
14
374
154
United Artists Theat com *
United Cigar Stores—
107
126
preferred
Bonds—
153
354
com
97
100
7%
64
54
preferred
Young (J S) Co oom...100
297
294
100
7%
Taylor Wbarton Iron A
Steel
334
19
100
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
..*
Bought—Sold—Quoted
32
314
...10
384
104
25
_
com
14
5
Standard Screw..
Woodward Iron
44
Ask
30
WJR The Goodwill Station
50
47
Bid
Par
Ask
Bid
Par
Publication Corp com
Climax
Preferred
Federal Bake Shops
-
-
Nat Paper A Type com
5%
-
*
94
114
100
preferred
304
32 4
*
34 4
Bell System
Telephone Dlgby 4-5600
Teletype NY 1-2075
36
100
95
..*
6
7
30
21
23
Ohio Leather
Follansbee Bros pref.--100
Foundation Co, For shs..*
31
34
Ohio Match Co
*
104
114
Pathe Film 7% pref
Petroleum Conversion
*
94
98
Preferred..
American
shares
3
*
4
3*4
6
5ys
-
Pharmacal
com
1
COSDEN PETROLEUM
COSDEN OIL
New Securities
Old Securities
14
4
£xp*LeAA £xcfuiug£y
52 Wall
Tennessee Products Common
H.
S.
New York City
Street,
A. T
HAnover 2-3080
.
& T.
Teletype N. Y. 1-1642
EDWARDS & CO.
/ Pittsburgh Stock Exchange
rr*mh.r.
Memoers
j
120
Tel. REctor 2-7890
INDUSTRIES, Inc.
PENNSYLVANIA
QUrb Exchange (Associate)
New
Broadway, New York
Units
Teletype N. Y. 1-869
Union Bank Building, Pittsburgh
ROBINSON, M1LLER & CO.
INC.
Teletype
HAnovePrh2ni282 52 William Street, N.Y.
N.Y. 1-905
Diamond T Motor Car Co.
Bought, Sold & Quoted
Prospectus
upon request
GENERAL ALLOYS
QUAW & FOLEY
$10 PAR 7% PFD.
$4,374 in arrears.
Earned over twice dividend in 1936 and
plan for settlement of arrears and resumption
of dividends expected shortly.
Members New York Curb Exchange
30
Broad
St.,
N. Y.
Hanover 2-9030
Approx. Mkt. 8-8 4
Analysis on Bequest
LANCASTER & NORVIN GREENE
CLIMAX MOLYBDENUM COMPANY
Incorporated
30
C.
E.
STREET
UNTERBERG & CO.
Bell Tele.
HAnover 2-0077
CURRENT
N. Y.
1-1786
NOTICES
C New York Security Dealers Association
vr«mw«
Members
61
BROAD
j
Commodity Exchange, Inc.
—Reactionary trends in the stock market are not destined
BOwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
much
energy,
to develop
in the opinion of Estabrook & Co., 40 Wall St., New York,
"Review
in their
of the Quarter."
The balance of probabilities does not
support the views of those who believe and proclaim that the peak of the
CURRENT
N OTICES
recovery
■
movement has been reached.
"The anomaly of rising business combined with falling stock prices can
—Announcement is made of the formation in Philadelphia of the firm of
F. J.
Morrissey & Co.
as successors to
been dissolved following the death a
new
Belzer & Co. of that city, which has
month
ago
of John L. J. Belzer.
firm has opened offices at 1510 Chestnut St.,
The
hardly be long sustained." states the firm.
"It is safe to say that either
business will presently turn down to conform with the market
stocks
will stop
declining.
trend or else
Business has acquired such momentum that
Philadelphia.
They will
any
deal in bank and insurance stocks and general market securities.
The part¬
practically out of the question.
ners
are
Frank J.
Morrissey and Harry G. .Nickles.
Mr.
Morrissey
trader and office manager of Belzer & Co., with whom he had been
ciated for
Mr.
10 years.
Nickles graduated from the University of Pennsylvania in
ceiving
a
research
was
asso¬
He has been active in the securities field since 1917.
significant falling-off in activity over the next two or three months is
"Looking beyond the near-term, the outlook for business and the markets
in the fall is far from clear.
Many observers expect
a
moderate recession in
industry by that time, on the grounds that present capacity operations will
re¬
lead
to
Master's degree in 1935, since which time he has been engaged in
that
by fall agriculture may be able to shoulder some of the weight of the
1932,
work.
—Announcement is made of the formation of Wood, Stephens & Wood,
Inc., to conduct
overstocking and ultimate readjustment.
economic structure now carried
a
general securities business, with offices at 40 Exchange
Place, New York City.
Officers of the
President; Lee H. Wood,
Stephens, Secretary.
new company are
John A. Wood,
Vice-President and Treasurer, and Dwight C.
Lee H. Wood was formerly an officer of the National
Bank of Charleroi and Trust Co. of Charleroi, Pa.
—At
a
It is likely,
however,
by industry."
meeting of the Board of Governors
of the New York Security
Dealers Association held on May 13th, Walker Harden of Baker,
Harden and Herbert M. May of Herbert M.
Weeks &
May & Co. were elected to
active membership.
—Clark and Kohl, 40 Wall St.,
The Colorado & Southern Ry.
New York, have issued
an
analysis of
Financial
£3316
Chronicle
May 15,
Quotations on Over-the-Counter Securities -Friday May 14
-
1937
Concluded
Investing Companies
Bid
Par
Administered Fund
19.00
10.71
Invest Co ol Amer com. 10
2794
Investors Fund C
29)4
Sl. 14
»■
•
14.97
—
Foreign Stocks, Bonds and Coupons
m *
«•
49
46
Inactive Exchanges
15.89
21.41
Keystone Oust Fd Ino B-3.
1.26
11)4
Ask
24.14
Incorporated Investors—♦
9.83
Amerex Holding Corp
*
Amer Business Shares... 1
Bid
Par
Ask
17.86
*
Affiliated Fund Ino
23.43
1294
Amer A Continental Corp
Major Shares Corp
3
Amer General Equities Inc
Am Insurance 8tock Corp *
1.08
5)4
6
Maryland Fund Ino com..
9.51
10.42
Assoc Stand Oil Shares..2
7)4
8
Mass
Trust.. 1
27.20
28.86
15.41
16.85
1.20
Investors
•
Mutual Invest Fund
Bankers Nat Invest Corp »
Basic Industry Shares
♦
4.97
British Type Invest A...1
.55
.75
Broad St Invest Co Inc...
33.81
36.16
20)4
22)4
Bullock Fund Ltd
394
..1
1
----
<m
National Investors Corp—
6.93
4.40
4.27
4.37
1.95
Voting trust certificates.
Central Nat Corp cl A
Class B
45
48
2.11
17.84
New England Fund
4.80
Foreign Unlisted Dollar Bonds
19.18
•
3)4
Bid
N Y Stocks Inc—
Bank stocks
£11.07
6
9
Building supplys
H1.15
12.04
26.83
12.49
5.74
Electrical equipment
Insurance stocks
£11.57
5.36
£10.17
10.99
1294
Machinery stocks
£12.64
13.65
Continental Shares pref...
10)4
16)4
Railroad equipments
£13.85
14.95
Corporate Trust Shares...
2.90
Steel stocks
£13.45
15.06
59
63)4
1
Oonsol. Funds Corp cl A
Accumulative series
Series
17)4
•
-
-
-
—
2.75
Series AA
AA
2.75
—
28
..100
117
—
3.33
8b.
3.13
ollv
Securities... 100
67
Pacific Southern Inv pref.*
37
39
Clasa A
♦
15
Class B
*
3)4
.86
Quarterly Ino Shares new.
17.11
7s.
"
75
Northern
——
7s.
Crum A Forster Insurance
10
33
100
112
Common B shares
7% preferred
34)4
6.18
Cumulative Trust Shares. *
22.31
Deposited Bank Shs ser A.
Deposited Insur Shs A
B__
Brazil
Representative Trust Shs.
-
-
-
4.90
D
7.05
1.86
2.01
Eqult Inv Corp (Mass)..6
Equity Corp conv pref...l
Fidelity Fund Inc
*
32.63
35.06
Shares
13.82
1.40
1.55
94
Sovereign Invest Inc com.
Spencer Trask Fund
*
1.04
1.15
20.47
21.10
3.95
27.94
3.86
Super Corp of Am Tr Shs A
3.75
4.08
State Street Inv Corp
*
—-
-
—
Foundation Trust Shares A
4.75
5.10
23.23
24.52
Fundamental Tr Shares A.
6.05
6.75
5 55
-
6.60
Group SecuritiesAgricultural shares
-
Building shares
2.01
1.54
1.67
City Savings Bank
Eleo 7s..1957
Mining Shares...
1.60
1.56
1.61
6l"
Natl
115
1.44
2.59
.90
Voting trust ctfs
Un N Y Bank Trust C3„
.98
Un N Y Tr Shs ser F
14
2.05
194
Wellington Fund
94
J4
1962
Ind
1948
/33
7)4s
Hungary
National Hungarian A
20
10
Mtge 7%
97 )4
1947
47)4
A®
48)4
1945
A9
21
/53
/24
58
1968
19
48
Oberptals Eleo 7%.-1946
Oldenburg-Free State 7%
19)4
19)4
73
to
Porto Alegre
80~"
Protestant
60
A7H
/20)4
Churob
(Ger¬
/28)4
30)4
/35
A7)4
A9)4
A9
A9
37
A9
/20
/2C
5
Duisburg7% to.
20.98
)
many)
1941
5s
—
..
3
6Hb
1
European Mortgage A
Rhine Westph Eleo 7% '36
A8
/22
A8)4
24
46
A8
19)4
1945
160
M Bk 6s '47
1957
A7
AO
1957
/33)4
34)4
A2
/71
/61
14
/26
27 H
82
1941
6s
18)4
21
Rio de Janeiro 6%—.1933
21
Rom Cath Churob
21
R C Church Welfare 7s
20
Royal Dutob 4s
21
Saarbruecken
21
Salvador 7%
8)48 '46
24
Preferred
Huron HoldlDg Corp
Investm't Banking
7s ctfs of dep
5
7 Hi8
.70
1.08
Bank Group Shares
1.74
1.88
Insurance Group Shares
1.54
9)4
Corp..
32
10)4
33)4
'
I
First Boston Corp
Schoelkopf, Hutton A
494
Pomeroy Inc com
594
8%
1947
117
Santa
Fe 7s stamped. 1942
/77)4
/50
/23)4
6
7b.
7
7s
7
1.66
■;
Institutional Securities Ltd
112
ft
1
'
Bancamerlca-BIalr
21
I
vestment
Corps
/33
/27
/33
/27
A9
1
Guardian Inv Trust com.*
Frankiurt 7b to..
7
CURRENT
5
NOTICES
4s scrip
■m
m
m
—
Scrip
8
A594
1694
/23
/20
21H
Pub
Works 7s. 1945
1951
6)4s
Saxon State
Mtge 6s. 1947
A9H
/20
25
21
/28)4
2894
7
/96
1956
53*'
1956
48
51
155
Nov 1935 to Nov 1936
99
50
Nov 1932 to May 1935
B
steadily strengthening railroad situation, later re¬
80
/80
Sao Paulo (Brazil) 6s. 1943
A9
German Conversion Office
duction in motors highest since 1929, a record first quarter in the electrical
—
20
Santander (Colom) 7s. 1948
Saxon
bank 614%
Catharlna
Santa
mmm
mmm
1948
(Brazil)
88 ctfs of dep
mmm
m
-
-1948
88
m4m
German Building A
-—With the steel industry booked to capacity through June, current pro¬
26
/22)4
A8
/2S
7%
Prov Bk Westphalia 6a '36
3
1)4
19.13
1
1.14
90
/33
35
3
■■■,
1.85
1.04
92
82
i
4
3)4
/19
/21
/84
178
)
16)4
2.49
B
21
/86
i
5s.
1.59
1694
85
21
1948-1949
Bk of
»
.98
/19
A9
1946-1947
"
.88
A9)4
f20
82 H
at Central Savings
19)4
/32
J
7.21
Series B
Landbank 6)4s '38
Panama 6)4%
(A A B)
(CAD)
20
/40
A9
/50
/21
/19
Bank
78.
1946
Prov Bk Westphalia 6b "33
7.75
Trusteed Amer Bank Shs B
1.74
1.43
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
Panama 5% scrip
3
2.94
Trustee Stand Oil Shs A..
1.48
Petroleum
a
Water 7%
_.as8au
/56
/34
/78
/58
3
—
1.36
equipment field, and
A
1948
52 X
Light
Power
uneberg
Buda
3.00
Series D.
Merchandise
.
196!3
Chilean Nitrate 6s
15.08
Trustee Stand Invest't Shs
U 8 El Lt A Pr Shares A..
1.48
14
8194
lerldlonale
A7)4
A7)4
/7l
3
Trusteed Industry Shares
shares
10)4
22
53
North German Lloyd 6s '47
7s assented
7.64
13.87
1.73
RR Equipment shares..
10)4
A8
—
7.64
C
1.05
Steel
1943
m
2.67
.96
Tobacco shares
„
4.12
1.59
shares
m m
Magdeburg 6s
193'1
Chile Govt 6s assented
Investing shares
shares
Koholyt 6>4b...
Central German Power
D
2.18
Chemical
Food shares
.84
■
2.69
Supervised Shares
1.99
1.50
shares
4.20
116
3.95
Series C
1.84
shares
4
—
7.18
1 38
Automobile
Burmelster A Wain 6s. 194 )
Caldas (Colombia) 714s
BB
-
Fundamental Investors Inc
B
25)4
23)4
1194
lannhelm A Palat 7s. 1941
/23
/58
Aio
A9
A8
A2
A9
n
Aires scrip
B
10.65
General Investors Trust..
113
*
AA
12.81
•
B
15.54
.78
Standard Utilities Ino...*
3.54
Fixed Trust Shares A
Buenos
14.25
/35
/33
/23)4
50
Coupons—
Nov 1932 to May 1935
Nov 1935 to Nov 1936
/36
—-19F
8Kb
25.94
.
1948
2l"
Munlc Bk Hessen 7s to *45
Bank
196
Hungarian
7)4s
Standard Am Trust Shares
Fiscal Fund Inc—
Insurance stock series.
1936
change Bank 7a
llseder Steel 6s
-
Brown Coal Ind Corp—
1
Selected Amer Shs new
41
£38
Bank stock series
«
/22)4
A8)4
1940
British
7.85
25c
13.32
Royalties Management...
-
O
Dividend
-
/92
funding scrip
18.74
Republic Investors Fund—
3.07
ser
8094
4
.97
/33
Hungarian Discount A Ex¬
•
_
11)4
eposlted Insur Sh
17
6s.
3.26
Diversified Trustee Shs B.
6s.
'
Hungarian Ital Bk 7J4s '32
8994
Ask
A7)4
50)4
A4)4
/24)4
/22)4
A094
/994
/994
AO
A9-
3.39
Series 1956
—
Housing A Real Imp 78 '46
Hungarian Cent Mut 7s '37
-
Palatinate
Bavarian
Series 1958
—
30
Plymouth Fund Ino A. 10c
8% preferred
89)4
Serles J 955
3.54
10
com
«
M
/21)4
/21)4
/25
/20
2.67
No Amer Tr Shares 1953-
—
3.54
mod
Series ACC mod
Crurn A Forster
No Amer Bond Trust ctfs
Byd
Ask
21
A9
/22
11.96
24.95
♦
Commonwealth Invest
Tel. HAnover 2-6422
St., N. Y.
7.17
Nation Wide Securities.. 1
^
Canadian Inv Fund Ltd. 1
Century Trust Shares...♦
BRAUNL
WALTER E.
52 William
4)4
"V
N Y Bank Trust Shares
*
•'
AO
/305
/98
Serbian 5s
2d series 5s
Coupons—
3
'
sumption of the broad cyclical advance of the stock market is probable,
according
to
study
a
released
by
A.
E.
Pierce
&
Co.
of 40 Wall St.,
New York City.
The
"After
entitled
Reaction—-What
Then?",
sketches
the
background of the recent "mystery'' decline in the market, and then
amines the economic fundamentals upon which a resumption
ex¬
of the forward
be based.
can
In summary,
^period of absolute quiet
,
July to Dec 1935
Jan to Mar 1937
Irregular intermediate rally during period of high second quarter
good second
quarter
earnings
estimates,
followed
by
Stem A Halske deb 6S.2930
mm
Graz
State
Most favorably situated groups appear to include rails, motors,
equipment, rail equipments,
oils,
coppers,
Bk Jugoslavia
5s
1956
54
66
1956
51.
53
6)4
Coupons—
Oct 1932 to April 1935
8)4
Stettin Pub Utll 78—1946
mmm
Stlnnes 7s unstamped. 1936
17
A0)4
A2)4
.
4
10894
A8
.
/50
1955
Eleotrlo 7s
Tuouman
---
7
3
steels and farm im¬
-
-
99)4
/56
9
16)4
100
..1943 t86 .44 91 .04
21 Ml
A 9 Mi
Unterelbe Eleotrlo 68.1953
-
Vesten Eleo Ry 7s
'
9
92
A554
1951
7% gold ruble..
A8
96)4
89
1947
City 7s
Union of Soviet Soc Repub
s
6%.
21
/38
Toho
110
AO
A9M
/51
/39
1946
7s unstamped...
13)4
Tolima 7s
0
/56
Certificates 4a—1946
11)4
100
97
Gt Brit A Ireland
plements."
on
Mtge
345
2d series 5s
mmm
Certificates 4s—1936
1 '36
(Austria) 8s
1940
7s
Oct 1935 to Oct 1936.
Apr 15 *35 to Oct 15 '36
German Young Coupons
Deo 1 '34 stamped
Guatemala 8s 1948
—Coincident with the election
m
mmm
■
/8
A6
-
"The latter pattern appears more probable, with selectivity of great im¬
electrical
m
/6)4
Dec 1934 stamped
later
consolidation.
portance.
m
mmm
mmm
m
/20
1936
June 1 *35 to Deo.
or
"(2)
m
/33)4
/32
/30)4
.
German Dawes Coupons
near the recent lows while the
market awaife development of the business lull expected in July and August
activity and
'
•
/34)4
-
Jan to June 1936
July to Deo
m
AO
.
...
German scrip
the study states:
"Two courses of action appear probable for the stock market at this time:
"(1)) Either
Jan to June 1934
July to Dec 1934
Jan to June 1935
analysis,
movement
/58
July to Deo 1933
1947
to...1945
/17 5-4
19)4
A9)4
21)4
/69)4
mmm
Wurtemberg
7«
Thursday of John K. Starkweather to
membership in the New York Stock Exchange, announcement is made of
For footnotes see page
3314.
the formation of the firm of Starkweather & Co. to succeed to the business
of Starkweather & Co., Incorporated, which was established in
by
June, 1933,
CURRENT
of former executives and personnel of the old investment bank¬
a group
NOTICES
ing house of Harris, Forbes & Co. and of Chase Harris Forbes Corporation.
The
new
change
firm will have associate membership on the New York Curb Ex¬
as
well
as
membership
In addition to Mr.
New
York,
on
Starkweather, who is Secretary of the Bond Club of
Chairman of the
ment Bankers Association of
Distribution Sub-Committee of the Invest¬
America, and
a
—Evans G. Olwell and Eugene F. Flahive announce
the formation of the
partnership of E. G. Olwell & Co. for the transaction of a general investment
the New York Stock Exchange.
member of two other I. B. A.
securities business.
York.
The
For the past
Special
Liquidator
new
firm will have offices at 115 Broadway, New
five years Mr. Olwell has held the post of Assistant
of
Securities
of
Controller
the
of Currency's
office
committees, other partners of the new firm include William H. Culbertson,
engaging in the liquidation of the assets of closed banks, and previously
Howard E. Duryea, John S. Hardin, Samuel S. Rodman, Don C. Wheaton,
was
associated with
Mr.
Flahive,
Alfred S. Hart, Edward P. Beach, William R. Laudy and John
The main office of the firm is at
111
H. Cowie.
Broadway, with branches at 292
Madison Avenue, and in Philadelphia, Baltimore, Buffalo and Atlanta.
Messrs.
Cowie
are
Starkweather,
Rodman,
Wheaton,
resident partners in New York.
Hart,
Beach,
Laudy
and
Mr. Culbertson is resident in
Buffalo, Mr. Duryea in Philadelphia, and Mr. Hardin in Baltimore.
The
Atlanta office is in charge of Stockton Broome, Jr.
—Harder & Co., Inc., 50 Broad St., New York City, has issued a
a
Baneamerica-Blair Corp.
graduate of Holy Cross, class of 1928, has been connected
with Richard Whitney
Clark &
Petersen.
—Harold W.
& Co. for the past year and was formerly with Rich,
National
City Bank and Bancamerica-Blair Corp.
Scott has been admitted
of Dean Witter &
Stock
as
Co., it was announced.
Exchange memberships,
one
a
general partner in the firm
The firm has two New York
of which is held by Austin Brown, ip
charge of the New York office, and the other, formerly held by John Witter,
circular
has been transferred to Mr. Scott.
Mr. Scott will
tracing the growth of the rayon industry, with particular reference to the
dent partners in New York for the firm,
Skenandoa Rayon Corp.
Los Angeles,
and Jenks, Gwynne & Co.
be
one
of the three resi¬
which has offices in San Francisco,
Seattle, Portland and Honolulu.
Volume
Financial
144
General Corporation
RAILROAD-PUBLIC
3317
Chronicle
and Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
We Invite Inquiries in
RIGHTS-SCRIP
Specialists since 1917
Milwaukee & Wisconsin Issues
,
i»wa & m.
Phone Daly 5392
ftfc Donnell & rex
Members]
New
120
York Stock Exchange
indebtedness and for working capital.
Underwriters are Francis Brothers
& Co. and Mackubiri, Legg & Co.
A. G. Stoughton is President.
Filed
May 12, 1937.
New York Curb\Exchange
Broadway, New York
Telephone REctor 2-7815-30
Bell Teletype ;NY 1-1640
FILING
OF
REGISTRATION
STATEMENTS
SECURITIES
The
Securities
UNDER
The
Securities and
Exchange Commission announced
May 12 that at the request of the applicants it has consented
to the withdrawal of the following registration statements
filed under the Securities Act of 1933:
ACT
and
Exchange Commission on May 10
daily report of all events transpiring in
connection with each registration filed under the Securities
Act of 1933 hereafter will be released by the Commission.
This step has been taken, the Commission said, to eliminate
delay in reporting to investors the fact that registration
statements have been filed as up to the present in the great
majority of instances, this information has been released
only on a weekly basis.
The filing of additional registrations
(Nos. 3143 to 3157) is noted this week.
The total involved
is approximately $43,568,041.
announced that
MILWAUKEE, WIS,
Teletype Milw. 488
a
Boulder Dam Hotel Corp, (File No. 2-3083)-—75,000
stock.
shares of ($5 par)
common
Gardner
Aircraft,
Inc.
(File
35-cent
participating class A
class
common
B
Kentucky
($2
par)
&
shares ($1
Blair
mon
common
2-3078)—50,000 shares
stock and 10,000 shares
Bennett
par)
common
Distilling Co.
Manufacturing
stock.
Co.
(File
No.
2-3018)—87,000
(File No. 2-2924)—155,000 shares
($1 par) com¬
stock.
Time Cap Corp. (File No. 2-3084)—16,667 shares ($1 par) common
and
par)
par)
($5
($1
stock.
Mansion
Distillery
(File No. 2-2747)—100,000 shares
cumulative convertible participating preferred stock.
10%
Wilson
No.
16,667 shares ($5 par)
Dawes Gold
stock
5% cumulative preferred stock.
Mines, Inc. (File No. 2-541)-—318,326 shares of common
stock
Cariboo Hudson Gold Mines, Ltd. 12-3143, Form AO-1)
of Vancouver,
Columbia, has filed a registration statement covering 200,000
shares of common stock (50c. par) to be offered at 25c. per share.
The
proceeds are to be used for exploration development, machinery and
equipment and working capital.
Dr. W.
B.
Burnett, President.
No
underwriter named.
Filed May 8, 1937.
British
Maryland Fund, Inc. ,.2-3144, Form A-l), of Jersey City, N. J., has
filed a registration statement covering 1.000,000 shares of capital stock
(par 10c.) to be offered from time to time at a pricp equal to current liquidat¬
ing value. The proceeds are to be used for investments. Smith Burris & Co.
be the underwriter.
is to
Ross
Beason, President.
Filed May 10,
registration statement covering $5,000,000 of agency agreements,
of .$2,500,000 supervised deposits and $2,500,000 individuals
appointment. No underwriter is named.
Porter Fox,
President.
Filed
a
comprised
May 10.
has
par
of 1
share for each
new
Federal
for
Deposit
Insurance
dividends
Charles A.
5 shares held.
for
and
Proceeds
are
to
be used
to repay
Corporation loan, replenish working capital
working capital.
No underwriter is named.
Filed May 10, 1937.
Verschoor is President.
California Engels Mining Co. (.2-3147, Form A-2) of San Francisco,
a registration statement covering 144,340 shares of common
Calif., has filed
stock (par $1) to be offered at ,50c. per share.
The proceeds are to be used
for mine reopening, paying debt and working capital.
No underwriter
is named.
F. E.
Hoar is
President.
Filed
(2-3148, Form A-2) of Detroit, Mich., has
filed a registration statement covering 59,000 shares of common stock (par
$1) to be sold to stockholders through warrants at $1.50, the unsubscribed
for shares to be sold to the public at market.
The proceeds are to be used
for
machinery and working capital.
No underwriter is named.
Alex
Manoogian is President
Filed May 10, 1937.
.
North Butte
Mining Co. (2-3149, Form A-2) of Butte, Mont., has filed
registration statement covering 668,230 shares of common stock (par
$2.50) and 1,331,770 rights to stockholders for subscription to the stock.
Of the 668,230 shares, 665,885 shares are reserved for exercise of the right
at $2.50 per share.
Of the balance of shares not subscribed for, up to
250,000 shares will be optioned to the underwriters at $2.50 per share or
the market.
The remaining 2,345 shares registered will be offered to the
public directly at $2.50 or the market.
The proceeds are to be used for
redemption of funded debt, Of reopening mines, development, 30% in¬
vestment in Unity Gold Corp. and for working capital.
John L. Cronan
a
Silver
President.
Bow
Securities
Filed May 10,
Co.
are
the
underwriters
-
Paul
A.
Gow
is
1937.
Phelps Dodge Corp. (2-3150, Form A-2), New York, on May 11 filed
registration statement covering $20,285,000 convertible debentures.
Further details on a subsequent page.
Filed May 11, 1937.
a
American
Stamping Co. (2-3151, Form A-2), of Cleveland, Ohio, has
registration statement covering 45,000 shares of common stock
(par $2) to be offered at $6.50 per share for the account of certain stock¬
holders.
The balance of the outstanding stock (including 2,400 shares
under conditional sale to certain employees) not presently to be offered,
amounts to 17,400 shares.
Paul W. Cleveland & Co., Inc., are the under¬
writers.
Worthy D. Gemmill is President.
Filed May 11, 1937.
filed
Adams
a
Keyroc Gold Mining Co., Ltd. (2-3152, Form AO-l(, of Toronto,Ont.,
filed a registration statement covering 5,000,000 shares of common
stock (.par $1).
Further details will be supplied by amendment.
Proceeds
are
to be
used for exploration, development and milling construction.
has
K. W. Wright & Co., Ltd., are the underwriters.
Filed May 11, 1937.
Mineral Mountain Mining & Milling Co., Ltd.
(2-3153, Form A-l),
Spokane, Wash., has filed a registration statement covering 300,000 shares
of common stock (par 5c.) to be offered to the public at 50c. per share.
Proceeds are to be used for development, equipment and working capital.
No underwriters are named.
Fred Theil is President.
Filed May 11,1937.
& Wilcox Co.
(2,3154, Form A-2) of Southington, Conn.,
filed a registration statement covering 100,000 shares of com. stock (par $10),
of which 80,000 are to be offered through warrants to stockholders of record
June 3 at $11 a share and the remainder to underwriters.
Proceeds are to
be used to repay loans and for working capital.
Underwriters are to be
named by amendment.
Mark J. Lacey is President.
Filed May 12, 1937.
Household Finance
Corp. (2-3155, Form A-2) of Chicago, 111., has
registration statement covering 20,000 shares of common stock
(no par), optioned to officers, directors and certain employees at $40.85
per share.
Proceeds are to be used to reduce bank loans.
No under¬
writers named.
B. E. Henderson is President.
Filed May 12, 1937.
filed
a
Hibbard, Spencer, Bartlett & Co. (2-3156, Form A-2) of Chicago, 111.,
has filed a registration statement covering 23,500 shares of common treas¬
ury stock
(par $25) to be offered through underwriters at $52.50 per share
Proceeds are to be used to repay bank loans and for working capital.
are Sills, Troxell & Minton, Inc., and Central Republic Co.
Whipple is President.
Filed May 12, 1937.
writers
Midwest Piping &
Under¬
C.J.
Supply Co., Inc., (2-3157, Form A-2), of St. Louis,
Mo., has filed a registration statement covering 80,000 shares of common
stock (no par), 60,000 shares of which are to be offered through under¬
writers at $11 per share and the remainder optioned to underwriters at the
same
price.
Proceeds are to be used to retire 6% preferred stock
to repay
on
undistributed profits.—V. 144, p.
$1,198,782
$2.00
2637.
The Chicago Stock Exchange has approved the
application of the com¬
pany to list 32,000 additional shares of common capital stock, no par, to be
admitted to trading upon official notice of issuance and registration under
the Securities Exchange
Act of 1934.—V. 142,
p.
4009.
Addressograph-Multigraph Corp.— To Increase Stock—
The stockholders will vote
May 19
on
approving
a
plan to authorize the
issuance of 100,000 shares of cum. conv. ($50 par) preferred stock.
It is expected that approximately 63,000 shares will be offered by a group
of underwriting houses following registration with the Securities and Ex¬
change Commission.
Proceeds totaling about $3,000,000 "will be used to
$1,700,000 of serial debentures, to build an addition to the Cleveland
plant, and to increase working capital.
It is expected that the issue will carry a dividend rate of 4>£ %.
Conver¬
sion price will be determined later.—Y. 144, p. 3160.
retire
Air
Associates, Inc.—Stock
Offered—Public offering was
of a prospectus, of 40,000 shares
($1 par) common stock through Robinson, Miller & Co.,
Inc., and Cohu Brothers as principal underwriters.
The
shares are priced on application.
1 i, by
means
The net proceeds from the sale of this stock will be used by
the com¬
for the expansion of its manufacturing facilities, for the purchase of
pany
equipment, development and engineering expenses in connection with new
products, for the repayment of bank loans and for added capital.
Company was organized in New York in 1927 and engaged in the sale
and
maintenance
of
airplanes
and
the sale
of airplane
accessories.
In
1931 the present management discontinued airplane sales and maintenance,
concentrating on the sale of equipment and accessories.
The principal
office of the company is located at Roosefield Field, Garden City, N. Y.,
where warehouse and manufacturing facilities aie maintained.
The com¬
pany
has branches at the airports in Chicago and Glendale, Calif.
Capitalization consists of an authorized and outstanding issue of 2,742
shares of $7 cumulative convertible first preferred stock and an authorized
issue of 250,000 shares ($1 par) common stock.
Upon the purchase by the
underwriters
conunon stock and the exercise of
15,000 shares, there will be outstanding 97,920
of 25,000 shares of new
options to buy an additional
shares of common stock.
Consolidated net sales of the company for the year ended Sept. 30, 1936
$1,045,114, compared with $688,272 in the previous fiscal year.
Net
profits increased from $40,513 to $65,033.
In the six months of the current fiscal year, net saies were $627,344, com¬
were
pared with $413,468 in the six months to March 31, 1936, and net profits
before Federal taxes was $36,068, compared with $27,489.—V. 144, p. 3161.
Abitibi Power & Paper
Provides $9,000,000 in
Co.—Reorganization Plan Filed—
Working Capital—
A plan for the reorganization of the company which has been in the hands
a receiver since 1932, were presented by Wood, Gundy & Co. to R. S.
McPherson, liquidator, in Toronto May 12.
F. H. Barlow, who has charge
of administration of the winding up act has given Mr. McPherson an order
of
to
of
Peck Stow
1936
1937
__x$l,510,379
640,000 shares capital stock
$2.36
Royalty Co.—Application Approved-—
made May
May 10, 1937.
Masco Screw Products Co.
and
Before surtax
x
Radio
Corp. (2-3146, Form A-2) of Ann Arbor, Mich.,
filed a registration statement covering 31,400 shares of common stock,
$1, to be offered to present stockholders at $10 per share at the rate
used
Earns, per share on
1937.
International
Laboratories—Earnings—
profit after depreciation and normal Federal
income taxes
1937.
Security Management Corp. (2-3145, Form A-l) of Chicago, 111., has
filed
Abbott
12 Months Ended March 31—
Net
proceed with negotiations with Wood, Gundy & Co. on details of the offer.
presented the principal features include:
Provision of nearly $9,000,000 of additional working capital.
In the plan
(1)
(2)
(3)
(4)
Issue of
new
bonds of two types.
Exchange of each 7% preferred share into 4M common shares.
Exchange of each 6% preferred share into 4K new common shares.
(5) Issue of one new common share for each 10 present common shares.
(6) Payment of unsecured creditors in cash or in whatever other way the
courts may direct.
It is also proposed to issue $37,960,200 of new 1st mtge. bonds in two
blocks
as
follows:
(a) An issue of $9,000,000 of 1st mtge. serial bonds to mature $750,000
annually over a 12-year period, with interest at 3H% oil the first four
maturities, 4% on the next four, and 5% on the last four.
This block
would be purchased by Wood. Gundy & Co. at 97.
(b) An issue of $28,960,200 of 5% 1st mtge. bonds maturing in 20 years.
of the face value of the
present 5% bonds.
Holders of the present bonds would also get $35,777,914 of 5% 2d mtge.
bonds in settlement of the balance of their claims, including arrears of in¬
terest and interest on the arrears.
Interest on this issue would be cumula¬
These would go to bondholders representing 60%
tive but
payable only from earned income.
This 2d mtge. issue would also
of bonds
be convertible into common on the basis of 35 shares for $1,000
for the first third converted, 30 shares for the next third converted and 25
shares for the remaining conversions.
Finally, there would be 2,712,125 shares of common.
Of these 1,8073,337
would be reserved for conversion of 2d mtge. bonds, and 1,638,788 would
be
given to the present shareholders as follows:
3318
(1)
Financial
For 7% preferred, 3 M
Chronicle
new
preferred.
common
The 6%
preferred will be in arrears $39,
making 4Y\
shares for each preferred.
Alabama Gas Co.—Earnings—
Ripley, Chairman of the bondholders' committee,
12 Months Ended March 31—
Operating revenues
Operating expenses and taxes
ssued the fol-
owing statement in Toronto
"Until the agreement with the Ontario Government in respect to Abitibi
is completed, the promulgation of any plan of
reorganization is premature.
The bondholders' committee is opposed to the so-called
Wood,
Sales of newsprint and pulp..
Sales of power
325,971
-.$14,974,886 $11,232,180
income
$250,190
85,549
$264,817
105,498
99,575
5,417
•
----
104,000
5,523
Note payable to parent company
Other
>,701,779
Amortization of debt discount and expense
costs incl. adminis., superin¬
tendence and gen. exps., but before
4,22?
51
Net income
12,052 486
9 357,033
7,745,330
3,221
Cr38,452
96,972
$2,919,178
$1,913,599
46,217
21,774
39,819
25,403
$1,859,476
124,902
12,179
$2,987,169
$2,078,821
United States funds
Balance.
Interest and discount earned
Sundry minor operating profits.
Amt.prev.provided as res.for doubtful
debts—now restored
$111,638
Earned surplus (since Dec. 1, 1934) at end of yr_
100,000
$101,243
$101,243
claims
stock
common
42,278
7,580
1,589
---
-
on
$49,796
101,243
---------
1934) at beginning
(since Dec. 1,
of year.
Excess provision for loss on damage
Profit on sale of plant property
Dividend
$55,396
$156,638
45,000
—
—
Earned surplus
providing for depr. & bond int
on
373
$312,544
47,727
Sundry deductions
Total..
provision was required for Federal surtax on undistributed
profits for the year ended Dec. 31, 1936.
Federal surtax on undistributed
profits for the calendar year 1937, if any, is undeterminable at March 31,
1937, and no provision therefor has been made.
Note—No
Total
contr.
$1,996,558
covering purch. of shs.
Paper Co., Ltd
40,919
Cost of carrying idle mills and timber
concessions tributary thereto
163,675
163,675
355,315
338,934
547,644
on
$328,045
-
-
Interest—Funded debt
$9,371,839
329,940
312,134
Oper.
Int.
$312,171
77,855
income.—
Gross
1934
$14,662,752 $10,906,209
$326,476
1,569
Provision for retirements
Earnings for Years Ended, Dec. 31
[Including also the results of wholly owned subsidiaries, but exclusive of
Provincial Paper, Ltd.]
1935
$1,565,558
1,253,387
Net operating revenues—
Non-operating income—net
Gross
1936
1936
ooo'oo'r
$1,828,237
l,501,7bl
Gundy
plan published in the press."
Discount
certificates.
highest bid,
Bondholders' Committee Opposed to Plan—
J. P.
1937
to bid for the purchase
In response thereto four bids were received.
The
97.628 and dividends, was made by a group comprised of
Salomon Brothers & Hutzler, Dick & Merle-Smith, and Stroud & Co., Inc.,
and has been accepted.
On this basis the average annual cost or the
proceeds to the applicant will be approximately 3.10%.—V. 144, p. 2982.
the
of
The 7% preferred will be in arrears in dividends
$43.75 at the date,
making claims $143.75 plus interest, giving a total of 4M shares for each
present
May IS,
The report of the Commission says in part:
The applicant invited 56 firms and corporations
shares per $100 of claims, including
accrued dividends and interest thereon to Dec. 31, 1937.
(2) For 6% preferred, 3 common shares per $100 of claims, including
accrued dividends and interest thereon to Dec. 31, 1937.
(3) One new share of common for each 10 shares now held.
common
of Thunder Bay
Interest
receiver's certificates and
on
229,683
3,114
Cost of issue of receiver's report
Expenses
re:
Comparative Balance Sheet March 31
Assets—•
overdraft
221,190
3,092
bondholders' meeting
152,113
4,197
2
2
30,461
.91,887
89,669
Miscell. investm'ts
743
Prov. for bad and doubtful accts. rec_
Amount written off the value of pulp-
a
Special deposits
lO",000
Cash-..-.-..
wwod acquired prior to receivership
and located at shut-down mill (Ste.
Notes receivable-.
50,000
4S.000
48,000
48,000
48,000
75,000
42,000
48,000
.
323,327
affiliated
1,907
495
57,386
52,201
39,435
2,179
631,487
290,982
64,960
290,982
111,638
101,243
supplies (cost)..
Appl'ceson rental.
74,990
56,665
Service ext. depos.
6,441
15,597
Reserves---
Cash in closed bks.
100,000
114,036
141,030
dep_.
2,485
2,485
Def'ddebit items.
_
6,141
122,145
Accrued accounts-
Consumers'
and
mat'ls
$1,000,000
3,058,300
5,443
cos...
trade & sundry.
326,976
Due from affil. cos.
Mdse.
3,000,000
Notes payable—Acc'ts payable—
60
Acc'ts receivable--
Anne division)
Provision for legal and audit expenses
Paid to receiver in respect of remun.
Amt. applied in amortiz. of purchase
price of G. H. Mead Co. shares
Prov. for U.S. Fed. inc. taxes on prof.
of G. H. Mead Co.
debt
Due to parent and
177
...—
Common stock ..$1,331,300
Funded
$4,860,811
1936
1937
Liabilities—
1936
1937
Prop., plant & eq.
(incl. intang.)..$4,957,052
122,330
18,410
Capital surplus—
Earned surp.(since
Dec.
21,664
1,1934)...
2,751
558,587
Cost of
obtaining special engineering
reports under authority of court
Expenses of liquidation
Divs.
on
common
a
stock of Provincial
Balance available for depreciation of
and properties and towards
bond interest
$2,185,189
Statement of Nominal Surplus for Period Prior to
Alaska Juneau Gold Mining
/
Balance Sheet
as
at
$1,205,186
Receivership
$953,927
as
Shown by
Dec. 31,1936
Nominal surplus for period prior to Sept. 10,
1932, qs per balance
sheet at Dec. 31, 1935
Adjustments of reserves provided
as
Accounts receivable.
$6 321 324
of Sept. 10,1932, in respect of:
Period End. Apr. 30—
Gross earnings
&
develop. chges. but be¬
fore deprec., deple. &
Federal taxes203,000
—V. 144, p. 2813.
97 510
x
$6,762,277
Balance Sheet Dec. 31
1936
on
deposit
shipments
Inventories of paper, pulp, wood, &c.
Investments in bonds
_
947,522
...
72 150
67 852
advances to
________
....
44,928,664
48,258,437
19,939,429
327!004
26,795
*
.....
1935
$85,875
640,652
General creditors' claims incurred prior to receiver.
Reserve for contingencies.
5% 1st mortgage gold bonds
•
7% cumulative preferred stock of $100 each
6% cumulative preferred stock of $100 each
Common stock
Nominal surplus of period prior to
receivership
Amount available towards depreciation and bond
interest from operations during receiver,
period:
As at Dec. 31, 1935
Sundry adjustments applicable to operations dur¬
ing receivership period up to Dec. 31, 1935
For year ending Dec. 31, 1936
Total
x
1953,
bid
or
sold.—V. 144,
were
Allied
mission
_
4.008,000
23,705
50,161,686
1,000,000
34,881,800
18,964,935
6,762,277
2,727,916
352.584
23,705
50,161,686
1,000,000
34,881,800
18,964,935
6,321,324
3,195,675
with
registration
with
Federal taxes
1936
—V.
x
$9,234
loss$32,138
loss$51,522
Corp.—Earnings—
Nil
Nil
,
$408,653
82,239
73,992
Other income credits.
$558,061
18,233
$451,028
15,159
$252,422
11,859
$576,294
55.072
156,143
x51,177
$466,188
33,361
163,962
30,150
$264,282
26,879
140,767
1,074
$313,901
$238,714
85,600
28,087
$95,562
Income charges
Depreciation and obsolescence
Provision for Federal income taxes...
Net
profit for the
year
Dividends
Dividends
on
old class A shares
on
new
Dividends
on common
—
class A shares
Includes surtax
shares
on
Includes $50,110 for non-recurring profit.—V.
144,
p.
per
share on 75,050 shares common stock (par $10)-1936
1935
103,014
$455,372
103,014
Notes & accts .rec
195,053
233,963
622,235
530,356
a
Inventories
...
Cash surr. value of
life insurance-
Long-term
b
on
97.628 and dividends in connection
certain equipment.
with
the procurement of
14,440
12,607
78,322
assets,
equip't.
Other assets
Prepaid exps. and
deferred charges
Total...-
1936
1935
$72,352
S60.147
28,308
74,245
32,895
42,894
1,605,000
Com. stk.($10 par)
Capital & paid-in
750,500
1,605,000
750,500
362,446
364,767
218,454
129,477
Accruals
Deferred liability.
Class A conv. com,
surplus
6,003
3,689
1,518,146
603
1,523,060
Earned surplus.
After
14,178
21,539
22,674
,
23,225
$3,111,305 $2,986,2851
Total
>-..$3,111,305 $2,986,285
for doubtful of $5,510 in 1936 and $5,516 in 1935.
b After
depreciation of $1,163,699 in 1936 and $1,084,091 in 1935.
After reserve for possible losses of $95,563.—V. 143, p. 3989.
a
reserve
c
Liabilities—
Accounts payable.
Dividends payable
Land,bldgs.,ma¬
chine &
2285.
RR.—Equip. Trust Certificates
$47,851
$0.25
stock ($25 par).
$616,700
Contract of deposit
May 4 authorized the company
to assume obligation and liability in
respect of not exceeding $3,825,000
series H, 2%% serial equipment-trust certificates, to be issued
by the
Pennsylvania Co. for Insurances on Lives & Granting Annuities, as trustee,
and sold at
------
undistributed profits.
Balance Sheet Dec. 31
c
Alabama Great Southern
The Interstate Commerce Commission
112,350
112,575
Earnings for 3 Months Ended March 31, 1937
Assets—
$0.55
1934
$596,788
57,097
88,662
land contr. rec._
Nil
1935
1936
$718,688
68,575
92,053
securities------
$9,549
1935
$2,265,508
$2.55
Selling expenses
Administrative expenses.
shares.—V. 144, P. 442.
27, '37 Mar. 21, *36 Mar. 23, '35 Mar. 24, *34
x$17,133 loss$19,697 loss$38,438
$27,584
7,899
12,441
13,084
12,442
5,593
rights
144, p. 3161.
Allied Products
Earnings
Mar.
Com¬
Exchange
Earnings for 12 Months Ended March 31 (Incl. Subs.)
Contract receiv'le.
Net profit
Earns, per sh. on 17,321
shs. 7% pref. stock
and
Net profit depreciation, Federal income taxes and other charges
but before provision for surtax on undistributed profit
Air-Way Electric Appliance Corp.—Earnings—
Operating profit.
Depreciation
Securities
Net profits after interest, deprec.. Federal taxes &
other deductions
$2,398,446
Earns, per share on 886,888 no par shares cap. stk.
$2.70
Cash & U.S. Govt,
3 Months Ended—
the
about the end of May, company will offer stockholders
$121,955,849$122,240,593
no par
1936 and bid or nominal
Sagueny Electric A 5^8,
1265.
p.
Mills, Inc.^—To Offer Stock Rights—
on or
3,195,675
62,673
,
After deducting loss of
y
capital stock at $20 a share for each 15 shares
held.
The offering will consist of 59,125 shares.
Working capital is needed
to accommodate the company for increased receivables, inventories and
higher commodity prices.
x
1185,189
—
Represented by 1,088,117
$64,383
538.583
3,650,000
341,382
1934
x$l,539
to subscribe for one share of
173*,121
Liabilities—
Receiver's certificates (secured)
Amounts owing on contract to purchase shares of
Thunder Bay Paper Co., Ltd.—
1935
x$2,597
of March 31, 1936, shows investments of $2,410,344
nominal value of $1,444,674.
This compares with
as
.$121,955,849$122,240,593
Wages accrued and payable
Sundry accounts payable
1936
x$2,023
y$499
Calendar Years—
-
716,700
securities sold of $162 in 1936 and $3,312 in 1935 and
securities of $2,430,044 book value at the end of
value of $1,489,768.
During the quarter $20,000
32 029
198,980
—
expenses.-.
919.700
1,500,613
1936
x
The balance sheet
45,568,289
327,052
.
Chattels and equipment
on
before profit on securities sold of $947 in 1934.
sold
Effective
3 647 115
$1,594,500
securities
794,518
of corporations other than
wholly owned subsidiaries
1,500,637
Investments in mills and equipment,
railways,
waterpowers, townsites and buildings.
48,348,565
Timber concessions and freehold timber owned
19,923,509
Real estate and office buildings
Total.
211
775,065
Investments in shares
Prepaid
"689
1,504,855
3,072,701
71,350
83,819
_
current assets.
Deposits with trustee for bondholders
Investments in the securities of and
$223,301
800 366
Receivable from other subsidiaries represented
by
wholly owned subsidiaries.
1935
$393,489
charges
But before loss
book value had
Assets—
Accounts receivable, customers', less reserve
Receivable from G. H. Mead Co. for newsprint
$1,853,500
173,000
1937
3 A/os. End. Mar. 31—
Net loss after all
Nominal surplus for period prior to Sept.
10,1932 as per balance
sheet as at Dec. 31, 1936
1937—4 A/os.—1936
Aldred Investment Corp. of Canada—Earnings—
143 443
wholly owned subsidiaries
Co.—Earnings—
1937—Month—1936
$394,000
$437,000
Profit after oper. exps.
200,000
Inventories of materials and supplies
Investments in shares of and advances to
corporations other than
hand and
Represented by 60,000 no par shares in 1937 and 51,500 shares in 1936.
144, p. 2462.
Cr100,000
mills
on
$5,610,881 $5,371,346
Total——
—V.
Paper, Ltd
Cash
$5,610,881 $5,371,346|
Total——
53,185
2,101
reserve
for
Volume
144
Financial
Chronicle
Allied Kid Co.—■Sales—
Dollar value of April sales,
reflecting higher costs of raw skins, was ap¬
proximately 30% above the total for the same month a year ago, it was
stated by S. Agoos, President.
Physical volume was about unchanged
from April 1936,
amounting to 3,820,000 feet of leather.
For the first
four months of this year, Mr. Agoos
reported that volume totaled 15,480,000
feet, compared with 14,058,000 feet in the same period a year ago.
Average
raw goatskin quotations
continue about 40% above e year ago.—Y. 144,
p. 2638.
American Bakeries
Apr. 17 *37 Apr. 18 *36
Consolidated net profit after interest,
depreciation,
Federal and State taxes, &c., but before
provision
on undistributed
profits and dividends
subsidiary company preferred stock
—V. 144, p. 1947.
for surtax
on
American Bantam Car
™CoTOn^r$?orts
March
$118,103
$152,584
Net oper. revenues
Assets—
5313,452
Gross income
able at
Unexpired insurance, &c
5,000
12,062
15,056
_
Goodwill
and
Property taxes (current)
1stmtge. (current),
Property taxes (fixed)
...
1,267
...
Fixed assets...
$4,291
3,701
Accrued payrolls, taxes, &c.._
call),
840,672
'
trademarks..._
First mtge (non-current)
Conv. pref. stock (par $10)
6,830
60,000
,
—
l
1
700,601
10,182
Total..
dividend
dividend of 20 cents
a
of 20
cents
per
paid
was
share
on
Dec. 7, 1936 and an initial
on
June 30, 1936.—V.
distributed
was
144, p. 2116.
^American Car & Foundry Co.—Resumes
W The directors
tne first
s.^°9j
>
have
declared
a
dividend
of
25
Common Divs.—
cents
share
per
Payable June 4 to holders of record May 24.
dividend paid
like distribution
was
on
the
144,
p.
on
the
This will be
1931, when a
stock since October,
common
made.—V.
American Chicle
2464.
The directors have declared
$3,451,211
27,834
$3,320,188
$13,748,063 $11,171,609
78,423
89,331
$3,423,377 $13,669,640 $11,082,278
,423,377
4,393
$13,669,640 $11,082,278
23,581
26,575
$3,325,476
93,275
724,679
$3,427,770 $13,693,221
81,242
454,132
725,011
2,908,138
$11,108,853
298,996
2,992,261
$2,507,522
taxes.__
Interest & other deduct.
$2,621,517 $10,330,951
$7,817,596
earned surplus
intercompany
a
was
paid
on
were paid as follows: 25 cents on
April 1 and Jan. 2,1936,
July 1 and Jan. 2, 1935, and 25 cents per share paid each three
1, 1930, to and including Jan. 2, 1934.—V. 144, p. 3162.
Earns,
x
ttie
Prospectus, which completely describes the new issue of
15-year sinking fund debenturas and stock purchase war¬
obtained from the Harris Trust & Savings Bank, H. M.
Preston & Co., both of
Chicago, the Irving Trust Co., N. Y. City, or at the
principal office of the company, 9 Brighton Road, Allwood,
on
American Metal Co., Ltd. (&
Subs.)—Earnings—
$4,253,375
x2,007.291
$1,437,160
1,493,860
$828,316
32,970
104,150
73,911
$6,260,666
13,650
126,659
178,132
32,700
503,681
381,392
210,185
1,189,787
2,931,020
216,017
405,678
271,890
49,002
788,539
157,309
x667,463
$2 645,206
Total income
Interest
516,612
24,369
93,026
103,859
28,605
170,751
Adminis. & sell, expenses
Taxes, other than income
Amortiz. of invest
Depreciation..
Depletion
82,800
44.882
979,238
Res. for mtl. pr. fluct...
reserve
111.518
399,650
309,088
69,981
$0.80
_____
$1,117,676
$322,822
$3,028,706
Adj. of metai price fluct.
Profit
Federal income taxes
Federal surtax
20,643
first
cage
Profit
...
Minority interest
$3,028,706
686,931
19,275
2,506
...
16,399
9,639
Net
$1,471,013
of subs,
Netprofit-.
1*935
loss__
1934
$2,605,510
$1,057,752
Earns per sh. on 970,414
sh. com. stock (no par)
yl933
$2,518,946
3,058,321
1933.
Mail tube systems,
franchises.
Instal.on contr'ts-
buildings.
Manufac'g plant._
Patterns, jigs and
fixtures
Investments
Notes & accts. rec.
$4,750,293
185,004
$5,903,707
185,468
$3,439,967
940,381
$4,111,963
922,721
$4,935,297
1,055,557
$6,089,175
1,050,995
473",606
517",660
737", 121
$2,045,587
2,602,640
Surplus for year
Shs. outstand. (no par)
per
share
1935
$
_
...
$2,716,242
2,602,740
$3,362,740
3,254,675
$4,197,708
3,255,475
def$557,053
1,301,320
$1.57
$113,502
1,301,320
$2.08
$108,065
1,301,870
$942,233
1,301,870
$3,22
103.352
Consolidated
1936
Assets—
c
Real est.,
$
from
$
3,520,109
Dividends payable
2,054,513
650,660
694,808
Accts. payable and
3,520,109
650,660
792,786
12,122,030
19,374,156
2,286,007
.11,679,754
_
relief
Federal
176,783
4,178,556
805,411
3,902,410
36,892
41,006
Marketablesecurs. 2,691,246
Miscell. investm'ts
18,308
2,738,953
-
Bal. in closed bks
1936
19,374,156
Capital stock
accruals
Treasury stock
Due
31
1936
a
Goodwill
b
Dec
Liabilities
$
plants
and equipment
Sheet
Balance
$2.58
1935
$
.
Common stock.
992,490
992,495
5,636,817
703,455
570,312
5,636,817
Preferred stock..
6,274,350
6,274,350
Inventories
747,294
First pref. stock.
1,417,550
1,488,800
Subsid.
665,744
670,499
by minor, stock¬
179,312
Accounts payable.
and
State
taxes..
Reserve for contin¬
672,016
881,257
Earned surplus .-.12,774,393
13,331,446
gencies
Accts. receivable..
580,312
a
stock
held
holders.
23,480
Pats. & goodwill..
Cash
2,882
$3,980,690
131,273
Reserve for taxes
187,145
incl.
1933
2,859
454,000
Depreciation
Pennsylvania sales tax__
Reserve for contingencies
Cash
1936
Liabilities—
Years
1934
2,826
$3,215,776
224,191
agencies
Dec. 31
1935
1935
$113,387,803$115,866,889$114,365,213$109,387,151
90,120,665
89,118,868
83,699,402
91,825,072
20,051,361
20,061,127
20,496,052
19,784,042
$460,261
During 1933 the American Pneumatic Service Co. increased its holdings
100% of the capital stock of G. & G. Atlas Systems, Inc., in which it
owned a 50% interest at Dec. 31, 1932.
The operating results of G. & G.
Atlas Systems, Inc. (and of its
wholly-owned subsidiary, G. & G. Atlas
Systems, Ltd.) are not included in the consolidated income account for
S
Nil
Subs.)—Earnings—-
2,816
Cost of sales
y
1936
Nil
$0.37
1936
2,979,207
$452,811
to
A.wets-
1,968
$461,220 def$160,844 def$201,027
$0.98
American Stores Co. (&
Earnings
$210,247
Consolidated Balance Sheet
1,304
14,000
—V. 144, p. 3163.
Other income-
2,836,051
$139,458
2,903
80,250
3,061
266,000
144,200
Federal taxes
Undist. prof, tax
Consolidated Income Account for Calendar Years
25,373
3,891,177
546,873
Taxes accrued....
410,463
Deprec. reserve...
Other reservesDeficit
accts. receivable
40,936
646,552
13,513
153,883
108,355
1,301,728
17,414
5,574,675
103,734
1,167,854
81,195
Prepaid accounts.
59,124
61,140
proc¬
...13,409,915 13,461,013
Represented by 198,498 shares of
in 1935.--V. 142, p. 3496.
a
Accrued interest
462,341
545,323
20,516
329,705
436,547
--
Deferred charges.
-
10,000
21,167
5,743,669
42,813
593,102
of completion
-.13,137,969 12,635,281
318,355
197,508
(secured)
13,513
206,091
37,455
Mdse. inventories.
21,748
Loans to employees
Pur. money mtge.
3,823,194
320,669
624,131
Long-term notes &
Contracts in
$544,373 loss$145,540loss$199,059
appertain¬
American Pneumatic Service Co. (&
Subs.)— -Earns.-
$2,625,804
$24,637
220,773
225,078
""769
$866,572
$282,430
$2,319,994
$1,010,598
$0.62
$0.15
$1.57
$0.50
Includes $2,124 profit on foreign exchange for the first three
months
of 1937 and $12,365 for the 12 months end. Marcn
31,1937.—V. 144, p. 2984.
1936
1934
$86,615
$557,286 l«ss$138,463 loss$196,136
Drl2,913
Dr7,077
Dr2,923
ing to min. stock, &c._
1,294,475
283,108
x
----.$2,745,676
including
depreciation & taxes._
2,885,135
1935
$958,541
Netprofit
Gross income.
Total expenses,
1936
$766,496
209,210
Consolidated Income Account for Calendar
Earns .per sh .on com .stk.
„
$0.30
144, p. 2816.
$1,464,750
Cr6,263
84,044
335,934
$343,465
51,396
V.
of this department.
3 Mos. End. Mar. 31—
1937
Net earnings
$1,883,686
Depreciation.
418,936
Expenses.
$1,117,676
234,705
$0.78
$0.34
3
American Steel Foundries Co.—Earnings—
Gross sales
& normal stk. reserves
$545,269
Stamping Co.—Registers with SEC—
on
Number of stores
Balance
1934
1935
$1,371,474
$743,904
undistributed profits.
on
Profit..
1937—12 Mos —1936
Subs.)—Earnings-
1936
com.
Other income
2984.
"Period End. Mar. 31— 1937—3 Mos.—1936
Profit before charges...
$1,977,743
$311,704
Other income
the year
1937
deprec.
x$2,320,816
Before surtax
See list given
Clifton, N. J.
Contingent
1936, with three exceptions among the subsidiaries
surtax on undistributed profits for that year.—
no
(par $25)
American
6% sinking fund gold debentures are being offered
opportunity to exchange such debentures for new 5% 15-year sinking
fund debentures due Feb.
1, 1952, and stock purchase warrants.
The right
to exchange expires June
3, 1937.
p.
sh.
per
stock
The present holders of
5%
the
2286.
American Rolling Mill Co. (&
the
144,
p.
Quar. End. Mar. 31—
American Colortype
Co.—Exchange Offer—
$1,500,000
144,
Net profit after
months from Jan.
rants, may be
from
No provision has been made thus far in 1937 by American Power & Light
and subsidiaries for Federal surtax on undistributed profits.
The
interest and taxes
Extra dividends
50 cents on
eliminated
been
Co.
income tax returns for
V.
SeeV. 143, p. 2664for detailed
have
the respective periods (whether paid
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 subsidi¬
aries.
The "net equity of American Power & Light Co. in income of sub¬
sidiaries" includes interest and
preferred dividends paid or earned on se¬
curities held, plus the proportion of
earnings which accrued to common
stocks held by American Power & Light Co., less losses where Income ac¬
counts of individual subsidiaries have resulted in deficits for the
respective
periods.
special dividend of $1 per share in addi¬
Dec. 15,1936.
transactions
Interest and preferred dividend deductions of subsidi¬
aries represent full
requirements for
or not paid) on securities held
regular quarterly dividend of $1 per share on the common stock,
value, both payable June 15 to holders of record June 1. A special
dividend of $1.50
dividend record.
Total
$18,341,137
7,169,528
5,288
totaling $4,930, show
Co.—Special Dividend—
tion to the
ess
$5,243,852 $20,918,948
1,792,641
7,170,885
22,846
Other income
Note—All
have declared a dividend of 20 cents
per share on the
stock, payable June 1 to holders of record May 17. A dividend of
was paid on
April 1, and on Jan. 4 last an extra dividend of 5
cents and
&
16,289,664
05,607
Amer. Pow.
Lt. Co.—
Net equity of A. P. & L.
Co. in inc. of subs, (as
shown above)
$3,320,188
Expenses, incl.
$36,795,354 $34,625,194
to
Net equity of A.P.&L.
Co. in inc. of subs,.
$1,332,089
The directors
common
25 cents
Land
..
127,199
$1,332,089
American Box Board Co.—Smaller Dividend,—
Net
•,
15,982,958
Cr106,552
$3,343,034
applicable
minority interests
above statement.
—V.
>,224,263
3,982,463
CV2.052
1,792,760
Portion
-V. 144, p. 1771.
par
(|
Bal. carried to consol.
Total
no
•
$9,171,949 $36,591,661 $34,313,039
52,314
203,693
312,155
$5,135,794
Total income
no par)
Earned surplus
17,379
1937—12 Mos.—1936 I
■ -..
,
4,031,500
Cr97,018
Balance
Pref. divs. to public
Common stock (300,000 shares,
Jigs, dies and tools..
Deferred operating
charges...
Deferred capital charges
25,613
25,000
495,870
;
•
$9,070,276
Balance
Accounts payable...
Deposit for State bond (return¬
•
$9,008,110
62,166
to public & other
deductions
Int. charged to constr'n.
Liabilities—
Accounts receivable—current.
Inventories
'
•
•'
Int.
Balance Sheet March 31, 1937
Cash...
Subs.)—Earnings—
1937—3 Mos.—1936
>••
Operating revenues
$24,359,976 $22,235,125 $91,551,940 $83,093,101
Oper.exps., incl. taxes._ 12,872,969
11,407,794
47,478,691
42,743,419
Prop, retirement & depl.
reserve appropriations
2,478,897
1,655,382
7,481,588
6,036,643
Co.—Earnings—
a net Profit of $10,182 for the period June 2, 1936 to
31, 1937.
American Power & Light Co. (&
Period End. Jan. 31—
Subsidiaries—
.t. •
Other income (net)
Corp.—Earnings—
16 Weeks Ended—
3319
Total
a
_.-
.36,550,019 36,986,841
Total..36,550,019 36,986,841
Represented by 1,400,000 shares of
98,680 shares of
common
stock,
c
no
par
value,
b Represented by
After depreciation of $9,279,821 in 1936
and
$9,748,002 in 1935.
—V. 144, p
2816.
American
Water Works
& Electric
Co., Inc.—Weekly
Output—
Output of electric
Total
no
par
13,409,915 13,461,013
in 1936 and 198,499 shares
energy
of the electric properties of American Water
Works & Electric Co. for the week ended May 8, 1937, totaled 50,876,000
kilowatt hours, an increase of 14.6% over the output
hours for the corresponding period of 1936.
of 44,433,000 kilowatt
3320
Financial
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1937
1936
1935
1934
1933
April 17
49,814,000 46,512,000 39,135,000 35,004,000 27,681,000
April 24
—50,000,000 45,251,000 38,874,000 35,224,000 28,319,000
May. 1
50,513,000 45,791,000 37,100,000 35,957,000 29,232,000
May
8
-.50,876,000 44,433,000 37,658,000 35,278,000 30,357,000
—V. 144, p. 3163.
■
'
American
Telephone & Telegraph Co.—Earnings—
r Period End. Mar. 31—
Uncollectible oper. rev..
1937—Month—1936
1937—3 Mos —1936
,309,632 827,968,298 826,480,748
89,912,342
29,665
143,671
105,083
52,254
I* Operating revenues
89,860,088
Operating
revenues
Chronicle
59,279,967 $27,824,627 $26,375,665
6,340,567
19,254,907
18,446,148
6,774,437
expenses
S,085,651
919,043
$2,939,400
814,471
58.569,720
2,573,319
$7,929,517
$2,166,608
$2,124,929
$5,996,401
Operating taxes
Net operating income
V. 144, p. 2816.
.
2,268,142
1936
$2,183,670
1,495,999
$674,423
Dr25,789
$755,625
$762,206
117,580
491,947
155,468
$692,287
119,311
467,126
151,196
$648,634
>119,136
478,580
155,169
$769,397
.stk .out. (no par)
$2,788
158,215
$45,345
158,207
$104,252
158,207
prof$79,572
158,207
share
Nil
loss
Earnings
per
Revised,
Including compensatory
y
Zinc, Lead & Smelting Co. ( & Subs.)-
Gross
sales.
on
1934
1933
$7,336,183
7,237,461
$6,429,795
5,969,669
$5,986,807
5,403,977
$404,116
$98,722
26,616
$460,126
15,214
y582,830
24,229
profit
1935
$9,621,355
9,217,239
$428,344
361,093
zl4,914
$125,338
337,084
7,405
$475,341
325,696
36,224
$592,195
292,461
45,000
$52,336 loss$219,150
1,426,943
1,609,282
sales
Cost of goods sold
$113,420
1,495,862
$254,734
1,241,128
$1,609,282
$1,495,862
_
Other income
Total gross income
Deprec. and depletion.
_
Federal income taxes
Net
profit
Previous earned surplus
Adj. of
prior
reserve
.
9,365
36,811
years
$1,479,280
$1,426,943
undistributed profits.—
Corp.—V.
144, p. 444.
Power
Issue Securities
as
Corp.—-Seeks Permission to
Per Reorganization Plan of Old Corporation
Corporation has filed with the Securities and Exchange Commission a
declaration (43-47) under the Holding Company Act covering the issuance
of securities in connection with its formation as the successor of ArkansasMissouri Power Co. under a plan of reorganization.
The
plan of reorganization has been confirmed by the U. S. District
for
Court
applic. to
Total surplus.
$0.50
tax.
Arkansas-Missouri Power Co.—Successor—
Arkansas-Missouri
1936
x
73,950
$457,943
157,932
-Earns
Consolidated Income Account for Calendar Years
Net
13,772
Nil
Nil '
Note—No provision has been made for surtax on
V.
144, p. 1267.
See Arkansas-Missouri Power
American
1,472,287
4,616
Gen. & admin, expenses.
Interest
x
$2,227,912
$687,671'
$754,915
Depreciation
.com
$2,306,460
y1,632,037
7,291
Gross profit-
Other income
Shs
1934
xl935
1937
$2,429,293
1,674,378
Cost of sales
$5,661,375
fr Net operating revenues
Earning s-
-
9 Mos. End. Mar. 31
Net
Operating
1937
15,
May
A. P. W. Paper Co.
P.
the
Northern
District
of
Illinois,
Division,
Eastern
and
the
Commission of Missouri, and the Department of Public Utilities
S.
of
Arkansas.
confirmed provides for an exchange of
securities upon the following basis:
(1) For each $1,000 of 1st mtge. 30-year sinking fund gold bonds, due
Jan. 1,1953 the holders thereof will receive (a) $750 of 1st mtge. 5% bonds,
dated Jan. 1, 1937 and maturing Jan. 1, 1957; (b) $250 6% cumulative
preferred stock; (c) six shares of common stock; (d) $15 special bond coupon
payable on or before Jan. 1, 1940; (e) $53 in amount of cash scrip and
The
plan of reorganization
as
(f) $22 in cash.
(2) For each $100 of 10-year 6H% gold debentures the holders thereof
10 shares of common stock.
(3) For each share of 7% preferred stock ($100 par), the holders thereof
will receive (a) two shares of common stock.
(4) For each 10 shares of common stock there will be issued warrants to
purchase one share of common stock at $9 per share on or prior to Dec. 31
1938, and thereafter and on or prior to Dec. 31, 1941 at $10 per share.
On the issuance of the securities, the declarant will be a subsidiary of the
Middle West Corp., a registered holding company, for the reason that the
Middle West Corp. will receive more than 10% of the declarant's common
stock in settlement of various claims against the declarant.
The declarant
will register shortly as a holding company.
,
Includes
x
operation,
z
administrative, selling
Including $425 surtax
Consolidated Earnings for 3
Period End. Mar. 31—
Net sales.
and other expenses,
y Profits from
on undistributed profits.
and 12 Months Ended March 31
1937—3 Mos.—1936
..$3,764,689
3,468,339
Cost of goods sold..
Gross profit on sales..
1937—12 Mos —1936
$1,921,364 811,464,679
1,785,267
10,542,649
$7,709,502
7,269,604
$296,350
9,280
Total income
Expenses, &c
Deprec. and depletion._
Federal income taxes, &c
Surtax undistrib. profits
$136,097
5,090
$922,030
28,419
$439,898
26,694
$305,630
104,999
96,000
12,101
Other income
$141,187
95,556
84,000
4,936
$950,449
367,106
373,093
21,653
$466,592
360,753
337,083
4,981
will receive (a)
Artloom
Corp.—Accumulated Preferred Dividend—
dividend of $1.75 per share on the 7%
$100, payable June 1 to holders of record
May 15. This payment represents the dividend due Sept. 1, 1936. Similar
distributions were made each quarter since and including June 1, 1933,
as against $1.50 per share on March 1, 1933, $1 per share on March 1, and
Nov. 18, 1932, and $1.75 per share previously each quarter to and including
Dec. 1, 1931—V. 144, p. 3164.
have declared
The directors
425
a
cumulative preferred stock, par
Net profit
x$92,530
...
loss$43,305
$188,172 loss$236,225
No provision was made for surtax on undistributed profits.
x
Consolidated Balance Sheet Dec. 31
Assetssi
1936
1935
Property acc't.. 54,532,153 §4,275,914
investments
Ore
stocks
196,922
300,086
2,042,983
2,096,695
464,838
127,647
808,915
484,867
_
inven¬
tories, &c
Cash..
_
Notes & accts. rec.
Due from empl's—
11,147
12,317
21,387
40,217
316,008
432,616
rec...
Freight and treat¬
charges
1936
48,983
768,846
Accounts payable.
repaid over
for
83,631
Total
a
—
152,924
After
reserves
16,212
1,479,279
1,426,943
3,602,503
4,019,021
3 Mos. End. Mar. 31—
$8,547,278 $8,072,910
..
income
Exps. of
non-oper.
Federal taxes
on
bonds
&
$13,672,343
801,069
prop.
145,233
1,716,310
(& Subs.)—Earnings—
1936
1935
$6,925,859
384,800
$5,869,463
314,912
$7,310,659
960,550
897,261
480,960
$6,184,375
1,037,986
460,729
395,0001
$4,971,798
1,208,038
450,988
subsidiary.
43,921
2,417,854
10,856
126,278
98,861
1,931,174
7,255
56,499
1,877,142
$2,808,320
$2,350,721
$1,636,468
8,674,338
8,674,338
$0.32
8,674,342
$0.27
8,673,833
$0.98
of metal mines)
of cap. stock
1,676,304
653",430
$2,491,630
$2,284,211
Consolidated Balance Sheet Dec. 31
a
Plant &
Cash,
1936
ctfs.
1935
ot de¬
142,003
393,857
mfg. opera'ns.
Interest earned (net)
1937
$0.19
(& Subs.)—Earnings1936
1935
$845,572
$1,755,109
Total income
$1,749,545
5,564
$846,547
330,448
174,910
$557,744
16,022
$573,766
236,300
191,026
20,135
taxes_
Net profit
Shares capital stock
$126,304
422,470
share
182,427
57.635
$729,658
290,377
188,537
34,477
$907,254
421,981
$2.15
Selling & admin. exps__
Deprec. & obsolescence.
Prov. for Fed. inc.
$283,554
421,681
$0.67
$216,266
422,470
$0.51
487,669
177,758
Note—No provision has been made for surtax
144, p. 2984.
on
1934
$714,043
15,614
975
Reserve for taxes..
488,864
218,875
Other
251,881
270,632
2,489,234
2,491,630
b Investments-...
698,775
409,151
1
$0.30
The directors have declared
a special dividend of $1 per share in addition
regular semi-annual dividend of like amount on the capital stock,
both payable June 1 to holders of record May 20.
Similar distributions
were made on Dec. 10 and June 1, 1936, and on Dec. 2 and June 1, 1935.
—Y. 143, p. 3137.
$6,823,155 $6,299,744
Arundel
-Results
Net
income
Common dividends.....
Balance, surplus.....
par).
Shs.com.outst.Uio
Earns, per sh. on com._
Tons
x Companies—
Brakpan Mines. Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd.
West Springs, Ltd
Milled
135,000
132,500
160,000
96,000
Note—Revenue has been calculated
Value
£248,771
278,996
321,008
118,409
on
Each of which is
1933
$695,425
97,800
$834,653
106,168
$16,622
$631,216
483,818
$597,625
483,818
$728,485
$16,622
853,284
$147,398
483,851
$1.30
$113,807
483,851
$1.23
$242,417 def$836,662
486,068
483,851
$1.50
483,851
$0.04
Earnings jor
3
Months
Ended
March
31
1937
Net
profit
after
depreciation
and
charges
before Federal income taxes
$201,086 loss$115,572
Balance
1936
Sheet
1935
§346,145
Dec.
31
Liabilities—
secur¬
1936
$120,955
138,031
41,307
722,085
58,846
590,298
104,800
4,478
32,705
ities at cost-...
1,079,550
1,052,150
Trade accts. pay..
Accts. receivable—
1,315,003
991,326
Prov. for Fed. tax.
Est.
net
Sundry creditors.
proceeds
of contracts
Deferred income
accr.
pending comple¬
Accrued interest.
1935
Dividend payable.
Accounts payable-
§333,582
Marketable
1936
but
_
on
contracts
100,000
_
30,933
.
35,669
45,827
40,423
307,673
§120,955
66,288
62,601
b Capital stock...
Surplus
4,954,260
4,954,260
2.365,733
2.218,335
Treasury stock..
Dr28,704
Dr28,704
158,318
c
21,000
Deferred charges to
Costs
£138,798
145,009
146,003
75,407
Profit
£109,973
133,987
175,005
43,002
the basis of £7. 0. 6d. per ounce
fine.
2639.
1934
132,244
Note—No provision was made for surtax on undistributed profits.
Mtge. receivable..
of
Gold Declared
1935
$763,460
Other accts. receiv.
{In South African Currency)
S6,823,155 $6,299,744
Total
1936
.
Materials & suppl.
of Operations for the Month of April, 1937—
76,439
Corp.—Earnings—-
Calendar Years—
tion & final est.
Anglo-American Corp. of South Africa, Ltd.-
—
a
After depreciation,
b Includes 23,817 (36,348 in 1935) shares of
company's stock, $397,151 ($686,775 in 1935) and stocks of domestic cor¬
porations ($12,000).—V. 144, p. 2816.
Assets—
to the
Surplus-
29,075
Cash...
Corp., Ltd.—$1 Special Dividend—
payable-
reserves
1
33,852
undistributed profits.—
V.
Andian National
255,342
1,151,610
1,459,381
Prov. for Federal taxes..
on
168,600
1 ,914,250
Operating income
Anaconda Wire & Cable Co.
Accounts
1935
$3,205,700 $3,205,700
Capital stock...
Notes payable-
1 ,728,345
&c
p.2466.
3 Mos. End. Mar. 31—
1936
Inventories
posit,
Total
,
Liabilities—
prop'ty_$2 ,595,553 §2,567,044
Includes depletion of timber, coal and phosphate lands.
Note—No provision has been made in the above preliminary consolidated
income account for surtax, if any, on undistributed profits.—V. 144,
x
$1,618,605
662,306
3,299
$2,489,234
Surplus Dec. 31.
Pats., goodwill,&c.
x
p.
42,633
$2,491,630
Appreciation of fixed assets.
Sundry credits
Deferred charges..
6,298
(par
$50) outstanding
Earnings per share
per
"l,571
_ —
Bills & accts. rec..
Net inc. (before deplet.
Earnings
loss$71,969
1,716.856
26,280
1934
>,537,100
Disc't & prems. on bds._
x Deprec., obsol. & depl.
Minority interest
Profit
$259,147
2,284,212
1,524
$2,489,234
$4,493,922
477,876
debs,
retired
Shs.
Organization expense
Dividends declared
A QQpfQ——
Interest ,&c
Loss
1937
$13,205,863
466,480
_
Other income
E»Total
$654,725
2,491,630
2,689
1,001
profit
b Representee^ by $1 par value shs.—V. 144, p. 3163.
Anaconda Copper Mining Corp.
Operating income.
Net
Surplus Dec. 31
Exchange adj.—London investmentMiscellaneous deductions
—
loss$78,473
6,503
Other income.
Capital surplus...
Total
$259,147
8,623
Fed'l
taxes
for depreciation and depletion of $7,316,150 in 1936 and
7,010,404 in 1935.
r
$654,725
_
49,816
218,917
§8,547,278 $8,072,910'
..
$86,210
164,683
191,695
$506,503
179,862
67,493
169,714
Reserve for taxes.
63,830
Deferred charges to
operations
1934
1935
1936
$1,016,134
76,493
Earned surplus
^ to be dismantled
(& Subs.)—Earnings—
Years Ended Dec. 31
Depreciation...
a pe¬
riod of 5 yearsTaxes accrued
income
Art Metal Construction Co.
46,544
446,962
Deferredliab. to be
Reserve
...
Plant and facilities
1935
$1,875,000
200,000
_
Reserves-
Misc. accts.
ment
Liabilities—
Preferred stock—.§1,875,000
b Common stock.
616,130
incorporated in the Union of South Africa.—V. 144,
future opera'ns.
Investments
524,277
797,797'
656,683
659,232
aLd.,bldgs.,mach. 4,108,444
3,894,497
Total
.....
88,401,972
§8,096,657.1
Total
.-.§8,401,972 §8,096,557
a After reserve for
depreciation and depletion of $5,056,867 in 1936 and
$4,980,645 in 1935.
b Represented by 495,426 no par shares (including
8,705 shares acquired by treasury per contra),
c Represented by 2,870
no par shares.—V.
144, p. 2118.
Volume
144
Financial
Armour & Co.
Chronicle
3321
(111.)—To Increase Stock—
1936
The stockholders, at a special
meeting on June 7, will vote on a proposed
increase in the authorized common stock from
7,578,504 shares to 15,000,000
shares.—V. 144, p. 3163.
Gross operating revenues
1935
$21,104,819 $19,541,472
834,496,727 730,257,594
261,326
246,512
Electric output (kwk.)
Customers.
The report also includes a five-year review of the constructive
accomplish¬
Aviation
Corp. (& Subs.)
ments of the company since 1932.
This record is summarized as follows:
"More than $200,000,000 of debentures have been
arnings—
Year End.
11 Mos. End.
Period—
Dec. 31
Nov. 30 '36
Net sales of manufactured products
Other operating income (net)
'35
$3,511,303
4,810
$1,794,702
1,667,911
under Section 77-B of the National Bankruptcy Act (as mentioned in this
or preceding
reports) so as to place their financial structures on a sound
basis.
$520,818
602,885
$126,790
179,554
"A serious and expensive lawsuit has been settled.
"During the period, 135 companies have been eliminated from the
Associated Gas & Electric System.
This reduction is offset to some extent
$1,123,703
Cost of sales
$1,782,372
12,329
$3,516,113
2,995,295
Total income
by acquisitions not yet merged or consolidated and by the formation of new
companies as a necessary part of the process of simplification.
Gross profit from manufactured products
Other income
Total-
experim. exps
848.058
State, local & Fed. taxes, other than income tax___
58",312
$306,344
782,182
135,257
34,148
$217,332
6,122
y$645,242
x 67,216
$223,454
110,470
y$578,026
Sell., adv., gen. & adrn., and
engr. &
Parent company expenses
Profit
exchanged under the
plan of rearrangement of debt capitalization, thereby resulting in important
savings in annual fixed interest charges.
"All bonds, debentures, notes, loans, or other evidences of indebtedness
having a fixed date of maturity, which reached such date during the period
were either paid or refinanced.
Three subsidiaries have been reorganized
_
^
Net profit from liquidation of surp. prop. &
equip.
_
Net profit before provision for
depreciation
Provision for depreciation
Federal normal tax
92,906
428
Federal surtax
I.IIIIIII
8,540
Consolidated net profit
Portion applicable to minority interests
$104,016
y$670,933
238,511
$104,016
$0.04
"The company's operating system has been strengthened and its integra¬
tion promoted by the acquisition of important
properties in five
States and in Pennsylvania, Delaware, and
Maryland."
In connection with this summary, Mr. Mange
southern
points out the effect on the
company of the
upward trend in rate reductions and taxes:
"During 1936 rate reductions amounted to $1,819,000, bringing the total
five-year period of present subsidiaries of Associated Gas & Electric
Co. to $8,909,000 per year.
While these reductions have meant a saving of
$8,909,000 per year to customers, it is also true that they have absorbed a
large amount which otherwise would have been available to security holders
or employees."
Of the company's increasing tax burden, Mr. Mange declares:
over a
y$432,421
Taxes at $12,880,657
Net profit.
Earnings
x
sh.
2,777,750 shares of
Before depreciation,
y Loss.
per
on
com.
stock.
Nil
"Taxes
of
Earnings for 3 Months Ended Feb. 28, 1937
Net sales
.$977,799
Cost of sales
904,090
Gross profit.
Other income
$73,709
134,028
Total income..
$207,737
220,970
Expenses
Depreciation
10.5%.
"These total taxes amounted to $2.82 a share on the 4,570,279 shares of
class A stock of the company outstanding at Dec. 31,1936.
They were also
equivalent to $657 per regular employee or to 39% of the total payroll.
They amounted to $8.12 for each customer.
After the appropriation of
almost $13,000,000 for taxes, there were not enough earnings left to pay
any dividends on either preferred, preference, class A, or common stocks
of Associated Gas & Electric Co."
Expenditure for new construction in 1936 was $16,400,000 compared with
$11,300,000 in 1935.
Rural electrification activities resulted in the con¬
bringing service to 13,097 rural customers.
struction of 2,743 miles of line,
26,329
Estimated Federal income tax
I.I.IIIIIII
Net loss
Associated Gas & Electric Co. and subsidiaries in 1936
$12,880,657, compared with $11,657,955 in 1935, an increase
on
amounted to
Consolidated Income Account Years Ended Dec. 31
3,785
[Including acquired properties only since dates of acquisition]
Operating Revenues—
Assets—
Cash
on
82 ,315,221
Notes &
acc. rec.
25,200
92,101
394,643
5,787
76,743
(lessres.)..
Indeb. of officers & employees
Accrued interest & div, rec._
Inventories.
a
,292,631
,650,000
Investments
Steam
8172,593
87,082
Prov. for State & Fed. taxes
34,815
_
Customers' advance deposits.
Purchase money obligations-
81,469
5,000,000 shs,
Miseell. invest'ts (at cost)
303,334
segregated
in
treasury.
-
--
--
--
the
Earned
Idle property A equip
Deferred charges
348,786
$3
ments of fixed
in
4,139,884
deficit subsequent to
Dec. 31, 1932.-.
1,966,440
30,756
657.380
exp., pat, &c_.
Non-operating
Interest
nterest
S11,255,406 I
Total
S11,255,406
American Airlines, Inc.—$3,650,000 principal amount
five-year 43^%
debentures, due July 1, 1941, at cost—convertible into shares of common
stock of American Airlines, Inc. at the basic conversion
price of $12.50 per
share: Held for investment, $2,414,062.
Reserved for sale to employees,
officers and directors of American Airlines, inc. at
a
$363,750.
Total,
$2,777,812.
Non-convertible—held for investment, $872,187.
b 25,000 shares of capital stock of North American
Aviation, Inc. (market
value, Nov. 30, 1936-—$271,875) (after deducting 32,900 shares sold during
the year).
4,632 shares of capital stock of Transcontinental & Western
par,
Air, Inc. (market value, Nov. 30,1936—$83,376).
At fair value determined
by directors at Dec. 31, 1932, $57,551.
Amount due from brokers rep¬
resenting proceeds of sale of 32,900 shares of capital stock of North Ameri¬
can Aviation, Inc. for which
delivery of stock had not been made at Nov.
30, 1936, $313,410.
c After reserve for depreciation.—V. 144, p. 2468.
Associated
Gas
&
Electric
Report—
Progress in Many Directions Reported—Output and Revenues
Gain
t
but Rate Reductions and Losses Prevent Dividends—
I. Mange, President, states in the company s
preliminary condensed
annual report that substantial progress was made in
1936.
He says.
"Electric and gas output reached new high levels, and revenues showed
encouraging increases.
Serious legal matters were settled.
Exchanges
under the plan of rearrangement of debt
capitalization, which was in¬
augurated in 1933, reached $200,000,000.
Further progress was made in
simplifying the corporate structure and in assimilating new properties ac¬
quired in 1935.
"Progress in these matters does not clear away all the perplexities of the
future, however," he adds.
"Taxes continue to
increase—they were
$1,222,701 higher in 1936 than the year before.
Constitutionality of the
Public Utility Act of 1935 (Wnerler-Kayburn bill) has not been
determined,
and this uncertainty casts a shadow 011 the future of the
industry."
The report confirms the quarterly earnings report for the 12
months
ended Dec. 31,1936, which showed total operating revenues of
$118,119,484.
This is $7,940,863, or 7.2% higher than the amount for
1935.
Most of
increase
came
from
electric
revenues
which
were
$94,634,924
or
$6,474,102 higher.
Operating expenses also increased, rising to $50,325,671 from $46,447,960.
Operating income was $35,663,843, or $2,193,048 greater than in 1935*
There was a balance of $3,122,809 after annual fixed interest of
Associated
Gas &
Electric Co.
These figures are on the "earning power and annual
includes for the full two-year period the operations
charge" basis which
of
all
subsidiaries,
irrespective of dates of acquisition.
Newly acquired subsidiaries are in¬
only from approximate dates of acquisition in the actual "since
acquisition" statement which is also included in the report.
Part of the company's improved revenues is attributed to a
gain of 62,216
customers, bringing the total served at the end of the year to 1,585,513.
The report states that about 67 % of the total number of customers are con¬
centrated in New York, New Jersey, and Pennsylvania.
Revenues were also helped by the aggressive new business efforts of the
company.
Success of subsidiaries and dealers with cooperation of the com¬
pany's new business department in distributing load-building appliances
and other equipment will add an estimated $8,540,440 to annual
operating
revenues.
This is 13% more than secured in 1935.
Among major appli¬
ances sold
were 82,585 automatic refrigerators,
33,078 electric and gas
ranges, 10,569 automatic water heaters, and 37,820 washing machines.
The industrial development division cooperated with local associated
companies and community organizations in helping 262 industrial concerns
find sites and locate in Associated areas.
This activity resulted in the
employment of 10,923 wage earners and the contracting of $509,709 in
estimated annual gas and electric requirements.
cluded
New Properties Bring Gains
aided by the successful records of the new properties taken
into the company's system in 1935.
These properties were principally in
Revenues
were
the South and
in
Pennsylvania.
1935 were as follows:
funded debt
-
:
charged to construction (credit)
Amortization of debt discount and expense
Dividends on preferred stocks paid or accrued
Minority interest in net earnings
4,265,085
30,059
6,091,530
Balance
Fixed Interest of Associated Gas A Electric Co.—
Fixed interest debentures
...
1,321,865
2,663,917
16
4,706,853
"
3,317,791
81,123
36,504
Balance
4,279,112
68,124
50,804
2,656,112
Sinking fund income debentures
7% interest-bearing scrip, &c
308,813
Note—The statement for the year ended Dec. 31, 1936 is preliminary.
Consolidated Corporate and Capital Surplus for Year Ended Dec. 31,1936
Corporate
Capital
Surplus
Surplus
$7,339,551 $12,495,023
Adjustment arising from change in consolidation
treatment of investments of subs, in Associated
Gas & Elec. Co. capital
stock ($37,025,169), and
from cancellation of exchanges of certain inter¬
J.
this
on
Balance—Jan. 1, 1936
Co.—Annual
19,270,137
851,407
108,865
Subsidiary Companies Deductions—
nterest on unfunded debt
Total
28,705,331
23,813,007
1,144,006
67,382
1,436,574
expenses
Gross income
8,081,816
27,014,589
1,822,442
Z)r 131,699
36,712,879
_
Other ihcome
8,333,250
-
9,193,333
34,947,418
2,006,867
Dr241,406
capital
Operating income
public—
2,777,750 shares
Paid-up surplus-.--
965,564
--
c
Development
of
370,962
_
Land, bldgs, inaoh. & other
equipment
Outstanding
the hands
compliance
with air mail Act of 1934-.
c
44,895,816
9,799,411
Provision for taxes (incl. Federal income taxes)
12,508,494
for retirements, renewals and replace¬
Provision
per share—Issued 2,831,041
sh.—Less: 53,291 shares in
par value
93,215,717
40,347,499
7,972,402
56,649,245
expenses
Balance
330,151
stock—authorized—
726,236
Operating
Maintenance
73,190,931
12,106,354
7,918,432
115,810,346
49,500,058
9,661,043
heating, water, ice, transportation, &c
Total-
42,600
_
Res. against properties, leases
& contingencies
Other aeronautical securities.
b Invest, in other sec. &
pro¬
ceeds
from
sale
thereof
92,767,745
13,466,889
9,575,713
Gas
Accounts payable
Accrued expenses
Capital
$
Electric
Liabilities—
hand «fc In banks
U. 8. Gov. bonds (at cost)-Marketable securities, at cost
1935
$
1936
$43,347
Consolidated Ba lance Sheet—Nov. 30, 1936
holdings of Associated Gas & Elec. Co.
capital stock in 1935 ($5,197,100)
company
42,222,269
..
Balance—Jan. 1, 1936 (adjusted)
Balance of
income
$7,339,551 $54,717,293
for the year ended Dec. 31,1936,
from income statement
—
2,656,112
—
Surplus arising from the inclusion in consolidation
of non-utility subs, not previously consolidatedReversal of accrued but unpaid divs. on subs. pref.
stock reacquiredAdjustment of minority interest in surplus of subsAdjust, of fixed capital suspense, &c., amortized.
Discount on reacquired securities of subs, com—
—
panies and profit on sales.
—
Discount on reacquisition and exchange of securities
of Associated Gas & Electric Co
-
2,785,841
A-.
745,687
-
-
-
-
1,922,152
1,019,271
1,186,708
Miscellaneous.
Total
17,900,486
msjd
614,982
Drl0,453
_
-$15,318,428 $79.974,497
Deductions—
A
Expenses of plan of rearrangement of debt capitali¬
zation of Associated Gas & Elec. Co. ($799,140)
and other out-of-the-ordinary exps. ($1,034,986)
Interest on obligations of Associated Gas & Elec.
Co. conv. into stock at company's option:
Paid in scrip ($2,555,279 applicable to 1936)—
Accrued but not due at Dec. 31, 1936
Interest
—
4,145,269
270,027
1,834,126
scrip certificates for interest on conv.
obligations of Associated Gas & Elec. Co
Unpaid interest and (or) cum. pref. divs. of General
Gas & Elec. Corp. and Eastern Utilities Invest¬
ing Corp. (dependent upon income from invest¬
9,953,639
287,017^^1*.
on
ments in securities of Associated Gas & El. Co.)
amount of surplus eliminated against
intercompany investments
Surplus of non-utility subs., transferred to reserve.
Capital stocks of Associated Gas & Elec. Co. re¬
acquired and (or) retired (including former inter¬
company holdings at liquidation value of $424,300)
Reversal of accrual in prior years of interest re¬
_
32,467
205,022 iBP IT
Additional
___________
—
ceivable
on
_
_
_
-
income notes of affiliated company.
_
Adjustment of excess reproduction cost of fixed J ^
capital, and excess reproduction cost of property
retired or sold (net)—
Miscellaneous
—
28,444
718,914
—
1,548,437
_-UL. 770,131
103,264
-
■
r
Ifc I "'*r
;_
266,517
*
1,334,396
468,346
Their comparative records in 1936 and
Balance—Dec. 31, 1936.
....-$11,842,656 $65,899,549
Financial
3322
Consolidated. Balance Sheet Dec. 31
feet.
Sli
Fixed capital
Investments
74,921,408
867,440,854
75,519,197
2,660,834
2,039,624
3,775,009
2,324,342
10,216,479
8,240,543
15,839,546
6,016,503
12,448,292
5,915,299
2,047,174
454,913
22,571,148
2,352,794
890,923,731
.
Deposits for matured bonds and bond interest
&c. (contra)
Deposits for sinking funds, construction, &c__
Deposits for redemption of bonds called and
for premium & accrued int. thereon (contra)
Cash (including working funds)
1
12,168,604
Notes and accounts receivable
Materials and supplies (book inventories)
6,337,023
Appliance accounts receivable sold (contra)
4,324,330
Prepaid expenses..—1,077,544
Unamortized debt discount and expense
22,590,076
—
3,100,079
Miscellaneous unadjusted debits.
This is
For the week ended May 7, Associated Gas & Electric System reports
electric output of 85,104,428 units (kwh.).
This is an increase of
9,784,625 units, or 13.0%, above the comparable week a year ago.
Gross output, including sales to other utilities, amounted to 90.818,588
units for the week.—V. 144, p. 3163.MI
Hi
net
Associated
May 25.—V. 144, p. 3163.
w
122,383,353
47,293,700
22,404,816
69,458,909
a
50,409,927
51,821,783
571,583,118
15,712,005
3,775,009
11,047,193
4,815,386
5,846,627
7,669,789
5,419,698
6,901,479
8,767,324
5,747,816
2,047,174
64,563,911
3,511,317
1,208,457
6,962,880
4,324,329
67,957,548
3,939,939
Reserve for doubtful accounts receivable
1,196,276
7,544,630
& unadjusted credits._
are to
Atlantic Gulf
Income Account Year Ended Dec.
$3,412,575
115,772
Balance of income before interest and expenses of plan of re¬
$447,732
29,490
$913,526
182,593
$815,059
87,825
$369,671
7,239
$418,242
4,062
$730,933
15.227
$727,235
9,646
$376,910
112,927
$422,304
118,269
$746,160
331,918
$736,880
357,671
$443,111
73,440
Taxes
Operating income.
Other income
Gross income.
Interest, rentals, &c
x$263,983
$304,034
x$414,242
$379,210
earnings are before any year end audit adjustments,
provision has been made by Atlantic Gulf & West Indies Steamship
Lines or any of its subsidiary companies for surtax on undistributed profits
as the earnings cannot yet be determined.—V. 144, p. 3164.
Net income-.
—
These operating
x
and
no
Auburn Automobile Co.
sales
loss
—
after
(& Subs.)- —Earnings—
Feb. 28 '37
$1,563,655
3 Months Ended—
arrangement of debt capitalization
$3,296,802
on fixed interest debentures, income debentures and
sinking fund income debentures
3,467,453
Interest on 7% interest-bearing scrip and unfunded debt
39,444
$857,395
amounted to
$3,779,407 and current liabilities were $1,828,482, comparing with cash of
$806,150, current assets of $4,764,452. and current liabilities of $1,245,614
on Feb. 29, 1936.—V. 144, p. 3164.
Autocar Co.
(& Subs.^
capitalization, interest on obligations convertible into stock
at company's option, and interest on scrip certificates for
interest on convertible obligations, which were charged to
surplus
$210,094
Note—No provision has been made in the above statement for amortiza¬
tion of debt discount and expense.
All such discount and expense has been
charged to capital surplus.
Capital
Surplus
$35,835,144
1935
Profit from operations,.
------
Selling & admin, expense
y
179,610
225,331
pf $216,494
52,799
$142,166
22,646
$105,476
34,264
$269,812
47,406
Loss for year
x After
taxes,
income,
z
and $90,000 in
pf$163,696
$164,812
$139,741
$317,219
y Interast and finance companies' charges, &c., net of
Excluding sales taxes approximately $170,000 in 1936
1935.
Earnings for 3 Months Ended March 31
Additions—
on
2,705,169
605,636
Net profit after depreciation, interest, and Federal
and State income taxes, but before Fed. surtax
Expenses of plan of rearrangement of debt capitaliz.
Int. on obligs. conv. into stk. at company's option:
Paid in scrip ($2,744,598 applicable to 1936)
Accrued but not due at Dec. 31, 1936
Int. on scrip certificates for int. on conv. obligs
Reduction in carrying value of investment in com¬
mon stock of Associated Gas & Electric Corp.
2,125,851
2,972,614
181,966
2,160,399
Prepayments
Land, buildings...
...
$404,368
2,506,106
Inventories
$40,242 :$41,947,802
Deductions—
Loss for the year
$420,921
Notes & accts. rec.
2,996,874
3,084.306
210,094
799,141
57,756
57.621
9,439
Investments..
—
—
«.
—
—
—
4,706
2,826,020
345,831
20,752
59,085
Balance, Dec. 31, 1936
a$l,380,640 $25,244,283
a Corporate deficit since Jan.
1, 1936.
Note—All debt discount and expense has been charged to capital surplus.
1936 (Company Only)
Assets—
Investments in subsidiaries
$444,891,740
Due from Associated Gas & Electric Securities Co., Inc. (Del.)
—-receivable in securities of Associated Gas & Electric Co.
under exchange offer
Deposits for matured interest and dividends payable, &c
51,500
189,021
1,358
7,413
Cash.
Miscellaneous unadjusted debits.
Contra to liability for assumption of bonds of subsidiary com¬
Total
$446,141,032
$189,137,543
25,244,283
1,380,640
Surplus: Capital
Corporate deficit (since Jan. 1, 1936)
Capital surplus reserved for conversion of debentures and for
K other contingencies
i
Obligations convertible into stocks at company's option
Scrip certificates for interest on convertible obligations
81,039,415
68,303,167
10,699,941
Funded debt
Interest accrued
Reserve for taxes
reserves..
Total....
65,871
1,435,404
466,737
99,214
in the
Mortgages
906,000
103,750
907,000
107,750
Pref. stock
1,557,900
1.561,900
16,020
2,000,000
4,056,293
1,957,233
conv.
Common
bonds—
stock...
367,859
Paid-in and capital
surplus
Total.....--
—
.$9,160,009 $8,134,094
in April by company and subsidiaries,
period last year.
including Midvale, in April aggregated 3,319,compared with $1,965,497 in April of last year.
Consolidated
shipments for the first four months of 1937 were $12,305,890, as compared
with $5,914,426 for the first four omnths of 1936.
On
April 30, 1937, consolidated unfilled orders including Midvale,
amounted to $33,275,649, as compared with $30,531,416 on Jan. 1, 1937,
and with $11,527,594 on April 30, 1936.
All figures are without intercompany eliminations.—V. 144, p. 2817.
same
Consolidated shipments,
775,
as
Baldwin Rubber
Co.—Earnings1937
3 Months Ended March 31—
profit after depreciation and Federal income
for surtax on undis. profits
Earnings per share on 273,604 shares capital stock
—V. 143, p. 3306.
taxes, but before prov.
1936
$121,086
$0.43
$176,050
$0.63
Bangor & Aroostook RR.—Collateral—
The
Old Colony Trust Co. as trustee under the consolidated
refunding
mortgage has notified the New York Stock Exchange that it has received
as addition
collateral $10,000 Ba
r & Aroostook RR. Co., Washburn
extension 5% bonds, due Aug. 1, 1939, and $13,000 Bangor & Aroostook
RR. Co. St. John River extension 5% bonds, due
p.
Aug. 1, 1939.—V. 144,
2817.
Bath Iron Works
The
directors
have
Corp.—Stock Dividend—
declared
two
stock
dividends
each on the
Dec. 30 to
3164.
of 3%
stock payable in common stock on July 15 and on
holders of record July 1 and Dec. 15, respectively.—V. 144, p.
common
Baton
Rouge Electric Co .—Earnings—
12 Months Ended March 31—
$446,141,032
For the month of April, Associated Gas & Electric System reports a
13.8% increase in net electric output over that for April, 1936.
This in¬
amounts to 45,154,015 units (kwh.) and brings the output for the
month to 373,482,427 units.
Production for the 12 months ended April 30
increased 13.7% over the previous year to 4,389,470,355 units.
Gas sendout for April was up 1.7% to 1,874,771,200 cubic feeti
For the
12 months ended April 30, gas sendout amounted to 21,099,311,600 cubic
758,524
1st mtge.
Works—April Bookings—
The dollar value of orders taken
189,137
April Output—
crease
148,000
Accrued liabilities.
including the Midvale Co., was announced on May 13 as $3,378,434, as
compared with $3,642,330 for April, 1936.
The month's bookings brought the total for the consolidated group for
the first four months of 1937 to $14,990,030, as compared with $10,771,034
70,840,959
Matured bond interest, unpresented dividend checks, &c
7%
bds.tcurr.)
for year 1928 now pending on appeal.—V. 144, p. 2289.
Baldwin Locomotive
Liabilities—
_
accts.pay.$1,613,522 $1,232,351
1st mtge. s. f
Net
1,000,000
due 1953, included in funded debt
Taxes accrued
—-...$9,160,009 $8,134,094
Assessment paid
x
and a subsidiary..
Capital stock reacquired and (or) retired.
5,134
103,981.
U. S. income tax
Total
tween the company
22
19,066
Cash in closed bk.
x
2,800,000
Stated capital_
-..
Cash in sink. fund.
10,710,916
314,864
37,699
»
Balance Sheet Dec. 31,
.
Unamort. bd.disct.
capital surplus.
Miscellaneous
.
182,972
Notes &
1935
1936
Liabilities—
1935
1936
Assets—
Cash
1,853
Total
loss$23,494
$146,328
Consolidated Balance Sheet Dec. 31
2,800,000
$40,242
Miscellaneous
Miscellaneous
1936
1937
acquisitions and exchange of com¬
pany's debentures, &c
Profit on intercompany sale of bonds of subsidiarys
Divs. received from Associated Gas & Elec. Corp.,
paid out of capital surplus
Adjust, of int. & divs. applicable to prior periods.
pany,
loss$44,481
$74,134
$127,779
zS4,992
184,953
$639,587
deprec._
Interest, &c
other
1933
1934
x$2,281,381 x$2,069,399
2,113,880
2,207,247
z218,94S
204,145
Profit before
Depreciation.
...
Corporate and Capital Surplus Year Ended Dec. 31,1936 (Company Only)
-Earnings—
1936
Year Ended Dec. 31—
Loss, exclusive of expenses of plan of rearrangement of debt
Discount
Feb. 28 '34
Feb. 28'35
Feb. 29 '36
$1,414,837
deprec.,
Interest
Corporate
Surplus
1937—3 Mos.—1936
$451,597
taxes, int. & min. int.
392,584
703,564
Current assets as of Feb. 28, 1937, including $463,116 cash,
31, 1936 (Company Only)
Balance, Jan. 1, 1936
Lines (& Subs.)—
$6,413,658
5,598,598
Net
Income: From subs. co.—Associated Gas & Electric Corp
Pro vision for taxes
Indies SS.
& West
$7,650,020
6,736,494
Net
preliminary.
$700 first lien 4%
Per. End. March 31—
1937—Month—1936
Operating revenues.____ $2,960,304
$2,421,329
Oper. exps. (incl. depr'n)
2,517,193
1,973,596
.1,038,600,275 1,016,705,071
figures
receive for each $1,000 bond now held one
Net oper. revenue
9,829,733
582,758,172
10,216,479
2,660,834
8,566,576
5,548,287
Miscellaneous
Note—1936
Special Master, appointed by the local U. S. District Court to
case.
bond, six shares of new $2.50 preferred, and one share of common for each
$100 of past-due interest.
Present 7% 10-year noteholders get 20 shares
of new second preferred, and also common stock for past-due interest.
Present stockholders will receive new common.—V. 144, p. 2986.
24,649,502
66,394,169
_
Total
and stockholders have
accept the company's proposed plan of reorganization under
Section 77-B of the Bankruptcy Act. The vote was cast at Atlanta, Ga.t
to
bonds
139,027,783
31,339,415
Interest and miscellaneous accruals
reserves
Inc.—Reorganization Voted—
Committees representing bondholders, noteholders
Under the terms of the plan, holders of the present 6first mortgage
Taxes accrued
Guaranty of appliance accounts receivable
sold (contra)
Res. for retire., renewals & replace, of fixed cap.
Reserve for prior years' Federal income taxes.
Corp.—Offering Delayed—
;
Atlanta Laundries,
hear the
i
Consumers' service and line deposits
Electric
&
Gas
'"The corporation has filed an amendment with the Securities and Exchange
Commission postponing the effective date of its registration statement to
before
Liabilities—
Capital stock of Associated Gas & Elec. Co.,
consolidated capital surplus and consolidated
corporate surplus—less carrying value
of
HLstocks of Associated Gas & Electric Co. held
intercorporately
Capital surplus reserved for conversion of debs.
Capital stock, applicable surplus and accrued
dividends unpaid of General Gas & El. Corp.
Other subsidiary companies' capital stock
Obligations of Associated Gas & Electric Co.
convertible into stock at company's option
and obligations of subsidiary company of
W equivalent r ank
Scrip certificates for interest on convertible
obligations of Associated Gas & Elec. Co—
Funded debt and interest-bearing scrip—
Bonds called for redemption
Matured bonds and bond interest, &c. (contra)
Notes payable
Accounts payable
approximatelyjl%
Weekly Output—
voted
1,038,600,275 1,016,705,071
Total
May IS, 1937
increase of 168,072,500 cubic feet or
an
higher than the previous comparable period.
1935
S
1936
A
Chronicle
1936
1937
Operating revenues
$1,762,386
Balance after operation, maintenance and taxes
501,734
Balance for dividends and surplus (after appropria¬
tions for retirement reserve)
214,702
—Y. 144, p. 2640.
Beech Aircraft
190,594
Corp.—Admitted to Listing & Registration
The New York Curb Exchange has admitted the common
to
_
$1,555,388
453,709
listing and registration.—V. 144, p. 2469.
stock, $1 par,
Volume
144
Beatrice
Creamery Co. (& Subs.)—Earnings—
Financial
Years Endedr-
Feb. 28. '37
Net sales.
Feb. 29, '36
Feb. 28, '35
Feb. 28, '34
$59,667,156 $57,117,065 $54,883,395 $44,868,398
Selling & admin, exps... 56,796,514
55,209,253
52,417,652
43,119,072
Depreciation
1,031,467
1,054,853
1,185,891
1,326,079
Chronicle
3323
Sales for the three months ended
Arpil 30, 1937,
compared with $1,184,614 for like periqd of 1936.
$1,839,174
115,911
-
$852,959
137,768
$1,955,085
a371,469
$1,279,852
125,778
-
$990,727
135,405
$1,405,630
175,646
172
.
Minority interest.
$423,248
149,810
Assets—
Liabilities—
Cash
$105,815
$1,583,61?
Prepaid expenses..
Deposits
to
secure
lease¬
$573,058
71,131
holds, &c..___.
4,612
738,325
8,170
753,067
6,165
388,658
Includes surtax
def$52,315
Dr58,263
$486,677 def$259,309
Cr28,583
Drl2,691
Dr30,852
Dr47,405
1,592,186
1,702",764
1,218",356
1,537",761
$2,076,315
$1,592,186
$2.49
$0.41
$1,702,764
$1.31
$1,218,356
$0.66
Consolidated Balance Sheet Feb
1937
Assets—
a
1937
$
Liabilities--
Land, bldgs. and
equipment
Real est. <fe equip¬
ment for sale...
Inv. &• adv. affil.co
Cash surrender of
Duefr. employees
3,884,341
22,710
Provision
.
_
23,835
1,467,203
81,984
128,224
32.758
Prov.
in
1936.
to
offered stockholders.
Operating
Federal income taxes
Net profit.
243,113
Earns, per share
5,734
social
___./_
Bohn Aluminum & Brass
1,112,030
1.592,186
Quar. End. Mar. 31—
Net profit after all
chgs.
22,810,959 22,976,142
Shs. com. stk.
outst'd'g_
and taxes
Earnings
x
per
1936
x$992,288
352,418
share
Before surtax
Corp. (& Subs.)-
1937
$2.81
on
Bon Ami Co.
undistributed
(& Subs.)
Quar. End. Mar. 31—
Gross profit on sales
June 1,
1, next, at par and accrued
Irving Trust Co., New York City.
Sold—Public
on
a
■
,
Gross sales, lass returns &c
.
$1,939,540
1935
2.000
30,753
2,000
10,000
10,000
188,S00
$1,940,750
1.520,675
Total -.....-.$1,905,351
S1,89S,199
$2,379,078
1,814,497
$4,773,987
3,577,398
289,713
2,959
21,419
&adm. and doubtful accounts.
Deductions from income
Federal taxes.
gen.
_____
Net income.______
367,943
122
alll,250
$162,589
$420,275
Ry. Co.—-Earnings—
Massachusetts
Department
of Public
Utilities)
3 Mos. End. Mar. 31—
Rev. fare pass. carried__
Average fare (cents)
1,608,563
7.2
7.33
Net loss after all charges
7.47
7.55
$28,087
$40,365
$31,469
$34,906
Black & Decker
1937
1935
1,567,878
1934
1,530,557
Mfg. Co. (& Subs.) -Earnings—
Period End. Mar. 31—
Net sales
1937—3 Mos.—1936
$1,562,487
$1,092,228
______
Net profit after
1936
1,590,694
1937—6 Mos.—1936
$2,860,174
$2,131,173
443,675
364,052
charges,
depreciation and taxes
Earns, per share on com.
x243.597
185,713
$0.66
$0.55
$1.16
xJBefore surtax on undistributed profits.—V. 144, p. 1591.
Berland Shoe
1937
Net sales
1936
1935
$4,964,702
$4,193,463
$3,851,211
4,814,639
4,106,991
3,788,505
Net income
$150,063
Earnings per share, preferred—$44.10
b Earnings per share, common
$1.48
$86,472
$62,706
$25.41
$18.43
$0.73
$0.44
Cost
,
of sales,
expenses
selling,
gen.
and income taxes
adminis.
____
a
$0.66
1936
1937
$1,569,000 $1,569,000
Contributions
(for
distribution)
Suspense
Surplus-.
203
...
1,218
—
Total
.
334,930
-
-
1,424
327,775
$1,905,351
—
$1,898,199
Corp.—Registration Withdrawn
Bearing Co.—Earnings—
144,
p.
1936
1937
$300,131
$1.00
$320,212
$1.07
2818.
Period End. April 30—
after ord. taxes,
1937—Month—1936
1937—4 Mos.
1936
Profit
rentals
and
int.,
but
and in¬
come taxes
$42,811
$9,103
$127,673
$29,276
—V. 144, p. 2470.
Briggs Manufacturing Co.-^-Earnings—
3 Mos. End. Mar. 31—
1937
1936
$2,474,899
$2,503,248
$1.26
1935
1934
Net profit after deprecia¬
tion, taxes, &c
Earns, per sh. on com
—V. 144, p. 3166.
$1.25
Broadway Motors Building Corp.,
of Reorganization Plan—
i ,247,141
$1.64
New
$1,550,608
$0.78
York—Con¬
summation
The plan of reorganization dated
May
1, 1936 has been consummated,
having previously been confirmed by order of the court in proceedings for
the reorganization of the corporation under Section 77-B of the
Bankruptcy
Act.
The order of the court confirming the plan provides that the plan is
binding upon all bondholders and other creditors of the corporation, secured
unsecured, including creditors who have not, as well as those who have,
accepted the plan.
Holders of first mortgage leasehold 6 H % bonds will be entitled to the
benefits of the plan and of the supplemental indenture executed and de¬
livered in accordance with the plan upon presentation of the bonds to Bank¬
ers Trust Co., 16 Wall St., New
York, as trustee under the indenture secur¬
ing said bonds, for full registration thereof as to both principal and interest,
and (a) the removal and cancellation of all
coupons appertaining thereto
and maturing on and after Aug.
1, 1935, (b) the attachment thereto of a
legend setting forth the terms of the bonds as amended by the plan and the
supplemental indenture, and (c) stamping on the face of the bonds a state¬
or
legend.
Upon presentation of their bonds, Bankers Trust Co., as trustee, wil1 pay
the fixed interest (2%) payable as of Feb. 1,1937, on the bonds as amended.
The attention of holders of the bonds is directed to the fact that the taxfree covenant contained in the original indenture of mortgage securing the
bonds has been eliminated by the plan.
This elimination affects the inter¬
est payments to
be made hereafter, including the payment to be made as of
Feb. 1, 1937, and it likewise affects the interest payments made during the
a Assuming 3,403
shares outstanding,
b Assuming $5,252 shares out¬
standing.
It was reported as of May 8, that company now operates 45 outlets
selling
women's popular priced footwear exclusively in the larger cities of
Illinois,
Indiana,
Missouri, Ohio, Tennessee, Alabama, Louisiana, Oklahoma,
Minnesota, Iowa, Michigan, New York, Texas and California.
„
Liabilities—
Capital stock
capital stock
—V.
year
such
'
$226,518
87,000
$1.08
199,800
ment that the terms of the bonds have been amended as set forth in the said
$1.08
Stores, Inc.—Earnings—
Years Ended Jan. 31—
$222,147
87,000
$1.06
199,600
$0.65
16,814
34,000
1389.
Bower Roller
608
33,925
144, p. 2987, 2469.
Berkshire Street
$245,556
88,870
$1.18
200,000
$0.70
$574,190
285,679
18,878
40,283
272.961
3 Mos. End. Mar. 31—
Net profit after charges Federal income taxes and
surtaxes on undistributed
profits
!_
Earns per share on 300,000 shares
826
a Includes
$16,737 for Federal undistributed profits tax.
It is the present intention of the
company to pay out in 1937, at such
as
directors may determine, as dividends on
the common stock,
approximately 75% of any net profits available for this
purpose, provided
directors shall at the time deem the
payment advisable.
Sales, less returns, for the first quarter of 1937 amounted to
$1,051,142,
against $389,258 for the same period of 1936.—V.
the
p.
Boulder Dam Hotel
664,455
$105,981
_____
$528,802
See list given on first page of this department.—V.
144, p. 3166.
times
reported to
143,
before amort,
Total gross earnings..
Dep., tax., rents, royalties & selling,
1934
1935
$549,672
306,805
20,879
40,370
188,800
Cap. stk. in treas^
1936
$2,376,263
2,814
$4,773,161
1,209
Cost of goods sold.
2470.
Bowman-Biltmore Hotels Corp.—Earnings—
Earnings for Calendar Years
1934
•_/ther income—
20,625
prem'm
to obtain suf¬
The
two^ain plants of the company are located in Chicago.
Authorized capitalization consists of an
issue of 315,000 sharas (no
par)
common stock, of which
300,000 shares will be outstanding.
The stated
value of the stock is $1 per
share.
1936
35,069
23,461
Accts. receivable.-
national securities
for resale.
(As
1937
buildings-$1,646,021 $1,646,021
Insurance
—V.
exchange.
Corporation was formed in Illinois in
May, 1928, since which time it has
engaged in the manufacture and sale of radio
receiving sets including table
models, midget and automobile
receiving, and battery sets.
Its products
are sold
mainly to jobbers, wholesalers, mail order houses and chain stores
p.
$649,953
352,418
$1.84
'
Boston Storage Warehouse Co.—Bal. Sheet March 31Assets—
Land &
This offer¬
company.
being sold for certain stockholders, in order
200,000
$0.87
per share
Cash.....
Chicago—Stock
ficient distribution to allow the
stock to be listed
i
outstanding__
Earnings
144,
1936
$1.54
Mach'y & equip..
York, at $9 per share.
The issue has been sold.
ing does not constitute new financing for the
are
per share
CI. B shs.
on June
offering of 75,000 shares (no par) common stock was made
May 12 by means of a prospectus by Stemmler & Co., New
The shares
Earnings
1934
$554,613
352,418
$1.57
earnings.—V.
—V. 144, p. 2119.
Operating profit
Depreciation
-Earnings-
Earnings—
1937
Beech Creek Coal & Coke Co,—Bonds
Called—
iof $57,003 first mortgage 5% 40-year s. f. gold bonds, due
Corp.,
undistributed
1935
$335,129
352,418
$0.96
$317,309
92,647
Belmont^ Radio
on
61,072
179,368
Net profit
CI. A shs.
outstanding._
at the
$0.22
-
2818.
p.
2,076,315
at
1944, have been called for redemption
$115,937
on 521.882 shares capital stock
(par $5)
Note—No provision has been made for Federal surtax
profits.—V. 144,
surplus...
Total
—V. 142, p. 3322.
$1,271,103
1,105,853
29,331
19,982
;
5.644
Capital surplus...
Earned
1937
revenue & other income
Costs & expenses
Fed. & Canadian taxes__
Payment will be made
par
price not less than that
Earnings for Quarter Ended March 31,
408.786
interest.
for
but not subscribed would be sold to
underwriters at
32,260
of
interest.
stock, $5
common
C. L. Egtvedt, President,
says it may be advantageous to have the
offering to stockholders underwritten, in which event any stock offered
166,167
profits
balance sheet
1949.
Listing & Registration
The
Inc.—Earnings•—
undistributed
company's
to
stockholders on May 7 approved an increase in the authorized
capital stock from 600,000 to 800,000 shares. The terms and the amount
of stock to be sold have not
been decided but it is indicated that 175,000
shares is the
contemplated amount. Also company states that it will set
aside 12,000 shares to be sold to
officials and employees at a price not less
than offering to
stockholders.
"
223,973
March 31, 1937 shows total current
$1.<22,306 and current liabilities of $532,047.
At March 31,
1937 there were
outstanding 23,084 shares of the company's $1.50 cumu*e.. convertible preferred stock and 165,124 shares of common stock.—
V.
144, p. 3165.
on
The
$1,001,657
-
The New York Curb
Exchange has admitted the
listing and registration.—V. 144, p. 2469.
$616,780
387,488
19,094
51,085
tax
Total
Laughlin, Inc.—Admitted
17,308
Earnings for 7 Months Ended March 31, 1937
Net sales, less returns and
allowances
$4,630,450
Net income after provision for all
taxes, including Federal sur¬
assets
443,811
do¬
$16,684,658 in 1937 and $16,235,551 in 1936.
reserve for doubtful accounts of $317,959 in 1937 and
c Feb.
29, 1936.—V. 144, p. 272.
Beaunit Mills,
42,626
Surplus
Distilling Co.—Registration Withdrawn—
171,921
for
security tax
177,825
175,365
Total.... .....22,810.959
22,976,142
a After
depreciation of
I^^^n,d?du£H1lg
340,300
Common stock (stated val)._
Depreciation
Prov. for Fed. tax.
Minority
70.873
164,079
167,344
investm'ts
Deferred charges..
$416,712
381,677
terest, &o-r
195,900
1,951,-493
78,324
106,832
Dep. in closed bks.
Miscell
9,442,975
532,170
mestic taxes
life Insurance...
S
10,000,000
9,448.875
Accounts payable.
Accrued wages, In¬
4,805,974
196,824
Inventories
Due from others.
S
825)
154,082
_
C1936
Cum. pref. stock..
9.909,500
Common stk. (par
11,865,210 11.S10.535
153,690
4,725,758
bAccts. ¬esrec 3,345,936
Cash...
28
C1936
$
34,357
43,600
conv. pref. stock
Boeing Airplane Co.—Stock Increase Voted—
undistributed profits.
on
$1,001,657
Blair
90
a
&
Provision for taxes
See list given on first
page of this department.—Y. 144, p.
;-
Profit & loss surplus._
Earned on common
bonuses
-V. 144, p. 3165.
Bliss &
5.
-
$96,962
salaries,
rent
7% cum.
Fixed assets
188,859
Crl6,080
-
$501,928
2,025
716,580
$467,960
-
$1,229,614
„
643",468
Accounts payable
Accrued
370
$855,151
472,188
15,181
462,540
23,298
Inventories.
Total
-
aj
Balance Sheet Jan. 31, 1937
Miscell. accts. receivable..-^.
Other income.
$1,311,313
were
1936
on
the Feb. 1, 1936 and Aug. 1, 1936 coupons appertaining to
bonds.
In order that bondholders may receive such interest payment and the
benefits of the plan and supplemental indenture as promptly as possible,
bonds should be presented without delay to Bankers Trust Co., as trustee,
16
Wall
St., New York, accompanied by letter
of transmittal properly
filed in and signed.
Committee—The committee consists of C. B. Hibbard, Stephen G. Dun¬
_
Granville S. Gilpatrick, J.
Management, Inc. (George M.
can,
committee.—V.
144,
p.
1100.
^
K. Hall, David O. Patterson.
Property
Englar, President) co-operated with the
3324
Financial
Chronicle
$5,465,002 $22,104,199 $22,060,856
3,458,039
13,068,296
13,011,401
707,715
3,061,128
$1,025,294
4,757
4,206
719,016
3,191,570
$5,125,317
17,987
$1,030,051
683,899
$5,143,304
2,759,674
$5,303,929
2,768,226
$346,152
$2,383,630
Butler
$2,535,703
15,656
15,294
62,765
$361,446
$2,446,395
$2,640,652
$0.66
$0.48
$3.28
$3.54
Before provision
stock
Exclusive of
x
in suspense.
made of surtax
revenues
mention
for surtax on
1937—3 Mos,
Period End. Mar. 31—
was
&c._ x$ 138,861 loss$184,234
amort., deprec.,
Earns, per sh. on 264,635
shares common stock.
$0.15
profits.—
Calamba Sugar
Inc.—-Earnings1935
1934
1933
$2,895,714
$2,606,899
$2,354,216
$2,017,588
337,933
1,174,757
301,284
1,019,254
262,556
920,029
218,845
820,175
454,558
80,835
414,342
91,805
384,721
94,293
Payroll and commissions
Press
association,
wire
news,
feature service
& departmental exps_
Depreciation
$847,632
161,756
107,159
Net profit-
._
Period End. Mar. 31—
$780,213
294,058
60,883
$578,717
Operating profit.
Net other deductions—
Prov. for Fed. inc. taxes
Gross
$425,270
$525,886
269,474
36,502
$398,064
$219,908
1937—3 Mos.—1936
817
569
33,102
150,776
29,093
134,647
$86,324
24,365
10,295
$81,476
20,067
10,215
$190,354
78,830
19,237
$183,956
58,620
21,910
$51,665
$51,193
$92,285
$103,425
$246,255
468
471
expense
expense
used
Total dept. expense
the regular quarterly
to
stock,
par
declared a dividend of 50 cents per share on account
the $1.75 cum. conv. class A stock, no par value
on
payable June 1 to holders of record May 22.
A dividend of 25 cents was
paid on March 1, last; dividends of 50 cents per share were paid on Dec. 1
and on Sept. 1, 1936, and 25 cents paid on June 1 and March 1, 1936, this
latter being the first distribution made since April 1, 1930, when a regular
quarterly dividend of 43M cents per share was
California Engels Mining
See list given
Prov. for Fed. taxes
first page of this department.
on
Comparative Balance Sheet
Assets—
Mar. 31,'37 Dec. 31,'36
Cash
a
§319,430
262,652
receivable, netInventories.
293,872
63,220
&
1,203,586
1,212,049
3,556,496
3,556,496
184,526
&c
Deferred assets
Total..
10-year coll.
173,665
5%
2,255,500
28,098
-
114,576
First pref.
1,225,900
902,300
Common stock—
802,994
c
7%
cum
2,259,500
27,960
114,503
1,211,200
901,500
802,994
b After
in
allowance
1936.
c
for
Total
409,117
767,547
29,495
557,504
92,053
584,972
3,641,611
3,661,224
4,127,374
--
by 50,000
no
$1,372,385
621,029
675
293
674,565
93,859
loss$51,471
2,607,553
$581,368
1,444,289
$603,961
1,427,416
Cr256,846
Dr587,088
Other interest
Profit for period
Previous surplus..
Dividends paid
1937 and
143,
$1,202,690
362,187
1,303,532
par
$311,393
$2,543,399
Total income
term debt
$2,543,399
2,240,345
824,386
Adjustments
of
Write-off
dis¬
bond
315,738
count and expenses—
shares.—V.
Excess of sales price over
book
value
of prop,
transf. to affil.
(E. G.) Budd Mfg. Co.—Earnings—
Quar.End. Mar. 31—
Net profit after interest,
deprec. & Federal taxEarnings per share on
common
1937
1936
1935
$426,454
x$346,250
$151,589
$0.19
$0.22
$0.05
stock
1934
loss$15,458
Nil
x Including
income from Budd International Corp. in the amount of
$638,000 resulting from the sale by that company of its interest in British
Pressed Steel Co., there was a net profit for the quarter ended March 31,
1936 of $984,250.
Note—No provision was made for Federal surtax on undistributed profits.
—V. 144, p. 2470.
-Earnings-
and Fed. income tax__
1936
$261,706
1935
$291,920
x$218,923
1934
$59,177
stock
common
965,258
$0.28
was
made for Federal surtax
1937—3 Mos.—1936
on
undistributed profits.
Corp. (& Subs.)—
1937—12 Mos.—1936
Operating revenues
Oper. rev. deductions..
$9,699,780
5,894,628
$8,413,642 $36,240,061 $31,546,118
x5,157,490
22,182,780 xl9,283,084
Operating income
Non-oper. income, net..
$3,805,152
9,799
$3,256,152 $14,057,281 $12,263,034
6,230
27,160
39,173
$3,814,951
1,148,190
$3,262,381
1,315,042
$14,084,441
5,030,888
$12,302,207
5,190,669
$2,666,761
x$l ,947,339
1,053,553
$7,111,537
Gross income-
Deduc. from gross inc..
Balance
on
pref.
subsidiary.
addition
to
stock of
~
$2,607,553
Nil
■
Including sales to affiliated companies of $7,624,438 in 1936, $5,169,788
1935 and $4,907,312 in 1934, which in previous years were credited
Consolidated Balance Sheet Dec. 31
1936
$
from
Texas
sub.
the
Corp. and
5,451.570
ros
31,647
reserves
Net income
$2,666,761
$1,947,339
$9,053,553
x$6,992,350
Changed to give effect to major adjustments made later in the
year
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 2642.
Bunker Hill & Sullivan Mining
Unlisted
&^Concentrating Co.
Trading—
The New York Curb Exchange has admitted to unlisted trading privileges
the new common stock, $2.50 par, in lieu of old common stock, $10 par.
The
new
stock is issuable in exchange for old common stock, on the basis
new common stock for each share of old common stock.
of four shares of
—V. 144, p. 2819.
Bunte
Brothers—Application, Approved—
The Chicago Stock Exchange has approved the application of the com¬
pany to list 88,518 shares of common stock, $10 par.
This stock will be
admitted to trading on notice of registration under the Securities Exchange
Act of 1934.
Stock was formerly listed on the Exchange from June, 1919
to
Sept.,
1935.—V.
143,
p.
3622.
Bush Terminal Buildings Co.—Earnings—
Period End. Mar. 31—
Net prof, after ord. taxes
&
depr.,
but
1937—Month—1936
Federal income taxes.
i& 96,384
853,119
661.140
3 013
11 394
income taxes—
credits.
_
Com. cap. stock-_51,524,150
Surplus..
y
51,524,150
3,959,358
2,240,345
—
59,274,043 57,057,124
Total
Campbell Transportation Co.—Income Statement—1936
&c
x
Includas
amortization
of
discount,
$357,299
152,630
29,439
6,104
97,094
19,708
4,594
18,638
10,732
$98,162
Prov. for Fed. income taxes,
1934
$565,586
223,662
53,436
x4 0,700
31,364
Earnings before deducting deprec.,
int. charges & Fed 1 income tax
Provision for depreciation
Interest charges on loans, &c
1935
$896,260
Calendar Years—
$98,448
$62,059
life
insurance
premiums,
Canada Cement Co.,
Ltd.—Accumulated Dividend—
declared a dividend of $1 per share on account of
6lA% cumulative preferred stock, par $100, payable
June 30 to holders of record May 31.
A similar payment was made on
March 20 last, this latter being the first payment made since June 30, 1932.
—V. 144, p. 607, 446.
The
directors
have
on
the
Canadian Dredge & Dock
Shareholders
at
their
recent
Co.—Changes in Personnel—
annual
meeting
re-elected
the
A change was made in some of the
and Managing Director for
officers.
Mr. Pratt, who has been
the past nine years, asked to be
large part of his more active duties for purely personal reasons,
and F. W. Grant was elected President, with A. M. German as General
Manager.
Mr. Pratt will still be identified with the company as a member of the
executive committee and the board of directors.—V. 143, p. 3834.
a
Canadian National
loss$46,479
of
President
relieved of
1937—3 Mos.—1936
$2,656
board
directors, consisting of W. E. Phin, D. S. Pratt, F. W. Grant, K. C., MajorGeneral Hon. S. C. Mewburn, D.I. McLeod. F. M. Ross, A. R. Dufresne,
Hon. Gordon W. Scott, John F. Sowards and A. M. German.
Ry.—Earnings—
<
Week Ended May 7
1937
loss$17,462
&c.—
V. 142, p. 1809.
Earnings of System for
$1,506
1936 and
Less reserve for losses.—V. 142, p. 3666.
Gross income from all sources
before
—V. 144, p. 2642.
1,167,699
104,913
Long-term notes &
accounts payable
Prov. for Federal
for depreciation and depletion of $56,938,103 in
$53,720,592 in 1935.
accumulations
—Admitted to
1,382.482
Accrued liabilities
59.274,043 57.057.124
Total...
After
Notes payable....
1,329,490
26,521
1,415,360
Deferred
equipment... 34,491,462 35,329.843
Prepaid & deferred
charges.
1,331,242
1,603,370
&
x
Accounts payable.
3,479,425
Properties, plant
§
§
Liabilities—
1,049,604
Notes & accts rec. 2,833,909
2,505,333
Inventories
14.037,765 12,838.378
Long-term receiv's
y90,637
251,170
1935
1936
1935
S
1,037,457
Surplus..
1936.
$0.29
paid (or
the amount of taxes shown above there was
119,188
—
$1,444,289
$0.28
against costs.
x
Buffalo Niagara & Eastern Power
Divs.
y
in
990,675
$0.04
x
Period End. Mar. 31—
In
Owing
990,675
$0.21
965,258
$0.26
outstanding (no par).
Earnings per share
Adjusted.
Note—No provision
—V. 144, p. 2470.
x
$2,240,345
accrued) for State gasoline and Federal excise taxes the sum of $9,656,588
in 1936, $8,425,372 in 1935, $6,581,936 in 1934 and $5,708,443 in 1933.
Cash
1937
Quar. End. Mar. 31—
Net prof, after int., depr.
CV325.050
cos
Surplus Dec. 31
$3,959,358
Earn.persh.on2,060,966
shs.com.stk. (par$25)
$1.23
Assets—
Budd Wheel Co.
x
$665,671 prof $1,026,080
346,305
537,019
Int. on funded and long-
§6,944,556
2828.
Shares
12,007,264
868,026
— .
1,309,264
depreciation of $977,676 in
Represented
oper.
§6,938,611
Surplus earned...
After allowance for doubtful accounts of $164,187 in 1937 and $143,725
1936.
22,037,269
819,032
profit.
$2,333,326 def$214,023
Non-oper. income (net).
210,073
525,416
fund
sink,
bonds.
§6,938,611 §6,944,556
$958,110
25,436,957
847,139
amortization
Net
trust
2nd pref. 7 % cum.
good
will,
prof. tax.
Intangible develop, costs
Depl. & lease amortiz'n.
Depred., retire. & other
exc.
29,152,713
995,127
191,978
868,720
793,80 9
3,447,305
general expenses—
Taxes:
Fed.inc.&
52,394
Reserves
net
p.
31,'36
1933
1934
Costs, operating, selling
§270,970
Deferred income.
buildings,
mach.,
equip.,
a
Dec.
43,753
1,315,890
b Land,
in
Mar. 31.'37
§256,224
73,151
1,319,929
Other assets——-
Circulation,
Liabilities—
Accounts payableAccrued liabilities-
§348,200
Notes and accts
(& Subs.)—Earnings—
1935
1936
y$37,782,979y$30,888,348y$27,770,195 $18,705,770
Gross oper. income
x
Net profit.
paid.—V. 144, p. 1101.
Co.—Registers with SEC—
California Petroleum Corp.
Calendar Years—
Operating profit
Other deductions (net)..
Corp.—Accumulated Dividend—
California Art Tile
The directors have
of accumulations
$656,426
1,447
1,754
78,115
391,152
$700,703
1,349
2,641
87,268
419,090
$271,490
Circulation
Materials
$692,615
230,157
64,394
1937—Month—1936
revenue
Advertising
common
357,838
94,842
Newsprint, ink and other
sharelin
extra dividend of 60 cents per
an
dividend of 40 cents per share on the
$20, both payable July 1 to holders of record June 15.
Similar payments were paid on April 1 last and compare with an extra divi¬
dend of $1 paid on Jan. 2 last; $1.60 per share paid on Oct. 1, 1936, and extra
dividends of $1 per share paid on Apri
1, 1936; Oct. 1 and April 1, 1935,
and on Oct. 2, an 1 April 2, 1934.
Regular quarterly distributions of 40
cents per share have been made since and including Oct. 1, 1928.—V. 144.
p. 169.
addition
1936
materials
Nil
Nil
Nil
Estate—60-Cent Extra Dividend—
The directors have declared
Brush-Moore Newspapers,
loss$823,283
$134,366
—V. 144, p. 765.
undistributed
on
V. 144, p.2819.
Calendar Years—
Total revenue
12 Mos.—1936
1937-
-1936
Net prof, after taxes, pat.
Total net income
Earns, per sh. on capital
Note—No
1936
loss$40,863
Nil
undistributed profits.—V. 144, p. 2290.
1937
x$265,468
$0.14
(A. M.) Byers Co. (& Subs.)- -Earnings—
104,949
$494,625
$20,048
x$863
Bros.—Earnings—
3 Months Ended March 31—
in
suspense
$11,665
•
Net income after int., deprec. & Fed. income taxes
Earns, per sh. on 1,112,289 shs. com.stk. (par $10)x
Net income
Interest on revenues
$16,665
deducting $21,370 counsel fees paid in connection with reorganiza¬
After
x
tion proceedings during February.—V. 144, p. 3167.
23,317
$478,969
Interest, &c.
depreciation but before
$5,280,612
$1,147,503
668,534
1937—3 Mos.—1936
1937—Month—1936
Profit after ord. taxes &
Federal taxes
187,123
794,546
$1,143,297
Other income (net).
Period End. Mar. 31—
1937—12 Mos.—1936
1937—3 Mos.—1936
Gross revenues
$5,638,708
Expenses & maintenance
3,353,530
Retirement and replace¬
ment expense
187,433
Federal inc. taxes, &c__
954,448
x
1937
15,
Bush Terminal Co .—Earnings—
Brooklyn Union Gas Co.—EarningsF Period. End. Mar. 31—
May
Gross earnings.
—V.
144, p. 3167.
1936
$3,967,103
$3,467,285
Increase
$499,818
Volume
144
Financial
Canadian Pacific
Ry.—Earnings—
1937
Gross earnings
144,
Assets—
$2,707,000
$150,000
$2,567,000
first
on
Marketable securities, atcosts.....
Loan to Govt, of Peru
—
Callao docks
on
Mines, Ltd.— ■Registers with SEC—
of this department.
page
Calendar Years—
1936
b Profit from sale of pro¬
duction
other income $3,783,281
Provision for Fed. and
State income taxes
...
1935
1933
1934
$2,229,836
a$699,923 a$2,093,503
$3,083,281
4,271,926
$1,804,836
2,874,391
$7,355,207
1,629,200
$4,679,227
407,300
!,281,691
407,300
$4,388,914
407,300
$5,726,007
$4,271,926
$2,874,391
501,734
21,270
—
$3,981,614
Total
Total surplus..
Preferred dividends
P. & L.surp., Dec. 31
c$699,923 c$2,093,503
3,981,613
6,482,417
Earn, per share on
com.
$12.37
$5.60
Nil
Nil
b After depreciation of
$1,059,826 in 1936, $759,051 in 1935,
$467,598 in 1934 and $469,811 in 1933, and interest charges of $15,796 in
1933.
c Deficit,
d Including approximately
$100,000 for Federal undis¬
tributed profits tax.
Loss,
s
on
Market securities.
e
Liabilities—
19,496,000
1,044,423
12,561,215
receivable 7,831,487
1,248,954
156.607
966,920
Foreign Go vt. secu¬
1,026,441
742,586
c
Funds
in
Res. for conting..
for industrial
500,000
500,000
accident liabil..
100.000
banks....
3,379,312
3,379,312
4.959,263
15,579
17,849
3,436,154
123,412
i.40,590,637
39,906,4131
Total
39,906,413
40,590,637
Caterpillar Tractor Co.—Listing—
$141,833 loss$141,490
131,068
131,277
3,750
4,200
,
$2,781
132,130
3,000
$7,016 loss$276,967 loss$132,349
108,512
Note—Based on the accounts submitted by Sloane-Blabon Corp., the
portion of the net income of that company for the first quarter 1937 appli¬
cable to Certain-teed Products Corp.'s investment therein amounted to
$15,012.
No part of such income is included in the foregoing consolidated
profit and loss account.—V. 144, p. 3168.
Chartered Investors,
Inc.—Earnings—
3 Months Ended March 31—
Dividends received
Interest earned
Exchange has authorized the listing of 60,147 shares
5% cumulative preferred stock (par $100).—V. 144, p. 2820.
1937
1936
1935
$72,137
5,930
$74,385
6,850
$62,292
9,299
$78,067
12,215
$81,236
12,391
$71,591
8,757
$65,852
599,300
$68,845
558,558
$62,834
519,154
■$665,152
$627,403
$581,989
54,698
59,845
60,711
$610,454
$567,557
$521,277
bonds.
on
Three Months Ended March 31—
Total operating revenue
Earnings—
1937
1936
$377,149
Net dividend and interest income.
1935
243,514
$341,225
215,009
$309,975
205,077
$133,634
$126,215
$104,898
956
511
$134,590
$126,727
45,000
Balance earned surplus
554
$105,453
45,000
expenses
revenue—net.
.
Total income
Expenses and taxes
Central Ohio Light & Power Co.—
Non-operating
Interest—Long term debt.!
Unfunded debt
Taxes refunded to bondholders
Amort, of debt discount and expense-
44,813
18
112
46
598
274
244
4,519
4,532
$76,808
repl'm'ts (dep.), Fed. inc. tax. &c
-
declared
therefore the above statement for the first three months
1936 and 1935 show results before providing such
appropriation.
year;
of
1937,
accrued
on
Capital Surplus March 31,
Balance, Dec. 31, 1936
loss
provided
Unrealized
$5,850,250
on
Dec.
31,
1936 before provision for
securities owned
Excess of cost
as
Property,
1937
plaat
1936
&
Long-term
equip., frasah. &
oth.
35,221
45,678
intangibles.$6,542,670 $6,377,805
Cash.
56,827
__.i.
Accts. receivable..
Interest
102,741
128,758
ret..
111,195
375
_
60,002
8,318
8,118
840,421
$6
Common shares
cum.
y
14,488
766,917
1,060,830
1 000,000
pref. stk.
1, 044,990
Sec. at market val.
.
Acer. int. receiv..
244,021
262,242
Pref. stock...
Total
$7,079,645 $6,925,405
x
par
\
1936
&
admin, exps.,
&c.__.
Profit--
1935
$17,324,420
9,915,077
10,333,389
$7,221,040
from other
income, interest,
$7,409,343
operations, incl., net miscell.
dividends,
299,193
Net income before deprec., deplet. & inc. taxes..
_
income
taxes
Total
400,149
$7,520,234
1,493,575
1,438,700
a790,532
$7,809,492
1,404,855
1,580,913
761,004
Net income for the year
$3,797,426
$4,062,719
Including $125,000 applicable to prior years.
provision made for Federal surtax on undistributed profits.
Note—-No
and
prior
years
totaling
to stockholders
$20,471,849,
charged
on
books to capital surplus..
$32,151,853
$3,473,637
1,380,000
891,716
$3,684,282
780,000
90,650
$1,175,529
$1,159,867
$1,201,920
$2,813,632
$7.46
$5.75
$5.12
at Dec. 31-
Earns. per sh. on 120,000
shs. com. stk.(par $25)
Appropriated to reserve.
Surplus
as
surplus
$1,012,865
3,797,426
Net income for 1936
depletion charge equal to the per¬
centage depletion for 1936 as computed for Federal income
tax purposes (offset by charge to income account)
x
Plant,
1935
wareh'ses
estate—$1,211,449 $1,255,974
and real
Notes receivable-
20,000
_
20,000
.
Liabilities—
Common
Deferred
x
Furn. & fixtures.
23,208
19,167
ferred stock
Autos,' trucks &
10,464
11,821
Sundry reserves.
Surplus
886,922
to earned
stockholders
during
1936,
surplus
Appropriation for
reserve
for contingencies.
charged
on
Dec. 31, 1936.
175,032
124,421
3,123
4,982
113
113
3,732,028
3,692,771
1,175,529
1,159,867
863,158
502,639
388,738
2,917,951
Invests.
1,043,795
2,915,268
969,111
113
78,667
90.099
Accts. receivable.
_
(mdse.)__
Red. of pref. stock
Deferred charges__
113
x
After deducting
Total
depreciation.—V. 144,
p.
....$8,085,825 $7,982,154
1270.
books
4,491,368
250,000
Chesapeake Corp.—Change in Collateral—
Trust Co. of N. Y.,'as trustee for the 10-year
The Guaranty
5% convert¬
Dec. 1, 1944, has notified the New York
Stock Exchange of the conversion on May 6 of $249,000 principal amount
ible collateral trust bonds due
Earned surplus,
.
Redemption of pre¬
1,169,480
$5,979,771
to
1935
stock...$3,000,000 $3,000,000
credits.
1,448,706
Cash
1936
Accounts payable.
1,390,615
Total—-.—--$8,085,825 $7,982,1541
Total....
Distributions
$7.37
Balance Sheet Dec. 31
1936
deposit account.
total
1933
$1,939,867
780,000
1,015,529
840,000
_________
Investments..
prior
to 1935 to earned
no
$884,805
2,799,477
Total surplus.
Dividends paid
stable equipm't.
Earned surplus Dec. 31, 1935 after deduction of
$45,899,679 of
distributions to stockholders, charged on books in years
Balance to make the
567,557
$614,671
2,813,632
45,334
$690,034
1,201,920
47,913
x
Consolidated Surplus Accounts for the Year Ended Dec.
31, 1936
1935
170,000
5,495,309
1934
1935
1936
Market, securities-
Capital surplus Dec. 31, 1936 after distributions
Dr78,000
5,726,759
$7,625,286 $7,455,592
$894,919
1,159,867
Dr39,256
Earnings for the year—
Previous surplus.
Adjustments.
Assets—
in
1,275,000
Represented by 51,000 no par shares,
y Represented 7,483 shares
in 1937 and 3,120 shares in 1936.—V. 144, p. 1777.
...
&c
Depreciation
Depletion
$7,625,286 $7,455,592
Calendar Years—
$ 17,554,429
gen.
19,950
1,275,000
Chesebrough Mfg. Co. (Consolidated)—Earnings-
Copper Corp.—Earnings—
Calendar Years—
Sales of metals
$5,775
610,454
income
Total
(Including Wholly Owned Subsidiaries)
sell.,
1936
18,132
pref. stock..
—
Cerro de Pasco
a
on
Capital surplus.
Unap. dlv. & int.
Represented by 11,721 no-par shares in 1937 and 11,787 no par shares
y Reprasented by 20,000 no-par shares.—V. 144, p. 3168.
Provision for
1937
$12,016
for div. accr.
Res.
y Treas. stock.. Drl87,075
Com. stk. (par $1)
170,000
in 1936.
r
Liabilities—
Reserve for taxes.
x
824
.$7,079,645 S6,925,405|
of sales,
336,811
Stockholder Equit.:
897
Total..
et inc.
$271,145
7,176,478
7,968
384,270
Surplus
Suspense
Cost
7,242,188
6,388
1,000,000
440,941
x
1936
S376.710
debt
discount A exp—
and
cost
1937
Balance Sheet March 31
Gash.
3,000
Unamortized
$6,063,571
between
$5,726,759
1937
Assess—
Reserves
4~4~ 034
deposits
for—difference
56,528
Consumers' depos.
—refundable
80,741
.
Constr. advances.
x
Accounts payable
12,741
Inventories: mat'ls
Prepayments..,.
Ins.
12,000
provided
Balance, March 31, 1937
$3 5S5.000 $3,585,000
99,974
63,740
Accrued items....
9,688
_.
loss
market value of securities owned at March 31,
1936
debt
outstanding
Investment—affili¬
ated compaay
1937
$6,144,470
________
share of preferred
—
Unrealized
Liabilities—
294,220
unrealized loss
at that date
the stated value of $25 per
over
and
cost
stock reacquired in 1937
Net loss on sales of securities in 1937---
Balance
Condensed Balance Sheet March 31
1937
for—Difference
between
market value of Securities owned at Dec. 31, 1936
Balance,
Note—It is the company's policy to make an
appropriation to the reserve
for renewals and
replacements (depreciation) at the end of each calendar
and
Unappro. div. & int. inc. Mar. 31-
$55,625
•
_
Dec
preferred stock
4,537
$84,643
Total
Dividends
Net inc. before prov. for renewals,
Assets—
$819,174
106,991
100,542
615,540
loss$3,899
6,680
The New York Stock
Operating
xl935
Adjusted to give effect to revised basis for depreciation.
x
reserve for depreciation and
accruing renewals of $10,559 in 1936
$9,568,328 in 1935.
b Customers' notes receivable, including interest
accrued, less commission certificates outstanding, but after deducting
reserve for losses and collection expenses
amounting to $3,950,000 in both
years,
c Acquired
under foreclosure and held for sale,
d Consisting of
3,272 shares of common stock in 1936 and 3,397 shares in 1935.
e After
deducting reserve of $1,000,000.—Y. 143, p. 3309.
of
1936
$790,165
137,238
109,181
698,028
$128,057 loss$154,282
13,776
12,792
Net profit
6% prior preferred dividend
and
f
Operating profit
Interest
After
a
Subs.)—Earnings—
1937
Other income (net)
Profit
118,053
value.—V. 142, p. 3667.
4,271,926
29.187
6,969,156
Deferred charges..
par
$1,194,916
179,754
121,589
765,516
operating profit
Maintenance and repairs
Depreciation and depletion
Expenses..
Federal capital stock taxes..
Cash....
932,118
1,374,256
6,200,000
33,164,718
$43,466,588 $42,867,515
Represented by 1,122,842 shares of no
3 Months Ended March 31—
100,000
Capital surplus...
Earned surplus
closed
Total
annexed
Gross
130,310
31,854
1,199,122
1,644,256
6,200,000
33,390,257
Res.
...
rities (at cost)..
Real est. 4 prop.
1,234,088
Prov. for taxes...
10,294,720
Inventories
b Notes
Accts. receivable..
as
Total
10,182,500
Common stock... 19,496,000
Accounts payable.
947,121
124,900
•
...
Certain-teed Products Corp. (&
7 % pref. stock.... 10,182,500
25.501
...
—
Capital stock
Surplus, capital and earned,
S
$
10,868,992
150,357
13,184.348
sold & unsold metals.
Reserves.
x
1935
$484,909
711,513
1935
1936
S
Laud, bldgs., Ac 10,122,582
Patents,
designs,
k devices, Ac
1,044,423
a
1936
$442,900
590,052
Accounts payable
iw
Acer, liabil., pay rolls, inc. taxes, &c., plus pro vs.
for freights, treatment charges, commissions, &c.,
x
1935
$43,466,588 $42,867,515
Liabilities—
Drafts payable.
Balance Sheet Dec. 31
193G
Assets—
628,301
25,792
2,211,464
97,032
1,797,078
17,531,948
2,495,502
Deferred receivables, dep., prepaid expenses, &c__
115,128
Investments.
1,797,076
Fixed assets, less allowances for depletion & deprec. 17,922,218
.. .—
425,000
Balance, surplus
stock.
1,733,000
754,388
4,058,557
2,715,255
(repaid in
Accounts receivable
Metals sold for future delivery at net selling prices.
Inventories of unsold metals.....^
of depletion
Accrued interest receivable
Inventories of materials & supplies, at costs.
d700,000
Previous surplus
d Treasury
1,159,063
3,255,911
2,528,592
...
$4,793,103
6,521,592
Inventories of ores, concentrates, &c., at costs excl.
(J. I.) Case Co.—Earnings—
a
1935
$7,107,197
6,562,894
1936)...
Cariboo Hudson Gold
See list given
1
1936
Cash
Increase
1936
3167.
p.
3325
Consolidated Balance Sheet at Dec. 31
Earnings for System for Week Ended May 7
—V.
Chronicle
$1,238,403
3326
Financial
of that issue.
As
result, 4,980 shares of the Chesapeake & Ohio Ry. Co.
common stock were withdrawn from the collateral
pledged with it as trustee.
The Guaranty Trust Co. of N. Y., as trustee for the 20-year 5% converti¬
ble collateral trust bonds due May 15, 1947, has notified the Exchange of
the conversion on
May 6 of $168,000 principal amount of that issue. As a
rosult, 3,821 shares of the Chesapeake & Ohio Ry. Co. common stock were
withdrawn from the collateral pledged with it as trustee.—V. 144, p. 3168.
a
Chester Pure Silk Hosiery Co.—Registration Amended—
The company has filed an amendment with the Securities and Exchange
Commission increasing to 22,500 shares the amount of 6% cum. conv. pref.
stock to be offered publicly.
Originally the company planned to issue only
12,500 shares of preferred.
According to the amendment, the company has
abandoned its plan to issue $100,000 of 6% bonds.
The amendment also
covers 33,750 shares of common stock which will be reserved for conversion
of the preferred.
The preferred will be offered at $10 per share.
Falvey,
Waddell & Co., Inc., and Polk-Peterson Corp. will be underwriters.—V. 144.
P. 2472.
■
-;/////
Chicago
& Eastern
Illinois
Supporting Income Bonds
Ry.—Brief and Argument
Proposed in Debtors Plan Filed
with SEC—
and
insists
the issuance to them of income bonds as called
on
plan of reorganization.
These
proposed
income
brief discloses that the bondholders'
May IS,
provide
acquiescence in the
manage¬
Annual
Report for Year Ended Dec. 31, 1936—
General Statistics for Calendar Years
1936
1935
931
798,525
938
739,561
75,741,574
62,278.297
Average miles operatedPassengers carried
carried
1 mile
Rev. per pass, mile
Revenue freight (tons),.
$.018
7,969,598
Rev. fr't (tons) 1 mile.-1380502596
Rev. per ton per mile
$.0093
1936
1935
1934
$12,816,673 $10,629,559 $10,021,464
1,369,540
1,117,991
1,217.607
1,751,734
1,553.497
1,398,595
transporta'n
171,160
130,855
138,884
Other
Total oper. revenue.-$16,109,107
Maint. of way & struc..
1,776,926
bound by its present conditional acquiescence in the plan," and will be free
to resist the plan by litigation.
"The fact," says the brief, "that the com¬
Maint. of equipment.._
mittee acquiesced in any interest at all being left to the old stockholders
under the debtor's plan, is due to the mutual concessions incident to nego¬
tiation of a plan, and derogates in no way from the general mortgage bond¬
holders' legal rights, which it might yet have to assert, to complete priority
Transportation..
than
5,902,610
operations,
General
5,386,163
5,084,030
5,047,139
77,661
646,527
42,996
637,883
50,774
669,902
78,051
654,518
expenses
Total
respects."
oper.
&c.
expenses_$ll,751,140 $10,627,133
$2,831,177
689,688
$2,617,391
923,792
$2,160,460
$2,141,488
$1,693,598
923.332
816.333
269,595
832,204
705,501
854,116
799,384
686,918
134,150
$1,927,896
2,095,069
153,729
14,488
$803,680
2,107,119
154,624
12,183
$789,965
2,123,798
154,624
5,743
$341,447
2,186,002
154,624
21,324
$2,263,286
335,389
$2,273,928
1,470,247
$2,284,165
1.494,200
$2,361,950
2,020,504
Hire of equip.—Dr
Joint facil. rent inc.—Dr.
that it is safe to estimate that
$9,601,058
$2,804,771
644,311
$3,397,967
Taxes, &c
equal principal amount of preferred stock.
There are altogether, as the brief points out, a score or more of railroad
reorganizations pending before the ICC under Section 77.
In eight of the
major cases alone the plans of reorganization filed by the companies call
for issuance of an aggregate of about $825,000,000 of income bonds; so
$9,945,374
$4,357,967
960,000
Net earnings
non-cumulative income bonds in the amount of about $15,400,000 and an
Other income
billion dollars in income bonds will be
Operating income
Operating Expenses—
proposed in all of the pending reorganization cases for issuance by the new
companies.
The Chicago & Eastern Illinois is the first case in
Total income.
railroad
which the question of income bonds has been brought sharply to the fore,
because of Director Sweet's suggestion at the hearings that consideration
should be given to these proposed bonds being partly or wholly changed
Interest
1933
$9,684,156
1,308,192
1,108,267
117,834
$13,431,904 $12,776,550 $12,218,448
1,656,141
1,576,796
1,489,744
2,278,903
1,961,683
1,749,788
625,047
602,187
581,817
2,677,339
670,077
Traffic expenses
Miscefi.
In the reorganization plan filed by the company it is proposed that there
be issued to the old general mortgage bondholders of the company these
over a
$.018
6,896,440
1185938165
$.0090
939
744,705
79,517,548
$.016
6,297,741
1066240920
$.0091
Income Account for Calendar Years
mission and the Court, or if "there should be any changes which the com¬
mittee would consider prejudicial to it, then the committee will not be
all
1933
1934
939
731,236
72,840,342
$.017
6,712,478
1136126162
$.0088
Operating Revenue—
FreightPassenger
Mail, express, &c
ment's plan is only a conditional compromise; for the committee begins with
the statement that if these income bonds are not approved by the Com¬
in
1937
security, and would cripple its value, not only by reason
of the deferment of its position, but also by reason of the fact that a sub¬
stantial proportion of the resulting stock issues would be suffering from the
continuous demoralization of State-enforced liquidation hanging over the
institutional investors which would be holding such stocks.
And all of
these unfortunate and destructive results would apparently ensue, not from
any absence of the new company's 'probable prospective earnings' sufficient
to take care of the practical requirements of these non-cumulative income
bonds, but only from the Commission's inability to be convinced that there
are assured prospective earnings for effecting such result—a test, we submit,
which Section 77 does not authorize, and Congress could not validly author¬
ize the Commission to apply.
"We trust that the Director will propose to the Commission that the
provision for the issuance of income bonds as set forth in the debtor's plan
be left standing."
a
for in the
bonds
for interest only if earned and the interest obligation would be non-cumu¬
lative.
The
inhering in such
Pass,
A brief filed May 14 with the Interstate Commerce Commission in the
reorganization proceedings of this road is the first lodged with that body
to deal under Section 77 with the problem of income bonds.
It is filed on
behalf of the protective committee for general mortgage bonds of C. & E. I.
debtor's
Chronicle
_
Rents
Miscellaneous..
645,675
148,267
180,926
into preferred stock.
It is generally felt that the outcome of the income
bond proposal in the Chicago & Eastern Illinois case will have some bearing
upon
similar proposals in all of the other
cases.
The committee for the bondholders consists of Carrol M. Shanks, Chair¬
man, Associate General Solicitor of Prudential Insurance Co.; Harry C.
Hagerty, Treasurer of Metropolitan Life Insurance Co.; Alfred H. Meyers,
Treasurer of New York Life Insurance Co.; Robert L. Hoguet, President,
Emigrant Industrial Savings Bank, and Charles R. Butts, President,
Norwich Savings Society.
The brief filed May 14 by Louis B. YVehle on behalf of the protective
committee discusses the income bonds chiefly from three points of view.
First, Mr. Wehle insists "the income bond is the necessary and appropriate
financial device for effecting early reorganization; in fact, it is an indispensa¬
ble agency for facilitating reorganization, since, without subjecting the new
company to any direct financial burden, it keeps the creditors' lien from
extinction and safeguards their position of legal priority, while the property
is being given the opportunity to recover and develop earning power to
serve
its contingent requirements."
"The increased use of the
income bond in railroad reorganization seems to have paralleled in general
the increasing strictness and rigidity of standards for defining and deter¬
.
.
.
mining gross and net income, and additions and betterments of carriers
as progressively laid down by the Commission in its uniform accounting
regulation."
"In the years 1920 to 1928, inclusive, when the
Commission was first functioning under Section 20a, there were seven out¬
standing reorganizations in which income bonds Were approved by the
.
.
.
Commission."
Second, Mr. Wehle's brief
that the C. & E. I. property is still in
but that its recovery of earnings,
as in the case of most other railroads, has thus far
proceeded only about
half wav from the 1932 low to the subnormal earnings of 1930.
The brief
contends that if the debtor's proposed plan of reorganization were already
in effect, that even under 1936 earnings, more than 3% would have been
earned on these 60-year income bonds.
The point is then made that even
if the earnings of the property should never even reach the 1930 mark,
it is reasonable to expect that the earnings would be sufficient, during the
60 years of the life of these non-cumulative bonds, to enable the new com¬
pany to retire the bonds, largely with the sinking fund and to pay or refund
the balance of them at maturity.
Mr. Wehle contends that the Commis¬
sion has not the statutory power to disapprove or prevent the issuance of
these income bonds in view of these prospects; and that if Section 77 should
be construed to vest such power in the Commission, it would be unconsti¬
tutional under the Supreme Court's decisions in the two Frazier-Lemke
over
$1,650,000;
cases.
The third main point of the brief is that since 1920 the dominating motive
of
Deficit
public policy of Congress in legislating for railroads has been that the
ported from private investment funds.
The suggestion of Director Sweet,
made at recent hearings in Washington, that the proposed income bonds
be transformed partly or wholly into preferred stock, is vigorously attacked.
Mr. Wehle, quoting the Commission, points out that the Commission itself,
in the O'Fallon case some years ago, said that the national railway trans¬
portation system, "so long as it is privately owned, obviously cannot be
provided and maintained without a continuous inflow of capital.
Obvi¬
ously, also, such an inflow of capital can only be assured by treatment of
capital invested which will invite and encourage further investment."
The
brief then points out that the insurance companies and savings banks alone
own about four billions out of the 113^
billions of railroad funded debt;
that to deprive these and other investors such as banks, trust companies
and the "army of private investors" of the value inherent in their mortgage
liens, by transforming those mortgage liens into preferred stock, would be
destructive of the public interest because it would tend to deprive the
American transportation system of the future support of the American
investor.
After calling attention to the shrinkage which has already occurred in the
by insurance companies in railroad bonds, Mr. Wehle's brief
"If there is indeed a Strang tendency for these great institutional
investors, representing scores of millions of policyholders and savings bank
depositors, to withdraw their support from railsoad bond investment, is it
not likely that this is also true as to other institutional investors and as to
informed private investors as well; and is not the fundamental policy of
Congress as to the public interest being gravely endangered with regard to
the financial support of transportation ?
And is it proposed that this danger
shall now be increased and intensified by ignoring the most important
element of 'the public interest,' as it has come to be defined by Congress,
/by the Commission itself, and by the Supreme Court, through unnecessarily
I discouraging the steady flow of capital investment for the support of the
j American transportation system?
We submit that this Avould be done if,
under the circumstances of this case, the Director were to propose, and the
Commission and the District Court were to concur in, the transformation,
whether partly or wholly, of the proposed income bonds under the debtor's
plan into preferred stock.
Such a course, it seems to us, would be neither
just nor equitable.
It would impair the priority status of the general
mortgage bondholders by causing a new sovereign's lien to be interposed
ahead of their claim; it would degrade the obligation which they hold from
that of a lien obligation, which commands the special market advantage
concludes:
395,380
395,380
395,380
395,425
$730,769
.........
$1,865,627
$1,889,580
$2,415,929
Condensed General Balance Sheet Dec. 31
1935
1936
Assets—
Improveirents
1936
72,664,786
on
leased property.
32,417
Sinking funds..—
7
1935
$
S
Liabilities—
S
S
Inv. in road & eq.70,970,766
37,001
7
Common
stock.-.23,845,300 23.S45.300
Preferred stock...22,046,100 22,046,100
Go v'tal grants
78,031
42.863
Trustees'
Funded
Deposits in lieu of
certifs..
debt
201,000
231,000
un¬
'
mtged. prop'ty.
Misc. phys. prop.
6,131
6,131
1,914,371
1,914,789
2,585,601
550,000
2,585,601
550,000
Stocks
1,828,133
....
32,497,036 31,515,036
Loans Abiilslpay.. 7,506,318
7,627,846
1,904,363
Bonds...
Advances--.-..
Other
matured
Traffic & car-serv.
Inv. in affii. cos.:
investments
Cash....
Special deposits.-.
Loans & bills rec..
1,556,983
180
1,213,552
1,577,017
1,485
1,168,036
18,852
301,048
222,990
430
bals. payable
Audited accts. and
Net
bal. rec.,
from
232,022
Misc. accts.receiv,
393,490
910,896
5,809
377,460
Mat'ls & supplies.
Int. & divs. reeeiv.
Rents receivabie.-
741,130
5,890
11,417
11,228
assets.
3,143
14,302
13,514
Other def'd assets.
59,535
1,599
Other unadj. debits 1,542,756
liabilis.
43,777
31,961
40,034
40,155
1,290,305
904,316
equipment 3,300,840
3,691,848
tion,
deprecia¬
Other unadjustable
credits
1,512,056
through
1.401,784
income
and surplus
327,051
reserves.
and
Profit
Total.
322,840
6,448,774
6,053,394
loss—
balance deficit
.85,720,611 83,898,369
144,
356,436
liabilities
Sink. fd.
-V
336,395
441,771
rents
Add'ns to property
prepaid.
Total
2,736,000
340,778
liability.....
Accrued
1,340,848
insurance
prems.
curr.
Deferred
Tax
2,306
Rents &
2,736,000
inter¬
accrued.-..
Other
97,777
curr.
86,992
5,292,742
accrued..
3,025
Work, fund ad vs..
774,553
74,423
Funded debt mat'd
Unmatured
Unmatured
240,150
361,208
942,216
7,310,122
unpaid.
est
agents and
453,663
-
Miscell. accts. pay.
Interest
matured,
due
conductors-....
Other
payable.
wages
unpaid
bals. receivable-
American transportation system is private enterprise, which must be sup¬
investment
charges
Income applic. to sinking
and other funds
Traffic & car-serv.
argues
the process of winning its way out of the trough of the depression; that its
1932 operating deficit of nearly $1,300,000 was changed in 1936 to a net
operating income of
Total
Total loss
-
.25,714,984 23.S00.402
-.85,720,611 83,898,369
2990.
p.
Chicago
Milwaukee
St.
Paul
&
Pacific
RR.—New
Directors—
Four
directors
new
were
elected
on
May
11
at the annual meeting of
stockholders.
Those chosen were Louis M. Atherton, William Church
J. Roosevelt and Lawrence Howe.—V. 144, p. 2990.
Osborn, Philip
Chicago & North Western Ry.—Equip. Trust Certificates
The
Interstate Commerce Commission on May 8 authorized the com¬
to assume obligation and liability in respect of not exceeding $4,460,000, series Z, 2}4% equipment-trust certificates, to be issued by the
Central Hanover Bank & Trust Co., as trustee, and sold at 95.373 and
divs. in connection with the procurement of certain equipment.
The report of the Commission says in part:
The certificates were offered for sale through competitive bidding and
in addition individual requests for bids were sent to 92 bankers, banks,
trust companies, and life insurance companies.
In response thereto one
bid, of 95.373 and divs., was received.
This bid was made by a group
comprised of Salomon Brothers & Hutzler, Dick & Merle-Smith, and
Stroud & Co., Inc., and has been accepted.
On this basis the average
annual cost of the proceeds to the railway trustee will be approximately
3.43%.—V. 144, p. 3168.
pany
Chicago
Rivet
&
Machine
Co.—Initial
Dividend
on
New Common StockThe
on
directors
the new
have declared an initial dividend of 30 cents per share
$4 par common stock, payable June 15 to holders of record
May 25.
The common stock was recently £plit on a two-for-one basis, two new
$4 par shares being issued for each old no-par share.
See V. 144, p. 1271 for detailed record of dividend payments on old
common stock.—V. 144, p. 2122.
Christian
Brothers
College,
St.
Louis,
Mo.-—Bonds
Offered—Dempsey-Tegeler & Co., St. Louis, Mo., are
offering 80,000 1st & ref. real estate bonds of Christian
Volume
Financial
144
Brothers
College of St.
School, Clayton, Mo.
Dated
as
Louis,
and Benildus High
Mo.,
of May 1,1937; principal payable
$8,000 annually May 1,1938,
through 1947 incl.
Bonds maturing May 1, 1938, to and incl. May 1,
1940 bear int. at rate of 3% per annum (payable s.-a.) from May 1, 1937.
Bonds maturing May 1, 1941, to and incl. May 1, 1945 bear int. at rate
of 3)4 % per annum.
Bonds maturing May 1, 1946, and subsequently
bear int. at rate of 4% per annum.
Mutual Bank & Trust Co., St. Louis,
Chronicle
and sold at
certain equipment.
The report of the Commission says in part
The applicant invited 56 firms and corporations to bid for the purchase
of the certificates. In response thereto five bids were received. The highest
bid. 96.678 and dividends, was made by a group comprised of Salomon
Brothers & Hutzler; Dick & Merle-Smith, and Stroud & Co., Inc., and
has been accepted.
On this basis the average annual cost of the proceeds
to the applicant will be approximately 2.98%.—V. 144, p. 2992.
Mo., trustee.
These bonds
are the direct and joint obligation of Christian Brothers
College of St. Louis, Mo., and Benildus High School, both corporations
deed of trust on the
property having a total valuation of $273,850.
IHlThe purpose of the issue is to refund outstanding indebtedness at a re¬
of the State of Missouri and are further secured by a
Cities Service Power & Light Co.
6 Months Ended March 31—
Gross operating revenue
Oper. exps.,
duced interest rate.
1936
1935
1934
1933
8,191
8,297
8,318
8,333
Tons carried.
23,474,235
19,949,039
19,582,715
18,449,703
Rev. for tons carried
$62,389,183 $53,991,903 $54,599,416 $53,158,815
Av. rate per tons per m_
0.96 cts.
1.01c.
1.01c.
1.04c.
Av. load in tons per mile
462.58
431.51
438.64
438.47
Rev. Pass. Traffic—
No. of pass, carried.
7,837,269
6,558,667
7,337,966
7,128,663
Rev. for pass, carried
$7,307,758
$6,336,239
$5,819,977
$5,935,350
Average miles operated.
Av. rate per m. per pass.
1.67c.
1.69c.
1.89c.
1.66c.
Consolidated Income Account for Calendar Years
1933
Operating Revenues—
1936
1935
1934
Freight revenue. —....$62,389,183 $53,991,903 $54,599,416 $53,158,815
Passenger revenue......
7,307.757
6,336;239 " 5;935i350 " 5,819,977
Main revenue
2,472,027
2,416,241
2,365,049
2,428,888
Express revenue.......
1,380,360
1,184,621
1,127,401
962,125
Other transport, revenue
1,628,290
1.414,311
1,312,627
1,164,362
Miscellaneous revenue,.
2,889,088
1,773,539
1,621,845
1,314,281
Total ry. oper. rev.
„
.$78,066,706 $67,116,854 $66,961,688 $64,848,448
$13,178,837 $12,434,698 $12,079,115
4,704,047
4,762,126
4,853,797
1,599,181
1,611,027
1,611,788
Earnings applic. to minority interests
276,956
315,025
227,752
Cities Service Power & Light Co. int.
charges & amortization of discount
1,734,877
1,800,127
1,886,047
Reserve for depreciation
2,129,961
1,818,833
1,835,704
Int. charges & amort. of discount
Preferred dividends paid and accrued
Net income
x
Total ry. oper. exps. .$67,401,772
Net
rev.
from ry. oper..
10,664,934
5,611,294
Railway tax accruals...
Uncoil, ry. revenue
Total ry. oper. income $5,053,639
8,325,661
15,087,512
2,465,278
29,291,316
947,867
3,792,261
79,406
7,297,779
14,869,516
2,347,738
27,491,219
839,393
4,089,387
59,844
6,939,186
13,816,068
2,191,740
25,473.852
744,094
3,293,062
22,608
$59,830,490 $56,875,189 $52,435,395
7,286,365
10,086,500
12,413,053
4,160,000
4,355,000
5,340,000
29,623
26,775
22,594
$3,096,741
2,924,879
1,111,059
$5,704,724
2,926,626
1,099,298
$7,050,459
2,966,643
1,086,250
$1,000,681 def$939,198
$1,678,800
$2,997,566
328,617
175,583
41,533
314,337
180,621
573
341,501
227,301
78,378
$1,577,380 def$393,464
$2,174,331
$3,644,746
Equip, rents, debit bal._
2,921,861
1,131,097
Jt. faci. rents, deb. bal..
$2,695,745
Includes provision for
$2,165,627
Federal income taxes.
$1,664,024
Specific provisions for
Federal surtax and undistributed profits are incomplete pending year-end
determinations.—V. 144, p. 2473.
-
City of New York Insurance Co.—New President—
See Home Insurance Co., below.—V.
142, p. 456.
Clinchfield RR.—Earnings—
March—
1937
Gross from railway
1935
1934
$497,195
207,746
203,246
$473,690
208,086
194,886
$558,457
302,534
296,915
1,873.301
952,528
1,617,724
758,204
739,402
1,363,896
583,396
543,996
1,542,894
1—
Gross from railway
Net from railway
Net after rents
—V.
1936
$727,356
404,255
385,297
Net from railway
Net after rents
From Jan.
11,084,438
16,940,115
Traffic
2,608,302
Transportation.....
32,058,560
Miscellaneous operations
1,105,647
General
4,045,019
Transp. for invest.—Cr.
440,309
1935
$12,434,598 $12,046,518 $11,428,848
744,239
388,179
650,267
Other income
Operating Expenses—
Mamt. of way & struct..
Maintenance of equip...
1936
Total income
General Statistics for Calendar Years
Freight Traffic—
(& Subs.)—Earnings
1937
$30,265,817 $28,072,557 $25,789,911
maintenance and taxes..xl7,831,219
16,026,038
14,361,063
Net operating revenue..
Chicago Rock Island & Pacific Ry.—Annual Report—
Rev.
3327
96.678 and dividends in connection with the procurement of
919,203
782,066
748,824
2294.
144, p.
Cluett, Peabody & Co., Inc.—To Split Stock 3 for 1—
A special meeting of the stockholders has been called for the purpose
of authorizing the subdivision of each share of common stock of the company
into three shares of the same class, and the change of the stated value of
shares of common stock to $6.50 per
mailed to stockholders on May
12.
share, it was announced in a letter
Stockholders were also informed
that
after the proposed split-up becomes effective the company proposes
to offer to its common stockholders the privilege of purchasing additional
shares of
of
&
new
common
stock
common
will head
Co.
stock in the ratio of one share for each five shares
held
of record.
It is expected that Goldman, Sachs
underwriting group to be formed in connection with
an
this offering.
Net ry. oper. income.
Non-Oper. Income—
Rentals
Interest and dividends.
326,169
204,638
45,892
_
Miscellaneous income
Total income
Deducs. from Income—
Rent for leased roads
155,386
8,020
109,589
155,286
7,717
48,714
155,286
8,020
60,794
155,286
6,286
119,208
11,851,466
1,421,785
11,851,456
1,422,065
11,851,401
1,422,065
11,847,333
1,488,253
88,375
1,061,348
1.145,723
777,455
1,083,595
$13,118,590 $15,024,425 $12,100,691
$11,055,216
Miscellaneous rents
Other income
Int.
charges
bonds and long-
on
term notes.
Int.
Int.
equip, notes
on
on
trustees
ctfs.
of
indebtedness
Int.
on
bills pay. & accts.
Net loss..
Note— For comparative purposes, operating expenses for 1935 have been
restated to conform to changes in Interstate Commerce Commission classi¬
fication effective Jan. 1, 1936.
Assets—
Investment
1935
$
1933
(common
$
in road and
equipment—Road
361,103,505 363,704,522 366,080,983 366,876,655
Equipment.
121,161,128 127,657,188 136,798,192
....
657,716
717,875
747.724
754,704
535
3,450,819
16,388,148
2,238,771
9.991,429
7,034,650
4,121,569
2,511,564
Cash and spec, deposits.
Loans & bills receivable.
916,801
17,032,617
2,382,955
5,070,749
7,365
5,066,169
3,165,903
2,591,761
787,742
17.135.640
2,601,401
3,122,747
12,810
5,059,097
3,539,232
2,243,108
2,091,656
17,623,323
2,772,839
4,889,102
21,794
5,532,359
4,014.739
668,562
25,962
1,541,854
Other investments
28,065
1,201,083
29,010
1,053,337
13,117
1,185,493
3,915
Materials and supplies
...
Other deferred assets
Rents & ins. prems. paid
in advance
Other unadjusted debits
Total
142,267,802
Colorado Central Power
Improvements on leased
railway property
Deps. in lieu of mtged.
property sold
Misc. physical property.
Inv. in affil companies..
Other current assets.
typographical error in the annual report the total amount of
as shown in the report for 1936 should have been $6,393,667
dividends, $5,814,469 and class A dividends, $579,11)8) and not
$6,193,667 as shown ($5,814,469 common dividends and $379,198 class A
dividends).
This changes the balance surplus from $355,415 to $155,415.
See V. 144, p. 3169.
a
dividends
1934
$
Coca-Cola International Corp.—Correction—
Due to
Consolidated Condensed General Balance Sheet
1936
The proceeds of the proposed offering will be used for additional working
capital to finance increased inventories and accounts receivable, as well
for certain additions to plant facilities, which have been made necessary
by the continued improvement in the companys business.
The letter to
stockholders states that, in the opinion of the directors, the expense of
providing these funds solely from profits would be prohibitive in view
of the undistributed profits tax.
The stockholders' meeting has been called for June 11, 1937, and will
be held at the office of the company in Troy, N. Y.
The effect of the proposed split-up, if approved, will be to increase the
company's authorized common stock from 250,000 shares without par
value to 750,000 shares without par value, to change the 188,290 shares of
common stock outstanding in the hands of the public into 564,870 shares,
and to change the stated value of the common stock from $19.45 to $6.50
per share.
The offering to common stockholders involves the issuance of
an additional 112,974 shares.
The company is taking steps to register under the Securities Act of 1933
the additional shares to be offered to, stockholders.
According to present
plans it is exepcted that the registration statement will become effective,
and the offering of the additional shares will be made, during the latter
part of June.—V. 144, p. 2122.
as
530,231,567 529,543,054 539,211,024 548,712,145
29,416,889
29,416,889
29,416,889
29.422,189
25,115,900
25,115,900
25,115,900
25,127,300
Common stock
74,359,722
74,359.722
74,359,722
74,359,722
Governmental grants
2,663,975
2,406,876
2,341,170
2,330,965
Funded debt
132,402,640 135,553,250 143,311,100 310,532,885
Trustees ctfs. of indebt.
4,500,000
Non-negotiable debt to
affiliated companies..
3,457
3,467
3,477
3,487
Loans and bills payable. 17,843,700
17,843,700
17,466,421
17,715,657
payable
4,243,954
5,798,243
5,989,508
6,644,847
Interest matured unpaid 44,755,541
32,244,256
20,148,899
7,330,574
Fund, debt mat. unpaid. 177,441,900 174,981,000 167,224,000
4,000
Unmat. int. & rents accr.
943,549
1,115,155
1,163,201
3,509,896
Misc. current, payable..
3,056,537
2,143,538
2,725,028
2,025,652
Other deferred liabilities
569,581
779,501
807,092
730,752
Tax liability
4,610,449
3,095,118
3,489,392
6,702,423
Accr. deprec.—Equip... 46,513,780
48,341,147
52,099,516
50,798,670
Other undj. credits
1,875,299
1,519,152
1,259.410
1,939,672
Addit. to prop, through
income and surplus
1,384,905
1,362,850
1,406,139
1,387,372
Approp. surplus not spe¬
cifically invested
88,053
Projit & loss—Debit bal. 41,470,212
26,536,711
9,115,842 Cr8,058,029
^
Total
530.231,567 529,543,054 539,211,024 548,712,145
—
Clarkson
vacancy
Potter
has been elected
a
director
of this company
created by the death of Charles Hayden.—V. 144,
Cincinnati
New
Orleans
&
Texas
p.
to fill
a
2990.
Pacific
Ry.—
Equipment Trust Certificates—
The Interstate Commerce Commission on May 4 authorized the company
obligation and liability in respect of not exceeding $6,810,000
to assume
series
H, 2)4% serial equipment-trust certificates, to be issued by the
Pennsylvania Co. for Insurances on Lives & Granting Annuities, as trustee,
1936
$115,305
1,886
$106,223
$117,192
$107,771
64,828
5,311
10,037
Maintenance
72,437
4,612
Taxes..;
12,440
Operation
,
1,548
883
663
$26,820
9,956
$26,933
10,099
307
273
Income deductions
Net corporate income
Interest on funded debt
Interest miscellaneous
;
180
150
$16,377
$16,410
2% normal tax
x
Balance to surplus
Before
provision for renewals and replacements (depreciation), Federal
income and undistributed profits tax.
Balance Sheet March 31
plant
1st
&
work
in
progress
Cash...
Notes & warr. rec.
Accts. receivable-.
Inventories
Prepayments
mtge.
f. gold
ser.
-
Special deposit—
Suspense
s.
$1,540,829 SI,500,765
equipment
Construe,
Liabilities—
1936
1937
Assets—
Property,
-
48
32,080
5,602
72,142
29,980
2,707
62,883
5,596
70,461
17,447
2,2X5
3,459
—
investments
1
1937
1936
5)4%
bonds
A, due Dec.
1,1946
5,840
-
1,771
Deferred assets...
Accounts payable.
Accrued items
Consumers'
$720,500
17,294
44,910
$734,500
20,381
40,027
meter
deposits
20,045
12,727
18,327
Misc. unadj. cred.
Reserves
441,013
408,261
Common stock.
300,000
300,000
136,233
135,649
x
_
11,570
7,608
Misc.
Total
x
$1,692,721
Surplus
$1,668,7161
Total
$1,692,721 $1,668,716
Represented by 10,000 no par shares.—V. 144, p. 1595.
Commercial Discount Co.—Registration Amended—
The company has filed an
amendment with ohe Securities and Exchange
Commission stating that the company's 5% preferred stock which it in¬
tends to issue will not be exchangeable for the company's outstanding
series B preferred stock.
Holders of the company's 6% convertible gold
exchange them for the 5% preferred stock as in the company's
original statement filed with the SEC.
The company also changed the conversion rights of the 5% preferred
stock so that up until and including May 31, 1939, it may be exchanged
into common at the rate of 2% shares of common for each share of 5%
preferred; thereafter to and including May 31, 1941, at the rate of 2 shares
of common for 1 share of preferred; and thereafter to May 31, 1943, at the
rate otl% shares of common for each share of preferred, at which time con¬
version rights cease.
In connection with the change of conversion rights of the 5% preferred,
the company is reserving 190,000 shares of common stock for conversion
instead of 160,000 as in the original registration statement.
The company
notes may
New Director—-
—
Gross revenue
6% preferred stock
Audited accts. and wages
1937
Operating revenue—Electric
Non-operating revenue
x
Liabilities—
7 % preferred stock
Co.—Earnings—
3 Months Ended March 31—
3328
also
Financial
stated
in
Chronicle
the amendment that there will beTno underwriters for the
named.
year
The company also changed the proposed offering price of 31.241 shares
of common stock from $10 per share to $9.50 per share.—V. 144, p. 2823.
Compressed Industrial Cases, Inc.—Earnings—
3 Months Ended March 31
1937
Net profit after all charges
Shares capital stock outstanding
Earnings
b Capital stock...
72,711
Accts. rec. cr. bal.
20,432
Inv.Coty,Ltd.,Eng 4,356,845
20,354
Due officers &
5,245,152
7,431,875
c
d Mach.,equip.,&c
1937
$554,392
January
February
1,066,853
757,283
April
1935
$552,326
639,861
826,186
736,425
700.884
March
$517,572
527.142
Co.
1,070,641
(& Subs.)—Earnings
1935
_
_
$1,532,222
1,162,157
234,416
$1,355,901
1,052,682
196,693
$282,234
3,714
Operating profit
_
—
$135,649
4,379
$106,526
10,460
Profit.
$116,986
93,071
953,393
946,401
from
officers
1,700
572
Depreciation
Prov. for foreign inc.tax.
Res. for adv. to partially
owned sub
3,000
Earns.per sh.
on
10,000
$45,719
$15,215
$0.10
a
8,623,919
17,492,422
18,644,475
Includes State's taxes, also undistributed profits tax in 1936.
b Bepro-
Continental Oil Co.
a
—
1935
Nil
1934
of controlled
b286,377
1,896,895
Balance
b316,235
debt, &c___
Other interest
$8,326,764
Applic. to min. interests
9,397
Extraord. profits—Cr
1,295,230
Prem. and exp. on bonds
purchased, &c
Net inc.
accr. to corp.
Dividends.
$7,553,584
11,398
1,476,587
$5,140,109
12,251
109,748
Surplus..
Shs.com.stk.out.(par$5)
Earnings per share
$3,759,574
$4,716,412
c4,682,615
$2.05
ury
Earnings
x
§
c4,682,663
$2,524,084
4,738,593
$2,275,860
4,738,593
$1.88
$1.03
$0.48
§
A*
Property accts. .45,374,654 39,825,882
9,899,595 11,438,067
U. S. Govt, securs.
Notes & accts.
c
20,000
20,000
Accrued
crude
oil, &c
Invest,
180,154
3,433,620
3,670,087
8,842,747
8,048,171
772,393
636,525
79,662
credits..
Minority interest.
Res. for insur., an¬
nuities & cost...
79,662
247,229
128,025
elected
2,387,154
133,647
Earned surplus.-13,038,147
3,6-54,892
revenue
1937
1936
$661,374
3,556
$622,782
$664,930
343,261
41,109
3,907
58,822
2,612
$626,034
$215,219
$211,812
54,768
1,908
14,432
4,519
.
55,099
1,650
Fixed
charges of subsidiaries:
Long-term debt
651,979
Unfunded debt
Dividends on preferred shares
Amortization of debt discount and expense
Fixed charges of Crescent Public Service Co.:
Interest on coll. trust 6% bonds, series A...
Interest on coll. trust 6% inc. bonds, series B_.
de¬
96,550,425 91,747,0211
Total
144,
Subs.)—Earnings—
lncome deductions
628,310
521,716
compaiy.—V.
3.252
316,126
40,511
4,584
49,814
3,188
9,448,597
96,550,425 91,747,021
After
14,898
4,532
■
50,438
1,355
39,389
$89,155
$94,890
$5.
x
Balance to surplus.
x
Before provision for renewals and replacements
income and undistributed profits tax.
1937
1936
selling expenses, &c__
Balance
Other income
2,537,387
$821,370
74,763
1935
1934
1933
$2,916,973
1,272,261
$2,951,765
2,831,871
2,612,083
2,838,001
$85,102
81,529
$660,178
96,878
$113,764
207,821
1936
$
Assets—
[Including Domestic Subsidiaries]
Gross profit.
$3,358,757
General administration,
$
Plant, property &
equipment
10,058,268
Special deposits
2,268
Investments
9,693
Cash
221,946
Notes receivable..
7,693
Acc'ts receivable.
271,706
_
1937
Liabilities—
9,888,194
5,859
12,005
307,229
15,121
248,464
Depreciation
Miscell. deductions.
$166,631
28,543
347,396
27,377
$757,056
31,902
495,291
140,101
$321,585
61,022
$216,994 loss$236,685
$89,762
$0.14
352
75,496
21,022
24,447
Prepayments
Misc. curr. assets.
3,894
Total
1,537,435
$0.14
1,537,435
Nil
Exclusive of proportions of profits and losses of
foreign subsidiary and
applicable to Coty, Inc., amounting to net profit of
associated companies
89,816
interest.
on
.
139
102
99,339
Miscell.
Interest
116,830
89,083
Consumers' deps__
Unredeemed coups.
Taxes
93,687
5,434
81,242
3,535
bonds.
125,559
8,469
1,731,652
Deferred liabilities
13,776
Unrealized profit.
226,230
Miscell. liabilities.
Reserves
262,242
;
Warrants
_
Pref. stk.
count & expense
Shares capital stock out¬
standing (no par)
Earnings per share
75
244,021
5,801
Unamort.debt dis¬
37~,787
Suspense
Net income.
147,680
Accounts payable-
7,879,300
6,132
1,600,501
14,954
1,537,435
$0.06
375
133,627
S
7,768,000
$222,776
1,537,435
Accr. int. receiv'le
1936
$
Long-terra debt
Mat'ls & supplies.
$896,133
24,485
489,467
yl65,188
(depreciation), Federal
Condensed Consolidated Balance Sheet March 31
Consolidated Income Account for Calendar Years
x
of this
Depletion...Taxes, excluding Federal income tax.
Coty, Inc.—Earnings—
x
director
a
,
Operation
Maintenance
253,962
depreciation, depletion
and
intangible development
costs,
z Includes
$1,650,000 notes and accounts receivable arising
from sales of certain properties.
a Includes
55,979 shs. in 1936 and 55,929 in 1935 held in treasury and
carried at no par value.—V. 144, p. 609.
x
Par
Corp.—New Director—
been
27,003
27,003
635,617
ferred charges..
y
has
3 Months Ended March 31—
debits,
Total
Thomas
Net corporate income
bonds, int., &c_
and
dividend of 10 cent* p«r share in
Crescent Public Service Co. (&
Paid-in surplus-.48,837,226 47,431,530
&c
Prepaid
V.
1780.
Non-operating
&c
(not current)...
Deposlt for red. of
Unadjust.
1,224,415
67,128
1,834,924
2,693,310
596,992
advances
extra
y
71,164
90,298
taxes
190,952
Notes & accts. rec.
an
quarterly dividend of 15 cents per share on the
both payable June 1 to holders of record May 21.
An
dividend of 40 cents was paid on Dec. 19, 1936.—V. 144,
f. 2649.
an extra dividend of 25 cents
p«r share in
to a regular dividend of like amount on the
capital stock, both
payable June 10 to holders of record May 7.
Dividends of 25 cents per share were paid on Dec. 15, and o*
July 15,
1936 and an initial dividend of 20 cents per share was distributed on Dec.
31,
1935.—V. 143, p. 3144.
;
;r
Unred.
Deferred
p. 448.
Creole Petroleum Corp.—To Pay Extra Dividend—
3.906,791
24,622
Accrued liabilities.
519,053
and
1936.—V. 144,
The directors have declared
bonds, in¬
terest, coupous,
to contract cos._
year
by Kansas
the regular
Cream of Wheat
G.
S
5,331,783
payable
19,748,742
Invest. & advances
Other
$1,874,222
$8.74
$14.09
of $715,000 mad*
stock,
p.
1935
$
20,584,028
Mat'Js & supplies.
Other curr. assets.
$3,194,275
1,320,053
$3,023,021
share.
to
extra
Capital stock..a23,692,966 a23692,966
Invent,
$4,343,073
1,320,053
addition
Accounts payable.
Due to Cont. Cos.
Dlvs.
of
per
addition
$6,244
Does not include treas¬
Liabilities—
y
....
Includes income tax credit adjustment
common
1936
5,594,867 z6,189,318
Due from Cont.Cos
81,516
85,792
rec.
prior preference stock
The directors have declared
$2,275,860
1935
Cash
on
Balance....
Consolidated Balance Sheet Dec. 31
x
2,600,000
164,172
Balance transferred to consolidated surplus..
stock.
1936
30,481
.
Cook Paint & Varnish Co.—Extra Common Dividend—
$4,865,358
2,341,274
1934, and $441,512 in 1933.
127,944
$5,958,447
Dividends
a Federal and
State oil and gasoline excise taxes not included.
Federal
and State oil and gasoline excise taxes paid in 1936 amounted to
$18,558,526,
in 1935 amounted to $17,687,432; in 1934 amounted to
$18,380,820, and
in 1933, $15,647,324.
b After reserve for losses of $29,426 in 1936,
in 1935, $90,415 in
118,066
$'7,107,246
City Power & Light Co. during the
4,097,149
$6,116,872
36,588
246,798
125,450
$8,813,561
36,526
',261,899
Holding company deductions:
Interest on 5% debentures due 1958-..2,600,000
Amortization of debenture discount and expense
164,172
$883,138
10,446
1,403,168
$9,612,597
5,853,023
70,248
Balance
557,198
3,975
Federal income tax.
—
Total.
$7,415,541
1,239,258
702,782
4,029,190
329,277
22,349
—
Net income
.
Expenses of Continental Gas & Electric Corp.
Taxes of Continental Gas & Electric Corp
205,213
—:
-
$6,080,346
.
attrib. to minority com. stock
bl30,037
1,419,009
funded
on
$6,092.791
12,445
earns,
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
before capital
extinguish. & inter¬
est charges
$21,864,976 $16,586,267 $12,307,707
4,380,022
Intang. develop, costs._
9,009,995
2,210,462
Depl .& lease surrendered
803,356
771,689
683,821
Depreciation
3,756,528
3,849,305
3,921,688
discount
$12,106,840 $11,444,418
4,901,554
5,351,627
cos.
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
;_i.
$7,191,651
$5,866,495
1,132,250
1935
$7,205,285
13,634
.
Proportion of
Income
Int.
1936
Total income of subsidiary companies
Interest, amort. & preferred divs. of sub.
1933
cos.
bl88,lll
1,680,382
Corp. (& Subs.)—Earnings
Net earnings from operations of sub. cos
$11,553,969 $10,594,952
Non-operating income of subsidiary companies—
552,871
849,466
$69,501,247 $65,721,348 $52,338,811
53,522,589
53,332,9081 18,994,811
J
j
25,991,972
2,471,363
1,575,664
1,529.218
1,485,532
not consolidated, net.
Divs. and int. received__
Total..
of sub. cos. (after elimi¬
nating inter-company transfers)
$35,342,918 $32,609,442
General operating expenses
13,782,780
1 2,916,731
Maintenance.
1,775,875
1,527,636
Provision for retirement
4,853,569
4,231,182
General taxes & estimated Federal income taxes.. x3,376,724
3,338,941
------
Nil
17,492,422 16,644,4751
Gross operating earnings
loss$70,203
Net operating income_$19,996,484 $14,402,994 $10,859,222
Equity in current year's
earns
7,776
69,169
12 Months Ended Dec. 31—
(& Subs.)—Earnings—
1936
Taxes
.
Continental Gas & Electric
6,528
Gross operating income.$75,762,304
Merchandise costs
153,294,457
Oper. & admin, exps.
10,832
44,546
foreign
by 1,537,435 no par shares,
c After depreciation of $151,151 in
1936 and $138,907 in 1935.
d After depreciation of $554,478 in 1936 and
$541,705 in 1935 —V. 143, p. 1396.
144, p. 2648.
Calendar Years—
132
loss,
sonted
795,901
185,452
7,000
$181,188
$0.40
cap.stk.
and
surplus--.----.
and
.
Total
32,548
Net profit
Profit
9,169,988
Deferred charges.
$35,183
104,814
44
10,120
$28,655
$140,028
76,869
7,440
for¬
loss
poss
Deferred Income..
3,619
: $1,010,008
.
Cost of sales
Other income, net.
....
for
1934
$285,948
_
53,149
1,489.174
returns
on
838,935
4,072
Inventories------
606,439
1936
Sales, less returns, allow¬
ances
&c
$1,956,511
1,407,717
266,561
Sell., admin. & gen. exps
,
Reserve
697,783
Due
515.089
849.202
55,192
1,777,938
27,528
expenses,
Res .for
and employees..
$494,434
759.365
717,350
30,960
20,359
Reserved for Fed¬
Accrued taxes
1
—- -
-
5,73#
18,453
eign exchange..
1.906,334
assoc.cos
Fibre
1937
3,280
1,236,994
Accts.receivable-.
1934
.
Due from affil
Continental-Diamond
1,791
680,223
securs
8,426,870
em¬
eral taxes
lae,
Cash....—.....
—V. 144, p. 2993.
3 Mos. End. Mar. 31—
a
Goodwill, formu¬
Inc.—Sales—
1936
Accrued
674
Compen. ins. cl'ms
Marketable
-
Month of—
8,320,181
—..
S. A. I., Italy..
.v'
S
6,426,870
ployees, &c
Accts. rec.—Coty,
amended, suspending the effectiveness of the registration statement filed
by the company.—Y. 144, p. 1274.
as
1935
1931
Liabilities—
Building impts..
Guarantee deps—
_
Inc.—Stop Order—
Retail Stores,
70,424
Assets—
The Securities and Exchange Commission on May 11 announced that it
had issued an order pursuant to Section 8(d) of the Securities Act of 1933,
Consolidated
1935
58,414
64,039
Advances
y';',
1936
$66,735
76,398
$0.87
$0.91
■
Condor Pictures,
Consolidated Balance Sheet Dec. 31
1936
$143,795
157,640
share
per
—V. 144, p. 1953.
—V.
1937
15,
$690,296 after providing for dividend taxes on proportionate profits (but
before deducting exchange difference of $620,739 in 1936, arising from the
end adjustment to closing rates of U. S. dollar obligation due by
O. P. I. L. to Coty, Inc.), $503,897 in 1935, net .oss of $1,006,706 in 1934,
net loss of $136,954 in 1933.
y Including $18,623 provision for Federal
undistributed profits tax.
securities registered, although in the original statement Blyth & Co., Inc.,
was
May
5,081
10,980.313 t0.844.5701
to
(sub.co.)
Common
stock.
1,057,210
219,810
1,076,570
60,610
60,610
Deficit.
350,972
400,422
Total
10,980,313
10,844,570
Purchase Common Stock—
The warrants to purchase common stock of the company at $10
per share
expire Oct. 1. 1938.—V. 144, p. 2649.
Volume
Financial
144
Crown Cork & Seal
(Inch Domestic Subsidiaries)
1936
sales...
,
1933
1934
1935
$15,623,457 $14,161,290 $10,879,534
$9,552,910
Wilkinson, deceased.
on
Amort,
of
9,097,857
8,152,013
$3,142,733
Interest
11,769,720
$2,391,570
252,341
$1,781,675
259,756
$1,400,898
219,001
13,048
x578,635
22,133
236,342
27,271
210,640
bonds
bonded
^ discount &
263,680
debt
expense
Allow, for Fed. inc. tax.
^ Net profit
Pi eferred dividends
Common dividends, cash
$2,332,048
447,461
1,805,505
$1,880,753
392,477
555,922
$79,082
y385,966
$4.88
$932,354
370,620
$4.02
$706,224
370,620
$2.40
Balance, surplus
Shs.com .stk.out. (no par)
Earnings per share
Including surtaxes of $135,153.
outstanding during the year.
x
y
392,477
185,307
•
Cuneo
Average amount of common stock
1936
Assets—
a
$
Liabilities—
&c., not used in
operation
Cash
stock
352,782
5,426,997
c
&accts. receiv..
1,780,230
3,831,862
11,321
9,234
149,787
132,982
28,784
Accrued
policy
423,000
168,657
payable. 1,650,459
wages1, in¬
161,482
980,093
97,091
316,953
terest, &c
Federal taxes
sidiary
17,789
investm'ts
324,704
Notes receivable
152,396
59,874
Capping, bottling,
&c.,
machines,
leased
Earned surplus
106,823
Treasury stock
1,459,707
Inv. in CrownCork
Co.
(Belgium)..
Due from sub.
168,906
209,868
cos.
for.
sub.
Balance
Deferred charges
281,122
383,664
Exper. devel., &c.,
costs &exps
Total
133,253
273,120
$502,589
170,700
10,000
118,577
354,330
Total
33,613,987
19,082,453
rec.
Cost of sales & expenses.
subsidiaries
Other income
16,505,981
1935
& Federal taxes.
1934
$996,894
x378,057
$1,021,275
208,936
$694,716
137,715
$832,431
247,582
611",263
587,629
$1,374,951
320,282
19,939
593,180
$1,154,721
344,501
24,352
630,876
I
133,446
c
cos..
154,939
294,610
s
176,627
of the company.
154,066
139,679
176,349
114,779
1,834
2,239
18,256
$345,652
$136,785
officers
x
Net profit
76,771
6,469
889
13,805
280
$1,017,657 loss$172,338
Consolidated
$359,737
$135^896
Earnings for the Quarter Ended March 31
1936
Net operating profit..
1936
charges..*
y$269,251
x$268,479
1935
1934
Treasury stock—
1,707,000
279,218
4,200,455
Dr75,000
1935
Not Reported
$1,834,056
$897,989
204,002
185,194
$1,630,053
1934
1933
$5,117,883
269.455
206,921
$3,655,367
46,070
211,862
$712,795
24,567
$62,533 loss$165,793
33,248
Prov. for taxes
Other debits
Net profit for the year
Common divs. paid plus
State tax
Shs. of cap. stock out¬
$737,363
130,000
3,977
$74,359 loss$130,386
$1,314,773
$603,386
$66,465 loss$130,386
922,498
35.407
7,894
83,988
329,999
11,826
329,999
$1.83
$3.98
329,599
$0.20
329,499
Nil
Includes $43,140 undistributed earnings tax.
Assets—
1936
on
1935
Plant & prop...$2,721,471
b Accts.
&
notes
a
Liabilities—
$2,621,234
25,540
18,263
Amt.duesub
2,185,272
2,167,081
24,052
26,603
c
Accounts payable.
Notes payable
1,297,220
318,909
depositssurr.
undistributed
1935
19,752
1,497,057
385,009
Cash
Cash
1936
Capital stock... $3,299,995 $3,299,995
232,496
157,873
—300,000
Accruals..
530,071
224,369
Reserves
22,709
18,998
Unemployment
val. life
benefits—Wis.
policy—
Marketable securs.
—
Investments
ioss$197,348 loss$209,979
Before provision for possible Federal surtax
income.
1,033,411
Patents
318,134
Deferred charges..
21,878
Earned
82,206
.
41,639
Capital surplus...
surplus...
2,892,386
1,230,930
2,892,386
838,653
1,030,558
339,556
13,707
•
Total
Consolidated Balance Sheet Dec. 31
1936
in
banks
1935
S
Assets—
$
1936
&
Accts.
hand
3,808,125
1,374,601
Deps.
thereon..
71,744
1,679,198
3,949,043
Inventories
521,605
316,021
S
136,260
on
uncom¬
pleted sales
Mtges. & contracts
Other liabs., est'd.
Prov. for Federal
211,491
174,556
61,631
60,003
one year
50,665
.
Notes receivable..
8,337
73,953
Claims agst. U. S.
Govt.
74,148
74,148
normal
Receiv. over period
terminating Mar.
21,1938
Mtgs. & oth. long-
83,064
inc.
238,452
undist. profs.
394,679
17,780
Res. for contJng..
791,542
foreign sub
80,523
118,890
properties.il,234,345 10,814,774
10,551,021
stantially owned
170,535
surance
1,158,351
Int.
on
Int.
debs.
on cap.
Def.
of leased
cos.
732,196
277,970
fees
1933
staff salaries
Prem.
on
£4,014,243
608,238
132,803
96,392
£2,350,216
442,423
132,803
96,392
£1,504,672
16,134
60,365
96,392
1,520,111
1,369,099
79,141
7,578
£777,276
297,429
418,170
6,260
5,535
"4", 045
"""402
369.208
132,803
96,392
and
38,758
debs. redeemed
Mines,
Ltd
3,200,000
195,125
400,000
for gen. reserve xl,598,517
251,252
1,602.180
636,236
£54,842
£1,038,313
Pref. div. account
117,572
Res. for allowance to re¬
40,690
25,123
221,894
31,608
Res. for authorized exp.
on mach. plant
1
Total
1934
£905,866
900,323
528,055
12,279
3,691
Blue ground purch. from
1
Devel. exps. def'd
Goodwill
1935
£1,038,312
Exchange
278,705
directors'
95,204
product'n
1936
£54,842
2,242,803
843,848
416,773
12,260
& sk. fd__
Koffyfontein
& exps.
138, p. 1568.
Mines, Ltd.—Earning.
£3,570,526
504,547
inv. realized-_
Sundry receipts, &c
7,427,670
6,766,964
Capital surplus—.19,051,682 19,419,356
In¬
Pats. & pat. rights
After
on
Total
330,540
1,156,223
178,782
277,970
taxes,
Profits
Mining expend., &c
194,686
Miscell. investm'ts
at cost
Mines, Inc.—Registration Withdrawn—
De Beers Consolidated
Deficit from opers.
since Dec. 31,'31
7,452,677
Investment in sub¬
sub. In llquld'n.
86,689
246,693
Com. stk. ($1 par)
Excess mfg. & air¬
port facilities-..
stkhldrs. In cap.
stocks of subs..
CI. A stk. ($1 par)
-
Dawes Gold
Diamond acct. dur. year
Int. & divs. on inv., &c.
20,713
75,772
273,915
Equity of minority
Inv. in & advs. to
an initial dividend of 15 cents
per share on
stock, payable May 25 to holders of record May 14.—V. 144,
year's balance
(diamonds unsold,&c.)
inc., rents &
interest-
Res. for self-lnsur.
from
sale of pi. props.
common
2994.
Previous
Def.
84,922
-.$8,208,588 $7,856,122
Davidson Brothers Inc.—Initial Dividend—
Years End. Dec. 31—
tax
& Federal surtax
on
Total
See list given on first page of this department.—V
pay., due within
85,538
|
The directors have declared
the
p.
con¬
tracts
1,160,572
3,235,747
on
purchase ordersMtge. receivable.
recs.
661,317
trade
comms. & exps.
& accr. int.
paym'ts
886,078
pay.,
creditors
$8,208,588 $7,856,122
a After
deducting reserve for depreciation of $4,188,028 in 1936 and
$4,086,904 in 1935.
b After reserves of $48,978 in 1936 and $44,724 in
1935. c Represented by 329,999^ no par shares.—V. 144,
p. 1955.
Accr. wages, taxes,
matur'g within 1
Accts. receivable..
1935
Liabilities—
Notes rec., custs.,
a
4,473^294
$1,663,301
x345,925
2,603
Gross profit
Inventories
profit after deprec
future
_
2,125,000
Cutler-Hammer, Inc.—Earnings—
Calendar Years—
insur.
1937
Prepaid
z
Mutual Insur. Co.
Includes extraordinary income of $262,176.
Plant
Common stock.
2,050,000
1,707,000
279,217
Paid-in surplus
Earned surplus
4,040,576
150,672
223,725
pref.
$9,838,652 $9,510,817
Total
.$9,838,652 $9,510,817
x
Represented by 170,700 shares (no par value),
y After reserve for
depreciation of $6,378,272 in 1936 and $5,391,141 in 1935.
z Represented
by 750 shares preferred stock.—V. 143, p. 2675.
receivable
_
a
cum.
stock
Comparative Balance Sheet Dec. 31
$1,094,428 loss$178,807
minority stockholders
Accorded losses of subs.
term
32,025
59,238
debentures.—
6K%
cos...
from
Bldgs., mach'y,
x
55,955
Profit of mfg. subs..
Portion
applicable
to
Adv.
390,542
51,210
Equip, pur. contr't
Sinking fund 6%
100,000
yr.
616,730
debs.
997,763
39,942
Other deductions
on
on
869,445
standing (no par)
Earnings per share
s
income.
Cash
$501,643
local
exps.,
Sink, fund
Profit from operations..
Prov. for depreciation..
1933
$2,632,319
377,079
facilities.
y
1935
$728,172
Dividends payable
Acer.
847,721
$11,119,581 $14,009,533 $10,450,728
10.424,865
13.012,638
9,429,454
$2,423,383
exps.
Revised,
1936
716,394
Other income
x
Liabilities—
Accounts payable-
624,S16
manufact'g
int. & other
Balance Sheet Dec. 31
$794,050
1,685",219
Sales
Curtiss-Wright Corp. (& Subs.)—Earnings—
x
$435,462
170,700
$3.75
$4.11
Total
775,452
'
Calendar Years—
1936
Sales & other revenues..$18,929,364
airport
$401,518
170,700
$3.55
170,700
1935
&c., equipment- 4,244,547
Deterred charges..
201,410
33,613,987 19,082,453
Int., pat.
$446,167
$4 54
49,768
1,829,730
and employees-.
a
After depreciation,
b Represented by 145,420H no par shares,
Represented by 384,237 no par shares in 1935 and 528,770 no par shares
in 1936.
d Represented by 225,000 no par shares.—V. 144, p. 1105.
of
138,128
256,050
971,885
associated
c
Profit
141,142
$787,404
147,102
204,840
Def'd rec. & misc.
Cash surr. value of
y
.
.
259,830
$748,108
141,750
204,840
1936
affiliated
re
Pats. & tr. marks.
26,913
$840,345
Inv. in & advs. to
373,452
cos
deposit
18,758
136,500
S736.524
Inventories
Rec.
Acme Can Co..
2,070
137,000
3,618
65,500
surplus
Market, stock
Notes & accts.
23,591
Inv. in & ad vs. to
Option
1,315
148,000
2,557
170,400
life insurance....
Rec. from parent &
Inv.in Crown Cork
Corp. 1,459,707
56,461
676,365
3,499,088
Dr268,077
73,512
7,713,220
5,209,111
Dr266,728
ity insurance
$1,199,264
115,459
Consolidated
liabil¬
Capital surplus
.,226,698
79,689
Shs.com.stk.out. (no par)
Earnings per share.....
Assets—
10,574
Reserve for
$1,076,510
59,935
611,714
$908,963
Cash..
current)
(not current)...
$1,040,437
158,826
Preferred dividends
Common dividends
88,487
cos
Notes payable (not
286,378
.,036,593
190,105
Net profits
923,798
payable
827',480
$948,265
128,244
$2,855,191
429,793
debs, called for
Due to other sub¬
in closed banks.
Internat.
5,500,000
5,375,000
acceptances
& notes
777,090
$1,065,537
127,697
& prior year's local tax
1,921,185
Accounts
value of
surr.
insurance
Loans to employees
Balance on deposit
Sundry
Trade
1,573,412
6,706,052
190,000
792,714
Bond amort. &
mov.exp.
Prov. for Federal taxes..
Prov. for Fed. surtax._.
Res. for extraord. losses
sinking
4%
fund bonds
Inventories
Cash
_d9,562,500
2,643,849
Common stock..
15-yr.
2,111,564
Notes, tr. accept's
Accr'd int. receiv.
6,180,355
preferred stock.
$2.25
cum.
pref.
8,338,132
300,000
883,356
redemption
$
$
b $2.70 cumulative
machinery, &e_.15,676,954
L'd, bldgs., mach.,
_
...
on
1933 ^
$2,856,577
427,988
560,671
$1,193,234
42,196
Net profit from
oper.
Other income.
Total
1935
1934
$3,058,467
499,523
627,964
Deprec., repairs, &c
Prem.
1935
506,387
640,102
Special provision for bad
debts, &c
Interest
1935
1936
Land, buildings,
1936
$3,395,382
Sell., ship'g & delivery._
Consolidated Balance Sheet Dec. 31
[Incl. Wholly-Owned Domestic Subsidiary Companies]
f. 4% debentures, due Sept. 1,1950 have
Press, Inc. (& Subs.)—Earnings—
Calendar Years—
Gross profit on sales
Gen. & administrative._
$559,505
370,619
$1.51
s.
May 28 at par and interest.
Payment will
beunade at the Continental Illinois National Bank &
Trust Co. of Chicago.
—V. 144, p. 448.
27,989
$1,284,008
P-
Cudahy Packing Co.—Debentures Called—
A total of $62,500 convertible
been called for redemption on
158,700
$950,529
391,024
Mr. Hufnagel retains his office of President.
—V. 144, p. 3171.
Cost of sales, deprec. &
12,480,724
3329
Crucible Steel Co. of America—New Chairman—
F-B. Ilufnagel was on May 6 elected Chairman of the company, succeed-
Co., Inc.—Earnings—
Consolidated Income Account
Calendar Years—
Net
Chronicle
tired employees
29,980,329
28,606,2471
depreciation of $4,301,807
Y. 144, p. 2124.
Approp
Total
29,980,329 28,606,247
Suspense profit
596,908
acc't
(diamonds unsold).
in 1936 and $4,007,733 in 193 5.—
x
£1,329,346
Amount transferred from general reserve.
£905,866
3330
Financial
Chronicle
1936
£
and
Balance Sheet
1935
£
Assets—
1936
Liabilities—
Claims, other min.
interests, estates
Preference
1935
£
2,000,000
Deferred shares... 2,726,285
farms
3,386,408
3,389,465
Mach., permanent
works, bldgs. <fc
Reserve, general..
2,726,285
3,600,000
2,000,000
to retired
stores
empl's
x
Property acct...
552,259
596,908
exp. on mach. &
Corp., Ltd.,
& kindred ints..
1,631,225
32.496
Investments
3,614,858
Debtors and cash.
3,171,308
1,485,888
54,350
4,842,444
1,232,102
1
terest
181,307
14,818
Current liabilities. 3,032,282
251,252
100,255
1,674,709
Diamonds
on hand
Bal.
transf.
approp.
11,836,297
11,004,2521
account
1,329,347
.11,836,297 11,004,252
Operating Revenues—
Freight
1935
Passenger
Express
All other
Total oper. revenues.
_
$2,856,949
$2,234,877
$1,620,006
$1,657,331
261,026
423,916
23,127
514,719
116,482
062,589
93,941
251,474
18,474
332,965
134,365
016,369
214,820
276,358
18,192
301,981
120,153
042,343
$1,938,668
918,280
270,548
$1,276,681
958,195
179,634
$814,851
805,155
166,470
$889,160
768,172
166,811
39
p.
36,595
0518,732
5,363
0279,839
0110,290
$1,090,810
$1,260,698
$913,122
$711,348
Transp. for investment.
Total oper. expenses..
Net operating revenue.Tax accruals
Uncollectible
revenue—
Hire of equip.—net
Jt. facility rent income-
-
Other Income—
other taxes
712,077
953,334
65,253
Dividends payable
973,334
73,644
5,087,897
2,768,346
16,873,360
After depreciation,
y
2825.
18,182,447
|
Total
6,715,525
2,535,920
16,873,360 18,182,447
Represented by 953,334
no par
shares.—V. 144,
\
-j
Delaware Lackawanna & Western Coal Co.—New Pres.
Harry A. Smith has been elected President of the company, succeeding
Farley, resigned.
Mr.
Smith previously was
Vice-President in
charge of sales.
This position will be filled by Gordon C. Cooke, formerly
Secretary and General Auditor.—V. 134, p. 1201.
Donnacona
Paper Co., Ltd.—Earnings—
Consolidated Income Account for Calendar Years
1936
Profits for year
Int. on 1st mtge. bonds.
1935
$285,003
181,060
103,943
1934
1933
$207,075
$206,522
$150,308
147,891
205,993
150,000
$59,184
$529
$308
1936
Assets—
1935
$
Cash
Accts. receivable--
Inventory
553,504
Adv. on wood oper
353,039
Real estate
10,890,281
27,784
charges.
1936
Liabilities—
$
25,136
542,708
3,154
201,688
487,365
380,795
10,863,375
27,507
96,900
39,035
12,601
6,584,000
3,565,528
mtge. bonds.-
6,584,000
Deprec. reserve...
2,990,347
10.067
reserve
12", 875
Insurance reserve,
a
12,392,454
11,963,885|
230,326
351,800
Bank overdraft...
Plant
Total
S
306.535
Bank loans
1st
1935
$
Accts. pay. &accr.
liabilities
Capital
15,003
1,449,460
2,107,860
Total
12.392,454 11,963,885
a Represented
by 253,484 shares class A stock, no par, in 1936 and
121,804 shares in 1935 and 123,088 shares, class B stock, no par, in 1935
and 1936.—V. 144, p. 1781.
Dresser Power
Corp., Indianapolis—To Issue $5,000,-
000 Bonds—See Public Service Co. of Indiana below.
Duquesne Light Co.—Change in Collateral—
The Union Trust Co. of
Pittsburgh, as trustee under the first mortgage
April 1, 1927, and indentures supplemental thereto,
13, 1936, has notified the New York Stock Exchange of the
following changes in the coUateral held under said mortgage:
Reduction in Collateral—A payment of $65,000, made on Dec. 31, 1936,
on the face amount of Equitable Real Estate Co.
6% serial gold bonds.
No. T-l, leaving a face amount of $1,740,000.
Additional Collateral Deposited—Dec. 30, 1936—Promissory note of Harwick Coal & Coke Co., in the amount of $68,750, without int rest, dated
Feb. 10, 1936, due Feb. 1, 1937, to the order of Duquesne Light Co. and
endorsed by said company.
Jan. 30, 1937—Above note was delivered to Duquesne Light Co., and a
like note, for like amount, due Jan. 20, 1938, was deposited.
April 5, 1937—23.200 shares of capital stock, no par value, of Public
Utility Engineering & Service Corp., represented by one certificate in the
name of Duquesne Light Co.
April 5, 1937—2,170 shares capital stock, no par value, of Madaras
Rotor Power Co., represented by one certificate in the name of Duquesne
Light Co.
and deed of trust dated
Miscellaneous income—
5,998
18,414
5,343
59,100
1,876
5,584
19,806
$1,115,222
$1,327,018
$1,012,952
$845,328
$345,900
$345,900
$345,900
$345,900
91,472
71,269
56,843
57,378
151
151
161
151
59,081
605,000
150,000
660,000
150,000
440,000
Inc. from funded secur..
from unfunded
9,151
85,095
16,619
97,555
Income
securities and accountsi
Total oper. & oth. inc.
Deductions—
Rent for leased roads:
Moffat Tunnel
Northwestern
RR. Co
15,731
21,402
746,782
Accrued income &
Eliot
302
97,324
0540,402
General
9,428
22,483
Surplus
Deferred
438,259
711,201
27,978
721,573
115,784
076,127
Transportation
64,980
silicosis
for
Consolidated Balance Sheet Dec. 31
$1,469,642
47,737
101,189
8,939
29,825
Traffic..
97,304
220,371
Balance, surplus.
$1,454,747
42,517
71,586
11,554
39,602
_
Prov.
Unclaimed divs...
1933
$2,074,817
49,962
57,773
8,905
43,419
Operating Expenses—
Mamt. of way & struct.
Maint. of equipment—
74,091
299,997
Deprec. & depletion....
1934
$2,652,728
90,805
66,622
9,138
37,655
Mail
75,754
payable
54,842
Ry.—Earnings—
1936
125,119
7,000,000
113,957
Reserves....—...
Contingent Liabilities—Company has guaranteed repayment of and inter¬
£567,765 of 5H% 1st mtge. debenture stock, being the unredeemed
portion at Dec. 31, 1936 of an issue of £1,250,000 made by Cape Explosives
Works, Ltd., Somerset West, Cape Province.
Imperial Chemical Indus¬
tries, Ltd., have indemnified company to the extent of one-half of this
contingent liability.
Company has guaranteed the repayment of an overdraft to the extent of
£lOO,O0O allowed by Standard Bank of South Africa, Ltd., to New Jagersfontein Mining & Exploration Co., Ltd.
The amount of the overdraft
at Dec. 31, 1936, was £62,199.
There is also a contingent liability in connection with guarantees with
others to certain diamond mining companies in respect of agreements which
those companies have with the Diamond Com., Ltd.—V. 143,
p. 4151
Denver & Salt Lake
receivable
1935
"
7,000,000
assessments
Total
Total
$
Capital stock
Accounts payable.
Salaries and wages
347,490
In¬
Deferred charges..
est on
Calendar Years—
1,807,350
y
from
x
Total
and
Inventories
1
Livestock
5,353,933
Cash
Accounts
plant
Credit balances-..
m'd
Liabilities—
1,506,353
Investments
31
1936
$
7,751,234
2,589,034
4,018,124
361,102
Div. assur. fund..
Dec.
1935
jg
7,577,284
3,026,979
Bullion
Res. for authorized
mln'g cos., Dia-
,;.
Assets—
2,000,000
Res. for allowances
Invest, in diamond
1936
£
shares.
15, 1937
May
Comparative Balance Sheet Dec. 31
Terminal
Miscellaneous rents....
Interest on funded debt:
First mtge. bonds
Income mtge. bonds.
Interest on unfund. debt
34
124
97
11,129
9,747
7,458
150,000
275,000
3,360
9,392
$1,112,767
$1,237,191
$1,000,459
$841,181
_
Miscell. income charges
.
dated
Feb.
Earnings for 12 Months Ended March 31
Total deductions—__
Net
income
to
bal.
trans,
2,455
profit and loss
89,826
12,494
4,146
1937
Gross operating revenue
x Net operating revenue and other income
y
Comparative Balance Sheet Dec. 31
1935
1936
Assets—
1936
Liabilities—
$
S
17 ,059,350
Road & equip
16,306.104
450,981
cos.
19,885
404,571
29,666
Other investments
360,506
820,924
Cash
563,271
142,350
79,416
1,977,725
154,075
155,125
Special deposits...
$
5,393,082
5,393,082
77,201
Long-term debt... 12,500,000
and other income deductions.—V.
13,500,666
Traffic &
balance
car serv.
payable
receiv.
Net balance receiv.
wages
payable..
Int. matured unpd
Unmat'd
from agents and
conductors
29,380
25,837
184,922
78,806
76,161
199,222
interest
accrued...
Ebasco
144, p. 2649.
605,000
660,000
13,805
132,892
10,646
136,738
Other current liab.
15,935
11,024
Miscell. accts. rec.
Material & supplies
704,933
352.132
Unadjusted credits 1,184,174
Corporate surplus:
Services, Inc.—Weekly Input—
For the week ended May 6, 1937 the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1936, was as follows:
31,128
101,725
Audited accts. and
Miscell. accts. pay.
Traffic & car serv.
balances
$
Capital stock.....
Net income
x Before
appropriation for retirement reserve and after all taxes,
y After
deductions including rents for lease of electric properties, interest charges,
amortization of debt discount and expense, appropriation for special reserve
Govt, grants
Impt.
on
leased
railway property
Invest, in alfil.
1935
1936
$29,052,829 $25,799,793
16,458,837
16,204,271
10,596,582
10,418,189
JfiCTCdSB
Oper. Subs, of—
1937
1936
105,368,000
42,532,000
78,491,000
American Pow.&Lt. Co...114,772,000
Electric Pow. & Lt. Corp.. 50,738,000
Amount
9,404,000
8,206,000
4,135,000
Pet.
8.9
19.3
1,016,216
Accrued int. receiv
Rents receivable-.
Deferred
liabilities
2,400
6,411
40.365
32,473
assets.
278
369
Deferred assets...
467
28,142
come & surp._
101,984
Prof. & loss def.
Other
curr.
Unadjusted
71,695
debits
Total
19,654,319 20,505,364
5,737
National Pow. & Lt. Co...
Electric Boat Co.
Addit'ns to prop¬
erty
thru
Total
60,568
550,909
28,878
467,488
..19,654,319 20,505,364
—V. 144, p. 2995.
1936
1935
1934
1933
Gross earnings
Costs and expenses
$7,889,643
6,858,476
$7,205,209
5,972,361
$4,730,664
4,153,507
$2,662,430
2,521,816
Operating profit
$1,031,167
56,568
$1,232,848
87,355
$577,157
$140,614
88,799
$1,087,735
4,920
241,789
$1,320,203
986
73,466
$616,941
8,976
189,002
66,172
12,842
Other income
Total income
Dome
Mines, Ltd.—Earnings—
Calendar Years-—
1936
1935
1934
Bullion
production:
d$7,234,390 c$6,939,989 a$6,672,721
Oper. & maint. expenses
2,484,868
2,274,830
2,123,104
Net operating profit..
$6,266,957
2,037,809
Total
$4,749,522
350,502
$4,665,159
363,595
$4,549,617
378,908
$4,229,148
bl44,970
$5,100,024
Non-operating revenue.
Reserve
1933
$5,028,754
$4,928,525
$4,374,118
for
deprec'n of
buildings, plant. &c__
Reserve
for
contingen¬
cies, securities, &c—.
Provinc'l & income taxes
Outside explor. writ. off.
Net profit for year—
Divs. declared and paid.
Dividend tax paid
Prov. for divs. declared.
137,089
200,000
200,000
200,000
790,316
28,558
500,000
590,987
18,047
500,000
332,377
13,725
500,000
523,110
$4,144,061
2,920,002
$3,719,720
2,860,002
$3,882,423
2,860,002
123,398
953,334
$3,129,083
1,382,334
66,425
476,667
973,334
953,334
p$250,725
2,535,920
$93,616
2,681,286
Interest, discount, &c__
Depreciation
Inventory adjustments.
Uncollectible accounts
Reserve for
guar,
_
_
contract
Amort, of
developmenton capital assets
scrapped and sold
Miscell.
for preceding year
51,750
56,325
26,325
x
on
cap.
Interest only,
&
loss surplus,
Dec. 31
stock.
y
After
deduction
of
Dominion
$2,535,920
$2,681,286
$358,115
450,315
$434,264
$339,948
$38,185
...
Consolidated Balance Sheet Dec. 31
Assets—
1936
Investments
Liabilities—
1935
$2,318,588
1
-.—
Cash
747,435
1,234,201
773,316
913,014
1936
1935
Capital stock...$2 ,400,000 $2,400,000
payable.
468,083
519,558
1,707,704
1,348,640
Acer, salaries pay¬
able In cap. stk.
4,950
Accrued taxes
Accrued
77,827
1,249,928
Res.
11,550
91,340
1,477,394
Depo8.insusp.bks
4,247
5,368
stock...
148,422
356,042
161,604
..
b
Accounts
429,466
for
under
payroll..
guaranty
contr—
Fed. taxes, &c..
Advances...
809,420
465,326
40,835
Earned surplus...
$2,791,922
31,030
3 ,809,032
3,901,215
Govt,
gold tax of $504,365.
b After
deduction for exchange (net) of $161,533.
c After deduction of Dominion
Govt, gold tax and mint charges of $346,202.
d After deducting mint
charges of $80,778.
p Profit.
a
8,166
See y
Includes Federal taxes.
Plant & prop'ty. $2,154,794
Patent rights and
Deferred assets
$2,768,346
890
4,203
a
Treasury
Profit
x465,326
61,088
52,413
Net profit....
Dividends
Inventories.._
18,300
22.039
362,752
61,088
deductions
Federal income taxes
Accts. & notes rec.
management and staff
4,780
$229 ,413
12 ,686
174 .339
Loss
21,925
$54,311 p$l,203,657
2,791,922
1,614,591
x3,491
252,362
39.785
under
goodwill...
Balance, deficit
Previous surplus
Deduct—Bonus to mine
5.3
(& Subs.)—Earnings—
Calendar Years—
in¬
82,626,000
—V. 144, p. 3172.
Total
a
$7,701,487 $7,328,680
Total
.$7,701,487 $7,328,680
After depreciation reserve of $2,498,931 in 1936 and $2,282,465 in 1935.
b Represented by $3 par value shares.—V. 144, p. 2996.
-
Volume
Financial
144
charged with deficits where income accounts of subsidiaries
have so resulted.
The "net equity of Electric Power & Light Corp. in
income of subsidiaries" includes interest and pref. dividends paid or earned
on securities held, plus the proportion of earnings which accrued to common
stocks held by Electric Power & Light Corp., less losses where income
accounts of individual subsidiaries have resulted in deficits for the respec¬
tive periods.
The statement for each period is entirely independent of the
statement for any other period.
have not been
Eastman Kodak Co.—Increases Common Dividend—
May 12 declared a dividend of $2 per share on the
no par value, payable July 2 to holders of record June 5.
with $1.50 paid on April 2 last and previously regular quar¬
terly dividends of $1.25 per share were distributed.
In addition, extra
dividends of 25 cents per share had been distributed on Jan. 2 and in each
of the five preceding quarters.
An extra of 75 cents was paid on Jan. 2,
1935, and extra dividends of $3 per share were paid each Jan. 2 from 1925
to 1932, incl.
A special dividend of 75 cents was paid on Dec. 10, 1936.—
V. 144, p. 2125.
The directors on
stock,
common
3331
Chronicle
This compares
Comparative Statement of Iincome (Company Only)
1937—3 Mos.—1936
Period End. Jan. 31—
1937—12 Mos.—1936
Gross income:
Elgin Joliet & Eastern Ry.—Earnings—
Calendar Years—
1936
1,333,391
1,135,238
886,938
1,001,588
$4,666,998
586,694
$2,943,752
73,394
$1,057,855
$1,420,284
491,482
Tax accruals-
Operating income
Equipment rents
Net railway income..
Other income.
Gross income-
—.
Deductions
....
Net income
...
...
$2,870,358
75,953
$661,634
62,397
$4,202,167
2,552,655
$2,946,311
1,826,831
$724,031
1,113,090
$1,030,207
1,562,355
$1,649,512
$1,119,480
34,368
8,121,947
x$389,059
50,092
8,480,715
x$532,148
129,743
8,895,325
690,218
9,245,909
Total surplus
29,886
$8,141,748
19,801
$8,492,920
12,206
$9,245,909
$8,121,947
$8,480,715
$9,275,795
—$11,585,639
1,852,787
...
Profit & loss surplus._
$9,732,852
Deficit.
Balance Sheet Dec. 31
1936
1936
S
Leaseholds invest.
Funded
Grants
in
4,000,000
4,000,000
120,245
623,142
225,459
619,557
1,129,163
Traffic
2,385,278
Corp
Other
investments
Cash.
1,909,566
Demand
loans
other
3,051,234
300.670
Special deposits—.
Int. & divs. rec—
4,314
Traffic &
car
30,951
4,313
wages
agents & cond'rs
169,011
Mat'ls & supplies.
166,430
125,173
730,922
289,153
1,020,775
curr. assets.
262
been informed, the company's
$437,860 mature on June 1, 1937.
The
it has decided to pay on
and the principal of the
series G and H notes; and that it will be the policy of the company to pay
off the series I notes from time to time after June 1, 1937, when practicable,
having in mind the company's working capital requirements.
The prin¬
cipal amount of the series G and H notes aggregates $79,000 and the prin¬
cipal amount of the series I notes aggregates $358,861."
8,965
8,886
606,868
16,400
y
165,135
12,527
7,271
Plant & equip.—
617,406
603,767
400,000
at cost
400,000
$2,100,380 $2,001,007
9,732,852
9,245,909
2,000,000
1.-500,000
2,946,987
Deficit
Total
9,100
1,000,000
1,500,000
$25)
115,717
8,501,215
623,820
437,861
State taxes
18,006
8% cum. 1st pref.
stock (par $100) 1,000,000
8% cum. pref. stk.
(par $100)
2,000,000
Common stk. (par
315,213
58,046
through income-
1,460
437,861
due June 1, 1937
Prov. for Fed. and
261,232
3,007,279
$2,100,380 $2,001,007
Total
x Tentative,
y After reserve for depreciation of $1,593,646 in 1937 and
$1,575,698 in 1936.
The earnings for 3 months ended March 31 were published in V.144,
p.
2826.
'
44,918,621 42,697,029
Fairbanks, Morse & Co. (<& Subs.)—Earnings—
El Paso Electric Co.
1937
Operating revenues
$2,968,408
Balance after operation, maintenance and taxes..
1,084,697
Balance for dividends and surplus (after appro¬
priations for retirement reserve)
316,178
—V. 144, p. 2650.
Net sales
$2,823,181
1,074,974
declared
Operating profit.
Deprec. on bldgs. & eq..
Interest
331,287
Federal taxes
Crl52,964
Miscellaneous
Cr416,103
income.
_
1933
$8,907,945
1934
$26,827,891 $18,221,228 $12,551,466
1,346,192
2,070,791
3,378,195
628,030
536,419
793,897
290,269
288,424
273,434
x612,000
230,011
80,196
Net profit of Municipal
Acceptance Corp
dividend of 15 cents per share on the
stock, both of no par value, payable June 1 to holders
have
1935
1936
1936
Inc.—15-Cent Dividend—
Electric Power Associates,
common
Consolidated Income Account for Calendar Years
(& Subs.)—Earnings—
12 Months Ended March 31—
class A and
165,135
$59,866
5,838
gold notes.
6% ser. gold notes
Good will
&
—V. 144, p. 2996.
The directors
410,699
1st pref. stock sink¬
Profit and loss sur¬
plus
429,106
Prepaid expenses..
Add'ns to property
Total...
162,093
$85,662
Accrd.int. on serial
ing fund
Deferred liabilities
44,918,621 42,697,029
244.720
Dec. 31,'36
xMar. 31,'37
and
pay.
accrued expenses
$252,043
& notes re-
celv.,less res've.
771,276
17,407
20,768
Unadjusted liablls. 8,974,661
413,927
debits
Total
Accts.
$231,485
hand
on
Liabilities—
xJ/ar.31,'37 Dec.31,'36
Cash in banks and
1,714.472
361,374
811,334
116,299
undistributed
company has advised the holders of the notes that
June 1, 1937, accrued interest on all of the notes
786,428
302,060
accr.
loss$10,658 loss$177,937
George M. Naylor, President, states:
"As the stockholders have previously
2,878,982
.
rents accrued...
209
Deferred assets...
$113,444
serial gold notes, amounting to
products
Other curr. liablls.
Misc. accts. rec—
38,974
Mdse., materials &
cos
Unmatured int.
38,974
Fairbanks Co.—To Reduce Notes—
Accts.
ser¬
payable.
9,744
$168,620
surplus
15,185
Misc. accts. pay-
29,292
47,503
Net bal. due from
Unadjusted
car
Matured int.
ser¬
vice balance due
from other cos..
Other
&
9,744
4
Consolidated Balance Sheet
of
...
$1,657,917
246,880
1,550,000
Note—No provision has been made for Federal surtax on
profits.—V. 144, p. 2298.
vice balance due
&
deposits
aid
construction
$1,797,215
218,899
1,550,000
Bal. carried to earned
Audited accts. and
Adv. to RR.Credit
3,509
$561,522
50,834
387,500
expense
Assets—
10,000,000 10,000,000
10,865,000 11,110,000
debt
$1,654,408
2,416
-
Amort, of debt disc, and
$
Liabilities—
Capital stock
540
$624,314
58,450
387,500
Expenses, incl. taxes
Int. on 5% gold debens.
1935
$
1935
$
Assets*"**
Prop, investment-32,766,913 32,827.469
613
Total.
$928,802
101,406
...
Other debits—
396,221
$4,080,304
121,863
Other credits
Previous surplus
x
$9,985,608
7,563,736
$1,794,799
$560,982
Other...
1933
1934
1935
$19,119,317 $14,202,771 $10,289,152
13,118,928
10,123,781
8,344,359
Operating revenues
Operating expenses
$623,701
From subsidiaries
Crl33,058
Cr393,405
loss479,550
414,788
313,333
Crl24,539
Cr60.332
a
A similar payment was made on Dec. 23, 1936. A dividend of 10
paid on Oct. 1, 1936, this latter being the first payment made
since May 1, 1935, when dividends of 8 cents per share were distributed.
Distributions of 10 cents per share were made each quarter from Feb. 1,
1933 to and including Feb. 1, 1935, 15 cents on Nov. 1 and Aug. 1. 1932.
and 25 cents per share paid each three months from Feb. 1, 1930 to and incl.
May 2.1932.—V, 144, p. 1107.
May 20.
cents was
Net profit
Preferred dividends
Common dividends
a
$2,252,964
381,673
$563,847 a$l,147,339
$1,465,779
229,792
631,608
Loss.
Consolidated Balance Sheet Dec. 31
[Excluding Municipal Acceptance Corp.]
1935
1936
1936
1935
_
Period End. Jan. 31—
(& Subs.)—Earnings—
1937—3 Mos.—1936
1937—12 Mos.—1936
Subsidiaries—
Operating revenues
$28,129,769 $22,908,250 $98,054,436
Oper. exps., incl. taxes.al5,125,761
11,756,916 b51,539,248
Prop, retir. & depletion
reserve
appropriat'ns
4,128,059
2,440,834
12,260,145
$79,245,795
43,320,081
c
Plant
&
11,865,936 11,818,301
3,436,589
2,504,794
d Accts. and notes
Notes
&
$8,895,065
3,231,523
$8,670,291 $34,202,637 $27,256,948
2,931,867
12,309,011
11,808,730
7.204,434
long-term debt..
(notes, loans,
807,738
420,794
546,589
155,695
Other deductions
investments
1,722,690
239,080
1,651,870
365,003
207,485
217,821
Pref. divs. to public
Portion
applicable
015.079
Cr44,174
722.284
come
067,660
Cr43,225
191,000
187,761
991,501
come
$2,350,222
$2,834,044
$9,779,923
$3,624,749
of Elec. Pow.
Corp. in in¬
Total income
Expenses, inc. taxes
Int. & other deductions.
31,285,986
sol, earned surplus.
(lbs.)
Copper in matte produe'd
(lbs.)__
Refined nickel produced
72.986
242.399
28,532,2201
31.285,980 28.532,220
Total
Earnings—
1936
1935
81,193
73,238
64,406
2,876,608
1937
111,118
2,760,457
2,536,732
1934
$2,350,222
613
540
$2,834,657
$2,350,762
1,779,923
2,416
$9,782,339
i,624,749
3,509
$3,628,258
d58,450
50,834
a218,899
397,244
1,588,974
1,264,668
1,262,884
1,204.959
2,721,544
2,548,326
2,219.782
1,653,761
$648,448
259,700
1,215,067
$579,119
53,700
180,075
1,167,435
$427,127
51,000
138,206
1,124,112
$517,766
45,000
120,472
$334,248
$345,345
$237,921
produced
(lbs.).........
Gross operating profit
Provision for taxes
Deprec. & deFd develop.
1,588,974
1,669,992
54,500
246,880
397,244
3,502,717
3.428,051
$2,378,963
$1,902,684
$7,974,466
$1,792,404
of $552,288 made within this period for Federal
surtax on undistributed profits in 1936, and $88,817 in 1937.
b Includes provision of $838,088 made within this period for Federal
surtax on undistributed profits in 1936, and $88,817 in 1937.
c Includes provision of $329,752 made within these periods for Federal
surtax on undistributed profits in 1936.
No provision has been made to
date for 1937.
d No provision has been made for Federal surtax on undistributed profits
for the year 1936, estimated not to exceed $200, and no provision has been
made to date for 1937.
Net profit-
Note—Above figures are exclusive of non-operating revenue.
The income statement for the calendar year was published in
6f March 13. page 1782.
-
Includes provision
have been eliminated from the above
statement.
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 and give no effect to pref. stock dividend
arrearages for prior periods.
The "portion applicable to minority interests"
is the calculated portion of the balance of income applicable to minority
holdings by the public of common stocks of subsidiaries.
Minority interests
jVote—All intercompany transactions
5,693,290
Falconbridge Nickel Mines, Ltd.3 Mos. End. Mar. 31—
Refined copper
$2,834,044
Balance carried to con-
a
73,086
279,989
6,849,359
surplus...
1
....
(lbs.)
of subsidiaries (as
above)
134,462
Nickel in matte produe'd
Elec. Pow. & Lt. Corp.—
shown
28,000
168,606
Represented by 545,982 no par shares in 1936 and 434,528 in 1935.
of $100 par.
c After reserve for depreciation of
$10,754,331 in 1936 and $10,375,874 in 1935.
d After reserves of $542,250
in 1936 and $486,932 in 1935.—V. 144, p. 2996.
111,576
Pow.
in in¬
Other income
76,600
paym'ts.
b Represented by shares
to
of subs
Res. for developm't
Deferred
Earned
Tons treated
Net equity
& Light
113,302
578",753
Unearned interest,
Capital surplus...
goodwill,
Total
19,767
157,294
655,602
Paid in surplus...
245,712
ortization
&c....
1,022,296
1,007,410
finance chgs. &c.
in process of am¬
3,097,737
$4,524,971 $18,705,931 $11,671,422
1,983,749
7,934,507
7,935,097
$5,005,432
1,983,627
minority interests
Net equity of El.
& Light Corp.
Accrued interest..
Bond disc, and exp.
Patents,
1,550,100
1.635,356
expenses,
dividends, &c_.
Sink, fund paym't
Res've for contlng.
consolidated
5,438,500
5,772,706
a
Interest charged to con¬
struction
Balance
2,634,585
620,770
5,674,493
wholly
Prepaid Insur., &c.
Other
"
fund debs
280,000
owned subs, not
Other int.
&c.)
in
7,558,470
'
113,365
Invests,
Dr93
470,666
c448,106
Other income deductions
Gross income
Cr 811
$8,710,405 $34,255,854 $27,252,545
94,352
786,865
407,175
134,466
c840,082
402,772
$8,872,505
Other income
on
Dr95
Dr3,444
(net)
Operating income.:
Int.
$8,710,500 $34,255,043 $27,252,638
$8,875,949
Common stock..11,273,620
Accrued
Accept.
Corp
Inventories
Net oper. revenues—
Rent from lease of plants
6,565,750
Accounts payable.
of
acct.
Munlc.
8,673,076
2,850,500
15-yr. 5% debs...
20-yr. 4% sinking
5,088,141
7,182,487
receivable-
a
$
$
b Pref. stock.....
equip¬
ment, &c
Cash
Liabilities—
$
$
Assets—
Electric Power & Light Corp.
$352,293
our
issue
Consolidated Balance Sheet Dec. 31
1936
—
receivable..
Securities at cost..
1935
$565,129
Assets—
Cash
Accts
$931,646
109,891
60,892
746,661
1,488,121
Liabilities—
x
1936
1935
.
Capital stock...$7,038,396 $7,034,322
204,928
126,314
Accounts payable-
Wages payable
Unclaimed divs
—
1,077,323
889.410
Property acct...
Deferred charges..
6,902,611
822,538
5,282,951
Reserved for taxes
75,270
62,405
1,906
251,000
56,541
Interest not taken
75,196
717,435
111,826
75,270
Inventory—.
y
Special
advance.
.
cipallty.Total
into
$10,374,618
$9,557,5521
Total
94,726
86,557
2,799,872
revenue...
Surplus
Dep. with munici-
1,705
246,000
1,927,499
$10,374,618 $9,557,552
Represented by 3,337,507 shares (no par) in 1936 and 3,337,007 shares
y After deducting reserve for depreciation of $2,230,337 in 1936
and $1,690,696 in 1935.—V. 144, p. 1782.
x
in 1935.
3332
Financial
Federal
Chronicle
A ssels—
Brownell said that if it
were not
Cash
of 1936
19,238
5,501
lessees
Net earnings before
4,331
x$695,400
232,684
$32,926
221,550
$169,072
$928,084
Total
$254,475
$169,072
Includes profit in amount of $142,391 on investment sold.
Note—The above statement of earnings for the quarter ended March
31,
1937 has been prepared from the books of account for the
period covered
and is subject to adjustment at the end of the
year when the accounts
are audited by certified
public accountants.—V. 144, p. 3173.
1937
Other income
$2,613,525
941,797
126,815
266,805
245,754
$1,143,959
i
Operating income
$1,032,354
53,876
51,497
Gross income
on
$1,195,456
586,964
55,873
64,863
funded debt
unfunded debt
Amortization of debt discount and
expense
Interest charged to construction
$1,086,230
608,600
44,251
47,965
Cr 1,342
on
Cr 57 7
Miscellaneous deductions from income
Balance of income
Dividends
on
-
$385,728
222,125
$266,974
preferred stock.
u_
$163,604
Note—No provision is made in this statement for Federal
srtax
distributed profits, if any, for the year 1937.—V.
Total
on
1936
1935
1934
1933
$7,886,000
orders
$6,073,400
$4,704,000
$2,736,021
Loss from manufactur¬
ing and trading
Other income
Patent infring. judgm'ti
a
Realized
147,227
114,723
421,398
112,539
50,868
foreign exch—
Profit
72,188
3,857
sale of treasury
on
stock
375,107
93,884
495,141
52,368
(Robert) Gair Co.,
Changed—
for in¬
of prior years
reserve
come tax
Deficit
Depreciation
24,604
prof$76,286
289,338
_
Income taxes
$232,814
285,893
b22,838
The stockholders at a special meeting held
May 7 approved a reduction
in the preferred stock to $200,000 from $560,000 and
changed the par to $10
from no par.
Common stock was changed to
$1 par from no par.
The above change was approved to permit
payment of dividends from
earnings in the event that the company should not have an earned
surplus.
Counsel for the company explained that the previous
provisions would have
barred dividends even though the company was
earning money, and would
thus make it subject to the surtax on undistributed
profits.
The company also transferred $447,057 from earned
surplus to capital
surplus to comply with a suggestion of the Committee on Stock List of the
b31,409
$537,128
$396,060
301,900
48,860
98
Net deficit-
$244,559
276,895
$541,545
818,440
1,355,568
$746,820
2,102,388
$32,336
$276,895
$818,440
$1,355,568
Surplus Dec. 31
After deducting all costs, incl. operation and
maintenance of plants,
erection and installation of
apparatus, selling, general and administration
a
b Foreign taxes.
expenses,
York
Stock
Exchange.—V.
The directors
accumulations
have declared
on
a dividend of $5
per share on account of
the $6 cum. pref. stock, no par
value, payable May 25
May 20.
This dividend covers the quarterly dividends
to holders of record
due Dec.
15, 1935, March 15, 1936, June 15, 1936, and 50 cents for the
quarter ended Sept. 15, 1936.
A dividend of $6 was paid on April 7 last,
this latter being phe first payment made since
Sept.
pncluding Corporation and Foster-Wheeler, Ltd. (England)
Anonyme Foster Wheeler (France)]
1936
Cash
Notes <fe accts.
Marketable
secur.
Inventories
4 454
1,659,454
484,984
with
surance
$915,692
1,203,026
-
Investments
Deposits
$499,668
1,804,661
232,827
574
rec.
Accrued interest.
1935
152,859
1,296,730
622,204
in¬
cos
31,602
27,475
2,727,099
2,972,955
14,306
111,689
Deferred charges..
Patents
purchased
Goodwill
&
17,734
102,337
devel¬
oped patents...
Gannett Co.,
wages & expense
144,153
91,157
costs
on
Commis'ns,
on
302,098
Res.
for
Minority
unshipped
$881,676
98,840
366,323
a
165,610
226,099
4,890
2,271
Transf. of bal. of
3,717
12,993
p.
serve
2300.
arrears
and
the current
1 Q33
$172,971
42,887
$64,912 loss$115,270
29,469
34,229
Depreciation
$262,313
61,465
$215,858
65,785
$94,382
43,801
loss$81,041
131
15",545
"5",777
334
$185,302
196,617
$144,297
99,909
$50,449 Ioss$l 65,062
491',543
$44,388
486,943
$0.37
$50,449 def$165,062
486,943
486,943
$0.30
Net profit
Dividends
Shs. of cap. stk. outst'g.
Earnings per share
$654,415
Consolidated Earned Surplus Dec. 31
1936
1935
1934
$4,647,649
$4,313,429
$3,589,718
1933
$3,795,115
surp.
res.
379
3,620
for
38,170
Cr7,568
2,894
Dr242,457
15,559
CY727
Dr765,577
$4,073,866
$3,606,382
$3,033,157
profit
on
for
917,492
891,316
848,925
14,834
654,415
58,088
$5,729,962
$4,965,182
276,408
40,000
$4,470,141
132,712
22,500
$3,745,660
131,942
22,500
1,125
1,500
1,500
$4,647,649
$4,313,429
$3,589,718
(as
year
,.
15-yr. 6% debs.
Total surplus
Preferred dividends
Class A com. stk. divs..
on
pref. stock
companies
subs,
424,476
80,000
of
Consol. earned surplus
Dec. 31
Consolidated
$5,225,486
during
1936;
consolidated.
previously carried
as
a
subsidiary
not
Consolidated Balance Sheet Dec. 31
1936
Assets—
1935
$
equipment,&c_. 2,635,016
1,442,015
Current assets.._.
in
&
adv.
controlled
Other
Invest,
1935
$
$
x6% cum. pf.stk. 4,911,040
y Class A com. stk.
733,282
Deferred income.
_
4,911,380
733,282
114,684
Long-term indebt¬
1,858,670
102,700
2,287,100
107,720
and
long-term notes.
Assoc. Press,
2,364,307
1,268,060
to
cos..
Real estate at cost.
1936
Liabilities—
Land, buildings,
edness of subs..
1.915,400
521,471
206,500
Current liabilities.
1,822,400
713,801
80,608
282,404
4,647,649
Subscriptions paid
627,694
607,116
mem¬
berships,
circu¬
lation, goodwill
& franchises, &c.
6,999,476
Deferred charges..
61,622
in advance.
Mtges. payable
Earned surplus—
5,225,486
6,401,364
56,527
x
m
13,727,193 13,092,1951
Total
-13,727,193 13,092,195
Represented by 70,996 shares in 1936 and
71,000 shares no par stock
y Represented by 80,000 no par shares.—V.
144, p. 2126.
1935.
Gardner
Aircraft, Inc.—Registration Withdrawn—
Gemmer Mfg. Co.—Accumulated Dividend—
Subs.)—Earnings—
$209,027
53,285
funded debt-
$848,925
Total
Other income
on
3,828
$891,316
See list given on first
page of this department.—V.
144, p. 3173.
Consolidated Income Account for Calendar
Years
1936
1Q34
1935
Interest
4,092
$917,492
$4,812,469
Net
Gallagher Drug Co.—Clears Up Accumulations—
Income tax
$1,103,149
345,664
33,069
70,000
conting. to earned sur.
Adj. of res. for doubtful
accts., prior years
Miscellaneous-
The
Operating profit
$1,334,793
354,797
127,244
77,771
1,751,800
company paid dividends of $8.75 per share and
$1.75 per share on the
7% pref. stock and 7% partic. pref. stocks,
respectively, on May 15 to
holders of record May 5,
Federal Motor Truck Co.
(&
$1,258,328
253,943
108,977
132,125
a280,510
41,312
$7,560,943 $7,321,393
144,
dividends in
1279.
$869,160
43,169
190,819
Adj. of taxes, prev. years
Adj. of res. for deprec.,
applic. for prior years.
917
1,781,800
The Interstate Commerce Commission
authorized Frank J. Wren to
director and Vice-President of this
railroad.—V.
all
$994,561
94,890
245,343
of Elmira Star-Gazette
Inc. at Dec. 31 1935--
58,145
Fort Worth & Rio Grande
Ry.—New Director—
p.
141,832
230,605
cos.
contingencies._
interest
Equity in earned
In v.
above payments include
$885,891
$1,346,839
Previous surplus.
7,524
Res. for conting's.
Res. for exchange
Authorized 300,000 shares (no par
value); reserved for conversion of
preferred, 44,545 shares; issued and outstanding, 241,127 shares,
y After
depreciation of $2,970,630 in 1936 and $2,703,287 in 1935.
z Represented
by shares of $10 par.—V. 143, p. 1076.
The
188,962
3.822,038
147,092
Net profits
Equity of Gannett Co.,
Inc., in undistributed
44,115
x
quarterly payments.—V. 144,
4,614,062
142,238
Misceil. deductions
......
as
4,811,049
145,735
Interest & amortization.
Reserve for taxes
contracts
Total
1933
$5,027,252
al¬
Net oper. revenue
Other income.
Divs. rec. fr. contr.
319,948
60,459
Mln. int. in subs..
$7 preferred stock
$7,560,943 $7,321,393
Years
1934
$5,750,861
5,834,933
147,268
rebates,
Expenses..
Depreciation.
& fran¬
Common stock...z2,554,550
x4,044,495
Capital surplus... 1,863,860
Earned surplus...
32,336
276,895
Total
Calendar
$5,842,675
lowances & discounts.
Divs.
billed contracts.
Advs.
for
1935
$6,863,878
revenues
above)
$507,821
inc.
144,
1936
Gross
Disc,
$641,390
Acer.
1934.—V.
Inc.—Earnings—
Consolidated Income Account
1935
Accounts payableAcer. commissions,
differences1
and Societe
1936
chise taxes
Fixed assets
y
Liabilities—
Accrued
15,
2126.
p.
Consolidated Balance Sheet Dec. 31
Assets—
144, p. 2997.
Gamewell Co.—$5 Accumulated Dividends—
46,713
$256,619
274,920
b5,589
Minority divs
Surplus Jan. 1
Inc.—Preferred Stock Reduced—Par
profits of control'd cos.
108,657
187,214
162,129
116,479
a
Including provision for undistributed profits taxes in an amount of
$86,600.
57,921
Adjust, of
Total
Represented by 499,543 no par shares,
z Repre¬
$12,600 shares in 1935.—V. 143, p. 1075.
y
Total income
Corp. (& Subs.)—Earnings—
Calendar Years—
.$4,205,074 $4,139,969
un¬
[Incl. Foster Wheeler, Ltd. (Eng.) and Soc. Anon. Foster Wheeler
(France)J
Unfilled
$4,139,969
78,520
158,377
48,221
After depreciation,
x
144, p. 3173.
Foster Wheeler
48,844
5,777
1,287,252
sented by 8,000 shares in 1936 and
263
$489,098
222,125
i
Balance
...
67,163
17,368
1,275,937
$4,205,074
Surplus
33,535
54,150
312,838
71,577
Deferred charges..
1936
$2,924,140
1,131,617
237,937
190,394
220,233
Maintenance
Interest
35,423
Co. capital stk..
Other assets
New
Subs.)—Earnings—
12 Months Ended March 31—•
Operating revenue—Electric
Operating expenses
Interest
insurance
Value
x
Provision for retirements
Provision for taxes
Accrued
& local taxes, &c
Fed'i income tax..
Fed. Mot. Truck
z
deprec., depl. &
Fed. income &
excess-rpofits taxes
and excl. profit on metal stocks sold
Profit on metal stocks sold
Florida Power Corp. (&
1935
1936
Capital stock...$2,497,715 $2,497,715
10,000
10,000
336,891
290,382
170,673
insur'ce policy.,
1,059
produced by
340,119
1,410,040
y
Sub. stock outst'g.
Accts. pay., &c._
Cash surrender val.
1st Quarter
20,600
48,226
296,649
1 ,567,274
Cash in closed bks.
$2,500,000
earnings for 1937 before depreciation and depletion charges will be use
for retiring preferred.
At this rate, he said, it is likely that either an
undistributed profits tax would have to be paid on residual
earnings or a
dividend on the common stock would be
forthcoming around the end of
1937.
of 1936
698,913
56,192
Inventories
would be the policy of the
company to use all earnings for retiring preferred
He said that
approximately 40% of the estimated
of 1937
25,309
secur.
& accts. receiv..
stock.
Tons of concentrates produced
Tons of shipping product
Liabilities—
Notes, acceptances
to 12,032 shares, $10 par,
4th Quarter
1935
644,665
—
Marketable
for the undistributed profits tax it
1st Quarter
1936
Land, buildings,
mach'y & equip.$1 166,303 $1,153,343
x
by retiring 6,442 shares of preferred now held by the com¬
pany and in part by drawing
by lots for retirement on June 15, 5,000
additional shares of preferred held
by stockholders.
The company hopes
by the end of the year to retire $500,000 additional
Sreferred, bringing total outstanding shares
H. Brownell,
Prasident, said.
1937
15,
Consolidated Balance Sheet Dec. 31
Stockholders at a special meeting held
May 12 approved a reduction
in company's preferred stock
by SI,144,200.
Plan as announced earlier,
is to be effected
Mr.
May
Mining & Smelting Co.—Pref. Stock Reduced—
83,687
The directors have declared a
dividend of $2 per share on account of
accumulations on the $3 cum.
partic. pref. class A stock, payable
May 24
to holders of record
May 17.
A dividend of $5 was
paid on Dec. 21 last
and one of $4 per share was
paid on Nov. 16, 1936.—V. 144,
p. 1600.
General Acceptance
3 Months Ended March 31—
Notes purchased
Net profit after taxes and dividends
General Electric
$0.07
Nil
Corp. (& Subs.)—Earnings—
1937
$971,674
17,365
1936
$452,612
6,129
Co.—Wages Raised—
The company was granted
a wage increase of 2
% to all employees receiv¬
ing less than $4,000 annually.
The increase applies only on the first
$3,000,
and becomes effective as of
May 1 for monthly paid employees, and approxi¬
mately that date for other employees.
The increases were made under the
company's plan for adjusting pay in line with
changes in the cost of living.
—V. 144, p. 2827.
Volume
Financial
144
p General Motors Corp.—April Car Sales—The corporation
on May 8 released the following statement:
April sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 238,377, compared with
229,467 in April a year ago. Sales in March were 260,965. Sales for the first
four months of 1937 totaled 677,577, compared with 729,634 for the same
P*
four months
of 1936.
Sales of General Motors
General Telephone
corporation reports for its subsidiaries a gain of 2,831 companymonth of April, 1937, as compared with a gain of
1,932 telephones for the month of April, 1936.
The gain for the first four
months of 1937 totals 9,301 telephones, or 2.78%, as compared with a
gain of 6,905 telephones, or 2.21% for the corresponding period of 1936.
The subsidiaries now have in operation a total of 344,017
ompany-owned
telephones.—-V. 144, p. 3174.
Georgia & Florida RR.—Earnings—
198,146 in April, compared with 200,117 in April a year ago.
Sales in
March were 196,095. Sales for the first four months of 1937 totaled 538,839,
compared with 580,067 for the same four months of 1936.
Sales of General Motors
cars to
dealers in the United States totaled
199,532
Sales in March were
216,606.
Sales for the first four months of 1936 totaled 536,713, com¬
pared with 605,009 for the same four months of 1936.
in April, compared with 194,695 in April a year ago.
Total Sales to Dealers in
United States and Canada Plus Overseas
^
1937
January
February
March
260.965
April
May
1935
1936
103.668
238,377
98.268
121,146
169,302
184,059
134.597
181,188
158,572
144,874
196,721
229.467
74 567
222.603
217.931
204.693
June
July
September
October
November............
167,790
124.680
39.152
127.054
182.754
185.698
121.943
19.288
90.764
191,720
239.114
August.
__
December
•
Shipments
1934
62,506
100,848
153,250
153.954
132.837
146.881
134.324
109.278
71.888
72.050
61.037
41,594
—Fourth Week
1937
Gross earnings
—V. 144, p. 2999.
Goebel Brewing
1,240,447
Sales to Consumers in United States
1935
1934
102.034
96,134
54,105
77,297
23.438
181.782
200.117
195.628
126.691
189.756
163.459
133.804
173.472
137.782
108.645
127.346
66.547
6K.566
136.589
122,198
1.720.213
1.278.996
1936
1937
January
92.998
February
51.600
March
196.095
April
198,146
May
June
,.
July
August
.>
October
155,552
November
December
58,911
98.174
106.349
95.253
112.847
101.243
143.909
109.051
85.201
44.274
September
per
86,258
71.648
69.090
62.752
41,530
$0.10
April..
1935
75,727
92,907
132,622
152.946
105,159
150,863
139,121
103,098
22.986
97,746
147,849
150,010
1934
46,190
82,222
119.858
121.964
103.844
118,789
107,554
>'■ 87,429
53.738
50.514
39.048
28.344
1,682,594
March
1,370.934
959,494
199,532
January._.
February..
May
June
July
August
September.
October
November.
December.
Total
Chevrolet, Pontiac, Oldsmobile, Buick, La Salle and Cadillac
and commercial cars are included in the above figures.
Unit sales of
passenger
Balance Sheet Dec. 31
1936
Assets—
hand
Accts. payable
year
D
days of April, retail deliveries
month of April, 1936.
were
$355,584
200,187
Prov. for taxes—
29,552
32,220
Pontiac
on
cars
255,558
Prepaid ins., taxes
& other expenses
March of this
year
was a
reserve
(& Subs.)—Earnings
1935
1934
1933
$3,191,393
$2,993,075
$2,838,564
$2,215,373
Gross income, real estate
operations
Loss of improved prop.,
after int., deprec., &c_
prof77,979
32,952
Lossof unimproved prop.
119,795
110,403
71,723
41,220
349,871
163,524
Loss of other companies,
from
y26,325
prof36,551
not consolidated
Corp.—Regular Preferred Dividends—
$25, and a quarterly
stock, both payable
May 15 to holders of record May 11.
Stockholders recently approved a
plan to pay off arrears on the old preferred stock.—V. 143. p. 3317.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—New Directors, &c.—
Samuel L. Fuller and James R. Amster have been elected to the board of
directors.
The company expects
to begin shipment of ore concentrates by July 1
Japanese firms of Mitsui and Mitsubishi which have contracted to take
output of Granby's mines for a three-year period at a prevailing
monthly average price.
Work on ore and coal mines power and railroad
facilities is progressing satisfactorily, A. S. Baillie, Vice-President, told
stockholders at their recent annual meeting.
V. 144, p. 2482.
i*.
to
total
$112,943
$230,198
228,920
(net)
Profit
113,967
378,200
$140,188 loss$116,231 loss$161,520
$310,499
State tax
miscell. expenses
I
and
202,743
196,809
191,818
286,921
_._prof$107,756
$56,621
$308,049
$448,441
Exclusive of share of loss of Lefcourt Realty Corp. for year 1933 applies
able to General Realty & Utilities Corp.'s holdings in common stock of
that company, which share amounts to $235,340 after making provision
y
for accrued
y
52 Weeks Ended
53 Wks.End.
Dec. 28 '35 Dec. 29 '34 Dec. 31 '33
Jan. 2 '37
$29,505,201 $28,029,152 $28,561,558 $28,293,445
21,906,042
20,937,315
21,134,704
21,007.842
306,842
304,976
275,452
311,957
Sales
Cost of sales
of
clerks,
manager
and
superintendent and
other
6,192,250
5,974,951
6,072,161
y780,993
633,192
757,846
615,107
$313,958
1,384
$176,851
7,579
$291,870
22,376
$342,736
2,081
$315,342
179,489
$184,430
239,306
$284,621
478,650
$344,816
478,650
sur$135,852
$54,876
$194,028
$133,834
expenses
Profit
Misc. income, int., &c__
and
Purchases
6,052,309
incl.
expenses,
expenses
Dr29,625
prior period.
Net income
Preferred dividends
Balance, deficit.
y
1,000 provision for Federal surtax.
Includes
Jan. 2
Assets—
'37
preferred dividends.
Liabilities—
Dec. 28 '35
S155.021
$179,039
x
Mack.,equip.,&c 1,361,718
Cash
1,164,849
Accts. receivable..
454,553
1,438,079
868,992
z
Real estate--.
..
and
20,469
26,673
2,S93,581
2,862,356
Prems advanced to
Bankers'
Accts.
accept--
payable
336,150
60,794
16,727
1
1
324,655
-
137,539
Prepaid expenses-Investments
$6,539,453 $6,405,4861
Grant
95,124
772,494
81.447
80,494
65,786
Mtges. payable.
11,000
12,000
45,463
45,319
9,310
2,663
1,080,790
942,312
-.
Res. for unredeem.
Res.
for rentals
exps.
of
&
closed
stores & wareh'es
Minority
Interest.
Total
x
Represented by 159,550 no par shares,
y
344,508 in 1936 and $1,266,881 in 1935.
$1 parV. 144, p. 3174.
The
Dec. 28 '35
908,729
57,380
Cap. & earn.
Total
'37
164,747
prem. tickets.
27,065
customers
2
Employees' depos.
from
rec.
agts .& employees
Inventories
Jan.
Preferred stock..$3,988,750 $3,988,750
Common stock._
288,617
286,867
Accrued expenses.
616,674
Oper. advances to
$539,720
253,131
prof$81,579
Income from other
Net loss.
Subs.)—Earnings—
Consolidated Comparative Income Account
Goodwill
real
operation
Salaries,
"Chronicle"!
1959.
y
1936
sources
.$3,266,298 $3,230,354
Total..
Consolidated Balance Sheet
[Exclusive of Lefcourt Realty Corp.]
estate
18,320
1,441,678
Includes contracts payable.
z
Gosnold Mills
days' deliveries compared with 8,692 during the final period
with 7,374 in the corresponding period of April, a year ago.
Consolidated Income Account for Calendar Years
loss
12,060
1,546,986
for depreciation of $140,739 in 1935 and $259,671 in 1936.
3174.
General Realty & Utilities Corp.
Total
issued
surplus
f
10 days of April
totaled 8,713 units, making deliveries for the month 23,426 cars. This was
the best April volume since 1926, and exceeded the like month of a year
ago by 4,642, or 24.7%, according to W.
F. Hufstader, general sales
of March and
Earned
The directors have declared an initia' semi-annual dividend of 62 H cents
Domestic retail deliveries of Buick cars during the last
—V. 144, p.
employees, but
12,632
2,333,550
Buicks' Sales Increase—
manager.
The last 10
2,402
1,305,320
per share on the new 5% prior preference stock, par
dividend of $1.50 per share on the old $6 preferred
General
record used-car month, 40,346 used cars having been sold.
1,335,160
Note—The income account for calendar years was given in
been
closed for the first three days of the month due to shortage of parts from
plants affected by strike.
Unfilled orders for new cars increased during
the month, the seventh consecutive month in which they have gone up.
Capital stock....
Subscrlb. for by
not
Par value $1.
y
30,765
z
101,823
$3,266,298 $3,230,354
After
Bee
7,374
y
2,355,916
Total..
x
187,415
-
112,421
plant
and equipment.
the largest April
when 25,964 cars were
delivered in April. 1936 sales totaled 19,481.
The slight decline from March was caused by the factory having
April
64,006
62,617
6,359
scriptions
Property,
x
payable-
Deposits..-.-.
Capital stock sub¬
in April totaled 25,064 units,
record and exceeded only by
232", 174
.
Compen. ins.res..
Inventories
Depreciation
Store
exp.—salaries
April Sales—
Retail sales of Pontiac
contr.
2,312
Period
,
,
$52,797
277,248
Constr. & equip.—
Interest receiv
E. Ahrens, sales manager.
first 20
against 2,940 for the entire
3,055,
ZS64.882
203,437
Grand Union Co. (&
exceeded 30,000, according to
and
accr. expenses.
Market securities.
Cadillac-La Salle Shipments—
This is the best half year ever recorded by Cadillac-La Salle.-•
In the full 1936 model year 25,905 cars were shipped.
In the
1935
1936
Liabilities—
1935
$350,545
...
Shipments of Cadillac and La Salle cars since the beginning of the 1937
model
$0.08
share
Cash in banks and
927.493
1936
131,134
116,762
162,418
194,695
187,119
186.146
177.436
99,775
4,669
69,334
156,041
197,065
1937
70.901
49,674
216.606
$109,566
1,311,380
$127,523
31, 1937 reflects current assets of $878,098
including cash and marketable securities of United States Government and
City of Detroit in the amount of $517,027 and current liabilities amount¬
ing to $352,350, indicating a ratio of 2.50 to 1.00 and a working capital of
$525,748.
Cash and securities, as of March 31, 1936, amounted to
$388,166, current assets $736,227 and current liabilities $395,182.
United States
Sales to Dealers in
1936
1937
1,347,280
The balance sheet as of March
of March 20, page
rrmr
~
Total
1936
$353,060
Co.- -Earnings—
Net profit after normal income taxes
Shares common stock
Earnings
April 30—
1937
$440,830
$25,312
Accts. & notes rec.
1,715,688
2,037.690
Jan. 1 to
of April—
1936
$26,800
3 Months Ended March 31—
on
Total
Corp.—Gain in Phones—
The
owned telephones for the
United States totaled
to consumers in the
cars
3333
Chronicle
surp.
10,876
6,019
$6,539,453 $6,405,486
After depreciation
z
of $1,Represented by shares of
Building, Inc.—Extension—
representatives for holders of the first mortgage leasehold 7 % sinking
fund gold bonds have extended the income period and mortgage agreement
for an additional period of 90 days, effecting an extension to Aug. 1, 1937.
A plan of reorganization is expected to be presented to bondholders
shortly for their approval.—V. 144, p. 1280.
Consolidated Balance Sheet Dec. 31
1935
1936
$
Assets—
1,181,679
Cash
Acer.
rec.
int.
1936
.
exp.
& divs.
91,697
221,791
8,789,000
xMarketablesecur
28,103
Res.
9,355.000
currently
Real
estate
on
mtge.
loans
Invest.m't in stocks
of allied cos
3,775,808
Real estate Invest.
8,137,369
42,244
-
-
5,583,077
5,917,876
32,291
44,853
&C--
received
par
value, both payable June 1 to holders of record May 14.
Sept. 1, 1931.
1110.
Great Lakes Utilities
in
Preferred stock. 11,372,500 11,372,500
Common stock.
1,541,436
1,541,826
_
1,343,247
Surplus-
no
Like amounts have been paid each quarter since and incl.
—V. 144, p.
adv.
real estate
Rents
z
500,108
2,500,000
1,235,100
29,000
300,738
Other assets-
460,843
against
mortgages,
y
stock,
2,000,000
advance, &c
3,775,764
8,702,707
Deposits on real es¬
tate purch. con¬
tracts
and sundry
creditors
Notes payable
rent'g agts.
Great Atlantic & Pacific Tea Co.—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the usual quarterly dividend of $1.50 per share on the common
Accts. pay., accr'd
& amts. due
from
$
Liabilities—
$
682,593
1935
332,164
protective committee for the holders of the 1st lien coll. trust gold
bonds, 5^% series due 1942, announces that the plan of reorganization
has been approved by the U.S. District Court for the District of Delaware
and that an order of the Court has been entered consummating the reor¬
ganization and turning over the affairs of the old corporation to a new
company known as Great Lakes Utilitiea Co.
The plan of reorganization does not adversely affect the 1st lien bond¬
holders and accordingly bondholders still have the same collateral, and the
same rate of interest and the same maturity date for the bonds as heretofore.
Besides preserving intact the
x
par
z
1st lien bonds,
bondholders have received, according to the committee, a very substantial
benefit from the reorganization in that the new board of directors is com¬
At market values not in excess
shares,
collateral and yield of the
22,333,396 23,112,263
Represented by 227,450 no
Represented by shares of $1 par value.—V. 144, p. 2481.
-.22,333,396 23,112,263
Total
Corp.—Plan Approved—
The
Total
of cost,
y
posed principally of bondholders or their representatives who were approved
3334
by
the
Financial
Court.
Chronicle
Furthermore,
the reorganization converted all the in¬
securities of the old corporation other than the
debtedness and junior
1st lien bonds into common stock of the
ments of the 1st lien bonds are now the
new
company so that the require¬
only fixed charges of the reorganized
company.—V. 142, p. 3345.
May IS,
(Including Domestic Subsidiary Companies)
Years Ended Jan. 31—
Net sales
Costs, depreciation and
Great Northern Paper Co.—Extra Dividend—
1937
stock,
par
A
Great Western Sugar Co.
(&
$1,322,392
958,382
679,393
$2,605,984
$2,001,785
departments.
■
Losses due to floods
Int. & other non-oper. exps. (net)
Subs.)—Earnings—
1936
1935
1934
68,322
$7,641,218
100,377
$8,139,992
38,231
$9,110,895
85,317
$10,192,055
$7,741,595
$8,178,223
1,345,274
1,460,508
$9,196,212
4,719
1,717,762
1,448,502
1,217.123
41,000
968,232
955",988
1,059" 668
$7,398,279
25,622,162
$5,515,240
25,476,922
$5,761,727
25,085,195
Total income
Int.
on money
borrowed
Dejprec. of plants & RR.
Adjus. of real
est. values
Federal taxes
Net income
Previous surplus
Total surplus.
.$33,020,441 $30,992,162 $30,846,922 $37,294,088
1,050,000
1,050,000
1,050,000
1,050,000
6,660,000
4,320,000
4,320,000
2,160,000
Divs.
7%
on
$2,097,731
50,830
1,121,753
$1,722,102
61,497
692,017
$1,372,273
x72,042
$925,147
3,224,011
Dr8,570
Dr563
preferred stock
cum.
Surplus for
$968,588
2,313.868
Dr4,765
Crl1,703
$1,300,232
1.013,635
year
Earned surplus Jan. 31
Premium on pref. stock redeemed
Prior years' Federal income tax
Discount
on serial 6% gold notes ret'd
prior toJan. 31,1935, prev. charged
against paid-in surplus
Common dividends
Poudre Co. stock
170,000
$3.52
on com..
Consolidated Balance Sheet
*\sscts
$25,622,162 $25,476,922
1,800,000
1,800,000
$2.48
$2.62
as
1937
$25 ,085,195
1 ,800,000
$2.98
1935
Plants, RR. equip., &c_$42,956,270 $42,823,932 $42,816,581 $43
,331,779
Cash
15,361,644
13,927,018
4 ,524,784
11,914,089
Accts. & notes receiv
1,737,125
2,755,499
3 ,906,652
2,691,117
Ref. sugar & by-products 16,846,858
16,489,610
19 ,687,933
20,858,138
Beet seeds and supplies.
2,938,393
2,683,886
2 ,740,802
3,074,968
Prepaid expense
472,208
490,087
1 ,166,980
478,247
Total.
$80,312,499 $79,170,031 $81,833,141 $75
$75,358,929
Liabilities—
Preferred stock..
x Common stock
1937
1936
1935
1934
$15,000,000 $15,000,000 $15,000,000 $15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
Conting. beet pay. res..
978,500
1,680,300
2,232,300
538,300
Res. for employ,
retire¬
ment allowance
50,000
Accts. payable, &c
994,657
1,052,400
861,939
936,788
Accrued Federal taxes._
1,850,513
1,330,753
4,884,066
1,071,698
Deferred credits & oper¬
ating suspense items.
Unclaimed dividends
Depreciation reserves
Surplus
_
Total
x
482.324
2,660
20,643,403
25,310,441
$80,312,499
Represented by 1,800,000 shares,
91,787
2,598
145.586
2.399
19,390,031
25,622,162
18,229,930
25,476,922
123,150
2,401
17,601,397
25,085,195
$79,170,031 $81,833,141 $75,358,929
no par
-3 Months1937
1936
$62,443
27,953
Interest...
Net profit or loss,before income tax,
of Eastern Greyhound Lines of
New England (a division of the
$62,427
14,986
Dr24,656
43,578
1,552
$80,927
50,885
5,625
$52,756
35,400
9,479
$4,403,937
$24,418
$7,878
$4,034,068
Federal income tax
Surtax on undistributed profits.
Net income
of the
Greyhound Corp. in
combined net profit from operations
of affil. cos., based upon interests
owned at the end of each period,
after deducting divs. received.
Notes
632,624
275,000
one year.
6,000
133,500
791,500
40,000
Reserved for
17,910
17,991
Mtge. paym't due
within
Ltd.(Canada)..
Mtge.
Green
Shops, Ltd
37,500
x
Furn., fixtures &
equipment..... 2,266,844
Improvements
to
leased property.
37,500
2,017,228
190,263
48,033
1,159,583
640,569
569,834
Real estate-..
x
....11,548,849
After
reserve
cum.
for
—V. 144, p. 3174.
Operating
11,698
pf. stock
($100 par).....
683,300
Com. stk. ($1
593,792
par)
Paid-in surplus...
3,205,105
Earned surplus... 4,310,025
Res. for routing's.
854,700
589,790
3.196,087
3,224,011
170,000
63,961
charges-
Total
7%
460,455
Real est. equities.
Def'd
Fed.
income tax
Inv. in Met. Stores
9,504,5271
Total
.........11,548,849
9,504,527
depreciation of $487,140 in 1937 and $318,429 in 1936
-Earnings-—
1937
revenues
$5,572,291
2,387,516
676,771
priations for retirement reserve).
—V. 144, p. 2654.
Hackensack Water Co.
1936
$5,940,059
2,602,745
888,870
Balance after operation, maintenance and taxes..
Balance for dividends and surplus (after
appro¬
(& Subs.)—Earnings—
1937
1936
1935
1934
297,170
28,699
38,000
6,000
$963,581
2,771
$952,445
3,069
$940,799
3,823
$955,622
4,067
Total income
Net inc. after exp., &c_-
$966,352
527,505
180,750
73,431
28,625
$955,514
513,329
178,902
72,008
27,562
$944,622
518,975
178,405
70,748
23,488
$959,689
520,283
178,647
69,988
21,405
$244,700
$234,857
$246,333
$250,243
Interest charges
(net)--
Depreciation
Federal tax
Net income--.--.-.-
Note—All taxes to which the company is subject have
been provided for.
164,780
10,325
291,638
52,808
Hancock Oil Co. of California—Extra
Dividends—
The directors have declared
extra dividends of
12)4 cents per share in
quarterly dividends of 25 cents per share on the
stocks, no par value, all payable June 1 to holders of
record May 15.
Like payments were made on March
1, last, and on
Dec. 1 and on Sept. 1, 1936 —V. 144, p. 3174.
addition
Combined.
$288,094
$175,105
$344,446
$312,512
$182,983
$4,378,514
Total, representing net income of
the
Greyhound Corp. for the
period and equity in undivided
to
the regular
class A and B
common
(P. H.) Hanes Knitting Co.—Extra Dividend—-
net profit or loss from operations
of affiliated companies...;
Whereof earnings per share of common
The directors have declared
outstanding
$0.11
x$0.06
$1.64
After giving effect to 4 for 1 split-up of common shares.
Note—No provision has been made for Federal surtax on
undistributed
profits in the quarterly periods.
The deduction shown for such surtax
x
ended March 31, 1937 is applicable to the calendar
year
1936.
3 Months
rPeriod Ended Mzrch 31—
1937
$8,286,938
7,004,202
579,515
12 Mos.
1936
1937
$7,364,113 $40,750,898
6,259,512
29,692,943
491,585
2,493,800
$703,222
65,387
Income-taxes
Surtax^on undistributed profits
Miscellaneous
$8,564,156
497,605
$692,551
22,802
126,289
60,327
Totalrincome
Interestfand amortization
$613,017
79,534
$768,608
33,943
137,442
revenue
185",268
$9,061,761
95,512
1,577,888
72,738
431,658
an
extra dividend of 10 cents
per share in
addition, to the regular quarterly dividends of 15 cents per share on the
common and class B common
stocks, both $5 par, all payable June 1 to
holders of record May 20.
An extra dividend of five cents in addition
dividend was paid on March 1, last, and
to the 15-cent
quarterly
previously regular quarterly divs.
of 12}4 cents were distributed.
In addition, an extra dividend of 20 cents
1936, and extra dividends of 10 cents were paid on
paid on Dec. 1,
Sept. 1, 1936 and on Nov. 30,1935—V. 144, p. 1281.
was
Affiliated Bus Companies of the Greyhound Corp.
Net'operating
Otherjncome..
575,324
475.000
payable...
Deferred income..
400,000
investments....
in
.
377,117
V, 144, p. 2999,
273,452
14,642
:.
expenses
Ltd....
Miscell. receivs. &
Invest,
$
908,802
The company has filedfan amendment with
Securities and Exchange
Oommission^delaying thejproposed offering of its securities to
May 29.
Bus companies
Operating revenue.
Operating expense
Depreciation and retirements
Met.
rec.
Stores,
55,220
4,544,727
1936
'
$
Trade accts. pay..
Other sects,
pay.,
taxes and accr'd
Offering Delayed—
Other companies
year
Liabilities—
34,154
5,502,722
receivable..
Mdse. inventories.
$4,286,162
72,646
Dr9,468
Interest...
n^the
Accts.
1,618,843
Quar. End. Mar. 31—
Total.
General expenses
stock based upon stock
at end of each period
1937
S
1,370,036
Gulf States Utilities Co.-
12 Mos.
1937
$2,313,868
Gross oper. revenue
Other income
Greyhound Corp.)
Miscellaneous
Equity
1936
$
Cash
12 Months Ended March 31—
Comparative Statement of Earnings of the Greyhound
Corp., Incl. Equity in
Undivided Net Profit or Loss from Operations of Affiliated
Companies
Period Ended March 31—
$3,224,011
Consolidated Balance Sheet Jtin. 31
1937
value.—V. 144, p. 106.
Greyhound Corp.—Earnings—
Income—Dividends
z
Assets—
1934
$4,310,025
on common stock.
x
of Last Day of February
1936
share
per
$3.45
$2.82
$7.32
13 months,
y After deducting extraordinary income
(net) of $52,242.
Includes $90,000 provision for Federal surtax.
8,998,894
Profit and loss
$25,310,441
Shs. com. outst. (no par)
1,800,000
Earns, per sh.
Earned surplus Jan. 31
Earnings
73",661
234,000
Dr65,381
Reserve for contingency conceded—
Deduct—Pref.divs. (7%)
Distribution of Cache La
$1,679,934
4,683
275,000
"
14ft
$6,414,063
30,880,026
Profits from operation._$10,123,733
Other income.
$1,679,934
y29,534
3,719
z475,000
Consolidated Income Account Years Ended Last
Day of February
1937
1935
$1,647,603
$25, both payable June 1 to holders of record
May 20.
were paid on March 1,
last, and on Dec. 1, 1936.
Extra dividends of 12 cents
—V. 144, p. 1110.
1936
$32,711,535 $28,508,704 $26,824,128
31,063,932
27,186,312
25,144,194
other expenses
The directors have declared an extra dividend of
13 cents per share in
addition to the regular quarterly dividend of 25
cents per share on the
common
7
(JH. L.) Green Co., Inc. (& Subs.)—Earnings—
Hartman Tobacco Co.—To
Recapitalize—
A special meeting of stockholders will be
held on May 27 to vote on
proposed recapitalization.
Under the plan, each of the 14,300 shares of 6first
preferred stock
now outstanding, plus accrued dividends
amounting to $47.75 per share,
will be exchangeable into 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.
On consummation of the
recapitalization, the company's capital structure
14,300 shares of
140, p. 4400.
would consist of 14,300 shares of prior preference
stock,
preference stock and 216,700 common shares.—V.
Hawaiian
Pineapple Co., Ltd.—25-Cent Dividend—
The directors
have declared a dividend of 25 cents
per
share on the
stock, par $5, payable May 24 to holders of record
May 14.
A
dividend of 50 cents was paid on April 30 and on Jan.
30, last, and previously
regular quarterly dividends of 25 cents per share were distributed.
In
common
Combined net profit from operations
•
of affiliated bus companies
$536,896
$358,192
$6,883,965
on undistributed
profitsJinithe quarterly periods.
The deduction shown for such surtax
in the year ended March 31, 1937 is applicable to the calendar
year 1936.
Note—No provision has been made for Federal surtax
Hecla Mining
Equity of the Greyhound Corp.
r-
3 Momths
Period Ended March 31—
1937
1936
12 Mos.
1937
Equity of the Greyhound Corp. in the
above combined net profit from
operations, based upon interests
owned at the end of each period.
Dividends received from affil. bus cos.
_
Greyhound Lines of New Eng.,
division.of the Greyhound Corp.
combined
undistributed
$4,515,773
Gross revenue
Operating expenses
Depreciation
on Oct.
31, and
on
July 31,
1936
1935
1934
1933
z$2,319,979 z$l,959,324 y$l,469,109 x$l,108,825
a991,357
a914,783
860,480
732,696
144,315
92,295
81,257
69,224
77,434
83,245
98,021
75,355
bl82,269
155,465
Income deductions
Net income
$924,604
600,000
$713,537
200,000
$429,352
400,000
$231,550
100,000
(par 25c.)
$324,604
1,000,000
Earns, per share on com.
$0.92
$513,537
1,000,000
$0.71
$29,352
1,000,000
$0.43
$131,550
1,000,000
$0.23
Dividends
52,974
37,771
4,224,135
Surplus
Shs.
net
profit from'operations of affil. bus
cos., based'upon interests owned
at the end of each period
-V. 144, p. 2303-
paid
.
$202,551
Net'equity of the Greyhound Corp.
in
were
Co.—Earnings—
Calendar Years—
Taxes
$326,427
incl. net profit or loss of Eastern
a
addition extra dividends of 25 cents
1936 —V. 144, p. 3000.
$273,452
$164,780
$291,638
com. out.
x Includes
profit of Union Mine operations of $22,665 in 1933 and
$63,721 in 1932.
y Includes non-operating income of $51,994 and after
of Union Mine operations of $9,446.
z Includes
other income of
loss
$327,720 in 1935 and $233,070 in 1936.
a
Less metal inventory increase
Volume
144
Financial
of
$102,064 in 1935 and $34,631 in 1936.
undistributed profits tax.
b Includes $1,683 for Federal
Chronicle
V. 143, p. 3844.
Earnings for 3 Months Ended March 31
Quar. End. Mar. 31—
Gross income.
1937
$309,710
210,519
22,600
19,592
66,882
1934
$424,381
224,593
23,713
23,426
80,089
loss$9,882
1935
bodies-
119,660
$499,939
211,070
13,960
24,438
73,812
Net profit
Earns, per sh. on 1,000,000 sbs. cap. stk. out¬
$519,585
$176,660
Operating
expenses
Taxes accrued
Depreciation
Depletion of
38,412
ore
standing (par$25c.)
Includes
a
other
undistributed
$0.51
—
income
of
$0.17
$212,199.
for
provision
no
Balance Sheet Dec. 31
Assets-
Accts.
receivaole.
.
S. Govt.securs.
6,277
583,714
Other liabilities...
45,474
4,038,689
662,663
1,707,467
Investments.
2,027,800
Plant A eqp., &c
Ore reserves—
Total
x
248,932
816,161
reserves,
142,
Taxes accrued
Accrued
38,044
37,677
29,206
52,465
12,604
7,895
16,337
Res.
for conting..
Capital stock...
309,568
625,000
y
250,000
262,534
625,000
250,000
Earned surplus...
5,788,284
5,463,679
Property
1,652,444
1,972,777
wages...
in J.
Ac
Res. for add '1 taxes
surplus.
Total
....$8,922,237 $8,854,059
Represented by 1,000,000 shares,
y
8,325
par
value 25 cents.
(George W.) Helme Co., Inc.—Earnings—
Calendar Years—
Profit after expenses
1936
1935
1934
1933
$1,801,944
85,282
$1,773,008
81,775
$1,887,164
82,479
$1,874,962
98,417
$1,716,661
455,759
$1,691,233
474,403
$1,804,686
489,729
$1,776,545
458,965
Federal and State taxes.
$2,172,420
298,408
$2,165,636
267,034
$2,294,415
305,528
$2,235,510
284,736
Net earnings
Pref. divs. (7%).
Common dividends
d$l,874,012 c$l,898.602
236,803
236,803
bl ,680,000
bl,680,000
$1,988,887
201,103
al,672,451
$1,950,774
189,569
1,651,264
Depreciation...
Profit..
Other income
—.
Total income
-
Balance, deficit
$42,791
4,829,879
Profit & loss surplus
Shares of common stock
outstanding (par $25)
Earns, per sh. on com
Consists
$18,201 sur$115,333 sur$109,941
4,872,670
4,839,817
5,867,145
240,000
$6.82
-
240,000
$6.92
240,000
236,877
$7.43
$7.45
of
$5 regular and $2 extra, excluding $4.75 special extra
dividend charged against accumulated surplus.
b Consists of $5 rogular and $2 extra,
c Before deducting $2,044 net
a
loss
sale of marketable securities charged to reserve for depreciation of
securities,
d Excluding $8,071 net profit on sale of marketable securities
on
credited to
reserve
for depreciation of securities.
Balance
1936
Awcfs—
a
Sheet
$
1936
Liabilities—
S
226,763
1
— .
4,015,775
3,994,747
2,705,439
Cash
&
$
$
2,369,251
accounts
4,000,000
4,000,000
Common
stock...
6,000,000
6,000,000
Dividends payable
201,701
Goodwill, trade¬
839,201
125.699
839,201
322,590
311,482
contingencies, Ac
854,217
Surplus
4,829,879
4.S72.670
Accts. payable, &c.
Res. for Fed'l and
State taxes.....
131,861
Reserve for insur.,
receivable...-..
340,774
418,699
8,870,945
b G. W. Helme stk.
721,375
Other assets.39,215
Deferred charges—
76,361
9,138,388
Marketable
1935
Preferred stock
equipment
Notes
31
1935
Land, bldgs. and
marks, Ac-Inventories
Dec.
secur.
Total
16,971,586
a
After depreciation,
V. 143. p. 3844.
850,296
721,375
17,005,510|
Total
16,971,586
17,005,510
b Consists of 6,171 shares of preferred at cost.
sales
Stock
Exchanges.
Purpose—The estimated net proceeds of $2,557,189 to the corporation
from the szle of the 988,971 shares of common stock to be initially offered
to
stockholders, are to be used as follows:
(a) Approximately $350,000 for payment of accrued and unpaid liabilities
of the corporation and its subsidiaries.
(b)
Approximately $395,000 in order to begin production of
new
Hup-
mobile models.
(c) $1,812,189, being the balance of such estimated net proceeds, to
supply working capital necessary for production and distribution activities
of the corporation and its subsidiaries.
Underwriters—Each underwriter has agreed, severally and not jointly,
to purchase, in the proportion that the number of shares of common stock
set opposite its respective name below bears to 988,971 shares, from the
corporation at a price of $3 per share, such of the 988,971 shares of common
stock proposed to be initially offered to stockholders as are not subscribed
and paid for by the stockholders or their assigns.
Shares
F. S. Yantis & Co., Inc., Chicago
Sadler & Co., Chicago
200,000
100,000
---100,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
25,000
25,000
25,000
—
Walter E. Schott, Cincinnati
Brown, Young & Co., Inc., New York
Brush, Slocumb & Co., San Francisco
Crowell, Weedon & Co., Los Angeles
Dempsey-Detmer & Co., Chicago
Enyart, VanCamp & Feil, Inc., Chicago
C. B. Ewart & Co., Inc., New York
Scott Mclntyre & Co., Cedar Rapids, Iowa
Polk-Peterson Corp., Des Moines, Iowa
Scherck, Richter Co., St. Louis, Mo
Whitlock, Smith & Co., Detroit
W. D. Hanna & Co., Burlington, Iowa
Mclnnis, Van Dusen & Co., Washington
Richardson, Lane & Co., Davenport, Iowa
Frederic Collin, Inc., Detroit
_
—'
13,971
stools set opposite its respective
name
below.
No commitment has been
$7,043,641
3,123,018
$5,641,376
2,468,446
Net profit
Preferred dividends
dividends
3,518,919
3,454,508
2,994,382
$976,117
293,920
$466,116
292,861
$178,547
33,846
$1,809,439
47,566
102,935
x275,842
$1,270,037
94,818
88,212
171,500
$758,977
128,988
155,810
37,001
$212,393
155,265
154,448
$1,383,096
374,407
532,996
Prov. for Fed. inc. tax-.
the exercise of stock purchase warrants at any time
on
and after the
Warrants
Number of Shares
5,484,205
Depreciation
upon
Covering the Following
$1,458,777
350,662
Interest paid
stock
Hupp Motor Car Corp.—Rights—
Subscription Offer—988,971 shares of common stock are being offered for
subscription at $3 per share, pro rata, on the basis of 13^ shares for every
one share held, to stockholders of record April 29.
Rights expire May 24.
The offering of the shares for subscription has been underwritten.
Stock Purchase
Warrants for shares of common stock, and, after the
expiration of the above subscription offer, shares of common stock not
purchased and paid for pursuant to such subscription offer, may be offered
by the several undrrwriters.
Stock purchase warrants for shares of common stock are exercisable in
the following amounts per share of common stock: $5 per share if exercised
on or before June 1, 1938
$6 per share if exercised after June 1, 1938 and
and on or before June 1, 1939 and $7 per share if exercised after June 1,
1939 and on or before June 1, 1940.
Any of the shares of common stock not taken by stockholders pursuant
to the subscription offer, and which are purchased by the several under¬
writers, may be offered by the underwriters at market prices then pre¬
vailing, as determined by sales of common stock on the New York or Chicago
(& Subs.)—Earnings—
&
Other income (net).
com.
y$802,845
Stock Purchase
$7,914,597
3,419,560
admin, expenses
Shares
z$235,610
x Depreciation amounted to
$356,907.
y Loss,
x Before Federal taxes,
Before provision for surtax on undistributed profits.—V. 144, p. 2483.
a
date of issuance thereof until June 2.1940.
$12,184,776
5,241,793
Cost of sales.
Common
1934
x$504,169
a$7,234
—
1935
made to take the shares of common stock called for by the stock purchase
warrants and the corporation may receive the
proceeds payable to it
Year Ended
9 Mos. End. —Years End. Mar. 31—
Dec. 31, '36 Dec. 31, '35
1935
1934
general
1936
writer, a commission of 28 cents, multiplied by the number of shares set
opposite its respective name above, and to deliver to or for the account of
each underwriter the number of stock purchase warrants for shares of com.
Consolidated Income Account
adver.,
(& Subs.)—Earnings—
1937
81,901
Holland Furnace Co.
Sell.,
3 Mos. End. Mar. 31—
Net prof, after all chges.,
incl. deprec. & Federal
The corporation has agreed to pay, to or for the account of each under¬
Hibbard, Spencer, Bartlett & Co.—Registers with SEC—
Net
Corp.—Registers with SEC-—
Hudson Motor Car Co.
54,383
See list given on first page of this department.—V. 144, p. 938.
Period—
Vice-President Harold V.
advanced to succeed Mr. Kurth as President.—V. 144, p. 2665,
Household Finance
awards,
2665.
p.
was
See list given on first page of this department.—V. 144, p. 2829.
$173,734
$200,721
Accounts payable.
$8,854,059|
...$8,922,237
Less
—V.
Smith
1935
1936
Pers.
92,406
580,212
338,809
44,045
4,228,430
Mat'ls & supplies.
Deferred expenses
x
Liabilities—
205,209
Interest accrued.-
TJ
1935
$608,113
181,285
1,211
receivable.
Notes
newly created office of Chairman of the Board.
taxes
1936
$627,026
266,731
44.339
421,303
Ore in transit
At his insistent request, the board of directors of this
company and of
the City of New York Insurance Co. on May 10, accepted the
resignation
of Wilfred Kurth as President of both companies and elected him to the
$0.07
Nil
b Contains
profits tax.
Cash in banks
Home Insurance Co.—New President—
$72,560
1936
a$l,151,363
364,480
bl09,225
3335
Represented by 250 shs. of pref. stock of Hart & Cooley Mfg. Co.—
e
$915,508
$437,178
loss$97,319
F. S. Yantis & Co., Inc
Sadler & Co
25,778
12,877
12,877
12,877
12,877
12,877
12,877
12,877
12,877
12,877
12.877
6,425
Brown, Young & Co., Inc
Brush, Slocumb & Co
Crowell, Weedon & Co
Dempsey-Detmer & Co
Enyart, VanCamp & Feil, Inc
C. B. Ewart & Co., Inc
Scott Mclntyre & Co
Polk-Peterson Corp
Scherck, Richter Co.
Whitlock, Smith &Co
W. D. Hanna & Co
Mclnnis, Van Dusen & Co
Richardson, Lane & Co—
Frederic Collin, Inc
Total
out¬
standing (no par)
426,397
426,397
426,397
426,397
Earnings per share
$2.89
$2.01
1.85
Nil
x Including
$138 provided for surtax on undistributed profits of sub¬
sidiary company.
51,558
2 5,778
Walter E. Schott
6,425
6,425
3,824
254,983
-
—V. 144, p. 3175.
"
1937—3 Mos.—1936
loss after interest,
deprec. & Fed. taxes.
Shares
stock
com.
444,186
426,397
Nil
1936
Nil
444,186
$2.85
a
surr.
b Accts.
$
Preferred
Preferred stock...$3,136,000 $1,070,450
d
d Common stock. 4,263,970
4,263,970
1,371,137
Debentures
Debentures
496,022
...
449.520
c
Dividend payable.
Prov. for Fed. and
40,000
State inc. taxes.
308,797
16,500
100,000
76,853
Res.
1 ,193,943
1,209,812
for
furnace
guaranty exps..
1
Patents
charges
Other assets
Total
976
599,819
129,200
-
Property, plant A
Deferred
2,509
1,405,026
el 8,244
39,017
co.
equipment
1,949,000
67,715
salaries,
taxes, Ac
holders
Other secur. inv.
Branch mgrs. deps.
Accrued
em¬
96,921
.
1
275,000
115,000
280,000
177,610
434,486
126,013
Deferred income..
660,217
385 276
68,557
Earned surplus...
1,568,042
882,290
11,856,482
9,630,997
11,856,482
9,630,997
Res. for conting.
Total
_
p*a After deducting reserve for doubtful accounts, losses on replevins, and
costs of collection, $250,000 at Dec. 31, 1936 and $450,000 at Dec. 31,
1935.
b After deducting reserve, c After deducting reserve for deprec. of
$1,126,011 at Dec. 31, 1935 and $1,099,948 at Dec. 31, 1936.
d Repre¬
sented by 426,397ishs. of nonpar value with a stated value of $10 per share.
—V.
$2,435,421
1,167,043
$2,257,729
1,028,776
$7,113,445
3.493,025
$6,453,048
3,106,291
$1,268,378
$1,228,953
$3,620,420
$3,346,757
144, p. 2483.
$
4,406,400
ployees & stock¬
Secur. of subs.
$
Accounts payable.
Net oper. revenues—
Operating taxes
Net operating income-
1935
6 ,787,935
value of
with
426,397
$1.50
1 ,429,334
lif e insurance
$6,723,657 $21,248,669 $19,802,867
4,465,928
14,135,224
13,349,819
Dec. 31
1936
Liabilities—
..-.-..$1 ,298,132 $1,775,258
Accts. receiv
Cash
1935
$
Inventories
Operating revenues-— $7,307,273
Operating expenses
4,871,852
1937—12 Mos.—1936
$188,032 pf$1394,265 prof$727476
Consolidated Balance Sheet (Incl. Holland Credit Co.)
Cash.
1937—3 Mos.—1936
$6,740,029 $21,300,337 $19,852,095
16,372
51,668
49,228
out¬
standing (no par)
Earnings per share
Assets—
1937—Month—1936
$7,324,362
17,089
Uncollectible oper.rev_-
Net
$176,864
Telephone Co .—Earnings—
Operating revenues
Consolidated Earnings for 3 and 12 Months Ended March 31
Period End. Mar. 31—
Illinois Bell
Period End. Mar. 31—
Illinois Central RR.—Reconstruction Loan—
The Interstate Commerce Commission
on May 5, on the basis of
present
prospective earnings, found the company reasonably to be expected
its fixed charges without a reduction thereof through judicial
reorganization and approved a loan of not exceeding $10,000,000 by the
Reconstruction Finance Corporation.
The total RFC loans now outstanding, incl. the new loan approved is
$35,195,000.
These loans are evidenced by promissory notes, one dated
Dec. 7, 1935, maturing Dec. 11, 1937 in the amount of $7,768,000, the
second note dated May 11, 1936, maturing May 31, 1937, for $2,483,333,
the third dated June 18, 1934, maturing June 18, 1937 for $7,494,000 the
fourth dated July 1, 1936, maturing May 31, 1937, for $7,449,667 and the
fifth the present $10,000,000 loan.
The company filed, on Nov. 17, 1936, an application requesting an
additional loan of $10,000,000, by the RFC to be available May 31, 1937,
the proceeds to be applied towards the payment and retirement of the
4gold notes maturing on June 1, 1937.
The notes were issued as of
June 1, 1931 in the amount of $20,000,000 maturing on June 1, 1934.
At
their maturity, 37.5% of the face amount was paid in cash, the funds
necessary therefor being obtained from the proceeds of a loan of $7,500,000
from the RFC.
New three-year notes in the principal amount of $12,500,000, bearing int. at increased rate of 6% per annum and maturing
and
to
meet
3336
Financial
June 1, 1937 were thereupon issued in payment of the remaining 62.5%
of the principal amount of the notes maturing in 1934.
The company now
proposes to pay these notes in full at their maturity from
the proceeds
of the loan applied for supplemented by $2,500,000 cash to be
provided by
it from other funds which will be available in its treasury.
As additional collateral security to
apply equally and ratably to previous
loans and to the additional loan of $10,000,000 now requested, the appli¬
cant offers the following securities:
$1,605,000 of Yazoo & Mississippi
Valley RR. registered 5% gold improvement bonds of 1934 extended to
1939; $779,000 refunding mortgage 4% bonds of 1955, and notes to the
company, all dated Nov. 2, 1936, payable on demand and bearing interest
at the rate of 4% per annum, executed by the Benton Southern RR. for
$680,000, Bloomington Southern RR. for $250,000, Blue Island RR. for
$530,000, Chic. St. Louis & New Orleans RR. for $20,000,000, Dubuque &
Sioux City RR. for $1,500,000, Fredonia& Reeds RR. for $30,000, Golconda
Northern Ry. for $800,000, Kensington & Eastern RR. for $1,500,000 and
South Chicago RR. for $1,150,000.
These notes all represent advances
made in the past by the road to the companies for construction and addi¬
tions and betterments, the advances having been carried in the companies'
books as advances in open account.—V. 144, p. 3175.
Chronicle
1937
15
May
Inspiration Consolidated Copper Co.— "arnings—
Years Ended Dec. 31—
1936
iJ^4
1935
Copper sales
$5,425,660
Costs, marketing & ad¬
min. exps. & Fed. taxes y4,707,265
1933
$762,267
$350,206
$1,512,943
y436,884
994,413
1,795,128
prof$7l8,395
24,744
$86,678
42,058
$232,146
17,527
$282,185
8,757
:
prof$743,139
pay'le, &c.
389,417
salaries, general
expenses,
&c
$44,620
438,085
$214,619
455,099
$273,428
455,402
Loss
Other income
Loss
Int.
on notes
Wages,
Arizona
&
471,086
302,803
366,382
262,979
State
310,960
411,001
$1,216,770 x$l,283,481
*$1,506,213
county
taxes, &c
Net
losszprof$353,722
x Before depreciation and
depletion.
Depreciation being calculated on
the basis of units of production, no depreciation has been written aff during
either year, as operations were suspended for both periods,
Illinois Iowa Power
Co.—Listing—New Name—
Includes depreciation,
y
The New York Curb Exchange has admitted to unlisted trading privileges
the 5% cumulative convertible preferred stock, $50 par, the common stock,
no par, and the dividend arrears certificates.
All of the above securities
will be issued pursuant to the plan of recapitalization of Illinois Power &
Light Corp. as set forth in the President's letter transmitting the plan of
recapitalization, dated March 29,
1937_(Vi_144, p. 2304).
^Illinois-Iowa Power Co. is the new name^of Illinois Power & Light Corp.
Pays 50-Cent Dividend—
The company in accordance with the plan of recapitalization of Illinois
Power & Light Corp. made a payment of 50 cents per share to holders of
Assets—
1935
$
1936
xBldgs.,mach.,«fcc.l2,277,273 12,737,238
In v. in sundry cos.
401,990
401,990
Accrued taxes and
Supplies..
361,185
284,577
278,383
380,190
and lands-
18,111,437
18,270,226
Copper in process,
at
cost....
See Illinois-Iowa Power Co. above.—V.
hand
704,147
151,801
869,010
947,54a
204,836
514,707
Total......... 32,988,284
33,153,428
146,907
134,323
514,261
x
dividend of 25 cents per share on the capital
stock, payable June 25 to holders of record June 10.
This will be the first
dividend paid by the company in about 10 years.
■
23,738
.....32,988,284 33,153,428
After
reserve
for depreciation of
.746,493 in 1935 and $9,204,585 in
1936—V. 143, p. 108.
Insuranshares Corp. of Del.
-Earnings—
Calendar Years—
Registrar—
|
'><*4
Bank of New York & Trust Co. has been appointed
registrar for
value.—V. 144, p. 3175.
no par
1936
Expenses
i
_
_:w
_
_
_
_
■„
.
y^
831
835-
302
Net income.
$10,144
Balance Sheet
capital stock, both payable June 1 to holders of record May 14.
Similar
distributions were made on Dec. 1 and June 1,1936, and on Dec. 2 and June
1, 1935.
An extra dividend of 15 cents per share was paid on Dec. 1 and
Cash
June 1, 1934.—V. 144, p. 2656.
Notes & accts. rec.
Assets—
1936
1935
$42,385
S25.032
5,500
59.561,651
8,972,196
024,850
178.986
_
1,062,060
553,427
Suspense securities
&
Class B stock
1935
$284,032
bl.OOO
a
1,748
expenses.......
9,888
13,792
Invests, at cost
held in
$284,032
2,232
642,968
218,280
270,292
Paid-in
275,897
Earned deficit
Due from brokers.
Securities
1936
Common stock(par
1,000
Accts. pay. & accr.
1,858
Int. & divs. rec'le.
1933
1934
$18,934,652 $16,892,384 $13,778,324
Cost, sell. & gen'lexps.. 16,143,584
14,110,523
13,052,116
Miscellaneous (net)
Cr92,036
0224,148
010,152
a Taxes
225.673
146,862
181,706
Retirements and deprec>
930.209
C841.233
c738,156
Interest
386,273
466,107
509,603
6,294
def$41,109
31
Liabilities-
rec.
(current)
Gross oper. income
Dec.
$1)
(long-term)
Notes & accts.
Co.—Earnings—
Consolidated Income Account for Calendar Years
1935
$27,022
66,993
Interest
The directors have declared an extra dividend of 37 M cents per share
in addition to the regular semi-annual dividend of 25 cents per share on the
1936
1935
$49,371
38.396
Total income
Taxes
Imperial Oil Co., Ltd.—Extra Dividend—
Indian Refining
51,794
144, p. 3176.
a
96,340 shares of capital stock of
719,950
96,524
346,38#
394,300
Accts. receivable-.
Total
The
394,02ft
wages...
Amounts payable.
Surplus..........
Finished copper on
Illinois Zinc Co .—Dividends Resumed—
The directors have declared
interest.
Accrued
..-
Deferred charges..
Changed—
$
Capital stock (par
$20) ..........23,639,34# 23.639,340
Notes payable.... 7,643,00#
7,643,000
Cash
Illinois Power & Light Corp.—Name
1935
$
Liabilities—
$
Mines, min. claims
the
6% cumulative preferred stock, par value $100, of Illinois Power &
Light Corp. of record at the close of business on May 1.
Before depletion.
z
Balance Sheet Dec. 31
1936
Due to brokers...
3,900
30,705
1,171
~y,i7i
720,287
669,896
100,014
117,973
$938,930
$842,026
Unclaimed divs...
surplus...
cash
escrow..
258,442
Manage, contract.
1,000
1,000
Deferred charges.
3,256
2,838
$938,930
$842,026
.
Prov. for Fed. income &
200,000
200,000
Net profit for year
$1,333,002
Profit & loss def. Jan. I.dl5,462,419
$ 1,351,806
excess
profits taxes.__
Divs. paid on
7%
Total
a
def$885,159def$ 1180,167
16,814,225
15,079.066
13,663,414
cum.
pref. stock
5% div. notes due Dec.l,
capitalization
1941, issued to holders'
of
com.
stk ($1 per
Surplus charges
b850,000
P. &L. def. Dec. 31_.$15,405,136
Earns, per sh. on 1,270,-
207
com.
shs
235,485
$15,462,419 $16,814,225 $15,079,066
$1.05
$1.06
Nil
Nil
a Does nof include State
gasoline and Federal excise taxes,
b Write-off
of Havoline trade-mark (representing capitalization of certain
advertising
during 1922-25).
c Depreciation
only,
d After deducting
surplus of an inactive subsidiary at Dec. 31, 1935, taken up in
accounts of Indian Refining Co. upon dissolution of such
subsidiary in
1936 amounting to $691,619.
earned
Condensed Consolidated Balance Sheet Dec. 31
Assets—
1936
1935
Liabilities—
Inventories
$392,802
2,730.250
666,941
receiv¬
ables
13,975
3,000
8,941
&
excess
taxes.
225,735
200,000
....
notes
accrued int
&
1,274,905
7,499.402
8,286,242
Accrued liabilities.
685,181
461,641
selling sta¬
7 % preferred stock
ears,
12,600
12,600
tions, &c
3,000
5,127,582
5,358,018
Patents
100,115
109,061
Deterred charges..
102,053
91,086
Due Texas Co
Common stock
12,702,070 12,702,070
Capital surplus... 2,515,904
2,515,903
Operating deficit-. 15,405,136 15,462,419
$9,970,364 $9,360,101
reserve
for
depreciation of
Total
.$9,970,364 $9,360,101
1,574,004 in 1936 and $8,418,852 in
1935.—V. 143, p. 3320.
Indiana Harbor Belt
Period End.
Mar. 31—
Ry. oper. revs__
Ry. oper. exps_.
Net
rev.
RR.—Earnings-
1937—Month—1936
$1,011,258
$893,585
603,474
521,502
from ry
Ry. tax accruals
Equip. & joint fac. rents
$407,784
89,224
85,415
$372,083
67,852
75,087
Net ry. oper. income.
Other income
$233,145
2,149
$229,144
1,981
Total income
•
1937—3 Mos.—1936
$2,775,292
1,769,786
$2,402,729
1,586,476
$1,005,506
238,280
229,888
$816,253
158,344
225,685
$537,338
6,169
common
Represented
Paper
&
Power
Co.-
-SEC
Weighs
by
Rc-
Plan-—
stock.
Although the plan
missioner
Robert
E.
approved by a majority of the Commission, Com¬
Healy dissented. Contending that the SEC has no
was
hurisdiction in the matter, he declared.
"I think the plan is not fair to preferred stockholders, and I think
the
report should say so plainly."
The plan, according to the majority report, has been developed on the
an estimated prospective earning power of the
company of $10,per annum.
This report held that it is, of course, impossible to
make any accurate estimate of future earnings over a long period of
basis of
000,000
"Even the figures that may be conscientiously and carefully arrived at
persons best acquainted with affairs of the company may in the future
prove to be wrong," the majority of the Commission said.
"The manage¬
ment's estimate as to the company's average annual future earning power
by
is,
we may assume, its best guess but, after all, it does remain a guess."
In addition, the provisions of the plan call for issuance of purchase war¬
exercisable until 1942, and the granting of conversion privileges to.
the preferred stock increase substantially the difficulties of stockholders
rants
in
effecting any general appraisal of the fairness of the plan. These features
give each class of stockholders a "call," which will enable them to acquire
stock in the future in the event that the company's future
earnings.
shall make it profitable for them to exercise their respective
privileges.
Continuing its comment on the proposed plan for conversion of preferred
stock and warrants for common stock, the Commission said.
"Each share of $100 par value preferred stock will be convertible, with¬
out time limit (except that the preferred is subject to call upon 30
days'
notice) into 2 y2 shares of common stock, or, based on the par value of the
preferred stock, into common stock at $40 per share. The warrants to buy
common stock, which will be issued to present common
stockholders, will
not be perpetual, but whl be exercisable for only about
years.
The
warrants, however, accord holders the right to buy common stock at $25.
per share, or $15 per share lower than the conversion price of the preferred.
"The usual basis for issuing warrants is to afford individuals who receive
$432,224
6,519
$235,294
$231,125
$543,507
$438,743
3,207
37,845
3,317
38,306
9,797
113,699
9,826
114,932
$194,242
$189,502
$420,011
$313,985
$2.56
$2.49
$5.53
$4.13
income.
Total fixed charges
Note—Does not include accruals for excise tax account Railroad
Retire¬
ment Act.—V. 144, p. 2656.
Indiana Steel Products
profit
Co.—Earnings—
Earnings for 3 Months Ended March 31, 1937
all charges incl. Federal income taxes but
after
before provision for surtax
undistributed profits
Earnings per share on 100,000 shares common stock
on
$38,943
$0.39
The balance sheet as of March 31 showed current assets of
$516,673, of
which $395,856 was in cash and government bonds.
This compared with
liabilities of $85,134.
The company has no bonds or
current
stock
preferred
outstanding.
The report was independently audited by Murphy,
Lanier & Quinn.
Early this year F. A. Brewer & Co. of Chicago publicly offered 49,000 shs.
of common stock.—V. 144, p. 2656.
"Normally such
quotations
warrant
exercise price
or
is substantially above existing
market
on
a
at the time warrants are issued.
It is noted, how¬
that in the present case existing quotations for the new common stock
'when issued' basis are above the warrant exercise price of $25 per
share.
Net income after Fixed
Net inc. per sh. of stk.,
as of the end of month
•
them an opportunity to purchase stock if the company's future position
prospects improve substantially.
ever,
Miscell. deductions from
Net
b
common
Total
After
value,
years.
profits
div.
tank
invest'ts.
Refinery,
x
1935
$644,063
Prov. for Fed. inc.
5%
—
Miscell.
x
$576,198
882,798
3,164,644
Receivables—...
Long-term
1936
$459,706
Accounts payable.
'
on hand
par
whereby its debts would be
liquidated and its securities placed upon a dividend-paying basis, were made
public May 5 oy the Securities and Exchange Commission.
The recapitalization program, analyzed by the Commission under powers
contained in the Public Utilities Holding Company Act, would not become
effective until approved by stockholders of the company.
Briefly, the plan provides for replacement of two classes of preferred,
and three classes of common, with entirely new issues of
preferred and
expenditures
Cash in banks and
Total
of no
Plans for recapitalization of the company,
1,270,207
sh.)
250^000 shs.
International
5,512
...
Represented by
shares of 10 cents par.—V. 140, p. 4403.
"This the Commission regards as a novel feature of a reorganization plan
in that the warrants are not
merely an opportunity offered to the holders
;
thereof to participate in any future prosperity of the company, but in addi¬
tion represent a 'bonus* to present common stockholders of immediate
substantial cash value.
The further fact that the warrant exercise price is
.
below and the preferred conversion price is above, the existing quotations
for the new common stock on a 'when issued' basis is, in the opinion of the
Commission,
an
objectionable feature from the viewpoint of the preferred
;
stockholders.
"Experience indicates the probability that such warrants are seldom
exercised until shortly before their expiration date, so that there is no
assurance that the company will obtain additional capital from this so iree
in the near future.
In order to provide for additional capital that may be
needed, the plan calls for the authorization of about 541,000 shares of com¬
mon stock, which may be sold, without first
offering it to the stockholders,
at any time and at such price as may be authorized by the directors.
When
and if such shares of common stock are offered for sale the
price will be
influenced among other factors by the existence of warrants to purchase
1,346,907 shares at $25 per share.
"The purchase warrants provided by the plan are only exercisable
during
the latter four years and seven months of a five-year oeriod expiring in 1942.
The holder of the new preferred stock, however, can exercise his conversion
privilege at any time while his stock remaii s outstanding and unredeemed 4
.
•
,
•
,
Volume
144
Financial
However, because of the $15 difference
in the price at which the two privi¬
leges can be exercised, it seems clear that there is a greater probability that
the purchase warrants will be exercised at the
price of $25 than the con¬
version privilege will be exercised at the price of
$40."
Refinancing Plan to Be Voted
on
June 23—
The directors have unanimously approved the
proposed plan for change
capitalization for submission to shareholders at the annual meeting to
be held in Boston on June 23.
in
Eighth Annual Report—Richard J. Cullen, President,
estimated loss due to the
bankruptcy of Continental Paper & Bag Corp.,
subsidiary, and to write down to nominal or estimated realizable values
certain obsolete and non-operating properties,
properties intended to be
sold, woodlands and investments.
After giving effect to these charges and
to normal year end adjustments to surplus and to the consolidated net
profit from 1936 operations, the consolidated deficit at Dec. 31, 1936
amounted to $19,734,020.
This compares •with a consolidated deficit of
$12,326,510 at Dec. 31, 1935.
a
the second
and
third
quarters there was reserved out of earnings a
total of $703,685 to cover possible payment of Federal taxes on undis¬
tributed profits.
In the fourth quarter, however, because of the capital
loss sustained in connection with the
bankruptcy of Continental Paper &
Bag Corp. (which did not affect operating earnings), it was possible to
eliminate substantially all of this amount.
As a result provision for un¬
distributed profits taxes for the year has been reduced to $4,335.
Plan for Change in
Capitalization—Company is now submitting to its
a plan for the
reorganization of its capital structure which, by
eliminating the capital deficit and the dividend arrearages on the preferred
stocks, would permit the directors, if they so determined, to resume pay¬
shareholders
3337
In March and April, 1937, orders were placed by Southern Kraft
Corp.
for two large paper machines and other equipment for installation at
another new mill, the site for which has not yet been selected.
This mill
will have an initial capacity of 220,000 tons of kraft board
yearly and is
scheduled to be in operation by the middle of 1938.
The construction cost
is estimated at $7,250,000.
During 1936 capital improvements totaling about $5,300,000 were made
Paper Co. and its subsidiaries for the purpose
improving operating efficiency and increasing capacity.
at other mills of International
of
Consolidated Income Account for Calendar Years
says:
Operations for the year 1936 resulted in a consolidated net profit after all
charges of $5,020,579.
Gross sales showed an increase of 18.6% reflecting
larger physical volume of business and higher prices for almost all paper and
pulp products.
Labor and material costs and taxes also increased, but
selling, general and administrative expenses were reduced.
Total cost and
expenses wore 11.4% higher than in 1935.
Substantial charges were made against surplus account to
provide for
In
Chronicle
[Excluding International Hydro-Electric System and Subsidiaries]
Gross
sales,
less returns,
and discounts
Other income (net)
Total
1936
1935
1934
allowances
$113,229,052 $95,426,318 $86,454,334
1,327,268
920,685
1,186,799
revenue
$114,556,320 $96,347,003 $87,641,133
66,693,512
58,371,708
53,007,401
14,956,629
10,881,271
13,081,923
Maintenance and repairs
6,809,235
6,046,073
5,377,651
Taxes other than income (taxes)
2,294,918
1,993,920
2,088,875
Selling, general and admin, expenses.
5,872,808
6,827,639
6,574,418
Cost of sales and expenses
Outward
Net
freight and delivery
expenses
revenue
.-$17,929,217 $10,025,739
3,889,150
3,915,004
515,107
916,349
Amort, of debt discount and expense
420,324
364,838
Depreciation
4,932,740
5,350,154
Depletion
792,975
723,016
Provision for doubtful accounts
653,798
995,569
Provision for income taxes
1,037.073
358,182
Prov. for Federal surtax.
4,335
Divs. being currently paid on pref.
stock of subsidiaries
11,705
12,415
Divs. accrued but not being currently
paid on pref. stocks of subsidiaries
651,431
713,643
Interest
on
on
$9,711,517
4,055,576
932,799
373,447
4,968,627
748,531
1,049,626
186,864
funded debt
Interest
unfunded debt
12,500
743,263
ment of dividends
during 1937.
Corporate Changes—In December Continental Paper & Bag Corp. sold
its operating paper and bag properties to Southern Kraft
Corp.
Certain
other assets were sold to International Paper Co. and the mill
buildings and
real estate, including leasehold water power
rights, at Rumford Falls
(Me.)
disposed of to outside interests.
Dec. 17, 1936 Continental Paper &
Bag Corp., which still owns
various non-operating properties and miscellaneous assets and is
heavily
indebted to International Paper Co., filed a
voluntary petition in bank¬
ruptcy in the Federal Court of the Southern District of New York.
While
the accounts of Continental Paper & Bag Corp. and subsidiaries are not
included in the consolidated balance sheet, below, the
operating results
of these companies for the period prior to the
bankruptcy have been in¬
were
On
cluded in the statement of consolidated profit and loss for the
year.
During the year four subsidiaries of International Paper Co.
were
liquidated and their assets, including the Tonawanda and Waterway paper
mills, were transferred to, and their liabilities assumed by, International
Paper Co.
Financial—Funded debt
as shown on the consolidated balance sheet at
1936 amounted to $80,730,296, a net increase of $13,193,650 as
compared to the corresponding figure at the end of 1935.
This increase in
Dec.
Net profit
on bonds redeemed
$5,020,579 x$3,323,432 x$3,359,717
461,087
595,850
421,611
Balance, surplus
$5,481,666 y$2,901,821 y$2,763,867
12,326,510
9,554,830
2,600,191
12,889,176
Crl30,141 Dr4,190,773
Profit
Previous deficit
Net adjustments-
Deficit, Dec. 31
x
Loss,
arranged with banks to
$2,200,000 on serial notes carrying interest from 2)4% to 4%,
maturing in equal annual installments each Feb. 1 from 1938 through 1941,
incl. and secured by pledge of $2,000,000 of its refunding mortgage 6%
bonds due 1955, held in its treasury.
International Paper & Power Co.
Outward freight and delivery expenses
Selling, general and administrative
Under these arrangements
$1,000,000 was borrowed in December, 1936 and $1,200,000 in February,
1937.
These funds were applied toward (a) the retirement during Decem¬
ber, 1936 of the Continental Paper & Bag Corp. first (collateral) mortgage
5% bonds due 1960 and the Marinette & Menominee Paper Co. first mort¬
gage 7)4% bonds due 1936 (b) the retirement on Feb. 1, 1937 of the Con¬
tinental Paper & Bag Mills Corp. first and refunding mortgage
6)4% bonds
due 1944 and the Tonawanda Paper Co., Inc., first mortgage serial
5)4%
bonds and (c) the acquisition in February, 1937 of a purchase
money
obligation secured by lien on the Tonawanda mill.
Further arrangements have been made by International Paper Co. with
banks for borrowing up to $6,000,000 to be advanced to Southern Kraft
Corp. providing funds for construction of that corporation's new mill at
Georgetown, S, C., or to reimburse its treasury for the cost of such con¬
struction.
As construction
costs
to
date
have
been
met
out
of current
funds, this credit has not yet been used.
The outstanding sinking fund 5% notes due 1945 of St. Andrews
Bay
Holding Co. and the first mortgage 6% bonds due 1938 of Atlanta & Saint
Andrews Bay Ry. Co. were redeemed on Jan. 1, 1937 and April 1, 1937
respectively.
Only $501,000 of these two issues were outstanding in the
hands of the public and no public financing has yet been undertaken in
connection with their retirement.
Operations—During 1936 demand for all grades of paper, pulp and board
Prices were firm, but actual increases during the
were moderate.
Further advances for several grades have been
announced since the end of the year.
Effective Jan. 1, 1937, the base
price for newsprint for New York delivery was increased to $42.50 a ton,
an increas
of only $1.50 a ton over the 1936 level.
The newsprint industry
continued to improve.
year
is still unable to realize much, if any, return on its large property
investment,
but the continuing improvement in world demand should make possible
fairer price levels in future years.
A price of $50 a ton for New York de¬
livery during the first six months of 1938 has been announced by Inter¬
national Paper Co. and several other leading producers.
Production of paper and pulp by the company's subsidiaries rose to
1,937,025 tons, a new high record.
Comparative production figures for
various grades by tons are summarized below:
1936
Newsprint
755,406
152,416
125,470
580,188
201,259
42,573
79,713
Groundwood specialty papers
Book and bond papers
Southern kraft paper and board-
Pulp for sale
Tissue and wrapping papers
Bags-
Total.-
—
1935
720,629
121,917
102,148
459,539
173,537
54,617
73,654
1,937,025
1,706,041
In October, 1936 Southern Kraft Corp. began construction at George¬
town, S. C. of a new kraft board mill which it is expected will be in operation
by July, 1937 with an initial capacity) of 200,000 tons yearly.
The con¬
struction" cost is estimated at approximately $6,340,000 of which $640,000
had been spent by the end of 1936 and about $1,500,000 additional to
April 1, 1937.
-
$4,724,340
1,028,214
101,112
1,023,189
244,518
541,028
$2,491,536
921,720
233,965
85,748
1.174,024
167,893
131,165
a35,647
...
179,694
4,054
Amort, of debt discount and expense
Depreciation
Depletion.
Provision for income taxes
Dividends accrued but not being currently paid on
—
preferred stocks of subsidiaries
Net profit
$1,746,577 loss$402,674
a The 1937 figures contain no provision for dividends on the
preference
shares of International Power & Paper Co. of Newfoundland, Ltd.
Under
recent agreement with the holder of the large majority of these
shares,
such dividends are to be non-cumulative until 1939.
a
Consolidated Balance Sheet Dec. 31
[Excluding International Hydro-Electric System and Subsidiaries]
1936
Assets—
y
1935
Cash
on
Investments
—
-
15,756,318
26,587,721
13,172,185
27,783,372
receivable
Sink, funds
rec.
&
328,582
395,397
303.659
5,055,3*2
5,020,726
5,128,281
833,080
4,080,534
378,936
3,599,074
stks 15,832,913
378,576
4,281,791
16,401,379
56,404,470
-
Acc'ts payable-Acer, taxes, pay¬
rently
(not curr.)
1,062,899
107,273
392,219
571,517
Class C
Deple. applic. to
in
1,264,145
90,098,300
370,000
com. stk.
subscriptions
1,173,546
inventory
950.288
of subs
Prepd. int., ins.
...
mat'g.
Pref. & com.
1,165,612
76,614
Due from officers
and employees
expenses
Accrued interest
Reserves
notes
pulpwood
15,924,000
288,000
_
Serial oblig. cur¬
and
and taxes.
674,000
payable
(unsecured)
rolls and other
special depos.
Accts.
Notes
7% pref. stock. 90,985,500
6% pref. stock.
363,300
x Common stock
56,420,377
Accts. & notes
Inventories.—
67,536,646
(securod)
98,788
31,070,469
5,197,064
3,206,108
-
$
80,730,296
Notes pay. banks
161,632,713
27,259,225
6,229,438
5,263,351
...
—
1935
S
Funded debt...
deposit
for construc'n
Cash--.
1936
Liabilities—
•S
Plants, proper¬
ties, &c
151,919,042
Woodlands
z
and constituting liens on the Tonawanda mill.
expenses
Net revenue
Interest on funded debt
Interest on other debt
borrow
guaranteed of obligationsofof International Paperthis guarantee is seemed
these serial notes and Co. totaling $912,574
y pledge the payment
$17,900,061 $15,822,920
1,683,714
1,718,666
616,675
513,822
3,526,504
3,546,324
1,445,591
1,500,057
151,550
156,814
Provision for doubtful accounts
1937.
collateral trust bonds of the latter company.
In November, 1936 International Paper Co.
.$30,048,436 $25,750,140
Pulpwood, labor, materials, &c_.
paid off during the month of Feb¬
In March the Newfoundland com¬
stock, both of which mature in 1973.
pany sold $1,500,000 first mortgage4)4% bonds, series of 1936, due Jan. 1,
1968 to provide funds for capital expenditures, special repairs and reduction
of indebtedness to International Paper Co.
In August, 1936 International Paper Co. sold to a bank
$275,000 serial
notes carrying interest at rates varying from
2)4% to 414%, maturing
$55,000 each Aug. 3 from 1937 to 1941 inclusive and secured by similar
notes of Continental Paper Products, Ltd.
The proceeds were applied to
redemption on Aug. 1, 1936 of the outstanding 6)4% first mortgage and
1936
expenses*
Maintenance and repairs
Taxes other than income (taxes)—
by reduction of $15,250,000 in short term
payable to banks.
Only $674,000 of such short term bank debt was
outstanding at Dec. 31, 1936, representing borrowings of Canadian and
major financing during the year was the sale in August, 1936 by
Southern Kraft Corp. of $14,500,000 first leasehold and general
mortgage
bonds, 4)4% series due 1946.
A portion of the proceeds was applied to
the repayment of bank debt of Southern Kraft Corp. and the
redemption
of the underlying Bastrop Pulp & Paper Co. first
mortgage 6)4% bonds.
Approximately $11,700,000 was paid in cash to International Paper Co.
for acquisition or in settlement of obligations of Southern Kraft
Corp.
held by it, thus enabling International Paper Co. to
pay off the balance of
its outstanding bank debt.
In January, 1936 International Power & Paper Co. of
Newfoundland,
Ltd., refunded its outstanding 4)4% mortgage debenture stocks by issue
of £1,877,600 of 3% "A" mortgage debenture stock guaranteed
by the
British Treasury, and £154,300 of 3% second "A"
mortgage debenture
_
Cost of sales—
notes
ruary,
The
1937
discounts-$29,783,149 $25,520,336
265,286
229,804
Total income
Cost and
funded debt was more than offset
were
$9,554,830
[Excluding International Hydro-Electric System and Subs.]
3 Months Ended March 31—
Gross sales, less returns, allowances and
Other income (net)
31.
Newfoundland subsidiaries which
$19,734,020 $12,326,510
Deficit.
y
Consolidated Income Account for Three Months Ended March 31
Deficit
606
19,734,020
12,326,510
Def. charges ap¬
plicable to fu¬
ture opera'ns-
Unamort.
454,196
460,292
4,051,928
3,299,526
debt
disc. &exp...
Total.-.---.240,555,080 249,424,466'
Total
-.240,555,080 249,424,466
Represented by 832,596 shares in 1936 and 832,293 shares in 1935 of
common stock, no par; 821,805 in 1936 and 821,502 in
1935 of class B
common stock, no par,
and 2,122,389 in 1936 and 2,122,086 in 1935 of
class O common stock, no par.
y After reserve for depreciation of $49,797,209 in 1936 and $60,402,248 in 1935.
z After raserve
for doubtful
accounts.—V. 144, p. 1963.
x
class A
Italo-Argentine Electric Co.—Final Dividend—
The company
shares
on
paid a final dividend of 99 )4 cents per share on the American
May 10 to holders of record April 30.
An interim dividend of
was paid on Nov. 10, 1936.—V. 143, p. 3150.
91 9-20 cents
Interchemical
The company
Corp.—Option Granted—
(formerly International Printing Ink Corp.)
has notified
the N. Y. Stock Exchange of the exercise in its entirety of an
option granted
to an officer of the corporation under an
employment agreement dated
April 20, 1934, for the purchase of 700
price of $10 per share.—Y. 144, p. 3177.
common
International Hydro-Electric
treasury shares, at the
System—New Directors—
F. A. Auffermann, Jr. and H. C. Scott have been added to the board of
directors of this company and all retiring directors were re-elected.—Y.
144,
p. 2657—V. 143, p. 3469.
International Petroleum
Co., Ltd.—Extra Dividend—
The directors on May 10 declared an extra dividend of 50 cents
per share
in addition to the regular semi-annual dividend of 75 cents
per share on
the
common stock,
both payable June 1 to holders of record May 21.
Similar payments were made on Dec. 1 and June 1, 1936 and on Dec. 2 and
June 1, 1935.
The company on June 1 and Dec. 1, 1934 paid semi-annual
dividends of 56 cents per share and extra dividends of 44 cents per share.
Regular quarterly dividends of 28 cents per share
including March 15, 1934.—V. 143, p. 3634.
were
distributed to and
Financial
3338
Ltd. (& Subs.)—
International Nickel Co. of Canada,
W Quar. End. Mar. 31—
Earnings.
1935
1934
$7,609,375
1937
1936
$16,837,868 $11,901,862
106,828
70,439
$7,463,766
44.049
_
64,902
$7,674,277
357,243
939,707
71,618
$11,972,301
445,464
1,498,314
Total income.
.—$16,944,696
Adm. & gen. expense
418,990
Provision for taxes
2,897,674
—
Interest paid and accr'dProv. for deprec., depl.,
$7,507,815
352,238
768,936
119,029
1,913,075
1.641,735
1,388,079
$8,386,787
44,176,488
$4,917,627
30,990,016
$5,049,276
22,767,570
&c.,
reserves
$71,611,100 $52,563,276 $35,907,643 $27,816,846
483,475
483,475
483,475
483,475
7,289,085
3,644,542
2,186,725
1,457,817
Total surplus
dividends
Preferred
Common dividends
Transfer to retire, system
1,500,000
reserves
Mar. 31 '37
'36
Dec. 31
<2
:
Investments
22,989,406
8,766,431
2,241,531
44,871,895
23,540,719
11,138,291
338,026
42,726,200
Exchange res've
Ins., conting. &
other
Ins. & other pre¬
Capital surplus.
212,908
250,136
paid items...
2,227,030
60,606,500
62,338,541
reserves
Earned surplus.
Total
240,177,683 233,530,467
2,006,053
60,606,500
59,896,144
240,177,683 233,530,467
Total
x After depreciation and depletion reserves of $46,353,862 in 1937 and
$44,910,705 in 1936.
y Represented by 14,584,025 no par shares.—V. 144,
p. 3177.
.
common stockholders of recced
additional share for each share held.
present
an
1934
1933
1,537,883
$1,955,346
1,219,797
$1,424,594
$1,483,874
$1,026,341
$735,549
$401,036
680,030
575,721
440,543
396,108
$803,843
499,354
$450,619
153,348
$295,005
183,721
$4,927
189,845
$1,303,197
$603,968
$478,726
$194,772
40,163
156,500
6,500
120,825
27,000
149,535
159,328
$1,100,035
$3.01
$456,142
$1.31
$317,390
$0.92
f
Operating profit
Non-oper. income (net).
1,023,558
deb. discount
exp.,
and
1 $2,564,224
(
Reported
Selling, gen'l & adminis.,
&c., oper. expenses
Int.
1935
1936
Not
returns & allowances. 1
&c
expense,
_
Prov.for Fed. income tax
Prov. for Fed. surtax
Net profit
Earns.per sh.on
stk.
cap.
11,800
$35,444
$0.10
Consolidated Balance Sheet Dec. 31
Assets—
1936
$248,413
Debenture interest
Notes, contracts &
Other
542,105
1,109,503
3,335
Instalments
15,408
14,163
from
75,000
Payable for current
&c..
$257,499
140,649
expenses,
incl. Fed'l tax..
268,850
72,551
288,000
2,083,542
1,986,345
purchases,
Accrued
on cus¬
tomers' contr'ts.
Ctf. of deposit
Due
Debs, due Oct. 15,
1936
348,471
864,512
21,164
assets.
curr.
$7,877
accrued
accts. rec., after
reserves
1935
1936
Liabilities—
1935
$486,341
Cash....
Inventories
.
to
(Byron) Jackson Co. (& Subs.)- -EarningsCalendar Years—
Gross sales less discounts,
9,386,309
pay.
May 1,1937.
Govt, securities-
483,475
6,772,957
594,987
Retire, sys. res.
notes
receivable....
Cash.
div.
Pref.
5,389,448
483,475
8,679,495
551,578
Prov. for taxes..
8,479,919
&
27,627,825
60,766,771
5,741,899
11,154,570
payrolls
system
Inventories
Accts.
'36
Accts. payable &
reserve
offered
be
will
$
7% pref.stock.. 27,627,825
y Common stock 60,766,771
Secur'sheld agst.
retire,
Dec. 31
$
Liabilities—
152,932,526 153,696,746
771,867
751,550
Property
x
Sheet
Balance
Consolidated
'37
Mar. 31
ii
4?
*
stock
— —
---—
Surplus end of period_$62,338,541 $48,435,259 $33,237,443 $25,875,555
Shs.com.stk.out. (no par) 14,584,025
14,584,025
14,584,025
14,584,025
Earnings per share after
$0.31
$0.54
$0.30
preferred dividends
$0.77
4 Aor/"
Co.
The
May 19 at the rate of one-third of
—V. 144, p. 3177.
1,218,336
Netptofit
.$11,714,957
Sin-plus begin, of period. 59,896,144
May 15, 1937
Hayden Stone & Co.; Lazard Freres & Co.; A. G. Becker & Co., Inc.;
Graham Parsons & Co.; Hallgarten & Co.; F. S. Moseley & Co.; Wertheim
&
^
Other income
Chronicle
Instalm'ts
25,000
officers
on
ditional
and employees..
5,739
U. S. Treas. notes.
50,422
con¬
purch.
7,557
contracts..
Long-term debt
Warrants receiv'le,
Capital stock.
after reserves.._
Paid-in surplus...
6,827
Investment in cap.
stock of Petrollte
231,416
663,422
Earned surplus...
a
Corp
Treasury stock.. Drl09,854
941,000
617", 387
Drl09,854
779,697
Investments In and
International Power Securities
The directors
have
declared
Corp.—Accum. Div.—
dividend of $3
a
share
per
on
advances
account of
al¬
to
lied and subs
104,304
no par $6 cum. pref. series A stock, payable June 15
to holders of record June 1.
This compares with $4 paid on Dec. 15, 1936;
$2, June 20,1936; $3 paid on Dec. 30,1935; $2 on June 15,1935; $3 on Dec.
31, 1934; $2 on June 15,1934; $3 on Dec. 15, 1933 and $2 on June 15,1933.
64,437
Other investm'ts at
Misc. receipts and
accumulations
the
on
—V. 143, p. 4158.
on
Radio
1,311,309
Ac.,
1,239,090
67,101
95,576
at
nominal value.
.
Prepaid exps. and
first page of this department.—V. 144, p. 2830.
deferred
International Rys. of
18,467
assets
Patents,
Corp.—Registers with SEC—
.
investm'ts
secur.
b Fixed
International
See list given
nominal value.
charges
Central America—Trustee—
Total
The Manufacturers Trust Co. is trustee for the $1,865,000 first lien and
refunding 5% bonds due 1957 (new series).—V. 144, p. 3177.
a
...-$3,682,876 $3,738,514'
..$3,682,876 $3,738,514
Total..
Represented by 8,996 shares heldlin treasury at cost,
for depreciation.—V. 144, p. 2132.
b After allow¬
ance
Interstate Department Stores, Inc.—Listing—Rights—
.
of
Jewel Tea
The New York Stock Exchange has authorized the listing of 75,344 shares
common stock (no par), upon official notice of issuance pursuant to the
terms of
offering to stockholders and (or) upon sale to underwriters,
making the total amount applied for 308,946 shares.
At the annual meeting held on April 26, 1937, stockholders increased the
authorized common stock from 240,000 shares to 320,000 shares.
Holders of common stock of record May 19, of 226,034 issued and out¬
standing shares will be offered pro rata rights to subscribe in the aggregate
to the 75,344 shares of common stock in the ratio of one-third of one share
of common stock at $17 per share.
Such subscription rights will expire
at 3 p. m. N. Y. City Daylight Saving Time on June 8.
Subject to the terms and conditions set forth in an underwriting agree¬
ment date May 7,
1937 between Lehman Brothers and the company,
Lehman Brothers, Hayden, Stone & Co., Lazard Freres & Co., Inc., A. G.
Becker & Co., Inc., Graham, Parsons & Co., Hallgarten & Co., F. S.
Moseley & Co. and Wertheim & Co. have severally agreed to purchase,
at $17 per share, fixed percentages as stated in the underwriting agreement
of such of the 75,344 shares of common stock as are not subscribed for.
It is contemplated that a part of the net proceeds to be received by the
company, estimated to amount to at least $1,161,561, will be loaned in
part to Interstate Stores Payment Corp., a subsidiary, which serves as
fiscal and disbursing agent for the company and its subsidiaries, to enable
such subsidiary to discharge all or a part of the bank loans contracted by
it since Jan. 31, 1937, which bank loans were outstanding in the amount of
$1,200,000 as of May 10.
Such bank loans were incurred to permit Inter¬
state Stores Payment Corp. to discount accounts payable of other sub¬
sidiaries of the company and to enable them to carry additional current
assets necessitated by the increase in the volume of business and increased
cost
an
Co., Inc.-—Sales—
Weeks Ended—
x4
1937
March
April.
x
Last
1936
1935
1934
$1,686,082
1,742,933
1,753,381
1,777,991
January
February
$1,482,569
1,534,592
1,546,091
1,508,653
$1,395,225
1,450,684
1,439,369
1,436,962
$1,214,762
1,276,473
1,335,685
1,276.651
Saturday in month.—Y. 144,
p.
2659.
Joslyn Mfg. & Supply Co.—Larger Dividend—
The directors have declared a quarterly dividend of 75 cents per share on
the common stock, payable June 15 to holders of record June 1.
Previously,
regular quarterly dividends of 60 cents per share were distributed.—V. 144.
p. 3003.
Kansas Electric Power
Co.—Earnings—
3 Months Ended March 31-
-
$639,680
461,293
$579,746
400,120
$178,388
$179,625
Other income (net).
293
.
Interest
on
funded
1936
1937
.
Operating expenses and taxes.
febt
General interest (net)
Amortization of bond discount and expense
Taxes assumed on interest
890
$178,681
43,750
1,285
57,025
$180,515
68,750
1,241
10,134
570
855
$76,052
44,682
$99,535
44,682
$31,369
$54,853
of merchandise.
Net income
Consolidated Income Account for Years Ended Jan. 31
1937
1936
1935
1934
$28,008,524 $23,938,449 $23,585,656 $21,310,834
26,852,219
23,251,169
22,847,199
20,860,047
Net sales.
Costs and expenses
Preferred stock dividends.
Balance.
Note—No provision has been made for Federal undistributed profits tax.
Operating profit
$687,280
45,542
Other income
92,969
$738,457
26,275
$450,787
6,956
$732,822
197,246
$1,156,306
$764,732
189,765
$457,743
184,077
7,541
—V. 144, p. 2132.
Kendall Co.
Total income
Depreciation
$1,249,275
199,825
__
Interest.
Pre-opening
writ¬
exps.,
ten off
13,510
Federal taxes
149,958
17,119
101,096
Dr372
~Dr226
"Cr215
Crl99
$882,002
173,600
603,878
Federal surtax
92,912
$442,438
y260,400
$474,087
x217,000
$184,926
43,400
$104,524
219,592
$3.22
$182,038
216,762
$1.24
$257,087
203.602
$1.47
$141,526
203,602
$0.05
Other deductions
Net profit
Preferred dividends
Common dividends
Surplus...
Shs.com.stk.out. (no par)
Earnings
x
per
Five
share
quarterly dividends,
y
quarterly dividends.
Six
Consolidated Balance Sheet Jan. 31
Assets—
x
1937
Preferred stock
Land, buildings,
leaseholds, &c..$1,764,422 $1,740,922
Cash
604,834
1,342,491
Accts. receiv., &c_
509,776
850,036
Inventories..
z
Common stock..
Current liabilities.
1,348,777
30,100
30,000
bonds, series A.
255,000
Acer, add'lcomp..
32,210
270,000
14,150
6,293
5,983
5,820
2,022
59,586
accounts
947
30,382
Minority interest.
236,620
164,262
1st mtge.
Res.
of
for
5% gold
replace,
fixtures, &c_.
Surplus
Total
x
$7,480,637 $6,772,639
After
no par
1936
1,913,192
estate
4,504
...
1937
$2,480,000 $2,480,000
1,083,810
1,133,482
Notes pay. on real
2,978,038
Adv. to employees
Misc. other assets.
Deferred
y
3,958,614
....
Deposits in closed
banks...
Liabilities—
1936
1,599,274
1,539,918
Total.......—$7,480,637 $6,772,639
216,762
L.f- Files Amendment—
'"""Company, in an amendment with the Securities and Exchange Commis¬
the offering price to stockholders in connection with its
75,344 shares of common stock will be $17 each.
Any unsubscribed for
shares are to be offered by the following underwriters;
Lehman Bros.;
Dec. 26, '36
tion, interest & taxes.
$2,267,640
675,975
$1,591,665
9,708
Interest received
Gain
on
$2,049,502
657,006
$712,617
10,639
$771,737
13,436
$1,392,496
25,371
423,031
deb. bds. retire.
capital
disposed of
on
169,990
assets
14,177
Total income.
Bond interest
Other interest charges.
$1,615,551
228,150
21,640
Amort, of bond discount
25,915
Chgs. agst. red. of debs.
2,282
Loss
on
disposition of
$764,317
233,082
23,349
25,915
,208,204
233,237
34,720
25,915
.,587,858
256,464
18,218
28,621
292,696
6,016
107,423
27,414
233,280
29,737
212,885
24,906
82,947
85,046
86,069
_
fixed assets
Provision for taxes
Divs.
$1,400,883
629,146
long cotton fu¬
on
ture transactions
Disc,
$1,367,590
654,973
41,061
Depreciation
Gain
Dec. 28, *35 Dec. 29, '34 Dec. 30, '33
deprecia¬
stock of
subs, in hands of public
Exp. for rehabil. & start¬
ing produc'n at plant
purchased during year
Surtax on undist. profits
on
pref.
Net profit for year
Previous surplus
52,624
147,168
$872,792
950,712
$285,585
877,372
$515,967
807,649
$955,864
102,075
$1,823,504
202,643
198,708
29,955
$1,162,957
208,802
1,323,616
214,255
218,567
$1,057,940
216,935
3,444
13,420
33,356
..$1,392,196
$950,712
$877,372
$807,649
31,087
depreciation
and
amortization,
y Represented
by
shares in 1936 and 219,592 shares in 1937.
z After reserve.
sion states that
before
Operating profit
67,886
Minority interest
(& Subs.)—Annual Report—
Years Ended—
Profit
Total surplus
Pref. divs., series A
Common dividends
Provision for partic. div.
Earned surplus
Henry P. Kendall, President, says in part:
"The 7% preferred stock of Mollohon Manufacturing Co., of which
$711,600 was in the hands of the public, was called for retirement as of
July 1, 1936, and in Sept., 1936, that company and Oakland Cotton Mills,
the preferred stock of which was similarly retired on Jan. 1, 1936, were
Volume
144
Financial
liquidated by the distribution of all their assets to Kendall Co. The elimi¬
nation of the dividends on these preferred stocks has resulted in a substan¬
tial saving in fixed charges.
"During the year company purchased the entire capital stock of Pelzer
Mills (S. C.), operating two cotton mills located at Pelzer, near Greenville,
S. C. These mills have a total of approximately 130,000 spindles and manu¬
facture principally print cloths and sheetings.
"On March 1,1937, company effected a private sale of $6,000,000 15-year
debentures, series of 1937, at par, the proceeds of which were used
to retire all of the series A
514% debentures outstanding, to pay off the $900 ,000 loan secured by the stock of Pelzer Mills, and to provide additional
working capital."
Consolidated Balance Sheet
Dec. 26 '36
Assets—
$
Cash
through
receivable
2,831,461
Value of life insur.
197,937
Inventories
2,313,141
171,760
4,798,297
7,507,074
Deb. bonds, ser. A
Preferred
Common
524,208
69,577
stock...
„
investments
559,053
69,577
439
39,822
shares-.
56,791
439
Unexpired
insur.,
prep'dint.&exp.
326,929
633,977
44,340
366,757
60,276
389,864
107,423
accept..
1,921,266
Adv. by customer.
1,091,000
Rankers'
for
process¬
607,729
ing tax on cotton
Pref.
stk.
of
5,155,000
sub.
5,189,375
Cum.
&
359,744
1,392,197
3,580,600
1,728,576
354,689
950,712
18,645,137
15,867,808
3,502,600
Common stock.. 1,728,576
180,848
y
15,867,808
Total
depreciation of $7,220,985 in 1936 and $5,757,380
Represented by 397,442 no-par shares.—V. 144, p. 2831.
in
1935.
Weeks Ended—
$803,259
196,378
94,078
Net profit after all charges
$521,103
184,014
63,040
$252,203
210,414
12,835
$512,803
Depreciation.
$274,049
$28,954
Net profit for the 53 weeks ended April 3, 1937, was $1,539,495, equal,
after allowing for preferred dividend requirements for the period, to 89 cents
a share on common stock.
For the 52 weeks ended March 28, 1936, net
or
16 cents
Kennecott Copper
p.
Stone
and
Charles
10,764
2,126
225
758
Net income
Preferred stock dividends
$114,105
59,179
$120,808
59,179
$54,926
$61,629
M.
Balance
Hay den,
a common
share.—V. 144, p. 3178.
Whelpley have been elected directors to
deceased, and R. C. Klugescheid.—V. 144,
3178.
Note—No provision has been made for Federal undistributed profits tax.—
V. 144, p. 2485.
Lane Bryant,
144,
p.
456.
directors
have
a
dividend of five
cents
per
on
Oper.
June 5, 1935 and on Nov. 27, 1934, this latter being the first dis¬
Oct. 15, 1927, when a semi-annual dividend of six
share was paid.—V. 144, p. 456.
dividend
Dec. 31 '34.
$2,038,696
1,577,364
$2,027,339
1,531,032
$1,902,825
1,648,341
$220,450
2,245
$461,332
166
$496,307
40,354
$254,484
Drl0.116
$222,695
350,141
x34,600
$461,498
347,825
51,800
$536,661
347,825
42.628
$244,368
347,973
16,000
prof$61,873prof$146,208
1,049,782
897,965
$119,605
1,017,570
..
Total income
Prov. for Fed. inc. taxes
$162,046
1,064,745
for contg.
credited back
res.
83,113
75,000
70,085
$985,812
15,176
$1,186,655
121,910
$1,114,258
64,476
$897,965
$970,635
Total surplus
Preference dividends
$1,064,745
$1,049,782
$897,965
x Includes
$13 250 provision for Federal surtax,
y Includes $727,380
representing the cost of pref. stock repurchased in 1936 and 1935, $657,842
in 1934 and $615,808 in 1933.
Consolidated
Assets—
Dec. 31
Liabilities—
$441,736
1936
Accts. pay., trade.
24,933
charges
nage
of this department.
accrued..
40,325
40,296
6,108,078
Def. income, rents
deferred charges
224,802
Misc. assets
received in adv.
212,538
Reserve for conting
& Fed.inc.taxes
15,041
x
$3
970,635
Capital surplus—. 2,425,895
Total
1937
1936
Balance after operation, maintenance and taxes._
Balance for dividends and surplus (after appropria¬
tions for retirement reserve)
18,567
10,461
x
$139,106
45.066
—V.
144,
p.
2659.
(G. R.) Kinney Co., Inc.—Recapitalization Plan Approved
Stockholders at
an
adjourned special meeting held May 12 voted approval
A further provision of the plan states that the present common stock will
be changed from stock with no par value but a stated value of $10 per share
to stock with a par value of $1 per share, and the amount of common
authorized will be increased to 210,000 shares from 160,000 formerly.
When the plan is consummated the capitalization of the company will
consist of 67,305 shares of $5 prior preference stock with no par value and
including scrip certificates to be issued for fractional shares and 204,005
shares of $1 par value common stock.
The new preferred is redeemable at
not less than $105 per share and accrued dividends and in the event of an
involuntary liquidation the plan provides a redemption price of $100 a share
plus accrued dividends.
Shortly before the close of the meeting a preferred stockholders' com¬
mittee filed a notice with the company of an intention to ask a court ap¬
praisal to determine how much the company has to pay preferred stock¬
holders to represent their equity under the New York law.
The management did not indicate when the recapitalization plan will be
declared operative.
Protective Committee—
committee has been formed for the protection of
the preferred stock¬
holders, consisting of Leslie G. Weldon, Mrs. Vallie G. Kinney and Charles
Gold.
The announcement states that in the opinion of the committee the
plan of recapitalization recently proposed by the company does not ade¬
quately provide for preferred stockholders.
The committee is asking for proxies from preferred stockholders who desire
to object to the proposed plan as unfair to them.
Such holders are being
requested to communicate with Leslie G. Weldon, 72 Wall St., New York.
Alex M. Hamburg of Garey & Garey, New York, is counsel for the com¬
mittee.—144, p. 3179.
have declared a dividend of 30 cents per share on the
stock, par $10, payable June 12 to holders of record June 1.
A
similar payment was made on March 13 last, and compares with dividends
of 25 cents per share paid on Dec. 21, Sept. 30, June 30, April 1 and Jan. 2,
1936. An extra dividend of 30 cents was paid on Sept. 30,1936. For detailed
record of dividend payments see December, 1936 issue of "Railway &
Industrial Compendium."—V. 144, p. 3179.
directors
common
Lehn & Fink Products Corp,
March
April
—V. 144, p.
1937
1936
1935
$4,761,726
4,968,306
$5,106,517
5,083,475
6,330,794
5,732,389
5,472,265
6,441,416
2484.
Co.—New President, &c.—
The board of directors elected J. B. Wilson President, succeeding E. P.
Gosling.
He also was made a member of the board. Ben F. Pickard was
appointed Operating Vice-President, John Duncan, Vice-President, E. L.
White Secretary and Treasurer and Alfred Hirsh, Assistant Secretary and
Treasurer.—V. 144, p. 2485.
1933
$488,462
92,351
$891,342
102,014
$942,010
121,374
Other income.
$741,336
57,429
$396,111
47,513
$789,327
46,118
$820,637
56,095
$798,766
yl52,000
$443,624
112,379
$835,445
138,404
$876,731
126,000
Increase in equity values
of invest, in foreign &
x38,320
Common dividends
50,577
56,555
$412,870
500,000
1,234
$747,618
700,000
$807,286
817,232
886
912
$85,086
400,000
$1.71
_
x81,625
$685,086
600,000
affiliated companies.
def $88,364
$46,732
400,000
$1.87
def$10,858
400,000
$2.01
Lysol, Inc., minor, int
Surplus
Shs.com .stk.out. (par $5)
Earnings per share
400,000
$1.03
x Profit from foreign operations, exclusive of $17,238 in 1936 and $18,917
1935 profits earned by foreign subsidiaries in countries subject to ex¬
change restrictions and credited to reserve for foreign exchange fluctuations,
y Including $9,000 surtax on undistributed profits.
in
Consolidated Balance Sheet Dec. 31
Liabilities—
1935
1936
Assets—
a
$1,492,390 1$1,572,232
635,649
564,116
Capital asset
Cash...
Accounts
1936
1935
payable,
accrued Interest,
$330,239
152,000
$270,424
200,000
250,000
359,636
393,426
Capital stock... 2,000,000
Earned surplus... 2,265,944
Accts.
2,000,000
2,180,858
taxes,
receivable,
Dom. of Can. bds.
395,771
50,745
1,035,165
44,400
882,792
44,400
b Investments
1,674,060
1.637,353
Sundry debtors—
Inventories
Trade mks
,
391,935
44,581
Fed.
'
&c—...
1
...
Deferred charges..
51,170
..
5H%,
due
demand
of
minority
stockholders
15,387
in
cap. stk. & surp.
of Lysol, Inc—
Total
,..$5,307,819 $5,224,330
112,379
on
Reserves
1
names,
&c
inc. tax pay..
Real estate mtge..
Int.
trade
1934
$5,204,273
5.459,294
6,314,228
6,872,970
Laclede Gas Light
1934
Depreciation
$828,946
87,610
17,243
c
$5,108,854
5,595,053
7.447,028
6,399,609
Month of—
(& Subs.)—Earnings—
1935
1936
Calendar Years—
Profit after expenses
(S. H.) Kress & Co.- -Sales—
January
February
..$6,631,425 $6,802,651
Total
Lehigh & New England RR.—New Official—
lessreserve-..-.
(S. S.) Kresge Co.—To Pay 30-Cent Dividend—
The
...$6,631,425 $6,802,651
Represented by 60,705 no par shares.—V 143, p. 1236.
Joseph H. Nuelle, President of New York, Ontario & Western RR has
applied to the Interstate Commerce Commission for authority to serve as
President and Director of the Lehigh & New England RR. and five lessor
companies.
He succeeds S. D. Warirner, who recently resigned.—V. 144,
p. 1004.
of the management's plan of recapitalization.
The plan as approved gives holders of the $8 cumulative preferred stock
1 1-3 shares of a new $5 prior preferred stock and one share of common stock.
A
119,483
2,731,725
210,000
1,064,744
2,425,895
Earned surplus
$146,049
58,824
revenues
33,672
2,731,725
210,000
cumul. conv.
preferred stock
Com. stk. (par $1)
"
12 Months Ended March 31—
30,352
payable Jan. 15.
Improved pro pert. 5,991,792
Prepaid expenses &
Key West Electric Co.—Earnings—
Operating
32,347
Divs. on pref. stk.,
Keyroc Gold Mining Co., Ltd.—Registers with SEC—
first
$57,241
130,860
Accrued liabilities.
.
on
1935
$234,563
other
and
rec. &
Balance Sheet,
1935
1936
$359,465
cents per
See list given
Dec. 31 '33.
$1,765,302
1,544,852
income
Portion of
Subs.)—Earnings—
Dec. 31 '35.
Dec. 31 '36.
incl. int-_
exp.,
Other
the
tribution made since
a
Lefcourt Realty Corp. (&
Years Ended—
Gross income-
tenants'
share
1,386,671
of 50 cents per share on the
stock, payable May 27 to holders of record May 24. This will be
on these shares since 1932.—V. 144, p. 2485.
declared
thefirst distribution to be made
Mines, Ltd.—Five-Cent Dividend—
The directors have declared
1,395,501
1934
$952,055*
773,387
1,321,870
1,248,454
Resumes Common Dividend—
The
Rents
stock, par $4, payable June 18 to holders of record June 3.
A
like payment was made on June 29, 1936, and dividends of 10 cents were
on
950,521
1,458,767
1,387,152
March
1935
$906,500
727,534
1,210.170
1,339,061
1936
$902,114
830,998
1937
$1,039,433
Cash
common
paid
Inc.—Sales-
Month of—
January
February
Kentucky Mansion Distillery—Registration Withdrawn
See list given on first page of this department.—V.
Kerr Lake
,
'.
B.
1,911
2,321
x Adjustments made
subsequent to March 31, 1936, but applicable to the
three months ended that date have been given effect to in this column.
Corp.—New Directors—
G.
-
Deprec. & amortization.
deprecia'n
Provision for income taxes
Robert
9,712
Apr. 3 *37 Mar. 28 '36 Mar. 30 '35
Profit before provision for
and income taxes
succeed
$201,093
64,725
Operating income.
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
$648,167,
$176,907
48,942
1,603
!
-
-
common
partic.
pref. stock.;
18,645,137
was
Gross income
Interest on funded debt
General interest (net)
Amortization of bond discount and expense
Amort, of pref. stock commissions and expenses—
Taxes assumed on interest
711.600
After
profit
$189,757
11,336
Pref. stk. of subs
Capital surplus...
13
$168,624
8,282
and taxes
April
in hands of public
xl936
$437,129
247,372
expenses
Net operating income
Other income (net)
459,300
called for retire.
1937
$485,955
317,331
Operating
130,180
676,000
possible
Earned surplus...
x
Lake Superior District Power Co.—Earnings—
261,965
for
additional taxes.
3339
3 Months Ended March 31—
Total operating revenues
467.001
20-yr. 5J^% deb.. 4,855,000
on
deo. bonds..
y
250.000
300,890
Prov.
xLand,
Total
250,000
625,684
brokers
Dividends payable
Prov. for Fed. taxes
189,369
283,477
buildings,
mach'y,
equip¬
ment, &c
5,275,138
Trademarks, trade
names, pat'ts &
good-will
180,848
1,550,000
payrolls, &c
Prov.
238,753
Unamort. disct.
$
Accounts payable.
Accrued
Interest,
._
Accounts and notes
Misc.
5
Notes payable
Notes
pay.,
sold
nn
processing tax re¬
funded
Dec. 28 '35
Liabilities—
5
349,309
dep.
1,662,919
.1.496,401
-
Escrow
Dec. 26'36
Dec. 28 '35
Chronicle
Total
$5,307,819 $5,224,330
a
Land, buildings, machinery and equipment, &c., less reserve for de¬
preciation ($967,111 in 1936 and $890,863 in 1935).
b Investments in and
advances to foreign operating companies,
c Represented by shares of
$5 par value.—Y. 144, p. 3180.
Leonard Custom Tailors Co.—Extra Dividend—
The directors have declared an extra dividend of 10 cents per share on the
stock, no par value, payable May 27 to holders of record
The regular quarterly dividend of 10 cents per share was paid on
common
last.—V. 141, p. 118.
May 20.
May 1
3340
Financial
Lerner Stores
Corp. (& Subs.)—Annual Report—
Consolidated Income for Stated Periods
Year End.
13 Mos. End. Cal. Year
Jan. 31'37
Jan. 31 '35
1933
Net sales
$37,178,189 $32,216,435 $30,434,493 $22,088,275
Cost of mdse. sold, and
sell. & gen. expenses.. 34,092,512
29,642,898
27,899,753
325,890
256,464
226,727
20,422,650
197,811
$2,759,786
81,947
$2,317,072
67,574
$2,308,011
67,391
$1,467,813
54,972
$2,841,733
$2,384,646
5,375,402
$1,522,785
152,645
119,034
274,007
215,744
397,559
110,019
-
Other income-.
Total income
Loss
through
330,044
313,478
Prov. for Fed. inc. &
cess
in 1936 have been included.
The net profits or losses of the
for the years 1936 and 1935 were as follows:
Federal surtax
from
adjustment of reserves for bad debts provided in previous years,
$211,128; difference between par value and cost of pref. stock purchased
sinking fund and revolving fund during the year, $939,015; total
surplus, $11,647,853; additional reorganization expense, adjustment for
fire loss sustained in prior year, &c., $19,798; surplus—Dec. 31, 1936,
$11,628,055.
from
Ba lance Sheet Dec .31
1936
Assets—
Consolidated net profit $2,181,510
on
on
% pref. stk,
4^ % pref. stk.
$1,787,917
$1,935,567
111,335
88,830
19,331
$1,108,141
clared and paid
400,000
400,000
$4.56
200,000
$8.01
200,000
$4.62
1936
Cash..'.
Acer, taxes &
less
Accrd
sal. & exps.
$334,260
288,520
Investments
$421,593
230,204
in
notes receivable.
16,831
3,282,088
316,894
Fixed assets (net).
Deferred charges.
_
Accrd. taxes, other
than Fed income
13,148
2,499,932
4,731,011
255.645
Mdse. inventories.
3,941,409
188,129
Other
108,187
payable.
—payable
&
80,779
18,375
145,619
Defd. indebtedness 3,400,000
Preferred stock. .17,068,100
4,068.000
special fund
Total defd. assets.
Reserves
3,881,249
940,735
514,978
-
Mtge.
9,984
141,484
59,600
124,900
611,056
442,203
8,083
926,800
907,600
16,672
26.130
taxes
and conting
Total
x
n
43,919,123
18,747,800
9,884,150
9,884,150
11,628,055 10,078,339
After allowance for
Total
43,919,123 44,197,767
depreciation of $11,601,565 in 1936 and $11,148,859
Long-Bell Lumber Corp.—Balance Sheet—Balance Sheet Dec. 31
Accts.pay ,not due
within year
Real estate mtges.
Deferred income..
Preferred stock.__x3,200,000 yl,436,600
Com. stk. (400.000
1936
alnv.
y
Lumber Co
8,699,326
on
shares)..
Furniture & fixt..
8,699,326
Total....
1937
1936
$422,820
313,799
$418,767
273,571
$109,021
11,223
$145,196
11,116
$120,244
$156,313
56,225
Operating expenses and taxes
Net operating income
Other income (net)
Gross income
on
55,698
1,676
7,379
5,040
1,260
funded and long-term debt
General interest
Amortiz. of bond discount and expense
Miscell. amortiz. and income deductions
Taxes assumed on interest
673
7,383
1,853
1,320
$49,191
Net income before preferred dividends..
$88,858
Note—No provision has been made for Federal undistributed profits tax.—
V. 144, p. 2831.
Lily-Tulip Cup Corp. (& Subs.)—Annual Report—
1935
1934
1933
ing cost of goods sold. $1,896,078
Admin., selling & other
$1,660,101
$1,465,240
$1,261,534
1,182,959
1,099,312
906,877
655,547
$713,119
$560,789
$558,363
$605,987
3,446
1936
Calendar Years—
Gross profit after deduct¬
expenses..
Operating income
Total income
Misc. dedUc. from inc—
Depreciation
3,531
3,598
3,042
$716,650
52,958
$564,387
23,225
$561,405
13,804
146,627
Miscellaneous income.__
152,056
249,805
$609,433
17,922
251,428
38,654
47,182
discarded
Obsolescence
45,000
83,279
9,631
52,480
Net inc. to surplus
$412,081
331,693
$291,626
280,482
$259,142
279,207
$292,901
277,670
$80,388
189,539
$2.17
$11,144
189,539
$1.54
def$20,065
189,538
$1.37
$15,231
Common dividends
Balance, surplus
Shs.com.stk. (nopar)..
Earnings per share
Earnings for 12
189,545
$1.54
Months Ended March 31
1936
1937
common
Earnings
a
per
stock outstanding
$297,496
189,539
$1.57
$2.53
share
Before provision for surtax on
undistributed profits.—
1936
Assets—
$320,137
Notes,drafts, trade
accept. & accts.
receivable (net).
1936
Liabilities—
1935
$564,868 Accts. payable—_
Accrued
Reserve
463,296
930,146
13,327
Mach.,equip.,&c 1,196,246
87,308
Deferred charges..
51,239
17,970
expenses.
tor
1935
$246,154
$165,628
17,333
Fed.
and State taxes,
345,039
141,314
Common stock..
1,014,000
1,642,264
113,369
1,014,000
1,069,983
115,126
Mdse. Inventory-.
Investments
y
Miscell. assets
719,100
8,327
x
Surplus
x
Louisiana & Arkansas
Ry.—Earning
1936
1935
1934
$5,223,023
Freight revenue
Passenger
$4,350,705
122,523
67,495
23,095
80,075
150,059
$4,042,297
107,228
$4,793,954
653,919
780,425
305,332
1,214,229
$4,467,631
573,912
730,717
292,705
1,094,117
8,419
248,237
6,504
106,757
64,200
30,095
88,733
25,010
Mail
Express
Switching
Other transportation revenue.Total.
$5,537,818
Maintenance of way and structures
Maintenance of equipment
Traffic
-
720,407
_
802,679
346,539
1,654,799
9,563
245,168
Miscellaneous
General expenses
Net operating revenue
Operating income
Rent from equipment
Rent from joint facilities.
Net railway operating income.
Non-operating income
on
-
'
Net income
Long-Bell Lumber Co.—Income Account—
1936
1935
$2,220,576
694,036
$2,673,847
171,306
$1,526,539
78,517
$2,845,153
$1,605,057
222,667
-
Other income
Total income
Interest charges
Property taxes & improve, taxes & assessments
Depletion
Provision for depreciation
Miscellaneous charges
i
—
—
196,842
307,616
1,067,199
841,028
13,096
309,242
831,051
701.522
5,uyi
$419,371 loss$464,517
effect to consum¬
The profits and
Note—The foregoing summary of income for 1935 gives
mation of the plan of reorganization as of Jan. 1, 1935.
$1,248,979
207,865
33,997
$1,132,072
93,935
$1,007,116
95,089
$1,226,007
13,579
711,272
49.770
22,402
$1,102,205
13,679
696,530
85,075
15,118
$334,362
$428,984
$291,802
$
1935
on
leased
mtgd. prop, sold
Miscell. phys. prop
Inv. in affil. cos—
,1936
Liabilities—
$
equipment.29,850,814 29,514,851
Govt,
64,385
62,582
973
973
46,100
loans
and
Traffic &
car serv.
629,408
341,075
476,274
748,673
911,073
403,032
Misc. accts. pay_.
Int. mat'd unpaid
88,250
106,740
Other
Traffic &
-
receiv.
Net bal. rec. from
Mat'l & supplies..
Int. & divs. reciv.
47,687
223,232
764,003
22,500
curr. assets.
1,023
Working fund advs
4,611
10,605
552,214
Other def. assets.-
Unadjusted
1st mtge.
debits
65,728
247,662
689,272
18,000
1,870
4,611
17,369
248,933
5% bds.
311,324
88,382
406,337
8,016
36,969
13,456
390,315
279,587
19,885
29,217
1,536.284
Equipment
Oth. unadj. credits
370,986
Add. to prop. thru.
income & surplus
39,738
27,104
1,483,471
1,333,679
wages payable--
curr.
accr.
liabils.
Tax
liability
Accrued
35,156,327 36.428.544
16,938
31,759
15,137
360,158
deprec.—
38,820
Approp. surp. not
Profit
3,000,000
329.950
Road—
specifically
In Treasury—
Pledged
Total
161,381
Deferred liabilities
agents & condr.
Miscell. accts. rec.
Other
185,907
Unmat'd Int.
car serv.
balances
4,880
payable---
Other investments
953,146
Cash
1,423,243
deposits.
S
1,041,176
grants
Other
bills
43,959
1935
S
Capital stock
9,000,000
9,000,000
Fund. dt. unmat'dl6,855,000 18,413,204
balances payable
Audited accts. and
Special
1936
after deducting cost of sales $3,617,634
Administrative, selling and general expenses
943,787
Calendar Years—
Gross profit from sales,
$1,351,166
183,314
35,780
562
General Balance Sheet Dec. 31
railway property
....$3,061,702 $2,872,208
$1,131,452
44,733
72,794
$1,090,601
93,936
funded debt
on unfunded debt
Other deductions-
$1,259,184
25,671
66,311
$1,184,537
12,980
808,347
1,720
27,128
Rent for leased roads
Interest
$1,526,026
394,012
$1,470,035
338,689
40,745
Rents for equipment
$1,670,957
409,921
1,851
$1,370,233
36,190
63,612
-
Rents for joint facilities
Interest
8,402
184,951
24,263
24,450
70,673
24,928
82,482
140,023
$1,783,113
412,880
Railway tax accruals
Uncollectible railway revenues
Deposits in lieu of
Total
$9,697,620 $9,692,027
Pay 3o-Cent Dividend—
~
Calendar Years—
Impts.
Represented by 189,539 no-par shares. y After depreciation of $844,424
$749,798 in 1935.—V. 143, p. 4159.
Lincoln Printing Co.—To
and
in 1936 and
Net profit
Total
P* The directors have declared a dividend of 35 cents per share on the
common stock, payable June 15 to holders of record June 1.
This compares
with 50 cents paid on Dec. 21, 1936 and 25 cents paid on Oct. 15, 1936, this
latter being the first payment made since Feb. 1, 1932 when a regular
quarterly dividend of 50 cents per share was paid.—V. 143, p. 3470.
Assets—
47,439
$3,061,702 $2,872,208
Operating profit
$9,692.0271
by the records of that company as of Jan. 1, 1935,
after giving effect to values established for reorganizztion purposes, b Certi¬
ficates of beneficial interest for 7,100 shares (1936) and 5,600 shares (1935)
of common stock of Long-Bell Lumber Co. pledged as collateral,
c Class A
Common—authorized
750,000 shares, issued 593,858 shares, reserved
for outstanding scrip, 63 shares, in treasury at Dec. 31, 1935, 2,966 shares
sold during 1936; Class B Common—authorized 550,000 shares, issued
542,383 shares, reserved for outstanding scrip, 186 shares.
Surplus Account for the year ended Dec. 31, 1936—Deficit, Jan. 1, 1936,
$43,598,194; Surplus Credits—Reduction in stated value of capital stock
from $53,279,006 to $9,500,000, $43,779,006; proceeds of sale of 2,966
shares of class A stock held in treasury at beginning of year, $18,524; total,
$43,797,530; less expenses for year ended Dec. 31, 1936, $9,953; surplus,
Dec. 31, 1936, $189,383. —V. 144, p. 3005.
Investm'ts in road
Pats., trade-marks
and good-will...
Total.
$9,697,620
1,561,877
2,323
Spec. mfg. license.
399
9,500,000 53,279,006
189,383df43,598,194
Certificates of beneficial interest for 100,780.1 shares of common stock
Gross income
Consolidated Balance Sheet Dec. 31
Cash
a
Gross operating income
a$480,334
189,539
deductions
Shares
5,656
Capital stock..
Surplus
c
Transportation for investment—Cr_-
profit after depreciation, Fed. taxes & other
Net
1
Transportation
12,074
Res. for Fed. inc. tax
Federal sur tax
machinery
$5,558
768
—at book value indicated
Lexington Utilities Co. (& Subs.)—Earnings—
3 Months Ended March 31—
1
570,621
6H % pref. stock, retired.—V. 144, p. 3180.
Total operating revenues
Interest
$
$
$7,071
Accounts payableAccrued interest.,
$9,692,022 $9,692,022
5,597
4
deposit
1935
1936
Liabilities—
b Notes payable..
3,588,034
11,440,613
$
in Long-Bell
Total
11,440,613
—
*4M % pref. stock,
1935
$
Assets—
Cash
700,000
700,000
Capital surplus
426,974
Earned surplus.— 4,479,781
no par
Total..
44,197,767'
1935—V. 142, p. 4344.
10.000
instalments
Res. for Fed
35.034
Surplus
89,968
168,850
Customers' deps. &
unred. credits.
95
252,734
from
Common stock
115,060
104,953
_
129,251
Taxes & assessm'ts
and
accts.
notes
93,000
99,024
&
revolving funds.
Accts. with subslds
.
Other assets
161,500
purchase
Due
18,127,874 18,900,047
receivs. from subs 3,733,591
discount-..
Miscell. accts. and
2,255,192
241,308
203,400
350,352
assess
obligations
to sinking
1,078,405
9,818,833
2,402,802
plant
& equipment
Accts. pay., trade,
-$2,835,840 $1,943,740
4,779
2,302
55,000
Acer. int. on notes
1936
$
(net)
Rents receiv.
1,334,445
4,759,897
537,619
xProperty,
1937
Liabilities—
$
—
921,054
Management bonus
1,973,751
6,331,291
Total special funds
97,866
Total other assets.
958,107
Stumpage
(stand¬
ing timber)
8,969,594
Timber
$
571,770
$
Accounts payable-
969,491
accounts
Lands
Consolidated Balance Sheet Jan. 31
1937
Assets
&
receivable
1935
1936
Liabilites—
$
Inventories
1,186,000
400,000
$5.18
Shs. outstdg.—common-
Earns, per share.___
1935
$
531,121
Notes
448,013
stock de¬
on com.
$68,572
67,794
....
Cash
Divs.
Divs.
Divs.
1935
loss$59,234
41,892
Summary'of surplus account for the"year ended* Dec. 31, 19361" Surplus—
Dec. 31, 1935, $10,078,339; net profit for the year, $419,371; credit arising
Longview Co. and subs, consolidated
ex¬
profits taxes
subsidiaries
1936
198,900
scrapping
of fixtures, &c
1937
15,
May
losses of subsidiary companies have not been consolidated in the foregoing
statement.
Dividends in the amount of $52,137 received from subsidiaries
Other subsidiaries
Depreciation
Gross profit.
Chronicle
and
793,245
4,192,698
4,119,446
loss—
credit balance..
Total
650,522
inv.
35,156,327 36,428,544
-Y. 144, p, 3005,
/
Volume
Financial
144
Los
Angeles Gas & Electric Corp.—Stockholders
Merge—
to
Vote
Stockholders of this company and of the Southern California Gas Co.,
representing substantially more than two-thirds of all classes of outstanding
stock, on May 11 approved a merger agreement which combines the prop¬
erties of both under the name of the Southern California Gas Co.
Com¬
bined assets will total $151,000,000.
Under the merger Addison B. Day, former President and general manager
of Los Angeles Gas, is to become Chairman of teh board and A. B. MacBeth
continues as President and general manager.—V. 144, p. 2660.
►
Louisiana Steam
Generating Corp.—Earnings—
1937
1936
$2,535,540
688,430
$2,364,595
693,419
12 Months Ended March 31—
Operating
revenues
Balance after operation, maintenance and taxes__
—V.
144,
2660.
p.
McCall
Calendar Years—
1936
1934
1935
--$11,788,321 $10,897,139 $11,065,960
10,004,558
9,173,934
9,307.403
Expenses
be made
cents
3341
the
on
stock since Sept.
common
per share was
paid.—V. 143,
McKesson & Robbins,
1, 1932, when
2685.
p.
1937
121,458
1933
$9,856,146
8,262,336
30,350,666
4,381,016
112,952
$1,491,277
112,367
$937,572
135,486
$1,603,644
261,490
49,703
40,472
250,000
$1,073,058
265,214
$1,001,979
$573,006
17,500
17,500
------
...
-
Total income
Interest and amortization
debentures
on
1936
35,919,065
5,048,302
expenses
Net profit on sales.
Other income
dividend of 25
$42,580,103 $35,782,206
—
Selling and general
Depreciation----.
a
Inc. (& Subs.)—Earnings—
3 Months Ended March 31—
Net sales (after deducting inter-company sales)
Cost of sales---
Other interest paid
Other charges
Provision for Federal and foreign income taxes
Corp. (& Subs.)—Annual Report—
Net sales
Chronicle
Profit from operations for the period
Div. requirements on pref. stock of McKesson &
Robbins, Ltd., held by the public
17,434
97,066
120,337
Portion of net profits of McKesson &
Operating income
$1,783,762
Other income (net)
$1,758,558
76,848
$1,723,205
87,830
99,886
$1,593,810
113,241
Ltd., applicable to
Robbins,
stock held by public
common
4,788
4,501
$979,691
6,077,721
$551,005
4,013,502
$7,057,412
399,750
$4,564,507
$6,657,662
377
$4,564,507
$6,658,038
$4,565,036
$0.45
$0.12
Balance
Total income
$1,883,649
$1,811,035
$1,835,405
$1,707,051
charges._
21,814
59,545
Res. for doubt. account-
488
45,621
51,878
1,563
163,699
54,480
48,055
3,711
207,785
32,288
155.881
333",002
336,299
347,894
Loss
Earned surplus at beginning of period
of 37th St.
on oper.
property
;
Miscellaneous
Reserve for tax__
278,964
Surtax of sub. company.
Total
Divs.
65
Depreciation
335,830
on
pref. stock, $3 series (divs. paid to 3-15-37)
Balance
Adj. for divs. not payable
pref. stk. scrip ctfs__
on
Earned surplus at end of period
Net income
Common dividends.-...
$1,185,076
1,348,370
$1,215,271
z$l,186,943
1,213,533
1,078,696
$1,170,988
814,722
Earnings
per
share of
stock
common
530
Note—No deduction has been made from the profits'of either period for
on undistributed profits.—V.
144, p. 3180. *
•
the surtax
Balance, surplus.
Shares of
def$26,590
$356,266
y$136,575xdef$163,294
stock
common
outstanding (no par)._
Earns.per sh.on common
539,360
539,360
$2.20
540,060
$2.17
539,360
$2.20
$2.25
After deducting four quarterly divs. paid during
the year and dividend
of $269,674 declared Dec. 11, 1934 and payable Feb. 1, 1935, but before
crediting $10,645 net profit on securities sold during year and before de¬
ducting $16,987 cost of stock purchasd and canceled,
y Before debiting
$126,754 appropriation for special pattern discards, less credit resulting
from adjustment of reserve for pattern discards to "cost of replacement"
basis, less net profit of $15,900 on securities sold during year,
z Before
crediting net profit on securities sold during year, amoutning to $8,834.
Note—During 1936 two subsidiaries were dissolved and assets taken over
by parent company.
x
Comparative Consolidated Balance Sheet Dec. 31
1936
Assets—
$
Cash
on
Cash
deposit
Postmaster
1935
and
postage
on
stamps
(net)..
rec
636,325
725,472
Loans to employees
45,097
236,360
700
1,391,787
of fleers A
2
226,629
124.926
197,691
191,712
269,674
269,674
pay. Feb. 1.
Res. for replacem't
j
z535,887'
110
Inventories
rec'd
pi's
110,350
121,468
120,691
1,453,041
1,169,477
Reserves...
y Capital stock
145,349
145,349
9,632,630
9,632.630
Earned surplus.-
4,681,715
4,728.218
discards.
144.298
84,937
99,786
104,105
Inv. in & acct. rec.
from S. M. News
Co., Inc.......
170,160
170,193
Mdse. with dealers
at cost
73,427
Deferred charges._
68,771
231,986
226,603
Fixed assets
3,129,760
Subs, lists, Ac
8,365,931
3,124,492
8,365,931
x
Total
17,142,507 16,653,977
Less
Sugar Co. (& Subs.)—Annual Report-
Sugar sales, f.o.b. basis
$1,884,788
$1,176,895
160.564
122.577
Miscellaneous income
7,768
19,079
Operating
$2,036,251
1,640,717
$2,053,120
1,751,785
$1,318,551
1,422,294
Profit
f.o.b. basis
expenses,
on oper.-
.
-Manati Sugar Co.
Balance of profit, before int., &c_.
on bank loans.
Other interest
on
first mortgage
Proport. of discount &
Interest
on
bonds
bonds.
exp. on
U. S. income tax claim
Manati Sugar Co
Ferrocarril de Tunas, S.A
...17,142,507
Total
16,653.977
1937
$2,509,664
1936
120,212
784
178
162
4,530
332
168
104
1,964
2,917
8,525
4,012
195,384
84,165
87,381
206,943
88,101
$313,684
$483,356
$990,716.
A____.
.
1936
$2,324,484
2.691.385
2,892,899
Investments...
3,284,126
Cash....
3,022,789
_
against 199
a year
ago.—V. 144,
p.
1937
as
2487.
6,249
Calendar Years—
Net sales,
1936
1935
xl934
returns and allowances
$5,403,094
Other income.
$3,802,068
$3,190,365
4,199,106
3,118,340
2,647,805
$1,203,987
39,586
Cost of goods sold, general and admin¬
istrative and selling expenses
$683,728
29,376
$542,560
28,704
13,873
Est. freight A hand
1J .476
33.085
Accts. payable
30,406
51,537
•921,130
Sal. A wages.
138,317
7,124
342,371
1,876,257
20,530
Delivery exps.
6,714
35,609
66,939
cane—
6,224
335,973
1 ,665,646
16,141
Sinking fund de'fd
charges
158,211
—
Mat'is A supplies.
Advs. to Colonos-
Deficit
177,645
4,684,778
5 ,114,468
—
Earnings
$713,104
40,848
109,162
per
share
on
120,934
$1,005,177
$614,369
177,128
$2.59
$4.25
295,254
$2.12
,1934 include operations of subsidiaries liquidated and
consolidated during that year.
Earnings for 12 Months Ended March 31
Total
Earnings
per
share
on cap.
$5,894,469
al,134,271
$4.80
stocks
1936
.
$3,937,520
626,573
$2.65
Before provision for surtax on undistributed profits.
A ssets—
1936
1935
hand and
645,024
651,402
Receivables
Inventories
$788,178
606,921
564,490
1936
supplies, Ac
28,697
Investments
-
Development,, work
(new products).
$74,427
334,433
182,815
for
66,848
465,036
22,008
58,056
425,339
warranty
47,476
15,000
50,000
1,250,000
Cap stock ($5 par)
1,250,000
Paid-in and capital
surplus...
Cap. stk.in treas'y
266,759
928,278
266,759
62,020
Dr62,020
750,487
and goodwill
After
-..$2,906,320 $2,512,4701
reserve
b After
Total..
$2,906,320 $2,512,470
for doubtful receivables of $34,000 in 1936 and $34,770
for depreciation.—V. 144, p. 2833.
reserve
10,000,000 10.000,000
22,058,483 22,631,662
Balance
a$758,121
249,114
Cash
on
hand A in banks
rec—less
reserve.-....
Inventories..
7,121
49,244
-
Prepaid insurance, Ac
b
Sheet March 31,
1937—
Capital stock.
$1,400,000
Accts. payable A accruals
Reserve for Fed
A State taxes
Profit and loss—deficit
15,633
3,274
350,760
4,546
Total
$1,068,1461
Total
After
reserve for depreciation of $555,316.
shares.—V. 144, p. 2488.
'
Mandel
$1,06.8,146
b Represented by 175,000
Brothers, Inc.—Annual Report-
Years End. Jan. 31—
1937
1936
1935
1934
-.___$18,668,825 $16,247,084 $15,518,512 $14,768,134
18,132,503
10,608,902
10,142,343
9,332,531
Expenses (excl. of
for depreciation.
prov.j
Operating profit
The directors have declared a dividend of $1 per share on the common
stock, payable May 25 to holders of record May 14.
A dividend of 50
cents was paid on Dec. 15, 1936, this latter being the first distribution to
f 5,565,501
$536,322
5,567,406
5,282,939
$72,681 loss$191,237
$152,665
Income credits—interest
earned, &c
153,111
Gross profit
Prov. for deprec. of prop.
and improvements
Federal taxes
Miscellaneous
146,364
$689,433
194,630
751,000
charges._
(B.) Manischewitz & Co.—Dividend Doubled—
614,915
148,554
3,500,000
Cost of goods sold...—.
50,000
Patents, tr. marks
Total
160,161
,500,000
Liabilities—
Net sales
replacements....
Earned surplus
44,926
336,555
1935
$123,868
Res. for conting..
Prepaid insurance,
b Plant accounts.
Liabilities—
Accrued liabilities..
Res.
1,890,935
Total
A ssets—
a
Accounts payable.
$1 004.386
accruedint
5,500,900
1791.
Property and plants
no par
Balance Sheet Dec. 31
in banks
,303,502
353,807
Pur. money mtges.
Secured
notes
A
22.058,483 22,631,662
Martin-Parry Corp.
Accts.
1937
Net profit after deprec., Federal taxes, &c
interest.
$502,950
for
Net sales
1st mtge. 7 Ks.. 5,500,900
Unpaid 1st mtge
shares)
238.397
236,396 shares.
6,159
liabilities:
Com.stk. (100,000
$571,265
22,199
827.386
Accounts
13,398
Accts. payable
-V. 144, p.
Net profit
Co.'s
2,637
2,308
7% cu. pf. stk....
profits before adjustments of
reserves and prov. for inc. taxes.
$1,243,573
Adjustments of reserves and accruals
set up in prior years
Dividends
151,678
_
charges
Net
Prov. for Fed. & State income taxes._
512,531
Deferred income.
Against sugars
on
Notes receivable..
Co. owned
notes
43,766
450,330
136,234
_
on hand
Special deposit
after deducting discounts,
liabilities:
Secured
122
66,119
32,252
...
pending
Sugars
•8
Current A accr'd
3,478
Accts.receivable
1935
S
Receiver's liabil.:
122
...
molasses contr..
Report—
1930
IAabilities—
S
14,369,183
tion bonds..
Pal.
McGraw Electric Co.—Annual
1935
$
2.661,578
The company had 196 stores in operation at the end of April,
a
119,401
10,287
8.002
188.389
Property & plant. 14, 065,287
Rep of Cuba 5M%
sugar
stabiliza¬
3.555.993
.....
April.
in 1935.
412,568
21,813
4,808
21,813
4,808
Consolidated Balance Sheet Oct. 31
Assefs—
of—
March
a
19,978
412,568
635
;
Net loss for year
y
Month
on
loss$8,843
87,776
17,100
41,519
Adjust, in the value of 393 shs. of the
cap. stk. of the Cuban Sugar Fi¬
nance & Export Corp
Deprec. of company-owned cane not
ground
Expended out of trust dep. with bond¬
holders' protective committee
Adjust, in valuation of matls. & supp.
& work. cap. assets—net of incomeLoss on company Colonos written offRes. for deprec. of plant & equipment
Ferrocarril de Tunas, S.
January
February
Cash
$476,395
83,216
6,986
Uncollected accounts, receivable
Loss on property retired from service
Manati Suar Co...
McCrory Stores Corp.—Sales—
a
$512,151
45,169
14,131
412,568
21,813
Interest
Interest
$301,335 loss$103,743
4,846
1,160
170.214
93,740
3,826
112,791
reserve
1935.
x
$395,534
Interest earned,
Ferrocarril de Tunas, S. A., profit
for deprecition of $3,461,363 in 1936 and $3,159,353
Represented by 539,360 shares of no par value,
z After reserve
ior doubtful accounts of $34,186.—V. 144, p. 1791.
x
n
1934
$1,910,008
114,759
11,484
Molasses sales.
-
70,274
Leasehold
pattern
Deferred credits..
1,182,193
Def'd accts. rec
of
cost
from
em
A,301
414,311
jDivs.
48,629
„
secure.
Accts.
2,379,075
Accruals
hand
Accre.
$
Accounts payable.
Reserve for taxes.
2,073,847
Marketable
1935
1936
Liabilities—
$
with
hand
Manati
Consolidated Profit and Loss Account
Years End. Oct. 31—
1936
1935
12,172
$407,630
306.600
Dividends paid
Earnings per share on
capital stock, no par.
.
$1.33
93,703
67,842
$219,045
loss$97,534
$220,507
180,129
195,392
206,161
"4.183
~~6~ 329
$30,114 loss$297.109
$8,018
"
8,802
$0.10
i
Nil
so.oa
3342
Financial
Balance Sheet Jan. 31
Assets—
X
1937
Goodwill
&
$2,055,791
1
956,841
Notes & accts.
rec.
1,522,122
12,295
38,200
2,156,873
56,123
Tax antic, warrs..
Sundry
lnvestm'ts
30,474
Inventories
Accrued
940,232
1, 791,649
_
2 ,370,702
Deferred charges..
74,849
1937
p.
1936
Capital stock--.$3 ,428,435 $3,428,435
Accounts payable.
582,544
449,242
y
trade¬
name
Cash.
since Oct.
Liabilities—
1936
Prop. A lmpt__ .$2 102,342
Chronicle
MichigarTGas & Electric Co.—Earnings—
92,747
73,790
3 Months Ended March 31—
Total operating revenues
accruals.-
13,161
13,452
Operating
111. occupat
95,124
46,088
370,333
Res. for lnsur., &c
12,175
147,570
3,606,788
115,629def1,400,685
$7,326,859 $6,781,637
$7,326,859 $6,781,637
Total
After
depreciation of $1,420,615 in 1937 and $1,322,849
y Represented by 306,600 no par value shares,—V. 144, p. 2660.
x
Gross
in
1936.
on
390
on
474
636
425
loss$6,014
Note—No provision has been made for Federal undistributed profits tax.
-V.
144,
2488.
p.
Mid-Continent Petroleum
Corp.—Earnings—
Consolidated Earnings for 3 Months Ended March 31
1937
1936
1935
$8,536,830
6,224,850
Operating profit
$1,871,754
340,274
$467,283
292,013
$2,212,028
550,283
159,105
559,981
$759,296
599,3621
1934
$6,930,450
6,463,167
$2,742,339
672,907
282,710
.....
Other income (net)
$8,067,194
6,195,440
$2,311,980
430,359
Costs and expenses
Co.—Registers with SEC—
4,575
905
interest
Sales
Maryland Fund, Inc.—Registers with SEC—
343
4,575
Net income
See list given on first page of this department.—V. 144, p. 1791.
page
:j:
$6,821
Taxes assumed
dividend of 50 cents was paid on March 1 last, and an initial dividend of
25 cents per share was distributed on Dec. 1, 1936.—V. 144, p. 2135.
first
$57,915
57,950
funded debt
Amortization of bond discount and expense.
Miscellaneous amortization & other deductions.
May Hosiery Mills, Inc.—Extra Dividend—
on
$71,115
57,950
interest
The directors have declared an extra dividend of 25 cents per share in
Masco Screw Products
$56,197
1,719
income
Interest
addition to the regular quarterly dividend of 50 cents per share on the class
A common stock, both payable June 1 to holders of record May 19.
A
See list given
$69,389
1,726
(net)
General
Total
$292,568
236,372
Net operating income.
Other income
165,164
Capital surplus... 2 ,206,102
Earned surplus.-.
1936
1937
$319,296
249,907
and taxes
expenses
80,538
581,865
tax..
Accrued rent—
Accrued tax, &c_.
distributed ,—V. 144,
was
1115.
...
salaries
Sundry
A
wages
May 15, 1937
1,1193l.Swhen aldlvidendj>f 10 cents
of this department.
Merchants Distilling
Total income...
Corp. (Ind.)—Securities Offered—
An issue of $1,000,000 10-year 5% convertible debentures
and 50,000 shares of common stock were offered publicly
.
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.—V. 144, p. 1791.
Depreciation
Depletion
Lease'h. surrendered, &c
451,133
Fed. & State inc. taxes..
$1,350,484
864,004
238,504/
194,487
176,449
$942,659 loss$273,057
$310,031
102,564
on
Merchants
&
Manufacturers
Securities
Co.—New
Net income
company.
Friedman succeeds Robert
L.
Huttner, who remains
as
Secretary
of the company, and Mr. Jackson fills a vacancy.—V. 144, p. 1607.
Meteor Motor Car Co.—75-Cent Dividend—
The directors have declared
stock,
a dividend of 75 cents per share on the capital
value, payable June 1 to holders of record May 20.
A divi¬
no par
dend of $1 was paid on Dec. 1, 1936, and one of 50 cents per share was paid
Sept. 1, 1936, this latter being the first disbursement made by the com¬
since March 1, 1933, when two quarterly dividends of 12 }4 cents per
(or a total of 25 cents per share) were paid.
These latter pay¬
ments were for the first half of 1933.—V. 143, p. 3324.
on
pany
share each
Operating
Provision for retirements
500,775
307,715
833,673
815,595
$4,197,708
1,588,307
$2,954,113
1,685,586
$5,786,015
1,775,511
60,756
132,779
Dr 1,108
$4,639,699
1,951,888
76,893
119,173
Cr4,807
$3,815,862
1,276,317
$2,496,551
$2,539,545
$1,220,234
Federal income taxes
Other taxes
Operating income
Other
income.
Gross
-
-——
income
Interest
on
funded debt
Interest
on
unfunded debt
l—
Amortization of debt discount and expense
Interest charged to construction
Balance of income
Dividends
on
preferred stock.
...
Balance
1,276,317
Note—No provision is made in this statement for Federal surtax
on un
distributed profits, if any, for the year 1937.—V. 144, p. 1115.
Metropolitan Paving Brick Co. (& Subs.)—Earnings—
Calendar Years—
1936
Net sales..
1935
Cost of sales
Mfg. profit, common.
Sell., admin. & gen. exp.
$276,104
236,439
$97,254
28,211
Operating profit
Other income (net)
1933
Not available
404,401/
$361,396
264,142
$228,467
222,240
$39,664
16,026
Mineral
on
Supply Co., Inc.—Registers with SEC
first page of this department.
Mountain
See list given
on
first
pp~e
$66,500
268,820
$6,227 loss$202,320
Drl,760
12,021
$125,465
88,020
39,941
Charges .or deplet. & dep>
Idle plant expense
Prov. for Fed. inc. tax..
Additional
$4,467 loss$190,299
xl01,040
$55,690
95,848
43,425
—
45
2,355
10,000
reserve
Net loss
mm
10,000
$12,541
x Reserve
for depreciation only.
Note—Depreciation and depletion
mm
$99,381
mm
mm
mm
mm
m.
mm
mm
32,000
$93,583
of
m.
prof$2,112
deducted
as
$323,340
expense
in
above statement for 1934.
Condensed Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
Liabilities—
1936
Accts. payable
222,766
$355,287
79,864
73,164
544,687
cCust. accts.
646,123
Common stock
275,623
1,868,325
18,330
286,592
f Capital surplus._
1,940,301
65,943
rec--
Inventory
a
1935
$426,409
Marketable sec...
Other assets
b Fixed assets
Deferred assets---
15,564
e
_
Treasury stock
$33,724
33,122
22,482
511,700
511,400
3,066,500
Preferred stock.
Deficit
$3,422,084 $3,396,8961
_Total
1935
$89,218
Accrued taxes, &c.
2,996,500
132,688
60,164
315,605
—
299,898
23,015
Total
.$3,422,084 $3,396,896
$262,343 in 19357 b After reserve
""a After reserve of $204'997 in 1936 and
for depreciation and depletion of $3,415,546 in 1936 and $3,333,157 in 1935.
c After reserve of
$31,758 in 1936 and $32,968 in 1935.
e 7% cum. par $100
f No par
value.—V. 141, p. 1444.
Period End. Mar. 31—
Operating
1937—Month—1936
1937—3 Mos.—1936
$3,358,231
6,972
$2,927,986
6,044
$9,741,477
24,192
$8,656,750
15,613
Operating revenues.
Operating expenses
$3,351,259
2,073,459
$2,921,942
1,825,182
59,717,285
5,869,988
$8,641,137
5,442,535
Net oper. revenues-
$1,277,800
427,695
$1,096,760
349,957
53,847,297
1,275,008
$3,198,602
1,053,493
$746,803
$2,572,289
$2,145,109
revenues
Operating taxes..
Net operating income.
$850,105
—V. 144, p. 2309.jut
b
ft.
Michigan Steel Tube Products Co.—25-Cent Dividend—
The directors have declared
a dividend of 25 cents per share on the new
$2.50, payable June 10 to holders of record May 31.
10, last and compares with 40 cents
paid on Dec. 10, 1936 25 cents paid on Sept. 10 and June 10, 1936 and an
initial dividend of 19 cents per share paid on this issue on March 10, 1936.
The company paid dividends of 25 cents per share on the old no par com.
stock on Dec. 10 and Sept. 10,1935. the latter payment being the first made
common
stock,
par
A like payment was made on March
Co.,
Ltd.—
,
of this department.
of Montreal, effective May 1, 1937.—V. 144, p. 3181.
Montana Power
Co.—Definitive Bonds Ready—
The Guaranty Trust Co. of N. Y. is now prepared to deliver first and
refunding mortgage bonds 3%% series, due 1966 in definitive form in ex¬
change for outstanding
\i>
'
temporary
bonds.—Y.
144.
p.
•
2662.
.
_
a
Missouri Pacific
RR.—Equipment Issue Placed Privately
—Freeman & Co. on May 11 were awarded an issue of
$4,260,000 &V2% equipment trust certificates, series BB, ma¬
turing serially June 1, 1938-1952, inclusive, on their bid of
100.1556.
Two other bids
offered at
were
submitted for the certificates
competitive sale, 100.077 by Salomon
Bros. & Hutzler and 100 by Brown Harriman & Co., Inc.
The certificates are the obligation of the Missouri Pacific
trustees.
No public re-offering is contemplated, the bankers
announcing that the entire issue had been placed privately.
were
New Director-—
a
director of this company.
of_theJate O. F._Van Sweringen.—V. 144,
p.
He fills the post
3182.
|%Missouri-Kansas-Texas RR.—Annual Report—Matthew
S. Sloan, Chairman and President, in issuing the
company's
complete pamphlet report for 1936, said that in view of the
inadequate moisture conditions for a considerable part of
that year, the results were altogether
satisfactory.
Among
the outstanding features of the report to which Mr. Sloan
called special attention were an increase of
14.17% in
operating revenues over 1935, a balance of $540,669 avail¬
able for interest on the adjustment bonds
against a deficit
of $1,770,199 for the preceding year, and the failure
by only
$138,208 to earn the adjustment interest in full, whereas
the final deficit for the previous year was $2,449,077.
Mr. Sloan pointed out that the freight revenues alone were
up 15.6% over
1935, notwithstanding the light wheat and cotton crops, and laid special
substantial increase in the movement of manufactured products
of all kinds.
Passenger revenues, Mr. Sloan pointed out, were nearly 25%
higher than for the year before.
A feature of the report of special import¬
ance in considering earnings for future
years, said Mr. Sloan, was
the
stress upon a
new industries on M-K-T lines
during the year.
Important road improvements completed in 1936 included construction of
industrial warehouse at Houston, Tex. and the relaying of 13 miles of
track with heavier rail.
Thirty-nine projects were authorized on the com¬
pany's lines under the Federal Government's program for grade crossing
elimination, involving an estimated aggregate expenditure of $2,138,000,
all of which will be borne by the Works Progress Administration.
The capital structure of the road was further strengthened
during the
year by the payment of a loan of $2,294,148 from the Reconstruction Fin¬
ance Corporation, Mr. Sloan reported.
Commenting on current conditions, Mr. Sloan said that he was par¬
ticularly hopeful and enthusiastic over the outlook for the "Katy" during the
present year.
He said that throughout its entire territory the prospects
are bright for the best wheat, cotton, corn,
hay, alfalfa and oats crops in
seven years.
For the first time in a number of years, he added, wheat
should be available for export which would add
materially to the com¬
pany's aggregate traffic and gross earnings.
Reviewing results for the first quarter of this year, Mr. Sloan pointed out
that the gross earnings showed an increase of more than $283,000 over the
corresponding period of last year, that the income available for fixed
charges was $500,000 larger and that the balance after fixed charges reflected
an improvement of $518,000.
Confident of a large increase in the volume of traffic for 1937 over 1936,
Mr. Sloan said that he had given orders to have the company's shops run
an
Uncollectible oper. rev..
Milling
i^|
The company has notified the N. Y. Stock Exchange that the Bank of
Montreal Trust Co., 64 Wall St., New York, has been appointed transfer
agent of the preferred and common stocks of the company, in place of Bank
location of 238
Michigan Bell Telephone Co.—Earnings—
&
Minneapolis St. Paul & Sault Ste. Marie Ry.—Transfer
Agent—
W. Wyer has been elected
Total profit
Mining
Registers with SEC—
which
1934
$680,5051
$1,061,558
700,162
given
1936
$12,580,269 $11,234,886
4,675,879
4,443,926
1,035,216
1,109,668
1,337,618
1,603,870
expenses
Maintenance
Corp.— To Acquire Securities—
Midwest Piping &
See list
1937
Nil
undistributed profits.—
Corporation has filed with the Securities and Exchange Commission an
application (46-44) for approval under the Holding Company Act of the
acquisition of 3,000 shares of $6 (no par) cum. pref. stock of Central Illinois
Public Service Co. and 308 shares (no par) common stock of
Kentucky
Securities Co. from Middle West Utilities Co. of Canada, Ltd., a whollyowned subsidiary.
Corporation thus would increase its direct holdings in the preferred stock
of Central Illinois Public Service Co. from 1,520 shares to 4,520 out of a
total of 284,719 shares of this class of the stock outstanding.
Corporation
owns 193,321 shares of this subsidiary's
outstanding common stock.
With
securities already held, the purchase of the common stock of
Kentucky
Securit es Co. will increase Middle West Corp.'s holdings, directly or in¬
directly, of the company's common stock to 47.6%.—V. 144, p. 3007.
Metropolitan Edison Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
Nil
on
Y.144, p.3182.
Middle West
William J. Friedman and William C. Jackson have been elected directors
of this
$0.51
$0.66
Note—No provision has been made for surtax
Directors—
Mr.
$1,233,026
Earnings per share
Volume
on
Financial
144
full time, in order that motive power and
equipment'may be in first class
condition to handle the business.
The following figures taken from the pamphlet report are
supplemental to those published in V. 144, p. 2310.
General Statistics for
Years Ended
Cos.)
(Company and Controlled
31
c.
1933
1934
1935
1936
3,294
3,294
Average miles operated3,294
586,896
623,829
Passengers carried
784,954
Pass, carried one mile—140,703,930 103,846,578 100.418,446
1.89 cts.
1.91 cts.
Rev. per pass, per mile-1.74 cts.
7,398,581
7,410,396
Revenue tons carried
8,986,912
1,937,114
2,015,738
do. 1 m. (000 omitted)2,360,737
3,294
452,647
86,748,192
1.11 cts.
1.17 cts.
1.10 cts.
1.12 cts.
$9,505
Rev. per ton per mile-Rev. per mile of road—
$8,325
2.12 cts.
7,113,442
1,827,697
■
$7,801
$7,993
Capitalization (After Giving Effect to This Offering)
Authorized
Outstanding
(And Controlled Companies)
15-year
1935
1936
$31,307,599 $27,422,354
22,661,701
21,516,647
Operating revenues
Operating expenses
Net operating revenue
$5,905,706
$8,645,898
xl,781,651
—
Taxes
1,581,452
8,642
Uncollectible railway revenues
$6,864,246
94,785
$6,946,412
$4,410,396
2,206,805
1,967,170
$4,739,606
4,198,937
-
$2,443,226
$540,669
*$1,770,199
5)4%
debentures
Miscellaneous income
with
M
warrants
$2,000,000
$2,000,000
attached
$1)
750,000 shs.
337,700 shs.
Earnings—Consolidated net earnings of the predecessor and Airdepot
Realty Corp., except for the three months' figures, which are company
figures.
These earnings do not include the earnings of the other subsidiaries
or affiliates except in so far as such subsidiaries or affiliates paid dividends
Common stock (par
to
the
predecessor.
3 Mos. End. Mar. 31—
1937
1936
$4,315,610
82,166
Railway operating income
shipping containers and folding cartons, was organized in May 12, 1929
and was engaged in tne business of manufacturing and selling corrugated
and solid-fibre shipping containers, folding cartons and "burlabox" con¬
tainers.
The company is engaged in the same business as was carried on
by its predecessor and proposes to continue therein.
Operations by tne company and its manufacturing subsidiaries or affiliates
are conducted at four plants, two of which are maintained in the City of
New York and on each in the City of Philadelphia and the City of Brad¬
ford, Pa.
Each plant serve primarily the city in which it is located and
the surreounding territory.
The company and its manufacturing subsidiaries or affiliates serve over
4,000 customers, including many organizations of national reputation,
such as: American Can Co., Simmons Co., Standard Brands, Inc., Pitts¬
burgh Plate Gla"s Co., Great Atlantic & Pacific Tea Co. of America,
Chssebrough Manufacturing Co., Loft, Inc., Northam Warren Corp.,
General Cigar Co., Inc., Johns-Manville Corp., American Chicle Co., &c.
Compared With 1935
Summary of Results of Operation for 1936
3343
Chronicle
Net profit after taxes*._
$99,200
$30,326
—Year Ended Dec. 31—
1936
1935
$256,766 \ $196,461
*
Total.
Rentals and other payments
Income for year available for interest—
Fixed interest charges for year
Balance available for interest on
Interest
adjustm't bonds
678,878
Net income
*
678,878
*$138,208
*$2,449,077
adjustment bonds
on
Deficit,
4,213,425
x
Federal
income
tax
and surtax
on
undistributed
profits
Consolidated General Balance Sheet Dec. 31
,V;
Liabilities—
1935
1936
$
$
Inv.in rd. & eq.244,287.034 246,563,706
Pref. stock ser. A
Depos. in lieu of
x
mtge.prop sold
Misc.phys prop
719
9 719
2,9451688
2.015i096
9
Common stock
liabil.
Stock
47,519
93,094,179
1,470,166
1,627,752
Inc.rntge bonds
112,873
113,044
5,900,117
1,847
58,704
1,886
59,146
360,648
274,746
Loans & bills rec
rec.
439,570
agents & cond.
Misc. accts. rec.
561,181
969,118
2,717,986
Int. & divs
2,266,814
48,030
1,616,388
payable
unpd.
mat. unpd
10,385
16,940
20.976
13,145
62,043
63,626
Oth.
494,876
201,916
Oth.
Unndjust. debits
16,171
2,495,960
52,848
1,614,292
16,170
1.37S
rents
79,979
100,243
99,740
def.
liabil.
1,810,734
927,508
1,052,953
429,130
136,649
136,649
11,218,893
11,590,611
liability....
depr. (road)
Acer. depr.
Acer.
(eq.)
depr. (misc
phys. prop.)..
54,987
924,817
533 500
115,216
102.588
Profit and loss.. defl61,269
78,246
through inc. &
surplus......
x
261,368,602
The directors of the new company are
Total....... 259,916,847 261,368,602
Represented by 808,939 no par shares.—V. 144, p. 3008.
(G. C.) Murphy Co.—Larger Dividend,—
stock, no par value, payable June 1 to holders of record May 21.
This
with 65 cents paid on March 1, last; an extra dividend of $1.30
paid on Dec. 28, 1936; an extra of 75 cents paid on Dec. 23, 1936; a divi¬
dend of 50 cents paid on Dec. 1, 1936; one of 40 cents paid on Sept. 1,1936,
and one of 30 cents per share distributed on June 1, 1936, this latter being
the initial dividend on the larger amount of common stock now outstanding
compares
—V. 144, p. 3182.
Natcon
Corp.—25-Cent Dividend—
(Formerly National Container Corp.)
have declared a dividend of 25 cents per share on the
stock payable May 17 to holders of record May 11.
A regular
quarterly dividend of like amount was paid on March 1, last, at which
time the company was known as the National Container Corp.—V. 144,
p. 3183.
directors
common
National
Container
Corp.
(Del.)—Securities Offered—
New financing for the corporation took place May 13 with
the public offering of an issue of $2,000,000 15-year 53/2%
debentures, with non-detachable stock purchase warrants
attached, and 175,000 shares of common stock ($1 par).
The debentures, offered by Bond & Goodwin, Inc., were
stock, offered by A. W.
Porter, Inc. and Bond & Goodwin, Inc., was initially offered
at $12.50 per share.
priced at 100 and int.
The
common
Funds obtained
by the corporation from the present financing will be
new pulp and Kraft board mill at Jacksonville, Fla.,
for the purpose of supplying the principal raw material which the corporation
and its manufacturing subsidiaries use in their operations.
The new mill,
estimated to cost about $3,260,000, will have a daily capacity of approxi¬
mately 200 tons.
The companies have heretofore purchased Kraft board
and similar products in the open market for use in the manufacture of
shipping containers.
The new 5
debentures will carry non-detachable stock-purchase
warrants, entitling the holder of each $1,000 debenture to purchase 25
shares of common stock at the price of $12.50 per share between Oct. 1,
1937 and April 1, 1939, inclusive; at the price of $15 per share between
April 2, 1939 and April 1, 1941, inclusive; and at the price of $20 per share
from April 2, 1941 to and including April 1, 1942, when the warrants expire.
The company has reserve 50,000 shares of common stock for the exercise
of such warrants and if all are exercised at the minimum price, it will receive
used
to
construct
Balance Sheet at
Dissolution of Natcon
Corp.—The latter is to be dissolved and it is expected
simultaneously with the listing
Exchange.
History and Business—Corporation was incorp. in Delaware on March 2,
1937 and on March 29, 1937, acquired (as of Feb. 28, 1937) in consideration
of the issuance of 162,770 shares of its common stock, all of the assets and
properties (except $38,870 retained for payment of a dividend declared
on Feb.
15, 1937) of National Container Corp. (a New York corporation,
the name of which was thereupon changed to Natcon Corp.).
Company
assumed all of the liabilities of the New York corporation.
The company's predecessor, which was itself the outgrowth of several com¬
panies engaged in the manufacture and sale of corrugated and solid fibre
that delisting of Natcon stock will be effected
new
Commencement*of Business April 1, 1937
Assets—-
$3,372,570
71,158
—
Dividends receivable
equivalent to Federal in¬
predecessor companies, $19,271,264), mar¬
come
tax cost to
27,401,708
ket value
Participation certificates in corporation formed to liquidate
closed bank, carried at amount of claim ($50,834) less allow¬
ance for estimated possible loss ($33,042)
17,792
910
Prepaid insurance
$30,864,138
Liabilities—
Reserve for organization expenses
Provision for New York State franchise tax
266,925
Reserve for New York State franchise tax on
on
$35,000
—
unrealized profit
244,000
investments in common stocks
Reserve for exchange of outstanding purchase warrants
of prede¬
companies for capital stock
123,920
Capital stock ($1 par) issued or issuable 4,338,746 shs. (incl.
478,433 shares held in treasury)
4,338,747
Capital surplus, representing excess of recorded value of assets
acquired over par value of capital stock issued or issuable in
exchange therefor, less reserve provisions charged thereto.-_ 21,118,177
Capital stock held in treasury (478,433 shs)
Dr3,149,073
Excess of market value over recorded value of investments in
wa
common stocks, $8,130,443; Deduct—Reserve for New York
(
State franchise tax on unrealized profit, $244,000
7,886,443
Total
-
-
Common Stocks at Commencement of
-.-$30,864,138
Business April 1, 1937
Market Value
Shares—
Allis-Chalmers Manufacturing Co
American Gas & Electric Co
Chrysler Corporation
12,200
Commercial Credit Co
8,800
Commercial Investment Trust Corp
24,600
Continental Can Co., Inc
9,100
du Pont (E. I.) de Nemours & Co
19,200
First National Stores, Inc
23,300
General Motors Corp
11,800
Inland Steel Co
8,827.9 International Business Machines Corp
13,000
International Harvester Co
20,700
International Nickel Co. of Canada, Ltd
3,500
Kennecott Copper Corp
1,700
Montgomery Ward & Co., Inc
16,700
National City Bank of New York
17,000
National Steel Corp
25,600
Otis Elevator Co
13,500
Pacific Gas & Electric Co
14,587
Penney (J. C.) Co__
10,650
Pittsburgh Plate Glass Co
16,200
Sears, Roebuck & Co__
— -—T-~ —
12,100
Southern California Edison Co., Ltd
2,500
Standard Oil Co. (New Jersey)
12,500
United States Gypsum Co
—
8,400
United States Steel Corp
9,500
Westinghouse Air Brake Co
21,600
6,400
11,700
Total
—V. 144, p.
_ — —
$1,485,000.00
230,400.00
1,452,262.50
736,575.00
605,000.00
1,476,000.00
1,451,450.00
902,400.00
1,462,075.00
1,410,100.00
1,411,360.51
1,355,250.00
1,430,887.50
229,687.50
106,462.50
912,237.50
1,489,625.00
972,800.00
430,312.50
1,455,053.25
1,435,087.50
1,474,200.00
323,675.00
180.3l2.50
1,477,343.75
1,021,650.00
484,500.00
$27,401,707.51
-
3183.
a
proceeds of $625,000, which will be used for the retirement of debentures.
After giving effect to the present offering, the capitalization of the cor¬
poration will consist of $2,000,000 of 5)4% debentures and 337,770 shares
of common stock outstanding out of an authorized issue of 750,000 shares.
of the
Charles H. Diefendorf, George R.
Fink, Charles T. Fisher Jr., Edwin B. Lindsay, RobertO.Lord, Fred Y.
Presley, George F. Rand, John Richardson and Alger Shelden.
Officers are Fred Y. Presley, President; H. Dudley Swim, Vice-President
and Secretary, and Robert W. Herr, Assistant Treasurer.
,
The directors have declared a dividend of 80 cents per share on the com¬
mon
The
Investors
The old
cessor
Oth. unadj. cred
Add'ns to prop,
Total.......259,916,847
Corp.
Total.
77,214
liabils.
Acer
1, 1937
(a New York cor¬
of business April
114.425
cur.
accrued..
Tax
1,406
106,128
unpaid
Unmatd.
rec.
assets.
610,987
Funded debt ma¬
tured,
commencement
Common stocks (recorded at amount
Unmat. int. aecr.
cur.assets
Deferred
591,978
payable.
wages
Corp. (MdL)—Financial Statements—
at
Cash
Int. mat.,
836.765
2.182,619
13,577,567
Audited accts. A*.
Divs
fr.
Mat'l & supplies
Other
13,577,567
Misc. accts. pay
serv.
bals.receiv.^.
Net bals.
bals.
statements
poration), Second National Investors Corp., Third National
Corp. and Fourth National Investors Corp. are given below.
companies have been dissolved.
2,294.149
Traf. & car serv.
deposits
Traf. & car.
66,672 953
66.072,748
47,520
Coll. trust notes
5,841,518
Special
$
for
527,001
Other investm'ts
Cash
1935
8
66.672,953
66,672,748
conversion...
527,001
Pledged
Unpledged
1936
Mortgage bonds 93,094,179
Inv.in affil. cos.:
National Investors
The financial
of this company successor to National Invetors
applicable due to failure to earn a taxable net income.
not
figures, from which possible
No dividends during these
by any subsidiary or affiliate.
Listing—Company has made application to list its stock for trading on
the New York Curb Exchange and has agreed, upon the request of the
principal underwriters, to make application to list its stock upon the Boston
Stock Exchange and the Chicago Board of Trade.
Company has further
agreed upon the request of Bond & Goodwin, Inc., to make application to
list its debentures upon the New York Curb Exchange.
Except as to the three months 'estimated
corporate surtaxes have not been deducted.
3 months' periods were paid to the predecessor
National Container st(ock on the New York Curb
National Union Radio
Corp.—Application Approved—
Chicago Stock Exchange has approved the application of the com¬
pany to list 345,000 additional shares of common stock, $1
par, to be
admitted to trading upon official notice of issuance and registration under
the Securities Exchange Act of 1934.—V. 144, p. 3183.
The
Inc.—Preferred, Stock Offered—An
shares of 4%% convertible serial preferred
stock (par $100) was offered May 10 at $104 per share (and
div. from May 1) by Lehman Brothers, Lazard Freres & Co.,
Inc. and King:, Crandall & Latham, Inc.
Neisner
Brothers,
issue of 25,000
redemption, in
day preceding
thereafter and
before May 1,
1943, provision being made to protect against dilution on certain contin¬
gencies.
Cumulative dividends from May 1, 1937, payable Q.-F.
Red.
in whole or in part at any time on 30 days' notice at $108 on or before May 1,
1943 and at $105 thereafter, plus in each case accrued dividends.
Com¬
pany shall semi-annually, beginning July 1, 1940, acquire for retirement as a
sinking fund (except when dividends on such stock are in default or when
there is no available surplus) a number of shares of 4 %% convertible serial
preferred stock at least equal to 1M % of the greatest number of such shares
ever theretofore outstanding.
If shares called for redemption for the sink¬
ing fund are converted, the company shall set aside funds sufficient to re¬
deem an equal number of shares, before paying or declaring and setting
apart dividends on any class of stock junior to the 4% % convertible seria
Convertible into common stock (unless called for earlier
case convertible prior to
close of business on fifth
which
redemption date) at $50 on or before May 1, 1938, at $55
on or before May 1, 1941, and at $65 thereafter and on or
preferred stock.
3344
Financial
Exchange Offer—Company offered
to holders
of its
Chronicle
outstanding 21,822
course
History and Business—Company
was
p.
New
for the
common
issuable upon conveision thereof on the New
York Stock
for their registration under the
Securities Exchange Act of
Cordage Co.—25-Cent Dividend—
The directors have declared a
quarterly dividend of 25 cents per share
the common and common B
stocks, both of $5 par value, payable
June 1 to holders of record
May 12.
Similar payments were made on
March 1, last, and on Dec.
1, 1936; a dividend of 50 cents was paid on
Sept. 1, 1936 and previously regular
quarterly dividends of 25 cents per
share had been distributed.—V.
143,
on
conditions, be
purchased by the principal underwriters.
Listing—Company has agreed to make application in due
listing of the 4M % convertible serial preferred stock and the
May 15, 1937
New Bedford
shares of 7% cum. conv.
pref. stock the right to exchange each share thereof
for 1 and 1-1 Oth shares of
the 4%% convertible serial preferred stock.
Such exchange offer
expired May 6.
Company proposes to call for redemp¬
tion the shares of
7% cum. conv. pref. stock not exchanged.
Shares of
4%% conv. serial pref. stock not required to be issued
pursuant to such
exchange offer plus shares not taken by holders of
7% cum. conv. pref.
stock pursuant thereto
will, subject to certain terms and
stock
1085.
Jersey Power & Light Co.—Earnings—-
12 Months Ended March 31—
Total operating revenues
Exchange, and
1934, as amended.
incorporated in New York April 6,
Operating
1937
radio
Other
$1,948,242
Gross
Dividends
and
Years Ended Dec. 31—
Sales (excl. of leased
departments)
Net profit
$1,032,491
$538,796
45,420
preferred stock
on
Note—No provision is made m this statement for
Federal surtax
distributed profits, if any, for the year 1937.—V.
144, p. 1116.
New
un¬
on
Jersey Zinc Co.—Earnings—
Quar. End. Mar. 31—
Total
x
income
Dividends
The holders of the outstanding 7% cum. conv.
pref.
stock were offered an
opportunity to exchange their shares of such stock
for shares of the
4%% convertible serial preferred stock.
Company
intends to call for
redemption on or about June 10, 1937, at 8115 per share
plus divs., all shares of 7% cum. conv.
pref. stock not so exchanged and,
after the redemption date
thereof, to amend its certificate of incorporation by
deleting therefrom all provisions relating to the
7% cum. conv. pref. stock
and the
cum. pref.
stock, so that thereafter the authorized capital
stock will consist of
35,000 shares of serial preferred stock and 400,000
shares of common stock.
Sales
$742,361
203,565
626,400
40,524
Balance
series.
In connection with
the plan of recapitalization, the authorized
shares (no par) were changed into the
same number of shares of
stock (par 81).
•
$1,236,056
203,565
funded debt..
Balance of income.
for the creation
more
Crl57
$1,457,372
626,400
51,067
45,421
CY7.876
on
unfunded debt
Amortization of debt discount and expense.
Interest charged to construction
of a new class of stock
(par 8100) designated as "serial
preferred stock" and consisting of
35,000 shares (of which the 25,000 shares
4%% convertible serial preferred stock offered are a part), issuable in
or
income
on
Interest
25,000 shs.
None
Common stock (no par)
400,000 shs.
204,932 shs.
At the annual meeting of stockholders held
on April 10,
1937, a proposed
plan of recapitalization was
approved by the stockholders which provided
one
income
Interest
Outstanding
21,822 shs.
25,000 shs.
__
Operating income
accessories, household goods, hosiery, toilet articles, stationery,
electrical supplies, hardware,
glassware, shoes and slippers, toys, jewelry.
&c.
A soda fountain and
luncheonette service is operated in 48 of the
stores, and in some of the stores certain
departments are leased to others
on the basis of a
percentage of sales.
The stores operated by the company
and its subsidiaries are located
in Colorado, Delaware,
Illinois, Indiana,
Iowa, Massachusetts, Michigan, Minnesota,
Missouri, Nebraska, New
Jersey, New York, Ohio, Pennsylvania, Virginia and Wisconsin.
Capitalization—As of Dec. 31,' 1936, the capitalization was as follows:
Authorized
$1,008,068
449,304
1,346,110
Other taxes
5 cents to 81.
Such merchandise is of the general character
commonly sold
in such chain
stores, and includes clothing, novelties, small wares, candies,
Title of Issue—
367,222
550,053
176,887
327,080
$3,809,703
1,321,562
462,222
574,806
137,088
305,957
$1,515,114
433,128
1916.
Was organized to acquire the assets and
business of Neisner
Brothers, a partnership which began business in 1911.
Company and its
wholly-owned subsidiary, Neisner Brothers Inc. of Va.,
operate a chain of
101 retail variety stores
selling general merchandise at prices ranging from
7% cum. conv. pref. stock (par 8100)
6>3% cum. pref. stock (par 8100)
1936
$4,282,466
expenses
MaintenanceProvision for retirements
Federal income taxes
1937
$2,169,841
yl.963,264
Surplus
1936
1935
1934
$1,074,179
$1,060,889
981,632
$1,092,207
981,632
981,632
$206,577
$92,547
1.963,264
1,963,264
$1.11
$0.55
$79,257
$110 574
1,963,264
$0.54
1,963,264
$0.56
Shares capital stock out¬
standing (par $25)...
Earnings per share
*
This item, which includes divs. from sub.
cos., is shown after deductions
x
for expenses,
taxes, maintenance, repairs, depreciation nad contingencies.
y Includes extra dividend, $981,632, payable
May 10, 1937.—V. 144,
2311.
p.
common
New York Central
common
RR.—Earnings—
[Indluding all Leased Lines]
1937—Month—1936
1937—3 Mos.—1936
Ry. operating revenues $34,832,708 $29,093,943 $94,024,618 $85,286,164
Ry. operating expenses. 24,599,406
22,060,101
69,860,009
65,973,806
Earnings
Period End. Mar. 31—
1936
1935
1934
_-820,927,883 818,625,732 816,569,651
bl,156,331
918,699^
827,787
a After
deducting Federal normal income-taxes, State franchise and in¬
come taxes,
b Net profit for 1936 before
provision of 8115,555 for Federal
undistributed profits tax was 81,271,886.
Principal Underwriters—Principal underwriters were as follows:
_
a
Net rev. from ry. oper.$10,233,302
Railway cax accruals
2,647,628
Equip. & joint fac. rents
1,301,198
.
Net ry. oper. inc
Percentage of Remaining
$6,284,476
1,693,117
$3,398,320 $13,183,938
1,567,856
6,052,900
$7,977,593
127,917
4,364,039
Other income
$4,966,176 $19,236,838 $13,647,729
Stock to Be Purchased
Lehman Brothers, New York
Lazard Freres & Co.,
Inc., New York
King, Crandall & Latham, Inc., New York
—V. 144, p. 3183.
40%
30%
Misc. dedxict. from inc
30%
Total fixed charges
Total income
$7,033,842 $24,164,609 $19,312,358
2,206,756
7,067 446
6,214,812
1,428,766
3,913.225
4,321,557
....
.
114,329
4.800,911
•
$8,775 989
4,871,740
397,826
13,543.918
382,235
14,306,675
Net income after fixed
Nevada-California Electric Corp. (&
Subs.)—Earnings
Month Ended
Periofl—
Operating revenues
Maintenance
...
Other operating expenses
Taxes
Depreciation
Feb. 28 '37
8465,401
19,108
183,908
43,354
47,508
—12
Mos.
charges.
Feb. 29 '36
Feb. 28 '37
Feb. 29 '36
8510,387
12,056
230,795
40,428
50,117
85.719,144
1 87,799
2,157,456
532,771
85,469,445
$50,936
$0.59
$0.01
,
Note—Does not
1 51,677
$5,295.094def$l,041,181
$0.90
include accrual for excise tax account
Nil
Railroad
Retire¬
ment Act.
1,996,413
491,051
617,477
601,099
$3,485,637
Net income per share of
stock as of the end of
March
Ended
Trustee—•
The Guaranty Trust Co. of New York has been
appointed trustee for
authorized issue of $41,097,000
principal amount of 15-year secured
3lA% bonds, due May 1, 1952 (convertible to and including April 30, 1947,
unless called for previous
redemption).
an
Net oper. revenues...
Other income
8171,522
5,069
8176,990
2,307
82,240,017
75,952
82,212,827
75,488
Gross income
Interest
8176,591
111,189
8179,297
113,863
82,315,970
1,340,609
82,288,315
1,406,777
7,101
1,472
8,089
1,161
89,174
12,680
100,328
13,286
$56,829
$56,183
$873,507
$767,923
Amortization of debt dis¬
count
and expense...
Miscellaneous
Net
Profits
income
retirement of
bonds and debentures.
Other
on
mis.
debits
credits to
sur.
(net
def461
defl,107
def9,594
Crl,056
4,163
redemption of bonds,
dividends, &c._
to
p.
75,461
Commission uniform system
Comparisons with earlier periods will be
3010.
n
Assistant
Secretary,
elected a director to fill a
the board at the recent annual stockholders' meeting.—V.
144,
New York
859,749
of
accounts
Jan.
1,
-
Gross operating revenue
Net income after interest,
amortization,
Before any provision for surtax
on
1,993,238
Total gross
earnings..$14,132,562 $13,769,946 $54,534,293 $52,177,520
4,920,102
4,916,708
19,047,297
18,669,650
763,767
905,366
3,677,071
3,548,196
(tentative)
1,305,391
1,251,290
4,734,822
4,413,008
costs.
Consolidated balanceInterest on funded debt.
$4,701,112
1,607,371
Amort, of debt discount
►
and expense.
Miscellaneous
interest..
Oth. chges. against inc..
Pref. divs. of subs
Minority interest in
Consolidated balancePreferred dividends
Consolidated balance-
117,071
40,667
17,910
962,790
3,851,145
294,390
219,177
1,049,757
$1,659,831
994,380
$1,242,482
662,946
$6,121,571
3,646,053
$579,537
$2,475,518
$1,832,942
Operating
revenues
Uncollectible
Operating
oper. rev..
revenues.
__
expenses
1937—Month—1936
1937—3 Mos—1936
$6,191,076
$5,903,267 $18,043,888 $17,201,379
16,738
$6,174,338
4,432 856
13,580
41,175
was
taxes.
$1,741,482
678,365
$5,344,258
2,048.733
Net operating income-
$1,063 ,117
$1,034,755
$3,295,525
to
Light Co.-—Earnings—
1937—3 Mos—1936
1937—12 Mos.—1936
$6,538,550
deduct'ns
4,261,434
$6,125,083
4,129,578
$1,995,505
Drl,861
$7,902,129
Dr7,551
$7,723,330
Cr3,137
$2,274,543
1,158,400
$1,993,644
1,163,691
$7,894 577
4,662,578
$7,726,467
4,731,505
$1,116,144
$829,953
$3,231,999
$2,994,962
rev.
Gross income
Deduct, from gross inc..
Net income
$24,829,816 $24,326,959
16,927,688
16,603,629
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V.
144, p. 2»665.
Niagara Falls Power Co. (& Subs.)—Earnings—
Per. End. Mar. 31—
Operating
.
Oper.
rev.
re venues.
deductions..
1937—3 Mos —1936
$2,999,849
1,589,515
Operating income
$1,410,334
Non-oper. income, net..
60,676
$4,732,045
1,697,019
Deducts, from
Net income
—V. 144, p. ?184.
May 18 elected a director of the railroad
144, p. 3184.
1937—12 Mos.—1936
$2,446,314 $11,487,282 $10,442,576
1,480,285
6,055,713
5,666,708
39,983
$5,889,687 $18,002,713 $17,161,396
4 282 718
12,658,455
12,429,351
$1,606,969
572,214
on
revenues
Gross income
Net oper. revenues
Operating
1936
$28,977
Operating income
$2,277,116
Non-oper. income, net..
Dr2,572
England Telephone & Telegraph Co.—Earnings—
Period End. Mar. 31—
1937
$99,139
144, p. 2490.
Period End. Mar. 31—
$4,484,725
2,651,783
$665,451
1936
$54,209
the late Edward Milligan.—V.
Operating
Operating
845,452
511,682
151,582
413,588
Eighth Ave. Coach Corp-
1937
New York Power &
488,266
187,417
105,282
3,851,568
—V. 144, p. 3009.
Operating
succeed
8,099,270
133,837
36,896
6,000
962,786
profits
New York New Haven & Hartford RR.—New Director—
$4,502,766 $18,876,953 $17,447,397
1,902,668
6,777,628
7,484,688
net
earnings of subs...
New
8,198,149
or excess
After
Morgan B. Brainard
2,193,815
undistributed profits
$90,430
Net income
taxes.-^V.
Taxes—Federal, State &
2,442,190
613,989
618,386
x427,210
depreciation, amortization, Federal normal taxes, interest, &c.,
but before any provision for surtax on
undistributed profits or excess ptfits
Maintenance
municipal
$2,841,926
&c._
—Mad. Ave. Coach Co.
3 Mos. End. Mar. 31—
x
x
f
Coach
Earnings of Affiliated Companies
Period End. Mar. 31—
1937—3 Mos—1936
1937—12 Mos—1936
Gross oper. revenue
$13,777,378 $13,256,570 $53,097,385 $50,184,282
Other income
355,184
513,375
Deprec.
Eighth Ave.
Balance after depreciation and Federal normal income
taxes..
Total income
1937.
tax.
Operating
and
Earnings for 3 Months Ended March 31, 1937
England Power Association (& Subs.)—Earnings
1,436,908
(& Subs.)—Earnings—
Inc.,
Corp.]
x
New
was
City Omnibus Corp.
957,673
approximately accurate.—V. 144,
3183.
p. 3184.
'
• '
^
Chicago & St. Louis RR.—New Director—
Collister,
[Consolidating Madison Ave. Coach Co.,
56,132
Power
C.
vacancy on
Note—This statement properly omits
extraordinary credits and debits
surplus arising from sale of property, amortization of pension
fund, &c.
The slight change in presentation of this statement results
from adoption
i
of Federal
P.
New York
C.
6,359
Earned surplus avail, for
of Subsidiary Called—
Central.—V^l44,
196,109
CV19.093
and
dr.)
Bonds
This company has announced the call for
redemption on July 1 at 105
of the $2,067,000 Kanawha & West
Virginia RR. Co. 5% 1st mtge. bonds
due July 1, 1955.
Of these bonds $590,000 are owned by the New York
$3,035,026
gross inc.
$1,471,010
284,881
$1,186,128
$966,029
52,674
$5,431,569
213,231
$4,775,867
203,073
$1,018,703
454,481
$5,644,800
1,544,825
$4,978,940
1,823,029
$4,099,975
$3,155,911
$564,222
Note—No provision has been made for
possible surtax on undistributed
profits under the 1936 Federal income tax law.—V.
144, p. 2492.
Volume
Financial
144
Balance
$7,331,798 $30,126,380
2,858,005
11,139,363
$27,717,404
11,631,091
54,473,792 $18,987,017
11,879,197
income
',828,791 x$4,207,116
!,378,630 x$l,505,267
Divs.
on pref. stocks of
Niag.-Hud. Pr.Corp.
417,069
417,069
$2,961,561
$1,505,266
$7,411,722
$4,207,116
x Changed to give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 2492.
Balance
-
Niagara Lockport & Ontario Power Co.
Per. End. Mar. 31—
(& Subs.)-^-
1937—12 Mos.—1936
$2,403,339 $11,333,848 $9,394,644
xl ,714,400
8,363,970 x6,799,524
1937—3 Mos.—1936.
Operating re venues
$2,887,485
Oper. rev. deductions—.
2,130,012
4,380
$761,853
401,568
Gross income
Deducts, from gross inc.
Net income...
$2,969,878
16,816
$688,938
3,039
$691,977
383,484
$757,473
Operating income
Non-oper. income, net..
18,093
$2,986,694
1,577,084
$2,613,213
1,560,277
Niagara Share Corp. of Md.—New Director—
was
Nineteen
elected
144,
p.
a
director of the corporation to
succeed
3011.
Corp.—Admitted
Hundred
to
hiding
and
Registration—
has admitted the class B stock,
listing and registration.—V. 144, p. 2663.
The New York Curb Exchange
North
Noranda Mines,
Total recovery...
x Cost of metal produc'n
_
Reserved for taxes
reserve
Estimated
earns, per
1944.
be used by the company to effect the re¬
or exchange of its outstanding preferred
capital, to remodel or add equipment in retail
outlets, or to retire short-term debt.
Upon completion of the financing, and of the retirement of the old pre¬
ferred, outstanding capitalization of the company, which has no funded
debt, will consist exclusively of 15,000 shares of 5% cum. pref. stock,
$100 par, with common stock purchase warrants attached, and 175,266
shares of common stock of $2.50 par value.
The company reports net income of $286,117 and $360,493, respectively,
for the fiscal years ended Oct. 31, 1935 and 1936, whereas annual dividend
requirements on the 15,000 shares of 5% cum. pref. will be $75,000.
Company, originally incorporated in 1912, is engaged in the manufacture
of men's fine and medium grade shoes and their distribution both at whole¬
sale and retail.
The company and its subsidiary operate 92 retail outlets
in 31 States and the District of Columbia, including 8 in New York.—V. 144,
Operating
14.657,781
$1,257,344
$0.73
266,144
$20,756
4,385
$69,404
15,449
$67,132
13,155
$16,788
Net operating income.
$165,713
98,581
$16,371
$53,955
$53,977
—V. 144, p. 2141.
Ohio Edison
Co.—Listing—
The New York Stock Exchange has
Operating expenses
Provisions for income taxes
1,058,919
a!65,000
undistributed income.
$4.12
$0.45
preferred stock..:
stock
Earnings per share on common
Balance Sheet Dec.
31, 1936
Liabilities—
Assets—
$129,093
Cash
Accounts
$99,531
payable.
U. S. Govt, securities.
Non-operating
Accrued taxes _..;.
Accounts receivable—net
154,904
Inventory.
642,966
Other assets
...
_
.
— —
1,588,197
89,984
Land and buildings—net
Gross incoine
interest on funded debt
Amortization of bond discount & expense....
Other interest charges
Interest
during construction.
Dividends on preferred stocks of subsidiaries
Div. on pref. stks of subs, accumulated but not
declared—portion earned
Minority interests
i
...
Total
—Y.
p.
Appropriations for retirement reserves.
Interest charges of North American Light & Power
Co. (Inch amort, of bond discount & expense)
inc.,
exel.
$7,069,855
4,702,094
Oklahoma Natural Gas Co.
period arising from excess of pref. div. accu.
$1,115,644
earnings of such subs
on preferred stocks of subsidiaries ac¬
498,298
cumulated but not declared—portion not earned
mo.
$1,116,068
but not declared over
989,241
Taxes
.
i'_
_
$126,827
$617,346
surtax on undistributed income shown in
the consolidated income statement for the 12 months ended March 31, 1937
a
The
provision for
Federa
1936 for the year 1936.
No provision has been made
for the surtax for the three months ended March 31, 1937, and no provision
for the three months ended March 31, 1936 is included in the consolidated
income statement for the 12 months ended on that date.—V. 144, p. 2141.
was
made in
.
•
_
■
_
Utilities, Inc.-
1937—3 Mos.—1936
-Earnings—
„
Operating revenues
$1,526,750
Oper. revenue deduction.
980,257
$1,233,690
x809,278
16,089,877
4,141,143
$5,032,519
x3,412,770
$546,493
1,037
$424,412
$1,948,735
3,711
_
_
.
Net operating revenues
Non-operating income (net)
1,056
— — —
—
$4,016,510
?23,160
afi74,465
:
- _ - - -
98,231
Balance.
$3,796,757
1,210,014
$4,114,741
1,373,084
Gross income.
$2,586,743
1,584,353
$2,741,657
1,711,146
$1,002,390
$1,030,511
..
Deduct, from gross inc.
$1,952,445
/ 238,422
$425,468
241,985
955,617
$1,627,011
974,062
$309,109
x$183,483
$996,828
$652,949
$547,530
■
Changed to give effect to major adjustments
1936.
Note—No provision has been
made later in
the year
Consolidated Balance Sheet March
1937
Prop,
plant & eq.60,673,053
Cash
Northwestern Bell Telephone
Period End. Mar. 31—
Operating revenues
Uncollect, oper. revenue
Co.- -Earnings—
1937—Month—1936
$2,773,144
9,570
$2,635,614
7,055
1937—3 Mos —1936
$7,765,956
$8,150,092
31,233
Accts. receivable..
Interest
receivable
Materials & suppl.
1,252,932
6,714
792,914
3,041
378,517
65,686,920
93,659
6,714
704,717
1.639
349,059
25,724
25,071
28,419
Sinking fund
Misc. investments
156,801
189,273
2,641
Prepayments
Unamort
1937
74.925
,
2,817
preference stock 2,220,000
Preferred stock
4,552,500
Common stock... 8,249,790
1st mtge. A
retired
Aocounts payable.
Net oper. revenues.
Operating taxes
Net oper.
-Y. 144, p.
income..
2493.
$2,628,559
1,869,934
58,118,859
5,354,062
$802,810
330,606
$758,625
282,227
$2,764,797
1 024,045
$472,204
$476,398
$1,740,752
$1,373,823
500,000
250,770
1,169,084
certificates
1,294,042
2,748
2,650
32,413
(unclaimed)
17,681
22,611
Taxes accrued
455,241
412,440
736,551
542,356
Retirement reservel5,347,550
count & expense
Divs.
19,857.226
106.294
30,212
surplus... 2,778,028
3,202,981
Misc. assets
Unadjusted
10,754
debits
$2,221,703
847,880
'
28,347,925
366,598
1,184,781
72,347
$7,740,232
5,518.529
$2,763,574
1,960,764
dur¬
ing 1936
Notes payable
Interest
Operating revenues.
Operating expenses. __.
8,249,790
10,000,000
Conv. debs. 5s
Issues
4,552,500
4^8.-18,554,000
Consumers' dep...
debt dis¬
$
prior
6%
Conv.
1936
$
Liabilities—
$
net
for
31
1936
$
*
Special deposits.._
made for possible surtax on undistributed
law.—V. 144, p. 2666.
profits under the 1936 Federal income tax
122,100
No
Notes receivable..
Net income
6% prior preference stock.
provision has been made for the Federal surtax on undistributed
income for the fiscal year beginning Dec. 1, 1936, since any liability
such tax cannot be determined until the end of the fiscal year.
a
Assets
Gross income
1936
57,612,156
2,793,199
154,588
647,858
43,194
$1,619,749
7,262
Operating income
Non-operating inc., net.
x
1937___
$3,753,562
— -_
u -1
Divs. paid & accr. conv.
1937—12 Mos.—1936
the
holders of record
(& Subs.)—Earnings—-
Net income.
Period End. Mar. 31—
198,880
39,777
of 60 cents per share on
Dec.,
Northern New York
<
1,040,670
.. -.
$7,568,171
2,916,983
Maintenance.......
■
1,490,100
dividends of 50 cents per share were
12 Months Ended March 31—
Dividends
-
$2,812,027
Operating revenues
Operation
of def. of certain subs, for the 12
-
.—
-.... .
value, payable June 30 to
Previously regular quarterly
distributed.—V. 144, p. 3185.
1,304,376
.
Co.—b0-Cent Dividend—~
declared a dividend
have
class A common stock, no par
$7,015,983
4,595,539
1,252,116
par)
-
1949.
directors
The
Cr725
-
Total
$2,812,027
---
-
137,
Ohio Water Service
1,857,447
2,348,400
Crl,253
no
_..
Capital surplus.....
Earned deficit..
r
June 15.
Net
22,624
7% pre! stock (14,901 shs.)..
Common stock (78,652 shs
$ 19,075,562 $18,800,711
8,119,504
8,450,446
268,698
309,319
58,368
51,605
Cr28,575
Cr41,138
1,179.069
1,219,271
revenues
206.883
$18,173,651 $18,081,515
901,911
719,197
Net operating revenues
3013.
1936
$7,877
$0.51
loss $0.23
1937
$61,35o
3 Months Ended March 31—
Earnings per share on
3,001,571
3,244,959
788,023
3,339.482
Jan. 1, 1972.—V. 144, p.
Co.—Earnings—
Net income after taxes.
1936
3,703,761
-
authorized the listing of $26,560,000
bonds, 3H % series of 1937 due
1st mtge.
$45,147,664 $43,112,883
17,996,816
18,706,851
Taxes, other than income taxes
967
$179,100
109,696
$21,844
5,056
Operating taxes
Light & Power Co.—Earnings—
Maintenance
$166,680
525
$55,227
34,471
Ohio Seamless Tube
1937
$179,625
$59,510
37,666
Net oper. revenues.__
:$1,645,796
$0.56
142,790
—1936
1937—3 Mos.
1937—Month—1936
$59,685
$55,549
322
175
Operating revenues
Operating expenses
$0.87
12 Months Ended March 31—
on
Telephone Co.—Earnings—
revenues
$3,501,744
1,494,094
238,500
$1,952,288
140,511
Total operating revenues
Provision for Fed. surtax
by redemption
Uncollectible oper. rev__
general expenses.—V. 144, p. 2492.
North American
either
stocks and to add to working
Including mining, customs, re-treatment and delivery, administration
x
and
before
tirement
:$1,911,940
$1.17
share before July 31,
a
Ohio Associated
$1,467,344
210,000
$2,092,800
sh_
preferred stock.
for common stock are exerciseable are as
1938; $25 a share from July 31. 1938
July 31, 1940; $27.50 a share from July 31, 1940 and before
1942; and $30 a share from July 31, 1942 and on or before July 30,
$22.50
July 31
:$1,769,150
$2,743,931
120,000
;
for deprec'n
20,988,215
$3,287,409
1,776,054
130,000
62,160
_
new
The prices at which the warrants
Period End. Mar. 31—
1934
1935
$2,030,641
83,994
$2,623,931
Total income
_
11 shares of the
follows:
P.3185.
$1,381,355
85,989
$2,659,937
Operating income
Miscellaneous income.
Becker
Co., Inc.; Edgar, Ricker & Co., and
_
this department.—V. 141, p. 762.
1937
V
1936
17,110,265
16,2^7,127
$4,883,702
$4,097,481
1,713,765
1,656,841
510,000
410,000
Lbs. of anodes produced.
G.
Offered—A.
Co.—Stock
Shoe
Loewi & Co. offered
on May 13 at $100 a share 15,000 shares 5% cum. pref. stock
with common stock purchase warrants attached entitling
holders to purchase, for each share of preferred stock, two
shares of common stock on or before July 30, 1944.
The
public offering is subject to the prior right of subscription
given the common stockholders and also to the right of holders
of its outstanding 7% preferred stock and 7}4% preferred
stock, second issue, to exchange their stock for the new pre¬
ferred in the ratio of 10 shares of preferred stock now held for
Ltd.—Earnings—
3 Mos. End. Mar. 31—
Est.
$1 par,
Mining Co.—Registers with SEC-—
Butte
See list given on first page of
a
cum.
Proceeds of the financing will
$1,409,610 x$l,052,936
x$308,493
Changed to give effect to major adjustments made later in the year 1936.
Note—No provision has been made for possible surtax on undistributed
profits under the 1936 Federal income tax law.—V. 144, p. 2665.
Walter Van Tresckow
7%
Nunn-Bush
&
and
$360,284
Percy Mayes, resigned.—V
the
—V. 144, p. 2494.
$2,595,120
x
to
of
$16,086,313
11,158,226
2,968,526
2,265,598
meeting held May 4 declared dividends of $1.75 per share
pref. stock and $1.50 per share on the 6% cum. pref. stock
the company, payable on June 1 to holders of record May 20.
See also V. 143, p. 3157, and V. 143, p. 2855, for detailed dividend record.
Directors at
pref. stocks of
subsidiaries
Co.—Accumulated Divs.—
Northwestern Public Service
65,371
$8,323,973
2,679,745
year.—V. 144, p. 3185.
pared^with the corresponding week last
on
*
(Minn.)—Weekly Output—
States Power Co. system for the week
May 8, 1937 totaled 24,033,524 kwh., an increase of 5.6% com-
Electric output of the Northern
ended
$27,652,033
$5,644,228
Gross income
Net
$7,298,118 $29,873,053
33,680
253,327
$8,264,316
59,657
Deduc. fr. gro$s income.
on
$76,460,668
x48,808,636
$22,273,240 $19,926,758 $83,212,039
14,008,924 xl2,628,640
53,338,986
Operating income
Non-oper. inc. (net)--.
Divs.
1937—12 Mos.—1936
1937—3 Mos —1936
Operating revenues
Oper. rev. deductions
Northern States Power Co.
Earnings
Niagara Hudson Power Corp. (& Subs.)
Period End. Mar. 31—
3345
Chronicle
accrued..
Operating reserves
Unadjusted credits
Earned
Total
64,599.229
-V. 144, p. 3013.
67,245,553
Total
116,203
21,663
64,599,229 67,245,553
3346
Financial
Chronicle
Oklahoma Gas & Electric
Co.—Definitive Bonds Ready—
The
Manufacturers Trust Co., as exchange agent, is now
exchanging
temporary bonds for definitive bonds of Oklahoma Gas & Electric Co.
1st mtge.
3%% bonds of the series due 1966.
Temporary 4% debentures due Dec. 1, 1946 may be exchanged for
definitive
New
debentures
at the office of the Schroder Trust
Co.,
at the office of the Harris Trust &
Savings Bank,
York, and
—V. 144, p. 3013.
^*===22="
..—...HI,
Olympic Forest
trustee,
*»»■*..<
v-7-;
■.
Products Co.—Accumulated Dividend—
The directors have declared a
dividend of $2 per share on account of
accumulations on the $8 cumulative
preferred stock, payable June 1 to
holders of record
May 15.
A dividend of $4 was paid on April 15,
last, and
dividends of $2 per share were
paid on March 1, last, Dec. 1 and on Aug.
20,
1936—V.
144,
p.
2314.
Oppenheim Collins
Net; sales.
1936
1937—Month—1936
revenues
$56,145
38,179
10,878
Oper. exps., incl. taxes..
Operating income
$741,475
456,473
132,997
$717,592
415.899
86,895
$152,005
31,998
$214,798
35,833
$13,839
3,950
$184,003
47,400
231
281
1.594
55
_
$11,562
2,277
$9,265
3,950
Gross income
Interest on funded debtOther interest
Other deductions
Divs. accr. on pref. stock
Income for the year
63
$250,631
53,340
1,683
2,929
98,055
$94,624
6,662
7,715
1,443
80,222
$1,830
$53,344
Earnings for 3 Months Ended March 31
1.500
Outboard, Marine & Manufacturing Co.—Earnings—
Period Ended March
31, 1937—
Gross profit on sales
3 Months
6 Months
$459,254
266,580
expenses_
$536,988
421,711
$192,674
13,004
Selling, general and administrative
-
$115,276
20,319
$205,678
2,576
27,000
Provision for depreciation included
above
Note—No provision is included in this
statement for Federal
or surtax on undistributed
earnings.—V. 144, p. 2494.
Gross income
1937
1936
1935
Investments
Net profit
Previous balance
Cash
on
for
prov.
$2,607,055
195,890
$2,636,241
1,976,498
119,639
76,000
52,568,177
$491,927
1,929,789
$464,105
1,826,731
$514,690
1,642,408
paid
on
$2,421,716
$2,292,186
61,461
17,250
273,405
47,068
15,750
223,696
14,250
571,665
common
stock
$2,157,098
64,815
on
400.000
400,000
$10)..
700,000
700,000
178,865
3,160
Alin.
int.
Coast
Pac.
Cera.Corp
Bonds.....
Deferred
...
179,091
170,876
6,099,270
5,918,785
13,012
liabilities
366,135
365,601
Current liabilities.
506,243
395,620
value of cap.stk.l 1,272,500
11,272,500
Cap.
cash
surplus
thru
reduction of par
70
570
127,319
139,392
-....
.
Capital deficit thru
8,257,192
8,257,192
828,440
1,257,149
1,259,651
10,989,838
thru
10,687.477
ap-
of llmerock
deposits
.
.....
Earned deficit
10,989,838
.
828.440
10,687,477
Total...
Pacific
Telephone & Telegraph Co.-
-Earnings—
Period End. March 31—
re venues
Unceollectible oper. rev.
Operating
1937—Month—1936
1937—3 Mos.—1936
$5,618,170
$5,131,483 $16,170,710 $14,980,644
21,250
18,200
60,550
52,192
$5,596,920
3,866,988
revenues..
$5,113,283
3,475,164
$16,110,160 $14,928,452
11,006,385
10,276,602
$1,729,932
$1,638,119
$5,103,775
93
70
234
232
736.826
654,269
2,173,511
1,910,984
$993,199
$983,920
$2,930,498
$2,741,098
Rent from
Net operating income.
—V. 144, p. 2840.
Pan American Airways
Corp. (&
Calendar Years—
42,869
x57,081
xl0,280
3,840
1,243
$2,039,877
$2,015,924
$1,929,789
$1,826,732
99,420
$5.99
99,420
$4.32
99.420
on com
Treasury stock purchased,
$3.88
Including $2,500, surtax
y
profits.
1936
on
99,420
$4.34
undistributed
Subs.)—Earnings—
1935
1934
&c___.$10,917,543 $10,127,838
Oper. exps., incl. salaries
maint., depr., tax., &c
1933
$9,642,569
$8,992,515
9,962,191
8,934,106
8,578,097
8,094,027
Sundry adjustments..__
$955,352
867,897
247,140
$1,193,732
943,796
686,386
$1,064,471
721,779
Dr95,118
$898,488
188,328
Dr80,053
Cons. surp. from oper.
$2,070,389
$2,823,916
$1,691,133
$1,006,762
71,425
1,090,529
376,566
798,917
409,166
315,819
284,983
93,273
303,754
19,247
761,289
22,351
$511,407
$867,897
$1.85
$943,796
Net profit for year
out¬
standing (no par)
$4,651,850
lgase of oper¬
Inc. from opers.,
stock purchased.
Miscell. surplus charges.
common
in
no
assets
62,198
x
par)
Com. (70,000 shs.
Surplus
1,250
mon
Earns, per sh.
deposit
152,500
shs.
valuation of cap.
18,750
198,850
disposition of in¬
of
150,275
2,766
Sinking fund
152,500
stock
(40,000
371,194
385,414
no
Operating taxes
direct service equip
Premiums paid on com¬
Shares
487,503
399,508
Supply Inventories
Working funds...
County and
city
1,855,824
113,663
84,000
1,349
$2,661,321
34,279
purch. for retirement.
Add'l Federal inc. taxes
for prior years
on
206,574
shs.
par)
pref.
par
inventory..
$
stock
ated property
_
Loss
81,744
rec.
less reserves
Operating
1,915,008
119,498
80,621
prior
Total surplus
Divs. on 1st pref. stock.
Divs. on 2d pref. stock.
Premium
328,751
hand and
pref.
(15,250
2d
in banks
M dse.
1st
268,412
67,231
.....
1935
$
Liabilities—-
545,663
receivable
1934
year Fed. income tax.
on
1936
$
8,710,389
Notes & contracts
$2,470,400
97,777
$645,397
2,015,924
Federal taxes
Divs.
1935
$
Capital assets.. 8,752,890
Intangible assets..
260,723
a
Total
yll6,200
Expenses.
Deprec. & amortization.
un¬
profit
$2,507,718
128,523
$2,466,690
140,365
$2,923,925
2,037,422
124,907
or
a After
reserve for depletion and depreciation
$3,836,996 in 1936 and
$3,865,417 in 1935, and reserve for revaluation of $6,885,359 in 1936 and
$7,295,268 in 1935 —V. 143, p. 3008.
1936
722,477
201,448
loss$10,619
Consolidated Balance Sheet Dec. 31
3 812
(The) Outlet Co.- -Earnings—
Years Ended Jan. 31—
Gross operating profit-_ I
Other income
$83,490
68,795
25,314
_—.
27,000
excess
$667,478
583,988
Note—The above figures do not include
any provision for income
distributed profits tax.
$104,783
55,341
tax
Coast
1936
$34,203
...
urec
profit
Pacific
$110,669
65,129
11,337
^
$135,595
$176,102
28,073
Other charges
Prov, for Wisconsin & Federal normal inc.
taxes..
the
$764,642
653,973
_
Other charges to profit and loss—Net
Deferred charges.
Net profit
in
1937
Net income from operations
Interest and bond discount—Net
warrants
Net profit from
operations—i
Other income
interest
Oper. expenses (incl. deprec., deplet. & taxes).
Notes & accts.
Excess
company's proportionate
3 Months Ended March 31—
Gross earnings
Assets—
3,000
24,103
15,100
a
Excluding depreciation of transportation, shop, stores and
laboratory
equipment and depreciation of
non-operating property, such depreciation
being distributed among the various
operating property, operating expense
or other accounts
applicable.—V. 144, p. 2667.
Net
$68,719 loss$134,216
earnings tax—-company
..
Net profit for period
def$ 1,633
Balance, surplus
Fed. inc. taxes included
in operating expenses
—
$76,935 loss$155,660
8,216
Cr21,444
No provision made for Federal undistributed
'
disclaiming liability.
[Including the
Corp.]
$7,088
2,177
Other income
$164,386
289,080
27,572
3,393
$400,917
278,889
31,690
3,393
xlO.Oll
...
Cement
1937—12 Mos.—1936
$54,462
34,318
8,582
—
,
Net income from operations
Interest and discount on bonded debt
Other interest—Net
Amort, of lease expenses Pacific Coast Cement Co.
Provision for Federal income tax
$2,261,312
Orange & Rockland Electric Co.—■Earnings—
Operating
—
Net income
$2,475,744
—Y. 144, p. 1795.
Depreciationa
v
x
1937
$2,286,319
1,706,285
304,215
111,433
324,413
113,244
Taxes
Co., Inc.—Net Sales—
1935
1936
$2,759,999
1,921,425
Operating expenses
Depreciation and depletion
Minority interest—Pacific Coast Cement Co.
■
&
3 Months Ended
April 30—
Period End. Mar. 31—
(& Subs.)—Earnings—
Years Ended Dec. 31—
Gross earnings
Chicago.
1937
15,
May
Pacific Coast Co.
Previous surplus
Balances approp. for res.
for self-insured risks..
Dividends
Amounts approp. for and
adjust, of sundry res.
Other charges
.
Balance Sheet Jan. 31
1937
1936
$
Assets—
y
S
Land, buildings,
fixtures, &c
$3,225,311
Cash
Accts.receivable..
Inventories..
Other assets
Deferred charges..
1937
$3,270,019
144,540
1,519,172
1,301,256
19,511
157,990
1.423,608
1,186,112
20,628
56,189
50,635
$489,700
225,000
250,000
Common stock..
1,888,980
Accounts payable.
274,604
1,888,980
181,483
67,424
65,597
155,257
92,395
22,894
1,102,021
2,015,924
x
Accrued accounts.
Reserve for taxes..
Insurance
$6,265,980 $6,108,9931
x
Represented by 99,420
zation.—V. 144, p. 288.
no par
Total
shares,
y
Pacific Public Service Co.
(&
[Including Coast Counties
3 Months Ended March 31—
reserve.
23,117
_*>
1
....
.
Profit
Divs. on pref. stock of sub.
company.
1936
173,578
84,637
$1,248,569
478,136
40,365
167,592
70,840
1,111,936
437,406
30,522
150,152
84,573
$491,634
11,853
$409,281
12,383
$571,864
70,300
3,229
$503,487
74,800
3,228
907
327
x8l,200
62,783
$421,665
125,262
2,085
1,539
45,231
$416,228
53,296
$362,348
53,296
$247,546
53,296
$309,051
$194,249
$362,932
Does not include
any provision for surtaxes
Co.]
on
v
$1.39
$721,779
$1.42
$1.68
During the year 1936 flight equipment and ground facilities
costing
$3,600,000 were acquired while other equipment and facilities,
costing $900,-
OoO,
were retired from service.
At the end of the year the corporation had
outstanding commitments for the purchase of new equipment
amounting
$3,500,000.
Under the item of operating expense was included a
to
pro¬
vision for obsolescence and
depreciation of flight equipment amounting to
$800,000, in comparison with the $590,000 allotted for tfiis item the
previous
year.
Depreciation
on
the
large
flyingboats
service
used
was charged to the item of
operating expense
of scheduled passenger service last
October.
As of Dec. 31, 1936 the route
in the Transpacific
following inauguration
airways mileage of the System
sociated companies totaled
40,869 miles.
which links the United States with 39
and
as¬
Over this international network,
foreign countries, the System had in
service 246 terminal and intermediate
airports and 138 private ground radio
transport aircraft, under the System's
re-equipment program, made possible establishment of faster
operating schedules over the main international trunk lines and at the same
time provided larger
carrying capacity for passengers and express.
During
the year the operation of this new
equipment made possible establishment
of 4^-day schedules between
the United States, Rio and Buenos Aires.
Service on the eastern trunk
route, via the West Indies, was increased on
this latter route with a second
weekly plane scheduled between Puerto
current fleet
$562,090
9,775
.
income—rentals, int., &c.
Total profit.
Interest on funded debt..
Amort, of debt discount &
expense
Other interest and deductions.
Provision for Federal income tax
x
Gas & Electric
Surplus, Dec. 31
Earnings per share
control and communications stations.
The addition of large
multi-engined
Subs.)—Earnings-
41,552
_
Profit
Net profit
$6,265,980 86,108,993
After depreciation and amorti¬
1937
Taxes (other than Federal
income)
V. 144, p. 2494.
1,102,021
2,039,S77
$489,700
$1,411,093
549,237
Operating revenue
Operation
Maintenance and repairs
Depreciation and amortization
Other
$
7% 1st pref. stock.
6% 2d pref. stock,
Capital surplus...
Earned surplus...
Total
1936
S
Liabilities—
1935
undistributed profits.—
Rico and Rio de Janiero.
While improvements both
vanced over
in
service and
in
airways facilities
were
ad¬
practically all sections of the inter-American routes, the first
year-round scheduled services between southern Alaska and the
northern
sections of the Territory were maintained
throughout the entire year with
satisfactory
operating and traffic results.
In China the coastal service
between Shanghai and Canton was increased
to three times a week with the
route extended to
Hong Kong to provide for connections with the Trans¬
pacific Clipper Ships.
While arrangements were made for the extension of
service from its Philippine
terminal, Manila, on to the China
with
a
Transpacific
coast, to connect
existing services at Hong Kong, the entire Transpacific route was
equipped for the handling of passengers and successively greater volume of
mail, passengers and express traffic effected following the establishment of
first regular passenger service on Oct. 21.
During the year Pan American Airways likewise extended field surveys
looking toward development of a new Transpacific route from California
Financial
144
Volume
Hawaii, American Samoa, and New Zealand.
For the
of further speeding service to the United States, Brazil, Uruguay
and Argentina, pioneering studies were advanced toward development of a
"cut-off" route that would operate from the mouth of the Amazon River
directly across central Brazil to Rio de Janeiro and other points over which
a fast
express service could be operated.
Preparations were also made
for the extension of the Amazon River service from Manaos inland to
Rio Branco, near the Peruvian border and from Rio de Janeiro to Bello
Horizonte, another important commercial center in interior Brazil.
From
the west coast Pan American-Grace Airways inaugurated an experimental
service from La Paz, Bolivia to Uyuni, Bolivia, while that company also
added a service connecting Cordoba in Central Argentina, with Santiago,
Chile on the west, and Buenos Aires on the east.
Looking toward the early establishment of service on the Atlantic, toward
which the Pan American Airways System has been working since early
1930, construction was advanced on a new type of Sikorsky four-engined
Clipper Ship suitable for use on a U.S.-Bermuda service and for early
experimental flying on Atlantic routes.
Orders were placed with the
Boeing Aircraft Co. at Seattle for a fleet of 41-ton, 6,000 horsepower
"super-Clippers" designed especially for Transatlantic service.
Orders
were likewise placed during the year for a new type of 32-passenger land
transport equipped with pressure cabins for operation in the substratosphere.
During the year 1936 scheduled efficiency of the Pan American Airways
System, as determined by the United States Post Office Department,
exceeded for the eighth successive year, an actual rating of scheduled
mileage completed of better than 99%.
Actual figures for the year 1936
were 99.82%.
Consolidated Balance Sheet Dec. 31
3347
Chronicle
Consolidated Balance Sheet Dec. 31
to Australasia via
Assets—
Sundry
investm'ts
Securities
2,674,527
548,085
Accounts
1,543,191
1,491,780
1.480,958
Bal. of
,
523,752
rash
&
for
improv.
1,429.236
1,066,395
of
Mat'Is & supplies.
Securities owned. ^
34,037
61,288
1,817,609
57,868
1,341,882
45,513
Reserve
for
378,270
273,655
1.204,860
cos..
1,204,860
1,142,140
1,070,715
7,989,856
Reserve for taxes..
203,276
6,775,794
..
174,089
30,508
30,546
-6,862,040
Capital surplus... 10,716,079
Earned surplus
511.408
Sundry res. of subs
6,439,590
Capital stock.
Airports, bldgs. &
equipment
17,537,632
Charges related to
14,285,826
....
0,587,384
867,897
&
concessions, de¬
velop. & organi¬
x
71,830
23,546
2,465
65,810
285,419
29.092.103 26.412,9101
Includes notes,
Peck Stow & Wilcox
See list given on
143, p. 4163,
Co.—Registers with SEC—
first page of this department.—V. 141, p.
1604.
Light & Power Co. (& Subs.)—Earnings
Penn Central
285,419
1,100,103
311.853
48,666
6,626
Surplus of sub—.
Surplus.
—....—
50,000
156,082
1.128,291
subs by virtue of
lease.
Restricted bank ac¬
counts.......
.
Inventories..
69,257
In ventory—supply
houses
...
9,273
Deferred charges..
10,170
156,082
75,085
funds..
Insurance
6,369
176,956
Investments
73,649
9,257
Funds deposited as
security
Adv. to affil.
co
a
After
depreciation and depletion
144, p. 3014.
;
$3,631,663 $3,594,870
Total..-
..S3,631,663 S3.594,870
Total..
1935.—V.
9,092
...
$652,840 in
of $736,341 in 1936 and
Light & Power Co.—To Issue Securities Pur¬
Reorganization Plan of Old Company—
Company and a group of voting trustees for the class A common stock,
have filed with the Securities and Exchange Commission notifications of
registration (30-88 and 30-87, respectively) under the Holding Company
Peoples
suant to
Act.
.
connection with a plan of
registration were filed in
reorganization for Peoples Light & Power Corp., which plan was
Dec. 8, 1936, by order of the U.S. District Court for the District of Dela¬
ware in proceedings under Section 77-B of the Bankruptcy Act.
The plan
provides, in general, for the creation of Peoples Light & Power Co. to take
over the assets of Peoples Light & Power Corp.
,
W. 11. Duff, H. A. Erhard, G. P. Kynett, David S. Soliday, and John M.
Taylor are the voting trustees under the notification.
They also filed a
declaration (43-46) covering the issuance of voting trust certificates for
62,520 shares of the class A common stock.
The trustees also filed an
application (46-46) for approval of the acquisition of the 62,520 shares of
class A common stock of the company.
Company filed a declaration (43-45) covering the new securities which
are to be issued in accordance with the provisions
of the reorganization
outstanding securities of the predecessor company .
of $7,815,000 first lien 5M% gold
of the plan, holders
the terms
$759,305
..29.092,103 26,412,910
Total
Incl. div. declared and accruals.—V.
y
103,893
Contingent reserve
Res. for ins. funds
Int. in net assets of
Under
3,056,432
3.447,359
123,626
35,000
176,956
24,266
52,200
50,000
145,871
311,852
7,638
101,592
assets
Securities..
,648,880
211,679
taxes.-
plan in exchange for the
zation costs, &c_
Total
35,845
3,262
SI
confirmed
153,650
170,588
self-
risks...
insured
589,922
511,604
The notification of
in
Reserve for depre¬
ciation
Prepaid & deferred
203,163
allied
rec
companies
Sundry
payable
Accounts payable..
Accrued
wages
Ar
accts.
receivable, &c_.
Accts.
minority
subsidiaries
with constructs
work..........
34,638
30,510
34,638
248,334
Int.
stockholders
Adv. in connection
contr., leases
.
of subsidiaries..
equip.
purch
charges....
Inv. in assoc.
purch. price
of assets payable
from future prof.
Deferred income..
airport
res.
$
$
payable.yl.183,200 xl,243,135
Liabilities—
8
.;•.■■■
S
Cash..
Accts. receivable.
and
Notes
1935
1936
1935
1936
Notes
$1,648,880
50,000
82,082,256 Capital stock
Property accounts,032,009
Cash
171,369
a
1935
1936
Liabilities—
1935
1936
A ssefs—
purpose
bonds, series of 1941, with accrued interest to Dec. 31, 1935 of
will receive $3,907,500 of 1st mortgage bonds, 5% series due 1961 of Texas
Public Service Co., a subsidiary, $3,907,500 of collateral lien bonds, series
due 1961, $429,825 of 10-year unsecured interest bearing scrip, voting trust
certificates for 62,520 shares of class A common stock, of Peoples Light &
Power Co., and $329,480 in cash; holders of $6,206,500 of 5% convertible
gold debentures, series of 1979, will receive 62,065 shares of cumulative
preferred stock having a $3 annual dividend rate and 62,065 shares of class B
common stock; holders of $890,000 of 5%
gold notes, series of Dec. 1,
$5,546,006
2,590,278
$5,089,772
2,214,282
119,409
458,024
116,227
1931, will receive 8,900 shares of preferred stock and 8,900 shares of class B
stock; unsecured notes payable in the sum of $1,103,015 to former
or affiliates will be replaced with
11,030 shares of preferred
stock and 11,030 shares of class B common stock; unsecured account
380,145
payable of subsidiary in the
$2,378,295
89,454
$2,379,118
44,974
$2,467,749
1 360,380
$2,424,092
1,376,240
1936
1937
12 Months Ended March 31—
Total
operating revenues
Operating expenses, &c
Federal income taxes..
Other taxes
common
subsidiaries
paid $10,440 in cash;
amount of $19,208 will be
payable estimated at $110,211 will receive 1,102
preferred stock and 1,102 shares of class B common stock; holders
of 67,932 shares of preferred stock of various classes will receive 10-year
warrants for the purchase of 67,932 shares of class B common stock at $20
per share; holders of 202,221 shares of class A common stock will receive
10-year warrants for the purchase of 40,444 1-5 shares of class B common
stock at $20 per share.
Secured bank debt of the company aggregating
with accrued interest to March 31,. 1936, $2,008,295 and secured account
holders of other accounts
Operating income
Other income (net)
Gross income.
Deductions from income
,
Net income,
JSole—No
V.
provision
144, p. 3014.
Federal
for
surtax
on
$1,107,369
$1,047,851
undistributed profits.—
This is the dividend ordinarily due on Jan. 2,
April 15.
1937.
Peoples Light & Power
».
(J. C.) Penney Co., Inc.—Sales—
January
February.
March....
April..
—V. 144,
p.
2495.
Penick & Ford,
The
See Peoples
1937
1936
1935
1934
$15,928,239 $13,968,709 $12,924,114 $12,440,233
14,244,431
13,692,992
12,040,899
11,741,901
19,822.685
16,282,559
15,511.314. 16.484,080
20,229,760
19,757,483
17,591,998
15,475,133
of—
directors
have
a
dividend
of 25 cents
per
Peoples Water & Gas
12 Months Ended March
above.—V. 143, p. 3853.
Co.—Earnings—
share on the
$987,237
628,441
taxes
stock, no par value, payable June 15 to holders of record June 1.
Previously regular quarterly dividends of 75 cents per share were dis¬
tributed.
In addition, an extra dividend of 75 cents was paid on Dec. 24,
1936.—V. 144, p. 3014.
Gross corporate
Interest on funded
income
debt
------
—
Pennsylvania RR.—Equipment Trust Certificates—
May 4 authorized the company
to assume obligation and liability, as guarantor, in respect of not exceeding
$7,740,000 equipment-trust certificates, series H, to be issued by the
Fidelity-Philadelphia Trust Co., as trustee, and sold at 98.379 and accrued
dividends in connection with the procurement of certain equipment,
Miscellaneous interest, net
insurance companies, and
savings funds to bid for the purchase of the certificates on (1) a 2%%
dividend basis, and (2) a 3% dividend basis. In response thereto bids were
received from five groups comprising 19 firms. The highest bid, 98.379 and
divs. on a 2%% dividend basis, was made by Brown Harriman & Co.,
Inc., and associates, and has been accepted.
On this basis the average
annual cost of the proceeds to the applicant will be approximately 2.99%.—
;
income taxes:
franchises,
&c..$5,163,606 $5,104,620
1st intge.
142,052
130,685
Coos
186,932
6%
Acer, unbilled rev.
177,541
5,898
109,360
5,898
103,990
36,888
24,095
work, funds—a
receivable
prepaid accounts
1,806,859
$3,632,711
1,573,071
$3,220,251
1,526,160
$2,906,152
253,401
195,524
1,445,753
$1,972,763
138,588
b2,988,470
2,769,866
Duetoaffil
$59,238
$201,006
61,404
$161,106
87,891
$21,620
79,127
.loss$73,215
93,994
$57,507
79,081
$167,209
Cr20,564
$21,574
Cr22,360
$75,232
Crl8,449
$261,439
CY22.066
146,645
118,457
prof$786
76,223
$56,783
74,021
$239,373
47,411
loss$28,188
$77,007
69.184
Net loss
Real estate earnings
Total oper. loss
Miscell. income (net)
$9,947 loss$139,602
85,179
121,837
$17,238 loss$191,962
prepaid royalties,
b The lessor of a major portion of the
properties which the company operates has consented to a reduction of
$44,222 in the minimum royalty required under the lease for 1935.
Costs
and expenses also includes prepaid royalty amounting to $112,935.
a
Includes
20,251
161,521
149,712
700,134
107.341
pref.stock
135,936
674,687
591,500
591,500
460,000
Capital surplus
Earned
surplus
37,100
460,000
37,100
160,451
92,289
.$5,635,345 $5,556,218
Total.
..-$5,635,345 $5,556,218
uncollectible accounts of $19,592 in 1937 and $17,485
.Total
After reserve for
b Represented by 42,500 no par
1936.
Pere Marquette
The
Deprec. & depletion, &c.
110,986
b Common stock..
$6 cum.
a
95,000
169,128
50,067
20,242
cos
Deferred liabilities
2,035,181
304,000
299,500
95,000
152,117
Corp
Accounts payable.
Accrued items
in
>
Miscell. colliery earnings
Water
pay
to
Fed. Water Ser.
Notes payable
1933
266,398
3,527,418
Ray
note
Reserves
1934
$
$2,758,000 $2,758,000
Co. 1st mtge. 6s
Accts. and notes
31,'36
5% gold
bon ds
Cash in banks and
Dec.
$
Liabilities—
Plant, prop., rights
by virtue of Clear¬
1935
Cost and expenses
$105,164
Mar. 31.'37
Mar. 31,'37 Dec. 31,'36
Pennsylvania Coal & Coke Corp .—Earnings—
Selling and shipping exp.
59,946
$98,816
Deferred chgs. and
1936
-
Balance Sheet
that on May 15, it will pay off $1,310,000 of
its 4H% series D general equipment trust certificates, which then mature.
—V. 144, p. 3015.
a
70
86,193
Net income.
Mat'is & supplies.
Pay Off Bonds—
10.156
16,105
undistributed profits
Provision for retirements and replacements
The company announced
(net)
$324,226
145,213
3,748
Surtax on
Assets—
fa* The report of the Commission says in part:
»•
The applicant
invited 78 banking firms,
Mined tonnage sold
Netsales..
$365,625
156,160
8,282
Normal tax
The Interstate Commerce Commission on
Calendar Years—
$321,216
3,010
.
Provision for Federal
[Including interest in net assets of companies allied
field Bituminous Coal Corp. lease.J
$765,851
444,635
$358,796
6,829
operating revenues
Operating expenses and general
Other income.
1936
1937
31—
Total
common
To
,
Corp.—Successor—
Light & Power Co.
Net earnings.
Ltd.—Smaller Dividend—;
declared
.
ties of subsidiaries from
—V. 144. p. 288.
Month
.
application (46-47) covering the acquisition of securi¬
Hugh M. Morris and Harold S. Schutt, trustees
of Peoples Light & Power Corp. and (or) the corporation.
Opportunity for hearing in the above matters will be given on June 1.
Company filed an
The company paid a dividend of $2 per share on account of accumulations
on the $4 cumulative preferred stock, no par value, on April 24 to holders
of record
payable of subsidiary aggregating with accrued interest to March 31, 1936,
$539,690 will be satisfied by transfer and conveyance of certain properties
of subsidiaries.
Investment Co.—Accumulated Dividend—
Penn
shares of
shares.—V. 144, p. 2496.
Ry.— Trustee—
Co. of N. Y. has been appointed trustee
$1,940,000 par value equipment trust of 1937,
Guaranty Trust
authorized issue of
for an
2%%
on
equipment trust certificates, $194,000 par value thereof being payable
May 1 in each of the years 1938 to 1947, incl.—Y. 144, p. 3015.
Petroleum Heat & Power
Period End. Mar. 31—
Co.—Earnings—
1937—3 Mos.—1936
1937—9 Mos.—1936
profit after
charges, incl. Federal
Consol.
net
income
taxes
$256,525
$236,718
$598,019
$280,516
consolidated balance sheet of the company as at Mar. 31, 1937
of $4,153,135 and current liabilities of $1,462,520.
At March 31, 1936 total current assets amounted to $3,472,214 and current
The
shows total current assets
liabilities to $1,145,466.—Y.
144, p. 1449.
3348
Financial Chronicle
A stock
DEAL IN
1937.
Northern Central Rwy. Common Stock
int., &
Pitts., Fort Wayne & Chicago 7% Preferred
Cleveland & Pittsburgh 7% Stiock
taxes
a
t
on
for Fed.
prov.
(est.)..
a$570,000
Before provision for surtax
Fixed
x
1936
1935
assets--—
$815,415
Patents & good-will 6,273,318
Investments
361,227
Philadelphia
Notesrec.fr
Phelps Dodge Corp.—To Issue $20,285,000 Debentures—
The corporation on May 11 filed with the Securities and
Exchange Com¬
mission a registration statement (No.
2-3150, Form A-2) under the Securi¬
ties Act of 1933 covering $20,285,000 of convertible
debentures due June 15,
1952, and an undetermined number of shares of ($25 par)
capital stock to
be reserved for conversion of the debentures.
The interest
rate
the
on
debenture is to be furnished by amendment to the
registration statement.
The debentures are to be offered to holders of
capital stock of the com¬
pany of record June 7, 1937, on the basis of $4 principal amount of
deben¬
tures for each share of stock held.
Subscription rights will expire on
June 8, 1937, and will be evidenced
by transferable full and fractional
subscription warrants which are to be exercisable only in $100
principal
amount of debentures or
multiples thereof.
Any debentures not taken upon exercise of the subscription warrants will
be purchased by the underwriters who
may or may not, as they determine
make public offering of the unsubscribed
debentures.
According to the registration statement, the company contemplates
that the proceeds from the sale of the debentures
will be applied to the
payment of a part of the cost of a program of
capital expenditures over the
next five years as follows:
$2,507,000 for equipment at the Copper Queen Branch at
Bisbee, Ariz.
4,171,500 for equipment at tbe new Cornelia Branch at Ajo, Ariz.
959,000 for equipment at the United Verde Branch at
Jerome, Ariz.
28,760,000 for opening and equipping the clay orebody at Morenci Branch
at Morenci, Ariz.
3,573,000 for miscellaneous buildings and additional
machinery for the
fabricating division.
1
empl.
11,155
129,188
8,355
116,796
4,470
5,008
Bank depos. under
current).--
1,979
106,910
34,940
able securities..
997,073
Accts. & notes
459,985
rec.
Accr'd int. receiv.
1,963
Inventories-Total
459,520
x
y
&
—$9,628,023 S9.362,094
Net
rev.
$2,231,810
1,754,950
from ry. oper.
Feb. 29, '36
$54,758
35,592
Net
Int.
—12 Mos. Ended—■—
Feb. 28, '37
Feb. 29, "36
$50,949
33,613
Gross operating revenue.
Oper.exp. and
taxes
revenue
$19,166
funded debt-i-Extraor. exch. exp. acct.
int. payments
on
$514,840
392,088
$510,488
393,513
$122,752
341,960
$17,335
28,496
28,496
$116,974
341,960
18,673
Net deficit i
$9,331
$11,161
$219,208
approp. for invest,
in physical property.
.
Balance, deficit
1,331
$11,161
—-V. 144, p. 2497.
$243,659
6,063
Inc.
191
$225,271
$243,850
Co. and, in the
near
named President of the Connecticut Fire Insurance
future, he is to become President of another Phoenix
subsidiary, the Equitable Fire
Poor & Co.—Annual
& Marine of Providence.—V. 144,
p. 3188.
Report—
Net sales
1935
$6,533,357
$3,881,958
b Purchase & production
cost of
1933
$4,512,442
$2,409,187
product sold._
Selling & admin. exps_
4,861,804
994,804
2,888,709
727,230
3,351,945
706,295
1,854,761
625,715
$676,750
110,070
$266,018
113,842
$454,201
122,729
loss$71,289
156,741
d Expenditures
e
Profit before deduct¬
,147
14,143
$218,094
14,440
$1,166,058
45,249
$773,038
45,785
$482,290
70,937
5,792
$232,534
43,997
7,498
$1,211,307
191,858
17.802
$818,823
139,336
23,323
$405,561
$181,039
$1,001,647
$656,164
$566,679
Int. received and income
from investments
$152,176
159,643
92,780
of
par
value
$331,473 loss$228,030
127,186
74,158
18,133
45,913
of
bonds retired over cost
of acquirement
Total
i
.
6,864
$726,322
Int. exps. & prems. paid
on red. of notes & bds_
Other expense
Prov. for Fed. inc. tax__
Prov. for Fed. surtax—
Net profit
on class A stock
Divs.
Shs. class B stk. (no par)
Earnings per share
$251,820
149,019
12,123
88,403
58,280
99,150
11,430
13,829
$418,497
160,000
362,843
$0.49
$127,410
$476,792 loss$107,959
116,717
21,500
41,910
123~,895
5,144
Net income after fixed
a dividend of $2
per share on the capital
par $50, payable June 15 to holders of record
May 21.
This com¬
with $2.25 paid on Feb. 1 last; $1.50 paid on Dec.
23,1936, and aregular semi-annual dividend of $1.25
per share paid on Aug. 1,1936.
An extra
dividend of $1 per share was paid on Feb. 1.
1936.—V. 144, p. 3016.
Portland General Electric Co.—Bonds Called—
The company, through Bankers Trust
Co., successor trustee, announced
that it hasi called for redemption on June 10 at 104and
accrued interest,
$114,000 principal amount of its first mortgage 5% bonds, due
by exten¬
sion July 1, 1950.
Payment will be made on and after June 10 at the
New York office of Bankers Trust Co.—V.
144, p. 3016.
362~ 84 3
Nil
$296,664 loss$236,998
362*843
$0.15
362,843
Nil
b Incl. purchased product,
labor, material and production expenses, but
provision for depreciation.
c Incl. salaries, commissions,
traveling
rent, taxes, &c., but not incl. interest, patent expense and
quirements.
d Incident to the acquirement and protection of
ac¬
patents
and patent rights, provision for amortization of
patents and patent rights
and
provision for depreciation on buildings and equipment,
e But
not
incl. interest and investment income received and
profit from disposal of
investment and fixed assets.
Fred A. Poor, President, says in part (for the March
quarter):
"The figures continue to show the
increasing improvement in business
similar periods a year ago.
Our shipments for the first quarter of
over
1937
were
something
over 2 A. times as great as they were for the first quarter
billing value of our unshipped business on March 31,
80% greater than it was on March 31, 1936.
"On March 1, 1937, a dividend of 50 cents a share was
paid on the class A
stock.
Postal Telegraph
Period End. Mar. 31—
Tel. & cable oper. revs..
Total tel. & cable oper.
The estimated
over
Directors have declared
Land Lines System—Earnings-
1937—Month—1936
$2,210,767
$1,965,369
1937—3 Mos.—1936
$6,003,836
a
$5,540,395
1,929,809
1,788,137
5,637,442
5.245,565
Uncollectible oper. revs.
Taxes assignable to oper.
$280,958
6,000
80,026
$177,232
7,500
40,000
$366,394
18,000
234.764
$294,830
22,500
120,000
Operating income
Non-operating income._
$194,932
3,760
$129,732
2,199
$113,630
11,181
$152,330
6,942
$198,692
$131,931
235,296
$124,811
729,708
$159,272
245.922
$47,230
$103,365
$604,897
$544,650
expenses
Net tel.
& cable oper.
...
Deduc'ns from gross inc.
—V. 144, p. 2671.
Potomac Electric Power
Co.—Earnings—
12 Months Ended March 31—
Total operating revenue
1937
$5,097,501
from
$4,712,436
95,532
27,205
5,473
106,120
$5,220,239
463,624
CY4.841
$4,824,028
393,947
15,945
113,066
49,931
Cr20,612
Cr25,913
$4,619,071
and
$4,127,124
other
sources
Gross
on
1936
$14,257,776 $13,398,305
9,160,275
8,685,869
Operating expenses, taxes and depreciation
Interest
703,922
bonds of Washington
Ry. & Elec. Co.
income
Interest on funded debt.
Amcrt. of debt discount and premium (net)__
Interest on note and advances—Washington
& Electric Co., parent
company
Other interest charges
Ry.
Net income
263,507
49,418
Note—The provision for Federal surtax on undistributed income
($34,111)
for the 12 months ended March 31, 1937
represents the provision made in
the last quarter of 1936, for the year 1936.
No provision has been made
for the surtax for the three months ended March
31, 1937 and no provision
for the three months ended March 31, 1936 is included
in the income
statement for the 12 months ended March 31, 1936.—V.
144,
p.
2318.
Prosperity Co., Inc.—Initial Preferred Dividend—
The company paid
5%
an initial quarterly dividend of $1.25 per share on
preferred stock, par $100, on May 1 to holders of record April
20.—V. 143, p. 4165.
expense,
1937, is
I...
$0.47
$0.21
$1.16
$0.76
Note—Does not include accruals for excise tax account
Railroad Retire¬
ment Act.
the
not incl.
of 1936.
492,127
Interest during construction
ing Fed. tax & int__
Excess
$4,262,001
3,672,972
$589,029
341,938
0525,947
Interest
1934
Profit from operations
c
$6,178,695
5,044,712
0524,202
Net operating revenue
on marketable securities
Consolidated Income Account for Calendar Years
1936
1937—3 Mos.—1936
$1,349,959
1,201,973
$1,133,983
—
Milligan.
was
S9,628,023 $9,362,094
$147,986
Net deficit
George C. Long, Vice-President of the company was, on
May 10, elected
President to succeed the late Edward C.
Long also
Total
108,063
0178,171
Net ry. oper. income-
Gross income
Phoenix (Fire) Insurance Co.—New President—
Mr.
829,786
$476,860
rents-
Other income..
Philippine Ry.- •EarningsEnded-
776,421
178,320
Crl69,607
Ry. tax accruals
Equip. & jt. facil.
,
Before appropriation for retirement and depletion reserves and
after
y
After deductions, including rents for lease of properties,
charges, amortization of debt discount and expense, guaranteed
dividends on Consolidated Gas Co. of the
City of Pittsburgh preferred stock,
appropriation for special reserve and other income deductions.—V.
144,
p. 2668.
-Month
& cap. surplus--
pares
taxes,
Feb. 28,'37
1,722,500
...
stock,
interest
Period—
1,500,000
Paid in contributed
1937—Month—1936
Ry. operating revenuesRy. operating expenses.
subs.]
$53,406,741 $48,401,249
24,583,825
24,073,306
8,745,556
8,276,512^
x
all
15,000
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Mar. 31—
1936
its
1937
Net operating revenue and other income
Net income
32,856
1,083
19,675
Deferred credits.
Interest accrued..
The directors have declared
receivership)
12 Months Ended March 31—
Gross operating revenues
174,697
Larger Dividend—
Philadelphia Co. (& Subs.)—Earnings—
(in
..
&e.,
x After
depreciation of $2,246,318 in 1936 and $2,362,919 in 1936.
Represented by 160,000 shares of A and 362,843 shares of B stock of
no par.—V. 144,
p. 3016;
charges
Co.
315,939
185,463
inc.,
taxes.
y
Net inc. per sh. of stock.
Trac.
accruals.
Federal
Surplus—107,223 defl49.479
The price at which the debentures
the names of the
Valley
and
payanle
1,238,308
267,799
2,103
262,288
thereafter, 100%.
stockholders,
underwriters, the writing discounts or commissions, and
the conversion
provision are to be furnished by amendment to the
registra¬
tion statement.—V.
144, p. 3188.
1935
1936
Capital stock--$6,727,976 $6,727,976
6% sink. fd. notes.
4% debs., 1946--.
7,798
Cash with trustee.
Deferred charges..
Cash and market¬
purposes.
to be offered to the
y
Accounts
-
restrictions
Accts. & notes (not
Total income.
Misc. deduc'ns from inc.
Total fixed charges
Beaver
a$176,000
b After providing
Liabilities—
$905,270
6,012,225
507,023
Value of life insur.
The company states that it
expects to obtain additional funds needed for
carrying out of the program out of treasury funds resulting from
opera¬
tions over the period and if
necessary from further financing.
The debentures are redeemable at the
option of the company in whole or
in part at any time after 40
days' notice at the following prices plus accrued
interest:
If red. on or before June
15, 1942, 105%: thereafter and incl.
June 15, 1946,
103%: thereafter and incl. June 15, 1950, 101%, and
the
incl.
b$869,000
Consolidated Balance Sheet Dec. 31
Assets—
A. T. & T. Teletype—Phila. 22
[Not
a$119,000
undistributed profits,
on
for $58,280 surtax on undistributed
portion of 1936 earnings.
YARNALL & CO.
are
1937
After the payment of that dividend the accumuthe class A stock will amount to
$5.75 per share
outstanding.
Earnings for 3 and 12 Months Ended March 31
1937—3 Mos—1936
1937—12 Mos.- -1936
Net profit after deprec.,
Philadelphia Electric Common Stock
885,000 for miscellaneous
May 15,
June 1,
lated unpaid dividends
on the
160,000 shares
WE
City of Philadelphia Bonds
1528 Walnut Street
on
dividend of $1 a share payable on the class
Public
Service
Co.
of
Ind.—Proposed
Subsidiary to Issue $5,000,000 Bonds—
Acquisition—
Company has filed with the Securities and Exchange Commission an
application (46-45) under the Holding Company Act asking for approval of
the acquisition of all the
capital stock of Dresser Power Corp.
At the same time Dresser Power
Corp. filed an application (32-57) for
exemption from the provisions of Section 7 with respect to the issue of
$1,700,000 common stock ($100 par) and $5,000,000 of first mortgage bonds.
All of this common stock will be acquired by Public Service Co. of
Indiana, while the bonds will be sold to Halsey, Stuart & Co., of Chicago,
to net to the applicant not less than
$4,775,000.
Both companies are subsidiaries of Midland United Co.
reorganization.
company
(Del.) which is in
are held by Hugh M.
Shannahan, trustees, who have registered as a holding
The assets of Midland United Co.
Morris and John N.
under the Act.
Dresser Power Co. has been organized for the purpose of
constructing a
50,000 kilowatt electric generating unit to be located at Dresser, Ind., and
the purpose of the issuance of the securities is to
provide for this construc¬
tion.—V. 144, p. 2672.
1
I
Volume
Financial
144
Provincial
Lt d.—Earnings—
Paper,
Calendar Years—
1936
1933
1934
1935
"Total profit
Int. on mtge. debt (net)
U. S. exchange thereon.
8748,103
211,722
$713,617
211,727
Prov. for doubtful accts.
10,000
6,000
ib",ooo
100,000
28,000
100,000
19,000
PUBLIC GAS & COKE CO.
$580,864
213,098
17,603
$694,614
212,835
100,000
14,000
.
for
Raserve
deprec.
Prov. for income taxes._
20-Yr.
100,000
$398,380
245,000
pref. stock
011
Balance, surplus
Earns, per sh. on 100,000
shs. com. stk. t,no par)
$357,779
245,000
$31,890
$112,779
$5,163
$1.31
$1.12
$0.05
Eastman, Dillon & Co.
STOCK EXCHANGE
YORK
NEW
MEMBERS
'
$1T.53
DEPARTMENT
$250,163
245,000
245,000
100,000
Common dividends
1952
due
5s
Coll, S. F. "A" 5s due 1953
TRADING
$376,*890
$153,380
Net income
Lien
First
-
Divs.
Coll.
Lien
First
NATIONAL GAS & ELECTRIC CORP.
of
PUbuilcling and plant
Ibr
3349
Chronicle
New York
15 Broad Street
—V. 142, p. 3689.
A. T. & T. Teletype N. Y.
1-752
Puget Sound Power & Light Co. (& Subs.)—Earnings
12 Months Ended March 31—
revenues
$15,557,015
Balance after operation, maintenance and taxes..
6,571,971
Balance for dividends and surplus (after appro¬
priations for retirement reserve)
$13,957,460
6,030,522
1,307,136
—V. 144, p. 2672.
Pullman
[Revenues and
of
expenses
car
$5,438,603
4,741,864
revenues
Net
1937—3 Mos.—1936
$4,479,456 $16,108,443
4,001,345
13,474,549
$696,739
revenue
$478,111
$13,840,532
12,061,376
Profit
Other
Other
$1,779,156
$2,633,894
$165,531
138,924
revenues
$159,267
136,134
$26,607
revenues
Total net
$23,133
$91,865
$127,479
revenue
$723,346
339,855
Taxes accrued
$501,244
212,895
$1,871,021
706,809
$2,761,373
1,130,353
Operating income
$383,491
$288,348
$1,164,212
$1,631,020
Balance Sheet March 31,1937
Liabilities—
Assets—
on
hand
a
RFC payment due July 25 '37.
1937—Month
WPeriod End. Mar. 31—
$95,361
-1936
300
Preferred—478 18-300
62,851
$25,738
revenues
$15,421
$54,857
$64,080
250
250
750
750
5,474
3,146
13,529
$12,025
$49,801
$43,170
385
152
920
325
a
■-
b
for depreciation of $446,620.
$22,827—V. 144, p. 3189, 2318.
reserve
accounts of
$873,782
After reserve for doubtful
P Gross income
$20,399
1936—9 Mos.—1935
1936—3 Mos.—1935
...$12,155,049 $10,974,021 $31,909,687 $27,645,074
17,079,140
13,865,850
6,443,420
5,563,350
12,286,006
10,825,767
4,313,513
4,064,234
Selling & admin, exps...
Period End. Dec. 31—
Net
$12,176
$50,722
$43,495
$1,346,437
244,171
$2,544,541
698,849
$2,953,457
623,810
$1,638,648
223,564
212.500
Int. charges on debs..
Net loss on non-consol.f
wholly-owned for.subs. prof30,635
Prov. for U. S. & foreign
income taxes
175,974
$1,590,608
194,313
251,569
$3,243,390
630,362
649,860
$3,577,267
578,261
754,706
1,285
prof89,709
x90,186
158,022
282,945
284,648
$1,057,244
$985,419
$1,769,932
$1,869,466
Profit from operations $1,398,116
>■
Railway Equipment & Realty Co., Ltd.—Bonds Called—
All of the outstanding
equipment mortgage
bonds, dated March 1,
936, has been called for redemption on June 1, next, at 102
and accrued
nterest.
Payment will be made at the American Trust Co., 464 California
St., San Francisco, Calif.—V. 144, p. 3189.
t
Railway Express Agency, I n c.—Earnings—
1936
Years—
$
Charges far transport'n.155,446,478
revenue
1935
,
1934
$
138,750,744
2,715,620
<Sc income.
2,640,984
sales....
Cost of sales
—V. 144, p. 2497.
Other
9,551
Total
Remington Rand, Inc. (& Subs.)— -Earnings—
income
Nonoperating income
Calendar
After
....... —
10,937
$20,014
3,587
273,372
surplus
8873,7821,
Total..
Uncollectible oper. revs.
Taxes assignable to oper.
surplus
Earned
190,425
203,593
47,806
shs..
Common—3,587 shares
$245,282
$267,673
Paid-in
69,623
46,393
securities and claims:
Net tel. 4c cable oper.
^•Operating
310.394
par).....
Common stock (81 par)
Reserved for exchange of old
799
Total
expenses
111,180
—-
6% non-cum. pref. stock (8100
1937—3 Mos—1936
$78,271
11,715
Long-term liabilities
870
2,098
.....
12,500
Accruals payable
712,370
value
100
i
6,183
46,821
—.......A
8
-.
Notes payable to bank
Cash deposits
Securities
payable
88,657
...
Fixed assets
Accounts
821,866
b Accounts receivable
Corp. of America—Earnings—
Tel. & cable oper. revs..
tel. 4c cable oper.
loss$l 1,902
Excluding depreciation.
Unexpired insurance
Radiomarine
332
loss$4,951
6,951
$21,453
deductions.
Patents—book
—V. 144, p. 2672.
36,127
$24,923
3,470
Inventories
•
loss$5,283
735
Cash in banks and
Net
$30,843
income.
Net income
$513,664
421,798
$557,579
430,099
...
x50,026
$24,188
.
Total income
x
Total expenses
79,508
$43,908
19,721
Cost of sales, including depreciation
Auxiliary operations:
Total
July 24 '36
Dec. 31 '36
$80,869
and auxiliary operations.]
1937—Month—1936
Total expenses
$123,417
Mar. 31 '37
Selling, general and administrative expenses
Sleeping car operations:
Total
3 Mos. End.
_
Gross profit on sales
Co.—Earnings—
Period—
Inc.—Earnings—
Period—
Net sales...
1,709,846
...
Reliance Bronze & Steel Co.,
1936
1937
Operating
1933
$
$
130,953,289 118,673,355
2,643,644
2,492,709
Miscellaneous income.
i
_
240,532
.
''
■
-
* Profit.
Prov. for deprec. of prop,
y
Net profit
Including non-recurring expenses of $104,645 for the nine months
31,1935.
y Including amortization of discount for nine months
ended Dec. 31, 1935—V. 144, p. 3189.
x
Total
& inc.
revenues
_
Operating expenses
Express taxes.
Int. <& disct.
Other
on
28,098
141,391,728 133,596,933
85,951,219
79.755,461
1,559,005
1,517,531
1,742,570
1,738,167
32,812
56,135
121,166.064
73,416,053
1,523,724
1,725,906
32,631
59,326,143
52,106,122' 50,529,639
44,467,750
158,162,098
92.668,065
4,534,170
1,605,622
fund. rit.
deductions
.
ended Dec.
Republic Petroleum Co.- -Earningsi
1934
1935
1936
Gross sales...
Ik
....
x
Rail trans,
x
Payments to rail and other carriers—express privileges.
revenue.
General Balance Sheet Dec. 31
1936
1935
$
$
Assets—
Property A equip. 17 ,893,034 20,576,672
Misc. phys. prop.. 2 ,906,596
Other
investments
1936
429,652
19,985,896
bonds
436,706
23 ,379,377
658
Special deposits...
Cap. com. stock..
5% ser. gold coup.
Cash.
A
100,000
...20 ,000,000
21,600,000
648
affil. companies.
9 ,164,395
Traffic bal. pay
Audited accts. and
76,746
unpaid...
4 ,539,804
24,741
21,980
37,570
54,973
[17,203
7,000
7,000
557,048
431,674
3,417
wages
unpaid
Misc. accts. & adv.
Working fund adv.
13,605
3,397
14,010
Other
96,808
71,648
753,163
818,313
.....
curr. assets
debits
".
payable....
2 ,536,066
Express priv. liah. 6 ,646,301
Unpd. raon.orders,
cnecks, Ac
1 ,406,150
Est. tax liability.. 2 ,960,922
Mat'd int., divs. A
renis
unpaid
Unmat'd int. and
\
rents
payable.
Deferred liabil
Total.
1,188,861
269,367
4,525
3,639
560,245
2 ,506,385
385,426
1 ,321,062
1,335" 163
...51,789.651
47,165,417
W Net
$123,046
8,491
tel.&cable op .rev.
Other oper. revenues
Other oper. expenses
Uncollectible oper. revs.
Taxes assign, to oper
Inc.—Earnings—
1937—Month—1936
$480,851
357,805
12,676
1,000
39,249
Net income
x
Deduc's from gross inc..
Net
income
$380,537
330,424
$50,112 *
8,497
15,069
1,000
19,125
1937—3 Mos.—1936
$1,326,385
1,038,377
$1,125,382
1,000,119
$288,008
25,490
37,024
$125,264
25,488
3,000
3,000
51,760
102,866
$78,611
82,980
$23,417
44,413
38,204
$170,607
233,510
$51,579
121,043
$161,591
28,970
$61,620
34,722
$404,117
83,112
$172,622
107,119
$26,898
$320,306
$65,502
Rheem
Manufacturing
Stock Exchange has approved the application of the com¬
list 64,000 shares of common stock, 50 cents par, to be admitted to
trading upon official notice of issuance and registration under the Securities
Exchange Act of 1934.—V. 144, p. 2672.
pany to
Co.,
Francisco—Stock
San
Application has been made to list the issue on the San Francisco Stock
Exchange.
Proceeds of the financing will be used, according to the offer¬
ing prospectus, to discharge bank loans, to acquire a plant and
ment at Sidney, Australia, to reimburse the company's treasury for
expenditures made in acquiring and equipping a plant at Houston,
equip¬
capital
Texas,
additional working capital.
Company, which makes its headquarters at Richmond, Calif., manufac¬
electrically welded drums, barrels and pails for use in the petroleum,
paint and varnish industries.
The company also makes underground steel
storage tanks and hot water storage tanks.
Among the household and
general utility products are gas-fired automatic water heaters, and steel
sink and kitchen storage cabinets.
Customers of the concern consist mainly
tures
such as Standard Oil Co. of Calif., Shell Union
I. du Pont de Nemours & Co. and many other
Upon completion of the present financing the capital structure of the
will consist of 300,000 shares of common stock.
Total assets as
company
of Dec. 31, 1936 were
$1,480,767.
„oo
^
„
According to the prospectus, earnings in 1936 were $308*683 before
undistributed profits, equivalent to $1.03 per share on the 300,000
surtax on
shares
outstanding.—V. 144, p. 3017.
Rochester
Telephone Corp.—Earnings—
1937—3 Mos.—1936
Uncollectible oper. rev._
1937—Month—1936
$412,038
$391,354
440
847
$1,209,703
1,344
$1,171,911
2,587
Operating revenues
Operating expenses
$411,598
299,439
$390,507
$1,208,359
295,641
850,730
$1,169,324
846,802
$112,159
40.320
$94,866
33,203
$71,839
$61,663
Period End. Mar. 31—
_ _.
;
Net operating revenues
Operating taxes
Net operating income
Raytheon Manufacturing Co.—Application Approved—
The Chicago
29,811
Offered—Public offering of 120,000 shares of common stock
was made May 12 by Blyth & Co., Inc., and GreenwoodRaggio & Co.
The stock was offered at $11 per share.
—V. 144, p.3189.
*
28,188
5,573
similar corporations.
$132,621
Operating income
Non-oper. income
34,442
Including $16,982 gain on sale of capital assets.- -V. 144, p. 3189.
Operating revenues
r
[23,470
|
of large industrial concerns
Oil Co., Union Oil Co., E.
R. C. A. Communications,
Period End. Mar. 31—
$15,486
1
Federal and State tax
and to provide
—V. 144, P. 3017.
Tel. & cable oper. revs..
Total tel.&cable op.exp.
$56,145
_
r
,
3,650
Unadjust. credits.
47,165,417
1,715,765
5,877,763
516,646
.
Other current liab.
51,789,651
13,842
60,483
55,729
19,635
19,747
2,895
$43,576
general expense.
Depletion
Depreciation.
Matured fund, debt
691,370
supplies
8,632
and
4,022,946
4,059,411
972,369
from
Total
30,743
60,340
46,346
Royalties on crude oil
gas
and
casing-head
gasoline
Production costs & adm.
88,020
(at cost)
div. Jk rents
Unadjusted
$133,657
Crl.817
$196,068
xCr 16,993
10,011,222
2,575
73,097
Int.,
receivable
$173,382
Dr6,251
Non-negot. debt to
4 703,645
rec.
agencies
Mat'is
100,000
3,463
rec...
Accts. receivable.-
i
S
76,816
Loans A notes reo.
Traffic bal.
Net bal.
1935
S
Liabilities—
1937
$195,890
Other income.
3 Mos. End. Mar. 31—
.
$357,629
!
119,875
$237,754
$322,522
99,605
$222,917
—V. 144, p. 2674.
Richardson
Co.-—Dividend Doubled—
The directors have
common
declared
a
dividend of 40 cents per share on the no par
stock, payable June 12 to holders of record June 5.
This com-
3350
Financial
pares with 20 cents
paid
paid
paid
Sept. 14 and
on
March 12 last; $1 paid on Dec.
June 15,1936; 20 cents on March
on
on
14,1936; 40
12,1936; 80
cents
Dec. 28, 1935; 40 cents paid on Dec.
28, 1934; 20 cents on Dec. 22,
cents per share paid on Dec. 30,
1932, this latter payment be¬
ing the first made since Nov. 15,1930, when a
regular quarterly dividend of
40 cents per share was distributed.—V.
144, p. 1975.
on
1933, and 5
Ritter Dental Mfg.
Co., Inc. (&
Calendar Years—
Gross profit
Admin,
and
$1,387,792
$1,109,221
$247,530
823,514
703,345
551,262
617,979
$564,278
91,791
sell,
1935
$405,876 loss$303,732
91,408
104,781
$49,264
139,978
$656,069
$497,284 loss$198,951
$189,242
other income.
Total income
Prov. for doubtful notes
and
accts.
receivable
$667,243
6,800
z86,792
Federal taxes
28,437
y58,171
21,574
36~067
_
4,383
xl6~709
101,726
114,261
79,267
171,237
$304,566 loss$351,495
225,000
loss$95,056
131,250
Minority interest
Other deductions
Depreciation
$418,362
318,750
119,850
Preferred dividends
Common dividends
Deficit
$20,238
per sh. on com.
34*292
Cr498
108,047
_
Net profit
Earnings
1933
exps.,
(incl. royalties)
sur$79,566
$351,495
$226,306
stock (no par)
$1.52
$0.81
Nil
Nil
Includes Federal capital stock tax.
y Including Federal income tax of
z Includes income and excess
profits taxes of $74,255 and surtax
undistributed profits of $174.
x
$48,990.
on
Consolidated Earnings for the Quarter Ended March
31
.
.
,
..
1937
.
J
Net profit after taxes and
1935
x$101,977
x$101,124
1934
loss$57,937
loss$78,994
After provision for depreciation of
$27,876 ($25,675 in 1936), Federal
($16,850 in 1936) and other charges.
taxes of $20,800
Consolidated Balance Sheet Dec. 31
Assets—
1936
Cash
1935
Trust
notes
&
rec.
244.795
customers;.....!
assetsz
curr.
Non-curr.
58,118
22,226
423,774
1,103,372
1.733,516
58,503
.
Deferred charges..
Total
41,155
283.183
.
c
1,682,708
reserves
b After
$101,883
50,874
34,784
33,523
22,794
33,274
110,544
92,609
liabs—
.
7%
cum. pref. stk.
(5100 par)
2,500,000
Common stock.. 2,544,512
Com. stk.
2,500,000
2.544,512
851,757
2,964
2,964
reac¬
quired—__
77,851
Total
$6,143,995 86,205,470
for doubtful accounts of
$25,135 in 1936 and $24,605
for depreciation and amortization of
reserves
apprecia¬
arising from appraisal of $1,262,790 in 1936 and
$1,195,322 in 1935.
c Represented
by 160,000 no par shares,
d Represented by 200 shares of
common stock at cost,
e Includes excess
profits taxes and surtax on un¬
distributed profits.—V. 143, p. 4166.
tion
1937
1936
$257,051
295.556
308,669
350,704
$317,107
326,195
395,855
369,566
March
April
Company had 100
stores in operation
ago.—V. 144, p. 2674.
Rutland
at
the
1935
1934
$213,387
241,914
290,727
315,913
end
of
$186,000
199,420
237,261
206,861
April, against 91
dissolved company
oper. revs
oper. expenses
1937—3 Mos —1936
$863,508
$742,315
293,981
227,731
813,696
$8,976
19,368
def$41,494
12,962
$35,777
53,148
def$71,381
38,658
Equip. & Joint fac. rents
Cr3,958
2,229
Cr4,645
CY4.619
Net ry. oper. deficit..
$6,434
3,926
$56,68,5
4,410
$12,726
11,117
$105,420
18,801
$2,508
$52,275
$1,609
$86,619
411
370
1,854
103,160
Other income
Total income.
Miscell. deductions from
income..
Total fixed charges
the present date.
The plant of the company is situated on
approximately 1
the main street of the City of
Cudahy, Wis.
The
acres of land
presently owned
building contains approximately 48,000 square feet of floor space.
In
addition to the presently owned plant
company leases from the Drisole
Tanning Co. an adjacent building containing approximately 50,000 square
1934
on
feet.
Company manufactures what is known as chrome retan waterproof sole
leather and also manufactures a complete line of
vegetable tanned calf and
kip leather which is sold to the novelty manufacturers, waist belt, billfold
manufacturers, &c.
Company manufactures a line of what is known by the
name of elk leather, buck kipside
leather, and other shoe leathers.
a
Capitalization—Company gave the Reconstruction Finance Corporation
first mortgage on its property, plant and
equipment to secure the payment
in the sum of $50,000.
The
of the company's note to such corporation
note and mortgage are dated Aug. 5, 1935.
Aug. 4, 1936.
on
The capitalization as of Dec.
6%
34,377
1,181
102,463
$37,058
Safeway Stores,
$87,022
$105,253
Inc.—Registration Amended—
The company has
delayed its security offering to May 28,
according to
amendment filed with the Securities and
Exchange Commission.—V, 144.
3017.
St. Louis-San Francisco
Samson United
The New York Curb
Corp.—Admitted
to
The holders of
the
common
stock
converted
their
then
common
stock
common stock for each share of both classes of old stock
surrendered.
In
such conversion, the common and preferred stockholders received
45,000
shares of the new $5 par value common stock, which is identical with and
Capital Stock—
Authorized
Outstanding
To Be Sold
Unissued
100,000
45,000
40,000
15,000
Summary of Earnings—The statement of earnings for the years ended
Dec. 31, follows:
Common shares ($5 par.)
Fed. Inc. N Exa
Exchange has admitted
the common
Antonio Public Service Co.—To
stock, $1
Reclassify Stock—
55,000 shares ($100 par) common stock into no
par value
stock having a stated value of
$70 per share.
This will result in
of
$1,650,000 in the
to
value."—V, 144,
write
p.
off
an
stock liability of the
company
$2,507,263.93 of "going-concern
common
item
of
1976.
82,635
7.804
>
1937
revenues
Balance after operation, maintenance and
taxes..
Balance for dividends and
surplus (after appro¬
priations for retirement reserve)
Schiff
144, p. 3191.
Scherer Leather
Co., Cudahy,
Bartlett-Baxter Co., Inc., Chicago,
share 40,000 shares of
common
$1,832,872
798,989
Curb
p.
1616—V. 144, p. 3191.
Schumacher Wall Board Corp.—Accunudated Dividend
The company paid a dividend of 50 cents per share on the $2 cum.
partic.
pref. stock,
no par value, on May 15 to holders of record
May 10.
A like
payment was made on Feb. 15 last, this latter being the first dividend paid
since May 15, 1932, when a regular quarterly dividend of like amount was
distributed.—V.
144,
p.
Savings Bank of Chicago.
,
Registrar,
-
common stock on the Chi¬
Report—
Traffic Statistics for Calendar Years
xl936
Average miles operated-
xl935
xl931
xl933
Passengers carried
4,308
13,155,558
4,308
11,091,808
4,309
4.356
10,711,978
9,633,705
1.20 cts.
1.27 cts.
1.29 cts.
1.34 cts.
1,885,770
Revenue tons carried...
Rev. per ton per mile...
1,528,774
198,912,187
1,519,660
193,736,144
1.84 cts.
1.78 cts.
921,597
146,109,133
1.63 cts.
Pass, carried 1 mile
262,368,305
Rev. per pass, per mile..
1.76 cts.
Combined corporate and receivers'
accounts.
Income Account Calendar Years
Operating Revenues—
Freight--Passenger
xl936
xl935
xl934
xl933
$29,927,284 $26,687,274 $26,834,794 $26,040,603
4,626,017
3,659,102
3,446.873
2,383,789
987,465
940,837
984,780
1,012,420
1,252,081
1,237,078
1,278,211
1,049,425
1,553,209
1,405,826
1,316,784
1,063,320
Mail
Express..
Other
Total oper. revenues. .$38,346,055
OpcvQliny Expenses
$33,930,118 $33,861,442
$31,549,557
-
Maint. of way & struc..
Maint. of equipment...
Traffic
Transportation.
Miscell. operations
General...
Transp. for invest.—Cr.
$5,560,554
7,982,739
1,851,994
14,279,589
560,865
1,691,650
106,782
Total oper. expenses..$31,820,609
Net operating revenues.
6,525,446
2,540,331
ry. rev
Operating income.... $3,985,114
$5,464,243
7,380,839
1,720,760
13,060.407
467,717
zl,358,370
58.312
$5,680,979
7,088,191
1,589,712
12,249,918
447,795
zl,848,579
90,441
$4,858,112
6,301,163
1,541,245
11,344,891
310.011
1,537,353
82.703
$29,394,024 $28,814,733 $25,810,072
4,536,095
5,046,709
5,739,485
2,218,221
2,197,914
2,199,481
38,271
14,241
$2,317,873
323,763
$2,810,524
356,168
391,219
$3,525,763
474,783
$4,341,282
Other income.
$2,641,636
$3,201,743
$4,000,546
924,245
140.286
676,250
139,680
1,027,390
151,222
761,042
142,628
Deduct—
Hire of equip—Dr. bal.
Joint facility rents
Rents
for
leased
interest, &c
stock.
Application will be made for the listing of the
cago Curb or the Chicago Board of Trade.
1453.
Seaboard Aijr Line Ry.—Annual
y
Transfer agent, Harris Trust &
First National Bank of
Chicago.
Exchange has been notified that the 50% stock
this company's common stock which had been
previously de¬
clared is payable May 26, to stockholders of record
May 11.
See also—Y.
253,425
Wis.—Stock Offered—
are offering at $5 per
4,048
63,084
22,802
on
Grossincome
352,458
115
15,818
5,897
Co.—50% Stock Dividend Dates—
The New York
1036
$2,012,022
932,609
Prof. Tax Net Inc.
$7,256
$49,564
a Before interest and Federal
income and excess profits tax.
Purpose—The total net proceeds of $173,287 will be used to retiro note
payable (RFC), bank loans and for working capital.—V. 144, p. 3018
Uncollectible
Co.—Earnings—
cess
3,732
36,504
-
Taxas
Savannah Electric & Power
12 Months Ended March 31—
Interest
$666
45
par,
its
it
Net Income
$57,488
4,210
x
Company, a subsidiary of American Light & Traction
Co., a registered
holding company, has filed with the Securities and
Exchange Commission
a declaration
(43-44) under the Holding Company Act
covering the reclassi¬
fication of
—V.
*289 shs.
1,300 shs.
including all shares received from the stock dividend and the holders of the
300 shares of preferred stock surrendered their holdings in exchange for new
$5 par value common stock on the basis of 20 shares of new $5 par value
Listing & Registration
jo listing and registration.—V. 144, p. 2498.
Operating
Outstanding
300 shs.
2,000 shs.
($5 par).
Prior to this recapitalization, the company issued 650 shares of
its common stock without par value, as a stock dividend to the common
stockholders, thereby increasing the shares of this class to 1,950 shares.
In connection with this stock dividend,
$65,000 was transferred to capital
stock account from earned surplus.
Ry.—Elects New Directors—-
Eight new directors were elected to the board at the
annual stockholders
meeting held May 1.
They are; Geo. N. Aldridge; W. F.Pendleton;
Daniel Bartlett; Dick Oliver; Colonel
Henry T. Blair; AlvinD. Stransberg;
Lewis W. Healy and Geo. T.
Lee.
The following directors were reelected
Fred R. Angevine; E. N.
Brown; C. W. Nichols; Paul H. Nitze; Theodore
G. Smith; Clayton
Snyder; Alvin G. Carpenter; Jesse McDonald and H. P.
Wright.—V. 144, p. 3018.
enable
Authorized
__
11 shares of pref. stock Was sold to A. I. Scherer on March
24,1937.
In connection with the proposed
financing, the company changed its
authorized capital stock as shown above, to 100,000 shares of common stock
144,
Note-—Does not include accruals for excise
tax account Railroad Retire¬
Act.—V. 144. p. 3189.
reduction
was as follows:
,
ment
a
31, 1936
pref. stock ($100 par)
Common stock (no par)
cum.
dividend
34,139
charges...
and
The note (bearing interest at
5% per annum;, by its terms, required a payment thereon of $10,000 on or
before Aug. 1, 1936, $15,000 on or before Aug. 3,
1937, the balance on or
Company paid $25,000 on the principal of the note
Net deficit after fixed
common
From
company.
This arrangement covered the
period from July 1, 1934 to April 1, 1935.
The company entered into agreements with the United
States Leather Co.,
whereby the company was to sell the consigned inventory on a commission
basis.
This arrangement continued
during the period April 1, 1935 to
Oct. 21, 1935, at which latter date the
remaining conconsigned inventory
was purchased by the
company.
In addition to this activity, the company
conducted general tanning operations for the
period from April 1, 1935 to
$191,633
Net rev. from ry. oper.
Ry.tax accruals
San
new
operations of these plants were under the supervision and direction of A.I.
Scherer, President of the company.
The company sold the finished product
purchased from the United States Leather Co. under its own name.
As of
July 1,1934 the United States Leather Co. purchased the entire merchandise
inventory of the company and agreed to allow the company to sell this
inventory for it under the terms of which the company was to be reimbursed
for all operating and selling expenses
by the United States Leather Co.
1935.
1937—Month—1936
$314,136
$252,487
305,160
p.
passed to the
April 16, 1930, and prior to June 30, 1934 the company purchased on a
basis of cost of production plus
5%, the finished leather produced at the
Comstock Park, Mich., and
Cudahy, Wis., plants of the United States
Leather Co., and other than
refinishing a minor amount of such leather
purchased, the company did not engage in tanning operations.
The
1936-..
RR.—Earnings—
Period End. Mar. 31—
Ry.
Ry.
incorp. in
same rights and privileges as the stock to be sold
under this offering.
The capitalization after giving effect to such amendments is as follows:
10 & 25-Cent Stores, Inc.- -Sales—
January
February
a year
was
has the
Rose's 5,
Month of—
stores
Co.
*
758,030
Earned surplus...
d
86,143,995 $6,205,4701
After
1935.
accr.
Deferred income.
815,289
1,100,280
rec.—:
b Fixed assets...
a
(_
1935
8101,865
e74,430
Fed. inc. tax accr.
Res.for conting..<fcc
1,100,277
Investments..—
in
(255,916
(
■
Inventories
Other
382,403
Other
'
(for'n
rec.
Business—Emery-Schererjj Leather
Wisconsin May 23, 1927.
The corporate name was changed to Scherer
Leather Co. in August, 1928.
Company was dissolved by resolution
adopted on April 12, 1930.
On the same day articles of incorporation of
the company were filed and a certificate of
incorporation issued by the
Secretary of State of Wisconsin on April 16, 1930.
All of the assets and
before Aug, 3, 1938.
payrolls
293,609
(dom.j
customers)
Accts.
1936
Accts. pay. &accr.
in-
stal. contracts..
a
Liabilities—
-.-$1,307,604 51,364,881
Accts.
May 15, 193 7
and
trade
other charges
x
1936
Company
liabilities of the
Subs.)- -Earnings-
1936
1934
Chronicle
cents
Net deficit
x
Combined
roads,
9,374,213
9,435,071
10,052,684
9,627,380
$6,097,462
$7,609,364
$8,029,553
$6,530,504
corporate and receivers' accounts,
y Exclusive of interest
adjustment mortgage (income bonds).
z Operating
expenses for 1934
an
accrual
of approximately $292,000 of which
approximately
$291,000 was charged to general expenses, made pursuant to the provisions
on
include
Volume 144
°£
or
Financial
^ai1road Retirement Act
of 1934. In view of the unconstitutionality
canceled in April, 1935 accounts as required
by
the Act the accrual was
the accounting regulations of
the Intertstate Commerce Commission.
Note—Figures for 1935 have been reclassified in accordance with
revised
Interstate Commerce Commission
classification of accounts.
Chronicle
3351
Assuming approval of the
capitalization the quarterly earnings,
after allowing $1.25 on the
7,885 shares of cumulative prior preferred stock
of the 5% convertible
series, amount to approximately 40 cents per share
on the common stock.
It is expected that earnings in
succeeding quarters
will show a material
improvement.
Balance Sheet Dec. 31
A. SS6tS-~~~
1936
-'V.
Invest, in affil.
companies—Stocks, pledged-
9,585,946
10,924,047
4,310,110
3,672,190
Bonds, pledged
Notes, pledged
Advances
Other investments
3 087 066
Cash-.
Demand loans and deposits
---II
5^623,870
Time drafts and deposits
IIIIIIIIIIIIII
2,150,666
Special deposits
_
Loans and bills receivable
Traffic and car service balances
II
_
_
"II
receivable
Net balance receivable from
agents & conductors.
Miscellaneous accounts receivable—Individuals and companies,
;
United States Government
_
_
870,361
423,607
18,992
3,519,346
477,755
163
I III.I
Working fund advances
.
Other deferred assets
Rents prepaid
47,337
•
65J35
1,113,042
296,954
9,586,920
10,931,361
4,469,925
4,115,775
2,535,337
4,265,377
700,000
1,450,000
47,147
122,935
699,700
365,981
_
_
Insurance premiums prepaid.
Claims in suspense
Other unadjusted debits
61,042
47,276
353,539
61,713
67,389
56,424
844,869
Total
764,252
351,516
22,160
3,291,743
478,738
4,831
36,630
52,596
439,047
62,692
101,458
47,512
907,595
296,213,895 291,955,084
Liabilities—
Com. stock (2,600,321
shares, no par value)
Preferred 4-2% stock-.
61,179,262
23,894,100
37,300
13,889
3,645,148
Preferred 6% capital stock.
Governmental grants
Equipment obligations
Mortgage bonds proprietary companies
10,690,600
Seaboard Air Line bonds.
Secretary of Treasury of United States—Notes
Union Switch & Signal Construe. Co. def'd
pay't..
Receivers* certificates.
Non-negotiable debt to affiliated companies
Traffic and car service balance
payable
Audited accounts and
wages
Miscellaneous
payable
accounts
payable
Interest matured unpaid
Funded debt matured unpaid
Receivers ctfs. matured unpaid
Unmatured interest accrued
Unmatured rents accrued.
Other current liabilities
Other deferred liabilities.
Tax accruals
Accrued depreciation on
equipment
Reserve for outstanding stock of
proprietary
Other unadjusted credits
96,622,500
6,759.000
930,338
24,752,900
340,647
1,316,562
2,079,517
1,997,349
41,526,686
32,900,397
252,000
7,551,727
2.3,125
80,391
1,042,405
2,039.381
21,271,774
____
6,293,850
863,876
4,265
.296,213.895 291,955,084
-V. 144, p. 3018.
directors have declared
of accumulations on
the
to holders of record
7%
a
dividend of $1.75 per share
on
account
preferred stock, par $100, payable July 2
on April 1,
March 1 and Jan. 2
last, Oct. 1, July 1, April 1 and Jan. 2, 1936, and on
Oct. 1, July 2,
April 1 and Jan. 2, 1935, this latter being the first dividend
paid on the pref stock since the regular
quarterly dividend of $1.75 per
share was paid on Dec.
31, 1932.—V. 144, p. 1801.
June
cum.
15.
A similar payment was made
Skenandoa Rayon Corp.—Income Statement—
Income Account Years Ended Dec. 31
*
1936
Gross profit
Profit from operations
-
Income charges (net)
Net income
on
j
retirement of machinery and equipment.
Deficit for
year
-
Deficit
*
1935
at end of year
After provision for
depreciation
$15,795
80,741
$118,388
23,468
def$64,947
def$82,070
$13,961
def 1,841
$82,514
80,672
$15,803
expenses
$203,731
85,342
$94,920
108,881
_
Selling, administrative and general
Loss
$1,842
17,124
444
amounting to $245,649 for 1936 and
$242,077 for 1935.
present
production of the corporation is at the rate of
approximately
5,000,000 pounds per annum.
The plant, located in Utica, is
thoroughly
efficient and modern, and it is estimated that the
additional equipment
that the corporation
proposes to install may increase the productive
capa¬
city to possibly 10,000,000 pounds per annum.
Corporation employs
some 700 people and labor
conditions are quite favorable.
The corporation
was
incorporated Sept.
17,
1925, to acquire the prop¬
In March, 1929, it was
Cotton Co. of Utica, N. Y.
merged with the Utica Rayon Corp.
Capitalization—On April 21, the directors made a proposal to
reclassify
the present capitalization.
This will be voted on May 26 by stockholders.
The present capitalization follows:
Authorized
Issued
$7 cum. conv. preferred stock (no
par)
14,247 shs.
5,632 shs.
Common stock (no par)
.500,000 shs.
343,542 shs.
—
The arrears on the present convertible
preferred stock, as of July 1, 1937,
will amount to $45 50
per share, or an aggregate of $256,256.
This stock
is convertible into the common stock at the rate of
two shares of common
stock for one share of convertible
the
sec.
1935
Notes receivableAccts. receivable-.
■"tm-
_
»
-
197,181
171,453
Inventories
Total investments.
Treas. com. stock.
61,009
Liabilities—
161
2,836,664
14,353
Deferred charges—
9,927
21,270
12,260
Other..
10,708
17,195
(Utica)..
2,939,023
15,364
11,435
1
$20,127
Paving assessment
137
—
Ins. prem. deposit.
1935
$39,283
Taxes...-.-,.-
4,750
93,687
420,314
61,009
1936
Accounts payable.
Accrued accounts:
$438,263
10,227
1
Property (net)
—
Res. lor conting..
52,210
Capital stock.—
2,281,098
1,614,660
15,802
a
Capital surplus.—
Earned deficit
Formulae, patents,
&c.
*
30,258
.
2,281,098
1,614,660
1,842
•
§4,003,426 $3,983,983
Total
$4,003,426 $3,983,983
First preferred—original issue, $7 cum.
(no par), issued, 10 shares;
pref.—$7 cum. (no par), issued, 5,622 shares; common
(no par),
issued, 343,579 shares.—V. 144. p. 3020.
a
Security Management Corp.—Registers with SEC—
See list given
on
first nage of this department.
I Snider Packing Corp.—Directorate Increased—
* Directors
voted to increase the number of the board from seven
to
and appointed James W. Wadsworth
to fill the position.—V. 144,
p.
eight
1299.
Soule Mill—Resumes Dividend—
The
directors have declared a dividend of $1
per share on the common
stock, payable May 15 to holders of record May 7.
This will be the first
dividend paid on the common stock since
May 16, 1932 when $1 per share
was distributed.—V.
143, p. 1574.
Southern California Gas
Co.—Earnings—
12 Months Ended Mar. 31—
Net profit after Fed. inc. taxes,
int.,deprec. &c
Vote
to
See Los
1937
1936
$3,006,940
$3,143,531
Merge—
Angelas Gas & Electric Corp., above.—V. 144,
Southern
p.
2846.
Ry.—Earnings—First
Period—
Week
of May
1937
Gross earnings (est.)
—V. 144, p. 3192.
Jan. 1 to May 7
1936
$2,493,029
1937
1936
$2,348,669 $48,803,348 $42,145,302
Southwest Gas Co. of
Okla.-
-Merger Approved—Name
C hanged—
See Southwest Gas Utilities Co. below.-
Southwest Gas Utilities
-V. 144, p. 3020.
Corp.—Merger—
The merger of Southwrest Gas Co. of Oklahoma into
Southwest Gas
Utilities Corp. of Oldahoma has been approved
by all classes of stockholders
of both corporations and
became effective on April 22, 1937.
The stockholders also approved the
change of name of the newr merged
Natural Gas Co., and this change of name became
effective April 23, 1937.
company to Southwest
At a meeting held April 23, the directors of Southwest
Natural Gas Co.
declared interest at the full rate of 6% per annum to be
payable on the new
6% cumulative income debentures, series A, for the six months' period ended
1937, and also declared an initial quarterly dividend of $1.50
share on the new $6 dividend cumulative preferred stock, series
A, for
the quarter ended March 31, 1937.
Accordingly, holders of 7% cumulative preferred stock of Southwest
Gas Co. of Oklahoma, upon surrender of their
present stock certificates,
will be entitled to receive in exchange securities of
Southwest Natural Gas
March 31,
Co. of the kind and at the rate, as follows:
Each share of 7% cumulative preferred stock of Southwest Gas Co. of
Okla. will receive $50 of new 6% cumulative income
debentures, series A,
and }4 share of $6 dividend cumulative preferred
stock, series A (or scrip
therefor, if a fraction of a share), of Southwest Natural Gas Co.
Accompanying each full share of $6 dividend cumulative preferred stock,
series A, will be a check for $1.50 in cash,
representing the above mentioned
quarterly dividend on the stock, this being the dividend thereon up to
April 1, 1937. In addition, the new income debentures will have attached
thereto the April 1, 1937, interest coupon, which can be
deposited and
collected in the usual way.
Each share of common stock of Southwest Gas Utilities
Corp. of Okla.
will receive 74 shares of common stock of Southwest Natural Gas Co.
Each share of common stock of Southwest Gas Co. of Okla. will
receive
10 shares of
common
stock of Southwest Natural Gas Co.
No fractional certificates of common stock of Southwest Natural Gas
Co.
will be issued, but fractional scrip will be issued in lieu of fractional
shares
as provided in the agreement of
merger.
The new securities are now in the course of preparation and are
expected
to be ready for delivery on or about May 25.
Stock certificates should be forwarded to the Manufacturers Trust
Co.,
Stock Transfer Department, 45 Beaver St., New York, N.
Y., which will
the company in making the exchanges.—V. 144, p. 3020.
act as agent of
Southwest Natural Gas Co.—New Name—
Earnings for Three Months Ended March 31, 1937
Net income after ad
charges
$148,383
Company—The corporation produces yarn by the viscose process.
The
erties of Skenandoa
U. S. of Amer.
per
Sherwin-Williams Co. of Canada, Ltd.—Accum. Div.—
The
1936
$459,160
253,518
948,763
57,913,461
Total
61,179,262
23.894,100
37,300
13,889
4,618,049
16,690,000
96,622,500
8,367,178
930,338
23,934,600
320,696
1,370,099
2,659,955
35,350,573
30,747,619
377,000
5,998,561
847,037
58,046
1,042,436
1,183,461
19,871,384
19,026
5,665,094
853,715
4,205
51,649,802
19,626
cos
Additions to property
through income & surplus
Funded debt retired
through income & surplus
Profit and loss, deficit
Assets—
Cash-...
conv.
Other companies for claims
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets..
Balance Sheet Dec. 31
1935
<$
■
Invested in road and equipment
244,941,796 242,519,737
Deposits in lieu of mortgaged property
sold-98,004
73,060
Miscellaneous physical
property
3,501,920
3,511,059
new
preferred.
Under the
following changes will be made:
proposed plan
The holders of the present
preferred stock will receive 1.4 shares of the
cumulative prior preferred stock, 5% convertible
series, plus $5.50
in cash for each share of
new
preferred stock
now
held.
Dividends on the new cumulative prior
preferred stock 5% convertible
series will be payable at the rate of
5% per annum and will be cumulative
from July 1, 1937, payable
quarterly, January., &c.
The new stock carries the
privilege of conversion into common stock
at the rate of four shares of common stock for each share of new
preferred
on or before Jan. 1, 1939, and at the rate of three shares
of common stock for each share of new
preferred stock if converted after
Jan. 1, 1939, and before July 1, 1940.
Thereafter it is convertible into
common at rate of two shares of common for each share of new
preferred.
stock, if converted
Upon the approval of the stockholders of the reclassification of the
corporation's capital stock, there will be authorized and outstanding the
following shares:
Authorized
Cumulative prior preferred ($100 par)
Class A preferred
Common ($5 par)
Outstanding
28,615 shs.
5,632 shs.
500,000 shs.
343,542 shs.
7,885 shs.
See Southwest Gas Utilities Co.
Southwest
above.—V. 144,
p.
3021.
Pennsylvania Gas Corp.—Trustee—
The Empire Trust Co. has been appointed trustee of the
company's first
mortgage 3%-5% sinking fund bonds due May 1, 1951, and agent and regis¬
trar for the voting trust certificates for
company's common capital stock.—
Y. 142, p. 311.
Spiegel, Inc.—Earnings—
(Formerly
3 Mos. End. Mar. 31—
Spiegel, May,
"
1937
Stern
&
Co.,
Inc.)
1936
193
$545,583
$449,934
$292,145
$598,803
$0.36
$1.52
$1.29
$3.04
1934
Net income after deprec.,
int., Fed. taxes, &c—
Earned per share on com¬
mon
stock..!
Note—No provision has been made for Federal surtaxes
on
undistributed
profits.
For the
12 months ended March 31,
1937, net income
was
$3,530,076
after charges and Federal income taxes, equal to $2.54 a share on
1,275,658
shares of common, comparing with $2,489,589 or $8.80 a share on
253,000
shares for the 12 months ended March 31, 1936.
Net income for the 12 months ended March 31, 1937, was the
largest for
any
12 months period in the history of the company.—V. 144,
p.
2500.
Sperry Corp.—-Listing—
The New York Stock Exchange has authorized the
listing of 66,454 addi¬
tional voting trust certificates representing 66,454 shares of common stock
($1 par) upon official notice of issuance and distribution upon exchange for
shares of Vickers, Inc., making the total amount of
voting trust certificates
applied for 2,015,565.
The corporation has agreed with the holders of all of the
outstanding
common stock of Vickers, Inc. (Mich.), and of 4,882 out of a total of
5,000
outstanding shares ($100 par) 7% pref. stock of Vickers, Inc. to acquire such
securities of Vickers, Inc. in exchange for 66,454 shares of the common stock
to be issued and delivered to such stockholders of
Vickers, Inc.
The
recipients of the 66,454 shares of the common stock of the corporation have
agreed to deposit the same with the voting trustees of Sperry Corp., under
the voting trust agreement dated April 27, 1933.
■
The securities of Vickers, Inc., which will be obtained in exchange for the
common stock of Sperry Corp. will be held
by the corporation as an invest¬
ment, and Vickers, Inc. will become part of the organization of the corpo¬
ration and its other subsidiaries.
Financial
3352
Chronicle
Consolidated Income Account (Incl. Wholly-Owned Sub. Cos,)
x
Dec. 31,'35
$3,201,346
$1,226,989
291,033
$2,982,013
183,427
949.818
254,195
137,899
958,930
216,370
97,998
624,215
112,451
$1,867,739
1,186,716
$1,594,572
453.259
$1,888,146
421,630
$392,324
133,115
$3,054,454
$2,047,831
$2,309,776
$525,439
1,330
Depreciation
Selling & general exps
Research & development
yiOther income
Gross income
216,717
1,212,529
Interest
Transfer fees
Standard Power & Light Corp.—Report
Year Ended
Mar. 1 to
Dec. 31,*34 Dec.31,'33
Year Ended
Year Ended
Period—
Dec. 31. *36
Gross income from oper $3,588,018
miscel¬
&
laneous expenses
for Fed. income
23,303
40,853
45,169
54,139
Prov.
franchise
&
capital
429,747
Previous surplus
Miscellaneous adjustm'ts
j
Profit
on
351.201
390,818
44.989
$2,570,569
3,048,861
$1,651,461
1,884,678
$1,878,104
495,630
$455,818
19.376
39,425
sale of stock of
of No. Amer. Aviation,
t
Inc
39,812
Surplus, Dec. 31
$3,536,139
487,278
$2,393,110
487,278
21,155
$495,630
$3,709,744
Dividend paid
Obsolete bldg. demol...
$5,658,855
1,949,111
$3,048,861
$1,884,678
$495,630
$1.32
$0.85
$0.96
$0.23
Earns, per sh. On 1,949,111 shs. cap. stock
Including $251,107 income from patents, royalties and technical serv¬
in 1936, $176,499 in 1936, $147,602 in 1934 and $69,373 in 1933.
y Includes profit on sale of securities, 1936, $1,058,522; 1935, $367,875;
1934, $347,700; 1933, $89,075.
x
ices
Consolidated Balance Sheet Dec. 31
a
Liabilities—
$
Cash
Notes,
accepts.,
accts. rec., &c-_
Contr.
work
progress, invent.
Value
of
life
Prov.
in
Investments.-...
Deposits
16,956
144,362
2,264,626
128,401
1
1
Deferred charges-.
Patents
-
Prov.
serv.
568,124
—
purch. (net)
on purchase
111,612
249,133
74,055
195,950
84,668
guaran¬
Res. for contlng...
35,949
apprec. of
Dep.
50,818
57,667
22,686
41.292
Cap. stk. (par $1). 1,949,111
Capital surplus
3,664,248
3,709,744
1,949,111
a
....11,692,593 10.420,619
Less allowance,
3,048,861
11,692,593 10,420,619
Total
1936
Sales, less returns, allowances and discounts,.$31,250,390
y
—
21,746,999
20,600.064
17,677.640
16,030,333
Profit from operations $9,503,391
Income from marketable
$8,686,615
$8,366,099
$8,153,826
291,002
299,182
534.105
516,873
x815,146
621,677
72.844
603.734
284,729
14,941
741.866
4,745
91,140
2,687
73,524
$10,624,481
$9,826,236
$9,668,249
$9,559,161
1,713,010
1,350,128
1,240,434
1,310,339
80,899
155.097
6.413
161,578
6,456
131,931
6,682
86.845
$8,669,061
$8,308,074
$8,289,202
$8,161,977
5,625,239
z572,809
3.893135
2.164", 367
adv. & admin. exp_—
securities, interest, &c.
Divs.
from affil.
&
cos.
miscellaneous income.
on
foreign exch—
Profit from sale of secur.
Adjust, of taxes & other
items of prior yrs. (net)
Total income
Prov. for Fed. & foreign
income taxes
Fed. surtax
on
undistrib¬
uted profits
Other losses and charges.
Divs. on pref. stk. of subs.
[As reported to the Mass. Department of'Public Utilities]
3 Mos. End. Mar. 31—
1934
1935
1937
"1936
Rev. fare pass, carried
5,981,364
6,256,009
5,886,825
15,738,879
7.52
7.55
Average fare (cents)
7.5
7.61
Net profit after all chgs.
$18,390
$56,289
$17,455
3,460
—V. 144, p. 2500.
1933
1934
1935
$29,286,679 $26,043,739 $24,184,159
Cost of goods sold, sell.,
b Less allowance for depreciation.—V. 144, p. 3193.
Springfield Street Ry. Co.—Earnings—
*
Consolidated Income Account for Calendar Years
3,664,247
Earned surplus
Total
Sterling Products (Inc.) (<& Subs.)—Earnings—
Profit
for'gn
exchange
Deferred income..
assumed by Standard Gas & Electric Co.,
6% convertible gold notes of Standard Gas & Electric Co. due Oct. 1, 1935.
The corporation had miscellaneous investments at Dec. 31,1936 as follows;
1,980 shs. Louisville Gas & Elec. Co., common class B.
25,353 shs. Mountain States Power Co., common.
9,750 shs. Philadelphia Co., common.
23,570 shs. Southern Colorado Power Co., common class A.
As of Dec. 31, 1936, the corporation had cash on deposit and on hand
amounting to $722,372, and there were outstanding no bank loans or other
indebtedness except current charges incurred in the ordinary course of
business, and taxes.
Income—The gross income of the corporation for the year was $29,130.
Expenses and taxes paid and accrued amounted to $66,216, resulting in a
net loss of $37,086 for the period.
Dividends—No dividends have been declared or paid on the pref. stock
since Nov. 1,1934.
Accumulated and unpaid dividends on the pref. stock amounted to
583,351 at Dec. 31, 1936.
No dividends have been paid on the common stock and common stock
series B since March 1, 1933.—V. 144, p. 2322.
Res. for unrealized
32,300
contracts
485,881
114,513
--.
tee of products-.
Patents fir develop.
►
&
392,020
Instal.
for
was
Investments—The principal investment of this corporation at the close
of the year consisted of 40,751 30-100 shares of the prior preference stock,
$7 cumulative, and 1.160.000 shares of the common stock of Standard
Gas & Electric Co., the latter being a majority of the outstanding common
shares.
The corporation also owned on Dec. 31,1936, $185,000, face value,
certificates of deposit for 20 year 6% gold notes of Standard Gas & Electric
Co. due Oct. 1, 1935, and $121,000, face value, certificates of deposit for
sales
on
contracts-
15,996
b!plants&equip-- 2,466,744
6% debentures, due 1957,
Jan. 7, 1930.
'
cap.
stock taxes
913,841
In¬
surance policies
&
200,000 shs.
x34,054 shs.
1,500,000 shs. 1,320,000 shs.
500,000 shs.
440,000 shs.
x $7
cumulative preferred.
Preference in liquidation $100 per share.
The amount of pref. stock outstanding as shown above does not include
8,119 shares held in the Treasury awaiting retirement.
The entire funded debt of the corporation, consisting of $24,000,000 of
389,305
Income
for
franch.
2,769,823
3,371,238
473,127
S
712,786
577,376
Accrd. wages, &c.
1,974,822
1,045,389
$
payable &
accrued royalties
Outstanding
Authorized
Preferred stock (no par)
Common stock ($1 par)
Common stock series B (no par)
Accts.
2.353,108
4.106,528
for 1936—
The report for the year ended Dec. 31,1936 shows:
Capitalization—
1935
1936
1935
1936
Assets—
1937
IS,
May
■
Net profit of sub. cos. for
the 8 mos. ended Aug.
5,766,743
31, 1933-Previous surplus
Miscellaneous credit—.
Square D Co.- Earnings—
3 Mos. End. Mar. 31—
Net profit after charges,
1936
1937
x$214,0'/3
deprec'n & Fed. taxes.
Sbs. class B stk. (no par)
Earnings per share
1935
$122,232
220,650
$0.25
220,638
$0.66
$14,867,110 $12,201,209 $10,453,569
7,033,332
6,575,969
6,560,434
[11934
$132,135
70,926
$1.09
l
1.71,664
230.867
$0.38
No provision was made for Federal surtax on undistributed profits.
For the 12 months ended March 31, 1937 net profit was $1,115,813 after
x
depreciation and Federal income taxes, equal to $3.83 a share on class B
common, comparing with $716,581, or $2.02 a share, on class B common for
the 12 months ended March 31, 1936.—V. 144, p. 2148.
Standard-Coosa-Thatcher
The
Co.—Pays 50-Cent Dividend
paid a dividend of 50 cents per share on the common
$25, on May 10 to holders of record May 1.
This compares
with 37M cents paid on Feb. 10, last; 62 H cents paid during 1936; 25 cents
paid during 1935; 50 cents paid during 1934 and 50 cents paid during the
stock,
company
par
yearj.933,—V. 143, p. 4016.
Standard Gas & Electric
Surplus
of its net tangtble assets, $853,799, less net cost
$
Gross operating incomel 162121244
Inc. from other sources. 24,959,033
Years (Incl. Sub. Cos.)
$
1933
$
1076215,249 1017972,537 779,766,154
26,288,795
18,973,269
2,058,074
Total income.
..1187080,277 1102504,044 1036945,806 781,824.228
Cost, oper. & gen. exp..863,768,280 825,830,188 795,270,661 595.205,077
28,016,198
51,253,657
44,481,280
e65,714,312
b Depreciation, &c
113,747,132 118,339,334 111,633.588 111,976,571
Taxes
Int. & discount
on
7,265,173
3,283,219
7,065,046
4,492,227
24,128,471
c5,248,708
7,058,461
6,120,056
4,499,489
22,263,311
14,276", 899
62,863,192
52,421,683 d50,634,434
45,618,960
31,940.882
25,084,310
31,990,916
2,792,886
7,053,003
Divs. on pf. stks. of subs.
2,468,922
Profitrapplic. to min. int. 28,570,512
Miscellaneous deduction c5,190,646
Ended March 31
1935
1936
1937
Surplus.
—
Shs.com.outst. (par $25)
Earns, per share on com.
45,352,990
26,224,767
$3.73
12,228,758
25,856,081
$2.43
13,678,078 def6.906,606
25,856,081
25,761,465
$1.76
$0.97
I*
a Inter-department and inter-company transactions have been excluded
inter-company profits included in inventories have not been eliminated,
b Includes depletion, depreciation, retirements and amortization,
c Un¬
distributed earnings included above of certain foreign subsidiary companies
affected by restrictions on the payment of dividends, carried to contingent
reserve,
d Includes stock dividend of Mission Corp. of $18,329,913. e In¬
cludes government income taxes and $1,406,296 Federal surtax on un¬
distributed profits.—V. 144, p. 3193.
on
hand.*
an
extra dividend of 20 cents per
share on
the common stock payable May 25 to holders of record May 15.
The
regular quarterly dividend of five cents per share was paid on May 1, last.
—V. 144, p. 625.
$1.58
$12,135,831 $11,531,640
350,000
350,000
—
Certificates of deposit of banks
Short-term loan
U. S. Government securities
315,900
5.358,851
1,310.779
2,733,142
Other marketable securities
Accounts receivable—trade
-
Balances owing by affiliated companies
Items in transit with foreign subs, and branches.«.
Notes receivable
Other receivables.
—
Inventories
Finished stocks
246,160
23.094
500,000
108,843
3,903,138
264,791
7,570
consignment with customers—
Bal. owing by officers & empl. on purch. of stock..
on
Investment in affiliated
Other investments
:
3,160,554
cos
Note receivable due Jan. 2, 1939
Miscellaneous advances and accounts receivable..
Sterling Products (Inc.) stock
b Land & buildings, machinery & equipment, &c._
Net cost development of new products
Advertising supplies and deferred charges
Trade-marks, goodwill, &c
1,588,335
250,000
57,089
2,152,990
3,249,582
395,483
779,005
5,460,497
315,900
5,357,960
451,780
2,189,791
200,137
174.917
3,546.927
270,906
12,342
3,114,166
1,588,355
71". 460
2,017,031
3.164,624
311,068
779.434
5,316,138
$44,351,636 $40,764,578
Liabilities—
Accounts payable, accrued expenses, &c
Accrued Federal and foreign income taxes
Divs. pay. on stk. to be issued & on pref. stk. of
Due to affiliated companies
$2,486,908
1,786,458
$1,586,446
1,348,166
30,460
46,436
35.546
sub
Items in transit with foreign subs, and branches.Reserves for prior years' Fed. & foreign inc. taxes.
Reserve for contingencies
Reserve for pensions
Res. for fluctuations in market value of securities.
Minority interest in pref. stock of sub. co
Capital stock (par $10)
Capital surplus
;
Earned surplus
888,599
5,096,319
29.193
313,598
106,650
17,507,000
8,226,238
7,833,777
_
—
23,878
12,967
807,815
5,096,319
101,892
285,569
107,500
17,507,000
8.226.238
5.625.239
_________
$44,351,636 $40,764,578
Total
Sterling, Inc.—Extra Dividend—
The directors have declared
$2,773,796
1,750.070
1935
1936
Assets—
Cash in banks and
Total..
Net income.......97,774,583
Common dividends
1934
_
$2,529,383
1,730.639
Earnings per share
$1.60
$1.46
x Before provision
for surtax on undistributed profits.
$2,706,646
1,715,670
$157
Net earns, after all chgs_x$2,746,767
Shs. cap. stk. (par $10).
1,714.663
c
fund.
►
& long-term debt.
Other interest
book value
of development of certain new
products, $183,709, and proportionate share of settlement of claims against
Drug Inc., $97,281; net (as above), $572,809.
a
1934
$
$2,164,367
Consolidated Balance Sheet Dec. 31
(New Jersey)—Earnings—
Consolidated Income Account for Calendar
1936
1935
$3 893.135
$5,625,239
1,717,670
$4.83
realized from sale of stock of Three In One Oil Co. in excess of
(Del.)—Stock Reduced—
capital resulting from the plan will be credited to surplus account.
As of
Dec. 31 last the company's holdings of its own shares totaled 65,159.—
V. 144, p. 1455.
s
—
Consolidated Earnings for Three Months
Directors of the company recently adopted a resolution to reduce capital
stock by $400,000, represented by 40,000 shares of par $10 stock held in
the company's treasury, it was announced on May 12.
The reduction in
Standard Oil Co.
$7,833,777
1,715,563
$5.05
1,730,639
1,749,503
$4.79
$4.67
x Sterling Products' proportion of profits of affiliated companies for the
year 1936 was approximately $198,000 in excess of dividends, included
above received from such companies,
y Includes depreciation of $307,644
in 1936, $294,906 in 1935, $268,990 in 1934 and $299,719 in 1933.
z Amt.
Shs. of cap. stk. outst
Earned per share
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co's system for the week ended May 8, 1937 totaled 104,503,173 kilowatt hours, an increase of 11.9% compared with the correspond¬
ing week last year.—V. 144, p. 3193.
Standard Oil Co. of Kansas
$2,395,234
$82,652
a
After reserves for doubtful accounts and discounts of
at cost.—V.
144,
p.
$145,552 in 1936
b After depreciation reserve of $3,727,281 hr 1936
c 35.137 shares in 1936 and 33,030 shares in 1935J
1978.
and $140,891 In 1935.
and $3,507,592 in 1935.
Volume
144
Financial
Sterchi Bros.
Stores, Inc.—Sales—
1936
1937
$276,360
382,800
401,000
379,728
$338,300
405.974
March
428,000
485.253
_
—V. 144, p. 2677.
Struthers Wells-Titusville
3353
large individual stockholder, and John Hertz, a
partner in Lehman
Brothers.
J. A. McCarthy did not stand for reelection.
With the new
directors the board numbers 24 instead of 22 previously.
a
Month of—
January
February...
April
Chronicle
The directors elected received
4,906,967 votes out of a total of 6,818,997
of preferred and common shares
outstanding.
The J. Paul Getty interests
did not vote their stock,
amounting to about 700,000 shares.
The Tide
Water Associated stock held by the Mission
Corp. was voted In favor of
the management.—V.
144, p. 3023.
Corp.—Earnings—
3 Months Ended March 31—
1937
$961,467
Gross sales.
Net profit after all charges
incl., deprec., int. &
taxes exclusive of any res. for undist.
profit tax.
Tilo Roofing
1936
$668,641
68,476
19,937
Net income during the first
quarter of 1937 available for bond interest,
depreciation, amounted to $99,854, equivalent to 5.9 times interest
Co., Inc.—Earnings—
Years Ended Dec. 31—
Sales
1936
1935
1934
Cost of sales
$2,963,444
1,395,578
$2,210,234
1,071,010
$1,707,369
866,071
Branch office selling & gen. expenses.
$1,567,867
1,030,906
$1,139,224
780,448
$841,297
705,891
Other income.
$536,961
52,955
$358,776
35,370
$135,406
39,347
Other charges
Provision for Federal income tax
$589,916
42,433
xl23,700
$394,147
37,864
53,000
$174,754
102,991
11,218
Net profit
Preferred dividends
$423,784
49,010
$303,283
34,544
$60,545
after
requirements
outstanding.
The
the $1,040,000 of first mortgage 6H%
on
reports
company
a
bonds presently
backlog of unfilled orders on hand at the close
approximately $2,500,000 and gross billings
of the first quarter this year of
for the month of April of about
$415,000.—V.
144, p. 3021.
Studebaker Corp.—Sales—
Sales of Studebaker
cars
and trucks in
April amounted to 11,573 units,
compared with 10,101 a year ago, the highest April since 1929, when
9,732 units were sold, according to Paul G. Hoddman, President.
Last month's distribution brought total unit sales
of passenger cars and
trucks for first four months to
37,921 units, against 31,303 in first four
months of 1936 and 39,760 units in first four
months of 1929.
Mr. Hoffman
stated that the company is
selling more trucks than ever before in its
history.—V. 144,
3022.
p.
Common dividends
Shares common stock (par $1)
Earnings
x
share
per
Includes
$4,800
on
1935
1934
$1,089,012
442,032
$1,113,267
415,182
$1,062,305
389,629
$618,917
472,010
Other income
$646,980
11,186
$698,085
12,391
$672,676
16,771
$146,906
5,680
Net income
Int. on notes & accounts
$658,166
20,893
__
Net oper. income
$710,476
35,156
subsidiary finance company.
stock
1933
$689,447
47,398
Exps. incident to sale of
dered, &c
Prov. for income taxes..
Net
profit after all charges before
provision for pref. stock divs. for
the period but after reserves
x
Before Federal
353,741
327,109
287,759
109,388
6,000
64,505
12,450
35,321
5,600
Assets—
132,906
$244,624
on
on
1936
121,059
expenses
$169,370
104,782
$241,503
82,103
92,636*
$166,429
4,300
$175,367
•3,259
$159,400
1,126
$170,729
6,235
$178,626
10,689
$160,526
11,131
89,600
7,454
4,000
82,176
4,200
72,561
2,240
y$42,168
$63,438
x$81,561
credit
$171,027
Interest
2,553
for
deprec.
and
depletion
Surrendered leases, &c._
Bals.
1,475
95,143
30,568
Federal income tax
x Profit before Federal
taxes,
undistributed net income.
y
Before provision for Federal
surtaxes on
Earnings for Year Ended March 31, 1937
Gross income from oil and
gas properties, $1,108,230; operating
expenses
operating profit
(exclusive of depletion and
depreciation), $458,308; net
(before depletion and depreciation), $649,922; other
income,
$8,541;
income, $658,464; interest on indebtedness,
$17,210; expenses incident
stock, $12,494; Provision for depletion and
depreciation, $367,037;
losses on leases
surrendered, &c., $132,501; provision for Federal and
State income taxes (not
including Federal surtaxes as undistributed net
income), $2,595; net profit for period, $126,624.
total
to sale of
Consolidated Balance Sheet
Assets—
1936
1935
Cash in banks and
hand
$234,007
$170,801
81,139
10,416
197,600
-
116.601
13,034
Accts. receivable.
Crude oil on hand
201,297
5,469
Oil Held materials&
expenses.
68,900
In
of
land,
oil
&
gas
501
501
for Federal
Income taxes
of
12,450
pro¬
Su¬
Divs.
1st
for
7,139
Fed.
2,453,491
Intangible values.
1,071,100
2,525,833
1,071,100
Obligs.
mtge.
84,933
inc.
339,353
tax
15,000
on
Fed. income tax..
accts.
Res .for ins. claims.
receivable
457,497
Capital stock
Capital surplus—
Earned surplus
74,604
1,053,979
1,912,408
640,626
204,666
988,979
1,749,908
518,713
$4,160,408 $4,071,1121
Total
.$4,160,408 $4,071,112
depletion and depreciation of $9,492,491 in 1936 and
$9,249,805 in 1935.—V. 144, p. 3194.
x
After
reserve
for
f
Superior Portland Cement, Inc.—Preferred Dividend—
The directors have declared a dividend of
$1.10 per share on the $3.30
cumulative class A participating
stock, no par value, payable June 1 to
holders of record May 24. This
payment represents the regular rate for the
four months ending June 30,
1937, the stock ordinarily receiving 27H cents
per share monthly.—V. 144, p. 120.
Taylor-Young Airplane Co.—Formation Announced—
115,000-$/tare Issue of Common Stock to Be Registered with
the SEC—
Announcement
made May 13
of the organization of this com¬
pany, manufacturers of light popular-priced airplanes.
At the same time
William C. Young, Executive Vice-President or the new
company, stated
that it will file very shortly with the Securities and
Exchange Commission,
a registration statement
covering 290,000 shares of common stock ($1 par),
of which 115,000 shares are to be underwritten
by Hiltz & Co. and publicly
offered at a price of $3 a share.
was
Formed to take over the business of the
Taylorcraft Aviation Co., a
predecessor company, the new company went into production on March
22,
this year. Although organization is just
completed, plans are already being
rushed for plant additions, Mr.
Young has announced.
The company's
present plant is at Alliance, Ohio.
Mr. Young states: "17 planes were produced in
April, first full month
of the company's operations, and 40 more are
expected to be completed in
May.
Production for the calendar year 1937 is estimated at about 450
popular-priced light planes.
As of April 29, the company had on hand
unfilled orders for 257 planes, the equivalent of
approximately six months
present production capacity."
.
Thermoid Co.—New Director—
David
Van
Alstyne Jr. has been elected
—V. 144, p. 792.
a
director of this company.
Tide Water Associated Oil Co.—Three New Directors—
Stockholders
directors:
at their annual meeting held May 6 elected three
new
John J. Hopkins of the Pacific Western Oil Corp.; Carl H.
Beal,
319,852
123,114
156,467
Cash surrender val.
life
lnsur. policies..
Officers' and em pi.
40,728
33,986
529
z53,000
y
$2
cumul.
6,000
2,228
pref
stock, series A..
Common stock
41,580
281,852
1,038,924
Dr2,084
Surplus
Treasury stock...
299,520
52,566
606,701
9,241
accts. receivable
Miscell. accts.
19,668
pref. stk.
rec.
728
Miscell. investm'ts
265
312,456
13,470
Dr4,796
1,520
Real est. & equip
249,435
x
Pats., less amortlz.
Prepaid expenses
Total
462
15,575
25,595
31,116
$1,689,698 $1,132,240
Total
$1,689,698 $1,132,240
x After reserve for
depreciation of $89,939 in 1936 and $67,545 in 1935.
Represented by 1,386 no par shares in 1936 and 9,984 shares in 1935.
x Includes
excess profits taxes,
a Includes excess profits tax and surtax
on undistributed profits.
y
Flan
Approved by Stockholders—To Offer Preferred Stock—
The stockholders on May 10 approved an amendment to the certificate of
incorporation providing for the authorization of 100,000 shs. of pref. stock
(par $25), the issuance of 60,000 shares of which is authorized at this time
to be designated as $1.40 convertible preferred stock.
Company intends,
as soon as its stock is registered with the
SEC, to offer the $1.40 convertible
preferred stock through the Distributors Group, Inc., at $25.75 per share
The major portion of the proceeds will be used
by a subsidiary for the
financing of time payment accounts, which accounts at the
present time
are financed by discounting them with a finance
company.
The balance of
the proceeds will be used by the company for
corporate purposes, including
the paying of bank loans and as an addition to working
capital.
«-H
R. J. Tobin, President, announced that the new unit
manufacturing
asbestos siding has been operating for about one month and that the sales
of this new product are increasing each week.
He reported sales and profits
of the entire company for the first 16 weeks show
a|very large increase
over 1936.
It is not expected that the company will continue to increase
sales for the balance of the year in the same proportion, but it is
expected
that It will show a material gain for this year as
25-Cent Dividend—
directors
have
declared
a
dividend of 25 cents
per
share
on
the
common stock, par $1, payable July 1 to holders of record
June 10.
A
similar payment was made on April 1, last and
compares with an extra
dividend of 12 H cents and a regular quarterly dividend of
12K cents paid
on Dec. 21, 1936, and an extra dividend of
cents and a regular
quarterly
dividend of 12H cents per share paid on Oct. 1, 1936.—V.
144,
purch.
of oil properties.
on
on
Inventories-.
The
conting.
liab
& equipment.
38.824
& Gas
6% notes
-----
compared with 1936.
perior! Oil Corp.
Res.
ducing properties
Total..
58.038
16,729
&
Prov.
Co.
cost..
Property,
30,967
81,965
wages
taxes and oil and
Superior Oil
con¬
cerns— at
x
1935
$129,214
54,251
Notes payable, un¬
4,555
stocks
Accrued
secured
property..
non-affll.
1936
$225,914
Accounts payable.
gas royalties
5,174
-
Advances collect'le
Due from sale of oil
Dec. 31
at
salaries, interest,
—at market
supplies
as
Liabilities—
Notes payable
951
6,000
al23,700
2,820
Bond & mtge. due
-
officers'
46,521
6,796
12,723
Accts. pay. to em pi
for bonuses,com¬
missions, &C
.
Net profit
3,853
29,965
May 1, 1938...
$31,312
100,015
6,776
1935
$62,122
Miscell. accts. pay
Accrued taxes
and
withheld
assigned
of
1936
193,094
accts.
loss
ties at cost
x$74,594
1,656
Prov.
Inv.
Liabilities—
Trade accts. pay..
$152,115
Misc. accts. receiv.
595
..
Ioss31,760
undistributed profits.
481,493
Instalment
$274,019 loss$327,344
1934
loss33,935
on
$187,813
fees
$268,003
Net operating profit.
Other income
Prepaid
1935
deposit &
hand
rec., less res. for
Consolidated Earnings for 3 Months Ended March
31
Quar. End. March 31—
1937
1936
1935
Gross income
$290,430
$271,211
on
xl5,189
profits taxes and surtax
Consolidated Balance Sheet Dec. 31
Cash
12,495
361,495
excess
Marketable securi¬
Net profit
Operating
Apr. 24 '37 Apr. 25 '36 Apr. 20 '35
$691,371
$387,237
$321,600
Sales
$152,586
59,265
$147,896
Prov. for depl. & deprec.
Loss
on
leases
surren¬
surtax on undistributed
Earnings for the 16 Weeks Ended
1936
Expenses
52,270
52,370
$5.43
$0.78
profits, including
$1.50
$36,700 for Federal
Superior Oil Corp. (& Subs.)—Earnings—
Calendar Years—
Total income
154,753
279,768
Time
Cap Corp.—Registration
p.
1804.
Withdrawn—
See list given on first page of this department.—V.
144, p. 3194.
Timken-Detroit Axle Co.—To
Stockholders at
a
special meeting
on
Change Fiscal Year—
May 15 will consider the election of
directors: approval of annual report; amend the code of
regulations so as to
change the fiscal year from Dec, 31 to Aug. 31, and change the annual
meeting from the second Tuesday in April to the second Tuesday of Dec.
in each year.—V. 144, p. 2678.
Title Insurance
The
directors
have
Corp. of St. Louis—Dividend Doubled—
declared
a
dividend of 25 cents per share
on
the
stock, par $25, payable May 29 to holders or record
May 21.
This compares with 12 H cents paid on Feb. 28
last; 37 H cents on Nov. 30,
1936; 25 cents paid in the two preceding quarters and dividends of 12
H
cents per share previously distributed each three months.
In addition,
extra dividends were paid as follows: 25 cents on Nov.
30, 1935; 12^ cents
on Dec. 1, 1934, and 25 cents per share on Nov.
30,1931.—V. 143, p.
common
3336,
Tobacco & Allied Stocks, Inc.—$1 Dividend—
The directors have declared
dividend of $1 per share on the common
stock, payable June 15 to holders of record June 1.
A dividend of $1.25
was paid on Dec. 28, 1936, and
compares with $1 paid on Nov. 16, and on
Aug. 3, 1936; $4 paid on Dec. 31, 1935; $1.50 on July 10, 1935; $2 on Dec.
31, 1934; $1 on Nov. 1 and July 16, 1934, and 50 cents per share
paid on
March 1, 1934, and on July 15, 1933.—V.
144, p. 1979.
a
Tri-State Telephone &
Period End. Mar. 31—
Telegraph Co.—Earnings—
Uncoil, oper. revenue...
1937—Month—1936
$507,322
$459,413
1,993
1,158
$1,499,003
5,394
$1,359,211
3,258
Operating revenues
Operating expenses
$505,329
389,323
$458,255
340,937
$1,493,609
1,145,174
$1,355,953
1,002,638
Net operating
Operating taxes
$116,006
39,627
$117,318
33,988
$348,435
115,644
$353,315
97,810
$83,330
$232,791
$255,505
Operating
revenues
revenue
Net operating income.
—Y. 144, p. 2501.
Tubize Chatillon
$76,379
•
1937—3 Mos.—1936
Corp.—Larger Class A Dividend-
Directors have declared a dividend of $1.50
per share on the class A stock
of the company, payable July 1 to holders of record
June 10. ' An initial
dividend of $1 was paid on April 1, last.—V.
144,
p.
1805.
Financial
3354
Underwood Elliott Fisher Co.—Dividend
The directors have declared
a
dividend of $1
per
on
W. H. Claflin, Jr., has been elected a director of the
the common
no par
Corp.—Obituary—
United Air Lines Transport Corp.
(& Subs.)—Earnings
1937—12 Mos.—1936
1937—3 Mos.—1936
Period End. Mar. 31—
$1,843,306
1,532,599
291,900
328,481
$8,945,507
6,177,084
1,269,086
1,356,952
82
$9,892,014
6,921,009
1,193,817
1,324,260
Crl69,262
14,628
18,647
53,206
71,948
32,082
38,792
10,106
37,176
64,909
182,104
xll5,000
10,106
169,242
$428,517
25,782
$375,684
19,814
pf$206,972
113,446
$82,552
54,967
$402,736
$355,871
$320,418
$1,746,304
1,665,034
Operating revenues
Operations
282,655
Maintenance.--.
Net salvage on
Kinglsey Garrison Billings, Chairman of the Board, diedlon
May 6.—V. 144, p. 2849.
Cornelius
company.—V. 1441
3195.
p.
Depreciation
Union Carbide & Carbon
1957
15,
May
New Director—
Increased—
share
value, payable June 30 to holders of record June 12.
This
compares with dividends of 75 cents paid in each of the four preceding quar¬
ters; 62 Yi, cents paid on March 31, 1936 and Dec. 31, 1935; 50 cents paid in
each of the five preceding quarters; 373^ cents on June 30, 1934; 25 cents
on March 31,
1934, and on Dec. 30, 1933, and 12
cents per share dis¬
tributed each quarter from Sept. 30, 1932 to and incl. Sept. 30, 1933.—
V. 144, p. 2849.
stock,
Chronicle
298,095
equip.sold Crl56,465
Cr26,358
Prop., franchise & other
taxes
Unemployment & old age
Union
Illinois—To
of
Co.
Electric
Issue $22,000,000
Bonds—Merger of Certain Subsidiaries of Union Electric Light
& Power Co. (Mo.) Proposed—
May 6 filed with the Securities and Exchange Com¬
registration statement (No. 2-3135, Form A-2) under the Se¬
curities Act of 1933, covering $22,000,000 of first mortgage Zfi% bonds
series due 1967 (due May 15, 1937).
According to the registration statement, the net proceeds from the sale
of the bonds are to be applied as follows.
For repayment of $6,750,000 bank loans incurred by Union Electric
Light & Power Co. of Illinois, the proceeds of which were deposited in trust
for payment of the principal on redemption on or before July 1, 1937, of
$6,750,000 of outstanding first mortgage 5M% bonds series A, of that
The company on
mission
benefits taxes
Gasoline & oil taxes
Federal income taxes—
Net loss from oper_
-.
Other income
a
company.
For the purchase at a cost of $1,241,583 of $1,306,000 of East St. Louis
Light & Power Co. first mortgage 5% bonds now owned by Union Electric
Light & Power Co. (Mo.), such bonds to be surrendered to the trustee for
cancellation simultaneously with the purchase.
For payment of the principal on redemption on or before July 1, 1937,
of the remaining $1,094,000 of outstanding East St. Louis Light & Power
Co. first mortgage 5% bonds.
For payment of the par value on redemption on or before July 1, 1937,
of the $8,000,000 of outstanding 5% cumulative preferred stock of the
Net loss-.x
Includes surtax
$27,585
undistributed profits, $22,000.
on
estimated
Federal taxes on income and undistributed profits covers the
taxes
on
the taxable income for the 12 months ended Dec. 31,1936.
89,518,461
3595416,005
1253808,858
passenger-miles 12,331,199
15,795,837 102,583,364
pound-miles
1,048,461,229 887,983,190 4424046,678
Express pound-miles-.
356,987,617 318,704,807 1626281,877
Revenue plane-miles
3,163,803
3,266,745
16,513,264
—-V. 144, p. 2679.
Revenue
Mail
United Gas Corp. (&
Subs.)- —Earnings—
1937—12 Mos.—1936
1937—3 Mos.— -1936
Period End. Jan. 31—
15,203,695
iSulisxcl'LciT'ioS'*"*""
'
" 'i,:"
Operating revenues
$12,534,347
Oper. exp., incl. taxes.. a6,168,832
Prop, retire. & depletion
reserve appropriations
2,655,681
1 '■'*4
'''
1
,*.*
,
s
■
.
A'-.
$9,078,557 $40,360,918 $28,062,507
4,045,806 al8,584,106
14,581,916
6,358,536
3,510,858
$3,813,252 $15,418,276
$9,969,733
1,219,499
company.
with the trustee under the mortgage securing
the new bonds, such amount being withdrawable against gross property
additions made on or after May 15, 1937, including expenditures made
For deposit of $4,000,000
date, in connection with the installation of
a 75.000 kilowatt steam turbine generating unit, together with equipment,
in the company's Cahokia plant, or to be applied to the retirement of the
bonds (any balance not so withdrawn within three years for property addi¬
tions will be applied to the retirement of the bonds).
The balance of the proceeds will be applied toward payment of other
capital expenditures estimated at approximately $800,000, to be made on
or after May 15, 1937, in connection with the installation referred to above.
Accrued dividends or interest in connection with the redemption of the
above securities, is to be paid with other corporate funds, it is stated.
The price at which bonds are to be offered to the public, the names of
the underwriters, underwriting discounts or commissions, and the re¬
demption provisions of the bonds, are to be furnished by amendment to the
registration statement.
See also Union Electric Light & Power Co. (Mo.) below.
Net oper. revenues...
Other income (net)
to be made on or after that
or
on
102,081
$3,811,915
Gross income
Int.
$3,709,834
_
621,547
constr.—Cr
40,156
long-term debt.
61,928
7,297
Other interest
Other deductions
Int. chgd. to
17,962
92,886
192,027
$3,831,214 $15,610,303 $10,062,619
275,596
1,826,923
1,124,235
20,974
71,170
119,648
102,921
78,977
29,779
25.866
7,899
53,822
$3,161,299
12,220
$3,463,566 $13,687,775
12,220
48,881
$8,790,159
48,981
$3,149,079
13,595
$3,451,346 $13,638,894
18,568
71,611
$8,741,178
28,446
$3,135,484
$3,432,778 $13,567,283
$8,712,732
of United Gas
Corp. in inc. of subs.
(as shown above)
$3,135,484
Other income
333,866
$3,432,778 $13,567,283
25,704
455,025
$8,712,732
443,517
$3,458,482 $14,022,308
75.879
b702,640
754,350
2,370.330
$8,807,575
270,254
2,900,813
$2,608,201
$2,628,253 $10,949,338
$5,636,508
Balance..
Pref. divs. to
public
Balance
Por. applic. to
Net
Gas
min. int.
equity of United
Corp. in inc. of
subsidiaries
United Gas Corp.—
Union Electric
Light & Power Co. (Mo.)—Seeks Merger
of Certain Subsidiaries—
The company and its subsidiaries, East St. Louis Light & Power Co.
Union Electric Light & Power Co. of Illinois, have filed with the
Securities
and Exchange Commission
applications under the Holding
Net equity
94,843
and
Company Act, for the purpose of merging certain subsidiaries into a new
to be known as Union Electric Co. of III.
The applicants are
of North American Edison Co. and North American Co.,
company
$3,469,350
Total income
b417,632
Expenses, incl. taxes
Interest.
subsidiaries
both registered holding
companies.
I*Union Electric Light & Power Co. (Mo.) filed applications (46-43)
for approval of the acquisition of 900,000 shares ($20 par) common stock
and 40shares ($100 par) 6% cum. pref. stock to be issued by East St. Louis
Light & Power Co.
& Power Co. filed a declaration (43-43) covering
the issuance of 900,000 shares of common and 80,000 shares of pref. stocks,
above described, which will be used for the purpose of effecting a merger
into itself of Union Electric Light & Power Co. of HI., Alton Light &
East
St.
Louis Light
and Power Operating Co., which four companies
are separate subsidiaries of Union Electric Light & Power Co.
(Mo.).
Under the proposed merger, the $16,350,000 aggregate par value of
the merging companies' common or capital stock, including East St. Louis
Light & Power Co
will be converted into $18,O0O,OOO par value common
stock of East St. Louis Light & Power Co., a surviving corporation, the
name of which will be changed to
Union Electric Co. of Illinois.
The
difference of $1,650,000 is to be issued against capital expenditures against
which no securities have previously been issued.
East St. Louis Light & Power Co. (named to be changed to Union
Electric Co. of Illinois) filed an application (32-56) for exemption from
the requirements of the Act requiring the filing of a declaration covering
an issue of $22,000,000 of Union Electric Co. of 111. 1st mtge. bonds, 3% %
series due 1967, which would be bonds of the new company.
The proceeds
of such bonds would be applied for the purpose of refunding outstanding
interest-bearing securities of East St. Louis Light & Power Co. for the
repayment of a loan proposed to be incuired by Union Electric Light &
Power Co. of 111., prior to the sale of such securities, for redemption of
the pref. stock of latter company, and the balance for additions to plants
and property of the merging companies.
East St. Louis Light & Power Co. also filed an application (46-42) for
approval of the acquisition of certain securities and indebtedness of the
Union Colliery Co., which property constitutes the major source of coal
supply of the Cahokia and Venice power plants of Monsanto and Venice,
111., respectively, now operated by Power Operating Co.
Union Electric Light & Power Co. of 111. filed an application (41-5)
asking for authority to issue $6,750,000 of note or notes and to deposit
such proceeds with the trustee under the mortgage, securing its 1st mtge.
bonds, 53^ % series A. for the redemption thereof prior to the consummation
of the merger.
This note would be repaid from the proceeds received from
the $22,000,000 bonds described above.
Opportunity for hearing in the above matters will be given on May 20
at SEC Building, Washington, D. C.
Power Co., Alton Gas Co.,
,
See also Union Electric Co. of Illinois.—V. 144, p. 1805.
In reference to the
publication of certain pages of the 1936
annual report of the Union Pacific RR. Co., attention is
called to the following errors in the advertisement appearing
in the May 1 issue of the "Chronicle":
Item
Page No.
3028
Sixth line in text above Income Table_
3028
Should Be
Figures 1935
"Chronicle"
Figure 1935
Income
of additional
None
.19
main track—de¬
.19
of "Hire
of equipment—debit
and "Rents for use of
balance"
joint
tracks,
yards
and
-
but
not
pre-
sented—Dec. 31,1935
Unmatured interest accrued—Increase
-
United-Carr Fastener
17,329,184.00 17,392,184.00
stock.
j
''f
these
statement.
represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public and give no effect to pre¬
ferred stock dividend arrearages for prior periods.
The "portion applicable
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of subsidiaries
at the end each respective period.
Minority interests have not been charged
with deficits where income accounts of subsidiaries have so resulted.
The
"net equity of United Gas Corp. in income of subsidiaries" includes interest
and preferred dividends paid or earned on securities held, plus the proportion
of earnings which accrued to common stocks held by United Gas Corp., less
losses where income accounts of individual subsidiaries have resulted in
deficits for the respective periods.
to
Income
Statement
(United Gas
Corp.
Only)
1937—12 Mos.—1936
$5,910,853
$5,038,514
455,025
94,843
Other
1937—3 Mos.—1936
$1,602,006
$1,283,243
333,866
25,704
Total..
$1,935,872
$1,308,947
$6,365,878
*417,632
443,517
75,879
754,350
2,370,330
$1,074,723
$478,718
$3,292,908
Period End. Jan. 31—
Gross inc.; From subs..
Expenses, incl. taxes
Interest
Balance
*
*702,640
Includes Federal surtax of $320,177 on undistributed profits
1936.
$5,133,357
270,254
2.900,813
$1,962,290
for the year
No provision has been made to date for 1937.—V. 144, p. 3196.
United Gas Improvement
Week Ended—
Electric output of system
—V. 144, p. 3195.
(kwh.)
Co.—Weekly Output—
May 1 '37
89,083,802
May 8 '37
86,636,601
United Light & Power Co.
(& Subs.)- -Earnings—
1937
12 Months Ended. Jan. 31—
controlled
(after eliminating inter-company transfers)
General
May 9 '36
79,515,197
'
xl936
cos.
$85,507,570 $78,814,535
40,077,625
36,870,899
operating expenses
Maintenance
Provision for retirement
General taxes and estimated Federal income taxes.
4,934,079
8,354,304
9,365,424
4,205,950
7,756,345
8,936,914
Net earnings from operations of sub. and con¬
trolled companies
$22,776,137 $21,044,426
2,540,089
Non-operating income of subs, and controlled cos.
2,573,251
_
$23,584,515
Interest, amort, and pref. divs. of subsidiary and
15,915,167
16,389,419
$9,434,222
$7,195,096
2,131,755
—
of earnings,
1,772,610
attributable to minority
stock,
Equity of United Light & Power Co. in earnings
of subsidiary and controlled companies
$7,302,467
Income of United Light & Power Co.
(excl. of
income received from subsidiaries)
30,466
$5,422,486
8,841
,
105,399.11
104,399.11
247,064.48
237,064.48
Corp.—Calls Preferred Stock—
stock for redemption
This stock, originally
totaling 50,000 shares, was issued in September, 1935.
It had been reduced
by conversion to 9,013 shares by the close of 1936 and since then has been
further reduced to about 6,200 shares.
It is convertible, share for share
common
within
intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of sub¬
Note—All
above
common
The company has called its remaining $1 preferred
June 15 at $23 per share plus a 25-cent dividend.
into
made
$584,300.33
—V. 144, p. 3024.
on
$410,000
sidiaries
Proportion
$548,300.33
General Balance Sheet
Current Liabilities—
matured,
of approximately
made to date for 1937.
Balance
terminal
Total appropriations of net income
1935
Coupons
provision
None
,
facilities"—Increase
3030
Includes
controlled companies
crease
Total
a
Total income of sub. and controlled companies, .$25,349,388
Miles of Road—Decrease
Miles
earned surplus
periods for Federal surtax on undistributed profits in 1936, and $32,750 in
1937.
b Includes provision of $320,177 made within, these periods for
Federal surtax on undistributed profits in 1936.
No provision had been
Gross operating earnings of sub. and
RR.—Correction in 1936 Annual Report—
Union Pacific
Bal. carried to consol.
182,515
48,212
$7,102,205
Expenses of United Light & Power Co
Taxes of United Light & Power Co—_
—
Balance
Holding
company
Interest
on
$5,172,209
2,318,073
184,546
2,319,908
224,580
$4,599,586
$2,627,720
deductions:
funded debt—
^
Amort, of bond discount and expense
Balance transferred to consolidated surplus
x
$5,431,328
214,793
44,325
$7,332,933
Total
Adjusted.—V. 144, p. 3196.
—
Volume
Financial
144
United Light & Rys. Co.
r
yl935
1936]
earns, of sub. & controlled
cos.
h eliminating inter-company transfers)
General operating expenses
Maintenance.
Provision for retirement
General taxes & estimated Federal income
Net
(after
$75,240,638 $69,153,640
35,095,296
32.265,080
4,412,348
3,731,600
7,437,508
6,581,875
taxes..
x8,131,650
8,005,567
from oper. of subs. & controlled cos..$20,163,836
earns,
$18,569,517
2,007,128
1,887,220
Non-oper. inc. of subs. & controlled companies
Total income of subs. & controlled companies
Int.
$22,170,964 $20,456,737
13,712,973
amortiz.|& pref. divs. of subs. & controlled cos 13,278,057
Balance
$6,749,974
Equity of United Light & Rys. Co. in
subs. & controlled companies
Income of United Light & Rys. Co.
recei/ed from
earns,
$5,611,375
157,461
16,857
$5,437,057
1,375,000
42,988
1,375,000
42,988
$5,645,628
1,235,068
stk.
573,757
$7,399,138
246,714
88,808
com.
$5,037,618
649,164
attributable to min.
$6,743,764
1,706,146
$4,019,069
1,240,527
$4,410,559
earns.,
$8,892,907
2,142,933
$7,063,616
Proportion of
$2,778,542
of
(excl. of inc.
subsidiaries)
Total
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co
Balance..
Holding
Income
(& Subs.)—Earnings—
12 Months Ended Dec. 31—
Gross oper.
5)^% debentures, due 1952
on
Amortization of debenture discount and expense
Balance transferred to consolidated surplus
Prior preferred stock dividends
Balance
Includes
tax credit adjustment of $715,000 made by Kansas
City Power & Light Co. during the year 1936.
y Adjusted.—V. 144, p.
x
income
United Molasses Co.,
Ltd.—Interim Dividend—
The directors have declared an interim dividend of 6)4%. less tax, on
the company's stock.
This compares with a dividend of 4% paid a year
ago.—V. 140,
United
p.
United States Steel
A
H.
elected
a
director of
Activity" on a preceding page.—
Ry.
;■
53,475
58,943
17,942
110,344
47,785
61,474
13,087
111,206
2,314
24,336
2,783
8,547
38,473
10,848
$2,865,806
$2,161,500
$2,084,522
Cr621,975
29,487
160,615
28,779
67,659
6,087
684,728
3,387
3*, 840
Cr51,676
29,632
69,434
6,210
637,300
2,280
4,739
1,378
4,396
5,912
1,921
4,863
171,541
24,920
63,090
6.125
711,528
2,993
23,567
2,250
13,458
5,744,279
$2,162,113
$1,197,549
$1,065,050
141,813
140,000
$3,602,465
5,247,227
$2,022,113
1,039,727
$1,197,549
831,782
$1,065,050
831,782
1,562,034
$ 1,119,817
Non-Operating Income—
Rent from equipment
72,536
Joint facility rent income
46,491
Miscell rent income
19,173
Inc. from funded seems.
100,674
Inc.
oper.
from
income
unfunded
$9,901,688
3,596,186
976,417
Gross income
Deductions—
Hire of frt.cars, deb.bai¬
lment for equipment
Joint facility rents
Miscellaneous
79,699
rents
Interest on funded debtMiscell. tax accruals
Int. on unfunded debt_.
Amort. of disc, on fd. dt.
6,324
607,069
2,286
31,739
"
Misc. income charges
income
Balance
Dividends
...
—
Balance
Impts.
on
92,744,737
5,690
5,690
600
royalty basis and rentals of equipment*
p»Under the company's patented process, concrete is made in the ordinary
manner but is treated by a vacuum compression process which, according to
the prospectus, makes for a denser, stronger and more durable concrete
and substantially reduces the time element in concrete construction work.
Although to date the company's efforts have been devoted to work of a
research and development nature, the application of the company's process
has been demonstrated on a number of State, municipal and industrial
projects.—V. 144, p. 3026.
cum.
11,609,300
pref.
stock
10,213,958
Common
33,772,300
18,221
stock.
Govt. grants-
cost.
'3,952,191
6,359
5,761,378
82,526
571,994
Unadjust. debits
3,853,026
6,060
7,589,404
88,659
855,685
Total
debt
—
....
Current liabils..
Def'd liabilities-
UnadJ. credits..
Paid-in surplus.
Profit
Total
105,438,700 105,181,138
144,
p.
15,332,300
1,157,514
105,829
10,980,691
2,477,350
1,285,016
1,285,016
17,973,580
loss
Total
105,438,700 105,181,138
3027.
Western
on
16,892,000
1,464,351
150,657
12,180,175
2,692,998
15,159,723
and
surplus-
-V.
33,772,300
long-term
Approp. surplus
by means of a prospectus by Hanson & Hanson.
299,404 shares of common stock ($1 par) of a total authorized of 350,000.
h* Corporation was formed in March, 1936, to exploit its patented process
for the vacuum treatment of concrete through license agreements on a
prior
cum.
53-2%
34,649
3,226
185,519
521,134
Current assets-
corporate purposes.
After giving effect to this financing the company's outstanding capitaliza¬
tion will consist of only one class of stock.
There will be outstanding
10,213,958
pref. stock.
4%
prop.
sold...
Deferred assets.
Public offering of 88,000 shares of common stock was made May 14
The stock was priced at
$2.12)^ per share.
Net proceeds of this financing, estimated at $108,087, will be used in part
to retire all of the company's 6% convertible one-year notes outstanding
in the amount of $29,000, to pay current obligations, purchase additional
machinery and equipment, for expenses in connection with research work
and patent applications, and to provide working capital and for general
non-cumul.
lien stock
Misc. phys. prop
Invests, in affil.
cos.—at
$
11,882,600
7 % prior lien stk
6%
_
1935
Liabilities—
leased
mtged.
31
Dec.
1936
$
94,351,308
funds.
Sheet
1935
$
Other investm'ts
f.
Corp.—Stock Offered—
788
se¬
curities & accounts
Miscellaneous income
Deps. in lieu of
At a meeting of the board of directors held on May 10, Charles W.
Kellogg, Chairman of the Board, was elected President of the company
Ortman, whose resignation was accepted at this meeting.
Mr. Kellogg was formerly Vice-President and Treasurer of the company
and has been connected with it since its organization in 1927.—V. 144,
-
53,292
45,326
20,395
100,797
$3,882,751
Railway tax accruals
Uncollectible ry. revs
ry. property--
Vacuum Concrete
$1,801,649
Total ry. oper. exp
$10,892,350
Net rev. from ry. oper__
4,681,851
Sinking
Paper Factories, Inc.—New President—
2153.
$1,909,465
524,058
Transp. for invest.—Cr_
General
to succeed Hador
p.
$2,619,346
4,509,369
434,127
5,580
General
1936
V. 144, p. 3025.
United Wall
$7,794,603
2,769,217
966,780
423
$8,504,960
2,734,834
823,137
2,233
Transportation
363,859
3,925,694
342,084
2,337
Corp.—Obituary—
Business
1,096,572
3,045,665
317,850
3,028,851
307,230
1,565
1,788.199
3,484,189
391,166
Investments
of
1,070,410
3,270,917
343,646
3,411,510
410,826
2,349
2,007,996
3,555,271
Assets—
"Indications
under
$15,574,200 $13,497,874 $11,239,794 $10,563,820
-
Gewecke, Assistant Treasurer, died on May 6.
pril Shipments—
See
1933
$9,877,933
19,152
20,357
405,119
241,259
Operating Expenses—
Income applied to sink,
and other res. funds
2849.
p.
Calendar Years
Maint. of way & struc
Maint. of equipment
Traffic
Net
company.—V. 144.
John
Incidental
3568.
Shipyards Inc.—New Director—
Clarkson Potter of Hayden, Stone & Co. has been
this
Mail and express
Other transportation
Total
Account for
1936
1935
1934
$14,684,283 $12,686,433 $10,569,728
22,946
17,528
18,517
23,472
22,757
22,474
520,476
463,842
396,627
323,024
307,314
232,448
Operating Revenue—
Freight-....
Passenger
company deductions
Interest
3355
Chronicle
Auto
Supply
Co.-—To
Pay AO-Cent
Dividend
New Stock—
The directors have declared
share
the
on
of record
new common
an initial quarterly dividend of 40 cents per
stock, now outstanding payable June 1 to holders
May 20.
The company's stock
V.
143,
p.
was recently split on a three-for-one basis.
See
3337 for detailed record of dividend payments on old common
stock.—V. 144, p. 3198.
Western
Maryland Ry.—Earnings—
First Week of
1937
Gross earnings.
—V. 144, p. 3198.
$323,924
May
1936
$294,705
Jan.
1937
1
to May 7
1936
$6,627,430
$5,608,363
Virginia Electric & Power Co.—Earnings—
12 Months Ended March 31—
1937
Operating revenues
$16,688,011
Balance after operation, maintenance and taxes..
6,925,553
Balance
dividends
for
and
surplus
Western Public Service Co.
1936
$15,440,467
6,673,046
Operating revenues
2,985,177
Balance after operation, maintenance and taxes._
Balance for dividends and surplus (after appro¬
(after appro¬
priations for retirement reserve)
3,252,624
-
2681.
—V. 144, p.
(& Subs.)—Earnings-
12 Months Ended March 31—
priations for retirement reserve)
144, p. 3198.
1936
1937
1,157,696
703,968
5,014,479
635,225
156,874
123,424
—V.
Vulcan
Detinning Co.—Directorate Reduced—
At the recent annual meeting of stockholders, all directors were reelected
with the exception of L.
O.
Erickson,
thereby reducing the number
of
directors to eight.—V. 144, p. 2154.
Ward Baking Co.—Accumulated Dividend—
The directors on May 13 declared a dividend of $1 per share on account
of accumulations on the
7%
cum.
pref. stock, par $100, payable July
1
to holders of record June 15.
A dividend of $1.75 was paid on April 1 last; $4 was paid on Dec. 24 last;
$1.75 paid on Oct. 1, 1936; 75 cents paid on July 1, 1936; 50 cents paid in
each of the 11 preceding quarters; on April 1 and July 1, 1933, distributions
of 25 cents each were made; 50 cents per share paid on Jan. 3, 1933; $1 per
share on July 1 and Oct. 1,1932, and $1.75 per share in previous quarters.
Accumulations after the payment of the current dividend will amount
to $19 per share.—V. 144, p. 2503.
Wentworth Manufacturing
Co.—Earnings—
6 Months Ended April 30—
Sales
1937
Net earnings after all charges
Earnings
x
per
Before
share
on common
Federaj_surtax
f*For the'second
on
x$163,284
$0.36
stock
1936 1
$2,012,936
157,371
$1.53
undistributed profits.
ended April 30, net earnings before provision
for undistributed profits tax amounted to $76,202, as compared with
$76,447 in the corresponding period of 1936, equivalent to 16 cents per
common share after payment of preferred stock dividends.—V. 144, p. 2682.
quarter
Wheeling & Lake Erie Ry.—Earnings—
Traffic and Transportation Statistics for Calendar Years
1936
Milesof road operated..
512.57
Revenue tons earned... 14,716,530
Revenue ton miles
1405667856
Av. net tons p. tr. mile.
Aver. rev. per ton mile-.
Aver.
mile of rd.
carried
rev. per
Passengers
Pass, carried one mile—
Av.
rev. p. pass, per mile
Pass. rev. per mile of rd_
Netop. rev. p. mileofrd.
Net op. rev. per tr. mile.
833
1.045cts.
$28,648
18,920
1,037,722
2.21
cts.
$151
$9,134
$2.51
1935
511.60
12,407,331
1206934753
856
1.051 cts.
$24,798
12,812
700,529
2.50 cts.
$119
$7,029
$2.28
1934
511.60
11,077,834
1051172686
825
1.006cts.
$20,660
13,148
633,562
2.92 cts.
$126
$5,346
$1.90
1933
511.60
10,361,538
1030759957
876
0.958cts.
$19,308
13,261
681,289
2.81 cts.
$130
$5,413
$2.08
Wickwire
Spencer Steel Co.—Out of Bankruptcy—
As of the close of business April 30, the properties of the company, held
by trustees under Section 77-B of the Bankruptcy Act, were re-transfererd
to the company, according to an order entered April 22 by the U. S. Dis¬
trict Court for the Western District of New York.
This step marked com¬
pletion of the reorganization of the company under a plan promulgated
under date of Aug. 30, 1935 by the reorganization committee headed by
George W. Treat, Boston.
Under the plan of reorganization over $19,000,000 of indebtedness of
the company will be converted into stock, and provision is made for an
$800,000 loan from the Reconstruction Finance Corporation (reduced
from $1,500,000).
The reorganized company will have a total of 500,000
shares of common stock authorized, of which 390,307 shares are to be
issued in exchange for present indebtedness and 95,875 shares reserved for
subscription by present common stockholders at $15 per share.
The new
common stock will be represented by voting trust certificates.
Holders of the present outstanding first mortgage and prior lien bond
issues are to receive 21 shares of new common stock for each $1,000 of bonds;
holders of the present outstanding class A and class B notes, 30 shares and
10.8171 shares, respectively, per $1,000 of notes; and holders of pre-receivership, merchandise and other unsecured claims, 18.656 shares for each
$1,000 of such claims.
The present 7)4% secured notes of the company
are to receive an equal principal amount of new 6% secured notes maturing
Sept. 1, 1945.
Holders of common stock voting trust certificates of the present company
are to have the right to subscribe, on or before June 30,
1937, for new
common stock (represented by voting trust certificates) at the rate of one
share of new common stock for each 10 shares of old common stock.
The
subscription price on the new shares will be $15.
The new securities are now ready for delivery at office of Chase National
Bank, 11 Broad St., New York.
The company operates plants at Buffalo, N. Y. and Palmer, Worcester
and Clinton, Mass.
The Buffalo plant is equipped to produce pig iron,
ingot billets, rods, coarse wire, and electric welded products.
The Palmer
plant is a wire and rope mill. The Clinton plant is primarily a wire weaving
mill, manufacturing woven wire products of all kinds, especially poultry
netting and hardware cloth. The plant at Worcester manufactures specialty
wires and round and flat wires and springs.
A wholly-owned subsidiary,
the American Wire Fabrics Corp. has plants at Mount Wolf, Pa. and Blue
Island, 111. and is a large manufacturer of wire screen cloth.
The outstanding bonds ($799,400) and other obligations are not liabilities
of Wickwire Spencer Steel Co.
Following are the earnings of the company (incl. Wickwire Spencer Sales
Corp. but not American Wire Fabrics Corp.) for the periods Jan. 1 to June
30,1936, July 1 to Dec. 31, 1936, and Jan. 1 to March 31, 1937:
Financial
3356
6 Mos. End.
*36 Mar. 31/37
$696,672
205,555
$242,465
205,555
Net earnings before int., charges or
exp. of
$359,246
102,400
A
$491,118
$36,911
receivership & bankruptcy
$256,846
Due to the
contemplated reorganization, these earnings are given before
There has not been deducted, as expenses, special charges
and expenses allowed or to be allowed by the court on account of the equity
receivership and the 77-B Bankruptcy proceedings, except the drawing
accounts of the trustees.
These earnings have not been audited and are,
therefore, subject to adjustment.
American Wire Fabrics Corp. for the year 1936 sustained a net loss, after
depreciation and interest charges, of $38,190, and for the three months'
interest charges.
.
geriod Jan^l to March 31 ,JL937_earned $5.561.
TransfefAgent fof Voting" TrusT'Cerlificates—The Chase National Bank
has been appointed transfer agent for the voting trust certificates for
common
May IS, 1937
Authorized
$30,000,000
6 Mos.End. 3 Mos.End.
June 30' 36 Dec. 31,
Income before depreciation & interest
Provision for depreciation
Chronicle
stock.
First mortgage
Secretary and Treasurer, George H. Cremeling; Executive Vice-President,
M. Mackin; and Vice President and General Sales Manager, R. L.
Foster.
exchanged under plan of reclassification of capital stock and 1,517 shares
May 1, 1937. the company purchased 342 additional shares.
Earnings—Consolidated statement of earnings
company and
aries), years ended Oct. 31
Deprec.
Net Avail.
Int. on
a
Gross
The City Bank Farmers Trust Co. has been appointed as registrar for
voting trust certificates for 486,181 shares of common stock and the Chase
National Bank has been appointed transfer agent for the voting trust
certificates.—V. 144, p. 2851.
a
Includes
—V.
144
p.
$32,107,
total sales for the month of April, 1937, of $173,828,
$141,721 for the same month last year, an increase of
than 22%.—V. 144, p. 2851.
with
or more
Wilson
&
_
Bennett
Manufacturing
Co.—Registration
Wilson-Jones Co.—New
Col.
R.
Balance
$3,954,385
4.109,538
3,318,457
Vice-President—
Paddock has been elected Vice-President of this company,
B.
by Benjamin Kulp,
1936
Expenses.
Depreciation
$11,377,466
9,822,295
417,010
„
144,
President.—V.
Wright Aeronautical Corp.—Earnings—
Calendar Years—
Net sales
<
1934
1933
$9,339,851
8,146,226
373.242
1935
$7,757,461
7,052,697
377,118
$5,053,680
4,413,162
344,001
$1,138,161
88,626
$327,646
$820,383
xl85,713
$296,517
95,649
$1,226,687
Other deductions
9,978
Prov. for Fed. inc. taxes,
146,610
$423,295
$1,006,096
$364,606
Other income.
undistributed
See list given on first page of this department.—V. 144, p.
68.090
*0
mm
m*
mm
—
39",942
Wilson
&
Co.,
Inc.—Debentures
Sold—Offering of
$6,500,000 conv. 3M% debentures, due April 1, 1947, was
made May 12 by Edward B. Smith & Co. and Glore, Forgan
.
income—,,--.1^057^098
Shs.cap.stk.out.Cnd par)
x
have been oversubscribed.
Net proceeds to be received by the company from the sale of these deben¬
tures will be used to repay short term loans from various banks and com¬
mercial paper brokers, which loans were incurred to finance increases in
The debentures will be convertible at the option of the holders, at any
on or before Oct. 1, 1946, at the principal amount into fully paid and
stock, as such shares shall be constituted
at the date of conversion at the price of $13 for each share.
Suitable pro¬
visions are included to prevent dilution of the conversion privilege.
The
debentures will be redeemable, other than for the sinking fund, at the
option of the company, in whole or in part, on any date prior to maturity,
at the principal amount and accrued int. to the date of redemption, to-
1941; 3% if red. after April 1, 1941, and on or before April 1, 1943; 2% if
red. after April 1, 1943, and on or before April 1, 1945; and 1% if red. after
April 1, 1945, and prior to maturity. The debentures will also be redeem¬
able for the sinking fund, at their principal amount plus accrued int. to the
date of redemption, together with a premium on the principal amount as
follows 3% if red. on or before June 1,1939; 2H% if red. after June 1, 1939,
and on or before June 1. 1941; 2% if red. after June 1, 1941, and on or
before June 1, 1943; 13^ % if red. after June 1, 1943, and on or before June
1. 1945; and 1% if red. after June 1, 1945, and prior to maturity.
y The funded debt and capitalization of the company as of Oct. 31, 1936,
as adjusted to reflect the authorization, issuance and sale of the deben¬
~~
------
$364,606
599,857
$0.60
of $112,143.
Earnings for the Three Months Ended March 31
$270,019
1934
loss$75,109
Nil
Nil
$0.45
$0.48
shs. cap.stk. (nopar).
1935
loss$69,812
1936
1937
$286,353
Net profit after chargesEarns. per sh. on 599,857
Consolidated Balance Sheet Dec. 31
1936
Liabilities—
1935
hand
on
$692,443
—
71,744
122,059
Accrued liabilities.
receivable-
928,603
611,445
Deps.
2,617,084
1,745,639
150,733
167,989
Inventories
-
Due from affil. cos.
for eng.
31,686
4,150
Other llablls. (est.)
5,070
li",514
24,439
25,000
Reserve
for
84,922
238.452
3,334,440
mitment conting
4,610
4,609
Prov. for Fed. inc.
25,850
54,345
com¬
x
Common stock..
Capital surplus—
Earned surplus
x
159,610
2,999,285
tax & Fed. surtax
in¬
Total.
71,713
12,000
1,651
43,054
self-insur., &c—
inc., Interest
3,689,842
dev. serv. (net).
are
32,146
unfilled
Due to affil. cos—
&
Plant prop, (net)—
Misc. lnv. at cost-
Prepaid taxes,
surance, &c
sales contracts..
73,953
8,337
4-year
over
220,412
on
Defd.
not current
term
$150,000
$692,960
136,474
Res. for price red.,
Trade acceptances,
Rec.
—
Accounts payable.
Trade acceptances,
Accts
ated company..
$503,196
-
current
1935
1936
Notes pay. to affili¬
Cash in banks and
common
efore with 1, 1939; 4% if red. after April 1, 1939, follows 5% if red. on 1,
Sether April a premium on the principal amount as and on or before April or
$966,153
599,857
$1.61
Includes royalties received under cross license agreement, less expenses
inventory values and in accounts receivable.
time
$423,295
599,857
$0.70
599.857
$1.76
Earned per share
The debentures priced at 101% and accrued int.
non-assessable shares of
13,000
profits-
3027.
Net
tures
Funded
on
Prov. for Fed. surtax on
Withdrawn—
&|Co.
for Int.
subsidi¬
operating revenues, less discounts, returns and allowances.
3027.
Willson Products, Inc.—Sales—
The company reports
compared
and
Ended
Sales
Amortiz.
Fund. Debt
Debt
Oct. 27,1934-$181,251,599 $1,363,652 $4,976,339 $1,021,954
Oct. 26,1935- 223.017,543
1,367,666
5,078,235
968,696
Oct. 31.1936- 253,226,103
1,373,897
4.108,294
789 836
according to an announcement
p. 3199.
Registrar and Transfer Agents—
500,000 shs.
2,500,000 shs.
held in the treasury,
e Includes 28,395 shares as of May 1, 1937, repre¬
sented by certificates not exchanged under plan of reclassification of capital
stock and 920 shares held in the treasury.
Between Oct. 31, 1936, and
The following constitute the new board of directors: George W. Treat,
B. C. Bowers, Acosta Nichols, Arthur H. Lockett, Rudolph Flershem,
Robert B. Stearns, George C. Lee, Malcolm Donald and Hon. John H.
Fahey.
250,000
the treasury $458,000.
c Does not include $29,500 held in the treasury,
d Includes 1,261 shares as of May 1, 1937, represented by certificates not
P.
_
Outstanding
c45,500
71,021
d324,783 shs.
e2,001,163 shs.
a After giving effect to present financing,
b Since Oct. 31, 1936, com¬
pany acquired $438,000 of these bonds, making the total amount now in
loan, dueser. to July 1, '39 (non-ball.)
Minority stock interests
$6 preferred stock (no par)
Common stock (no par)
Fiscal Year
New Chairman, &c.—
At organization meeting of the board of directors, George W. Treat was
elected
Chairman.
Officers
elected
were: President,
E.
O. Bowers;
a
b$19,400,000
6,500,000
6,500,000
Convertible 3 %% debentures (this issue)
J. Eavenson & Sons, Inc., 1st 6% gold
$8,084,921 $7,045,377
1,516,467
2,462,226
2,999,285
1,526,248
2.004,907
$8,084,921 $7,045,377
Total
Represented by 599,857 no par shares.—V. 143, p. 3167.
7 he Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Friday Night, May 14, 1937
Coffee—On the 8th inst. futures closed 5 to 9
points up
in the Santos contract, with sales of 41 lots. The new Rio
contract closed 8 to 6 points up, with sales of 29 lots.
The
Santos contract was 51 to 26 points up for the week and the
Rio contract was 48 to 27 points up for the same period.
The Santos bolsa was 500 to 25 reis higher today (Saturday),
Rio futures were 400 to 225 reis up at 19.400 for May and
18.775 for July. The Santos and Rio spot prices were 100
reis higher at 22.700 and 19.000 milreis, respectively.
The
open market dollar rate was 100 reis firmer at 15.450 milreis
to the dollar.
Havre futures were 2.50 to 1.25 francs higher
On the 10th inst. futures closed 3 to 10 points lower, with
sales of 110 lots. The new Rio contract closed 5 to 6 points
lower, with sales of 50 lots. The May position, strengthened
by official support from Brazil, was only sympathetically
weaker. Against this position 14 notices were issued. They
were stopped early, the price holding between 11.40c. and
11.38c., sharply above the more distant Santos positions.
There was a further improvement in the open market dollar
rate of 100 reis to 15.350.
The Santos bolsa
was
500 to 100
reis higher than on Saturday, with the "C" contract closing
at 24.900 for May and September and 25.025 for July.
The
Santos spot
price advanced to 23.500 and the Rio spot
was
200 reis up at 19.200 milreis. Rio futures were 200 to 125
better at 19.000 for May and 18.900 for July. Havre futures
were
.50
to
1.50 francs
better.
On the
11th inst. futures
closed 1 up to 16 points lower in the Santos contract, with
sales of 164 lots.
The new Rio contract closed 12 to 15
points off, with sales of 86 lots.
Final Rio prices
were
200 to
GOODS—WOOL—ETC.
450 reis lower, with the Santos bolsa off 250 to 50 reis. The
Rio and Santos spot prices were unchanged at 19.200 and
23.700
rate
respectively, at the close.
eased 30 reis
futures
were
15.380
to
The
milreis
.75 to 1.75 francs off.
to
open
market dollar
the dollar.
Havre
On the 12th inst. futures
closed 18 to 6 points higher in the Santos contract, with sales
of 89 lots.
The new Rio contract closed 2 points lower to
7
points higher, with sales of 83 lots.
Santos advanced 275 to 150 reis.
The "C" contract at
The other Santos contracts
closed 100 off to 100 up. Rio futures were 50 to 275 up at
19.450 for May and 18.725 for July. The Santos spot price
was
100 reis off at 23.600
100
reis
to
18.300.
milreis, and the Rio spot advanced
open market dollar rate firmed
The
30 reis to 15.350 milreis to the dollar.
On the 13th inst. futures closed 5 to 13
points off for the
Santos contract, with sales of 125 lots.
The new Rio con¬
tract closed 11 to 6 points off, with sales of 28 lots.
Liqui¬
dation which affected
nearly all commodity markets yes¬
terday, spread to the coffee market, wiping out early gains
and sending all positions except the May Santos, off for
substantial net losses.
The "A" and "B" contracts
on
the
Santos bolsa
opened 25 off to 300 up.
The "C" contract
closed unchanged to 100 points above the previous day's
opening prices. Rio futures were 100 up to 250 off at 19.550
for May and 18.500 for July.
The Santos spot price was
200 reis up at 23.800 and the Rio spot was 100 better at
19.400.
The open market dollar rate weakened 50 reis to
15.400
milreis
francs better.
to
the
dollar.
Havre futures
were
4
to
5
Today futures closed 11 to 2 points down
for the Santos contract, with sales of 86 contracts.
The
new Rio contract closed 9 to 5 points down, with sales of
31 contracts.
Coffee futures turned reactionary in quiet
Volume
Financial
144
trading. Despite prompt acceptance of 8,000 bags tendered
ontMay contracts, the May Santos position broke 23 points
on^the call. In the early afternoon the Santos market stood
5 points lower.
Rio de Janeiro futures were 50 to 400 reis
higher and spot No. 7 was up 200 reis. However, the Santos
market was 125 to 150 reis lower.
The*free market exchange
rate improved 20 reis to 15.380.
Cost and freight offers
from Brazil were about unchanged, with Santos 4s at 11.50
to 11.90.
Milds were easier.
In Havre futures were 2Y
to 3Y francs lower.
^
J
Rio coffee prices closed as follows:
December
_6.92
May
July
6.97
September
6.98
March
6.88
7.00
Santos coffee prices closed as follows:
March
10.16
December
10.27
May.
July
11.42
September
10.39
10.72
to 33
points
loss of 2
Prices started with
a gain of 5
points to a
The market appeared to have no staying power or
real support, and when pressure in moderate amounts de¬
points.
veloped, prices
gave
way
sharply.
Apparently
the only
support received came from shorts taking down profits.
Transactions during the session dropped to 236 lots, or 3,162
tons.
London came in 3d. to 6d. lower on the outside, while
futures on the Terminal Cocoa Market closed
7^ to l^d.
lower, with 750 tons changing hands. Local closing: May,
8.32; July, 8.47; Oct., 8.65; Dec., 8.76; Jan., 8.78. On the
11th inst. futures closed 67 to 81 points down.
This wide
open break was attributed to advices from the African Gold
Coast stating that the major crop estimate has been revised
upward to 270,000 tons, this precipitating a general selling
movement in the local market.
Opening sales had been at
losses of 1 to 9 points.
Trading increased to 1,942 lots, or
26,023 tons.
London broke .very badly also, futures on the
Terminal Cocoa Market coming in 4s. 1 Y^d. to 2s. 6d.
lower,
or
approximately 5 to 50 points off. Sales at London totaled
3,090 tons.
It was reported that the bearish crop news
appeared to be the final straw bringing out a flood of stop
loss orders and long
liquidation.
Mingled with this was
considerable short selling.
Prices closed in the local market
at about the lows of the
day.
Local closing: Mav, 7.65;
July, 7.66; Sept., 7.80; Oct., 7.86; Dec., 7.97. On the 12th
inst. futures closed
unchanged to 10 points higher.
The
market was steadier during
today's session. Prices started
7 points down to 13
points up.
Transactions totaled 633
lots, or 8,482 tons.
No London advices came through
because of the coronation
holiday. In the local situation it
as though
liquidation had pretty well run its course.
looked
Confidence, however, is reported
to be pretty well unsettled
being because of the progressive series of major
setbacks
cocoa has encountered since the 13c. mark was
touched in the middle of
January. Yesterday the May and
March deliveries touched new lows, but rallied from this
point.
Local closing: May, 7.65; July, 7.76; Oct., 7.95;
Dec,, 8.07; May, 8.11.
for the time
_
On the
13th
inst.
futures
closed
100
points down (the
delivery, which
Trading again approached record levels
allowable limit) for all but the September
off 98 points.
selling orders from all directions
was
as
total of
came
into the
ring,
a
1,798 lots or 24,093 tons changing hands.
Bearish
London advices of heavy pressure on the London and Con¬
tinental markets started heavy liquidation here and in a
short while demoralized selling here drove prices down al¬
precipitately. London outside prices closed 5s. lower,
most
and futures
on
the Terminal Cocoa Market 2 to 4s. lower.
Local closing:
May, 6.65; July, 6.76; Oct., 6.92; Dec., 7.07.
Today futures closed 16 to 10 points up.
Transactions
totaled 956 contracts.
After breaking the limit
yesterday,
the cocoa market today showed considerable
improvement.
In the early afternoon
prices were 25 to 35 points higher.
Apparently orders to sell about 300 lots yesterday had been
withdrawn.
However, London did not fully meet the break
here and more confidence was evidenced in
prices, with Wall
Street, Europe and manufacturers buying.
Warehouse
stocks increased 2,S00 bags to a new
high record of 1,183,895
bags. Local closing:
July, 6.92; Sept., 7.03; Oct., 7.06;
Dec., 7.18; Jan., 7.25; March, 7.33.
Sugar—On
the 8th inst. futures closed unchanged to
point lower, with sales totaling 100 lots or 5,000 tons.
Hedging of new crops was centered in the March position and
was entered
by a Wall Street house with Cuban producing
connections.
The offerings were absorbed by other trade
houses. The raw sugar market was quiet and
generally un¬
changed. Sellers were asking 3.45c. on about 15,000 tons for
arrival both in nearby and distant positions. The best indi¬
cated interest openly shown by refiners was 3.40c. The world
sugar contract market closed steady at Y to IY points
higher, with transactions totaling 100 lots. London actuals
sold at 6s. 6d., equal to 1.12c. f. o. b. Cuba, based on a
freight rate of 27s. 6d. The terme market on small sales
was
Yd. higher to Yd. lower. On the 10th inst. futures
closed unchanged to 2 points lower. Trading was very light,
with transactions totaling only 82 lots.
Fluctuations were
very narrow.
Dulness of the actual market contributed to
the quiet. Raws were offered at 3.45c. A bid was solicited
unsuccessfully at 3.42c. on 6,000 bags of St. Croix raws for
second-half May shipment.
The best buying interest was
3.40c.
Offerings otherwise in moderate volume were held
at 3.45c.
The world sugar contract market closed Y to 2Y
1
3357
points lower. Thejextreme net declines in this market were
3 to 4 Y points, from which levels there was a rally of appre¬
ciable proportions. Transactions in the world sugar contract
totaled 325 lots. On the 11th inst. futures closed unchanged
to 1 point higher. Trading was limited, totaling but 73 lots,
or
3,650 tons.
This was mostly against actuals for the
account of trade houses and done at prices not far removed
from previous closing levels.
The news from Washington
contained nothing of importance from a market standpoint.
The raw sugar market remained dull, entirely unchanged
from the previous day. The parcel of St. Croix raws, 6,000
bags, was still on offer at 3.42c. without attracting attention.
Otherwise offerings were held at 3.45c. Refiners were not
better interested than 3.40c.
The world contract market
closed 1 to 3 points lower, with sales of 8,200 tons. Septem¬
ber, in which delivery most of the trading
from
to,Cocoa—On the 10th inst. futures closed 28
lower.
Chronicle
was
done, declined
a high of
1.23^0. to 1.21 Yc., or a loss of 2 Y points.
Despite the favorable outcome of the world sugar conference,
tta© world contract here is having a difficult time in bucking
the general commodity trend to lower levels.
On the 12th
inst. futures closed unchanged to 2 points higher. The maret in the earlier trading showed gains of 2 to 4
points over
he previous close. May showed maximum strength because
»f purchases of actuals at 3.45c., which was 5 points better
han the best indicated refiner interest of the previous day.
Transactions continued light, however, totaling 94 lots, or
4,700 tons, of which 76 were in the September position at
prices ranging from 2.50c. to 2.52c.
In the market for
raws
sales
were to outports and included 1,000 tons of
Philippines,
due May 29, and 4,600 tons of Puerto Ricos, loading May 24,
both to McCahan at 3.45c., and 2,300 tons of Cubas for
prompt shipment at 2.55c., cost and freight, to Godchaux.
The world sugar contract market was rather quiet, due largely
to the closed London market.
However, the undertone was
steady, with prices ending 1 to \ Yi points up. Transactions
totaled 142 lots, against 165 in the previous session and 325
on Monday.
On the 13th inst. futures closed 3 to 5 points off.
Trans¬
actions totaled 550 lots.
There was increased producer
hedge selling and long liquidation for the account of Cuban
interests, against which was short covering and some new
buying by skeptics who believe that the Administration
would not under any circumstances toss the whole sugar
plan overboard.
Heaviest trading was in the September
position, in which 236 lots were traded.
In July 103 lots
were
effected.
In the raw sugar market offerings were
made at 3.45c., but it is doubtful that refiners would have
paid even 3.40c., with such bearish feeling as prevailed
generally, especially in the commodity markets. The world
sugar contract followed in the depression that prevailed in
almost all commodity markets, declining 3Y to 4 points on
sales of 297 lots.
The London market was Yd. to Id. lower,
while Cuban raws were offered at 6s. 53^d., equal to 1.11c.
f. o. b. Cuba.
Today futures closed 3 points down to un¬
changed for the domestic contract.
The domestic sugar
market broke to
a new low level for the
year.
Heaviness
prevailed throughout almost the entire session, due to a
pessimistic feeling over the sugar bill and a weak raw sugar
market.
Spot sugar sold at 3.38c., a new low for the year.
The world sugar contract after showing early weakness,
firmed up a bit.
Part of the early selling was on stop loss
orders.
In London, which closed for a three day recess,
prices were lYd. to 2Yd. lower.
Prices
were as
follows:
2.47
December
2.45
March
2.40
September
2.45
May
January
2.47
2.40
July
Lard—On the 8th inst. futures closed 10 to 12
points down.
opened 5 to 7 points lower, the declines extending
further as the session progressed, with very little feature to
the trading.
For the week futures were off 27 points on the
nearby May delivery and 40 to 42 points on the later months.,
European countries continue to buy American lard sparingly,
mostly for immediate needs.
Export shipments from the
Port of New York have been running very light and today
(Saturday) totaled 94,024 pounds, destined for Trieste ana
Palermo.
On the 10th inst. futures closed 2 points higher
to 2 points lower.
At one time during the session prices were
5 to 7 points lower than the previous closing.
At this level
some
buying for trade account developed, which caused
prices to rally somewhat and gave the market a steadier tone.
Western hog prices closed le. higher.
Marketings at the
principal Western packing centers were below a year ago and
totaled 58,200 head, against 63,100 for the same day last
year.
The top price for the day at Chicago was $10.55,
and most of the sales reported ranged from $10.15 to $10.50.
Export shipments of lard over the week-end were light and
totaled 43,125 pounds, destined for Manchester and Belfast.
Liverpool lard prices were unchanged to 3d. lower.
On the
11th inst. futures closed 2 to 5 points lower.
The market
ruled heavy during most of the session.
There was no real
The market
incentive to operate to any appreciable extent either
way,
trading being more or less routine or professional.
Hog
prices were down 10c. for the day.
Receipts at the leading
Western markets were moderately heavy and totaled 54,700
head, against 66,700 for the same day last year.
The top
price for hogs at Chicago was $10.55, with the bulk of sales
ranging from $10.10 to $10.45.
Lard exports from the Port
of New York
were
the heaviest for
totaled 723,600 pounds,
some
time.
Clearances
destined for Liverpool and Man-
3358
Financial
Chester, England.
Liverpool lard futures were 3d lower to
On the 12th inst. futures closed 25 to 35 points
3d. higher.
This sharp rise in the market for lard
up.
to
was
attributed
report from Washington stating that cold storage stocks
of lard in the United States decreased 6,295,000 pounds
a
during the month of April.
Total stocks now are 210,537,000
The maximum rise of prices was 30 to 40 points
pounds.
the
over
previous close.
Export shipments of lard during
the past week have been running fairly heavy compared to
recent weeks and no doubt the reduction of 33 1-3% in sum¬
freight rates to the United Kingdom and to the Con¬
stimulated a little new buying for foreign account.
Total hog receipts for the Western run today totaled 41,400
head, against 51,600 for the same day a year ago.
Hog
prices at Chicago closed 5 to 10c. higher, the top price for the
day being $10.60, with the bulk of sales ranging from $10.15
mer
tinent
to $10.50.
.
On the 13th inst. futures closed 2
points lower to 7 points
Short covering at the opening advanced lard futures
10 to 20 points.
The reduction in United States cold storage
stocks in April totaling 6,690,000 pounds, was the principal
factor influencing much of the recent buying.
Export
clearances of lard from the Port of New York today have
higher.
been
moderately heavy, totaling 71,946 pounds, destined
Liverpool lard futures closed 2s. to Is. 6d.
higher. Western hog receipts totaled 37,400 head, against
47,100 for the same day last year.
Hog prices at Chicago
closed 10c. to 20c. higher owing to the light marketings and
the demand was fairly active.
The top price for the day
was $10.75, with the bulk of sales ranging from $10.30 to
$10.65.
Today futures closed 25 to 28 points up.
These
for
Genoa.
substantial gains were attributed in
no
small
to
measure
a
readjustment of the market's technical position brought
about by shorts covering a good spot demand for lard.
DAILY
CLOSING PRICES
Sat.
OF LARD
Mon.
FUTURES
Tues.
May
July
September
11.27
11.50
11.82
11.27
11.52
October
11.92
IN
Wed.
11.62
11.82
11.50
11.80
11.75
12.10
11.92
11.87
12.15
CHICAGO
Thurs.
11.62
11.77
12.07
12.15
Fri.
11.87
12.05
12.35
12.42
Pork—-(Export), mess, $28 to $25 per barrel (per 200
pounds); family, $30.25 nominal, per barrel; fat backs,
$23 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:
Quiet. Pickled hams, picnic, loose, c. a. f.—
4 to 6 lbs., 14c., 6 to 8lbs., 13^c.;8 to 10 lbs., 13c.
Skinned,
loose, c. a. f.—14 to 16 lbs., 19c.; 18 to 20 lbs., 18^c.; 22
to 24 lbs., 18 %c.
Bellies:
Clear, f. o. b., New York—6 to
8 lbs., 203^c.; 8 to 10 lbs., 20Kc.; 10 to 12 lbs., 19)^e.
Bellies:
Clear, dry salted, boxed, New York—16 to 18 lbs.,
17y8c.; 18 to 20 lbs., 17^e.; 20 to 25 lbs., 17^c.; 25 to 30
lbs., 17y8a. » Butter: Creamery, firsts to higher than extra
and premium marks:
26c. to 33 %c.
Cheese: State, held,
*36, 223^ to 23c.
Eggs:
Mixed clors, checks to special
packs:
18 to 23c.
Oils—Linseed
oil
crushers
holding to the 10.7c. in
Quotations:
China wood:
Tanks, May for'd, 12.8c. to 13c.; drms., spot,
13Mc.
Coconut.
Manila, tanks, May-June, 6^c,; JulyDec., 6%c.; Coast, forward, 5j^c.
Corn:
Crude, tanks,
outside 8%c.
Olive:
Denatured, nearby—African, $1.45;
Greek, $1.45; Soy Bean: tanks, resale, futures, 9Kc.; L. C.
L., 11.5c.
Edible: 76 degrees, 13c.
Lard:
Prime, 14c.;
extra winter, strained, 13c.
Cod:
Crude, Japanese, 56)^c.
Turpentine:
to 25^c.
Rosins: $8.50 to $10.40.
the face of
a
are
certain softness in the Argentine.
Cottonseed Oil, sales, including switches, 159 contracts.
Crude, S. E., 8pgc.
Prices closed as follows:
May
9.65®
9.70®
9.80®
9.85®
June
July__
August
_,
ISeptember
[October.;
J November
.[December.
9.88®
9.80®
9 75®
9.71®
____
Rubber—On the 8th inst. futures closed 44 to 50
points
The market opened at 33 to 49 points higher, and
was
strong throughout the session, closing at about the
highs of the day. Outside prices were quoted on a spot basis
of 22)^c. for standard sheets, but this market was a typical
quiet Saturday affair. London and Singapore closed firm and
steady respectively, prices unchanged to Md. higher. Local
closing: Jan., 22.80; Feb., 22.80; March, 22.80; Sept., 22.74;
Oct., 22.80; Dee., 22.80. On the 10th inst. futures closed 97
to 104 points below Saturday's close.
A wide open break
was experienced in the rubber market
today, due to general
liquidation and the uncovering of stop loss orders. There was
no appreciable
support, shorts having pretty well covered
and buyers generally appeared to be discouraged from making
any new commitments on the long side of the market. Open¬
ing prices were only 5 to 10 points lower, but shortly after,
the market began to weaken badly.
Transactions totaled
6,460 tons.
There was very little activity in the outside
market
Outside prices were quoted on a spot basis of 21 y8a.
for standard sheets.
London and Singapore closed weak and
steady, respectively, the former declining 5-16d., while the
higher.
.
latter
advanced 9-32d.
Local closing: May. 21.48; July,
21.63; Sept., 21.74; Oct., 21.76; Dec.,. 21.80; Jan., 21.80.
On the 11th inst. futures closed 9 to 17 points higher.
The
market opened with gains of 6 to 12 points, with the tone
much steadier throughout the session.
Transactions totaled
4,210 tons.
There was very little doing in the outside
market, with prices a shade firmer at 21 ^c. for standard
sheets.
The London and Singapore markets closed quiet and
Chronicle
May
1937
15,
steady, respectively, prices ranging unchanged to 19-32d.
Local closing: May,
21.57; July, 21.72; Sept.,
21.89; Oct., 21.88; Dec., 21.96; Jan., 21.97.
On the 12th
inst. futures closed 12 to 20 points lower.
The market was
rather quiet today, due largely to the fact that the foreign
markets were closed.
Futures here opened 4 to 9 points
higher, but sagged throughout the day and closed 5 to 6
points above the lows of the day.
Transactions totaled
2,770 tons.
Additional 20 tons were tendered for delivery
against May contracts. The outside market was very quiet.
Outside prices were quoted on a spot basis of 21J4jC. for
standard sheets.
Local closing: May, 21.44; July, 21.59;
Sept., 21.71; Oct., 21.74; Dec., 21.78.
On the 13th inst. futures closed 60 to 67 points lower.
The
market broke badly, reflecting the general weakness in all
markets including the securities market.
An import tax
of 125 marks per double hundredweight lias been imposed
on
all raw rubber imports.
The tax is liable to changes
according to fluctuations in rubber prices.
The market here
opened 10 to 35 points lower.
The closing level was con¬
siderably up from the lows of the day.
Transactions totaled
7,670 tons.
Outside prices were quoted on a spot basis of
20 >8^. for standard sheets.
Local closing:
May, 20.80;
July, 20.95; Aug., 21.00; Sept., 21.05; Oct., 21.09; Dec.,
21.15; Jan., 21.16.
Today futures closed 5 to 2 points up.
lower.
Transactions
totaled 333. contracts.
The
market
was
re¬
ported as nervous and irregular.
The opening was 20 to 26
points net lower, but some recovery ensued under buying
attributed to the trade, with the result that in the early
afternoon the market wa1 unchanged to 10 points net lower.
The London market was closed.
Singapore, which remained
open, was % to 13-32 lower.
A decrease of 150 tons in
United Kingdom stocks was forecast for the week.
Local
closing: July, 21.00; Sept., 21.11; Oct., 21.13; Dec., 21.17;
Jan., 21.19; March, 21.23.
Hides—On the 8th inst. futures closed unchanged to 3
points advance.
The opening range was 9 points decline to
11 points advance.
Trading was light, with price fluctuations
narrow.
Transactions totaled 920,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
increased by 6,052 hides to a total of 816,465 hides. No new
developments were reported in the Argentine or domestic
spot hide markets. Local closing: June,, 16.24; Sept., 16.65;
Dec., 16.97. On the 10th inst. futures closed 20 to 24 points
lower.
The market opened 1 to 13 points down, and con¬
tinued to decline as the session progressed, prices closing
just slightly up from the lows of the day. Transactions
totaled 3,360,000 pounds.
Stocks of certificated hides in
warehouses licensed by the Exchange increased by 1,997 hides
to a total of 818,462 hides.
No new developments were re¬
ported in the domestic spot hide situation. Local closing:
June, 16.00; Sept., 16.41; Dec., 16.73. On the lltli inst.
futures closed 12 to 16 points up. The market started firm
with gains of 1 to 9 points. Buying orders were fairly
numerous most of the session, while on the other hand selling
orders were noticeably light. Transactions totaled 2,560,000
pounds, while the stocks of certificated hides in warehouses
licensed by the Exchange increased by 1,821 hides to a total
of 820,283 hides.
The domestic spot hide market was re¬
ported quiet. In the Argentine 26,700 hides were sold, with
frigorifico steers selling at 16 ll-16c. to 16 15-16c.
Local
closing: June, 16.12; Sept., 16.44; Dec., 16.89. On the 12th
inst. futures closed 10 to 17 points down.
The list opened
from 4 to 14 points down and eased off further during the
course of the day,
and closed at the lows of the session.
Transactions totaled 822,459 hides. The spot markets were
dull and reported no sales.
Local closing: June, 16.02;
Sept., 16.42; Dec., 16.72; Mar., 17.02.
On the 13th inst. futures closed 55 to 67 points down.
Weakness in the securities market coupled with the break
in rubber, which latter was attributed to the report that
Germany will puUan import duty on that product—were
held largely responsible for the wave of selling which swept
over
hide futures and brought about one of the sharpest
breaks
recorded
in
that
market
in
months.
The
market
opened 8 to 17 points down, prices sagging constantly, and
closing at or near the lows of the day.
Transactions totaled
10,920.000 pounds.
Stocks of certificated hides in ware¬
houses licensed by the Exchange increased by 1,985 hides
to a total of 824,444 hides.
In the domestic spot hide
market it was reported that 1,000 branded cows sold at
14%e. a pound and 10,000 native steers at 16c. a pound.
Local closing:
June, 15.35; Sept., 15.78; Dec., 16.17.
Today futures closed 3 to 13 points down.
The opening
was
easier, but firmed up later on improved demand on
sales of 4,800,000 pounds.
After selling down 10 to 22
points, the market this afternoon was unchanged to 10
lower.
Prices eased off again towards the close.
Certifi¬
cated stocks in licensed warehouses increased by 3,906 hides
to a new high total of 828,350 hides.
Local closing: June,
15.32; Sept., 15.72; Dec., 16.04; March, 16.36.
Ocean Freights—The market for charters has been rela¬
tively quiet, the Coronation holiday both abroad and in
Canada being responsible to a more or less extent.
Charters
included:
Scrap: North Atlantic—United Kingdom, June,
25s. 6d.
To Japan, August loading, lump sum, £13,500.
May, 26s., free discharge, Philadelphia—United Kingdom.
Oil:
East Coast Africa, June loading, $15 per ton.
Santo Domingo—United Kingdom—Continent, 27s.,
To
Sugar:
Volume
May.
Trip:
Financial
144
June, 10-25, 27s., San Domingo—L. L. A. R. A.
Trip home, United Kingdom—St. Lawrence, 10s.,
June.
car
dumpings of bituminous are re¬
ported very slow, but anthracite dumpings are still heavy.
It is reported that there is a good carryover of April demand
anthracite
and
additional
buying is said to be good.
Observers expect to see some advances in retail anthracite
prices in the New York area on June 1st. Pittsburgh firms
report slack prices higher in that area owing to the continued
good demand from industrial sources and the low production
of the coarser grades. Gas slacks are quoted 25 points higher
on
3359
previous week, making the total receipts since Aug. 1, 1936,
6,087,816 bales, against 6,420,391 bales for the same period
1935-36, showing a decrease since Aug. 1, 1936, of 332,575
bales.
of
^ Coal—New York
for
Chronicle
the inside at $1.75 to $1.85, while steam slacks are re¬
Receipts at—
Sat.
Galveston
Houston
_
162
264
1,095
Pensacoia, &c
Jacksonville
Savannah
Charleston
182
others
a
stable wool
value
in accord
with
the
manufacturing attitude is yet in process of making. Although
very sluggish trading features the wool situation, dealers are
well supported by the bullish attitude of domestic growers.
Wool dealers covering the several producing States from
Texas to Washington are realizing that Eastern manufactur¬
ing conditions are of no particular importance to growers,
who show no disposition to sell unless their notions of value
are
allowed.
Silk—On the
lc.
to
2c. under
Friday's finals. Opening sales were at a loss of lHc. to a
gain of lc. The general weakness in almost all other mar¬
kets had a discouraging effect apparently on prospective
buyers, and the market ruled heavy during almost the entire
session.
Transactions
totaled
2,500
bales.
Grade
D
at
Yokohama held at 810 yen.
Bourse quotations at Yoko¬
hama and Kobe were 5 to 11 yen lower and 2 higher to 5
lower, respectively.
Sales of actual silk totaled 550 bales
for both Japanese markets, with futures transactions totaling
2,900 bales. Local closing: May, 1.76H; July, 1.78; Aug.,
1.78H; Oct., 1.74H; Nov., 1.73; Dec., 1.73. On the 11th
inst. futures closed He. higher to lc. easier.
Transactions
totaled 3,290 bales.
Opening sales were worked at un¬
changed to 2c. up. Grade D at Yokohama held at 810 yen
and rose 5 yen to 815 at Kobe. Bourse quotations at Yoko¬
hama were 3 to 8 yen higher, while at Kobe they were 1 to 9
yen lower.
Cash sales for both markets were 800 bales,
while transactions in futures totaled 4,225 bales.
Local
closing: May, 1.76H; July, 1.78; Aug., 1.75H; Oct., 1.73;
Nov., 1.73; Dec., 1.73. On the 12th inst. futures closed
lHc. to 3c. higher. The opening sales were made at gains
of He. to lHc. Transactions totaled 1,560 bales. Grade D
at Yokohama rose 7H yen, while futures there were 3 to 8
yen stronger.
At Kobe Grade D was 5 yen up, with the
price at 820 yen, while the Bourse quotations there were
5 to 15 yen higher. Cash sales for both centers totaled 800
bales, while transactions in futures totaled 4,575 bales.
Local closing: May,
1.78H; July, 1.79H; Aug., 1.77H;
Oct., 1.76; Nov., 1.75; Dec., 1.75HOn the 13th inst. futures closed 2 to 3He. lower.
Open¬
ing sales were at losses of 2 to 3c.
A single May notice
brought the total deliveries thus far to an even 100.
Grade
D at Yokohama was 2H yen higher at the price of 820 yen,
while at Kobe it was 5 yen lower at the price of 815 yen.
Bourse quotations at Yokohama were 9 to 12 yen lower and
at Kobe 6 to 12 yen lower.
Sales of cash silk for both
markets totaled 650 bales, while transactions in futures
totaled 3,400 bales.
Local closing: May, 1.76; July, 1.76;
Aug., 1.74; Oct., 1.73; Dec., 1.73.
Today futures closed
1H to 3 points up.
The market opened unchanged to He.
higher, with the exception of May, which was He. lower.
Firmness in Yokohama, where prices were up 1 to 7 yen,
was a factor.
Trading was active, with transactions totaling
259 contracts.
In the New York spot market the price of
crack double extra silk was He. lower at $1.83H»
Grade D
silk declined 10 yen to 810 a bale in Yokohama.
Local
closing: May, 1.77H; July, 1.78H; Aug., 1.77; Oct., 1.75H;
Nov., 1.75; Dec., 1.75.
2",749
1,267
1,762
36
990
348
180
40
31
""75
Friday Night, May 14, 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 31,296
bales, against 40,825 bales last week and 44,904 bales the
529
""60
1,555
60
528
914
192
2,346
60
599
203
"I
50
78
2
'17
4
16
16
V
291
5,644
3,217
9,026
230
4,352
2,432
326
1,976
1,976
6,625
31,296
The
total
following table shows the week's total receipts, the
since Aug. 1,1936 and the stocks tonight, compared with
last year:
1936-37
Receipts to
May 14
This
1935-36
Since Aug
1 1936
Week
Galveston.
1 1935
1937
4,027 1,509,204
44,483
9", 176 1,689,358
124
270,183
38,036
13", 366 1,668,706
2,454
373,943
159,565
3,693
1,686
307,053
3",938 1,277",094
Corpus Christi
Since Aug
Week
Texas City
Houston
Stock
This
2,845 1,689,085
1936
517,341
2,925
346,074
36,111
30,240
380,513
114,850
8,780
3,389
177,150
409,434
298",939
16
283,839
23,046
13",555
60
914
1,950,756
291,632
93,744
3,886
131,613
2",346
164", 500
"959
210", 531
25" 918
326
55,997
25,330
38,263
7
"291
17
924
65,826
21,517
40,668
5,566
15,820
24,541
31,353
15,049
19,839
31,102
""loo
"3",980
1,976
59", 031
"769
27,625
4,263
1,250
1,850
Beaumont
New Orleans
Mobile
4,500
Pensacoia, &c
Jacksonville
529
Savannah
...
290,94
17,365
406,235
59,346
4,390
1,728
139,805
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
664
Philadelphia
31,296 6,087,816
40,509 6,420,391 1,443,794 1,721,210
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1936-37
Galveston
1935-36
2,845
1934-35
1933-34
1932-33
1931-32
3,938
13,555
4,500
914
11,027
9,176
13,366
2,454
1,686
3,133
5,107
11,140
104
809
"2",346
"""959
"~2U
428
6~032
"""682
291
63
18
326
326
17
924
221
526
739
133
235
All others
"2", 581
"""900
"""740
"'*491
"9",952
"2", 130
Total this wk_
31,296
40,509
21,061
51,676
118,296
37,536
Houston
New
Orleans.
Mobile
Savannah
19,856
4,993
22,345
2,103
342
Brunswick
24,761
27,949
37,300
7,380
3,857
107
Charleston
TV ilmington
_
_
Norfolk
7,570
5,018
12,267
7,621
1,880
"
N'port News.
Since Aug. 1_. 6,087,816 6,420,291 3,898,853 4,996,786 8,011,153 9,339,412
The exports
the week ending this evening reach a
Britain,
3,751 to France, 11,944 to Germany, 7,922 to Italy, 18,141
to Japan, 287 to China, and 12,089 to other destinations.
Below are the exports for the week:
for
total of 66,639 bales, of which 12,505 were to Great
Week Ended
Exported to—
May 14, 1937
Great
Exports from—
Ger¬
Britain France
Galveston
2,129
Houston
4,470
New
567
-
735
-
3,747
■'■'mm
849
3,192
900
6,638
3,200
2,859
1,230
■
„
81
Norfolk
Los Angeles
mimmm
-
-
-
1,040
17,139
16,717
3,059
96
1,326
19
--
„
'
'
----
m
m.
mm
~
-
m
«.
m
mm
m
----
mmmm
mmmrn
mrnmrn
mmmrn
mmmrn
....
622
50
Francisco.,
10,255
778
200
«...
.
121
m
529
Gulf port.
-
449
-
1,373
&c._
Charleston
-
3,338
1,414
«...
9,221
•
Totai
10,854
287
mm
1,096
19
Other
4,787
600
Savannah
San
mm
262
Mobile
China
3,138
2,035
Orleans
Pensacoia,
Japan
Italy
many
800
Corpus Christ!..
m
3,800
-
202
529
622
1,027
4,877
66,639
12,505
3,751
11,944
7,922
18,141
287
12,089
Total
1936
6,392
7,889
50,442
21,721
23,199
4,303
343
1935
6,720
7,988
1,436
Total
4,263
4,977
12,752
55,355
Total
From
Aug
3,614
Exported to—
1, 1936. to
Ger¬
May 14, 1937
Great
Exports from—
Britain
France
Galveston
173,722 176,184
Houston
169,133 111,835
New Orleans..
Lake Charles
-
-
Mobile
Jacksonville.
~
50,970
46,877
9,538
Corpus Christi.
Beaumont
Q1 3
378,606 266,593
10,850 21,185
99,400 36,652
1,630
Pensacoia, &c.
44,380
1,730
Savannah
49,902
66.269
1,791
Charleston
Wilmington—
2,109
4,167
many
Italy
Japan
161,772 105,387 575,568
113,153 90,393 269,737
11,439
8,045
66,045
6,613
137,412
5,194
72,105
1,551
29,199
42,962
57,317
103",767
170,836
China
Other
Gulf port
New York
Boston
Baltimore
355
"780
210
26,318
6
Philadelphia...
23,094
7,218
22,540
261,009
4,836
2,850
2",402
1,204
372
11,533
85,397
107,764
144,904
3,181
18,000
3,318
41
12,634
638
2,628
60
275
1,004
San
Francisco.
166
3,177
1,009
100
"~62
3,313
3,635
3,157
3,486
269
9,596
684
30,865
4,428
1,160
234,387
100
15,429
106,251
500
5,377
10
20,115
10,282
328,759
128,149
10
Seattle
Total
21,110
5,031
5,471
"263
417
26,703
10,909
210,049
150
17,214
160,847 1218,841
17,427
54,866
1,200
3,698
222
4
Total
18,339227 ,982 1438,954
2,104 138,371 894,726
1,200
Norfolk
Los Angeles ...
COTTON
16
5~370
2,516
529
Receipts at—
10th inst. futures closed
13,555
4,500
988
285
Wilmington
is
think that
2,845
3,938
325
Totals this week.
reported that domestic wools are sagging
slowly to a lower and more stable merchantable basis. Dealers
operating in the new clip fields are picking up small quan¬
tities that growers are willing to let go on a scoured basis
landed Boston of from 95c. to $1.
The price situation is
reported irregular.
Some holders of domestic wool are not
disposed to make concessions in order to open up outlets,
while other dealers are shading prices.
Fleece wools are
relatively weak, some houses offering to sell in the grease
below recent asking prices.
The lower quotations do not
seem
effective in stimulating mill interest.
Dealers here
look for a leveling off in prices in the near future, some be¬
lieving that new clip wools are practically at bottom, while
Total
772
741
1,419
_
demands of the lake trade.
Wool—It
Fri.
98
16
Norfolk..;
Baltimore
Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of the department headed
"Indications of Business Activity," where they are covered
more fully.
Thurs.
13
_
New Orleans.___
Mobile
report of
Wed.
1,572
1,558
Corpus Christi
ported 15 points higher at $1.65 to $1.75.
The coarser
grades in that area, though quiet, are beginning to feel the
Metals—The
Tues.
Mon.
326
1100,137 689,232
Total
1935-36.1240,136655,902
Total
1934-35.
690,843 349,270
687,808341,8051451.305 22,178 651,5734944,038
785,120 347,8321430,086
36,515 863,768 5359,359
360,822423,5121381,335101,776760,767 4068,325
NOTE—Exports to Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
Financial
3360
all the cotton destined to the
Domlnlonjcomes overland and It Is Impossible to give
concerning the same from week to week, while reports from the customs
returns
districts
on
the Canadian border are always very
slow In coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the present season
have been 15,020 bales.
In the corresponding month of the preceding season the
For the eight months ended March 31, 1937, there were
206,942 bales exported, as against 173,222 bales for the eight months of 1935-36.
exports were 20,612 bales.
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
0;
On
Shipboard Not Cleared for—
Leaving
May 14 at—
Britain
France
many
594
248
810
1,819
1,139
600
1,300
500
5,528
Galveston
Houston
New Orleans
„
Stock
Coast¬
Ger¬
Great
Foreign
9.623
5,629
17,600
Total
wise
"491
2,500
17,564
8,317
22,500
100
100
1,451
4",029
Savannah
Charleston
2",561
""17
8,937
19,959
3,875
2,721
3,726
4,170
Mobile
Norfolk
Other ports
Chronicle
officially reported were 5 to 6 points higher.
Average
price of middling at the 10 designated spot markets was
13.08c.
Total 1937Total
r
1936.-
Total
1935.-
3,458
9,938
4,019
34,403
28,013
60,367
2,991
1,569
1,147
13 to 19 points down.
The
when declines of ap¬
proximately a dollar a bale were registered. Good rains
in the Western cotton belt and weakness abroad, as well
as continued declines in commodity markets generally, sent
market fell
391,870
290,622
383.735
139,705
25,918
55,317
24,541
79,576
52,510 1,391,284
63,205 1,658,005
73.578 1,710,317
Speculation in cotton for future delivery was moderately
Especially
heavy pressure was in evidence on Thursday, influenced
largely by the pronounced weakness in other commodity
markets and drastic declines in the securities market.
and
crop
news
was
The
in the main favorable, and
played its part in the downward trend of the week.
prices closed 2 points off to 4 points higher.
The session was very quiet, with operators generally inclined
to await further developments.
Fluctuations were within a
The trading, what there was of it,
largely of local selling and trade buying and moder¬
ate covering at the close.
The market, however, ruled fairly
steady throughout most of the session.
The absence of sub¬
stantial selling pressure indicated to many a well liquidated
market.
Foreign interest was limited, and apathy in Liver¬
pool, which recently was an active trader here, was believed
to reflect the coming Coronation festivities and the approach¬
ing Whitsuntide holidays.
The Commodity Credit Cor¬
poration announced that requests for releases of loan cotton
from Feb. 1 to May 6 totaled 1,300,139 bales, indicating
that during the week ended Thursday requests had totaled
33,626 bales.
Average price of middling at the 10 designated
spot markets was 13.37c.
On the 10th inst. prices closed
15 to 20 points down.
The market opened barely steady at
1 point higher to 4 points lower.
Heaviness prevailed
throughout most of the session, with very little real support
in evidence at any time.
The chief factor depressing the
market was the report of rains in west Texas, together with
range.
narrow
consisted
day's lows prices were 18 to 25 points down.
Trading
was fairly
active.
Official weather reports showed good
rains
in the
dry area of Texas, where moisture was
badly needed.
The forecast also
called for thunder
showers, and in the absence of sustaining factors from other
sources, the market readily yielded to the bearish influence of
weather advices.
Southern spot markets, as officially re¬
ported, were 17 to 20 points lower.
Average price of
middling at the 10 designated spot markets was 13.18c.
On the 11th inst. prices closed 14 to 18 points down.
The
market opened steady at 4 to 8 points lower in response to
sharp declines in Liverpool, Continental and Far Eastern
markets.
The trend throughout most of the session was
downward.
At the extreme decline the old crop positions
were at the lowest levels experienced since late in February
for the May position and in March for July.
The recent
trend has unsettled confidence in many quarters
long cotton in substantial amounts has
been coming
interest than had
generally suspected.
Much of the early selling came
abroad, while late in the day Wall Street commission
out, indicating a larger outstanding long
been
from
houses
were
conspicous
active sellers.
on
the
months sold at the
slightly
below
12
Trade interests
were
from
on
At the decline new crop
crop months were
The market felt the influence of
buying side.
belt, which improved
prospects.
Other bearish influences were a slow demand
for spot cotton and textiles and absence of constructive
developments.
Four May notices were issued in the local
market and were stopped by a leading spot house.
Average
price of middling at the 10 designated spot markets was
13.03c.
On the 12th inst. prices closed 4 to 7 points up.
crop
Trading was moderately active, with the undertone heavy
during the early part of the session.
Prices declined early
to new lows for the movement as a result of further liquidation
and
selling for Far Eastern account.
news
was
also
a
bearish
influence.
The weather and
The
market
crop
opened
Orleans.
New
trade
a
modities
cline
for
The market
this movement.
Demand
scale down.
in
and
and
the
served
to
came
stock
market
further
contributed
undermine
the
from
principally
Pronounced weakness in other
to
com¬
the
de¬
New
confidence.
positions broke through the 12^c. level.
crop
a
over
Good rains
large part of the Western cotton belt and in the
district.
Average price of middling in the 10
designated spot markets was 12.90c.
Today prices closed 2 points down to 7 points up
The
market opened steady 1 to 4 points easier on poorer cables
Memphis
from
the
Liverpool.
current
soon
Several
movement
recovered about
Far
fixing.
distant
commitments
the
on
7
Eastern
to 12
initial
points
interests
hit
lows
for
but the
list
new
decline,
covering and price
buyers of the
on
fair
were
deliveries, while Liverpool and the Continent sold
positions.
sellers.
Commission houses
were
Wall Street and wire houses
porting the market.
Traders
were
lines, and seemed to be awaiting
among the chief
were
reported as sup¬
on the side¬
remaining
new
developments.
The
Census Bureau announced today that cotton consumed dur¬
ing April totaled 718,947 bales of lint and 72,795 bales of
linters,
compared
with 779,302 and 74,762 during March
576,762 and 61,747 during April last year.
The market closed steady at about 10 to 12
points off from
this year,
and
the highs of the day.
Staple
60%
Premiums
ot average
Differences between grades established
of
six markets quoting
for deliveries od
for deliveries
May 13,1937
are
15-16
the
longer
contract to
on
May 20,1937
quotations of the ten
average
markets
1 Inch A
Inch
designated by the Secretary of
Agriculture.
38
.76
Middling Fair
.38
.76
.76
Strict Good Middling.,
Good Middling.
do
.38
White
.76
Strict Middling
....
.75
Middling
do
.36
.70
.50
Strict Low Middling
Low Middling
I"
*
do
do
♦Good Ordinary
Good Middling
.38
.76
Strict Middling
do
.75
Middling
do
do
.70
Strict Low Middling...
do
do
Extra
Low Middling
do
.67
.34
.67
.25
.48
Good Middling
Strict Middling
.25
.25
.27
*
.50
1.49
do
2.18
do
2.75
.50
on
do
"iii
on
08 off
IIIIIII" '.71
do
off
do
do
do
154
IIIIIII"!'
"
do
2.24
...
do
41 ntr
72
do
II
do
do
do
157
do
HIIII" 2 79
Stained'."."."."!IL23
do
2 30
do
Yellow
do
do
off
do
.58 off
do
do
do
1 82
do
Middling
btrlct Middling
♦Middling
Not deliverable
Hill
...
Tinged
Good
do
do
do
♦8trict Middling
♦Middling
.2?
do
68 off
do
♦Low Middling
Good Middling
do
do
do
do
Strict Middling
♦Middling
♦Strict Low Middling
50
on
.35
do
♦Low Middling
Good Middling
.61
do
even
--.Spotted
Middling
.61
I-IIIII2.78
whiteIIIIIIIII .64
do
♦Strict Low Middling...
.25
do
do
do
♦Strict Good Ordinary.,
♦Good Ordinary..
.34
Mid
1 51
2 20
do
.38
.50
do
69 off
.76
.23
do
IIIIII"Basis
.38
.36
do
35
do
♦Strict Good Ordinary.,
do
64
do
.23
Mid.
on
.63
.
~
—
do
.38
72
.
do
.38
do
-IIIIIIIII2.46
Gray
do
83
do
^
do
do
do
do
future contract.
The official quotation for
New York market each
middling upland cotton in the
day for the past week has been:
Sat*
New York
Mon-
Tues-
13.58
Middling upland
the most
123^c. level, while old
further rains in the Western cotton
low levels
new
There was little or no rallying power.
Houses
foreign connections sold, and there was a continuous
flow of liquidating orders through commission houses and
At the
and
low levels today
dation.
weakness in most other commodities and the stock market.
downward
new
opened barely steady and 4 to 8 points lower in response
to lower Liverpool cables and under renewed foreign liqui¬
those
On the 8th inst.
very
to
cotton
to
with
active, with the trend of prices generally lower.
weather
-
On the 13th inst. prices closed
fell
w
1937
15,
May
as
13.40
13.26
Wed13.31
Thurs.
13.12
FH.
13.18
Quotations for 32 Years
The quotations for
middling upland at New York on
May 14 for each of the past 32 years have been as follows:
1937
1931
13.18c.
11.66c.
11.50c.
11.40c.
6.15c.
5.65c.
9.60c.
1930
16.35c.
1936
1935
1934
1933
-.-.
1932
1929
19.65c.
21.55c.
15.65c.
18.95c.
22.40c.
1921
12.55c.
1920
1919
41.15c.
29.75c.
1911
11.85c.
16.00c.
1918
27.20c.
1910
15.90c.
1917
1916
20.30c.
13.05c.
1909
1924 —-.31.70c.
1923
26.45c.
1922
20.15c.
1908
11.35c.
11.30c.
12.05c.
1928
1927
1926
1925
1915
9.70c.
1914 -.--13.40c.
Market and Sales
1913
1912
12.00c.
1907
1906
—
11.95c.
New York
at
The total sales of cotton
on the
spot each day during th(
indicated in the following statement
For the convenience of the
reader, we also add columns
which show at a glance how the market for
spot and futures
week at New York
closed
on
same
are
days.
i
barely steady at 1 to 7 points lower under overnight liquida¬
tion, with local, New Orleans and Far Eastern selling.
On the early decline the new crop positions except March,
sold below 123^c.
The market at this point appeared to be
well liquidated, the continued downward trend failing to
dislodge any substantial lots of long cotton.
The state of
the market was indicated by the fact that when several
Wall Street houses, as well as local traders, covered in the
afternoon, the market advanced quickly, closing within a
few points of the best for the day.
Southern spot markets
Spot Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
__
-_
Steady, unchangedQuiet, 18 pts. dec
Steady, 5 pts. adv—
Steady, 5 pts. adv
Quiet, 19 pts. dec
Steady, 6 pts. adv
Futures
Market
Closed
SALES
Spot
Steady
Steady
Steady
Steady
Barely steadySteady—-
Total
1~.306
69',742
1~,306
'900
-
Total weekSince Aug. 1
Contr 'ct
"900
2,200
2,200
137,400 207,142
Volume 144
Financial
Futures—The highest, lowest and closing prices
New York for the past week have been as follows:
Saturday
Monday
May 8
May 10
at
Wednesday
Thursday
Friday
May 12
Tuesday
May 11
May 13
May 14
Chronicle
3361
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
May( 1937)
Range.. 12.99-13.07 12.85-13.04 12.70-12.80 12.67-12.76 12.60-12.74 12.58-12.68
Closing. 13.03
12.88
12.70
Movement to May 14, 1937
12.63
12.76
June—
Towns
Closing. 13.05k
12.8971
July—
Range.. 13.04-13.10 12.85-13.08 12.73-12.87 12.68-12.84 12.61-12.76 12.58-12.78
12.62-12.63 12.68
Closing. 13.08
12.81
12.90-12.91 12.76
Week
Ala.,BIrming'm
Closing. 13.01n
Sept.—
Range..
12.8371
Closing. 12.9471
12.7671
12.41k
12.60k
12.54k
Closing. 12.84-12.85 12.67
87
171
"98
2,897
6,688
54,549
19,607
189,495
27,904
140,195
81
46,184
46
58
15
763
Newport
12.59
12.52
12.40
—
"256
12.43k
12.61k
12.57k
Augusta
Columbus
12.74
12.63
12.59k
—
12.45
—
195,125
600
Rome
354
Natchez
72
Yazoo City..
Mo., St. Louis.
N. C. Gr'nsboro
Nominal.
41,617
260
6,806
63
"993
349
500
17,721
10,750
14,513
21,064
156,726
85,950
36,100
25,104
24,717
703
3,542
2
395
6,591
880
57
1,875
11,839
4,329
300
858
45
42
828
807
8,347
1,262
1,906
175
195
2,142
3,296
2,842
32
3,879
307,809
3,879
412
9,911
126
197
176,390
220,524
104
V
7,285
307
36,729
11,144
61,660
56,954
680
78,596
774
16,189
571
12.052
"35
56,808
312
31,261
113,126
34,456
16,279
5,636
2,051
15,012
44,868
12,201
16,810
3,477
142
344
830 46,087
4,479 149,555
3,863 120,231
400
32,100
1,224 38,058
180,801
129
12,960
51,387
1,060
1,026
31,826
14,999
161,145
277
1,000
15
71
58,243
15,426
81,107
85,625
109,611
27,294
36,700
66,039
294,208
23,970
2
May
24.335
18
1,204
157
Stocks
Week
2,910
1,714
Vicksburg
Closing.
3,178
39,161
119
Jackson
12.49
Range..
1*459
260,678
62,138
20,680
47
Greenwood..
April—
61
493
100,158
163,944
38,784
193
2
5,742
8,212
17,325
45,158
21,158
701
La., Shreveport
Mlss.Clarksdale
Columbus
12.48k
—
2,004
Macon
Range.. 12.88-12.91 12.70-12.90 12.58-12.69 12.55-12.64 12.45-12.56 12.42-12.56
Closing. 12.91
351,798
281
13,440
29,342
2,899
Athens
Feb.—
12.71k
14
Atlanta
Range.. 12.84-12.89 12.64-12.85 12.52-12.65 12.49-12.60 12.41-12.54 12.40-12.57
12.69 —
12.41 —
12.55k
12.60 —
12.47
Closing. 12.89 —
^ Range..
t Closing. 12.9071
March—
"28
Ga., Albany
12.45-12.46
Jan. (1938)
K
40,780
262
Walnut Ridge
12.47K
Range.. 12.79-12.85 12.63-12.82 12.50-12.63 12.46-12.62 12.40-12.51 12.38-12.57
L
973
32,495
60,261
Pine Bluff...
12.6971
Dec.—
I
21
Little Rock..
Range..
Closing. 12.8671
l
15
32,335
Jonesboro
Nov.—
1
7,916
37,807
Hope
Range.. 12.82-12.88 12.65-12.86 12.53-12.65 12.48-12.64 12.40-12.55 12.40-12.59
12.70
12.42-12.43 12.49-12.50
Closing. 12.88
12.55-12.56 12.61
k
52
1,673
2,515
46
9,284
52,080
55,259
168,034
6
Helena
12.56k
12.48k
12.66k
12.62k
Oct.—
60
26,762
Shipmenis
Season
4
18
Ark., Blythvllle
Forest City..
12.45-12.46
Receipts
Week
2,212
Selrna
12.62k
12.65K
12.73k
12.6971
14
79,378
Montgomery.
Range..
May
1,438
Eufaula
Aug.—
Season
Stocks
Week
Receipts
12.63k
12.62k
12.78k
12.7371
Movement to May 15, 1936
Ship¬
ments
Range..
43,539
53,711
15,428
71,410
121,888
41,243
173.890
56,233
8,789
30,726
300
1,220
2,886
24,114
21,715
16,281
1,130
24,154
3,306
21,935
16,520
58
79
2,883
6,919
1,022
37,784
201,071
8,087
8,217
6,399
3,217
701
3,214
3,907
95,306
Oklahoma—
Range for future prices at New York for week ending
May. 14, 1937, and since trading began on each option:
15
S.
towns *..
C.,Greenville
Tenn., Memphis
Texas, Abilene.
Option for—
Range Since Beginning of Option
Rangefor Week
12.58
May 14 13.07 May
12.58
May 1937.
May 14 13.10 May
June 1937-
July
11.51
10.48
1937.
11.41
Nov. 21 1936 14.50 Apr.
June
1 1936 12.78 July
6 1937
10 1936
Nov. 12 1936 14.59 Mar. 30 1937
11.50
12.45 May
Oct.
12.40 May 14 12.88
1937-
Austin
1
1,385
529
5,835
540
157
720
Robstown...
San Antonio.
8,952
159
Paris
70
Waco
Nov. 1937.
Dec. 1937.
12.38 May
14 12.85 May
11.56
1938.
12.40 May 14 12.89 May
11.70
Feb.
3 1937
Feb.
1938.
12.10
Mar.
386,164
153,064
6
82,406
71,443
13,701
Dallas
11.05
Jan.
2,246
83
May
Nov. 12 1936 13.98 Apr.
5 1937
11.93 Jan. 19 1937 11.93 Jan. 19 1937
36
320
1,811
15,319 1,915,943
4
54,770
6,405
Texarkana
13 12.46 May
1,398 60,769
4,556 84,026
30,070 370,697
16,244
Brenham
Aug. 29 1936 12.92 May
3 1937
4 1936 13.95 Mar. 17 1937
11.52 Nov.
Aug. 1937.
Sept. 1937.
4,246
11,318 2,505,017
4
3,811
349
366
18,492
12,135
55,328
16
71
2,845 53,762
25,477 526,268
43
1,438
71
3,814
1,555
7,763
9.288
457
153
"223
34,219
10,525
5,540
"266
531
9,017
7,372
44
1,337
55
Total, 56 towns
35,099
186
2,615
16
24,681
811
3
..
79,538
34
702
265
79,897
205
30,078 5,917,351
1,037
78,8511206606
74.377 1693071
35,0694,980,758
1 1937 13.85 Mar. 31 1937
Mar. 1938.
Apr.
12.42
May 14 12.91
May
Dec.
17 1936 13.93
13.94
Apr.
5 1937
Apr.
6 1937
8 12.42 May 14 1937 13.97 Apr.
5 1937
1938.
•
Includes the combined totals of 15 towns in Oklahoma.
The
The Visible
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
cable and
.
..
May 14—
1937
786,000
144,000
bales.
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam..
Stock at Barcelona...
1936
610,000
95,000
1935
634,000
71,000
930,000
220,000
224,000
14,000
Stock at Liverpool—Stock at Manchester
705,000
220,000
165,000
16,000
72,000
705,000 1,031,000
25,000
10,000
7,000
67,000
9,000
4,000
227.000
117,000
21,000
68,000
57,000
9,000
8,000
500,000
553,000
507,000
...
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
.....
Total Continental stocks
1934
911,000
120.000
547,000
265,000
19,000
72,000
66,000
7,000
7,000
the
1,430,000 1,258,000 1,212,000 2,014,000
124,000
180,000
128,000
78,000
American cotton afloat for Europe
165.000
178,000
195,000
175,000
119,000
144,000
86.000
Egypt, Brazil,&c.,afl't for Europe 123,000
Stock in Alexandria, Egypt
261,000
210,000
246,000
356,000
Stock in Bombay, India
894,000
813,000 1,187,000
..1,230,000
Stock in U. S. ports
1,443,794 1,721,210 1,783,895 2,828,088
Stock in U. S. interior towns
1,206,606 1,693.071 1,345,933 1.404,254
U. S. exports today
3,694
17,015
6,184
33,186
Total visible supply
5.949,094
6,308,296 5,874,012 8.161,528
above, totals of American and other descriptions
are as follows:
American—
Liverpool stock
bales.
Manchester stock
:..
port stock
U. S. interior stock..
U. S. exports today
Total American
East Indian, Brazil, &c.—
342,000
277,000
214,000
63,000
162,000
195,000
25,000
stock
Havre stock
Other Continental stock.;
American afloat for Europe
U. S.
48,000
180,000
138,000
103,000
165,000
41,000
177,000
1 01,000
97,000
1 95,000
Manchester stock
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
Total American
411,000
51,000
nnlnndo
I
brnrrtA/vl
Middling uplands, Liverp ool.
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair.L'pool
C.P.Oomra No.l staple,s'fine,Liv
3,619,094 4.342,296 3,961,012 5,763,528
333,000
81,000
58,000
29,000
31,000
124,000
47,000
41,000
27,000
64,000
180,000
119,000
261.000
894,000
123,000
210,000
1,230,000
420,000
500,000
30,000
69,000
50,000
16,000
66,000
122,000
128,000
78,000
144,000
86,000
246,000
356,000
813,000 1,187,000
2,330,000 1,966,000 1,913,000 2,398,000
3,619,094 4,342,296 3,961,012 5,763,528
5,949,094
7 1 OH
7.l2d.
13.18c.
12.10d.
6.02d.
6.308,296 5,874,012 8,161,528
g
tXAH
g
OA4
/?
tvo j
6.56d.
6.90d.
11.73c.
9.48d.
12.50c.
11.60c.
8.83d.
5.20d.
6.08d.
9.05d.
4.96d.
6.23d.
8.67d.
5.92d.
Continental imports for past week have been 108,000 balesThe
above
figures for 1936 show a decrease from last
149,097 bales, a loss of 359,202 from 1935, an
of ;75,082
bales over 1934, and a decrease of
2,212,434 bales from 1933.
week
the
interior
stocks
have
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
Aug. 1 in the last two
of
increase
The results for the week and since
follows:
years are as
1936-37
May 14—
Week
Aug. 1
6,399
1,240
472
306,795
149,342
5,044
9,001
5,566
8,877
Via Mounds
Rock
Since
Aug. 1
3,879
1,325
Via St. Louis
Via
1935—36
Since
Week
Shipped—
199,461
650,481
3,769
4,574
197,987
72,329
2,828
10,972
172,254
595,045
360
Island
Via Louisville.
Via Virginia points
Via other routes, &c
Total gross overland
20,479 1,320,124
"iod
16,082 1,051,415
Shipments—
Overland to N. Y., Boston, &c
1,976
969
224
9,004
59,031
12,346
437,284
7,030
27,683
9,607
264.376
11,377
508,661
8,023
301,666
Leaving total net overland*— 9,102
811,463
8,059
749,749
397
Between interior towns
Inland, &c., from South
Total to be deducted
*
Including movement by rail to Canada.
The
foregoing shows the week's
has been 9,102 bales,
the week last year, and that for
aggregate net overland exhibits an
of 61,714 bales.
this
year
In Sight and
net overland movement
against 8,059 bales for
the season to date the
increase
Week
200,398
Total marketed
of
Southern
*48,773
*
12.604,279
22,543
173.568
*38.308
11,590,140
572,733
mill
Came into sight during week
Total in sight May 14
North,
Since
Aug.. 1
6,087,816
811,463
5,705,000
takings
consumtion to May 1
over
1935-36
Week
6,420,391
749,749
4,420,000
9,102
May 14.160,000
Interior stocks in excess
over a year ago
40,509
8,059
125,000
31,296
Receipts at ports to May 14
Net overland to May 14
Southern consumption to
Excess
Since
Aug. 1
Spinners'
Takings
1,082,395
151,625
421,758
134.260
13,709,217
spinn's takings to May 14. 24,080
1,561,681
12,584,631
16,929
1,009,963
Decrease.
Movement into sight in
1935—May 17
1934—May 18
1933—May 19
previous
Bales
Week—
Total visible supply
irlrUino»
that
1936-37:
861,000
1 75,000
1,443,794 1,721,210 1,783,895 2,828,088
1,206,606 1,693,071 1,345,933 1,404,254
3,694
17,015
6,184
33,186
178,000
444,000
Liverpool stock
Bremen
show
week last year.
same
983,000
Total European stocks
India cotton afloat for Europe
Bremen
totals
during the week 48,773 bales and are tonight
486,465 bales less than at the same period last year.
The
receipts of all the towns have been 4,991 bales less than
Deduct
Of the
above
decreased
-
years:
Since Aug. 1—
1934
97,843
143,147 1933
170,035 1932
Ba.es
8,474,403
12,101,333
12,868,555
Requests for Release of Loan Cotton—The Commodity
Credit Corporation announced May 7 that requests for release
totaling 1,300,139 bales of cotton had been received at the
agencies of the Reconstruction Finance Corporation
through May 6, 1937.
loan
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Below
Financial
3362
Southern and other
Chronicle
May 15, 1937
Amarillo
Austin
Closing Quotations forlMiddling Cotton on—|
Abilene-
Week Ended
Brenham
Saturday Monday
Galveston
13.27
New Orleans
13.40
Mobile
Friday
Wed'day Thursday
Tuesday
13.04
12.99
13.10
12.91
12.85
12.98
12.94
13.09
13.21
Brownsville
Corpus Christi
12.80
13.33
13.15
13.01 >-•
13.06
12.87
13.68
13.51
13.36
13.41
13.22
13.80
13.60
13.45
13.50
13.30
13.28
13.35
Montgomery
13.33
13.15
13.01
13.06
Augusta
13.83
13.65
13.51
13.56
12.87
13.37
Memphis
13.10
12.90
13.01
12.80
12.60
Houston
13.27
13.09
12.94
12.99
12.81
12.70
12.87
Little Rock
13.00
12.80
12.65
12.70
12.55
12.60
Dallas
12.98
12.80
12.66
12.71
12.52
12.58
Fort Worth
12.98
12.80
12.66
12.71
13.52
12.58
—
-
Kerrville-
—
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
66
1.84
3.98
84
92
92
96
84
54
54
52
58
64
1.10
84
66
75
0.31
0.60
0.38
88
92
96
92
54
56
50
48
71
74
73
70
0.12
0.10
94
92
44
54
69
73
Monday
May 8
May 10
Friday
May 14
Thursday
Wednesday
Tuesday
May 11
May 13
May 12
May(1937) 129061296a 127161277a 125361256a 12.60
3
1
San Antonio
—
Pine Bluff
Louisiana—Alexandria
12.55
12.59
3
0.28
96
50
73
3
3
2
2
0.66
86
84
90
84
84
86
85
89
86
48
50
54
50
53
55
58
53
67
67
0.72
0.72
2.02
1.18
1.49
0.60
1.90
0.44
2
3
1
4
2
Shreveport
4
12.77
12.62
12.67
72
67
69
72
72
7l
77
68
0.52
0.41
89
92
63
42
2
0.10
88
54
71
86
59
78
dry
76
67
Jan. (1938) 12.96
12.79
12.64
12.69
12.67
61
74
86
85
52
51
69
0.91
1
0.30
86
58
72
64
68
64
77
0.54
0.06
90
82
80
0.14
88
90
66
60
77
0.24
1.60
1
0.98
85
86
88
86
86
88'
78
52
54
52
63
69
2
54
55
44
54
70
57
70
71
70
dry
2
Pensacola
1
1
Atlanta
April
2
.
Augusta.,
Tone—
Spot
Options...
Macon
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Steady.
Barely stdy
Steady.
Sceady.
Quiet.
__
Carolina—Charleston,
South
Barely stdy Barely st'y.
dry
_
Census
Report
on
Oil Production—On
Census issued the following state¬
received, crushed and on hand,
manufactured, shipped out, on
month of April, 1937 and 1936:
Cottonseed
COTTON SEED RECEIVED. CRUSHED, AND ON HAND
Received at Mills *
Crushed
Aug. 1 to April 30
Aug. 1 to April 30
Green wood
0.31
2.70
2
Columbia
May 12 the Bureau of the
ment showing cottonseed
and cottonseed products
hand and exported for the
.
dry
Georgia—Savannah
12.64
12.54
12.70
87
0.21
Miami,:
.
12.82
0.10
1
2
-—
Florida—Jacksonville
12.52
March.... 12.99
1
Birmingham
Alabama—Mobile
125061251a 12.62
2
North Carolina—Asheville
0.42
1
Alabama
1936
330,424
Arkansas.
443,011
173,785
California
Georgia
466,888
231,436
817,561
Louisiana
Mississippi
On Hand at Mills
April 30
285,754
291,162
93,600
416,057
173,177
509,053
222,299
192,166
1936
327,718
426,605
151,786
453,408
231,112
745,549
229,663
83,024
218,127
346,003
904,997
161,314
1937
288,619
284,343
2,117
6,125
9,228
5,815
13,212
1,651
27,872
5,364
939
985
1,356
3,588
2,123
21,715
3,423
17,032
23,107
15,122
88,134
425,013
172,889
1,998
7,722
9,384
1,365
4,415,228 3,678,240 4,279,306 3,669,931
157,613
904,505
...
All other States
162,408
United States
204,303
230,455
956,067
104,147
70
80
72
61
62
1
1.38
80
Raleigh,,,
Wilmington
1
1
4
2
0.14
0.68
56
60
0.75
84
82
84
84
50
67
3
1.80
80
48
64
Tennessee—Memphis
Chattanooga.,
Nashville,
2.28
has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
May 15. 1936
Feet
of gauge.
11.5
34.7
25.7
Above zero of gauge.
Above zero of gauge.
32.9
9.8
15.5
9.4
18.9
21.4
206
New Orleans
Above
zero
of gauge.
Memphis
Above
zero
of
Nashville
Above
zero
Shreveport
Vicksburg
Receipts
82,230 tons and 51,887 tons reshipped lor 1937 ahd 1936 respectively.
PRODUCTS MANUFACTURED,
SHIPPED
OUT AND
tions.
The
figures do not include overland receipts nor
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.
Southern
I
Week
19..
20..
Aug. 1
26..
Shipped Out
Aug. 1 to
April 30
On Hand
Aug. 1 to
April 30
On Hand
April 30
1936-37
*19,191,508 1,291,897,528
28,262,543 1,114,161,379
1935-36
lbs.^
1936-37
1935-36
meal.j
tons
1936-37
1935-36
Hulls, tons_____l
1936-37
1935-36
Linters, (running j
bales)
1936-37
1935-36
1936-37
88
bales)
Grabbots, motes,,
1935-36
1936-37
1,332
2,991
1935-36
5,966
lb.
lb.<
285,006,406
*68,186,016
85,655,583
059,557,068
a318,873,305 51182 224,126
444,833,215
980,501,236
65,053
1,921,780
198,367
1,663,597
23,893
1,090,249
76,604
960,250
43,819
1,065,808
71,292
836,079
(500-i
42,036
a586.597.235
487,994,299
101,199
202,421
94,109
94,963
149,151
114,116
2,512
36,084
41,585
35,592
11,041
10,847
1,659,543
1,020,033
931,891
960,476
793,255
44,460
35,408
49,635
40,473
-
Includes 6,232,774 and 39,089,780 pounds held by refining and manufacturing
and 4,411,300 and 13,657,680 pounds in transit to refiners and
Aug. 1, 1936 and April 30, 1937, respectively.
establishments
consumers
a Includes
15,100,446 and 5,370,105 pounds held by refiners, brokers, agents;
and warehousemen at places other than refineries and
manufacturing establishments,
and 9,643,060 and 14,937,055 pounds in transit to manufacturers of lard
substitute,
soap, &c.,
b Produced from
AND
1935
1936
1935
1936
1937
Receipts from Plantations
1937
1936
1935
NU
82,257 56,534 25,018 1.926,804 2,124,667 1,680,359 56,513 22.543
251.440271.993133,525 2,373.757 2,321,538 1,983,174 282,311 276,748 153,406
8,103
66,019 64,035 45,509 1.880,455 2,103,575 1,639,950 19,670 42,943
5..
19..
26..
64,149
67,954
54,793
61,190
48,205
38,439
47,370
48,797
28.622 1,810,7712,057.037 1,603,937
24,287 1,744,8602,012,824 1,587,972
30,138 1,685,4841,967.167 1,559,937
24,491 1.622,6111.940,895 1,535,485
Nil
1,667
NU
NU
8,323
1,713
22,525
2,109
2,043
Nil
Nil
32
Apr.
656
1,885,634
bales
oleomargarine,
i
Mar.
12..
Crude oil, lbs..
Stocks at Interior Towns
Receipts at Ports
Ended-
Feb.
Produced
Season
Plantations—The following table
the
ON
HAND
Item
8.4
indicates the actual movement each week from the planta¬
1937
COTTONSEED
from
gauge.
97,884
Includes seed destroyed at mills but not 21,926 tons and 89,575 tons on hand
EXPORTS
70
May 14, 1937
1936
232,738
956,764
104,326
South Carolina
Tennessee
Texas
1937
74,048
231,090
82,908
218,298
352,914
Oklahoma
-
75
The following statement
(TONS)
494,193
227,012
193,424
202,476
North Carolina
&c., 500
75
72
Feet
1937
Refined oil,
68
Charlotte
Stale
*
75
3
Mississippi—Greenwood,
Tampa
December. 12.94
Hull fiber,
72
67
Montgomery
12.41-12.42 12.60
November
Cake and
69
56
48
58
88
86
92
Vicksburg
12.50-12.51 12.50-12.52
12.64-12.65 12.70
12.86-12.87 12.69
..
nor
54
0.40
1.26
0.20
New Orleans
September
*
77
74
2
2
-
Taylor
Weatherford
Oklahoma—Oklahoma City—
Arkansas—Eldorado,.
Fort Smith
Little Rock
August
Aug. 1
69
73
72
Decatur,.
12.81
13.00
July
February
.
Mean
73
84
,
3
Paris
Meridian
June
October
dry
^
Palestine
12.58
12.44
O.ib
1
Amite
Saturday
0.70
0.70
2
.
for
Low
80
2
Lampasas,
Luling..
Nacogdoches
13.43
High
iy
Henrietta
12.93
Inches
0.09
4
Dallas
El Paso
12.93
Savannah
Norfolk
-
Rainfall
2
2
3
2
1
Texas—Galveston
May 14
Thermometer
Rain
Days
1
principal cotton markets for each day
of the week:
2..
59,427
9_.
50,142
42,828
16..
23..
30..
40,673
44,904
35.770
35,607
34,922
34.771
20,044
25,927
25,529
15,829
21,251
15,791
1.569.244
1,503,310
1,440,172
1.387.245
1,322,016
1,902,472
1,871,482
1.833,913
1,814,475
1,779,076
1,492,794
1,474,028
1,451,845
1,423,178
1,396,198
Nil
NU
4,617
8,763
6,060
Nil
Nil
"Nil"
15,333
NU
NU
NU
NU
Nil
NU
Nil
NU
1.201
NU
Nil
May
7..
40,825
39,157
14..
31,296
40,509
21,595 1,255,3791,732,3791,370,838
21,061 1,206,6061,693,0711,345,933
The above statement shows:
(!) That the total receipts
from the plantations since Aug. 1, 1936, are 6,216,627 bales;
in 1935-36 were 6,986,346 bales and in 1934-35 were 4,139,457
bales.
(2) That, although the receipts at the outports the
past week were 31,296 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 48,773 bales during the week.
Aug. 1, 1936 and April 30, 1937, respectively.
1,261,282,323 pounds of crude oil.
IMPORTS
OF
MONTHS
COTTONSEED
ENDED
PRODUCTS
MARCH
FOR
EIGHT
31
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
Item
1937
Exports—
Oil—Crude, pounds...
Refined, pounds
1936
179,289
_
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—
2,099,474
10,240
165,986
176,971
Oil—Crude, pounds
Refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, bales of 500 pounds
from all
or
from which statistics
amounts gone out of
*14,554,259
*86,262,322
18,446
36,498
10,344,832
78,009,743
2,469
(Not available)
Cotton
•
Amounts for April not included above are 1,198,400 pounds
crude, and 15,414,821
refined, "entered directly for consumption," 1,261,180 crude and 1,073,841 refined
and 112,164 crude and 1,823,553
1935-36
1936-37
Takings,
Week and Season
Week
Visible supply May 7
Visible supply Aug. 1
Season
American in sight to May 14-
Bombay receipts to May 13
Other India ship'ts to May 13
Alexandria receipts to May 12
Other supply to May 12*b...
Week
Season
6,423,423
6,089,191
..
"withdrawn from warehouse for
consumption,"
refined "entered directly into
sources
294,063
1,530,583
4,030
seasons
obtainable; also the takings
sight for the like period:
are
4,899,258
151,625 13,709,217
29,000 2,749,000
972,000
60,000
1,818,000
2,800
482,000
10,000
4,295",259
134", 260
83,000
10,000
10,000
11,000
12,584,631
2,587,000
822,000
1,619,600
441,000
warehouse.''^
Total supply
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening denote that the weather is warmer than
usual in much of the northern third of the belt.
feature of the conditions
The main
surrounding the growing
dry.
cotton
region.
is
the rise
in
5,949,094
Total takings to May 14_a
Of which American
_
of
temperatures.
Much of the belt is
This is extremely favorable in the eastern third of the
cotton
6,342,616 24,629,475
Deduct—
Visible supply May 14
crop
Of which other
*
5,949,094
393,522 18.680,381
272,722 13,181,381
120,800 5,499,000
6,671,683 22,349,490
6,308,296
6,308,296
363,387 16,041,194
246,387 11,029,594
117,000 5,011,600
Embraces receipts in Europe from Brazil, Smyrna,
West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Souther mills, 5,705,000 bales in 1936-37 and 4,420,000 bales in i§35-36—
takings not being available—and the aggregate amount taken by Northern
Volume
and
foreign
Financial
144
12,975,381
spinners,
in 1935-36, of which
b Estimated.
bales in
Bales
11,621,194 bales
1936-37 and
NEW
7,476,381 bales and 6,609,594 bales American.
Cotton Movement from All Ports—The
India
3363
Chronicle
receipts
of Indian cotton at
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
Santiago—May 8—Tivives, 67---May 12
—Contessa, 400
To Liverpool—May 5—Additional, Historian, 3—May 11—
Comedian, 250
*
To Japan—May 7—Ethan Allen, 9,221
To Genoa—April 27—American Press, additional, 14—May 8
City of Joliet, 1,082
To Gdynia—May 5—Svanhild, 200—May 10—Tabor, 661-To Gothenburg—May 6—Svanhild, 400—May 10—Tabor,
1,000
To Copenhagen—May 10—Tabor, 350
To Trieste—May 10—Clara, 300
To Venice—May 10—Clara, 499
To Fiume—May 10—Clara, 50
To Tallin—May 10—Tabor, 50
To Lexioes—May 8—City of Joliet, 100
To Oporto—May 8—City of Joliet, 110To Manchester—May 11—Elizabeth Van Beige, 1,782
To Havre—May 11—Elizabeth Van Beige, 100- — — --To Dunkirk—May 11—Elizabeth Van Beige, 500
CORPUS CHRISTI—To Ghent—May 4—Gand, 635To Havre—May 4—Gand, 121
To Dunkirk—May 4—Gand, 100
May 5—Chester Valley, 41
To Rotterdam—May 6—Chestern Valley, 143
CHARLESTON—To Bremen—May 8—Ashburton, 1,164
To Hamburg—May 8—Ashburton, 66
To Antwerp—May 12—Sundana, 96
ORLEANS—To
1935-36
1
Since
Since
Receipts—
Week
Bombay
is! r8
Week
Aug. 1
1934-35
/
.
For the Week
1
94,000 2,144.000
83,000 2,587,000
29,000 2,749,000
Auo
Week
Since August 1
Exports
Great
Conli-
Britain
nent
From—
Great
Jap'n&
Total
| China
Conti¬
Britain
nent
&
Jayan
Total
China
Bombay—
1936-37-
68.000
315,000 1,209,000 1,592,000
338,000 1,096,000 1,531,000
279,000 1,039,000 1,374,000
253
9,221
1,096
861
1,400
350
300
499
-
-
1936-37
May 13
467
7",000 51",d6i) 58,656
97,000
5",6OO
2,000
42,000
56,000
1936-37-
20,000
40,000
60,000
380,000
4,000
10,000
6,000
311,000
822,000
194,000
479,000
673,000
1,782
100
500
635
121
141
143
1,164
66
96
50
3.800
1,027
19
451
78
To Japan—(?), 3,800
To India— (?), 1,027PENSACOLA, &c.—To Manchester—May 11—Excelsior, 19
GULFPORT—To Liverpool—May 7—Topa Topa, 451
To Manchester—May 9—Excelsior, 78
LOS ANGELES—To Havre—1Tacoma, 522; San Antonio, 100
1935-361934-35..
35,000
Other Irxiia-
1934-35-
6,000
'
Total all—
1
■
-
—
1936-37-
20,000
40,OOo'
60,000
448,000
907,000 1,209,00 0 2,564,000
1935-36-
6,000
11,000
51,000
68,000
408,500
849,000 1,096,000 2,353.000
1934-35-
5,000
8,000
35,000
48,000
250,000
110
,
SAN FRANCISCO—To England—(?), 50
6,000
592,000
511,000
972,000
1935-36-
50
,50
100
758,000 1,039,0002,047,000
622
66,639
Total-...
Alexandria Receipts and Shipments
Alexandria, Egypt,
May 12
1936-37
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
1934-35
1935-36
April 23
Forwarded
—
54,000
979,000
429,000
42,000
16,000
202,000
52,000
-
Total stocks
Receipts (cantars)—
Of which American
This week
14,000
8,777,908
Since Aug. 1
This
Since
This
Week
Aug.
41666
Exports {bales)—
177,426
186,412
To Liverpool
60,000
7,310,588
50,000
8,143,398
1
Week
This
Since
Aug.
1
To America
12,000 653,426
1,000 40,562
5,000 182,656
7,000 138,895
15,000 578,414
1,000
34.281
Total exports
17,000 1.057,826
28,000 934.246
To Manchester, &c
To Continent and India
.
_
Total imports
Of which American
Amount afloat
Of which American
Since
Week
141666
Aug.
1
119,359
130,937
633,107
35,062
P. M.
ings,
d.
s.
d.
d.
a.
325 Cop
Twist
d.
d.
ings,
Common
business
19—
Quiet.
demand.
d.
Quiet.
Quiet.
7.30d.
7.44d.
7.42d.
Market,
opened
(
|
1
(
to
3
pts. 2 to 3
decline.
7.12d.
6.23d.
HOLI¬
1
to
3
1
pts. 5 to 9 pts.
decline.
5 pts.
pts. steady; 3 to
5 pts. decl.
Barely stdy St'y;
7
11 to 13 pts
decline.
4
advance.
Barely stdy Barely stdy
decline.
pts.
decline.
to
but
Quiet
Quiet,
Steady,
advance.
Quiet,
f
(
Quiet,
Quiet,
adv.
pts.
decline.
1
pt.
to
1
pt. decline.
Prices of futures at
Liverpool for each day
are
given below:
Upl'ds
d.
a.
Mon.
Sat.
May 8
d.
Tues.
Wed.
Thurs.
Fri.
to
12VS@13H
12^@13H
9
6
@
9
9
7.22
95*@11H
9
3
@
9
0
9
@10
0
7.41
9% @11
9
3
@ 9
6
13
0.04
@10
3
7.70
9H@11
9
Close Noon Close Noon Close NooniClose Noon Close Noon Close
May 14
6.17
9
N«io Contract
Mar.—
@14H
12.. 13?*@15
10
5-
Moderate
doing.
Friday
Thursday
Wednesday
DAY.
Futures.
Feb.—
20-
Tuesday
Mid.Upl'ds
Middl'g
to Finest
a.
53,000
Cotton
8h Lbs. Shirt¬
Middl'g
Upl'ds
Common
to Finest
11,000
161,000
50,000
"
4
1930
8H Lbs. Shirt¬
62,000
25,000
177,000
49,000
A fair
1
P. M.
Twist
Monday
Saturday
J
{
Market,
325 Cop
74,000
9,000
195,000
53,000
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:
12:15
received by c.able to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are buying very sparingly.
We give prices today below and leave those for previous
weeks of this and last year for comparison:
Cotton
405,000
The tone
Market,
Egyptian bales weigh about 750 lbs.
1937
59,000
930,000
70,000
940,000
417,000
14.000 918,465
Market—Our report
Manchester
May 14
May 7
65,000
985,000
412,000
each
Spot
Note—A cantar is 99 lbs.
—
-
April 30/
0
1X@ 9
ah
d.
d.
a.
d.
d
7.10
7.06
7.03
6.99
6.92
7.00
7.22
7.13
7.10
7.07
7.03
6.95
7.03
7.16
7.07
6.89
6.97
7.94
9%©\\h
9
6
0.3o
@15 h
10
7h@10 10H
7.85
1h@ 9
ah
0.34
10
7^@10
10h
7.95
9H@11H
9H@llHi
9
@15 yi
9
3
6
0.44
7^ @10 10H
7.97
@ 9
'
7.17
7.29
14
3
d.
7.24
7.27
14
7h
d.
7.22
19—
4t*@10
d.
May (1937)
July
25-
10
d.
d
d.
0.12
October..
9
7.23
7.21
—
7.03
HOLI¬
6.99
7.12
DAY.
7.00
7.96
6.92
6.92
Apr.—
10
9%@l\h
9
10
9
@11
0
7.87
9^@11^
9
1H@ 9
1h® 9
16-
iah@15h 10
9
@11
0
7.47
9% ® 11h
9
1h@ 9
4H
14^@15M 10
6
@10
9
7.49
1^@ 9
ah
10
6
@10
9
7.22
9
9
ah
14H@15H 10
6
@10
9
7.45
9vs@u%
9
1h® 9
ah
14^@15 H 10
6
@10
9
7.12
9H©11X
9
1h@ 9
AH
7.03
6.99
6.96
6.92
6.84
6.92
March
7.17
7.19
7.12
7.03
6.99
6.96
6.92
6.85
6.93
May
7.17
—
'
mmm
6 46
14-
7.12
_
6.46
7-
7.19
„
6.62
14
9*/i@ux,
9%®11x
9
30-
7.17
7.17
6.58
23-
December
January (1938)
@
6 56
29„
uh®15h
@15
ah
ah
0.50
0 57
Bales
GALVESTON—To Copenhagen—May 7—Udderholm, 627
To Genoa—May 7—American Press, 582
May 10—Montello, 2,192
To Venice—May 7—American Press, 326
"III
To Trieste—May 7—American Press, 38
To Oslo—May 7—Udderholm, 367
To Gdynia—May 7—Udderholm, 457
.
To
Gothenburg—May 7—Udderholm, 2,019
To Ghent—May 6—Effingham, 895
To Antwerp—May 6—Effingham, 84
To Havre—May 6—Effingham, 187—
To Dunkirk—May 6—Effingham, 613
To Rotterdam—May 6—Effingham, 190
To Liverpool—May 6—Tripp, 1,400
To Manchester—May 6—Tripp, 729
To Puerto Columbia—May 5—Margaret Lykes, 148
HOUSTON—To Liverpool—May 12—Tripp, 1,324
To Manchester—May 12—Tripp, 3,146
To Japan—May 12—Ethan Allen, 1,152—May 10—Assuan,
2,595
To Manila—May 12—Ethan Allen, 22
To China—May 12—Ethan Allen, 287
To Antwerp—May 8—Effingham, 16
To Ghent—May 8—Effingham, 173
To Havre—May 8—Effingham, 149
To Dunkirk—May 8—Effingham, 418
To
Genoa—May
7—Montello,
629
May
13—City
of
Joliet, 58
To Naples—May 13—City of Joliet, 48
To Oporto—May 13—City of Joliet, 126
To Leixoes—May 13—City of Joliet, 12
To Lisbon—May 13—City of Joliet, 100
MOBILE—To Ghent—April 5—Idawald, 350
To Bremen—April 9—Frankfurt, 1,914
April 28—Wasgenwald, 1,223—May 6—Bienville. 2,903
To Hamburg—April 9—Frankfurt, 500—May 6—Bienville, 98
To Rotterdam—April 5—Idawald, 431
To Gdynia—April 9—Frankfurt, 33
Japan—Fernbank—(?)—1,373
Liverpool—May 6—Topa Topa, 3,192
To Antwerp—May 6—Bienville, 400
To Havre—May 6—Bienville, 900
To Rotterdam—May 6—Bienville, 200
To Genoa—May 4—Monbaldo, 3,200NORFOLK—To Liverpool—May i0—Manchester Hero, 61
To Manchester—May 10—Manchester-Hero, 20
To Bremen—May 8—City of Hamburg, 121
SAVANNAH—To Bremen—May 11—Ashburton, 2,698To Hamburg—May 11—Ashburton, 161
To Rotterdam—May 11—Ashburton, 200
6.92
6.93
Friday Night, May 14, 1937
Flour—The volume of business continues light.
Shipping News—Shipments indetail:
To
7.00
BREADSTUFFS
May—
To
7.12
627
2 774
326
38
367
457
2,019
895
84
187
613
190
1,400
729
148
1,324
3,146
mouth
crop
22
287
16
173
149
418
687
48
126
12
100
350
6,040
598
431
33
1,373
3,192
400
900
200
3,200
61
20
121
2,698
161
200
being recorded, but bakers
Hand-toare appar¬
so
their
Wheat—On the 8th inst. prices closed unchanged to l^cThe biearish weather reports were the chief influence
lower.
affecting values during this session. It was a typical weather
market in wheat, and most other grains declined in sym¬
pathy. Wheat showed declines at one time during the session
There was a slight rally towards the close.
B. W. Snow, a recognized authority, stated that the wheat
of almost 2 cents.
crop
situation in the territory west of central Kansas is
promising than it was on May 1, and will
distinctly les
continue to
3,747
are
unwilling to pay current high prices with the new
close at hand.
Flour mills again made no change
price ideas for the metropolitan area.
ently
in
purchases
deteriorate unless substantial rains
the 10th inst.
occur.
On
prices closed unchanged to lc. down. A feeling
of nervousness among holders of wheat generally that the
newest official forecast of domestic winter wheat production
would show an increase, did much to make wheat prices
average lower today.
Instead of an increase, however, the
United States Government crop report issued late this after¬
noon pointed
to a probable decrease of 1,724,000 bushels
from the total indicated a month ago. Extreme declines of as
much as 23^c. took place during this session. Another bear¬
ish influence was th
expectation of large deliveries on May
wheat contracts.
A severe dust storm in parts of Kansas
was reported in the advices late in the day.
On the other
hand, rains were reported in parts of domestic wheat areas
in the Southwest, together with forecasts of showers tonight
in Kansas and Nebraska.
On the 11th inst. prices closed
1 to 3 points down.
The wheat market today was eclipsed
completely by the sensational developments in the corn
market, where drastic declines took place. The attention of
the trade appeared to be focused entirely on the panicky
state of traders in corn.
Wheat naturally was adversely
influenced, the same as the o her grains, and besides, weather-
3364
Financial
reports continued bearish to
large extent.
a
The weakness
of the grain markets has done much to unsettle
confidence
of those leaning to the
upward side.
domestic and
Canadian wheat
Moisture relief for
added
areas
the
to
many
On
stantial
wheat, although late reports of dust storms
in Saskatchewan caused some
buying. Export purchases of
Canadian wheat today (Tuesday) were estimated at
500,000
bushels. On the 12th inst. prices closed
34c. off to %c. up.
In the early trading the market as a whole was
bearishly
affected by liquidating sales of
May delivery. At one stage
May wheat prices were down almost 2c. overnight, touching
as low as
$1.2034 a bushel, but rallied to $1.23 and finished
at $1.2234 to
$1.2234' Notices of intention to deliver wheat
on
Chicago May contracts tomorrow (Thursday) totaled
943,000 bushels. A factor largely responsible for the rally
in wheat during the later
trading, was the report of dust
^
Word
was
Dakota, western South Dakota and practically all
of the better
producing sections of Montana, wheat crop
conditions are about as bad as they ever have been
during
any previous period at this time of year. On the other hand,
some advices current said Canada is
enjoying the earliest
spring wheat season since 1931 and that two-thirds of Can¬
ada's 1937 seeding is complete, against
only abbut 8% a
year ago.
On the 13th inst. prices closed 34 to lc. down.
Heaviness
prevailed during most of the session today, the factor most
responsible for this being a weak securities market. Acting
more or less of a curb
on
selling of wheat here was
relative firmness of values at Winnipeg, where
export busi¬
ness
in Canadian wheat today was
as
fairly good,
totaling
750,000 bushels.
May delivery of wheat in Chicago
underwent the widest fluctuations, falling from a
top of
$1.22% to a low of $1.20%.
The widespread dryness in
the Southwest, West and Northwest received a
good deal
about
of notice.
Kansas reports in particular stated that the
wheat crop in large areas was
heading short and that much
more rain is needed to
bring even a moderate yield to ma¬
turity.
Notices of intentions to deliver 752,000 bushels of
wheat tomorrow on Chicago
May contracts added to bear¬
ish sentiment at times.
Germany was reported to have
bought in the last few days 2,500,000 bushels of
Australian
wheat
and
2,000,000 from Czechoslovakia.
Today prices closed 1 to 2%c. higher. The market
as
wheat
scored
Germany
there
a
maximum
had
report that 1,000,000 bushels
bought for export. As a result,
gain
of
3%c.
late
day.
reported bidding for Australian
wheat, and
predictions current that a large export business
Canadian wheat will be done
shortly.
wheat was 90,638,000 bushels.
DAILY
CLOSING PRICES
.
No. 2 red..
CLOSING
WHEAT
Mon.
1452*
PRICES
OF
Open interest in
Tues.
1452* 1432*
WHEAT
September....
When Made
I
NEW
Season's
Low
YORK
Wed.
Thurs. Fri.
1422* 145
1432*
FUTURES
IN
CHICAGO
Wed. Thurs. Fri.
1222* 1212* 1232*
1152*
1143*
1152*
1142*
and
When
1052*
962*
1072*
Apr.
5, 19371 May
Apr.
5, 19371 July
Mar. 29, 1937 jSeptember
Sept.
Oct.
Jan.
1162*
1152*
Made
2. 1936
2,1936
28. 1937
DAILY CLOSING PRICES OF BONDED
WHEAT AT WINNIPEG
Sat.
May
JulyOctober
u
1292*
1272*
1172*
Mon.
Tues.
Wed.
H
1272*
H
O
L
126
O-
1262*
1252*
1162*
L
116
Thurs.
Fri.
129
1272*
1172*
Corn—On the 8th inst. prices closed
unchanged to 24c.
off. There was
very little to the trading or news, the market's
trend being entirely influenced
by the heaviness of wheat,
especially during the early trading. On the 10th inst.
prices
closed %g. to 234c. down.
This sharp falling off in corn was
attributed to larger
receipts of domestic corn at Chicago,
about 107 cars being
reported.
Foreign corn was also re¬
ported as more plentiful. The May delivery was
particularly
weak, showing an extreme drop of 334c. from
Saturday's
close.
On the 11th inst.
prices closed J4c- to 434c. lower.
The drastic declines in corn
today were ascribed largely, to a
panicky state among traders over the nation-wide
competition of Argentine imported
sweeping
As a result Chicago
holders of corn futures abandoned efforts
today to support
the market and rushed
wildly to sell. In the stampede, corn
values suffered an
abrupt fall of 6c. a bushel. There were
rallies from these levels, but at the close
substantial losses
were registered.
Traders generally had
expected an acute
scarcity of domestic corn that would prevent any
big break
of prices before new corn from the
1937 domestic crop
becomes available to consumers.
With dispatches at hand
saying foreign corn was pouring into the United States on
an unprecedented scale and
that shiploads were
being loaded
in the East headed for
Chicago, the price of May corn at
Chicago declined steadily until the market for that
delivery
had fallen to
$1.2434 a bushel. This was just 11c. under
the 12 year high reached last
Friday. Other deliveries of
corn were also
drastically affected. On the 12th inst. prices
closed 34c. to 234c. down.
The corn market was somewhat
tamer
corn.
today (Wednesday), though the undertone
heavy
during most of the session.
The market rallied
slightly
towards the close, influenced
by wheat market action, but
averaged lower taking the day as a whole. May corn,
owing
to continuance of
liquidating sales, dropped 234c. in some
cases
during the early part of the day. Included in today's
prices
closed 1% to
demand
for
%c.
did
corn
A sub¬
up.
much
to
impart
and prices very likely would have
higher had it not been for the offsetting influence of
gone
reports
corn
the
to
effect
heading
were
that
for
two
more
Chicago
334c. up.
prices closed lc. off to
of
cargoes
from
foreign
Montreal.
Today
The market started %c.
lower to %c. higher, and afterward made
There was a marked scarcity of
general advance.
a
offerings
in the May
delivery, and as a result this contract closed with a net
gain of 3c.
Open interest in corn was 33,509,000 bushels.
DAILY
CLOSING PRICES
OF
Sat.
No. 2 yellow.
CORN
IN NEW YORK
Tues.
Wed. Thurs. Fri.
146 ,1452* 1462* 1492*
Mon.
—.1532*
1502*
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
*
July
I
May new)
July new)
September new)
December (new)
Season's
84
When
Made
1322*
May
122
Apr.
May
Apr.
Apr.
May
8, 1937
6. 1937
7. 1937
6,1937
5,1937
6, 1937
1352*
125
1152*
(new).—
-
1242*
—
1272*
1132*
1292*
112
1332*
1192*
1082*
High and
May
July...
May (new)
July (new)
Sept. (new)
Dec.
...1322*
852*
1302*
1182*
1072*
832*
1262*
1152*
1062*
812*
1252*
1152*
1062*
802*
Season's Low and
May
1152*
117
1062*
792*
1082*
8026
85
July
29, 1936
1, 1936
2, 1936
2,1936
2,1937
May 12, 1937
Oct.
892*
862*
932*
792*
Nov.
Nov.
Feb.
tats—On the 8th inst.
lower.
Trading was
prices closed 34c. higher to 34c.
relatively quiet with the undertone
fairly steady. On the 10th inst. prices closed unchanged to
34c. lower. Expectations of large deliveries on May con¬
tracts tomorrow (Tuesday)
together with the weakness dis¬
played in other grains, naturally had a depressing influence
the oat market.
On the 11th inst. prices closed
34c. to
34c. lower. These declines were largely in sympathy with
the heavy declines in corn and
wheat, especially the extreme
weakness displayed in the former. On the 12th inst.
prices
closed 34c. to %g. down. This grain
dropped to a new low
price level for the season, September touching 3834c. A
in
total of 322,000 bushels of oats will be delivered here
to¬
(Thursday)
morrow
On the
13th
on
May contracts.
inst.
prices closed %e. decline to l%c. up.
strength in the May delivery was pronounced, due to
the extreme scarcity of
offerings. Today prices closed l%c.
up on May and % to %c. up on the rest of the list.
Trading
was
bit
a
delivery,
active than,
more
where
of
most
the
usual, especially in the May
dealings and strength were
centered.
DAILY
CLOSING
PRICES
OF
OATS
Sat.
No. 2 white
Mon.
612*
—
IN
NEW
Tues.
612*
592*
was
May
July
September
Sat. Mon. Tues.
472*
462*
452*
432*
432*
432*
—
402*
Season's High
May
July
September
and
542*
502*
472*
392*
YORK
Wed. Thurs. Fri.
602*
612*
632*
When Made
\
Season's
Jan. 14, 1937 May
Apr.
5, 1937 July
Apr.
6, 1937 September
Wed.
45
42
39
392*
Low
and
Thurs.
472*
Fri.
49 J
432*
SB
When
392*
Made
402*
July 29, 1936
372*
382*
Oct.
1, 1936
May 12, 1937
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
552*
522*
HOL.
542*
512*
HOL.
552*
512*
552*
512*
Rye—On the 8th inst. prices closed 34c. to 134c. higher.
This was rather
surprising action on the part of rye in view
of the heaviness displayed in the other
grains. The firmness
of rye was attributed
largely to a fairly active spot demand.
On the
There
10th inst.
was
prices closed unchanged to 134c. lower.
nothing unusual in the news concerning rye, the
heaviness in this department
being attributed to the weak¬
ness in the other
grains, especially corn. On the 11th inst.
prices closed 234c. to 334c. lower. These were heavy declines,
and indicated to what extent the holders of
rye had been
unsettled by the developments in corn,
especially as concerns
heavy competition from the Argentine. On the 12th
inst. prices closed 34c. to lc.
up. This action was surprising
the
in view of the weakness in other
grains. The strength in this
market was attributed in
large measure to purchases of
500,000 bushels of rye for shipment to Portugal.
On the 13th inst. prices closed
unchanged to l%c. lower.
The
depression that prevailed
have its effect
on
in most markets
seemed
to
though the spot month held steady.
Today prices closed 134 to 34c. up.
There was a good
demand in the spot
month, and also for July delivery, which
caused
the
rye,
general
list
to
show
considerable
strength
throughout the session.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May
July
September
December
Season's High and
May
-—"119 2*
July
112
September
1032*
December
DAILY
96
When
Made
Dec. 28, 1936
Dec. 28, 1936
Dec. 29, 1936
May 6, 1937
CLOSING PRICES
OF
DAILY
1122*
1032*
92 2*
932*
I
992*
100
90
992*
892*
902*
91
92
Season's Low and
May
752*
July
September
December
71
Aug. 11.
3,
Feb. 25,
May 13,
892*
1172* HOL. 1142* HOL
1072*
OF
1936
1936
1937
1937
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
1112*
1052* 1052*
.111
CLOSING PRICES
892*
902*
When Made
Oct.
87 2*
1003*
RYE
Sat.
May..
July..
FUTURES IN CHICAGO
Tues.
Wed. Thurs.
Fri.
109
1092* 1092* 1102*
Mon.
1142*
1032*
932*
BARLEY
Sat.
Mon.
FUTURES
Tues.
May.
IN
Wed.
CHICAGO
Thurs. Fri.
75
DAILY CLOSING PRICES OF BARLEY FUTURES
IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
HOL.
70
HOL.
70
702*
July..
-
672*
642*
'
When Made
852*
July
May (new)
July (new)
Sept. (new).—
Dec. (new).—
1262*
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO
IN
Sat. Mon.
Tues.
1262* 1252* 1222*
1172* 1162* 1152*
1152* 1152* 1142*
May
Season's High and
May
1452*
July
...1302*
September
1272*
OF
Sat.
_
DAILY
the
was
were
in
—
in
inst.
shipping
The
its chief stimulus today a
of Canadian wheat had been
13th
the
strength to the market,
received that in western
North
1937
15,
May
arrivals at Chicago were 162,000 bushels of Argentine corn
received from Montreal via the Great Lakes.
down¬
ward trend of
storms in the Northwest.
Chronicle
642* " 652*
Volume
Financial
144
Closing quotations
Chronicle
(Bushels)
FLOUR
Hard winter clears
On Lakes
>7.85
>7 35
>6.40
>6.25
Oats, good
Corn flour
>6.80
Spring oats, high protein.7.55
Spring patents
7.05
Clears, first spring
6.10
Soft winter straights
5.85
Hard winter straights
6.60
Hard winter patents
6.80
Barley goods—
Rye flour patents
5.75® 6.00
Seminola.bbl., Nos. 1-3.11.35®—-
..5.90
Minneapolis
Duluth
3.70
-
65,000
27,000
3,413,000
Milwaukee
3.10
Detroit
"
afloat
30,000
101,000
2,000
4,000
870,000
Oats, New York—
—
----63
No. 2 white
*
Baltimore also has 44,000 bushels Argentine
Includes 77,000 bushels feed wheat.
Rye. No. 2. f.o.b. bond N. Y..125
Barley, New York—
47 H lbs. malting
--103^
Chicago, cash
100@128
1495^
Note—Bonded
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
grain
not
v
Wheat
Corn
Oats
bush 56 lbs
bush 32 lbs
Barley
Rye
189,000
33,000
20,000
12:660
Milwaukee
Toledo
815,000
2,804,000
4,217,000
2,613,000
liKoOO
Peoria
130,000
6,000
342,000
46,000
Kansas City..
Omaha
7,000
St. Joseph
65,000
13,000
86,000
3,000
;■■■■
Wichita
Sioux City
Buffalo,
Tot. wk.
37
348,000
Same wk.,
36
363,000
Same
35
333,000
wk.,
Rye
board
Barley
Bushels
Bushels
7.
617,000
439,000
560,000
516,000
2,719,000
5,331,000
367,000
2,962,000
6,387,000
7,041,000
3.874,000
1,442,000
1,624,000
3,045,000
6,252,000
6,669,000
3,752,000
20,617,000
55,569,000
5,188,000 10,337,000
6,387,000
2,347,000
1,442,000
6,252,000
Total—May 8, 1937— 76,180,000
Total—May 1, 1937— 79,999,000
Total—May 9, 1936—138,661,000
5,188,000 10,724,000
5,575,000 18,495,000
8,248,000 37,302,000
3,789,000 13,411,000
4,127,000
4,213,000
14,720,000
12,942,000
27,907,000
163,000
187,000
......
Total—May 8, 1937— 55,569,000
84,000
42,000
333,000
38,000
Total—May 1, 1937— 50,727,000
Total—May 9, 1936—103,932,000
10,000
2,000
31,000
406,000
98,000
58,000
24,000
148,000
2,743.000
4,971,000
1,801,000
14,000
St. Louis
Oats
Bushels
2,000
71,000
174,000
19,666
41,000
293,000
243,000
255,000
97,000
107.000
14,000
1,000
16,000
455,000
Indianapolis..
Duluth wheat
571,000
bush 56 lbs bush 48 lbs
3,000
34,000
46:660
436,000
141,000
1,091,000
111,000
264,000
..
Duluth
Corn
Bushels
4,000
824,000
x
Other Canadian A other
elevator stocks
173,000
In bond,
com
Bushels
Canadian—
■
Wheat
2,347,000
7,159,000
2,503,000
7,554,000
6,748,000 11,747,000
above:
,
bbls 190 lbs bush 60 lbs
Chicago
Minneapolis
Included
Lake, bay river, and seaFt. William APt. Arthur
Flour
2,069,000
2,577,000
735,000
240,000
381.000
Oats—On Lakes, 224,000 bushels;
total, 224,000 bushels, against 6,000 bushels In 1936.
Barley—Buffalo, 284,000
bushels; Duluth, 1,155,000; Chicago, 230,000; on Lakes, 237,000; total, 1,906,000
bushels, against 52,000 bushels in 1936.
Wheat, New York, 4,042,000 bushels;
New York afloat, 290,000; Albany, 1,746,000; Buffalo, 2,158,000; Duluth. 1,248,000;
Erie, 100,000; Chicago, 51,000; on Lakes, 3,102,000; Canal, 20,000; total, 12,757,000
bushels, against 10,990,000 bushels in 1936.
All the statements below
of the last three years:
Barley
'
361,000
41,000
371,000
436,000
4,000
122,000
5,188,000 10,337,000
5,675,000 11,454,000
8,248,000 33,428,000
Total—May 8, 1937.. 20,617,000
Total—May 1, 1937
23,272,000
Total—May 9, 1936
34,729,000
—
Wheat, New York—
No. 2 red, c.i.f., domestic
145
Manitoba No. 1, f.o.b. N.Y.135H
Receipts at—
Rye
(Bushels) (Bushels)
158,000
30,000
2,478,000
1,863,000
6,000
742,000
303,000
Fancy pearl,Nos.2,4&7 6.90@7.25
GRAIN
Corn, New \ ork—
No. 2 yellow, all rail*.
Oats
(Bushels)
—
2,612,000
160,000
1,948,000
65,000
x
Buffalo
4.75
Coarse
>7 00
>6.20
Corn
(Bushels)
Wheat
v
follows:
were as
3365
SummaryAmerican
Canadian
98,000
7,159,000
9,793,000 15,499,000
3,000
The world's
18~OO6
"MOO
931,000
100,000
2,000
77,000
2,108.000
470,000
454,000
1,187,000
1,385,000
191,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended May 7, and since July 1, 1936, and July 1, 1935, are
shown in the following:
1,106,000
1,583,000
766,000
,
Wheat
Corn
Since Aug. 1—
1936..
16,662,000186,561.000 132,501,000 67,767,000 14,959,000 74,031.000
14,920,000279.849,000 151,020,000 115,871,000 20,418,000 81,136,000
14,444.000166,069,000 154,177.000 42,385,000 11,119,000 52,644.000
1935
1934
'Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 8, 1937, follow:
Weel.
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Barley
Rye
New York
404,000
140,000
Philadelphia
87.000
30,000
25,000
.
Baltimore
13,000
New Orleans *
22,000
Galveston
North Amer.
Halifax
37
267,000
5,051,000
Week 1936
1.945.000
13,910,000
Since Jan.l 30
5,552,000
67,000
962,000
4.487,000
KJ.850,000
253,000
170,000
14,331,000
58,000
1,170,000
89,000
1,320,000
23,000
376,000
5,000
249,000
145,000;
1,037,000
40,000
352,000
Receipts do not includ# f rain passing througn New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, May 8, 1937, are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Bar ey
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
New York
Albany.
151,000
Australia
"moo
1,951,000
4,652,000
Same week, 1936
Bushels
Bushels
Bushels
10,195,000 490,519,000 392,086,000
7.000
1,607:666
8,683,000
......
187:660 17,983:666 38,070:666
7,401,000 379,289,000 300,050,000
Wheat—The wheat acreage planted for harvest in 1937, in the 18
coun¬
prised about 78%
of the Northern Hemisphere wheat acreage, exclusive
Republics and China.
European countries for which reports have been received indicate an
acreage slightly less than that of last year.
The condition in the Danube
Basin is generally favorable.
In other parts of Europe, conditions are not
so satisfactory because of coolness and excessive moisture.
In Italy and
France, particularly, the crop needs warmth and sunshine and is suffering
some rust damage.
In Germany the acreage of both winter wheat and
winter rye is smaller than last year, and condition is below average.
In
the Union of Soviet Socialist Republics the plan calls for an increase of
4,000,000 acres over last year's wheat acreage.
The condition is generally
favorable.
Spring seeding is progressing satisfactorily and is ahead of a
of the Union of Soviet Socialist
forecast of the
10,000
42,000
wheat "intentions-to-plant" in Canada
9,000
"38:660
72,000
1936
crop
382,331,000 bushels.
The
362,133,000 bushels, but the final
was
reduced to 352,240,000 bushels.
Shanghai office of the Bureau of Agricultural
estimate
The
95,505
93,868
estimate of spring
official
was
Economics reports
that it is expected that the 1937 crop for all China will be at least 15%
below that of 1936.
WHEAT—AREA
IN
SPECIFIED
COUNTRIES,
below:
as
44,000
23,624,000
5,607,000 337,675,000 253,247,000
tries for which reports are available, is 145,478,000 acres, compared with
132,082,000 acres for the 1936 harvest.
Last year these countries com¬
The destination of these exports for the week and since
July 1, 1936, is
Bushels
pertaining to cereal crops in foreign countries, as re¬
ported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
at Washington, and given out on May 10, is as follows:
April
"9:660
3,000
V
Total week 1937.-
Total
The
48:666
1,234,000
1935
Bushels
will be released on the same day as this report.
The 1937 wheat crop in India is forecast at
1:666
262:666
Montreal
Halifax
Oth. countr's
"
"moo
Sorel
July 1,
1936
year ago.
38,505
304,000
...
_
New Orleans
July 1,
1937
tion
262,000
Tot. wk.
May 7,
1935
Foreign Crop Prospects—The latest available informa¬
"MOO
3,000
81nce Jan.l 37
July 1,
1936
2,000
6,000
Sorei
*
"moo
i6,ooo;
Since
July 1,
2,417.000 163,913,000 152,662,000
2,640,000 56,776,000 36,138,000
1,689,000 152,226,000 70,507,000
2,233,000 82,524,000 98,002,000
8,000
8,808,000
256,000
1,208,000 26,272,000 34,521,000
Black Sea
"moo
14~666
Since
Bushels
12,000
45,000
1,234,000
Montreal
Boston
on
30,000
2,000
8,000
15,000
38,000
Weel
1937
India
bush 56 lbs bush 48 lbs
Since
May 7,
Argentina
Receipt' at—
Since
Exports
1935-1937
Year of Harvest
Country
Flour
Wheat
1935
Corn
1936
1937
Acres
Acres
Acres
34,638,000
33,402,000
685,000
585,000
702,000
35,323,000
33,987,000
48,112,000
380,000
420,000
2,206,000
1,704,000
12,536,000
4,741,000
2,011,000
12,478,000
431,000
1,969,000
0
Exports for Weel
Weel
and Since.
Since
Weel
Since
Weel
Since
May 8,
July 1,
May 8,
July 1.
1936
1937
1936
1937
1936
Barrels
United
July 1,
1937
Barrels
Bushels
May
July 1 to—
Kingdom.
Continent-
47.465
7,895
So. ACent. Amer.
West Indies
8,
;.
12,500
22,500
Brit. No. Am. Gol.
Other countries.._
2,149,080
621,922
559,500
1,216,500
Bushels
Bushels
United States.a.
Canada .b
Total
Bushels
1,440.000
500,000
56,997,000
39,839,000
11,000
481,000
1,000
25,000
5,000
"i',666
Europe:
Belgium.c_
Czechoslovakia, c.
25,000
5^45
(2).
2.2CM66
129,973
France.c—
Total 1937
95,605
93,868
—
4,701,975
3,829,464
1,951,000
4,652,000
99,547,000
81,647,000
1,772,000
13,007,000
.——
Germany, c—
Total 1936
2,250,000
..
England and Wales.
4,735,000
visible
supply of grain, comprising the stocks in
at principal points of accumulation at lake and
seaboard ports Saturday, May 8, were as follows:
349,000
3,377,000
40,780,000
40,327,000
40,416,000
3,010,000
Latvia.c——
The
4,578,000
2,076,000
12,647,000
154,000
388,000
3,647,000
2,595,000
4,045,000
7,719,000
5,456,000
2,845,000
43,706,000
47,413,000
45,436,000
2,091,000
12,165,000
210,000
Italy _c
Lithuania-*;..
Poland.c
granary
1,754,000
12,772,000
414,000
3,756,000
—
Greece........—
7,000
89,000
47,410,000
Total (10).
145,000
GRAIN STOCKS
Bulgaria, c
Wheat
Rye
Barley
Bushels
Bushels
Bushels
Bushels
60,000
New York
44
Oats
Bushels
United States—
Boston
Corn
61,000
288,000
908,000
afloat
12,000
25,000
306,000
1,000
Hutchinson
...
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
20,258,000
19,815,000
19,400,000
61,038,000
60,142,000
59,816,000
33,955,000
33,666,000
Algeria.
4,095,000
4,287,000
33,359,000
4,191,000
"94:606
liKoOO
63,000
87,000
138,000
100,000
134,411,000
132,082,000
145,478,000
4,000
152,000
622,000
U.S.S.R. A China. 216,200,000
211,600,000
3,000
2,000
6,000
457,000
2,816,000
1,062,000
189,000
936,000
282,000
4,000
9,000
9,000
31,000
3,000
90,000
14,000
29,000
10,000
67,000
Estimated
4,045,000
627,000
a
of
1,007.000
Northern
Hemisphere,
and spring total, excl.
d
754,000
(14).
Total 18 countries.
43,000
3,000
3,993,000
Total Europe
12,000
93,000
73,000
5,354,000
(4)
India.e.
128,000
109,000
56:606
100,000
660,000
Wichita
Total
29,000
1,199,000
Fort Worth
St. Joseph
135,000
213,000
370,000
Galveston
11,000
27,000
...
New Orleans
029:666
7,740,000
Yugoslavia.c.
32:660
91,000
141,000
4,154,000
.
Rumania.c...
26,000
Philadelphia—"———
Baltimore *
Hungary. c_.
Winter area remaining
winter
for harvest.
"intentions-to-plant" spring
wheat
6 Winter
will
area
be released
only.
May
The first estimate
c Winter area
10.
Estimated In the Belgrade office of the Bureau of Agricultural Economics,
estimate.
e
Aprii
3366
v
Financial
Agricultural Department Report on Winter
Wheat,
Rye, &c.—The Department of Agriculture at Washington
on May 10 issued its
crop report as of May 1, 1937.
This
report estimates the abandonment of winter wheat at 17.1
Chronicle
May 15, 1937
(1924-32)
year
average 75.8%.
Growing conditions during April were
unfavorable in southern Alabama and northern
Florida, due to heavy rain¬
fall.
In South Carolina, Georgia, and
Mississippi weather conditions have
been favorable for the
development of the early crop.
%,
acreage remaining to be harvested at 47,410,000
compared with 37,608,000 acres harvested in 1936.
WINTER WHEAT
leaving the
acres, as
Last
the abandonment of winter wheat
year
acreage
bushels.
Below is the report:
products, and the shortages that are due largely to the droughts, are en¬
couraging to producers in many areas, as is shown by the increased pur¬
chases of fertilizer, lime and equipment.
This may mean increased atten¬
being planted, according to the May report of the
Crop Reporting Board of the United States Department of Agriculture.
While crops and pastures may not yet be
seriously handicapped over the
country as a whole, they have had a rather poor start and still show the
scars
of recent droughts.
In practically the whole eastern half of the
country there has been sufficient rain and over considerable areas the rain
now
has been excessive this
spring, the area west of the Rockies has also had
fair amount of rain and snow, but there is a
a
considerable belt stretching
from Montana and western North Dakota southward
into Texas and New
Mexico, where the lack of sub-soil moisture is still a threat.
On May 1 the reported condition of pastures and
ranges was very low in
most of the Great Plains area and below
average in practically all other
States.
This low condition was due in part to
lateness, which may be
overcome, but droughts, close grazing, and winterkilling have thinned the
stands in many States, and the weather will have to be more
favorable than
usual to provide the usual supply of grass.
Hay meadows and alfalfa have
likewise suffered severely and the May 1 condition of tame
hay crops was
lower than in any recent year except 1934.
Hay reserves are also low, the
tonnage remaining on farms on May 1 being estimated at about 6,000,000
tons which is less than the May 1 stocks in
any other recent year except
1935, just after the drought of 1934.
The shortage and high cost of seed
is also a problem to those planting
emergency hay crops or clover this spring.
Winter wheat and rye came through the winter in fair to
good shape in
the Eastern half of the country but there was a
heavy loss of
acreage in the
drought area of the Great Plains and in the Pacific Northwest.
Of the
57,187,000 acres seeded to winter wheat in the United States last fall it is
expected that about 47,410,000 acres will remain for harvest.
The acreage
lost is expected to total more than
17% of the acreage seeded, compared
with 24% lost last year and a 10-year average of
12.6%.
Even with this loss, the acreage harvested is
expected to be the largest
on record with the exception of the
crop seeded in the fall of 1918, just
Aver.
1932
Rye, like wheat, was planted on a very large acreage,
but much of the acreage will not be harvested for
grain and the yield is
expected to be light.
Present prospects point to a crop of nearly 43,000,000
bushels, which would be above average production but far below record
l6Y6lS«
severely hurt peaches and
some
strawberries,
and the
supply of summer oranges and lemons Will be light as a result of
the freezing weather in California.
In most other commercial fruit areas
the crops appear to have escaped injury as yet and
prospects for apples and
most other fruits are becoming increasingly favorable.
The chief changes
in bearing acreages are the increase in Southern citrus fruits and
the con¬
tinued removal of apple trees damaged two years
ago in the northeast.
Vegetable producers appear to be going ahead about as usual.
At present
only a moderate increase in the total acreage of commercial vegetables is
expected but the acreage of watermelons may be rather large and the late
spring in
some
of the States normally shipping vegetables and
during May is likely to
cause some
overlapping of shipping
new
potatoes
seasons.
Wheat—A winter wheat crop of 654,295,000 bushels in 1937 is indicated
by condition on May 1.
Production in 1936 was 519,013,000 bushels and
the five-year
(1928-32) average was 623,220,000 bushels.
The present
indication shows only a nominal change from that published a month
ago.
The acreage of winter wheat remaining for harvest is estimated at
47,410,000 acres, compared with 37,608,000 acres harvested in 1936 and the
five-year average of 39,724,000 acres.
Of the record acreage of 57,187,000 acres sown in the fall of
1936, about
17.1% was abandoned.
This is less than the 24.3% abandonment of last
year but greater than the 10-year (1923-32) average of
12.6%.
Abandon¬
ment was generally above average this year in the area west of the
Missis¬
sippi and below average in the remainder of the country.
Condition of the crop remaining for1 harvest was reported at
77.4% of
normal, compared with 67.0% on May 1, 1936, and the 10-year (1923-32)
average May 1 condition of 81.2 %.
Prospective yeilds per harvested acre are generally below average, with
the exception of the far Southwest and a few eastern States.
This report does not take into consideration
developments since May 1.
Since that date, rainfall has continued to be below normal
throughout the
hard red winter and spring wheat belts.
In the soft red winter wheat area,
however, rainfall since May 1 has been generally above normal.
In the main spring wheat area, the season is reported as somewhat later
than average.
In Minnesota and the eastern third of the
moisture
western
situation
is
third of the
regarded
as
Dakotas, dry
Dakotas, the
but in Montana and the
conditions still prevail.
satisfactory
Ry e—Condition of rye as reported May 1,1937, indicates a United States
of 42,913,000 bushels, compared with 25,554,000 bushels produced
1936 and 58,597,000 bushels in 1935.
The five-year (1928-32) average
production was 38,212,000 bushels.
The acreage of rye remaining for harvest as
grain in 1937 is estimated at
4,092,000 acres, compared with 2,757,000 acres in 1936 and 4,141,000 acres
in 1935.
The five-year (1928-32) average harvested
acreage was 3,315,rye crop
in
000
acres.
The estimated acreage of rye sown for all purposes in the fall of
1936 was
acres, or an increase of 17.2% over the 6,547,000 acres sown in
the fall of 1935.
The need for additional fall feed to
7,673,000
supplement poor
pasture growth and feed shortage resulting from the extreme 1936 drought
accounts largely for the substantial increase in rye
acreage.
A considerable
portion of the seeded acreage is ordinarily used for pasture or is turned
under for soil improvement.
This average is included in the seeded acreage
but not in the acreage for harvest.
The condition of rye on May 1 was
78.4% of normal, compared with
74.3% a year ago and the 10-year (1923-32) average of 84.4%.
Condition
is below average in nearly all States west of the
Mississippi River, and near
average or above in States east of the River.
Oats (Southern States)—The prospects for oats in the Southern States
about average and are materially better than the
prospects of a year ago.
May 1 condition in the South Atlantic and South Central States was reported
at 72.8% of normal, compared with
48.5% a year ago, and the nine-year
(1924-32) average of 72.3%.
With the exception of Texas and Florida,
the condition of the crop was reported one to
eight points above average.
Texas, with nearly one-third of the total acreage in the 10 southern States,
has a condition of 66%, or three
points below the nine-year average, but
28 points above the condition reported a
year ago.
Oklahoma, with ap¬
proximately one-third of the acreage, reported a condition of 76% of normal,
one point above the
nine-year average and 33 points above the condition
are
reported
a
year ago.
/
early potato crop in the 10
1 was 76.9% compared with 77.5% reported a
year ago, the condition was 70.3%, and the nine-
Early Potatoes—The condition
southern States on May
month ago.
On May 1, a
of
the
Indi¬
1932
Per
Per
Per
1,000
Cent
Acres
Cent
1937
1928-
cated
1936
1932
Per
Cent
1936
1937
Per
Per
1,000
1,000
1,000
Cent
Cent
Bushels
Bushels
Bushels
3.7
2.8
3.5
333
82
84
83
New Jersey.--
2.6
3.2
2.0
87
86
90
Pennsylvania
2.9
2.0
2.0
5,638
1,281
1,052
83
86
88
4,273
1,153
17,456
31,385
26,458
30,674
6,327
64
19,399
19,462
40,126
46,531
30,922
35.840
42,686
16,462
18,666
York
.
13.6
6.0
3.5
71
82
10.4
6.0
6.0
2,449
2,162
77
Indiana
80
68
80
Illinois
11.4
8.0
7.0
2,587
78
69
77
3.4
2.0
3.0
1,009
82
81
81
Michigan
15,684
1,344
34,592
Wisconsin
10.0
3.7
6.0
51
84
87
83
605
Minnesota
429
11.0
14.1
10.0
276
82
76
80
6.4
7.0
7.0
920
3,145
5,106
85
81
83
3,309
6,698
20,343
8,800
16,560
Iowa..
Missouri
918
8.7
7.6
3,116
81
72
80
South Dakota.
21.5
59.9
55.0
80
31,290
81
42,066
61
63
Nebraska
12.6
1,699
881
15.4
560
29.0
3,157
82
74
72
13.0
26.6
18.0
54,169
45,539
13,549
80
66
75
2.3
3.4
1.0
90
88
79
90
2.8
2.6
1.5
486
83
83
92
2.6
4 0
1.5
665
83
79
92
Kansas.
-
Delaware
Maryland
Virginia
...
West VirginiaNorth Carolina
2.9
South Carolina
5.5
4.5
Georgia
Kentucky
5.7
8.0
3.0
156
84
89
5.4
1.0
554
85
82
88
3.2
.
3.0
184
76
73
78
81
42,620
177,054 120,198 162,58S
1,781
1,419
1,620
8,630
8,980
9,234
9,260
7,862
8,645
1,747
2,025
2,262
3,790
5,194
6,094
704
1,472
1,656
9.9
10.1
204
76
77
77
610
14.0
10.0
8.0
559
1,560
82
1,734
80
92
Tennessee...-
7.0
4.4
3,278
4.0
5,894
497
7,267
82
78
88
Alabama-.---
3.2
14.3
3,174
0.0
9
4,858
5,218
80
11.9
4.0
80
80
14.6
20.0
89
80
72
84
304
595
9.6
29.0
846
18.0
42
76
16.7
55,145
51.4
26.0
4,449
3,933
79
Texas.
27,520
51,164
73
37
70
Montana
25.5
41,410
63.0
35.0
18,927
628
41,296
80
68
68
6.3
8,998
16.0
12.0
3,800
696
6,908
89
78
80
Wyoming
15.1
80.0
13,682
55.0
10,872
108
13,224
85
53
65
Colorado-
28.3
1,608
62.0
513
40.0
826
79
60
68
38.6
13,051
65.3
40.0
5,9 J 5
246
74
9,664
50
67
2.0
3,766
750
0.0
0.0
46
2,460
92
94
95
518
Arkansas
Oklahoma
Idaho
New Mexico..
Arizona
..
36
54
90
1,080
1,104
1,012
92
81
86
0.2
0.0
3,496
0.0
2,236
3
3,008
95
95
96
70
16.4
54
32.0
42.0
75
711
84
70
74
Oregon
10.0
28,543
18.0
30.0
17,528
462
16,708
90
82
75
California
17.9
7.0
17,610
7.0
13,200
816
8,316
79
86
82
11,046
16,731
14,688
12.6
24.3
81.2
67.0
77.4 623,220 519,013
654,295
Utah
3.2
Nevada
Washington
■United States
10.4
3.0
188
17.1 47,410
RYE
Acreage
Condition May 1
Production
Left for
State
Harvest
for Grain,
Aver.
1923-
1936
1937
New York
%
1937
%
Average
1932
Acres
farms.
South
Average
1923-
Cent
New
654,000,000 bushels.
This would be about 5% above average production
during the 1928-32
period, but this increase would be more than offset by the smaller supply
Late frosts in the
1937
age
vest
1937
1936
Production
Aver¬
Har¬
1923-
Due in part to the urgent need of rain in the western
portion of the hard red winter wheat belt, the yield per acre is now
expected
to be only 13.8 bushels which would
give a total crop of
on
Left
for
State
before the Armistice.
of wheat
Condition May 1
AL andon ed
Ohio
In general the agricultural
enterprise is starting off with spring work
delayed by weather conditions, with livestock numbers and feed reserves
severely depleted by drought, with pastures, ranges, hay
meadows, new
grass seedings and winter grains rather generally
subnormal, and with
farmers in part of the Plains area hesitant,
pending definite breaking of the
drought.
On the other hand the signs of an increasing demand for farm
tion to the crops
Acreage
was
24.3% and the 10-year average (1923-32) 12.6%.
The
May 1 condition is placed at 77.4% this year, as compared
with 67.0% of normal on
May 1, 1936, and a 10-year average
condition of 81.2%.
The estimated production of winter
wheat is now estimated at 654,295,000
bushels, which com¬
pares with a harvest of 519,013,000 bushels last
year, and
an
average five year (1928-32) production of 623,220,000
1936
Indicated
Bushels
Bushels
1928-32
%
1937
Bushels
28,090
86
85
New Jersey
19,000
89
85
89
Pennsylvania
90,000
86
86
84
84
79
86
84
78
85
Illinois—
54,000
187,000
129,000
86
82
83
807,000
Michigan
160,000
85
83
82
Wisconsin
1,950,000
481,000
474,000
86
87
88
2,189,000
86
80
1,622,000
2,100,000
87
Ohio
Indiana
Minnesota-
85
321,000
462,000
1,671,000
731,000
1,100,000
304,000
368,000
1,260,000
702,000
1,188,000
862,000
1,419,000
1,840,000
5,772,000
5,966,000
4,325,000
87
7,584,000
89
681,000
53,000
85
77
2,250,000
82
165,000
781,000
Iowa
80
66
6,248,000
5,166,000
2,691,000
746,000
483,000
150,000
90
'
83
76
84
4,000
88
82
90
85,000
Maryland
16,000
86
84
88
266,000
Virginia
46,000
1,050,000
225,000
2,448,000
1,608,000
3,442,000
609,000
46,000
188,000
85
80
88
654,000
10,000
418,000
85
86
Missouri
North Dakota.
59
South Dakota-
11,073,000
574,000
85
61
77
Nebraska—^
4,072,000
414,000
87
74
71
2,667,000
71,000
217,000
„
Kansas
Delaware
West Virginia.
North Carolina.
—
South
420,000
332,000
1,215,000
756,000
2,244,000
Carolina.
-
.
Georgia.._
477,000
52,000
208,000
87
151,000
104,000
65,000
86
70
110,000
86
486,000
10,000
18,000
390,000
78
73
520,000
72
69,000
75,000
80,000
80
74
78
99,000
28,000
99,000
84
78
108,000
90
Tennessee
202,000
29,000
82
198,000
322,000
Oklahoma
36,000
288,000
Kentucky
__
76
85
159.000
80
41
76
114,000
3,000
72
176,000
144,000
39
65
Montana
34,000
39,000
84
28,000
74
30,000
67
Idaho.
574,000
6,000
21,000
92
90,000
91
254,000
86
Wyoming
50,000
89
63
62
Colorado
219,000
40,000
82
88,000
138,000
66
126,000
74
438,000
232,000
320,000
325,000
Texas
Utah..
188,000
66,000
3,000
91
93
93
Washington
16,000
22,000
84
82
78
Oregon
26,000
5,000
92
95
88
162,000
289,000
12,000
189,000
700,000
91
a91,000
84.4
126,000
70,000
74.3
38,212
25,554
42,913
California
United States..
a
4,092
78.4
27,000
176,000
Short-time average.
Weather
Report for the Week Ended May 12—The
of the weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
weather for the week ended
May 12, follows:
general
summary
Early in the week a moderate
depression moved from the lower Mis¬
Valley northeastward to New England
by May 7, attended by rather
souri
general precipitation
though the amounts
of the
Except in
changes.
over
the central and eastern
portions of the country,
were mostly light to
moderate.
Otherwise, rainfall
generally of a local character, with no unusual
features.^
the East, temperatures were
mostly moderate, without marked
week
was
The week, as a whole, was
decidedly cooler than normal in the Ohio
Valley and lower Lake region, but elsewhere the
weekly mean temperatures
were near normal to
considerably above.
The largest minus
departures
appear in the immediate Ohio
Valley from southwestern Pennsylvania and
West Virginia westward to
southern Indiana.
The Rocky Mountains had
)
a decidedly
warmer-than-normai week, with the
mostly from 4 to 7 degrees higher than normal. temperatures averages#'
West of the Rockies
above-normal warmth
prevailed, except in the upper Columbia Basin,
where some
unseasonably cool weather occurred.
Freezing weather was reported locally in the Lake
region, the extreme
northern Great Plains, and in
some central
Appalachian districts.
Else¬
east of the
Rocky Mountains temperatures remained
generally
/feezing, with minima ranging from the low 40's in the northern
Ohio Valley to the 60's in
more southern districts.
The lowest tempera¬
ture reported was
28 degrees at
Williston, N. Dak., on
where
Lndington, Mich.,
on
May 8, and at
May 10.
The geographic distribution of
precipitation
in extreme southern Florida
the amounts were
during the week.
Except
generally light to moderate,
though fairly heavy falls occurred in north
Pacific sections, and locally in
Tennessee and adjoining
districts.
Some substantial rains occurred
in
northwestern Texas, and moderate
amounts rather
generally in Oklahoma
and the eastern Great
Plains.
there
was
very
west.
The
week
From the western Great Plains
westward
a limited area of the far
North¬
little precipitation, except in
brought
decidedly
more
interests rather generally from the
Valleys eastward.
favorable
weather
for
Mississippi and Red River
While temperatures
were
too
agricultural
of the North
low, especially the night
Volume
Financial
144
readings, for best growth of warm-weather crops, hardy vegetation, such
as grains and grass, made generally excellent
progress, while more sunshine
and only light showers in most places markedly improved conditions for
outside operations, especially during the latter part of the week.
The
improvement was marked in the Mississippi Valley and eastern spring
wheat belt where the work of preparing seed beds and seeding spring crops
made rapid advance, though from 10 days to 2 weeks later than in an
average year.
In
Southern
the
sunshine from
more
the northwestern
in
States, also, while the nights were mostly too cool,
the Mississippi Valley eastward and beneficial rains
cotton belt were decidedly helpful.
Much of Texas
remains dry, and a general rain is still needed in that State.
From the
Rockies westward conditions were generally favorable, though rain is
still needed in sourthern districts and
warmer
There
weather in the north.
damage by frosts locally in interior sections of the Pacific North¬
west, while moisture is yet unfavorably deficient in northern California.
General rains are still needed in the western Great Plains, though bene¬
ficial falls occurred during the week in the eastern two-thirds of Kansas.
was some
In Nebraska frequent light showers resulted in a general improvement in
conditions, though there is no reserve moisture in the soil.
Farther north,
conditions are mostly favorable in South Dakota and central and eastern
North Dakota, but rain is needed in western North
Dakota and rather
generally east of the Divide in Montana.
Over the eastern half of the
country grass made unusually good progress, while the more western range
is generally doing well.
In general, livestock are now very largely being
sustained by grazing.
Chronicle
3367
wheat spotted with considerable deterioration in northwest and west-centra'
districts; elsewhere mostly fair to good.
Progress and condition of corn
rather poor to fair with cold,
dry weather retarding growth.
Truck, cattle,
and ranges good to excellent in Rio Grande
Valley and fair to good elsewhere.
Rice planting
practically completed.
Rains over entire State beneficial, but
northwest, west-central, and some north-central areas.
Progress and condition of winter wheat fair to very good, except practi¬
cally failure in Panhandle and rather poor in northwest and west-central;
heading quite generally.
Progress and condition of oats fair to good.
Cotton planting made fair advance and about
average; some up.
Progress
of corn fair; some fields
weedy in east.
Pastures rather poor, but im¬
proving.
Considerable alfalfa cut; yields fair.
Gardens and minor crops
made satisfactory
advance, except in dry areas.
Arkansas—Little Rock: Cotton planting made very good progress in
most portions; just
starting in some northern counties, nearly completed
in most of
south; stands good, except rather poor in some localities where
very early; growth good to excellent, except some lowlands where too
wet; cultivation under way and chopping begun.
Progress of corn very
good; condition very good to excellent.
Weather favored all other crops.
Oklahoma—Oklahoma City:
more
needed
in
Wheat and oats heading.
THE DRY GOODS TRADE
New
Small
Grains—Winter wheat continued to make satisfactory progress
from the Mississippi Valley eastward,
though local yellowing is reported,
because of too much moisture, in some lowlands of the Ohio Valley.
In
the Plains States precipitation during the week was favorable in north¬
ern
and northwestern Texas, Oklahoma and the eastern two-thirds in
Kansas.
In western Kansas wheat continued to deteriorate, especially in
the southwest.
In Texas the crop is decidedly spotted, with many poor
fields in northwestern and west-central parts of the State, elsewhere it is
mostly fair to good.
In the Pacific Northwest the week was generally
favorable, with beneficial rains in eastern Washington; there was some
slight damage by frost to spring-planted grain.
In Montana and the
Rocky Mountain States some improvement is noted.
Winter wheat is
beginning to head northward to North Carolina, Tennessee, and locally
to
southeastern Kansas.
In the eastern spring
wheat belt the week was decidedly favorable.
With only light rain and much sinshine the soil dried
rapidly facilitating
belated seeding, now nearly done, which averages a week to 10 days late
in most places.
Early seeded spring wheat is
and is looking well.
Oats also made grood progress in the Central
coming
up to a
Valleys.
good stand
In the main
pro¬
ducing areas the week brought more favorable weather to this crop.
Rice
is doing fairly well in the central Gulf area, but needs rain in southwest¬
ern
Louisiana.
Corn—Corn planting was much more active during the week, especially
Iowa, and in the Plains States
to
South
Dakota.
In
Iowa
only
a
small
percentage of corn has so far been planted and probably not more than oneof the crop in Missouri.
Most fields have been seeded in eastern
Kansas.
fourth
Cotton—Showers in the northwestern
cotton
belt
and
less rain,
with
more sunshine, in the central and eastern
parts, made a generally favor¬
able week for cotton, though the nights were rather too cool for best results.
In Texas planting made fair progress, but the soil was
generally too dry
and nights were too cool for good germination and
growth;
the
general
condition of the crop is only fair, except in the extreme South.
In north¬
Texas a considerable acreage remains to be planted, but rains at the
close of the week will facilitate this work.
In Oklahoma planting made
fair progress; additional moisture of the week will be
helpful in many
ern
places.
In the central and eastern portions of the belt
planting made good ad¬
vance in most places, especially the latter
part of the week.
Considerable
replanting is indicated in some eastern sections because of previous cool,
wet weather.
Miscellaneous—While warmer weather would have been beneficial in
Eastern and Northern areas, the week generally favored minor
crops;
potato and truck planting is underway as far north as Wisconsin and
Minnesota and fruit trees are beginning to bloom in these States.
Frosts
during the week in some northern sections did little damage and vegeta¬
some
in
general, is improving rapidly.
In more southern sections fruit
are promising and tobacco and sweet potato
transplanting is
Beets are well along in Colorado and some other Western
States, with warmth needed for continued improvement.
Considerable lamb losses occurred early in the week in
Wyoming, and
the lateness of grass is unfavorable for ewes in
Montana, but livestock
generally had a good week.
Sheep are moving to higher summer ranges
in Colorado and shearing and lambing have started in Nevada.
prospects
underway.
The Weather
Bureau furnished
the
following
resume
of
conditions in the different States:
North
Carolina—Raleigh; Favorable for
crop growth and farm work,
wet.
Cotton planting made good ad¬
early planted mostly good.
Transplanting tobacco
continues; scarcity of plants widespread account blue mold, but sunshine
favorable for checking damage.
Corn, truck, potatoes, fruits, and grain
doing well.
Wheat good to excellent; beginning to head.
South
Carolina—Columbia: Week generally favored crop
planting
and progress.
Corn planting, grain, truck, and minor crops made good
progress.
Southern commercial potato shipments begun.
Cotton chop¬
ping and cultivation made good advance in south; planting nearly com¬
pleted in north, with considerable replanting account preceding cool,
windy weather.
except river
vance;
bottomlands still too
progress
of
Georgia—Atlanta: Mostly cool, but
and
more favorable for cotton
chooping
cultivating than preceding week; planting and second planting* slow
north; fairly heavy hail damage in several southern counties.
advance in
Condition
and progress of cotton and corn rather
poor in north, fair in
middle, and fair to very good in south.
Tobacco, sweet potatoes, and
truck mostly fair progress.
Pecans very good progress and condition.
Florida—Jacksonville: Dry, sunny week favorable for
cotton; progress
good and chopping made good advance; condition fair to good.
Progress
and condition of corn very good; some maturing in south where
light rain
favorable.
Truck holding up well and heavy shipments
continue, though
varieties
becoming scarce.
Tobacco made good growth.
Potato
nearing completion.
Transplanting sweet potatoes continues.
Citrus shows good development; still some
blooming and only normal
dropping.
Miscellaneous crops mostly good.
some
digging
Alabama—Montgomery: Temperatures normal, but nights rather cool;
sunshine abundant; rains first of week, following those of
preceding week,
made soil too wet and prevented work, but cotton
planting resumed by
Monday in all sections;
considerable replanting;
some planting
over;
chopping begun in south.
Livestock and pastures in good
Oats good and beginning to mature.
Vegetables mostly good.
condition.
Mississippi—Vicksburg: Numerous cotton stands poor.to rather poor,
especially in northwest, with progress generally fair throughout.
Plant¬
ing early corn practically completed, with many stands somewhat poor
and progress generally fair.
Large market movement of cabbage and
peas.
Scattered localities, mostly in northwest, report army-worm dep¬
redation, especially affecting oats.
Progress of fruit, gardens, pastures,
and truck mostly excellent.
Louisiana—New Orleans: Cold in north at beginning, generally above
thereafter; mostly light to moderate rains, but some heavy in
and none in scattered localities.
Generally favor¬
normal
central and northeast,
able for crops and farm work.
Cotton late, considerable replanting, but
good and chopping started in extreme northwest.
Condition
irregular; mostly fair to good.
Rice doing fairly well, but needs
rains in southwest.
Cane and miscellaneous crops show generally good
improvement.
growth
of
now
corn
Texas—Houston:
Temperatures mostly normal or above; good rains
and northern districts, but dry elsewhere and general
Cotton planting made fair progress, but soil generally too
dry and nights too cool for proper growth; stands coming up well to north¬
ward, but condition only fair, except in extreme south where good to ex¬
in
some
Satisfactory
York,
promotional events and
tures resulted in
Friday Night,
stretch of
a
moderate
a
western
rains needed.
cellent; considerable remains to be planted in north.
Condition of winter
May 14,
1937
of the consuming public to special
response
warmer
Spring tempera¬
gain of retail sales during the
past week, although the weakness of the security and com¬
modity markets
well
as
as
the
recurrence
of serious labor
troubles, later in the period, put somewhat of
business.
in the
The
early improvement
was
month of
1936
a
damper
on
especially marked
apparel lines, owing to the release of long postponed
purchases of seasonal merchandise.
May forecast
an average
amounting to 10%.
to the usual survey
increase
Early estimates for the
gain in sales
over
May,
For the month of April, according
of the Federal Reserve Board, total de¬
partment store sales gained 4%
the latter part, though the crop is being put in much later than the average
rather generally.
Planting has begun northward to Pennsylvania, the
central portions of the northern Ohio Valley States, rather
generally in
tion,
Sweet potato and tomato plants being set.
over
April 1936.
The largest
registered by the Dallas district, with 12%,
while the least favorable result—with minus
3%—was re¬
ported by the Richmond district.
In the New York area
the gain over last year reached 3%.
Trading in the wholesale dry goods markets expanded
moderately, reflecting the slightly improved flow of goods in
retail channels.
Transactions, however, were mostly con¬
fined to spot deliveries as both wholesalers and retailers con¬
tinued to refrain from forward buying.
Somewhat better
interest was shown in wash goods and percales for Fall.
Inventory conditions were reported to have undergone a
moderate improvement.
Business in finished silk goods re¬
mained quiet, with prices displaying an easier trend.
In
the greige goods division moderate
activity prevailed, al¬
though transactions were largely confined to spot deliveries.
Trading in rayon yarns showed no signs of abatement, with
mills continuing to experience difficulty in
obtaining ade¬
quate yarn supplies.
The active demand extended to both
weaving and knitting yarns, and but little hope was offered
for an early easing in the tight delivery situation.
was
Domestic
Cotton
Goods-—Trading in the gray cloths
previous desultory fashion. While
reports concerning the movement of finished goods in dis¬
tributive channels were a little more
encouraging, users
maintained their reluctance in adding to their
commitments,
partly owing to the continued downward price trend in raw
cotton and in other commodity and security markets,
The
recurrence of major labor troubles in the steel and automobile
industries also had a depressing influence on sentiment.
Second-hand offerings, while smaller than in previous weeks,
again resulted in an easier price trend, largely because of the
thinness of the market.
Business in fine goods continued
listless with prices on most constructions
bearing a purely
nominal character.
A number of mills was reported to have
curtailed production in some lines.
Closing prices in print
cloths were as follows: 39-inch 80's, 9c., 39-inch
72-76's,
8^c., 39-inch 68-72's, 8c., 383^-inch 64-60's, 7c., 38^-ineh
60-48's, 6 to 5J^c.
markets continued in its
Woolen
Goods—Trading in men's
wear
fabrics
was some¬
what enlivened by the receipt of a number of small fill-in
orders on Summer materials.
In the main, however, busi¬
ness
continued
very
quiet, although mill operations
were
maintained at previous levels, owing to the still considerable
accumulation of older contracts.
Reports from retail cloth¬
ing centers made a somewhat better showing resulting in the
placing of a moderate amount of Fall orders with clothing
manufacturers.
The new lines of tropical worsteds for next
year's season are scheduled to be opened late this month,
at price advances over last
year averaging 35e. a yard.
Business in women's
wear
materials also benefitted
slightly
by the better movement of goods at retail.
Most attention
centered in sports wear fabrics, whereas the dress
goods
division
was
said to be
competition of
spun
adversely affected by the growing
mixtures.
rayon
Foreign Dry Goods—Trading in linens continued fairly
active with most attention again given to dress
goods and
suitings.
Prices remained steady as primary markets abroad
satisfactoring showing.
Business in burlap
was quiet,
following the settlement of the widespread strikes
in the Indian producing centers.
While the April consump¬
tion figures came fully up to expectations,
bag users displayed
continued their
little interest in
to
new
commitments
be ample for current needs.'
were
as
stocks
on
hand appeared
Domestically lightweights
quoted at 4.65c., heavies at 5.85c.
3368
Financial
State and
Chronicle
May 15, 1937
City Department
MUNICIPAL
Specialists in
BONDS
Dealer Markets
Illinois & Missouri Bonds
WM.
J. MERiCKA £
CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La SalleSL
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
106 W. Ada*, St.
DIREOT
CHICAGO
WIRE
314 N.
Page
Name
2527 Hartford, Vt
Broadway
Rate
_
3046.Hays, Kan
2709 Henry County, Tenn
BOND
SALES
IN
2524 Herman, Neb
2867 Henderson, Ky...
APRIL
2521
We present herewith our detailed list of the municipal
bond issues put out during the month of April, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales
given on page 3210
of the "Chronicle" of May 8.
The total awards during
the month stands at $79,957,731.
This total does not include
Federal Emergency Relief Administration or Public Works
Administration loans or grants actually made or promised
to States and municipalities during the month.
The num¬
ber of municipalities issuing bonds in April was 279 and
the number of separate issues was 324.
Page
Rate
Name
2709 Abilene, Tex
2626 Adams County, Ohio
3*4
2*4
2.40
issues)..2%
2520 Allentown Con. S. D., Fla
3047 Amesbury, Mass
5
2
2875 Anahuac Ind. S. D., Tex
2704 Anoka County, Minn
2523 Anoka Co. S. D. 65, Minn
2701 Arlington Heights S. D. 25, 111
2702 Ashland, Ky
254
3
...4
r75,000
1938-1977 rl,553,000
1938-1952
225,000
2,650,000
1938-1967
1938-1943
3,500
12,000
1938-1943
100,000
1938-1942
5,000
1946-1948
r<f45,000
1947-1951
20 years
2*4
_2J4
2*4
1938-1947
1937-1956
._
__
1938-1942
2867 Audubon, Iowa
3054 Barron County, Wis
2707 Batavia S. D., Ohio
2*4
1941
3*4
2870 Beaver Crossing, Neb
3049 Belmar, N. J
1938-1952
5-20 years
3*4
__
2866 Bement, 111
2705 Bethlehem, N. H
3052 Bethlehem S. D„ Pa
2871 Binghamton, N. Y
.3*4
3*4
2705 Blackwater Township, Mo
3049 Bordentown, N. J
1938-1957
1938-1942
____2
2
1938-1947
1938-1941
2*4
4
1938-1948
_.
1%
3048 Cascade Co. S. D. No.
Basis
<765,000
100,81
3.13
100.27
2.47
100.47
2.33
100/41
2.72
97
5.83
100.16
100
"2.75
100
3.00
100
""
4
1938-1949
3
-
1938-1942
1938-1956
2%
1, Mont
2J4
—434
2705 Carteret, N. J
2527 Charles Mix County, S. Dak
2874 Charleston, S. C
1939-1950
__
3*4
1938-1987
4
2875 Charlotte County, Va
2871 Chaves County, N. M
1938-1954
1941-1950
10,000
16,000
19,200
5,500
Labette County, Kan
Lancaster, N. Y
2.80
3*4
._
5
4*4
3
3053 Liberty, Tex
2710 Lincoln County, Wis
2355 Lockport, N. Y. (2 issues)
3
2.90
3
4
4
2868
Lower Yoder Twp. S. D., Pa
Lynn, Mass. (3 issues)..
__2-2H
2701 Lyons Twp. H. S. D. No. 204, IU.2%
2874 McCandless Twp. S. D„ Pa
3*4
2521 McClellan Twp., 111......
..4*4
2707
McHenry County, N. Dak
..4
2
2872 Madison County, N. Y._
3050 Mamaroneck. N. Y
1938-1942
4
1938-1957
7135,000
1939-1948
4*4
2%
3*4
County, S. Dak
96.90
3.43
2701
100.008
3.99
2527
-
4
3046 Marshall County, Kan..
2699 Maricopa Co. S. D. No. 2,
Marion County, Ind..
Marion County, Tenn
2*4
Ariz..4*4
2*4
100.95
2706
4.00
2523
3.16
2525
1939-1943
1-20 years
1938-1951
1938-1947
80,000
3*4
1938-1950
3047 East Grand Rapids, Mich. (4 las.).3*4
2710 Eau Claire County, Wis
3
1940-1947
765,000
749,958
30,000
4
1938-1951
4*4
1939-1956
2
Mont__.434
fob""""
2~50
3
1938-1957
1938-1947
30,000
1938-1956
9,500
1939-1952
748,000
1942-1962
16,000
24,000
25,000
4
2*4
1942-1971
1938-1952
1938-1975
1939-1946
1938-1942
1938-1977
3,300,000
100,000
19,000
25,000
720,848
15,000
82,000
14,000
20,000
2.000,000
34
Muncie, Ind
.3.45
3
...4
3
—
Nacogdoches S. D., Texas
3049 Nashua, N. II
2700 National City, Calif
2871 New Mexico (State of)..
100.12
100
2.25
2527 New Braunsfel, Tex.
2867 Newport, Ky
102.05
2.70
4*4
-334-354
2703 Newton, Mas.s._\__
2522 Newton Ind. S. D., Iowa
1(/0T9"
3~96
2.98
4
-
_
1961
4
1942-1957
1938-1940
1938-1947
1938-1963
1938-1957
1-10 years
1946-1949
1938-1952
1937-1956
2*4
1938-1952
2%
1941-1950
North Arlington, N. J
2702 Norton County, Kan
_•
Oakland, III..
--
1939-1957
1938-1947
4
3
3053 Obion County, Tenn
2869 Ocean Springs, Miss
2521 Olney Township, 111
—
100.34
2.96
4
2875 Onaka Ind. S. D., S. Dak
4
2700 Orange County, Calif
3*4
2706 Orange County, N. Y. (2 issues)..2.70
2873 Osborn, Olio
3*4
3046 Oskaloosa Ind. S. D., Iowa
2*4
100.79
2.35
2871
Otero Co. Mun. S. D. No. 4, N.M.4
100
4,75
2702
Ozawkie School District, Kan
4.78
2710
Park Co. S. D. No. 6, Wyo
1.98
3050 Perry, N. Y
2527 Pickens County, S. C
2521 Piper City H. S. D. 236, 111
2523 Plymouth County, Mass
-
ibo~.52"
100.18
2.98
2710 Point Roberts S. D. 68, Wash
2524 Poison, Mont
100.29
3.36
3048 Poplar Bluff S. D„ Mo...
2705 Portsmouth, N. H__
2%
3
3*4
2
-
1939-1961
1938-1958
1938-1957
1938-1955
1938-1942
5-20 years
4
3*4
—2%
100
4.50
2526 Portsmouth, Ohio
lbolo"
3~93
100.50
3.51
2355 Poughkeepsie, N. Y. (3issues)..
3%
2355 Poughkeepsie, N. Y. (3 issues)
2%
2704 Preston Ind. S. D. 45, Minn.___.354
100.62
2.07
2710
101.13
2.68
Price, Utah
2710 Price County, Wis
1940-1956
1938-1957
1938-1957
1938-1961
1938-1947
—
95.85
1.95
334
3
3
402,000
50,000
1,888,000
7400,000
50,000
1,010,000
1.200,000
300.000
100.50
100
4.00
101.169
100.37
98.20
4.42
2.38
100.15
100
1 70
2.75
2.95
3.90
4.09
2.27
2.28
2.48
-
100.38
101
99.14
102.77
100.10
100.08
100.016
100.016
——
1941-1950
1938-1942
1938-1961
1942-1957
2871
3045
100.23
100.10
2864 Golden
.
2866
4
__
Mount Airy, N. C
2709
100.10
2*4
4%
4*4
Monterey County, Calif
Montgomery County, Ala.
2522 Montgomery County, Kan
3053 Montgomery County, Tenn
2873
12,000
2701 Fort Wayne, Ind
3
Gate Bridge & Highway
District, Calif
334
Grand Falls, S. D., Tex
—3*4
Grand Island, N. Y___
3.40
Granite City S. D., Ill
—
—
Greenville. Ky
4*4
Greenville, Miss
3
Harrison, N. Y
4
Hamburg, N. Y
3.60
Hancock County, Iowa
2*4
Hartford Co. Met. Dist., Conn___234
2.63
1938-1944
2523 Framingham, Mass
..
3.45
100.59
101
3,200
735,000
790,000
2709 Gaffney, S. C
100.58"
1957-1960
..3*4
4%
2*4
3>4-5
3*4
3043
25,000
2709 Fort Stockton Ind. S. D., Tex....3*4
Monroe County, N. Y
2700
101
67,000
12,000
4
Eureka Ind. S. D., S. Dak
Mississippi (State of)
100.40
77,574,000
8,000
40,000
23,000
117,422
196,000
752,000
--
5%
2*4
-.3-3*4
...3
4
.3
Middletown, N. Y......
2704 Minneapolis, Minn. (4 issues)
2523 Mississippi (State of)
1938 1946
..
...
2.30
2*4
1938-1942
1938-1957
1938-1952
1938-1957
1938-1957
1941
1938-1947
1938-1947
4
2.60
1938-1967
3044 Dade County School Districts,Fla.
2869 Danube, Minn
1%
101.43
45,000
20,000
4
Martinsville, 111
Massachusetts (State of)...
3045 Miami Beach, Fla
3047 Michigan (State of)
<717,100
2703 Fraser, Mich
2864 Gadsden, Ala (2 Issues)
1939-1945
1938-1947
1938-1940
1938-1942
4
92,000
1-10 years
1955
100.15
2.70
3.38
4
2875 Malshall
1938-1954
2*4
100.92
2.97
2.88
2.97
3.91
4.00
2867 Mapleton. Iowa
2869 Mississippi State College, Miss
3045 Monee, 111
3046 Crawford County, Kan
3045 Creston S. D., 111...
-
100.20
100.18
100.26
100.57
100
100.17
100.18
2.75
100
ibi~66
1938-1966
5.00
4.14
3.00
2.98
3.91
100
10,000
1938-1947
30,000
26,500
132,500
100,000
100
100.71
100
3.85
37,000
1939-1948
7,000
5,000
450,000
745,000
2.80
1.77
4.19
3.88
2.74
1.96
100.14
100
150,000
100.41
100
101.17
100.63
2.20
1-20 years
135,000
101.41
100
100
100.32
102.35
100.11
1938-1944
2%
520,000
100
2.45
3.37
3.00
2.84
3.75
4.50
69.000
100.55
100.27
15,000
15,000
25,000
2.71
—
_
100.27
100.30
69,000
160,000
10,000
8,000
76,000
40,000
6,000
744,520
100,000
780,000
30,000
660,000
7138,000
2703
9,500
300,000
114,000
715,000
50,000
3.47
100.06
1939-1977
2867 Mason City Ind. S. D., Iowa
.254
2524 Mercer County, N. J.
.....3
3045 Miami Beach, Fla
.....4
13,400
34,000
10,000
100.33
100.33
3.50
6.00
4.50
3.72
3.47
1939-1977
1938-1957
1938-1942
2.38
1941-1946
2710 Elkton, Va
2866 Elizabeth, 111
1941
1941-1951
1939-1948
1942-1957
1938-1943
<13,000
100
100.30
3.90
60,000
3
2528 Douglas County, Wis
2521 East Chicago, Ind...
1938-1957
dSO.OOO
100
3.90
3
2
1.68
758,500
2876 Dodge County, Wis
2519 Dothan, Ala...
1941-1948
1938-1952
1938-1957
1938-1951
32,000
......
100
3050 Mamaroneck, N. Y
2870 Manchester, N. H. (2 issues)
2526 Mansfield, Ohio
100.20
2*4
2867 Dayton, Ky
2525 Deferiet, N. Y__
2867 Des Moines, Iowa
1939-1949
1938-1952
1942-1956
_
110.175
Cranston, R. I.
3046
2525
2864 Los Angeles County, Calif
2864 Los Angeles County, Calif
7111,000
164,000
4
2865
4*4
3
1938-1962
2706 Cornwall, N. Y
3046
2
3
-.214
2*4
3
__4
_
100.18
2710 Kittitas Co. S.D. No. 10, Wash._354
2876 Kittitas Co. S. D. No. 8. Wash___4>4
3.50
3048 Crawford, Neb
2525
100.06
51,113
500,000
60,000
<Z325,000
25,000
7230.000
2527 Marlin, Texas
2870 Conway, N. H
3050
740,000
1938-1947
1939-1975
1938-1949
1938-1941
1938-1947
1938-1957
10-20 yrs.
10-20 yrs.
1938-1947
1941
1938 1947
2700 Kern County, Calif
3044 Killingly, Conn
3.15
725,000
12,000
733,000
110,000
60,000
2701
745,000
2866
2869 Columbus Sep. S. D., Miss
2876 Colville, Wash
2523
1941-1950
1941-1959
3.25
2875 Colonial Beach, Va.
3052 Columbia, Pa
2867
10,000
<142,500
5.00
College Springs S. D., Iowa
3049 Collingswood, N. J
2703 Coloma Twp. S. D. No. 7, Mich
2871
20,000
100
3053 Coleman, Texas
3053
1939-1963
1939-1963
1939-1963
101.79
2521
3046 Garner, Iowa
2873 Glenokien, Pa
2705 Keene Union S. D.,N.H
2358 Kenosha County, Wis
2.25
38,000
7165,000
1938-1965
100
2705 Clay Center, Neb
2707 Fayette County, Ohio
2.29
75,000
2707 Clermont County, Ohio
2704 Fergus Co. S. D. No. 27,
100.90
20,556
1940-1954
5
3046 Clifton, Kan...
2701 Coer d'Alene, Idaho
3053
1938-1945
1-10 years
1938-1940
2%
234-3
2*4
—334
Kansas City, Mo
101,04
1,000,000
734,000
3.24
3*4
—3%
Issequah, Wash
2523 Jackson, Mich
2523 Jackson, Mich
3046 Kansas City, Kan
100
44,000
180,000
50,000
18,173
3,000,000
100.05
2710
100.72
1.96
3.48
30,000
1937-1958
Ironton, Ohio
Ironton, Ohio
Ironton, Ohio
716,000
4.00
100.30
1939-1953
5
2874 Leet Twp., Pa
2869 Lewiston, Minn
loo""""
255,000
1944-1955
3051
2.20
100.19
13,000
1953-1965
—4*4
..3%
3*4
Indianola Sep. S. D., Miss
100.38
712,000
8,000
717,000
1941-1953
3*4
3048
2708
....
724,000
50,000
45,000
7128,500
2869 Huron and Tuscola Cos., Mich
3045 Hurst, 111
4~60
1.94
2.92
100
724,500
3046 Laurence, Kan
2875 Lebanon, S. Dak
ioo".2o"
102.07
725,000
3*4
2*4
4
3)4
3052 Lancaster, Pa
2873 Lane Co. S. D. No. 150, Ore
2521 Lavonia, Ga
104" 18"
16,500
2.90
100.18
100
D. 19,
2522 Hill City, Kan..
3048 Houston, Minn
2.25
2.26
110,000
425,000
1938-1944
100.69
D.
1953-1958
.3*4
Checotah S. D., Okla
2708 Cheltenham Twp., S. D., Pa
3051 Cincinnati, Ohio (5 Issues)
2874
S.
2350 Howard County, Iowa..
2709 Hughes County, S. Dak
100
99.90
19,690
7210,000
16,275
50,000
Basis
Price
745,000
35,000
3*4
Free
N. Y
3051
Amount
3*4
Union
3050 Hempstead Union Free S.
3051
1938-1957
25,000
No. 1, N. Y
29,000
39,000
170,000
7-33,000
120,000
875,000
1938-1952
Ind_._3}4
3-3%
Herscher Twp. H. S. D. 239, 111..4
3050 Haverstraw
3048
6,000
__
4
2522 Bourbon County, Kan
3053 Brandt Ind. S. D., S. Dak
2705 Butler, N. J
3046 Cain School Twp., Ind
2519 California (State of)
Price
r40,000
Atchison, Kan
3053 Bristol, Tenn
3047 Brockton, Mass
Amount
1938-1952
4*4
2702 Atchison County ,Kan. (2 issues)
3047 Athol, Mass
3051
Maturity
$100,000
3049 Albany, N. Y
2871 Allegany County, N. Y
3052 Allegheny County, Pa. (3
2867
was
Maturity
1938-1952
.....3-4-43^
2866 Henry Twp. School Twp.,
MUNICIPAL
3
40,000
_
ST. LOUIS
1940-1957
1-18 years
1940-1947
1938-1947
1942-1961
1938-1957
1943-1946
25,000
700.000
50,000
37,500
19,000
737,500
12,500
85.000
763.000
100,000
20,000
2,000,000
20,000
250,000
50,000
780,000
60,000
10,000
11,000
30,000
723,000
35,000
<18,500
195,000
170,000
48,500
760,000
20,000
10,000
70,000
15,000
80,000
29,000
60,000
d4,000
720,000
120,000
90.000
200,000
250,000
200,000
7107,000
85,000
175,000
2.44
100.18
100.02
100.77
98.36
100.77
100
100.63
100
102.47
3.43
----
3.42
3.45
2.88
4.00
100.25
100 05
4.45
3.47
100.06
3.99
100.17
2.23
100.34
100
2.71
------—
3.44
2.63
3.18
100.54
100.51
100.76
--—-
—-
4.00
100
2.75
2.99
100
100.10
-
------
100.33
100
100
100.58
100.65
100.33
100.10
100.10
101.05
——
100
----
1.89
---
4.00
3.20
2.74
3.44
2.74
2.74
3.64
Volume
144
Page
Financial
Name
2867
Princeton, Ind
2873
Rich wood,
3045
Rlgby,
Rate
Maturity
„
1938-1948
25,000
100.08
2 99
4
1950-1961
9,600
rl5,000
10,000
100.43
3.97
4
2864 Riverside County, Call!
2706
Rochester, N. Y
4/£
2%
1940-1949
1940-1944
Rodessa Sewer Dist. No. 1, La
5
1937-1941
2.10
1938-1947
3050
Rome, N. Y. (3 issues)
2705 Roselle Park, N. J
2525 Rosendale, N. Y
4
2524
2520
2864
7-130,000
101.30
25,000
101.27
1938-1944
1938-1957
100.16
Saugus, Mass
Sayrevllle, N. J
Scarsdale, N. Y
2707
Scioto
Sharon Hill S. D„ Pa
4"36
4.18
40,000
100.39
145,000
100.61
4.45
28,000
188,397
50,000
r432,000
100.05
1.685
4
2708
101.22
100.56
1938-1940
1.70
35,000
175,000
1938-1942
1938-1967
2524
2872
County, Ohio
3.12
LOO
100
7,000
135,000
1938-1957
1939-1957
4^
4>£
234
434
1946
334
1942-1962
2522
Shreveport, La
2522 Shawnee County, Kan
2707 Shelby, Ohio
234
1938-1947
2701
3
1938-1952
2528
Shenandoah Ind. S. D., Iowa
Shorewood S. D. No. 4, Wis
2707
Smithtown U. F. S. D. No. l.N.Y.2.70
Snowden Twp. S. D., Pa
4
South Portland Sewerage District,
3\i
1952
2.10
98.56"
2~.52
ibb".3§"
2*95
100.25
3.23
fob" 16"
2.66
'
1938-1945
1938-1962
25,000
100.77
3.92
1952-1956
1939-1957
30,000
101.31
3.40
35,000
100
3
1938-1952
30,000
2%
Maine
1938-1957
70,000
100.58
2.69
10,000
100
4.50
334
534-6
2869
Spindale, N. C
Spring Lake, Mich
2527
State
2705
Stillwater Co. S. D. No. 5. Mont..434
Stevens Co. S. D. No. 27, Minn..3
18,000
College, Pa
2874 State College, Pa
1944-1952
lbi"29"
2.82
18,000
3051
3}$
1940-1956
92,000
2873
4
1939-1950
180,000
3049
434
1940-1958
5
1938-1957
47,000
50,000
3
1938-1947
7-20,000
100.77"
2~.85
3%
1937-1946
35,000
150,000
100.63
3.60
101
3.89
101.29
4.23
Stillwater, Okla
.•
Stutsman County, N. Dak
Stratford, N. J
3046 Tallulah, La
3045
Tamplco, 111
Temple, Pa
Tenafly, N. J
2874
2705
2868
3K
2872
ity, N. Y
3053 Tbroop S. D., Pa
1938-1957
1939-1967 d2,800,000
1938-1946
51,000
434
3%
2521
Tippettville S. D., Ga
5
Toledo, Ohio (2 issues)
.4
2872 Trlborough Bridge Authority,N.Y.4
2872 Trtborough Bridge Authority,N.Y.4
Tuscaloosa,
3046
2708
Union County, Ky._...
Union County, Pa
3053
Union County, S. C
Ala
217,861
1977
8,500,000
110,000
1938-1942
2
16,500,000
1942-1968
1939-1957
15 yrs.
-4%
150,000
4
1939-19481
Washington, Pa
Wasnington, Mo
Washington County, Tenn
3050 Waterford, N. Y_
3054 Waukaca, Wis
2704
98.07
1947
15,000
21,000
100
5,000
1938-1954
140,000
lbl". 39"
2*. 59
1938-1951
7-14,000
50,000
24,000
30.000
100
2.75
3.20
1938-1.961
..234
Wayne County, Mich
Waynesvllle, Ohio
2*50
100
yrs.
1-20
4
3047
2*15
97.08
1949-1977/
2%
2%
2709
100.33"
300,000
850,000
..
2874
4.72
"l'.96
150,000
—
1938-1947
(3%
\43i
234
334
Wakita, Okla
95.77
lbb". 13"
90.000
..2.20
2520 Ventura County, Calif
2867 Vermilion, Kan
2526
1938-1942
43i
2706 Utica, N. Y. (2 issues)
2876 Vancouver, Wash
4.00
4~45
8,500
3051
2348
100
105*21"
15,000
Terrebonne Parish, La
4
Thousand Islands Bridge Author¬
""""1939
3
100.52
3" 17
100.27
100.03
102.35
1~80
-.334
1938-1962
r210,000
23,000
101.03
3.40
Welleeley, Mass. (2 Issues).
234
2873 Westchester Co., N. Y. (5
Issues).234
1938-1952
100,000
101.15
2.08
1938-1947
387,000
100.60
2874
West Fairvlew S.
7-15,000
Wichita, Kan
334
23£
1938-1957
3046
3045
Will, 111
4
1-10 years
1939-1948
34,626
25,000
1940-1962
46,000
2526
2868
D., Pa...
2869
Willlamston, Mich
334-4
Williamsvllle, N. Y. (3 issues)
434
2525 Wyoming County, N. Y
2.80
3054 Yakima County, Wash
33$
3054 Yakima County, Wash
354
2525
,
1938-1950
2.35
97"79"
98""""
4*05
100.18"
30,000
2*69
2*69
56,617
1946-1948
1939-1952
1939-1952
Total bond sales for April (279 municipalities,
r63,000
r82,000
100.13
100.13
cover-
covering 324 separate issues)
$79,957,731
d Subject to call in and during the earlier
eyars and to mature in the later year.
including $58,347,356 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
iNot
The
following items included in
month should
page
our
totals for the previous
same.
We give the
be eliminated from the
number of the issue of
in which
our paper
for
reasons
these eliminations may be found.
Page
Name
2876
Barron
Joint
S.
Rate
D.
No.
1,
Maturity
Amoun
3045
Knox
Price
Basis
Wis.
(February)
$50,000
County, Ky. (January)
(Jan.)..
3053
Montgomery Co., Tenn.
2872
50,000
Thousand Islands Bridge Author¬
r37,500
..
ity, N. Y (Feb.)
2,500,000
We have also learned of the
following additional sales for
previous months.
Page
2708
Highland Falls, N. Y
Hokali, Minn
Maturity
Amount
1940-1949
Overfleld Twp. S. D., Pa_
3
Pleasant Twp. School Twp., Ind__4
2526
5
*
Willow Vale S. D. No. 9, N. Dak
All of the above sales
sales
1941-1951
100
3.00
11,000
(except
1939-1942
2,000
1937-1940
31,000
1938-1947
65,948
1942-1958
dlO.OOO
101.11
1938-1952
9,000
2,340
5,036
100.55
1938-1939
2866
1937.
3.95
1938-1947
Imperial County, Calif. (Feb.)...5
2522 Kansas City, Kan
2%
2873
Basis
100.30
200,000
3%
...3
2700
Rushsylvania, Ohio
2867 Sprlngville, Iowa
Price
r$50,000
Goodland, Kan
2525
2527
10,000
as
indicated)
These additional March issues
(not including temporary
or
are
100.91
103.25
4.92
for March,
will make
the
total
RFC and PWA loans)
for that month $59,168,983.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN APRIL
Page
2710
3222
2528
Name
Canada (Dominion of)
Canada (Dominion of)
Forest Hills, Ont
2528
Lanark County, Ont.—...
3054
Ottawa Sep. S. D., Ont
St. Johns, Que
2876 St. Johns, Que.
2876
Rate
Maturity
Amount
Price
Basis
*$25,000,000
*20,000,000
4
1 20 years
250,000
36,000
4
1-30 years
1938-1962
350,000
378,000
4
1937-1951
60,500
_.3>$
4
Total long-term Canadian debentures sold in
*
3369
27
States, totaling $9,429,450.
Bids are to be offered to
Mulligan, Treasurer of the Corporation, at his office
in Washington, D. C., until noon on
May 20.
Among the securities to be offered are $6,126,000 of 4%
refunding bonds of 1956 of Cook County, 111.; $275,000
City of Hudson, New York, 5% Livingston High School
bonds, and $39,000 Village of Haverstraw, New York,
4% municipal building bonds.
The following is a brief
description of all the issues being
H. A.
offered for sale:
$6,126,000 County of Cook, State of Illinois, refunding bonds of 1936,
series A, maturing Jan. 1,
1956.
57,000 City of Andalusia, Covington County, Ala., sanitary sewage
system improvement bonds, maturing 1940-64.
11,000 City of Attalla, Etowah County, Ala., school bonds, maturing
1938-59.
Y
104,000 City of Gadsden, Etowah
bonds, maturing 1937-64.
vf.;
County,
Ala.,
public
;■
auditorium
;
68,500 Faulkner County, Ark., courthouse bonds, maturing 1938-59.
5,000 City of Fort Smith, Sebastian County, Ark., waterworks revenue
bonds, maturing Oct. 1, 1954.
57,000 Coolidge Union High School District No. 4, County of
Pinal,
Arizona, school building bonds of 1935, maturing 1937-55.
23,000 City of Glendale, Maricopa County, Arizona, sewer
improve¬
ment bonds of 1935, maturing 1937-55.
6,000 City of Glendale, Maricopa County, Ariz., water
improvement
bonds of 1935, maturing 1937-48.
35,000 Arroyo Grande Grammar School District of San Luis
Obispo
County, Calif., school bonds, maturing 1938-55.
85,000 Grossmont Union High School District of San
Diego County,
Calif., school bonds, maturing 1937-53.
12,800 San Juan Capistrano Sanitary District of
Orange County,
Calif., sewer bonds, maturing 1939-54.
16,000 Clyattville School District of Lowndes
County, Ga., 1935
schoolhouse bonds, maturing 1937-64.
12,000 City of Powder Springs, Cobb County,
Ga., water bonds,
maturing 1938-61.
6,500 Powder Springs School District, Cobb
County, Ga., school
house bonds, maturing 1937-58.
10,000 County of Owyhee, Idaho, Court House
bonds, series of 1935,
maturing 1937-40.
36,500 Village of Bethany,
111.,
water
revenue
bonds, maturing
1937-64.
29,000 City of Effingham, County of
Effingham,111., sewerage revenue
bonds, maturing 1937-55.
68,000 City of Mascoutah, St. Clair County, 111., waterworks
(revenue)
bonds, maturing 1940-59.
33,000 City of McLeansboro, Hamilton County,
111., water revenue
bonds, maturing 1938-58.
25,000 City of Mont Vernon, County of Posey,
Ind., gas works revenue
bonds, maturing 1937-48.
18,000 City of Iowa City, Johnson County,
Iowa, sewerage revenue
bonds, maturing 1958-59.
28,500 the Mayor and Council of Grantsville,
Maryland, bonds (one
bid to cover both issues).
28,500 j water bonds, dated June 1, 1934,
maturing 1938-61.
I water bonds, second series 1934, maturing 1952-60.
59,000 Mayor and City Council of Ocean City, Worcester
County,
Maryland, sewage bonds, maturing 1937-55.
20,000 City of Allegan, Mich., lighting bonds,
maturing 1952-54.
8,000 County Board of Education for
Unorganized Territory of
St. Louis County,
Minn., school improvement bonds, maturing
July 1, 1954.
20,000 Coxburg Consolidated School District of Holmes
County, Miss.,
school bonds, maturing 1937-59.
14,000 Inverness
Special Consolidated
School
District, Sunflower
County, Miss., school bonds, maturing 1937-50.
26,500 Lucedale Special Consolidated School District of
George County.
Miss., bonds of 1933, maturing 1937-51.
21,000 Moorhead Special Consolidated School District of
Sunflower
County,
Miss.,
"Moorhead
Special
Consolidated
School
District 4% bonds," maturing 1937-57.
17,000 Nettleton Separate School District, Lee and Monroe
counties.
Miss., school bonds, maturing 1937-53.
19,500 Pace Consolidated School District,
County of Bolivar, Miss.,
school bonds, maturing 1937-55.
11,500 Shuqualak
Municipal
Separate
School
District,
Noxubee
County, Miss., school bonds, maturing 1937-50.
26,000 Consolidated District, No. 1 of Pemiscot
County, Miss., bonds,
maturing 1937-56.
27,500 Board of Education of Consolidated School District
Nol 3 of
Pemiscot County, Missouri, bonds,
maturing 1938-53.
33,000 City of Wentzville, St. Charles County,
Missouri, water works
bonds, maturing 1937-53.
36,000 Town of Fairview, Richland County,
Montana, waterworks
bonds, maturing 1937-53.
38,250 Gallatin County, Montana, public building
(courthouse) bonds,
series 1935, maturing 1947-55.
24,000 City of Broken Bow, Custer County,
Neb., water bonds,
(dated Oct. 1, 1934), maturing Oct. 1, 1954.
30,500 School District of the City of South Sioux City, Dakota
County,
Neb., school district bonds, maturing 1938-65.
31,000 Borough of Bradley Beach, Monmouth County, N.
J., sewage
system improvement bonds of 1935, maturing 1940-55.
26,000 Borough of Brielle, Monmouth County, N. J., water
improve¬
ment bonds, maturing 1938-53.
83,000 City of Camden, N. J., water improvement bonds,
maturing
1938-65.
Name
Rate
Coos County H. S. D. No. 2, Ore.4
2522
2704
Chronicle
■
2".Ii
lb"f.7S~
25,000
5,000
rl05,000
7-33,000
55,000
24,000
Sidney, Ohio
3050
3048
4~00
1942-1957
San Diego
2873
fob"""
100.17
2864
3046
2.07
100.17
2520
2527
100.13
r98,500
...
San Joaquin County,
Calif...2^-5
San Diego County, Calif
2703
2.18
5.00
r39,500
1938-1947
4
County, Calif
423
100.34
31938-1952
St. Joseph, Mo
St. Marys School Twp., Ind
San Bernardino County, Calif
3046
1940-1953
3\i
33^
3%
lOO" II"
100
2,000,000
10,000
76,000
164,000
5,500
4
St. Clair County, Mich
St. Clair County, Mich
2523
Amount
_3
Ohio..
Idaho
2868
2523
Basis
Price
April
101.13
97
3.85
3.93
99.05"
99.05
$1,074,500
Temporary loan; not included in total for month.
RECONSTRUCTION FINANCE
Bids Asked
CORPORATION
for Municipal Bonds Aggregating $9,429,450—
The above Corporation has called for bids on 73 issues of
the bonds of municipalities, counties and school districts of
26,500 Borough of Keyport, County of Monmouth N. J., sewer
bonds,
maturing 1937-50.
56,000 Borough of Metuchen, County of Middlesex, N. J., sewer
bonds,
maturing 1937-60.
59,000 Municipal School District No. 2 of the City of Las
Vegas,
County of San Miguel, New Mexico, 4% school district bonds,
maturing 1938-56.
275.000 City of Hudson, N. Y., Livingston High School
bonds, matur¬
ing 1937-61.
39,000 Village of Haverstraw, Rockland County, New York,
municipal
building bonds, maturing 1937-56.
13,500 City of Burlington, N. C., fire alarm system bonds,
maturing
21,000 County of Hertford, N. C., school building bonds,
maturing
1937-57.
52,000 County of Martin, N. C., school building bonds, maturing
1937-55.
23,500 City of Roanoke Rapids, N. C., municipal building
bonds,
maturing 1938-64.
8,000 University of North Carolina, Raleigh, Wake County, N.
C.,
r
athletic stadium bonds, second series,
maturing 1938-52.
42,000 Board of Education of the City of Cavalier of the State of
North Dakota, school bonds of 1935,
maturing 1937-55.
26,000 Streeter School District No. 42 of Stutsman County, N.
Dak.,
school bonds of 1935, maturing 1938-54.
34,200 Village of Louisville, Stark County, Ohio, waterworks first
mortgage and revenue bonds, maturing 1938-56.
282,000 City of Massillon, County, of Stark, Ohio, first
mortgage
sewerage system revenue bonds, maturing 1937-55.
72,000 Village of Oak Hill, Jackson County, Ohio, first mortgage serial
waterworks revenue bonds, maturing 1939-62.
27,000 Board of Education of the City of Atoka, Atoka
County, Okla.,
building bonds of 1934, maturing 1937-54.
145,000 City of Cleveland, Pawnee County, Okla., waterworks bonds
of 1934, maturing 1939-58.
16,000 City of Cushing, Payne County, Okla., electric power and trans¬
mission equipment bonds of 1934, maturing
1948-49.
14,500 Board of Education of the town of Idiahoma,
Okla., building
bonds of 1934, maturing 1937-50.
25,500 City of Sayre, Beckham County, Okla., water bonds of
1934.
maturing 1938-54.
*
■
3370
Financial
26,000 Borough of Beaver Meadows, Carbon County, Pa., sewer bonds,
maturing 1938-63.
19,000 Conway School District No. 19 of Horry County, State of
S. C., school bonds, maturing 1937-55.
18,000 Lower Marlboro High School District, County of Marlboro,
,S. C., school building bonds, maturing 1937-54.
50,000 Overbrook Water and Sewer Sub-district, (city and county) of
Greenville, S. C., water and sewer bonds, maturing 1937-65.
13,000 City of Canadian, Hemphill County, Texas, water system
revenue bonds, series 1934, maturing i938-50.
27,000 City of Clenburne, Johnson County, Texas, municipal swim¬
ming pool bonds, series 1935, maturing 1938-55.
39,200 El Campo Independent School District, Wharton County,
Texas, school building bonds, maturing 1937-65.
97,000 City of Olney, Young County, Texas, waterworks system
revenue bonds, series 1934, maturing 1937-59.
22,000 State of West Virginia (acting by and through the "West Virginia
Board or Control, Charleston, West Virginia), West Virginia
State
College Homes revenue bonds (West Virginia State
College, at Institute, West Virginia), maturing 1938-54.
416,000 State of West Virginia (acting by and through the West Virginia
Board of Control, Charleston, West Virginia), State of West
Virginia dormitory revenue bonds (West Virginia University, at
Morgantown West Virginia), maturing 1938-64.
Chronicle
City, Utah
San Diego, Calif.
Shenandoah, Pa.
Sioux City, Iowa
Sious Falls, S. Dak
Somerville, Mass.
South Bend, Ind.
Spokane, Wash.
Springfield, 111.
Springfield, Mass
Springfield, Mo.
Sandusky, Ohio
San
1937
IS,
May
Salt Lake
Francisco, Calif.
San Jose, Calif.
Santa Ana,
Calif.
Santa Monica, Calif.
Scranton, Pa.
Sheboygan, Wis.
Fifth—Railroad
bonds
i
Springf eld, Ohio
Steubenville, Ohio
Taunton, Mass.
Wheeling, W.\Va.
Wichita, Kan.
Wilkes-Barre, Pa.
Terre Haute, Ind.
Topeka, Kan.
Waltham, Mass.
Williamsport, Pa.
*Woonsocket, R. I.
Warren, Ohio
Waterloo, Iowa
Wauwatosa, Wis.
York, Pa.
which
the
Worcester, Mass.
Zanesville, Ohio
Bank
Commissioner
finds to be legal investments are shown below:
BONDS
OF NEW ENGLAND
Conn. A Passumpsic River RR. 4s« 1943
COMPANIES
Maine Central System
Portl. A Rumf. Falls Ry. 5s, 1951
Bangor & Aroostook System
New York New Haven & Hartf.
Aroostook Northern 6s, 1947
Consolidated refunding 4s, 1951
System
Holyoke & Westfield RR. 1st 4 Ms, 1951
First mortgage 5s, 1943
Norwich & Worcester 1st 4 Ms, 1947
[Medford Extension 5s, 1937]
Piscataquis Division 5s, 1943
Van Buren Extension 5s, 1943
Washburn Extension 5s, 1939
[Old Colony RR.]—
[Debenture 4s. 1938]
[First 5 Ms, 1944]
[First 5s, 1945]
[First 4 Ms, 1950]
New London Northern RR. 1st 4s, 1940
Providence A Worcester RR. 1st 4s, 1947
Boston & Providence RR. deb. 5s, 1938
St. John's River Extension 5s, 1939
"WE OFFER SUBJECT—
$15,000 DELAND Imp. 6% Bonds
BONDS
4 Ms, 1943
Deben* ure 4 Ms, 1937
Debenture 5s, 1938
Debenture 5s, 1942
Refunding 6s, 1946
Terminal 3 Ms, 1951 ,v
Terminal 3 Ms, 1952
Company
Harvey Building
WEST PALM
BEACH, FLORIDA
Refunding 5s. 1963
Improvement 4 Ms, 1978
of Legal Investments for Savings Banks
—Complying with Section 3996, General Statutes, Revision
of 1930, Walter Perry, Bank Commissioner, issued on May 1,
1937, the list of bonds and obligations which he finds upon
investigation are legal investments for savings banks under
provisions of Section 3995.
This list is revised semi-annually
on May 1 and Nov, 1.
The Commissioner again calls atten¬
tion to the wording of the law, which discriminates against
the "speci&l assessment" or "improvement" bonds, or other
bonds or obligations which are not direct obligations of the
city issuing the same, and for which the faith and credit of
the issuing city are not pledged.
This newest issue of the
list is notable only for the number of changes made in the
section devoted to public utility companies.
The last list
published was for Nov. 1, 1936, and appeared in the
"Chronicle" of Nov. 21, 1936, on pages 3348 to 3350.
We print the May 1, 1937, list herewith in full, indicating
by means of an asterisk (*) the securities added since Nov. 1,
1936, while those that have been dropped are placed in
full-face brackets.
First—Bonds of the United States, or
Binghamton, N. Y. Kingston, N. Y.
Bloomington, 111.
Kokomo, Ind.
Boise City, Idaho
La Crosse, Wis.
the District of Columbia.
Brockton
S. Panama Canal 3s, 1961
anteed)—All issues
Federal
Corporation
(guaranteed)—All issues
Colorado
New York
Delaware
North Dakota
Florida
Ohio
Oklahoma
Oregon
Indiana
Pennsylvania
Kentucky
Texas
Maryland
Utah
Massachusetts
Vermont
Michigan
x
West Virginia
Wisconsin
Nevada
Wyoming
1937
2Ms,
county,
to
city,
town,
bbrough, school district, fire district, or
Connecticut,
and in the obligations of the Metropolitan
Hartford
provided
County,
.
■.
.
.
#
authorized bonds of
the following cities outside of Connecticut,
and which are the direct obligations of the
Fourth—Legally
"Special Assesswhich
not the direct obligations of the city
city issuing the same.
ments" and "Improvement" bonds
are
and for which its faith and credit are not
pledged
are not
Mansfield, Ohio
allowable.
Ind.
Fveiett, Mass.
^veretl> w"s^
*frgo, N. Dak.
^®nburg, 55?*
„
E°n i-du-lac, Wis.
Fort Wayne, Ind.
In
,
N
Bangor, Me.
Alhambra, Calif.
Alton, 111.
Battle Creek, Mich.
Bay City, Mich.
Altoona, Pa.
Belleville, 111.
Ashtabula, Ohio
Newport, Ky.
Newport, R. I.
Newton, Mass.
Nor. Adams, Mass.
Northampton, Mass
Norwood, Ohio
Oakland, Calif.
Ogden, Utah
Oshkosh, Wis.
Ottumwa, Iowa
...
Glendaie, Calif,
Gloucester, Mass.
Y.
Parkersburg, W. Va.
Pasadena, Calif.
Peoria, 111.
Green Bay, Wis.
Pittsfield, Mass.
Hamilton
Port Huron, Mich.
Hammond
Ohio
Ind.
Harrisburg, Pa.
Haverhill, Mass.
Holyokc, Mass. *
Portland, Me.
Pottsville, Pa.
Providence, R. I.
Quincy, III.
„„
.....
Huntington, W. Va. Quincy, Mass.
Huntington Park,
Racine, Wis.
Calif.
Alameda, Calif.
Muncie, Ind.
Muskegon, Mich.
Nashua, N. H.
Newark, Ohio
New Albany, Ind.
CJloversviile, a
_
H.
Manitowoc, Wis.
New Bedford, Mass.
New Castle, Pa.
imnk
„
Maiden, Mass.
Erie
Fvanston, 111.
&
Susquehanna
8c
Co.
RR.
Pittsb.
Clearfield A Mahoning Ry
1st
System
N. Y. A Harlem RR. ref 3Ms, 2000
Kalam. Allegan A G. R. RR 1st 5s, 1938
1st 5s, 1943
Pennsylvania System
Central Ry. of New Jersey System
N. Y. & Long Brch. RR. gen. 4s A 5s, '41
Wilkes-Barre A Scran. Ry. 1st 4Ms, 1938
Connecting Ry. 4s and 4Ms, 1951
Connecting Ry. 5s, 1951
Elmira A Williamspt. RR. 1st 4s, 1950
A Tol Shore Line RR.
Erie RR.
1st 4s,
1953
Erie & Pittsburgh RR.
gen. 3 Ms. 1940
Little Miami RR. 1st 4s, 1962
N. Y. Phila. A Norfolk RR. 1st 4s, 1939
Ohio Connecting Ry. 1st 4s, 1943
System
Cleve. A Mahoning Val. Ry. 1st 5s, 1938
Pitts. Youngs. A Ash. RR. gen. 4s, 1948
Hocking Valley Ry. Co.
First consolidated 4 Ms, 1999
Col. A Hock. Val. RR. 1st ext. 4s, 1948
Columbus A Toledo RR. 1st ext. 4s, 1955
Illinois Central System
Reading System
Del. A Bound Brook RR. cons. 3 Ms, 1955
East Pennsylvania RR. 1st 4s, 1958
Terminal Railroad Assn. of St. Louis
Chicago St. L. A N. O.-
Consolidated mortgage 5s, 1944
1939
General refunding mortgage 4s, 1953
Cons.
3Ms and 5s, 1951
Memphis Division 4s. 1951
First mortgage 4 Ms.
Sixth—Equipment trust obligations as follows (savings
may invest not exceeding six per centum of their
deposits and surplus therein):
banks
Chesapeake 8c Ohio Ry. Co.
Series of 1936 2 Ms. serially 1939-46
♦Series of 1937 2s, serially 1938-47
Series T 5 Ms, serially 1923-37
Series U 5s, serially 1924-38
Union Pacific RR.
Series V 5s, serially 1925-39
Series W 4Ms, serially 1926-40
Series of 1929 4Ms, serially 1930-44
[Equip, tr. series
B 5s, serially
1927-37]
Equip, trust series C 4Ms, serially '28-38
Equip, trust series D 4 Ms, serially *-29-38
Series of 1930 4 Ms, serially 1931-45
Series of 1935 3s. serially 1936-50
Other securities in which banks may invest
Seventh—
are:
Stamford Water Co. 1st 5s, 1952
Bonds of Water Cos.
in Connecticut
Savings banks may Invest not exeeodlng two per centum of their deposits and
surplus therein.
Also under Subdivision 22
any
bonds
cjmnamir'10"'' °' ^
Ansonia Water Co
Bridgeport Hydraulic Co
Bridgeport Hydraulic Co.—
Greenwich Water Co.
Reading, Pa.
Series E 3 Ms, 1970
Naugatuck Water Co.
Series F 3 Ms, 1965
Series G 3 Ms, 1971
New Haven Water Co.
Ithaca. N. Y.
Richmond, Ind.
Riverside, Calif.
Rockford, 111.
Jamestown, N. Y.
Rock Island, 111.
Hutchinson, Kan
Indianapolis, Ind.
Guilford-Chester
Water
Stamford Water Co.
Co.
1st
cons.
Torrington Water Co.
5s, 1939
Bellingham, Wash.
Janesville, Wis.
Rome, N. Y.
Auburn, N. Y.
Beloit, Wis.
Joliet, Hi.
Sacramento, Calif.
1st A ref. 4s and
Berkeley, Calif.
Joplin, Mo
1st A ref
Bakersfteld, Calif
Berlin, N
Kalamazoo, M ich.
Saginaw, Mich.
St. Cloud, Minn.
Baltimore, Md.
Beverly, Mass.
Kenosha, Wis.
Salem, Mass.
1st A ref. series
A
New York Central System
Rochester
Aurora, 111
H.
1st
Act shall not render illegal the investmentln
bonds or interest-bearing obligations issued or
which were a legal investment on May 28, 1913,
Allegheny A Western Ry. 1st 4s, 1998
Elyria, Ohio
caiesburg, ill.
_>
The provisions of this
mtge. 3 Ms, 1946
CoiH'. "
Pa.
Co.
long as such bonds or interest-bearing obligations continue to comply with the
Buffalo
Madison, Wis.
N.
Nav.
the Investment hereafter in, any
Albany
Lowell, Mass.
Lynn, Mass.
Manchester,
&
are legal investments under Section
follows:
Medford, Mass.
Melrose, Mass.
borough, school district, fire district, sewer district or metropolitan district shall not exceed 2% of the
deposits and surplus of any such savings
county, town, city,
_
are as
Duluth A Iron Range RR. 1st 5s, 1937
the Investment in the obligations of such
1,
27.
RR.
ref. (guar.) 4s, 1961
Det
Evansville
any
1971
Massilon, Ohio
Eau Claire, Vis.
Third—Legally Issued bonds and obli-
district in the State of
(given below),
Oregon Short Line cons. 1st 5s, 1946
cons. 4s, 1960
Oregon Short Line Income 5s, 1940
Oregon Short Line
Ore.-Wash.
1st 5s, 1957
Series D (guar.) 1st 3Ms.
Marion, Ohio
Elkhart, Ind.
Flmira. N." Y.
1965.
of
Series C (guar.)
Mason City, Iowa
Elgin, 111.
and
4s,
1962,
1991.
Also re-
and
Lexington, Ky.
Middletown, N. Y.
Middletown, Ohio
Milwaukee, Wis.
Duluth, MiJln.
Minnespolis, Minn.
East Liverpool, Ohio Moline, 111.
Minnesota
l.Ms
1966
1st 5.s,
was in force prior to said date; but no such bond or
interest-bearing
obligation that fails, subsequent to said date, to comply with said laws, shall again
be a legal investment unless such bonds or interest-bearing obligations
comply with
the provisions of this section.
Des Moines,. Iowa
Montana
bonds
(gu.)
law which
Charleston, W. Va. Lincoln, Neb.
£kelsea.Jlock port, N. Y,
Denver,
Missouri
District
Winston-Salem Term,
so
Decatur, 111.
Virginia
Washington
3s,
Refunding mortgage 4s, 2008
Refunding mortgage 5s, 2008
Scioto Val. & N. E. RR. 1st 4s, 1989
Lawrence, Mass.
I
General 4 Ms. 1973 and 1979
Wash. Term, (guar ) 1st 3Ms & 4s, 1945
Union Pacific RR.
Norfolk Terminal Ry. 1st 4s, 1961
Sec.
Lebanon, Pa.
Cedar Rapids, Iowa Lewiston, Me.
General 4s, 1948
General 4s, 1944
General 3Ms. 1951
First mortgage 4s, 1947
assumed by a railroad corporation,
Cambridge, Mass.
3Ms. 1948
Col. A Pt. Dep. Ry. 1st 4s, 1940
Phila. Bait A Wash. RR —
Norfolk & Western System
Consolidated mortgage 4s. 1996
Davenport, Iowa
Dayton, Ohio
Tennessee
Maine
bonds,
Lack. A West, (guar.) 1st 5s. 1973
Danville, 111..'
South Dakota
of
(guar.) ref. 3Ms, 2000
(guar.) 1st 4s, 1973
N. Y. Lack & West, (guar.) 1st 4Ms, 1973
Cranston, R. X.
Rhode Island
Kansas
bonds,
(gu.) ref. 3Ms, 2000
Warren RR.
N. Y. Lack A West,
Covington, Kv.
Iowa
gations
Del. Lack. 3c Western System
N. Y
gen.
General series B 5s, 1974
General series C 4 Ms 1977
General series D4Ms, 1981
Phila. A Bait. Central 1st 4s, 1951
United N.J RR. & Canal Co.—
E3Ms, 1996
General mortgage 4 Ms, 1992
Morris & Essex RR.
(guar.)
1st 4s, 1943
General mortgage A 4s, 1960
A impt. scries
Railroad bonds which
Council Blufff, Iowa Marion, Ind.
Idaho
Illinois
sewer
Ref
nor
Cincinnati, Ohio
Clarksourg, W, Vs.
Colorado Spgi-. Col
Concord, N. U.
New Mexico
Connecticut
Refunding
1st 5s, 1948
[Virginia Air Line 1st 5s, 1952]
Ref. & iinpt. series D 3 Ms, 1996
Lancaster, Pa.
Chicago Hts., 111.
Chicopee, Mass.
New Hampshire
New Jersey
California
funding
Coal River Ry. 1st 4s. 1945
Kanawha Bridge & Term.
& Pitts
(guar.) gen. 3Ms. 1950
(guar ) gen. 3Ms&4Ms'42
Gen. A ref. 4Ms, 1977 and 1981
Potts Creek Branch 1st 4s, 1946
Lafayette. Ind.
[Chicago, 111.]
States:
Arizona
x
& Pitts
Lansing, Mich.
Central Falls, R
issued bonds and in-
Second—Legally
terest-bearlng obligations of the following
"Century"
& Pitts
Cleve
27
Canton, Ohio
Mortgage
Farm
Mass.
Pennsylvania System
Big Sandy Ry. 1st 4s, 1944
Paint Creek Branch 1st 4s, 1945
*Butte
Mont.
General mortgage C 4Ms, 1977
Vandalia RR. cons. A 4s. 1955
Vandalia RR cons. B 4s, 1957
Springs Valley Br. 1st 5s, 1941
Burlington, Iowa
Treasury bonds and notes, all issues
Home Owners' Loan Corporation (guar-
gold H4s, 1960
gold I 4 Ms, 196.3
Cleve
municipal bonds
States is pledged, including the Donds of
gold G4s, 1957
Clevel
considered legal investments:
those for which the faith of the United
gold E 3Ms, 1949
gold F 4s, 1953
Green Brier Ry. 1st 4s, 1940
Cincinnati Union Terminal—
The following table shows the State and
U
Craig Valley Branch 1st 5s. 1940
Richmond & Allegheny Div. 1st 4s, 1989
Richmond A Allegheny Div. 2d 4s, 1989
Warm
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
gold J 4 Ms. 1964
General mortgage A 5s, 1970
General mortgage B 5s, 1975
First consolidated 5s, 1939
Connecticut—List
are
•
<
Chesapeake & Ohio RR. Co.
News Items
which
Pitts. Cin. Chic. & St. L. RR.
Consolidated gold A 4Ms, 1940
Consolidated gold B 4Ms, 1942
Consolidated gold C 4 » s, 1942
Consolidated gold D4s, 1945
First mortgage
Price—5.25 Basis"
Thomas M. Cook &
OTHER COMPANIES
OF
Boston & Albany RR. Co.
Due—Jan. 1, 1955
New Haven Water Co.—
4Ms, series A, 1957
4 Ms, series B, 1970
1st A ref. series C 4 Ms, 1981
D4Ms. 1983
Eighth—
Bonds
of
t
Telephone Cos.
Savings banks
may
in
Conn.
invest not exceed¬
ing two per centum of their deposits and
surplus therein.
Volume
Financial
144
So. New England Telephone Co
1st 5s. 1948
Gas Electric Light & Power Co.—
Cons. Gas of Baltimore 1st M. 6s, 1939
Consol
—
Debenture 3M"3, 1966
Cons. Gas of Baltimore gen. 4 Ms. 1954
♦Cumberland County Pr
1st mtge 3 Ms, 1966
Ninth—
Bonds of Telep, Cos. Outside of Conn.
Savings banks
1st mtge. 3
_
coll. tr. 5s;
1946]
.
Also tinder Subdivision 34.
may invest not exceedof their deposits and surplus in
the following Donds, but not more than
2% in the bonds of
any
such tele-
one
phone company.
of Pa
Gen. & ref. 4Ms. 1961
Duquesne Light Co. 1st mtge. 3 Ms, 1965
Savings banks
Duke Power Co. 1st & ref 3Ms & 4s, 1967
Edison Elec 111. Co. of Boston—
First mtge 3Ms. 1965
Fall River Elec. Lt Co. 1st M. 5s, 1945
Indiana Gen. Service Co 1st M. 5s, 1948
19,10
SuI*rtor
J?,
C0" 5S' 19373
MTdejhone
Tenth—
of
;
Gas
Metropolitln
'
Companies in Connecticut
Added to List of July 1,
As of
and electric bonds of all companies:
Bridgeport Gas Light Co. lst 4s, 1952
[Central Conn. Pr. & Lt. Co. lst 5s, '37]
Connecticut Power Co.—
lst & gen. 3Ks. 1965
lst 5s, 1956
Connecticut I ight. & Power Co.—
7s, 1951
lst
seJ.leg
The Marion Reserve Power Co., lst mtge. 4Ms, 1952.
May 3, 1937:
Peoples Gas Light & Coke Co., lst cons, gold 6s, 1943, refunding gold 5s,
1947.
?
■
195S
1966
A
3Ms, 1961
Co.—
New York Edison Co.—
Edis. El 111. of N. Y. lst eons. 5s, 1996
[N. Y. Fdis. Co. lst & ref. 6 Ms. 1941]
' lst & ref. 3Ms, 1965
1st & ref. 3Ms, 1966
N. Y. Gas, E. L., H. & P. lst 5s, 1948
N Y. Gas, E. L H. & P. pur. M.4s'49
,
[1st & ref. C 4Mb, 1956]
[lst & ret. D 5s, 1962]
[N. Y. State Gas & Electric Co.]—
[lst mtge 5Ms. 1962]
lst & ref. E 3?4s, 1965
N. Y
lst & ref. F
♦1st * ref
3Ms, 1966
G 3Ms, 1966
Danbury & Bethel Gas & Electric Light
Co. lst 5s, 1953
Danbury <fe Bethel Gas & Electric Light
Co. series A mtge bonds 6s, 1948
New Britain Gas Light Co. 3Ms, 1961
Northern Conn. Lt
State Electric & Gas Co.—
lst 4s. 196.5
lst mtge. 4Ms. 1980
1st mtge. 4Ms, 1960
Niagara Falls Power Co.—
1st & ref 3 Ms, 1966
Pacific Gas & Electric Co.—
1st & ref. 6s. 1941
lst & ref
& Pr. Co. 1st 5s. 1946
4s
1st & ref. series G 4s, 1961
serles H 53f 1962
Stamford Gas & Elec. Co.
cons
New York City—Financial Study Compiled—With an in¬
troductory announcement that "New York City credit from
many standpoints is the most important municipal credit
in our country and in many respects is second only to that of
the Federal Government," Lazard Freres & Co., Inc., on
Penn. Pub. Serv. 1st & ref 6s, 1947
May 10 issued
[Gen
&ref. 5s, 1942]
lst & ref. 3Ms. 1966
5s, 1948
United Illuminating Co. lst 4s, 1940
lst <fc ref. 3Ms. 1961
Pennsylvania Electric Co.—
lst & ref
■
Eleventh—
.
Bonds
of
1964
lst & ref
Rockville-Willimantlc Lighting Co,—
lst ref. gold 5s, 1971
_
Public
Authorized
Savings banks
Utility
under
may
Companies
Subdivision
invest noc
33.
than
more
following bonds, but not
more
rpnila Fmc ^ Pa lstrntce 4s 19661
FS!!a' Elec. of K* }* mtge. £' Jggj
[Phila.
Pa. 1st
5s, 1966]
than 5% in
the bonds of any one such corporation.
♦Atlantic City Elec. Co
1964
gen. mtge.
3Ms,
Phila. Electric lst & ref. 3Ms. 1967
[Phila. Electric lst & ref. 4s, 1971]
[Phtla. Suo. Counties G. & E. 4Ms, *57]
Potomac Electric Power Co—
Bangor Hydro-Elec. Co
lst 3Ms, 1966
Blackstone
&
Valley
Gas
lst & gen. 5s, 1939
Brooklyn Boro Gas Co. gen
Brooklyn Edison Co.—
Cons. 3M8, 1966
Edison Electric II!.
Electric
Gen. & ref. 6s, 1953
Co.
1st 3Ms, 1966
Providence Gas Co
&ref. 5s, '67
United Elec
Co.
of
Brooklyn
1st & ref
Kings Co. El. L. & P. lst 5s, 1937
Kings Co. El. L. & P. pur. M. 6s, 1997
First consol. 5s, 1945
First ref. 6s, 1947
C and D 3Ms, I960
1st mtge. series E, 3Ms, 1961
*ist mtge series F 3Ms. 1966
San Diego Consol. Gas & Electric Co.—
1st mtge. 4s, 1965
Southern California Edison Co
First ref. 5s, 1957
Buffalo General Electric Co.—
Ref. mtge
First mtge. 5s, 1939
First & ref. 5s, 1939
—
3Ms, 1960
1960
Ref. mtge. 4s
Toledo Edison Co.; lst mtge. 5s,
5s, 1956
1962
Union Electric I,ight & Power Co.—
Gen. mtge. series A 5s, 1954
Gen. <fe ref. 4 Ms, 1981
Central Hudson Gas & Electric Co.—
5s, 1941
Gen
mtge. 4 Ms and 5s, 1957
West Penn Power Co.—
First & ref. (incorp.) 3 Ms. 1965
1st mtge. series E 5«, 1963
1st mtge. series H 4s, 1961
Central Maine Power Co.—
♦1st mtge. 5s, 1939
lst & gen. 3Ms, 1966
♦1st & gen
4s, 1949
3Ms, 1965 and 1966
1st mtge. series
1st mtge
series I 3Ms, 1966
Wisconsin Gas & Electric Co.—•
4s, 1960
lst mtge. 3 Ms
Cleveland Electric Illuminating Co.—
Gen. mtge. 4Ms, 1965
1966
York Haven Water & Power Co.—
lst mtge
5s, 1951
Twelfth—(This section was eliminated in great part by
Chapter 290 of the Laws of 1933.)
Savings banks may invest
not exceeding 10% of their
deposits and surplus in the obli¬
gations of the Government of the Dominion of Canada or
any of its Provinces, provided such obligations are payable
in United States dollars within this
country,
and definite date of maturity, and shall be the
tions of such Government
or
have a fixed
direct obliga¬
Province and that the full faith
and credit of such Government
or
Province shall be
pledged
payment, principal and interest.
Herkimer, N. Y.—Taxing of County Property Upheld—The
right of the above village to tax county-owned lands was
upheld by a three-to-one decision of the Appellate Division,
Fourth
Department, according to an Associated Press
dispatch from Rochester on May 12.
The suit, which is said to have been a test case of the right
of a town, city or village to tax land owned within its area
by the county, was brought by Herkimer County against
the village of Herkimer and four village trustees.
This is
understood to have been the first time
a
tax district has
ever
attempted to collect taxes against county-owned land. The
case was submitted
directly to the Appellate Division on a
stipulated set of facts.
The village of Herkimer placed on its 1937-38 tax rolls a
total of 249 parcels of land bid in by the county last fall at
unpaid county tax sales.
Maryland—Legislature Passes Amended Relief Tax Bill—
special dispatch from Baltimore to the "Wall Street
Journal" of May 8 reported as follows on the newest revenue
A
York
and
a
a
financial statement on the City of New
analysis in simplified form, believed
detailed
to be the first of its
kind
ever
made.
The study, which is the result of nearly a year's work in computations
and estimates taken from official figures, concludes that the credit of the
city warrants a good rating in view of present conditions and future pros¬
pects.
Assessed valuation of property in 1937 for the purpose of taxation is
shown at $16,599,695,194, with a net debt burden of $1,410,481,182, or
about $204 per capita. While this compares with a net debt burden of $137
in
Co. of N. J. lst
Public Service Co. of N. II.—
Brooklyn Union Gas Co.—
First * ref
—
First mtge. 4s, 1963
Public Service Electric & Gas Co.—
1st con.s. 4s, 1939
Gen. & ref
series F 4s, 1971
Phliadeinhla Mectric Co&—61' ^ 1954
25% of their deposits and surplus in the
for its
Railroad Equipment Trusts—
April 6, 1937:
ClinChfield Railroad equip, trust series A, 2Ms serially to 1952.
As of April 13, 1937:
Chesapeake & Ohio Railway Co., equip, trust series of 1935, 3s serially
to 1950.
As of April 21, 1937:
Pere Marquette Railway, equip, trust of 1937, 2Ms serially to 1947.
As of April 21, 1937:
Atlantic Coast Line Railroad, equip, trust series F, 2Ms serially to 1952.
Illinois Central Railroad, equip, trust, series R, 3s serially to 1952.
Municipal Bonds (only)
ICity of Marion, Ohio
City of Columbia, So. Car
JCity of San Bernardino, Cal.
City of Dubuque, Iowa
Municipal Bonds and Notes—
Town of Millinocket, Me.
City of Saco, Maine
Town of New Canaan, Conn.
City of Somersworth, N. H.
Town of Northumberland, N. H.
Town of Raileyville, Me.
Town of Pittsfield, N. H.
Town of Exeter, N. H.
Town of Tiverton, R. I.j
Town of Greenwich, Conn.'J
Sullivan County, N. H.
Town of Kennebunk, Me.
As of
#New England Power Co. 1st
New Jersey Power & Light
Flrst mtge 4^Sf 1960
1936
May 7, 1937:
As of
First mtge series G 4s, 1965
Narragansett Electric: Co.
may Invest not exceed-
lng two percentum of the'r deposits and
surplus therein, or a total of 25% in gas
1st & ref. A
List of Legal Investments—
following bulletin (No. 7), was issued on May 10 by the
State Bank Commissioner, showing the latest changes in
the list of- investments considered legal for savings banks:
The
Public Utilities—
Edison Co.-
1st series O ^
Savings banks
expiring on May 31,1939.
Last year's relief tax program expired March 31 ,r but was extended at
January session of the legislature for a period of two months to fill
in the gap.
Kg
The new measure is composed of a number of tax'bills, including a State
income tax of M of
1% on both individuals and^corporations.
* tag
The Legislature killed the bill introduced during the special session
which would have authorized the issuance of $500,000 in road bonds for
repairs on roads and bridges damaged by floods.
However, a bill was
approved authorizing the State roads\'commission to use an unexpended
balance of $500,000 from a',$1,500,000ibond issue passed in 1936.
It was
explained that the issue, with premiums, brought in^more than $1,600,000,
of which $500,000 is still unencumbered.
J.
^fK'en If tom™ °
First mtge. <=eries D 4 Ms, 1968
First mtge. series E 4s, 1971
Electric Lighting
and
-
Ist 3 *«. 1M«
1„, 6s. 1941
Southwestern Bell Tel. 1st ref. 3Ms. 1964
Bonds
Dlsirl<5 Power C°
Cist A ref. 5s. 1956]
Cist & ref. 4 Ms. 1955]
Series B 3Ms, 1970
Southern
special session adopted an amended relief
produce approximately $5,000,000 a year.
It
1, for a period of two years, automatically
June
Massachusetts—Additions to
1st & rel. 6». 1948
S8«5b&
become effective
the
Gen. & ref. 4s 1965
Gen. & ref. 3Ms, 1966
n.
lng 6%
BeiMdln-
Ms. 1965 and 1970
1966
Edison
Co
Gen. & ref. 5s, 1952
Detroit
N. Y. Telephone Co. 1st 4Ms, 1939
New England Tel. & Tel 1st 5s, 1952
New England Tel. & Tel. B&if B 4Ms. '61
C
will
1st mtge. 3Ms.
CAmer. Tel. & Tel. Co.
Bell Telep.
The Maryland legislature in
tax measure estimated to
1st mtge. 354s, 1965
1st mtge. 4s, 1944
ing two percent urn of their deposits and
3371
raising bill approved by the Legislature for unemployment
relief, also covering the defeat of a $500,000 bond proposal
for road and bridge purposes:
Consumers Power Co.—
may invest not exceed¬
surplus therein.
.
& Lt. Co.—
Chronicle
Chicago, $227 in Philadelphia and $178 in Detroit, it is only 8M% of
the estimated actual valuation as compared with 9.1% in Chicago, 12.2%
Philadelphia and 11% in Detroit. It is not considered disproportionate
to the city's resources in view of New York's better-than-average per capita
wealth and income and its position as the major financial and money center
of the world and the principal seaport and commercial and manufacturing
city in this country.
«ig
The report shows that tax collections have improved, with 87.8% of the
1936 levy already collected at the end of that year. Expenditures dropped
drastically between 1932 and 1934 and have since been somewhat upward,
but receipts after 1933 have increased faster than disbursements.
The
assumption that this resulted in operating surpluses is supported by a
noticeable decline in the temporary debt outstanding, exclusive of special
corporate stock notes, from $261,600,000 on Dec. 31, 1934, to $149,800,000
in
at the close of
1936.
Sinking funds have excess reserves on hand and are conservatively man¬
aged, relief is being financed from current revenues, substantial cash bal¬
ances are maintained in all funds, and there are no overlapping subdivisions
with taxing powels.
The debt record of the city, so far as the Lazard experts were able to
determine, is clear, the difficulties resulting in the Bankers' Agreement of
1933 having been cleared up in time to avoid the issuance of judgments.
The city's accounting practices, incidentally, appear to be beyond criticism.
The analysis reports a trend toward pay-as-you-go policy for financing
improvements and foresees substantial improvement in the city's fiscal
procedure in the future by reason of many sound provisions of recent legis¬
lation and of the new charter that will become effective in 1938.
The report was prep ared under direction of Randolph Compton, VicePresident of Lazard Freres & Co., and is intended to give investors a more
understandable basis than the usual rule-of-thumb appraisals, which are
useless in
so
judging New York City credit, and the official reports, which
involved and deal
are
ip such staggering figures that only experts can in¬
terpret them.
New
York
State—Legislative Session Ends—After a 21session, the 1937 Legislature adjourned
a. m. on May 8, having rounded out Governor
Lehman's $440,000,000 fiscal program, rejected his plan for
State mortgage banks, approved in a reluctant manner his
State labor relations act, and passed, under protest, a
measure
designed to bring exempt constitutional officers
liour
continuous
sine die at 8:38
under the State income tax law.
The 160th session of the
Legislature, which convened on
hours gave final approval to a number
which were the following: Desmond
county reform bill, providing for different types of county
government.
Sent to the Governor for approval with the
originally approved Buckley bill, which is said to be less
drastic; the Herman resolution, calling upon the constitu¬
tional convention, which meets next year, to include in its
agenda legislation on pari-mutual betting.
During the closing hours, one of the Governor's proposals—
that for a special commission to prepare material and an
agenda for the coming constitutional convention—was
defeated in the lower house by being kept in committee. An
important bill in Mayor La Guardia's program for New
York City was passed by the Assembly and sent to the
Governor.
This was the Murray "Prior Lien" bill under
which the city could set up a "revolving fund" to finance
Jan. 6, during the last
of measures, among
3372
Financial
changes in old-law tenements to meet the requirements of
the Multiple Dwelling Law.
The bost of changes would be
assessed against the owners and become prior liens.
They
could be paid in ten instalments.
The following is a brief summary
of the
more
Chronicle
TUSCUMBIA, Ala.—BONDS AUTHORIZED—On April 23 the City
Council passed an ordinance authorizing the issuance of $1,071,275 public
improvement refunding bonds, $235,000 general refunding bonds and
$40,000 hospital refunding bonds.
important
ARKANSAS BONDS
business accomplished
by the 1937 Legislature, as it was
given in an Albany dispatch to the New York "Herald
Tribune" of May 8:
Measures Approved
1937
15,
May
Markets in all State, County & Town
Issues
1
Record high $370,000,000 budget for the 1937-1938 fiscal year.
All existing permanent and emergency taxes continued, with addition of
1 cent in gasoline tax, increasing it from 3 to 4 cents a gallon.
SCHERCK, RICHTER COMPANY
|» Approved emergency 2% tax on gross receipts of public utilities, railroads
excepted, to raise $24,000,000 for unemployment relief.
Created joint legislative committee to study State's tax and budgetary
structure with view to complete overhauling.
Adopted minimum wage act for women and minors in industry.
Adopted complete social security program in line with Federal Act.
Enacted law to prevent hasty marriages by requiring lapse of 72 hours
between issuance of license and performance of marriage ceremony.
Enacted legislation to permit women to serve as jurors.
Enacted legislation to legalize option-betting at dog races.
LANDRETH BUILDING. ST.
arkansas
WALTON, SULLIVAN A CO.
in felony murder cases.
Proposed constitutional amendments for four-year terms for Governor,
lieutenant Governor, Comptroller and Attorney General, and permitting
sheriffs to be elected to succeed themselves.
Enacted legislation to prohibit sale of goods produced by labor of children
16
years
bonds
Largest Retail Distributors
Approved legislation designed to stabilize milk industry by permitting
producers to bargain collectively.
Appropriated $400,000 to Health Department for pneumonia control.
Enacted legislation to permit life imprisonment instead of death sentence
up to
LOUIS, MO.
LITTLE ROCK, ARK.
of age.
ARKANSAS
Enacted legislation for regulation and licensing of hairdressing.
Approved legislation to provide 48 hour 6-day weeks for male minors and
CONWAY
SCHOOL
females employed in hotels and restaurants.
SOLD—The Commercial
Provided for unemployment insurance benefits to persons earning up to
$3,000 a year, instead of up to $2,600, as heretofore.
Enacted legislation requiring teaching of highway safety in schools.
Enacted legislation putting into effect a constitutional amendment allow¬
ing five-sixth jury verdicts in civil cases.
purchased on May 5
MAMMONTH
a
DISTRICT
National
O.
(P.
Bank
of
Conway),
Little
Rock
Ark .—BONDS
is
said
to
have
$25,000 issue of 5% semi-annual refunding bonds.
SPRINGS, Ark.—BONDS SOLD TO PWA—An
issue
of $20,000 water works project bonds has been issued to the Public Works
Administration.
Approved State Board of Mediation for labor disputes.
Proposed constitutional amendment for creation of a revolving fund for
municipal slum clearance and low-cost housing projects.
Extended moratorium on mortage foreclosures and deficiency judgments.
CALIFORNIA
Proposed Federal youth control amendment.
Legalizing of pari-mutuel racetrack betting.
Outlawing of sit-down strikes and requiring labor unions to file annua
MEMBERS:
650 So.
financial statements.
Establishment of
a
MUNICIPAL
Los Angeles Stock Exchange
Spring Street
•
Telephone: VAndike 2201
"little National Recovery Administration" in service
industries.
Los Angeles
Teletype: LA 477
SAN FRANCISCO
SANTA ANA
Prohibiting women from drinking at bars.
Establishment of Department of Justice and Division of Crime Prevention
State-wide personal registration.
CALIFORNIA
Permitting judges and district attorneys to comment on failure of the
defendant to testify and permitting judges to comment on the evidence in
criminal
tolfcf%.
Bills designed to make it difficult for independent groups to nominate
candidates for public office.
Abolishing of primaries where no contests exist.
Repealing teachers' oath.
Providing $75 State bonus for child-births.
Semi-annual inspection of motor vehicles.
Regulation of outdoor advertising.
Providing for protection of jobs of persons from 40 to 65 years of age.
State regulation of fee-charging employment agencies.
United
States—Shifts in Legislative Trends Indicated
reported recently that
State legislative trends showed "momentous shifts" in the
politico-economic and social welfare fields during the 1937
The
ANTIOCH, Calif.—BOND SALE—The
cases.
Proposing constitutional amendment to reduce real estate tax limitation
Council of State Governments
sessions held in 43 States.
BONDS
Revel Miller & Co.
Measures Disapproved
bonds offered
of San
on
Francisco,
issue of $50,000 water works
May 10—V. 144, p 3212—was awarded to Kaiser & Co.
as 3^s, at par plus a premium of $42, equal to 100.084.
CALIFORNIA, State of—BOND OFFERING—It is reported that bids
will be received until June 24, by Charles G. Johnson, State Treasurer, for
the purchase of a $3,000,000 issue of Veterans* Welfare bonds.
Interest rate
is not to exceed 3%, payable F. & A.
Due on Feb. las follows: $350,000
in
1939 and 1940, and $230,000 from 1941 to 1950.
CALIFORNIA, State of— WARRANT SALE—An issue of $2,789,245.22
registered warrants was offered for sale on May 14 and was awarded to a
group composed of the Anglo Caliiornia National Bank, the Bankamerica
Co., and the American Trust Co., all of San Francisco, at 1H%, Plus a
premium of $679.46.
Dated May 19, 1937.
An estimate or the State's
revenue indicates that the call date will be on or about
Aug. 17, 1937.
The
proceeds of this sale will be used to replenish the revolving fund from which
general fund State expenses are paid.
Warrants will be delivered as of
May 19.
The only other bid received was an offer on 2s, submitted jointly by
Donnellan & Co., and Stone & Youngberg, both of San Francisco.
while labor, social security, conservation, housing, planning and education
ELDORADO COUNTY (P. O. Placerville), Calif.—PLACERVILLE
SCHOOL BONDS DEFEATED—A proposed $40,000 bond issue for con¬
also
struction
Uniform
crime
bills
received
approval,
widespread
the
report
said,
given much consideration.
The Council reported that 22 States adopted one or more of four uniform
crime bills drafted by the Interstate Commission on Crime. Eleven of the
States approved all four of the measures, which cover extradition, removal
of out-of-State witnesses, pin-suit of criminals across State lines and recipro¬
cal supervision of parolees.
Unemployment compensation laws were enacted or amended by 23 States
to bring the total having such legislation to 45.
Eleven States passed new
old-age assistance laws.
In the field of labor relations, California, Nevada, Utah and Wisconsin
enacted legislation governing them.
Vermont outlawed sit-down strikes,
while Utah legalized peaceful picketing. Nevada and Ohio passed minimum
wage laws for women, as North Carolina,
Ohio and Vermont reduced
were
maximum
hours for
women.
The conservation movement resulted in 16 States passing oil conservation
Acts and many authorized water conservation, irrigation, drainage,
wind
erosion, flood control and power districts.
The report pointed out that the outstanding feature in tax legislation was
the attempt to retain emergency taxes enacted during the depression.
Wisconsin—Governor
Signs City Scrip Issuance Bill—
Governor La Follette on May 6 signed a bill authorizing
cities to issue scrip in an amount not to exceed the city's
interest in delinquent real estate taxes for the preceding three
years, according to report.
The Act, sponsored by State
Senator Philip E. Nelson, is said to amend a statute which
permitted issuance of scrip for payment of current city
expenses
to a sum equaling
tax delinquencies for the
preceding year.
of a school building was defeated by the voters
Grammar School District at an election held on April 30.
FILLMORE, Calif.—BONDS VOTED—At
and Negotiations
ALABAMA
ALABAMA
(State of)—WARRANT SALE—The $1,750,000 gasoline
May 7—V. 144, p. 3043—were awarded to Ward,
Sterne & Co. of Birmingham, and associates, on a bid of par for 3s.
There
were no other bidders.
Payable in quarterly instalments from July 1,
1937, to Jan. 1, 1939.
tax warrants offered on
DOTHAN, Ala.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $52,000 refunding bonds purchased at par by local
r-
investors, as noted in these columns in April—V. 144, p. 2519-—bear 4M%
interest and mature on Oct. 1 as follows. $2,000, 1937 to 1946; $3,000. 1947
1954, and $4,000 in 1955 and 1956.
of a like amount of 6% bonds.
to
>
LAWRENCE COUNTY
(P.
it is said that these bonds took care
O. Moulton),
Ala.—BOND SALE—The
$30,000 issue of 4f$% semi-annual court house bonds offered for sale on
April 26—V. 144, p. 2864—was awarded at auction to Marx & Co. of
Birmingham, paying a premium of $1,011.70, equal to 103.37, a basis of
about 4.20%.
Dated April 1, 1936.
Due $10,000 on April 1 in 1951 to
1953.
,
SYLACAUGA, Ala.—BOND ISSUANCE NOT CONTEMPLATED—
It is now reported that the city will not issue the $40,000 sewer bonds
mentioned in these columns in April—V. 144, p. 3043.
recent
approved the issuance of $45,000 water system
department bonds.
of Placerville
election the voters
bonds and $10,000
fire
FRESNO COUNTY (P. O. Fresno), Calif.—BONDS DEFEATED—At
the election held on April 12—V. 144, p. 2176—the voters defeated the
proposal to issue $450,000 in county jail bonds, according to the County
Clerk.
KERN COUNTY (P. O. Bakersfield), Calif.—BONDS FOR ARVIN
SCHOOL DISTRICT VOTED—At a recent election Arvin Grammar School
District approved the issuance of $40,000 school building bonds.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—MI*. VIEW
SCHOOL DISTRICT BOND OFFERING DETAIL—In connection with the
offering scheduled for 2 p. m. on May 18, of the $45,000 not to exceed 5%
semi-annual school bonds, notice of which was given in these columns re¬
cently—V.
144,
p.
3212—it is stated by L. E. Lampton,
County Clerk,
that the bonds mature $3,000 from May 1, 1941 to 1955, incl.
Denom.
$1,000.
The bonds will be sold for cash only and at not less than par and
accrued interest.
Principal and semi-annual interest payable in lawful
money of the United States, at the County
ceived for all or any portion of said bonds.
Treasury.
Bids will be
re¬
MENDOCINO COUNTY (P. O. Ukiah), Calif.—FORTBRAGG SCHOOL
DISTRICT BONDS VOTED—At an election held on May 4 the voters are
said to have approved the issuance of $100,000 in school building
bonds,
to be issued in connection with
MONTEREY COUNTY
(P.
a
Public Works Administration grant.
O.
Salinas), Calif.—BOND ELECTION
IN SANTA RITA SCHOOL DISTRICT—An election will be held in Santa
Rita School District on June 4 for the purpose of voting on the question of
issuing $20,000 school building bonds.
NEVADA IRRIGATION
Bond Proposals
a
DISTRICT
(P. O. Grass Valley), Calif.—
REFUNDING PLAN PROGRESSES—The modified bond refunding plan
recently proposed to bondholders, details of which apprared in these columns
in March, it is now stated that holders of over $4,523,000 bonds have
accepted the proposal, over 74% of the amount necessary for ratification.
SAN DIEGO, Calif.—BONDS DEFEATED—AX the election held on
April 27—V. 144, p. 2520—the voters defeated the proposal to issue $2,833,000 in San Dieguito Water Supply Co. purchase bonds.
J£LE GP COUNTY (P. O. San Diego), Calif.—VISTA SCHOOL
DISTRICT BOND SALE—The $110,000 issue of school
building bonds
offered for sale on May 10—V. 144, p. 3212—was awarded to John Nuveen
& Co. of Chicago, according to report, as 5s.
Dated April 19, 1937.
Due
from
April 19, 1940 to 1957.
SANTA
Cruz
at
a
CRUZ,
recent
Calif.—BONDS DEFEATED—The
election defeated
a
voters
of
Santa
proposition to issue $150,000 civic
auditorium bonds.
TULARE COUNTY (P. O.
SCHOOL
DISTRICT
ceive bids until 10 a.
Visalia), Calif.—OFFERING OF IVANHOE
BONDS—Gladys Stewart, County Clerk, will re¬
May 18 for the purchase at not less than par of
$36,000 school building bonds of Ivanhoe School District.
Interest rate
is not to exceed 5%.
Denom. $1,000.
Dated May 1, 1937.
Principal
and semi-annual interest (May 1 and Nov.
1) payable at the County
Treasurer's office.
Due $2,000 yearly on May 1 from 1938 to 1955
Certified check for 5% of amount of bonds bid for,
payable to the Chair¬
man of the Board of Supervisors,
required.
(This supplements the offering report which appeared in V. 144, p. 3043 )
m.
Volume
Financial
144
TULARE
COUNTY
(P.
O.
VisalU),
Calif.—TULARE
SCHOOL
DISTRICT BOND ELECTION—June 1 has been set as the date of an elec¬
tion at which a proposa ]to issue $127,000 Tulare School District bonds
will be voted upon.
Rocky Mountain Municipals
3373
Chronicle
The following is a complete list of the bids received:
Price Bid
Name
$154,682.55
153,520.50
153,850.50
Laird, Bissell & Meeds, Wilmington
Harris Trust & Savings Bank, New York
Chase National Bank, New York
W. H. Newbold's Son & Co., Philadelphia
Dougherty, Corkran & Co., Philadelphia
152,250.00
152,848.60
Salamon Bros. & Hutzler, New York
C. O. Codings & Co., Philadelphia
153,884.00
154,756.50
First Boston
ARIZONA—COLORADO—IDAHO—MONTANA
153,709.95
Corp., Philadelphia
Lazard Freres & Co., Philadelphia
NEW MEXICO—WYOMING
Edward B.Smith, New York
DONALD F. BROWN & COMPANY
DENVER
Telephone:
Keystone 2295
—
Teletype: Dnvr 580
Halsey, Stuart & Co., Inc., New York
Lobdell & Co., Philadelphia
Hemphill, Noyes & Co., Philadelphia
—R. W. Pressprich & Co., Philadelphia
Francis I. duPont Co., Wilmington
Laird & Co., Wilmington
Brown, Harriman & Co., Philadelphia.
Bankers Trust Co., New York
Stroud & Co., Supplee, Yeatman & Co., Schmidt, Poole & Co.,
Philadelphia, (Joint bid)
Stone & Webster & Blodgett, Philadelphia
E. W. Clark & Co., Barr Bros. & Co., Wilmington, (Joint bid)..
...
COLORADO
DENVER, Colo.—TWO BIDS RECEIVED—BEINQ CONSIDERED—
are informed chat the
city received two proposals for the purchase of
$4,800,000 consolidated improvement bonds offered on May 7—V.
144, p. 3044—The city has not made an award, but has deferred action on
the bids until they can be given thorough consideration.
It is not expected
We
the
that any award will be made until Monday, May 10.
NO.
3
(P.
O.
Barnatt National Bank Building
JACKSONVILLE
to
1942.
Florida
Orlando,
Fla.^^^HJacksonville, Fla.
Bell
Orlando
Teletype
Jacksonville
No.
9G
second high with an offer of 1.17% interest.
Associated with Halsey, Stuart & Co., Inc. in the purchase of the issue
G. M.-P. Murphy & Co., New York, R. F. Griggs Co., Water bury,
and Goodwin Beach & Co., Inc. of Hartford.
The bankers are re-offering
the notes to yield 0.80%.
In the opinion of counsel, the notes are general
obligations of the city, payable from unlimited ad valorem taxation and,
according to the bankers, are legal investment for savings banks and trust
funds in the States of New York and Connecticut.
Int. Rate
Bidder—
Premium
Lehman Bros.,
Kean, Taylor & Co., R. W. Pressprich & Co. and the Bridgeport City Co
Phelps, Fenn & Co. and Putnam &Co
Salomon Bros. & Hutzler
Guaranty Trust Co. and Bridgeport City Trust Co.
_
First National Bank of Bridgeport and First National
Bank of Boston
Leavitt & Co
Manufacturers Trust Co
FLORIDA
$23.00
51.00
251.10
19.00
1.175%
1.27%
1.75%
Par
22.00
500.00
WATERBURY, Conn.—BOND OFFERING—John P. Fitzmaurice,
City Clerk, will receive sealed bids until 7 P. M. (eastern standard time)
on May 20 for the purchase of $1,685,000 not to exceed 6% interest coupon
or registered bonds, divided as follows:
$715,000 street and general improvement, series of 1937 bonds.
Due
$65,000 each June 1 from 1939 to 1949 incl.
620,000 funding, series of 1937 bonds.
Due June 1 as follows: $22,000
from 1938 to 1947 incl. and $40,000 from 1948 to 1957 incl.
250,000 water, series of 1937 bonds.
Due $10,000 on June 1 from 1938
to 1962 incl.
100,000 bridge, series of 1937 bonds.
BRADFORD
COUNTY
(P. O. Starke), Fla.—TENDERS
INVITED—It is stated by the Board of County Commissioners that, on
May 31, at 10 a. m., sealed offerings will be opened and considered for
county refunding road bonds, dated Jan. 1, 1934.
FORT LAUDERDALE, Fla.—BONDS SOLD TO PWA—It is stated by
the City Auditor that $75,000 sewer construction bonds, out of a total of
0.97%
1.15%
1.20%
1.25%
NEW CANAAN, Conn.—BOND SALE—The $100,000
2%% coupon
public improvement bonds offered on May 11—Y. 144, p. 3044—were
awarded to R. L. Day & Co. of Boston, at a price of 102.76, a basis of about
1.97%.
Dated May 15, 1937 and due $10,000 on May 15 from 1938 to
1947, inclusive.
1957
System
10
were
to
Municioals
LEEDY. WHEELER & CO
•
BRIDGEPORT, Conn.—NOTE SALE—The issue of $900,000 current
expense notes offered on May 12—V. 144, p. 3213—was awarded to Halsey,
Stuart & Co., Inc. of New York, at 0.93% interest, at par plus a premium
of $15.
Dated May 15, 1937 and due May 15, 1938.
The First National
was
FLORIDA
T. S. Pierce, Resident Manager
Sar¬
CONNECTICUT
Bank of Boston
....
Branch Office: TAMPA
Bank Building
First National
gent), Colo.—BOND SALE—Subject to approval at an election to be
Held in May, an issue of $25,000 4% school building bonds has been sold
to O'Donnell-Owen & Co. of Denver.
Denom. $1,000.
Dated July 1,
1937.
Principal and semi-annual interest (Jan. 1 and July 1) payable at
the County Treasurer's office, in Del Norte.
Due $5,000 yearly on July
1 from 1938
BONDS
Clyde C. Pierce Corporation
LARIMER COUNTY SCHOOL DISTRICT
NO. 5 (P. O. Fort
Collins), Colo.—BOND SALE—The $29,000 refunding bonds offered on
May 11—V. 144, p. 3213—were awarded to Sidlo, Simons, Roberts & Co.
of Denver on a bid of 100.215 for 3s, a basis of about 2.98%.
Dated May 1,
1937.
Due on May 1 as follows:
$3,000,1942 to 1950, and $2,000 in 1951.
Ooughlin, McCabe & Co. of Denver were second high, bidding 100.01 for
3.05% bonds.
COUNTY SCHOOL DISTRICT
153,255.00
153,087.00
153,801.75
FLORIDA
Due $1,500 yearly beginning in 1942.
GRANDE
153,208.60
153,601.50
Washburn & Co.. New York
GUNNISON, Colo.—BOND SALE—An issue of $15,000 3H % refunding
Loughridge & Co. of Denver.
RIO
-
Phelps, Fenn & Co., New York
bonds has been soid to Bosworth, Chanute,
154,755.00
—
—
Dick & Merle Smith, New York
Chandler & Co., Philadelphia
DENVER (City and County), Colo.—REPORT ON BOND REDEMP¬
TION—John P. McGuire, Manager of Revenue,
has announced the
redemption of $190,000 in 15-year Cherry Creek flood control bonds,
issued in July, 1935.
This issue is stated to total $295,000.
154,380.00
154,907.85
153,406.50
154,546.95
153,107.00
153,655.50
154,603.50
154,034.58
153,087.75
154,619.85
M
155,128.60
Due $5,00C on June 1 from 1938
incl.
$89,000
approved by the voters in September, 1936, were soid to the
Public Works Administration, as 4s at par.
Due from 1937 to 1963. It is
reported that the remaining bonds will be sold when and as needed.
JACKSONVILLE, Fla.—CERTIFICATE SALE—The $1,250,000 issue
of electric revenue certificates offered for sale on May 12—V. 144, p. 2865—
was awarded to a syndicate composed of Edward B. Smith & Co., Lazard
Freres & Co., Inc., both of New York, Wheelock & Cummins, Inc. of
Des Moines, Wm. R. Compton & Co., Inc., of New York, the WellsDickey Co. of Minneapolis, and the Atlantic National Bank of Jacksonville,
paying a premium of $1,936.25, equal to 100.1549, a net interest costtof
about 2.60%, on the bonds divided as follows: $300,000 as 4s, maturing
$100,000 from May 1, 1938 to 1940; the remaining $950,000 as 2^s, due
on May 1; $100,000 from 1941 to 1948, and $150,000 in 1949.
The second highest bid was an offer of $10,773.75 premium on all 2%s,
submitted by the above syndicate as an alternate tender.
■
r- flg
A syndicate composed of Phelps, Fenn & Co.; F. S. Moseley & Co.:
Eastman Dillon & Co.; Equitable Securities Corp.; Fenner & Beane, and
D. F. McRae & Co., bid 100.14 for the entire issue as 2%s.
Lehman Bros, syndicate bid 100.02 for $600,000 3s and $650,000 25^8.
Blyth & Co. headed a group which submitted two bids.
One was 100.08
for $400,000 3J^s, and the rest as 2%b, and the other was 100.72 for 3s.
Goldman, Sachs & Co. bid 100.58 for 3s.
CERTIFICATES
OFFERED
FOR
INVESTMENT—The
successful
bidders reoffered the above certificates for general subscription at prices to
yield from 0.85% to 2.75%, according to maturity.
They are said to be
payable solely from the revenues of the municipal plant.
All of the bonds will be dated June
1, 1937.
Denom. $1,000.
Bidder
specify different interest rates for each maturity, but must bid for all
or none of said bonds.
Rates to be in multiples of
of 1 %.
Principal
and interest (J. & D.) payable at the First National Bank of Boston.
The
bonds will be printed under the supervision of, and the signatures and sea;
thereon certified as to genuineness, by the First National Bank of Boston.
Approving legal opinion of Storey, Thorndike, Palmer & Dodge of Boston
will be furnished the successful bidder. A certified check for 1 % of the bonds
bid for, payable to the order of the City Treasurer, must accompany each
proposal.
Bonds will be delivered to the purchaser on or about June 3,
1937, at the First National Bank of Boston.
may
WETHERSFIELD, Conn.—BOND
OFFERING—Alfred W. Hammer,
P. M. (Daylight Saving
May 17 for the purchase at not less than par of $125,000 2H%
coupon bonds.
Denom. $1,000.
Dated April 1, 1937.
Principal and
semi-annual interest (April 1 and Oct. 1) payable at
the Wetbersfield
Branch of the Hartford-Connecticut Trust Co.
Due $5,000 April 1, 1939,
and $12,000 yearly on April 1 from 1940 to 1949, incl.
Cert, check for $2,500
required.
First
Town Selectman, will receive bids until 1
Time)
WILL1MANT1C, Conn.—BOND SALE—Goodwin Beach & Co. of
Hartford and the R. F. Griggs Co. of Waterbury, jointly, were awarded on
an issue of $115,000 refunding improvement bonds as 2>£s, at a
May 10
price of 100.219, a basis of about 2.46%.
Dated Jan. 1, 1937. Due Jan. 1
as follows:
$10,000 from 1938 to 1948, incl. and $5,000 in 1949.
Principal
and interest (J. & J.) payable at the Hartford-Connecticut Trust Co.,
Hartford.
Legality approved by Day, Berry & Howard of Hartford.
The bankers are reoffer ng the obligations for public investment at prices
to yield from 0.80% to 2.50%, according to maturities, which are from
1938 to 1949 incl.
The bonds, issued to redeem outstanding water works
notes, are a direct and binding obligation of the city and, according to the
bankers, are a legal investment for savings banks in the States of Con¬
necticut, New York and Massachsuetts.
The city with a population in
excess of 12,000, has a grand list (Including tax-exempt property) of $18,725,619 and a net debt of $199,000, making the ratio 1.06%.
WILMINGTON, Del.—BOND SALE—The $150,000 2^% street and
sinking fund
awarded to
other bids
a
offered
on
May
10—V.
144,
p.
3213—were
group composed of Stroud & Co., Suplee, Yeatman & Co.,
were
Bidder—
bonds
Laws and Rules Committee of the City Council, according to the Jackson"T mes-Union" of May 11.
It is stated that the bonds, which are
vlle
to be sold in
July, will take care of maturities on Aug. 1 and Sept. 1.
they will be issued for maturity in 21 years.
MacCLENNY, Fla.—BOND OFFERING CONTEMPLATED — It is
stated by R. J. Davis, City Clerk, that the city intends to offer for sale in
the
near
future
a
$50,000 issue of water works bonds.
SEBRING, Fla.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $35,000 4% gas revenue bonds purchased by the Public
Works
Administration, as 4s at par, as noted here in April—V. 144, p.
dated April 1, 1936, and mature as follows: $1,000, 1939 to
1941; $2,000, 1942 and 1943; $3,000, 1944 to 1947, and $4,000. 1948 to 1951.
2701—are
TITUSVILLE, Fla.—DEBT REFUNDING PLAN SUBMITTED—
Crummer & Co. of Orlando, representing a large portion of bond¬
holders, has submitted a plan for the refunding of the city's debt, which is
being studied by the City Council.
The present outstanding indebtedness is approximately $675,000, but
unpaid and accumulated interest bring the total to about $900,000, it
is reported,
Under the proposal, the coupon rate would be reduced from 6% to 2%
for five years, 3% for 10 years, 4% for the succeeding 10 years, and 5%
until maturity.
R. E.
WINTER GARDEN,
Fla.—REFUNDING COMPLETED—JerrywJ.
Chicone, refunding agent for Winter Garden, writes us as follows con¬
cerning the completion of the city's refunding operat on:
ni
"The entire outstanding Winter Garden bonds, amounting to
$334,500,
have been refunded and validation proceedings have been completed in
the Circuit Court of Orange County April 1, 1937.
Chapman & Cutler,
Chicago bond attorneys, have ssued legal opinion, declaring validation
proceedings legal.
Most of the bondholders have deposited their bonds
at the First National Bank of Winter Garden.
so,
and actual exchange
bonds is paid by the bank
immediately upon delivery of the old bonds.
The city has made satis¬
factory arrangements to pay the second interest payment due July 1.
new
1937, promptly when due."
GEORGIA
Premium
O. C. Codings & Co,_
Laird, Bissel & Meeds
The bondholders who have
shipped their bonds to the bank should do
of the bonds will be made June 1, 1937.
"The interest due Jan. 1, 1937, on the
the following:
'
Edward B. Smith & Co
Stone & Webster and Blodget,
It
is understood that
not
DELAWARE
sewer
JACKSONVILLE, Fla .—PROPOSED BOND SALE—Approval of the
proposed sale of $300,000 refunding bonds was given on May 10 by the
Inc
$4,907.85
4,756.01
4,755.00
4,682.00
CI^^A?MPROVE'MENT—A
Street Journal" of
^ecial^s^te^ftwm^Hanta'to^^he^'W^i
t0 ltie
May 12 reported
as
follows:
"This city has redeemed an $800,000 issue of payroll srrin whir»h
last November to the Coca-Cola Co.. when
l§kl SKM tS
n
3374
Financial
the issue.
Reports from various city agencies reveal that Atlanta's fin¬
ancial condition is showing a marked i mprovement, primarily the result of
a program of fiscal reform which was voted earlier in the
year.
Under the
terms of program the
city has raised its tax rate by two mills to provide
for relief and to retire its accumulated deficit of approximately $1,700,000.
Acting on the improved condition, local banks have agreed to cash 1937
scrip issues at par and have taken $227,000 this year to date.
It is expected
that $700,000 more merchandise scrip will be issued to provide for the
city's
1937 credit requirements which are met in this manner as the present law
does not permit borrowing for short-term needs.
I
Early tax receipts are reported as showing an improvement over 1936,
the city having issued 54,575 tax bills for 1937, as compared with 39,000
in 1936.
Preliminary figures show a 1937 real estate digest of $245,000,000
and $105,000,000 of personalty valuations, which indicates a 1937 tax
levy
of $5,950,000, as compared with
$5,582,828 received for the year ended
Dec. 31, 1936.
On June 8 Georgia voters will consider a number of amendments to the
State's Constitution, and among the proposed changes is one which will
Sermit Atlantaexpected refunding bonds, and to fund its present $1,700,000
to issue that the proposed amendment will be approved,
eficit.
It is
although at the present time the legality of several of the other proposed
changes is being questioned in the courts.
DAWSON, Ga.—BOND ELECTION—An election at which a proposed
$27,500 school building bond issue will be voted upon has been called for
May 28.
ETON, Ga.—BONDS SOLD—A $15,000 Issue of school bonds is reported
to have been
piurchased by the First National Bank of Dalton.
SUMMIT-GRAYMONT SCHOOL DISTRICT, Ga.—BOND OFFER¬
ING—It is stated by Attorney I. W. Rountree that he will receive sealed
bids at his office in Swainsboro, until 11 a. m. on May 25, for the purchase
of
$11,000 4%
May 1, 1937.
building
and
equipment
bonds.
Denom.
$500.
Dated
IDAHO
ADA COUNTY (P. O. Boise), Idaho— BONDS VOTED—The voters of
the county have approved a proposal to issue $195,000 courthouse bonds.
JEFFERSON COUNTY (P. O. Rigby), Idaho—BOND ELECTldW^The County Commissioners have decided to call an election for May 25
at which a
proposal to issue $35,000 court house bonds will be voted
MACKAY INDEPENDENT SCHOOL DISTRICT NO. 7 (P.
upon.
O. Mac-
kay), Idaho—BOND SALE—An issue of $52,000 4% refunding bonds
has
been disposed of through Dahlstrom-Fenton Co., Inc. of Boise.
MARSING SCHOOL DISTRICT (P. O. Marsing), Idaho—BONDS
VOTED—It is reported that the voters approved recently the issuance of
$16,000 in schooi construction bonds, to be used in conjunction with a
Public Works Administration grant.
TETON
COUNTY
COMMON
SCHOOL
DISTRICT
NO.
60
(P7~0.
Driggs), Idaho—BONDS SOLD—W. J. Sewell, District Clerk, states that
$7,000 school bonds were sold to the State Department of Public Invest¬
To be amortized in 10 years.
ments, as 5s at par.
Chronicle
ELKHART
(P. O. Goshen), Ind.—BOND SALE—The
$22,300 refunding bonds offered on May 7—V. 144. p. 2866—were awarded
to the Fletcher Trust Co. of Indianapolis, as 2 Ms, at par plus a premium
of $26.60, equal to 100.11, a basis of about 2.74%.
Dated May 15, 1937,
and due $2,230 on May 15 and Nov. 15 from 1941 to 1945, incl.
Other
bids
May 25 in order to have the voters pass on the issuance of $350,000 in not
to exceed 4% school construction bonds.
Bonds are to mature on the
amortization plan, in 12 years.
WEISER, Idaho—BONDS VOTED—The voters have given their
proval to
a
ap¬
proposition to issue $15,000 swimming pool bonds.
INDIANA
Premium
Int. Rate
3%
3%
City Securities Corp., Indianapolis
Indianapolis Bond & Share Corp., Indianapolis
Kenneth Johnson, Indianapolis
McNurlen & Huncilman, Indianapolis
Seasongood & Mayer, Cincinnati
3%
_
MUNCIE
SCHOOL
$285.00
180.63
138.00
109.00
44.65
3%
3%
3%
—
115.00
89.75
3M%
CITY, Ind.—BOND OFFERING—The Board of
School Trustees will receive bids until 4p.m. May 18 for the purchase of an
issue of $15,000 coupon school refunding bonds. , Bidders are to name
of interest, in a multiple of M% but not to exceed 4%.
Denom.
$1,000.
Dated June 1, 1937.
Principal and semi-annual interest (Jan. 1
July 1) payable at the Merchants National Bank of Muncie.
Due
Jan. 1, 1950.
Cert, check for 2M % of amount of bonds bid for, payable to
the School City, required.
rate
and
SUGAR CREEK SCHOOL TOWNSHIP
(P. O. New Palestine),
Ind.—BOND SALE—The issue of $50,000 3% bonds offered on March
15—V. 144, p. 1472—was awarded to the New Palestine Bank, at par plus
premium of $811.12, equal to 101.162, a basis of about 2.82%.
Dated
1938, and $2,000, Jan.
a
March 1, 1937, and due as follows
$2,000, July 1,
1 and July 1 from 1939 to 1950, incl.
IOWA
ALLERTON,
Iowa—BONDS VOTED—The voters
proposal to issue $24,000 water works bonds.
have
approved
a
AMES, Iowa—BONDS VOTED—It is stated by the City Secretary that
the election held on May 5 the voters approved the issuance of the
$225,000 in building bonds.
No date of sale has been fixed as yet, it is said.
at
BURLINGTON
INDEPENDENT
BOND ELECTION—At
issue
an
SCHOOL
DISTRICT,
Iowa—
election scheduled for May 20 a proposition to
$30,000 school building bonds will be voted
upon.
CALAMUS, Iowa—BOND SALE—We are informed by Arnold Dosland, Town Clerk, that of the $10,000 coupon water works system bonds
offered for sale on May 6—V. 144, p. 3046—a total of $9,800 bonds were
purchased by the White-Phillips Corp. of Davenport, as 3Ms. paying a
premium of $303, equal to 103.09.
Denom. $500.
Dated May 1, 1937.
Due in 1952.
Interest payable M, & N.
DUNCOMBE INDEPENDENT SCHOOL DISTRICT
(P. O. Duncombe), Iowa—BONDS SOLD—It is stated by the District Secretary that
$3,500 refunding bonds approved by the voters on May 7, have been sold.
GEORGE, Iowa—BOND SALE DETAILS—It is now reported by the
City Clerk that the $8,000 city hall bonds sold to the George State Bank,
3s, at
a
price of
100.31,
as
noted here recently—V. 144,
in the denomination of $1,000 each, and mature $1,000 from
to
1945, incl., giving
a
p. 3214—are
May 1, 1938
basis of about 2.93%.
HOLSTEIN, Iowa—BOND OFFERING—Fred C. Hamil, Town Clerk,
will receive bids until
10 a. m. May 15, for the purchase at not less than
of $10,000 waterworks bonds.
Bidders are to name rate of interest.
Interest payable May 1 and Nov. 1.
Due $2,000 yearly on May 1 from 1938
to 1942; redeemable on and after May 1, 1940.
par
IOWA, State of—LEGISLATURE APPROVES VARIOUS MUNICIPAL
BILLS—The following is the text of a special dispatch from Des Moines to
"Wall Street Journal" of May 7, reporting on municipal
legislation
IOWA
MICHIGAN
follows
the
Municipal Bonds of
ILLINOIS
were as
Bidder—
A. S. Huyck & Co., Chicago
Brentlinger & Lemon, Indianapolis
as
TWIN
FALLS COUNTY
INDEPENDENT
SCHOOL DISTRICT
NO. 1 (P. O. Twin Falls), Idaho—BOND ELECTION—We are informed
by the Clerk of the Board of Education that an election will be held on
May 15, 1937
COUNTY
WISCONSIN
Bought— Sold— Quoted
approved recently:
Prior
to concluding
its 47th bienniai session here, the Iowa General
Assembly enacted legislation authorizing a number of municipalities to
issue new bonds and tax anticipation warrants.
Increased tax levies were
also approved for some.
0lc6in&cii
c€oin/i<inuj Snc.
MUNICIPAL BOND DEALERS
135 So. La Salle St.,
Chicago
State 0540
Teletype CGO. 437
ILLINOIS
CHICAGO HEIGHTS SCHOOL DISTRICT, 111.—BONDS VOTED—
The Board of Education has adopted a resolution authorizing the issuance
of
COUNTY (P. O. Chicago), 111.—INVESTMENT IN FED¬
ERAL SECURITIES TO BE STUDIED—A study of the possibility of in¬
vestment of Cook County funds in governmental securities after Aug. 1,
1937, when local banks will cease paying interest on daily balances, was
ordered on May 3 by the Board of Commissioners.
Clayton F. Smith, President of the Board, presented a resolution which
approved immediately, directing "an investigation of the possibilities of
the legal investment of such funds by the County Treasurer in governmental
securities of such yield, maturity and liquidity as will provide the safest
measure of security."
The resolution said that interest heretofore paid by the banks on the
large county deposits has amounted to a considerable sum and that the
discontinuance of the payment will mean the loss of a substantial amount
of revenue available for county purposes.
DOUGLAS, COLES AND MOULTRIE COUNTIES TOWNSHIP
HIGH SCHOOL DISTRICT NO. 155 (P. O. Tuscola), 111.—BOND
SALE—The {district has sold an issue of $15,000 3%% gymnasium con¬
struction bonds.
Dated April 15, 1937 and due Dec. 1 as follows: $1,000,
1938; $2,000, 1939; $1,000, 1940; $2,000, 1941; $1,000, 1942; $2,000. 1943;
$1,000 in^l944 and 1945, and $2,000 in 1946 and 1947.
EAST
SIDE
LEVEE
111.—BONDS
AND
SANITARY DISTRICT
AUTHORIZED—The
authorities
(P. O. East St.
of the District
have passed*an ordinance authorizing the issuance of $500,000 levee im¬
provement bonds.
HAMILTON COUNTY (P. O. McLeansboro),
III.—BONDS VOTED—
The voters of the county on May 4 approved the issuance of $74,250 court¬
house and jail bonds.
MAINE TOWNSHIP HIGH SCHOOL DISTRICT
Des Plaines), 111.— WARRANT SALE—The $30,000
NO.
207
CP. O.
tax anticipation
warrants offered on May 10—V. 144, p. 3214—were awarded to the H. C.
Speer &,Sons Co. of Chicago at a price of par for 2 Ms.
ROCKFORD, 111.—BOND SALE—The issue of $125,000 city hall con¬
on May 6—V. 144, p. 2866—has been awarded to
Halsey, Stuart & Co., Inc., of New York as 2Ms at a price of 100.032, a
basis of about 2.74%.
Dated June 1, 1937 and due $6,250 annually from
1938 to 1957, incl.
The successful bidders are reoffering the bonds for
public investment at prices to yield 0.90% to 2.75%, according to maturity.
The city reports an assessed valuation of $52,025,626 and total bonded debt,
including the present issue, is $368,000.
In the opinion of the bankers, the
current offering is legal for savings banks in New York, Massachusetts,
Connecticut and certain other States.
In addition to the accepted bid,
Halsey, Stuart & Co. also made an alternative offer of 101.46 for 3s, this
rate having been specified in the call for tenders.
Other bids for 3s were
101.29 by the Harris Trust & Savings Bank of Chicago and 101.139 by
Harold E. Wood & Co., Chicago.
struction bonds offered
WINNEBAGO COUNTY NON-HIGH SCHOOL DISTRICT NO. 206
(P. O. Rockford), 111.—BOND SALE—The issue of $95,000 school bonds
on May 11—V.
144, p. 3045—was awarded to the White-Phillips
Corp. of Davenport as 3 Ms at par plus a premium of $660, equal to 100.69,
a basis of about 3.17%.
Due $5,000 annually from 1938 to 1956, incl.
offered
INDIANA
'"CENTER
SCHOOL
TOWNSHIP,
Greene
County,
Ind.—BOND
SALE—The $5,973 4% funding bonds offered on April 26—V. 144, p. 2521—
were awarded to McNurlen & Huncilman of Indianapolis, at a price of 101,
a basis of about 3.82%.
Dated March 1, 1937 and due as follows: $300
Jan. 1 and July 1 from 1939 to 1947 incl.; $300, Jan. 1 and
bonds;
Smithland—$9,000
bonds; Cedar Fails—
$29,000 bonds; Beebeetown—$10,000 school building bonds; Humboldt—
$4,936 anticipatory warrants to meet emregency expenditures; Manning—
$12,000 swimming pool bonds; Hartley—$66,000 school bonds; Albert
City—$10,000 borrowing for water works repair.
Jones County—Warrants to equip new court house; Appanoose
County
—$19,732 general fund warrants; Sioux City—$62,684 tax anticipation
warrants; Palo Alto County—$500,000 primary road bonds; Osceola—
$15,500 public improvement bonds; $20,000 Elkader schooi anticipation
warrants.
$27,500 refunding bonds.
COOK
Louis),
Following are the bond issues authorized:
Cedar Rapids—$80,000 jail
construction
school building bonds; Iowa City—$35,000 city had
$273, July 1,1948.
Issuance by Osceola County of remainder of primary road
paving bonds
on highways designated in bond election for
improvement of other
primary roads in the county.
Issue by cities and towns of refunding bonds for interstate
bridges across
boundary rivers; issue by cities and towns of municipal utility plant refund¬
ing revenue bonds issued under Simmer law; issuance of up to $75,000
anticipatory warrants by counties for emergency seed loans to farmers in
drought areas.
Tax levies approved by the Legislature for local
governments were:
Levy of tax in cities and towns to match funds contributed to pension
fund by firemen and policemen; additional mill in Inwood for
1937-38 to
pay amount due under electric light contract; levy of Dubuque of $30,000
for relief; half mid tax in Cedar Rapids for
support of municipal band;
$40,000 general taxes in Sioux City in excess of bidget for snow removal;
one-half mill levy in any municipality for snow
removal; 2M mill levy in
Ames for library; increase of one-half mill for county public hospital main¬
tenance; permission for counties in which 1M mills is insufficient to meet
expenditures from county general fund to levy three mills for general fund
with approval of State Comptroller.
The Legislature further authorized various units to:
Permit general property taxpayers to pay first haif of 1937 taxes due
March 1 witho it delinquent penalty until July 1;
county boards to estab¬
lish water districts outside cities and towns, initial costs to
be met by
not used
issuance
of
revenue
bonds
to
be
retired
from
water
rentals
and
water
facilities to be maintained
by half-mill tax levy; refund drainage district
indebtedness; permit cities and towns to anticipate park and cemetary
revenues for 10 years; permit owners of
property sold to county at tax sales
to redeem it by paying one-tenth of
delinquent taxes and cost and balance
in nine annual instalments at
4%.
JORDAN
CONSOLIDATED SCHOOL DISTRICT (P. O.
Jordan),
Iowa—BOND OFFERING—It is stated by Arthur R.
Nelson, District
Secretary, that he will receive bids until 8 p. m. on May 17, for the pur¬
chase of a $40,000 issue of refunding bonds.
Denom. $1,000.
Due $4,000
from 1938 to 1947, incl.
A deposit of $200 is required with bid.
OXFORD, Iowa—BOND OFFERING—It is stated by J. W. Floerchinger, Town Clerk, that he will receive sealed and open bids until 8 p. m.
on May 25 for the
purchase of two issues of bonds aggregating $9,000,
divided
as
follows:
$3,000 grading fund bonds.
Due $500 on April 1 in 1945, 1948, 1951.
1953, 1955, 1957.
6,000 improvement fund bonds.
Due on April 1 as follows: $400, 1942:
$600, 1944 and 1946; $700, 1948, 1950, 1952 and 1954, and $800 in
1956
and
1957.
Dated May 1, 1937.
The bidders must agree to furnish the bonds for
execution, and the town will furnish the approving opinion of Chapman
& Cutler of
Chicago.
(Two similar issues of bonds aggregating $10,000 were offered for sale
success on April 26, as noted here—Y.
144, p. 3214.)
without
PALO ALTO COUNTY (P. O.
Emmetsburg). Iowa—BONDS
AUTH¬
ORIZED—A bill is said to have been approved by the
Legislature which
permits the county to issue $500,000 in primary road bonds, approved by
the voters at the general election last November.
PRIMGHAR, Iowa—BOND ELECTION—A special election has been
called for May 25 at which a proposal to issue $125,000
municipal electric
power plant bonds will be submitted to a vote.
light and
ST.
CHARLES
TOWNSHIP SCHOOL CORPORATION
(P.
O.
Charles City), Iowa—BOND OFFERING—Ed
Gayther, Secretary of the
Board of Education, will receive bids until 10 a. m. May 15 for the
purchase
of $4,000 bonds.
Volume
SIOUX
to
have
Financial
144
3375
Chronicle
CITY, Iowa—BONDS AUTHORIZED—[The Legislature is said
a bill permitting the City Council to issue $62,834.30 in
removal bonds.
passed
Offerings
emergency sdow
LOUISIANA
(P. O. Sioux City), Iowa—BONDS AUTH¬
ORIZED—The Board
of County
Supervisors has passed a resolution
authorizing the issuance of $75,000 emergency feed loan bonds.
WOODBURY COUNTY
Wanted:
&. MISSISSPIPI
MUNICIPALS
Bond Department
KANSAS
GREAT
BEND
to the
NO.
1, Kan.—BONDS
TO BE
district that
purchase the $60,000 bonds recently approved by the voters, subject
approval of the issue by the Attorney-General.
SOLD— The
it will
SCHOOL DISTRICT
WHITNEY
State
IOLA, Kan.—BONDS NOT SOLD— It is stated
City Clerk, that the $50,000 not to exceed 2K%
KANSAS CITY SCHOOL DISTRICT (P. O.
Bell Teletype N
Kansas City), Kan.—
that $75,000 2K % semi-ann. building bonds
were purchased on April 20 by Halsey, Stuart & Oo. of Chicago, paying a
price of 100.05 a basis of about 2.49%.
Denom. $1,000.
Dated April 1,
1937.
Due on April 1 as follows. $7,000, 1938; $8,000. 1939; $7,000. 1940;
$8,000, 1941; $7,000, 1942; $8,000, 1943; $7,000. 1944; $8,000, 1945;
$7,000, 1946, and $8 000 in 1947.
Payable at the office of the State
Treasurer.
Legality approved by Bowersock, Fizzell & Rhodes of Kansas
City. Mo.
COUNTY
LABETTE
(P.
O.
Oswego), Kan.—BOND
ELECTION—
1 at
voted
upon.
Raymond 5409
LOUISIANA
LIVINGSTON PARISH SCHOOL DISTRICT
DISTRICT (P. O. Stafford) Kan.—BONDS
election held on May 4—V. 144, p. 3046—the voters
STAFFORD SCHOOL
VOTED—At
the
approved the issuance of the $70,000 in school building
margin.
It is reported by the Superintendent of Schools
are to be offered for sale about June 1.
Due in 15 years.
bonds by a wide
that these bonds
TOPEKA, Kan.—BOND SALE—An issue of $80,000 2 A % sewer bonds
Co. of Topeka, at par.
has been sold to Estes, Payne &
(P. O. Fredonia), Kan— BOND OFFERING—
until 11 a. m. May 17,
of an issue of $9,500 2K% coupon unemployment relief
bonds.
Dated May 1,
1937.
Due in 10 equal
annual instalments,
beginning Aug. 1, 1938.
Certified check for 2% of amount of bid required.
WILSON
COUNTY
W. D. McGinnis, County Clerk, will receive bids
for the purchase
MARYLAND
EDMONSTON, Md.—BONDS DEFEATED—The residents of
a recent election rejected a proposal to issue $50,000 street
ADAIR COUNTY (P. O.
Columbia) Ky.—APPEALS COURT VALI¬
Appeals recently approved $46,192.29 of a
proposed $48,534.66 county bond issue. The Court's judgment is said to
have reversed in part a decision of the Adair Circuit Court in a test suit to
validity of the proposed issue.
Several items in the total
warrant debt proposed to be refunded were not approved by the Appellate
Court on the ground that proper proof of their validity was not presented.
determine the
GLASGOW, Ky.—WATER WORKS PLANT TO BE PURCHASED—
purchase for $200,000 of the local water works plant from the Kentuckyoperation as a municipal plant was voted by
The plant is scheduled to change hands by
May 31, and if aid from the Federal Government is forthcoming, it is ex¬
pected that $60,000 filtration equipment will be added.
We understand
that the money is to be raised through the sale of 3 K % revenue bonds ma¬
turing in 25 years, to J. B. Milliard & Son of Louisville.
The
West Virginia Utilities Co. for
the City Council on May 11.
KENTUCKY, State
of—BOND OFFERING-—It is stated by Robert
Humphreys, Commissioner of Highways, that he will on June 2, at 11 A.M.
(central standard time), receive and publicly open sealed competitive bids
for the purchase of $2,100,000 of Bridge Revenue, Project No. 12 bonds,
to be issued and sold pursuant to the provisions of Chapter 172, Acts of
1928, and Chapter 157, Acts of 1930, General Assembly of Kentucky, to
provide funds with which to acquire by purchase the Covington-Cincinnati
bridge, crossing the Ohio River, from the Covington and Cincinnati Elevated
RR. and Transfer & Bridge Co.
Denom. $1,000.
Dated June 1, 1937.
Due on July 1, 1947.
All of said Commonwealth of Kentucky Bridge
Revenue bonds, Project No. 12, will be redeemable on any interest payment
date on 30 days' notice at par, and a premium of 2A% of the principal
amount thereof if redeemed on or prior to July 1, 1940, and a premium of
2% of the principal amount thereof if redeemed thereafter and on or prior
to July 1, 1941, &c., in gradually reducing scale of premium, without
premium after July 1, 1944, and prior to maturity.
A certified check for
1% of the amount bid for, payable to the State Treasurer, is required.
be paid in lawful money at the Chemical
The bonds will be subject to registra¬
All of said bonds will
bear interest payable semi-annually on Jan. 1 and July 1 at the same rate
not exceeding, however, 3% in a multiple of A of 1%, and each bid must
specify interest rate, and the price bid for the bonds of this issue.
The
bonds will be sold at par plus accrued interest and any premium which the
Both principal and interest will
Bank & Trust Co., New York City.
tion in the name of the holders as to principal alone.
bidder will pay.
Said bonds shall be secured by a trust indenture to
be executed by and
of Highways, an agency of the Commonwealth of
Kentucky, and a trust company qualified to act and hereafter to be selected
by the Department of Highways as trustee, as provided by Chapter 157
of the Acts of the General Assembly of Kentucky at the 1930 session thereof,
which trust indenture shall contain substantially the same provisions and
covenants as the trust indenture heretofore executed by the State Highway
Commission of Kentucky, dated Nov. 15, 1935, securing the Common¬
wealth of Kentucky Bridge Revenue bonds of Project No. 10, insofar as
such provisions and covenants shall be applicable.
If the definitive bonds shall not be prepared and ready for delivery on
June 11, 1937, the Department of Highways will issue temporary printed
bonds of the same denomination which will be exchangeable for definitive
bonds when the latter are ready for issuance and delivery.
All bidders must agree to furnish and pay for the cost of printing the
trust indentures, and the printing and(or) engraving the bonds as furnished
by the Department of Highways, the form and terms of which shall be
substantially the same as tne Commonwealth of Kentucky Bridge Revenue
bonds, Project No. 10, now outstanding, except the paragraph thereof
relating to the redemption thereof prior to maturity, which paragraph of
said bonds shall be in conformity with the notice of sale; and all bidders
must agree to pay Masslich & Mitchell, Esqs., of New York, their fees
and expensas incident thereto for the preparation of the trust indenture
and legal opinion approving the validity of the proceedings, sale, execution
and delivery of said bonds.
Enclose a certified check for 1 % of the amount
bid for, payable to the State Treasurer.
between the Department
OFFERING—John R. Lindsay, Director
of Finance, will receive bids until 10 A. M. May 17 for the purchase of
$4,860.25 4% street improvement bonds.
Denom. $500, $100and $160.25.
Interest payable semi-annually.
Due on March 15 as follows: $500, 1938
to 1944; $600, 1945; and $560.25, 1946, redeemable on and after March 15,
LOUISVILLE, Ky —BOND
Cert, check for $500, payable to the Director of Finance, required.
MAYFIELD, Ky .—BONDS AUTHORIZED—'The City Council is said
passed an ordinance authorizing the issuance of $85,000 in funding
bonds.
Dated June 1. 1937.
Due $5,000 from June 1. 1943 to 1959 incl.
to have
LOUISIANA
EAST BATON ROUGE PARISH WATER WO RKS
O.
Baton
Rouge),
La .—CONFIRMATION
DISTRICT NO. 1
OF ELECTION—The
Secretary of the Police Jury confirms the report given in these columns
recently, that an election will be held on June 1 to vote on the issuance of
$400,000 in water bonds.—V. 144, p. 3215.
LAKE CHARLES, La.—BOND
ELECTION—It is reported that
tion will be held on June 8 to vote on the proposed issuance of
sewage
Edmonsimprove¬
ment bonds.
MARYLAND (State of)—BOND OFFERING—Hooper S. Miles, State
Treasurer, will receive sealed bids until noon on June 8 for the purchase of
$900,000 2% % coupon, registerable as to principal, certificates of indebted¬
ness known as "general bond issue of 1937."
Authority for the issue is
contained in Chapter 487 of the Acts of the General Assembly of 1937.
The certificates will be dated June 15, 1937.
Denom. $1,000.
Due
June 15 as follows.
$58,000 1940; $59,000, 1941; $61,000, 1942; $63,000,
1943; $65,000, 1944; $67,000, 1945; $69,000, 1946; $71,000, 1947; $73,000,
1948; $75,000, 1949; $77,000, 1950; $80,000 in 1951, and $82,000 in 1952.
payable J. & D. 15.
The certificates and interest thereon is exempt
from the Federal income tax, and from State, county and municipal taxa¬
tion.
A certified check for 5% of the amount bid for, payable to the order
of the State Treasurer, must accompany each proposal.
Delivery of the
certificates will be made to the successful bidder at the State Treasurer's
office on June 15, 1937.
With regard to the legality of the certificates, the
official call for tenders states as follows: "It is one of the terms of this offer¬
Interest
an elec¬
$160,000 in
disposal plant bonds, to be used in connection with a Public Works
estimated to cost $232,000.
Administration allotment on the project,
The opinion of the
tions of the State.
DATES BONDS—The Court of
(P.
stated by the
$1,672,500 bonds was retired
BALTIMORE,
Md.—DEBT RETIRED LAST YEAR—During the
calendar year 1936 the city met $5,153,000 of maturing bonds, according
to R. Walter Graham, City Comptroller.
ing that the bonds when issued will be
KENTUCKY
Parish
La.—BONDS RETIRED IN 1936—It is
NEW ORLEANS,
City Debt, that a total of
by it through the calendar year of 1936.
Board of Liquidation,
ton at
(P. O. Oswego), Kan.—BOND ELECTION—
An election is to be heM on June 1 for the purpose of voting on a proposal
to issue $200,000 courthouse construction bonds.
COUNTY
LABETTE
1941.
NO. 26 (P. O. Springbids will be re¬
ville), La.—BOND OFFERING—It is reported that sealed
ceived until May 26, by H. L. Pearce, Jr., Superintendent of the
School Board, for the purchase of a $30,000 issue of school bonds.
BONDS SOLD—It is reported
The County Commissioners have ordered a special election for June
which a proposal to issue $200,000 courthouse and jail bonds will be
ORLEANS, LA.
O. 182
by T. E. Shanahan
coupon or registered
bonds offered on May 8—V. 144, p. 3214—
were rejected.
Dated May 1, 1937.
Due
$5,000 from May 1, 1938 to 1947, inclusive.
semi-ann. park improvement
were not sold as all the bids
NATIONAL BANK
NEW
School Fund Commission has advised the
the legal and valid binding obliga¬
Attorney General of Maryland and
the opinions of Ritchie. Janney ,Ober &Wiliiams,
Waters to this effect wid be delivered to the
and Mullikin. Stockbridge &
Bidders
successful bidder.
make the legality and validity of the bonds one of the
making the bid "subject to legality" or using any equival¬
ent form of expression, but without lea;ing this question to the decision of
the bidders or their counsel.
All bids conditioned upon the approval of
bidders or counsel, whether named or unnamed, will be treated as con¬
ditional bids and rejected umess the condition is waived by the bidder to
the satisfaction of the Board before the award has been made."
(This report of the offering supersedes previous notices published in
these
columns.)
may, if they wish,
terms of the bid by
DISTRICT, Md.—BOND
Sanitary Commission,
804 Tower Bldg.,
14th and K Sts., N. W., Washington, D. C., until 3 p. m. on May 21 for
the purchase of $300,000 3K% series "LL" bonds.
Dated May 1, 1937.
Due in 50 years, redeemable in 30 years. The bonds carry all the exemptions
as to taxes of Maryland municipal bonds and are guaranteed uncondition¬
ally as to both principal and interest by Montgomery and Prince George's
counties by endorsement on each bond.
Interest payable semi-annually.
A certified check for $3,000 must accompany each proposal. The approving
opinion of Masslich & Mitchell of New York will be furnished the successful
WASHINGTON SUBURBAN SANITARY
OFFERING—T. Hovrard Duckett, Chairman of the
that sealed bids will be received at its offices,
announces
bidder.
■
MASSACHUSETTS
ARLINGTON,
Mass.—NOTE SALE—The issue of $200,000 revenue
anticipation notes offered on May 10 was awarded to the
Bank of Boston, at 0.658% discount. Dated May 14,1937
1937. Other bids were as follows:
Second National
and due Nov. 12,
Discount
0.66%
0.68%
0.69%
Bidder—
New England Trust Co
Shawmut National Bank.—-
-------—
First Boston Corp
Whiting, Weeks & Knowles
R. L. Day & Co
First National Bank of Boston.
_
C. F. Childs & Co_
Faxon, Gade & Co--_-__
-
0.71%
0.71%
0.724%
0.73%
0.734%
United States Trust Co
0.735%
E. H. Rollins & Sons.
0.75%
BOSTON, Mass.—DEBT RETIRED IN 1936—Obligations retired by
city in the recent calendar year included $14,211,166.67 bonds and
$39,157,112.02 of notes.
No maturities were deferred, reports John H.
Dorsey, City Treasurer.
the
offered on
of Boston at 0.97%
CLINTON, Mass.—NOTE SALE—The issue of $50,000 notes
May 14 was awarded to the Merchants National Bank
Dated May 19, 1937 and due Dec. 1, 1937.
discount.
ESSEX COUNTY (P.
O. Salem), Mass.—NOTE SALE— The issue of
$9,500 industrial farm loan notes offered on May 11—Y. 144, p. 3215—
was awarded to the Cape Ann National Bank of Gloucester on a .77% dis¬
count basis. Jackson & Curtis of Boston bid .82% discount.
Dated May 1,
1937, and payable May 1, 1938.
Bids for the issue were as follows:
Discount
Bidder—
Beverly National Bank, Beverly—_____ _-—-—
♦Cape Ann National Bank, Gloucester
Gloucester Safe Deposit & Trust Co
Gloucester National Bank
Faxon, Gade & Co., Boston
Merchants National Bank, Salem
Jackson & Curtis, Boston
*
Awarded
—
*33%
.77 %
.89%
.897%
.825%
.87%
.82%
notes.
GLOUCESTER, Mass.—BOND SALE—The issue of $70,000 coupon
and pavement bonds offered on May 14 was awarded to the
National Bank of Gloucester as IKs, at a price of 100.201,
a basis of about 1.45%.
Dated May 1, 1937 and due $14,000 on May 1
from 1938 to 1942, incl.
Other bids were as follows:
Bidder—
Int. Rote
Rate Bid
R.L. Day & Co
--1K%
100.15
Edward B. Smith & Co_
—-1K%
100.086
Goldman, Sachs & Co___
1K%
100.074
Tyler & Co., Inc
1K%
100.033
Gloucester Safe Deposit & Trust Co
IK %
100.01
Halsey, Stuart & Co., Inc
1K%
100.056
Faxon, Gade & Co. and C. F. Childs & Co
1K%
100.645
Cape Ann National Bank
1 %%
100.57
Whiting, Weeks & Knowles
1%%
100.53
Coffin & Burr, Inc.
-1 %%
100.464
Newton, Abbe & Co___
l%%
100.443
Bancamerica-Blair Corp
l%%
100.413
macadam
Gloucester
1M%
Estabrook & Co
Stone & Webster and
Blodget, Inc
E. H. Rollins & Sons. Inc
FALL
100.344
ln%
1%%
100.055
100.242
Mass.—NOTE OFFERING—Eugene J. Cote, City
Treasurer, will receive bids until noon (Daylight Saving Time) May 17
for the purchase at discount of $350,000 revenue anticipation temporary
RIVER,
3376
Financial
Chronicle
loan notes, dated
May 19, 1937.
Notes will be payable Nov. 5, 1937 at
thepNational Shawmut Bank of Boston, where
delivery will be made to
purchaser on or about May 19.
The notes will be in denominations to suit
the purchaser, and will be authenticated as
to genuineness and
validity
by the National Shawmut Bank of Boston, under advice of
Ropes, Gray,
Boyden & Perkins.
All papers incident to the issue will
be filed with
that bank, where they
We
may be inspected.
HAVERHILL, Mass.—BONDS AUTHORIZED—The City Council
May 4 voted authorization of four bond issues
amounting to $270,000.
on
HOLYOKE, Mass.—NOTE SALE—The $300,000
revenue anticipation
May 13 were awarded to the Bank of the Manhattan Co.
York, on a .74% discount basis.
Notes are dated May 13, 1937
and payable Dec. 8, 1937.
The First National Bank of Boston submitted
the next best bid, .754% discount
notes offered on
of New
LAWRENCE,
Mass.—BOND SALE— The $130,000 coupon additiona1
water filtration plant bonds offered on
May 11—V. 144, p. 3215—were
awarded to Arthur Perry &
Co., Inc. and Graham, Parsons & Co., both
of Boston, jointly, as
2>£s, at a price of 100.93, a basis of about
2.40%.
Dated May 1, 193/.
Due May 1 as follows: $7,000 from 1938 to
1947 incl.
and $6,000 from 1948 to 1957 incl.
Other bids were as follows:
"Bidder
~
Int. Rate
C. F. Childs & Co. and Burr &
Co., Inc., jointly
Goldman, Sachs & Co
Lazard Freres & Co., Inc
Tyler & Co., Inc
Rate Bid
2)4%
2)4 %
2% %
2%%
100.857
100.045
101.125
101.099
LEXINGTON, Mass.—NOTE OFFERING—Sealed bids will be received
by the Town Treasurer until 7 30 P. M. on
May 18 for the purchase of
$75,000 notes, payable April 1, 1938.
;
; '
■
H
Cray, McFawn & Company
DETROIT
T«l«»hon« CHsrry 6828
METHUEN, Mass.—BOND\SALE—The $31,000 municipal relief
offered
bonds
May 12—V. 144, p. 3215—were awarded to Coffin & Burr
of
Boston as 2s at a price of 100.413, a basis of
about 1.90%.
Dated May 1,
1937 and due May 1 as follows: $4,000 from
1938 to 1944, incl., and $3,000
in
on
1945.
Other bids
h Bidder—
^
Tyler
were
as
follows:
Int. Rate
&
Co., Inc
Kennedy, Spence &
Co
Hornblower & Weeks
Frederick M. Swan & Co
Goldman, Sachs & Co
Burr & Co., Inc
F
...
—2% M
2%
2%
234 %
234%
2>4%
SPRINGFIELD, Mass.—BOND SALE-—The $600,000
tered municipal relief bonds offered
awarded to Whiting, Weeks &
Rate Bid
100.19
100.137
100.019
100.472
100.382
_§$100,217
_
coupon or
regis¬
May 13—V. 144, p. 3215—were
Knowles, Estabrook & Co., and R. L. Day
l%s, a basis of about
Dated May 1, 1937.
Due $60,000 yearly on May 1 from
1938
to 1947, incl.
Lazard Freres & Co., and Dick &
Merle-Smith of Boston
submitted the second high bid, 100.921 for
2% bonds.
It The following is a list of the other bids submitted for
the issue:
on
& Co., all of Boston, on a joint bid of
100.199 for
1.71 %
-
Bidder
Graham, Parsons & Co., Goldman, Sachs & Co and
Burr & Co., Inc
Stone & Webster and Blodget and F. S.
Moseley & Co.
The First Boston Corp
Edward B. Smith & Co.,
Newton, Abbe & Co. and
Tyler & Co., Inc
Bankers Trust Co., N. Y. and Washburn &
Co., Inc.-Brown Harriman & Co. and
Kidder, Peabody & Co-___
Harris Trust & Savings Bank,
Chicago, Spencer Trask
& Co., N. Y. and H. C.
Wainwright & Co., Boston__
Salomon Bros. & Hutzler. New York
Jackson & Curtis, E. H. Rollins &
Sons, Blyth & Co.
► and Bond & Goodwin, all of Boston
Kean, Taylor & Co., Chas. D. Barney & Co., and
Hemphill, Noyes & Co., all of New York
Halsey, Stuart & Co., New York
The National City Bank, New
York, and Coffin &
Burr, Boston
Bids Received After Award
C. F. Childs & Co. and Faxon, Gade &
Co., Boston
Rate Bid
2%
2%
2%
100.70
2%
2%
2%
100.6599
2%
2%
2%
100.445
2%
2%
100.42
100.266
234%
100.53
100.119
100.898
100.826
100.699
100.69
000 of water debt.
All
maturities
Avere
MICHIGAN
CARSON CITY SCHOOL DISTRICT
(P. O. Car.on City), Mich.—
VOTED—The residents of the district at a recent election voted
favorably
E.
Neale, City
at discount of
$200,000 revenue anticipation notes of 1937.
Dated May 19,
1937.
Denoms. $25,000, $10,000 and $5,000.
Due Dec. 15, 1937.
Bids
by telephone or telegraph will be accepted.
These notes will be
engraved
under the supervision of the First National Bank of
Boston.
This bank
will guarantee the
signatures and will certify that the notes are issued by
virtue and in pursuance of
an.order of the Municipal
Council, the validity
of which order has been
approved by Storey, Thorndike, Palmer & Dodge
of Boston.
The legal papers incident to this issue will
be filed with the
First National Bank of
Boston, where they may be inspected.
Notes will
be delivered on or about
Thursday, May 20, 1937, at the First National
Bank of Boston, 17 Court St.
office, Boston, for Boston funds, and are
payable in Boston at maturity.
Upon written request to the City Treasurer
arrangements will be made for the payment of these notes in N. Y.
City.
11,1937
$259,956.00
4,967.05
1935, $23,537.14
WARREN, Mass.—NOTE OFFERING—Sealed
the Town Treasurer until
noon on
maturing Nov. 24, 1937.
bids will be received by
May 15 for the purchase of $30,000 notes,
aMtM A
A
F WELLESLEY, Mass.—BOND SALE—The $485,000 coupon
high school
construction bonds offered on May 14 were awarded to
the First Boston
Corp. of Boston and Newton, Abbe & Co. of Boston, on a bid of
100.537
for 2s, a basis of about 1.93%.
Dated March 1, 1937.
Due on March 1
as follows:
$34,000 from 1938 to 1945: $31,000 from 1946 to 1950; and
$29,000 in 1951 and 1952.
Edward B. Smith & Co. and Tyler & Co.,
Inc.,
both of Boston, joined in
submitting the next best bid, 100.434 for 2s.
WINTHROP,
offered
on
Mass.—NOTE
SALE—The issue
of
$100,000
notes
May 14 was aAvarded to the Merchants National Bank of Bos¬
ton, at 0.77% discount.
Bidder
Due May 20, 1938.
Other bids
were
as
Mich.—BOND OFFERING WANTED—John N. Daley,
City Controller, will reveive offerings until 9 A. M. on May 13 (to remain
day) of approximately $275,000 bonds for
following conditions:
If Callable Bonds Are Offered at a
Premium—(a) When the interest rate is
4>4 % or higher, the yield shall be computed to the first call date,
(b) When
the interest rate is 4% or less, the
yield shall be computed to the seventh
cail date.
If Bonds Are Offered at Less Than Par—Yield shall be computed to the
date of maturity, whether callable or non-callable.
Non-Callable Bonds—Yield shall be computed to the date of
maturity.
Offerings—(a) Offerings shall show the rate of interest, the date of ma¬
turity, the dollar value and the yield on each offering,
(b) Offerings will
be accepted on the basis of the
highest net yield to the City.
MACOMB COUNTY (P. O. Mount
Clemens), Mich.—BOND SALE—
The issue of $40,000 refunding bonds offered on
May 10—V. 144, p. 3215
sold privately as 4s, after no bids had been submitted on a com¬
petitive basis.
The bonds were sold in blocks of $20,000 each to the Mount
Clemens Savings Bank, and the First National Bank
of Mount Clemens.
The $40,000 bonds bear date of June
1, 1937 and mature June 1 as follows:
$9,000, 1938; $6,000, 1939 and 1940; $5,000, 1941; $4,000 in 1942, and
$5,000 in 1943 and 1944., Bonds due in 1943 and 1944 are redeemable on
—were
any
First National Bank of Boston
Second National Bank of Boston
j.
*
:
0-784%
0-82%
0.84%_
0 844%
0-858%
0-88%
MICHIGAN
BALDWIN
TOWNSHIP
SCHOOL
DISTRICT
(P. O. Perkins),
Mich.—BONDS NOT SOLD—The $14,000 school bonds offered on
May 5
were not sold, as there was no bid.
BAY CITY, Mich.—BOND ELECTION—At an
election to be held on
June 8 the voters will be asked to
approve an issue of $350,000 bonds to
partially finance the construction of a new bridge at Lafayette Avenue.
interest date.
MARYSVILLE, Mich.—BOND OFFERING— Ethel
M. Wilhelm, City
May 17 for the purchase of
bonds.
Dated June 1, 1937.
Denom. $1,000.
Due $10,000 annually on Aug. 15 from 1938 to 1952 incl.
Principal and interest (F. & A.) payable at the Marysville branch of the First
National Trust & Savings Bank, Port Huron.
Successful bidder to pay for
the printing of the bonds and such legal
opinion desired.
A certified check
for $3,000 must accompany each
proposal.
Clerk, will receive sealed bids until 5 P. M.
$150,000 not to exceed 5% interest water
on
MARYSVILLE, Mich.—BONDS VOTED—At a recent election a bond
issue of $150,000 for a water filtration
system Avere approved by the voters.
The bonds will be offered for saie
immediately.
NEW
BALTIMORE, Mich.—BOND
SALE—An issue of $56,500 4)4%
refunding water and sewer bonds has been sold to Stranahan, Harris
& Co. of Detroit, at a price of par.
Interest payable F. & A.
serial
NORTH MUSKEGON, Mich.—BOND
ELECTION—At a special election
May 24 the voters wdl consider a proposal to issue $87,000 bonds to
provide the city's share of a $570,000 sanitary sewer system.
The issue
would bear 4% interest and mature in five
years.
on
^
RIVER
ROUGE.
Mich.—NOTE SALE—The
$40,000 delinquent tax
to Shannon,
3% for $20,000 due
Aug. 1, 1938, and 3)4% for the $20,000 maturing
May 1, 1939.
Callable
within 30 days on published notice.
The $10,000 current tax notes offered at the same time were
taken by the
City Sinking Fund at 2% int.
These mature Sept. 28, 1937.
offered on May 11—V. 144, p. 3216—were awarded
Kenower & Co. of Detroit, which bid an int. rate of
notes
WATERFORD TOWNSHIP SCHOOL DISTRICT No. 1 P. O. Pontiac, R. No. 2), Mich.—TENDERS WANTED— Leon E. Hill, School
Treasurer, will receive until 8 P.M. on June 7 sealed tenders for sale to the
//
ASKOV, Minn.—BOND SALE DETAILS— It is now reported by the
Village Clerk that the $3,500 3% road bonds purchased by the
State,las
noted here recently—V. i44,
p. 3216—were sold at par, and mature^as
follows. $200, 1942 to 1951, and $300, 1952 to 1956.
BATTLE
LAKETMinn.—CEIiTIFICATE OFFERING—M. E. Ilinkston.
Village Clerk, will receiAre bids until 8 P. M. May 21 for the purchase at not
less than par of $12,000 certificates of
indebtedness,to bear interest at no
more than
6%.
Denom. $800.
Dated
May 4, 1937.
Duo $800 yearly
Cert, check for 5% of amount of bid,
on May 4 from 1938 to
1952, incl.
required .K
CLOQUET INDEPENDENT
BONDS VOTED—At
school
an
SCHOOL
election held
building bonds carried by
DISTRICT NO. 7, Minn.—
May 10 a proposal to issue $60,000
of 277 to 80.
on
a vote
COTTONWOOD
COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 57 (P. O.
Westbrook), Minn.—BONDS DEFEATED—It is stated by
the Clerk of the Board of Education that
at the election held on April 5—
V. 144, p. 2352—the voters defeated the
proposal to issue $50,000 in build¬
ing bonds.
DETROIT
LAKES, Minn .—CERTIFICATE SALE—'The $8,000 issue of
on May 3—V. 144, p. 2869—
purchased by the City Water and Light
Department, as 2s at par,
according to the City Clerk. Dated April 1, 1937. Due $800 from
April 1,
certificates of indebtedness offered for sale
was
1939 to 1948 incl.
FOSSTON, Minn.—BOND ELECTION—The
will vote
May 25
on a
residents of the village
proposition to issue $15,000 village hall bonds.
HERMANTOWN
At
an
election
SCHOOL DISTRICT,
Minn.— BONDS VOTED—
May 4 the voters of the district approved a proposal to
building bonds.
on
issue $25,000 school
HOPKINS, Minn.—BONDS TO BE SOLD—It is reported by the
Village
Clerk that the $28,000 3% semi-annual storm
sewer system bonds approved
by the voters on April 27, as noted in these columns—V.
144, p. 3216—
will be purchased
by the State of Minnesota.
MAYVILLE
(P.
O.
Caledonia, R.
F.
D.),
Minn.—BOND SALE—
The $7,000 issue of coupon road and
bridge bonds offered for sale
on May 8
144, p. 2869—was purchased by the Caledonia State Bank as 2
Ms,
at par, according to the ToAvn
Clerk.
Dated May 1, 1937.
Due from
Dec. 1, 1938 to 1942 incl.
—V.
MINNESOTA LAKE SCHOOL
DISTRICT, Minn.—BONDS VOTED
—At the recent election the voters
of the district approved the
proposition
to issue $35,000 school
building bonds.
MOORHEAD SCHOOL
follows:
Discount
Faxon, Gade & Co
"Whiting, Weeks & Knowles
First Boston Corp
Chace, Whiteside & Co
the question of issuing $55,000 school building bonds.
firm until 1.30 P. M. of the same
sale to the city under the
UncollTMay
$1,439,552.79
1,540,249.79
-
Total uncollected taxes prior to
on
DETROIT,
f*
1936.
1935-----
DET *47
MINNESOTA
met, reports A.
Tax Levy
Tel.
district of $5,800 of certificates of indebtedness.
TAUNTON,
Mass.—NOTE
OFFERING— Lewis
A.
Hodges,
City
Treasurer, will receive sealed bids until 3 p. m. on May 18 for the
purchase
Year—
T.
100 657
F BOND RETIRED DURING 1936—In the recent calendar
year the city
paid off a total of $1,788,500 bonds, including
$1,495,500 general and $293,Auditor.
T.
100.50
154 %
—
1
Int. Rate
A.
BONDS
,
I*
Buy for Our Own Account
MICHIGAN MUNICIPALS
I HAMPSHIRE COUNTY (P. O.
Northampton), Mass.—NOTE OFFERINO.—Kirk H. Stone, County Treasurer, will receive bids
until 11 a. m.
(Daylight Saving Time) May 15 for the purchase at not less than
par of
$30,000 Coupon bridge loan notes.
Bidders are to name rate of
interest,
in a multiple of
)4%.
Denom. $1,000.
Dated June 1, 1937.
Prin. and
semi-ann. int. payable at the Merchants National
Bank of Boston.
Due
$10,000 on June 1, in 1938, 1939 and 1940.
These notes will be prepared under the spervision of
and certified as to
their genuineness by the Merchants National
Bank of Boston, and their
legality approved by Storey, Thorndike, Palmer & Dodge of
Boston,
whose opinion will be furnished the
purchaser.
Delivery will be made at
the Merchants National Bank of Boston for
Boston funds.
F Legal papers incident to the issue will be
filed with the Merchants National
Bank of Boston where they may be
inspected.
1937
15,
May
DISTRICT, Minn.—BOND
election will be held on May 28 at which
addition bonds will be voted
upon.
a
MORTON, Minn.—BOND OFFERING—Sealed
8 P. M.
ELECTION—An
proposal to issue $60,000 school
bids will be received until
on May 17, by E. L.
Hagen, Village Recorder, for the purchase of
$18,000 issue of 3% semi-ann. sewer bonds.
Denom. $1,000.
Dated
July 1, 1937.
Due $1,000 from 1940 to
1957, incl.
Bonds maturing from
1946 to 1957 shall be callable at
any time before maturity and paid in full
principal sum thereof plus 3 % premium thereon and all accrued interest to
an
the 1 ate of call.
PERHAM, Minn.—WARRANT OFFERING—A. M. Stoll, Village Clerk,
May 24 for the purchase of an issue of $36,000
improvement warrants, which are to bear interest at no more than
4%.
Denom. $500.
Dated June 1, 1937.
Principal and semi-annual interest
payable at the Perham State Bank, Perham.
Due on June 1 as follows:
$3,500, 1938 to 1945; and $4,000, 1946 and 1947.
Cert, check for $150,
required.
will receive bids until 8 P. M.
-
-
-
Volume
Financial
144
PILLAGER INDEPENDENT SCHOOL DISTRICT NO. 1 (P.
O.
Pillager) Minn.—BONDS SOLD— It is stated by the District Clerk that
$12,000 3% seml-ann. school building bonds approved by the voters on
May 4, have been purchased by the State of Minnesota. Due from 1942
to 1953.
PROCTOR, Minn.—BOND ELECTION—A special election will be held
$14,900 village hall
In the village on May 26 at which a proposition to issue
bonds will be submitted to a vote.
ROCHESTER, Minn.—BOND ELECTION—At
for June
15
an
Mont.—BOND OFFERING—3. F. Manning, Town Clerk,
will receive bids until 2 p. m. June 1, for the purchase of an issue of $18,000
water mains bonds, to bear interest at no more than 6%.
Bonds are
offered on either the amortization or serial plans.
Dated Jan. 1, 1937.
Interest payable Jan. 1 and July 1.
Bonds will be redeemable after five
years.
Certified check for $180, payable to the Town Clerk, required.
(This report supersedes the offering notice given in these columns recently,
putting the date of sale as of May 30—V. 144, p. 3217).
HYSHAM,
NO. 1 (P. O*
ELECTION—It is stated by J. F. McBride,
will be held on May 28
$125,000 in not to exceed 6% school building and
LEWIS AND CLARK COUNTY SCHOOL DISTRICT
election scheduled
will be
proposal to issue $45,000 library equipment bonds
a
3377
Chronicle
Helena),
Mont.—BOND
Clerk of the Board of Education, that an election
submitted to the voters.
to vote
ST. PAUL, Minn.—BOND OFFERING—It is stated by Harold P.
Goodrich, City Comptroller, that he will receive sealed bids until June 1
for the purchase of a $200,000 issue of not to exceed 6% semi-ann. welfare
equipment bonds.
bonds.
for the purpose
Due in from
10 years.
one to
STARBUCK, Minn.—BONDS VOTED—The issuance of $15,000 town
of the village at an election
hall building bonds was approved by the voters
held April 27.
on
the issuance of
Due in 20 years.
PARK COUNTY HIGH SCHOOL
DISTRICT NO. 1 (P. O. Living¬
ston), Mont.—BOND ELECTION—An election will be held on May 29
of voting on the question of issuing $225,000 high school
building bonds.
COUNTY
MUSSELSHELL
(P.
Roundup),
O.
Mont.—BOND REStanley R.
FUNDING PLAN DECLARED OPERATIVE—It is stated by
Secretary of the Bondholders' Protective Committee, that suf¬
ficient bonds now are on deposit to declare the refunding plan entered into
on Feb.
12, 1937, between the committee and the county, operative and
effective as of May 3.
It is expected that delivery of the new bonds and
payment of accrued interest will be made in accordance with the plan in
Manske,
MISSISSIPPI
CLEVELAND
DISTRICT
SCHOOL
(P.
O.
BONDS SOLD—It is stated by J. Roberts, Chairman
that
$20,000 school bonds
Saunders, of Memphis.
tees,
were
purchased
Cleveland), Miss.—
of the Board of Trus¬
May 3 by Lewis &
on
GREENVILLE, Mass.—BONDS SOLD—It is stated by Guy Drew,
City Clerk, that the Federal Securities Co. of Memphis, purchased on
April 19, a block of $28,000 park bonds as 3 Ms, at a price of 100.28.
He
states that the purchaser is to pay the cost of legal opinion and printing of
the bonds.
Drew
DETAILS—Mr.
also
reports
that
the
$15,000
Improvement bonds sold to the Commercial National Bank of Greenville,
as noted in these columns in April—V.
144, p. 2523—were purchased at
par, and mature $3,000 annually for five years.
HUMPHREYS COUNTY (P. O. Belzonia),
INVITED—It is stated by A. R. Hutchens,
Miss.—BOND TENDERS
Clerk of the Board of Super¬
visors, that on June 7, at noon, the board will receive sealed bids
lowest tender to the county of approximately $10,000 4% refunding
for the
bonds.
JACKSON, Miss.—BOND OFFERING—It is stated by the City Clerk
a. m. on M^ 18, for the purchase of an issue
of $140,000 refunding of 1937 bonds.
Denom. $1,000.
Dated May 1
that he will receive bids at 10
1937.
Due
$15,000,
ING—T.
as
follows:
1945; $30,000,
$5,000, 1941 and 1942; $10,000, 1943 and 1944:
1946 and 1947, and $35,000 in 1948.
Prin. and
City.
These bonds
of the First Judicial
District of Hinds County, and the city will furnish the legal opinion of
Thomson, Wood & Hoffman, of New York.
A certified check for not less
than 5% of the issue is required with bid.
W.
Hicks,
receive bids until 10 a. m. June 9 for the
Amortization bonds will be the first choice and serial bonds will be the
second choice of the Board.
If amortization bonds are issued, the entire
issue may be put in one single bond or
Board may determine upon at the time
LINCOLN
COUNTY
(P.
O.
Brookhaven), Miss.—BONDS SOLD—
District No. 3 refunding bonds
divided into several bonds, as the
of sale, both principal and interest
payable in semi-annual instalments during the period of 10 years
from the date of issue.
If serial bonds are issued, they will be in the amount
of $1,000 each, the sum of $4,000 will become payable on July 1, 1938, and
a like amount on July 1 of each year thereafter, except that the last instal¬
ment will be in the amount of $10,000.
The bonds, whether amortization or serial bonds, will bear date of June 9,
1937, and will bear interest at a rate not exceeding 4%, payable semi¬
annually on Jan. 1 and July 1, and will be redeemable in full at the option
of Wheatland County on July 1, 1942, or on any interest-paying date
be
Said bonds will be sold for not less
than par, and all bidders must state
the lowest rate of interest at which they will purchase the bonds at par.
All bids other than by or on behalf of the State Board of Land Commis¬
accompanied by
sioners of the State of Montana must be
in
the
sum
a
of $1,000, payable to the order of the County
int. payable at the Chase National Bank, New York
have been validated by decree of the Chancery Court
It is reported that $10,000 6% Supervisors
purchase of an issue of $46,000
refunding bonds.
to
SALE
P. O. Harlowton), Mont.—BOND OFFER¬
Clerk of the Board of County Commissioners, will
WHEATLAND COUNTY
GRENADA, Miss.—BONDS VOTED—On May 1 the voters approved a
proposal to issue $35,000 industrial plant construction bonds.
BOND
the near future.
certified check
Clerk.
NEBRASKA
DODGE
COUNTY
39 (P. O. Snyder),
$15,000 school building
election scheduled for May 21.
SCHOOL DISTRICT NO.
Neb.—BOND ELECTION—A proposition to issue
bonds is to be voted upon at an
LITCHFIELD, Neb.—BONDS SOLD—The Greenway-Raynor
purchased at par on May 6 by Kenneth G. Price & Co. of McComb.
Dated Feb. 2, 1937.
Due on Feb. 2 as follows: $500, 1942 to 1945, and
$4,000 in 1946 and 1947.
Legality to be approved by Charles & Trauernicht, of St. Louis.
Omaha, is reported to have purchased as 4 Hs at par, the following
aggregating $12,500: $9,500 funding, and $3,000 water bonds.
of—INDUSTRIAL DEVELOPMENT BONDS
VOTED—Returns tabulated by Governor Hugh L. White from five special
elections in Mississippi on industrial development bonds, issuance of which
was authorized by the 1936 Legislature, show that 75%
of the qualified
voters have participated in such elections and 91% of those voting have
favored the proposals.
Four out of five cities have favored bond issuance
and the defeated proposal received 222 of the 384 votes cast.
The vote
was 1,256 to 110 on the $150,000 bond issue submitted in three supervisors'
districts of Jackson County to promote establishment of woolen knitting
mill.
Bond proposals were also approved at Amorv, Durant and Grenada.
Under the legislative authority, municipalities and other taxing units may
Co. of
bonds
Bank of Omaha, at a price
were
MISSISSIPPI,
issue bonds
taxes
for
to
State
NEVADA
LAS VEGAS, Nev.—BOND SALE— The $16,597.95 issue of Improve¬
ment District No. 3 bonds offered for sale on May 6—V. 144, p. 2870—
was
purchased by Ure, Pett & Morris, of Salt Lake City,
bonds.
PONTOTOC
NEW
thereof.
PASCAGOULA, Mis*.—BONDS VOTED—At the election held on May 1
the voters are said to have approved the issuance of the $150,000 in factory
COUNTY
(P. O.
Pontotoc), Miss.—BOND TENDERS
INVITED—The Board of Supervisors will, on July 15, purchase for retire¬
$50,000 refunding
bonds,
received up to and including 12
dated March 1, 1935.
Tenders
o'clock noon on said date.
will be
TIPPAH COUNTY (P. O. Ripley), Miss.—PRICE PAID— It is stated
by the Clerk of the Chancery Court that the $15,000 jail bonds purchased by
Peoples Bank of Ripley, as noted here recently—V. 144, p. 3216—were
according to the
City Clerk.
promote industrial development, and levy general property
payment
r
ment
McCOOK, Neb.—MATURITY—Itfis now reported that the $20,000
% park improvement bonds sold recently to the United States National
of 100.525, as noted here recently—V. 144, p.
3217—are dated May 1, 1937, and mature from 1938 to 1947, becoming
optional in five years, giving a basis of about 3.38%.
3^
NEW
HAMPSHIRE,
HAMPSHIRE
State
of—DAYLIGHT
SAVING
TIME
ADOPTED—On May 11 Daylight Saving Time became legal in this State
when the measure was signed into law by Governor Francis P. Murphy^
according to Concord advices. Under the terms of the law, the
time will be in effect from the last Sunday in April until the last
advanced
Sunday in
September.
Opponents of the measure sought unsuccessfully first to submit it to a
referendum and then to exempt the State's three northern counties, claiming
farm interests would be harmed by the changed time.
the
sold
as
5s at par.
CONSOLIDATED
SCHOOL
Company
H. L Al
MISSOURI
ipal Bonds
New Jersey
DISTRICT
(P. O. Archie),
Mo.—BONDS TO BE SOLD—It is stated by the District Secretary that the
Commerce Trust Co. of Kansas City, has contracted to purchase $22,000
auditorium bonds, providing the Public Works Administration approves a
grant for the project.
ARCHIE
Telepho
'or 2-7333
N. Y. 1-528
A. T.&T.
New York
1M Broadway
KANSAS CITY, Mo.—BONDS RETIRED IN 1936—We are informed
that the city retired a total of $903,000 in bonds during the calendar year
of 1936.
No bonds eligible for payment in that period were left unpaid.
NEVADA, Mo.—BONDS SOLD—It is stated by the City Clerk that
$15,000 hospital bonds approved recently by the voters, have been sold to
MUNICIPAL
the First National Bank of Nevada, as 3s.
ST. LOUIS, Mo.—REPORT ON 1936 BOND
RETIREMENTS—"We
are
Informed by Louis Nolte, City Comptroller, that a total of $5,179,000
bonds was retired in 1936. During the year the city issued $1,541,000 2 % %
refunding bonds, dated May 1, 1936, and $849,000 2M % refunding bonds,
dated Oct. 1, 1936.
SIKESTON, Mo.—BOND ELECTION—It is reported that an election
will be held on May 18 in order to vote on the issuance of $35,000 in bonds,
divided as follows:
$20,000 library, and $15,000 public playground and
airport bonds.
New
B. J. Van Ingen
57
WILLIAM
BONDS
Jersey and General Market Issues
STREET, N. Y.
A. T. & T.:
N. Y.
1-730
& Co. Inc.
Telephone: John 4-6304
Newark Tel.: Market 3-3124
3378
Financial
puted paper
further violation of the statute pertaining to payment of the
beach front payroll.
In his letter to the Municipal Commission, Auditor
Reilly declared that the "action of the City Council is but another
example
or
of the apparent fact that the
present administration has
for laws or order."
no
Chronicle
May
priced at 98and interest, and
1937
15,
legal investment for savings banks
and trust funds in New York and New Jersey.
They are interest-exempt
and tax-free in New Jersey.
are
are
regard what¬
soever
BEACH HAVEN, N. J.—BONDS APPROVED—The State
Funding
Commission has approved the proposal of the
borough to issue $157,000
general refunding bonds.
The Commission stated that the proposed re¬
funding "is supported by a full cash basis ordinance under the provision of
Section 664 of the Local Bond Act and suitable covenants
garding tax sales, &c."
expense is now at
a
BORDENTOWN,
N.
are
included
The Commission also declared that
reasonable
the
re¬
issuing
figure.
State
obligations.
In approving the financing, the Commission reviewed the
plan and the debt service requirements and was satisfied as to the
ability
of the city to discharge the
proposed new debt, also existing obligations.
The approval was subject to the qualification that the Commission does
not
pass upon the legality of the proceedings
bearing on the issuance of the
bonds.
DOVER TOWNSHIP SCHOOL DISTRICT
CP- O. Toms River).
N. J.—BONDS VOTED—At a recent election the residents voted
approval
of a proposed bond issue of
$38,300 for construction of a school annex.
ELIZABETH, N. J.—BOND OFFERING—Sealed bids will be received
by John A. Mitchell, City Comptroller, until May 27, for the purchase of
$169,000 school and $75,000 general improvement bonds.
HOBOKEN, N. J.—1937 TAX RATE
GALLUP, N. M.—BONDS SOLD—The $60,000 4% hospital building
bonds recently authorized have been taken up by the U. S. Government.
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 24 (P. O. Portales)
N. Mex.—BOND OFFERING—Sealed bids will be received until 10 a. m.
June 5, by Nonnie Mae Jones, County Treasurer, for the purchase or a
$3,500 issue of school* bonds.
Interest rate is not to exceed 6%, payable
J. & J.
Denom. $500.
Dated June 5, 1937.
Due $500 from Jan. 1,
1939 to 1945, incl.
Principal and interest payable at the State Treasurer s
office or at such other place as the bidder may elect.
No bonds will be
sold at less than par and accrued interest to date of delivery, nor will any
on
discount or commission be allowed or bid on the sale of the bonds.
A cer¬
tified check for 5% of the amount bid, payable to the County Treasurer,
is required.
addition,
a
raise of nearly $6
over
year, according to the "Jersey Observer."
The 1936 rate for old
was $50.91 and for the Weehawken addition $50.88, and last year
the first time in its history that the city had hit a
$50 rate.
The
Mile Square City has now the dubious distinction of
having the highest
tax rate in the county.
Hoboken
appeals and
some
increase in
greater part of the increase
mandatory items
was
on debt service, but the
due to low collections of taxes last year.
on the cash system, and last year tax
Hoboken, he explained, operates
collections amounted to only 61%,
that this year's budget had to be
predicated upon that amount of collections.
Also, it was explained by
Commissioner Gilfert, that many of the big property owners last
year who
had appealed assessments paid
only up to the figure they had appealed.
so
NEPTUNE CITY, N. J.—BONDS PASSED ON FIRST READING—
The Borough Council on May 5 gave first
reading to an ordinance authoriz¬
ing the issuance of $22,000 sewage system improvement bonds.
Final
consideration will be given the ordinance on
May 19.
NEWARK, N. J.—BONDS PAID OFF DURING 1936—Andrew K.
Brady, Acting Auditor of Accounts, reports that all of the $4,171,250
bonds which matured in the
calendar
year
1936
were
retired.
1938 to
1942 incl.
100,000 public works bonds.
to
Due $10,000 yearly on May 1 from 1938
1947 incl.
.
All of the bonds
.
.
dated May 1,
1937. The bankers reoffered the bonds
priced to yield from 0.85% to 2.15%, according to maturity.
are
BEACON, N. Y.—BOND SALE—The $50,000 coupon, fully registrable,
general obligation, unlimited tax, relief bonds offered on May 14—V. 144,
3218—were awarded to Sherwood & Co. of New York, as 2.20s, at par
plus a premium of $90, equal to 100.18, a basis of about 2.17%.
Dated
April 1, 1937.
Due on April 1 as follows: $5,000, 1939 to 1943; $6,000,
1944, 1945 and 1946; and $7,000 in 1947.
Adams, McEntee & Co. of New
York were next high bidding a premium of $45 for 2.50s.
p.
BUFFALO,
N.
Y.—BOND PRINCIPAL PAID OFF LAST
YEAR—
in
The city paid off all of the total of $7,492,042.11 bonds which matured
the year 1936
CICERO, N. Y.—BREWERTON WATER DISTRICT BONDS SOLD—
bonds
on May 11—V.
144, p. 3050—was awarded to J. & W. Seligman
York, as 3.20s, at a price of 100.27, a basis of about 3.175%.
The issue of $55,000 coupon or registered Brewerton Water District
offered
& Co. of New
NEW JERSEY, State of—AUDITOR REPORTS ON
IMPROVEMENT
IN MUNICIPAL FISCAL DIFFICULTIES—A dispatch from Trenton
to
COUNTY
(P. O. Albany), N. Y.—BOND SALE—The
$600,000 coupon or registered bonds offered on May 11—Y. 144, p. 3218—
were
awarded to the Harris Trust & Savings Bank and the Northern
Trust Co., Chicago, jointly, as 2s', at a price of 100.15, a basis of about
1.90%. The sale comprised.
$500,000 tax revenue bonds of 1936. Due $100,000 yearly on May 1 from
was
Director of Revenue and Finance William H. Gilfert explained that
the unusual tax increase was the result of a
drop in valuations secured on
YORK
NEW
ALBANY
HIGHEST IN HISTORY— The
city's tax rate for 1937, struck by the Hudson County Board of Taxes,
reached the highest in its history with $56.74
per $1,000 for the old Hoboken
district and $56.72 for the Weehawken
last
MEXICO
incl.
J.—BONDS APPROVED—The
Funding
Commission has approved the issuance of $143,000
bonds, including
$111,000 general refunding, $20,000 water refunding and $12,000
refunding
,
NEW
CLOVIS, N. M.—BOND SALE—The $56,000 general obligation hospital
on May 13—V. 144, p. 3049—were awarded to the City of
Clovis as 3s, at par plus a premium of $501, equal to 100.894, a basis of
about 2.91%.
Sidlo, Simo. Roberts & Co. of Denver were second high,
offering a premium of $40.32 for 3Ks and 3J^s.
Dated June 15, 1937.
Due on June 15 as follows $1,000, 1938 and 1939; and $3,000, 1940 to 1957,
bonds offered
the
Newark "Evening News" of May 10 reported as follows on the
progress made recently in clearing up fiscal difficulties of the various munici¬
palities in the State which had become involved in financial entanglements:
A marked improvement in the financial condition of counties and
munic¬
ipalities which have been in default or found it necessary to issue script
is shown in the quarterly report today
by State Auditor Darby.
$» In 12 months all municipalities cut tax revenue notes from $26,000,000 to
$16,000,000 and tax anticipation notes from $5,000,000 to $1,378,000.
In the last quarter the cash position of the
municipalities has improved
about 18% and taxes receivable for the last three
years show a drop of from
Dated May 1, 1937 and due May 1 as follows.
$2,000 from 1939 to 1965 incl. and $1,000 in 1966.
CLAVERACK FIRE DISTRICT (P. O. Claverack), N. Y.—BOND
SALE—The district has sold an issue of $7,500 3% fire house bonds to the
Farmers National Bank of Hudson.
DENMARK, HARRISBURG,
LAND
PINCKNEY, CHAMPION AND RUT¬
Copenhagen).
series A school
on May 14—V. 144, p. 3218—were awarded to Ernst & Co.
3.30s.
Dated June 1, 1937.
Due $1,000 yearly on June 1
CENTRAL SCHOOL DISTRICT No. 1 (P. O.
Y.—BOND SALE—The $22,000 coupon or registered
N.
bonds offered
of Buffalo
as
from 1940 to 1961.
2_to 25%.
jaiBergen, Camden, Cape May, Middlesex, Monmouth
and Passaic, which
found it necessary to issue scrip, now have $556,610 of their issues outstand¬
as compared with $1,303,030 a year ago.
Atlantic and Camden, which
EAST
ROCHESTER, N. Y.—BOND SALE—The $29,000 coupon,
fully registerable, public works project bonds offered on May 12—V. 144,
were in
for
ing
default
on
bonds and tax notes
a
year ago,
dition.
have cleaned up the con¬
Outstanding scrip in cities, most of them shore resorts, has been cut from
$1,950,432 to $950,211.
Bond defaults dropped from $9,292,196 to $5,903,212 and tax note defaults from $5,861,548 to $823,721.
This was due
mainly to a refinancing agreement made by Atlantic City with its bond¬
3218—were awarded to Rutter & Co. of New York
p.
SCHOOL DISTRICT NO. 3 (P. O.
Bronxville), N. Y.—BOND OFFERING—R. P. Clayberger, Clerk of the
Time)
$1,000.
Bond defaults of 17 townships
dropped from $6,689,573 to $851,928 but
increased from $588,942 to $2,781,330.
This is mainly
because of a $2,550,000 default listed against
Lyndhurst.Jhjal
+4'
P'NORTH
BERGEN
TOWNSHIP,
N.
J.—$14,381,700
BONDS
May 21 for the purchase of $75,000 not tonxceed 4% interest
registered school site bonds.
Dated MayJl5, 1937.
Denom.
Due $5,000 on May 15 from 1940 to 1954 incl. Bidder to name one
on
coupon
or
rate of interest in
a multiple of
M or 1-10 of 1%. Principal and interest
(M. & N. 15) payable at the Grainatan National Bank & Trust Co., Bronx¬
ville, with New York exchange.
The bonds are direct general obligations
of the district, payable from unlimited taxes.
A certified check for $1,500
payable to the order of Frank Dlnsmore, Treasurer of the Village of Bronx¬
ville, must accompany each proposal.
The approving legal opinion of
Clay Dillon & Vandewater of New York City will be furnished the suc¬
cessful bidder.
EX-
CHANGED AS PLAN BECOMES OPERATIVE—A total of
$14,381,700
bonds of various coupon rates and maturities has been
exchanged for' the
GENEVA, N.vYT—BOND\ELECTION—On*Junel2 the
will
ballot
on
4% and 4Ms% refunding bonds due Dec. 1, 1975 created by the Re¬
organization Plan, it was announced May 11 by Schlater, Noyes & Gardner,
Inc., New York.
The State of New Jersey holds $560,000 bonds of the
township, physical exchange of which is agreed upon and will be accomp¬
lished in the
144,
ajproposition
station bonds.
new
near
future.
A total of
$15,513,500 bonds are affected by the
Plan, which became operative May 11.
According to the figures compiled
by Schlater, Noyes & Gardner, a total of $1,600,000 has begn paid out in
back interest under terms of the Plan
bonds for exchange prior to May 11.
township's obligations
compilation reveals.
NORTH BERGEN
—A
are
to holders
who presented
their old
Approximately 700 holders of the
represented by bonds already exchanged, the
IW
4
The bonds are dated Dec. 1, 1935, mature Dec. 1,
1975, and bear 4%
1, 1950, and 4Ms% to maturity.
Principal and interest
(J. & D.) payable at the Township Treasurer's office, or at a bank or trust
company in New York City or Hudson County.
Legality approved by
Hawkins
Delafield & Longfellow of New York City.
The bonds are
legally binding obligations of the township, and all of its taxable property
is subject to a levy of unlimited ad valorem taxes in order to
pay both
principal and interest.
interest to Dec.
NUTLEY, N. J.—BONDS AUTHORIZED—The Town Commissioners
have adopted two ordinances providing authority for the issuance of
$35,647.04 sewer bonds and $15,436.96 general improvement bonds.
SCHOOL
DISTRICT, N. 3,—BOND ELECTION—
a special election set for May 18
building bonds will be voted uponjl
SEA ISLE
a
proposal to issue $735,000 school
CITY, N. J.—BONDS AUTHORIZED—The City Commis-
sioners have approved on final reading the ordinance
authorizing the issu¬
ance of $525,500 refunding bonds.
SUMMIT, N. J .—BOND SALE—'The Chase National Bank of New
York and H. C. Wainwright & Co. of New York, jointly, were the successful
bidders for the $550,000 issue of coupon or registered street paving assess¬
ment bonds offered
on May 11—Y. 144, p. 3051.
The successful bid was
$550,175.56 for $548,000 2%% bonds, equal to 100.397, a basis of about
2.72%. Dated May 1, 1937. Due on May 1 as follows: $15,000 from 1938
to 1941; $20,000 from 1942 to 1965; and $8,000 in 1966.
Halsey, Stuart &
Co.: B. J. Van Ingen & Co., and Schlater, Noyes & Gardner, all of New
York, were second high, submitting a joint bid of $550,143 for $550,000
2%A% bonds.
UNION
COUNTY (P.
O. Elizabeth),
N. J.—BONDS OFFERED
TO INVESTORS—Adams & Mueller are
offering $297,000 coupon 2M|%
bonds dated March I, 1937, and due March
1, 1948 to 1959 incl. The bonds
voters of the city
$10,500>warimemorial and comfort
m
HUNTER, N. Y.—BONDS NOT SOLD—The issue
of $5,500 not to exceed
coupon or registered village hall bonds offered on May 5—V.
3050—was not sold.
Due $500 annually from 1938 to 1948, incl.
5% interest
p.
■""KINGSTON,
N.
Y.—BOND OFFERING—C.
Ray
Everett,
City
Treasurer, will receive sealed bids until 1 p. m. (Eastern Standard Time)
May 26 for the purchase of $230,000Inot to exceed 5% interest coupon
or registered bonds, divided as follows:
\
on
Duo $10,000
on
May 1 from 1938
to 1947 incl.
T 130,000 series B general bonds of 1937.
in 1939, and $15,000 from
Due May 1 as follows:
194_0_to 1947 incl.
$10,000
/>".■.
All of the
bonds"will'"be
proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow
bidder.
\
dated May 1 ,—1937~
Denom. $1,000.
Bidder to
name one rate of interest in a
multiple of Ms or 1-10th of i %. Principal and
interest (M. & N.) payable at the City Treasurer's office.
A certified
check for $4,600, payable to the order of the
city, must accompany each
of New York City will be furnished the successful
Financial
Assessed valuation (incl. real estate and special franchises
Total bonded debt (incl. present issues)
Populat ion
_
_.
^
.".$23,163,575
__
2,214,000
2S,088^B^=_n!»^
Tax Collection
Year—
RUTHERFORD
issue
^
to
$100,000 series A general bonds of 1937.
TOWNSHIP, N. J —BONDS PUBLICLY OFFERED
composed of Schlater, Noyes & Gardner, Inc., New York
B. J. Van Ingen & Go., Inc., and G. A. Preim & Co. of
Newark, are offering
$200,000 new 4% and 4Mj % refunding bonds, priced at market.
group
At
Due $2,000
Board of Education, will receive sealed bids until 3p.m. (Eastern Standard
high.
fcfciNinteen boroughs had bond and tax note defaults of $1,120,523 as com¬
pared with $4,885,092 last year and 11 had outstanding scrip of $37,336 as
compared with $64,191.
West New York is the only town with outstanding
scrip and none of the towns are in default.
tax note defaults
bid of 100.164
a
EASTCHESTER UNION FREE
holders.
The financial condition of
Asbury Park was improved by a re¬
duction of outstanding scrip, but its bond and tax note defaults continue
on
3.30s, a basis of about 3.27%.
Dated May 15, 1937.
July 1, 1938, and $3,000 yearly on July 1 from 1939 to 1947.
1937
Levy...
$888,575.93
Uncoll'd end fiscal year.
Uncoll'd on May 1, 1937
300,862.39
Report
1936
1935
1934
$836,683.66 $887,313.82 $989,711.44
32,150.56
35,824.75
31,916.00
28,820.48
19,740.60
1,196.30
NEW YORK CITY—TRANSIT BOARD REJECTS
SEABURY-BERLE
PLAN ON UNIFICATION—The Transit Commission announced on
May 9
that at a meeting held on May 8 it had
adopted a resolution definitely
rejecting the Seabury-Berm plan for transit unification.
The rejection is understood to have been based
upon an adverse report
John J. Curtin, Special Counsel to the
Commission, who included
from
in his report an alternative plan of his
own, at a purchase price for transit
lines $93,000,000 under th e
Seabury-Berle figure and offering other sub¬
stitutes for Seabury-Berle features objected to
by the Commission. Under
Mr. Curtin's plan the Board of Transit Control would
issue
$40,000,000
of 50-year 3 Mi % bonds to pro /ide
working capital to purchase the privately
owned lines on terms set forth
by the Commission.
The new Plan would
provide for the conversion of B.-M. T., I. R. T., and Manhattan Co.
securities for the 3)4% bonds.
The new securities would be tax exempt.
In the report on the alternative plan submitted
stated
by Special Counsel it
as
follows
by the Commission.
**
"It is to be borne in mind that the
city is probably now
very
few of the original (Interborough) stockholders who,
as
was
-**t
dealing with
the foregoing
Volume
Financial
144
record shows, have fared very wed.
The records of transactions on the
Stock Exchange show that since unification understandings were entered
into nearly 800,000 shares of Interborough Rapid
been dealt in on the New York Stock Exchange.
Transit Corp. stock have
"Considering than there are only 350,000 shares of this stock, it is ap¬
parent rhat the city is now dealing with a group of individuals most of
whom have only recently acquired their shares and at prices far less than
the $100 a snare paid by the original subscribers. The same general situation
obtains with respect to the holders of the other stocks and to a lesser extent
OFFERING—Sealed bids will be received
until 11 a. m. on May 11, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of an
$8,000 issue of street improvement, bond anticipation notes.
Interest
rate is not to exceed 6%, payable M. & N.
Denom. $2,500, one for $3,000.
Dated May 1, 1937.
Due on May 1 as follows: $2,500 in 1938 and 1939,
and $3,000 in 1940.
Principal and interest payable in lawful money at
such place as the purchaser may specify at the time bid is put in.
ENFIELD,
TRANSIT COMMISSION REPORT—Mayor La
MAYOR REPLIES TO
Guardia replied on May 10, in a radio broadcast, to the rejection
by the
Transit Commission of the Seabury-Berie unification plan and challenged
John J. Curtin, Soecial Counsel to the Commission, to make good by
Sept. 1 his alternative pian to bring the subways and elevated under the
city's ownership and management.
ifcThe Mayor said he would give the Commission until Sept. 1. 1937, to
produce a "bona fide, binding plan," in line with Mr. Curtin's suggested
unification price of $343,071,776, approximately $93,000,000 less than the
gross figure in the Seabury-Berlewould go If the Commission should fail,
pian. before the people of the city on
owever, the Mayor promised he
issue that the Transit Commission should be abolished at once.
YORK
NEW
N.
C.—NOTE
NORTH CAROLINA (State of)—BOND SALE—The $3,019,000coupon
to those of the bonds."
an
3379
Chronicle
CITY
TUNNEL
SIGNED BY
319 of the Laws
AUTHORITY—BILLS
GOVERNOR—Governor Lehman has approved as Chapter
1937, a bill amending Chapter 1, Laws of 1936, creating the above
Authority, by providing for a vehicular tunnel or tunnels across Manhattan,
connecting the Queens-Midtown Tunnel with the Lincoln Tunnel, to¬
gether with approaches thereto.
The Governor also approved as Chapter 320, Laws of 1937, a bill amend¬
ing Chapter 1, Laws of 1936, creating the above Authority, so as to provide
for a vehicular tunnel or tunnels under New York Bay from Richmond to
offered on May 12—V. 144, p. 3219—were awarded to
by Lazard Freres & Co. of New York, and including
Co., New York, Dick & Merle-Smith, New York; East¬
New York; L. F. Rothschild & Co., New York; Kelley,
Chicago; McAlister, Smith & Pate, Greenville,; Field
Richards & Shepard, Cleveland; the Commerce Trust Co., Kansas City,
Mo.; the Milwaukee Co., Milwaukee, Edward Lowber Stokes & Co.,
Philadelphia; the Illinois Co., Chicago; W. H. Newbold's Son & Co., Phila¬
delphia; Watling, Lerchen & Hayes, Detroit, and the Wm. R. Compton
Co., New York.
The price was 100.019.
Bonds maturing from 1940 to
1945, amounting to $752,000 will carry a 3 34% coupon, while the bonds
coming due from 1946 to 1948, totaling $2,267,000, will carry a 2M%
coupon.
The bonds are divided into two issues as follows:
$2,344,000 permanent impt. bonds.
Due on April 1 as follows: $152,000,
1943; $150,000, 1944 and 1945; $900,000, 1946, and $992,000
registered bonds
syndicate headed
J. & W. Seligman &
man, Dillon & Co.,
Richardson & Co.,
or
a
in
of
Brooklyn, to increase the amount of bonds the said Authority may issue
governmental agencies
matters.
from $60,000,000 to $200,000,000, also to require all
of the city to transfer the necessary books and other
1948.
675,000 State office building bonds.
Due on April 1 as follows: $50,000,
1940 to 1947, and $275,000 in 1948.
Denom. $1,000.'
Date April 1, 1937.
Prin. and semi-ann. int. (A &
O. 1), payable at the State Treasurer's office or in N. Y. City.
These
bonds are said to be direct general obligations of the State.
The bankers
are offering the bonds to investors at prices ranging from a yield of 1.75%
on the 1940 maturity to a price of 99.50 on the 1948 maturity.
NORTH CAROLINA, State of—OTHER BIDS—We are informed that
were five tenders submitted for the above bonds at the opening of
tnere
PLATTSBURGH, N. Y.—BOND SALE—City Clerk W. J. Arbenger
informs us that the city has arranged with the United States Government
for the sale of $187,000 4% sewage treatment plant bonds.
ROTTERDAM
N.
Y.—BOND
DISTRICT
SCHOOL
OFFERING—Sealed
bids
NO.
14
be
will
(P.
O.
Rotterdam),
received by the
Super¬
intendent of Schools, until 2 p. m. (Eastern Standard Time) on May 25
for the purchase of $70,000 school bonds. Due as follows: $3,000 from 1940
to 1949 incl.
and $4,000 from 1950 to 1959 incl.
N. Y.—BOND SALE—The $110,000 coupon
registered bonds described below, which were offered on May 11—Y. 144,
3218—were awarded to Halsey, Stuart & Co. of New York as 1.90s at
par plus a premium of $83.60, equal to 100.076, a basis of about 1.88%:
SARATOGA SPRINGS,
or
p.
$105,000 public works bonds.
Due $15,000
on
May 1 from 1938 to 1944,
inclusive.
Due $1,000
5,000 water bonds.
on
May 1 from 1938 to 1942, inclusive.
'
All of the bonds will be dated May 1, 1937.
Denom. $1,000.
and interest (M. & N.) payable at the Adirondack Trust Co.,
Principal
Saratoga
Springs.
The bankers are reoffering the obligations for public investment at
prices
yield from 0.80% to 1.85%, according to maturity.
The bonds, in the
opinion of counsel, are general obligations of the city, payable from un¬
limited taxes, and, according to the bankers, are legal investment for sav¬
ings banks and trust funds in New York State.
Other bids for the issue
were as follows:
♦
to
Bidder—
Int. Rate
\
Harris Trust & Savings Bank
Salomon Bros. & Hutzler
.
;■*
Dick & Merle-Smith
E. H. Rollins & Sons and A. C. Allyn & Co., Inc_>
Premium
$139.70
318.00
148.50
2.20%
2.25%
2.25%
2.25%
Bacon, Stevenson & Co._
Manufacturers & Traders Trust Co
Sherwood & Co.
Adams, McEntee & Co., Inc
Roosevelt &
2%
2.10%
2.10%
2.20%
2.40%
2.40%
2.40%
Weigold
George B. Gibbous & Co., Inc
Manufacturers National Bank, Troy__
198.00
119.90
218.90
187.00
99.00
308.00
159.17
86.90
SAYVILLE FIRE DISTRICT (P. O. Sayville), N. Y.—BOND OFFER¬
ING—A. C. Edwards, Secretary of the Board of Fire Commissioners, will
receive bids until 2 p. m. (Eastern Standard Time) May 21 for the purchase
at not less than par of $60,000 coupon, fully registerable, general obliga¬
tion unlimited tax fire house bonds.
Bidders are to name rate of interest,
multiple of H% or 1-10%, but not to exceed 6%.
Denom. $1,000.
May 1, i937.
Principal and semi-annual interest (May 1 and
Nov. 1) payable at the Oystermen's Bank & Trust Co. in Sayville, with
New York exchange.
Due $3,000 yearly on May 1 from 1938 to 1957, incl.
Certified check for $1,200, payable to the district, required.
Approving
in
a
Dated
opinion of Clay, Dilion & Vandewater of New York will be furnished by
the
district.
SARANAC (P. O.
Redford), N. Y.—BOND OFFERING—Jamas J.
Kimball, Town Supervisor, will receive bids until 4 p. m. May 14 for the
purchase at not less than par of $32,407.93 fully registered floating debt
funding bonds.
Bidders are to name rate of interest, in a multiple of
or l-10th % but not to exceed 5%.
Denom. $1,000, except one for $407.93.
Dated May 1, 1937.
Principal and semi-annual interest (May 1 and
Nov. 1) payable at the Merchants National Bank in
Plattsburg, with
New York exchange.
Due $2,407.93 May 1, 1939, and $3,000 yearly
on May 1 from 1940 to 1949.
Certified check for 10% of amount of bid,
payable to the town, required.
Delivery to be made at the Merchants
National Bank in Plattsburg on May 24 at 10 a. m.
SYRACUSE, N. Y.—CERTIFICATE SALE—The $500,000 tax an¬
ticipation certificates offered on May 13 were awarded to Barr Bros & Co.
of New York on a .589% basis.
Certificates are dated May 17, 1937 and
will mature Nov. 17, 1937.
Lehman Bros, and Ladenburg, Thalman &
Co. submitted the next best bid, .73%.
May 12.
The successful tender figured to a net interest cost of
2.83%.
Second high bid was par for $752,000 334s and the re¬
as 2 Ms, a net interast cost basis of 2.88%.
This bid was made by
First National Bank, National City Bank, Bankers Trust Co., Chase Na¬
tional Bank, Wachovia Bank & Trust Co.; Kidder, Peabody & Co.; Stone
& Webster and Blodget; Salomon Bros & Hutzler; E. H. Rollins & Sons;
B. J. Van Ingen & Co.; George B. Gibbons & Co.; Mercantile Commerce
Bank & Trust Co.; First of Michigan Corp. and Eldredge & Co.
Third high bid was 100.44 for 3s, a net interest cost of 2.95%, and was
submitted by a syndicate composed of Lehman Bros., Halsey, Stuart &
Co.; Bancamerica-Blair Corp.; R. W. Pressprich & Co.; Kean, Taylor &
Co.; R. S. Dickson & Co.; F. S. Moseley & Co.; R. H. Moulton & Co.;
Braun, Bos worth & Co.; Robinson, Humphrey & Co.; Wells-Dickey Co.;
Morse Bros.; Interstate Securities Corp.; Oscar Burnett & Co., and Stern
bids
on
about
mainder
Bros.
$752,000 3Ms and
included
Graham,
Parsons & Co.; Darby & Co.; Equitable Securities Corp.; Hemphill, Noyes
& Co.; Burr & Co.; Stifel, Nicolaus & Co.; Mason, Hagen & Co.; Schaumburg, Rebhann & Lynch; Kalman & Co.; Piper, Jaffray & Hopwood; F. W.
Chemical Bank & Trust Co. syndicate bid 100.03 for
the remainder
Harris
Trust
3s, an interest cost basis of 3.04%.
This group
Savings Bank; Blyth & Co.; Hallgarten & Co.;
as
&
Craigie & Co.; and Courts & Co.
First Boston Corp. syndicate bid par for $252,000 4s and the remainder
as 3s, an interest cost basis of 3.043%.
This group included: Brown Harriman & Co.; Edward B. Smith & Co.; Northern Trust Co.; Phelps, Fenn
& Co.; Reynolds & Co.; Goldman Sachs & Co.; Hannahs, Bailin & Lee; and
Branch Banking & Trust Co. of Wilson.
STATESVILLE,
N.
C.—BOND
CALD-lt is stated by A.
E. Guy,
City Clerk, that 6% refunding bonds, numbered D-ll to D-14, for $500
each, and M-129 to M-131, aggregating $5,000, are being called for redemp¬
tion at par and accrued interest at the Central Hanover Bank & Trust Co.
of N. x. City on July 1, on which date interest shall cease.
Said bonds are
to be presented with all coupons maturing on and after Jan. 1, 1938.
Dated Jan. 1, 1934.
Due on Jan 1, 1949.
NORTH
DAKOTA
Pembina County,
N.
Dak.—BOND OFFERING—
O. J. Speckman, City Auditor, will receive bids at the County Auditor's
office in Cavalier until 2 p.m. May 17 for the purchase at not less than par
of an issue of $1,500 4% street improvement bonds.
Denom. $200, except
one for $100.
Dated May 1, 1937.
Principal and semi-annual interest
(May 1 and Nov. 1) payable at the County Treasurer's office.
Due $200
yearly on May 1 from 1940 to 1946, and $100 May 1,1947.
Certified check
BATHGATE,
for $30 required.
BOWBELLS,
Burke
County,
N.
Dak.—BOND OFFERING—H. C.
County Auditor's office in
Wood, City Auditor, will receive bids at the
Bowbells until 2p.m. May 28 for the purchase at not less than par of $2,000
bonds.
Denom. $100.
Dated June 1, 1937.
Interest payable semi-annu¬
ally.
Due $100 yearly on June 1 from 1940 to 1955,
in 1956 and 1957.
Certified check for 2% of amount
and $200 on June 1
of bid required.
Linton), N. Dak.—BONDS SOLD—The
County Auditor reports that the State Land Department has purchased
the $125,000 funding bonds that were authorized by the County Com¬
missioners in March, as reported in these columns.—V. 144, p. 2183.
EMMONS COUNTY
COUNTY
FOSTER
Elling
M.
(P. O.
O. Carrington), N. Dak.—BONDS SOLD—
County Auditor, states that $70,000 refunding
(P.
Indergaard,
bonds have been sold.
LANGDON
SPECIAL
DISTRICT (P. O. Langdon), N.
30 election the voters of the
$25,000 school building bonds.
SCHOOL
Dak.—BONDS DEFEATED—At the April
district rejected a proposal to issue
UTICA, N. Y.—BOND OFFERING—City Controller Thomas J. Nelson
purchase of $200,000 relief bonds and
OHIO
will receive bids until May 27 for the
MUNICIPALS
$150,000 paving bonds
MITCHELL, HERRICK & CO.
NORTH CAROLINA
700
2%% due 1946 to 1948
Price to
CANTON
CUYAHOGA
AKRON
COLUMBUS
SPRINGFIELD
yield 2.70 to 99M
McALISTER, SMITH & PATE, Inc.
67
BUILDING, CLEVELAND
CINCINNATI
NEW YORK
BROAD STREET
Telephone WHitehall 4-6765
CHARLESTON, S. C.
GREENVILLE, S. C.
OHIO
CENTERVILLE, Ohio—BOND SALE—The issue of $7,500 4% water
works bonds offered on March 24 was sold locally.
Dated Dec. 1, 1936
and due $500 on Sept. 1 from 1938 to 1952, inclusive.
CINCINNATI, Ohio—DEBT RETIRED IN 1936—According to Jessie
B.Brown, Secretary of the Trustees of the Sinking Fund, the city paid off
$3,290,876 of maturing bonds in 1936, while $13,477,006 of other bonds
were called and either paid from the accumulated sinking fund or refunded
$20,000
at lower int.
NORTH CAROLINA Hwy.
Due
January 1,
4i/2s
1949@3.00% basis
F. W. CRAIGIE &, COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
rates.
CINCINNATI CITY SCHOOL DISTRICT, Ohio—BOND OFFERING
—R. W. Shafer, District Clerk, will receive sealed bids until June 28 for
the purchase of $206,500 2M% refunding bonds, dated Aug. 1,1937, and
due serially on Sept. 1 from 1938 to 1956, incl.
CLEVELAND, Ohio—DEBT RETIRED DURING 1936—Bond matur¬
during 1936 amounted to $8,803,121.01, of which
$4,000,000 from paid off from the sale of refunding issues, according to
John F. Amos, Assistant Secretary of the Sinking Fund Commission.
ities retired by the city
EDGERTON, Ohio—NOTE SALE—The $2,500 fire department appa¬
offered on May 11—V. 144, p. 2873—were sold as 5s to the
ratus notes
NORTH
CAROLINA
CALDWELL COUNTY (P. O. Lenoir), N. C.—BOND ELECTION
POSTPONED—The election which was to have been held on May 11 to
vote on the issuance of $165,000 school building bonds, was postponed
by the County Board of
Commissioners.
Edgerton State Bank, the only bidder.
GIRARD, Ohio—BOND OFFERING—P. J. Wilson, City Auditor, will
of an issue of $11,006 4%
building bonds.
Denom. $1,100.
Dated June 1, 1937.
Interest
payable semi-annually.
Due $1,100 yearly on Oct. 1 from 1938 to 1947,
incl.
Certified check for $110, payable to the City Treasurer, required.
receive bids until noon May 24 for the purchase
city
3380
GREEN
Financial
SPRINGS
DISTRICT (P. O. Green Springe),
Ohio—OTHER BIDS—The issue of $25,000 school bonds awarded
May 6
to Fox, Einhorn &
Co., Inc., of Cincinnati, as 3Ms, at par plus a premium
of $353,
equal to 101.412, a basis of about 3.08%, as
previously reported in
these columns—V,
144, p. 3219—was also bid for as follows:
I
Bidder—
Int. Rate
Saunders, Stiver & Co., Cleveland
Johnson, Kase & Co., Cleveland
Ryan, Sutherland & Co., Toledo
-
-
3M%J^
VanLahr, Doll
3M %
3M%1
3M%
3M %
3M%
3M%
3M %
3M%
3M %
3M %
& Isphording, Inc., Cincinnati
Paine, Webber
&
Co., Cleveland
Fuller ton & C o., Columbus
Provident Savings Bank & Trust
Co., Cincinnati
SCHOOL
$347.00
306.00
211.00
157.50
.
3M%
3M%
3M■
Nelson Browning & Co., Cincinnati.,
Pohl & Co., Inc., Cincinnati
Granberry & Co., Cincinnati
Stranahan, Harris & Co., Toledo
Seasongood & Mayer, Cincinnati—
Braun, Bosworth & Co., Toledo
CITY
Premium
3M%,.ntt.L
BancOhio Securities Co., Columbus
First Cleveland Corp., Cleveland
IRONTON
DISTRICT
(P.
O.
I
145.00
134.90
■
'
„
110.00
88.00
,
~
86.25
32.85
295.00
270.25
132.50
107.50
71.00
Ironton),
Ohio—
BOND OFFERING—Margaret
Lambe, Clerk of the Board of Education,
will receive bids until noon
May 26 for the purchase at not less than par of
$83,500 4% school building bonds.
Denom. 72 for $1,000 and 23 for $500.
Dated May 1, 1937.
Interest payable May 1 and Nov. 1.
Due $3,000
Nov. 1, 1938, and $3,500 yearly on Nov. 1 from 1939 to
1961, incl. Certified
check for 1% of amount of bonds bid
for, required.
LICKING COUNTY (P. O.
Newark), Ohio—BOND
Edgar Baker, Clerk of the Board of County
OFFERING—
Commissioners, will receive
sealed bids until 10 a. m. on
May 22 for the purchase of $13,700 4% poor
relief bonds.
Dated May 1, 1937.
Due March 1 as follows: $1,700 in
1938 and 1939; $1,800,1940;
$2,300 in 1944.
in the
case of a
Chronicle
SCHOOL
$1,900,1941; $2,100,1942; $2,200 in 1943, and
Bids for other than 4% bonds
may be submitted, although
fractional rate, such fraction must be in a
multiple of M of
A certified check for $500, payable to the order of the Board
ofCounty
Commissioners, must accompany each proposal.
1 %.
LIMA CITY SCHOOL
Neiswander,
DISTRICT, Ohio—BOND OFFERING—C.
P.
May 15, 1937
PAWNEE, Okla.—BOND ELECTION—An election
uled for May 18 to vote
on
is said to be sched¬
the proposed issuance of $35,000 in not to exceed
Due in 25 years.
4% municipal hospital bonds.
SASAKWA
SCHOOL
DISTRICT
(P.
SALE DETAILS—We
O. Sasakwa), Okla.—BOND
are now informed by the
Clerk of the Board, of
that the $12,000 coupon school bonds
purchased on May 3 by
Education
Calvert & Canfield, of Oklahoma City, as noted here—V.
144, p. 3219—
awarded as 5Ms, for a premium of
$2.75, equal to 100.0229, a basis of
Due $1,500 from 1941 to 1948, incl.
;
was
about 5.49%.
STILLWATER, Okla,—BOND OFFERING—It is stated by H. J.
Lester, Commissioner of Revenue, that he will receive sealed bids until
May 18, for the purchase of a $60,000 issue of not to exceed 3M% semi¬
annual public library bonds.
These bonds were approved by the voters
at an election held on
April 27.
WASHITA
COUNTY
UNION
GRADED
SCHOOL
DISTRICT
(P. O. Cloud Chief), Okla.—BOND OFFERING—T. F. Maddox, District
Clerk, will receive bids until 2 p. m.f May 17 for the purchase at not less
than par of $6,500 school
building bonds, to bear interest at rate named in
the successful bid.
Due $1,000 yearly,
of
beginning three
issuance, except that the last instalment will
check for 2% of amount of bid,
required.
after date
$500.
Cert,
years
amount
to
OREGON
r*
GRESHAM,
Ore—BOND
OFFERING— Sealed
bids
will
be
received
until 8 p. m. on May 26 by Geo. W.
of a $39,785 issue of sewer bonds.
Page, City Recorder, for the purchase
Interest rate is not to exceed 5%,
payable J. & D.
Dated June 1, 1937.
Due on June 1 as follows: $2,785,
1938; $3,000, 1939 to 1941; $3,500, 1942, and 1943; $4,000, 1944 to
1946,
and $4,500 in 1947 and 1948.
Prin, and int. payable at the City Treas¬
urer's office or at the fiscal agency of the State in
N. Y. City.
The approv¬
ing opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Portland will
be furnished.
A certified check for $500 must
accompany the bid.
HOOD
RIVER, Ore.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on May 17, by H. L.
Howe, City Recorder, for the purchase
of a $7,955.05 issue of
improvement bonds.
Interest rate is not to exceed
6%, payable M. & S. Dated March 1, 1937. Due on March 1 as follows:
Clerk of the Board of Education, will receive bids
until
12:30 p. m. May 19, for the purchase at not less
than^par of $29,000 4%
coupon refunding bonds.
Denom. $1,000.
Dated April.15,1937.
Interest
payable April 15 and Oct. 15.
Due $1,000 each six months from
April 15,
1938 to April 15, 1951; and $2,000 Oct.
15, 1951.
Certifiedlcheck for
$290, payable to the Board of Education, required.
$455.05 in 1939; $500, 1940 to 1942, and $1,000, 1943 to 1948.
Callable
on any interest
paying date after March 1, 1942.
Principal and interest
payable at the City Treasurer's office.
The approving opinion of Teal,
winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished the
purchaser.
A $200 certified check must accompany the bid.
y MASSILLON CITY SCHOOL
DISTRICT, Ohio—BOND SALE— The
State Teachers' Retirement
System has purchased an issue of $60,000 tax
deficiency bonds.
The remaining $30,000 bonds of an
authorized issue
of $90,000 were taken
by the District's sinking fund.
WNORTH ROYALTON (P.O.
Berea, R. D. No. 1), Ohio—BOND
SALE—The $17,830 bonds offered on
May 3—V. 144, p. 3051—were
awarded to Saunders, Stiver & Co. of
Cleveland, as follows:
$12,000 village hall bonds as 3Ms.
Due Oct. 1 as follows:* $500,
1938;
$1,000, 1939 and 1940; $500, 1941; $1,000, 1942 and
1943; $500,
1944; $1,000, 1945 and 1946; $500, 1947;
$1,000, 1948^and 1949;
$500, 1950; $1,000 in 1951, and $500 in 1952.
5,830 street improvement bonds as 3Ms.
Due April 1 as follows:
$530,
1939; $800, 1940; $500 from 1941 to 1947, incl. and
$1,000 in 1948.
Each issue is dated April 1, 1937.
successful bidders for
NORWOOD, Ohio—BOND
real estate bonds offered
Granberry & Co.
equal to
SALE—The $24,000
coupon
water works
May 10—Y. 144, p. 2873—were awarded to
of Cincinnati, as 2Ms, at par plus a
premium of $122.40,
a basis of about 2.45%.
Dated April 1, 1937 and due
on
100.51,
$1,000 annually on Oct. 1 from 1938 to 1961 inclusive.
MINERVA SCHOOL
DISTRICT, Ohio—BONDS SOLD—The State
Teachers' Retirement System purchased
during March an issue of $104,500
3M% school building bonds
at par.
PIKE TOWNSHIP SCHOOL DISTRICT
(P. O. Delta), Ohio—
BONDS VOTED—The voters of the district have
approved the issuance
of $34,000 school
building bonds.
POLAND SCHOOL
DISTRICT, Ohio—BOND ELECTION— At an
election to be held on June 1 the Board
of Education will submit to the
voters a proposal to issue $95,000
school bonds.
^RITMAN,
recent
Ohio^BONDS^AUTHORlJED^The"City"Council
voted
meeting
approval of
an
ordinance
authorizing
$30,000 city hall bonds.
an issue of $5,000
bonds at 4%, paying
Due June 1, 1942.
3.98%.
F LANE COUNTY SCHOOL DISTRICT NO. 139 (P. O. Elmira), Ore.—
BONDS SOLD—The $2,500 issue of school bonds offered for sale without
Feb. 25 as noted in these columns—V. 144
p. 1644—was pur¬
chased by the First National Bank of
Eugene as 5s according to the Dis¬
trict Clerk.
Due $500 from 1938 to 1942 incl.
McMINNVILLE,
Ore.—BOND OFFERING—Sealed bids will be re¬
ceived until 7 30 p. m. on May 14 by Mina Redmond,
City Clerk, for the
purchase of a $38,000 issue of water and light refunding, series of
1917,
bonds.
Bidders to name the rate of interest.
Denom. $1,000.
Dated
June 1, 1937.
Due on June 1, 1942, subject to call at the option of the
city on any interest payment date after one y6ar.
Principal and interest
(J. & D.) payable in lawful money at the City Treasurer's office.
The
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Port¬
land will
be furnished.
city, must accompany the bid.
(This report supplements the offering
recently.—V. 144, p. 3220.)
PORTLAND, Ore.—BOND
Ohio—BOND
ELECTION—A
R. J.
proposition"
a
EDWARDS, Inc.
Loans of the
City of Philadelphia
Commonwealth of Pennsylvania
Moncure Biddle & Co.
1520 Locust Street
1892
PENNSYLVANIA
—
V. 144,
p.
\ Long Distance 158
OKLAHOMA
OKLAHOMA, State of—SUIT EXPECTEDYON PROPOSED HIGH¬
determine constitionality of the Act of the
Oklahoma legislature to authorize issuance'of
$35,000,000 of notes for high¬
way construction is expectediat*,Oklahoma*
City,k where Governor E. W.
Marland has signed the measure.
It probably*will be considered in its
relation to the constitutional?
prohibition against an increase of more than
WAY NOTE ISSUE— Suit to
excepfclbyf popular! vote.
The!proposed note issue
by a pledge
would be payable out of
gasoline'tax'andf wouldibe"secured only
of revenue from this
source.
If held legal, theTActtwill be
operative about
July 1 when the State will make its final
payment on the {$13,000,000
general revenue deficit, for which
40% of the State's share of gasoline tax
was diverted.
were
awarded to S.
coupon bonds offered on
K. Cunningham & Co.
MacGregor, both in Pittsburgh, on a joint bid for 4s.
Dated
May 1, 1937.
Due $5,000 yearly on May 1 from 1943 to
1956, incl.
~AVALON,
passed
an
Pa.—BONDS
AUTHORIZED—The"Borough
ordinance authorizing the issuance of $35 000 bonds.
Council
has
J
CORRY SCHOOL DISTRICT, Pa.—BOND
OFFERING—Charles H.
Geiger. District Secretary, will receive bids until
8p.m. May 26, for the
purchase of an issue of $10,000
4% coupon improvement bonds.
Denom.
$1,000.
Dated May 1, 1937.
Interest payable May 1 and Nov. 1.
Due
$2,000 yearly from 1943 to 1947.
Certified check for 2%, required.
a
preliminary notice of the offering which appeared
3052.)
CUMBERLAND COUNTY (P. O.
Carlisle), Pa.—BOND SALE—The
$275,000 coupon, registerable as to principal,
refunding bonds offered on
May 12—V. 144, p. 3052—were awarded to Chandler &
Co., Inc., of Phila¬
delphia as 2Ms, at a price of 101.24, a basis of about
2.10%.
Dated
June 1, 1937 and due June 1 as
follows: $15,000 from 1938 to
1954, incl.,
and $20,000 in
1955.
F OKLAHOMA, State of— WARRANT INTEREST RATE
REDUCED—
Governor Marland is reported to have
signed on April 30 a bill reducing the
interest rate on non-payable warrants of the
State and its political sub¬
divisions.
The new law is reported to reduce the rate
on State non-payable
warrants from 6 % to 4
% and upon other warrants from 6 % to 5 %
state debt
3220
and Glover &
in these columns—V.
144, p.
LOOKEBA SCHOOL DISTRICT (P. O.
Lookeba), Okla.—BOND
OFFERING—O. E. Caulk, Clerk of the Board of
Education, will receive
bids until 2 p.m.
May 18 for the purchase at not less than par of $7,000 school
building bonds, to bear interest at rate named by the bidding.
Due $1,000
yearly, beginning three years after date of issue.
Cert, check for 2% of
amount of bid, required.
$400,000 to the
Philadelphia
ARNOLD, Pa.—BOND SALE—The $70,000
May 13
(This supplements
AT&T Ok Cy 19
6% im¬
Finance, will receive bids until 11A.M. May 19 for the purchase of an issue
$18,000 5% improvement bonds.
Denom. $1,000.
Cert, check for
5%, required.
vote
Oklahoma_City, Oklahoma
#
of $28,278.93
BADEN, Pa.—BOND SALE—The $10,000 coupon, registerable as'to
principal, funding bonds offered on May 10—V. 144, p.
3052—were awarded
to Glover &
MacGregor of Pittsburgh as 3H« at par plus a premium of
$21.25, equal to 100.212, a basis of about
3.48%.
Dated April 1, 1937 and
due April 1, 1947.
Municipal Bonds Since
^
issue
of
Auditor,
SCHOOL
MANSFIELD,
SALE—The
of the bonds, payable
m4
in these columns
given
FPORTLAND, Ore.—BOND OFFERING— R.E.Riley, Commissioner of
of
DISTRICT (P. O.
Jacksonburg),
Ohio—BONDS VOTED—A proposed bond issue of
$32,000 for construction
of an addition to a school
building was approved by the voters at an election
held on May 4.
WEST
5%
on May 12 was awarded to the
Refunding Im¬
provement Bond Sinking Fund of Portland at par.
This was the only bid
received.
Dated April 1,1937.
Due in 10 years, optional after three years.
until noon May 22 for the purchase of an
issue of $2,000
4% police department equipment bonds.
Denom. $500.
Dated April 1,
1937.
Interest payable semi-annually.
Due $1,000 on Oct. 1 in 1939 and
1940.
Certified check for $25, required.
issue $16,000 waterworks
construction bonds will be submitted to
for
notice
provement bonds offered
___
at an election scheduled for June
8.
A certified check
to the
until 11 a. m. May 22 for the
purchase of an issue of $8,800 4% poor
relief bonds.
Dated April 15, 1937.
Interest payable annually.
Due on
March 1 as follows:
$1,100, 1938 and 1939; $1,200, 1940; $1,300, 1941 and
1942, and $1,400, 1943 and 1944.
Certified check for $200, payable to
the Board of County
Commissioners, required.
WAYNE TOWNSHIP
May 5—V. 144, p.
price of 100.11, a basis of about
success on
SANDUSKY COUNTY (P. O.
Fremont), Ohio—BOND OFFERING—
Ellen Mazey, Clerk of the Board of
County Commissioners, will receive
bids
STRUTHERS, Ohio—BOND OFFERING—John Pearce, City
will receive bids
water bonds on
a
"at"a.
issue
an
HUNTINGTON, Ore.—PRICE PAID—Blyth & Co., Inc., of Portland,
3220—took the
BONDS OFFERED TO
phia, are offering
ting to maturity
bonds
are
INVESTORS—Chandler
&
Co.
to investors at prices to yield from
a new issue of $275,000
dated June 1, 1937 and mature
in the opinion of the bankers
banks in New York and
Inc. of Philadel¬
.70% to 2.15% accord2H% refunding bonds.
The
serially from 1938 to 1955, and are
legal investments for trust funds and
savings
Pennsylvania.
FARRELL SCHOOL
DISTRICT, Pa.—BOND OFFERING—George J.
Wetherstein, District Secretary, will receive bids until 8
p .m. (Eastern
Standard Time) May 24 for the
purchase at not less than par of $80,000
coupon bonds.
Bidders are to name rate of
interest, making choice from
2H, 3, 3M.
and 3%%.
Denom. $1,000.
Dated May 1, 1937.
Due
May 1 as follows: $20,000 in 1941 and 1949; $10,000 in 1951 and
1955, and
$20,000 in 1957.
Certified check for $400,
payable to the district, required
HOPEWELL TOWNSHIP SCHOOL
DISTRICT, Beaver County,
Pa-—BOND ELECTION—An election is
scheduled for May 25 at which a
proposal to issue $70,000 bonds will be
submitted to a vote.
P* HYDE
PARK, Pa .—BONDS VOTED—The
issue of $7,000 bonds for a new
voters
have
approved
an
municipal building.
LANSDOWNE SCHOOL
DISTRICT, Pa.—BOND SALE—The $75,000
coupon, registerable as to principal,
building and improvement bonds of¬
fered on May 12—V. 144,
p. 2874—were awarded to Halsey, Stuart &
Co.,
Inc. of New York, as 2^s, at a
price of 102.90, a basis of about 2.25%.
1946 to 1950
_
MAHANOY CITY SCHOOL DISTRICT, Pa.—BOND OFFERING—
Oscar F. Skeath, Secretary of the School Board, will receive bids until
8 p. m. Eastern Standard Time) May 28 for the purchase of $30,000 bonds,
to bear interest at 3%, 3M%, 3M%, 33A% or 4%, as determined by the
bidding. Dated May i, 1937. Interest payable May 1 and Nov. 1. Due
$1,000 yearly on Nov. 1 from 1937 to 1966 incl. Certified check for $1,000
CITY, S. Dak.—BOND OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on June 7 by A. S. Holm, City Manager, for the pur¬
chase of a $30,000 issue of 4% coupon airport bonds.
Denom. $1,000.
Dated July 1, 1937.
Due $3,000 from 1939 to 1944 and $4,000 in 1945 to
1947.
These bonds are registerable as to principal only.
They were
authorized at an election held on Feb. 23.
Prin. and int. (J. & J.) payable
at the City Treasurer's office.
Issued under the 1919 Revised Code of
South Dakota and Acts amendatory thereto, Section 6413 and others,
and Chapter 71 of the 1929 session laws of the State.
'■ ■ : '
RAPID
required.
SCHOOL DISTRICT (P. O. Warren), Pa.—
POSTPONED—Opening of bids for the $23,000 not to exceed
5% interest school bonds proposed to be sold on May 11—V. 144 p. 3052—
has been put off until May 25.
Dated May 15,1937 and due serially in 20
MEAD
3381
Financial Chronicle
Volume 144
Dated May 15, 1937 and due May 15 as follows: $5,000 from
incl. and $10,000 from 1951 to 1955 incl.
TOWNSHIP
BOND SALE
WATERTOWN, S. Dak.—BOND SALE DETAILS—It is reported by
the City Auditor that the $4,000 4% semi-annual sanitary sewer bonds sold
at par to the Public Works Administration, as noted here recently—V .144,
p.
3221—are dated Dec. 2, 1935, and mature from Dec. 1,
years.
1937 to 1955.
TENNESSEE
MIDDLE SMITHFIELD TOWNSHIP SCHOOL DISTRICT (P. O.
Stroudsburg). Pa.—BOND SALE DETAILS— The $20,000 school bonds
purchased by the State Teachers Retirement Board, as previously reported
—V. 144, p. 3220, bear 3% interest and the price paid was par.
The sale
canceled a Public Works Administration lban of $21,000 to the district
The Clerk of the Chancery Court
have been purchased by Thomas
announced last November,
until 2 P. M.
Wm
Pa.—BOND SALE—The $135,000 coupon, registerable as to principal only, refunding bonds offered on May 11—V. 144.
p. 2874—were awarded to Chandler & Co. of Philadelphia on a bid of 101.23
for 2^s, a basis of about 2.60%.
Dated May 1, 1937.
Due on May 1
as follows: $5,000 from 1938 to 1942, and $10,000 from 1943 to 1953.
E. H.
Rollins & Sons of Philadelphia were next high bidders, offering 100.567
NORTHAMPTON,
for 2^s.
Chandler & Co.
Inc. of Philadelphia; are offering
the bonds to investors
prices to yield from 1% to 2.56%, according to maturity.
The bonds,
in the opinion of the bankers, are legal investments for savings bank and
trust funds in Pennsylvania.
at
PENNSYLVANIA
(State
of)—TO
RETIRE
NOTES—
$95,000,000
Governor Earl has announced that the State will retire $95,000
000 of 1)^%
anticipation notes on May 26.
They will draw interest until maturity
May 31 and should be presented for payment at the Philadelphia Na¬
tional Loan Bank, Philadelphia.
The notes were issued for relief purposes,
in anticipation of the collection of revenues.
Of the total, $50,000,000
were authorized by the 1935 Legislature and the balance at last summer's
special session.
tax
on
PENN TOWNSHIP SCHOOL DISTRICT (P. O. Greensburg), Pa]
—BONDS VOTED—At an election held in the latter part of April the voters
approved
an
issue of $69,000 school building bonds
PHILADELPHIA, Pa .—BOND PAYMENTS in 1936—The $5,125,000
of bonds which matured in the recent calendar year were retired.
PITTSBURGH, Pa—DELINQUENT TAX PAYMENTS HIGHER—
James P. Kirk, City Treasurer, informed the City Council that delinquent
tax collections for the first quarter of the present year totaled $218,053.69
more than payments in the like period of 1936.
Collections in April alone
amounted to $480,955, as compared to $343,588 in the same month last
year.
BOND RETIREMENTS IN 1936—During the calendar year 1936 the
Notes and bonds issued in that
.
city pa,id off $4,982,400 of maturing bonds.
period totaled $3,300,000.
PUNXSUTAWNEY SCHOOL DISTRICT (P. O. Punxsutawney),
^
Pa.—BOND
offered
SALE—The
$40,000
3%%
refunding
funding
and
bonds
May 10—V. 144, p. 3052—were awarded to Glover & MacGregor
K. Cunningham & Co., both of Pittsburgh, jointly, at a price of
104.25, a basis of about 3.33%.
Dated April 1, 1937 and due April 1 as
follows: $2,000 from 1941 to 1951, incl., and $3,000 from 1952 to 1957, incl.
and
on
S.
READING, Pa.—APPROVE LIGHT PLANT SURVEY—'The city has
a bill authorizing a survey of its light and power needs with a view
passed
of
determining the relative cost of furnishing power as compared with
of tno Metropolitan Edison Co., the present franchise holder.
Mayor J. Henry Stump declared that the city should get "cheaper electric
current for all purposes, and one way to get it is to establish our own mu¬
nicipal plant."
the rates
SCHUYLKILL TOWNSHIP SCHOOL DISTRICT (P. O. Tuscarora),
Pa.—BOND SALE—The issue of $54,000 coupon funding and refunding
bonds offered on Feb. 8—V. 144, p. 652—was sold to the Pennsylvania
State Employees Retirement Board.
Due Feb. 1 as follows: $4,000 in
1939, and $5,000 from 1940 to 1949 incl.
DICKSON
COUNTY
RHODE
ISLAND
COUNTY
HAMBLEN
We
$15,000 in 1946, and $20,000 from 1947 to 1949 incl. Bidder to name one
rate of interest in a multiple of
of 1 %. Bids must be for at least par and
accrued interest.
Interest payable semi-annually on the f'rst days of May
and November.
Both principal and interest 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.
The bonds
are to be engraved under the supervision of and authenticated as to genuine¬
ness by the First National Bank of Boston; their legality will be approved
by Storey, Thorndike, Palmer & Dodge, Boston, whose opinion will be
furnished the purchaser.
The original opinion and complete transcript of
proceedings covering all details required in the proper issuance of the 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 May 26, 1937, at
the First National Bank of Boston, 17 Court Street Office, Boston.
PROVIDENCE,
R.
I.—BOND BILLS APPROVED—Governor Quinn
the issuance of the following bonds
sewage plant equipment, and $100,000
Tenn.—BONDS SOLD—
are now
O. Morristown), Tenn.—BOND SALE—
of the County Court, that
(P.
informed by E. B. Fisher, Chairman
$100,000 coupon refunding bonds were purchased on May 3 by a grqup
composed of the Hamilton National Bank of Morristown, the FidelityBankers Trust Co., and Booker & Davidson, Inc., both of Knoxville, as
3%&, at par, less a discount of $1,450, equal to 98.55.
Due annually m
from 1 to 20 years.
1
The only other bid was an offer of $1,460 discount on 3^s, tendered by
Robinson, Webster & Gibson of Nashville.
(This report supersedes the sale notice given in these columns recently.
—V. 144, p. 3221.)
,
JOHNSON CITY,
Tenn.—BOND REFUNDING PROGRAM
PARTLY
Court is said to have approved the city's
refunding program in part, limiting the operations to $200,000 of temporary
funding notes and $924,040 of refunding bonds.
The ordinances authorizing
the issuance of these obligations were held to be valid.
APPROVED—The State Supreme
KINGSPORT, Tenn.—BONDS SOLD—The $40,000 water
works ex¬
bonds recently authorized by the Board of Aldermen have been
disposed of, J. R. Pechtal, City Treasurer, advises us.
The bonds carry
4% coupons and are dated April 1,1937.
Principal and semi-annual interest
(April 1 and Oct. 1) payable at the Central Hanover Bank & Trust Co. in
New York.
Due $5,000 yearly from 1938 to 1945.
Legality approved
by Thomson, Wood & Hoffman of New York.
The bonds were issued to the City of Kingsport Water Department
tension
Sinking Fund at
par.
LIVINGSTON, Tenn.—BONDS VOTED—At the special election held
on April 29 the voters of the
town balloted favorably on the question of
issuing $35,000 public auditorium bonds.
Benton), Tenn.—BONDS SOLD TO PUBLIC
by L. H. Park, Clerk of the
bonds were purchased
POLK COUNTY (P. O.
WORKS ADMINISTRATION— It is stated
County Court, that $60,000 court house construction
by the PWA.
'
TIPTON COUNTY (P. O. Covington) Tenn .—BOND SALE—The
$19,000 issue of high school funding bonds offered for sale on May 10—
V. 144, p. 2709—was awarded to Mr. John Walker, of Covington, according
to the County Judge. Dated May 1,1937.
Due from May 1,1940 to 1949.
TEXAS
HEIGHTS, Texas—BONDS SOLD—It is stated that the
semi-annual sewer system bonds approved by the voters at
election held on April 6, as noted in these columns—V. 144, p. 2875—
ALAMO
$24,000 4%
the
have been sold.
BRAZORIA COUNTY
ROAD DISTRICT NO. 4 (P. O.
Angleton),
ordered for May 29 a propo¬
bonds will be submitted to a vote.
Texas—BOND ELECTION—At an election
CLEVELAND,
FALLS, R. I.—BOND OFFERING—Joseph T. Curran,
City Treasurer, will receive bids until 11 a. m. (Daylight Saving Time)
onjMay 18 for the purchase of $100,000 coupon refunding bonds.
(Tele¬
phone bids will be accepted.) The bonds are dated May 1, 1937. Denom.
$1,000.
Due May 1 as follows. $5,000, 1942 to 1944 incl.; $10,000, 1945;
Charlotte),
informs us that $30,000 refunding bonds
H. Temple & Co. of Nashville, as 3%s,
FRANKLIN, Tenn .—BOND OFFERING—Sealed bids will be received
on June 1, by Mayor Park Marshall, for the purchase of a
$30,000 issue of coupon water works extension and improvement bonds.
Interest rate is not to exceed 5%, payable J. & D. Denom. $1,000.
Dated
June 1,1937.
Due $1,000 from June 1, 1938 to 1967 incl.
The purchaser
is required to pay in addition for any attorney's fee on legality and cost of
printing the bonds.
These bonds are general obligations of the town,
anji were approved by the voters on May 7, it is stated.
A $500 certified
check, payable to the town, must accompany the bid.
sition to issue $40,000 road
CENTRAL
O.
(P.
Texas—BOND
ELECTION—It
Manthey Jr. that an election will be held on May 25
issuance of $140,000 in bonds, divided as follows
and
$50,000
sewer
is stated by J. H.
in order to vote on the
$90,000 water works
bonds.
DALLAS COUNTY
(P. O.
Dallas), Texas—WARRANT SALE— The
County Commissioner's Court has sold an issue of $280,200 2}4% road
projects warrants to the Brown-Crummer Investment Co. of Dallas. The
purchasers are paying all expenses incident to the issuance of the warrants.
DEL
RIO
INDEPENDENT SCHOOL DISTRICT, Tex.—BONDS
INVESTMENT—'The W. K. Ewing Co., Inc., of San
OFFERED FOR
Antonioa, is offering to investors at prices to yield from 3% to 4.40%,
according to maturity, an issue of $60,000 4)^% bonds.
Denom. $1,000.
Dated May 1, 1937.
Interest payable May 1 and Nov 1.
Due on May 1
as follows:
$1,000, 1938 to 1941; $2,000 from 1942 to 1948; and $3,000,
1949, 1950 and 1951.
GLADEWATER-COUNTY LINE INDEPENDENT SCHOOL DIS¬
P. O. Gladewater), Texas—BOND SALE—The $195 000 issue
house bonds offered for sale on May 8—V. 144
p. 3221—was
awarded to Callihan & Jackson of Dallas as 2%s, paying a premium of
$236.50 equal to 100.121 a basis of about 2.70%.
Dated May 1 1937.
Due $39,000 annually from Dec. 20, 1937
to 1941 incl.
TRICT
of school
(P. O.Kountze), Tex.
the residents of the district voted
$200,000 road bonds.
HARDIN COUNTY ROAD DISTRICT NO. 1
Is said to have signed bills providing for
—BONDS VOTED—At a recent election
aggregating
approval of a proposition to issue
sewer
$250,000: $150,000
construction bonds.
HEARNE
INDEPENDENT
SCHOOL
DISTRICT,
Tex.—BOND
district will decide the question
ELECTION— On May 15 the voters of the
SOUTH
PARKER
SCHOOL
CAROLINA
DISTRICT
(P.
O.
of issuing $15,000
Greenville),
C
S.
BILL SIGNED—Governor Johnston is said to have signed a bill
the county to
permitting
school building bonds.
HEMPHILL COUNTY (P. O. Canadian), Texas—BOND OFFERING
bids will be received until 10 A. M. on May 20, by Edwin G.
—Sealed
$40,000 issue of coupon park
playground bonds.
Denom. $1,000.
Dated May 1, 1937. Prin.
(M. & N.) payable locally, in Chicago, or in New York.
These
bonds were approved by the voters at an election held on March 20.
Fisher, County Judge, for the purchase of a
issus $75,000 in building addition bonds.
and
COUNTY
SPARTANBURG
(P.
O.
Spartanburg),
S.
C.—HOUSE
PASSES BOND BILL—The House is said to have passed a bill authorizing
a
$200,000 issue of refunding bonds.
SOUTH
HILLSBORO, Texas—BOND SALE—'The city has sold an issue
000 street improvement bonds at a price of par plus a
$25 for legal fees to Robert E. Levy & Co. of Waco.
DAKOTA
ELKTON SCHOOL DISTRICT, S. Dak—
DEFEATED—At
on April 20 the voters of the district rejected the proposal to
the election
issue $26,000 school
EUREKA
building bonds.
INDEPENDENT
and int.
SCHOOL
DISTRICT
(P.
O.
Eureka),
S. Dak.—INTEREST RATE—It is reported by the District Clerk that the
LLANO
COUNTY
(P.
O.
of $10,-
premium of $68.. less
Llano), Texas—BOND ELECTION—It is
election will be held on May
building and road and bridge
stated by J. W. Currie, County Judge, that an
22 in order to vote on the issuance of $32, 500 in
bonds.
MENARD,
Texas—BOND
ELECTION—An
election
is
said
to
be
proposed issuance of $35,000 in muni¬
$25,000 school bonds purchased by August Bender, a local investor, at a
price of 101.00, as noted in these columns recently—V. 144, p. 3053—were
sold as 4s, giving a basis of about 3.89%.
Due from Dec. 1, 1939 to
1956, incl.
scheduled for May 22 to vote on the
FLANDREAU, S. Dak.—BONDS VOTED—At the May 3 election the
proposition to issue $169,000 municipal light and power plant bonds was
approved by a vote of 738 to 407.
May 31, of refunding, series 1935 bonds, dated April 1, 1935.
All offerings
should be firm for 10 days and be addressed to the Mayor and be identified
on the face of the envelope by the following words:
"Tender of Refunding
We
are
informed that the temporary injunction restraining the city from
issuing municipal light and power plant revenue bonds has been set aside
by the court.
It is reported that the engineering firm of Buell & Winters,
has been engaged to furnish specifications for bids.
of Sioux City, Iowa,
HOWARD, S. Dak.—BONDS VOTED—At the election held on May 4—
3053—the voters approved the issuance of the $28,000 in street
improvement bonds by a wide margin.
V. 144, p.
McINTOSH, S. Dak.—BONDS SOLD—It is stated by the City Auditor
bonds have been purchased by the State Perma¬
Fund as 5s at par.
Due from Jan. 1, 1939 to 1956.
that $10,000 sewer system
nent School
cipal gas plant revenue bonds.
MINERAL WELLS,
Texas—SEALED
John C. Miller states that he will receive
TENDERS INVITED—Mayor
sealed offerings until 5 p. m. on
Bonds."
MOUNT PLEASANT INDEPENDENT
SCHOOL DISTRICT (P. O.
Texas—BOND CALL—We are informed by C. E. Lee,
that the district has exercised its option
to redeem the folio wing bonds:
Denom. $500.
$9,000 5% school house bonds, numbered 47 to 64 incl.
Dated Feb. 1,1910. Due on Feb. 1,1950.
6,500 5% school house bonds, numbered 8 to 20 incl.
Denom. $500.
Dated July 1,1916. Due on July 1, 1956.
Bonds were called for payment as of May 10, at par and accrued interest,
at the Fort Worth National Bank, Fort Worth, interest to cease on that date.
Mount Pleasant)
Treasurer of the Board of Trustees,
3382
Financial
Chronicle
OVERTON,
Texas—BONDS VOTED—A proposal to issue $45,000
street paving bonds was
approved by the voters at a recent election.
PITTSBURG, Tex.—BOND
May 17 the
revenue
voters will pass on a
bonds.
ELECTION—At
an
election to
These bonds were approved by the voters on March 20.
Prln*
cipal and interest payable at the office of the District Treasurer.
A certified
check for not less than
be held.
issuance of $110,000 highway improvement bonds.
WAUWATOSA,
aggregating $325,000, originally sched¬
SCHOOL
DISTRICT,
19,
AUTHORIZED—The
EVANSTON SCHOOL DISTRICT NO. 1
(P. O. Evanston), Wyo.—
GRANT APPROVED— The Public Works Administration has an¬
nounced its approval of a conditional
grant of $3,800 to the above district
for addition classrooms and other alterations to the North Evanston school.
PWA
TARRANT COUNTY (P. O. Fort
Worth), Texas—NEW OFFERING
NOT SCHEDULED—W. E.
Yancy, County Auditor, states that no further
steps have been taken to reoffer for sale the $270,000
4H% semi-ann.
road bonds that were offered for sale without
success on
Oct.
ISSUANCE
WYOMING
Texas—
BONDS VOTED—A bond issue of
$65,000 to finance a building and im¬
provement program was approved by the voters at a recent
election.
THERMOPOLIS, Wyo.—BONDS SOLD—The city has sold $30,164
3%% paving district bonds to the American National Bank of Cheyenne
1936.
WHARTON COUNTY
CP. O. Wharton), Texas—BONDS VOTED—
May 1—V. 144, p. 3053—the voters approved the
issuance of the $200,000 in jail,
hospital, and home for the aged bonds.
WICHITA FALLS, Texas—BOND ISSUANCE NOT SCHEDULED—
At the election held
Wis.—BOND
Common Council is said to have approved the issuance of the
$75,000 in
special assessment, street improvement bonds.
The issue has already
been approved by the voters and the finance committee is said to have
completed arrangements for issuing the bonds.
It is reported that the
ssue will create a
revolving fund over a five-year period.
SAN
INDEPENDENT
value of the bonds, payable to the
authorizing the
*'
ANTONIO, Texas—BOND OFFERING NOT SCHEDULED—
It is stated by T. D.
Cobbs, City Attorney, that no plans have been made
SHAMROCK
par
VERNON COUNTY (P. O. Viroqua), Wis.—BONDS AUTHORIZED—
The Board of County Supervisors has passed a resolution
at the National
to reoffer the various issues of
bonds
uled for sale on Dec. 17.
1% of the
District Treasurer, must accompany the bid.
proposition to issue S5O.0OO sewerage system
PORT ARTHUR, Texas—BOND
CALL—It is stated by A. F. Hine,
City Clerk, that the following 5% bonds are being called for
redemption
City Bank of New York, on July 20, on which date interest
shall cease:
Water works, series No. 1, Nos. 55 to 68, and water
works,
series No. 2, Nos. 13 to 17. Dated
July 20, 1912.
May 15, 1937
each year.
RIVERTON,
on
passed
Wyo.—BONDS AUTHORIZED—'The City Council has
ordinance authorizing the issuance of $25,000 refunding bonds.
an
In connection with the
$550,000 water system bonds approved by the voters,
noted in these columns
recently—V. 144, p. 3053—it is stated by J. H.
as
Couch,
City Clerk, that
issuance of the bonds.
nothing definite has been done relative
to
Canadian Municipals
the
Information and Markets
VIRGINIA
CULPEPER, Va.—BOND OFFERING—Fred Hudgins, Town Recorder,
wilt
receive
purchase at
bonds.
bids until
not
Bidders
exceed 4%.
2
p.
m.
(Eastern
Standard
Time)
June
1
for the
BRAWLEY, CATHERS & CO.
less than par of $97,000 electric
light and power refunding
are to name rate of
interest, in a multiple of
Dated June
H%, not to
25
1,
1937.
Interest payable June 1 and Dec. 1.
Due $15,000 each six months from Dec. 1, 1938 to Dec.
1. 1940; and $22,000
June 1, 1941.
Certified check for 2% of amount of bonds
offered, payable
to the town, required.
Legal opinion of Hawkins, Delafieid & Longfellow
of New York, to the effect that The bonds
are valid and
legally binding
obligations of the town, will be furnished to the purchaser.
HENRICO COUNTY (P. O.
Richmond) Va .—BOND SALE
—In connection with the sale of the
$65,886
to
R.
Roderick
Shayne,
of
VIRGINIA, State of—BOND OFFERING—It is reported that A. B.
Gathright, State Treasurer, will receive sealed bids until June
4, for the
purchase of a $478,000 issue of refunding bonds.
NORTHWESTERN MUNICIPALS
ELGIN
6438
CANADA
CANADA
(Dominion
of)—DETAILS
OF
CONVERSION
LOAN
connec¬
tion with
3% semi-ann. refunding bonds
Washington,
D. C., reported in these
144, p. 1327—it is now stated by the County:
RICHMOND.
Va.—PWA GRANT APPROVED— The Public Works
Administration has announced its approval of a
$53,000 grant to the above
city for a sewer project estimated to cost $120,000, the
grant conditional
upon furnishing of the remaining funds
by the city.
WEST, TORONTO
OFFERING—Supplementing previous reports in these columns in
DETAILS
columns in February—V.
Manager that the bonds were sold at par, and mature on Dec. 15 as follows
$6,886 in 1937 $7,000, 1938 and 1939; $8,000, 1940;
$7,000, 1941 to 1943;
$6,000, 1944; $4,000, 1945; $5,000, 1946, and $1,000 in 1947.
KING ST.
s
the
financing—V. 144,
3222—we give herewith the complete
details of the conversion loan offer made
by the Dominion Government last
week to the holders of the
approximately $236,000,000 of Victory tax-free
bonds which mature this coming Dec. 1.
The offering was made solely
on a conversion
basis, no cash subscriptions being considered.
Holders of
the maturing 53^% bonds, which are the last of the tax-free
bonds now
outstanding, were offered the privilege of converting them for new bonds
of the following nature: 1%
bonds, due June 1, 1939, priced at 99.25, to
yield about 1.38%; 2% bonds, due June 1, 1942, priced at 98.25, to
yield
about 2.375%, or 334% bonds, due June
1, 1949, and callable on or after
June 1, 1946, priced at 99, the yield to
maturity being 3.35%.
All of the
p.
bonds bear
date of June 1, 1937.
The 1 and 2% bonds were available
denoms. of $1,000, and the 3 34s in units of
$1,000, $500 and $100.
Principal and interest (J. & D.) payable, without charge, at any branch in
Canada of any chartered bank.
On the basis of the conversion offer,
the final coupons due Dec. 1, 1937, attached to the
bonds, were valued at
102.25,
The June 1, 1937, coupons were to be detached and retained
by
new
in
the
bondholder for payment on that date.
CANADA
Washington—Oregon—Idaho—Montana
is
a
(Dominion of)—TREASURY BILL SALES—The
following
record of the sales of Treasury bills conducted
by the Dominion so far
in the present year:
5)rmntalliT, Ehrliclunan & IDhife
SEATTLE
SAN FRANCISCO
Teletypes SEAT 187, SEAT 188
Teletype SF 296
WASHINGTON
1941; $2,000, 1942;
$2,500, 1943; $3,000, 1944 to 1948; $4,000, 1949 to
1953; $5,000, 1954 and
1955, and $6,000, 1956 to 1959. The bonds are payable before
maturity if
required money is available. These bonds may be
registered. Bids may be
made for all or any part of the issue.
It is stated that these bonds are
general obligation of the district.
(This issue of bonds was originally scheduled for sale on
May 4, as noted
in these columns recently—V.
144, p. 3054.)
WHATCOM COUNTY (P. O.
Bellingham), Wash.—BOND OFFER¬
ING—R. C. Atwood, County Treasurer, will receive bids
until 11 a. m.
May 28 for the purchase of an issue of $47,000 warrant
funding bonds, to
bear interest at
no more
than
5%.
Certified check for 5% of amount of bid,
WHITMAN
COUNTY SCHOOL DISTRICT NO. 235
(P. O. Colfax),
Wash.—BOND ELECTION—It is reported that an
election is scheduled
for May 15 to vote on the issuance of
$41,000 in not to exceed 6% building
and equipment bonds.
WEST VIRGINIA
VIRGINIA,
State
of—BOND
OFFERING—R.
E.
Talbott,
State Treasurer, reports that the Governor
will receive sealed bids until
May 25 for the purchase of $500,000 road bonds. Interest rate to
be speci¬
by the bidder. Due $20,000 annually.
WIRT COUNTY (P. O.
Elizabeth), W. Va.—BONDS VOTED—The
citizens of the county have voted
favorably on a proposed bond issue of
$56,000 for construction of a new high school
building.
WISCONSIN
BEAVER
DAM,
Wis.-—BONDS
AUTHORIZED—A resolution auth¬
improvement bonds was passed
water works
GREEN COUNTY (P. O.
Monroe) Wis.—BONDS AUTHORIZED—
The County Supervisors are said to have
approved a $45,000 issue of bonds
a
building to house highway machinery.
for the construction of
MEDFORD, Wis.—BOND ELECTION—An election is to be held on
May 18/at which a proposition to issue
$35,000 municipal building bonds
will be
submitted to
a
vote.
OUTAGAMIE COUNTY (P. O.
Appleton), Wis.—BOND SALE— The
$75,000 3% county asylum addition coupon
bonds, series H-3, which were
offered on May 10—V. 144,
p. 2876—were awarded to the
Appleton State
Bank of Appleton at
par plus a premium of $1,125,
equal to 101.50, a
basis of about 2.84%.
The Securities Co. of Milwaukee was second
high,
offering a premium of $787.50.
Dated May 1, 1937.
Due on May 1 as
follows: $3,000, 1938 to
1956, and $18,000 in 1957.
SAWYER COUNTY (P. O.
—The Board of
Supervisors
on
Hayward), Wis.—BONDS
May 5 voted favorably
issue $35,000 road construction
bonds.
AUTHORIZED
on a resolution to
TOWN OF BOVINA AND VILLAGE OF
SHIOCTON UNION FREE
HIGH SCHOOL
DISTRICT, Wis.—BOND
OFFERING—Sealed bids will
be received until 7 p. m. (C. S.
T.) on May 12 by Walter Olsen, Clerk of
the Board of
Education, for the purchase of a $22,500 issue of
building
improvement bonds.
Interest rate is not to exceed 3
^ %, payable M. & N.
Denom. $500.
Dated May 1 1937.
Due in consecutive order
$1,500 in
Yield
$99,816
30,000,000
99.815
15
25,000,000
20,000,000
25,000,000
25,000,000
25,000,000
20,000,000
-
1
Mar. 15
-
0.747%
0.759%
0.776%
0.795%
99.811
99.800
99.797
0.805%
0.786%
0.771%
0.749%
99.802
99.808
99.813
BRITISH COLUMBIA (Province
of)—REVENUES AT PEAK LEVEL
of the British Columbia Government for the
year ended
March 31, 1937, exceeded all records,
being estimated at $27.9 millions,
according to Hon. John Hart, Minister of Finance.
—Revenues
Expenditures are estimated at $25,204,000, leaving an approximate
surplus on ordinary account of $2,695,000.
Ordinary expenditures, how¬
ever, do not include unemployment relief on which $5 millions was
expended.
Thus the actual deficit will be about $2.3
millions.
Revenues for the year were $2 millions
higher than in the year ended
March 31, 1936, while expenditures were $2.5 millions
higher.
In the last four fiscal years the Government has had
an
aggregate surplus
of $7.8 millions, according to Mr. Hart.
Of this amount, $5.8 millions has
been expended to reduce debt.
Net debt of the province at the
present time, Mr. Hart states, is $152.3
millions, an increase of $15.5 millions in the last four years.
This increase
has been entirely due to
borrowings to meet
unemployment relief
penditures.
ex¬
Relief borrowings amount to $18 millions.
GRAND-BAIE,
Que—INTEREST
PAYMENT
ORDERED—'The
municipality has been authorized by the Quebec Municipal Commission
to pay interest coupons of Nov. 1,
1936; also interest from May 1 to Nov. 1,
1936, on bonds matured May 1 and Nov. 1, 1933, 1934, 1935 and
May 1,
1936.
KITCHENER, Ont.—1936 SURPLUS—City
fied
orizing the issuance of $60,000
by the City Council recently.
Price
$25,000,000
1
operations
MINERAL COUNTY (P. O.
Keyser), W. Va.—BONDS DEFEATED—
At an election held on April 24 the
voters are said to have defeated the
proposed issuance of $120,000 in school construction
bonds.
WEST
Mar.
Amount
15
Apr.
1
Apr. 15.
May
1
COWLITZ COUNTY (P. O.
Kelso) Wash.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on
May 18, by H. H. De Hart,
County Auditor, for the purchase of a $75,500 issue of
4% coupon Diking
Improvement District No. 5 refunding bonds. Denom.
$500. Dated Oct. 1,
1936.
Due on Jan. 1 as follows:
$1,000, 1940 and
required.
V
Date—
Jan.
Feb.
Feb.
reports a surplus on 1936
Debenture debt at the end of the year stood at
$415,582, an increase of $10,326.
of $3,232.
$3,880,317.
Tax
arrears stand at
MIMICO, Ont.—OPPOSES REFUNDING PLAN—Council has made
representations to the Ontario Municipal Board
opposing the refinancing
plan which was agreed to in 1936 between the town council and
the bond¬
holders' protective committee.
A public hearing on the plan was held
by
the Municipal Board late last year, but as
yet no decision has been handed
down.
The 1937 council claims that the
plan will mean an
financial
obligation"
and
that
"impossible
unforeseen
capital
expenditures
will
necessary in the next few years.
NEW
be
BRUNSWICK
(Province of)—BOND OFFERING—Clovis T.
Richard, Provincial Secretary-Treasurer, will receive sealed bids
until 3
p. m. on May 19 for the purchase of $3,000,000
coupon, registerable as to
principal only on payment of registration fee. bonds, to
provide funds for
rhe following purposes permanent
bridges $500,000; hard-surfacing roads,
$2,000,000; New Brunswick Electric Power Commission,
$500,000. Ten¬
ders to be made on the
following basis
334% bonds to mature in 10 years.
3 lA % bonds to mature in 15
years.
3 24 % bonds with a term of 20
years.
The bonds will be dated June 1
$500, to suit purchaser.
money
of
Canada
at
1937, and issued in denoms. of $1,000 or
Principal and interest (J. & D.) payable in lawful
the
office
of
the
Provincial
Secretary-Treasurer,
Fredericton, or at the Bank of Montreal in Halifax,
Charlottetown, Saint
John, Montreal, Toronto, Winnipeg or Vancouver.
A sinking fund of
34 of 1% will be provided yearly during the term of the
bonds, plus such
additional amount as may from time to time be
required by law. Tenders
to be for the full amount of the
offering and accompanied by a certified
check for $10,000.
All bids to be made in Fredericton funds
VANCOUVE
R, B. C.—HIGHER TAX RATE—The city has struck its
1937 tax rate at 44.93 mills, an increase of
three mills over the 1936 rate.
The budget provides for
appropriation of $681,735 of arrears of taxes and
receipts from sale of tax sale lands for current
purposes instead of for sinking
fund.
Mayor George C. Miller has intimated that the
city's campaign for
Increased government assistance and wider
taxation powers will be intensi¬
fied.,
WINDSOR, Ont.—TAX COLLECTIONS—Current tax collections
April 13 totaled $2,386,182, or 60% of the total roll of
$3,975,000.
lections of
arrears
amounted to
have totaled
$2,716,566.
$330,384
so
up to
Col¬
that aggregate tax receipts have
@FedFRASER