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SEr 13
133'
V
DANA COMPANY, NIW
COPYRIGHTED IN 1937 BY WILLIAM B.
YORK,
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1879. AT THE
SEPTEMBER 11,1937
"-dW«^35cSnu.copy- NEW YORK,
VOL. 145.
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TRUST
BROOKLYN
Chartered
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1866
OF
President
NEW
The
BOSTON
YORK
For
Member Federal
chase is
tra-
ditionally a bankers' bank.
PHILADELPHIA
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NEW YORK
NEW YORK
OF
CITY
THE
Kidder, Peabody & Co.
McLaughlin
George V.
CHASE
THE
COMPANY
NO. 3768,
.
years
many
Deposit Insurance
Corporation
served
it has
large number
a
of banks and bankers
as
New York
& Co.
White, Weld
correspondent
and
depository.
reserve
;
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Stock Exchange
Boston
New York
Member Federal
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Government
Amsterdam
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Securities
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Quotations Facilities
*'• '
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vi M
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Government
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The
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Incorporated
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Representatives in other leading Cities
London
Chicago
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rri
The
Broadway
State and
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CARL M. LOEB &
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BROADWAY
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Company
Capital Funds
NEW YORK
Municipal Bonds
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$37,500,000
Barr Brothers & Co.
INC.
Chicago
New York
Amsterdam
Berlin
London
Paris
ioo
broadway
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w
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to
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Office:
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WEEKS
Established 1888
40
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CHICAGO
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Dealers since
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PHILADELPHIA
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j
II
Financial Chronicle
A.
Sept. 11,
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G.
& HARDEN
Incorporated
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Established 1893
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New York Curb Exchange
No. 54 Wall Street
Philadelphia Stock Exchange
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Commercial Paper
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And Other Cities
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Established 1872
Chief Office In New Zealand:
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Head Office:
BIRMINGHAM
NEWARK
8
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Subscribed Capital
£6,090,000
Paid up Capital
£2,000,000
Reserve
New
MARX & CO.
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Currency
The
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Newark Bank & Insurance Stocks
'
AND
BONDS
CORPORATION
J. S. RIPPEL & CO.
18 Clinton St.
£1,000.600
Reserve
Bank
£500,000
conducts
every description
business connected with New Zealand.
BIRMINGHAM, ALABAMA
SOUTHERN
Fund
of banking
Correspondents throughout the World
London Manager, A. O. Norwood
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Newark, N. J.
BANK~OF
DETROIT
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NEW SOUTH WALES
(ESTABLISHED 181T)
MICHIGAN
MUNICIPALS
and
CORPORATION
Specialists in Connecticut
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Reserve Liability of
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(With.which the Wastern Australian Bank and The
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A. C. DAVIDSON, deneral
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Teletype—Hartford 35
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
tralasian
Banking Business.
Wool and
Aus¬
other
Produce Credits arranged.
PALM
BEACH
AND
WEST
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BEACH
Head
Office:
George
Street,
SYDNEY
London Offices:
29 Threadneedle
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Specializing in
Street, E.C.2
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Bell System Teletype: W-Palm Beach
No. 84
ST.
own
Florida
LOUIS
creditors of the association are therefore
hereby
notified to present the notes and other claims
for payment.
account
Municipal Bonds
%f?77X
Co.
A
SAINT LOUIS
INC."
--
oo^ouve at
Ingraham Bldg.,
Bell System
Cashier. '
The First Central National Bank of Calexico
located at Calexico, in the State of California is
closing its affairs.
All note holders and other
our
(jORRIGAN.MI^K £(fo.
The First National Bank of
Glendora, located
at Glendora, in the State of
California, is closing
its affairs.
All note holders and other creditors
of the association are therefore
hereby notified
to present the notes and other claims for
payment.
C. W. CHAMBERLAIN,
Dated July 23, 1937'.
MIAMI
We buy and sell for
Notices
CARLBERG & COOK, INC.
E. R.
Dated July 16, 1937.
GILMORE, Cashier.
Notice is hereby given, that The Kent National
Bank, a national banking association, located
Kent, in the State of Washington, is closing
MIAMI
at
its affairs.
All note holders and other creditors
of the association are therefore
Teletype MM I 80
Members St. Louis
Stock
to present
Exchange
hereby notified
the notes and other claims for pay¬
ment.
J.
A.
OLIVER, President.
Dated August 30th, 1937.
MILWAUKEE
Dividends
Missouri and Southwestern
WISCONSIN
KAUFMANN DEPARTMENT
Stocks and Bonds
STORES, Inc.
CORPORATION SECURITIES
Common Dividend No. 68
Teletype--Milwaukee 92
Smith, Moore & Go.
EDGAR, RICKER&CO.
St. Louis
700 North Water
Street,
Milwaukee, Wla.
The First Boston
Corp. Wire
St. Louis Stock
Exchange
Pittsburgh, Pa., September 8, 1937.
The
Directors
have
declared
a
dividend
of
forty cents (40c) per share on the Common
Stock, payable October 28, 1937, to all holders
of record
October
9, 1937.
Cheques will be
mailed.
OLIVER
M.
KAUFMANN, Treasurer.
SEPTEMBER 11, 1937
Vol.145
No. 3768.
CONTENTS
Editorials
page
Financial Situation
1628
Liberty and Law Under the Constitution
The
Multiplying Difficulties of War and
1642
Neutrality
__
1643
Comment and Review
New
Capital Flotations in the United States During
August
:
1645
_
New
Capital Issues in Great Britain
Text of
Week
__1650
___
Sugar Act of 1937
on
the
1650
European Stock Exchanges
1633
Foreign Political and Economic Situation
_1634
Foreign Exchange Rates and Comment
1638 & 1686
Course of the Bond Market
1654
Indications of Business Activity
1654
Week
on
the New York Stock Exchange
Week
on
the New York Curb
__1631
Exchange
_1685
News
Current Events and Discussions.
1666
Bank and Trust
1684
Company Items
General Corporation and Investment News
__1732
Dry Goods Trade
1767
State and
1768
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
.1686 & 1697
Dividends Declared
1689
Auction Sales
1731
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations __1698 & 1708
1698
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations.
1718
Exchanges—Stock and Bond Quotations
1720
Other
__1714
Canadian Markets—Stock and Bond Quotations
1725
Over-the-Counter Securities—Stock & Bond Quotations .1728
Reports
Foreign Bank Statements
Course of Bank
Clearings
Federal Reserve Bank Statements
General
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops
.1758
Cotton
.1760
Breadstuffs
.1765
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613),
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year. $9.75 for 6 months;
South and Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain)
per
lor
Asia, Australia and Africa, $20.00
per year,
$11.50 for 6 months.
Transient display advertising matter. 45 cents
agate line
Contract and card rates on request. NOTE. On account of the fluctuation in the rates of exchange, remittances
foreign subscriptions and advertisements must be made in New York funds
The Financial Situation
SCARE" securities market sessions dur-
Such
ing the past week have served to crystallize
VV
nary
and to precipitate a vast amount
of skepticism about
the domestic business situation which had for
time
of these ills.
the past
week,
If the truth be told, the "war
explanation of the weakness in security prices
scare"
during the week
done.
for
time, at least, much
are
may
a
rather
The
Encouraging Side
painful
searching
of stocks and bonds, the fact remains that
in progress
more
provided the occasion for precipitate decline in
encouraging because there is good
on
the whole
more
diagnoses
would in all
bility
cits
Labor
effects
which
law,
said
under
the
neu¬
community
who
of
in
can,
in the
cretion
the
law
This, of
labor
application
in
others
danger of
war
abroad, and whatever
shown
he
or
assume
Day is
to prove
ac¬
even
either
that
light
the
upswing
appearance.
close
course
revival has
of the
and
pessimism,
they
that
some
a
in
a
be in
now
are
now
own
measurable
.concerning
that
statement
depends
upon
very soon
put in
a
deep
a
and
low ebb.
Of
prevalent
in
Proph¬
been wrong in the past,
But the fact remains
the
to
what the future holds
increasingly dubious of the out¬
more
important, this skepticism has
degree stimulated serious thought
underlying
be
Deal programs.
and
coun¬
ous
measures
obliged
The vari¬
that may
be
grouped together
as
of the New Deal
managed
economy
er
our
plans
phases
are no
long¬
able to evoke the favor¬
able
response
could
once
that
they
count
upon.
The reception given to
economic
progressively shorter
recently-instituted
the
reduc¬
at the Reserve banks
error now.
as
the costs of New
pay
the
be fully warranted.
often
would
to
it will never make labor
place or give assurance that
there will redound to the "wel¬
As time has passed faith
so
interested
matter, supposing,
apparently, that "the other
by which
wages
the
little
fellow"
a
great many business men who must arrive at
What is
vic¬
go now,
steadily lost strength, and at
sort of conclusion
for them
look.
may
easy
which hereto¬
groups
were
now
disturbing
be
to
tion in the rediscount rates
present week is at
disaster have
of
an
hours.
that it will
financial circles, may not
ets
in
defi¬
is
commanding
a
fore
hoped-for
way or
the
of
Mr. Lewis's
show
to
some
stand¬
own
mounting taxes
appear
country as a whole."
No better
demonstration of this fact is needed than
mod¬
nitely under
in such
things
welfare
to
autumn
as
its presence
erately convincing has
come
for his
that the higher the rate of
deserve such
still substan¬
evidence
no
even
formula after another
one
Unprecedented and
still
progress in organization
may or
make labor "strong" enough to "take
place at the council tables of industry,"
fare
tial,
granted.
may not
its
tive, and profits in many
are
perform if such
Further
but
branches
the present
as
regime is in office, and, if
try as a whole fares.
tember is almost at hand.
While business is still
long
as
end.
were
to
upon
the less work performed the better the
The middle of Sep¬
tory.
them¬
spend¬
not, where the country will
called
responsibility
discover
his¬
now
at all
demagogues who seek political
capital from loose if perfervid orations about
the forgotten man and the
like, and who
existing domestic situation.
a
growth of fitness for the tasks that
He has for the most part been
they
ask
to
of
now
ing will end, if it will end
given
right.
tim of all the
reappraise the whole
Labor
be
matter of
ards of performance.
market, have
led many astute observers
must
a
beginning
are
today what they were 25
ago—getting all he can from employers
and giving about as little as
public sentiment
will permit.
He has shown no disposition to
the events of the
to the conclusion that
as
labor
are
selves where all this
as
decades been
two
that
up
mountainous debt
years
past, and particularly those
in the stock
least
suggesting
themselves
the
follies in¬
volving the piling
His interests
during the past
so,
President in past
Even
of
supporters
be
no
would
demands
bond prices at any particu¬
week
at
of
time since
of recovery.
means
ardent
place "at the council
Labor
leaders
and
think
to
uneasi¬
more
to glorify profligacy as
gan
a
The trouble, or one of
them, is that as time
has passed the wage earner has on the whole
be the explanation of
time
like
directorates
seats on
the behavior of stock and
lar
who
frequently
large-scale
a
a
industry."
"liberals" have for
be the
real
of
seem,
the New Deal, in 1933, be¬
is not the first time that
course,
has demanded
tables
question.
But whatever may
defi¬
attention
more
than at any
ness
strengthened and entrenched, he added that
"greater productivity must be governed by
shorter hours of work, and upon this
depends
our
economic well-being."
the
have, it would
and aroused
Labor
organize.
fare of the
country as a whole," and, as if to
indicate how the "welfare of the
country as a
whole"
would
be
sought
by labor
thus
of war, use wide dis¬
may
to
become strong enough to take its place
the council table of
industry, for the wel¬
at
virtu¬
thumb
President,
of
continue
must
two
attracted
have applauded him vigorously, that
to
"labor
ally places large sections of
business
good while past.
during the past month
must
newly-enacted
trality
case
or
at Pittsburgh early in the week,
John L. Lewis told a
large audience, which is
produced had it not been
the
Director
as
Speaking
rather different from those
for the
men are
Continuing Treasury
proba¬
had
have
a
to be¬
reason
business
among
accurate than for
to be found in the do¬
war
has
during the past few weeks is the
lieve that current
underlying weakness of the whole price structure
that
of souls
been
mestic situation. Even fear
of
the
sense,
distinctly encouraging.
The
over¬
degree foreign situations
was
whatever
In
the prices
was
In this
observers.
many
the
prelimi¬
a necessary
developments of the past few weeks, particularly of
past been largely in suspension in the minds of
have
course,
to any well-considered and sound prescription
the treatment
for
some
diagnosis is, of
a
causes
of
present
ills.
show
to
management
the
seems
clearly enough that the notion that credit
can
economic
be invoked to work magic whenever
planners
community needs
a
conclude that the business
stimulant is
no.
longer accepted
at face value.
One of the "sweet
fact
that
business
it
man
uses
provokes
of
adversity" is found in the
thought.
realistic
today, particularly
one
living in the financial district, what is the
the present situation, and his
"Simple enough.
cannot
hope to
cause
of
reply is likely to be:
What else could
go on
Ask the
who makes his
you
forever spending
expect?
more
than
We
we
make—building auditoriums, playgrounds, stadiums,
and the Lord knows what else of
no
productive value,
Volume
Financial
145
borrowed money.
with
heavily that it
risks
of
wealth so
longer afford to assume the
and continue to prosper. We
initiative, .penalize prudence and
can no
enterprise
shackle
cannot
We cannot tax
and ex¬
the business community.
glorify shiftlessness, indolence and violence
continued vigor in
are merely coming home to roost as
pect
The
chickens
later
they
or
similar
replies could perhaps have been
are
elicited at all
during the past three or four years,
times
confident that at
have heard
no
much realistic analysis of this
so
among
phase of
more
it
can
No definitive
this
Government at Washington,
keep them in a favorable frame of
anxious to
time, but it remains to be
mind?
is possible at
to this question
answer
demonstrated that
the vast rank and file of the millions whose votes turn
election tides have as yet
financial
and
economic
There in fact is the rub.
had their faith in modern
magic
severely
shaken.
We may, however, be sure
deterioration in the
that further
use
them in
support of measures of
adversity is the natural result of
that
give heed to him last winter and spring.
of
this
would
sort
obviously be
serious handicap
to the politician.
business situation
development would of course
inevitably reduce Treasury receipts, enlarge unem¬
ployment and relief costs, further unbalance the
upon
If
the
we
remainder of
Repercussions
unsatisfactory business during
this year, it is quite possible to
Congress is once more in session.
On
hand, there is likely to be the President's
one
much as he has outlined it in the past, pos¬
program
sibly broadened and supplemented in some particu¬
lars not
to be
now
situation
such
some
evitable.
this
as
appears
and political management,
striction,
clothed
per¬
haps with glowing statements about democracy, pro¬
vision for the
underprivileged and the like but,
un¬
derneath, the same old hodge-podge of medievalism.
general program, it would
As to the President's
trifle absurd to think of it as furnishing
stimulation to business. It has for a long time past
appear a
been
burden which
a
the business community was
obliged to carry, and which it now appears to
either
unwilling
or
that
this time in the expectation
larger doses would be helpful
doses have debilitated the
The President may have his way, but
the result would be difficult to
course
gold, to spend the so-called devaluation
latter group
is already said to have gained appre¬
ciably and now to wield considerable influence in
Congress.
What further budgetary and unemploy¬
ment difficulties would do to
tion the future must
strengthen their posi¬
decide, but
one
must suppose
they would in no way be weakened by such
that
It will
no
doubt be recalled that the President in
defending his court "packing" program repeatedly
warned that unless he was
given his
way
in obtain¬
ing control of the Supreme Court and in giving ef¬
fect to
been
pen
sweeping measures which that Court had not
willing to countenance, dire things would hap¬
and happen quickly in the economic world. It is
predict. The
in¬
might not ensue, depending upon
might
of such a struggle
in Congress would prove to be a combination of the
two sets of ideas, the one group of measures nullify¬
many
well
circumstances now unpredictable. What
happen is that the net result
ing at least the grosser
external effects of the other.
point of view the outlook, based
whatever
From
such premises, is far from
upon
A Third
The
analysis
so
third and far more
it is
more
than a
promising.
Possibility
far presented of course ignores a
encouraging possibility. Whether
possibility depends in our view in
large part upon the attitude of the American people
in the circumstances in which they now find them¬
We
are
unable to subscribe to the defeatist
people of this country have been
delivered bound hand and
Washington,
bloc
or
some
from the eyes
foot to the Philistines in
whether they be of the inflationist
other group.
If the scales have fallen
of the rank and file, or if some effec¬
tive means can be
found to persuade them to look
realistically upon the facts by which they are
faced
present, no such struggle as has been depicted will
occur next winter or at any other date in the pre¬
at
dictable future.
It is the politician's business to
keep his ears close to
developments.
victori¬
of what is known as a "runaway
flationists, the politicians who want to "take over"
profits, to print greenbacks or their equivalent. This
(if it is what he has
Should the inflationists emerge
and trade.
selves.
desterilize
it
New Deal manager
wanting to do) to act as a fillip to industry
been
doctrine that the
inflation out of them, to
when smaller
patient seems out of the
really expecting what he does
ous,
be
unable to carry much farther.
To add to that burden at
On the other hand there will be the out-and-out in¬
the banks to make media of
almost in¬
,
predicted, but nonetheless essen¬
tially the same program of dictatorial control, re¬
business to
improve as expected this autumn—actually occur,
flation" might or
general lines of political battle that will
foresee the
and
It would be exceed¬
proved it so.
probable to many observers—failure of
usual
may assume
form when
the
bud¬
undeterminable effects
the popular mind.
Political
President
always said, his program was inadequate,
that events had
is difficult to conceive of even a
get, and probably have as yet
The inflation¬
in all essentials but that, as they
did have his way
question.
a
complete non
ists, on their part, would argue that the
during the next few months, instead of the formerly
Such
a
failing to
Arguments
sequitur, but unfortunately want of logic is not a
expected upturn, would have far-reaching political
repercussions.
alleging of course
the sort he has his heart set upon,
gle in Congress, but they could hardly be pleasant.
The worst of it is that should what now seems most
wholly absorbed in what they
get out of a fatherly
old addresses and
ingly difficult to foresee the results of such a strug¬
can
has
still almost
are
forgotten what he
be no
There
yet reached?
proportion of the voters of the country have as yet
come to such
conclusions, and what proportion of
them
that he has not
assume
said, but will be ready enough to revamp his
had
sort.
made remarkable headway
responsible business men. But what
that
safe to
then
spreading realiza¬
How far has this
situation.
tion of the truth as
question
but we are
previous time would an inquirer
brings the discussion to another
All this
the
Of course,
certain to do."
sooner
1629
Chronicle
the ground, and those now
shaping the policies of the country are quite adept
in the art. If what is known as popular sentiment
has turned
against such nonsense as that preached
by either the inflationists or
or
if it
one
to
the economic planners,
presently so turns, there will be no need for
rise from the dead to convince the powers
that be of the fact.
1630
Financial
The real question then is not what the
politicians
want, but what the American people
are determined
to
have; not what plans officials in Washington are
making, but what the majority thinks of their pro¬
whether
and
grams,
the
majority
definite and strongly held views.
has
any
very
day is to have the rank and file gain an under¬
standing of the nature and causes of the difficulties
by which we are faced. The country had
tionary boom during the latter part of last
infla¬
an
year and
the
earlier months
far
enough to disclose that with much the larger
part of
this year,
activities
our
devoted
here
and it proceeded
to
consumer
goods
production
$37,000,000, making the aggregate
$12,604,000,000.
The Treasury continues to absorb
the fresh arrivals in the inactive
gold fund, which
currently is moving rapidly toward the $1,400,000,000 mark.
The
serve
condition
upward movement might
halt
as
where
quickly.
we
stood before it
equipment
is
might not
or
If it did
should
we
started,
concerned,
so
far
assuming
to
come
be left
a
did
and
wear
not
should
we
substantial
tear
that
to
certainty
such additions had been
coordinated and
encounter
business
a
much
our
prolonged period of
If it
question obtain
Should
poor or
we now
we
should find,
activity again increased, that
we
were
in
policy.
Unless such
relatively
complete reversal of public
reversal
a
long while.
a
about in the
comes
consequences will be much
We
in
reaching the point, if
where
so
de¬
capital goods is severely
discouraged, with the result that
we
are
rapidly
have not already reached it,
further delay in setting the house in order
no
we
Federal Reserve Bank Statement
a
is not continued, but
be a purely temporary matter, as banks
strongly tempted to borrow at the lowered
if,
ing of
rency
as most
takes place this autumn.
the
Wednesday night, owing in good part
unusually large Labor Day requirements.
The credit summary
indicates a $65,000,000 currency
increase for the week, which
may be modified some¬
what in the
in the
is well under way.
year now
in
subsequent statement, but the usual rise
circulating medium for the latter
balances
view
were
of
slightly lower,
the
quirements fell
mate of
excess reserves
the
is
Gold
the United States in
as
reserve
might be expected
reserve
re¬
sharply, and the official esti¬
000 for
week.
half of the
Member bank
gain, but the
currency
more
a
$760,000,000,
continues to
up
flow
$10,000,toward
steady stream, with Europe
again shipping large amounts, while Japan is bol¬
stering her exchange with heavy engagements for
the Coast.
In
Dis¬
by the System fell $167,000 to $23,559,000.
with
a
drop of $76,000 to $20,709,000.
operations again
were
bills remained
ers
at
lacking,
Open market
holdings of bank¬
as
$3,076,000, while holdings of
United States Government securities likewise
were
unchanged at $2,526,190,000.
Foreign Trade in July
disposed
lament
JULY'S foreign trade report offers some assurance
seeming
are
the
to
change in trend of this country's foreign trade from
an
of exports to
excess
satisfaction may
while
one of imports.
Primarily
be derived from the fact that the
July, albeit small, is
alPprevious months this
on
the side of exports
except June, had
import balances; secondly the percentage gain over
the
same
month of
1936
year,
larger in the
was
case
of
exports than in imports; in all other months this year
the increase in imports over a year earlier has exceeded
the export gain; further the export gains over a
year
down
gain
course
of
the week to
Wednesday, gold stocks
imports
over
1936
while
month has followed rather
and in
50% in June.
that
July
36%
was
an up
sub¬
and
compared with
as
All of which is not intended to imply
balance appears likely to accrue on the
export
side of the account in the near future but
a
merely to
show that there is another side to the
picture, how¬
ever
Cur¬
in circulation moved sharply higher in the
week to last
to
observers anticipate, some harden¬
money rates
The
to 79.6% from 79.5%.
counts
of
week ago
this may
rates
drop of
Industrial advances continued their slow recession
percentage
CHANGES of the banking statistics this week are
largely in
routine nature. The increase
will be
a
113,616,000.
ratio moved up
stantial in every
a
decline
ago have been virtually consistently larger in each
succeeding month and amounted to 48% in July; the
safely be tolerated.
rediscounts noted
a
reserve
balance in
today living
are
Public policies have been
vised that investment
can
poorer than
the accumulations of the past, and have been
upon
for
a
than many imagine.
graver
000 to
to those who
future, the
near
by $21,221,000 to $6,709,993,000;
va¬
reserve
Treasury general account balance by $25,874,$130,390,000; an increase of foreign bank bal¬
once
capital goods.
What is needed is
of
indifferent
activity and profits,
ever
drop in member bank
deposits by $33,271,000 to
poorly conceived, not well
over.
balances
a
by $10,770,000 to 200,427,000, and
productive capacity,
paid for twice
consisting of
ances
should later find that
we
$69,596,000 to $7,154,426,000, with the account
other
replace¬
Re¬
as
in actual
capital
as
machinery.
our
without
additions
but with equal
upon
reserves
just
ments, improvements and the like actually offset
further
Federal
circulation increased
$34,879,000 to $4,295,483,000. Total deposits with the 12 Banks decreased
of the
inflationary
the 12
$499,000 lower at $8,830,890,000, but till cash fell
$22,989,000 to $271,248,000. Federal Reserve notes
equipment
Another
of
Sept. 8 at $9,111,102,000, down $23,473,000 for the
weekly period. Gold certificate holdings were only
riations
thus revealed.
statement
Banks, combined, shows total
we were unable to supply demand and
sadly unable to give full employment to all who
sought work.
A startling deficiency in capital
was
Sept. 11, 1937
increased
The real need of
the
of
Chronicle
vague.
Exports in July aggregated $267,185,000 and im¬
ports,
$265,349,000 leaving
$1,.836,000.
In
favorable balance of
a
June exports
imports of $285,925,000 left
of $265,370,000 and
balance
on the import
$20,555,000. In July, 1936 exports amounted
$180,390,000 and imports, $195,056,000 which
a
side of
to
resulted in
in the
an
seven
import
$1,803,829,000
verse
were
same
of $14,666,000.
an
seven
Trade
date, of which
exports and $1,948,648,000 im¬
was
ports, resulted in
In the
excess
months of the year to
adverse balance of
$144,819,000.
months of 1936 there
was
an
ad¬
balance of
$24,214,000; in that period exports
$1,335,351,000 and imports $1,359,565,000.
The United States has not had
an
unfavorable balance
of trade for
any year since 1893.
Most of the gain in
exports in
the result of
was
July over July, 1936
larger shipments of non-metallic
minerals, metals and manufactures, and machinery
Financial
Volume 145
and vehicles which
than last year.
than
together
were
$76,854,000 higher
Cotton exports in July were no more
148,675 bales the smallest of any month since
at least 1920 and
$9,356,451; no
valued at only
were
waged in the Far East is
doubt the warfare being
largely responsible for the exceedingly small shipments; June exports of cotton totaled
worth
248,303 bales
1936 shipments were
$16,835,103 and July,
175,593 bales valued at $10,788,090.
The
import gains
tributed
over a year ago were
again dis-
nearly the entire list including edible
over
products, vegetable prod-
and inedible animals and
wood and paper,
minerals, and metals and manufactures,
1631
Chronicle
the
years 1923 to 1932.
Crop prospects improved during August in every
major cotton State except Oklahoma and the CaroThe estimate for Texas was raised 308,000
linas.
bales, which was the greatest increase, and Mississippi 110,000 bales.
Ginnings up to September 1 are reported as
amounting to 1,871,403 bales as compared with
1,374,247 bales in 1936 and 1,135,090 bales in 1935.
Oddly, the ginnings to September 1 are smaller this
than last in all States except Florida, Georgia
year
ucts, textile fibres and manufactures,
ana Texas although
non-metallic
this year in
Gold imports in
July of $175,624,000 were some-
what lower than the
month but
$262,103,000 of the preceding
brought the total for the seven months to
$1,204,951,000, $60,000,000
of
year
of any
than in the entire
m
m.
CMTre,1
Juy °i'S4'4 .l
^'*>7
une an
of silver
exports
>
00 m Juy>
immaterial
were
as
>
previous
in
s-
mon
a
larger crop is forecast for
State.
In Florida and Georgia
moderate gains have been reported
in cotton ginned
this year over 1936 but the figure for Texas
this
js i?078,604 bales while last year it was only
year
460,902 bales. This single gain by far outweighs all
the decreases reported in
the other States.
Government's Crop Report
month since July, 1936, amounted to no more
$206,000; July, 1936 exports were 1695,000.
'
every
Exports of the metal while the largest
$16,074,000.
than
more
1936 imports were only
In July,
1936.
58% average in the ten
same date in 1936 and
rym] g t 3
t of the Department of
Agriculture indicates very little change in the
1
probable harvests this year since its previous report,
haaeA
^
wheat
Government Cotton
Report
The forecast for all
C0nditi0ns.
Au„
lowered
was
slightly to 885,000,000 bushels
compared with 890,000,000 bushels on Aug. 1;
as
THE Government CropofReporting Board has fore- thus the five-year this year will be somewhat better
16,098,000 bales
the
than the harvest (1928-1932) average of 864,000,000
cast
cotton
a
cast is
400,000 bales higher than general expecta-
tions of the trade.
A crop
of this size wTould be the
largest in history and the largest since 1931.
The record
high crop was produced in 1926 and ag-
gregated 17,977,374 bales.
on
This fore-
existing September 1.
505,000 bales higher than that of August 1
and about
fifth
on
crop
basis of conditions
the market
to
was
The effect of the report
depress prices to the lowest
point of the downward movement, in progress since
June and the spot
tion
price touched a low only a frac-
higher than 9c.
a
pound.
Weather Bureau
re-
ports of conditions in the first week or so of Septhat
indicated
tember
considerable
caused
increased boll weevil
date and this
excessive
had
dampness
deterioration to the
activity since the
estimate
helped to check the market's decline.
Washington cranks took occasion to emit plaintive cries
on
behalf of the farmer and Sec. Wallace
again declared his conviction that an extra session
of
Congress should be held this fall to consider crop
control
legislation.
Mr. Wallace said that a crop
of the size forecast would
over
next
carry-
August of 8,000,000 to 8,600,000 bales in
comparison with
a
probably result in a
an average
of 5,000,000 bales over
long period.
The
interesting feature of the current large esti-
mate is that it is based on a record
acre,
area.
high yield
per
viz. 228.5 pounds, and not on a large planted
The
planted area of 34,192,000 acres is larger
than that of any year
since the advent of the Roose-
velt Administration but compares
for the ten years
with
an average
1924 to 1933 of 41,966,000 acres,
Acreage abandonment this year is expected to be no
more
than
1.3% and will leave 33,736,000 acres to
be harvested.
Last year the
yield
per acre was
tion of 626,000,000 bushels.
The winter wheat esti-
mate of 688,000,000 bushels is the figure
of Aug. 1
carried forward, and hence is no different from the
forecast of a month ago.
was
The spring wheat estimate
reduced to 197,000,000 bushels from 202,000,000
bushels Aug. 1.
A crop of the size now indicated
would be 84% higher than the exceptionally
small
of 1936, but much lower than the five-year
one
(1928-1932)
yield
average
per acre
of f 241,000,000 bushels.
The corn crop this year is just
according to
10-year
about average size,
Sept. 1 calculations, namely, 2,549,-
000,000 bushels.
The estimate of Aug. 1 was 109,-
000,000 bushels, or 4% higher than the present
ure;
The
of all wTheat is placed at 13 bushels,
slightly higher than 1936 but under the
(1923-1932) average of 14.4 bushels,
and
crop
crop
bushels and much greater than last year's produc-
drought conditions in the Western corn
figbelt
of the crop
The yield per planted acre of corn
is expected this year to amount to 26.5 bushels compared with an average for the 10 years (1923-1932)
of 25.4 bushels, and only 16.5 bushels in 1936.
Condition of the corn crop was 76% of normal as
compared Vith 83.2% on Aug. 1; it is customary for
the condition of this crop to decline about that much
during August, the 10-year average for Aug. 1 being
are
held responsible for the falling off
during August.
75.6% and for Sept. 1, 71%.
Condition of spring
of normal, compared with
55.8% Aug. 1 and a 10-year average for Sept. 1 of
67%.
Oats condition was 78% of normal compared with an average for the same 10 years of 77%.
Barley was 64% compared with an average of 75%,
and buckwheat, 82% compared with 78% average,
wheat Sept. 1 was 54%
197.9
The New York Stock Market
pounds, in 1935, 188.0 pounds and in 1934, 170.9
pounds.
The condition of the current crop
was
at September 1
75% of normal which compares with 59% on
T this brief business week stock prices in the New
TN
York market tumbled sharply, with the quotations reflecting almost a state of collapse here and
A
1632
there.
Financial
The
dealings
Chronicle
not exceptionally large, as
trading on the New York Stock Exchange averaged
less than
2,000,000 shares in the full sessions.
markets made
ings.
were
huge losses possible
Many prominent stocks
points for the week, and
a
urally
everywhere
expressed
was
Two
movement.
selling
good deal of
sessions
rallies.
tors
The
was
regarding
fears
war
yes-
small
and
But
such
were
little affected
since
situation appear to underlie the decline.
so
widely held
up
to
and Avinter
months,
few Aveeks ago, that business
a
has turned into
iioav
factors of considerable
cline of stock
prices.
decline
in
counts
has
the
The belief,
improve throughout the autumn
Avonderment about the trend.
market
In
an
addition, technical
importance hastened the
It is Avell established that the
placed
so-called
tors,
All
numerous
"restricted
these, and
contributed
de-
margin
area,"
to
the
numerous
heaAuest
ac-
where
can
be
in
stock
levels in four years.
The market last
Small
gains
were
recorded
quiet but steady.
was
in
Avere
issues,
many
but
The im-
numerous.
pending long suspension for the Labor Day holiday
liquidation. When dealings
failed to occasion much
resumed
on
Tuesday, the market virtually col-
lapsed. War fears had much
since the
Avas
14
sharp increase of quotations for goods that
There
Avere
916 issues traded
Big Board, and of these only 23 managed to
improvement. Losses ranged from fractions to
points, Avith all
groups
affected.
Indicative
drop of 7% points in United States Steel
The
nervousness
diminished somewhat
day, but the market shoAved
that
session.
share
Dealings
no
moved
modest
in
2,000,000
short
lines stemmed
the
rout.
simism had been
Buying
was
overdone, and gains
aaTere
On
the pes-
the rule.
ranged to 4 points in leading stocks,
cautious, however, and
some
important
sections of the market failed to
join the movement,
In
another
fairly active session yesterday, prices
again collapsed and neAv Ioavs for the year Avere recorded in
a
great majority of the issues. Prices took
a
sharp slide to lower figures, Avith leading issues
off 5 to 10
points and some prominent high priced
shares doAvn
fears
Avere
domestic
e\Ten
more.
Significantly enough,
Avar
largely dispelled by yesterday,
reasons
so that
had to be found for the recession,
The listed bond market
the
er
naturally Avas affected by
tumbling quotations of stocks, but on a far small-
scale.
United States
Treasury bonds
were
marked
slightly lower at the start of the aa^eek, largely in
conformity with the higher yields of two note issues
offered in
exchange for maturing notes.
The
soft
throughout,
on
sharply lower, On
a
On
New
the
touched
neAv
York
Exchange
for
the
low levels.
neAv
York
stocks
707
On the New York
neAv
high levels
Ioav levels.
neAv
Stock
2
while
year
Exchange 3 stocks touched
and 433 stocks touched
the NeAv
Avar
Avere
safety,
Stock
high levels
stocks touched
on
typical reaction to
resumption of capital transfers
to the United States for
Curb
steady. The foreign
Avere
a
Sterling, francs and other leading units
Call loans
Exchange remained
un-
changed at 1%.
On the NeAv York Stock Exchange the sales at
half-day session on Saturday last Avere 229,980
the
Labor Day and
was
Tuesday the sales
were
a
holiday;
1,871,150 shares;
on
on
Wednes-
day, 2,256,110 shares;
and
on
on Thursday, 1,411,550 shares,
Friday, 2,321,820 shares. On the NeAv York
Curb Exchange the sales last Saturday Avere 55,305
shares; on Tuesday, 461,565 shares; on Wednesday,
513,960 shares; on Thursday, 317,530 shares, and on
Friday, 514,075 shares.
Increased tension
over
the ruthless Avarfare
now
being Avaged in China caused the stock market
break in violent fashion and
sent
stocks
to
tumbling
to neAv Ioav levels both for the week and year.
steady and
dull
market
characterized
trading and prices closed firm.
tated
poiver
the
Thursday the decision appeared to be that
The advances
fears.
Day and
selling
the
exchange markets showed
Wednes-
on
rallying
over
Avas
was
ministration. Base metals
common.
line, Avith most issues again slightly loAver.
was noted, but professional covering
Some
of
decline,
the
shoAV
a
to do with the
Cotton
analysis of the loan and subsidy plan of the Ad-
of the commodity markets
response
needed in wartime.
are
on
a
typical
the ground later.
shares; Monday
Saturday
equally modest losses also
Avere
tain. Grains and most other staples improved early
in the week, on war apprehensions, but lost some of
ancillary fac-
break
a like nature sharply lower,
commodity markets movements were uncer-
In the
anxious
liquidation is necessary before fresh activities
undertaken.
Ap-
domestic business
own
af-
more
the European developments, with Italian, German
by the
Mediterranean and Far Eastern
developments.
perhaps
Foreign dollar bonds reflected
and other securities of
once
prehensions regarding our
Avould continue to
fected than others.
commenta-
reasoning is plainly insufficient,
European markets
sharply lower levels, with secondary
default railroad securities
and
unconvincing
again are occasioning
liquidation,, both by domestic and foreign holders,
the
stock trend to
the
ready explanation of most
that
tionally. The speculative bond sections followed the
heavy recessions, while
produced
1937
High grade corporate bonds dipped trac¬
figures.
concern nat-
Tuesday and
waves on
terday accounted for the
other
Thin
down 10 to 20
were
11,
Treasury offered 1%% fifteen months notes or 2%
five year notes, to holders of $817,000,000 maturing
3^8, and the Treasury list declined to meet these
small offer-
on
Sept.
a
holiday
by the
in several
to three
Avar neAvs
years
ing equities
or more
Tuesday.
on
points.
prices again suffered
a
one
as
bad influence
on
seven
from
Nervousness
day, induced by heavy selling
a
downAvard
to
re-
points,
the final hour ap-
proached, leaving leading issues
the day.
a
morning session,
severe
Further recessions took place
on
At the open-
Liquidation set in with
vision, Avith losses running from
points lower
Precipi-
weak and declined from fractions
vengeance toward the close of the
and
Labor
was
from abroad, the Avorst break
occurred
were
Monday
the Stock Exchange.
on
A
Saturday's
tAVo
on
to
10
Wednes-
on
the day before, had
stock prices.
Fresh liquidation
developed and carried equities slightly below the
average price levels for the year which were established in recent trading.
discarded
many
Traders for the moment
of their fears
over
the
Avar
East and the business situation at home
on
in the
Thurs-
day by increasing their purchases of securities, thus
sending them from one to four points higher. Subsequently these prices
when liquidation
on a
ket in late trading.
enced
a
came
some
revision
mar-
Yesterday the market experi-
further break in
values,
issues dipped from five to 10
day.
in for
small scale entered the
and
or more
prominent
points
on
The occasion for the SAveeping declines
the
Avas
Volume
economic situa¬
with the close on Friday of last
mainly attributed to the general
tion.
As
compared
week, prices at yesterday's close were considerably
lower.
General Electric closed yesterday at 46
week; Consolidated
Columbia
10% against 11%; Public Service
against 50% on Friday of last
31% against 33%;
Edison Co. of N. Y. at
Gas
of
&
Elec.
at
N. J. at 38
Threshing
against 39%; J. I. Case
Harves¬
Roebuck & Co. at 79%
against 87; Montgomery Ward & Co. at 51% against
57%; Wool worth at 42% against 45, and American
Tel. & Tel. at 160% against 167.
Western Union
Machine at 137
ter at 90
against 161; International
against 104; Sears,
45 on Friday of
last week; Allied Chemical & Dye at 203 against
226; E. I. du Pont de Nemours at 142% against
152%; National Cash Register at 25% against 30%;
yesterday at 41% against
closed
International Nickel at 55%
Products
Dairy
Biscuit
at
against 59%; National
against
18
at
23%* against
at 33%
phur
National
18%;
Texas
26;
Gulf
Sul¬
against 36%; Continental Can at
50% against 55%; Eastman Kodak at
178 against
10% ex-div. against 11%;
Westinghouse Elec. & Mfg. at 127% against 142;
Lorillard at 20% against 20%; U. S. Industrial
Alcohol at 28 against 32; Canada Dry at 19%
184; Standard Brands at
against 22%; Schenley Distillers at
36% against
40%, and National Distillers at 27 against 29%.
The steel stocks were adversely affected the pres¬
and closed with
ent week
States Steel closed
United
material losses.
against 88%, and
68% against 83. In
the motor group, Auburn Auto closed yesterday at
12% against 16 on Friday of last week; General
Motors
at 48% against 52%; Chrysler at 94%
Youngstown Sheet & Tube at
against 106%, and Hupp Motors at
3% against 3%.
Goodyear Tire & Rubber closed
yesterday at 30 against 36% on Friday of last week;
United States Rubber at 40% against 50%, and
B.
Goodrich at 28% against 34.
F.
The railroad
participated in the market break and closed
Pennsylvania RR. closed yester¬
shares
lower for the week.
day at 30% against
Atchison
33% on Friday of last week;
Topeka & Santa Fe at 59 against 67%;
York
New
Central
Pacific at 105
at
27% against 33%;
Union
against 114; Southern Pacific at 32%
against 38%; Southern Railway at 19 against 24%,
and Northern Pacific at 19% against 25%.
Among
the oil
stocks, Standard Oil of N. J. closed yester¬
day at 58%
against 63 on Friday of last week;
Shell Union Oil at
22% against 24%, and Atlantic
reports this week are some¬
Day holiday
Steel operations for the week ending today
estimated by the American Iron and Steel Insti¬
period.
to
71.6% of capacity against 84.1% the previ¬
week and 68.2% in the
corresponding week of
Production of electric power for
the week
Sept. 4 is reported by the Edison Electric Insti¬
tute at
kets, the September option for
on
Friday of last week.
The
spot price for cotton here
in New York closed
9.36c. the close on
The spot price for rubber
yesterday at 9.23c. as against
of last week.
Friday
against 18.68c. the close
Domestic copper closed
yesterday at 14c., the close on Friday of last week.
In London the price of bar silver yesterday was
19 15/16 pence per ounce as against 19 13/16 pence
per ounce on Friday of last week, and spot silver in
New York closed yesterday at 44%c., the close on
yesterday was 19.18c. as
Friday of last week.
on
Friday of last week.
In
matter
the
transfers
on
of the
foreign exchanges,
London closed yesterday
cable
at $4.94% as
against $4.96 the close on Friday of last week, and
cable transfers on Paris closed yesterday at 3.56%c.
as
against 3.73c. the close on
European
Friday of last week.
Stock Markets
PRICE changes on stock markets in the this week,
European financial centers were small principal
uncertainty and
the
despite
apprehension occa¬
Mediterranean and by
the Sino-Japanese war. Although they are far more
apt to be affected by events in the Mediterra¬
nean and the Far East than the New York market,
the European exchanges were relatively calm. There
was a little selling in the mid-week sessions at Lon¬
don and Paris, but this was overcome as bargain
hunters came into the market on Thursday. London
by the "piracy" in the
sioned
perturbed by Wall Street reactions to the
than by the events themselves. On the
Bourse a degree of uncertainty was occasioned
was more
world events,
Paris
Government borrowings from the Bank
market had difficulties of
its own to contend with, in the form of persistent
rumors that Dr.
Hjalmar Schacht seeks to resign
from the Economics Ministry and perhaps also from
the Reichsbank. But all these events together failed
by renewed
of France.
to
The German
depress the European
markets to any noteworthy
After a fair start early in the week, prices
to decline in the mid-week sessions, but re¬
2,320,982,000 kilowatt hours against 2,294,-
713,000 in the preceding week and 2,135,598,000 in
followed and the net changes were small.
reports remain encouraging, but fresh con¬
about monetary aspects was introduced Thurs¬
Business
cern
inconclusive, since important indices are sub¬
1936.
■
covery
ject to the uncertainties of the Labor
ous
preced¬
the corresponding
indicating the course of the
Friday of last week; American Smelting &
Trade and industrial
tute at
gain of 17,260 cars over the
commodity mar¬
wheat in Chicago
closed yesterday at 105% as against 105% the close
on Friday of last week.
September corn at Chicago
closed yesterday at 105c. as against 96c. the close
on Friday of last week.
September oats at Chicago
closed yesterday at 31%c. as against 29%c. the close
As
tended
42% against 45%.
are
a
week of 1936.
Copper closed yesterday at 48% against
Refining at 79 against 84%, and Phelps Dodge at
what
This is
cars.
ing week and of 39,502 cars over
degree.
Anaconda
on
the
In the copper group,
Refining at 23% against 26%.
53%
freight for the week to Sept. 4 are reported by
Association of American Railroads at 804,633
enue
Inland Steel at 96 against
103%; Bethlehem Steel at 80%
In the rubber group,
Car loadings of rev¬
the similar week of last year.
yesterday at 93 against 103% on
of last week;
Friday
1633
Financial Chronicle
145
day, when the Economic Committee of
of Nations issued a gloomy report that
the League
emphasized
the lack of progress toward the general aim of fi¬
nancial stability, expressed in the tripartite accord
of September, 1936.
Even this report failed to de¬
press the European markets.
The London Stock Exchange was cheerful on the
fortnightly account, last Monday.
small scale, but gilt-edged issues
good demand and gains also were recorded
industrial stocks. South African gold min-
opening of a new
Business was on a
were
in
in most
1634
Financial
ing shares
in excellent demand, and base metal
likewise
improved.
were
securities
were
week-end
soft,
because
reports from
difficulties
sharp differences
assumed
New
the
of
the
impressive
unfavorable
International
proportions
on
this
on
lower, and recessions
stocks,
British
occurrence.
funds
drifted
the rule also in indus¬
were
despite good trade
reports.
Among
to aims and purposes motivated
as
Nazi authorities.
York.
Tuesday, when Russia accused Italy of sinking her
ships in the Mediterranean, and the London market
trial
Sept. 11, 1937
Anglo-American
securities
reacted
Chronicle
split of the German banking genius Avith the
from
small
quiet session
ately.
Losses in market leaders
ranged
fractions to 3
The gains
served to
tations
of
2
noted
3
to
In
more.
a
small but general, and they
Avere
modify the previous losses.
were
Losses
points and
Thursday, prices improved moder¬
on
in
dull
a
points
Declining
session
recorded
were
quo¬
yesterday.
in
leading-
stocks.
international securities, declines
were the rule, with
Anglo-American issues alike heavy.
Far Eastern and
Further
nervousness
occasioned
was
Wednesday, by the international
Gilt-edged issues sagged and fresh
peared in the industrial
section.
at
London,
developments.
recessions
ap¬
Reports of the
abrupt drop at New York necessitated
a
general
China and Japan
CHINA and Japan uoav have entered upon their
general warfare in the northern
third month of
Chinese area,
and their second month of specialized
Avarfare in the
Shanghai territory, Avith the results
altogether inconclusive.
lowering of quotations for Anglo-American issues,
bitterness
and
and
that
even
Far
Eastern
Greater
and
in
was
gilt-edged stocks led
home industrial
and
securities
confidence
stocks,
likewise
evidence
weak.
were
on
Thursday,
advance that stimulated
an
well.
those
Anglo-American stocks joined the upswing, but
ment
issues
well maintained
were
trial stocks
sharply.
'
Trading
y--\V
American issues dipped
the Paris Bourse
011
initial session of the
week, owing to the
national difficulties and the
the franc in
marked
tended
listed
dull
modest in the
was
many
inter¬
persistent weakness of
foreign exchange markets.
Rentes
were
slightly loAver, but most French equities
improve.
The international securities
to
the Bourse were.in demand.
on
market,
almost all
Tuesday, levels
on
In
a
thin and
loAvered
were
in
departments.
The Russo-Italian contro¬
depressant.
Rentes shoAved fractional
versy was a
losses, Avhile larger recessions appeared in French
bank
and
also
other
dipped,
equities.
in
the
Although the Bourse
International
general
Avas
of
Avave
securities
liquidation.
mystified and Avorried
Wednesday by reports of the collapse
market, prices Avere rather well
on
York
on
the New
maintained
in that session.
French
Rentes again dipped
slightly, while
utility and industrial equities held
former figures.
The international section
bank,
close to
reflected
some
duced
Thursday
on
of rentes and
buying.
Weakness of the franc in¬
typical reaction of liquidation
a
purchasing of foreign issues.
French
Government securities Avithout
an
exchange guaran¬
dropped fractionally, but equities were in modest
demand.
a
International securities moved
higher on
transfer of funds to these
uncertain
French
issues
obligations.
were
turned
irregular.
stocks.
International
Avere
reported
on
of the
the Berlin
week.
Most
toAvard slightly loAver levels, but some
Avere
also
were
Business
noted,
was
especially in electrical
almost
at
a
standstill
on
Tuesday, Avhen the international complications of
the Spanish war caused
general apprehension. Ow¬
ing to the reluctance of buyers, prices
man
market
ings.
Fixed-interest issues
movement.
would
slumped 1 to 3 points
Insistent
on
joined
rumors
the
that
on
the Ger¬
small offer¬
doAvinvard
Dr.
Schacht
resign from the Economics Ministry caused
fresh declines
on
Wednesday,
as
it
was
accepted that
civil
Nor
Spanish
finally made
conflict
the
are
British
Japan
to
The
an
happier than
apology and
the
as
China,
shooting of
Sir
Pratas
islands off the coast of southern
Hughe
authorities
naA^al
Monday the
on
spoils of
Avar
of
group
of
China, thus indi¬
cating rather definitely that they will not be
tent to confine the
the
inadequate, but preliminary,
an
Ambassador
occupied
in
international
Avar any
guarantees against such incidents
the
a
The Japanese Govern¬
war.
reply to the British demands for
to the
area
con¬
north of
Shanghai, Avhere British influence is relatively mod¬
British observers
est.
ing
island of
the
now are
apprehensive regard¬
possible effort by the Japanese to take the
a
Hainan, Avhich lies between Hongkong and
Washington continued to avoid
Singapore base.
applying the neutrality legislation to the Sino-Japa¬
conflict.
nese
last
But President Roosevelt
have
been
advised
to
dent
added.
leave
so
Avho remain will do
at their
United
hoAvever, and
be
announced
Sunday that all of the 7,780 Americans in China
The
that
States
country.
own
Those
risk, the Presi¬
marines
will
remain,
of protection thus will
some measure
available.
Administration
aaTas
criticized
severely for taking such measures, but Secretary of
States Cordell Hull defended the
The
Avarfare in
and
around
the center of interest for the
presence
there of
interests
of
with
the
so
other
cate that life in
many
course
vigorously.
Shanghai remained
Occident, OAving to the
foreigners and the vast
countries.
Shanghai is
All
a
dispatches indi¬
continual nightmare,
airplanes zooming overhead and the bombs of
planes vying with the anti-aircraft shells of the
Japanese Avarships
settlement.
around
Boerse, in the initial session
advances
an
in demand.
Only small changes
changes
After
start, rentes recovered yesterday, while
equities
Spanish
Knatchbull-Hugessen.
y;:.
■
■
Gilt-edged
yesterday, while indus¬
irregular.
were
dull.
were
the
classification.
of the
continues with
Avar
aspects of the Sino-Japanese
Commodity'issues
as
Chinese and Japanese bonds
tee
puts
gentler
The
disregard of civilized procedure
a
The
Shanghai
as
dangers to the international
Chinese
staged
defenders
a
sharp
of
the
offenswe
area
last
Saturday, mainly against the landing forces that
were
being unloaded from numerous Japanese trans¬
ports
in
maneiwer
the
Avas
Whangpoo
RiA7er.
This
desperate
sufficiently successful to force the
departure downstream of eight Japanese transports,
for the time
sive
on
and
were
being.
The Japanese resumed the offen¬
Monday, but they made only modest gains
unable
to
break
the
Wednesday the Chinese again
and their attacks made
difficult.
The
Chinese lines.
were on
landings of Japanese troops
Japanese plainly
were
by their lack of signal
successes.
planes
vicious
with
a
sort
of
By
the offensive,
disappointed
They used air¬
abandon,
bombing
Volume
towns and vilages far behind the
many
On
battle lines.
refugees
point in the interior, killing 300
Thursday they bombed a trainload of
from
Shanghai, at a
wounding 400 others.
Chinese and
of the luckless
The authorities of the international
drawal of
settlement pre¬
declined tersely
troops, but the Japanese
and the Chinese failed to
reply.
the con¬
and then the'Chi¬
first the Japanese
conflict.
much in the manner of the Shanghai
nese,
still
mud
and
Rains
hampering the invading
are
Japanese forces, which are said to number about
Some gains were reported by the invaders,
100,000.
Nankow pass
however, south of Tientsin and in the
trapped and killed 4,000 Japanese.
preparations for a prolonged
tries made extensive
The
conflict.
Both coun¬
Japanese Diet met last Sunday in
Tokio, and promptly voted appropriations of $592,000,000
total
the
bringing
campaigns,
the Chinese
for
Huge gold
appropriations to $737,000,000.
shipments from Japan to the United States indicate
the strain of the war on the resources of the
and
country,
predicted the breakdown of the
observers
some
Japanese economic structure, if the war is long con¬
But the Chinese are in no better case,
tinued.
for
foreign bankers in Shanghai and Hongkong main¬
tain
the
that
than that of
the other
war
financial
position is worse
There is reason to believe, on
Japan.
hand, that China is better able to wage a
her
on
Chinese
resources
own
than is Japan,
since the
Parley
ships out of Italian bases, with their Italian
creAvs and munitions.
Officers of a number of ships
sunk
by the marauding submarines maintained that
proof appeared to be lacking, and for that matter
After
ernment.
Mediterranean
neutral
of
neutral
merchant
ships by unidentified submarines in the Mediter¬
have occasioned the latest
ranean
re¬
submarines molesting
French also increased
'
Apparently at the suggestion of the French Gov¬
and France to call
the Mediterranean
in
These tAvo govern¬
question.
jointly invited the attendance of Germany,
ments
Italy, Russia, Greece, Yugoslavia, Turkey,
conveyed last Sunday through the
were
assembled
and settled the
a
But Soviet Russia intervened
AArould attend.
many
series of
question rather decisively, through
exchanges with Italy beginning last Mon¬
Moscow sent an initial note to Rome charg¬
day.
ing Italy Avith responsibility for the torpedoing
merchant
Russian
tAvo
vessels.
Soviet
a
Government
establish
hand to
the
guilty of the acts of piracy.
the
hour
to
the Russian
in
yesterday
indicated immediately
AAras
Switzerland.
But
gather to discuss the prob¬
Russia accused Italy flatly
of
having sent out the marauding submarines, and
in
this
manner
out the world
the
sian note had
to Rome another
sharply-worded note repeating the
charges and again demanding indemnities.
communication
make
no
The
the
rejoinder.
question of Italian and German participation
meeting thereafter hung in suspense for a
she
because
the
joined
Avas
into
States thus becomes
more
or
Germany,
by
fascist
and
evident than
In this
and
the
democratic
ever
before.
relating to the Mediterranean piracy
far overshadowed the
an
would not accept the invitations.
ers
Europe
The events
Spanish
war,
important bearing
The
but the piratical
on
the
course
of
loyalists have been receiving im¬
portant supplies via the sea routes, both in really
bottoms
and
in
ships
of
Soviet Russia.
Stoppage of these supplies could be counted
upon
hamstring the Valencia regime and might bring
quick victory to the rebel cause.
Germany and Italy alike, in virtually
identical communications, that the tAvo
maneuver
Because of the
fascist PoAv¬
Because of
question introduced by the Soviet charges, it
was
to
Later
day the British and German Ambassadors were
that
convenience, Italy thereupon decided
her
Government made
reply would be negative.
informed by
open.
To this
the Italians indicated they would
brought sharply into the
not to attend the Mediterranean conference.
to
It
predisposed Italy to reject the Anglo-
suspicions entertained through¬
Avere
Either because of the Russia
neutral
indignantly
in Rome that the Rus¬
it known that the
many years ago.
have
Italy replied
note,
denying the charge and rejecting the demands.
not
the conflict.
neatly
The Soviet
allegations.
day, but by Thursday the Italian
acts
note
supplied the names of the Italian submarines
in
of
the
seasoned
simple declaration that posith^e proof Avas
exchanging communications of so undiplomatic a
division
of
Reparations were
demanded, along Avith punishment of the guilty, and
stamp that they would surely have led to warfare
attitude,
diplomatic
representatives of London and Paris, but some doubt
existed from the start as to Avhether Italy and Ger¬
brawl, with Soviet Russia and Italy lustily
it suited
Egypt,
The invitations
Albania, Rumania and Bulgaria.
Undaunted, the Russians on Wednesday dispatched
lems, it became the subject of a peculiar interna¬
so
Britain
conference of nations interested
a
piracy, Great Britain and France, act¬
before the nations could
tional
any
the
French invitation to the Mediterranean conference.
ing together, called a conference of a dozen nations
which
last
In order to combat
garding a spread of the war.
these acts of
apprehensions
sunk
ernment, a decision Avas reached by Great
Avithin
Sinkings
Avas
such Avaters.
force in
their naval
said to be
conflict.
sink
to
shipping, and
Spanish civil war and the meddling of other nations
that
tanker
British
a
AAreek, additional Avarships Avere dispatched to the
FRESH international difficulties of the most seri¬
again have stemmed from the
in
anxiously avoided by the British Gov¬
rather
Avas
at
nature
But
flagless vessels resembled Italian types.
even
ous
rebels, while continuing to operate
the
with
Mediterranean
by Italy in the Spanish war,
quite generally that Premier Musso¬
might have "leased" some of his modern sub¬
marines to the
the
import requirements are far more modest.
surmised
Avas
lini
But the Chinese claimed on Thursday to
district.
have
intense interest taken
it
the
In the northern Chinese theater of war,
flict favored
with¬
contestants for the
both
demands to
sented
1635
Financial Chronicle
145
argued that the entire matter should be referred
the
London Non-Intervention
nations.
References
were
claims of some months ago
made
Committee of 27
to
the
German
that the cruiser Leipzig
fired upon by a
submarine, and it was
made clear that the lack of
Anglo-French sympathy
occasion
important contributing
been
had
on
that
was
an
factor to the decision not to
attend the parley.
The
British and French Governments were not dismayed
by this turn of events.
were
received
from
other countries, and
pleted ioj^ the
Acceptances to the parlev
Russia,
Turkey,
preparations
conference.
were
Greece
and
hastily
com¬
No secret was made of
1636
Financial
the stern determination at London to end the
and to this end
of
merchant
plans
piracy,
week, that Premier Benito Mussolini will pay his
long-postponed visit to Chancellor Hitler in Ger¬
Russia talked
of war-like
press
Sept. n, 1937
made for naval convoys
were
ships and for extensive patrolling of
the Mediterranean.
trolled
Chronicle
through her
measures
to
insure
during the latter half of this month.
many
according
meeting,
con¬
"will
the
the
to
the purpose
serve
German
The
Government,
of demonstrating the close
safety of Soviet shipping and to obtain redress from
idealistic
Italy for the sinkings of her merchantmen.
revolutionary movements which in the two countries
Mediterranean
The
Conference
assembled
have led to
Minister,
which
for
M. Delbos
dous
Delbos, French Foreign
began
work
on
indicated subsequently that tremen¬
importance is attached by the Reich to the
and other demonstrations.
army maneuvers
Anglo-French
an
of the gigantic
impending meeting, which will be marked by huge
elected President of the gathering,
was
quickly
formula
Yvon
confer.
to
was
It
unity
order in the life of the people and
a new
State."
at
Nyon, yesterday, with nine nations in attendance,
Albania having joined Italy and Germany in their
refusal
relationship and
of
course
ending piracy in the Mediterranean.
the Nazi
spoke briefly and pointedly, at the start.
declaration
a
Congress at Nuremberg, Tuesday, the Reich
linged clearly with Italy and Japan.
was
In the
by Chancellor Hitler before
Referring to the Italo-German suggestion for rele¬
gress was
gating the problem to the London Non-intervention
sible at
informed that it would
time
any
no
The Con¬
longer be
pos¬
place to disregard the "com¬
or
Committee, he said that such delays could not be
munity of will" between Germany and Italy.
permitted
as
German-Japanese pact against Communism, Herr
diately to
assure
men."
special
Foreign
"the free circulation of merchant¬
Commissar Maxim Litvinoff
sented
the Russian
phatic
manner.
claimed,
take
considered
Litvinoff
the outrages.
work
it
contemplates
Mediterranean into
of the countries
areas
responsible
for
that
the
the Far
of
loyalists
nor
the rebels
were
able to claim gains
any
of
piracy in the Mediterranean loomed large in the
The international question
great moment.
conflict, since it
appears
to be indisputable that for¬
"unknown" assistant of the fascist-
some
Franco, the usual consultations
policies of the leading fascist States.
that
of
Eastern
it
tangled European picture made
of Great Britain
est
and
France, which have the larg¬
European interests in China, would
the
pose
with force.
move
heavily also
plied the submarines with which British, Russian
and other merchant
ships
London
recent weeks.
campaign to keep supplies from
the
loyalists probably will end soon, however, since
London, Paris, Moscow and other capitals
mined to end the
piracy.
ditional
in recent
successes
take the entire
are
deter¬
The rebels reported ad¬
days in their drive to
Biscayan coast.
Gijon, the sole
re¬
maining point of importance in the hands of the
Asturians, is the goal of the drive.
The loyalists
continued and extended their offensive in the Aragon
sector, where they
retreat
ported
of the rebels.
attempting to force
fighting
Thursday in the suburbs
naval battle between
place in
the
are
Some frsh
the
Valencia
keeping the
Madrid.
a
re
A
loyalist and rebel vessels took
Mediterranean
on
regime decided
sea
of
was
Wednesday, when
upon
lanes open.
this
means
Airplanes
of
were
em¬
ployed rather less liberally than has been the
cus¬
tom
in
bombed
the
Spanish
Malaga
on
war,
Thursday,
but
loyalist
many
aircraft
casualties being-
But there also
are
an
combination
terests
are.
of
The
a
strongly advo¬
Anglo-German understanding,
adhesion of the United States also
From
curious in¬
published last Saturday
Mail"
in which the German dictator
cated
a
some
diplomatic scheme.
Chancellor Hitler to Viscount Rother-
letter from
mere
to op¬
the pact with Germany against
upon
"Daily
care
Japan doubtless counted
consistencies in the world
sent to the bottom in
quite convinced
altogether improbable that the democratic States
eign supporters of General Francisco Franco sup¬
were
feel
unify
Students
Japan proceeded with her latest adventure in
China because the
1
situation
the Comintern.
This
Mediter¬
between Berlin and Rome followed in order to
Spanish Civil War
the
by
sea
General Francisco
represented.
war,
a
parley to halt the flagrant acts of piracy in
ranean
policing by the fleets
this week in the
of the world diplomatic position.
After Great Britain took the initiative for
for
HEAVY fighting was reported in severalneither
areas
Spanish civil
but
of unity in
merely emphasize what is apparent
from any survey
division of the
the
same purpose
the civilized world that today
in Spain, tomorrow in the East, and the
These events
measures
which experts started
on
on
The
day afterward somewhere else."
quite clear that he
Government
The plan
yesterday
own
attack
an
may come
pro¬
Without naming Italy,
made
Rome
the
its
added, "serves the
repelling
em¬
Soviet Government, he
will
and
must
Hitler
pre¬
viewpoint in the expected
The
against submarine piracy.
Commissar
must be taken imme¬
measures
would insure peace
the
white
people,
with the
Such
suggested.
and the best in¬
Herr
Hitler
wrote.
China, where the Japanese allies of the Reich
fighting strenuously to increase their influence
in Eastern
Asia,
the report that
comes
a
German
military mission is instructing and advising the Chi¬
nese
in their defense
against the invaders.
The Nan¬
king correspondent of the Associated Press
German experts a
gave
firm Chinese resistance to the
Japanese.
That the
Reich still is anxious to improve its relations
France
was
in
a
indicated last
was
issued
prohibiting
conflict
version
with
urging
the
large share of the credit for the
an
that
victory
Sunday, when
old
song
country.
with
order
an
urging victory
A
more
against Russia,
recent
also
was
prohibited.
reported.
Nazi
Fascist Alliance
Congress
THAT the fascist countries of the world are draw¬ GERMAN National-Socialist Tuesday, workers
party for the
ing into ever-closed diplomatic contact, and
Nuremberg,
assembled
perhaps into
a
sweeping
war
abundantly clear this week.
alliance,
Announcement
made simultaneouslv in Berlin and
was
made
was
Rome, late last
annual
displays
Nazi
are
in
meeting
at which
splendid military
interspersed with declarations by Chan¬
cellor Hitler and his
associates, which set the tone
Volume
Financial
145
Government's program for the
of the German
lowing
the
The Congress was
year.
considered by for¬
press
read in accordance
by Chancellor Hitler,
mation
leader, Adolf
Wagner, emphasized the dignity of labor and the
firm determination of the Nazis to put through their
with
custom
self-sufficiency.
If private German enterprise cannot accomplish the
desired result, then the State will intervene and
self-sufficiency to com¬
pletion, Herr Hitler said.
The address contained
only passing references to the foreign policy of Ger¬
many, and these were in line with expectations.
The
the four-year plan of
carry
THERE have been noofchanges during the week in
the discount
of the foreign central
rates
German dictator made
much of the German-Italian
and he also
emphasized the treaty with Japan against com¬
munism.
The keynote of the Congress was the dig¬
nity of labor, and the addresses were inclined to
emphasize the need for blind obedience to the Reich
of adequate compensation.
The high point of the meeting was a parade of some
50,000 National Labor Service youths, with polished
spades on their shoulders. Also indicative was the
participation of women, for the first time, in the
ceremonies.
Some of the foreign press correspond¬
leaders, without thought
ents at
sis
as
Nuremberg were inclined to view the
empha¬
work, for the sake and dignity of work,
illustration of the increasing economic diffi¬
upon
an
It was rumored,
culties of the Reich.
Hjalmar Scliacht again has
that Dr.
requested per¬
Minister
resign his posts of Economics
mission to
of the Reichsbank.
President
and
additionally,
Mexican Good
DISCOUNT RATES OF
policy" of the United States toward the repub¬
Hemisphere, and it appears that
bor
Administration
Roosevelt
the
notice of the inconsistencies.
has seemed to
is
taking
belated
Mexico, in particular,
regard the policy as a one-way affair,
for
reciprocation.
In
a
of
4K
Nov. 29 1935
3K
Ireland
3
June 30 1932
3K
Italy.
4J4
May
Japan
3.29
Apr.
18 1936
fl 1936
3.65
3
Jan.
14 1937
India
July
4
July
1 1935
Belgium
2
May
15 1935
2
Bulgaria
6
Aug.
7
Canada
2 M
15 1935
Mar. 11 1935
Chile
4
Jan.
24 1935
4k
Java
Colombia..
4
July
18 1933
5
Jugoslavia
10 1935
K
sephus
4
5
Feb.
1 1935
6*
5 X
July
1 1936
4
2
Jan.
4
Danzig
Denmark..
6
Morocco
6 H
May 28 1936
4K
5
Norway
4
Dec.
5 1936
SK
3H
1 1936
Jan.
3
vakla
Oct.
Poland
5
Oct.
25 1933
4
Aug.
11 1937
4 H
Dec.
7 1934
6
3H
May
15 1933
4
10 1935
5K
3X
1937
19 1936
_
6
4H
England
2
June 30 1932
2H
Portugal
Eatonia
5
Sept. 25 1934
5H
Rumania
Finland
4
Dec.
4 1934
4HJ
South Africa
3H
Sept.
2 1937
4
Spain
5
July
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
7
Switzerland
IK
Nor. 25 1936
2
France
_
.
Greece
4 1937
Jan.
6
_
.
Foreign Money Rates
IN LONDON open market discount rates9-16% on
Friday
9-16% as against for short
bills
on
were
months-
Friday of last week, and 9-16% for three
bills
against 9-16%
as
call at London
on
on
Friday of last week. Money
Friday was Y%- At Paris the
on
market rate remains at 3%% and in Switzer¬
open
land at
1%.
Bank of
England Statement
THEfurther gainfor the weekin gold Sept. 8 shows
statement of £66,217 ended holdings; con¬
a
£328,-
sequently the total is at another new high of
026,397 in comparison with £247,618,953 a year ago.
As the
gold gain
was
attended by a contraction of
£1,161,000 in circulation, reserves rose
which
reserves
week
The latter consists of bankers
£1,529,500 and other
£1,253,879.
rose
increased
to liabilities rose to
ago;
last
year
it
was
Government securities fell off
on
other
securities
declined
39.20%. Loans on
£2,132,000 and those
Other securities
discounts and advances which
which increased
securities
and
£246,969
25.2% from 24.3% a
£28,615.
rose
the items
embraces
The proportion
decreased £275,621.
accounts which
of
£1,228,000.
deposits decreased £2,142,000 and other de¬
No change was made in the 2% discount
Below we show the different items compared
£275,584.
previous years:
BANK OF
complete loss of their Mexican
ENGLAND'S COMPARATIVE
STATEMENT
Sept. 12
Sept. 13
1935
1936
Sept. 11
1934
1933
£
Sept.
8
1937
9
Sept.
£
Mexico City
last
5
Lithuania..
Caechoslo-
mining companies threatened
properties.
dispatch to the New York "Times"
Monday it is noted that Ambassador JoDaniels at length has warned the Mexican
with the
Aug. 28 1935
3
Hungary...
4H
Mar.
3H
with
and American oil and
on a
2 K
4
4~
1 1936
3H
rate.
expropriated
Rate
2 1936
Dec.
2
Batavia
huge scale,
have been
nationals
tious
Sept 10
Austria
withoiLtany meed
Lands held by United States
designed only for her benefit and
Date
Established
Holland
Argentina..
accounts
lics of the Western
Effect
Rate
Established
Pre-
Rale in
Country
tious
Date
Effect
Sept 10
posits
SOME of the Latin American on the "good neigh¬
presuming rather broadly countries have been
FOREIGN CENTRAL BANKS
Pre-
Rate in
Country
Public
Neighbor
leading centers are shown
in the table which follows:
Germany
alignment in the diplomatic sphere,
any
Present rates at the
banks.
by the Bavarian State
of autarchy, or national
program
Central Banks
Discount'Rates of Foreign
fol¬
correspondents the most impressive since
custom was started a few years back.
A procla¬
eign
1637
Chronicle
£
961
489,148,000 445,591,159 400,256, 282 379,045,
524
Public deposits
11,969,000 20,360,390 16.035, 710 16,523,
577
141,957,611 137,596,300 128,878, 880 139,980,
Other deposits
91.036, 114 103,170, 079
99,827,990
Bankers' accounts
105,701,989
498
Other accounts...
36,255,622 37,768,310 37,842, 766 36,810,
164
107,142,000 83,503,337 84,549, 999 84,884,
Govt, securities
948
16,487, 234
26,151,515 30,674,754 24,650,
Other securities
6,263, 099
12,418, 834
10,549,206
Disct. & advances.
5,121,241
10,224, 135
12,232, 114
Securities
21,030,274 20,125,54S
434
Reserve notes & coin
38,878,000 62,027,794 53,970, 814 73,392,
247,618,953 194,227, 096 192,438, 395
Coin and bullion
328,026,397
Circulation....
372 533,038
12
153
109
.
Government in the
polite language of diplomacy that
the United States
Government objects to the squeez¬
oil companies.
Mr.
known, according to the report,
that
ing out of existence of American
Daniels made
representations of a friendly nature had been made.
Proportion of reserve
to
43
83
21
263,034
585,326
643,378
941,948
745,963
123,994
9 184,584
11 939,410
79 211,626
191
,744,969
25.2%
Bank rate
suggested that the interests of the oil companies,
with their Mexican investments of $200,000,000 to
39.20%
37.24%
46.89%
47.76%
2%
liabilities
2%
2%
2%
2%
He
$300,000,000, were of concern to
Washington, and
American
expressed that the problem of the
companies in Mexico might be settled
along the
lines
the
hope
was
of the Morrow-Calles agreement,
concessions were protected and the
whereunder the
system of taxing
foreign oil companies fixed. "The
said the "Times" dis¬
warning is widely taken here,"
patch, "as
an
indication that the good-neighbor
foreign nations to the
point of taking undue advantage of it for their own
policy cannot be stretched by
internal
programs."
Bank of France Statement
THE weeklyinstatement dated Sept. 1,747,000,000
expansion
note circulation of 2 showed an
francs,
the total of which
francs,
the
year
year
highest
ever
is now 90,001,281,780
recorded.
also shown in credit
balances abroad of
francs, in advances against securities
francs and in temporary
000,000 francs.
no
Circulation a
aggregated 84,610,828,885 francs and the
before 81,993,635,440 francs.
Increases were
ago
change,
1,000,000
of 182,000,000
advances to State of 800,-
The Bank's gold holdings showed
the total remaining at 55,717,532,724
1638
Financial Chronicle
francs,
compared
with
54,184,984,686
francs
last
changed, with hardly
French commercial bills discounted fell off
year.
Sept.
business done.
any
the New York Stock
on
908,000,000 francs, bills bought abroad, 100,000,000
transactions, while time loans
for maturities to 90
francs.
The
reserve
ratio is
with
58.39%
official
discount
52.01%, compared
and 75.31% two years ago.
a year ago
The
33^2% to which it
Below
we
now
rate
remains
reduced
was
1,059,000,000
unchanged
six months'
was
FRANCE'S
COMPARATIVE
loans and renewals.
STATEMENT
continues
Changes
for Week
Sept. 2, 1937
Sept. 4, 1936
Sept. 6, 1935
Francs
Francs
Francs
Francs
French
bills
—908,000,000
Credit current accts.
Propor'n of gold
—0.34%
52.01%
58.29%
market
active this week.
for
75.31%
Includes bills purchased In France,
b Includes bills discounted abroad,
resenting drafts on Treasury on 10-bllllon-franc credit opened at Bank.
c
prime commercial
Bankers'
past two days.
More bills
volume
Germany Statement
A FURTHER increase brought themarks for the
in the
Bank's gold holdings of 29,000
total
first quarter
of September
to 69,915,000 marks,
up
compared with 67,443,000 marks the corresponding
a year ago.
A loss in note circulation of
period
179,000,000 marks brought the total down to 4,936,-
Last
marks.
aggregated 4,386,636,000 marks
3,881,445,000 marks.
in
in
notes
year
and
circulation
the
An increase
previous
was
recorded
deposits abroad, in investments, in other assets
and
liabilities.
other
in
year
decreased
checks,
marks
2.58%.
147,000
and
official quotations as
1.67% and the
was
bills
marks,
of
currency
exchange
advances,
and
daily
days
are
Below
we
furnish
70,-
REICHSBANK'S COMPARATIVE
for four
months, 9-16% bid and
months,
Sept.
Reichs marks
Gold and bullion
7,
Reichsmarks
7,
The Federal Reserve Bank's
remain
unchanged
are
at
Reichsmarks
7,
holdings of acceptances
$3,076,000.
quoting the
rates
same
Open
as
market
those reported
by the Federal Reserve Bank of New York.
rates for open
market acceptances
are as
The
follows:
SPOT DELIVERY
180 Days
Prime eligible bills
150 Days
Asked
%
Bid
120 Days
Ashed
16
Bid
'16
90 Days
Asked
"16
60 Days
30 Days
Bid
Asked
Bid
Asked
Bid
Asked
X
FOR
1936 Sept.
is
Yi% for bills running from 1 to 90 days, %% for
91- to 120-day bills and
1% for 121- to 180-day bills.
STATEMENT
1937 Sept.
The
bill-buying rate of the New York Reserve Bank
716
X
716
X
'16
DELIVERY
Eligible member banks
Eligible non-member banks
for Week
asked; for five
%% bid and 9-16% asked.
Prime eligible bills.
Changes
in¬
The
issued by the Federal Reserve
and six
comparison of
a
moderate
a
change in the rates.
no
and including 90
A% bid and 7-16% asked; for bills running
11,090,000
maturing obligations,
shown
Bank of New York for bills
up to
rose
the different items for three years:
Assets—
There has been
coming out and the
are
has
transactions
Bid
other
924,000 marks.
it
year
Reserves in foreign
marks,
211,999,000
ratio
reserve
of
dealers
slightly to 1.53%; last
previous
The
Acceptances
THE market for stronger, particularly during has
been somewhat prime bankers' acceptances the
crease.
Bank of
year
has been
paper
Paper has been available in
Rep¬
Since the statement of June 29. 1937. gold valuation has been at rate of 43
mg.
gold, 0.9 fine, per franc; previous to that time and subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc
226,000
money
on
hand to sight liab.
a
new
good supply and the demand has been fairly heavy.
Rates are unchanged at 1% for all maturities.
+ 800,000,000 26,018,126,645 11,828,423,300
.
time
Rates continued nominal at 1J4%
up to
days and 1J^% for four to six months' maturities.
The
Temp, ad vs. with¬
out int. to State.
for
transactions having been reported
very
799,358,191
6,678,413,861
6,870,242,501
1,239,408,359 1,228,908,608
+ 182,000,000
3,945,154,905 3,567,997,989 3,199,740,787
+ 1,747,000,000 90,001,281,780 84,610,828,885 81,993,635,440
—1,059,000,000 17,119,782,470 8,189,791,721 13,607,019,051
Adv. against securs.
no
market
7,742,804,521
—100,000,000
._
Note circulation
c
90
55,717,532,724 54,184,984,686 72,056,933,669
+ 1,000,000
15,004,790
8,278,256
7,799,925
commerc'l
discounted
quiet,
The
this week.
No Change
Credit bals. abroad.
a
Money Rates
ruling quotation all through the week for both
OF
b Bills bought abr'd
to
DEALING in detail with call loan rates on the
the
Stock Exchange from day to day, 1%
for three years:
Gold holdings
offered at l1/4%
were
datings.
New York
furnish the various items with comparisons
BANK
Call loans
days and at 1%% for
at
Sept. 2 from 4%.
on
1937
Exchange held to 1% for all
francs
and creditor current accounts,
11,
WITHIN
THIRTY
DAYS
!
%% bid
%% bid
...
1935
Discount Rates of the Federal Reserve Banks
Reichsmarks
+ 29,000
69,915,000
67,443,000
94,799,000
Of which depos. abr'd
+ 69,000
20,055,000
22,529,000
29,620,000
Res've in for'n currency
Bills of exch. & checks.
—147,000
5,822,000
5,678,000
5,344,000
—211,999,000 5,104,055,000 4,570,206,000 3,794,580,000
+ 2,257,000
140,683,000
119,090,000
148,842,000
—11,090,000
40,614,000
49,336,000
38,429,000
+ 234,000
403,674,000
528,126,000
664,705,000
+ 21,313,000
563,242,000
787,947,000
684,003,000
Silver and other coin...
Advances
Investments..
■Other
assets
THE Federal Reserve discountof Philadelphia
Sept. 3 reduced its Bank
from 2%
rate
1
lA%> effective Sept. 4.
New
York
Liabilities—
Notes in circulation
—179,000,000 4,936,226,000 4,386,636,000 3,881,445,000
—70,924,000
665,092,000
662,600,000
695,558,000
+ 1,632,000
259,195,000
230,324,000
240,559,000
Oth. daily matur. oblig.
Other liabilities
Reserve
effect.
Propor'n of gold & for'n
to note circula'n
curr.
1.53%
New York
1.67%
2.58%
Money Market
tered
this
to refund
were
1% rate, all of the
the
llA% rate in
recently made by
were
that at Cleveland, where the
discount rates of the Federal Reserve banks.
a
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Rate in
anticipate for the autumn.
1817,000,000 Treasury notes due Sept. 15,
Treasury offered last Tuesday
notes.
These coupons represent
vious rates.
series
tended
of
In order
Federal Reserve Bank
The
an
or
optional
ex¬
2% five-year
bills,
and
here
also
Boston
over
pre¬
the
rates
went
at
0.48%
average,
computed
on an
ers'
and
while
0.711%
1
Aug. 27 1937
Philadelphia..
IX
Sept.
4
1937
2
ix
May 11
1935
2
Cleveland
Richmond
ix
ix
IX
IX
IX
IX
IX
Chicago.
St. Louis
Minneapolis..
Kansas City..
Dallas
annual bank discount basis.
commercial
paper
rates
both
Bank¬
were
un¬
1937
2
IX
Aug. 27 1937
Aug. 21 1937
2
Sept. 2 1937
Aug. 24 1937
Sept. 3 1937
2
2
Aug. 31
IX
2
Aug. 21 1937
1937
2
3 1937
2
Sept.
2
2
Course of Sterling Exchange
another
average,
Rate
2
New York
One series of $50,000,000 due in
series due in 273 days went at
Previous
Sept.
San Francisco.
bill
Dale
Established
on
1X
Atlanta
advances
Treasury sold late last week two
discount
upward.
days
Effect
Sept. 10
change of 1%% 15 months' notes
104
Changes of lA of 1%
all of the Banks
except
a
have
signs of that modest tightening of rates which
most observers
the
now
present llA% rate has been in effect since May 11,
1935.
There have been no other
changes in the
ETTLE business was done in the New York money
week, but there
few scat¬
market
With the exception of the
Bank, which had
institutions
on
to
STERLING exchange continues todeveloped last
display the
undertone
of marked
week.
The
ease
which
dollar, everywhere regarded
as
under-
Volume
in
sterling is largely
of deWhile the
easier tone of sterling in terms of the dollar reflects a
demand for exchange on New York, the pound with
ing in commercial transactions and cessation
mand for
exchange
tourist account.
on
regarded
respect to all other currencies must be
There continues to be
firm.
foreign funds from
and
te
many
as
heavy movement of
a
London
parts of the world to
practically all the major currencies are linked
as
sterling in
form
one
another, their fluctuations
or
The range
between
$4.96, compared with a range of
somply reflect the sterling-dollar rate.
bankers'
for
and
$4.94 15-16
has
week
and
$4.95 1-16
between
$4.97%
been
The
week.
last
for cable transfers has been between $4.94%
range
and
this
sight
compared
4.96%,
with
$4.95% and $4.97 5-16
The
a
of between
range
week
a
ago.
present lower quotations in the foreign ex-
changes
in
are
of tension in
between
in the
degree
some
result of the acute state
a
Europe resulting from the disagreement
Italy and the Soviet, the attacks
on
shipping
Mediterranean, and the severity of the Sino-
Japanese conflict.
The
York
sharp break in security prices
Stock
Exchange
on
the New
Tuesday had its counter-
on
part in London and all the Continental stock markets,
and
reflected in the sterling-dollar rate.
was
ever,
there appeared to be
How-
selling of securities by
no
foreign interests in New York and such selling
have taken
place had
interests which may
withdraw their
no
effect
this side that any
New
York
The belief is
sterling
so,
widely held
foreign funds liquidated in the
security markets will prefer the shelter
short-term
of
as may
Foreign
have sold securities here did not
funds, for if they had done
would have become firmer.
on
sterling.
on
investment
here,
such
as
Treasury
notes, rather than the insecurity of transfer to ConIt is not to be
tinental centers.
funds coming to this
and
1935
1936,
ready vast.
that
one
side
expected that foreign
be at the high rates of
can
the volume invested here is al-
as
Nonetheless
there
ample
is
for the firmness in the
reason
evidence
dollar, aside
from commercial factors, is
the steady flow of foreign
funds
is
side.
this
to
increase in the
a
c
+
,
This
in
seen
i
to arrive here from
and Japan.
from
continued
Treasury's inactive gold fund, which
u
„
©i
qto
un
Sept. 8 reached $1 3/2 540 656.
on
the
n
Gold continues
England, Belgium, Canada, India,
Much of the large gold receipts reported
England
represents
transfers
of
Continental
may
be recalled that the Commerce Depart-
ment's annual balance of international payments rev
j
r
A
i
ir
e
\
_j
,
.
port published toward the end of August and covering
1936
showed
that
American
aggregated
eigners
not
less
securities
than
against $1,305,000,000 in 1935.
that American securities
last
on
the
sold
increase
in
The report showed
repurchased from foreigners
foreign holdings for
sales
Foreign
for-
to
$2,685,000,000,
predominated in 1932.
results for 1937
it is safe to say
.
....
,,
the
413 in August last year.
£l24,862,513,
against
and
1
can
n
purchases,
r
•
is
,
,
political atlairs ot nations, ioreign investments
here will increase and
as
they do
so
will constitute
element of firmness in the dollar with respect to
pound.
rates for several years,
these conditions is in prospect.
Call money against
bi,ls is in supply at
Two_ and three-months'
bills are 9-16%, four-months' bills 19-32%, and sixmonths' bills 23-32%.
Gold on offer in the London
open
as
market each day at the hour of price fixing
follows: On Saturday last £163,000,
on
was
Monday
g04,000, on Thursday, £466,000, and on Friday
it
It is believed that the
x-
money
owing to the development of a high degree of govern¬
™ent cont,r°1 of the money T^nn N° °hang® 4
^77j)00, on Tuesday ^25,000, on Wednesday,
hardly have paralleled 1936, but
•
corre-
spending period of 1936.
As autumn approaches there are no signs of stiffening
of money rates in London.
In fact there has been no
At the Port of New York the
an
the
gold movement for
the week ended Sept. 8, as reported by the Federal
Beserve Bank of New York, was as follows:
gold movement at new york, sept. 2-sept. 8, inclusive
that until there is greater tranquillitv
CP
Ihe total for eight months
£139,580,964 in the
wai
1936
shown, almost exactly balanced in 1934, and foreign
in
compared with £20,305,459 in July, and with £6,194,ig
Thus,
year's market totaled $2,070,000,000.
net
$615,000,000.
sales
New financing in August amounted to £7,141,184,
seasonal movements in
funds.
It
assert that there is
London ready to move
into American securities as soon as it can be determined that the attitude of the Washington Administration is not too unfavorable,
If foreign exchange quotations were not erratic,
like Stock Exchange quotations on Tuesday and
Wednesday, it was because of the strict control exercised by the various equalization funds.
1
The British control adopted a method of opera¬
tion to check the fall in sterling without forcing the
American Treasury to absorb unwanted gold. In
the past few weeks the British control is believed to
have been disposing in the open market of a part
of the metallic stocks acquired during the gold panic
in the spring. It is thus able to cushion the tendency
of the pound to decline without adding to the United
States inactive gold fund.
The sale of gold in London tends to steady the
sterling price of the metal. In turn this tends to
support the value of sterling expressed in terms of
a gold currency such as dollars. At present due to
seasonal factors sterling is under pressure in the
exchange market and the sale of gold in London consequently tends to maintain the value of sterling
in New York and checks the decline,
If the British control had elected to support sterling
by the usual methods, that is, by the sale of dollars
aQd purchase of sterling, gold would be inclined to
move from London to New York,
Under the terms of the tripartite agreement the
currency acquired in the course of equalization operations in the exchange markets of the world is converted into gold. Thus the United States would
have inevitably been forced to acquire British gold
an(^ under the present policy to purchase and segrega^e h from United States Treasury cash resources,
The actual volume of foreign exchange transactions
has been extremely limited since August, so that
official sales of gold made each day in the London
open market, though smaller than usual, are sufficient to lend the desired support to sterling.
New financing in London makes continuous gains,
indicating the forward movement of British business.
sources
a vast amount of capital in
seasonal influence originat-
a
1639
Authoritative London
The
valued, is favored against all other currencies.
ease
Chronicle
Financial
145
imports
Exports
$8,703,000 from England
3,236,000 from Canada
ilessiooo
froS BeigiSmla
None
1471,000 from India
$16,903,000 Total
'
1640
Financial
Net Change in Gold Earmarked for Foreign Account
Decrease:
Chronicle
Bourse fell to
Wednesday.
Note—We have been notified that
approximately $13,688,000 of gold was
Francisco, of which $11,851,000 came from Japan and
San
134.30
had
a
figures
Wednesday.
On Thursday there
exports of the metal,
marked for
of
gold
foreign account.
There
were
ended
on
imports
were no
change in gold held
or
$373,500 from
England.
week
India
and
$361,100 from
or
change in gold held earmarked for foreign account.
Gold held in the inactive fund, as indicated in the
daily Treasury statements issued during the week
ended last
Wednesday,
day changes
GOLD
HELD
IN
THE
follows.
was as
TREASURY'S
Date—
Daily Change
$1,338,958,499
In
+
+
5,815,383
Holiday
1,362,107,839
+11,404,624
1,372,540,656
+10,432,817
Increase for the Week Ended Wednesday
on a
exchange is relatively steady.
funds during the week ranged between
The
rate
on
Paris, the London
and the price
open
Montreal
a
discount
London check
market gold price,
between
3.72%
paid for gold by the United States:
132.90
132.94
LONDON
Saturday, Sept. 4
Monday, Sept. 6
Tuesday, Sept. 7
OPEN
140s.
132.97
2J^d.
140s. 3d.
PRICE PAID FOR GOLD
BY THE UNITED
.$35.00
Monday, Sept. 6...
Tuesday, Sept. 7
Wednesday, Sept. 8
Thursday,
Sept.
9...
Friday,
Sept. 10
Holiday
$35.00
$4.95
was
was
dull but steady.
$35.00
35.00
35.00
on
Bankers' sight
11-16@$4.96; cable transfers $4.95 13-16
@$4.96%.
On Monday, Labor Day, there
market in New York.
On
was no
Tuesday sterling showed
easier undertone.
The range was $4.95 5-16@
$4.95% for bankers' sight and $4.95%@$4.95 13-16
an
for
cable transfers.
lower
$4.94
On
Wednesday sterling moved
in
limited
trading.
Bankers', sight
was
15-16@$4.95% and cable transfers were $4.95
@$4,95 7-16.
On
Thursday the market
The range was $4.94
was
easy..
11-16@$4.95 3-16 for bankers'
sight and $4.94%@$4.95% for cable transfers.
On
Friday the pound continued % display an easier
undertone
in
limited
$4.94 5-16@$4.9411-16
trading.
for
$4.94%@$4.94% for cable
tions
sold
a new
government economic crisis.
Francs
were
heavily in Paris.
The pound in Paris closed at
133.55 francs and in
trading after the close of the
in national
recovery
pro¬
for
French financial recovery.
Despite the efforts of Finance Minister Bonnet
an
of
to
improvement in the economic and financial
situation, there has been
French
funds
from
appreciable repatriation
no
abroad.
If
the
situation
is
improve, the present ministry and its financial
policies must have undisputed control for months to
Even
come.
then
French balances
and the United
the
return
of
held
States,
a
important
no
now
repatriation
be expected, and without
considerable
or more
neither French
industry
of
abroad, chiefly in London
can
very
60,000,000,000
francs
of the
portion
domiciled abroad
now
the Paris market
nor
can
be
expected to show improvement.
The
draw
French
heavily
Treasury has again been obliged to
upon
statement shows
the Bank of France.
an
increase of
The current
800,000,000 francs in
Treasury borrowing, bringing the aggregate borrow¬
ing to nearly 4,000,000,000 francs of the 15,000,000,000 francs inflation authorized
by the June 30 decrees.
The
the Bank's
present
statement
lifts
advances to the State to
So
far
marks is
free
a
new
temporary
high for the
year
of
'"A-:
the
as
'
.
'■
officially pegged rate for German
concerned, that is, the rate for the so-called
gold mark, the quotations reflected in part
the drop in the
franc, as did the other Continental
or
currencies.
The
compared with
with
$4.94%.
FRENCH francs on low, indicating the imminence
Thursday's market dropped
ten-year
new
substantial
any
year ago.
Closing quota¬
Continental and Other Foreign
Exchange
to
Little evidence has thus far appeared to
was
$4.93%, documents for payment (60 days)
$4.93%, and 7-day grain bills at $4.94%. Cotton
a
situation.
and
bills at
of
to prevail in financial quar¬
seems
concerning the future of the French domestic
sight
on
and grain for
payment closed at
ters
between that price and
a range
..
26,180,000,000 francs, compared with 23,878,000,000
francs on Aug. 19 and with 9,161,000,000 francs a
Friday were $4.94 9-16 for demand and
$4.94% for cable transfers. Commercial sight bills
finished at
$4.94%, 60-day bills at $4.93%, 90-day
at
and
last week of
range
The
bankers'
transfers.
a range
a range
3.72%
to
STATES
Referring to day-to-day rates sterling exchange
Saturday last
3.56%.
effect
(FEDERAL RESERVE BANK)
Saturday, Sept. 4
against
Friday the franc dropped in New York to
3.53%, having had
138.36
Wednesday, Sept. 8...140s. 5KdThursday,
Sept. 9___140s. 4d.
Friday,
Sept. 10___140s. 7^d.
_140s. 3d.
Thursday had
on
3.71%,
between 3.72% and 3.74%.
.134.02
MARKET GOLD PRICE
a
for three weeks,
duction, which is considered the essential basis
Wednesday, Sept. 8
Thursday,
Sept. 9
Friday,
Sept. 10..
132.95
and
3.63
Wednesday and with
on
indicate
MEAN LONDON CHECK RATE ON PARIS
Saturday, Sept. 4__
Monday, Sept. 6__
Tuesday, Sept. 7
continuation of
was a
than 1,000,000,000 francs
more
In New York the franc
of
less than
or
the market.
on
Deep pessimism
mean
below 27 francs,
franc.
heavy selling in Paris
thrown
were
per
parity basis with sterling the indi¬
cated dollar price was
discount of 1-64%.
a
following tables show the
But
3.703 cents per
On
Canadian
5-128% and
franc), compared with
per
franc).
$37,163,929
The
(3.708 cents
close of 26.885 francs (3.720 cents
Holiday
September 7
of
quoted
the previous
5,929,333
1.350,703,215
September 6
low
a
range
Thursday's market the dollar in Paris closed
at 26.96 francs
+$3,581,772
1,344,887,832
September 4
of
pound, with the
between 136.00 and 139.40
during which time
INACTIVE FUND
September 3_
September 8
Friday the franc broke further to
movement which has been under
way
Amount
September 2
On
The day-to¬
calculations:
are our own
last week of between 132.82
a range
132.90.
139.40 francs to the
from
came
exports of the metal
no
and
or
ear¬
On Friday $4,522,100
received, of which $3,787,500
was
Canada,
the
for
are
Paris
on
Thursday of between 132.98 and 136,
range on
compared with
as
above
francs, compared with 132.965
In London the check rate
$1,837,000 from Australia.
The
11
7
$5,225,000
on
received at
Sept.
a
a
pegged mark
quoted 40.13,
was
as
ruling rate last week of 40.15% and
prevailing quotation for two weeks
ago
of
around 40.20.
Perhaps the
situation
was
Schacht
as
Schacht
Reichsbank.
important factor in the mark
reported resignation of Dr. Hjalmar
Minister
that very soon,
Dr.
most
the
of
Economics.
It
is
believed
probably before the end of the
will
also
resign
as
year,
President of
the
Volume
It
Financial
145
generally believed that with Dr. Schacht's
German business will be further regi¬
is
retirement
and
mented
subject
to
stricter Government
even
Apprehension is felt concerning the possi¬
control.
bility that
Dr. Schacht's retirement Germany
inflation, coupled with
upon
will face accelerated currency
the
held, will not help
there
because the unit is not
any reserve,
supported by
rency
way,
but is purely a fiat cur¬
in
currency
any
enjoying confidence at home only so long as
is no unfavorable turn in the domestic situation.
Once this confidence is shaken,
there will be nothing
stop the mark from falling to zero.
The statement of the Reichsbank as of
shows
a
ratio of
September 8
gold and foreign currency to notes of
The Bank's total gold and bullion now
reichsmarks.
The Bank's gold
only 1.5%.
stand at 69,990,000
and bullion
on
Dec.
marks and its ratio
Belgian
ness
1932 stood at 806,785,000
31,
on
that date
to
rency
belga
was
25.8%.
steadi¬
has shown considerable
currency
and resistance to pressure
In fact the
was
throughout the week.
the sole major Continental cur¬
display strength.
The belga ranged this
16.83% and 16.87%, whereas a few
week between
weeks ago
it had declined to the gold point of
No doubt the weakness of the
due in
Van
some measure
Zeeland's
to the
Rexist
properly received
belga at that time was
that he had im¬
from the national bank after
On Sept. 8 Premier Van Zeeland refuted these
charges before the Chamber of Deputies and received
a vote of confidence of 130 to 34, with 21 absentions.
Van
Zeeland
showed
that
totaling
payments
$11,200 received by him from the bank constituted
a
bonus to which he was entitled as former ViceGo vernor of the bank.
The text of the resolution of confidence
the
passed by
Deputies read:
Belgian Chamber having heard the statement of the
Prime Minister and the Minister of Finance, pays homage to
"The
the Prime Minister for
takes note of measures
his integrity and disinterestedness,
taken with a view to improving the
procedure of regulating appointment to high posts of the '
National Bank and the method for their remuneration, and
counts upon
the working
The
the vigilance of the Government to insure that
bank shall be above all criticism."
Old Dollar
Parity
New Dollar
Parity
6.63
13.90
5.26
Italy (lira)
16.95
8.91
Switzerland (franc)
19.30
32.67
Holland
40.20
68.06
New
(guilder)..
dollar
parity
between Sept. 25
as
Range
This Week
a
3.92
(franc)
Belgium (belga)
a
sterling, to which these
Money is in great abundance
.in Amsterdam.
On Sept. 8 announcement was made
that a 3% Dutch Indian loan of 912,000,000 guilders
would be issued on Sept. 17 at 96%%, of which
currencies
allied.
are
340,846,900 guilders already had been placed
Government institutions.
The loan, carrying
with
the
of the Dutch Government, matures in
37 years and is annually redeemable at par to the
extent of at least 24,650,000 guilders.
It is intended
for the conversion of all outstanding 4% loans.
On
guaranty
Sept. 7 the National Bank of Switzerland showed
gold stock of 2,542,900,000 Swiss francs, making its
ratio of gold to notes 183.32% and its ratio of gold
to total liabilities 91.41%.
Bankers' sight on Amsterdam finished on Friday
at 55.02, against 55.17 on Friday of last week; cable
transfers at 55.02, against 55.17; and commercial
sight bills at 54.97, against 55.12.
Swiss francs
closed at 22.97 for checks and at 22.97 for cable
transfers, against 22.97% and 22.97%. Copenhagen
checks finished at 22.08, and cable transfers at 22.08,
against 22.15 and 22.15. Checks on Sweden closed
at 25.50% and cable transfers at 25.50%, against
25.58; while checks on Norway finished at
24.85% and cable transfers at 24.85%, against 24.92
and 24.92.
Spanish pesetas are not quoted in New
25.58 and
York.
.
•
V
♦
EXCHANGE on the South American countries
partly reflects the new alignment of dollarsterling quotations.
There are no new features of
importance relating to the South American units.
The Central Bank of Argentina in its statement of
Aug. 31 showed total gold at home of 1,224,417,645
pesos and gold abroad and foreign exchange of 272,899,716 pesos.
The Bank's gold reserve ratio to
notes in circulation stood at 128.98%, and its reserve
gold to notes and sight liabilities at 89.62%.
Argentine paper pesos closed on Friday, official
quotations, at 32.97 for bankers' sight bills, against
33 1-16 on Friday of last week; cable transfers at
ratio of
32.97, against 33 1-16. The unofficial or free market
close was 29.90@30.05, against 30.10@30.20. Bra¬
milreis, official rates, were 8.83, against 8.85.
or free market in milreis is 6.35@6.50,
zilian
The unofficial
against 6.40@6.50. Chilean exchange is nominally
quoted at 5.19, against 5.19. Peru is nominal at
25.75, against 26.00.
♦—
following table shows the relation of the leading
European currencies to the United States dollar:
b France
is
war
16.84%.
charges made by Premier
opponents
money
he had become Premier.
M.
EXCHANGE on the easier. This is simply a the
generally countries neutral during re¬
flection of the easier tone of
•
Revaluation of the mark, it is
the
to
artificial
impossibility of continuing the present
price stabilization.
1641
Chronicle
3.53)^
16.83^
5.26^
22.96%
55.55
to
3.73 1-16
to 16.87H
to 5.26%
to 22.97%
to 55.18%
before devaluation of the European currencies
and Oct. 3, 1936.
b The franc cut from
on
Paris closed
on
some
China and Japan.
However, exchange on Hongkong,
Singapore, and India is hardly affected.
The Japa¬
nese yen, according to
Finance Minister Kaka, will
be maintained at present levels.
Japanese financial
circles seem to be strongly of the opinion that inflation
impending and cannot possibly be avoided because
the financial strains imposed on the country's
economic structure by the undeclared war in North
is
of
gold and allowed to "float" on June 30.
The London check rate
EXCHANGE ondisturbed by the conflict between
the Far Eastern countries is in
degree
Friday
In
sight bills on the French center finished
at 3.55%, against 3.72% on Friday of last week;
cable transfers at 3.56%, against 3.73.
Antwerp
belgas closed at 16.83% for bankers' sight and at
16.83% for cable transfers, against 16.85 and 16.85.
Final quotations for Berlin marks were 40.13 for
bankers' sight bills and 40.13 for cable transfers, in
comparison with 40.15% and 40.15%.
Italian lire
China.
closed at 5.26% for bankers' sight bills and at 5.26%
getary requirements will reach 3,300,000,000 yen.
New bills introduced into the Diet virtually nation¬
at
139.00, against 132.94 on Friday of last week.
New York
cable
transfers, against 5.26% and 5.26%.
schillings closed at 18.87, against 18.86;
exchange on Czechoslovakia at 3.49%,
against
3.49%; on Bucharest at 0.74, against 0.74; on Poland
at 18.92, against 18.93; and on Finland at 2.19,
for
Austrian
against 2.21.
Greek
against 0.91%. v
exchange
closed
at
0.90%,
Despite reassurances of the Finance Minister on
Sept. 6 at the session of the Diet, speakers in the
lower chamber, who rubber stamped the Govern¬
ment's conduct of the war hardly concealed their
pessimism over the financial outlook.
The war
budget now amounts to 2,062,000,000 yen, bringing
the total budget for the fiscal year to Sept. 1 to
5,400,000,000
alized
the
yen.
Bond issues forced by the bud¬
Government's control
over
finance,
in¬
dustry, trade, capital and foreign exchange.
Closing quotations for yen checks yesterday were
week. Hong¬
31.06@31 3-16;
nominal at 29%@29 15-16, against
28.85, against 28.93 on Friday of last
kong closed at 31.00@31 1-16, against
Shanghai
was
1642
Financial
29%@30)/i\ Manila closed at 50.25, against 50.25;
Singapore at 58.15, against 58 5-16; Bombay at
37.36, against 37.44; and Calcutta at 37.36, against
37.44.
Chronicle
Sept.
11, 1937
tive powers of the Federal Government are vested
in
Congress, chosen by the people and responsible
to the
people and the States, but the independence
of
Gold Bullion in
Congress has been gravely impaired by increasing
Executive dictation and by thinly disguised threats
European Banks
bullion (converted into pounds sterling at
THE following table indicates the amounts of gold
par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday
(Friday); comparisons
are shown for the
corresponding dates in the previous
four years:
Banks
1937
1936
£
England
Italy
a25,232,000
105,490,000
102,341,000
Netherlands
Nat. Belg__
Switzerland
83,206,000
25,937,00G
6,549,000
6,602,000
Sweden
Denmark
Norway
Total week.
£
194,227,096
must be in any
3,258,950
90,777,000
54,694,000
49,272,000
98,974,000
46,607,000
19,884,000
24,110,000
191,744,969
658,157,182
13,089,250
90,402,000
75,854,000
68,921,000
77,144,000
61,461,000
13,959,000
7,397,000
6,569,000
6,533,000
7,394,000
7,397,000
6,604,000
6,602,000
6,577,000
Amount held
Dec.
31,
1936, latest figure available,
b Gold
holdings of the
£1,002.750.
c
held abroad, the amount of which Is
Amount held Aug. 1, 1936, latest figure available.
The gold of the Bank of France
was
revalued
now
on
July 23, 1937, at 43 milligrams
the second change In the gold's value
bidding.
of the President
are
The consti¬
great, as they
effective national system, but it
intended
never
is
£
192,438,395
656,791,423
4* 2,899,250
90,5S2,000
68,549,000
71,951,000
75,633,000
64,201,000
15,461,000
576,455,469
50,546,000
1933
Bank of Germany are exclusive of gold
reported at
appeal to the voters to repudiate members who
tutional powers
the
1,066,449,569 1,064,147,780 1,148,145,515 1,252,480,068 1,264,698,401
1,066,631,352 1,035,794,252 1,146,126,871 1,251,496,423 1,263,510,443
Prev. week.
a
1934
£
247,618,953
433,479,877
2,145,950
88,002,000
42,575,000
55,959,000
106,484,000
293,250,172
2,493,000
cS7,323,000
Spain
1935
£
328,026,397
Germany b.
an
refused to do the President's
that
initiative should
of—
France
of
all discretion
vest in
him.
and
all
was
primary
The power
given to
people and the States to amend the Constitution
explicit and ample, and it rests exclusively with
them
save
narily
his
the
as
effort
proposal of amendments will ordi¬
from Congress, but Mr. Roosevelt, in
come
to
subordinate
manded in effect
out
a
judiciary,
has
de¬
revolutionary amendment with¬
regard to the procedure and safeguards which
the Constitution
provides.
Those who have
in
the
supported the Roosevelt policies
constitutional matters
have
made
much
of
argument that the Constitution, being old, is
of gold, 0.9 fine, equal to one franc; this was
within less than a year, the previous revaluation took
place on Sept. 26, 1936,
when the gold was given a value of 49 milligrams to the
franc as compared with
sumptively also out of date and
65.5 mgs. previously.
in
the
pre¬
On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs. about 165 francs
equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
no longer suited,
important respects, to the needs of the present
The division of authority between the Federal
age.
Government and the
Liberty and Law Under the Constitution
There
tional
in
is
something peculiarly repellent
feeling in Mr. Roosevelt's choice of
which the 150th
the Constitution
celebrated
tack
the
upon
done
time for
launching
constitutional
position
to be
violent at¬
a
of the
Su¬
To the commemoration of what
Court.
preme
na¬
anniversary of the adoption of
by the Federal Convention is
the
as
to
the year
was
bar to
national
judiciary is
rather
States, it is urged, is
progress,
an
dangerous
a
a
serious
independent Federal
anomaly, the President,
than
Congress, is the best judge of public
opinion, and the amending process is slow, cumber¬
ineffective.
and
some
If
sound and their soundness
the proper
course,
mon
such
were
it would
a
already, to the great merits of the Constitution, the
were
generally admitted,
would be to
seem,
another Federal Convention
Sept. 17, 1787, he will, it is expected, make
contribution, and it will be strange if he does not
again render lip service, as he has a number of times
contentions
sum¬
impowered to draft
other purposes
on
a
high character of its framers, and the blessings of
liberty and happiness which it has brought to the
American people.
ever,
pendence of the Federal judiciary would have been
destroyed, the path to
wholesale packing of the
a
Supreme Court would have been
judicial
power
have been
the
Government
would
subjected to Executive control. Thanks
opposition
which
of the Federal
opened, and the
was
of
Senate
the
and
the
to
opposition
ready to be unleashed in the House of
Representatives, that catastrophe has been averted,
but the
anniversary of the most notable event in the
Nation's
history will be clouded by knowledge that
the constitutional
system is still in
of Executive
menace
usurpation still impends.
It is of the utmost
tional
system as
because there is
its
open
system
a
danger and the
more
importance that the constitu¬
to the Roosevelt
program
the
of government is
courts.
a
union
The
of
than
American
States,
adoption.
a
and
But
The limitations of
matters
of
criticism by political
Constitution,
squarely
as
time the
Federal system,
a
administration,
are
however,
faced
they existed
Constitution
or
was
especially in
old
an
philosophers.
subject of
The American
those
limitations
could be foreseen at the
framed, and at
no
im¬
portant- point have its provisions failed to meet the
developing conditions
tween
proper
States
and
of effective
complement of governmental
only when the States have failed to
they
to
be
scope
of its
or
own
and
it
Federal
is
It is
the powers
constitutional
administration
charged with ineffectiveness.
a
powers.
use
the Federal Government has sought
possess, or
enlarge the
tive to
cooperation be¬
Nation, each with its full and
can
au¬
fairly
The only alterna¬
system, moreover, is centralization,
Federal
centralization
that
the
present-
day critics of American federalism obviously want.
The
outstanding characteristic of the Roosevelt poli¬
tion establishes
under Federal
and
or are
which, if they were frankly stated,
intelligence of the Nation would unquestionably
reject?
cies is their consistent and
powers necessary
by Congress to
they sound,
the
while the Federal Government which the Constitu¬
enjoys all the
are
camouflage intended to disguise
thority, that control
whole should not be lost sight of,
assault upon
Constitution to be submitted
they essentially
What will be remembered, how¬
is that, if he could have had his way, the inde¬
new
the States for
persistent effort to bring
control, which in practice
means
Ex¬
not dele¬
ecutive
control, economic, political and social
ac¬
gated to it by the States or prohibited to the States
tivities
and
by the Constitution
the constitutional
proper
for national existence, all
to the States
of Federal
or
are,
to the
powers
in express terms, reserved
people.
The great extensions
authority which Mr. Roosevelt has
pro¬
moted, and the still larger extensions which he seeks,
undermine, when they do not directly attack, the
constitutional
integrity of the States.
The legisla¬
consequence
tive
relationships which clearly lie within
sphere of the States. The natural
of those efforts is the trend to Execu¬
dictatorship which is written large
events of the
across
the
past four years.
Thescriticism of the Federal judiciary rests, in the
final
analysis,
upon
the
same
basis.
As long as the
Volume
Financial
145
United States lias
all the acts of
a
written Constitution to which
Congress and the Executive must con-
form, there must be
body charged with the duty of
a
applying the final constitutional test.
the courts to say
or
deny to litigants the benefits of such procedure
to
If the Constitution is
Congress may authorize.
as
It is not for
what the Constitution ought to be,
defective, it is the business of Congress to cooperate
the
people in changing it by the prescribed
processes
of amendment; if procedure impairs or
with
delays the administration of justice or 'gives some
of
classes
is
it
litigants unfair advantages over others,
When Mr.
Congress alone that is to blame.
Supreme Court he not only
Roosevelt attacked the
Chronicle
1643
volubly that the Constitution is antiquated or,
so
if not wholly outmoded, is in important respects
badly out of step with modern progress, do not in
their hearts desire a very different kind of governmental regime. The Constitution is certainly illcontrived for the purposes of those who would centralize political and economic power in Washington,
reduce the {States to subdivisions existing principally for electoral and administrative functions,
subject Congress and the courts to the uncontrolled
will of a President, abolish all distinctions between
interstate and intrastate commerce, and bring agriculture, industry, business and labor under Federal
direction, but it is just because these things cannot
sought to pack the Court in a way to insure deci-
be done without abridging, and eventually destroy-
revolutionary policies which
ing, both individual and public liberty that the Con-
sions favorable to the
lie
advocated, but also arrogated to himself, by im-
plication
and
very
nearly in
right to have his own interpretation of the
tution
mate
the
terms,
express
Consti-
Were his effort to succeed, the ulti-
prevail.
judicial authority
now
vested in the Supreme
transferred
be
to
the
President and
Court
would
to the
Congress which he aims to control.
stitution should be preserved. The greatest danger
a constitutional government is
not that the Constitution may be violently overthrown, but that the essential guarantees of the
Constitution may be undermined and its clear obli-
that can confront
gations ignored.
The program of sapping and stud-
ied neglect has been carried far in this country dur-
country in the world, except those which are
110
There is
ing the past four years, and it is time that it were
*
by dictators, in which such subjection of the
ruled
stopped and the damage repaired,
judiciary is to be found or in which a proposal so
to
*
subject it would be tolerated.
The criticism of the
and ineffective invites two
some
Multiplying Difficulties of War and
r ^
amending process as cumber-
rejoinders.
v
°
,
veil trail y
It is in
desirable, in the interest of good govern-
It would be difficult to find precedents for the
ment, that constitutional changes should be made
multiplying difficulties which have arisen to vex
no
way
by speeding up the time in which they may be
easy
effected.
the fundamental law
of
Amendments
of
the course of international relations in Europe and
Asia. The theater of trouble and anxiety in Europe
should be made only after careful delib-
has for the moment rivalled that in China in com-
by Congress and with clear evidence that a
petition for prominence in frontpage news, and the
majority of the voters desire them and regard them
United States, remote from either but concerned
with both, has felt called upon to date again its
the country
eration
as
necessary.
the
That
means
that they should be before
country long enough for them to be fully under-
stood and definite
expressions of public opinion re-
own
position. The European situation may properly
be examined first because of the rapidity with which
The easier the process, the
events have developed and the grave dangers which
greater the likelihood that an amendment will rep-
the situation obviously holds, but what is happen-
only the wishes of special interests or the
ing in Europe has also a significance for Asia, and
garding them recorded.
resent
questionable designs
of
party temporarily in power.
Fifteenth
to some extent for this country, which is not to be
The Fourteenth and
overlooked.
The repeated attacks upon British, Russian and
or
Amendments, in the methods resorted to
informing examples of
other vessels in the Mediterranean by mysterious
political partisanship can do, and the Prohibi-
submarines (whether there be one or several is not
a
monumental example of the
yet known) has faced the European Powers, for the
a
well-organized lobby.
first time in many years, with what, for diplomatic
to force their
what
adoption,
Amendment is
tion
pernicious
case
a
Administration
an
of
power
of the Prohibition
are
In the
Amendment, moreover, Con-
reasons,
Great Britain and France have chosen to
time
call piracy. The Soviet Government, in a note whose
played into the hands of the Anti-Saloon League by
bluntness is rare in diplomatic correspondence, has
gress
itself invited
delay and at the
same
allowing the extraordinary period of seven years in
charged Italy with responsibility for the attacks on
which ratification
might be completed. In 1921 the
its merchant vessels, and demanded cessation and
Supreme Court, in holding that amendments sub-
full reparation. The Italian Government, in reply,
mitted in
has emphatically denied
1789, 1810 and 1861 were no longer pend-
ing, ruled "that the ratification must be within some
no
Russian Government has rejoined with an intima-
why, by the process which the Constitution
tion that 'force may be used if satisfaction is not
reasonable
reason
responsibility and refused
To this the
further consideration of the protest.
time
after
the
proposal."
There is
peo-
accorded and the depredations stopped. The British
pie have shown they desire cannot be made within
and French Governments, alarmed at the possibility
prescribes,
a
any
constitutional change which the
"reasonable time."
be made easy
To demand that
change shall
is to bring the proposal itself under
on
anniversary which will be widely celebrated
Sept. 17 should give occasion for
war,
have exerted themselves to arrange a con.-,
other things, the practicability of naval convoys for
suspicion.
The
of
ference at Nyon, on Lake Geneva, at which, among
a
rereading
merchant
shipping in the Mediterranean may be
considered, but Italy and Germany have flatly reconference at which Russia is to be
of the Constitution and serious consideration of the
fused to attend a
privileges, restrictions and safeguards which it
represented, and Chancellor Hitler, at the party
tains.
con-
It is difficult to believe that those who insist
reunion
at
Nuremberg during the past week, has
1644
Financial
publicly proclaimed the general solidarity of Ger¬
and Italy.
many
it is
its
In the meantime Great Britain,
reported, hopes to induce Russia to moderate
tone
its
and
France has been aroused
moving
its
on
but the resentment of
demands,
by the action of Russia in
initiative in challenging Italy
own
notwithstanding the
obligations
apparent
of
the
Franco-Russian alliance.
These, in brief,
where
are
being asked,
British
son
for
Sept. 11,1937
thinking that Italy, notwithstanding its
with
relations
both
revive the
League
about
A
it.
vessels
are
operating
restraint
Italian
before long be captured
should turn out to be
sunk,
or
Italian
an
and it would be
mer¬
in the
It is, indeed, hardly
Mediterranean, and if it does not exist it is
obvious that the
measures
of the
tioned
was
for the
responsible
as
What Russia could
do in
to
loyalists
that
are
not
a
a
were
use,
in the
or
sight
suspicion
may
the
of the British
part
any
have been due to
and
an
of
in
the
arouse
on
not be dis¬
crews
no
at the
and
an
the
Italian
reply, and the talk
international fleet to protect
Mediterranean, there is
war.
maintain, does not want
and is not yet
independent
com¬
of
Russia
will
Spanish
anywhere
undoubtedly
may
give France
agreement, but there is nothing less probable
than
a
opportunity to withdraw from
between the two countries.
do
can
The end of the
solve the immediate
course,
problem, but in spite of the marked weakening of the
loyalist defense
Meantime the
early collapse is not yet in sight.
an
fighting in China continues and the
position of foreign Powers becomes daily
ficult.
The
stubborn
resistance
of
dif¬
more
Chinese at
the
the determination of
Japan to
have been intensified and
of
conquer appears to
demand for the cession
a
Shanghai would not occasion surprise.
To the
dangers to which foreigners continue to be exposed
has been added the announced purpose
ate
trains
with
trains
wherever
the
Japanese
for which
certain that
Chinese
they
are
of Japan to
in
found, and while
arranging
for
cooper¬
special
protection is promised, it is not
protection
themselves
be insured
can
Notwithstanding the
or
that the
not attack.
may
perils in Europe and
new
increasing dangers in China, the policy of the
change.
Government has
Ship
captains
undergone
been
have
no
essential
warned
of
the
dangers to navigation in the Mediterranean, but the
suggestion of naval
convoys
known, been considered.
has not,
so
far
as
President Roosevelt's
is
un¬
official announcement that American civilians who
choose to remain in China do
so
be expected, and the
at their
own
risk
Administration has been assailed for alleged neglect
of
Americans
doctrine
that
Americans
their
and
full
wherever
The
property.
support should
Coolidge
be extended
they and their property
to
are
sequent Administrations, and its enforcement now
that
war
would, of
war
what it
see
worse.
some
commerce.
found
regard for the Franco-Russian alliance and
an
upon
Britain,
ready for it. French irritation at the
action
agree
an
mys¬
evidence
no
Great
war
un¬
has evoked protests, as was to
tales.
large interests in China and imperial communi¬
cations to
weaken
that would not make matters
American
com¬
by Italy and Germany, the high tone of the
that either of the Powers wants
with
Beyond that it is difficult to
reported to
spite of the boycotting of the Nyon Con¬
note
submarines, and perhaps
joint naval action for the protection of
the
may
Sunken submarines and dead
organizing
merce
were
anxious hope
nationality of the "pirates"
inquiry into the identity of the
foreign representatives have been invited to
French Governments
bottom of the Mediterranean could tell
ference
terious
in
con¬
deliberations, refrain from pressing for
Spain. One
submarines that
complicated knot to
a
well allow the idea of "piracy" to
origin
given to British and French naval
manders to sink at
Russian
trol its
and
war
eventually be involved,
cease.
in which they
are
It may
long
a
bomb
loaned to General
manner
Nyon Conference has
international
used, would seriously complicate the rela¬
been
Yet in
other
of Italian
suspect that the orders which
covered.
on
would not involve
tions of other Powers with both sides in
that the
to
charge of "piracy" if it
they had been given
Franco, but their
have
naval
support for the loyalists must
Italy directly in
may
the
notice
as
Japan and Germany makes peace highly de¬
Shanghai has checked the Japanese advance, but
mys¬
carrying supplies for the Span¬
(if such proved to be the case)
have been
of
part
not intended
are
is
with Turkey.
a war
The fact that the submarines
shown that
as
easily be bottled
for
only at arm's length and at marked dis¬
China in which Russia may
naval Power it
Franco, and that their attacks
vessels believed to be
ish
a
shown, further, whether the
submarines
Powers
as
Sea could
if Italy cared to risk
It remains to be
force of General
attacks.
of resorting to
Italy and such of its fleet
assembled in the Black
terious
submarine
naval convoy for its
a
ships, is far from clear, since
far inferior
Italy in mind,
not officially men¬
the way
force, other than to furnish
up
cooperating Pow¬
would in fact be carried out* with
notwithstanding that Italy
is
con¬
called, could exist
so
As
in the Medi¬
war
Taking all these things into consideration,
the
piracy, properly
view.
in
end
naval
adding the increasing probability of
tie.
ceivable that
that
sirable.
anomalous procedure
an
participants with Italy.
ers
tween
convoying program, in which Turkey
expected to join, might protect
with
carry on a
advantage, at the same time that its position be¬
likely to improve the relations of any of the
little
diplo¬
a
initiative, and Germany is reported to have urged
naval
chantmen, but it would not meet the Russian de¬
mands,
greatly to the ad¬
the Powers do about them ?
can
brusque Russian demand will have
are
It would be
matic break with Russia, to have Russia take the
justified and something will have to be done
and Greece
Italian
attempt to
any
every¬
What, it is
terranean
submarine the
Britain,
as
instrument for dealing with
as an
the Mediterranean.
"pirate" craft
been
Great
and
territory, and partly to head off
Russia, it could
may
France
partly to secure recognition of Ethiopia
jointly in the Mediterranean, and the mysterious
but if the enemy
sup¬
port of General Franco, is anxious to establish good
vantage of Italy, moreover, if there is to be
the facts.
French
and
Chronicle
There is
rea-
has
would be
not, however, commended itself to sub¬
impracticable.
the American
It is beyond the
Government to
assure
tection to its civilian nationals
extent of the
for
Chinese
war
doubtedly be made,
as
be the
case
war
in
meantime
the
in the
be
it
was
in
of
throughout the whole
areas,
reparation for loss of life
power
complete pro¬
or
and while claims
property will un¬
early announced would
Spain, the losses cannot
prevented.
For the American
Volume
Financial
145
1645
Chronicle
to undertake to convoy all American vessels
in the Mediterranean or Chinese waters would be to
United
the
States,
navy
impossible task.
Pressure for the application
naval
are
prepared to engage in a
Japan, the situation will have to
until some incident forces a break. There
with
war
continue
essay an
Act, of course, continues to be
The
ton.
more
of the Neutrality
exerted at Washing¬
studied,
the situation in China is
be to apply
beneficial results. Competent ob¬
however, the more difficult it is seen to
the Act with any
servers
are
flict in
will
its
and more convinced that the con¬
China will
not
allow
plans.
The
more
be
prolonged, and that Japan
foreign interests to interfere with
Unless, then, foreign Powers,
New Capital Flotations
and for the
including
in the
grand total of new capital flotations in this country
the month of
August aggregated $183,827,304
This total compares with $343,577,370 recorded for July,
with $559,649,812 reported for June, with $261,441,234 for
May, and $317,092,098 reported for April.
During the
months comprising the first quarter of the year it is found
that March accounted for a grand total of $382,057,701,
February showed $521,550,323 of new issues, while for
January the grand total was $617,121,520. The grand total
of
$183,827,304 for August comprised $105,533,982 of
corporate issues, $50,893,322 in the form of State and
municipal securities, and $27,400,000 of issues falling under
the head of Farm Loan and publicly-offered governmental
agency securities.
Refunding operations were relatively
large during August, as we find no less than $108,230,246
out of the grand total of $183,827,304 comprised refunding,
with $75,597,058 representing strictly new capital.
We
mention here that our compilations, as always, are very
comprehensive and include the stock, bond and note issues
by corporations, by holding, investment and trading com¬
panies, and by States and municipalities—foreign and
domestic—and also Farm Loan issues and direct public
offerings by governmental agencies.
United States Government financing was along the usual
lines during August, and consisted of four double offerings of
Treasury bills. The details in respect to these offerings are
remarks further below.
In view of the
importance of the United States Government
financing, we set forth a summary of all Treasury issues
marketed during August, giving full particulars of the
various offerings.
that
would
involve
change radically no such
conditions
material
a
weakening is
in short, is wit¬
nessing the devastating progress of an undeclared
war in which, for the moment, it seems impossible
likely to be thought of. The world,
to intervene.
price of the bills was 99.652, the average rate on a
0.459%. This financing provided
for the refunding of $50,083,000 of maturing bills, leaving
$49,983,000 as new debt.
On Aug. 19, Mr. Magill announced another new bill
offering of $100,000,000, or thereabouts, consisting of
117-day Treasury bills and 273-day Treasury bills in the
amounts of $50,000,000, or thereabouts.
Both issues were
dated Aug. 25, the 117-day Treasury bills falling due on
Dec. 20, and the 273-day bills maturing on May 25, 1938.
Tenders for the 117-day bills totaled $95,371,000 of which
average
bank discount basis being
$50,043,000 was accepted.
The average price of the bills
was 99.892, the average rate on a bank discount basis being
Applications for the 273-day bills
0.332%.
August, 1937
Secretary of the Treasury Morgenthau on July 29 an"
nounced a new bill offering of $100,000,000 or thereabouts»
consisting of 135-day Treasury bills and 273-day Treasury
bills in the amounts of $50,000,000 or thereabouts.
Both
issues were dated Aug. 4, the 135-day bills maturing on
Dec. 17 and the 273-day bills falling due May 4, 1938.
Tenders for the 135-day bills totaled $165,122,000 of which
$50,000,000 was accepted. The average price of the bills was
99.915, the average rate on a bank discount basis being
0.228%.
Applications for the 273-day bills amounted to
$133,795,000 of which $50,047,000 was accepted.
The
average price of the bills was 99.646, the average rate on a
bank discount basis being 0.467%. This financing provided
for the refunding of $50,000,000 of maturing bills, leaving
$50,047,000 as new debt.
Acting Secretary of the Treasury Magill on Aug. 5 an¬
nounced a new bill offering of $100,000,000 or thereabouts,
consisting of 129-day Treasury bills and 273-day Treasury
bills in the amounts of $50,000,000 or thereabouts.
Both
issues were dated Aug. 11, the 129-day bills maturing on
Dec. 18 and the 273-day bills falling due May 11, 1938.
Subscriptions for the 129-day bills totaled $148,448,000 of
which $50,086,000 was accepted. The average price of the bills
was 99.924, the average rate on a bank discount basis being
0.211%. Tenders for the 273-day bills amounted to $146,268,000 of which $50,057,000 was accepted.
The average
price of the bills was 99.638, the average rate on a bank
discount basis being 0.478%.
This financing provided for
the refunding of $50,145,000 of maturing bills, leaving
$49,998,000 as an addition to the public debt.
Mr. Magill on Aug. 12 announced another new bill
offering of $100,000,000, or thereabouts, consisting of
122-day Treasury bills and 273-day Treasury bills in the
amounts of $50,000,000 or thereabouts.
Both issues were '
dated Aug. 18, the 122-day Treasury bills coming due
Dec. 18 and the 273-day Treasury bills maturing on May 18,
1938.
Tenders for the 122-day bills totaled $79,813,000 of
which $50,018,000 was accepted.
The average price of the
bills was 99.927, the average rate on a bank discount basis
being 0.216%. Applications for the 273-day bills amounted
to $140,846,000 of which $50,048,000 was accepted.
The
amounted to
$118,091,000 of which $50,001,000 was accepted.
The
average price of the bills was 99.603, the average rate on a
bank discount basis being 0.524%. This financing provided
for the refunding of $50,010,000 of maturing bills, leaving
$50,034,000 as new governmental debt.
In the following we show in tabular form the Treasury
financing done during the first eight months of 1937. The
results show that the Government disposed of $4,089,895,300,
of which $2,485,489,000 went to take up existing issues and
$1,604,406,300 represented an addition to the public debt.
For August by itself the disposals aggregated $400,300,000,
of which $200,238,000 constituted refunding and $200,-
062,000
represented
UNITED STATES
an
addition to the Government debt:
TREASURY FINANCING DURING THE
FIRST EIGHT
MONTHS OF 1937
Amount
Date
Due
Dated
Amount
Applied for
Accepted
Treasury Financing During the Month of
not
weakening of navies in Europe, and until European
Offered
New
successfully employed in Chinese and Jap¬
waters
anese
that
United States During the Month of August
First of January
The
our
conceivable combination of naval forces
no
could be
Eight Months Since the
during
recorded in
is
Yield
Price
Dec. 31 Jan.
6
71
days
105.265.000
50,055,000 Average
99.961 *0 199%
Dec. 31 Jan.
6
273
dayR
131.040.000
50,125,000
50,022,000
50,015,000
50,038,000
Average
99.760 *0.316%
Average
99.747 *0 333%
Average
99.738 *0.345%
Average
99.726 *0.361%
Average
Average
99.696 *0.401%
99.717 *0.373%*
99.717 *0.373%
Average
99.708 *0.386%
50,023,000 Average
50,004,000 Average
99.935 *0.224%
99.695 *0.402%
99.951 *0.179%
13
273
days
125.862.000
Jan.
14 Jan
20
273
days
124.392,000
Jan.
21 Jan.
27
7 Jan.
Jan.
273
days
250,255,000
total.
Jan.
Jan.
28 Feb.
3
273
days
Feb.
10
273
days
Feb
4 Feb.
11 Feb
17
273
days
Feb.
18 Feb.
24
273
days
191.855,000
179,465,000
154,486.000
134,519,000
total.
Feb.
26 Mar.
3
105
Feb.
26 Mar.
3
273 days
4 Mar. 10
4 Mar. 10
days
98
days
273
111,863,000
114,519,000
153,617,000
days
130,196,000
7 Decl5'36
Mar. 11 Mar. 17
Mar. 11 Mar. 17
12-16 yrs.
483,910.000
Mar. 17 Mar. 24
85 days
Mar.
50,385,000
50,025,000
50,027,000
50,024,000
Average
200,461,000
Feb.
Mar.
134.878.000
Mar.
Mar. 17 Mar. 24
Mar. 24 Mar. 31
Mar. 24 Mar. 31
92
days
273
days
140.722.000
106,662,000
88,640.000
273
days
79
days
99,782.000
122,846,000
273 days
178,883.000
50,055,000
50,010.000
483,910,000
50,081,000
50,012,000
50,020,000
50,177,000
Average
Average
100
Average
Average
Average
Average
50,153,000 Average
50,004,000 Average
99.656 *0.454%
2.50%
99 956 *0.173%
99.602 *0.525%
99.896
0.440%
99.461 ♦0.711%
99.901
*0.450%
99.512 *0.643%
984,449,000
Marc h total.
Mar. 31 Apr.
72
days
79,650,000
50,044.000 Average
99.897 *0.513%
Mar. 31 Apr.
273
days
159,783.000
50.049.000 Average
99.499 *0 661%
days
126.121.000
99.494 *0 667%
148 days
154,224,000
50.022,000 Average
60,025,000 Average
99.469 *0 701%
8 Apr. 14
15 Apr. 21
15 Apr. 21
273
273
days
Apr 22 Apr. 28
Apr. 22 Apr. 28
141
days
134,330,000
150.313,000
50.300.000 Average
50.024.000 Average
99.787 *0.543%
273 days
139,477,000
50.052,000 Average
99.458 *0.715%
Apr.
Apr.
Apr.
April
12
19
May 19
May 26
May 20 May 26
May
May
May
May
6
13
May 13
May 20
350,516,000
total.
Apr. 29 May
Apr. 29 May
May
6 May 12
132,280,000
50.045, 000 Average
99.801
days
135.389,000
50,014, 000 Average
99.440 *0.738%
days
273 days
138.172.000
50,072, 000 Average
99 820 *0.507%
164,362,000
171.777,000
50.027, 000 Average
50,140, 000 Average
99.838 *0 479%
50,044, 000 Average
99.480 *0.685%
115 days
169.035.000
171.119,000
50.182, 000 Average
99.863
0.430%
273 days
185,551,000
50,019, 000 Average
99.532
0.617%
128
122
days
273
days
108 days
140,170,000
50,112, 000 Average
May 28 June
273 days
50,030, 000 Average
June
3 June
273 days
179.085.000
131,178.000
June
7 June
2 years
June
7 June
5 years
June
10 June
273 days
June 17 June
June 2A June
273 days
total.
99.452 *0.723%
400.543,000
May 28 June
June
*0.531%
135 days
273
total.
May
99.776 *0.545%
273 days
2,499.349,100
2,496,326,400
140,238.000
127.407.000
123,676,000
60,000, 000 Average
426.494 300
100
426,290, 000
100
50,045 000 Average
99.888 *0.375%
99.574 *0.562%
99.586 *0.545%
1.375%
1.75%
50,120 000 Average
99.566 *0.572%
99.562 *0.578%
50.015 000 Average
0.619 99.531%
1,153,106,300
1646
Financial
Date
Dated
July
15 July
15 July
July
273 days
8 July
8 July
July
July
22 July
22 July
July
July
July
156,436,000
137,791,000
273 days
151,608,000
50,032, 000 Average
Aug. 19 Aug. 25 273
days
days
days
days
days
days
days
days
165,122,000
133.795,000
148,448,000
146,268,000
79,813,000
140,846.000
95,371,000
118,091,000
total
a
Type of
Security
Dated
6
6.
27
3__.
Treas.
bills
Treas.
bills
$200,255,000
$50,385,000
50,025,000
50,027,000
273-day Treas. bills
3
105-day Treas. bills
Mar.
3
273 day
Mar. 24
Mar. 24
Mar. 31
...
Mar. 31
Treas.
bills
98-day Treas. bills
273-day Treas. bills
1)4% Treas. bonds
92-day Treas. bills
273-day Treas. bills
85-day Treas. bills
273-day Treas. bills
79-day Treas. bills
273-day Treas. bills
Total
72-day
273-day
273-day
148-day
273-day
141-day
273 day
7
14
Treas.
bills
Apr. 28
Apr. 28
banks
483,910,000
50,012,000
so'osi'ooo
50,020.000
50,008,000
50,189,000
50,177,000
50,153,000
50,015,000
50,142,000
50,010,000
50,004.000
convertible
on
basis of $100 a share into common stock
before May 1, 1951 at prices
ranging from $35 to $50
per share. L-,
;';*■■■ A.
'A"1.
on
$250,469,000
$50,093,000
Treas.
bills
50.049.000
Treas.
bills
50.022,000
50,022.000
Treas.
bills
50,025,000
50.300,000
50,024,000
50,052,000
50,000,000
50.325.666
50,000,000
50,076,000
$200,022,000
$150,494,000
$50,045,000
$50,000,000
or
,
^"in
following we "f urnish a complete summary of the
new
financing—corporate, State and city, foreign govern¬
ment, as well as Farm Loan issues—brought out in the
United States during August, and the eight months ended
with August:
.
the
$50,059,000
Treas.
bills
Treas.
bills
Treas.
bills
Total
_
SUMMARY
OFCORPOR ATE~FOREIGN
AND
5
135-day Treas.
5
273 day
Treas.
bills
128-day
273-day
122-day
273-day
115-day
273-day
Treas.
bills
.50,072,000
50,000,000
Treas.
50,099,000
bills
Treas.
bills
50,027,000
50,140,000
50.044,000
50,064,000
50,120,000
50,182,000
50,019,000
50,000,000
50,201,000
$400,543,000
$200,064,000
MUNICIPAL
GOVERNMENT,
FARM
LOAN,
FINANCING
50,014,000
12
12
19
19
26
26
bills
Treas.
bills
Treas.
bills
Treas.
bills
1937
New Capital
Refunding
Total
S
Month of August—
S
S
Corporate—
Domestic—
Long-term bonds and notes
33,217,385
2
June
2
June
108-day Treas. bills
273-day Treas. bills
273-day Treas. bills
9
June 15--.
1 Vs % Treas. notes
June
15
1
June
16
273-day Treas. bills
273-day Treas. bills
273-day Treas. bills
June 23
June 30
% % Treas. notes
50,112, 000
50,000,000
50,000,000
300,000,000
50,045,000
50,015, 000
Total
50,015,000
$1,153,106,300
$550,180,000
50,010,000
50,060,000
50,000,000
50,060,000
14
July
21
148-day
....
Treas.
bills
273-day Treas. bills
Treas. bills
July
21
273-day Treas. bills
July
28
142-day Treas. bills
50,136,000
50,015,000
50,012,000
July
28
273-day Treas. bills
56,136,146
105,533,982
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
_.
_
_
Short-term
50,010,000
155-day
14
July
6.282.500
15,436,482
Short-term
50,120,000
273-day Treas. bills
7..
16,000.000
2,157.973
Long-term bonds and notes
50,030, 000
Preferred stocks
July
July
..
13,278,509
49,397,836
;
3,380,558
Canadian—
552,784,300
50,045, 000
50,120, 000
Common stocks
50,142,000
50,000, 000
426,494 300
426,290, 000
67,815.000
2~,9bi~942
Preferred stocks
$200,479,000
34,597.615
16,000.000
Short-term
Total
June
over par
$2,000,000 The Le Tourneau Foundation coll. trust conv.
4s, July 1, 1947, convertible into capital stock of R. G.
Le Tourneau, Inc. at rate of $40
per share to Jan. 1, 1940;
at $45.55 thereafter to
July 1, 1942; at $50 thereafter to
Jan. 1, 1945, and at $55.55 thereafter to June
30, 1947.
20,000 shares Sharon Steel Corp. conv. $5 pref. stock,
$50,027,000
483,910,000
50,081,000
50,012,000
$50,000,000
premium
Philadelphia 2^s due Sept. 1, 1939, and 2%s, due Sept.fl,
1940, priced to yield 2.00% and 2.50%.
1
There were two offerings
worthy of mention made during
August carrying rights to acquire stock on a basis os one kind
or
another,
They were as follows:
50,030,000
$733,980,000
a
value, and $400,000 Pennsylvania Joint Stock Land Bank of
$50,000,000
50,035,000
$50,044,000
the financing done during the month of
offering of $27,000,000 Federal Intermediate
llA% debentures, dated Aug. 16, 1937 and
Credit
50,024,000
$50,000,000
in
was an
due in four and nine months, offered at
$200,461,000
$50,023,000
50,004,000
50,055,000
par.
August
$350,516,000
Apr. 21
Apr. 21
Included
$50,000,000
50,015,000
50,024,000
$984,449,000
7
privately at
50.022.000
$200,461,000
Mar.
May
May
May
May
May
May
May
May
$50,180,000
1937
11
$10,000,000 F. W. Woolworth Co. deb. 3s, 1947, also placed
Indebtedness
$50,385,000
50,025,000
50,027,000
24
Mar. 17
99.603
50,038,000
Treas. bills
Total
—
99.892
New
50,125,000
50,022,000
50,015,000
50.038.000
273-day Treas. bills
273-day Treas. bills
Mar. 17
99.927
Refunding
$50,055,000
273-day Treas. bills
Dec. 15. '36
*0.228%
*0.211%
*0.478%
*0.216%
*0.459%
*0.332%
*0.524%
OF FUNDS
bills
17
Apr.
50,043,000 Average
50,001,000 Average
Treas.
10
Apr.
99.638
99.652
Accepted
Feb.
Apr.
50,057.000 Average
bills
Feb.
Mar. 10._
99.915
99.646 *0.467%
99.924
50,018,000 Average
50,048,000 Average
Treas.
Feb.
Mar. 10-
99.853 *0.372%
99.632 *0.485%
Total Amount
Total
Feb.
50,000,000 Average
50,047.000 Average
50,086,000 Average
$250,255,000
20
Jan.
71-day
273-day
273-day
273-day
273-day
13
Jan.
99.837 *0.397%
99.620 *0.502%
bank discount basis.
USE
Jan.
99.628 *0.490%
99.819 *0.419%
99 610
*0.514%
400,300,000
Average rate on
Jan.
Yield
350,265,000
4 135
Aug. 12 Aug. 18 273
Aug. 19 Aug. 25 117
Jan.
50,010, 000 Average
50,060, 000 Average
142 days
273 days
4 273
5 Aug. 11 129
Aug.
5 Aug. 11 273
Aug. 12 Aug. 18 122
Augu st
Price
50,000, 000 Average
50,136 000 Average
50,015 000 Average
50,012 000 Average
148 days
Aug.
*
133,100,000
120,248,000
141.935,000
144,990.000
155 days
273 days
total.
29 Aug.
29 Aug.
July
Accepted
Sept.
than 35% of the total.
or more
In May the refund¬
ing portion was $87,210,363, or more than 52% of the total
in April it was $86,535,499, or more than
53% of the total;
in March it was $181,055,483, or more than
56% of the
total; in February it was $224,520,551, or more than 63%
of the total.
In January the
refunding portion was $203,516,962, or nearly 69% of the total. In August a year ago
the amount for refunding was
$61,639,147, representing
about 25% of that months total.
Refunding issues of importance were confined to three
offerings for The Ohio Public Service Co., consisting of the
following: $28,900,000 1st mtge. 4s, Aug. 1,1962; $1,600,000
serial notes, 3s, 3^s, 3^s, 3%s and 4s,
Aug. 1, 1947, and
16,000 shares 1st pref. stock, 53^% series. Net proceeds from
the sale of these issues are to be
applied to the extent of
$30,091,174 for the redemption of outstanding bonds.
The largest corporate
offering during August was $28,900.000 The Ohio Public Service Co. 1st
mtge. 4s, Aug. 1,
1962, offered at 102^8 to yield about 3.86%.
Other issues
worthy of mention were: $15,000,000 Owens-Illinois Glass
Co. deb. 3^s, Aug. 1, 1952, placed
privately at par, and
Amount
A wiled for
Due
June 29 July
July
341,150,
Amount
Offered
Chronicle
'Hit,
A-
Common stocks
$602,926,300
Total corporate
50,000,000
Canadian Government
Other foreign government
Farm Loan and Government agencies—
27",4bb"bob
27.400^666
26,199~222
24,694,100
50,893.322
75,597,058
108,230,246
183,827,304
50,032,000
...
50,060,000
50,091,000
50,159,000
49,885,000
$200,298,000
$149,976,000
*
Municipal—States, cities, &c
United States Possessions
Grand total
Total
Aug.
Aug.
$350,265,000
4
135-day
273-day
129-day
273-day
Treas.
bills
Treas.
bills
117-day Treas. bills
$50,000,000
50.047,000
50,086,000
50,057,000
50,018,000
50,048,000
50,043,000
273-day Treas. bilLs
Aug. 18-.
Aug. 18
Aug. 25
Aug. 25
Treas. bills
122-day
4
Aug. 11
Aug. 11
50.001,000
Treas. bills
Treas, bills
273-day Treas. bills
■___
Eight Months End. Aug. 31—
Corporate—
$50,000,000
$50,047,000
50,145,000
49,998,000
50,083,000
50,010,000
Domestic-
Long-term bonds and notes
Short-term
49,983,000
537,863,849
44,176,080
....
stocks
Preferred
Common stocks
—
697.120,351 t ,234,984.200
158,795,797
177,766,165
225,120,186
383.915,983
86,032,225
263,798,390
36.823.920
81,000,000
Canadian—
50,034,000
Long-term bonds and notes
Short-term
Total
Grand
$400,300,000
total.
$200,238,000
Preferred stocks
$200,062,000
Common stocks
Other foreign—
$4,089,895,300 $2,485,489,000 $1,604,406,300
Long-term bonds and notes
Short-term
Features of August Private
Preferred stocks
Financing
Proceeding- further with our analysis of the corporate
flotations announced
during August, we observe that public
utility issues accounted for $50,251,000 as against $29,150,000 reported
for them in July.
Industrial and mis¬
offerings amounted to $49,243,982 during August,
compared with $106,631,774 for that group in July,
while railroad
financing in August totaled $6,039,000, as
compared to only $2,950,000 recorded for July.
The total corporate securities of all
kinds put out during
August was, as already stated, $105,533,982, of which
$67,815,000 comprised long-term bonds and notes, $16,cellaneous
Common stocks
Total corporate
*
85.000,000
85,000.000
134,000,000
176.714.000
308,714,000
535,399,713
156,630,755
692,030,468
1,586.001,604 1.597,441,437
Municipal—States, cities, &c
134,000.000
132_,bbb"666
k 183.443,041
United States Possessions
as
000,000 consisted of short-term issues and
$21,718,982
represented stock offerings.
The portion of the month's
corporate flotations used for refunding purposes was no less
than $56,136,146, or more than
53% of the total. In July
the refunding portion was
$56,780,528, or more than 40%
of the total.
In June, the
refunding portion was $149,-
918,601,891 1,045.096,682 1,963,698,573
Canadian Government
Other foreign government
Farm Loan and Government
agencies.
Grand total
*
These figures do not
Include funds obtained by
States and municipalities from
any agency of the Federal Government.
In
the
the
tables
on
the
two
succeeding
pages
we
compare
foregoing figures for 1937 with the corresponding fig¬
ures for the four
years preceding, thus affording a five-year
comparison.
We also furnish a detailed analysis for the
five years of the corporate offerings, showing
separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations
during August, including every
issue of any kind brought out in that month.
^1
?
C/1
. §3,685,05 10,3a6580
Total
*3
:::
14,09613 41,602-539 5,6215
Total
9,862,764 9,862,764
1933
CReafupnitdailg
3,683, 05 10,36580
New
Refundi g 3,50,0 6,50,0
Capital
8,019,0 153, -10 19,27548
8,019,0
New
1935
$
201,730 26,7-4635 10,59 32
23,47958
106,0 0
Refundi g 5,349 85 "381,16 62
67,8150 16,0 0 6,28,50 15,436 82
105,3982 27,-46: 50,893 2 183,2704
GFOCOVERREPNIMGNATT,,
Total
8
CNOOGRRPEUFWPATIE
i
_
Refundi g 34,597615 16,0 0 3, 80,5 8 2,157,9 3
56,13 46 27,"46- 6 24,69 10 108,23 46
Capit l 3,217385 2,9bl-,942 13,278509
——__ 49,3 7836
$
1937
OSUMFARY
$
—
New
ACHANRDTE
26,19-2 75,97058
-
3,50,0
6,50 , 0
14,09613
10,5 0
18,09 0
10, 0
10, 0
50 ,0 0
8,019,0
6,50,0
50 ,0 0
12,75 863 325,0 0
1,204, 0 6,315,0
6,50,0
8,019,0
73,4120 35,4120 25.0 , 0 38.015,0 5,6br,6 3,0 ,0 180,4950 5,0 ,0
5,0 ,0 13,762.0 10,6 :6
24,36 0 73,4120 35,4120 43,7620 48,615 0 5760,6 3,0 ,0 209,86150
58,130 32,15.0 25,0 0 27,1970 5,6b"6 3,0 ,0 15,047 5,0 ,0
5,0 ,0 13,7620 10,2 :6
23,9620 58,130 32,150 43,7620 37, 970 5",60, 0 3,0 ,0 180,6 70
Refundig
1,204,0 6,315,0
Total
1936
bSatoneyids
Refundi g 1,6 415 41,92 50
Capit l
New
Total
1937
51,0 0 43,0 0 1,05,0 -973",0
39,8 58 1,07,50
672,60 973",0
37 ,40
New
"35()-.6 13,64 376
106,0 0
50,0 0
~350~,6 7,460,214
50,0 0
16,0 0 2,10,0 2,468,750 9,2 ,429 574,164
2,0,0
15,84179 24,975 96 39,8 58 1,543,15 801, 56 "350",6 7,837,614
59 ,4 2 592,750
~
50,0 0 973,0 0
50,0 0
120,4917 23,47958
1 3,470
120,378 21 170,981
5, 38,531 2,936,0 46,9 173 1,8760 2,157,9 3 2,0",6
7,064, 56 574,164
61,39147
7,35 ,639 21,7892 6,039,0 50,210 2,468,750 24, 24 9 574,164 2,6 5,0 19,35 639 105,3 982
16,0 0 1,504,58 1,876,0 2,157,93
3,103,0 2,689,385 15,0 0 425~,6 12,0 0 3,217385
29,7480
6,289.162 1,6145 41,92 50 106,0 0 6,85 ,762 -973",6
6,039,0 32.15,0 15,0 .0 2,65*,6 12,O b"60 67,8150 i6,o T6
34,597615 16,bo"60
15,28 0 3,27,0 1,23580
15,84179 31.264,958 51,0 0 43,72635 907,156 350, 0 14,693 76
6,183,162
472,635 801, 56
5,349 85
104,536 0 145,823015
Refundi g 2,936,0 29,461 5
Capit l
472,635 907,156
104,650 201,730
1 3,470
40 ,0 0
40 ,0 0
29,3480
New
170,981 45.-74 36 216,5734
New
6,50 , 0
Capit l 15,280 3,27,0 10,835 0
297.0 ,639
Capit l 145,823015 14,91-473 10,48 32
$
1,590
968,750
1,204 0 6,315,0
1935
61,39147 7,86:6 10,94 5 80,43 092
$
1936
7,86 - 6 56,79681
14,09613
Total
FFGotfevrhadronmgmunicp.llyesYAOTMFUSETUIINGSVHAHNRSREED
FYTOAMFEAUIILFNUVHGORCSRRPDNML
Total
12,75 863 325,0 0
New
29,7480 85,26 0 3,152718 148,209518
New
££0325,0
14,09.613 -968-756 12,-75 863 :^: : 14,09613
CReafupnitdilg
180,670 76,0 .0 ~30 ~,6 032,50 98 28,91728
Capital 29,3480 ~40 ~,6O6
4,0 ,0
1,204,0 6,315,0
1934
209,86150 76,0 0 85,62" 6 5,703 16 437,1268
Refundi g 15,047 5,0 .0 23,9620
12,-75 863 325,0 0
968,750
3,50,0
Total
180,357648
180,4950 5,0 ,0 24,3620
Total
-968-,756
5:: : a:: :
New
10, 0 50, 0 1,6 :6 8,40,783 79,48073
$
fb
CReafpunitdilg
18,09 0 50, 0 164, "10 13,8072. 259,83 41
$
1934
O
t3
1933
14,09613 31,79 75 45,789.38
1,590 6,50,0
$
O
£3*
ftj
C
Total
&
o
.
56,13 46
7,35 ,639 16,80451 3,103,0 3,284, 27 592,750 2,064 56 574,164 425,0 0 19,35 639 49,37836
OAUGFST boannotdess. Short-em stock stock Candi— boannotdess. foreign— bonanotdess. stock corpa.te toal fudifnigcludoresest OFAUG ST LNBoonotegasn-T—dersm
TNBotoeeasnr—dms util es &sccotoepall,,,Equmaipnumfcternets oi indmaaunsunftrcdtrlig b&uildcngs, h&tortrucladds_iintngg,,,Miscelanous util es &cscotopeall,,,Eqmuainpufmcterenst oi inmdaaunsunftrcdtrlig b&uildcngs, h&ttorracludd_siinntgg,,,Miscelanous util _e—s &ccsootpeaelrl,,,Eqmuaniupfmtent acesori inmadaununsftcrdtrilg &buildcngs, &htorctalrdud—iisnntgg,,, Miscelanous sceocrupritate
GovernmtfGoovreernimgntLooaagavnciensd.,&♦Municptal—S,PSosteaien_s utiles&sccotopeaellr,,,Eqmuainpufmtent acesoriindmauansunftrcditrilg b&uildcng, h&ttorraluddsciinntgg,,,iscelanous
Corpate—
MONTH
Domestic— Long-term Pref red Com on Long-term
LerhOt ong-term Com on Total
Can dian Other
Grand
Farm
United
These
MONTH
*
Railroads Public Iron,
and
Total
Motors Other Land,Rub er Ship ingInv.
Oil
M
Short
Railroads Public Iron, Maotnords Other
Total
Oil
Land, Rub er
Ship ingInv.
Stocks— Railroads Public
and
Total
Iron, Motors Other Land, Rub er
Oil
Ship ing Inv.
Total-
Railroads and
Total
Public Iron, Motors Other Land, Rub er Ship ing Inv.
Oil
o
a*
Ki
&
o
00
O
O
HJ
Co
rb
Co
VO
13
Total
$
134,62950 74,13670 14,7 5 103,8 1 "13 ",3 2 1,60b",60 329,04789 60, 0 45,90 0298,42701,40,0
1,60 ", 0
Refundi g 1 ,0850 57,3670 32, 17 8
$
1933
Capit l 23,610 16,0 014,7 5 71,530
20,462978 60, 0 29,185~64 ec/oi0
13 ,3 2
126,584920 45,90 0269,3706 1,40,0 43,12986
197, 10 35,7 0 2,908,0 27,6539
Refundi g
1,20 , 0
365,4829 50, 0 597,41 0 642,09 65
13,9602 104,750
Total
1,20 , 0
23,610 16,"50 ,6
43150,8 10 0,3980 2,308,0 4,0 ,0 40 ,0
Total
1,65491,64
Capital 48,31 0 16,74580
100,5"959",
13,9602 63,9470 32,50 0
30 ,0 0 50 ,0 0
32.17, 8 84,0250 57,960 785,605,40 12,0 0 36",8956 5,9 ,16 20,462978
75,0 0
75,0 0
16,0 0 7,0 ,0 3,01,651 "859",26972,534 1 1,795,120 1,08,56 86,3 920 12,0 0 34,210 3,01,651 859,26972,634 1 1,795,120 90 ,0 0 1,08.56 126,584920
250, 0
58 ,750
136,950
2,958,0 6,50,0
65,98 0 7,0 ,0 23,0 0
50 ,0 0 40 ,0
New
59,13670 2,147, 8 30,17 0
10 ,0 0
197, 10 70,9470 5,0 0 3,258,0 7.0 ,0
Refundi g 102,5 0 23,652 0 2,308,0 3,50 , 0
1934
75,0 0
75,0 0
75,3670 9,147, 83,01 ,651 859,269102,7431 1,795,120 1,08,56 18,61 98 96.042,50 92,18 9788,617,05112,0 0 859,269109,52 314 1,795,120 90 ,0 05,9 ,10 1,08,56 329,04789
7,2 7,0 39,7 520 5,605,40 12,0 0 5,"l0 ",0 5,9 ~,I6
1 ,0850 7,27,0 23,9520 5,605,40 12,0 0 5,0 ,0
New
127,5930 312, 10 541,801 981,54379
New
134,62950
90 ,0
Capital 12,0 0 10,7210
237,86520 50, 0 285,30 10,2185 673, 085
Capital 65,98 0 31,05 0 2,908,0 27,6539
8,765 0^943,2 0 S7l",25,06 90 ,0 0
Refundi g 76, 5 0 32,5180 1,725,0
1933
om
New
1934
Total
20,16 249
525,0 0
~
310",20 9,0 ,0 30,58419
16,470 56,12 0 5,26,0 10, 0
105,9 0
250,0 q
9021,76 5,8 0 58 ,750 25,76249 1,0 0 40 ,0 0 525,0 0 310,20 9,250, 0 365,4829
58 ,750
31,05 0
20,16 249
525,0 0
"
310",20 9,0 .0 30,584.19 5,31 0 39.745,80 58 ,750
237,865.20
20,46 249 1,0 ,0 40 ,0 0 525,0 0 310.20 9,250, 0 127,5930
'
Total
$
401,845, 7,10 0 81,0380 8,367,0
711,32 ,30 6,0 0 946,5 70 53,18243 4,98,0 Ca1o7
159,430 61.54,0 158,0 0 7,941~,6o5 193,5 0 39,50 0 6,53,0
rto
1
0
7,4,0
16,389 0 589,670 137,4806 2,41",6 154,2 10 35,281 50 5,60, 0
Total
7, 4 .0
1,8405
20, 0 5,0 ,0 6,0 ,056 4,10,0 6,0 ,0
6,0 ,0 47,10 0 6,785,2 0 18,7620 15,21750 5,0 ,0
4,37180 90.17,80 159,430 638,49250 18,762.0 13,9410 21,867250 50, 0 6,53,0 58,1580 1,32 0
1,0489 6
20, 0 5,0 ,0 1,65,0 6,0 ,0
6,0 ,0 38,6150 5,0 ,0 13,7620 10,2 0
19,371.80 48,3 80 16,389 0 614,70 156,24 6 2,41,0 16,07.10 41,28 50 5,60, 0 3,1580 1,35867,49
135, 1804
6,0 ,0 2,485,0
—
_
Refundig 1,0489 ,6 38,6150 48,3 80
8
1935
.
781,35 67.49 6,0 0 ,893706 284,06 15 4,30, 0
1935
85f
FYEIVARS
AF3YUOEIV1GR.S
135, 18048,45,0 3,470 8,367,0
94,7620 469,1826 568,0 0 749,02 7
185,43804
2,71490 54,70 17,96304 .18,964 38,0 0
453,10 7,90 8,0 0 5,0 0 34,09860 713,52 6 2,85,0 4,2730 452
Refundi g 2,0583,40 35,76250 124,980 10,83 743 30, 0
2,407385,4 48,0 0 5,0 0 321,9860 256,4097 1,750, 0 3,08975,062
Capital 51,4 560 18,70 50 52,98 146 108,57901 8,0 ,0
703,19207 21,90 0 457,10283 1,075,0 1,8326 90
81,0 0 38,915 83 26,79830
1,963 8,573
85,0 0 134,0 038,7140 692,03 468
3,1843,01
1,04596,82
85,0 0 134,0 0176, 40 156,3075
1,5974 3
Capital
New
SFTEMAF3INOAHGUDR1RS.
FGOFOLAMRVFEUTEEIMNRINAGONCGHMNDDPRTL,S
bSfFGtrtamoeoauoehvndsgicrypinnmlad!yl.
Total
1936
New
Total
1,23498 0
Refundi g 697,120351 36,8239 0 25,10 86 86,032 5
$
1937
OF'CRPATE,
4,17608
SUM ARY Capital 537,86 49 158,79 7 1 ,76 15
$
New
CISOTURNPHIEAED
GAONRNEUPFWDI
Refundi g
42,753 20 1,9840 20,51934 5,0,0 39,26340 4,218,750 893,0 0
Capital
New
6 ,81 90 1,2086 50 265,0 23, 0 168,05 264,0 0 8,79,0 60",0 6153,9650", 2,7594 0 30, 0 1,850 2,0 ,0
Total
1936
Refundi g
"
8
8,125,0 4,50 , 0 245,0 0 7. 50, 0 54,70 24,59 763 8,136. 56 7,462.40 4, 85,0 149,6 417 20,79 13 50 ,0 0 1.925,0 69,7 45 1 296,85.90
24145,46 87 31 1,38 5 98, 752 0.73,450 136,2576 240, 1963 5,21,0 351,74200", 2,3580.4 15,0 0 60 ,0 2,0 ,0 8,125",0 2,87,50
50 245,0 0
Capit l 201,94258 70,139 6 6.285,48 2,496,50 31,92574 23,958037 3,567,0 60",60 12.59~430 523,4 560 15,0 0 1,250
2,212",
8
"
New
.
%
Tola
1937
Refundi g
$
8855291,8 70 3, 9.0 7,1350 1,0,0 10, 0 81,90 0 140,85 0 28,07 0 650, 0 "250",60639,58 0 5,80,0 36,850 2,40",0
1,23498 0
107,2680 46,913 4,076 50 4,934,60 31,58 18,34 0 20,7430
$
60 ,0 0
69,8190 ,2350746 275,365 30,68240 4,85,0 325,4 917289, 0.139,524,0 1.9250 231,49 51 3,1057,90
35,08",530 135,89643 479.86,315 1,6095,62 205,98752 20,73450 523,90 20,3 092 58,47321 5.21,0 74,25910 2,407385,4
7~,50",6 35,76250 21,87128 4,184,0 523,90 58,0 23 6 1,4379
18,70 50 2,768,35 3,952,65 7,462,40 3,961,0 91, 7081 4,67,164 50 ,0 0 660,1 925",34,706.1 16,04 7 216,94258 74,158.601 70,237904 9,58,950 3,961,0 123,04 825 30.817,01 4,312,0 60 ,0 0 1,9250 157,23 41 703,192 07
250, 0
3579b",60 81,0 0 91,28 394 9,87 24 467,50 12,7 053 27,5820 12,605 2 3,176,90 95,0796 647,1 37 297,65 0 681,72 394 182,0 724 1,567,50 2,712053 31,87 250 263,45102 28,07 0 3,826,90 170,542960 1,963 8,573
36,82390 86,310"25 54.27,0 162,850 5,21 5 8,10675
3,"20",50 697,120351 1,450, 0 34,573920 "sob",0
650, 0
918,60891 132,b"O~60 53,9713 1,5860 4 CHAR TE Capit l 184,59170 86,59768 43,05890 1,0,0 5,065,40 50,341 2 12,49750 7,327,0 "250",6 036,8450 537,86 49 4,350, 0 2,76,08
25,0 0 41,8370 42,753 20 3,769250 25,1934 1,50 0 46,80 150 9.218,750 893,0 0 25,0 0 185,43804
8,4 5,0 1,785,2 0 5,0 ,0 5,0 1,750 5,0 .0
682,560
26,39l"859 31,5241 108,7 0 587, 548 98,35.120 162,8504.934,60 87,50 3 106,45 76 20.743,0 682,50 29,52359 1.04596,82
35,906 4,17608 9178"42,40,6 54 304,650 12,7 053 172,35 1 34,9873 2,49",490 68,16 01 36,51962 18,94170 93,85190 83,659 04 1,40,650 17, 453 24,98247 156,9 .237 7,327,0 3,14.90 250, 0 140,95 601 918,60 891
1,60",60
4
New
A3U1G. notes. notes. notes. Governmt agcies.&t_P,osein ifnucldse A3U1G. Notes &c ._ manufctrig h&oldcing, Notes manufctrig _ •_h&oldcing, _ manufctrig h&olcdin_g, ; manufctrig h&oldcing,
boandnsd stock stock bonads stock stock foreign— boands stock stock corpateGovernmt Gaonvdt,♦Municpal—Stes, dnot MEONNTDHS. LBonog-anTedrmsRailroads utiles scctooepaellr,,,Equmiapnumfetnt aacensodri indausntrdl b&uildcng, ttrraudsitng,,Miscelanous Total. SBhoorta-nTedmsRailroads utiles&sccotoepaellr,,,Equmiapnumfetnt aacensodri indausntrdl b&uildcngs, — ;. ttrraudsintg,,Miscelanous ._ Railroads utiles&sccotopeaellr,,,Equmaipnumftent aacensodri indausntrdl b&uildcngs, ttrruadsitng,,Miscelanous Railroads utile_s &sccootepale,lr,,Equmaipnumfetnt aacensodri indausntrdl b&uildcngs, :ttrraudsintg,,Miscelanous csoercpuritate
MEONNTDHS.
Domestic— Long-termShort-emPref redCom onCandi — Long-termShort-emPref redCom onOtherLong-termShort-emPref red Com on Can dianOfotrheiergn Loan USntaiteeds Grtoanadl Tfighuersees
EIGHT Corp ate—
Total
Total
*
Farm
EIGHT
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Stocks—
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Total
Volume
2,030,000 Sharon
DURING
DETAILS OF NEW CAPITAL FLOTATIONS
THAN
share into
(ISSUES MATURING
NOTES
AND
BONDS
Steel
Corp.
20,000
shares conv. $5 pref. stock.
and provide working capital.
Convertible on basis of $100 a
Redeem convertible debentures
Price, 101%; to yield 4.92%.
AUGUST, 1937
LONG-TERM
1649
Chronicle
Financial
145
stock on or before May
common
1, 1951 at prices
ranging from $35 to $50 per share.
Offered by Speyer
and Hemphill, Noyes & Co.
Other underwriters were:
LATER
FIVE YEARS)
Co.; Goldman, Sachs & Co.; Otis & Co., Inc. and
&
& Co.
Riter
Singer,
Deane & acrioner.
RAILROADS
$2,468,750
$1,920,000 Chicago Milwaukee St. Paul & Pacific RR. Co. equip.
trust 3%s. Aug. 1,1938-52.
New equipment. Placed privately
by Salomon Bros. & Hutzler; Dick & Merle-Smith, and Stroud
& Co., Inc.
Co. 50,000 shares capital stock*
General corporate purposes.
Price, 10.
Offered by GriffithWagenseller & Durst; Mitchum, Tully & Co.; Wm. R. Staat
& Co.; Wm. A. Lower & Co. and Pacific Co. of California.
683,000 Chicago & Western Indiana RR. Co. 1st & ref. mtge.
4Mb, series D.
Capital expenditures.
Placed privately at
par with Northwestern Mutual Life Insurance Co.
2,936,000 Cleveland & Mahoning Valley Ry. Co. 1st mtge. 4s, July 1»
1962.
Refunding.
Placed privately at par with Metropolitan
Life Insurance Co. through Van Alstyne, Noel & Co., N. Y.
500,000 New
&
RR.
Belt
Public
Orleans
General
and
3%s
Awarded
corporate purposes.
3%s,
Graham,
to
Parsons
Co.
PUBLIC
UTILITIES
(Danville, III.) 1st mtge. 4%s, July 1,
Placed privately at par with
Refunding.
1952.
1,750,000 Basic Dolomite, Inc. 140,000 shares common stock. Redeem
outstanding funded debt, pay balance due on lease of plant
and provide working capital.
Price, 12%. Offered by Hall¬
garten & Co.; Otis & Co.; A. G. Becker & Co., Inc.; Curtiss,
<
Northwestern
Mutual Life Insurance Co.
653,901 Cornell-Dubilier Electric Corp. 60,828 shares common
stock.
Acquire entire capital stock of Condenser Corp. of
America, retire preferred stock, dividend notes and provide
working capital.
Price, 10%.
Offered by Swart, Brent &
Co., Inc. and Mitchell, Herrick & Co., Inc., subject to prior
subscription rights extended to stockholders of Cornell Electric
Manufacturing Co., Inc. and Dubilier Condenser Corp.
stock.
share
Stein
Inc.
28,900,000 The Ohio Public Service Co. 1st mtge. 4s Aug. 1
1962*
Refunding
additions, improvements, betterments and work¬
ing capital.
Price, 102%; to yield about 3.86%.
Offered by
Halsey, Stuart & Co., Inc.
Other underwriters were:
The
First Boston Corp.; Lehman Brothers; Arthur Perry & Co.,
Inc.; Goldman, Sachs & Co.; W. C. Langley & Co.; Bancamerica-Blair Corp.; Hallgarten & Co.; Ladenburg, Thalmann & Co.; A. C. Allyn & Co., Inc.; Central Republic Co.,
Chicago; Coffin & Burr, Inc.; Graham, Parsons & Co.; Otis &
Co., Inc.; H. M. Byllesby & Co., Inc.; Hayden, Stone & Co.;
Lee Higginson Corp.; Paine, Webber & Co.; E. H. Rollins &
Sons, Inc.; Schroder, Rockefeller & Co., Inc.; Shields & Co.;
Stone & Webster and Blodget, Inc.; A. G. Becker & Co.,
Inc.; Newton, Abbe & Co.; Blair, Bonner & Co.; Sills, Troxell
& Minton, Inc., and Lawrence Stern & Co.
1,600,000 The Ohio Public Service Co. serial notes, 3s, 3%s, 3%s,
3%s and 4s, Aug. 1, 1938-47. Refunding, additions, improve¬
ments, betterments and working capital.
Priced to yield from
1.50% to 4%.
Offered by Halsey, Stuart & Co., Inc.
General corporate purposes.
into common stock on basis of
purchasers.
400,000 National Gas & Electric Corp. 1st lien coll. trust 5s, B, June 1,
1947.
Acquisitions.
Price, 98%; to yield about 5.20%.
Offered by Laurence M. Marks & Co. and Nichols, Terry &
(Ky.) 6% cum. conv. pref.
Price, 25.
Convertible
each
of preferred.
Offered by Bartlett & Gordon, Inc.;
Bros. & Boyce and James O. Willson & Co.
750,000 Daviess County Distilling Co.
376,000 Kansas Power Co. 1st mtge. 5s, A, March 1,1947. Extensions,
additions and betterments.
Placed privately at par with six
Dickinson,
Manufacturing
House & Co. and Bull & Eldredge.
1942-66.
$6,039,000
$875,000 Interstate Water Co.
MANUFACTURING
INDUSTRIAL AND
OTHER
$500,000 Axelson
1 % shares of common for
675,000 Doernbecher Manufacturing Co. 75,000 shares capital stock.
Retire debentures, pay bank loans and provide working capital.
Offered by Dean Witter & Co.
Price, 9.
750,000 Emerson Electric Manufacturing Co. 80,000 shares com¬
mon stock.
Pay up arrears on preferred stock and provide
working capital.
Price, 9%. Offered by company to holders
of its common stock.
Underwritten by Van Alstyne, Noel &
Co.; Fenner & Beane Corp.; Taussing, Day & Co., Inc. and
Bonner & Bonner, Inc.
715,000 Globe Knitting Works (Mich.) 55,000 shares common stock.
Retire 7%
preferred stock and provide working capital.
Price, 13.
Offered by Cray, McFawn & Co.; J. H. Petter &
Co. and Conroy & Co., Inc.
Co. (Del.) 25,000 shares common stock.
redeem
outstanding debentures and
Price, 22%. Offered by company
common stock.
Underwritten by Francis,
562,500 Hussmann-Ligonier
bank
Reduce
loans,
general corporate purposes.
to
holders
of its
Bro. & Co. and
Herrick, Berg & Co.
147,187 H. R. Kruger & Co. (Detroit)
Working capital.
Price, 3%.
Co., Detroit.
39,250 shares common stock.
Offered by Babbitt, Vogel &
Heater Co. 2,242 shares common stock.
Complete
to plant and provide materials
and equipment.
Offered by Keane & Co.
22,139 Kysor
additions
Price, 9%.
$32,151,000
LAND, BUILDINGS, &c.
•
$100,000 Catholic Bishop
notes. A, July 1,
yield from 2.50%
& Co., St. Louis,
John
2,000,000 111
of Cleveland, Neb. 4%, 4%% and 4%%
1938-44.
Real estate mortgage.
Priced to
to 4.50%.
Offered by Festus J. Wade Jr.
Mo.
Street
Corp.
and
4s
4%s,
1957.
Refunding.
with a fife insurance company.
Placed privately
Corp.
loans.
Price,
bank
$15,000,000 Owens-Illihois Glass Co. debenture 3%s, Aug. 1, 1952*
Finance capital expenditures.
Placed privately at par with a
private corporate investor.
200,000 Premonstratension Fathers of Green Bay, Wise. 10-year
4%% notes, July 15, 1947.
Real estate mortgage.
Price,
100; to yield 4.50%.
Offered by Festus J. Wade Jr. & Co.,
St. Louis, Mo.
of Charity
of
Cincinnati
(Good Samaritan
Hospital and Seton High School) 1st mtge. 3s, 3Ms and
1, 1938-43.
Refunding and retire notes payable.
to
yield from 3% to 4%.
Offered by B. C.
Ziegler & Co., West Bend, Wise.
Lord; Emanuel &
215,962 Shakespeare Co. (Kalamazoo, Mich.)
stock.
Working capital. Price, 12%. ;
& Co., Detroit.
to
holders
tion
of
Offered by F.
OIL
$262,500
General Acceptance Corp. 12,500 shares 6% cum. conv.
Additional working capital. Price, 21. Conver
tible on or before April 1, 1939 into class A common stock at
rate of 1 % shares of class A common stock for each share of
preferred and thereafter on share for share basis.
Offered by
Warren W. York & Co. and Masland, Fernon & Anderson,
pref. stock.
both
155,000
(ISSUES MATURING UP TO
INCLUDING FIVE
AND
PUBLIC
YEARS)
of Philadelphia.
343,718 L. Hart & Son Co., Inc. 54,995 shares capital stock.
tion of predecessor company's business.
Price, 6%.
by Stephenson, Leydecker & Co.
Acquisi¬
Offered
Acquisi*
UTILITIES
$10,000,000 Lone Star Gas Corp. 1%% to 4% unsecured notes, Feb. 1,
1938-Aug. 1, 1942.
Refunding.
Placed privately with a
group of banks.
6,000,000 Lone Star Gas Co. 2% to 4%%
1938-Aug. 1, 1942.
Refunding.
group of banks.
of Philadelphia.
General Acceptance Corp. 10,000 shares class A common
Additional working capital.
Price, 15%. Offered by
Warren W. York & Co. and Masland, Fernon & Anderson,
stock.
both
BONDS AND NOTES
Co., Inc.
MISCELLANEOUS
$12,000,000
SHORT-TERM
Oil Co. of Texas 88,333 shares common
Pay purchase money, tax and other obligations and
additional working capital.
Price, 6%. Offered by
574,164 General American
Russell Maguire &
Co. debenture 3s, 1947.
Finance store
Placed privately at par with
Underwritten by Doyle,
Eberstadt & Co., Inc.
$9,222,429
stock.
W. Woolworth
stock.
and McGowen, Cassady & White, Inc.
and Thrall, West & Co.
Chemical Works 75,000 shares capital stock. Acquisi¬
real estate and construction of plant.
Price, 19.
privide
improvements and enlargements.
a large institution.
common
Co.; Kalman & Co.
1,425,000 Victor
MISCELLANEOUS
10,000,000 F.
of its
O'Connor & Co., Inc.
240,000 Tropic-Aire, Inc. 16,000 shares 6% conv. pref. stock. Acquire
factory site and provide working capital.
Price, 15. Con¬
vertible at any time into common stock on share for share
basis.
Offered by Piper, Jaffray & Hopwood; J. M. Dain &
$2,625,000
$2,000,000 The LeTourneau Foundation coll. trust conv. 4s, July 1,
1947.
Broaden market and distribute shares of R. G. Le Tourneau. Inc., diversify investments of foundation upon conver¬
sion of notes and enable making of gifts for religious purposes.
Price, 103; to yield about 3.64%.
Convertible into capital
stock of R. G. LeTourneau, Inc. at rate of $40 per share to
Jan. 1, 1940; at $45.45 thereafter to July 1, 1942; at $50
thereafter to Jan. 1, 1945 and at $55.55 thereafter to June 30,
1947.
Offered by Dean Witter & Co.
17,277 shares common
Offered by Van Grant
455,740 Sundstrand Machine Tool Co. 22,787 shares common stock.
Redeem 6% notes, provide for buildings, machinery, equip¬
ment and working capital.
Price, 20.
Offered by company
325,000 Sisters
4s, B, Jan.
Price, 100;
30,000 shares common stock.
Repay
12.
Offered by Granbery, Marache &
Co. and A. C. Allyn & Co., Inc.
Lionel
360,000 The
INDUSTRIAL AND MANUFACTURING
OTHER
unsecured notes, Feb. 1,
Placed
privately
with
a
28,250 L. Hart & Son Co., Inc. 5,000 shares capital stock.
tion of predecessor company s business.
Price, 5.65. Offered
to employees.
Underwritten by Stephenson, Leydecker & Co.
5,564,171 R. H. Macy & Co. 150,383 shares common stock. Additional
working capital.
Price 37.
Offered by company to holders
of its common stock.
Underwritten by Lehman Brothers;
Kidder, Peabody & Co.; Glore, Forgan & Co.; Hallgarten &
Co.; Hayden, Stone & Co.; Wertheim & Co.; Dean Witter &
Co. and Kuhn, Loeb & Co.
1,000,000 Monroe Loan
$16,000,000
Society (Del.) 40,000 shares 5%% cum.
pref-
of loans, working capital and expansion of
Price, 25.
Convertible into common A stock up to
1943. Offered by Ganor & Co., Newark, N. J.; Lane,
Waters & Co., Newark, N.J. and Mackenzie & Co., Inc., N. Y.
STOCKS
Payment
stock.
business.
stocks of a stated par value are taken at par, while preferred
stocks of no par value and all classes of common stock are computed
Preferred
at their
June 1,
offering prices.
$7,353,639
'
PUBLIC
UTILITIES
$100,000 Naugatuck Water Co. 4,000 shares capital stock.
Enlarge
water supply.
Price, 25.
Offered by company to holders of
its capital stock.
400,000 New
Mexico Gas Co.
8,000 shares 6% conv. pref. stock.
Price, 45. Offered by Rauscher,
& Co.; W. C. Gibson & Co. and
General corporate purposes.
Pierce & Co., Inc.; Francoeur
Shea & Co., Inc.
FARM LOAN AND
400.000
Pennsylvania Joint Stock Land Bank of Philadelphia
1939 and 2%s due Sept. 1, 1940. Refunding.
yield 2% and 2.50%.
Offered by R. K. Wesbster &
2%s due Sept. 1,
1,600,000 The Ohio Public Service Co. 16,000 shares 1st pref. stock»
5%% series.
Retire bonds, additions, improvements, better¬
ments and working capital.
Price, 92%; to yield 5.94%.
Offered by Otis & Co., Inc.
Priced to
Co., Inc.
$27,400,000
ISSUES
$2,100,000
IRON, STEEL, COAL, COPPER, &c.
63,750 Gregory-Bates Mining Co. 85,000 shares common stock.
Working capital and provide for payments on leases and
accounts payable.
Price, 75c.
Offered by J. W. Goldsbury &
Co., Minneapolis and John J. Newcomb & Co., Detroit.
375,000 McLouth
Steel
Corp. 25,000 shares common stock.
Slant, equipment and workingInc.
capital.
y Campoell, McCarty & Co.,
GOVERNMENT AGENCY ISSUES
$27,000,000 Federal Intermediate Credit Banks 1%% debentures, dated
Aug. 16, 1937 and due in four and nine months.
Refunding.
Priced at a premium.
Offered by Chas. R. Dunn, N. Y.,
Fiscal Agent.
New
Price, 15. Offered
NOT
REPRESENTING NEW FINANCING
$405,000 Altorfer Bros. Co. 18,000 shares common
Offered by A. C. Allyn & Co., Inc.
stock.
Price, 22%.
354,720 Axelson Manufacturing Co. 35,472 shares capital stock.
Price, 10.
Offered by Griffith-Wagenseller & Durst; Mitchum,
Tully & Co.; Wm. R. Staats & Co.; Wm. A. Lower & Co. and
Pacific Co. of Calif.
67,500 Doernbecher Manufacturing Co. 7,500
Price, 9.
Offered by Dean Witter & Co.
shares capital stock.
1650
Financial
105,600 Farallone
stock.
Packing
Price, 6.
Schwartz &
Co.
(Calif.)
17,600
shares
Chronicle
common
Sept. 11, 1937
ISSUES
CAPITAL
NEW
Offered by Mason Brothers and
Murray A.
153,474 Justrite Manufacturing Co. 51,158 shares common stock.
Price, 3.
Offered by Straus Securities Corp., Chicago.
107,756 Kysor Heater Co. 10,912 shares
Offered by Keane & Co.
common stock.
Malleable
Haute
stock.
common
&
Manufacturing Corp.
11993228673450
1935
1936
May
7,081.462
9,590,367
22,440,935
June
12.048.454
20.610.166
July
14,997.397
53.909,166
£33,963,149
19,687,120
6,961,500
10,456,037
19,505,122
18,410,698
24.402.925
9,878,332
6,682,428
6,194,413
7,141,184
93,898,175
146,636,471
139,580,964
124,862,513
6,747,571
23,446,272
13,056,095
13,041,644
7,719,440
4,706,804
12,543,554
11,217,941
9,546,101
26,943,859
20,939,125
20,211,176
£150,189,757
£182,824,210
March
April
August.
8 months
46,464
September
Offered by Thompson Roos
October
Securities Co., Inc.
November
1,425,000 Victor Chemical Works 75,000 shares capital stock.
19.
Offered by F. Eberstaat & Co., Inc.
MONTHS
BY
£16,592,347
12,620,080
12,386,235
4,108,238
19,727,811
February
Price, 8.
KINGDOM
1934
1,085,000 Pyridium Corp. (Nepera Park, N. Y.) 70,000 shares common
stock.
Price, 15K.
Offered by Wright, Bergen & Pistell,
Inc.; John J. Bergen' & Co., Ltd. and George T.
Lynch &
Co., Inc.
shares
UNITED
THE
£10,853,233
7,007,995
January
Price,
330,000 The Lionel Corp. 27,500 shares common stock.
Price 12.
Offered by Granbery, Marache & Lord; Emanuel & Co. and
A. C. Allyn & Co., Inc.
371,712 Terre
IN
[Compiled by the Midland Bank Limited]
Co., San Francisco.
December
Price,
_.
Year
1937
£27,614,265
10,671,858
11,257.125
11,947,382
11,410,592
24.514.648
20.305,459
£217,221,225
$4,405,762
GEOGRAPHICAL
UNITED
The
which
new
funds
reserve
and
undivided
of the company
conversion
profits;
sales
March
April
May
THE
Countries
£
£
£
Brit.
Foreign
957,000
Total
£
li~8~666
568.000
1,202,000
586,000
176,000
5,000
254,000
13,000
154,000
287,000
2,346,000
1,135,000
660.000
16,592,000
12,620,000
12,386,000
4,108,000
19,728,000
already
June..
19.571.000
July.
49.999,000
872,000
3,622,000
resources
August
4,761,000
1,921,000
6,682,000
131,760,000
130,000 12,082,000
2,664,000 146,636,000
of
nothing to the capital
whose securities have bieen offered; issues for
8 months
redemption of securities previously held in
Kingdom; short-dated bills sold in anticipation
long-term borrowings; and loans of municipal and county
20.610,000
53.909,000
or
authorities which
the
Countries
Other
3,443,000
18.788,000
February
September
October.....
figures
based
are
not
are
specifically limited.
In all
545"666
222,000
9,204,000
15,000
137,000
3,136,000
1
8 Months to
Aug. 31
li sitl
Year to
August
Aug. 31
£14 ,807 ,000
£123,384,000
294,510,000
9 ,855 ,000
3 ,059 ,000
1 ,097 ,000
1 480 000
145,691,000
131,217,000
142,455,000
159,844,000
2 230 ,000
196,818,000
6 512 ,000
250,948,000
3 592 ,000
221,347,000
164,852,000
.
1922,.
3 ,649 ,000
1 564 ,000
1
•
1
1
1
:
33,019,000
18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
20,712,000
1
k
1
1
1
1
I
1
il
1
i
:
I
1
1
I
1
i
:
1
1
1
1
1
1
1
1
194,000
27,000
2,014,000
268.000
19.505,000
6,194,000
453,000 13,332,000
November
189 285,000
8,018,000
22,730,000
18,271,000
16,997,000
October
193 489,000
December
1,004,000 139,581,000
1,528,000
45~l"666
2,069,000
155,000
9,546,000
3,763,000
30,000
1,572,000
26,944,000
20,939,000
20,211,000
568,000
1,487,000
234 784,000
237 286,000
290 240,000
368 845,000
332 917,000
Year
190,808,000
1,090,000 22,264,000
24,802,000
2,405,000
2,581,000
1,467,000
1937—January
February
June
9 878 ,000
93,898,000
146,636,000
139,581,000
124,862,000
July
August
3i"66o
14,558,000
202 928,000
175 769,000
194 000
10,456,000
18.411,000
24,403,000
89 057,000
141, 000
73,000
78,000
131 420,000
130 229,000
....
1,356"666
153,000
September
269 ,035,000
197 254,000
149 075,000
77,766,000
6 682 ,000
6,961,000
232,000
128,000
78,157,000
_
19,687,000
84.000
1,770,000
96,538,000
1 666 ,000
_
33.963,000
221,000
2,939,000
3,537,000
II
73 ,000
1931..........
751,000
964,000
8,043,000
9,756,000
7,135,000
8,313,000
22.611,000
6 560 ,000
.
11,218,000
2,852,000 182,824,000
124,792,000
.»
21 208 ,000
1930.
1,395,000
4,346,000
1
!
8 months
408 667,000
224 ,333,000
134,632,000
187,871,000
1 ,308 ,000
£166 106,000
1
1
1
i
■
k
1
1
:&
a
j
7,719,000
4,707,000
12,544,000
1881000
828,000 17,210,000
161,934,000
1936—January
fCompIled by the Midland Bank Limited]
375,000
9,686,000
Year
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
Month of
7,344,000
December
cases
the prices of issue.
upon
3,940,000
November.
the United
of
Ceylon
14,433,000
9,688,000
11,076,000
1935—January
vendors; allotments arising from the capitalization
issued securities which add
India and
£
Government
issued to
IN
ISSUES
BY MONTHS
United
■
capital,
subject to revision, exclude all borrowings by the
for purely financial purposes; shares
are
British
compilations of issues of
KINGDOM
CAPITAL
Kingdom
following statistics have been compiled by the Midland
These
NEW
OF
[Compiled by the Midland Bank Limltedl
New Capital Issues in Great Britain
Bank Limited.
of
DISTRIBUTION
March
April
May
202, 503,000
8
34,000
3,060,000 217,221,000
407,000
27.614,000
10,672,000
11,257,000
11,947,000
11,411.000
17,000
20",666
4,792,000
1,000*606
2,097,000
396,000
141,000
830,000
678*666
24,515,000
1.125,000
20,305,000
586,000
53,000
7,141,000
101,721,000
months
4,481,000
6,503,000
1,602,000 19,239,000
2,300,000 124,862,000
Text of
Sugar Act of 1937 as Enacted into Law—Imposes Excise Tax on Raw Sugar
Payments to Producers—Continues Present Marketing Quota
System Through
to Finance Benefit
We are giving below the text of the Sugar Act of 1937,
passed at the recently adjourned session of Congress and
signed by President Roosevelt on Sept. 1.
The measure ex¬
tends through
the
1940 the present marketing quota system of
Jones-Costigan Sugar Control and Domestic Allotment
Act of 1934, applying to raw sugar production of the conti¬
nental United States, Hawaii, Puerto
Rico, the
Philippines,
Cuba
and
raw
the
States
Virgin Islands, and revives
manufactured
sugar
in
finance renewed
to
an
imported
or
benefit
excise tax
into
the
The bill also provides that the
provisions of the Agricultural
Adjustment Act shall
Public
cease
Resolution
Numbered
signing
The
Sept. 1
the
to
of
apply to sugar, and repeals
109, Seventy-fourth Congress.
by President
measure
was noted in our issue of
Roosevelt
Sept. 4, page 1512.
same
issue (page 1517) we also referred to the
the sugar quota regulations issued
by Secretary of
ture
Wallace
of the
text
under
the
law.
new
The
first
Act:
regulate
commerce
possessions
protect
the
of
Be
the
the
among
the
the several States, with
United
welfare
of
with
sugars
the Territories
foreign
and of
and
countries;
those
to
engaged in
trade
by the Senate and House of Representatives of the United
Congress assembled, That this Act may be cited as
of America in
Sugar Act of 1937.
Section 101.
(a)
For
(b)
The term
from
"liquid
produced
the purpose
of this Act,
means
an
which
are
to
be used
crystalline structure
partnership,
total
soluble
"sugars"
sugarcane
means
or
sugar
any
grade
beets,
or
which
type of
contains
saccharine product
The term
means
raw
sugar
or
sucrose,
direct-consumption
means
of
improved
in
or
crystalline
of
improved
means
are
any
not
in
sugars
be
to
(h)
any
structure
quality to
which
further
(exclusive
sugars
in
grown
structure and
the
for
production
of
contain,
may
soluble
any
which
sugars
nonsugar
of
are
refined
sirup
United
continental
crystalline
of
States)
contain,
or
principally not of
solids
(excluding
have been added) equal to 6%
any
less of the
or
solids.
Sugars in dry amorphous form
crystalline structure.
The "raw value" of
any
shall be considered to be principally
quantity of
sugars
its equivalent
means
in
terms of ordinary commercial raw
6Ugar testing 96 sugar degrees by the
polariscope, determined in accordance with regulations to be issued by the
Secretary.
The principal grades and types of 6Ugar and liquid sugar shall
translated
into
terms
of
direct-consumption
raw
value
in
the
following
manner:
derived from sugar beets and testing 92 or
degrees by the polariscope, by multiplying the number of pounds thereof
sugar,
1.07;
(2) For sugar, derived from sugarcane and testing 92 sugar degrees by the
polariscope, by multiplying the number of pounds thereof by 0.93;
(3) For sugar, derived from sugarcane and testing more than 92 sugar degrees
by the polariscope, by multiplying the number of pounds thereof by the figure
obtained by adding to 0.93 the result of
multiplying 0.0175 by the number of degrees
and fractions of a degree of
polarization above 92 degrees;
(4) For sugar and liquid sugar, testing less than 92 sugar degrees by the polari¬
scope, by dividing the number of pounds of the"total sugar content"thereof by 0.972.
(5) The Secretary may establish rates for translating sugar and liquid sugar
into terms of raw value for
(a) any grade or type of sugar or liquid sugar not pro¬
vided for in the
foregoing and (b) any special grade or type of sugar or liquid sugar
for which he determines that the raw value cannot be measured
adequately under
term
"total
and
reducing
liquid sugar.
term
quantity of sugar
dextrose,
the
sugar.
the
(1) to (4) inclusive, of this subsection (h).
sugar
sugar or
of
or
"quota",
or
liquid
content"
invert
sugars
depending
sugar
means
the
contained
upon
the
of
sum
in
any
context,
which may be brought
the
grade
means
or
sucrose
or
(1)
type
that
imported into
continental
endar year,
"sugar"
principally
are
refined
otherwise
or
(g)
of
(Clerget)
corporation,
further
of
which
foreign substances that
(i) The
except title IV—
individual,
which
sugars
be
principally not
refined
sugarcane
not
the provisions of
paragraphs
"person"
any
to
are
are
sugar"
from
principally
I—DEFINITIONS
levulose.
(c)
further
(j) The
The term
means
which
which
principally of crystalline structure.
are
association.
derived
or
and
of
sugar-producing industry; to promote the export
the United States; to raise
revenue; and for other purposes.
TITLE
or
States,
consumers
be
to
sugars
which
by
domestic
it enacted
States
of
juice
(1) For
ACT
are
(f) The term
cane
more sugar
[H. R. 7667]
AN
which
sugar"
and
any sugars
otherwise improved in quality.
be
•
"raw
term
and
(e) The term "direct-consumption sugar"
principally of crystalline structure and which
or
of
Agricul¬
following is the
SEVENTY-FIFTH CONGRESS—FIRST SESSION
To
but
on
In that
The
produce any
on
United
producers.
payments to
(d)
crystalline structure
quality,
United States, for consumption therein, during any cal¬
from the Territory of Hawaii, Puerto Rico, the Virgin Islands,
Commonwealth
of
the
Philippine
Islands,
or
a
foreign
country
or
Volume
of
group
States
from
calendar year, may be shipped, transported, or
or in competition with sugar or liquid
any
commerce,
foreign commerce;
which may be marketed
for consumption therein,
quantity of sugar or liquid sugar
Territory of Hawaii or in Puerto Rico,
(3)
that
the
in
during
interstate
quantity of sugar or liquid sugar
grown in the continental United
that
sugarcane
or
shipped, transported, or marketed in interstate or
sugar
or
in
beets
sugar
which,
marketed
(2)
countries;
foreign
produced
Financial
145
during
calendar year.
any
"producer" means a person who is the legal owner, at
or abandonment, of a portion or all of a crop of sugar
(k) The term
1651
Chronicle
liquid sugar within any area's quota, after such hearing
sugar or
such
notice
and upon
he shall make allotments
quota or proration thereof by allotting to persons who market or
import sugar or liquid sugar, for such periods as he may designate, the
quantities of sugar or liquid sugar which each such person may market
he
as
of
in
continental
by regulations prescribe,
may
such
therein.
to
United
import
may
States, the Territory of Hawaii,
bring
or
United
continental
into
Allotments shall be made in such
provide
efficient,
fair,
a
consumption
for
and in such amounts as
manner
distribution
equitable
and
Puerto Rico, or
or
States,
such
of
quota or
the time of harvest
proration thereof, by taking into consideration the processings of sugar or
beets
liquid
or
sugarcane grown
liquid
farm for the extraction of sugar or
a
on
sugar.
exclude
within the meaning of the term
(1) The terms "including" and "include" shall not be deemed to
anything
but otherwise
mentioned
not
determined
the ability
of such
II—QUOTA PROVISIONS
The
201.
of
shall
United)
to
States;
the
calendar
each
for
determine
meet
Secretary
needed
sugar
continental
year
requirements of consumers in
shall be made during
determinations
such
direct-consumption sugar
distributed
for
consumption, as indicated by official statistics of the
Department of Agriculture, during the 12-month period ending Oct. 31
next
preceding the calendar year for which the determination is being
made, and shall make allowances for a deficiency or surplus in inventories
of sugar, and changes in consumption, as computed from statistics pub¬
lished by agencies of the Federal Government with respect to inventories
of sugar, population, and demand conditions; and in order that the regula¬
tion of commerce provided for under this Act shall not result in excessive
prices to consumers, the Secretary may make such additional allowances
as he may deem necessary in the amount of sugar determined to be needed
to meet the requirements of consumers, so that the supply of 6Ugar made
available under this Act shall not result in average prices to consumers in
shall
Secretary
of
excess
whole,
in
those
Sec.
Whenever
202.
the amount
of
of
a
that
the continental United
of the two-
in
to that of the average
equal
quotas,
is
201,
made, pursuant to section
the
revise existing quotas—
or
sugar-producing
(a) For domestic
the
as
supply be less than the quantity
of sugar
determination
a
55.59% of such amount of
on
industry
sugar
allowances shall be such
needed to meet the requirements of consumers,
sugar
shall establish
Secretary
domestic
1935-1936.
period
year
give consumers
capita consumption
per
the
maintain
to
of such additional
Per Centum
41.72
11.31
Domestic beet sugar
sugar
Hawaii
25.25
Puerto Rico
21.48
.24
Virgin Islands..
(b) For
Islands,
by
amount
of
amount
countries,
foreign
44.41%
prorating
is
sugar
less
the
and
of such
of
amount
6,682,670
than
3,715,000 short tons)
over
Commonwealth
short
if
such
of
such
(except,
the
tons,
Philippine
the
of
sugar
excess
the following basis:
on
Per Centum
Commonwealth of the Philippine Islands
Cuba
34.70
be
less
the quota
shall
case
the
than
Philippine
.89
for the Commonwealth of the Philippine Islands
duty-free quota
established by the provisions of the
now
countries
made
Dec.
General
in
1936,
12,
Sec.
the
203.
basis of the division
the
on
of
Regulations,
Quota
Sugar
pursuant
the
quota for such countries
Series
Number
4,
the Agricultural Adjustment Act,
to
accordance
In
with
the
issued
1,
amended.
as
applicable provisions of section
201,
requirements of consumers in the Territory of Hawaii, and in Puerto Rico,
for
local
needed
establish quotas for the amounts of sugar which may be marketed
consumption in such areas equal to the amounts determined to be
204.
calendar
beets
Unless
which
prorating
an
such
such
areas,
areas
Cuba
the
foreign
of
tions
That
than
the
equal
the
Secretary
shal
Islands,
deficit
the
to
be
the
determines
prorated to
areas
then
Cuba
to
prorating
6uch
then
amount
an
foreign countries,
in effect
for
such
by
the
Any portion
supplied
be
by
effect for such
in
Commonwealth of
unable to market the quota
by
to
of
then
year
and
determined
cannot
on
of
for
such
sugar
for
equal
Provided,
coun¬
to
the
prora¬
other foreign countries, shall not be reduced by
(b) If, on the 1st day of September in any calendar year,
any
part or
of
1st
day of July in the same calendar year for foreign countries other than
to
foreign country of the quota in
any
Cuba, has not been filled,
the Secretary
may
effect
on
the
such
among
foreign
countries,
revise the proration of such
by
Sec.
205.
thereof,
provisions of this Act,
of sugar
to
sugar,
sugar,
or
or
is
established
necessary
for
any
the allotment of
disorderly
to maintain a
pursuant
area
to
marketing
or
importation
or
foreign
of
continuous and stable supply of
with
statement upon
of said
proof of
the Secretary.
decision is made
the
of
records
the
of
said notice
of
copy
a
the
and
the date of such service upon
days from
10
deliver
the office of
at
Secretary shall thereupon,
The
Secretary
appeal to
each
interested1 in" such
be
to
right to intervene therein under the provisions of this
a
shall
all
at
thereafter
times
copies
make
appellants'
of
permit
such
any
said
for
reasons
person
appeal
at
sugar
sugar
commerce,
or
or
liquid
liquid
by
verified
statement showing the nature of the interest of such party together with
proof of service of true copies of said notice and statement, both upon the
appellant and upon the Secretary.
Any person who would be aggrieved
or
whose interests would be adversely affected by reversal or modification
of the decision
of the Secretary complained of shall be
considered an
interested party.
v-V
(e) At the earliest convenient time the court shall hear and determine
the appeal upon the record before it, and shall have power, upon such
with
the
court
of
notice
a
intention
to
intervene
and
a
,,
enters
the
en]ter a judgment affirming or reversing the decision, and if it
order reversing the decision of the Secretary it shall remand
the Secretary to carry out the judgment of the court: Provided,
an
to
case
however, That the review by the court shall be limited to questions of law
that
and
findings
of
fact
by
Secretary, if
the
supported
by substantial
evidence, shall be conclusive unless it shall clearly appear that the findings
Secretary
final,
subject,
States,
Judicial
the
the
Code,
by
appellant,
arbitrary
are
however,
by
the
Court
Supreme
United
of the
therefor, under section 240 of
petition
on
amended (U. S. C., 1934 ed., title 28, sec. 347),
as
Secretary,
the
The court's judgment shall be
capricious.
or
review
to
wit of certiorari
upon
by any
or
interested
party
intervening
by
in
appeal.
in its discretion, enter judgment for cost6 in favor
(f) The court may,
of
against
or
said
the
of
of
Government
The
this
Act
on
basis specified
the
127, approved March
Until
206.
the calendar year
in section
6
(d)
of Public Law
24, 1934.
quotas
sugar
the Philippine Islands
Established for it pursuant to the pro¬
Commonwealth of
the
allotments of any quota
shall make
the
interested parties intervening in
depending upon the nature of
thereof.
involved' in such appeal and the outcome
issues
visions
other
and
appellant,
an
but not against the Secretary,
appeal,
are
established pursuant to this Act
for
1937, which shall be within 60 days after its enactment,
Secretary in General Sugar Quota Regula¬
12, 1936, pursuant to the provisions
Agricultural Aljustment Act, as amended, shall remain in full force
determined by the
quotas
tions, Series 4, Number 1, issued Dec.
the
of
and
effect.
207.
Sec.
(a) Not
more
quota for Hawaii for each of
of the
value,
raw
(b) Not
short tons, raw
the calendar years 1937,
126,033
than
for each of
by direct-consumption sugar; and not
filled
value,
raw
more
Rico
for the calendar year 1940 may be
months of such year, by direct-consumption sugar.
for Hawaii
quota
filled, during the first two
Puerto
than 29,616 short tons, raw value, of the
the calendar years 1937, 1938, and 1939 may
by direct-consumption sugar; and not more than 4,936 short tons,
be filled
quota for Puerto
1938,
and 1939 may be
than 21,006 short tons,
Rico for the calendar year 1940 may
during the first two months of such year, by direct-consumption sugar.
be filled,
(c)
of the
value, of the quota for
more
None
of
the
quota
Islands for any calendar year
for the Virgin
be filled by direct-consumption sugar.
may
(d) Not more than 80,214 tons, raw value, of the quota for the Com¬
of the Philippine Islands for any calendar year may be filled
monwealth
by direct-consumption
sugar.
of the quota for Cuba
(e) Not more than 375,000 short tons, raw value,
for
calendar year may be filled by direct-consumption sugar.
any
(f)
under
Puerto
Sec.
This section
section 203
shall not apply with respect to the quotas established
for marketing for local consumption in Hawaii and)
Rico.
208.
Quotas for liquid sugar for foreign countries for each
calendar
hereby established as follows:
are
In Terms
the
to afford all interested1 persons an equitable opportunity to market
together
any
to assure an orderly and adequate flow
liquid sugar in the channels of interstate
prevent
or
the Secretary finds that
(a) Whenever
proration
or
notice and)
writing
in
notice
therefor,
intervene and participate in the proceedings had upon said appeal
year
prorations then in effect.
quota,
the United
of the fol¬
(d) Within 30 days after the filing of said appeal any interested person
may
the
prorating an amount of sugar
equal to such unfilled proration to all other such foreign countries which
have filled their prorations of such quota by such date, on the basis of
quota
any
to
the
office of the Secretary in the city of Washington.
Within 30 days after
the
filing of said appeal the Secretary shall file with the court the
originals or certified copies of all papers and evidence presented to him
upon
the hearing involved and also a like copy of his decision thereon
and shall within 30 days thereafter file a full statement in writing of the
facts and grounds for his decision as found and given by him and a list of
all interested persons to whom he has mailed or« otherwise delivered a copy
and
and
inspect
reason
all
proration
the
by
shown
section,
however,
the Commonwealth of the Philippine
determination made pursuant to the provisions of this subsection.
the
to
in
by the Secretary as part of his decision, the
of
later than
otherwise
or
appeal and to have
the
area
the basis of the
countries:
effective,
is
reasons
the city of Washington.
new-crop
then current, he shall revise the quota for foreign
or
mail
person
of
the
said
of
copy
event not
any
him,
Sec.
of
calendar
so
Secretary finds that the
Cuba
true
in
sugar
foreign countries other than
the
be
or
Cuba will be
or
then in effect.
If
quota
Cuba
or
year
area
domestic
prorations of the quota
the quota for any domestic area,
of any
for
area
for the
the
determined
so
domestic
of
Islands will
other
deficit
any
the basis of the quotas
Cuba
and
calendar
of
public announcement
Numbered
sugarcane
domestic area, the Commonwealth
such
for
quotas
of 6Ugar
on
basis
calendar year
tries
the
countries.
Philippine
the
quota
which
sugar
domestic
on
the
amount
a
inventories
current
of
Columbia
of
complained of shall be considered to be effective as of the date on
Secretary
in
complained
statement
a
a
later date is specified
a
decision
(g)
during the
necessary
Cuba, will be unable to market the quota for
or
revise
he shall
the
acreage
within
any
Secretary finds that
market
to
current,
other
the
If
the
deems
of
view
from
factors,
he
as
in
whether,
production
Philippine Islands,
area.
unable
of
determine
estimated
and other pertinent
the
such
or
of
therein.
consumers
shall,
planted, the normal, marketings
sugar,
of
of
requirements
(a) The Secretary
year,
the
sugar,
the
meet
to
Sec.
decision
and
Secretary shall also determine the amount of sugar needed to meet the
and shall
the
appeal
service
of the
Independence Act.
The quota for foreign countries other than Cuba shall be prorated among
such
revision thereof,
or
the District
(c) Such appeal shall be taken by filing with said court within 20 days
after
64.41
Foreign countries other than Cuba
no
revise or amend
hereinafter provided, from
manner
allotments,
for
Secretary may
the initial allotment was made.
as
cases:
record, to
Area—
In
basis
same
(1) By any applicant for an allotment whose application shall have'been denied.
(2) By any person aggreived by reason of any decision of the Secretary granting
revising any allotment made to him.
filing
Area—
cane
such
Appeals
such person; or
such quota
also, upon such
of said notice of appeal.
following basis:
Mainland
or
by prorating among such areas
areas
(but not less than 3,715,000 short tons)
sugar
lowing
of
The
regulations prescribe,
by
may
the
be taken, in the
may
making
Court
States
he
as
upon
of each
importations
or
to market or import that portion of
allotted to him.
notice
decision
any
of
quantity
the amount of the total
required to
a
the
basis
a
necessary
will
event
sugar
States
as
the amounts
and
no
of
use
and
provisions of
the
person
such allotment
(b) An appeal
the
the
the
month of December in each year for the succeeding calendar year and at
such other times during such calendar year as the Secretary may deem
necessary to meet such requirements.
In making such determinations the
Sec.
amount
to
proportionate shares,
subsection (b) of section 302,
to which
sugarcane
or
marketings
past
proration thereof
any
TITLE
pursuant
the
hearing
(m) The term "Secretary" means the Secretary of Agriculture.
beets
sugar
pertained;
or
defined.
from
sugar
of Wine
72 %
Gallons of
Tot. Sugar Content
Country—
Cuba
-
_
Dominican Republic
Other foreign countries
The
States
quantities
during the
of liquid
calendar
-
7,970,558
830,894
None
imported into the continental United
1937, prior to the enactment of this Act,
sugar
year
-
1652
shall
be
Financial
charged against the quotas for the calendar
by this
209.
Territory
wealth
persons
of
the
Philippine Islands,
has been
for such
in
in
transporting,
with
interstate
sugar
area
been
marketing in
or
liquid
or
foreign
or
produced from sugar beets
sugar
sugar
of
liquid)
or
such quota,
any
transported,
after the quota
area
for
such
area
filled;
(d) From exceeding allotments of
quota
any
proration
or
thereof made
and
all
suant
terms
the
of
(b)
from
(a)
The determinations provided
quotas,
to
prorations,
and allotments,
provisions of
section
for in
be
made
201
Sec.
in
(a)
form,
including
exported
section
which
for
quotas, prorations, and
211.
any
from
313
the
The raw-value
the
sugar
liquid
have been
of
made in
country of origin.
1930
to
which
respect
to
has
been
sugar
liquid
or
manufactured
under
the
sugar
products,
provisions
of
be credited against
any charges
to the applicable quota or proration
importation from which
sugar
in
The country of origin
respect
continental United
any
States
shall
respect
in
credit
any
of
sugar
United
in
liquid
shall be
claimed.
States
of sugar or liquid sugar
established shall be that country
drawback
Sugar
under
of
liquid
or
the
exported:
sugar
entered
sugar
into
the
an
ap¬
proration for the country of origin.
(b) Exportation within the meaning of sections 309
or
and 313
of the
Tariff Act of 1930 shall be considered to be
exportation within the meaning
this section.
of
,
(e) The quota
be
filled
established
only with
sugar
for
domestic sugar
any
liquid
or
produced
sugar
producing
from
area
may
beets
sugar
or
sugarcane grown
in such area: Provided, however, That any sugar or liquid
free of duty from the Virgin Islands under Act of
Congress,
approved March 3, 1917 (39 Stat. 1133), may be admitted within the
quota for the Virgin Islands.
sugar admitted
Sec.
10
212.
short
The
tons,
provisions of this title shall
value,
raw
of
sugar
not
liquid
or
apply to (1)
the first
imported
sugar
from
any
foreign country, other than Cuba, in any calendar year; (2) the first 10
short tons, raw value, of sugar or liquid
sugar imported from any foreign
country, other than Cuba, in any calendar year for religious, sacramental,
educational, or experimental purposes; (3) liquid sugar imported from any
foreign country, other than Cuba, in individual sealed containers of such
capacity
as
each;
(4) any
or
the Secretary
liquid
the
of
excess
1
1/10 gallons
imported, brought into,
sugar
United States for
for the
or
determine, not in
may
sugar or
manufactured in
or
livestock feed,
to
section
crop
the
provided:
in
subsection
(a)
and in
for
or
(c)
this section
of
302.
(a)
payment
shall
not
apply to
the marketing of
The
III—CONDITIONAL-PAYMENT
of
amount
be
may
commercially recoverable,
in
not
by the Secretary,
extraction
the
of
or
be
the
with
sugar
of
amount
sugar¬
the
by the
from
the
(or processed by
for
the
beets
sugar
to
liquid
or
Secretary,
proportionate share
of the quantity of
respect
sugar
the farm and marketed
on
of
liquid
or
determined
as
grown
excess
sugar
shall
made
or sugarcane
the first
beets
sugar
enactment.
beets
producer)
farm,
or
as
sugarcane
liquid sugar required to be processed to
enable the producing area in which the crop of sugar beets or
sugarcane
is grown to meet the quota
(and provide a normal carryover inventory)
estimated
by the
sugar
or
Secretary
for
such
for
area
the
calendar
during
year
which the larger part of the sugar or liquid sugar from such crop
would be marketed.
normally
(b) In determining the proportionate shares with respect to a farm, the
may take into consideration the past
production on the farm
of sugar beets and sugarcane marketed (or processed) for the extraction of
Secretary
liquid
sugar or
and
cane,
of
cash
are
(c)
Sec.
shall
from
In
interests
or
beets
marketed
and
sugar¬
interests
producers who
share-croppers.
or
to
respect
of
sugar
liquid
sugarcane
(or processed
sugar
grown
on
or
a
by the producer)
7.-,-'/
addition
which
with
sugar
have been
beets
eugar
practicable, protect the
as
adherent planters,
effective
July 1, 1937,
303.
to
respect
be
recoverable
and after
on
shall
and which
insofar
producers and the
small
share-tenants,
tenants,
Payment
commercially
farm
and the ability to produce such
sugar
the Secretary shall,
producers and
new
the
to
payments
amount
of
sugar
authorized under
are
liquid
or
with
sugar
subsection
(a) of section
302, the Secretary is also authorized to make payments, on the conditions
provided in section 301, with respect to bona-fide abandonment of planted
acreage and crop deficiencies of harvested acreage, resulting from drought,
flood,
freeze,
storm,
substantial
a
or
factory
pality,
issued
liquid
(as
by
the
(1)
sugar:
planted
of
acre
insects, which
or
established
local producing
or
tions
disease,
area,
beets
commercially recoverable
or
determined
as
the
on
With respect
sugar
or
by the Secretary),
Secretary,
accordance
sugar
per
of
beets
normal
yield
acreage
for
of
commercially
the
farm,
recoverable 6Ugar
determined
as
the
sugarcane,
by
the
farm,
as
deficiencies
of 80% of the
liquid
the
over
such
for
sugar
Secretary,
or
each
yield of
the
crop
excess
or
of
normal
for
acre
and (2) with respect to such
or
regula¬
sugar
abandonment
determined by the Secretary;
harvested acreage of sugar
of
same
munici¬
with
quantities
all
to
the
in
parish,
one-third of the
liquid
or
in
bona-fide
sugarcane,
sugar
damage
sugarcane
county,
following
such
to
such
cause
part of the crop of sugar beets
district
actual
yield.
Sec.
304.
(a) The amount of the base rate of payment shall be 60 cents
100 pounds of sugar or liquid sugar, raw value.
per
(b) All payments shall be calculated with respect to
the purposes
with
ance
of this Act, shall be
regulations
minations,
TITLE
is situated.
subsection
rates,
wage
sugar
produced
or
distillation of alcohol,
production of livestock feed.
which
to
improving fertility of the soil and for
such practices to be consistent with the reasonable
planted prior to such
which
farming
sugarcane
respect
determine, pursuant to this
may
harvested after the enactment of this Act from
Sec.
beets and
sugar
harvested with
was
cane
or
applicable bond established pursuant to
orders or regulations issued by the
Secretary, for the express purpose of
subsequently exporting the equivalent quantity of sugar or liquid sugar as
such, or in manufactured: articles, shall not be charged against the
plicable quota
prior
for
due'
(b) with
of this section shall not apply to work performed
the enactment of this Act; and the condition provided in sub¬
to
determined
in
allotments.
equivalent
or
continental
of the Tariff Act
shall
respect
pur¬
established
purposes of this title, liquid eugar, except that
imported
foreign countries, shall be included with sugar in making the deter¬
provided for in sections 201 and 203 and in the establishment
of
the
farming community in which the farm
conditions
The
the
the
revision
of the
203,
or
and:
such
farm
preserving' and
for
subsection,
standards
and
minations
or
which
payment is applied for, as the Secretary
established
except quotas
shall
208,
sections
value.
raw
For
in
year
sugar
to them pursuant to the provisions of this Act.
210.
investigation
the
on
with the production of
in connection
the
during
a
after
carried out
crop
(c) From marketing in either the Territory of Hawaii or Puerto Rico,
for consumption therein, any sugar or liquid
eugar after the quota therefor
has been filled;
;v
'■ v~
Sec.
practices
or
any sugar or liquid sugar
in either the domestic-beet-
grown
the mainland-cane-sugar
or
shipped,
sugar
commerce,
sugarcane
or
interstate commerce,
reasonable
That there shall have been
preventing soil erosion,
competition
■marketed
has
any
the proration
or
filled;
(b) From shipping,
or
foreign countries,
or
area,
be fair and
to
and opportunity for public hearing.
(e)
importing into the continental United States from
Puerto Rico, the Virgin Islands, the Common¬
or
Sept. 11, 1937
Secretary
the
hereby prohibited—
are
Hawaii,
of
after the quota
sugar
by
notice
All
(a) From bringing
the
1937 established
year
section.
Sec.
Chronicle
farming unit
a
farm which, for
a
determined
as
in accord¬
issued
by the Secretary, and in making such deter¬
shall take into consideration the use of common
the Secretary
work
PROVISIONS
stock, equipment, labor, management, and other pertinent factors.
The total payment with respect to a farm shall be the product of
the base rate specified in subsection (a) of this section
multiplied by the
(c)
Sec.
301.
The
Secretary is authorized to make payments on the follow¬
ing conditions with respect to sugar or liquid sugar commercially recover¬
from the eugar beets or
sugarcane grown on a farm for the extraction
able
of
sugar
(a)
or
liquid
or
That
sugar:
child under the
no
permitted to work
other
person,
sugar
beets
is
made,
the
to
a
owner
of
have
such
been
not
child
any
one
day,
was
the
legal
work
was
the
to
between
other person, for
any
of
owner
of sugar
ment
to
is
of the
not less
ages
do such
of
40%
of the
of
payment
such
was
work
16
years
whether for gain
than eight hours in
crop
at
a
person
emploj'ed
persons
the
on
farm
in
the production,
cultiva¬
500 to 1,500...
$0,050
1,500 to 6,000
.075
6,000 to 12,000
100
12,000 to 30,000
.125
More than 30,000
.300
(d) Application
made
to,
the
for
all
producers
the
on
investigation and due notice and opportunity for public hearing; and in
making such determinations the Secretary shall take into consideration the
vided all producers
payable
made,
will
the
as
receive
formerly established by him under the Agricultural
amended, and the differences in conditions among vari¬
Provided, however, That a payment which would be
for
except
the
foregoing
Secretary
an
may
provisions
determine,
amount, insofar
as
in
such
of
such
this
subsection
the
that
manner
be
may
laborer
payment will suffice, equal
to the
unpaid wages for such work, and that the producer
the remainder, if
any, of such payment.
(c) That there shall not have been marketed (or processed) an amount
(in ..terms of planted acreage, weight, or recoverable sugar content) of
receive
beets
sugar
of
sugar
or
otherwise
or
sugarcane
liquid
sugar
grown
to
directly affect interstate
proportionate share for the
to
the
provisions
or
sugarcane
are
inventory)
carry-over
calendar
section
farm
and
foreign
or
used
so
as
for
to
commerce,
farm,
as
determined
302,
of
the
the
production
compete
in
with
or
to each
year
in
or,
the
be made by,
for
produced to meet the quota
estimated by
as
during which
the
(and provide
the Secretary for such
larger
of
part
the
sugar
a
area
normal
liquid
or
indirectly,
sugar
total
and payments
the
death,
with
to
respect
to
or
however, That
for payment the
farm to
the
made
be
the producer
as
producer of
one
011
designate
may
a
incompetency
or
group
of two
the
in
or
(3)
or
to
who
person
a
land
for
payment
In
included
Secretary
may
Sec.
State
Agricultural
prescribe
may
mittees
306.
amount
authorized
producers,
the
or
is
within
is made
not
the
and
that
be deducted
The
thereof
producers,
for
pro¬
the application
a
producer, provided
farm
is
with
such
which
respect
by
designated
to
sole
the
for his
or
pro¬
their
or
be
to
conformity with rules
shall
reviewable
only
by
committees
agricultural
Service
and
part of
a
of
sugar
conservation
other
agencies,
the expenses
beet
or
commit¬
and
of such
the
com¬
the payments herein authorized.
constituting
authorized
local
county
all
from
facts
utilize
to
and
Extension
mined in
be
(1)
producer,
carrying out the provisions of titles II and III of this Act,
Secretary is
sugarcane
a
application
more
the farm designate such producer in
the
305.
of
sole recipient for their benefit of the payment with respect
as
farm;
disappearance,
application
tees,
be
Provided,
signify in the application
payment
controls
Sec.
the
shall
disappearance,
death,
heirs:
or
ducer (or all producers) on the farm, as sole
recipient
benefit, of the payment with respect to the farm.
or
the
the basis
made
under
for
this
any
title,
payment,
or
officially
the
deter¬
regulations prescribed by the Secretary,
Secretary,
and
his
determinations
with
respect thereto shall be final and conclusive.
Sec.
for the
or
(2)
payment
person
the
the
of
beneficiary
the
to
of
farm shall
his
of
event
producer: And provided further, That payments may be made,
event
payment;
of the
excess
by the Secretary pursuant
total
quantity of sugar beets or
required to be processed to enable the area in which such sugar
sugarcane
beets
of
the
on
be marketed in, or
centum
per
of the accrued
amount
will
shall
payment
producer
such
as
Such Portion
,
to
areas:
Hundredr
weight of
■
•
the
producing
total
of Payment
per
value:
;
in
ous
such
the Base Rate
harvesting of sugar beets or sugarcane with respect to which an
for payment is made shall have been paid in full for all such
work, and shall have been paid wages therefor at rates not less than those
that may be determined
by the Secretary to be fair and reasonable after
or
therefor
respect to which pay¬
be made from
That portion of the quantity of sugar and liquid sugar which Is
Included within thef oiiowlng intervals of short tons, raw
incompetency, his legal representative,
application
standards
value, with
raw
Reduction in
who
the time such
performed.
Adjustment Act,
sugar,
except that reductions shall
any
who
and
immediate family of
than
or
crop
for
person
14
work,
longer period
a
a
and liquid
be made,
in accordance with the following scale of reductions:
employed
a
at the time
crop
the
of
application
family of
40%, of the
permitted to
harvesting
or
which
immediate
child
except a member
(b) That all
tion,
or
shall have been
years
cultivation,
respect
than
no
employed
or
of
less
that
14
farm, whether for gain to such child
with
member
of
age
production,
performed; .and
shall
the
on
the
sugarcane
except
legal
was
in
or
amount
payment
307.
This
title
shall
apply to the
continental United States,
the
Territory of Hawaii, and Puerto Rico.
from such crop
normally would be marketed.
(d) That the producer
processor
of sugar beets
tary, shall
agreements,
and
have paid,
for
any
on
or
or
the farm who is also,
sugarcane,
contracted
sugar
beets
or
as
to
may
pay
directly
under either purchase
sugarcane
grown
by
other
or
SUGAR
Definitions
Sec.
toll
(a)
producers
processed by him at rates not less than those that may be determined
TITLE IV—EXCISE TAXES WITH RESPECT TO
a
be determined by the Secre¬
or
401.
For
The term
association.
the
purposes
"person"
of this title—
means
an
individual,
partnership,
corporation,
Volume
(b) The
refined
further
means
from
derived
sugar
any
not to be, and which shall not be,
otherwise improved in quality; except sugar in liquid
which
sugarcane,
or
sugar"
"manufactured
term
beets
sugar
Financial
145
or
is
in
contains
(excluding
solids
nonsugar
any
shall
cube
sugar,
powdered sugar, sugar in the form of blocks, cones, or molded
shapes,
confectioners' sugar, washed1 sugar, centrifugal sugar, clarified
sugar, turbinado sugar, plantation white sugar, muscovado sugar, refiners'
soft sugar,
invert sugar mush, raw sugar, sirups, molasses, and sugar
but
within the meaning of this definition
to, granulated sugar, lump sugar,
not be limited
shall
(c) The
sugars"
"total
term
grade
of
type
or
States" shall be deemed to include the States,
Hawaii and Alaska,
the District of Columbia, and
(d) The term "United
the
of
Territories
Puerto
Tax
(a)
manufacturer
the
at
United
by the
following rates:
manufactured sugar testing by the polariscope 92 sugar degrees,
and for each additional sugar degree shown by the polariscoplc
and fractions of a degree in proportion;
(2) On all manufactured sugar testing by the polariscope less than 92 sugar
degrees, 0.5144 cent per pound of the total sugars therein.
all
which is to be manufactured
further refining or otherwise
improving it in quality, sells such sugar as manufactured sugar or uses
such sugar as manufactured sugar in the production of other articles for
sale shall be considered for the purposes of this section the manufacturer
of manufactured sugar and,
as such, liable for the tax hereunder
with
respect thereto.
■>':
v\
(c) The manufacturer shall file on the last day of each month a return
and pay the tax with respect to manufactured sugar manufactured after
the effective date of this title (1)
which has been sold, or used in the
Any
acquires
who
person
manufactured
sugar
any
who,
but
sugar
other
of
Provided, That the
and payment of the tax shall not be due
first return
of the second month following the month in which this
last day
the
until
(if the tax has not already been paid):
manufactured
after it was
month,
title takes effect.
the
For
within
have
it
after
sold
been
used
or
whether
of determining
purpose
months
12
in
order
the
sugar
it
which
in
has been sold or used
shall be considered to
sugar
manufactured
was
by,
sugar
which
from
producer's
such
manufactured
family,
own
Sec.
403.
there
employees,
tax
under
imposed,
articles imported
upon
other tax
any
Sec.
For
regulations
such
the
as
brought into the United States as follows:
or
(b)
all
for
purposes
as
paid in the
a
all provisions of law relating to the customs revenue
of
duty imposed by such Act, except that for the purposes of sections 336
a
and
of
350
Act
such
and
except
that
any
articles imported
not be
such tax shall
and
flexible-tariff
so-called
(the
provisions)
considered
duty
a
trade-agreements
import restriction,
or
be accorded
preference with respect to such tax shall
no
brought into the United States.
or
he
as
country,
the shipment from
United
States
article
manufactured
respect
to
the
which
article
consignor waives
such
no
provisions
therefrom,
Internal
the
section
by the
the
of
substitution
has
403
been
the
to
of
Internal
which
the
or
person
therefrom,
otherwise,
is
shall
the
paid
amount
drawback
a
claimed
under
the date of
of
the civil-service
And
manufactured
of livestock
by
feed,
for
or
Commissioner
the
manufactured
of any tax paid
of
sugar,
or
payment
shall
allowed under
this
section
a
unless
within
one
405.
title
shall
tion
of
of
tax
at
is
6%
provisions
applicable
not
in
Such taxes shall be paid into
annum
the
of law,
and
including
title
not
IV
penalties,
of
the
inconsistent
respect to the
from
the
tax
date
applicable
Revenue
with
the
imposed by
the tax
as
with
due
respect
1932,
provisions
section
part
became
of
Act
402.
shall,
of
this
If
the
of the tax interest
until
the
date
of
payment.
(c)
The
Secretary
Commissioner
of
the
of
Treasury,
Internal
shall
in
salary
no
subject to the provisions
of 1923, as amended:
Act
$10,000
of
excess
expenditures
and
deems
he
as
Revenue,
prescribe
such
with
rules
the
approval
and
of
regulations
the
as
annum
per
to carry
necessary
elsewhere,
and
traveling
the
out
(including the purchase,
vehicles), supplies and
directories, periodicals, and
expenses
passenger-carrying
of
repair
books,
law
books
of
reference,
newspapers.
Sec.
fiscal
502.
section
205,
for
Secretary
this
Department
of Agriculture
of the Federal Government as the
agencies
request to cooperate or assist in carrying out the provisions
may
produced
the
of
from
Islands which
sugarcane
the
of
purpose
to
sugars
on
the Commonwealth of the Philippine
brought into the United States on or
or
refunds required to
of
IV
taxes and the
be made with respect to such
the Government of the Commonwealth of the
taxes, for transfer to
for
title
1941, minus the costs of collecting such
amounts
of
in
amount equal
an
under
accrued
or
in
grown
manufactured
are
prior to June 30,
estimates
collected
taxes
appropriated
be
There is authorized to
503.
amount
pines
of
available
be
Act.
Sec.
the
the
of
offices
and
other
(g)
subsection
in
Act shall
this
carrying out
for
bureaus
such
to
provided
as
$55,000,000.
not to exceed
the
to
transfer
Islands
Philippine
available
be appropriated for each
of this Act, except for
to
administration
and
purposes
a sum
funds
allotment
for
and
hereby authorized
There is
the
the
in
(b) All
of
(a)
for
year
allotments
financing
Philip¬
of economic adjustment in
program
a
Philippines, the transfer to be made under such terms and conditions
President of the United States may prescribe: Provided, That no
the
the
as
directly or indi¬
the Philippine
1y
.'VSecretary is authorized to make such orders or regula¬
part of the appropriations herein authorized shall be paid
rectly
for
production
the
Islands.
The
504.
in
sugarcane
force and effect of law,
shall have the
tions, which
of
processing
■'/
or
as
be necessary
may
Any person knowingly
violating any order or regulation of the Secretary issued pursuant to this
Act shall, upon conviction, be punished by a fine of not more than $100
to
the powers vested in him by this Act.
carry out
each
Sec.
vested
any
violation..
such
The
505.
their
in
remedies
and
hereby
are
in
506.
and
remedies
or
forfeitures provided
shall be in addition
penalties existing at law
equity.
Sec.
If and when the Secretary
the penalties
collect
to
and not exclusive of, any of the
to,
States
of the several district attorneys of
districts, to institue proceedings to
respective
The remedies provided for in this Act
this Act.
for in
the United
the provisions of this Act or of any order or
shall be the duty
it
States,
the
enforce
of
courts
issued pursuant to this Act.
or
request,
so
United
the
district
violating,
from
person
regulation made
shall
several
jurisdiction specifically to enforce, and to prevent and restrain
with
or
United
continental
specified
of
commission
brought
or
recoverable
be
of
violation
of,
after
sugar
of the
any
forfeit
shall
the
quantities
the
to
United
the market value, at the time of the
that
quantity of sugar or liquid sugar
proration, or allotment is exceeded, or (b) of that
imported into the continental United States after
in section
specified
quantities
shall
(a)
filled,
been
have
such,
any
the
who brings or imports into the
person
direct-consumption
207
quota,
any
in
aids
or
any
or
States
equal to three times
sum
which
209,
section
in
the
States
participates
of section
provisions
who knowingly violates, or attempts to violate,
Any person
knowingly
who
or
in
civil
a
207 have been filled, which forfeiture
brought in the name of the United
suit
States.
507.
Sec.
All
shall,
Act,
information.
marketing,
the manufacturing,
or
willfully
person
furnishing
or
be
to administer the
provisions of
furnish him with such
refusing to furnish such
the request of the Secretary,
upon
Any
information,
conviction
in
to enable him
deems necessary
Secretary
this
engaged
persons
of sugar or liquid sugar, and having information which the
transportation
failing
or
willfully any false information, shall upon
penalty of not more than $1,000 for each such
subject to
a
No
shall, while acting in any official capacity in the
violation.
508.
Sec.
of
administration
or
than
shall
he
which
two
509.
Sec.
he
or
speculate in 6ugar or
liquid
sugar,
fined
be
years,
or
Whenever
the
or
Any
sugar.
thereof
conviction
more
or
stock or membership interests of any
corporation engaged in the production or manufacturing of
liquid
or
invest
Act,
this
relating thereto,
association
sugar
person
person
not more
violating
than
this
$10,000
shall
section
or
imprisoned
upon
not
both.
the President finds and proclaims that a national
other emergency exists with respect to sugar or
liquid sugar,
the operation of title H or III above,
the basis of such findings, should be suspended,
by proclamation suspend
determines,
on
thereafter, the operation of any such title shall continue
the President finds and proclaims that the facts which
such
suspension no longer exist.
tions and
in
carrying out the provisions of this section.
510.
The
provisions of the Agricultural
amended,
and
the
in suspense
occasioned
The Secretary shall make such investiga¬
reports thereon to the President as may be necessary to aid him
Sec/
States.
paid when due there shall be added
per
the taxes imposed by this
the Bureau of Internal Revenue under the direc¬
the Treasury.
Classification
the
That
econo¬
Agriculture
until
of Taxes
otherwise provided,
imposed under
appricable
as
be
of
the United
taxes
insofar
title,
as
be collocted by
(b) All
the
Except
the Secretary
Treasury
to
(a)
and
laws
such
maintenance",
and,
Sec.
attorneys,
paid to any such person.
equipment,
entitled thereto.
Collection
except
employees,
this Act, shall be
enactment of
further,
Columbia
of
under section
claim therefor is filed
the
provided
ecdnomic
be
of this Act:
provisions
the
administering
in
officers and
provisions of this Act, including personal services and rents in the District
of
any
such
such officers and employees
mists, experts, and persons in the employ of the Department of
contracts
article
or
such
using
so
sugar,
403.
sugar,
be
be
to
the production
in
there
manufactured
thereto.
respect
person
paid,
the shipper, if the
to
or
or
or
manufactured
any
alcohol,
manufactured
the
been
has
the Secretary
except title IV,
of this Act,
compensation of
the
necessary
on
any
with
lading under
possession,
a
402
or
sugar,
Commissioner
of
bill
after the right to such payment has accrued
year
by
of
use
Revenue
(c) No
through
livestock feed,
as
with
402
which,
under section
distillation
article
shipped to
or
of
law made applicable by section
of
(b) Upon
the
paid
in
sugar,
manufactured
from
claim thereto in favor of such shipper: Provided, That
any
upon
paid
tax
any
be
named
manufactured
any
provisions
the
shall
tax
of
partly
payment shall be allowed! with lespect to any
article,
•or
or
consignor
exported
was
Rico,
tax under
the
to
Puerto
such
of
amount
Revenue
the United States to any possession of the
wholly
except
foreign
a
the date
on
PROVISIONS
V—GENERAL
purposes
fix
all
That
quantity
(a) Upon the exportation from the United States to
or
the
deem
may
the
404.
effective
.
by
Exportation, Livestock Feed, and Distillation
Sec.
501.
Provided,
same
duty imposed by the Tariff Act of 1930, and shall be treated
as
the
collected, and
be levied, assessed,
Such tax shall
manner
the
the liability incurred.
or
Act.
(a) Appoint and
for
manufactured sugar testing by the. polariscope 92 sugar degrees
0.465 cent per pound, and for each additional sugar degree shown by the'polariscopic
test, 0.00875 cent per pound additional, and fractions of a degree In proportion;
t
(2) On all manufactured sugar testing by the polariscope less than 92 sugar
degrees 0.5144 cent per pound of the total sugars therein;
(3) On all articles composed In chief value of manufactured sugar 0.5144 cent
per pound of the total sugars therein.
(1) On
this
TITLE
duty imposed by law,
or
Commissioner of
prescribe, with the approval of the Secretary of the Treasury,
be
Customs shall
a
household.
or
Compensating Tax
(a) In addition to
shall
done
Effective Date
Sec.
producer of the 6ugar beets or sugarcane
sugar was derived, for consumption by the
the
for,
or
Import
i.
the
to
402, to
tax
provisions of section
The provisions of this title shall become
of
manufactured.
was
(d) No tax shall be required to be paid upon the manufacture of manu¬
factured
thereon
sec¬
return with and pay the
collector of
internal revenue for
the manufacturing was
enactment
without
articles, by the manufacturer during the preceding
month (if the tax has not already been paid) and (2) which has not been
so
sold or used within 12 months ending during the preceding calendar
production
due
Sec. 406.
of
test, 0.00875 cent per pound additional,
(b)
b.e
in which
title except
such
be required to file
may
(b) Make
Upon
0.465 cent per pound,
into
to
this
provisions of
all
out
carry
required, pursuant to the
person
return
a
district
of Sugar
the Manufacture
on
manufactured sugar manufactured in the
States, there shall be levied, collected and paid a tax, to be paid
402.
(1) On
file
shown
shall be
Rico.
Sec.
403.
the total amount of the sucrose
means
The total sugars contained
manufactured sugar shall be ascertained in the
manner
prescribed in paragraphs 758, 759, 762, and 763 of the United
States Customs Regulations (1931 edition).
V
•
(Clerget) and of the reducing or invert sugars.
any
tion
to
necessary
shall
V
mixtures.
in
be
United States.
continental
The grades or types of sugar
include,
may
(d) Any
foreign substance
that may have been added) equal to more than
of the total soluble
solids, and except also sirup of cane juice produced from sugarcane grown
which
form
1653
Chronicle
Adjustment
Act,
as
of this Act,
109, Seventy-fourth
shall cease to apply to sugar upon the enactment
provisions
of
Public
Resolution Numbered
Congress, approved June 19, 1936, are hereby repealed.
Sec. 511.
In order to facilitate the effectuation of the purposes of this
make surveys, investigations, including
make recommendations with respect
to
(a) the terms and conditions of contracts between the producers and
processors of sugar beets and sugarcane and (b) the terms and conditions
Act,
the Secretary is authorized to
the holding
of public hearings, and to
of contracts
between laborers and producers of sugar
beets and sugarcane.
1654
Sec.
and
Financial
512.
The
research
of
Secretary is authorized to conduct
relating
accomplishing
benefit
of
vision
of
information
Sec.
Secretary
the
after
under
this Act
shall
Approved,
Sept.
be
have
30,
shall
on
1941,
make
to
for
levels
the
..the
and
Dec.
on
powers
31,
payments
27V2, off 6; Chicago & North Western 4%s, 1949, declined
ioy2.
'
.
.
declines
utility issues
lower-grade
in
or
im¬
have accompanied the sharp break in the
in
the
week.
that
except
title
1940 and previous crop
III
stock market this
Holding company debentures have been the prin¬
cipal losers.
American Power & Light 6s, 2016, at $7 were
off 3; Standard Gas & Electric 6s, 1966, declined 4% to 62;
under
years.
Utilities Power & Light 5s, 1959, fell 3% to 44%.
Operat¬
ing company issues declined less.
Carolina Power & Light
1937.
1,
.
Fairly substantial
use,
1940,
under
1937
11
market, defaulted railroad bonds saw new 1937 low
reached.
Chicago Great Western 4s, 1959, closed at
vested
manufacture,
the
Sept.
3 to
out the provisions of this Act.
carry
year
crop
and
Notwithstanding any pro¬
authorized to make* public such
is
terminate
power
Act
area.
any
imposed
June
applicable to the
programs
in
stock
affecting the methods
of this
purposes
Secretary
shall
tax
sugar
Secretary
the
the
deems necessary to
No
of
generally
law,
he
as
513.
portation
effectively
agriculture
existing
the conditions and factors
to
most
Chronicle
investigations,
surveys,
5s, 1956, at 94
were off 3; Illinois Power & Light 5%s, 1957,
% at 91; Virginia Public Service 5%s, 1946, advanced
% to 95%.
High-grade utilities held reasonably well.
lost
The Course of the Bond Market
A
generally
declining
speculative issues to
in
substantial
Baa
bond
losses
lias
other classes
among
rails went below
market
brought
many
All
lows for the year and has resulted
new
of
bonds.
The
their former low
States
Governments
again
Associated
formance
receded
fractionally.
The average of eight issues, at 107.78, is only % of a
point
above the April 1 low point.
The Treasury Department has
announced an offer of 2% five-year notes and
1%% 15mOnths' notes,
Oil
of
although
ings,
levels, with
American
BOND
(Based
U.
S.
120
All
on
PRICES
With
Lehigh
Govt.
are
h.
R.
P.
U.
way
softness developed in the
BOND
(Based
Baa
good,
of Wheeling
99
drop to
in the better-class hold¬
more
prices and
given in the following tables:
120 Domestic
Aa
The per¬
relatively
speculative South
issues.
MOODY'S
Corporate by Groups *
Aaa
Corp.*
1%
99%.
to
been
Moody's computed bond
All 120
tic
Averages
a
particular trend either
no
some
(REVISED)
by Ratings
Domes¬
Bonds
included
has
section of the bond market has been marked
Average Yields)
120 Domestic Corporate *
1937
Daily
%
receding
section
by considerable weakness in the German and Italian groups,
while Japanese bonds continued to suffer substantial losses.
Valley 4s, 2003, at 41% were off 2% points; Baltimore &
Ohio 5s, 1995, fell 5 to 70.
Following the trend of the
MOODY'S
1952,
steel
declines
bonds have again moved to lower
New York Central 3%s, 1997, at 95% lost
%, while Union Pacific 4s, 1947, declined 1% to 111%.
Second-grade railroad bonds as a group declined to lower
1937 lows.
3%s,
the
The foreign
railroad
new
con¬
The metals followed the prevailing trend,
Copper & Brass 4%s, 1956, closing at 102, off 1%.
In the
liquor section, National Distillers Products 4%s,
1945, moved down 1 to 104%.
levels this week.
issues registering
declined,
the
Revere
in exchange for the Sept. 15 maturing obli¬
many
also
have
reflecting
Steel 4%s, 1966.
gations.
High-grade
bonds
particularly
resistance, but the group generally lost ground, Tide Water
half-way between the year's top and bottom.
United
industrial
of
issues
weakness in
stocks.
The amusements have been soft, Warner Bros. 6s,
1939, closing 2% lower at 91%.
Some of the oils displayed
point, and the Baa
utility and industrial groups receded to levels not far above
the year's ' lows.
The Aaa group, however, still remains
about
grades
vertible
1937
108.46
Sept. 10-
(REVISED)
120 Domestic
tic
Indus
AVERAGES
yield averages
Individua IClosing Prices)
120 Domestic Corporate *
Domes
Daily
Averages
YIELD
on
bond
Corp.
by Ratings
Corporate by Groups *
30
For-
Aaa
Aa
Baa
R.
R.
P.
U.
Indus
107.78
99.66
113.27
109.24
99.14
81 74
90 90
100.88
9— 107 76
4.02
99.83
113.27
109.24
3.30
99.14
82.13
4.05
5.21
91.20
4.56
3.95
101.06
108.46
3.54
8— 107.81
9-
99.83
4.01
113.07
109.24
3.30
99.14
3.50
82.40
4.05
5.18
91.35
4.54
3 94
101.06
108.46
3 54
8.
107.85
100.35
4 01
113.68
109.44
3 31
99.48
3 50
83.06
4 05
91.66
5 16
4 53
101.41
3.94
109.05
3.54
Stock
4— 108.01
Exchan ge Clos ed
100.53
113.68
109.64
99.66
83.46
92.12
101.41
109.24
3
100.70
113.68
100.64
99.66
83.60
92.12
101.58
109.24
2.. 108.11
3„
100.70
113.89
109.64
3.96
99.66
3.28
83.60
3.48
4.02
92.12
4.48
3.91
101.58
109.24
3.50
1-
2.
100.70
113.S9
109.64
3.96
3.27
99.66
3.48
4.02
83.87
92.43
4.07
4.48
3.91
3.50
101.58
109.24
1-
3.96
3.27
3.48
4.02
5.05
4.46
3.91
3.50
5.04
eigns
Sept. 10
—
7
6
—
108.04
—
108.31
7—
3.98
6- Stock
4—
3.97
3.50
3.28
3.49
Exchan ge
3.28
4.03
5.11
4.51
3.92
3.51
4.02
5.08
4.48
3.92
5.38
3.50
1
Glos ed
3.48
5.07
5.28
Weekly—
Aug. 27— 108.28
100.70
113.89
109.44
99.66
84.01
92.59
101.58
109.24
20- 108.86
101.06
114.09
Aug. 27—
3.96
109.84
100.00
3.27
3.49
4.02
84.41
4.45
92.75
101.94
3.91
109.64
13— 109.12
20-
101.76
114.93
3.94
110.63
100.88
3.26
3.47
4.00
84.83
94.01
5.01
4.44
3.89
102.30
3.48
5.33
110.24
6— 109.49
101.76
13—
3.90
114.72
111.03
3.22
100.88
3.43
3.95
84.55
93.85
4.98
4.36
102.12
110.24
3.87
3.45
5.08
July 30- 109.52
6—
101.58
114.72
3.90
110.63
3.23
100.70
84.28
3 41
93.85
3 95
5 00
4 37
101.94
3 88
109.84
3 45
5 09
101.76
114.09
3.91
110.63
3.23
3.43
100.88
3.96
85.10
5.02
94.97
4.37
3.89
3.47
101.76
109.24
23..
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
5.13
23-
109.22
Weelcly-
July 30
3.50
5.28
5.13
16—
108.90
101.58
113.89
110.24
100.53
85.24
94.97
101.58
108.85
9—
108.59
16—
101.58
113 89
3.91
110 24
3.27
100 53
3.45
85.24
3.97
4.95
95.13
4.30
3.91
101.06
109.24
3.52
5.20
2-
9—
108.39
100.38
113.68
3.91
109.84
3.27
3.45
3.97
4.95
4.29
3.94
3.50
5.15
100.00
83.87
94.33
100.18
108.66
June 25—
2-
108.36
IUQ.70
113.48
109.64
99.83
93.87
94.33
99.83
108.66
18-
June 25..
108.44
101.41
113.89
3.96
110.24
3.29
100.35
3.48
85.10
4.01
95.13
5.05
4.34
4.01
100.70
109.24
3.53
5.12
18..
3.92
3.27
3.45
3.98
4.96
4.29
3 96
3.50
5.13
11—
3.90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
5.11
5.19
11-
108.53
101.76
113.89
110.43
100.70
85.65
95.95
100.88
109.24
4—
108.59
101 58
113 48
110 24
100.35
85.65
95.46
100.70
109.05
May 28— 108.73
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
5.17
4„
101.41
113.27
3.91
110.04
3.29
100.35
3.45
85.65
3.98
4.92
4.27
95.62
3.96
100.53
3.51
108.85
108.22
101.58
May 28..
113.07
3.92
109.84
3.30
100.35
86.07
3.46
3.98
95.46
4.92
4.26
3.97
100.88
108.66
3.52
14-
21..
107.97
101.23
112.25
3.91
109.44
99.83
86.21
95.13
100.88
108.27
7-
14..
108.03
101.58
112.45
109.05
3.93
3.35
100.18
3.49
87.21
4.01
95.78
4.88
4.29
101.23
3.95
108.08
3.55
5.38
Apr. 30..
23..
7—
107.59
100.70
111.43
3.91
108.27
3.34
99.48
3.51
86.50
3.99
94.97
4.81
4.25
100.70
3.93
3.56
106.92
5.37
107.17
Apr. 30..
100.70
111.23
107.69
3.96
3.39
99.48
86.92
4.03
95.29
3.55
4.86
4.30
3.96
100.70
3.62
106.54
16- 107.79
23-
100.70
111.03
107.88
3.96
3.40
99.48
87.21
3.58
4.03
95.62
4.83
100.70
4.28
3.96
106.54
3.64
5.31
16..
99.48
109.64
107.11
3.96
3.41
98.45
85.65
3.57
4.03
94.49
4.81
4.26
99.31
3.96
3.64
5.33
105.41
9..
4.03
3.48
3.61
4.09
4.92
4.33
4.04
3.70
5.33
21..
9..
107.23
3.31
3.47
3.98
4.89
4.27
3.95
3.53
5*. 27
5.41
2..
107.19
100.18
110.63
106.17
Mar. 25..
2..
108.40
101.23
111.84
3.99
108.27
3.43
99.48
87.93
3.59
4.07
96.11
4.85
4.29
4.01
100.70
3.66
107.30
5.36
19- 109.32
12.. 110.76
Mar.25—
101.23
111.84
3.93
108.46
3.37
99.14
3.53
87.93
4.03
4.76
4.23
3.96
96.11
3.60
100.88
107.30
6.33
19..
102.30
112.86
3.93
109.24
3.37
100.35
3.54
4.05
89.40
4.76
97.45
4.23
3.95
101.76
3.60
5.26
108.27
12..
107.49
98.80
86.64
95.13
99.83
3.87
3.32
3.50
5_.
111.82
103.74
114.09
110.43
101.76
3.98
90.75
98.45
4.66
4.15
3.90
103.38
3.55
109.44
Feb. 26..
5..
112.18
103.93
114.72
3.79
110.83
102 12
3.26
4.55
3.90
4.57
90.59
98.62
4.09
3.81
3.49
103.93
5.24
109.84
19..
Feb. 26—
112.12
104.11
114.30
3.78
110.83
3.23
102.48
91 05
3.42
3.88
98.97
4.58
4.08
3.78
4.47
104.11
5.13
109.44
19-
3.77
3.25
3.42
3.86
4.55
4.06
3.77
3.49
5,13
11- 112.20
104.48
114.93
111.03
192.84
91.51
99.66
104.30
110.04
5..
112.34
105.04
115.78
111.84
103.38
91.66
1C0.00
105.04
110.63
29—
Jan.
112.21
105.41
116.64
112.25
103.56
91.51
100.00
105.04
111.43
113.27
104 30
92.38
101.23
105.79
112.05
11-
112.39
15..
112.53
106.36
118.16
113.48
104.48
92.28
101.23
106.17
112.25
8..
112.71
106 36
117.94
113.89
104.48
91.97
101 23
106.17
112 25
Hlgh 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low
81 74
90.90
99.31
105.41
Low
1937 107.01
117.72
99.48
109.64
107.11
98 28
Sept.10'36 111.05
103.56
115.57
110.83
101.06
89.84
98.11
103.20
110.24
2 Yrs.Ago
Sept.10'35 107.47
94.17
107.30
103.02
92.12
78.08
86.21
95.78
101.41
1
Yr. Ago
3.75
3.22
3.84
4.52
4.02
3.76
3.46
5.18
5..
Jan.
22..
106.17
5.30
3.72
3.18
3.37
3.81
4.51
4.00
3.72
3.43
5.19
29..
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
3.41
22..
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
15—
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
5.41
8—
3.65
3.08
3.27
3.75
4.49
3.93
3.66
3.35
5.43
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
5.08
High 1937
4.03
3.48
3.61
4.10
5.21
4.56
4.04
3.70
5.43
1
Yr. Ago
Sept 10'36
2
3.80
3.19
3.42
3.94
4.63
4.11
3.83
3.45
4.35
3.60
3.83
4.48
5.50
4.88
4.25
3.92
Yrs Ago
M
Sept 10'35
5.67
1*1
6.41
These prices are computed from average
yields on the basis of one "typical" bond (4% coupon,
maturing in 30 years), and do not purport to show either the average
the average movement of actual price
quotations.
They merely serve to illustrate in a more
comprehensive way the relative levels and the relative movement of
yield averages, tha latter being the truer picture of the bond market.
1
*
level
or
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Sept. 10, 1937.
Business activity continues to
gain, the outstanding fea¬
tures
being
new
highs registered by electric
power
produc¬
tion
and petroleum runs to stills, which caused an advance
to 102.3 in the "Journal of Commerce"
business index.
Mer¬
chandise
loadings also
were sharply higher for the week.
drop in steel ingot production to 70% from an
estimated 83% last week was occasioned
partly by the Labor
Day holiday, which brought an almost complete shutdown
of steel-making facilities.
Steel companies continue to ex¬
The week's
pect
but
in
a
gradually rising trend in
there is
sufficient
duction
rate
a
new
business this
month,
question whether volume demand will
time
to
over
the next
forestall
a
few
propping of the ingot
weeks, "Iron Age"
come
pro¬
says
in
its current
summary.
Automotive buying, which had been
counted upon to swell
backlogs, has gained moderately, but
not to the extent or as
rapidly as had been forecast.
Pro¬
duction of electricity in the United States totaled
2,320,982,000 kilowatt hours in the week ended Se^t. 4, a gain of
8.6% over the corresponding week of last year, according
to the Edison Electric Institute.
in
production
motor
vehicle
amounted
to
of
electric
factories
This is
output.
in
410,200 units,
the
an
a
August
United
new
States
increase
record
shipments
and
high
from
Canada
of
49% over the
the preliminary estimate
corresponding month of last year,
released yesterday by the Automobile Manufacturers Asso¬
ciation established.
the
first
half
of
period since 1930.
Exports of automotive products during
year exceeded those for any similar
this
The Commerce Department
said yester-
Volume
Financial
145
$182,861,676, com¬
day the outbound shipments aggregated
period a year
ago.
Well-informed sources state that sentiment in business
and trade circles remains optimistic over prospects for the
fall, despite the pessimism noted in the financial markets.
Perhaps the most "bullish" factor in the trade and indus¬
trial situation, however, is the sustained rise in commercial
pared with $138,230,340 in the corresponding
in indus¬
also that the steady growth
It is asserted
loans.
and modernization projects attests to a sub¬
stantial amount of confidence in the outlook.
Fall buying
trial expansion
the retail picture
entered
this week, causing retail volume
to 15%
review
revealed today.
Revenue freight loadings in the week ended
Sept. 4 totaled 804,633 cars, the highest figure since July 2,
according to the Association of American Railroads.
This
was an increase of 17,260 cars over the previous week and
39,502 cars over the like period of 1936. Two developments
1655
Chronicle
week of 1936, and 15.6% over those
week of 1935.
Loadings for the week
showed
a gain of
6.2% when compared with 1936 and a rise
24.8% when comparison is made with the same week of
of
1935.
..vThe first 18
major railroads to report for the week ended
Sept. 4, 1937 loaded a total of 370,042 cars of revenue freight
on their own lines,
compared with 360,561 cars in the pre¬
ceding week and 360,962 cars in the seven days ended Sept. 5,
1936.
A comparative table follows:
REVENUE
the
did
make
not
week
closed
for
a
effect
cheerful
in the securities
the drastic declines
were
sentiment as
on
French franc, the
latter touching the lowest price in 11 years.
Weather .de¬
velopments during the week were devoid of anything un¬
usual.
Temperatures continued high for the season in cer¬
tain areas during the early part of the period, although
a
sharp reaction to cooler weather was noted in many sec¬
markets and the downward plunges of the
At the close of the week rains were
tions later in the week.
rather
general
over
parts of the Ohio Valley and the Middle
Atlantic States, and an area of high pressure
prevailed over
Great Plains, with cooler
weather general in this area.
In the eastern cotton belt
frequent rains and high humidity were generally detri¬
the Lake region and the northern
and the crop made only poor progress
mental,
Late
ated.
corn
was
in
favored
the
eastern
belt, but in many Western areas much of
beyond the stage where rain would help.
to cooler weather the latter part of
deterior¬
part of the
or
the crop
CONNECTIONS
(Number of Cars)
Loaded
on
Rec'd from Connections
Weeks Ended—
Own Lines
Weeks Ended—
Sept. 4, Aug. 28 Sept. 5, Sept. 4, Aug. 28 Sept. 5,
1937
1937
1936
1937
1937
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Mllw St Paul & Pac Ry_.
Chicago & North Western Ry
16,994
22,311
20.850
2,726
Gulf Coast Lines
2,481
5,698
International Great Northern RR
RR_
Missouri Pacific RR
43,433
5,375
23,848
72,255
5,389
42,357
16,684
New York Central Lines
5,410
17,033
41,631
34,657
17,123
21,614
20,632
2,166
2,639
5,315
16,012
24,824
Mfesourl-Kansas-Texas
NewYork Chicago & St Louis Ry.
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
2,984
9,262
42.781
43,756
5,574
5,249
7,390
x8,657
8,395
31,930
6,084
9,138
42,386
10,110
4,519
43,967
5,213
7,070
x7,252
7,958
4,239
71,502
1,532
3,101
x8,717
9,772
5,300
23,848
7,911
5,764
16,869
10,448
8,771
8,769
11,218
1,357
6,027
17,592
10,680
8,355
8,548
10,822
1,693
2,092
2,781
9,222
39,420
9,405
4,554
10,917
9,426
8,947
11.780
1,540
2,085
68,647
5,545
6,903
34,424
5,583
5,718
8,125
45,508
4,924
6,745
370,042 360,561 360,962 210,824 205,043 205,609
Total
Excludes
x
6,046
17,598
5,560
35,016
Wabash Ry.
24,586
23,406
7,690
Pittsburgh & Lake Erie RR
21,127
33,126
23,201
33,179
25,322
16,709
22,012
21,456
3,012
2,644
24,093
cars
Texas & New
interchanged between S. P. Co .-Pacific Lines and
Orleans RR. Co.
TOTAL
LOADINGS AND
was
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
reaction
The
the week
RECEIVED FROM
AND
LOADED
FREIGHT
forge ahead 2% to 5% over last week and 6%
over the like 1936 week, Dun
& Bradstreet's trade
to
that
for the corresponding
ended Aug. 21, 1937,
beneficial
was
Weeks Ended—
in
retarding the abnormally rapid maturity in some por¬
tions.
Corn is maturing satisfactorily in Ohio, while prog¬
the
conditions
and
ress
last-named
frost
were
State
damage, and
fair
considerable
the bulk
of
to be safe in about two weeks.
the
weather
has been
skies and
clear
warm
cool
here, with
excellent
to
early
the
in
Indiana;
in
is safe from
corn
remainder
is
temperatures.
temperatures
ranging from 63 to
75
was for partly cloudy, not much change
Overnight at Boston it was 54 to 6S de¬
grees; Baltimore, 02 to 80; Pittsburgh, 58 to SO; Portland,
Me., 54 to 66; Chicago, 68 to 88; Cincinnati, 64 to 84; Cleve¬
land, 60 to 76; Detroit, 64 to 84; Charleston, 66 to 84:
Milwaukee, 68 to 90; Savannah, 68 to 86; Dallas, 78 to 92;
in
temperature.
Kansas City, 74 to 84;
Springfield, Mo., 72 to 78; Oklahoma
City, 72 to 92; Salt Lake City, 48 to 82; Seattle, 54 to 72:
Montreal, 60 to 74, and Winnipeg, 42 to 76.
76,549
of
Week
"A rise
Points
0.3
Noted
Wholesale
of
Ended
in
"Annalist"
Commodity
Weekly
During
Prices
This
cars.
points in the 'Annalist' Weekly Index of
Wholesale Commodity Prices reflected as much as anything
increasing fears of a spread of the virtual wars in the Mediter¬
ranean and China," said an announcement
by the "Annalist"
Sept. 9.
The index in consequence advanced to 94% of
the 1926 average on Sept. 7 from 93.7 on Aug. 31.
The
as
wheat rallied
that the undeclared submarine warfare in the Mediterranean
force Russia to desist from grain exports by that route.
fears,
war
crop
too.
Cotton rallied from its
previous
was
Rubber
decline*'
but
reports
about to
Beef advanced, sugar was higher
by the President, the regular Sept.
cars or
eight-tenths of 1% above the preceding week.
Miscellaneous freight loading totaled
above the preceding
on
Loading of merchandise less
Hogs declined, along with dressed poultry and
petroleum declined, tin
was
eggs.
corresponding week in
"ANNALIST"
2,783
the
cars
week, but a decrease of 4,125 cars below the corresponding
1936 and 4,629 cars below the same week in
and
Grain
below the same
INDEX
OF
WHOLESALE
below the preceding week, but an increase of 6,114
amounted to
below the preceding
COMMODITY
PRICES
Forest
products loading
below the preceding
totaled 38,428 cars, a decrease of 2,918 cars
week, but an increase of 2,297 cars above the same
1936, and 7,025 cars above the same week in 1935.
preceding week, but an increase
Coke loading
same
Food
products....
97.8
products._.
products...
87.7
Textile
of 17,100 cars above the corresponding
above the corresponding week in 1935.
amounted to 9,846 cars, an increase of 282 cars above the
86.5
90.3
88.9
69.9
70.4
66.4
89.5
materials.
Chemicals
89.3
109.2
89.5
85.9
Miscellaneous
79.8
79.5
94.0
93.7
1937
Five
68.1
All commodities...
85.6
*
Preliminary.
x
weeks in January
—
Revised.
Car
Week
Loadings
Gain
17,260
Cars
Ending Sept. 4
Loadings of revenue freight for the week ended Sept. 4,
1937, totaled 804,633 ears.
This is an increase of 17,260 cars,
or 2.2%, from the
preceding week; an increase of 39,502 cars,
or 5.2%, from the total for the like week of
1936, and an
increase of 212,692 cars, or 35.9%, over the total
loadings
for the corresponding week of 1935.
For the week ended
Aug. 28, 1937, loadings were 4.4% above those for the like
3,316,886
2,778,255
736.578
614,005
625,774
2,330,492
2,408,319
2,302,101
2,887,975
2,465,735
Week of Aug. 21
781,247
735,476
787,373
754,097
680,848
25,855,902
23,111,165
20,483,602
Five
in
1935
2,766,107
Week of Aug. 14
Four weeks in April
weeks in May
Four weeks in June.
Freight
1936
2,974,553
2,512,137
2,415,147
2,543,651
3,351,564
2,786,742
3,572,849
728.371
3,003,498
2,955,241
3,897,704
2,976,522
3,812,088
769,706
777,382
Four weeks in March
Five
Revenue
weeks in 1936 except the Southern.
1935.
1937 compared with the two previous years
follows:
70.8
x90.7
109.2
Metals
the number of cars loaded with revenue
freight, compared with the corresponding
Loading of revenue freight in
82.4
x72.7
90.6
week in 1936 and 3,932 cars above
week in 1935.
All districts reported increases over
*72.4
Fuels
Building
98.3
V
amounted to 72,890 cars, a decrease of 2,005 cars below the
Ore loading
All districts reported increases in
Sept. 8, 1936
Aug. 28 totaled 10,838 cars, a
corresponding week in 1936.
the
Aug. 31, 1937
In the Western districts alone,
1935.
below the preceding week, and 1,915 cars below the
preceding week. 913 cars above the same
Sept. 7, 1937
Farm
1936.
13,997 cars, a decrease of 1,041 cars
week, 1,822 cars below the same week in 1936, and
below the same week in
week in 1936, and 36,149 cars
(1926—100)
decrease of
loading for the week ended Aug. 28 totaled 30,071 cars,
above the corresponding week in
cars
a
It was, however, a decrease of 3,410
week in 1935.
In the "Western districts alone, grain
decrease of 1,650 cars
205
1935.
loading totaled 41,166 cars,
1936.
corresponding week in
and grain products
a
products
grain
below the preceding week, but an increase of 4,630 cars above
cars
week in
lower, while the building materials composite
WEEKLY
1936 and 8,416 cars above the same week in
amounted to 128,038 cars, an increase of 11,992 cars above
Coal loading
decrease of 1,145 cars
Wool lost slightly,
169,549
2,336 cars above
1935.
loading of live stock for the week ended
September sank 0.5 points to 69.9 from 70.4 for August.
THE
than carload lot freight totaled
latest
rose.
of 30 cars
cars, an increase
increase of 2,569 cars above the preceding week,
the
the signing of the Sugar Bill
commodity 25c. higher, and bananas, butter and coffee also
313,459
week,. 11,947 cars above the corresponding week in
1936, and 59,247 cars above the corresponding week in 1935.
up on
1 advance of Anthracite carried that
15.6% above the corres¬
Loading of revenue freight for the week of Aug. 28 was an increase of
6,126
was
report, published after the compilation of the index, set prices back
again.
for
on
4.4% above the corresponding
increase cf 106,525 cars or
an
Live stock loading
The grains and flour were generally higher,
follows:
corresponding week in 1935.
cars
announcement continued:
as
ponding week in 1936 and an increase of 106,525 cars or 15.6% above the
week in
of 0.3
increase of 33,276 cars or
was an
week in 1936 and
the preceding
Sept. 7
Railroads in reviewing the
28, 1937, reported
Loading of revenue freight for the week ended Aug. 28 totaled 787,373
the
Index
74,410
The Association of American
week ended Aug.
cars, an
Increase
72,325
34,226
Total
de¬
The forecast
grees.
25,291
34,334
14,785
St. Louis-San Francisco Ry.
with
fair and
was
15,210
27,113
expected
of the week,
Today it
Sept. 5, 1936
24,946
32,864
14,515
1937
Chicago Rock Island & Pacific Ry_
Illinois Central System..
In the New York City area
ideal during most
Aug. 28, 1937
Sept. 4,
weeks in July
Week of Aug.
7
Total.
-
2,820,169
582,077
we undertake to show also the loadings
roads and systems for the week ended Aug. 28.
During this period a total of 74 roads showed increases
when compared with the same week last year.
In the
following
for separate
1656
Financial
REVENUE
FREIGHT
LOADED
AND
RECEIVED
FROM
Total Revenue
from Connections
Sept. 11, 1937
(NUMBER
1936
1937
1935
1937
ENDED
CARS)—WEEK
OF
Total Loads Received
Freight Loaded
Railroads
Chronicle
CONNECTIONS
AUG. 28
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1935
1936
1937
1936
1937
1936
Eastern DistrictAnn Arbor
550
&
Maine
-
Chicago Indianapolis & Loulsv.
Central Indiana
688
800
8,300
1,048
8,057
1,618
1,468
Norfolk Southern
362
429
395
1,002
967
359
371
357
2,584
2,603
2,275
Seaboard Air Line..
8,748
21,138
7,873
21,207
6,749
3,538
19,556
3,767
14,203
14,068
690
36
24
82
62
1,448
2,095
10,183
1,099
5,421
10,449
5,995
1,985
7,294
6,340
371
405
129
150
2,347
1,245
2,594
14,765
6,834
1,722
14,261
6,594
1,841
897
1,286
Belt Ry. of
7,822
1,914
7,241
1,731
Chicago & Northern Western
Chicago Great Western
2,551
2,686
360
296
12,994
4,180
2,878
6,884
241
13,391
12,720
2,564
Detroit <fc Toledo Shore Line..
Grand Trunk Western
188
161
216
Lehigh & New England..
Lehigh Valley
1,585
8,104
Maine
3,090
1,735
10,297
3,113
3,806
2,407
39,760
10,495
1,753
4,978
7,240
1,702
8,275
2,940
Lehigh & Hudson River
Central
Monongabela
4,051
2,612
41,631
10,258
1,216
Montour
New York Central Lines
N. Y. N. H. & Hartford.
Ontario & Western.
N. Y
Chicago & St. Louis
Pittsburgh & Lake Erie
5,560
7,064
5,545
Pere Marquette
4,824
341
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
229
287
30
65
39,420
10,544
1,534
9,405
6,584
4,924
9,991
1,710
5,088
5,637
5,655
40,106
10,752
149
1,791
457
458
393
658
200
188
149
845
779
102,310
Total.
102,978
93,293
61,598
60,547
Northwestern District-
887
__
762
2,370
1,953
19,847
2,691
18,168
2,409
10,882
2,883
10,714
20,646
8,548
8.476
4,611
90,869
4,478
3,711
2,940
21,568
4,626
20,942
1,242
Chicago Mllw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
Duluth Mlssabe & Northern
Duluth South Shore & Atlantic.
9,624
6,590
Green Bay & Western
25
394
274
279
245
1,284
1,150
1,896
1,510
410
304
195
162
22,480
3,491
3,390
550
551
599
565
Lake Superior & Ishpeming
Minneapolis & St. Louis
3,821
2,696
2,525
2,236
1,709
1,828
8,492
1,920
7,437
2,013
Minn. St. Paul & S. S. M
6,187
2,687
2,444
12,626
11,416
11,041
4,383
3,605
664
592
928
965
5,770
5,721
4,096
7,958
3,579
7,979
Spokane International
4,587
3,360
Spokane Portland & Seattle...
152,383
151,445
142,034
153,004
153,457
Allegheny District—
Bessemer & Lake
520
779
29,945
4,176
17,592
3,219
15,998
389
327
7
9
1,328
6,518
357
371
337
436
450
1,691
1,510
1,652
1,652
1,801
142,769
121,170
110,418
52,944
48,089
23,201
3,405
21,462
3,185
19,694
6,027
2,954
2,244
5,667
2,313
538
381
232
124
54
Burlington & Quincy..
& Illinois Midland
16,709
16,825
16,036
8,355
8,633
2,222
1.378
1,017
838
Rock Island & Pacific.
13,100
2,870
1,047
4,454
12,836
2,729
1,138
4,409
1,599
11,490
2,773
8,546
8,375
2,213
984
644
1,389
3,904
3,504
3,337
684
961
867
29
32
1,026
Total...
1,368
7,129
1,132
6,748
15
19
10,592
10,620
2,739
Atch.
Top & Sante Fe System..
Alton
Bingham & Garfield
577
708
591
44
49
249
Pennsylvania..
324
344
39
35
Chicago
Chicago
Chicago
Chicago
82
&
Ligonier Valley
Long island
104
94
27
29
Colorado & Southern
618
Pennsylvania System
Reading Co
(Pittsburgh)
West Virginia Northern
861
757
1,894
2,167
1,330
68,647
14,278
17,497
Penn-Readlng Seashore Lines..
1,564
67,823
15,290
13,598
1,115
61,523
1,480
45,508
15,633
7,157
1,257
43,355
16,464
5,894
12,013
7,587
27
39
53
0
2
3,569
3,241
3,216
6,021
6,036
155,611
152,041
130,141
110,007
105,402
Western Maryland
& Eastern Illinois
Denver & Rio Grande Western.
Denver & Salt
Lake
2,391
Fort Worth & Denver City
1,083
839
1,007
Illinois
2,116
1,834
1,875
1,996
1,045
1,660
1,579
85
1,164
1,371
1,138
104
1,039
496
412
168
191
216
17
104
25,730
24,310
20,875
Terminal
Northern
Nevada
North Western Pacific
Peoria & Pekln Union
Southern
Total
96
729
32,765
6,249
390
Central RR. of New Jersey
Cornwall
Union
589
6,789
Erie
Northern Pacific
88
Central Western District—
533
33,179
Buffalo Creek & Gauley
Cambria & Indiana
Cumberland
1
•
438
5,071
20,968
5,583
Akron Canton & Youngstown..
Baltimore & Ohio
277
491
7,692
1,033
5,830
643
4,585
Total
420
448
Wheeling & Lake Erie...
.
3,108
29,746
Wabash
Rutland
21,668
4,077
16,389
1,340
6,956
9,048
Great Northern
4,882
28
924
21,456
Chicago
Elgin Jollet & Eastern
Ft. Dodge Des Moines & South.
295
650
....
Southbound
1,031
282
3,559
2,372
36,376
Southern System
Tennessee Central.
Wlnaton-Salem
2,357
1,149
Pittsburgh & West Virginia
1,188
Piedmont Northern
Richmond Fred. & Potomj
513
Erie
1,170
1,053
262
9,38b
5,801
Detroit Toledo & Ironton
954
954
...
303
9,068
2,133
23
Hudson
Delaware Lackawanna & West.
Detroit & Mackinac
New York
1,180
{ 1.131
,1,348
5,222
9,376
Central Vermont
Delaware &
537
1,183
8,429
1,750
.
Bangor & Aroostook
Boston
Pacific
1,467
282
298
5,632
1,239
4,974
251
15,633
15,560
13,784
9,327
9,027
459
314
380
14
10
1,975
1,802
1,664
2,497
2,610
118,518
113,220
103,262
54,912
53,819
5,413
4,653
(Pacific)
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
1,253
Pocahontas District—
Chesapeake & Ohio.
25,322
23,406
25,039
23,651
22,899
905
Norfolk & Western
Norfolk & Portsmouth Belt Line
852
787
4,688
4,224
4,029
1,199
1,081
54,321
Virginian..
11,147
4,549
1,222
10,680
4,554
20,750
53,766
48,465
17,514
Total
731
Southwestern
Total
212
212
173
203
190
203
281
Fort Smith & Western
180
175
151
213
230
Gulf Coast Lines..
3,012
2,334
2,192
1,693
1,410
International-Great Northern..
Southern District—
Alton &
District—
Burllngton-Rock Island
17,649
2,644
2,447
Southern.
165
177
652
1,219
1,347
Atlanta
730
887
757
635
677
9,066
8,450
7,738
4,398
4,352
4,290
4,209
2,426
2,684
382
347
995
937
1,231
1,147
1,830
1,569
344
425
277
330
370
Missouri-Kansas-Texas Lines..
211
119
547
428
262
216
971
1,045
838
877
294
Midland Valley
1,427
192
Litchfield & Madison
396
1,253
1,296
2,166
1,127
Louisiana Arkansas & Texas...
4,537
2,092
180
1,760
903
229
805
2,328
1,529
159
270
736
199
1,690
233
Atl. & W. P.-W. RR. of Ala..
2,465
191
2,197
Alabama Tennessee & Northern
Birmingham & Coast..
Atlantic
Central
Coast
of
Line
Georgia...
Charleston & Western Carolina
Clinchfleld
Columbus
&
Greenville
Kansas Oklahoma & Gulf
Kansas
City Southern
Louisiana & Arkansas..
M issourl & Arkansas
152
201
146
456
383
429
435
516
499
47
45
110
82
Georgia
901
934
775
1,406
1,543
Georgia & Florida
548
620
410
412
425
1,908
22,012
21,578
1,955
23,197
22,194
1,645
21,734
19,495
1,210
11,706
4,969
1,009
10,952
4,831
255
186
211
340
396
145
311
246
5,021
4,713
2,781
2,999
16,843
14,852
9,222
8,881
Natchez & Southern
35
Wichita Falls & Southern
Wetherford M. W. & N. W
Gulf Mobile & Northern
r
Illinois Central System
Louisville
&
Nashville
Macon Dublin & Savannah
Mississippi Central
218
276
199
360
340
Mobile & Ohio
1,952
2,578
1,634
2,556
1,820
2,066
39
53
41
14
132
91
95
114
84
4,285
2,301
4,483
Terminal RR. Assn. of St. Louis
2,866
9,287
2,414
7,529
4,677
2,330
8,099
Texas & Pacific
8,487
2,834
8,694
4,966
2,365
3,085
4,026
18,293
276
263
242
49
60
40
27
30
24
42
61,461
59,477
53,235
60,598
58,256
Quanah Acme & Pacific..,
St. Louis-San Francisco
St.
Louis
Southwestern..
Texas & New Orleans
2,101
6,650
4,313
24
2,088
2,652
3,729
18,969
1,851
Nashville-Chattanooga & St. L.
1,719
3,000
264
217
5,315
Missouri Pacific
486
Midland
1,100
16,012
Durham & Southern..
East Coast
1,619
1,064
2,024
217
Florida
Gainesville
162
Not*—Previous year's figures revised.
2,290
Moody's Commodity Index Advances Slightly
The
Moody's Index of Staple Commodity Prices advanced
slightly this week, closing at 194.3 this Friday, as compared
with 193.5
a
The advance was primarily due to
higher prices for corn
and hogs.
There were also advances in coffee and rubber,
and declines for silk, cocoa, hides,
wheat, steel
scrap,
No changes occurred in
The movement of the index
parisons, is
Fri.,
Sat.,
Mon„
Tues.,
Wed.,
Thurs.,
Fri.,
as
copper,
cotton,
lead and
Holiday
2 weeks ago Aug. 27
Month ago, Aug. 10
Year ago, Sept. io
.194.9
1936 High—Dec. 28
—No Index
of
Prices
.194.8
com¬
196.0
206.8
186.3
208.7
162.7
228.1
192.9
Low—May 12
195.0
1937 High—April 5
194.3
0.1%
of
in
Index
United
Low—Sept. 1
of
States
Wholesale
Department
Occurred During Week Ended
Sept. 4
Commodity
of Labor
Continued decreases in wholesale market
prices of
6.8% above that for last
consecutive
weekly decline in the general
of the 1926 average.
It is at the lowest point since the first
year.
March.
metal products commodity groups
averaged higher than the preceding week.
The
remained unchanged at last week's level.
housefurnishing goods
Continued
group
for agricultural commodities
weakening priges
responsible for the further decrease in the index for the
raw
0.4% below the level of last week, 1.9% below the level of
and
3.9% above that of
farm
a
year
manufactured group declined 0.6%
for
this
0.1%.
week of last month and
Non-agricultural
group
13.6%
is
group
group advanced
a
month
The price level of the semi¬
ago.
and is 0.6%
above last
largely
were
materials group.
It is
below last month.
The finished
year.
The
products
The current index is 0.8% below the corresponding
7.4% higher than
commodity
prices,
a year ago.
measured
by
the
index
for
the
"all commodities other than farm products", remained unchanged
from last week's level.
ago and
The current index—86.8—is
7.6% above that of last
farm
of last month and
In
0.8% below
a
month
The price level for "all commodities
and is 0.1%
7.9% above last
reporting
an
year.
products and foods," reflecting the prices in industrial
commodities, advanced 0.1%
Lubin
products, together with another sharp drop in average prices
of cattle feed and textiles and
slightly lower prices for build¬
ing materials, chemicals, and hides and skins, caused the
index of wholesale commodity prices of the Bureau of Labor
Statistics, United States Department of Labor, to decline
0.1% during the week ended Sept. 4, Commissioner Lubin
announced Sept. 9.
He stated:
third
The indexes for the foods, fuel and lighting materials, and metals and
other than
Decline
the
The cm-rent price level is 1.1% below the corresponding week of last month
and
index
193.5
was
ago,
during the week, with
follows:
3
Sept.
4
Sept.
6
Sept.
7
Sept.
8--Sept.
Sept.
9
Sept. 10
decrease
index and brought the all-commodity level to 86.4%
week in
week ago.
wool and sugar.
silver prices.
Total
* Previous figures.
the
below the corresponding week
year.
foregoing remarks of Commissioner
by the Department of Labor also
announcement
said:
The decline of 0.5% for the farm
products group was largely caused by
the 2%
were
decrease for both grains and livestock and poultry.
York market),
cotton, apples,
potatoes, and white potatoes
registering price advances
(Chicago market),
York
Lower prices
reported for corn, oats, wheat, cows, hogs, sheep, live poultry (New
market),
eggs,
and
peanuts, alfalfa seed,
(Boston market).
were
barley,
rye,
beans, onions, sweet
Important farm products
calves,
steers,
live
poultry
lemons, oranges, hay, flaxseed, fresh milk (New
white
potatoes
(New
York
and
Portland,
Oregon,
This week's farm
markets).
products index—84.6—is 2.6%
and 3% above that of a year ago.
the miscellaneous commodities group
National
below the
for
index
Reports
Association
Fertilizer
cline in Wholesale Commodity Prices
level of a month ago
The
1657
Chronicle
Financial
145
Volume
Further DeDuring Week
Ended Sept. 4
declined 0.5%
primarily due to the approximately
minor decrease for paper and pulp.
8% drop in prices of cattle feed, and a
Crude rubber increased slightly, and
automobile tires and tubes remained unchanged from the level of last week.
Wholesale prices of cotton goods and silk and rayon recorded further
decreases.
The decline for the textile products group was 0.4%, bringing
the index to a new low level for this year.
Clothing, knit goods, woolen
Continuing the downward trend of the previous six weeks,
wholesale commodity prices again declined during the week
ended Sept. 4, according to the index compiled by the Na¬
tional Fertilizer Association.
Based on the 1926-28 average
products remained
firm.
Important items registering lower prices were cotton broadcloth,
drillings, muslin, osnaburg, print cloth, brown Uheeting, ticking, tire
fabrics, cotton yarns, raw silk, silk yarns, bin-lap, and cotton twine.
The index for the building materials group dropped 0.2% because of
declining prices for Douglas fir, yellow pine, and white pine lumber and
paint materials.
The sub-groups of brick and tile, cement, plumbing and
heating materials, structural steel, and other building materials remained
with 86.7% in the preceding week.
A
tered 88.2% and a year ago 79.7%.
unchanged from the preceding week.
sub-group and fertilizer materials were
prices for the chemicals
Lower
100%, last week the index stood at 85.9%, as compared
month ago it regis¬
of
goods, and the sub-group of other textile
and worsted
week took place in the farm
The largest decline during the
to the downward
the only exceptions
oats,
and
rye
lambs,
slight rise in food prices, it was
Although there was a
not enough to change the commodity group
bananas, potatoes, veal, lambs
index; such heavily weighted items as flour,
Textile prices continued to decline during
and lard increased in price.
for the chemicals and drugs
group.
Wholesale prices for mixed fertilizers were stationary, and the
drugs and pharmaceuticals sub-group showed a fractional advance.
The hides and leather products group declined fractionally reflecting lower
Leather, shoes, and other leather products
including luggage and gloves were unchanged.
Advancing prices for certain agricultural implements and motor vehicles
change the metal price index.
skins.
prices for hides and
Average prices for iron and steel items
and non-ferrous metals
;-Vv
change.'
0.9%.
products group to increase
caused the index for the metals and metal
showed no
lard,
copra,
current
index
above
cured pork, Santos
sugar, and vegetable oils.
The
below a month ago and 4.3%
butter, raw
peanut
foods—85-7—is 0.7%
year ago.
a
for
rise in anthracite coal and
a
quoted for steel scrap and tin but the
preceding
in cattle feed prices.
were
registered by 43 price series included in
week and advances by 18; in the
14 advances; in the second
Complied by The National Fertilizer
(1926-1928=100)
Association.
Week
Week
Ago
Ago
Sept. 4,
Aug. 28
1937
1937
Aug. 7,
1937
Sept. 5,
1936
85.1
85.1
86.9
81.6
69.5
69.9
75.9
79.9
73.2
73.5
80.2
97.1
81.8
84.0
87.8
78.9
Cotton
52.2
53.0
62.8
65.3
Grains
88.6
89.9
94.5
98.0
Livestock
86.9
90.0
92.0
75.7
86.2
86.5
86.5
85.5
85.9
86.7
77.3
72.4
73.4
76.4
68.5
106-1
106.1
106.1
84.7
Bears
Group
the
to
slightly higher than during
Foods
25.3
Fats and oils
Cottonseed oil
Farm
23.0
housefurnishing goods
Fuels
10.8
Miscellaneous commodities
Commodity Groups
1937
Textiles
Metals
6.1
Building materials
87.5
87.5
86.1
81.9
1.3
Chemicals
95.6
95.6
95.6
95.1
72.8
72.9
72.3
79.9
79.9
78.6
73.7
96.4
96.4
96.4
92.6
Aug.
Aug.
Sept.
Sept.
Sept.
7
5
7
8
85.9
86.7
88.2
79.7
1937
machinery
All groups
combined
1937
1936
1937
1935
1934
1933
80.4
77.8
69.7
Country's Foreign Trade in July—Imports
All commodities.
86.4
86.5
87.3
87.5
87.4
80.9
products
84.6
85.0
87.1
87.5
86.9
82.1
Farm
67.3
9
21
1937
Farm
100.0
Sept.
14
Aug.
drugs.
Fertilizers
.3
■'
■
and
Fertilizer materials
.3
.3
28
79.7
7.1
Sept. 8, 1934, and Sept. 9, 1933:
Aug.
__
8.2
index numbers for the main groups of
for the past five weeks and for Sept. 5, 1936, Sept. 7, 1935,
4
products
17.3
for the year 1926 as 100.
(1926=100)
Year
Month
Latest
following table shows the
Sept.
Preced'g
Per Cent
1926 average
No change was
reported for either the furnishings or the furniture sub-groups.
The index of the Bureau of Labor Statistics includes 784 price series,
weighted according to their relative importance in the country's markets,
commodities
and 30
INDEX
Each Group
remained unchanged at 92.7% of the
and is based on the average
declines and
preceding week there were 40 declines
WHOLESALE COMMODITY PRICE
WEEKLY
group as a
The
the index during the
preceding week there were 34
advances.
showed no change.
whole recorded a fractional advance
For the fourth consecutive week the index for the
ground bone
tankage not only offset an advance of a dollar per ton
Declines
Coke prices declined fractionally, and anthracite
The fuel and lighting materials
week.
and bituminous coal
group
decline was not sufficient to
Declines in cottonseed meal,
in the price of
ammonium sulphate, but were responsible for a downturn in the fertilizer
material index.
Despite an increase in the price of rubber, the miscellane¬
ous commodity price index showed a recession, the result of continued de¬
and
Total Index
Average prices for petroleum products were
the
were
this year.
canned beans, canned pears, fresh and
rice, raisins,
coffee,
offset
the
textiles and silk, resulting
A drop in petroleum prices
lowered the fuel index.
Lower prices
low point for the group index
a new
creases
""Vv,■
showed an average rise of 0.5%.
Butter, cheese, and milk advanced 4.6%.
Meats, cereal products, and
fruits and vegetables were slightly down.
Important food items showing
higher prices were butter, cheese, rye flour, dried prunes, canned tomatoes,
fresh beef, fresh mutton, lamb, veal, cocoa beans, Rio coffee, and cured
mackerel.
Prices were lower for wheat flour, hominy grits, corn meal,
price level for the foods group
The
in
products group;
trend were wheat at Kansas City,
advanced slightly.
which
week, with lower quotations for cotton, cotton
responsible for the 0.2% decline in the index
The Association's
announcement, under date of Sept. 7, went on to say:
79.9
74.3
56.6
82.2
85.9
77.2
65.0
94.5
90.5
84.6
92.8
70.1
86.3
86.5
86.8
85.3
85.7
Hides and leather products.. 108.6 108.7 108.6 108.6 109.1
77.4
76.9
76.6
75.8
76.1
Textile products
78.9
78.9
78.9
79.2
79.1
Fuel and
Foods
71.0
70.6
73.9
The Bureau of Statistics of the
at
Washington
on
and Exports
Department of Commerce
Sept. 2 issued its statement on the foreign
and the 7 months ended
trade of the United States for July
with
1932.
The
United States increased fractionally and
genera1
July, with comparisons by months back to
76.9
74.6
75.4
67.6
96.4
95.5
95.5
95.5
95.4
86.4
86.0
85.9
81.7
Building materials
Chemicals and drugs
96.3
96.5
96.4
96.7
96.7
87.0
85.4
86.3
81.4
81.0
81.2
81.7
82.0
82.4
80.5
79.2
76.3
72.3
92.7
92.7
92.7
92.7
92.8
82.6
81.8
82.9
78.6
imports declined
Housefurnishing goods
66.8
70.6
64.9
there was a
lighting materials..
Metals and metal
products..
Miscellaneous
76.6
77.0
77.2
77.4
77.4
71.4
85.0
84.9
80.2
*
83.6
85.2
*
83.3
#
Raw materials
86.5
86.5
75.7
88.9
89.1
89.1
82.3
*
88.3
*
88.4
*
1.
products...........
other than
86.8
86.8
87.3
87.5
87.5
80.7
80.4
78.5
72.5
products and foods..
85.9
85.8
85.9
86.0
86.0
79.6
77.9
78.5
74.8
Total
exports of the
7% in value in July as compared with June.
As a result,
small net balance of merchandise exports.
For the first time
*
86.6
*
86.0
86.5
*
Semi-manufactured articles..
report is as follows:
Finished products...
commodities
All
farm
other
farm
*
Not
relative gain in total value over a year ago was
than
31%.
and in March
and 44%,
Totals
The
Edison Electric
Week Ended
2,320,982,000 Kwh.
During
gains in export values
of electricity by the electric
light and power industry of the United States for the week
ended Sept. 4, 1937, totaled 2,320,982,000 kwh., or 8.6%
above the 2,135,598,000 kwh. produced in the corresponding
The Institute's statement follows:
week of 1936.
PERCENTAGE INCREASE OVER
Sept. 4, 1937
Regions
Aug. 28.
Week Ended
1937 Aug.
1
Week Ended
21, 1937 Aug. 14,
6.4
6.7
New England..
5.3
1937
7.2
9.0
14.0
Middle Atlantic.
10.0
7.0
6.8
Central Industrial
11.0
9.5
12.3
West Central
6.5
1.4
0.9
Southern States
5.2
5.1
7.5
9.8
18.3
18.4
20.2
16.7
5.3
7.6
8.1
8.9
8.6
8.0
10.0
10.6
Rocky Mountain
Pacific Coast
Total United States.
the
1936 has fluctuated
the same definite
considerably from month to month and has not shown
upward trend exhibited by exports.
In the months of
1937, the percentage increases over the same months
in order by months, 28, 44, 55, 42, 49 and 50%.
The July
January through June,
of 1936 were,
gain over July,
1936, dropped back to 36%.
amounted to
Exports, including re-exports,
$267,185,000, compared with
$180,390,000 in July 1936.
General imports (goods entered for storage in bonded warehouses, plus
goods which entered merchandising channels immediately upon arrival in
the country) amounted to $265,349,000, compared with $285,925,000 in
$265,370,000 in June 1937 and
PREVIOUS YEAR
Week Ended
Week Ended
Major Geographic
values over a year ago were greater than
in each of the first six months of 1937.
However,
in import values over the corresponding months of
the relative improvement
Institute, in its weekly statement,
disclosed that the production
28%,
of 40
43%, the
1936 amounted to 48%.
The relative gains in import
4
Sept.
value over a year ago
In February the gain over a year ago was
April and May showed percentage increases
respectively, and while June dropped back slightly to
July gain over July
Production
and greater improvement from month to
In January the gain in the export
month in 1937.
amounted to only 12%.
computed.
Electric
greater for ex¬
ports than for imports.
Export trade has shown greater
commodities
All
this year the
4.1
June 1937 and
$195,056,000 in July 1936.
.
..
;
merchandising or con¬
sumption channels immediately upon arrival in the country, plus with¬
drawals from warehouse for consumption)
amounted to $263,438,000,
compared with $278,721,000 in June 1937 and $197,458,000 in July 1936.
There was a net balance of merchandise exports of $1,836,000 in July.
In June 1937 imports exceeded exports in value by $20,555,000 and in July
1936 by $14,666,000.
Through July 1937 the net excess of merchandise
Imports for
consumption (goods which entered
amounted to $144,819,000.
States merchandise were valued at
than in July 1936.
The greater part of the gain
accounted for by three groups of commodities—non-metallic minerals,
imports has
DATA FOR
RECENT WEEKS (THOUSANDS OF
KILOWATT-HOURS)
In the
aggregate exports of United
88 million dollars more
Per
Week Ended
1937
1936
.
Cent
Change
1937
is
1935
1932
1929
5
June 12
June
19
June 26
July
3
July
10
July
July
17
24
July
31
Aug.
7
Aug. 14
Aug. 21
Aug. 28
Sept.
4
2,131,092
2,214,166
2,213,783
1,922,108
+ 10.9
1,628,520
1,381,452
1,945,018
+ 13.8
1,724,491
1,989,798
+ 11.3
2,238,332
2,238,268
2,096,266
2,005,243
2,029,639
1,956,230
2,029,704
+ 11.6
1,435,471
1,441,532
1,440,541
1,615,085
1,689,925
1,699,227
1,702,501
1,456,961
1,723,428
2,099,712
2,008,284
2,079,137
2,079,149
+ 7.6
+ 10.0
+8.0
1,742,506
1,774,654
1,772,138
1,655,420
1,766,010
1,807,037
1,823,521
1,821,398
1,819,371
1,832,695
1,839,815
+8.6
1,809,716
2,298,005
2,258,776
2,256,335
2,261,725
2,300.547
2,304,032
2,294,713
2,320,982
2,093,928
2,125,502
2,135,598
+ 10.3
+ 7.2
+ 13.2
+ 8.0
+ 8.8
+ 10.6
from a value of $31,492,000 in July
1937; metals and manufactures except
$20,502,000 to $54,537,000; and
1936
June
1936 to $44,829,000
machinery, which rose from
machinery $nd vehicles, which increased
from $50,774,000 in July 1936 to $80,256,000 in July 1937.
Exports of edible animals and animal products were somewhat smaller in
value than in July 1936 but vegetable food products and beverages increased
from $9,787,000 in July 1936 to $13,230,000 in July 1937.
The value of
textile fibres and manufactures, $17,363,000, was practically the same as
in July 1936.
Wood and paper, valued at $13,079,000, and chemicals
and related products, valued at $12,524,000 in July, 1937, were, respectively
4 and 3 million dollars greater in value than in July 1936.
Among our imports, increases over, a year ago continued to be distributed
throughout practically the entire list of commodities.
Gains over July
1936 have been as follows: Edible animals and products from $6,775,000
to $10,655,000; inedible animals and products from $16,493,000 to $20,186,Which increased
in July
from
1,341,730
1,415,704
1,433,993
1,440,386
1,426,986
1,415,122
1,431,910
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,436,440
1,750,056
1,464,700
1,761,594
1658
Financial
Chronicle
Sept.
000; vegetable food products and beverages from $53,370,000 to
$66,869,000;
inedible vegetable products from $26,858,000 to
$41,702,000; textile fibres
Gold
and manufactures from $28,547,000 to $35,594,000; wood and
paper from
$21,561,000 to $29,828,000; non-metallic minerals from $10,975,000 to
$14,548,000; metals and manufactures from $18 391,000 to
Month
1934
1935
1936
1937
1934
1935
1936
1937
1,000
machinery and vehicles from $1,655,000 to $2,376,000; chemicals and re
lated products from $5,650,000 to $6,711,000, and miscellaneous
products
$7,184,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
January
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
859
1,248
253
734
1,661
3,128
141
to $175,§24,000 compared with $262,103,000
Imports of silver amounted to
$4,476,000 compared with $6,025,000 in June and $6,574,000 in July 1936.
Exports of gold amounting to $206,000 were larger than in any month since
363
338
51
46
March
| Imports of gold amounted
4,715
February
$8,245,000.
to
Stiver
Period
or
$26,724,000;
from
1937
11
44
540
23,637
2,315
11
39
665
346
468
April
May
1,780
49
5
4
1,638
6,586
166
77
81
2,404
July.
114
59
695
206
1,789
August
14,556
102
September
22,255
2,173
86
42
76
117
November
310
242
127
411
140
170
99
1,698
1,014
512
December
769
236
7 mos. end. July
13,325
1.284
27,118
9,513
13,779
1,704
12 mos. end. Dec
July 1936, while silver exports amounted to $214,000
52,759
1,960
27,534
16,551
18,801
2,965
37
October
MERCHANDISE TRADE
Exports,
Including
Re-exports,
BY
General
MONTHS
Imports,
July
and
Balance
7 Months Ending July
1937
1936
Trade
Increased)
Decreased—)
Exports and Imports
1936
of
January
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
180,390
195,056
267,185
1,335,351
265,349
1,359,565
1,803,829
1,948,648
+468,478
+549,083
24*214
144*819
March
April
May
1,836
.
52,460
51,781
September—
or
Period
1932
1933
1934
1935
1936
November
1937
December
Exports, Including
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
January
February
150,022
153,972
120,589
172,220
101.513
162,752
March
154.876
108,015
105,217
190,938
179,427
114,203
119,790
160,197
April
135,095
May
June..
131,899
114,148
106,830
•
—
-.
July
August
144,109
131,473
160,119
193,069
184,256
192,638
108,599
September
132,037
October
153,090
November
138,834
December-
131,614
7
mos. ended
July.
12 mos. ended Dec.
176,223
163,007
185,026
164,151
198,564
182,024
195,113
192,795
200,772
165,459
170,244
173,230
172,126
198,803
170,519
161,672
171,984
191.313
206,413
185,693
180,390
170,654
222,706
96,006
February
130,999
M arch
131,189
126,522
83,748
94,860
88,412
May
112,276
June
110,280
79,421
_
106,869
122,197
142,980
154,918
146,643
150,867
128,541
133,518
91,102
98,411
September.
October..
-—_
_
_
mos.
105,499
104,468
.
November
December
97,087
7 mos. ended July.
12 mos. ended Dec.
States
135,706
132,753
166,832
152,491
177.356
170,500
170,533
158,105
146,523
154,647
136,109
127,229
119,513
131,658
156,754
176,631
169,030
161,647
189.357
169,385
186,968
129,635
150,919
132,258
Merchandise and
July
1936
.
268,946
7
1937
1,000
265,370
178.975
Arscott,
General
Imports
Months
closed
of
187,482
240,452
277,709
286,828
conditions
191,697
191,077
284,912
influences
195.056
265,349
Even
285,925
manufacturers
some
in
have
close
to,
machinery and
215,701
212.692
first
to
the
feel
in
196,400
244,723
Ended
July
lncreasez+)
Decrease(—)
automobile
the
any month
seasonal
nearly
of
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
1,772,061
1,886,974
+536,157
197,458
1933
1-459,601
1934
1935
1936
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
99,423
106,293
103,265
159,617
February.
151,048
151,403
April
132,268
128,553
136,402
111,845
117,517
141,573
129,315
157,490
190,842
181,291
128,975
189,808
109,478
104,276
106.270
September
129,538
October
151,035
December
7 mos. ended July.
923,932
12 mos. ended Dec. 1,576,151
effects
187,418
176,490
157,161
173,560
160,312
181,667
160,511
195,689
219,105
179,381
192,405
189,574
252,442
159,791
197.020
167,902
167,278
159,128
169.851
167,865
169,683
188,860
196,040
218,184
181,386
177,006
175,825
217.925
262,173
203,536
192,156
168,442
267,258
220,931
229,662
264,628
285,099
256,510
264,615
223,920
226,666
798,475 1,177,292 1,170,985 1,312.460 1,772,061
1,647,220 2,100,135 2,243,081 2,418,969
134,311
129,804
130,584
123,176
92,718
84,164
91,893
88,107
May
112,611
109,141
June
112,509
123,931
141,018
152,714
147,599
149,288
125,269
127,170
March
_.
July..
79,934
August
September
93,375
102,933
October
104,662
November
105,295
December
mos.
12 mos.
95,898
128,976
168,482
125,047
152,246
186,377
189,590
153,396
141,247
175,485
194,296
keep
26,931
4,451
■
8,363
39,001
182,816
Canadian
Bank
of
disputes have
General Manager
under
and
export
a
raised total
of
last
preparations
of
by
Alberta
their
serious
that
this year which, with
of
date
of
Sept. 7.
early
found
crop
offsetting
schedules
For
summer.
who
early
production
at,
in
July
or
example,
always among the
are
summer
of
was
domestic demand of
production
unfavorable
damag^, recently enjoyed
crop
the
the
have
production
1936 ;
the
an
while
largest of
comparatively good
by about
70%
the
over
like
productive activity.
low
ence
for
however,
general
upon
The
year.
Construction,
(15%
industry has
the
has
recently
industry.
greater
now
introduction
With
than
of
of
provided
new
those of
the
contracts
the
entered
course
models
new
most
in
preceding
its
and
usual
therefore
steadying
influ¬
August
of
nearly
month,
and
about
60%
higher than those of August, 1936), construction work undertaken
the first eight months of this
year was practically equal to that for all
of 1936.
Expansion is to be noted in all classes of construction over the
in
period
of
of last year but particularly in private work, for
engineering contracts, which include public works, rose
by 9%, that of residential building increased by
56%, that of business
construction by 46%, and that of industrial
projects (largely mills and
factories) by 101%.
Of all the advances in private work and the conse¬
the
value
quent stimulating effects upon
rise in
summer
Canadian economy
as
a
whole—the greatest
employment in the
current revival period, for example—the
in industrial building is to be regarded as having the
broadest benefits, for not
only does it involve extensive capital expenditures
for
machinery, &c., apart from building materials, but it increases the
productive capacity of the country.
Its immediate effects have undoubtedly
been felt by the steel
industry, the production of which in July was the
largest since 1929 and so far this year has been recorded at the
highest
monthly rate since 1918.
remarkable progress
Business
(Corporate) Profits During Second Quarter
Earnings of 204 Companies Reported
18% Above Same Period Year Ago by New York
166,070
199,776
166,756
189.008
155,313
194,311
197,458
200,783
218,425
213,419
200,304
147,467
135,067
124,010
117,262
149,893
137,975
149,470
126,193
173,096
180,381
168,683
189,806
162,828
179,760
228,734
260,224
295,929
281,287
278,642
278,721
263,438
240,230
ended July.
822,929
730,972
955,211 1,157,447 1,350,817 1,886,974
ended Dec. 1,325,093 1,433,013
1,636,003 2,038,905 2,423,977
GOLD AND SILVER BY MONTHS
Exports, Imports and Net Balance
July
7
Months
Exports and Imports
Ended
July
Increase (+)
1937
/1936
1937
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Gold—
Exports
Imports
695
206
—26,763
175,624
27,118
552,766
354
16,074
Excess of exports
Excess of imports
Federal
1,204,951
+652,184
15*379
175*417
525*648
1,204*596
in the volume of business than in the first quarter, the
prevalence of industrial strikes, and also probably the nar¬
rowing of profit margins in some industries coincident with
ago
increases in labor costs,"
according to the Bank, which went
on
138
214
1,704
6,574
4,476
124,168
2,836
39,001
*6*436
*4*261
122*464
36*164
Excess of exports
imports
to say:
Profits in the second quarter of
1937, despite the generally rising trend
during the past 4y2 years, remained 21% less than in the
corresponding
period
of
1929.
A few groups of
companies, including chemical and drug concerns, ma¬
chinery and tool concerns, miscellaneous metal and
mining companies
(other than coal and coke), and paper and
paper products concerns re¬
ported largei profits in the second quarter of 1937 than in the
corresponding
year
Exports
Imports
+ 1,133
—85,167
Bank
"Monthly Review" of Sept. 1, the Federal Reserve
Bank of New York stated that "net
profits of 204 industrial
and mercantile
companies, for which earnings data are avail¬
able on a
quarterly basis back through 1929, were 18%
larger in the second quarter of 1937 than in the corresponding
period a year ago. This is a smaller year to year increase in
profits than occurred during the first three months of 1937,
reflecting in part, it would appear, less increase over a year
period of 1929.
Silver—
Reserve
In its
Decrease(.—
1936
Excess of
45,689
48,898
60,065
20,831
14,425
of 1937—Net
Consumption—
January
February
7
6,025
4,476
6,574
affected
spring
of
double
period
Imports for
April
23,981
16,637
of
Eastern
to
the
industry
proportions,
$25,000,000
1,312,460
1,350,817
March
^
10.444
30,230
30,820
implement manufacturers,
the worst
business
and
helped
high level
export
1937
169,577
November.
3,165
Commerce, Toronto, in his monthly
adversely
Saskatchewan
which
farm
Dollars
118,559
August.
2,821
2,458
Canadian business issued
193,073
1,000
;.
5,589
4,490
4,989
He added:
307,474
264,615
263,438
146,906
June
8,115
17,636
21,926
large plants," says A. E. Arscott,
192,774
198,701
202,779
Dollars
May
58.483
13,501
1,955
4,435
5,431
15,011
8,711
Manager
of the Canadian Bank of
for Consumption
1936
January
July
2,846
14,080
19,085
16,351
20,842
11,002
1,823
less
while
Merchandise—
3,593
2,128
"The seasonal recession in industrial
operations lias been
marked than usual,
except where labor
226,364
229,800
177,006
1932
Exports—U. S.
2,836
Commerce
January-August
Period
354
Seasonal Recession in Canadian Industrial
Operations
Less than Usual During
August According to A. E.
289,939
267,185
Dollars
or
143
264.949
Exports and Imports
Month
268
256,565
826,207
735,072
991,072 1,171,098 1,359,565 1,948,648
1,322,774 1,449,559 1,655,055 2,047,485 2,422.154
Exports (U. S. mdse.)__
Impts. for consumption.
204
260
2,267
of
of United
1,472
124,168
month
Exports
1,424
47,603
review
135,520
August
1,741
*
233,116
General Imports—
January
July
214
end. July 904,847 821,676 552,766 1204951
21,822 121,456
end. Dec 1186671 1740,971 1144117
102,725 354,531
mos.
220,539
221,296
269,838
223,469
194,712
7
12
946,842
813,438 1,197,725 1,197,340 1,335,351 1,803,829
1,611,016 1,674,994 2,132,800 2,282,874 2,455,978
April
244
138
.
1,000
Dollars
Reexports—
341
197
1,425
16,287
46,085
3,585 156,805
13,010 315.424 218,929
121,199 210,810 75,962
92,249 190,180
57,070
August
October
Month
535
203
1,717
1,547
2,009
13
■
45,981 121,336
7,002 120,326
7,795 154.371
28.106 215.825
169,957 155.366
277,851 262,103
16,074 175,624
67,524
171,866
35,362 140,065
70,291 230.538
July
14*666
1,593
2,885
1,162
51
32
1,947 149.755
452,622 122,817
237,380
13,543
54,785 148,670
February..
June
Excess of exports
Excess of imports..
62
Imports—
1937
Dollars
Exports.-.
Imports
612
611
•
237
June.
in June 1937 and $16,074,000 in July 1936.
Dollars
■
ago,
but
Other
whose
groups
showing large percentage
profits remained less than in
railroad equipment, electrical
1929
increases
were
o/er
the
a
steel,
equipment, office equipment, motion picture
and amusement, and
building supply companies. In addition to the auto¬
mobile group, whose profits continued in the
second quarter to be less than
a
year ago, the printing and publishing and
cigar company groups also
reported smaller profits than in 1936, and profits of the household
equip-
ment
about the same as last year; furthermore,
group were
1659
Financial Chronicle
145
Volume
the coal and
showed deficits this year.
Aggregate profits of 317 industrial and mercantile concerns whose figures
are available for the fiist half year were 32% larger than in the first six
Summary of
months of
Generally, the groups whose
1936, but 20% less than in 1929.
less than a year ago or close to that
for the half year except that in the case
profits for the second quarter were
level showed the same experience
of household equipment concerns
list
Reserve Districts
the half yearly profits of a more inclusive
Among the companies whose reports are
quarterly basis are the clothing and textile groups,
showed large increases
income
$21,900,000
of 1936, and for
I railroads in the second quarter at
of Class
considerably larger than in the corresponding quarter
was
First (Boston)
The
of $36,100,000,
as compared with a deficit of $23,100,000 last year.
Net income of public
utility companies continued to show relatively slow improvement.
there was net income, after fixed charges,
the first half year
Federal
for
made
First Six
1932
1936
further noted:
Department store sales in New England during July were
1937
177.2
4.1
216.3
86.9
311.5
145.5
than a year ago.
.
.
41.7
produced in June, but less than the
—2.1
2.9
5.1
13.9
—3.1
7.0
14.4
1936.
11.6
40.8
46.2
88.3
31.0
74.6
87.0
6.2 —11.1
3.7
6.7
been slightly
35.8
58.6
19.6
Coal and coke..
~~0~2
—0.7
—"o'.i
—~0~2
1.5
—1.0
0.9
0.2
Electrical equipment. ....
Food and food products..
28.5
0.5
15.6
24.8
56.8
3.3
29.5
46.6
45.9
30.0
32.1
33.2
106.9
72.4
69.2
70.2
3.5
—0.6
1.2
1.2
27.6
—3.1
14.2
—1.9
1.8
~
_
"8.5
Machinery and tools
and
lT.l
6~8
—2.6
2.0
2.4
4.6
7.7
Office equipment
Oil.............
0.3
4.2
6.7
15.3
1.3
8.8
13.4
41.8
10.8
24.7
32.1
67.3
12.4
43.7
65.0
1.5
...
0.1
1.1
1.8
3.3
0.6
2.4
Paper and paper products
4.4
7.8
2.1
2.9
2.5
16.5
6.0
6.0
5.4
Printing and publishing..
Railroad
6.0
0.5
2.1
4.4
16.5
—1.0
3.9
13.8
18.3
—5.7
8.5
16.6
3.5
—1.0
1.1
—0.5
164.5 —62.0
37.8
121.4
equipment
Rubber and tires
"
1.1
—0.5
"~0~2
—0.3
88.0
—33.2
25.8
58.9
2~7
~b~.6
~0~8
"b~7
4.4
1.2
1.4
1.3
13.5
3.2
8.8
11.3
34.7
2.9
19.1
471.8
17.3
315.1
371.6
983.0
23.0
594.3
785.4
-125.3 —23.1
36.1
.
Miscellaneous..
1317
2d quar.
cos.
as
same
in
July
in June.
3.2
2.9
cos.)
*
92.0
115.5
43.2
40.1
42.8
54.8
Net income
88.7
83.3
(Philadelphia) District
Third
with respect
uncertainties
and
costs
commitments for
to
goods," according to the "Business Review" of Sept.
Federal Reserve Bank of Philadelphia, which said:
was a
considerable expansion between spring
95 in July, owing to
non-duralle goods and decreased pro¬
main¬
production declined from 97 in June to
of factories pioducing
duction of anthracite fuel, as
measured by the adjusted index number
...
agricultural situation shows marked improvement
The
and farm income
largest shown for several years.
maintained at the seasonal level that
narily prevails from June to July,
than
1 of the
has been higher than last year
and autumn.
Nevertheless, the general level of activity
when there
more
was
while wholesale business receded
Changes in other indicators
anticipated.
tribution of goods and
Not available.
Massachu¬
$17,536,665
activity in the Philadelphia District "continues to
reflect the impact of seasonal influences in combination which
such other factors as industrial disputes, rising operating
Retail trade sales were well
(ex¬
cos.
cept telephone
$17,836,356, as compared with
Business
has been the
47 public utility
Deficit.
21.9
4.5
—70.5
Net income
.
year.
Industrial
railroads
I
.
during July amounted to
July last
tained by this bank.
Class
.
of
estallishments in
weekly payrolls was practically
reported by 756 establishments in
The volume of retail sales
smaller output
1st half.
cos.
—1.5
2.5
"
_
(cigars)..
Total- -f204
the
26.8
Shipping
Steel. ....i .;
Stores
The amount of aggregate
setts
June in the total number
employed in representative manufacturing
46.7
—8.9
9.8
1.7
0.8
—4.6
5.3
.....
29.0
31.7
23.9
14.4
0.3
15.5
coal and coke)....
Motion pictures A amuse¬
increase of 0.4% in July over
an
was
Massachusetts.
in
(excl.
mining
23.9
13.4
—9.4
20.5
.
There
2.7
Leather and shoes.
This quantity was larger than
12,000,000 pairs.
over
wage earners
24.4
—1.6
Household equipment
estimated to have
that
production of 12,410,000 pairs in July,
in New England in July is
—0.3
Clothing and textiles
142
,
Boot and shoe production
6.3
18.5
In July,
bales in July last year.
than in July,
of consumption in July was slightly larger
36.4
...
Chemicals and drugs..
Tobacco
compared with 81,091
26.6
cessories (excl. tires)...
Building supplies
ment
as
1.9
Automobile parts and ac¬
those of a year ago.
mills for July was equal to
consumption in New England
cotton
125.0
Automobiles
Metals
department store sales exceeded
current year
2% less than In
months of the
In each of the first six
the corresponding month last year.
1937, and the daily average rate
1936
1932
1929
1937
Business activity
The Bank
seasonal changes.
1936, however, the number of working days was one more
Months
Corporation Group
1929
customary
larger, however, than in July last year."
was
80,790 bales,
Second Quarter
"Monthly
Sept. 1, states that "the level of general business
activity in New England during July was somewhat lower
than that which prevailed in June, after allowances had been
Raw
[Net profits in millions of dollars]
District
Bank of Boston, in its
Reserve
Review" of
1929.
in
busi¬
The following
are from the reports of the Reserve Banks of Boston,
Philadelphia, Cleveland, Richmond, Chicago, St. Louis,
Minneapolis, Kansas City, and San Francisco.
which
1937 profits
compared with a group deficit in 1929, the rubbe; and tire group where a
large increase over last year carried profits to within 10% of the 1929
figure, and the store group whose profits were more than one-fourth larger
Net
give below excerpts from the monthly reports on
of the various Federal Reserve banks.
remarks
higher level
in profits over a year ago and a slightly
1929, the leather and shoe concerns whose
of profits than in
than
We
ness
well ahead of a year ago.
were
not available on a
Federal
Conditions in Various
Business
coke and shipping company groups
ordi¬
somewhat
measuring dis¬
services generally were downward.
Manufacturing
Indexes of
Activity of Federal Reserve
Business
In
its
Bank
New York
of
"Monthly Review" of Sept.
have occured
consistent change appears to
general business activity and
the level of
in
the distribution of
The Bank added:
goods during July."
slightly
of year.
Department store sales inthe Second District declined more than is usual
at this time of year, but the decrease in sales for the country as a whole
was of atout the usual seasonal proportions.
Less than the usual decline
was
shown in chain grocery sales, while larger than seasonal decreases
Freight-car
loadings
in
the first
three weeks of August were
below the July average, whereas some
advance is usual at this time
in sales of mail order houses
occurred
and in new ordinary life insurance
transactions outside New York
however, some advance
After seasonal adjust¬
ment, little change was shown in the movement of freight over the railroads
and in the volume of advertising.
Registrations of new passenger cars for
July are estimated at 376,000 units, an increase of 16,000 cars over the
policies
showed
The volume of check
-written.
a
contra-seasonal recession; in New York,
occured, contrary to the usual
June
seasonal movement.
figure.
(Adjusted for seasonal variations for
and where necessary for
usual year to year growth,
price changes)
1936
1937
1937
1937
July
May
June
July
Primary Distribution—
Imports
76
75
87
88
93
87 p
86
Exports..
78
90
68
miscellaneous
Car loadings, other
72
80
Car loadings, merchandise and
pronounced
108
10S p
94
92
85
-
-
--
>
States.r
Department store sales, Second Districts
91
90
87r
85 r
82
73
62
62
64
Other chain store sales
95
98
97
97
Mail order house sales
96
104r
Advertising
75
82
80
97
98
96p
98
96
98
65
67
66
41
35
Chain grocery sales
New passenger car
registrations...
Gasoline consumption
August were noticeably
earlier.
.
,
.
showed a decrease of little moxe than seasonal
proportions from June to July but continued at a substantially higher level
than in other recent years.
The adjusted index of productive activity pre¬
Output of manufactures
pared by this Bank was 95, relative to the
with 96 a month before and 88 a year ago.
'
.V
V
;
" '
..
1923-25 average, as compared
.
..
Fourth
'
:
■
.
I
.
(Cleveland) District
steel industry and makers of materials
automobiles or farm equipment were operating
at high levels for this season in last July and the first three
weeks of August, in other fields there was some evidence of a
summer slump,"
it was stated by the Cleveland Federal
Reserve Bank in its "Monthly Business Review" of Aug. 31.
"While the iron and
entering into
The Bank further
This was most
reported:
noticeable in the volume of incoming
orders whicn generally
and in retail and wholesale trade.
Production, however, has held up very well at the expense of backlogs and
except in a very few scattered places current operations are still well above
last year.
Some seasonal contraction in employment occurred in July
where the resumption in steel mill operations was not an offsetting factor.
This was true at Cincinnati, Dayton, Erie and Toledo.
There also was a
slight reduction in the number of inan-houxs worked in July from June even
where increased employment was reported.
...
Automobile assemblies increased quite sharply in mid-August when a
decline has occurred in most recent years.
The high rate of production of
lower-priced cars, when many other lines were down for model changes, was
is small at this time
of year in many lines,
and accessory companies.
.
.
.
reflected in sales of all groups of reporting retail firms,
and in four reporting wholesale lines, was down more than seasonally from
June.
Gains over last year were still quite general, but they were smaller
than the increases for the year to date.
Wholesale sales of groceries and dry
Trade in July, as
79
lOOp
--
Agricultural
District bad
prospects for the
36
38 p
68
70
68
45
42
43
75
69p
94
105p
104
103
96
94
29
35
Residential building contracts..
78
51
65
Non-residential building & engineering contracts
68
65
63
formed in New York State
96 p
35
-
72
62
General price level*
154
162
162
163p
Composite Index of wages*
Cost of living* r
193
205
207
20Sp
146
151
151
151p
r
Revised.
* 1913 average=100; not adjusted
for trend.
the average of recent
,
48
73
36
United States
United States..
Employee hours, manufacturing.
district as a whole were better than
years.
69
84
Employment, manufacturing,
was
64p
74
New life insurance sales.
smaller in the latest month than a year ago.
...
conditions were irregular. In the northern part of the
weather at harvest time did considerable damage to grain crops
not conducive to a good corn or potato crop.
Despite this fact
goods were
and
debits, outside New York City..
Bank debits, New York City
Velocity of demand deposits, outside N. Y. City.
Velocity of demand deposits, New York City...
Bank
Preliminary,
smaller than a month ago and in some cases were
below the volume of a year
94
98r
General Business Activity—
V
recessions occurring in textiles, leather and building
that unfilled orders about the middle of
Current reports show
materials.
beneficial to local parts
Distribution to Consumer—
Department store sales, United
New corporations
during
declined, the
the whole has slackened further
Sales of manufactured goods have
the month under review.
most
activity in
1, the Federal Reserve Bank
presenting its monthly indexes of business
of New York states that "no
Demand for factory products on
Fifth
(Richmond) District
noting that- "business and industry in July was in re¬
duced volume in comparison with other recent months, part
of which was seasonal," the Federal Reserve Bank of Rich¬
mond said that "the decline was somewhat more marked than
seasonal influences account for."
The Bank, in its "Monthly
Review" of Aug. 31, continued:
In
In
comparing July,
should be borne
1937, figures on trade with those for July, 1936, it
payment of the bonus last year furnished a
in mind that the
1660
Financial
stimulant to business last
Employment in July showed compara¬
summer.
tively little change in either direction, but the trend in
downward for the vacation
season.
.
.
most industries
was
Chronicle
corn, oats,
barley and hay were all about as large, or larger, than the 10 yeap
Employment and payrolls in the District showed
tions materially last month, and for the first month in two years consumed
from the middle of June to the middle of July.
less cotton than in the corresponding month of the preceding year.
Cotton
mills frequently close for a few days in July to allow operatives a rest and to
and payrolls about 10% greater than in
in the condition of
ing time this July
estimates.
in
July
but
was
larger than in July last
year
.
.
insofar
Tobacco manufacture
.
cigarettes
as
were
concerned,
Retail trade
approximately the
same
as
reflected in department store sales
the month.
July last
South Carolina stores showed the best record for
Wholesale trade in July, 1937, was moderately above trade in
in all lines except dry goods for which data
year
Prospects for
crop
available.
are
yields improved further in July and early August with
continued favorable weather, and most estimates of production were raised
Aug. 1 above the forecasts made
on
In the Sixth District retail and
and final yields will
and wheat
corn
are
be appreciably under Aug. 1
lower and the general farm situa¬
month ago.
a
Tenth (Kansas City) District
Review":
Dollar
volume
of sales
July sales
wholesale trade declined
year was
The "Review" said:
were about
corresponding month a year ago.
Grocery sales showed a large
decrease, accounted for in part by the speculative buying which occurred in
July of last year.
July sales were aiso smaller than in the pre¬
ceding month.
There
earlier.
small declines from
were
.
.
was
May to June in both employment and
pay¬
trict average by decreases in Florida in retail and wholesale
trade, canning,
June indexes were, however, weil
above those for June of other recent years.
Cotton consumption declined in
seed oil mills
was
level 28% higher than in the 1935-36
Seventh (Chicago) District
mid-summer, manufacturing and trade in
the Seventh District showed a
declining trend in July, al¬
though activity in the majority of reporting groups exceed
that in the month last
year when it was at a comparatively
high level for the season," reported the Federal Reserve Bank
of Chicago in its Aug. 28
"Monthly Reveiw."
It stated:
Most crop prospects on Aug. 1 remained
good and had improved over a
month earlier.
mill
an
during July.
were maintained at a high level
through the middle of
Building construction, output of automobiles, and shipments and
Increased in July and registered a gain of 10% over the same month last year
when business
was
furniture recorded recessions in
July from a month previous.
small increase took
place during July in total industrial
A
...
employment in the
and visible
tion
over
were
supplies of the grain in mid-August showed
month
a
earlier.
The
a
unusually heavy,
marked accumula¬
corn
movement, however, fell off nonseasonally in July and the visible supply remained much below the 1927-36
average as did that of oats,
sharply
over June.
average in
although July receipts of the latter grain
Outlook for the Seventh District
mid-August.
corn
rose
above
crop was
groups
a
heavier volume of sales than
a year
Eighth (St. Louis) District
creased production, on the whole, is well distr ibuted over the District.
deterioration has occurred in
Louis Federal Reserve Bank, the situation of trade
and
in the Eighth District
com¬
during July and the first half of
August developed no outstanding change as contrasted with
the several months
immediately preceding."
The Bank also
said:
■
Petroleum production showed a noticeable expansion during the past six
weeks, and at the middle of August the daily average output was about 8%
above the June average.
of
as
have.occurred
Due to very promising prospects for
improvement in income of farmers and other groups,
much less in evidence than is
are
Distribution
year.
of
merchandise,
ordinarily the
reflected
as
in
case
at this
freight-car
loadings, and statistics of wholesale and retail
merchants, continues at,
or
about the highest levels attained in the
recovery period, after allowance is
for seasonal factors.
In a majority of
made
merchandising and
facturing lines investigated by this Bank, July results
ahead of those for the
depression
volume at the
same
month in
1936, and for all
While advance business in
era.
same
since the middle of
time
a
year ago,
some
Most of the increase has occurred at Texas fields,
reflecting the higher allowable in effect during the period.
Construction activity in this District declined in July to the lowest
level
since early this year.
Twelfth (San Francisco) District
"Industrial
production and the distribution of goods,
which averaged considerably higher in the first half of 1937
than in the comparable period last
year, were well maintained
during July," said the Federal Reserve Bank of San Francisco
in
its "Monthly Review" of
Sept. 1.
"Most Twelfth
District crops are larger this season than in many years and
prices received by growers are generally high."
Continuing,
the Bank stated:
Because of the importance in the Twelfth District of the fruit, vegetable,
and fish canning
industries, in which activity is greatest during the summer
early fall, industrial output usually expands considerably during July
and
and this year the expansion was
slightly larger than has been customary.
Curtailment of output at the time of the maritime strike last winter, in
substantial volume of unfilled orders
by
were
years
District lumber producers.
a.
With
shipping facilities again available after termination of the strike in February,
production schedules were increased and in recent months output has ex¬
ceeded
business.
new
Excluding the lumber and canning industries, little change occurred in
District factory employment and payrolls during July.
but
to seasonal influences.
these influences
The
sections since the first of August, as a
result of the extremely high temperatures and dry weather.
wage earners
.
Activities have been well
maintained, such slowing trends
crops and
some
buying in anticipation of price advances, resulted in the accumulation of
merce
being traceable
•
.
face of growing demand owing to increased
building and considerable forward
ago.
According to the Aug. 30 "Monthly Review" of the St.
practically all
.
.
Aug. 1 estimate of the cotton crop is the largest since 1933, but considerable
Fall plowing had begun by that date.
Seasonal trends prevailed
during July in the merchandising of commodities
in the Seventh District as
reporting wholesale trade groups, except groceries,
recorded recessions in business from a month
previous and department store
sales, the retail shoe trade, and the retail furniture trade fell off.
All
except groceries, however, had
very active.
to improve in
July, and the Aug. 1 estimates of the Department of Agi iculture indicate
that production of major crops and most minor
crops will be substantially
higher than in 1936.
Ea.ly feed crops are virtually matured and the in¬
production of steel and malleable castings, of stoves and furnaces, and of
District, while payrolls showed some decline.
July wheat receipts at interior primary markets
Department store sales at principal
cities, it was noted, showed a smaller than seasonal decline
from June to July and were 5% larger than in
July last year.
The following is from the "Review":
exception to the slowing-down in industrial activity, as
operations
August.
active pace
Agricultural conditions in the Eleventh Distiict continued
season.
"As is usual in
Steel furnished
"Monthly Review" of the Dallas Federal
After remaining at about the April level in May and June, wholesale trade
ending July 31
year
In the year ending July 31, operations at cotton
were at a
1
Reserve Bank said that the distribution of commodities at
and wholesale in the Dallas District was at a more
...
July, but for the
the largest on record.
Sept.
.
retail
.
rolls at 5,900 firms in the Sixth District
reporting to the Bureau of Labor
Statistics.
Further increases at Alabama coal mines were offset in the Dis¬
shipbuilding and cigar manufacturing.
The
...
.
Eleventh (Dallas) District
,
July
a year
under
that in the
.
Wholesale trade, reported by 70 firms, declined
4.7% in July, but
usual summer lull,
a year ago but retail trade in July last
adversely affected by intensely hot weather.
.
.
.
Total sales by 49 reporting retail firms declined further in
July by 18.9%,
but were 3% greater than in July, 1936.
The decrease from June to
6.1 % greater than
reporting department stores in this District
5% greater than
The value of wholesale sales in July was, for the first time this year,
were
considerably reduced, it was reported in the Aug. 31
"Monthly Review" of the Federal Reserve Bank of Atlanta.
somewhat smaller than seasonal, however.
at
declined from June to July by about
19%, reflecting the
further from June to July and operations at cotton mills
time
further small gain
.
.
Department store sales in the Tenth District during Julyaccording to the Federal Reserve Bank of Kansas City, were
5% larger than a yfear ago, due to higher retail prices, while
sales at wholesale, despite higher prices, were below last year.
The following was noted by the Bank in its Aug. 30 "Monthly
July 1.
Sixth (Atlanta) District
was
corn
Prices of
tion is somewhat less favorable than
was
volume in July as in the corresponding month
last year, about half of the reporting stores showing
larger and half showing
smaller sales last month.
on
a
Employment is about 7%
.
production of cigars, smoking and chewing tobacco, and snuff fell below
last year's output.
in
than usual.
1936.
High temperatures and dry weather have caused a marked deterioration
enable the mills to clean and overhaul machinery, but the recession in work¬
was greater
1937
11
average.
Textile mills restricted opera¬
.
Sept.
aggregate
The number of
employed in sawmills and logging camps increased slightly,
wages
declined.
In
the
canning industry, sharp seasonal
increases in employment and payrolls were reported.
The value of department store sales was about the
of the three preceding months, after allowance for
of
new
same
in July as in each
seasonal factors.
Sales
automobiles were seasonally lower than in recent months and moder¬
ately below sales in July, 1936, when payment of the veterans' bonus stimu¬
lated trade.
manu¬
measurably
National
since the pre-
ordering for fall and winter distribution
July has been
Industrial
Conference
Board
Reports on
Manufacturing Industry
Earnings of Workers in
During July
lines is slightly behind the
the price of farm
favorable, the only outstanding detri¬
development during the past 30 days being rather sharp declines in
products, including wheat, corn, cotton and oats.
Average hourly earnings in manufacturing industry in¬
July, accord¬
ing to the regular monthly survey of the National Industrial
Conference Board, New York.
As to the survey, an an¬
nouncement by the Board noted:
Ninth (Minneapolis) District
The volume of business in
July in the Minneapolis District
"was larger than in the same month in other
recent
decrease of 2.2% in the average work week, however, resulted in a
decline in average weekly earnings from $28.39 in June to
$27.84 in July.
Since July, 1936, there has been an increase of
16.6% in employment,
17.1% in total man-hours worked, and 34-2% in payroll disbursements.
but not quite as high as last
spring," it was noted by the
Reserve Bank of
Minneapolis in its "Monthly
Review" of Aug. 28.
It also had the
ago and average
on a larger scale than earlier in the season.
Quite generally throughout the District sentiment in the business
community
was
noticeably
more
optimistic than heretofore.
.
.
.
The agricultural outlook remains
mental
creased from 70.7 cents in June to 71.0 cents in
A
years,
Federal
following to
say:
Retail trade at both city and
country department stores in July continued
larger than in the same month last year.
to be
...
Mining activity in the District during July
since 1929.
Iron
ore
shipments
were the
was greater than in any
largest for July
July
on record and were
larger than in
any month in the last eight years.
...
Our estimates of farmers' cash income in the
District from the sale of six
important products totaled $37,000,000 in July as compared with $36,000,000 in July last year.
It was the largest July income since 1930.
.
The
better-than-average
tained during
the month.
crop prospects of
The
Aug. 1
July 1
were
.
.
fairly well main¬
estimates for winter wheat, rye,
Average hourly earnings in July of this
year were
15.1% higher than
weekly earnings were 15-0% higher.
a year
There has been
an
increase of only 0.5% in the length of the
average work week.
Comparison with conditions
in
1929 indicates that there has been im
provement in
employment, but that manufacturing activity
by total man-hours worked has not yet reached the 1929 level.
2.8%
to
more
workers employed in
the Conference
Board than in
ceeded those of 1929 by
0.2%.
16.4% less than eight years
higher than in 1929, but the
earnings
ago.
as
measured
There were
July, 1937, in the 25 industries reporting
1929.
Total payroll disbursements ex¬
Total man-hours
on
the other hand
Average hourly earnings
average work week is
are now
18.6% shorter.
were
20.3%
Weekly
are 2.5% lower than in 1929 as a result of the shorter work week,
but the purchasing power of those
weekly earnings is 9.8% above the 1929
level.
Volume
Weekly
Financial
145
Week Ended
Movement,
Lumber
of
Report
Aug. 28, 1937
The
industry during the week ended Aug. 28,
lumber
1937, stood at 73% of the 1929 weekly average of
production
1929 shipments. The week's reported softwood
production was 19% greater than new business booked and
17% heavier than reported shipments. Hardwood reports
were
too incomplete for similar comparisons,
no report
coming from the Southern Hardwood Association office due
to removal from New Orleans to Memphis.
All items as
and 64% of
reported—softwood production, shipments and orders—were
considerably less than in the preceding week. Softwood pro¬
duction was slightly less, new orders and shipments were
appreciably less, than in the corresponding week of 1936.
National softwood production reported for week ended
Aug. 28, 1937, by 9% fewer mills was 8% less than the soft¬
wood output (revised) of the preceding week; softwood ship¬
ments were 8% less than shipments of that week; softwood
new orders were 8% below that week's orders, according to
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of im¬
portant softwood mills. The reports further showed:
Production in the
ended Aug.
week
28, 1937, was shown by
mills reporting for both 1937 and 1936, as 3%
softwood
below output of the corre¬
sponding week of 1936, softwood shipments were 14% below last
shipments of the
week and softwood orders were 20%
same
year's
below orders
of the 1936 week.
During
the
28,
1937, 443
softwood mills produced
202,125,000
soft¬
275,843,000 feet; shipments, 233,950,000
Revised figures for the preceding
woods
feet;
mills, 572; production,
were:
week
Northern
all
orders and shipments below production
but California Redwood and Northern Pine reported shipments
last year's week; all but Southern Pine,
below
West Coast and Southern Cypress
reported production above similar week of 1936.
or
mills.
Shipments
28, 1937, by 443 soft¬
16% below the production of the
reported for the same week were 205,277,000 feet
as
Production was 239,953,000 feet.
14% below production.
a
ago
year
respectively
200,505,000 feet
it was 245,653,000 feet; shipments were
204,212,000 feet and 237,199,000 feet; and orders received
and
But income in many of the Corn Belt States was
of sharply
account
on
reduction in income in the South Atlantic states
a
Income was
account of the
Reduced potato prices were mainly
much lower potato prices.
for
last
less this July than
lower receipts from meat animals.
greatly reduced in the intermediate potato states also on
responsible
this July compared
with last.
the
Reporting the outlook by regions for the remainder of this year,
Bureau said that in the North Atlantic States "it is
potatoes will be less than a year ago but income
what higher
a
.
likely that income from
from apples should be some¬
with income from dairy products also
.
.
little larger than last year, it is
expected to be
probable that farm income in this region
during the remainder of 1937 will be about the same or
in the
slightly larger than
period in 1936."
same
from wheat and oats will
In the East North Central States "income
be
from corn and
And the total income from crops
not be much larger than in the same
larger than in the same months of 1936, but the income
potatoes is likely
be less
to
.
.
.
during the remainder of 1937 may
period of 1936."
In the West
North Central States
much better than
are
income materially
a
"income from meat animals
and the larger sales of crops will increase
year ago
during the next few months."
farm income is obtained from
and is received during the latter five months of the year.
crops
will be
months of 1936, but crop prospects
In the South Atlantic States "most of the
At
...
seed would be less than in
1936, but larger returns from tobacco may about offset this reduction. . . .
In the northern part of this Region, income may be raised by increased
sales of wheat and
apples."
In the South Central States "income during
year
will be largely from cotton,
period of 1936, but in the western part
in the same
will
the remaining months of the
livestock products, and wheat
.
.
.
In¬
Region is likely to be less than
from cotton in the eastern part of the
more
than offset the lower level of cotton
is moving at
crop
obtained from corn
of 431 identical softwood mills was 238,380,000
Last week's production
States; a similar
in the important Winter Wheat Belt
a year ago
situation existed in the early tobacco marketing states.
prices
increased production
.
.
.
The wheat
favorable prices and increased income should also be
Larger marketings and higher prices of life.
.
.
area."
extended
remainder of 1937
.
.
prices of most crops except apples
as high as last year
the wheat crop is considerably
and income from livestock should exceed that of last
stock from Texas will increase farm income in the western
Identical Mill Reports
feet, and
Unusually large sales of wheat in July increased income greatly as com¬
pared with
come
Lumber orders reported for the week ended Aug.
wood mills totaled 202,125,000 feet, or
same
sharp decline in sales of livestock this July compared
An announcement by the Bureau continued:
to the
with last.
present prices, income from cotton and cotton
in
ended Aug. 28, 1937.
All regions but Southern Cypress and
Pine reported orders below those of corresponding week of 1936;
All reporting regions showed
the
week for both hardwoods and
orders, 230,683,000 feet.
new
geographical regions of the country, the Bureau of
Agricultural Economics, United States Department of Ag¬
riculture, reported Sept. 8 marked differences in income in
the various regions.
The differences were attributed to in¬
creased sales of crops from this year's larger production and
six
somewhat smaller than during the latter
Aug
week ended
239,953,000 feet; shipped 205,277,000 feet; booked orders of
feet.
1661
Chronicle
251,428,000 feet.
In the Western States "the
through the
are
.
at least
larger
.
.
.
,
.
.
part of the
improvement in income is likely to be
year's."
-
•
•
"•''
•
■i
August
Shipments
Factory
of
States
United
Car-
August shipments from motor vehicle factories in
the
United States and Canada amounted to 410,200 units—an
increase of
49% over the corresponding month of last year,
the preliminary estimate released Sept. 9 by the Automo¬
On
the
established.
Association
Manufacturers'
bile
the industry's operations
basis of this estimate,
only 10% under July whereas last year
39%.
The industry's factory shipments for the first eight months
of the current year were estimated at 3,784,400 cars and
trucks, an increase of 14% over the same period of last
year.
This eight months' volume has only been exceeded
once in the history of the industry—in the record year of 1929.
The report is summarized below:
during August
this decrease
were
was
3,784,400
3,321,648
410,200 8 months 1937-
August, 1937
July, 1937
August, 1936--
456,775
275,934
— —
8 months 1936
-
Direct Consumption Sugar
Exhausted
Cuban
1937
Makers 49 Percent Above Last Year
Quota
It was announced on Sept. 9 by the Sugar Section of the
Agricultural Adjustment Administration that the Cuban
direct-consumption quota of 375,000 short tons of sugar,
raw value, established by the Sugar Act of 1937, has been
exhausted.
On
crease
Sept. 2 the Administration announced that the in¬
of 9,446 short tons, raw value, in the Puerto Rican
quota under the new sugar act will be treated as an addition
to the existing unallotted sugar reserve for Puerto Rico
pending its
allotment to individual Puerto Rican mills.
referred to in our issue of Sept. 4,
The sugar quotas were
page
1517.
Increase
+.
Noted
Java Sugar Exports—Production
Also Reported Higher
in
Exports of sugar from Java during the month of July, 1937
126,333 long tons, according to B. W. Dyer
amounted to
of
Bank
Montreal
Reports Wheat Cutting in Prairie
Nearing Completion
Provinces
Wheat cutting
inces of
is nearing completion in the prairie prov¬
preliminary estimates now place the
Canada and
production for these provinces at 160,000,000 bushels, with
the production in Manitoba the highest in 15 years, according
to the current crop report of the Bank of Montreal issued
Sept. 9.
''Threshing is well advanced in Manitoba and
Saskatchewan and is under way in Southern Alberta," the
bank said, adding:
In Central and Northern Alberta rain
has delayed operations and while
require 10 days' warm
weather to ripen.
In Manitoba wheat yields and grades are satisfactory.
Wheat yields in Saskatchewan are low but grades generally show high
wheat
Some good yields and grades are being
obtained in Southern
Quebec Province harvesting operations are
weather with most crops well up to average
In Ontario an average yield
corn are
doing well.
proceeding in favorable
and tobacco better than average.
of good quality fall wheat has been threshed
but oats and barley have been
affected by excessive moisture.
Roots and
There is a good crop of apples—except Spy—and of
peaches, and the yield and quality
of flue-cured tobacco are satisfactory.
In the Maritime Provinces crops
have suffered from prolonged hot dry
weather, but on the whole fair yields are
which is well advanced, and the
factory.
expected from grain, cutting of
condition of root and apple crops is satis¬
In British Columbia the hay crop has
good to average.
crop.
New York, Sugar Economists and Brokers, an
of 49,224 tons over the same month a year ago.
The total exports
to
for the first seven months of 1937
amounted
455,274 tons for the corre¬
increase of 191,215 tons. The
646,489 tons compared with
sponding period of 1936, an
Dyer firm also announced:
The Aug.
1 estimate of Javan sugar
production for the present crop is
1,400,000 long tons compared with 583,031 tons produced during
679.584 tons have been produced while to the
same date last year 261,401 tons had been registered.
Stocks in Java on Aug. 1, 1937 were 434,689 tons compared with 825,391
placed at
1936.
To the end of July,
tons on
the same date in
1936.
v
i
Cuban
Exports from Jan.
Sugar
Similar Period
1 to Aug. 15 Above
Year Ago
trade in raw sugar from Jan. 1 to Aug. 15,
1,966,885 long tons, compared with 1,899,311 long tons in the corresponding period of 1936, according
to a report by Walter J. Donnelly, American Commercial
Attache, made public on Sept. 3 by the United States
Cuba's export
Alberta.
are
Co.,
cutting is almost completed coarse grains
quality.
In
&
increase
been heavy.
Grain yields
Potatoes are yielding well and hops are an excellent
A heavy crop of appricots has been
marketed.
Tree fruits are giving
1937 amounted to
A total of 1,536,255 long tons
States, against 1,290,298 long
tons last year, it was reported.
The stock of sugar in Cuba
on Aug. 15 was reported locally as 1,297,974 long tons, com¬
pared with 1,135,138 long tons a year ago, according to the
Department of Commerce.
shipped to the United
was
report.
abundant yields.
of Farmers from Sale of Farm Products
in July Above Year Ago, According to Bureau of
Agricultural Economics
Cash Receipts
principal
larger this July than last in five of the
Although farmers' cash receipts from the sale of
farm
products
were
Sugar Futures Trading on New York Coffee
Exchange at Seven-Year High—5,891,800
Traded from January to August
Trading in sugar futures
1937 more than
1936, the New
and Sugar
Long Tons
during the first eight months of
doubled that done during the entire year
York Coffee and Sugar Exchange
of
announced
1662
Financial
Chronicle
Sept.
8.
During January-August, transactions covering
5,891,800 long tons of sugar were recorded, the best
eightmonth period since 1930, and
exceeding by 3,064,050 tons
the total for the 1936
year
a state allowable of
1,441,734 barrels.
The second
largest cut was in Kansas, which pared its rate 8,800 barrels
daily to a total of 192,550 barrels. Oklahoma contributed a
reduction of 2,000 barrels, which
brought its output to 639,-
of 2,827,750 tons, the Exchange
reported, stating:
500 barrels.
The increased volume resulted principally from the
Stocks of
new No. 4, or world
contract, in which 3,529,550 tons have been traded since its
inception last
January.
However, transactions in the No. 3 or domestic contract, so far
this year, have totaled 2,362,250 tons, against
foreign and domestic crude oil at the close of the
Aug. 28 aggregated 309,506,000 barrels, a drop
of 193,000 barrels from the
preceding week, according to the
Bureau of Mines.
The decline was made up of 127,000
barrels in domestic stocks and
66,000 barrels in foreign
supply.
Daily average production was reported at 3,735,000
barrels, about the same as the week before.
Reports of new pools continued to dot the news during
week ended
1,760,750 tons in the similar
1936 period, an increase of 601,500 tons, or
34%.
Trading in the No. 4
world contract during August aggregated
676,600 tons, the best single
month since the contract started.
Transactions in domestic contracts
totaled 282,050 tons during
or
August.
Rayon Stocks
Demand
at
at
Low Levels
the week.
Industry Enters Heavy
as
Season—Continued
Gain
Noted
in
exceptionally low levels despite the fact that the industry
entering a period of heavy demands, according to the
"Rayon Organon," published by the Textile Economics
Bureau, Inc., New York. "Thus the demand for rayon
is
continues
on
strong, with
publication.
Sept. 10, also said:
available stocks at a minimum,"
An announcement by the Bureau
the
*
Available stocks of rayon held
an
by producers on Sept. 1 amounted to
0.2 month's supply, which
represents no change from the Aug. 1 posi¬
tion.
"While the price situation in grey and finished
rayon goods leaves
much to be
desired, the
rayon fabricated
paper.
as not being overburdening," states the
"It is indeed strange then to read in the
press that certain market
memory
amounting to
or at
least
short
so
are
that
active
over a two months'
demand
cannot
a
supply,
selling
recall
producers'
Yet today we
literally
are at
the
of the year with
essentially no yarn stocks
available, weavers' stocks of cloth well below those held one
year ago,
and converters' cloth
season
holdings medium to large."
Production of rayon yarn in Japan totaled
160,097,000 pounds
the first half of 1937, an increase of
32% over the output of
during
121,844.000
pounds reported for the first half of 1936.
the form of yarn or woven
goods.
This year 34% was exported in
"There has been much talk about the current
overproduction of rayon
cloth in Japan, and the fear that
Japanese rayon goods
be dumped
may
in world markets"
continues.
"It is
because of the present conflict with China, the
paper
our opinion that this
concept is entirely erroneous and
that, if anything, the Japanese
and
rayon
industry is
of
war
the
on
Italian rayon industry
drawal from the export of rayon textiles and
of rayon
on the threshold of
a
new
home demand.
great
"The effect
for domestic consumption.
We
a
see
was
relative with¬
a
greatly increased production
little
reason
very greatly different sequence of events in the
present
to
drilling and 26 temporarily shutdown.
ducing wells in the field on that date
stocks
yarn
as well as fabric markets
season.
expect
any
Japanese situation."
Recent rayon production data from
Italy shows that output for this
country amounted to 84,000,000 pounds for the first half of
1937, com¬
pared with output of 65,700,000 pounds for the first half of
1936.
The chief increase in
rayon production in Germany was recorded in
staple
fiber. Recent reports state that while
rayon yarn and staple fiber amounted
to but 4.8% of
Germany's textile fiber consumption in 1934 on a poundage
basis, the 1937 consumption rate for these items is
16.1% of total textile
consumption.
British production of rayon
aggregated 90,500,000 pounds for the first
half of 1937, against 86,000,000
pounds during the corresponding period
last year. British rayon
staple fiber exports for the first half of 1937 totaled
3,197,500 pounds, of which 45-1% went to the United States and
oil taxes.
and
Its
Government
Given
Warning on Squeezing of American Oil
Companies—Crude Oil Output Off After Six Suc¬
cessive
Increases—Stocks
legislature for Sept. 27 to discuss
target of legislators.
a
Permits to drill 75
Off
193,000
Barrels
in
wells in the East Texas
new
area
were
granted in the Sept. 4 week, according to the Texas Railroad
Commission.
The total for the entire State was
302, or 88
above the total for the
preceding week.
The Barnsdall Oil Co. announced the
sale
of
its
East
Texas
producing properties, consisting of 67 net wells with a
daily allowable production of 1,400 barrels. The price paid
was
$1,500,000 and 2,500,000 barrels of oil.
The Federal Trade Commission
formally rescinded its
approval of trade practice rules for the petroleum
industry
and rejected an alternative
proposal made by groups of the
industry located east of the Rockies.
The rules scrapped
were
the
those promulgated in
1931.
The commission invited
put forward amendments which would bring
industry to
the proposed
trade.
trade-practice rules into conformity with the
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Products—Mexican
The number of pro¬
23,388.
It was
was
The gross production tax of
2% cents a barrel is
expected to be
$2.60
are not
shown)
1.25
1.27
Co.)___
Corning, Pa
_
Illinois
Eldorado, Ark., 40...
Rusk, Texas, 40 and over
Darst Creek
1.09
1.35
Lime (Ohio Oil
Petroleum
geo¬
The bogey of increased taxes
again emerged to frighten
Texas producers this week.
Governor James V. Allred has
called a special session of the
Canada.
♦
new
indicated that the number will
pass the 25,000 mark early in
January and that the 26,000 figure will be reached before
saturation.
16.5%
to
a
there were 219
drilling operations in the field, including 35
locations for wells, 51 derricks
erected, 15 rigging up, 92
ready to cry, 'panic.'
one
gutted with stocks at the end of
most
other textiles, the stock position of
these
goods is reported
factors have cried,
"Is
same as in
Continental Oil Co. officials made
physical discovery in Evangeline Parish, La.
Tate well No.
1 had been drilled to
9,100 feet, with core and Sehlumberger
tests showing 63 feet of oil and
gas saturated sand.
A new
pool 4^2 miles northwest of the Duggan area of Cochrane
County, Texas, was indicated by the Wiggins and Hyde
well No. 1 which was
drilling below 5,021 feet.
Marking
discovery of a new oil field in Victoria County, Texas, Transwestern Oil Co. McFaddin No. 1 well was
completed at
4,413 feet for a daily production of 200 barrels of 26 gravity
oil. '
A--'
The Texas Railroad Commission
presented some interest¬
ing figures during the week, declaring that in the face of the
fact that the oil well
density in the East Texas field of
approximately 128,000 acres is now one well to each 5.6
acres, activity in the area is at a two
year high.
As of Sept. 1
Out¬
put in Japan, Italy, Germany and Great Britain
Stocks of rayon yarn in the hands of
producers were again
states
Sept. 11, 1937
rels and
Central Field, Mich
1.42
Western Kentucky
...51.27
1.35
1.40 Sunburst, Mont
Mid-Cont't, Okla., 40 and above.. 1.30 Huntington, Calif, 30 and over
Rodessa, Ark., 40 and above
1.25 Kettleman Hills, 39 and over
Smackover, Ark., 24 and over
0.90 Petrolia. Canada
;
1.22
1.21
1.30
2 10
Week—Drilling Developments
most
interesting development in the petroleum in¬
dustry this week was the representations made to the Mexican
Government by Washington anent the
dispute over wages
paid and hours worked by those in the employ of American
RjEFINED PRODUCTS—PRICES
companies
An easier price undertone was the chief
characteristic of
the refined branch of the
industry last week.
With the
The
operating
in
Mexico.
Ambassador
Josephus
Daniels made known the fact that this Government has
made
overtures to the Southern
Republic, stressing the fact that
it hoped the Morrow-Calles
agreement of 1928 guaranteeing
the rights of United States oil
companies would not be inter¬
fered with.
A
Although evidently couched in diplomatic language the
United States message was
interpreted in trade circles as a
warning that the Government would strongly resist any
efforts to freeze out American
companies, which are said
to have an investment of between
$200,000,000 and $300,000,000 in Mexico.
Since January Mexico has lifted tariffs an
average of 25%,
with American interests
feeling the brunt of it.
Recently
the Mexican Government intimated that the taxes
on
oil
companies would be raised, despite the fact that the MorrowCalles pact protected the concessions of American
oil com¬
panies and fixed the
fe.-
system of company taxation,
The British Government is also keeping
on
the Mexican situation.
a
weather eye
Formal representations
pected whenever the labor controversy takes
a
are
ex¬
turn for the
worse.
After six successive increases crude oil
production through¬
out the country
registered a decline in the week ended
Sept. 4.
The American Petroleum Institute reported that
the flow aggregated 3,692,550 barrels
daily, a reduction of
In bringing about the result Texas led all the
by curbing its flow 39,900 barrels.
The week's output
for Texas, despite the cut, was
1,510,000 barrels daily, con¬
52,950 barrels.
rest
trasted with
a
Bureau of Mines calculation of 1,413,600 bar¬
AND
FUEL
OIL STOCKS
AMERICAN
—METHOD
summer
CHEMICAL
OF
UP
REFLECT
EASIER
TONE—GAS
1,332,000 BARRELS IN WEEK-
SOCIETY
DETERMINING
MEETING
OCTANE
WATCHED
VALUES
REVISED
pretty well behind it and the cold
season
ahead, the
competition for business. '
a
growing school of thought
opinion that demand this winter will
set a record for the
season, providing that the period is not
too inclement.
Retail prices in many areas,
meanwhile,
remain subnormal. In New York
City that tank car gasoline
of 65 octane is more
freely available at 73/2 cents a gallon.
Reports on the fuel oil situation were conflicting. Grade C
industry is
now
engaged in
a
In the motor fuel field there is
which subscribes to the
bunker fuel oil apparently was
firmly maintained at $1.35
barrel, but there were reports that sizable quantities could
be had at a discount of 5 cents a barrel.
a
The inventory of
gasoline experienced its first increment
since the initial week of
May during the week ended Sept. 4,
according to the American Petroleum Institute. The ex¬
pansion amounted to 51,000 barrels and was due
principally
to an increase in runs of crude oil to
refineries to 3,445,000
barrels daily, a new high record.
Total inventories of finished and unfinished
gasoline
on
Sept. 4 stood at 67,048,000 barrels, equal to 40 days'
supplies. However, since the inventory did not take into
consideration the Labor Day holiday, a
sharp reduction is
anticipated for the following week.
The Bureau of Mines
report for the week ended Aug. 28
revealed that crude runs to stills continue at record
breaking
levels.
The runs were estimated at
3,435,000 barrels, or
10,000,000 barrels under the figure given in the American
Petroleum Institute report for the
ensuing week.
Financial
145
Volume
for hydrogenation of coal had been developed,
whereby at high temperatures the hard substance was re¬
duced to a liquid.
The paper showed that 84% of a ton of
coal could be made into oils.
However, no estimate was
given on the costs of this process as contrasted to the cost
of producing a similar volume of petroleum oil of the same
quality.
Another study issued by the Bureau of Mines during the
week had to do with natural gasoline production.
Daily
production of the product in July averaged 5,593,000 gallons,
an increase of 176,000 gallons over the
preceding month and
the highest level since Jan., 1931.
The expansion, according
to the Bureau, was most noticeable in the Oklahoma City,
PRODUCTION
DAILY AVERAGE CRUDE OIL
P The industry read with avid interest the papers presented
at the Rochester meeting of the American Chemical Society.
Probably the most engrossing report was that of the Bureau
of Mines in which it was suggested that gasoline could be
extracted from coal on a quantity basis.
It was shown that
a
1663
Chronicle
(Figures in Barrels)
B. of
Four
M.,
Week
Dept. of
State
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Sept. 1
Sept. 4
Previous
Sept. 4
1937
Week
1937
Sept. 5
1936
Calcu¬
lations
process
(Sept.)
Oklahoma
633,600
200,900
639,500
192,550
196,250
Panhandle Texas
—2,000
198,500
—5,600
78,230
North Texas-.
75,150
61.750
33,700
26,500
240,350
178,400
58,450
East Central Texas
East Texas
475,308
+300
232,850 —12,250
—2,350
127,450
+ 1,150
474,450
Southwest Texas
245,534
202,749
264,700 —11,500
221,750 —9,000
West Texas
Coastal Texas
65,150
84,150
—650
64,250
42,863
221,866
110,934
West Central Texas
558,750
156.500
645,900
—8,800
80,150
74,850
600,000
Kansas
33,800
128,350
271,250
433,800
163,750
226,750
182,600
472,900
1,413,600 1,441,734 1,510,000 —39,900 1,532,600 1,170,400
Total Texas
88,950
176,150
87,700
+850
175,700
82,900
152,100
+ 1,400
263,400
235,000
36,300
+700
34,950
28,200
140,800 y+1,150
+950
48,550
Coastal Louisiana
+550
265,100
North Louisiana
131,800
115,300
46,600
31,450
—4,850
58,100
17,900
40,450
+50
+250
Panhandle and East Texas fields.
Exports of natural gasoline were lower during the month
refinery consumption was said to
have risen materially over June.
The slump in exports,
together with the higher output, was mirrored in stocks,
which rose to 290,556,000 gallons, a new high mark for the
in the face of the fact that
year.
Total Louisiana
29,900
Eastern
124,300
Michigan
Wyoming
40,400
Montana
18,200
54,200
17,850
Colorado
5,000
4,800
55,900
New Mexico
Shipments of natural gasoline to jobbers and retailers and
exports in July aggregated 16,086,000 gallons, or 14,406,000
gallons below the June figure.
The major part of this re¬
cession, it was said, was accounted for by the decline in
The
Total East of Calif.. 2,871,100
Petroleum
Assn.
Refiners
Sept. 8 an¬
determining octane values of
gasoline had been revised by a committee of the association
and experts of the
Ethyl Corp.
The new brackets, which
became effective Sept. 9, follow:,
United States motor, or 60-62, 400 end point grades of
gasoline; 62 and below (third grade), 63-66, 67-69, 70-72
(regular).
An analysis showed that the first grade was unchanged,
buth the middle grade was split into two, making 63-66,
the next.
Tests show there is practically no rise in octane
numbers on lower grades by the L-3 method.
The new
bracket does give the companies with better than a thirdgrade gasoline a new bracket under which to market their
product.
v;';,:
on
that the method of
on
New York
New York—
Stand. OH N. J__$0.7)*
Socony-Vacuum.. .08 y
Tide Water Oil Co .08 J*
Richfield
011(Cal.)
Warner-Qulnlan..
Other Cities—
Texas
Production for week ended Aug. 28 revised to include more complete
new
pools in southern Illinois.
Orleans.
.08 yK
New
Shell Eastern
.07 %
Note—The figures indicated above do not include any estimate
might have been surreptitiously produced
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
$.05%
\
Los Angeles..
of
(Bayonne)—
$.045*
tial
$.19
Brooklyn—
East Coast.
|
Oper¬
At Re¬
age
ated
fineries
C.
Fuel
Terms., Nap'tha
&c..
Oil
Distil.
13,975
583
87.1
12,557
1,355
146
129
88.4
100
77.5
908
1,460
207
897
529
489
92.4
427
87.3
6,571
3,308
757
7,032
329
85.9
3,559
2,352
669 100.0
669
.
Appalachian.
Ind., 111., Ky
Okla., Kan.,
5,106
502
452
383
84.7
355
201
56.6
159
79.1
1,279
125
336
3,584
1,843
793
757
95.5
755
99.7
5,595
311
1,664
10,357
2,963
-
168
96.6
143
85.1
932
668
346
58
63.7
44
75.9
236
94
89
62
69.7
53
85.5
California...
821
746
90.9
553
74.1
1,234
7,818
2+12
3,662
88.9
3,146
85.9
I Chicago—
28-30 D
|
1.35
American
$.1651
IS
Petroleum
I
States
177
Institute
estimates
This
proportion.
The
that
the
was
a
drop of
current
week's
be the
Daily
average
daily
average
Imports of petroleum for domestic
output
for
the
week
ended
Further details,
and receipts in bond at principal
use
daily average of 212,857 barrels, compared with
a
daily average of 146,714
barrels for the week ended Aug. 28 and 201,036 barrels daily for the four
totaled
daily
11,000
average
barrels,
a
daily
average
of
1,571
of 25,571 barrels for the week ended Aug. 28
daily potential refining capacity
of the
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,445,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
of the end of the week,
bulk terminals, in transit and in
67,048,000 barrels of finished and
unfinished gasoline and 113,443,000 barrels of gas and fuel oil.
Aug. 28, 1937
Aug. 21, 1937 e
Aug. 29, 1936
8,034,000
Total, including mine fuel
d7,926,000
7,611,000
Dally average
Pennsylvania anthracite: b
Total, including mine fuel
dl,321,000
1,269,000
1,339,000
748,000
1,143,000
•712,000
475,000
79,200
452,000
57,900
62,100
30,600
9,650
10,350
5,100
Daily average
.1
Commercial production, i
125,300
190,500
1,089,000
Beehive coke:
United States total
Daily
average
i
Bureau of Mines basis, produced
daily during the week.
Calendar year to date
f—
an average
1936
1937
1929
Bituminous coal: a
Total, including mine fuel
Pennsylvania anthracite: b
Total, including mine fuel
Daily average
Commercial production.!
as
a
of 755,000 barrels
291,816,000
267,837,000
1,413,000
1,297,000
h32,458,000
h36,152,000
162,700
181,200
g
g
345,647,000
1,667,000
h44,666,000
223,900
g
Beehive coke:
United States total
Daily average
a
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry
on a
OF COAL AND BEEHIVE
(IN NET TONS)
Bituminous coal: a
Dally average
Reports received from refining companies owning 88.9% of the 4,119,000-
as
COKE
barrels,
and 22,107 barrels for the four weeks ended Sept. 4.
pipe lines
ESTIMATED UNITED STATES PRODUCTION
4.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
estimated
United
Department of the Interior in its current weekly coal
report stated that the total production of soft coal for the
week ended Aug. 28 is estimated at 7,926,000 net tons.
This
is a rise of 315,000 tons, or 4.1%, from the output in the
preceding week.
The cumulative production of bituminous
coal for the calendar year 1937 to date is 291,816,000 tons.
This is 9.0% ahead of 1936.
The weekly anthracite report of the United States Bureau
of Mines disclosed that total production of Pennsylvania
anthracite during the week ended Aug. 28 is estimated at
748,000 tons.
Compared with the preceding week this shows
an increase of 273,000 tons,
or 57.5%.
The consolidated
report of both of the aforementioned organizations follows:
Week Ended—
United States ports for the week ended Sept. 4 totaled 1,490,000 barrels,
a
6,449 112,818
September, 1936, daily average.
production for the
reported by the Institute, follow:
4
19,695
z
Sept. 4, 1937, is estimated at 3,721,500
Sept. 5, 1936, totaled 3,008,550 barrels.
Sept.
33,126
Estimated Bureau of Mines basis,
imposed by the various oil-producing
during September.
four weeks ended
compared with
z3,029
U.S. B. of M.
States
Week
Department of the Interior to
total of the restrictions
weeks ended Sept.
7,213 113,443
7,285 112,111
The National Bituminous Coal Commission of the
$1.75
Chicago
3,692,550 barrels.
was
The
23,706
4,119
Weekly Coal Production Statistics
Buffalo
crude oil production for the week ended
record-breaking
barrels.
24,017
36,006
4,119
4,119
$.02J£-.03
figure remained above the 3,509,300 barrels calculated by
United
35,818
4,119
I
1,500 barrels from the output of the previous week, which
of
3,445
3,425
xEst.tot.U.S.
x
Average Crude Oil Production During
Ended Sept. 4 Placed at 3,692,550 Barrels
average gross
730
Sept. 4 '37
Terminal
$.053
Boston
6,903 110,193
310
3,250
23,287
2,580
$.105
Phila., Bunker C
I Tulsa
68,385
33,238
xSept. 4 '36
I
777
1,556
299
Aug. 28 *37
New Orleans C
380
91
457
Est. Unreptd
03J+.04
Tulsa
$1.00-1.25
INewark
.19
Sept. 4, 1937,
whole,
P.
P.
89
zNot including 2% city sales tax.
barrel
Total
Rate
Gasoline, Service Station, Tax Included
zNew York
ended
Reporting
and
C.
Daily
Aver¬
Poten¬
Gas
in
District
91
2.201
27 plus
a
Stocks
Unfin'd
Finished
174
INew Orleans_$.05!*-.05^
$.04
.03 *$-.05
Gas Oil, F.O.B. Refinery or
as
Unfinished Gasoline
Reported
$1.35
Diesel 28-30 D
States
Stocks of Finished and
to Stills
Rocky Mtn.
Tulsa
| California 24 plus D
Bunker C
the
Crude Runs
Capacity
La. Gulf
.07 kt
(Bayonne)—
was
UNFINISHED
WEEK ENDED SEPT. 4, 1937
GASOLINE AND GAS AND FUEL OIL,
No.La.-Ark.
Fuel OU, F.O.B. Refinery or Terminal
The
of any oil which
$.05
-.05^
.06H-.07
Gulf ports
| North Texas...!
(Bayonne)
daily
informatioh
Eastern, 139,650
New figures are as follows:
barrels; total United States, 3,745,500 barrels.
.05 H
.05H-.05^
Chicago
..$.07 V\
Gulf
.07H
New York
Daily
3,023,850 —51,450 3,048,900 2,438,250
570,300
672,600
668,700 —1,500
Inland Texas
F.O.B. Refinery
Kerosene, 41-43 Water White, Tank Car, F.O.B, Refinery
z
78,050
Recommendations of Central Committee of California Oil Producers,
Mo
N. Y.
5,050
114,050
Texas Gulf.
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
N. Y.
19,100
5,100
3,692,550 y-52,950 3,721,500 3,008,550
Total United States. 3,509,300
y
Western
nounced
x638,200
638,200
—400
114,200
114,000
101,400
California
x
exports.
265,495
247,900
Arkansas
Includes for purposes of
2,348,900
11,458
892,700
4,355
4,558,400
22,236
historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
operations,
d Subject to revision,
e Revised,
f Sum
Aug. 28. 1937, and corresponding 35 weeks of 1936 and
of computing the cumulation differs slightly from that
of 35 full weeks ending
1929. Note that method
used in previous reports
1664
Financial
of this series,
Aug. 21.
g
Comparable data not yet available,
Chronicle
Sept. 11, 1937
h Sum of 34 weeks ending
Copper
1 Excludes mine fuel.
ESTIMATED WEEKLY PRODUCTION OF COAL,
Domestic business in copper was quiet last week, owing to the holiday
BY STATES
and the
[In Thousands of Net Tons]
(The current weekly estimates
based on railroad carloadlngs and river ship¬
are
ments and are subject to revision on receipt of monthly
tonnage reports from district
and State sources or of final annual returns from the
operators.)
depression in financial quarters.
Sales for the
4,233 tons, against 8,749 tons in the week previous.
regard the pride as firm at 14c.,
days totaled
seven
Most producers still
though stocks probably increased dur¬
even
ing August and new business in copper products has been coming in slowly.
Buying of copper abroad was in fair volume, and the price firmed up
after unsettlement early in the week.
Week Ended
State
August
Aug. 21 Aug. 14 Aug. 22 Aug. 24 Aug. 24
1937 p
Alaska.
1937 p
1936
1935
r
1929
1
2
223
230
215
8
3
172
321
61
58
58
39
86
81
84
82
83
105
138
The
173
*
1
2
Illinois.
682
686
811
581
1,037
256
246
269
222
325
Iowa
36
33
39
27
67
91
108
107
111
145
Kentucky—Eastern
685
■■r'.
698
729
619
938
765
121
125
139
136
264
217
27
28
31
28
44
44
3
4
4
4
17
21
5,000 tons.
Montana
48
47
50
37
66
50
New Mexico
about
28
31
26
25
48
49
North and South Dakota
17
15
18
14
814
820
415
422
391
336
486
2,077
2,063
1,660
2,765
3,734
95
90
88
70
101
118
Texas
16
Utah
16
16
15
24
Washington.
50
36
35
78
250
206
171
238
28
28
28
21
40
1,685
1,471
2,115
1,515
538
479
347
712
875
84
99
74
114
154
1
1
s5
84
7,671
6,320
13,464
Wyoming
89
*
Other Western States, c
*
7,640
475
548
708
456
10,154
1,487
8,086
the London Metal Exchange closed higher
was
are
considered to be
Sept. 8 at £82 6s. 3d.,
on
13s. 9d. at the beginning of the period.
also the contract
Quotations continued at 6.50c., New York,
settling basis of the American Smelting & Re¬
Production of refined lead for the world during July was 156,078 short
tons, according to the American
Bureau of Metal Statistics.
This
with 154,908 tons in June, and 139,084 tons in July last year.
pares
tion in the first seven months of 1937 has
8,188
8,379
6,776
11,641
com¬
Produc¬
averaged 151,408 tons monthly,
Zinc
1,926
Demand for zinc
was
"Vr
:
moderate last week, and the market continued at
754c., St. Louis, for Prime Western.
a Includes operations onN. &
W., C.&O.,Virginian, K. &M..B. C. &G.,andon
B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, Including the
Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
During the last week arrivals of for¬
eign zinc at New York and Baltimore included 22,651 slabs from Norway,
2,141 slabs from Poland, and 65,114 slabs from Belgium.
Arizona,
California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthracite from
weekly anthracite and beehive coke report of the Bureau of Mines,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and South Dakota included
with
•'other Western States."
September
firmer tone during the week, and quotations
against 137,519 tons monthly for all of 1936.
7,611
Pennsylvania anthracite, d
Grand total.
a
11,538
Northern, b
Total bituminous coal
Consumer requirements for
covered and close to 40% for October.
fining Co., and at 6.35c., St. Louis.
47
1,705
559
.' .v^
Producers believe shipments to consumers for
The undertone remains firm.
248
1,707
West Virginia—Southern, a
90%
Prices abroad indicated
which
83
245
__
..
by producers during the short
August will be above 50,000 tons, and stocks will again decline by at least
against £21
24
53
Virginia
net profit of
a
period last year.
same
Lead
VA
previous seven-day period.
on
871
2,021
Tennessee
covering by shorts on the
some
holiday week, sales totaling 2,725 tons, compared with 5,940 tons in the
Maryland
Michigan
Ohio
was
A moderate volume of business was done
100
109
Pennsylvania bituminous
There
Stocks in London Metal Exchange warehouses now total 23,549 tons.
8
Kansas and Missouri
Western
abroad.
$26,751,950, against $9,097,891 in the
440
8
in Europe brought in little more than a normal
January-June report of Kennecott Copper showed
1,363
Indiana
•
scare
London Metal Exchange.
Colorado
*
The latest War
volume of business
397
Arkansas and Oklahoma
Georgia and North Carolina
Yesterday's (Sept. 8) average price
export business was 13.550c., f.o.b. refinery, against 13.475c. a week
ago.
1923
8
2
Alabama
Avge.
on
These imports,
expressed in tons, totaled 2,248.
The
August statistics of the domestic industry showed total stocks (all
grades) of only 11,227 tons, a new low for the movement.
Stocks of the
* Less than 1,000 tons.
common
grades fell to 6,773 tons. But, in view of the arrival of supplies from
abroad,
the
August Production and Shipments of Slab Zinc
to at least
carried
Production
Produced
Shipped
Stock at
During
During
End of
Period
Period
Period
631,601
Year 1929.
602,601
436,275
314,514
Year 1930.
504,463
Year 1931.
Year 1932.
300,738
213,531
Year 1933.
324.705
Year 1934.
366,933
Year 1936.
431,499
Average
Shipped Operating
End of
for
Period
Export
49,181
48,309
1,586
49,701
1,558
50,643
Stock at end
13,561
Unfilled orders
75.430
6,352
196
143,618
Retorts
Orders
59,209
82,596
11,227
106,187
End of
Period
129.842
41
19,875
170
105,560
239
352,663
119,830
148
465,746
83,758
59
21,023
27,190
32,944
38,329
Period
68,491
47,769
23,099
18,560
57,999
31,240
124,856
218,517
344,001
Unfilled
During
18,585
26,651
23,653
30,786
32,341
Statistics of the Prime Western division, covering the ordinary grades,
for the first eight months of the year follow:
18,273
8,478
15,978
28,887
51,186
Production
January..
March
36,156
42,411
April
43,180
May-
44,833
June
44,875
46,341
39,846
38,087
42,239
43,905
41,582
July
45,481
41,819
February
79,059
75,369
88,517
38,205
38,004
37,922
41,400
41,048
40,700
*36,934
41,308
*37,350
41,308
*36,418
40,672
*36,843
41,733
*38,052
43,103
*38,607
42,965
79,693
80,634
81,562
84,855
August
43,542
46,013
86,046
September
42,211
51,775
76,482
October
46,225
53,963
68,744
November
45,670
56,887
57,527
December....
46,940
59,512
44,955
*38,461
Total for yr.
Monthly
19,703
March
21,973
21,333
23,553
30,520
27,349
28,402
25,921
24,321
July
22,482
25,237
22,719
25,311
10,182
August..
26,140
29,549
6,773
.
..
April
41,642
523,166
43,597
aver.
561,969
46,831
35,872
34,334
36,189
37,778
37,888
38,176
*36,972
38,135
*36,734
38,358
*37,006
38,326
May
42,219
June
56,829
41.638
35,968
,27,090
Business in tin
which
65,173
stimulated
,75,891
more
resulted in
33,775
40,285
40,613
*35,719
42,786
*38,289
39,948
*37,851
40,588
March
53,202
59,635
18,183
43,635
*38,979
52,009
56,229
13,963
43,660
41,177
*38,936
May
55,012
55,201
13,774
*39,019
43,724
*43,270
June
50,526
50,219
14,081
44,186
43,205
*43.007
DAILY PRICES OF METALS
176,544
Sept. 2.
46,199
46,171
*45,147
48,520
*47,190
July.
49,181
49,701
13,561
August
48,309
50,643
11,227
*45,175
Equivalent
retorts
computed
on
50,163
*48,387
24-hour
basis,
a
Export
Lead
Zinc
New York
St. Louis
St. Louis
13.325
58.375
6.50
6.35
13.775
13.350
58.625
6.50
6.35
7.25
13.775
13.375
58.625
6.50
6.35
7.25
Sept. 6
,89,846
13.775
Sept. 4
Holiday
13.400
Holiday
Holiday
Holiday
Holiday
7.25
Sept. 7
13.775
13.450
58.500
6.50
6.35
7.25
Sept. 8
^81,448
13.775
13.550
58.750
6.50
6.35
7.25
Average..
167,143
Average
13.775
prices for
13.408
calendar
58.575
week
ended
6.50
Sept.
4
6.35
Domestic
7.25
f.o.b.
13.775c.; export copper, 13.396c.; Straits tin, 58.542c.; New York lead,
6.500c.; St. Louis lead, 6.350c.; St. Louis zinc, 7.250c., and silver, 44.750c.
^59,209
are:
copper
refinery,
[82,596
The above quotations are "M. & M. M.'s" appraisal of the
major United
States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
106,187
shipments
Tin
New York
Sept. 3
[77,969
*42,519
Included In total shipments.
("E. & M. J." QUOTATIONS)
Straits
Electrolytic Copper
*42,186
43,429
.-V-V
,
78,626
*38,417
April-.-..
The Interna¬
Chinese tin, 99%, was nominally as follows: Sept. 2, 57.250c.; Sept. 3,
57.500c.; Sept. 4, 57.500c.; Sept. 6, holiday; Sept. 7, 57.375c.; Sept. 8,
*38,447
24,616
Political developments
for tin in London yesterday,
inquiries and some business here.
Dom„Refy. Exp., Refy.
51,227
dull.
was
higher prices
57.625c.
37,915
46,953
10,256
The strife in China is exerting a tightening influence on Chinese tin.
*38,588
37,794
10,493
quotas of the signatory countries shall remain at 110% of standard tonnages.
,60,513
40,047
15,849
11,261
tional Tin Committee is to meet in Paris today to determine if production
1937
*
during the last week
abroad, however,
,54,064
39,157
February
22,278
Tin
,44,458
*37,893
40,125
January
29,924
28,370
*36,897
40,642
*38,538
Stock at End
Shipments
21,263
February.
1936
January
August
July
50,526
1,684
50,219
14,081
Production, daily rate
Shipments
(a)
marketwise.
weight
20,000 tons before the imports get back to normal.
June
GRADES)—1929-1937
(Tons of 2,000 Pounds)
Retorts
little
believe that the arrivals of foreign zinc will amount
now
The figures for June, July, and August covering all grades, in short tons:
The American ^inc Institute on Sept. 7 released the follow¬
ing tabulation of slab zinc statistics:
SLAB ZINC STATISTICS (ALL
domestic statistics
strong
Trade authorities
deliveries; tin quotations
are
are
for prompt delivery only.
Daily London Prices
Metals
Firmer
in
London
on
War
Scare—Holiday Re¬
Copper, Std.
ported
that foreign
abroad
was
Sept. 9
markets for non-ferrous metals
probably not
large
as
in the preceding week,
but shorts in the speculative markets decided to
cause
of the tense political situation.
Demand
Chinese
pressure
antimony advanced.
and lower, despite the war
rurther stated:
6034
259
54 54
61
260
5534
55%
61 34
2603-1,
25934
56
56 34
6154
26034
569,6
569,6
62 34
260 34
Prices for lead and zinc
be¬
London Metal
here
for
prices.
trading
Tungsten
was under
The publication
Steel
holiday.
Quicksilver
scare.
54IS16
cover
copper, lead, and zinc was routine in character, with
restricted on account of the Labor Day
and
541116
5454
Sept. 8
The volume of business booked
(Bid)
Sept. 6.
Sept. 7
were
3M
Sept. 2
Sept. 3
re¬
developments in connection with
as
Tin, Std.
Spot
"Metal and Mineral Markets" in its issue of
firmer last week, largely on
the Mediterranean dispute.
Copper
Lead
Zinc
Electro
stricts Domestic Business
All
are
Spot
3M
Spot
3M
Spot
3M
2115,6
25934
2111,6
2154
2154
21%
2254
2254
2213,6
23>4
25934
225I6
22 54
227,6
227,6
2211,6
2215,6
233,6
25834
259
2154
21 %
22
237,6
the official buyer's prices for the first session of the
Exchange; prices for copper and tin are the official closing buyers'
pounds sterling per long ton (2,240 lb.).
are in
Shipments During August Lower Than Previous
Month
«
During August shipments of finished steel products by
subsidiary companies of the United States Steel Corp.
Financial
145
Volume
decrease of 78,894 tons from July
August, 1936 of 184,155 tons.
The shipments for August, this year, were the highest for
any August since 1929 when they amounted to 1,360,523
tons. For the eight months of 1937 shipments were 3,002,980
tons above those for the comparable 1936 period, showing an
increase of 43%.
Following is a tabulation of the monthly shipments since
totaled
1,107,858 tons,
but showed
a
increase
an
over
1933:
has gained moderately,
as had been
expected.
OF
SHIPMENTS
BY MONTHS
OF STEEL PRODUCTS
FOR
Meanwhile, backlogs of orders at some mills have declined to such a
until these stocks
Year 1933
Year
1934
Year
Year 1936
1935
Year 1937
721,414
385,500
583.137
676,315
588,209
668.056
783,552
643.009
591.728
979,907
598,915
578,108
886.065
950,851
923.703
331,777
February
March
256,793
April
335.321
984.097
May
455,302
745.064
June
603,937
985,337
July
701.322
369,938
August
668,155
378.023
547,794
624,497
September.
370,306
614,933
343,962
686,741
1.007,417
November
430,358
681,820
882.643
600,639
366,119
418,630
661,515
1,067,365
+ (44,283)
—(19,907)
—(23,750)
—(40.859)
5.805,235
5,905,966
7,347,549
1,304.039
1,268,550
1,186,752
1,107,858
961,803
October
575,161
572,897
1,149,918
1,133,724
1,414,399
1,343,644
10.784,273
December
Yearly adjustment
Total for year
Steel
and oil well pipe, in which there are
still comfortable backlogs.
70% from an estimated 83% last
This week's drop in ingot output to
complete
as
operating
Labor Day holiday, which brought an
occasioned partly by the
was
almost
of operations
to
statistical reckoning, and partly by an
below
Clevelanddistricts, amounting to 18 points.
There were
declines in other areas.
It would appear that next
five-day basis at the pre-holiday rate, while others are
on a
The sharpest drops occurred in the
only slightly smaller
week's rate will be somewhere between 80 and 82%.
mill situation together with the
Steel scrap prices are reflecting the easier
250,000 tons has been made, however, to the British scrap cartel at prices at
in
Steel
companies are buying very little scrap, and brokers have reduced their
offers, bringing a decline of 50c a ton at Pittsburgh and 75c at Chicago,
with no change at Philadelphia.
The "Iron Age" composite price has
dropped to $19-75, almost half-way between the high and low for the year.
Other than the scrap sale, there has been a quieting down in export
business. Japanese inquiries are quiescent.
Shipments against old orders
are going out.
British inquiries are prevalent, particularly for semi-finished
steel, but prices offered are sometimes below domestic quotations, whereas
$2
the previous purchase and substantially
ton higher than on
a
line with current domestic prices, allowing
hearth and Bessemer steel ingots
during August reached a total of 4,861,789 gross tons, an
increase of 6.7% over the July total of 4,556,596 gross tons,
according to the American Iron and Steel Institute.
The August figure was more than 16% above the output
of 4,184,287 gross tons in August, 1936, but failed to equal
August, 1929, when 4,939,086 gross tons were produced.
Total production in the first eight months of this year
amounted to 38,183,018 gross tons, as against 29,374,754
gross tons in the like period of 1936, and 38,825,943 gross
tons in the first eight months of 1929.
During August the steel industry operated at an average
rate of 83.55% of capacity, which compares with 78.49%
in July and 72.11% in August, 1936.
Steel production during August was calculated at 1,097,469
gross tons of ingots per week, compared with 1,030,904
gross tons per week in July and 944,534 in August of last
open
year..
for freight to seaboard.
from abroad has expanded.
and there are
11993364507
PRODUCTION OF OPEN
INGOTS—JANUARY,
HEARTH
AND BESSEMER STEEL
1936 TO JULY
,
1937
inquiries also from Japan.
some
looks
Structural steel business, which has suffered from summer dulness,
somewhat
for a
11,100 tons
Lettings of 24,500 tons included
brighter.
bridge at Baton Rouge, La., and 7,500 tons for the West Side elevated
New projects totaling about 30,500 tons are headed
highway, New York.
by 18,000 tons for the main
York, 3,000 tons for
span
of the Bronx-Whitestone bridge. New
York,
trestle over the Riker's Island channel. New
a
and 2,200 tons for an Edison plant
in South Boston.
Pig iron production in August totaled 3,605,818 gross tons, up 3% over
July based
tons in the
corresponding period last
year.'There
were
1, a loss of one during the month.
Sept
Steel ingot output also gained in
having been 6 7%
was
18,834,215
191 furnaces in blast
The eight-month total is 26,811,269 tons against
116,585 tons.
on
1929. when it was
the highest since September,
was
The
112,866 tons.
the daily rate of 116,317 tons against
on
August daily rate
August, the total of 4,861.789 gross tons
the 4,556,596 tons of July.
over
The eight-month total
of 1936.
38,183,018 tons against 29,374,754 tons in the like period
An average operation of
75% over the last four months of the year would
beat the all time record of 54,312,279 tons of open-hearth
open
New high records are being
ore.
1936 made 98.29% of the
hearth and 100% of the Bessemer Ingot production)
(Calculations based on reports of companies which in
The August receipts
and bessemer
Calculated Monthly
Production
*Per Cent
Tons
of Capacity
Number of
Weeks in
Production
Month
Calculated
movement of
wire
products,
January-.
4,724,939
81.43
1,066,578
4.43
February.
4,413,832
84.25
1,103,458
4.00
5,216,666
89.91
1,177,577
4.43
14,355,437
85.23
1,116,286
12.86
April.
May.
5,071,875
90.27
1,182,255
4.29
5.153,559
88.82
4,183,762
74.46
1,163,332
975,236
4.43
June.
4.29
Second quarter
14,409,196
84.56
1,107,548
13.01
First six months
28,764,633
84.89
1,111,891
25.87
jobber-dealer selling arrangement in
80c
a
lb
,
base
on
of present prices on rivets for the
affirmation
fourth quarter, and advances
and machine nuts.
First quarter.
of 4 or 5% on stove bolts, machine screws
High-speed tool steel will be advanced from 67c. to
Oct.
THE
PRICES
"IRON AGE" COMPOSITE
Finished
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
2.605c.'
2.605c.
2.159c.
One month ago
One year ago
Steel
(Based on steel bars, beams, tank plates
Sept. 8, 1937, 2.605c. a Lb.
One week ago..
Low
High
*
1937
....2.605c.
Mar.
....2.330c.
2.130c.
2.199c.
2.015c.
1.977c.
2.037c.
2.273c.
4,556,596
78.49
1,030,904
4.42
1935
August.
4,861,789
83.55
1,097,469
4.43
1934
4.43
1931
4.14
1930..
13.00
1933
1932
January..
February.
3,039,804
52.39
2,956,891
54.53
March
3,333,853
57.46
686,186
714,225
752.563
9.330,548
54.80
717,734
4.43
—
4.29
4.43
One year ago
3,975,569
70.75
926,706
4.29
69.99
May-
4,037,375
June.
3,914,370
67.61
885,604
4.42
Second quarter..
11,945,549
70.10
918,182
13.01
First six months.
21,276.097
62.45
817,997
26.01
4,184,287
4,151,388
72.11
944,534
4.43
74.05
969,950
4.28
Third quarter.
12,250,045
71.23
932,981
13.13
Nine months.
33,526,142
65.40
856,570
39.14
July.
September.
4,534,246
4,323,025
4,424,367
78.15
Fourth quarter.
Total
4.43
76.42
1,023,532
1,007,698
1,000,988
13,281,638
77.17
1,010,779
13.14
46,807,780
68.36
895.329
52.28
NovemberDecember.
76.94
4.29
4.42
operated are calculated on weekly capacities
capacities as of Dec. 31, 1935 as follows:
Open hearth and Bessemer Ingots, 68,475,509 gross tons.
percentages
of
capacity
of 1,309,760 gross tons based on annual
-
16.90
14.81
15.90
18.21
Steel
Sept. 8, 1937, $19.75 a Gross Ton
of Holiday and
The "Iron Age" in its issue of Sept. 9 stated that steel
companies continue to expect a gradually rising trend in new
business this month, but there is a question whether volume
demand will come in sufficient time to forestall a dropping
of the ingot production rate over the next few weeks. Auto¬
motive buying, which had been counted upon to lift backlogs,
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
-
—
j
1932..
J.
$20.25
18.73
17.83
16.90
13.56
13.56
14.79
15.90
Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.
Dec.
10
11
14
27
3
6
15
16
on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
High
1933.
and
Low
Scrap
20.50]
16.25[
One year ago
Chicago,
Valley,
(Based
$20.17(
One month ago
$21.92
17.75
13.42
13.00
12.25
8.50
11.33
15.00
30
21
10
13
8
12
Jan.
6
Feb. 18
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Low
$17.08
12.67
10.33
9.50
6.75
6.43
8.50
11.25
June 15
June 9
Apr. 23
Sept. 25
Jan.
3
July
5
Dec. 29
Dec. 9
on Sept. 7 an¬
which it has received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 71.6% of capa¬
city for the week beginning Sept. 7, compared with 84.1%
one week ago, 84.6% one months ago, and 68.2% one year
ago.
This represents a decrease of 12.5 points, or 14.9%,
from the estimate for the week ended Aug. 30,1937.
Weekly
indicated rates of steel operations since Aug. 3, 1936, follow:
The
Lower Because
Light Buying
of basic Iron at Valley
Buffalo,
Southern iron at Cincinnati.
1931
1930
Operations
Philadelphia,
1932
1931
on average
furnace and foundry irons at
$23.25
19.73
18.84
17.90
One week ago
October...
13
7
High
1937
August
Based
$23.25
23.25
18.73
One month ago
69.58
914,593
911,371
3.932,605
Jan.
9
Pig Iron
Sept. 8, 1937, $23.25 a Gross Ton
One week ago
April.
Jan,
Mar. 2
Mar. 10
Jan.
8
Jan.
2
Apr. 18
Feb.
2
Dec. 29
Dec. 9
2.330c.
2.084c.
2.124c.
2.008c.
1.867c.
1.926c.
1.945c.
2.018c.
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4
July...
1936—
brought
1, owing to increased costs of tungsten
about by the situation in China.
1936
First quarter.
It is
65,195,595 tons in 1929.
Price changes in steel include a new
merchant
(Gross Tons)
1937—
March...
month in 1929. Water shipments to Sept. 1
1,720,244 tons larger than the total up to that date in 1929.
possible that the total by the end of the season will exceed the record water
Weekly
Cross
made also in water movement of Lake Superior
of 10,811.381 gross tons exceeded by 4,114 tons
the previous high record for the
were
Steel
Machine tool inquiry
Russia is asking for prices on 80 turret lathes,
ingots in 1929-
MONTHLY
*—The
A new sale of
growing uncertainty as to a continuance of exports to Japan.
substantial premiums were recently being obtained
of
Some mills are
lower business volume.
a
Lorain and Youngstown
least
Output Rises 6.7% During August
Production
though it is not
of steel-making facilities,
shutdown
steel mill holiday in
a
their last week's output.
534.055
285,138
275,929
January
Orders are needed for nearly all products except
used.
tin plate, galvanized sheets and line
adjustment
Month
are
warranted. Some mills have
and will slow down open-hearth production
accumulated stocks of ingots
counted
INDICATED
YEARS
but not to the extent or as rapidly
The "Age" further reported:
point that recent high mill schedules are not
week
TONNAGE
1665
Chronicle
American
Iron and Steel Institure
nounced that telegraphic reports
1666
Financial
1936—
1936—
Aug. 3
Aug. 10
Aug. 17
Aug. 24
71.4% Nov. 16
74.1%
70.0% Nov. 23.....74.3%
72.2% Nov. 30
75.9%
7
72.5% Dec.
76.6%
71.5% Dec. 14
79.2%
68.2% Dec. 21
77.0%
72.5% Deo. 28
77.0%
1937—
74.4%
4
75.4% Jan.
79.4%
75.3% Jan. 11
78.8%
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct.
Oct.
5
12
Oct.
26
Nov.
2
Nov.
9
"Steel"
steel
Jan.
18
Jan.
25
Feb.
1
Feb.
8
Feb.
75.9%
74.2%
74.3%
74.7%
74.0%
19
Oct.
1937—
15
1937—
22
Feb.
Mar.
82.5%
85.8%
87.3%
88.9%
89.6%
90.7%
89.9%
90.3%
91.3%
92.3%
.91.0%
91.2%
90.0%
91.0%
77.4%
1
Mar.
8
Mar. 15
Mar. 22
Mar. 29
Apr.
5
Apr. 12
Apr. 19
Apr. 26
80.6%
77.9%
79.6%
80.6%
May
3
May 10
May 17
May 24
81.6% May 31
June
7
76.2%
June
14
76.6%
75.9%
75.0%
67.3%
82.7%
82.5%
June 21
June 28
July
July
5
12
July 19
July 26.....84.3%
Aug.
2
85.5%
Aug.
9
84.6%
Aug. 16
83.2%
83.8%
84.1%
71.6%
Aug. 23
Aug. 30
Sept.
7
of
buying steel production is holding fairly steadily at the
prevailing through late July and August.
Producers ap¬
rate
troubled at the small current volume of
are not
actively seeking to clear their books of backlogs, which
products, though light in others.
bookings and
are
heavy in
Buying is increasing in volume each week, though the change is gradual.
Some automotive tonnage has been
booked, though not in the volume ex¬
General demand shows some signs of increased needs
pected later.
by
miscellaneous
consumers.
types of steel but prices
Export inquiry is
are
being
received
for
various
The scrap market is weak in the face of absence of
buying by tonnage
but negotiations for purchase of a
large tonnage for export to
consumers
Europe by the
scrap buying cartel, offering a $2 advance over the last
export purchase, are an element of strength if the business is closed.
Steel production last week held at
83% of capacity, changes in rates at
various centers
banner year.
being small and virtually canceling each other.
83%, Chicago 0.5 point to 86.
New England 10 points to 70.
Pittsburgh
Cleveland dropped
Wheeling gained 1.5 points to 91, and
No change was made at
65; Buffalo,
nails, staples, merchant wire, barbed
and
and jobber functional allowance is made
are
provided.
on
The
a
quantity plan for sales of
barbless
in
use
wire and
woven
wire
A dealer
previously.
is
stated
to
Because of interruption of Chinese
tungsten
as to
use.
holding the railroad industry back from committing
In August 1,475 cars were contracted for domestic
This brings the eight months total to 48,490 cars.
with
35,563 bought in the first eight months of 1936.
were
placed in December, indicating the probability of
late in the year.
With
Sept.
$21,000,000.
from
reserves arose
in circulation and
an
ore
shipments prices of tool
decrease of
a
8 member
bank
$65,000,000 in
of member banks
Street Journal" of
Sept. 9.
is due
to
the
observance
The "Journal" further
U.
seven
with
S.
Steel is
approximately
Sept. 8
on
an
to
were
Excess
estimated to be
increase of $10,000,000 for
the
$1,373,000,000
gold stock and
on
Sept. 8,
ago.
Labor
about
Day
The sharp decline
Monday, last.
on
70%, against 83%
compared
in the p eceding
Leading independents
with
84%
in
the
credited
are
week
before
and
The following table gives a
comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
Industry
U. S. Steel
1937
73
1936
69
3 A
66 A
1935
50
+
5
41
+
1
1934
—
20
1933
—11
70
42
18
28A
56
1929.,.
86
~2~~
2 A
32
1A
63
1A
91
+
—
+
—
A
—9
71
—4
57 A
1
43
A
15A
+ 2
2
—
—3
51
2
—
82
—1
77
78 A
67:
1A
+1
+2
26
2
—
+7 A
+2 A
22
1
—
—
14
—
15
75
3
—
+ 4
—
1932
Independents
—14
40
63
+1
—2
MEMBER BANKS
Increase
Bills discounted
(+)
Decrease
or
Since
1937
Sept. 1, 1937
(—)
~v"
Sept. 9, 1936
24,000,000
3,000,000
S. Government securities...
(not
+ 16,000,000
2,526,000,000
Bills bought
-+-~96.bbb~666
$15,000,000 commitm'ts—Sept. 8)
21,000.000
—8,000,000
Money in circulation
Treasury cash
Treasury deposits w'th F. R. bank..
Non-member deposits and other Fed¬
Sept. 9,
1937
1936
$
%
$
§
'
8,370
8,377
Loans—total.
4,083
4,085
...
Commercial,
industrial,
8,758
3,351
Sept.
2,014
2,025
723
717
579
and
agricultural loans:
On securities
Open market
$
2,018
v..
244
to brokers and dealers
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
Other loans:
*
33
33
1,576
*
450
449
*
164
*
31
30
*
1,146
1,171
259
Loans
242
1,608
164
....
paper
275
1,052
*
Other securities
56
227
14
194
*
195
2,932
2,933
397
*
*
2
24
38
450
36
925
3,832
398
14
2
132
229
Obligations fully guaranteed by
United States Government—
134
101
75
23
134
36
54
•
80
105
On securities
52
*
923
100
99
*
15
5
*
*
1,063
91
958
961
1,125
270
275
292
Reserve with Fed. Res. banks..
2,360
2,412
2,388
570
571
654
Cash in vault
Balances with domestic banks..
Other assets—net
53
24
25
35
68
65
70
122
125
190
463
467
465
63
63
70
5,999
6,060
6,334
1,514
1,527
1,533
449
53
48
Liabilities
.
Demand deposits—adjusted
Time deposits
United States Govt, deposits.._
730
714
571
453
448
346
334
190
57
55
101
1,822
Inter-bank deposits:
Domestic banks
1,858
2,387
505
502
633
536
Borrowings
536
370
7
7
5
20
8
21
Other liabilities
381
376
434
17
16
24
Capital account
1,480
1,483
1,427
244
243
229
*
•
....
....
....
—6,000,000
—13,000,000
—7,000,000
+ 37,000,000
+1,868,000,000
+ 2,000,000
+79,000,000
6,710,000,000
6,597,000,000
3,756,000,000
—21,000,000
+ 65,000,000
+ 37,000,000
+239,000,000
+1,391,000,000
130,000,000
—26,000,000
+75,000,000
Chicago member banks are given out on Thursday simul¬
taneously with the figures for the Reserve banks themselves,
—22,000,000
+12,000,000
and
Banks in
New York
Comparable figures not available.
+90,000,000
+321,000,000
,
City and
Chicago—Brokers' Loans
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¬
Federal
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
1,
1937
Loans and investments—total._
Complete
Returns
of
Member
Banks
of
the
Federal
Reserve System for the Preceding Week
As explained
above, the statements of the New York and
the
Monday:
Sept. 8,
1936
$
*\.SSCt$
Sept. 9,
571,000,000
Member bank reserve balances
rent
Chicago
1,
1937
2,572,000,000
12,604,000,000
2,587,000,000
Treasury currency
Returns of Member
Sept.
1937
—1,000,000
Total Reserve bank credit
Gold stock
eral Reserve accounts
New York City
Sept. 8,
Foreign banks
including
Other Reserve bank credit
(In Mill'ons of Dollars)
Otherwise secured & unsee'd
U. S. Govt, direct
obligations...
•
Sept. 8,
advances
with 84% in the
compares
approximate changes, in points, from the week immediately preceding:
an
$38,000,000 for the week.$£
*'*•• ■"•'
Industrial
of
two weeks ago.
75%,
Otherwise secured & unsee'd
,
U.
com¬
reported:
estimated at
days and 81%
money
Sept. 8 in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
pages 0000 and 0000.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Sept. 8, 1937, were as follows:
%,
This
previous week and 83% two weeks
ASSETS AND LIABILITIES OF WEEKLY REPORTING
The statement in full for the week ended
•
The finished steel
Steel ingot production for the week ended
Sept. 6, is
placed at about 73% of capacity according to the "Wall
accounts
Treasury currency.
Inactive gold included in
Treasury cash amounted
i',•
The weakness of scrap has brought the
reserve
$7,000,000 in Reserve bank
deposits and other Federal Reserve
approximately $760,000,000,
■
have
posite is steady at $61.70.
The reduction in member
increase of
increase of $2,000,000 in
increase of
business
prices
making scrap declined 75 cents last week, to $19.75, wiping out practically
all the gain made during August.
iron and steel composite down 9 cents to $40.27.
1930
credit, offset in part by decreases of $26,000,000 in Treasury
deposits with Federal Reserve banks and $22,000,000 in
week.
nominal
IN CENTRAL RESERVE CITIES
ended
bank
the
better
Y/v',+"
largely
scrap
weakened and are about $1 per ton lower at Pittsburgh and Chicago, while
in the East they show better resistance.
As a result the composite of steel-
1931
with|the Federal Reserve Banks
week
balances decreased
reserves
steelmaking
on
This compares
Last year 23,450
+-
.
quotations
78
an
plants become idle
as
64,200 units last week.
the fate of its request for higher rates and the outcome of
wages is
on
itself for cars and rails.
65
and
to
5,800, compared with 4,260.
Uncertainty
1927
non-member
of automobile production
week; Ford 26,000 unchanged; Chrysler 5,800 compared with 23,950 and
all others
1928
Week
10,811,381 tons which compares
was
of model is evident in the decline
pound, base, for the grade containing 18%
tungsten.
the
tons,
General Motors produced 26,600 cars, compared with 29,100 the previous
steel containing tungsten are to be advanced Oct,
1 from 67 to 80 cents a
The
45,438,131
is
year
August, 1929, and with 10,704,457 in July of this
Continued shortening
for change
protect
increase of 42.4% over the
corresponding period of 1936.
During
this
goods purchased for resale and
purpose
Pig Iron production in August broke all records since August, 1929.
The
daily rate was 116,676 tons, compared with 120,845 tons in August,
1929.
The daily rate was
3.3% greater than in July.
Total tonnage in
August was 3,616,954 tons, compared with 3,746,954 tons in August, 1929,
a gain of
3.3% over July.
For eight months total production was 26,888,an
1
year.
legitimate jobber-dealer interests.
648 tons,
Sept.
84 A % two weeks ago.
fencing, superceding the jobber-dealer basis
deductions
Youngstown, 73;
86.
American Steel & Wire Co. has announced
quantity
to
The August movement
with 10,806,967 tons in
1.5 points to 78, Birmingham 5 points to
91, Detroit 5 to 95, Cincinnati 4
to 89 and St. Louis 7
points to 77.
Eastern Pennsylvania,
moved
not attractive in most instances and little is
being booked.
receded 0.4 points to
1937
11
from the Lake Superior region continue to break
compared with 43,717,797 tons in the corresponding period of 1929, the
are
some
ore
Total tonnage
records.
arbitration
In spite of light
excellent
Sept.
Shipments of iron
Cleveland, in its summary of the iron and
markets, on Sept. 6, stated:
parently
Chronicle
covering the
same
week, instead of
being held until
following Monday, before which time the statistics
cover¬
ing 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
of the entire
body of
returns
the
Federal Reserve
close of business
System respecting the
reporting member banks of
System for the week ended with the
Sept. 1:
The
condition
of weekly reporting member banks in 101
leading cities shows the following principal changes for the week ended
statement
Sept.
Financial
145
Volume
and agri¬
in commercial, industrial
of $32,000,000
Increases
1:
cultural loans and $37,000,000 in loans to brokers and dealers in
and
of $39,000,000 in holdings
decreases
of United
securities,
Government
States
and $22,000,000 in "Other securities."
direct obligations
$17,000,000 at
Commercial, industrial and agricultural loans increased
banks in New York City, $8,000,000 in the Chicago
Loans to brokers
reporting member
district and $32,000,000 at all reporting member banks.
dealers increased $31,000,000 in
and
all
York City and
banks.
"Other
loans
loans"
for
purchasing
declined
or
carrying
$7,000,000 in
New
$6,000,000 at all reporting member banks.
of
Holdings
New York City and $37,000,000 at
Other
$8,000,000 in New York City and $10,000,000 at all
member
reporting
banks.
member
reporting
securities increased
States
United
Government
direct
declined
Holdings
of "Other
securities" declined $5,000,000 in New York City, $6,000,000 in
the Boston
and
$39,000,000
all
at
banks.
member
reporting
Invitations
were extended by Great
Britain and France
Sept. 6 to 10 other governments to meet at Nyon, on
Sept. 10, "to end the present state of insecurity in the
Mediterranean and insure that the rules of international law
on
regarding shipping at sea shall be strictly enforced."
On
Sept. 7 it was stated that acceptances to the meeting were
received from Russia, Greece, Egypt, Rumania, Bulgaria
and Turkey, Yugoslavia and Albania were also among the
gbvernments invited.
Both Italy and Germany in reply to the Anglo-French
invitation
obligations
$18,000,000 in the Boston district, $7,000,000 in the San Francisco district,
1.
Demand deposits—adjusted declined $16,000,000 in the Boston
district,
Francisco
San
and
banks,
and
declined
districts,
$26,000,000
and
$11,000,000
increased
New
in
all
at
Richmond
member
Time deposits
York
City.
member banks.
Government deposits increased $17,000,000 in
City and $22,000,000 at all reporting member banks.
to domestic banks increased
in most of the other districts,
the net decreases being $18,000,000
for the
Deposits credited to foreign banks increased $12,000,000 in New
week.
2.
York City.
a
of the principal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Sept. 1, 1937, follows:
Increase
v"''-
(+)
.V-
or
Decrease
that
accusations
had torpedoed and
Italian submarines
Soviet ships "introduced at the last moment a new
and grave
"The Fascist Government hence has come to the conclusion that
3.
be
to
arguments
considered
can
This 27-Power Committee, set up
and arms out of Spain, "has
months ago in an attempt to keep foreign men
had experience also in technical and
the
by the Non¬
examined adequately
be
intervention Committee in London."
naval questions which renders it per¬
Germany in its note declining to join the conference said:
s
22,319,000,000
+ 4,000,000
Loans—total
10,027,000,000
+ 69,000,000
+56,000,000
+1,573,000,000
Commercial, Industrial, and agri¬
nature so
595,000,000
Committee
—1,000,000
1,392,000,000
loans
for
+ 37,000,000
703,000,000
purchasing
+ 10,000,000
carrying securities
+ 229,000,000
—3,000*,000
135,000,000
+ 70,000,000
812,000,000
+ 1,000,000
8,193,000,000
—39,000,000
-1,070,000,000
1,130,000,000
2,969,000,000
5,186,000,000
—4,000,000
—22,000,000
281,000,000
—21.000,000
1,638,000,000
—16,000,000
—106,000,000
—341,000,000
+104,000,000
—90,000,000
—634,000,000
14,924,000,000
Time deposits
5,268,000,000
United States Government deposits
591,000,000
—26.000,000
+ 57,000,000
—14,000,000
on
merchant shipping, growing from the
Spanish civil war, and
intolerable."
Republic's intention
*
disapproval of attendance by
Government held, is not one
Germany.
Germany, the
Russian
of those nations with direct connections into
shipping, the note declared that Russia "maintains
on
the blame for attacks
the accusations" that
Italy is responsible for the loss of two Soviet ships "in
their entirety."
by
United States Government-..--
Other securities
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks
—5,000,000
The invitations of the British and French Governments
given
were
as
follows in London advices Sept. 6 to the New
York "Times":
The invitations were identical and were in
the following terms:
"The French and British Governments are of the opinion
Liabilities—
Demand deposits—adjusted
+ 22,000,000
—229,000,000
—18,000,000
—977,000,000
+ 178,000,000
+ 11,000,000
consultation
powers
-—--—
Foreign banks.
Borrowings
4,883,000,000
585,000,000
15,000,000
+ 12,000,000
—6,000,000
action
by
Mediterranean
and
that immediate
certain other interested
order to deal with the intolerable
created by attacks recently illegally carried out against shipping
the Mediterranean
in
by submarines and airplanes without disclosure
of
their identity.
"The two Governments accordingly propose
Sept. 10 to end the present state
on
Comparable figures not available.
and
has now become necessary in
situation
Inter-bank deposits:
Domestic banks
announced the
the Mediterranean conference but
to attend
the Mediterranean basin.
+ 236,000,000
guaranteed
conference, that the London Non-intervention
Making clear that Russia will seek to lay to Italy
717,000,000
Otherwise.secured and unsec'd
fully
has
proposed,
it
itself with the situation.
Soviet
*
—7,000,000
On securities...
S. Govt, direct obligations
concern
Government,
Italian
the
> The note, to British and French Embassies in Moscow,
Other loans:
Obligations
with
agreement
added
+ 19,000,000
1,164,000,000
Loans to banks
conference of the proposed
a
.
.
.
"particularly by Italian warships," said a note sent by the Soviet Govern¬
or
Real estate loans
in
Italian Government that the
the incident created by the Soviet Government note
as
ment, "must be considered
Loans to brokers and dealers in
securities
with the
allegations by Russia, we quote the following from
(Associated Press) Sept. 7:
As to
i
Moscow
Attacks
+ 26,000,000
466,000,000
agrees
be expected to participate in
satisfactory solution.
Therefore,
+ 6,000,000
4,(343,000,000
On securities
Otherwise secured and unsec'd
Government
long
not found a
cultural loans:
Open market paper
Reich
latter cannot
instead of calling a special
Sept. 2, 1936
$
Loans and investments—total
The
(—)
Since
Aug. 25, 1937
Sept. 1, 1937
Assess—
*
Soviet
attacks
Mediterranean.
element into the situation."
decrease of $6,000,000 for the week.
A summary
U.
inclined to accept the invitation
fectly adapted to facing the problem indicated."
Sept. 1,
Other
But
sunk two
Borrowings of weekly reporting member banks amounted to $15,000,000
on
was
conference, which is designed to find a way to stop "pirate"
the ships of many nations in the
on
New York
Deposits credited
$29,000,000 in New York City and declined
participate in the conference; Italy
to
The Fascist Government at first
to the
reporting
$18,000,000 in New York City and $14,000,000 at all reporting
declined
suggested that the issue be referred to the European non¬
intervention committee; the Associated Press accounts from
Rome Sept. 9 summarized as follows Italy's reply:
district and $22,000,000 at all reporting member banks.
$15,000,000 in the Kansas City district, $8,000,000 each in the
1667
Chronicle
insure that the rules of
that a meeting be convened
of insecurity in the Mediterranean and
international law regarding shipping at sea shall
be
strictly enforced.
Conference
at
Nyon,
Switzerland,
Called
by
Great
Britain and France to Consider Measures to Com¬
Submarine Attacks
bat
Mediterranean—Italy
on
and
Merchant Shipping in
Germany
Declined
to
Participate Because of Russia's Allegations Against
Italy—Warning at Washington to American Ships
"They suggest that Nyon would be a
representatives of many of the
Geneva in the normal course
"While this invitation is being
to be
any
Anglo-French Conference at Nyon, Switzerland, called to
take action to overcome the dangers to shipping in the
Mediterranean, Great Britain and France, it is said, brought
plan for automatic annihilation of "pirate" sub¬
This is learned from Asso¬
ciated Press accounts from Nyon, from which we also quote:
forward
a
marines in the Mediterranean.
Complete agreement on all details had been announced by the British
delegation shortly before the conference opened.
The
draft
of the protocol which the
other Powers to adopt
British and the French want the
already has been submitted, unofficially, to Soviet
Russia and several other nations.
It
was
of them to propose the inclusion of other
This leaves
ers
yesterday (.Sept. 10) of the nine-power
With the opening
of dirigibles,
The plan
airplanes and war craft to safeguard merchant shipping.
would divide the Mediterranean into territorial waters and high
Riparian States would retain full control of their territorial waters
seas.
and do their own policing
But
along
the
water would be
and
pirate armada.
Sea route, all craft found under
regarded automatically as piratical, to be open to immediate
attack by warships
British
there.
Mediterranean
great
of
a
French
nine-Power international fleet.
be the bulwarks of this anti-
men-o'-war would
Planes and dirigibles would watch over merchant shipping.
Submarines on the surface, flying their own national colors, would not be
molested.
will be open to
powers."
other
unknown maraud¬
Norway, The Netherlands or any
have been endangered by activities of
Black Sea.
in the Mediterranean or
Not only did the
Cabinet give its full support today to the
conference,
proposals intended to make
the Mediterranean safe again for peaceful shipping of all nations."
It is believed these proposals involve action by any of the cooperating
navies against any raiding submarine, just as the British destroyer Havock
struck back with depth bombs when she was almost torpedoed last week.
As a further sign that Britain means business, the Cabinet decided to send
Admiral of the Fleet Sir Ernie Chatfield, First Sea Lord of the Admiralty,
and Sir Robert Vansittart, permanent head of the Foreign Office, to ac¬
but it
approved a set of "precise and practical
Anthony Eden, Foreign Secretary, to the Nyon conference.
The
key officials will give Britain a stronger and more
company
for the crushing of piracy.
formula, which embraces also the
British and French experts completed a
use
the door open to
Indicating that the conference would be held despite the
refusal of Italy and Germany to join, a cablegram Sept. 8 to
the New York "Times" from its London correspondent,
Ferdinand Kuhn Jr., said:
learned authoritatively that the plan embraces a mutual assistance
agreement among the nine powers
addressed to 10 Governments so that those
represented from the beginning will number 12 in all it
nation whose ships
in Mediterranean
suitable place for the meeting since
Governments concerned will soon be at
of events.
inclusion of these two
capable delegation than if
she sent her entire Cabinet.
Washington account Sept. 8 to the New York
"Journal of Commerce" is was reported that Secretary of
State Hull was revealed to have discussed with Maritime
Commission Chairman Joseph P. Kennedy on that day the
In
a
involved in the mysterious
and it was rumored
that in a series of conversations between the two, the sale of
ships for scrapping also was taken up.
In part these advices added:
dangers
to American shipping
submarine raids in the Mediterranean
French Foreign Minister, was unanimously
the Conference.
It was noted in the
Press accounts from Nyon that Soviet Russia's Foreign
Commissar, Maxim Litvinoff, warned the conference that
his country "must and will take its own measures" against
submarine pirates in that sea.
Also, it is said, Anthony
Eden, the British Foreign Secretary, expressed regret that
Italy and Germany were not represented at the conference.
But, he added, this should not stop the conference in its
expected to use discretion in the move¬
infested" waters abroad, Secretary Hull today
indicated in discussing the matter with newspaper correspondents.
He
insisted that there has been no warning broadcast to ships to stay out of the
Mediterranean and other waters where trouble might occur, but explained
that he had talked the matter over with such persons as had exhibited an
"duty."
to all
Yvon Delbos,
elected
President of
/
American shipping interests are
ment of
vessels in "trouble
interest in it.
Warning to Shipping
A cautionary warning was
Office of the
mariners distributed
today issued by the Hydrographic
its regular daily memorandum to
ships and seafarers.
Navy Department in
1668
.
Financial
Under
the heading "Caution regarding attacks
Mediterranean Sea," the bulletin read:
merchant
on
ships in
Advices to the effect that State Department officials had
indicated that this Government has not altered its refusal to
blockade of Spanish seaports
a
Associated
went
Press
advices from
contained in
were
Spanish waters.
the
interpretation of
American mariners of pirate craft in the Mediter¬
The intention of Great Britain to reinforce its fleet in the
Advices
Spanish
noted in
was
Insurgents
our
Sept. 4 issue,
page
Gen.
Franco
Asked
to
advices
(Sept.
Spare
Lives of
Civilians
border)
Hendaye,
France
(at
the
situation
in
foothold
the
of the Insurgents
leveled
were
the
on
North Western
ledge of Spain.
The
of fortifications
thrown
up
Insurgent
mountains
on
Government forces
1,000
had
made
A
troops.
Insurgents had not been halted.
the
vanguard
of
a
stand
and
communique
Aerial attacks
Francisco
on
killed
re¬
more
admitted
the
Gijon, about 30 miles
Franco's
main
forces,
also
Insurgents'
Ribadesella,
where
central
of
and
Government
a
fortified
line
ten
stands
miles
east
between
it
of
Insurgent column
Government
have
to
in
troops
massed
the
have
rugged
its strength
and
for
"mopped up" scattered
mountains
inland
from
the
concerted
attack
with
the
a
Two other columns, one striking north from Oviedo and the
other press¬
ing eastward from Pravia, established
the rapidly narrowing
a
junction.
The operation completed
Insurgent land ring, leaving Gijon's defenders
Dispatches from Madrid told how its defenders had stabbed into
signed
on
In¬
territory recaptured
"It
by the
on
Finance
Ministry at the
defenses, after
a
A
defense line
broke and
the
more
than 1,000 feet above the
sea.
Twenty battalions of Government militia fleeing along the Bay of Biscay
today made a stand about 12 miles west of this small Asturian port,
coast
which is 50 miles west of Santander and
half-way between that city and
Gijon.
Telia,
commanding
the
Nationalist
forces
Insurgent
in
the
pursuit, said,
however, at his headquarters here that the Loyalists had
been obliged to offer this resistance because
they were pressed so closely
10,000
men
might have been overtaken before they could
The Asturians made
Gijon,
as
long
the
even
determined stand at the
a
as
River, 30 miles
their ammunition lasted, according to a dispatch
Hendaye, France.
Loyalists
are
militia
said to have
and
perhaps
a
been
few
Asturians, with
survivors
of
the
a
small
Basque
They abandoned the coastal road last night, it is stated, and took
refuge in the low mountains lining the shore and extending a short distance
They apparently have no aviation or artillery that can cover their
inland.
According to a wireless message to the same paper from,
Saragossa (Spain) on Sept. 7, the tensest fighting of Spain's
Civil War was reported taking
place at that time on the
North Eastern Aragon front; in
part we also quote from the
message:
Government lines and
ceaselessly pounded the Loyalists'
policy
Franco
was
intercede
to
contained
ninety bombers in relay flights
rear
and
bombed
their
commu¬
stated, they flung their
best units against the Insurgent defenses, but were unable to break
through.
Associated Press dispatches from Hendaye, France,
Monday
Loyalist announcement that the
last
600
Sept. 6
Insurgent troops
in
Belchite, barricaded in the cathedral, had surrendered and that the
bodies of 1,700 of their comrades had been picked
up around the edifice.
Associated
Press
General Franco had launched
a
on
behalf of
these
the
in
following
cable
to spare the lives of the many civilians in Santander, in¬
officials,
professors,
students
and
workers,
whose
to their Government."
Secretary Hull has also been appealed to to use his efforts
prevent the execution of Harold E. Dahl, an American
aviator, captured by the Insurgents, it is said, while flying
for the Loyalists.
An appeal also made to Gen. Franco by
Mr. Dahl's wife is said to have
brought a reply from Gen.
Franco, as to which we quote the following from Associated
Press accounts from Burgos,
Spain, Sept. 9:
Mrs.
Dahl
the
who, he said,
Valencia
was
desire
nor
in excellent health.
Government
to
for
arrange
the
granted he would send Dahl to France immediately.
China
to Appeal to
League of Nations Against Japanese
Aggression—Japan Reported Blockading Chinese
Shipping
on
Entire Coast—Use of Sanctions by
United States and Other Powers
Urged by Governor
Soong of Bank of China-—Chinese Armies Reported
Wresting Japanese Offensive on Shanghai Fronts
Geneva
Nanking to make
stated
7
it
definite
a
Japanese aggression.
reported
was
It
in
Associated
appeal to the League against
added
was
that
delegation said they had not decided when
be presented
members
what article of the covenant
or
of
the
the appeal would
would
be
in¬
voked.
United Press accounts from Shanghai
reported that
T. V. Soong, Governor of the Bank of
China, on that day, in
exclusive United Press interview, called on the United
States and other democratic powers to
apply economic sanc¬
tions to Japan to halt her invasion of
China, which, he said,
an
is
a
as
prelude to
world
new
a
He
war.
was
quoted therein
saying:
The
one
avert
a
cratic
that will stop
measure
world
powers
The
the
is
war
Japanese militarism dead in its tracks
application
of economic
sanctions
by demo¬
everywhere.
Japanese
offensive
throughout the Shanghai battle
Sept. 6, the full strength of their air,
land and naval forces
being leveled against the Chinese,
said Associated Press advices from
Shanghai on that date
area
was
which
launched
in
on
part also
well-entrenched
hours of
seven
said:
Chinese
appeared
to
be
holding
their
after
own
battle.
The combined attack
began about Woosung, ten miles down the Whangpoo
River at its juncture with the
Yangtze River.
The Japanese flagship, the cruiser
Izumo, joined in the attack, hastily
pulling from her anchorage near the American cruiser Augusta off the
Settlement
The Izumo took
Woosung
nese
in
and
and
her
up
planes swept
over
heading downstream under forced
a
draft.
position at Jukong Wharf, midway between
the naval attack while a score of Japa¬
new
Shanghai, to
lead
Chinese positions
inland: to
terrific
artillery battle began
Kiangwan and Japanese batteries in Yangtzepoo.
drop their bombs.
between
Chinese
guns
From its correspondent at
Shanghai (Hallett Abend)
New York "Times" Sept. 8
reported in part:
The
wrested
tacked
that
Hendaye
Sept.
on
Press advices tliat the Chinese
delegation to the League of
Nations indicated that instructions had been received from
A
from
ask
to
release of any captured Insurgent aviator and said that when such
release
attack to recapture Belchite, whose
_
Dahl that he had neither need
told
that
dispatches
new
Mrs.
wrote
the life of the young aviator,
He
Simultaneously,
American
General
Government
International
confirmed.
with
to
entreat you
we
Insurgent artillery in the last 48 hours has hurled thousands
The Loyalists are said to have suffered their heaviest defeat at
Belchite,
about 20 miles southeast of Saragossa. There, it is
Yesterday's
appeal
cluding
nications.
contained the
consistent
message:
The
the
than 4,000,000 British
"In the name of humanity and civilized
justice, and representing the
public opinion of large parts of the American people regardless of
party,
retreat.
into
more
Boas
The
and
Sella
army.
Nationalist
representing
cablegram addressed to Gen. Franco and the military
Dr.
to The Associated Press from
Santander
as
also announced that ten of the
signers had telegraphed to
President Roosevelt, urging the United States Government to "use
every
Gijon.
was
duty of the Council of the League of Nations to
problem in all its aspects and propose measures, including
was signed by 26 American and Canadian
university and
college presidents, professors, religious leaders and members of Congress.
reach Ribadesella, the next important coastal
town, only 25 miles east of
loss
peace," the resolution said.
men.
From
Loyalists fled in furious hand-to-hand
to the Spanish situation
appeared in these
week, page 1503. From its correspondent at
Llanes, France on Sept. 8 (William P. Carney) the New
York "Times" reported the following:
have
Government's
The New York "Sun" of Sept. 9 in
noting this said:
'
A reference
of shells
Franco's
Francisco
Spanish
The appeal
Cartagena.
columns last
of
General
support the
on Sept. 8 by Dr. Franz Boas, Professor Emeritus of
Anthropology at Columbia University.
reporting from Hendaye, said later
fifteen-hour battle.
fighting along mountain trails
of
to
government of Santander urging that they spare the lives of
2,000 civilians captured at the fall of that city, was made
The Spanish Insurgents reported today that they had smashed
Loyalist
resistance in the high Europa Mountain section, bulwark of
the Gijon
Most
aiding
were
Government's tem¬
the eastern coast at Valencia and
The Associated Press
force
Italians
the peace of nations and enable the
Spanish people to recover their political
(Sept. 10):
cast of
the
therefore the
is
examine this
was
Valencia, set aside 4,000,000 pesetas for fortifications and
porary capital,
anti-aircraft defenses
all of their
foreign intervention in
endangers the freedom of shipping in the Mediterranean, threatens to
General Franco
in the recent Brunete campaign.
Colonel
the
for
surgent siege lines to the west, bolstering their hold
The
that
en¬
circled except for the sea at their backs.
decree
that
criticized in resolutions adopted at
was
to
said to
was
coastal army at the Sella River.
A
effect
only fault has been to have remained faithful
coastal column passed Cape Prieto,
the east bank of the Sella River.
coast
from
appeal to the League of Nations against alleged Italian intervention.
"It should be obvious that armed
foreign intervention in Spain, which
now
network
new
bordering the coast, after
sudden
Valencia
General
a
caused heavy damage.
forces
away
willing to negotiate a separate peace
are
civilians."
Insurgent field pieces pounded the "Covadonga Line,"
A
the
to
Declaring
means
advices (Associated Press) added:
The
on
British Trades Union Congress at Norwich (Eng.) on
Sept. 7, was indicated in Associated Press accounts from that
city which in part also said:
Spanish
regarding
the
against the fortifications of Gijon—the Government's last
of
battle
present
public
from
9)
conflict stated that the guns
west
and
The Congress was described
Captured at Santander
than
the
and territorial independence."
1503.
Reported Surrounding Gijon—
Regarding Situation at Belchite—
Diverse Reports
treating
of
outcome
the
working
sea
the
withdrawal of foreign troops from Spain, which will
effectively safeguard
Mediterranean
Spanish
Government
Spanish Civil War
change in policy, they said, from
a
Sea.
Late
believe
freely stated here that the Catalans desire to break
Valencia
disturb international
no
the Navy's warning to
ranean
here
v
Officials said they had reason to believe that American ships carrying
There should be
officers
with General Franco.
Washington Sept. 9 which
non-contraband cargoes had called at these ports, and would continue to
ply
It is
war.
Insurgents, the Congress resolved
to say:
on
Insurgent
Sept. u, 1937
the Aragon front will probably be the biggest deciding factor in the civil
"American ships operating in Mediterranean Sea are warned that mer¬
chant vessels of various countries have recently been attacked in that sea
by unidentified aircraft, surface vessels and submarines.
"These attacks are reported to hare occurred in the following areas:
"(A) Western Mediterranean—opposite east coast of Spain in vicinity
of Balearic Islands and off coast or Algeria; (B) Central Mediterranean—
off Island of Malta and (C) Eastern Mediterranean and Aegean Sea."
recognize
Chronicle
this
Chinese
the
armies
offensive
all
from
yesterday
the
and
Japanese
last
on
all
night
until
Shanghai
dawn
fronts
the
today
and
at¬
gallantly hour after hour.
Chinese version of the results is unobtainable but the
Japanese contend
their
own
lines
survived
intact
morning resumed the offensive
in
on
all sections and that the Japanese
the Eastern Yangtzepoo front.
All
night Chinese artillery and machine guns in the Chapei
against the Japanese on the Hongkew
and Kiagwan
and Western
districts hammered away
fronts.
Yangtzepoo
Little sleep
but
lull
a
approved the budget only
a
day after it had been voted overwhelmingly in the lower
daylight.
with
Japanese
added that the House of Peers
started,
possible in Shanghai and many new fires were
was
came
Emergency_War Budget
Government's emergency war budget
totaling more than $580,000,000 was unanimously approved
by the extraordinary session of Parliament on Sept. 8,
according to Associated Press advices from Tokio, which
The
Japan.
from
ments
impossible the further landing of reinforce¬
making almost
slightly,
Japanese Parliament Approves
they had pushed' back the Japa¬
Chinese had announced that
Earlier the
nese
1669
Chronicle
Financial
145
Volume
house of Parliament.
Ordered
Civilians
assault
Leave
In
believing that a well-planned Japanese
imminent, all Chinese civilians in the heavily populated native
commanders
Chinese
the
With
to
was
of Shanghai were ordered to evacuate.
recapture of the walled city of Paoshan, north of
Chinese
shipping 011 the whole length of China's 2,150 mile
line
were
contained in Associated Press accounts
Shanghai
on
already
the blockade,
of
Japan must take
coast¬
in
force from
Market
principal port of Shantung Province, and the
neutral powers were exempted.
Thus it will not be enforced
to
British
Hong Kong, Portuguese Macao or, the French
territories of
with respect
leasehold of
below Hong Kong.
Japanese naval leaders here and in Tokyo announced that
commerce of other powers will be treated "with due respect."
the peaceful
t
the
and
exercise
might
of
516 par value listed on
Vice-Admiral
Zengo
imperial Japanese
operating north of Lat.
Yoshida,
degrees N., and the third fleet
the
on
York
New
on
Stock
on
Sept. 7:
1,386 bond issues aggregating $47,227,27241
the New York Stock Exchange, with a total market
were
$43,808,755,638.
Aug. 1 there were 1,381 bond issues aggregating $47,158,995,201 par value listed on the Exchange, with a total
value of $44,296,135,580.
In the following table, listed bonds
are classified by governmental
and industrial groups with
the aggregate market value and average price for each:
under Vice Admiral Kiyoshi Hasegavva,
commanding the naval forces at Shanghai, responsible for the coast to the
south of that latitude.
The port of Haichow, north of Shanghai, is nearly
34.30
Listed
Bonds
On
divided between the
is
blockade
the
of
under
fleet
of
by the Exchange
value of
China.
intended for
supplies
war
Enforcement
second
ostensibly against
was
China to "mend her
of China to
and aspirations of Japan."
Exchange Sept. 1 Below Aug. 1
p As of Sept. 1,1937, there
Japanese naval officers have
shipping,
Value
m
issued
only Chinese
said they
the right to stop neutral vessels and "pre-empt" cargoes
blockade
previous
private
resolute attitude and compel
^ The following announcement showing the total market
value of listed bonds on the New York Stock Exchange was
Kwangchowwan,
Although
a
"act in unison with the high aims
Shanghai, south¬
Tsingtao,
Government
with China so that
"co-operation" among Japan, her
ways," he continued, concluding with a call to the statesmen
effect at noon.
went into
Swatow,
to
impossible "recurrence of such calamitous
present" and must readjust relations
at
as
protectorate, Manchukuo, and China.
from
Sept. 5, which also had the following to say:
extension
This
ward
hostilities
Japan could put into effect her policy of
blockade by Japan's navy against
Advices as to a
He said that Japan must make
Shanghai proper,
but the Japanese disputed this.
by the Chinese,
claimed
was
on
the Associated Press stated:
quarters
The
policy at the special session of Parlia¬
Sept. 5, Foreign Minister Koki Hirota, as to which
statement of
a
ment
Aug. 1, 1937
July 1, 1937
line.
in South China
reported in the events
wireless message from Hong Kong
Market
Market
Arer.
Value
Price
Value
Price
$
The intention of the Japanese towage war
Aver.
$
$
$
mainly with naval and air forces was
of Sept.
0,
radio communication with the Pratas
week-end
the
Over
Island meteoro¬
logical station broke down and it was learned officially the
had seized Pratas and was using it as a base of operation
Japanese Navy
against South
China.
[The
reefs
200
are
a
group
They are about 500 miles from Manila,
miles from Hong Kong and 275 miles from Koshun at the southern
of Formosa.
They are the base of the Chinese customs service.]
opening of
tip
China
the
in
of small bodies of land, rocks and
Sea, lying at 20.50 North latitude, beyond the easterly
Islands
Pratas
Bashee Channel.
the
Several
Ports
&c.)._ 25,496 ,224,533 103.33 25,813,588,808 104.61
2,271 ,334,648 67.85 2,350,284,894 69.34
Foreign government
98.80
19 ,451,194
20,341,382 103.32
Autos and accessories
211 ,429,086 101.66
210,791,248 101.57
Financial..
97 ,992,792 100.14
100,061,797 101.59
Chemical
84.01
25 ,869,769
31,928,245 8S.66
Building
12 ,238,470 105.25
12,340,215 106.13
Electrical equipment manufacturing..
242 ,307,047 102.15
236,465,164 102.50
Food
U. S. Govt. (incl. States, cities,
date stated:
that
on
to which a
as
157 ,383,291 104.09
Rubber and tires
Amusements
86 ,742,131
57 ,564,252
98.88
158 ,728,964
69.84
Petroleum
420 ,112,043 100.18
ation
bigger oper¬
and one de¬
forti¬
claim
more than seventy shells were fired, but there was not much damage.
Three
Japanese airplanes scouting for the warships are said to have been at¬
tacked by five Chinese airplanes and driven away before dropping their
stroyer shelled
fications
in
an
small Chinese forts nearer the sea than the Boccatigris
apparent attempt to blockade the river.
The Chinese
79 013,656 100.41
99.66
Press accounts said:
Japanese
dispatches from the conquered city of Kalgan, capital of
Chahar Province, 100 miles north of here, reported today that the Japanese
army hud invaded northeastern Shensi Province, capturing the walled city
From
the
If
dispatches said
the
reports were
China
North
third
78.47
531 443,972 101.08
37.77
3 435,192
Textile
Gas and electric (holding)
Communication (cable, tel. &
radio)..
that
Business and office equipment..
Shipping services
18, 346,370
1,003,228,166 101.61
302,229,140 60.61
21,475,000 107.38
18,447,188 60.02
73.88
16,965,420
59.69
16, 535,220
72.00
Leather
and
4,553,118 105.09
43,386,403 125.83
202.276.4S4 66.60
4, 590,118 105.94
boots
42, 927,803 124.50
191, 971,186 63.22
Tobacco
U. S. companies operating abroad
1.151, 454,036 69.64
36 ,144,375 103.27
Foreign cos. (Incl. Cuba & Canada)..
Miscellaneous business
43,808,755,638
88.62
173,873,934
70.76
1,170,132,577
10,238,750 102.39
93.93
92.76 44,296,135,580
the city,
correct, Japan had carried her
after
province,
completing
undeclared war to a
occupation of portions of
of Shensi.
Shensi has long been the
private demain of the aged and highly individualistic war lord,
Chahar,
and
Ilopeh
2,466,981,645 103.27
287, 554,544 57.66
21, 450,000 107.25
Miscellaneous utilities
40.37
3,671,095
2,500 715,040 102.81
86.80
170, 294,763
1,021, 015,170 100.86
Gas and electric (operating)...
All listed bonds
first station in Shensi Province on
through railroad from Peiping to Suiyuan Province, was invested after
attack from the air.
No other details were given.
The
an
Sept. 7, Associated
Peiping,
Tienchenhsien.
of
8,424 ,446,516
Railway and equipment
Steel, iron and coke
Shipbuilding and operating..
bombs.
47,771,202 99.08
70.98
161,303,406
423,954,484 97.61
65,832,753 101.05
96.23
21,656.593
79.74
8,563,627,694
541,805,971 102.12
37 378,234
Retail merchandising
shelling of Chekwan this morning was connected with a
at the mouth of the Pearl River, where three cruisers
The
58.07
Mining (excluding Iron)
Machinery and metals
Paper and publishing
Shelled
157,908,975 104.44
86,536,590 96.51
56.74
12,477,239
96.73
12 ,661,223
;
...
Land and realty
east
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
virtually
Gen. Yen
Market
Average
Market
Average
Value
Price
Value
Price
Ilsi-Shan.
Japanese invasion west of Peiping by
intense Chinese machine gun fire, was noted by the Associ¬
ated Press in its advices from Peiping on Sept. 8; which in
The halting of the
39,061,593,570
38,374,693,665
38,170,537,291
38,464,704,863
Sept. 1
Oct.
1
Nov. 1
Dec.
1
90.54
Oct.
1___
43,305,464,747
95.79
89.93
Nov. 1___
95.92
90.24
Dec.
43,179,898,054
43,679,640,206
The
of
a
Chinese
division holding the heights
35 miles west
Japanese troops, whose advance
elsewhere in this region was halted by rain and mud.
Mechanized Japanese upits were bogged down and it was necessary to
resort to horses for transport work, the wet weather particularly handicap¬
of
aggravated
Peiping
the
situation
of
Peiping-IIankow Railway front, where the Japanese had
expected to knife through Chinese lines with their mechanized equipment.
In an attempt to smash Chinese resistance west of Peiping, the Japanese
resumed air bombardments.
They were trying to put out of action Chinese
ping
guns
on
the
and trench mortars as well as machine guns.
than 1,000 wounded Japanese soldiers have been brought
More
to
Peiping
by train
United Press accounts from
Peiping yesterday
Japanese
troops
marched
(Sept. 10)
the streets of Peiping
Chinese in North China.. . . .
through
today for a long-delayed offensive against the
It was believed that the unusual activity
major push
of
the Japanese
to the south along the Peiping-IIankow
A week ago,
presaged
a
Railroad.
Sept. 11, it was stated by the Shanghai corre¬
of the New York "Times" that while the heavy
shelling was going on in Shanghai the previous day the
Chinese said they had driven Japanese forces out of twothirds of the area of Lotien, about 17 miles northwest of
spondent
Shanghai, and that Japanese troops that had remained in
tlie
area
were
wiped out.
The same account said that the
Japanese asserted there had been 110 change in the positions
of the
A
our
opposing forces in the outlying battle areas.
reference to
45,053 593,776
97.35
1...
91.85
Feb.
45,113 047,758
96.83
93.59
Mar. 1
45,007 329,915
96 64
94.44
Apr.
1
44,115 628,647
93.88
94.47
May 1
93.33
93.90
June 1
43,920 389.575
44,170 837,675
1
39.648,252.468
93.83
July 1....
92.98
July
1
Aug. 1
41,618,750,056
94.24
Aug.
44,001 162,031
44,296 135,580
41,685,172.818
42,235,760.556
94.78
Sept. 1
43,808 ,755,638
92.76
Sept. l-_---
Optional
Exchange Offer Made
1
Feb.
1
Mar. 1
Apr.
1
May l-_
June
1___
93.89
93.93
95.39
to Holders of Three
Matured Obligations
State
of
of
Bavaria
and
Cities
of
Munich and
Dusseldorf
said:
of
1
German Bond Issues—Affects
hospitals.
Thousands
97.01
Jan.
39,398,759,628
40,347,862,478
40.624,571,422
41,807,142,328
41,524,856,027
Jan.
resistance
l.._
1937—
91.08
1936—
part added:
$
1936—
$
1935—
the
Sino-Japanese hostilities appeared in
Sept. 4 issue, page 1504,
The
Conversion
Office
for
German
Foreign
Debts
an¬
nounced Sept. 7 an optional offer of exchange to holders of
matured bonds of the following issues and serial maturities:
6^2% serial gold bonds, external loan
matured Aug. 1, 1937; City of Munich, 7% serial
gold bonds, exterual loan of 1925, matured Aug. 1, 1937,
and City of Dusseldorf, 7% serial bonds, matured Sept. 1,
1937.
An announcement bearing on the offer said:
Free State of Bavaria,
of 1925,
Holders may exchange their
of bonds of
an
matured bonds for a like principal amount
unmatured series of the above issues, such series to be
selected
after
As an alternative,
payment will be made, against surrender of such matured bonds, of the
Reichsmark equivalent of the principal thereof deposited by the debtor
with the Conversion Office, into an "Amortization Blocked Reichsmark
by the
Conversion Office, with interest coupons maturing on and
Feb. 1, 1938 or
Account" in
transact
March 1, 1938, respectively, attached.
the name of the holder with a
foreign exchange operations.
German bank authorized to
The use and disposal of amounts
deposited in such an account are subject to German
governmental regulation.
1670
r
Financial
The Chase
National Bank
of the
City of New York is agent for the
Bavaria and Munich issues, and the National City Bank of New York
is
agent for the Dusseldorf issue.
are
Bond holders desiring to accept the offer
requested to deliver their bonds to the appropriate above-mentioned
No interest accruing after their respective maturity dates will be
agent.
paid upon bonds not surrendered under this offer.
Chronicle
Sept.
well
as
number
of reports
entries in more than
In
interview at Washington
an
Chairman of
cussed
the
Congress,
the
program,
recommended
as
This, he emphasized, had not been sidetracked,
Round-lot
of the Securities Exchange Act, and
everything will be done in that direc¬
tion.
We are working along trying to reach the
general objectives set forth
in the segregation report."
Whether
this
could
objectives
accentuated
a
transactions
elimination
as
price
trends,
of
the
incited
type
trading
of
without
.
^Maintenance
Commission
under
the
two
and
.
acts
of
specialists
In
stocks
in
403,100
404,230
Total
i.-i-i.
807,330
1,762,480
registered*
In round lots—Bought
Sold
2.
In odd lots (including odd-lot transactions of
specialists):
209,650
131,620
Total
341,270
702,462
Sold
762.692
Total
1,465,154
was
NEW
YORK
CURB
Among these he mentioned standards of corporate accounting, attributes a
security should possess, standards with reference to
trading and standards
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
concept
important,"
Landis
Mr.
said,
"we
have
of the fiduciary obligation held by corporation
stockholders and held
by underwriters
He added that "we have
to
the
revitalized
officials
to
,r.
long way to go" in the administration of the
acts, but that "very substantial progress already has taken
place."
on
the Exchange....
Round-lot
transactions of members, except
specialists in stocks in which registered:
1.
Initiated
Per
Cent a
the
on
transactions
1,084,045
of
floor—Bought.
21,990
Sold
Mr.
Landis, whose resignation from the Commission had
heretofore been noted (June 5,
page 3772), had expected to
take up his new post as Dean of the Harvard Law
School
this week, but plans to take
up his new duties later in the
STOCKS
Week
buyers of securities."
a
IN
(SHARES)
14, 1937
.
Total volume of round-lot sales effected
the
their
ALL
Total J or
OF MEMBERS *
Week Ended Aug.
of disclosure in connection with the sale of
securities and corporate affairs.
He also emphasized the c mmission's war on
more
27,060
Total
2.
Initiated off the floor—Bought
Sold
2.26
41,365
33,050
A'
—
Total
Round-lot
74,415
transactions
of
specialists
stocks
In
In
3.43
which
registered—Bought—
Trading on New York Stock and New York
Exchanges During Week Ended Aug. 14
Reported by SEC
-'-Vj*?:
49,050
month.
Member
18.99
Transactions for account of odd-lot dealers in stocks in which
by
of securities.
8.70
863,290
899,190
complete
an
impression upon the
financial world of the importance of the maintenance of
certain standards.
"Even
4.94
which
Total round-lot transactions of members, except transactions
of ocid-lot dealers in stocks in which
registered—Bought..
Sold
_•
.
manipulation
5.35
458,730
transactions
registered—Bought
of Standards
securities
128,115
129,615
Sold
Curb
During the w<eek ended Aug. 14 the percentage of trad¬
ing for the account of all members of the New York Stock
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each
instance was
below the preceding week ended
Aug. 7, it was made known
by the Securities and Exchange Commission yesterday
(Sept. 10).
Trading on the Stock Exchange for the account of all
members during the week ended
Aug. 14 (in round-lot
transactions) totaled 1,762,480 shares, which amount was
18.99% of total transactions on the Exchange of 4,641,450
shares.
This
with member trading during the
previous week ended Aug. 7 of 1,845,203 shares, or 19.60%
of total trading of 4,706,090 shares."
On the New York
Curb
Aug.
compares
Exchange member trading during the
14 amounted to 381,195 shares, or
week
ended
Total
shares.
by the SEC are in the series of current
figures being published weekly in accordance with its
program embodied in its report to
Congress in June, 1936,
on the
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for,the week ended Aug. 7 were
given in these columns of
Sept. 4, page 1507. In making available the data for the
week ended Aug. 14, the Commission
said:
figures given for total round-lot volume for the New York
Stock
Exchange and the New York Curb
Exchange represent the volume of all
the
of stock effected
volume reported
week ended Aug.
was
14
on
by the ticker.
on
those exchanges as distinguished from
The total round-lot volume for the
the New York Stock
7 7% larger than the volume
reported
on
Exchange, 4,641.450 shares,
the ticker.
On the New York
Curb
Exchange, total round-lot volume in the same week,
1,084,045 shares
exceeded by 5.8% the ticker volume
(exclusive of rights and warrants.
The data
York Stock
published today
are
based upon reports filed with the New
Exchange and the New York Curb Exchange by their
tive members.
These reports
are classified as
Bought
Exchange
1,072
Number of reports received
Reports showing transactions,
As specialists *
on
New
York
Curb
Exchange
869
183
103
206
50
298
__
Initiated
191,470
189,725
Sold
Total
381,195
Odd-lot transactions of specialists in stocks in which
registered:
Bought
99,2o0
67,606
Total
*
17.58
.
Sold
The
166.856
term
"members" Includes all Exchange
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
Exchange volume for the reason that the total of members' trans¬
twice the total
actions
includes
both
purchases
and
sales,
while
the
total
ncludes only sales.
New
SEC
Over-the-Counter
Rules
Workable by W. H. Fulton in
Security
Attacks
Other
Traders
Credit
Held
volume
Fair
and
Addressing National
Convention—G.
Ratings
Exchange
C.
Municipal
on
Cummin
Bonds—
Speakers
125
specialists
_
Initiated off floor
541
609
*Note—On the New York Curb Exchange the round-lot
transactions of specialists
"In stocks in which registered" are not
strictly comparable with data similarly desig¬
of
__
the
convention
was
summarized
as
follows
in
Philadelphia advices of Sept. 9, to the New York "Journal
of Commerce" of
Sept. 10:
They (the delegates) heard Frederic Snyder, world traveler and
journalist,
speaking at
declare that
floor
Reports showing no transactions
annual convention of the National
Security
Association, which convened in Atlantic City, N. J.,
on
Sept. 8, will close its sessions today (Sept. 11) after officers
for the coming
year have been elected.
More than 1,000
delegates to the convention went to Philadelphia on Sept. 9
for "Philadelphia
Day," where proceedings were held at the
Bellevue-Stratford Hotel, and returned to Atlantic City
yesterday (Sept. 10). Mayor S. Davis Wilson welcomed the
delegates to Philadelphia and invited them to hold their
1938 convention there.
Mr. Wilson, who was the principal
speaker at a luncheon held at the Bellevue-Stratford, pre¬
sided over by Dr. Luther A.
Harr, Secretary of Banking of
Pennsylvania, also took occasion to cite the financial position
of Philadelphia.
Gaylord C. Cummin, of Reynolds & Co., New York, also
addressed the delegates on
Sept. 9, and said that existing
credit ratings on
municipal bonds are such as to make
difficult accurate appraisals.
The "Philadelphia Day"
Traders
session
York
Stock
as
respec¬
follows:
New
Other than
11.89
The fourth
The data issued
The
257,730
Total round-lot transactions for accounts of all members:
17.58% of the
total volume on that
Exchange of 1,084,045 shares; during
the preceding week
trading for„the account of Curb members
of 388,455 shares was
17.93% of total trading of 1,082,810
round lot sales
a
209,350
249,3S0
-
Sold
of the most important
accomplishments of the
one
Cent
250,840
245,580
Bought
Landis felt that
Per
%
496,420
-
1.
the actual
functional segregation of the broker-dealer
function, Mr. Landis felt was
yet to be determined.
He would not discuss the latest
proposals being con¬
sidered or other details of the Commission's
plans.
Mr.
STOCKS
of
Total...
disorderly market.
be accomplished
except
Total...
Round-lot
Speculative Trading
the public and served to create
ALL
con¬
speculation," Mr. Landis said, "is to subordinate it,
rather than have it become the price determinant.
That is the philosophy
these
members
Initiated off the floor—Bought
Sold
over
which
of
Total
2.
definite and generally acceptable program,
including steps additional
already taken, would be realized.
described
transactions
Sold
to those
trading
more
4,641,450
_
been
said,
Landis
the Exchange
on
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
1.
to
as conversations had
Mr.
total
on
going on in the Summer with representatives of the Exchanges and
sideration given to steps that might be desirable. He was
satisfied, he
speculative
may
single report may
Week
dealing with the desirability and feasibility of
concern
a
Total for
segregation of brokers and dealers on the
according to a dispatch from Washington to
the New York "Times", which went on to
say:
a
classifications
because, at times,
EXCHANGE—TRANSACTIONS IN
ACCOUNT OF MEMBERS * (SHARES)
Total volume of round-lot sales effected
functional
"Our
various
classification.
Week Ended Aug. 14, 1937
exchanges,
that
the
Stock
on
Sept. 9, James L. Landis,
the Securities and Exchange
Commission, dis¬
Commission's
one
STOCK
YORK
Acceptable Program
Dealers
in
than the number of reports received
FOR
Segregation of Brokers and
Exchrnges
as
those of the specialist.
The
carry
for
1937
Exchange perform the functions of the New York Stock Exchange odd-lot dealer
NEW
Chairman Landis of SEC Looks for
11,
nated for the New York Stock Exchange, since specialists on the New York Curb
next
three
ready for
a
luncheon
within
48
hours
of his
arrival from
the
Orient,
foreign nations "have lost their self-control and within the
weeks
any
His address
and during
kind of
was
a
the next
war scare
four
or
five
months
we
must
be
from foreign headlines.
preceded by an assertion by Luther Harr, Pennsylvania
Secretary of Banking, who presided, that "it behooves
us
all
to
study
Volume
Financial
145
international problems if we are to gauge our business and the effects
of
"I think you will agree
with
me
that there is
a
prime necessity for those
sensitive a business as securities to recognize that we are
in so
are
1671
promise to be excellent.
According to figures published by the Department
of
world events correctly."
who
Chronicle
Agriculture on Aug. 22, total receipts to farmers from marketings and
Government payments during the calendar year 1937 are expected to reach
$9,000,000,000, the highest since 1929 and
an
increase of
more
than
a
dependent upon actions of men in Berlin, Tokio, London and other centers
billion
for the
allowance has been made for the action of Congress in voting to subsidize
which
course
our
activities must take," Mr. Harr said.
attacked cities for
Cummin
Mr.
"adjusting" their books
so
that they
much better financial condition than they actually are, and said
appear in
that any plan of credit rating must produce a formula "which can be applied
dollars
cotton producers against a fall
of wnich
payments
highly skilled personnel."
m».
but admitted that
so
far
as
he knew the rating problem "never has been
satisfactorily solved" even where data
are
Inaccurate ratings, he said, "give the
they
the uninformed
prevent
ordinary investor
false sense of
a
investor from purchasing
The convention, which is in session at the
Traymore Hotel
in Atlantic City, was told at the opening session on Sept. 8
by Wallace H. Fulton, Directors of the Investment Bankers
Conference, Inc., that Federal and State regulation of the
investment banking and security business is here to stay.
The over-the-counter rules of the Securities and Exchange
Commission which become effective Oct. 1, he said, are
fair, workable, and impose no undue burdens on those en¬
gaged in the securities business.
Mr. Fulton traced the
history
of
self-regulation
among
the
over-the-counter
dealers, touching upon the unwritten code of ethics which
existed prior to 1934 and citing the adoption of the invest¬
ment bankers code in that year and its subsequent abandon¬
ment due to the Supreme Court NRA decision.
He pointed
out that at that time the SEC requested the Code Committee
to convass the possibilities of carrying on voluntarily and
praised the overwhelmingly favorable response received from
over-the-counter dealers.
Fulton said that the enforcement of this
voluntary
in the hands of the 1700 members of the Invest¬
was
Bankers
Conference, Inc., organized solely for that
Dealers were reminded of the advantages of the
arbitral machinery which the Conference has set up in the
several districts for the unpublicized hearing and settlement
of disputes between members and between the public and
ment
purpose.
Also addressing the convention on Sept. 8 was Frank
Weeden, of Weeden & Co., San Francisco.
The following
regarding his remarks is from Atlantic City advices, Sept. 8,
to the New York "Journal of Commerce" of
Frank
Weeden
of
San
Francisco,
active
in
the
one
Sept. 9:
Bankers'
Investment
of the most important
accomplishments of the conference's technical committee has been
a
in cotton prices to the extent of a bounty
be
made
subsidies
care
of
long
as
question of unlisted trading
had
on
We have
dealers.
on
been
us
a
Intermediate Credit Banks—Issue Over-subscribed
Approximately
$20,000,000
working with the SEC
with
on
Sept. 15 about $26,000,000 of the securities. After Sept. 15
there will be outstanding $183,845,000 of the debentures.
Philadelphia
Federal
Rate from
all
at
A 1
Reserve
Bank
Lowers
Discount
2% to 12^%—-Low Rate Now in Effect
Institutions
lA% discount rate
Federal
was in effect this week at all the
banks, with the exception of New York,
Reserve
when the Federal Reserve Bank of
Philadelphia, on
reduced its rate from 2% to the l}4% level, effective
Sept. 3,
Sept. 4.
The rate of the New York Reserve Bank is fixed at
1%.
Since the Board of Governors of the Federal Reserve
System
announced several weeks ago that rate reductions at this
time would aid it in carrying out its
"easy" money policy,
all of the Reserve banks,
except Cleveland, have lowered
their rates by ]/2 of 1%; the Cleveland Bank is
already on
the llA% basis, that rate having been instituted on
May 11,
change will be made in the rate
1935.
It is indicated that
Cleveland institution at this time.
designed to
are
ease
no
The reductions
the credit situation due
to the continued
progress of the recovery movement and augmented
by fall
requirements of agriculture and business.
Reference to the reductions made
recently
was made in our issues of
Sept. 4,
banks
page
1343, and Aug. 21,
page
by the Reserve
1509, Aug. 28,
1186.
page
Report of Federal Reserve Committee
Practice—Recommends that
Further Liberaliza¬
Regulations of Board of Governors be Made
—Also
More recently
that
a
A report
we are
proper
going to
function."
no
Acceptance Privilege be
Important Fields
Not
With¬
drawn from Seven
of the Federal Reserve Committee
Practice made to
Reserve
feeling," he said, "is that in the last analysis
Acceptance
on
tion of
their definitions of what constituted
be judged and regulated according to whether we serve
National
were
The debentures sold are the joint and several
obligations
of the 12 Intermediate Credit banks. There is
maturing on
the
segregation of broker and dealer functions.
own
debentures
nine months.
We also have
Mr. Weeden refused to express an opinion on whether the SEC will insist
"My
l%%
yesterday (Sept. 10) by the-Federal Intermediate
Credit banks, and the subscription books were closed in
about an hour, the offering having been over-subscribed.
The debentures were priced at a premium over
par value.
They are dated Sept. 15, 1937, and will mature in five and
manipulative, fraudulent or otherwise deceptive practices."
on
of
offered
practical method of publicizing quota¬
securities traded in the over-the-counter market.
have been
are
Offering of $20,000,000 of 1}4% Debentures of Federal
to create
the matter of
concerned
national securities exchanges.
discussions regarding
many
Whatever the ultimate
year.
the immediate implications
+
"For nearly two years," he said, "we have had before
segregation of brokers and
we
be,
there is money in the Federal Treasury
as
better understanding of the SEC's problems.
tions
next
may
of the
members.
Conference, Inc., another speaker, declared that
no
to do it.
bonds that
considerably sounder than many that have higher though inaccurate
ratings."
Mr.
making these calculations,
the agricultural situation generally, as evidently the farmers are
on
going to be taken
are
code
In
\
available.
security, they lead in some cases to unduly high prices for inferior bonds
and
would
of such
consequences
bullish
,
1936.
receipts in
equal to the difference between the market price and 12 cents a pound,
by ordinary computers and the final results perhaps glanced over by the
He called for accurate figures and more of them in credit rating processes,
over
Board
the
System and
to
the
on
Acceptance
of
Governors of the Federal
Conference of Presidents of
Federal Reserve Banks is given in summarized form in the
Reserve Bulletin for September.
the Bulletin points out that:
City
In presenting the summary
Bank of New York Finds Volume of
at Relatively High Level in
August—
of Congress and Respite from
Legislative Uncertainties Views Business Men as
credits in Germany and several other European
countries, the Conference
of Governors of Federal Reserve Banks, at the
suggestion of the Federal
Reserve Board, appointed in the spring of 1932 a committee to
Able to
American acceptance practice.
Production
With Adjournment
Proceed
with
Less
Fear of
Restrictions—
Agricultural Outlook
The maintenance of the general volume of
production
trade at a relatively high level during August is noted
and
by the
"Monthly
Letter," issued Sept. 2.
"Judging by preliminary figures,"
says the bank, "the regularly accepted indices of industrial
activity will show a fair margin of gain over a year ago,
notwithstanding a moderate decline from the high levels of
the spring."
The bank adds:
National City Bank of New York in its September
Business
Fall,
e
but
men
are
look
forward to
a
good volume of trade activity in the
conductihg their affairs conservatively
and
there
is
In
view
of
the
affords
bank
a
observes
say:
the last session has brought
a
and hours throughout industry
feeling of relief to industry everywhere.
American business men, with few exceptions, ard heartily in sympathy with
good wages and fair working conditions for labor,
development in this country
so
as
in the "Bulletin"
the recommendations follow:
1.
the record of industrial
strikingly shows, but they have little faith
servative
temper
achieved
in
displayed
by the last
more con¬
Congress, and the improvement
employer-labor relationship during the
distinctly heartening developments.
The
summer,
have
They give courage to business
been
men to
It is recommended
that
the acceptance privilege be not withdrawn
from any of the seven important fields.
2.
It is
recommended
that further liberalizations in regulations
of the
Board of Governors be not made at this time.
3.
It is recommended that
a
footnote be added to
subparagraph (1) of
Section XI of Regulation A reading as follows:
While it is not a requirement of the eligibility of bills referred to in clause
(1) of Section XI of this regulation that documents covering the shipment of
goods be attached to the bills at the time of acceptance, it will be presumed
by Federal Reserve banks in discounting such bills that the accepting banks
have obtained satisfactory evidence as to the transactions
underlying
such
in the widsom of governmental boards in such matters, and see in
proposals
of this kind only new sources of confusion and frustration.
acceptance
Recommendations
adjournment of Congress
welcome respite from legislative uncertainties, and
The failure of the bill to regulate wages
their
impression heretofore prevailing in most quarters that the
preponderant part of the acceptance business of American
banks as it has grown up under tue guidance of the
regulations
of the Board has been satisfactory."
It is recommended among other things "that the ac¬
ceptance privilege be not withdrawn from any of the seven im¬
portant fields," and that further liberalization of the Gover¬
nors' regulations be not made at this time.
As contained
little
for a few months at least business men will be able to
go
ahead with their plans with less fear of new forms of
regula¬
tion and restriction from Washington.
It goes on to
to pass
with
review
the
that
banks
In the conclusions of the Committee it is stated that "the
statistical analysis pursued by the Committee confirms the
vidence of the boom psychology prevalent at this time a year ago.
The
of American
experience
4.
of
bills.
It is recommended that continued emphasis be placed on the
procediiire
check-up
through
Reserve Board
on
examinations..
Jan. 29,
aminations
In
keeping
with
this
proposal
the
1935, addressed letters to the Federal Reserve
Agents and the Comptroller of the
of members of the
Currency requesting that when
ex¬
Federal Reserve System were being made
broaden and expand their activities, and unless offset by adverse develop¬
attention be paid to whether the acceptance business of the respective bank
ments
was
elsewhere, tend to promote the further recovery of employment and
production.
The bank regards the situation in agriculture as "the most
favorable factor in the business outlook." In part it continues:
Nature has yielded bountiful crops, and notwithstanding the adjustment
of
prices to larger production, financial returns to the farm
being conducted in conformance with the law and regulations of the
Board.
population
5.
to
It is also recommended that the Federal Reserve banks, in addition
their usual scrunity of bills from the standpoint of eligibility and ac¬
ceptability, make at frequent intervals a
which
the
are
more extended
investigation of bills
purchased or offered for purchase in order to ascertain whether
acceptances are conforming with sound acceptance practice.
1670
r
Financial
The Chase
National Bank of the City
of New York is agent for the
Bavaria and Munich issues, and the National City Bank of New York is
agent for the Dusseldorf issue.
are
Bond holders desiring to accept the offer
Chronicle
The
requested to deliver their bonds to the appropriate above-mentioned
No interest accruing after their respective maturity dates will be
agent.
paid
upon
number
of reports
entries in
YORK
NEW
than
more
STOCK
in
the various classifications
EXCHANGE—TRANSACTIONS
interview at
the
total
MEMBERS *
Washington
Commission's
more
IN
ALL
STOCKS
(SHARES)
14, 1937
Total for
on
the Exchange
Per
Cent
a
4,641,450
on
program,
recommended
as
Round-lot
Initiated
This, he emphasized, had not been sidetracked,
as conversations had
on the
of
members
except
transactions
of
V"
floor—Bought
250,840
245,580
Sold..,
dealing with the desirability and feasibility of
segregation of brokers and dealers on the
exchanges, according to a dispatch from Washington to
the New York "Times", which went on to
say:
functional
Total
496,420
Initiated off the floor—Bought
Sold
2.
been
going on in the Summer with representatives of the Exchanges and
transactions
specialists and odd-lot dealers in stocks in which registered:
1.
to
Congress,
the
OF
Week Ended Aug.
Total volume of round-lot sales effected
Sept. 9, James L. Landis,
Chairman of the Securities and Exchange Commission, dis¬
cussed
may
5: :Week
Exchrnges
an
193 7
classification.
one
FOR ACCOUNT
Chairman Landis of SEC Looks for Acceptable
Program
for Segregation of Brokers and Dealers on Stock
In
11,
than the number of reports received because, at times, a single
report may
carry
bonds not surrendered under this offer.
Sept.
nated 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.
5.35
209,350
249,380
con¬
sideration given to steps that might be desirable.
that
He
was
satisfied, he said,
Total
Round-lot
definite and generally acceptable program, including steps additional
already taken, would be realized.
a
concern
tion.
We
are
working along trying to reach the general objectives set forth
In
stocks
in
-
over
philosophy
Exchange Act, and everything will be done in that direc¬
specialists
404,230
-
Total
807,330
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which
registered—Bought..
Sold
Total
Speculative Trading
Landis
speculative
described
trading
these
which
accentuated
the public and served to create
Whether
this
could
objectives
a
as
price
elimination
trends,
incited
yet to be determined.
or
He would
the
of
type
trading
without
not
1,762,480
registered:
by
1.
In round lots—Bought
Sold
2.
the actual
and
discuss the latest proposals
other details of the Commission's plans.
,
.
In odd lots (including odd-lot transactions of
specialists):
being
Total
was
341,270
con¬
,
Bought
Landis felt that
one
of the most important accomplishments of the
Commission under the two securities acts was an
impression upon the
financial world of the importance of the maintenance of certain
standards.
Among these he mentioned standards of corporate accounting, attributes a
security should
possess, standards
Total
NEW
1,465,154
YORK
CURB
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT
with reference to trading and standards
of disclosure in connection with the sale of
securities and corporate affairs.
He also emphasized the c mmission's war on
manipulation of securities.
"Even more important," Mr. Landis
said, "we have revitalized the
concept
702,462
762,692
-
Sold
\Maintmance of Standards
Mr.
209,650
131,620
....
complete
Landis felt
of the fiduciary obligation held
by corporation officials to their
stockholders and held by underwriters to the
buyers of securities."
He added that "we have a long
way to go" in the administration of the
acts, but that "very substantial progress already has taken
OF
MEMBERS *
IN
ALL
Total for
Week
.
Total volume of round-lot sales effected
the Exchange
on
Round-lot
transactions of members, except
specialists in stocks in which registered:
1.
Initiated
on
transactions
21,990
27,060
49,050
Initiated off the floor—Bought
Sold
33,050
Total.....
74,415
transactions
Trading on New York Stock and New York
Exchanges During Week Ended Aug. 14
Reported by SEC
During the week ended Aug. 14 the percentage of trad¬
ing for the account of all members of the New York Stock
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each
instance was
below the preceding week ended
Aug. 7, it was made known
by the Securities and Exchange Commission yesterday
(Sept. 10).
Trading on the Stock Exchange for the account of all
members during the week ended
Aug. 14 (in round-lot
transactions) totaled 1,762,480 shares, which amount was
18.99% of total transactions on the Exchange of 4,641,450
>
Curb
3.43
which
128,115
129,615
...
257,730
11.89
191,470
189,725
Sold
Total
381,195
17.58
Odd-lot transactions of specialists in stocks in which
registered:
Bought
99,250
Sold
67,606
Total
♦The term
166.856
"members"
includes
all
Exchange 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
includes both
ncliides only sales.
14 amounted
shares.
in
Bought
New
compares
stocks
Total round-lot transactions for accounts of all members:
Exchange member trading during the week ended
to 381,195 shares, or
17.58% of the
total volume on that
Exchange of 1,084,045 shares; during
the preceding week
trading for the account of Curb members
of 388,455 shares was
17.93% of total trading of 1,082,810
This
In
Total..
actions
purchases
and
reason
sales,
that the total of members'
while
the
total
Exchange
trans¬
volume
SEC
Over-the-Counter
Rules
Held
Fair
and
Workable by W. H. Fulton in
Addressing National
Security
Attacks
Other
Traders
Credit
Convention—G.
Ratings
C.
Municipal
on
Cummin
Bonds—
Speakers
The fourth
The data issued
figures
specialists
Sold..
with member trading during the
previous week ended Aug. 7 of 1,845,203 shares, or
19.60%
of total trading of
4,706,090 shares:
On the New York
Aug.
of
registered—Bought....
Member
2.26
41,365
month.
Round-lot
by the SEC are in the series of current
published weekly in accordance with its
being
program embodied in its report to
on the
Congress in June, 1936,
"Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for .the week ended
Aug. 7 were given in these columns of
Sept. 4, page 1507. In making available the data for the
week ended
Aug. 14, the Commission said:
The figures given for
total
Exchange and
round-lot volume for
the New York Curb
round lot sales of stock
effected
Exchange
the New York
Stock
represent the volume of all
those exchanges as distinguished from
ticker.
The total round-lot volume for the
on
the volume reported
by the
week ended Aug. 14 on the
New
York Stock Exchange,
4,641,450 shares,
7 7% larger than the
volume reported on the ticker.
On the New York
Exchange, total round-lot volume in the same
week, 1,084,045 shares
exceeded by 5.8% the ticker
volume (exclusive of rights and warrants.
The data published
today are based upon reports filed with the New
York Stock Exchange and
the New York Curb
Exchange by their respec¬
tive members.
These reports are classified as
follows:
was
Curb
New
York
Stock
u
Exchange
.
Number of reports received
Initiated
on
869
-mo
specialists
floor
no
transactions
*Note-
On the New York Curb
in stocks in which
registered" are
annual convention of the National
Security
Traders Association, which convened in Atlantic
City, N. J.,
Sept. 8, will close its sessions today (Sept. 11) after officers
for the coming year have been elected.
More than
on
1,000
delegates to the convention went to Philadelphia on Sept. 9
"Philadelphia Day," where proceedings were held at the
Bellevue-Stratford Hotel, and returned to Atlantic
City
yesterday (Sept. 10). Mayor S. Davis Wilson welcomed the
delegates to Philadelphia and invited them to hold their
1938 convention there.
Mr. Wilson, who was the
principal
for
speaker at
sided
a
luncheon held at the Bellevue-Stratford,
pre¬
by Dr. Luther A. Harr, Secretary of Banking of
Pennsylvania, also took occasion to cite the financial position
of Philadelphia.
Gay lord C. Cummin, of Reynolds & Co., New York, also
addressed the delegates on Sept. 9, and said that
existing
credit ratings on municipal bonds are such as to make
difficult
accurate
appraisals.
The "Philadelphia Day"
over
session
of
the
convention
206
I
I
IIIII
III.H
50
298
125
541
609
Exchange the round-lot transactions of specialists
not strictly comparable with data
similarly desig¬
was
summarized
as
follows
in
Philadelphia advices of Sept. 9, to the New York "Journal
of Commerce" of Sept. 10:
They (the delegates) heard Frederic Snyder, world traveler and
journalist,
speaking at
a
luncheon
within
declare that foreign nations
Initiated off floor
Reports showing
Exchange
103
....
as
York
Curb
i 072
Reports showing transactions,
As specialists *
Other than
New
a
of
the floor—Bought
Total....
2.
Per
Cent
1,084,045
Sold
Mr. Landis, whose resignation from the Commission
had
heretofore been noted (June 5,
page 3772), had expected to
take up his new post as Dean of the Harvard Law
School
this week, but plans to take
up his new duties later in the
Curb
STOCKS
(SHARES)
Week Ended Aug. 14, 1937
place."
shares.
18.99
Transactions for account of odd-lot dealers In stocks In which
disorderly market.
be accomplished
functional segregation of the broker-dealer function, Mr.
sidered
of
8.70
863,290
899,190
-
in the segregation report."
Mr.
4.94
which
registered—Bought—403,100
speculation," Mr. Landis said, "is to subordinate it,
rather than have it become the price determinant.
That is the
of the Securities
of
Sold
to those
"Our
458,730
transactions
next
three
weeks
and
ready for any kind of
His address
48
hours
of his arrival
a
from
the
Orient,
"have lost their self-control and within the
dining the next four
war scare from
or
five months
we
must
be
foreign headlines.
preceded by an assertion by Luther Harr, Pennsylvania
Secretary of Banking, who presided, that "it behooves us all to study
was
Volume
Financial
145
business and the effects
international problems if we are to gauge our
world events
"I think you will agree
who
in
are
dependent
for the
with
me
that there is a prime necessity for
sensitive a business as securities to recognize
so
actions of men in Berlin, Tokio,
upon
those
that we are
London and other centers
said.
which our activities must take," Mr. Harr
course
Mr.
of
correctly."
"adjusting" their books so that they
attacked cities for
Cummin
actually are, and said
that any plan of credit rating must produce a formula "which can be applied
by ordinary computers and the final results perhaps glanced over by the
much better financial condition than they
appear in
highly skilled personnel."
x
He called for accurate figures and more
of them in credit rating processes,
but admitted that so far as he knew the rating
problem "never has been
1671
Chronicle
Department
marketings and
Government payments during the calendar year 1937 are expected to reach
$9,000,000,000, the highest since 1929 and an increase of more than a
billion dollars over receipts in 1936.
In making these calculations, no
According to figures published by the
promise to be excellent.
of
Agriculture
on
Aug. 22, total receipts to farmers from
allowance has been made for the action of Congress in
voting to subsidize
of a bounty
pound,
payments of wnich would be made next year.
Whatever the ultimate
consequences of such subsidies may be, the immediate implications are
bullish on the agricultural situation generally, as evidently the farmers are
going to be taken care of as long as there is money in the Federal Treasury
cotton
producers against
a
fall in cotton prices to the extent
equal to the difference between the market price and 12 cents a
to do it.
satisfactorily solved" even where data are available.
Inaccurate ratings,
he said, "give the ordinary investor a false sense
and
uninformed investor from purchasing bonds
the
they prevent
considerably sounder than many that have higher
are
of
prices for inferior bonds
security, they lead in some cases to unduly high
that
though inaccurate
ratings."
is in session at the Traymore Hotel
City, was told at the opening session on Sept. 8
by Wallace H. Fulton, Directors of the Investment Bankers
Conference, Inc., that Federal and State regulation of the
investment banking and security business is here to stay.
The over-the-counter rules of the Securities and Exchange
Commission which become effective Oct. 1, he said, are
The convention, which
in Atlantic
fair, workable, and impose no undue burdens on
those en¬
gaged in the securities business.
Mr. Fulton traced the
history
of self-regulation among
the over-the-counter
dealers, touching upon the unwritten code of ethics which
existed prior to 1934 and citing the adoption of the invest¬
ment bankers code in that year and its subsequent abandon¬
ment due to the Supreme Court NRA decision.
He pointed
out that at that time the SEC requested the Code Committee
to convass the possibilities of carrying on voluntarily and
praised the overwhelmingly favorable response received from
over-the-counter dealers.
Fulton said that
Mr.
code
was
arbitral
Inc.,
Conference,
Bankers
ment
purpose.
the enforcement of this voluntary
in the hands of the 1700 members of the Invest¬
organized solely for that
reminded of the advantages of the
machinery which the Conference has set up in the
Dealers
were
several districts for the
unpublicized hearing and settlement
disputes between members and between the public
of
and
Offering of $20,000,000 of 1}^% Debentures of Federal
Intermediate Credit Banks—Issue Over-subscribed
iy%
of
$20,000,000
Approximately
debentures
were
offered yesterday (Sept. 10) by the Federal Intermediate
Credit banks, and the subscription books were closed in
about
hour, the offering having been over-subscribed.
were priced at a premium over par value.
an
The debentures
Sept. 15, 1937, and will mature in five and
They are dated
nine months.
The debentures sold
the joint and several obligations
There is maturing on
are
of the 12 Intermediate Credit banks.
Sept. 15 about $26,000,000 of the securities. After Sept. 15
will be outstanding $183,845,000 of the debentures.
there
Philadelphia
Rate
at
A
Reserve Bank Lowers Discount
2% to 1%%—Low Rate Now in Effect
Federal
from
all
Institutions
13^% discount rate
was
in effect this week at all the
Federal Reserve
banks, with the exception of New York,
Philadelphia, on Sept. 3,
reduced its rate from 2% to the 1 l/2% level, effective Sept. 4.
The, rate of the New York Reserve Bank is fixed at 1%.
Since the Board of Governors of the Federal Reserve System
announced several weeks ago that rate reductions at this
when the Federal Reserve Bank of
time would aid it in carrying out
all of the Reserve banks, except
its "easy" money policy,
Cleveland, have lowered
their rates by y2 of 1 %; the Cleveland Bank is already on
the iy% basis, that rate having been instituted on May 11,
1935.
It is indicated that no change will be made in the rate
of the
addressing the convention on Sept. 8 was Frank
Weeden, of Weeden & Co., San Francisco.
The following
designed to ease the credit situation due to the continued
progress of the recovery movement and augmented by fall
requirements of agriculture and business.
Reference to the reductions made recently by the Reserve
banks was made in our issues of Sept. 4, page 1509, Aug. 28,
page 1343, and Aug. 21, page 1186.
Also
regarding his remarks is from Atlantic City advices, Sept.
to the New York "Journal of Commerce" of Sept. 9:
of
Weeden
Frank
San
Francisco,
active
in
the
Conference, Inc., another speaker, declared that one
better understanding
"For nearly two
segregation
Bankers'
Investment
of the most important
accomplishments of the conference's technical committee
a
8,:
years," he said, "we have had before us the matter of
Report of Federal Reserve Committee
Practice—Recommends that
We have been concerned with the
of brokers and dealers.
exchanges.
have been working with the
practices."
segregation of broker and dealer
"My
be
SEC will insist
functions.
judged and regulated according to whether we serve a proper
function."
A report
of the Federal Reserve Committee
Practice made
to
System
and
of Congress and Respite from
Legislative Uncertainties Views Business Men as
Able
to
Proceed
In
Agricultural Outlook
general volume of production and
relatively high level during August is noted by the
National City Bank of New York in its September "Monthly
Letter," issued Sept. 2.
"Judging by preliminary figures,"
says the bank, "the regularly accepted indices of industrial
activity will show a fair margin of gain over a year ago,
notwithstanding a moderate decline from the high levels of
The maintenance of the
trade at
the
a
spring."
Business
Fall,
but
men
are
The bank adds:
look
forward
to
a
good volume of trade activity in the
conductihg their affairs conservatively
evidence of the boom psychology prevalent at
bank
The
a
that
the
a
The failure of the bill to
adjournment of Congress
will be able to go
regulate wages and hours throughout industry
feeling of relief to industry everywhere.
American business men, with few exceptions, ard heartily in sympathy with
good wages and fair working conditions for labor, as the record of industrial
development in this country so strikingly shows, but they have little faith
in the widsom of governmental boards in such matters, and see in proposals
of this kind only new sources of confusion and frustration.
The more con¬
servative temper displayed by the last Congress, and the improvement
achieved in employer-labor relationship during the summer, have been
distinctly heartening developments.
They give courage to business men to
broaden and expand their activities, and unless offset by adverse develop¬
ments elsewhere, tend to promote the further recovery of employment and
the
that:
experience
v.
<
of American
banks
with
their
acceptance
European countries, the Conference
Reserve
Federal
review
Board, appointed in the spring of 1932 a committee to
American acceptance practice.
In the conclusions of the Committee it is stated that "the
statistical analysis pursued by the Committee confirms the
impression heretofore prevailing in most quarters that the
preponderant part of the acceptance business of American
banks as it has grown up under tne guidance of the regulations
of the Board has been satisfactory."
It is recommended among other things "that the ac¬
ceptance privilege be not withdrawn from any of the seven im¬
portant fields," and that further liberalization of the Gover¬
nors' regulations be not made at this time.
As contained
in the "Bulletin" the recommendations follow:
Recommendations
1.
2.
withdrawn
It is recommended that the acceptance privilege be not
from any of the seven important
It is recommended
fields.
that further liberalizations in regulations
of the
Board of Governors be not made at this time.
3.
It is recommended that a footnote be added to subparagraph
(1) of
Section XI of Regulation A reading as follows:
While it is not a requirement of the eligibility of bills referred to in clause
(1) of Section XI of this regulation that documents covering the shipment of
goods be attached to the bills at the time of acceptance, it will be presumed
by Federal Reserve banks in discounting such bills that the accepting banks
have obtained satisfactory evidence as to the transactions underlying
such
4.
of
bills.
check-up
Agents
and
aminations
through
on
examinations..
Jan. 29,
In
keeping
with
this proposal the
1935, addressed letters to the Federal
the Comptroller of the Currency requesting that
of members of the Federal
attention be paid to whether
was
placed on the procedure
It is recommended that continued emphasis be
Reserve Board
Reserve System were
Reserve
when ex¬
being made
the acceptance business of the respective
being conducted in conformance with the law
bank
and regulations of the
Board.
production.
regards the situation in agriculture as "the most
favorable factor in the business outlook." In part it continues:
Nature has yielded bountiful crops, and notwithstanding the adjustment
of prices to larger production, financial returns to the farm population
Presidents of
of Governors of Federal Reserve Banks, at the suggestion of the
uncertainties, and
the last session has brought a
The bank
of
and there is little
ahead with their plans with less fear of new forms of regula¬
tion and restriction from Washington.
It goes on to say:
to pass
view
this time a year ago.
welcome respite from legislative
few months at least business men
affords
for
observes
the Conference of
credits in Germany and several other
Less Fear of Restrictions—
with
Acceptance
Federal Reserve Banks is given in summarized form in the
Reserve Bulletin for September.
In presenting the summary
National
With Adjournment
to
on
Governors of the Federal
Board of
the
the Bulletin points out
City Bank of New York Finds Volume of
Production at Relatively High Level in August—
Acceptance
Regulations of Board of Governors be Made
that Acceptance
Privilege be Not With¬
drawn from Seven Important Fields
Reserve
feeling," he said, "is that in the last analysis we are going to
own
on
Further Liberaliza¬
—Also
SEC on their definitions of what constituted
Mr. Weeden refused to express an opinion on whether the
no
tion of
We also have
regarding a practical method of publicizing quota¬
securities traded in the over-the-counter market.
More recently
manipulative, fraudulent or otherwise deceptive
on
time.
has been to create
had many discussions
we
this
are
of the SEC's problems.
question of unlisted trading on national securities
tions on
Cleveland institution at
The reductions
members.
5.
It is also recommended that the
Federal Reserve banks, in addition
and ac¬
extended investigation of bills
which are purchased or offered for purchase in order to ascertain whether
the acceptances are conforming with sound acceptance practice.
to
their usual scrunity of bills from
the standpoint of eligibility
ceptability, make at frequent intervals a more
1672
Financial
Chronicle
It must be recognized that in the long run sound acceptance practice de¬
pends most largely
bank,
and
ment for
sound credit Judgment on the part of the accepting
for improvement in practice must be
on
goes
to state that
on
they have many customers
prevented by Government
are
decrees from converting these resources to make possible payment of con¬
tracted obligations.
and the development of sound traditions.
From the Reserve "Bulletin"
goods in gold,
who, although possessed of ample resources,
the principal reliance
placed upon the gradual process of the seasoning of judgment of acceptors
_
Sept. 11, 1937
Furthermore, the great majority of credits extended
by American banks under the most important standstill agreement, that
also quote the
we
with Germany, have been extended to German banks, and
following
has
regarding the report:
not
permitted
public
of the latter to suspend payments.
any
The committee was made up of operating officers of the Reserve banks
and consisted at first of E.
R.
to standstill agreements
Kenzel, Chairman, Ira Clerk, and C. R.
policy
Hence losses
which creditors have incurred in connection with acceptance credits
subject
have not arisen from fault in the individual credit
but have been due almost wholly to the discount incident to the conversion
McKay, Deputy Governors respectively of the Federal Reserve Banks of
of foreign currencies into dollar exchange under existing Governmental con¬
New York, San Francisco, and Chicago.
trols.
It
was
determined by the Federal
Reserve Board that Its representation on the Committee should be through
W. W. Riefler of the Division of Research and Statistics
Since this discount has ranged from about
Its senior staff, and
of the Federal Reserve Board was detailed to assist in the formulation of
procedure and analyzing the information obtained.
Mr. Reifler
ceeded in the assignment by G. W. Blattner of the
same
was
banks
American
suc¬
division.
up
to December
in
liquidating
the untimely death of its Chairman, Mr. Kenzel, occurred
have
been losses in
was also submitted to
parts of this report
of the System's
$50,000,000,000.
Bankers' Acceptance: W. W. Pad¬
on
Vice-President of the Federal Reserve Bank of Boston, and
F. J. Zurlinden, First Vice-President of the Federal Reserve Bank of Cleve¬
dock,
First
other
all
on
Under
the
losses under the standstill
to
Furthermore there
not
permit of an
estimate of the
Complete figures of loss in connection with stand¬
would loom large beside the
and comments were received from the other members of the sub-committee
General Committee
$246,000,000 of acceptance credits
some
though absence of available data does
amount of these losses.
still credits
The report
ac¬
of Germany, for example,
liquidating Austrian and Hungarian commitments al¬
and W. Randolph Burgess, Deputy Governor of the Federal Reserve Bank
appointed to his place.
15% to 51 %, the loss to
case
1935 may have lost something between $32,000,000 and
of New York
was
In the
$45,000,000 in disposing of registered mark balances.
At the time the material collected by the Committee was being organized
for this report,
cepting banks has been substantial.
$10,000,000 loss shown in other
American
acceptance business
circumstances
of
are
outlined
above,
of
some
however,
quite different type from those incident
a
the ordinary practice of the acceptance business.
land.
Character
In the collection of data all the Reserve banks and all of the important
accepting banks in this country, members
well
as
The second
nonmembers of the
as
of Acceptances
is the character of the paper
preparation of the report the Committee
no
of the Reserve Board and
number of the Reserve banks.
a
The work of the Committee extended
and
aided by the officers and staff
was
final report was made to the Board of Governors of the Federal Re¬
a
System and the Conference of Presidents of Federal Reserve Banks
serve
in late 1936.
The
for
more
important parts of the report
the information
are
of accepting institutions
a
here quoted or summarized
and other interested in the
subject.
approaching the problem of acceptance practice,
that is the soundness of the business conducted by acceptors, entailed re¬
questing each organization which had been
an
important acceptor in the
Oct. 31,
were
contrived,
for each of the following classes of
one
credits:
I.
II.
III.
IV.
V.
VI.
VII.
by proof of eligibility such
Reports of 100 American banks,
The total
Foreign storage credit.
Dollar exchange credit.
nevertheless
to the nature of the
as
underlying
Informal inquiries among twenty-five of the most
important
the end of 1935
at
about three-quarters of
It is clear that
recognized in the main by the
are
making inquiry into the experience relating to individual
were asked for
changes in the law and regulations
expressions of opinion as to desired
duties of all sorts demaned of bankers
during the months following the bank¬
ing holiday.
Furthermore, it was desired to include as complete a study
of experience with the so-called standstill
agreements of
countries as was possible.
This delay served an
Germany and other
additional useful purpose,
since it permitted the completion of the
study of a number of important
was
still in suspense at the time the original
Indicated Losses, 1920-1932
In connection with the
aggregate of the
which
the
bank customer
collections through
failed
with
August 1935 had amounted
central
to
$23,300,000;
an
aggregate
European
countries.
This experience will
be
referred to separately in the latter
part of this report.
The volume of losses of $10,300,000 does not
appear
with the aggregate acceptance business
done
which has been estimated at
over
.02 of 1%
years
1920-1932,
The indicated losses, there¬
of the total acceptance business
done during the years
1920-1932; losses plus amounts still in
suspense, less
Commission received by the
accepting banks for their
undertakings, aggregated at least $125,000,000 on the basis of a
charge
of H of 1% for 90 day credits.
.04 of
1%.
Since the primary purposes of this
survey was to ascertain from actual
experience what change if any should be made in
existing law, regulations,
or practice in order to correct
any evident weakness
which may exist in the
business of extending acceptance
credits, an accurate analysis should
based on the types of transactions which led
to
difficulty
the dollar amounts involved.
be
or loss rather than
Obviously in following the latter
course a
single transaction involving a very substantial sum
might appear to out¬
weigh several other types of transactions
aggregating a smaller dollar value.
Accordingly the former
method would
appear
to
be
the
better
Unfortunately, however, the replies from
reporting banks show
only those transactions which resulted in
difficulty or loss and there is no
way of ascertaining the actual number of transactions
of
increasingly
corresponding type
were consummated
satisfactorily.
As a consequence this
survey
indicate only the
relationship of the individual types of unsatisfactory
credit to the total number of cases
involving difficulty or loss.
which
Losses Incurred in Standstill
Liquidation
arose
not from
the in¬
ability of the debtors
to meet their obligations in their own
currencies but
inability to make transfers of funds through the normal
channel
ofvthe International exchanges.
This is confirmed by most of our ac¬
cepting banks, as illustrated by the comment of one of the
from their
institutions whose
experience is included in this survey.
the prolongation of credits
were still in need of
difficult
to
provide
working capital.
Under
the standstill agreement, the Germans
agreed to provide eligible paper as
far as possible and the
right is reserved, when it is not possible, to carry the
resulting debt in the form of
higher rate of interest.
were
not
cash advance
a
or
overdraft, of
course at
The majority of accepting banks have
definitely self-liquidating.
Indeed, to
a
treated
so
a
agreements have been extended to German banks which in curn made them
available
their
to
commercial
and
industrial
there have been numerous substitutions of
one
customers.
Consequently,
debtor for another
as
well
as
changes in the types of transactions underlying the bills presented for
acceptance.
In addition, not infrequently original
acceptances have become
overdrafts and
subsequently been replaced by bills which again have become
overdrafts
so that
except in relatively few cases there has been no real
continuity of individual credits.
For these reasons it does not appear pos¬
Suggestions for Liberalizations
Proposals for liberalizing the law and regulations
to
two classes of credits:
moval
of
the
The bank in question, after
referring
by the various standstill arrangements with
European countries and exchange controls which have
stopped pay¬
were
made with respect
domestic shipments and domestic storage.
Re¬
50% limitation with respect to domestic acceptances
suggested by several acceptors.
for domestic storage credits was also mentioned.
ment as to documents
was
Broadening the list of commodities eligible
growing out of domestic shipment, it
was
With respect to credits
recommended that the require¬
conveying security title be liberalized.
Conclusions
The statistical analysis pursued
by the Committee confirms the impres¬
sion heretofore prevailing in most
quarters that the preponderant part of
the acceptance business of American banks as it has
grown up under the
guidance of the regulations of the Board has been
satisfactory.
no
recorded instance of
investor in
an
There is
bankers acceptances having lost a
dollar of principal and no bank has closed
or
suspended payments because
of difficulties
arising from its acceptance business.
The analysis has shown
that losses which have been suffered
by American institutions because of
their acceptance commitments have been for the most
part associated with
the types of eventualities which should be forestalled more
by the judgment,
prudence,
and vigilance of bankers
than
by official regulations.
Of the
$10,300,000 of losses suffered by acceptors in the years 1920-1932, not in¬
cluding the losses growing out of standstill business,about 80% were as¬
sociated with such matters
as:
failure of the customer, price declines, con¬
ditions of the trade, and fraud.
It
an
seems
to
the Committee,
however, that this record does
not
justify
attitude of complacence on the part
its general
of the Federal Reserve System in
responsibility for the rules and regulations under which Ameri¬
can acceptance business is done.
bankers'
can
.
important change in the character of bills took place
eligible paper, although they
basis for
analysis.
It should be borne in mind that the
agreements
an
large when compared
during the
$50,000,000,000.
fore, have been slightly
System, .
keeping with the general tendency of
effect.
With the decrease
in volume of transactions which could
give rise to eligible bills, many foreign
customers of accepting banks found it
$38,300,000 of bills with respect
promptly to meet the full obligation,
of $4,700,000 was still in suspense; and losses
had been written off to the
extent of $10,300,000.
These figures, of course, do not include losses in¬
curred by American acceptors in connection with
bills included in standstill
arrangements
eligible under the
sible to apply the same methods of
analysis to individual acceptances as
were used in the earlier
part of this report.
submitted.
were
in
as
large extent
they have kept their German bills off the market entirely.
By far the greater part of American acceptance credits subject to standstill
Although the replies of the accepting banks were assembled in the main
during the early part of 1933, there were delays associated with the strenuous
questionnaries
was
at the time the standstill
agreements went into
bills which
practices.
or
Assembly of Replies to Questionnaries
final settlement of which
volume of bills
tries.
seven
In addition to
central
accompanied
were
eligible; and 30% were definitely not
evidence
no
were
other evidence; 31%,
the time toward excessive credits of all sorts to the
central European coun¬
credits, accepting banks
to
as
or
evidence,
the bills outstanding at that time could be
classified
Acceptance Council.
The
Council, however, in reporting acceptances outstanding from time to time
includes in one grouping shipment between or
storage in foreign countries.
on
transaction.
documentary
Domestic storage credit.
development of the law and regulations and
than
self-liquidating and offered
Agreement, 39%
shipping documents
as
by
of
on
regulations of the Board of Governors of the Federal Reserve
statistics currently compiled by the American
to
as
Import credit.
Export credit.
Domestic shipment credit.
Credit covering shipments between foreign countries.
classifications, in which acceptances are naturally grouped
the basis of the style of underlying
transaction, were suggested by the
cases,
unaccompanied
accepting banks indicate that
These
on
or
1931, indicate that of $288,000,000 of acceptances
outstanding
that date under the German Standstill
presumably capable of classification
styles of schedules
be
opinion of competent bankers with respect to the extent of
any laxness in
practice and the circumstances under which it occurred.
The only figures
which are available on the subject relate to the
period after the standstill
the bank's customer failed promptly to meet
Seven different
can
time
one
not
was
or
although
obligation to place the accept¬
and
experience
There
supported by actual
industrial transactions which would provide
self-liquidation
for the bills which our banks were called
upon to accept.
The Committee has examined the available
figures and has asked the
commercial
past decade for detailed information with respect to every credit "on which
ing bank in possession of funds to pay the acceptance."
Agreements
drawn under existing credits.
agreements had gone into effect.
In general, the plan for
Standstill
to
substantial volume of such drawings partook at
another of the nature of finance paper
period of nearly four years,
over a
doubt that
Subject
important consideration in reviewing standstill
Reserve System, participated; and in the analysis of these data and the
and
that
acceptance
should
acceptances
transactions
which
be
The Committee holds the view that the
the
come
prime
into
commercial
the
market
credit
should
instrument,
be
based
on
as
nearly riskless and above suspicion as possible. On such a
premise, any loss in the field should be the occasion of regret and of effort
to foreclose its recurrence.
The statistics incidate that, even
omitting standstill credits which
separate
problem, the greatest amounts of unsatisfactory experience
are a
were
encountered in the fields of shipment between and
storage in foreign coun¬
tries, and import transactions.
There
is, however, considerable ground for believing that American banks
uniformly adhere to the ideals of acceptance practice in their central
European business. In the light both of this study and the experience with
standstill bills, many acceptors have expressed the belief that the
reguladid not
Volume
Financial
145
tions should be tightened to raise
the direction of requiring that the
to the financial
as
and the self-liquidating nature
control
the goods
over
accepting bank be in possession
responsibility of the recipient
adequate
should
particularly
of the transaction, and that a more
well expressed by one important
This point of view was
accepting bank:
initially fostered and laws
of the acceptance facility was
use
of full
of the credit
by the agent of the accepting institution
prevail until the credit be liquidated.
When the
looked in
made by acceptors
to such transactions several recommendations
Information
in
respect
the standard of acceptance practices
and storage in foreign countries. With
the field of shipment between
and regulations formulated, every effort was made to prevent the acceptance
of purely finance bills, and provisions were made for exhibition of docu¬
the basis
evidencing related actual self-liquidating transactions as
ments
for acceptance financing. Later the regulations were modified and the
est latitude permitted member
banks in determining eligibility.
broad¬
This
freedom resulted in certain abuses, improper practices and the
creation of bills not even remotely associated with transactions which would
liquidate within the life of the bill.
Instances of this nature have, been
submitted to the standstill committees with which you are familiar. While
the broad powers granted acceptors are highly advantageous and desirable,
we suggest the possibility that the creation of such bills should be deter¬
mined by more definite regulations as to the type and extent of evidence
which should be required by prospective acceptors as to actual contracts
of sales to be financed or actual movements of goods before bills are ac¬
cepted as eligible.
greater
The evidence the Committee has assembled indicates
improvement of practice along the lines
some
there is room for
abouts, of Treasury bills dated Sept. 8, 1937 which were
offered in two series of $50,000,000 each.
Of the tenders
Secretary Morgenthau said, $100,240,000 were
accepted. One series of bills was 104-day securities, maturing
Dec. 21, 1937, and the other was 273-day bills, maturing
received,
June 8, 1938.
The tenders to the offering were
invited on Aug. 31 by
Acting Secretary of the Treasury Taylor, as noted in our
issue of Sept. 4, page 1510. They were received at the Federal
Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, Sept. 3.
Details of the bids to the
two issues of bills were made available as follows on Sept. 3
by Secretary Morgenthau:
this
to
2.
(27 % of the amount bid for at the low price was
♦Range:
High
99.600—Equivalent rate approximately 0.527%.
99.448—Equivalent rate approximately 0.728%.
Low
with respect
*
Committee
tances
to whether "American
as
accommodate
to
banks.
Reviewing Banking Developments in First Half of 1937
Board
of Governors of
Federal Reserve System
be discussed in order.
early stages of this project, the question was
the
In
banks
are
facilitating
and Industrial Loans
been authorized and practiced
extensively in
a
field in the past creates a strong presumption
profitable and reasonably safe field of activity in financing
and
transactions,
storage
opportunity
no
foreign ship¬
sufficient reason for foreclosing the
From the point of view
apparent to the Committee.
seems
against pro¬
If American accepting institutions can find
of the United States the outstanding commit¬
drawn to finance transactions
of the balance of payments
ments of American investors in acceptances
countries have the same
of short-term lending. Out of
this field
involving shipment between and storage in foreign
effect
the
equal volume of any other type
as an
and
contacts
goodwill incident to acceptance activities in
and their customers.
More than this, if reference is made to British acceptance practice, it is
found that the extension of American activity into the field of purely
grow
other satisfactory business for American banks
foreign transactions has good precedent.
that
large proportion of the acceptance
a
banks relates to transactions in which
the merchandise is
a
resident of the British Isles, or of a
It is to be presumed that in the
for that matter.
in
as
it may safely be done,
practice
provide sufficient latitude for the
fulfilment of that function.
proper
2.
far
of the functions of a
the regulations governing acceptance
world money market and
so
British dominion
future the money market
will be called upon to fulfil many
this country
should,
The best information indicates
liabilities of important British
neither the buyer nor the seller of
As
previously noted
several
of those replying to
the Committee's
of Federal Reserve Board
of the type and extent of evi¬
required by prospective acceptors as to the actual
financed or actual movements of goods before bills
questionnaire have suggested the modification
regulations to include definite specification
dence which should be
contract of sales to be
they relate to the
importation or exportation of
goods are drawn in broad terms and make no specific requirements as to the
character of evidence accepting banks must obtain.
The conditions under
which transactions of this sort take place are so varied that it would be
difficult if not impossible to draw a regulation which would lay down
are
accepted
as
eligible.
The present regulations as
financing of transactions arising out of the
making compliance impos¬
sible in many sorts of transactions.
For example, in many cases of ship¬
ments of goods between foreign countries it would be impossible for the
accepting bank to obtain shipping documents at the time of the acceptance.
It does, however, seem possible that the regulations should contain a general
and import trans¬
accepting bank is
expected to obtain satisfactory evidence, documentary or otherwise, as to
the precise nature of the transactions underlying the credit extended. Such
a general requirement in the regulation serves notice on accepting banks
as to what may be regarded as sound acceptance practice, and provides a
basis for the examination of individual credits which may be made later
actions
and shipments
between foreign countries, the
banks.
the Committee received
3. "While
noted above
as
tions for changes in regulations,
a
number of sugges¬
the Committee was constantly
impressed
effect that sound acceptance practice
with the number of comments to the
of sound traditions.
well expressed by the officer of one of the large
depended upon credit judgment and the development
This point of view was
accepting
period, shown by the call reports of condition of all member
banks, as of June 30, 1937 comprised a decrease of $260,000,000 in total loans and investments
increase of
over
of reiterating . . . that pri¬
marily acceptances are an instrument of credit and their value is based on
the soundness of our judgment of the credit risk involved. It is my impres¬
sion that the eligibility provisions have a tendency opposite to their original
intention.
To the inexperienced I believe they endow transactions which
can be classified under the regulations as eligible with a primary assumption
of soundness. A credit risk, of course, does not depend upon the nature of
any single transaction but many other factors enter into the credit risk
but take this opportunity
independent of the .transaction
$319,383,000
Two
itself
Tendered to
Series
Offering of $100,000,000 of
Treasury
of
Bills
Dated
Sept.
8—
Bills at Rate of
0,480% and $50,016,000 for 273-Day Bills at Rate of
$50,224,000 Accepted for 104-Day
0.711%
Secretary
were
of the
Treasury Henry Morgenthau Jr. an¬
Sept. 3 that tenders aggregating $319,383,000
received to the offering of $100,000,000, or there¬
nounced
on
of member banks, an
declines
$300,000,000 in reserves and sharp
deposits of domestic banks and of the United States
Other deposits increased slightly, says the
in
Government.
"Bulletin," which in part, went on to say:
condition of banks showed
member banks in the first
half of 1937 reflect diverse movements at different groups of banks and of
different types of loans, investments, and deposits.
The call-report figures
indicate that country banks did not show declines in their investments and
deposits as had been previously shown by weekly reporting banks in leading
cities.
\ **
During the first half of this year country banks withdrew substantial
amounts of their balances from city banks and used the funds in part to
meet the increase in reserve requirements prescribed by the Board of
Governors and in large part to increase both their loans and their invest¬
ments.
For the purpose of meeting these withdrawals, as well as the in¬
creased demand for loans from their own customers, city banks reduced
their holdings of investments.
The withdrawals of bankers' balances and
the growth of loans continued throughout the six-month period, but most
of the decline in investments, especially in holdings of United States Gov¬
ernment obligations, was effected in the first quarter of the year.
The
principal changes in the banking situation during the first half of 1937
all of these items in the
In other recent years
substantial increases.
are
shown
Aggregate figures for all
w
inj,he following table:
CONDITION
(In millions of
m\ ft? iwj"
1937, AND CHANGES
MEMBER BANKS ON JUNE 30,
IN FIRST HALF OF 1937
OF
dollars)
Condi¬
Changes In First 6 Months
of 1937
tion of all
Central
Member
Banks
7
'
.
'
" '
'
'
■.
;■
'
_
Reserve
Country
Member
City
City
Banks
1937
Banks
Banks
Banks
Reserve
+ 262
14,285
18,454
Loans
Investments
All
June 30,
—
Total loans and investments...
+ 925
+462
+ 199
—1,186
—867
—365
+47
32,739
—261
—405
—166
+ 309
—60
—424
—375
—859
Balances with other banks
3,207
Required reserves
6,037
+ 1,405
+ 672
+ 447
+ 285
860
—543
—340
—195
32,511
—1,079
+ 139
—146
+ 107
728
—258
+ 50
—195
+ 177
—114
—1,134
+ 191
—542
—516
—75
Excess reserves....
.......
Total adjusted deposits a
Savlngsdeposlts
Interbank deposits—domestic
Foreign bank deposits...
— a
Total
5,421
629
States Government, Postal Savings
of collection.
•
'
_
Notwithstanding the increases in reserve
reserves.
+ 191
and bankers'
deposits less United
deposits and Items in process
first half of this year all
banks in the following language:
I cannot help
System the
1937 are reviewed,
the principal developments during the
U.S. Govt. & Postal
by bank examiners or the Federal Reserve
issued by the
Reserve
banking developments in the first half of
minutely requirements as to evidence without
requirement that with respect to credits covering export
Federal
the
of
Governors
of
and it is stated that
United States."
The fact that acceptance activities have
hibiting them in the future.
September number of the "Bulletin"
In the
Board
During
Largest Since 1932
1937
goods between the United States and a foreign
ties were produced in the
Continued
Loans
of
engaged in exporting or importing
country." This challenge
involves, of course, the question of the "necessity for permitting banks to
grant acceptance credits to finance (a) movement of goods between two
foreign countries each foreign to the United States; (b) storage of readily
marketable staples in foreign countries whether or not underlying commodi¬
and Growth
Period—Agricultural
Totaling $620,000,000 June 30,
Find Withdrawal of Bankers' Balances
raised in the
justified in granting accep¬
world trade other than incidental to
the needs of American customers directly
ment
accepted.)
Excepting one bid of $100,000.
mainly upon the gradual develop¬
practice on the part of accepting
These three questions will
a
approximately 0.711%.
Average price 99.461—Equivalent rate
point.
ment of sound traditions of
1.
accepted.)
June 8, 1938
Total accepted, $50,016,000
273-Bay Treasury Bills, Maturing
Total applied for, $159,174,000
(95% of the amount bid for at the low price was
Whether reliance should be placed
3.
0.498%.
approximately 0.480%.
Average price 99.861—Equivalent rate
problem:
this
on
99.971—Equivalent rate approximately 0.100%.
99.856—Equivalent rate approximately
Low
Whether the general field of acceptance activities should be narrowed.
Whether some additional and more specific regulations should be issued
1.
$160,209,000
Range:
High
,
of the foregoing quotation,
between and storage in
The Committee has raised three questions
Maturing Bee. 21, 1937
Total accepted, $50,224,000
104-Bay Treasury Bills,
Total applied for,
;
especially with respect to bills covering shipment
foreign countries.
1673
Chronicle
_
^
requirements made during
n
the
classes of member banks continued to have excess
change in the banking situation during
Perhaps the outstanding
held unusually
these funds to
other uses.
obtained from
these balances had been invested by city banks and a part had been held
by them as excess reserves with the Reserve banks.
Consequently, a
large part of the demand for funds to meet both the increase in reserve
requirements and the growing demand for loans throughout the country
has been met out of balances that had been held in the financial centers.
This is in accordance with usual developments during an upswing in business
when funds previously held idle, and concentrated in money market centers
begin to be in demand throughout the country.
This year the withdrawal
of funds from financial centers had less effect on conditions in the money
market than was the case on other similar occasions, even though the con¬
centration of funds was larger than usual.
This was due to the fact that
a large part of the funds was held as excess reserves, available for instant
withdrawal, while in earlier periods the funds had been largely employed
in stock-market loans which had to be called or shifted to other lenders
the
period was that country
banks, which in recent years have
with city banks, put a considerable part of
Prior to their withdrawal a part of the funds
large balances
when an outflow set in.
1674
Financial
Chronicle
Further Increase in Loans
There
was
No
further marked increase in loans at member
a
first half of 1937.
for
an
less
amount
of commercial, industrial, and agricultural
borrowers, which began in most
of the larger cities in the first quarter of 1936 and continued
through the
Fractions must not be used.
remainder of that year, became more general in the first half of
1937, when
and trust companies and from
there
ment securities.
large demand for loans at country banks
was a
well
as
as
at city
banks.
Growth in Commercial Agricultural Loans
v
agricultural
loans,
by so-called
measured
as
"other loans,
in
on
amounted
earlier years.
central
at
was
city banks in New York, $35,000,000 in Chicago,
reserve city banks, and $180,000,000 at country banks.
The increase in
period
which
of
Chicago was reduced somewhat by repayment in the
Credit Corporation notes, about $40,000,000 of
Commodity
were
held by Chicago banks on December 31, 1936.
As compared
with the growth in the first half of 1936, the rate of increase in
commercial
this year at New York City banks was about the
same, while at
loans
city banks it
reserve
about twice
At
was
as
shown by the following table, most of the in¬
Philadelphia and Cleveland and
the San
in
the San
districts of Boston,
Francisco district.
Increases
Francisco and Cleveland districts followed substantial
growth
in 1936.
MM
"OTHER"
LOANS
MEMBER
OF 1937.
meat
guaranty of payment by
express
incorporated
an
following morning.
on
Sept. 13,
branches thereof
of the
possible thereafter, probably
as soon as
on
the
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders
amount
or
will be opened and public announcement
the closing hour
to
of tenders, and to allot less than the
or parts
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance
Those
rejection thereof.
or
Payment at the price offered for Treasury bills allotted must be made at the
Federal
Reserve
banks
cash
in
other
or
immediately available funds
on
Sept. 15. 1937.
The
bills be exempt,
Treasury
gain from the sale
city banks,
crease in commercial loans occurred in the northeastern
in
accompanied by an
acceptable prices will follow
was
large.
as
reserve
considerably less, and at country banks it
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
1937, all tenders received at the Federal Reserve banks
up
$250,000,000
reserve
$160,000,000 at
«
Immediately after the closing hour for receipt of tenders
to
June 30, 1937,
Of the total increase for the six months,
Each
99.125.
bank Or trust company.
the largest since the summer of 1932, although still much smaller than
was
be considered.
will
10% of the face amount of Treasury bills applied for, unless the tenders
are
In the first half of this year the growth in commercial,
industrial, and
about $620,000,000 and, the total amount of these loans
$1,000
The price offered must be expressed
Tenders will be accepted without cash deposit from incorporated banks
of
;
than
7
the basis of 100, with not more than three decimal places, e.g.,
on
the part
on
tender
tender must be in multiples of $1,000.
banks in the
The growth in the demand for bank credit
Sept. 11,
to
as
principal and interest, and any
other disposition thereof will also be exempt, from
or
all taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills
the gift tax.)
No loss from the sale
bills shall be allowed
of
poses
as
deduction,
a
exempt from
not
are
other disposition of the Treasury
or
or otherwise
recognized, for the
pur¬
any tax now or hereafter imposed by the United States or any of
its possessions.
OUTSTANDING
BANKS JUNE
30,
RESERVE
AT
CITY
AND
1937, AND CHANGES IN
COUNTRY
FIRST
Treasury Department
HALF
Circular No. 418,
as
amended, and this notice
prescribe the terms of the Treasury bills and
a
the
govern
conditions of
their issue.
Reserve City Banks
v.+
!■
:
-■
June 30,1937
Change Sines
Dec. 31, 1936
$
$
Boston
Philadelphia
209,000,000
365,000,000
230,000,000
164,000,000
178,000,000
129,000,000
171,000,000
100,000,000
94,000,000
Dec. 31,
247,000,000
61,000,000
202,000,000
Cleveland
252,000,000
New York
Richmond
+31,000,000
+ 3,000,000
+4,000,000
+ 6,000,000
—2,000,000
170,000,000
St. Louis
142,000,000
Minneapolis
Kansas City
108,000,000
170,000,000
140,000,000
621,000,000
—9,000,000
+47,000,000
144,000,000
147,000,000
131,000,000
2,389,000,000
+ 158,000,000
2,062,000,000
.
Dallas
San Francisco.......
Total, b
a
1936
+ 30,000,000
99,000,000
170,000,000
...
Chicago
Includes all
other than
loans
—1,000,000
+ 14,000,000
loans
to
banks,
loans
on
+28,000,000
+ 5,000,000
+ 14,000,000
+ 9,000,000
+3,000,000
securities and on
real
and holdings of acceptances and open-market commercial
paper.
reserve city banks not shown In this
table amounted
$1,776,000,000 in New York, and $437,000,000 in Chicago on June 30, 1937,
showing Increases of $249,000,000 and $35,000,000 respectively.
b "Other loans" for central
to
At reserve city banks in the New
York, Chicago, Atlanta and St. Louis
districts, where there had been substantial increases in
1936, only
slight decline in commercial loans
was
a
moder¬
reported in the first
half of this year.
At
increased
this
year
in
Philadelphia and
Although
of 1937
was
creased,
and
commercial, industrial and agricultural loans have
district.
every
in the districts of Boston,
were
in
banks,
country
by the chart.
dealers in securities
000,000, loans
rose
were
percentage
increases
'
Ntf
omit.—Ed.) Loans to brokers
by $125,000,000 real estate loans by $100,we
securities to customers by
on
$45,000,000, and holdings of
The additional loans to
brokers and
extended by New York City banks and
brought the total of
such loans to the
of this review,
highest level since 1931.
however, there has been
the end of June.
at reserve
largest
districts.
(This
open-market paper by $20,000,000.
dealers
The
Minneapolis and Dallas, and the smallest
Francisco
most of the increase in loans at member banks in the first
half
in loans to business
customers, other types of loans also in¬
shown
as
San
As shown in
some
Nearly all of the increase
city and country banks.
a
previous section
decrease in these loans since
in real estate loans took place
These banks also added to their hold¬
ings of open-market paper, while such
holdings at New York City Banks
declined.
Loans
on
securities
to
customers
increased somewhat in
New
York but continued to decline
elsewhere.
114%
in
has limited its
483,500 of maturing 3%%. Treasury notes of series A-1937,
and to the paying off in cash of seven issues of maturing
Treasury bills totaling $350,569,000 and $168,400,000 of in¬
terest
the public debt, with funds from its working bal¬
on
ance"
Secretary
announced
of
notes
of
series
B-1942,
amount
1937
of
Thereabouts—To Be Dated Sept. 15,
Announcement of a new offering of
$50,000,000, or there¬
abouts, of 273-day Treasury bills was made on
Sept. 9 by
Secretary of the Treasury Henry Morgenthau Jr.
Tenders,
Secretary Morgenthau said, will be received at the Federal
Reserve banks, or the branches
thereof, up to 2
Eastern Standard
Time, Sept. 13, but will
at Hie
p. m.,
not be received
Treasury Department, Washington.
The new bills, which will be sold on a discount basis to the
highest bidders, will be dated Sept. 15,
1937, and will
^
mature
on
amount of
of
issue
June
the
15, 1938.
bills
will
$50,005,000 of
be
On the
maturity date the face
payable without interest.
An
similar
securities
will
mature
on
Sept. 15.
holders
3%%
are as
follows:
,
books.
"very
was
satisfactory"
retary Morgenthau
They (the bills) will be issued in bearer form
only, and in
of $1,000,
$10,000, $100,000, $500,000, and
(maturity value).
Sept. 15 financing, Sec¬
said that because of
reduction
a
in
ex¬
$50,000,000 weekly
as it has been doing the past several
weeks, and will confine its bill issues to meet current ma¬
turities.
In July the Treasury made known the intention
$500,000,000 through the sale of 10 special bill issues
to raise
to
with
around
mature
the
Dec.
15
financing and
It has already sold nine issues totaling
$450,000,000, but Secretary Morgenthau explained that
the
working balance
in
the
general
fund
now
about
$1,100,000,000, and with income tax collections in excess of
$500,000,000 due Sept. 15, it is felt that further cash borrow¬
ing
was
at this time.
unnecessary
The rates of interest borne by the notes offered this week
represent
New
2%
has been
June,
paid
rate
that
1934,
on
on
level
when
1%%
and
being quoted
last
of
the
higher
issue.
note
an
In
note
issue
of
issues
four
similar
September,
that
Since
on
the first
security of
a
of
time
the
and
nine
the
rate
since
2*4%
has
rate
about five
years
time
maturity
1934,
the
years,
months'
was
varied
latter
maturity
June.
expansion
Secretary
of
commercial
Morgenthau
Treasury welcomed
It
on
quoted.
was
1%%
on
of borrowing to the
advices, Sept. 6, to the
Sept. 7 commented:
Treasury officials found the
the
cost
five-year notes marked
or
2%%
four-year
a
between
sold
quoted
at
the
in
As to this, Washington
York "Times"
The
rise
further
a
government.
was
such
the
first
of
a
as
felt
regard
an
since
for the higher
reason
and
to
agricultural
be
loans
"healthy"
a
rate
by
sign
now
offered
banks,
the
and
one
in
which
which
the
reflecting increasing prosperity.
time
considerable
that
had
there
Mr.
extent,
been
an
Morgenthau
increase
said,
in
and
commercial
it
followed
development would affect the money market.
to
commercial
increase of
that
time
pay
more," he added.
borrowings
the
Federal
$620,000,000 from Jan.
there
has
been
a
further
Reserve
System
has
1 to June 30 of this year,
substantial
expansion.
Previous reference to the Sept. 15 financing plans of the
Treasury appeared in these columns of Aug. 28,
following is from Secretary Morgenthau's announce¬
of Sept. 9 bearing on the new
offering of bills:
denominations
expected it would be
penditures the Treasury will cease, for the present, to offer
for cash special issues of Treasury bills in amount of
In
The
ment
and
about 90%.
In announcing the details of the
reported
$50,072,000 dated May 12, due Sept. 17.
series
before midnight that day, which were
having been entered before the close of the
Secretary Morgenthau said on Sept. 9 that the con¬
version
and
$50,140,000 dated May 19, due Sept. 18.
$50,182,000 dated May 26, due Sept. 18.
$50,112,000 dated June
2, due Sept. 18.
of
notes,
as
"Naturally the Treasury has to
$50,025,000 dated April 21, due Sept. 16.
$50,024,000 dated April 28, due
Sept. 16.
$50,014,000 dated May 5, due Sept. 17.
notes
3% %
placed in the mail
considered
borrowing
Sept. 15 financing
2%
maturing
asked.
that
issues of bills
five-year
the
The subscription books to the offering were closed at the
close of business Sept. 9, except for those subscriptions
operation.
seven
of
the
offering being limited to the amount of the
notes tendered and accepted.
No cash subscriptions
were
issues
The
and
Jr.
of the
There is also
maturing from Sept. 16 to Sept, 18
of Treasury bills
amounting to $350,569,000,
which, as noted elsewhere in our issue of
today will be paid
off m cash with funds from
the Treasury's
working balance
as
part of the Treasury Department's
seven
Treasury Henry Morgenthau
combined offering of 15-month 1
a
E-1938,
to the
about
or
the
Sept. 6
on
concentrated
Offering of 273-Day Treasury Bills in Amount
$50,000,000,
previously stated plans, the Treasury
Sept. 15 financing to the refunding of $817,-
tax collection date.
New
Notes
In accordance with
+6,000,000
+ 18,000,000
+ 181,000,000
for
Sept. 15 Financing—
and Five-Year 2% Notes
Exchange for $817,483,500 of Maturing
3J^s—No Cash Offering—Books Closed—Conver¬
sion Regarded as Satisfactory—To End for Present
Special Bill Issues
+36,000,000
+9,000,000
+ 15,000,000
+ 15,000,000
+22,000,000
Interest
Raises
15-Month
Offered
estate,
ate growth or a
Treasury
S
+34,000,000
+2,000,000
June 30,1937
%
Atlanta.
Country Banks
Change Since
amounts
or
$1,000,000
page
1344.
Both issues of notes offered this week will he dated
Sept. 15,
1937.
The 1^4% notes of series E-1938 will mature on
Dec. 15, 1938, and the 2% notes of series B-1942 will mature
on
Sept. 15, 1942; the notes are not subject to call for
redemption prior to maturity.
They are exempt, both as to
principal and interest, "from all taxation (except estate or
Volume
Financial
145
inheritance
taxes, or gift taxes)
now
hereafter imposed
or
possessions
of the United States, or by any local taxing authority."
Secretary Morgenthau conferred on Sept. 4, following his
return to Washington the preceding day from a month's
vacation in Hawaii, with the Open Market Committee of
by the United States, any State, or any of the
Federal Reserve
the Federal Reserve Board and with other
officials
the Sept. 15
on
The Secretary also con¬
financing.
Secretary of the Treasury "Wayne
ferred with Assistant
C.
Budget Daniel W. Bell,
Taylor and Acting; Director of the
offer¬
of maturities.
Sept. 6 Washington advices to the "Times" it was
at which conference it wyas
decided to terminate the
ing of special Treasury bill issues in excess
In
the
Secretary attributed the more favorable position of the Treasury
balance sheet to reductions in relief or emergency expenditures and highly
The
satisfactory
«Gold
receipts.
revenue
fiscal year
been
imports
cut
have been at relatively
fund.
the first two months of the
the outlay for relief by the Works Progress Administration had
by about $79,000,000, as compared with the same two months
The figures for the two months, July and August,
last year.
of each of the
$235,034,721 and $314,080,469.
Secretary Morgenthau also stated that after Sept. 15 "we will examine
the whole Treasury bill market situation" to determine the policy to be
two years
were
There have been reports that the Treasury was
considering substituting short-term paper of slightly longer maturity than
the 273-day bills in meeting maturities of such outstanding bills.
As the budget picture now stands, it appears probable that the Treasury,
at some time after Sept.
15, again will seek new cash by the issue of
in
pursued
future.
the
to
obtain
hope
that
15
in
order
definitely
is
the
March
be
will
maturities
due shortly after the income tax payment date of
cash to supplement the general fund, but it
fall
bills to
Treasury
of
notes
bear interest from
other types of new
cash offerings of longer
unnecessary.
immediately after income tax
them off out of general fund receipts.
due Sept. 16, 17 and 18, totaling
policy has been to keep the general
The
income
tax
level
that
15,
Sept.
Sept.
March
on
and
15
Sept.
The notes shall be exempt,
3.
taxation
(except estate
as
$168,400,000 of
interest on the public debt due on
continuing
obtain
to
a
balance,
approximate balance,
or
budget by the end of the fiscal year on June 30, Mr.
the
Morgenthau
about as estimated, and he felt that the
revenue
receipts were highly satisfactory.
Mr. Bell said that he hoped to have a revised budget estimate ready
said
expenditures
were
running
by the end of the month after the effect of action taken
been assessed and the possibility of making reductions
by Congress had
in some of the
expenditures studied.
emergency
Secretary Morgenthau's announcement
be limited
will
notes
accepted
in
exchange therefor.
Cash subscriptions will not be received.
notes will be accorded the same exemptions from taxation
other issues of Treasury notes now outstanding.
These
The Treasury
are
as
accorded
specifically set forth in the official circular issued today.
only in bearer form with coupons attached, in the
denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington, and should be accompanied
provisions
are
The
will be issued
notes
Treasury notes of series A-1937, maturing
due on Sept. 15 detached.
The right is reserved to close the books as to any or all subscriptions
at any time without notice, and, subject to the reservations set forth in
the official circular, all subscriptions will be allotted in full. •
Special Treasury bills aggregating $350,600,000, which mature immedi¬
ately after Sept. 15, and about $168,400,000 interest on the public debt,
which becomes due on Sept. 15, will be paid from the cash balance.
by
a
Sept.
like'
of
amount
face
15, 1937, with the final coupon
Below7
is
an
Department
Treasury
official
circular de¬
scribing the offering:
UNITED STATES OF AMERICA
l1/i% Series E-1938, due Dec.
1942.
TREASURY NOTES
15, 1938; 2% series B-1942,
Both series dated and bearing
Circular
1937—Department
No.
due Sept. 15,
1937.
Service
interest from Sept. 15,
578—Public Debt
TREASURY DEPARTMENT
Office of the Secretary
Washington, Sept. 7, 1937.
I.
The
Secretary
of
the
Treasury,
accepted.
The notes will
4.
rules
and
the
of
be
regulations
Treasury
bear
a
The
notes
interest
of
from
series
They will mature Dec.
tion
Description
of Notes
Sept. 15, 1937, and will
1^4% per annum, payable on
15 and Dec. 15, 1938.
E-1938 will be dated
that date at the rate of
semi-annual basis on
Dec. 15, 1937, and on June
15, 1938, and will not be
prior to maturity.
hereafter
of the possessions of the
local taxing authority.
such
by the Secretary
of income and profits taxes payable at the
accepted at par
during such time and under
shall be prescribed or approved
as
payment
in
interest, from all
maturity of the notes.
5.
The
will
acceptable to secure deposits of public moneys, but
privilege.
with interest coupons attached will be issued in denomi¬
will
notes
Bearer notes
nations
will
of
$100,
be
not
be
circulation
the
bear
not
Subscriptions
branches
$10,000 and $100,000.
$500, $1,000, $5,000,
in registered form.
The notes
issued
Subscription and Allotment
III.
1.
and
at
the
received at the Federal Reserve banks and
Department, Washington.
Banking institu¬
be
will
Treasury
submit subscriptions for account of customers, but
only the Federal Reserve banks and the Treasury Department are authorized
to act as official agencies.
The Secretary of the Treasury reserves the
tions
generally
may
subscriptions or classes of sub¬
to any or all
notice.
to close the books as
right
scriptions at any time without
The
2.
of
Secretary
the Treasury reserves the
right to reject any sub¬
to allot less than the amount of notes
applied for, to make allotments in full upon applications for smaller
amounts, and to make reduced allotments upon, or to reject, applications
for larger amounts, or to adopt any or all of said methods or such other
methods of allotment and classification of allotments as shall be deemed
whole
in
scription,
or
part,
in
tions
in the public interest; and his action in any
shall be final.
Subject to these reservations, all
will be allotted in full.
Allotment notices will be sent out
upon
of
subscrip¬
or all
allotment.
him
by
these
be
to
respects
IV.
1.
Payment at par for notes
promptly
Payment
made or com¬
allotted hereunder must be
before Sept. 15, 1937, or in later allotment, and may be made
only in Treasury notes of series A-1937, maturing Sept. 15, 1937, which
will be accepted at par, and should accompany the subscription.
on or
V.
1.
General Provisions
basis
States,
United
Federal Reserve banks are
subscriptions, to make allotments on
indicated by the Secretary of the
the Federal Reserve banks of the respective districts, to issue
and
requested to receive
and
authorized
the
the
of
agents
fiscal
As
up
Treasury to
to
amounts
the
payment for notes allotted, to make delivery
allotted, and they may issue interim
receipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to
time, prescribe supplemental or amendatory rules and regulations governing
notices,
allotment
of
notes
on
the offering,
to receive
subscriptions
full-paid
which will be
communicated promptly to the
MORGENTHAU JR., Secretary
HENRY
Federal Reserve
of the Treasury.
Approves Simplified Tax Returns
Individuals and Corporations in^Reporting 1937 Incomes
fel
Treasury Department
for Use by
Simplified tax returns, easier to read and accompanied by
readily understandable than those of pre¬
instructions more
by the Treasury Depart¬
corporations in reporting
1937 incomes, Under Secretary Roswell Magill announced
on Aug. 27.
The changes were undertaken by Mr. Magill
at the direction of Secretary Morgenthau and the new returns
will represent the first major change in 15 years in the forms
on which
taxpayers have reported their incomes, said an
announcement issued by the Treasury Department.
During
that period there have been a number of gradual additions
vious years, have been approved
ment for use by individuals and
without compensating elimi¬
Department said. It explained:
The
forms and instructions, some of which now contain examples,
the product of several months of study by two committees, one working
with Mr. Magill and Director George C. Haas of the Treasury's Division of
Research and Statistics, and another named by Commissioner of Internal
Revenue Guy T. Helvering and Deputy Commissioner Charles T. Russell,
head of the Income Tax Unit.
The two groups recently were merged to
develop their recommendations into final form for approval.
.
.
Aside from the larger type and added white space gained by the elimina¬
tion of irrelevant questions, Treasury officials said an important improve¬
ment
the transfer to the back page of the individual returns of the affi¬
davit sworn to by the taxpayer.
Returns can thus be sworn to without tbe
disclosure of income figures to notaries public or administering officers, it
to meet
changing revenue laws
nations, the Treasury
new
are
was
was
pointed out.
.
.
.
which will call for reporting of all capital gains
or rentals on the 1040 form, regardless of the individual's total net income,
the great majority of 1040A taxpayers, whose principal income is from wages
and salaries, will be saved from puzzling blanks which have no bearing on
By
a
special provision
their own return.
Under Secretary
1936 returns,
for incomes above
report to make on
Magill said that of the
3,500,000 were for incomes under $5,000 and 2,000,000
that amount, and that 95% of the former group had no
Another improvement
subject to call for redemp¬
is the schedule
for earned income
credit, a major
that credit has been allowed under the revenue
laws.
The committee members believe that taxpayers will have no trouble
in computing earned income credit in the new schedule, which provides
cause
for confusion, since
complete instructions and
whereas the
sufficient space for computation on the return,
figuring off the sheet on the basis of more
1936 form required
instructions.
Aside from general simplification, the
meager
principal intent was to make
their
committee members explained) that
it possible for taxpayers to tell the whole
return without having to resort to attach¬
ments.
Among the changes toward that end is the elimination of descrip¬
tions of securities on which dividends or interest have been received.
More elasticity also is provided in reporting on the 1040 form gains and
losses from sales or exchanges of property.
Heretofore there was only one
line available for each designated period of time duiing which the property
was held.
In the new return the SDace of that schedule is doubled and no
story
II.
1.
to principal and
Schedule F for capital gains.
Offering of Notes
pursuant to the authority of the
Second Liberty Bond Act, approved Sept. 24, 1917, as amended, invites
subscriptions, at par, from the people of the United States for notes of the
United States in two series,
designated U4% Treasury notes of series
E-1938 and 2% Treasury notes of series B-1942, respectively, in payment
of which only Treasury notes of series A-1937, maturing Sept. 15, 1937,.
may be tendered.
The amount of the offering under this circular will be
limited to the amount of Treasury notes of series A-1937 tendered and
1.
as
imposed by the United States, any State, or any
of the offering of
be made par for par, and the offering of each series
to the amount of maturing notes tendered and
will
Exchanges
both
banks.
Sept. 6, issued for publication Sept. 7, follows:
Secretary of the Treasury Morgenthau announced today the offering,
through the Federal Reserve banks, of two series of Treasury notes, both
in exchange for 3%% Treasury notes of series A-1937, of which $817,483,500 mature on Sept. 15, 1937.
Both series of notes will be dated
and bear interest from Sept. 15, 1937.
One series, designated series E-1938,
will bear interest at the rate of 1%%, and will mature in 15 months
on
Dec. 15, 1938.
The other series, designated series B-1942, will bear
interest at the rate of 2% and will mature in five years, on Sept. 15,
1942.
The notes will not be subject to call for redemption before maturity.
of
per
15
inheritance taxes, or gift taxes) now or
or
United States, or by any
,•
efforts
With
of
well
as
date.
that
fund working balance at about
it now is around $1,100,000,000.
With the heavy
payment due this month, the Treasury hopes to keep it near
even
after paying off the bills maturing immediately after
and
$1,000,000,000,
of 2%
15,
maturity.
pleted
$350,600,000, will be paid off in this manner.
the rate
that date at
1937, and will
annum, payable semi¬
Sept.
dated
be
in each year.
They will mature
15, 1942, and will not be subject to call for redemption prior to
annually
By making the bills sold for cash fall due
payment dates, the purpose is to pay
An
accumulation of bill maturities
will
B-1942
series
also
large outlays from the general
Bell called attention to the fact that in
Mr.
The
2.
6.
stated:
low level and have not called for
1675
Chronicle
/
of the taxable year on one
1676
Financial
such rigid classifications for "period of time held" and the length of
'time.,
held" to be included in the description of the property.
Chronicle
Starting Wheeler Dam,
Ala. Dedication Ceremonies—President Plans Trip
**
„
For their 1937 returns, Mr. Magili explained, taxpayers will be sent the
Pacific Coast
to
type of form (1040 or 1040A) used by them in reporting 1936 income,
same
with return postcards enclosed
to notify collectors of internal
revenue
of
their desire for a different form in the event their 1937 income necessitates
use
Sept. 11, 1937
President Roosevelt Presses Key
of the alternative form.
^
President Roosevelt Warns American Citizens in China
Leave—No Change in United States Policy
Says
Secretary Hull—American Consulates at Foochow
and Amoy to Be Closed
to
President
Roosevelt, on board the yacht Potomac, at
Block Island, R. I., on Sept. 5 gave warning at a conference
with reporters that all Americans in China should
leave;
those declining, he was represented as
saying, would do so
at their
risk.
own
contained in
One version of the President's
dispatch from Block Island
a
warning, as
Sept. 5, to the
on
Baltimore "Sun" follows:
y
The President said that the policy with respect to evacuation of American
citizens in China is the
in 1935 and in
that applied to American citizens in
same as
The third
large power, navigation and flood control pro¬
Tennessee Valley Authority—the $37,000,000
Wheeler Dam in Alabama—was dedicated yesterday (Sept.
10) with the pressing of a button by President Roosevelt in
his Hyde Park, N. Y., home as a signal for the ceremonies.
ject of the
The Dam, which is located between Decatur and Muscle
Shoals, Ala., is named for General Joseph Wheeler, cavalry
the Confederacy.
The dedication address was
by Speaker William B. Bankhead, of the House of
Representatives.
In a message telegraphed to the TVA, President Roosevelt
said that "the inauguration of this work marks another
step in the great task in organizing the household of the
nation to meet growing social arid economic needs.
The
President's message was reported as follows in Associated
Press advices from Wheeler Dam, yesterday:
delivered
The
Ethiopia
Spain in 1936.
of
leader
entire
nation
has
a
vital interest
urged by American diplomatic and consular
TVA
second
navigation
and
flood
control
officials to evacuate and
placed in service since the inception
ment
popular
were aided in doing so, the United States Govern¬
making it clear that it would take no responsibility for the protection
of those
The
who
chose to remain.
President
formally
has
citizens in
China.
President said.
set
There
still
are
after
which
of protecting,
as
the
Government
best it
can,
the coast.
But diplomatic and consular officials have endeavored to
reach
every
American citizen in China with
an
leave
the
to
Those
remain in China at their
who
fail
urgent
heed
recommendation that he
this
recommendation
will
risk, the President warned today.
own
rights in China.
any
In part
At
who pleaded in a
these advices
assurances to
cablegram against
American business
any
men at
Shanghai,
time,
same
a
of this project in
congressional
incidental
expended
moneys
As
generation
of reimbursing the
means
waterways.
1933,
mandate
a
mistaken
planned
complete watershed.
all
for
sound
the
of power
Government in
development
projects
should
and
do,
by
these
"steps"
large measure
control
Wheeler
It is
of
Dam
intent
of
abandonment of American position
statement
a
by President
for
interior
our
particularly appropriate that this dam, undertaken in
and destined to play a large part In the life of the nation
bear
the
of
name
"Fighting Joe" Wheeler,
who in and out of Congress
servation,
makes
in
an
was
as a
earnest
ardent
an
the
Roosevelt
the
to
effect that Americans remaining in areas where there
is shooting and bomb¬
so at their own risk.
The Government, it was said, has
urged
Americans to leave dangerous sectors.
ing did
Washington account Sept. 7 to the New York "Herald
reporting Secretary Hull as stating that the
South
whole, should
advocate
of
con
champion of the
development of the Tennessee River.
organizing the household of the nation
needs.."
•••.'•
•
■
President
the
the
meets
for
incidental contribution to the public welfare by adding another
important
unit to the nation's parks and providing a
sanctuary for the conservation
the Far East.
Officials said the American Chamber of Commerce at
Shanghai apparently
A
through
The inauguration of this work marks another
step in the great
The Department sent
had
the
provides
the
also said:
in
expressed
today of this
Wheeler Dam,
be completed and
of wild life.
Under date of Sept. 8 it was stated in Associated Press
accounts from Washington that while this
country wishes
Americans to leave the danger zone, it has no intention of
surrendering
desire
to
tion, and. in the reverse order, stepped-down for flood control.
7,780 American citizens in China, the
Some of
country.
dedication
Through unified control, the Tennessee River is stepped-up for naviga¬
will
American
them are, or were, at distant inland
points and
require time to arrange their affairs and reach points of evacuation on
so
the
project
conservation and utilization of the natural resources of
deadline
no
the obligation
renounce
in
important link in one of the nation's great hydro-highways.
In each instance they were
Potomac,
task in
growing social and economic
Roosevelt
on
Sept. 5, while aboard the yacht
Block Island, R. I., said that he was con¬
trip to the West Coast, but that the Far
near
templating
Eastern
to meet
•
a
situation stood
in the
way at the moment.
The
trip would not be a political one.
President indicated that the
Tribune"
President's
Potomac
statement
nouncements
Other
State
to
newspaper
men
board
on
Department
officials
deplored
the
interpretation
President
the
Sept. 5 did not add anything to previous
of policy, went on to
say in part:
on
ing
an¬
of
war zone.
There
drawing the guard of marines
was no
thought, it
was
Have
the
said, of with¬
or
recalling the naval squadron.
The policy of lending Americans in China
every assistance short of the
use of armed force still
stands, according to an authoritative source, despite
orders issued
today that the American consulates at Amoy and Foochow
in South China ?,re to be closed
The Consuls
to
were ordered to give nationals in
their areas a final warning
proceed to concentration points from which
they could be evacuated.
The Consul at Amoy was instructed to
close his consulate at once unless
conditions there changed for the better.
The Consul at Foochow
was
told to round up all Americans and to
close whenever he thought it would
be unsafe to remain.
Similar
precautionary
steps
were
taken
by
the
Army
and
Navy
minimize the chance of harm
coming to Americans in the war-torn
The Navy announced that Rear Admiral
to
area
Harry E, Yarnell, commander of
the Asiatic squadron, had ordered
dependents of Navy and marine personnel
to evacuate Shanghai.
The Army canceled permission for Army personnel
to visit China on
leave, and decreed that families would noc be permitted
to
accompany
personnel
ordered
to
China.
Families of the officers and
men of the
Navy and marines in Shanghai
will be taken to Manila, where
transportation to the United States will be
arranged for those who wish
to come to this
country.
be carried out by the U.
S.
mont, Navy transport
route
en
S.
Canopus,
to
a
The evacuation will
submarine tender; the Chau-
Shanghai from Pearl Harbor, Hawaii,
with 1,200 marines; the
at
Shanghai; the
station
on
a
Sacramento, a gunboat with the Asiatic Fleet, now
Henderson, a naval transport en route to an Asiatic
regularly scheduled cruise, and the Gold Star,
an
interisland
transport cargo vessel.
The Administration's Far
Eastern policy was warmly approved
by the
Chairman of the Senate and
House Foreign Affairs Committees—Senator
Key Pittman, of Nevada, and
Representative Sam D. McReynolds, of
Tennessee.
Senator Pittman said at Salt
Lake City, "No American has the right to
remain in
Mr.
a
dangerous
war
zone."
McReynolds commended the President for
not
trality act.
From
Shanghai Sept. 5 United
Press advices said:
Americans in interior central and
south China
authorities tonight to leave
consular
face the danger of
being
cut off from
invoking the neu¬
were
immediately
Shanghai.
coastal
cities
>
«■»
The American
or
Haichow,
275 miles north of
Shanghai.
The American Consulates at
Foochow and Amoy announced
they would close soon and notified Ameri¬
cans to leave Fukien
Province, in south China.
According to United Press accounts from
Hong Kong on
Sept. 5 the British destroyer Diamond was
dispatched to
Amoy, in South China, that day, to evacuate British civilians
after the city was shelled
by Japanese warships. It was also
stated:
disrupted state.
In
soon
with
were
delayed because cable communication
American
warship
American residents for Manila.
Labor
a
was
expected
to
Table
Day statement issued
Sept. 4 at Block
on
to Labor
Day
as
this year assuming "an especial
importance because of the
struggle which
and the
new
we have been witnessing in recent months,
emphasis placed by law and public opinion on
the rights of labor."
Declaring that the "contest between
capital and labor has been complicated in recent months
through mutual distrust and bitter recrimination" the
President asserted that "both sides have made mistakes."
"Ours as a people" he said "is the
duty to work for that
happy consummation when bitterness and distrust shall be
replaced by mutual respect by workman and employer."
"The conference table" he added "must
eventually take the
The President's statement, issued as he
cruised on the yacht Potomac, in the waters of
place of the strike."
Long Island
sound, followed
a
radio speech on Sept. 3 of John L. Lewis,
head of the Committee for Industrial
the latter, while not
Organization, in which
mentioning the President's name was
regarded as indirectly criticizing him for his recent utter¬
ances anent the steel
strike, in which the President described
the general opinion of the American
people on the strike
situation as "a plague on both your houses."
The Presi¬
dent's Labor Day message was
prepared, it is said, several
days before Mr. Lewis' address and was not intended as a
reply to the C. I. O. head.
The President's Labor Day
statement follows:
In
a
Nation founded upon the hosest toil of its pioneers, it is meet and
fitting that
a day should be set aside in special
recognition of owr debt to
the untold millions whose labors have, in
large measure, made this Nation
what it is today.
In this year, which marks the 50th
anniversary of Labor Day, it is
especially fitting that the citizens be reminded of the importance of the
role in society.
Then, too, Labor Day this year assumes an
especial importance because of the struggle which we have been witnessing
in recent months and the
leave
was
new
emphasis placed by law and public opinion
the rights of labor and the
privilege of organization.
As is usual in a
controversy when opposing factors give way to basic
passions,
the
plicated in
in
Amoy
age-old
contest
recent months
between
all of
us
shall
as
true
Although
months, let
human
us not
Ours
as a
men
and
and
passions
more
and
labor
has
for
that
been
we
on
deplore these mistakes it is for
this
have
been
day devoted to labor that
aroused
during
were
the
past
must
women a
to
on
sanity and
happy consummation when bitterness and dis¬
eventually take the place of the strike.
be urgent
living
eight
brought under control
than local proportions.
replaced by mutual respect by workman and employer.
continues
com¬
seek to prevent their repetition.
people is the duty to maintain an attitude based
work
conference table
been
cause,
forget that these difficulties
before they assumed
reason—to
While
Americans to resolve
by removing the
capital
through mutual distrust and bitter recrimination.
Both sides have made mistakes.
trust shall be
An
Conference
Island, R. I., President Roosevelt referred
we
a
Mistakes"—Says
on
M
Consulate General here advised all nationals
remaining
in the Kiangsu and
Anhwei Provinces, noth of the
Yangtse River, to go to
Reports from Amoy
Made
workman's
warned by American
for
in Labor Day Message Comment¬
Strike Disturbances Declares "Both Sides
Must Take the Place of the Strike
President's remark by Americans in
Shanghai as notice that they would be
left stranded in the
Roosevelt
on
wage
for
-
The
There has
need to insure all able-bodied working
a
fair day's work.
Volume
Financial
145
I repeat what I said in my message to
last year:
States
They will
the workers of the United
"The wage-earners of America do not ask for more.
who
us
all do their
must
are
in Government and those whom
Government serves
the
adjustment of disputes, and thereby
part by placing at the service
machinery to facilitate the
necessary
of capital and labor
eliminate the need for strikes and interference with the flow of wages
of commerce.
Such machinery must be
and
intelligence.
On
with
perfected if we are to deal
keeping "with our heritage
hopes for peace.
our
and
of human
the exercise of that intelligence we must base
this problem in a manner that is in
reason
of employees in private
views on such matters
natural and logical, but meticulous attention should be paid to the
relationships and obligations of public servants to the public itself,
relation
v
definite program in the
The Government has committed itself to a very
welfare of our people.
of human progress with industrial
policy, is basicaUy no different from that
Organization on their part to present their
industry.
is both
not be satisfied with less."
Those of
1677
Chronicle
special
and to the Government.
aim
has
We
progress.
wages
been
the
advancement
have attempted
bring to the family life of
We
with reasonable
homes and
create work security
to
and humane conditions of employment; to provide better
our
country new comforts and a greater
determined to carry on for the attainment
are
happiness.
in this issue.
v.
item
•
organizations.
Restrictiojis by Laws
Use
Facilities—Requests J.
Voting
Day—Would
D.
Biggers to
Direct Count
on Sept. 9 discussed at Hyde Park,
Y., tentative plans for the taking of the unemployed
census authorized by Congress, and at the same time asked
J. D. Biggers, of Toledo, Ohio, President of the LibbeyOwens-Ford Glass Co., to assume directorship of the census.
President Roosevelt
independent Republican, has agreed to do so
leave of absence from his present
duties.
He conferred with the President on Sept. 9 on the
census plans.
The tentative plans would call for the regis¬
tration of the unemployed and partial employed in a single
day by use of the election facilities throughout the country,
supplemented by rural mail carriers, and a possible check-up
every six months.
The bill providing for the taking of the
census was referred to in these columns of Sept. 4, page 1512,
Biggers,
providing he
an
can secure a
and Aug. 28, page 1348.
the tentative plans discussed by President
Sept. 9, United Press advices from Hyde Park,
that day, said:
Regarding
Roosevelt
on
The President's
tentative plans
included
000,000 agricultural, domestic and
employees
gram.
It
excluded
now
social
count of the estimated 26,-
a
Federal,
the
State and local government
security
was
pension pro¬
learned from
names,
sources
~
close to Mr. Roosevelt that he
asked
delivery
could register
postmen
jobless in rural areas.
Saturday would be the most convenient day because persons with tem¬
jobs would be free in the afternoons, and most agricultural workers
porary
quit work for the week-end.
3.
Questions would be answered under oath.
given
a
card similar to identifications
Board.
now
Each registrant would be
distributed by the Social Security
The cards might be required from applicants or other
Government
work relief jobs.
4.
Results of the registration census might be
tabulated as rapidly as the
counting of election returns and announced the following Monday.
count
conviction that militant tactics
organization of Government employees.
the obligation to serve the whole
people, whose interests and welfare require orderliness and continuity in the
conduct of Government activities.
This obligation is paramount.
"Since their own services have to do with the functioning of the Govern¬
"Particularly, I want to emphasize my
have
efficient
proves
place in the functions of any
no
ment, a strike of public employees
their part to prevent or
ment
are
and inexpensive,
it
might
satisfied.
Such action, looking
that
unthinkable and intolerable.
I have noted in the
provision
circumstances shall this Federation engage in or support
the United States Government.' "
feeling of gratification that
'under
strikes
no
against
According to the same advices to the "Times" Mr. Baker
he regarded the President's letter as a "significant
document" in the history of employees' relations in the
He
Federal Government.
The President has
Government
adopted
employees
the
as
now
census
extend
the
act
to
farm,
home and
If the
be repeated every six
Representatives of the 75,000 members of
of Federal Employees on Sept.
Federation
United Federal
the National
6 supported
expressed view that Government
workers should not strike, according to Associated Press
accounts from Springfield, 111. in which it was stated that
Mr. Steward, replying to President Roosevelt's message
outlining his opinions on Government unions said that the
Federation "regards as sound and just the principles you
have enunciated with respect to the privileges, limitations
and responsibilities of oragnizations of Federal employees."
President Roosevelt in his
Text of
Agricultural Marketing Agreement Act of 1937
Marketing Provisions of Invalidated
—Reenacts
Agricultural Adjustment Act
We
dent
are
giving herewith the text of a bill, signed by Presi¬
on June 3, amending and reenacting the
Roosevelt
marketing agreement provisions of the Agricultural Adjust¬
ment Act, which was declared unconstitutional last year by
the United States Supreme Court.
The legislation, which
had been adopted by the Senate on May 24 in the same form
approved by the House on April 19, was enacted to settle
any question over the status of the marketing agreements in
view of the Supreme Court decision.
Previous reference to
the bill appeared in our issue of April 24, page 2752.
Its
text follows:
SEVENTY-FIFTH
CONGRESS—FIRST SESSION
H.
The Government originally desired to
Government
activities of a union of
definition proposed by the
machinery might be used to count the number of persons
excluded from old age pensions.
further quoted as saying:
was
his definition of the
Workers of America at its inception.
Safeguards should be taken in communities where the count might be
The
of Federal Employes the
said
"padded" to obtain big Government relief grants.
6.
of Government until their
toward the paralysis of Govern¬
by those who have sworn to support it, is
"It is, therefore, with a
months.
5.
manifests nothing less than an intent on
obstruct the operations
constitution of the National Federation
unemployed to register their
Democratic and Republican election judges would be
free
governed and guided,
are
believed the
preside and explain questions to registrants.
Rural
alike
restricted, by laws
address, date of last employment and nature of their most
age,
recent work.
2.
employees
by the following steps:
Voting polls used for the national elections might be set up on a desig¬
nated Saturday in all metropolitan sections for
to
old-age
...
count could be made
1.
from
of laws enacted
Accordingly, administrative officials
and in many instances
which establish policies, procedures, or rules in personnel
by their representatives in Congress.
and
demands
N.
Mr.
whole people, who speak by means
"The employer is the
Upon employees in the Federal service rests
President Roosevelt Discusses Tentative Plans for Tak¬
ing of Unemployed Census in Single
and insurmountable
matters.
of this objective.
The address of Mr. Lewis is referred to in another
collective
transplanted into the public
limitations when applied
to public personnel management.
The very nature and purposes of Govern¬
ment make it impossible for administrative officials to represent fully or
to bind the employer in mutual discussions with Government employee
usually understood, cannot be
as
It has its distinct
advancement of the economic, industrial and spiritual
Our
should realize that the process of
"All Government employees
bargaining,
service.
workers, but Treasury
check on
officials said it would be administratively impossible to keep a
To reenact and
5722
:;
ACT
Agricultural Adjustment Act, as
marketing agreements and orders.
amend provisions of the
amended,
relating
to
of Representatives of t\e United States
assembled, That the following provisions of the Agri¬
cultural Adjustment Act, as amended, not having been intended for the
control of the production of agricultural commodities, and having been
intended to be effective irrespective of the validity of any other provision
of that Act are expressly affirmed and validated, and are reenacted without
change except as provided in section 2:
(a) Section 1 (relating to the declaration of emergency);
(b) Section 2 (relating to declaration of policy);
(c) Section 8a (5;, (6). (7), (8), and (9) (relating to violations and enBe it enacted by
their earnings.
R.
AN
the Senate and Ilonse
of America in Congress
President
Holds
Roosevelt
Place
in
Letter
to
Functions
Head of
of
Militant
Tactics
Government
National
Have
No
Workers—In
Federation of Federal
Employees Declares Against Strike by Those Who
Have Sworn to Support the Government
The conviction that "militant tactics have no
place in the
organization of Government employees"
was emphasized by President Roosevelt in a letter under date
of Aug. 16 addressed to Luther C. Steward, President of
the' National Federation of Federal Employees, and made
functions
of
any
Sept. 5 by Jacob Baker. President
to whom the
referred the letter when Mr. Baker asked the
public at Washington
of the
United
President had
on
Federal
Workers of America,
department heads to define the rights of union
workers in their departments.
Mr. Baker it is said expressed
himself in accord with the views of the President who in his
letter said that "a strike of public employees manifests
Government
nothing less than an intent on their part to
.
.
.
.
obstruct the operations of Government until their demands
are satisfied."
Such action, said the President, by those who
support the Government, "is unthinkable and
intolerable."
In part the President's letter was given as
follows in a Washigton dispatch Sept. 5 to the New York
have
sworn
to
"Times."
"Organizations of Government
ment
employees have a logical place in Govern¬
in the letter, the major portion of which
affairs," Mr. Roosevelt wrote
follows:
"The desire of Government
able hours of
employees for fair and adequate pay, reason¬
work, safe and suitable
working conditions, development of
opportunities for advancement, facilities for fair and impartial consideiation and review of grievances, and other objectives of a proper employee
forecement);
(d)
(e)
Section 8b (relating to
Section 8c (relating to
marketing agreements);
orders);
(relating to books and records);
(g) Section 8e (relating to determination of base period);
(h) Section 10 (a), (b), (2), (c), (f), (g), (h), and (i) ( miscellaneous
(f)
Section 8d
provisions);
(i) Section 12 (a)
and (c) (relating to appropriation
and expenses);
,
separability);
'
imports).
provisions, reenacted in section 1 of this Act, are
(j)
Section 14 (relating to
(k)
Section 22 (relating to
Sec. 2.
amended
(a)
The following
as
follows:
Section 1 is
amended to read as follows:
"Declaration
disruption of the orderly exchange of
impairs the purchasing power of
farmers and destroys the value of agricultural assets which support the na¬
tional credit structure and that these conditions affect transactions in
agricultural commodities with a national public interest, and burden and
obstruct the normal channels of interstate commerce."
(b) Section 2 (1) is amended by striking out "balance between the pro¬
duction and consumption of agricultural commodities, and such marketing
conditions therefor, as will reestablish" and inserting in lieu thereof the
following: "orderly marketing conditions for agricultural commodities in
interstate commerce as will establish".
(c) Section 8a (6) is amended by striking out, "the provisions of this
"It is
hereby declared that the
commodities
section, or
in
of.
interstate
commerce
1678
Financial
Chronicle
(b) Section 8c (5) (B) (d) is amended by striking out "production"
and
inserting in lieu thereof "marketings".
■
(e)
Section 8c (6) (B) is amended by.striking out "produced
or"; and by
out "production or sales of" and inserting in lieu thereof
"quantities
available for sale by".
Approved, June 3, 1937.
striking
(f) Section 8c is amended by adding at the end threof the
following;
'
Judge
''Milk Prices
,
"(18)
any
or
its
producers
products, if such term is to fix minimum prices to be
paid to
associations of producers, or prior to
modifying the price fixed
term, shall ascertain, in accordance with section 2
and section
8e, the prices that will give such commodities a
purchasing power equivalent
to their
purchasing power during the base period.
The level of prices which
it is declared to be the policy of
Congress to establish in section 2 and section
8e shall, for the purposes of such
agreement, order, or amendment, be such
level as will reflect the price of
feeds, the avaliable supplies of feeds, and
other economic conditions which affect market
supply and demand, for
milk or Its products in the
marketing area to which the contemplated market¬
ing agreement, order, or amendment relates.
Whenever the
finds,
Secretary
upon
section
8b
the basis of the evidence adduced at the
hearing required by
8c, as the case may be, that the prices that will
give such
or
commodities
a
purchasing power equivalent to their
purchasing power
during the base period as determined pursuant to
section 2 and section 8e
are not reasonable in
view of the price of feeds, the available
supplies of
feeds, and other economic conditions which affect
market supply and de¬
mand for milk and its
products in the marketing
templated agreement, order,
he finds will reflect such
and
wholesome milk,
and
area to which the con¬
amendment relates, he shall fix such
prices
or
as
factors, insure
be in
sufficient quantity of
a
the public interest.
Secretary finds
Thereafter,
the
circumstances, he shall,
hearing, make adjustments in such
prices.
"Producer Referendum
required
provisions of this title,
producers.
the Secretary may conduct
The requirements of approval
or
(c)
is
factors
under
a
the
out
"including regulations
commodity and article processed
of tax imposed or refunds
to be made
(h)
Section 10 (f) is amended
by striking out the last sentence thereof.
(i) Section 10 is amended by
adding at the end thereof the
following new
subsection:
"(J)
any
The term 'interstate
State, Territory,
possession,
thereof;
or the
foreign
commerce' means commerce between
or
possession,
between points within the
or the
District of Columbia, and
any
same
State, Territory,
District of Columbia, but
through any place outside
within any
or
or
or
place outside thereof;
of Charleston and the Broad River Power Co. of
Columbia.
The decision was the second within four
months In which
Judge Glenn
upheld the contention of the Federal Government relative
to the construc¬
tion of power plants.
A few months ago, he gave a
ruling on the Buzzard
Roost project in Greenwood
County.
"It is the common impression," the
Judge said in
Territory
or
possession, ot the District of Columbia.
For the purpose of this Act
(but in nowise limiting the
foregoing definition)
marketing transaction in respect to an
agricultural commodity or the
product thereof shall be considered in
interstate or foreign commerce if such
commodity or product is part of that current of
interstate or
merce usual in the
foreign
either of them, are sent from
in another,
including all
to another
State
com¬
handling of the commodity
for
or
or product whereby they, or
State to end their transit, after
purchase,
one
where purchase or sale is either
for shipment
the processing within the
State and the shipment
cases
outside the State of the
products
so
processed.
products thereof normally in such
"In that the trial
foreign
(j)
12
Sec.
3.
(a)
The Secretary of
Agriculture, or such officer or employee
of the Department of
Agriculture as may be designated
by him, upon written
application of any cooperative
association, incorporated or otherwise,
which is in good faith
owned or controlled
by producers or organizations
thereof, of milk or its products, and
which is bona fide
engaged in collective
processing or preparing for market or
handling or marketing (in the current
of interstate or
foreign commerce, as defined by
paragraph (i) of section 2
of this Act), milk or
its products,
may mediate and, with the consent of
all
parties, shall arbitrate if the
Secretary has reason to believe that the de¬
clared policy of the
Agricultural Adjustment Act, as
amended, would be
effectuated thereby, bona fide
disputes, between such associations and the
purchasers or handlers or
processors or distributors of
milk or its products,
as
terms
or
condition in dispute
could be regulated
as
its products.
Meetings held
its products.
The power
apply only to such subjects of the
as
Agricultural Adjustment
Act,
(b)
or
amended, relating to orders for milk and
as
to
this section shall
be conducted subject
the
Secretary may prescribe.
(c) No award or agreement
resulting from any such arbitration
tion shall be
effective unless and until
approved
or such
officer
term
under the provisions of the
or
media¬
be designated
by him, and shall not be
approved if it permits any unlawful
trade practice or
any unfair method of
(d)
No meeting
deemed
Nothing
approved shall be
of the antitrust laws of the
United States.
in this Act shall be
construed
or
order,
or any
<^f the Secretary
any such agreement,
license,
proved,
or
done under the
such
visions, and
acts
was
passed, it is thought that
Judge who had conducted the
held
that
were not
the PWA statutes of the
emergency relief appro*
unconstitutional.
The Court further held under the
binding authorty of the recent opinion
of the Circuit Court of
Appeals of the Fourth Circuit in the Greenwood
County
case,
that the plaintiff companies
in any event.
were not entitled to an
That the damage, which they would suffer
purely from competition and that this gave
respect
the
to
of the
powers
right to equitable relief.
no
Federal
Power
Authority to issue the license for the construction
found in
license
favor
of
heretofore
the
Commission.
granted
and tentatively assigned
valid license.
was a
to
the
Commision and its
of this
This amounted
Columbia
Judge Glenn pointed
project, the Court
to
holding that the
Railway &
the South Carolina
to
injunction
that arising
was
Navi ation
Co.
Public Service Authority
out that the question of
deciding
whether or not the
waterway from Columbia to Charleston via the new
project, involving as it does the practical destruction of
the navigability
of the lower Santee, was of
greater benefit to South Carolina as a
whole
than the existing Santee
waterway, was a question of policy for the South
Carolina Legislature.
Ail through the opinion
Judge Glenn pointed out
that the question for the Court was one of
the power of the Legislature and
not
of wisdom.
one
So far
Glenn
the
as
pointed
Service
Clarke
questions of South
out
that
these
had
Carolina law
been
Authority by the Supreme Court
vs.
were not
Public Service
were
decided
in
of South
concerned. Judge
favor
of
the
Carolina in the
Public
case
of
Authority.
That although the power companies
parties to that suit, yet the substantive law was
there settled and
the Federal District Court
simply applied those principles in a
the power companies are parties.
where
case
Heart of Decision
The heart of the decision
the right of the plaintiff
companies to
to
as
relief lay in the proposition that courts
were powerless to
power
companies from competition with
The
decision
area
protect existing
projects built with
Federal aid.
involved.
was
reviewed
briefly the history of the utility business in the
pointed out that originally most of the power
plants
were
local
municipal
plants, that the hydro-electric companies
gradually absorbed
the local companies and took over their
properties.
That now there was
nothing novel when the tendency of the times is to return
to
ownership.
That the resulting loss to power companies
results from forces over which
Court of
a
Equity had
was a
municipal
damage which
of control.
no power
Since Trial Ended
"One matter of legal importance has
happened since the conclusion
the trial which this Court should refer to
in its
opinion,"
said in
a
note attached to the
of
Judge Glenn
ruling.
"On June 21, 1937, the United States
Senate had under consideration an
amendment to the Emergency Appropriation Act
whereby Federal Emer¬
gency Administration of Public Works was continued.
The sums
.
.
.
of
$16,650,000 p,s a grant and $14,850,000 as a loan were
definitely ear¬
marked for the Santee-Cooper project in South
Carolina.
"It appears that on June 28, 1937, this
allocation was agreed to by the
Senate and has subsequently become the law.
"This is of importance as
showing that the funds
The case,
he said,
other suits where
used
under
loan
power plants
This has
a
bearing
were
earmarked for
the plaintiff's con¬
It also shows that the Congress has intention
tention of imminent danger.
of completing this
on
...
"involves all of the constitutional issues involved in
Federal funds appropriated
and
grant
agreements
to
by the Congress
construct
are
being
municipally-owned
competing with existing power companies.
competition.
ing agreement, license,
vision of, or
any act
thereof, but
one
.
so held and no award
or agreement so
to be in violation
of any
Sec. 4.
\
project."
or
by the Secretary of Agricul¬
employee of the Department of
Agriculture as may
Federal Procedure Act.
new
had before the Act
the completion of this
project.
pursuant
to such rules and
regulations
ture,
one.
priation acts
It
(a) is amended by striking out "and
production adjust¬
and conditions of
the sale of milk
to arbitrate
under this section shall
was
properly rendered by
Not Unconstitutional
nations "
Section
statement accom¬
Cases of this character in the future
will be heard by three
Judges
The Court
merce
ments."
was
Agricultural commodities
current of interstate or
foreign com¬
shall not be considered out of
such current
through resort being had
to any means or
device intended to remove
transactions in respect thereto
from the provisions of
this Act.
As used herein, the word
'State' includes
Territory, the District of Columbia,
possession of the United
States, and
a
panying his 34-page decision, "that the appeal from this
decision will be
direct to the Supreme Court under the
a
or
■•'■'./■"i"
"The plaintiff companies are not entitled to an
injunction in any event,"
Judge Glenn held in upholding the arguments of the South
Carolina Public
Service Authority and the PWA, party defendants
to the suit
brought by
the Carolina Power & Light Co. of
Raleigh, the South Carolina Power Co.
referendum among
any •
with respect thereto."
South
District
applicable
favor under any such
provision
by striking
for
in
taken:
With
amended
conversion
therefrom to determine the amount
or
Federal
order
(12)."
Section 10
Court
Santee-Cooper Power and
Navigation project.
The petition of three private
power
companies for an injunction was denied, according to "The
State," published'in Columbia, from which the
following is
instead of
an
shall be held to be
complied with if, of the total number of
producers, or the
total volume of production, as the
case may be,
represented in such referen¬
dum, the percentage approving or
favoring is equal to or in excess of the
percentage required under such provision.
Nothing in this subsection shall
be construed as
limiting representation by cooperative associations as
pro¬
vided in subsection
establishing
District
Administration to construct the
trial.
For the purpose of
ascertaining whether the issuance of
approved or favored by producers, as
(g)
the
In
the decision
"(19)
is
Federal
Court at Columbia, S.
C., on
Sept. 2, Judge J. Lyles Glenn upheld the right of the South
Carolina Public Service
Authority and the Public Works
pure
as
necessary on account of changed
due notice and
opportunity for
after
of
Upholds Right of PWA to Construct
Santee-Cooper
Power
Project—Denies
Petition
for Injunction
or
in any such
Glenn,
Carolina
The
Secretary of Agriculture, prior to prescribing any term in
marketing agreement or order, or amendment thereto,
relating to
milk
Sept. 11, 1937
Sec. 6. This Act may be cited as the
"Agricultural Marketing Agreement
Act of 1937".
or
as
invalidating
regulation relating to,
of Agriculture in
any market¬
or
any pro¬
connection
with,
order which has been
executed, issued, ap¬
Agricultural Adjustment Act,
or any
amendment
marketing agreements, licenses, orders,
regulations,
are hereby
expressly ratified, legalized, and
Sec. 5. No
processing taxes
lected under the
Agricultural
pro¬
confirmed.
or
compensating taxes
shall be levied
or
col¬
Adjustment Act, as amended.
Except sa
provided in the
preceding sentence, nothing in this Act
shall be construed
affecting provisions of the Agricultural
Adjustment Act, as amended,
other than those
enumerated in section 1.
The provisions so enumerated
shall apply in
accordance with their terms
(as amended by this Act) to the
provisions of the
Agricultural Adjustment Act, this
Act, and other provisions
9fdaw to which they have been heretofore made
applicable.
as
A Little TVA
"The magnitude of this Santee-Cooper project is such that
it might be
called a little Tennessee Valley Administration.
Here we are not
.
dealing with
creation of
the
an
development
entirely
new
of
one.
.
existing power plant,
an
.
.
but with
the
.
"It is idle to deny," the Judge wrote, "that there will be
serious competi¬
tion to the
existing companies.
The only escape from the conclusion that
such
competition
companies, is the
of the
will
seriously
enormous
hamper,
even
destroy,
the
three named
increase in consumption of power which some
testimony prophesies".
.
.
.
"This Court refuses to shut its eyes to the evidence which
prophesy of the continued
"This Court
justifies
a
expansion in the consumption of power.
the evidence justifies the conclusion
by the
enormous
believes that
greater weight thereof, that such expansion will continue at the rate
which
the evidence shows has prevailed
during the last 25 years.
"This Court believes that we are even
yet in the infancy of the electric
power
consumption".
.
.
Volume
State
question the
He upheld the right of the Carolina Power & Light Co. to
power purposes was
the license.
which took
interest in the development
no
for;
of
corporation
the Santee-Cooper project
of the power project.
Department in Washington on Sept. 3 an¬
foreign countries may
State
obtain limited
and medicinal
Allocation of Funds
"But
forces
when the
license
about
was
be taken
to
over
had
of
letter in which he solemnly promised that the enormous sum
a
of this
the day when the Carolina Power & Light Co. took notice
$37,500,000
would
project, that
was
eventually
be
allocated
construction
the
to
and took steps to protect itself.
"Its action
was
and delay on
longer premature; the damage was
no
its part would have been fatal,
the company
.
the license.
.
about to be done;
So, we think that certainly
has a standing in court to question the
.
legality of
...
"The higher courts, whose views we are
The National Munitions Control Board of the State Department
adopting, have said that appro¬
priations for WPA projects of this character are justified
Supreme
has
Court
not
duced only in this country and in Russia
had
occasion
"We
see no reason
Lakehurst, N. J., and
took a
heavy
toll.
stitution. cannot be construed in a narrow sense.
.
.
.
The Munitions Control
order to protect the rights
for granting an injunction in
of the plaintiffs arising from either
inflated with hydrogen, exploded at
Con¬
The general welfare clause, like any other clause of the
question.
A bill authorizing helium export
passed by the 75th Congress after the German dirigible Hindenberg,
was
decide this particular
to
made
public a list of strict regulations governing export of the gas which is pro¬
by the general
welfare clause of the Constitution.
"The
quantities of helium for commercial, scientific
At its recent session, Congress adopted
uses.
legislation providing for the exportation of the non-inflam¬
mable gas, of which the United States is the chief source of"
supply.
The bill was submitted to Congress after the ex¬
plosion of the German dirigible Hindenberg, inflated with
inflammable hydrogen gas.
Reference to this measure was.
made in our issue of Sept. 4, page 1511.
The following regarding the regulations governing the ex¬
port of helium is from United Press advices from Washingtonv
Sept. 3:
by the combined
Nation, and the President of the United States
of State and
signed
for Export
Medicinal Purposes
nounced the conditions under which
■
.
>
Helium for Commercial and
The
visionary because of the lack of funds of the owners
Then, for years, the license was held by a security
Department Announces Regulations
of
legality of the Federal Power Commission license to build the project.
"For many years the idea of developing
1679
Chronicle
Financial
145
Board is composed of the
Secretaries of State,
War, Navy and Commerce.
the South Carolina Constitution, sta¬
Under
tutes, or common law as enforced in South Carolina."
the
bill
the
Government,
Federal
through
the
Department of
Interior, would acquire a dominating interest, amounting to
virtual mo¬
nopoly, in helium production.
United States "Hopes" Agreement
in
Interests
Oil
Will
Mexico
Daniels-—Strike
Ambassador
Protecting American
Be Respected, Says
Causing
Gasoline
Besides being used for inflating air liners,
ment of respiratory diseases.
flation
Shortage in Mexico City
the United
The Ambassador's statement
Carolina.
Thus
of State,
Ambassador's
statement,
coming
believed
was
and-hours
to
have ended all danger of a radical
The regulations make no mention
ended today.
Ambassador Daniels
said
the
United
in the Texas cases,
and also "evidence to rebut the
Members
(in the application) should
after their return.
disturbance of the status quo," the Ambassador
announced
Sept. 2 that it had been informed by James B. Stewart,
American Counsul General, Mexico City, that gasoline is
becoming scarcer daily in Mexico City due to the continuance
of the strike of the Aguila Oil Co.'s employees in the Poza
Rica district in the State of Veracruz.
Regarding Mr.
Stewart's report the Department also said:
on
The Mexico City district which is normally fed by a direct pipe line
cars
current
We of this generation have gone
stations in order to obtain a few gallons
of gasoline, according to the report
Secretary of State Hull Reminds United States Citizens
of
Foreign Birth that They Owe Allegiance to This
Country—Statement Said to
Bear on German
Foreign Ministers Declarations on Nazi Affiliations
A
statement
issued
was
a<t
Washington
on
Sept.
4 by
Secretary of State Hull anent the duties of citizens of this
country of foreign birth.
According to an account from its
Washington bureau to the New York "Herald Tribune" Mr.
Hull's comments bore on the recent declaration of Baron
Konstantin
von
Neurath, German Foreign Minister,
that
the Nazi Government would not "tolerate that foreign powers
should discriminate against Germans within their
because of Nazi affiliations."
Secretary
Hull
in
defining
the
duties
citizens said that it is clear "that, with
their undivided
laws and
our
duty is the support of
boundaries
of foreign born
new allegiance,
Constitution, our
their
our
and farmers.
-
referred to a problem of the
which has been developing steadily
over the last 15 years; this problem, she said is now a menace
and terror to thousands of family bread winners, when they
reach the age of 45 or 50.
In part she added:
While many industries still retain workers to the age of 60, or even 70, the
general hiring policy is to fix an entrance limit age at 45 and in some cases
even 35 and 40.
If this age limit policy continues to develop, the economic
problems of many workers will start at 45 instead of 65 or 70.
Such a
policy effects the well-being and comfort of a considerable number of our
citizens and threatens our social structure so that its alleviation vand cor¬
At the
same
time Miss Perkins
older worker in industry
rection is becoming a
growing matter of
statemen tissued
000,000, with building
construction rising $181,000,000.
+
been brought officially to the attention of
AAA
However, I desire to stress
that all persons of foreign birth who acquire
United States citizenship by naturalization
declare on oath in open court
States,
and
fidelity to any foreign prince, potentate, State or sovereignty, and par¬
ticularly by name to the prince, potentate, State or sovereignty of which
they were before citizens or subjects; that they will support and defend
the Constitution and laws of the United States against all enemies, foreign
and defend the Constitution of the United
and entirely renounce and abjure all allegiance
and" domestic, and bear true faith and allegiance to
the support of our
Tentatively
the same.
with their new allegiance their
constitution, our laws and our
flag
undivided duty is
Four Potato Marketing
States—Designed to Increase
Approves
Agreements for Nine
the State Department.
"It is thus clear that
public concern.
to" the press by Secretary Perkins on
the same day reviewed labor's achievements during the
year, and in this, she said:
Some 2,000,000 more wage earners have jobs in regular non-agricultural
employment this Labor Day than a year ago, with approximately 1,000,000
of these being employed in the Nation's factories.
The pay rolls for these
factory workers over the first six months of this year averaged every week
$45,500,000 more than the weekly pay over the corresponding period last
year.
Income of farmers from cash sales in these same periods rose $284,~A
Secretary Hull's statement follows:
These statements have not
that they will support
Because of the success of this
Secretary of Labor, to report substantial and con¬
of our economic order upon the observance of Labor
Day for five consecutive years now.
flag."
and that they absolutely
through a great depression from which
1933 to increase the pur¬
the efforts made since
tinuing improvement
wd
supply is exhausted and tourists must now wait in line at the various gasoline
farmer and in turn aided
companies, bankers and
policy I have been able, as
It
50% of the
gasoline to tourists who wished to return to the United States, but now the
have emerged due to
chasing power of wage earners
Mexico City is being brought there
Automobile Association was able to supply
with the working day shortened and factories
modernized in the last 50 years, the increased
purchasing power of workers has benefited the
manufacturers, merchants, railroads, insurance
oil, it
gasoline requirements, the report stated.
Until recently the Mexican
homes improved and
investors.
from
which is able to supply only 60% of the normal demand.
estimated that the present supply is sufficient to meet only
a
As wages have gone up,
and
we
The gasoline which is now reaching
was
"
added:
reported.
by tank
be considered of military importance
Sept.
satisfactory to both the United States and Mexico.
was
has
waste"
stated therein
Labor Day address broadcast from Washington
5, Secretary of Labor Perkins in citing "the great
improvement" in working and living conditions of wage
earners of the United States over the half-century (incident
to the observance of the 50th anniversary of Labor Day),
In
said, and added that he hoped there would be an adjustment of the conflict
the Poza Rica fields is now entirely cut off from its supply of crude
that there shall be no unnecessary
presumption that the quantity
Secretary of Labor Perkins Reviewing Labor's Achieve¬
ments During Year Reports 2,000,000 Gain in Jobs
Cites Problems of Those Over 45 Years
by the Mexican Supreme Court
The United States Department of Commerce
current needs.
The
"should not be interrupted."
"We would regret any
for aeronautical purposes, but it was ex¬
submission of evidence that the precious gas
been carefully handled to "insure
States Government felt that the
Morrow-Calles agreement, which was upheld
purchasers in any one country.
No "ceiling" was set on exports
The regulations require
provide that
annually to any one purchaser, nor more
plained that the board could adjust these exports to
conducted the
hearings, left by airplane for a three-day inspection tour of oil regions.
board's decision was expected to be announced shortly
Helium is so rare as to be
commercial use, the regulations
than 20,000 feet can be sold
than 500,000 cubic feet to
Sept. 1,
of price.
It is found in small deposits.
For medical, scientific and
more
Hearings on the
of the Federal Board of Conciliation and Arbitration, which
for which helium
and nationalities of consignee and purchaser in a
almost prohibitive in price.
exports'report which recommended wage increases, a shorter work week and
social benefits for the industry's 18,000 employees,
the Secretary
the
after seekers have submitted detailed information covering
foreign country
solution of the wages-
controversy between operators and workers.
of call in third countries.
type of airliner, its route of travel, the specific purpose
after President Lazaro
soon
so
air liner
is to be used, the names
labor trouble in the Mexican oil industry
may have upon American interests.
In United Press advices
from Mexico City, Sept. 6, it was stated:
The
an
Applications for export of helium will be obtained through
of the effect present
Cardenas' mild tone concerning oil in his message to Congress on
notwith¬
States."
plying between the United States and Germany could
airship operating between two foreign countries,
not obtain helium under the law if it had other ports
made in view
was
of any
that the gas shall not be sold "for the in¬
standing such airship may also touch at some point in the United
States
"hopes" the so-called MorrowCalles agreement of 1928 guaranteeing non-interference with
the rights of American oil companies operating in Mexico,
will be respected, was made known on Sept. 5 by United
States Ambassador Josephus Daniels, upon his return to
Mexico City on Sept. 5 from a visit to his home in North
That
helium is of value in the treat¬
•
One section of the bill provides
Growers' Returns
Tentative
of four Federal potato marketing
portions of nine States, and designed
approval
agreements covering
to potato growers in commercial late
areas," was announced on Sept. 4 by the
Agricultural Adjustment Administration.
Copies of the
agreements were to be immediately submitted to the handlers
of potatoes for signature.
A referendum among growers
will be conducted to determine whether they favor the issu"to
increase returns
potato producing
Financial
1680
Chronicle
of orders
the
making the marketing agreements binding on
all handlers of potatoes produced in the four areas; in a
Washington dispatch, Sept. 4, to the New York "Times" of
Sept. 5, it was also noted:
;,
ance
areas
covered
by the marketing agreements
(1)
are:
going,
18 counties in North
Wisconsin and Minnesota and
Dakota;
by the Department of Agericulture
an announcement
The Bureau stated that this service is
applicable only to United States
grain which
has moved to Canadian seaports under a "shipper's export
declaration," and that divided lot certificates for such grain will not be
(4) 34 counties in Idaho.
issued for grain that
potatoes less than one and one-half inches in diameter and not meeting the
different grade or different dockage without separation.
The Bureau said that for the first time in several
'
j
The agreements would prohibit the shipment in interstate commerce of
requirements for United States grade No. 2.
grades
may
be
withheld
from
interstate
Other small sizes and low
if
commerce
deem
growers
it
necessary.
ivV.::r::
has been loaded aboard
vessel with other grain
a
Canadian seaports,
at
through which channel of
minimum cost.
seaports will not cancel
Benefits
The Agricultural
Adjustment Administration pointed out
Sept. 9 that sugar beet and sugarcane growers must com¬
ply with the child labor provisions in the Sugar Act of 1937,
in order to qualify for the conditional payments
provided in
,
+
.
Southern
employ
child under the
no
harvesting of
beets
sugar
age
of 14
to
be eligible for payments, shall
years in
gests "Reasonable" Crop Control and Subsidy Pay¬
on Entire 1937
Output
ments
the ages of 14 and 16 years for a longer period than
eight hours each day,
except a member of the immediate family of a person who is the legal owner
of at least
40% of the crop at the time such work is performed.
Growers
who used children in the production, cultivation or
harvesting
of sugarcane or sugar
beets prior to the enactment of the
act
will not be
ineligible for payment because of such work.
Producers
who
the
meet
specified in the act,
child
labor
conditions
and
other
conditions
eligible for payment with respect to sugar
mercially recoverable from sugar beets and sugarcane marketed (or
cessed
are
by the producer)
com¬
pro¬
after July 1, 1937, provided, of course, that
on or
on
65% of the 1937
1937 cotton loan
port
900
Futures
Commission
Merchants
to
Re¬
All
Commodity Accounts Not OwnerControlled—Step Taken to Prevent Possibility of
Manipulation of Prices, Chief Duvel Explains
Dr. J. W. T. Duvel, Chief of the
Commodity Plxchange
Administration, on Sept. 3 requested the 900 futures com¬
mission merchants registered under the
Commodity Exchange
Act to report concerning
every commodity account controlled
through power of attorney or otherwise by any person other
than the
on
The CEA wants to know, Dr. Duvel
said,
which individual traders turn over to other
owner.
the extent
to
persons management
There is
reason to
of their trading accounts.
He stated:
believe that not all persons who control accounts
having
Act and section 210 of Article II of the Rules and
Regulations of the Secre¬
tary of Agriculture under the Act.
Such failure, of course, is violation of
the Act and the regulations and,
upon conviction thereof, is punishable
a fine of $10,000, or one
year
imprisonment,
by
Just at this time of the
manipulate
large speculative transactions may be
year
of grave
danger to the market, and may temporarily force prices far out
of line.
It is therefore essential that the CEA
should be in
follow the
operations of large speculators and
prevent
any
a
position to
manipulative
tactics.
This
and
Sfept. 7:
unrestricted
plans, the commissioners en¬
heated six-hour executive session before emerging with a reso¬
a
a
"reasonable curtailment in the production of cotton"
so
that the markets of the world will not be
glutted.
Speakers during the morning session urged
some relief to small farmers,
whose chief free income is from
cottonseed, with the result that a resolution
was
made asking that the Government act to
give relief to the cotton farmer
in respect to the price of cottonseed.
No
subsidy
asked, but
was
some
aid implied.
Ask Revision of Plan
In
the cotton control
shall not be
drastic
so
of income and
resolution
as to
deny to the
it
was
pointed out
that
displace farm labor which has
owners and operators
the
reduction
other source
no
of farm land in the South
right to plant and grow cotton in such volume as will raise and protect
their income and not adversely affect the
supremacy of the United States
in the cotton trade of the world.
a
They asked revision of the loan plan of the Commodity Credit Corpora¬
which called for a 9c loan on %
middling cotton, so as to include
tion,
13-16 low middling or better.
be
year will
The commissioners said that the crop this
lower grade than last year and that the
average loan
a
would be about
7Mc
a
pound.
probably
A large portion would not be eligible for a
loan.
Seeking adjustment payments
on
all of the 1937 crop, the commissioners'
resolution said:
We are Informed and believe that such limitation
(payment of subsidy on 65%
of the crop) was made by the
Secretary of Agriculture for the reason that the funds
appropriated to him for the purpose were sufficient only to make such
payments
to the announced extent; and that we
request the Secretary of Agriculture to join
with this association in a petition to the
Congress at its next regular session or special
session to provide such additional funds as
may be required to fully effectuate its
intention to pay a subsidy on the entire
crop.
is
not
the
first
time
have failed to report.
through
control
both.
or
It is especially important to farmers that
during the next few months
when crops are moving from the farms and the
major part of them are being
sold that there should be no concerted drive
by speculators to
prices.
plan and to the subsidy
Commerce" of
the
over
lution call for
an
aggregate open interest of 200,000 bushels of grain are
reporting their
operations daily as required by section 4 (i) of the
Commodity Exchange
all instead of
urged in resolutions formulated
program whereby
price adjustment payments up to
three cents a pound on 65% of a growers' base
production,
was made in our issue of
Sept. 4, page 1518.
The following
regarding the resolutions reached by the Association is from
Memphis advices, Sept. 6, appearing in the New York
gaged in
Asks
crop were
plan, "reason¬
on
the Government will make
Split
CEA
subsidy payments
Sept. 6 at the convention in Memphis, Tenn., of the Southern
Agricultural Commissioners' Association.
Reference to the
"Journal of
the necessary funds are appropriated by the
Congress.
1937 nine-cent cotton loan
able" cotton control, and
the production, cultivation, or
and shall employ no child between
or sugarcane,
.
Agricultural
Commissioners'
Association/
Revision of Cotton Loan Plan—Also Sug¬
Urges
Revision of the
provides that growers,
special service to facilitate
this grain trade route.
pay¬
This section
a
shipped from United States Great Lakes ports through
Canadian seaports, and will expedite the handling of ocean
shipments on -
The AAA said:
ment.
a
large
traders
In 1933
one
single commission house held
operating
through
small group of traders operating
open
contracts
in wheat futures
over 20,000,000
bushels, but did not
Under the provisions of the Grain Futures Act the two
members composing the commission house
were
The number of individuals and firms
as
and "commodity advisers," is
increasing rapidly.
with the intricacies of commodity
trading
over
to
the application of the funds
to the
to the
public
"commodity counsellors,"
If persons unacquainted
wish
to
strangers to handle, usually
on
risk
a
their
funds
by
percentage basis,
it is not the function of the CEA to interfere
with them, but when experi¬
enced operators endeavor to build
up trading power to influence commodity
futures prices and fail to report their entire
transactions
as
they are violating the Commodity Exchange Act and
required by the
are
guilty of
a
criminal offense and will be prosecuted.
Any person who advertises either publicly or
privately that he is in a
position to influence commodity futures prices and can guarantee handsome
profits if given authority to manage a trading account should be
reported
to the CEA.
Frequently such persons have a series of failures and bank¬
ruptcies behind them.
these commodities
The
as
the collection
of customers
between the various commodities proportionately as
move
convention
sioners'
to
export markets."
of
the Southern Agricultural Commis¬
Association convened in Memphis on
Sept. 3, at¬
by representatives of virtually every branch of the
At the opening session Oscar Johnston, of
Scott, Miss., former head of the Agricultural Adjustment
cotton
industry.
Administration's
based
on
cotton pool, described a cotton
program
estimated world production and consumption with
adjustment payments from the Federal Treasury for losses
incurred by farmers under the
Smoot-Hawley tariff; as to
Mr. Johnston's remarks we take the
following Memphis,
Associated Press advices, Sept. 3, from the
Montgomery
(Ala.) "Advertiser" of Sept. 4:
Mr. Johnston said his
plan called for crop control similar to that under
AAA with
voluntary participation, and compliance so profitable that non-
participants would be in the minority.
He said he spoke in no official capac¬
ity, though in some quarters his words were regarded as
significant in view
of
Certification Service Arranged for United States Grain
derived from
administrative operation of the National agricultural program allo¬
cating such funds
tended
offering their services
trading accounts, using such titles
turning them
to
denied all trading privileges
for six months; now the amended Act makes such
failure to report a criminal
offense.
to manage
Another resolution recommends that "Congress
give serious consideration
numerous
Chicago Board of Trade of
report as required.
law
grain located at Canadian
supersede certification practices heretofore pre¬
vailing but will supplement them in the form of
the Act.
Section 301 (a) of the new sugar act, the text of
which is given elsewhere in our issue of today, sets forth the
labor provisions which are among the requirements for
the
grain may
sales abroad of grain
or
on
on
such
This grain is being sold on the basis of United
The new certification service for United States
by AAA They Must Conform
with Child Labor Provisions of Sugar Act to Receive
names
Mid-Western
years
commerce
States official standards and inspection.
Growers Warned
Sugar
of
grain is being exported to Europe through the St. Lawrence waterway and
move
♦
trade require¬
said:
also
Aroostook
(3) 13 counties in Colorado, nine in Nebraska and four in Wyoming and
1937
at Canadian seaports will be filed with the Federal
Grain Supervisor at New York City.
In noting the fore¬
County and three townships in Penobscot County, Me.; (2) the States of
Michigan,
to meet export
ments
,
The
Sept. 11,
adjustment of certificates
his closeness to the administration.
He asked the Association of Southern
Commissioners of Agriculture to
the plan to the Senate agriculture subcommittee which is sched¬
present
Exported Through Canadian Ports—Will Facilitate
uled to hold
Sales Abroad
ton
The Bureau of Agricultural
Economics, United States
Department of Agriculture, announced on Sept. 3 that a
certification service has been arranged for United States
grain located at Canadian seaports and which has moved in
the channels of export commerce from United States Great
Lakes ports.
This certification service, it is explained, will
function
to
adjust
cargo
certificates issued at upper Lake
and requirements of the trade for
ports to meet the usages
certificates at Canadian seaports that will match
shipping documents for
ocean
shipments.
sale and
Applications for
in
a
hearing here this Fall.
In addition Mr. Johnston urged cot¬
producers to organize and force cotton State
legislators to band together
the interests of the cotton farmer
Adjustment payments, Johnston said, would be based
g
on
a
parity be¬
tween agricultural income and
industrial income-
Earlier
the
commissioners
cent loan and
charged the announced
Congress and the President and deprived cotton
would
place
program
of
a
nine-
three-cent subsidy payment violated an agreement between
them
on
a
parity
with
producers
growers
of payments that
of tariff-protected
com¬
modities.
The charges
brought an eloquent defense from Mr. Johnston
who argued
that Secretary Wallace was
legally and morally bound to limit the payments
and declared he would have been
"impeached had he attempted any other
course."
Volume
Financial
145
by Senator Bankhead
Farmers to Put Cotton in
Nine-Cent Cotton Loan Plan Hit
of
Alabama—Urges
John
holding pool
financed by Government nine-cent loans to await better
prices.
The Senator expressed disappointment that theGovernment's loan plan did not provide for loans of 10 cents
a pound on cotton, instead of nine cents, and that adjustment
payments of up to 3 cents a pound will be made only on 65 %
of base production.
Associated Press advices from Jasper,
Ala., Sept. 6, from which the foregoing is learned, also had
following to
"The loan
to
say:
plan," he charged, "was worked out by departmental
theorists
First, to reduce the price so as to
make the loan so unattractive
Government loan."
bring about larger exports of cotton; second, to
under
that few farmers would put cotton
a
spokesman for Secretary Wallace in Washington
A
the income of the cotton
farmer."
cotton, exports are
the Government accumulates
results."
than good
fixed too high
reduced and more harm
-
.
'V
Says
O.,
in
Execrate
Who
Labor Must
Politics—In
Administration
at
Re¬
De¬
Both Labor
broadcast
address
an
in
Workers
Industrial
Urges Farm and
In
from
to Combine
Washington
on
Sept.
3»
Lewis, Chairman of the Committee for Industrial
Organization, issued a warning that "labor next year cannot
avoid the necessity of a political assay of the work and deeds
John L.
of
and its
so-called friends
its
political beneficiaries.
"It.
must," he said, "determine who are its friends in the arena
politics
that
detachment
It feels that its cause is just and
view its struggle with neutral
elsewhere.
as
should
friends
its
intone
or
Mr. Lewis went
,
not
constant
criticism of its activities."
to say:
on
Those who chant their praises of democracy, but
who lose
no
chance to
drive their knives into labor's defenseless back must feel the weight of labor's
enough to allow cotton
We have found that when loans are
freely in trade.
I.
Directed
Adversaries
adversaries must ever feel the thrust of labor's power.
woe, even as its open
"Loans," the spokesman added, "were made low
to move
C.
Friends
Strikes—Congress
and
United States Chamber of Commerce Criticized—
replied with the as¬
of the loan-subsidy program was "to increase
sertion that the sole purpose
Are
Those
Against
Its
and
of
accomplish two definite objectives:
of
Head
Who
Believed
clares
Bank-
Sept. 6 by Senator John H.
on
head, of Alabama, to place their cotton in a
the
Lewis,
marks
urged
were
L.
Determine
Holding Pool
Farmers
1681
Chronicle
Labor, like Israel, has
many sorrows.
and they lament for the future of the
who has supped at labor's
one
house to
Its women weep for their fallen
It ill behooves
children of the race.
table and who has been sheltered in labor's
with equal fervor and fine impartiality both labor and its
curse
adversaries when they become locked in deadly embrace.
While in
Accumulated
Bales of
Involved—Banks May
Market
from
Withdraws
CCC
Cotton
and
1934
Earlier
Crops
4% on 1937
CCC at 2V£%.
Make
Loans
Notes
to
at
Crop
and
Discount
reply to the "plague on both your houses" which President
Roosevelt bespoke on June 29 last for extremists on both
sides of the steel strike,—the President ascribing this as the
general opinion of the American people in the strike situation,
as was indicated in our issue of July 3,
page 39.
Mr. Lewis
be no hindrance to the successful
operation of the present nine-cent cotton loan and subsidy
programs, the Commodity Credit Corporation has with¬
drawn from the market its cotton holdings of the crop of
1934 and earlier years accumulated under previous loan
programs, it was made known on Sept. 9 by Jesse H. Jones,
Chairman
of
the
Reconstruction Finance Corporation.
These holdings approximate 1,600,000 bales of low middling
^g-inch staple cotton and is all that remains of the 4,400,000
bales acquired under the earlier loan programs.
The CCC,
for the past year or more, had been gradually liquidating
these holdings.
Mr. Jones also announced on Sept. 9 that banks and
other lending agencies may make loans to producers of the
1937 cotton crop at 4% per annum interest and sell the notes
to the CCC at any time prior to July 31, 1938, at par and
accrued interest at the rate of 2%% per annum. Such loans
must, however, be tendered prior to July 1, 1938, and must
be made on forms provided by the Corporation and in
accordance with its requirements.
Mr. Jones pointed out.
there
that
So
may
in his address declared that "under the banner of the Com¬
mittee for Industrial
Its objectives
unionization of
pay
It would have its rights
tions and contract
Until
Washington for information
and forms.
S150.000.000 to enable the CCC to make or
has authorized
RFC
The
and banks or other approved lending agencies
for their take-out. Should it develop that
$150,000,000 is needed, the RFC will provide it.
purchase 1937-38 cotton loans,
may
rely upon this commitment
more
than
the subsidy programs for
issue of Sept. 4, page 1518.
The nine-cent cotton loan and
1937
were
an
labor has
relationships that are supposed to characterize American
aroused
public opinion demands that employers accept that rule,
no recourse
tion with its
own
but to surrender its rights or struggle for their realiza¬
economic power.
The objectives of this movement are not political in a partisan sense.
it is true that
referred to in
our
Yet
political party which seeks the support of labor and makes
a
pledges of good faith to labor must, in equity and good conscience, keep that
faith and redeem those pledges.
and dignified members of Congress, servants of
people and agents of the Republic, skulking in hallways and closets,
hiding their faces in
larger
banks or
-''v-'; -•
Banks and lending agencies desirous of handling cotton loans should com¬
municate with the loan agency of the RFC serving their district or at CCC
It would avoid strikes.
determined under the law by the peaceful negotia¬
commercial life.
the Corporation 1 y2% per annum
lending agencies.
institution.
It seeks cooperation and mu¬
tuality of effort with the agricultural population.
The spectacle of august
principal amount collected on said notes while held by the
the
unorganized millions of workers and for the acceptance of
It seeks peace with the industrial world.
loans only from banks or lending agencies which
have entered into an agreement to
on
today are those it had in the beginning: to strive for the
our
collective bargaining as a recognized American
the
CCC will purchase such
the
Organization American labor is
march."
He added:
on
part of his address did Mr. Lewis mention the
no
President's name, Washington observers, it was stated in
Associated Press accounts from Washington Sept. 4 regarded
his concluding words in the paragraphs above, as obviously a
Under Previous Loan Programs—1,600,000
is
measure,
a
one
party caucus to prevent a quorum from acting upon a
that emphasizes the perfidy of politicians and blasts
the confidence of labor's millions in politicians' promises and statesmen's
.!:
'
vows.
Besides his criticisms
of
Congressmen directed against
members who stayed action of Congress on the Administra- '
tion's wage and hour bill, Mr. Lewis likewise declared against
"the United States Chamber of Commerce, the National
Association of Manufacturers and similar groups representing
industry and financial interests" which he said "are rendering
a
disservice to the American people in their attempts to
frustrate the organization of labor and in their refusal to
accept collective bargaining as one of our economic insti¬
tutions."
Coordinated
Instead of Restrictions
Rome
at
a
Expansion
International Institute of Agriculture
by
Urged
In
Crop
Sept. 1, the Inter¬
Agriculture voiced its ojiposition to
of
Institute
placed by nations on crops and urged that the
world begin to plan for coordinated expansion of agriculture.
The report, comprising 55 pages, was compiled by agricultural
restrictions
experts of several dozen
nations, said advices from Rome,
summarized the In¬
Sept. 1, by the Associated Press which
stitute's report as
follows:
ruptcy and admit its
intellectual and moral
bank¬
planned economy is a system of bold economic suicide,
the better—must change the direction of its
it eventually—and the sooner
"Instead of leveling down, it must
begin to plan coordinated expansion
employing the services of science and technique to
the satisfaction of
intervention
and
rearmament
artificial world economic revival, the experts
The report
"The
in
have
resulted
largely in
concluded.
commented only briefly on conditions in the United States.
attempt
reduction
by the United States Government in 1934 to achieve a
tariffs
and
trade
restrictions through bilateral commercial
produced a few- such treaties based on the mostclause, could not be said to have succeeded to a marked
agreements, though it has
favored
nation
extent," it said.
This
to
was
because
"the
general
trend
point to further restriction," the report
of commercial policy continue
declared.
Regarding crop restriction, the report added:
The community, indeed, could not advance in prosperity and civil¬
ization if it were to continue
indefinitely to pursue a policy of restricting
agricultural production with a view to adapting it to dwindling demand.
"Such emergency measures rendered necessary by the depression could
be referred to
of
only
as a temporary
expedient and a leveling down of standards
productive efficiency.
"They could not be
in
increasingly imperative that the farm population and millions
industry must learn to combine their strength
for the attainment of mutual and desirable objectives and at
the same time learn to guard themselves against the sinister
propaganda Of those who would divide and exploit them."
In another part of his address Mr. Lewis stated:
of workers in
Fascist organizations have been
launched and financed under the shabby
Do those who have hatched this foolish cry of
.
.
influence will be cast
for the aged, a fairer
on
.
communism in the C. I. O.
fear the increased influence of labor in our democracy'/
Do they fear its
the side of shorter hours, a better system of dis¬
homes for the underprivileged, social security
distribution of the National income?
Certainly the workers that are being organized want a voice in the de¬
termination of these objectives of social justice.
human needs."
an
a viciously unequal dis¬
National income" and he said that "it becomes
tributed employment, better
planning efforts." said the report.
Government
a
pretext that the C. I. O. movement is communistic.
"Unless the world is to acknowledge utter
for
Lewis asserted that "labor has suffered just as our
population has suffered from
tribution of
report issued in Rome, Italy, on
national
Mr.
farm
continued without putting the whole civilized word
jeopardy and reducing to absurdity
technique."
the great interests of science and
A few
days after His speech of Sept. 3, Mr. Lewis on Sept.
Day) addressed a gathering at Pittsburgh, Pa., at
time he spoke against "industrial autocrats who op¬
6 (Labor
which
pose
labor,"—industrialists who have opposed C. I. O.
plants, being, it is said, the object of
unionization in their
his remarks,
in this address also he stated that the intro¬
machines must be "so managed as
employment, adding that the intro¬
duction of new machinery must be accompanied by shorter
hours and increased purchasing power."
At Leechburg,
Pa., on Sept. 6 Mr. Lewis was reported as saying that an
increasing participation by labor in the profits of industry
was the only answer to growing displacement of human hands
by machines.
In Associated Press advices from Pittsburgh
Sept. 6 it was stated that the day's labor celebration was the
first in 50 years that has been officially recognized by major
producers in the steel industry.
Mill men, it was noted,
duction of labor saving
not to reduce the field of
Financial
1682
gathered at the rally from"the furnaces and rolls in plants
with which the S. W. 10. C. has signed contracts.
Chronicle
Sept.
machines
cotton
not
ready for production,
1937
11
but approximately
number in the rayon division were at work.
the
same
The Drummnodville branch
operating at two-thirds of capacity—usually 500 to 550 hands—and in
was
Sherbrooke all but 125 of the normal staff of almost 1,000 were back.
William
of
Green
L.
of
Labor
in
Day Address
I. O. There Would Be
C.
But for
Says that
no
Ranks of Labor—Federation
in
Division
F.
A.
In the mill at St. Gregoire de
Montmorency, six miles below Quebec City
however, only some 100 men and
women entered to prepare
the machinery
for normal production, after which additional hands will be taken
Opposed
to
Incorporation of Trade Unions—Against "Sit
Down" Strike—Declares for Free Speech and Free
beginning of the strike,
-'-xV; ■/'; Vy/v '
.
William Green, President of the American Federation of
Labor, speaking at a meeting in Dallas,
of
Day)
(Labor
the Greater
Tex.
Texas and
Organization set
division within the ranks of labor.
up
Sept. 6
on
Pan-American
Federation of Labor said that "if there had been
mittee for Industrial
Com¬
no
there would be
We would be
no
united
a
years ago, said Mr. Green v"a minority group
which could not force or compel the majority in a convention
family."
Two
accept its will formed a dual organization of labor."
to
They
They, and they alone,
Organization.
responsible for
the division which has been created within the organized
are
labor movement of the North American continent."
Prior to that, Mr. Green observed "the A. F. of L. estab¬
lished
standard for democracy and democratic procedure
a
in the administration of its affairs and in the contemplation
of questions of national
the true spokesman for
States and Canada
on
"The destructive
and international import.
It was
the laboring people in the United
such matters."
in the way
that "they
in which it conducted its affairs."
He declared
lost sight of the great issues involved and the
ultimate good of the individual members and they saw only
their personal gain and their determination to establish
autocratic and dictatorial control."
In part, Mr. Green
added:
Immediately met with public condemnation and the opposition of pubdc
I refer to the sit-down strike as a form of industrial warfare.
opinion.
has been made cleai
arise
as
has been the
of Montreal Cottons in Valley-
one
To those of Dominion Textile Co.'s
employees back in the mills yesterday,
first pay envelopes will not be distributed until Sept. 24 for the week ending
Sept.
Friday,
3.
The company's accounting system makes
two-week
a
period necessary for the computation of earnings of the huge staff.
scales will be the
same as
prior to the walkout, but
Pay
increases determined
any
by the Fair Wage Board will be retroactive to yesterday, for later payment
a lump sum.
in
Los
Angeles Clearing House Association Observes 50th
Anniversary ofTts Organization
The 50th
anniversary of its formal organization on Sept. 2,
1887, was observed by the Los Angeles Clearing House
Association with a dinner to local bankers on the
anniversary
date.
Guests included present and former members of the
executive
The
1880
members
of
other
established following the
was
having
com¬
boom period of the
when rapid growth in population and banking
s,
active
An announcement in the matter continued:
Clearing House
evident
The
and
committee
mittees.
resources had
made
the
desirability of closer association and cooperaiion among the
Of the seven original members only two remain, most of the others
lost
their identity
through
consolidation
of banking activity in
growth
Clearing House operation
Los
with
other
institutions.
Angeles during the
is well illustrated
by the contrast
50
years
between
of
the
first year's clearings of $36,050,980 and the debits of the current fiscal year
which it is
now
indicated should
to have been among
in
run
excess
of
$11,000,000,000.
Believed
the first to establish the office of Examiner, the Los
Angeles Clearing House Association has provided since 1908 for periodic
examination of its member banks.
r
Herbert D. Ivey, President of Citizens National Trust & Savings Bank of
The C. I. O. developed a line of procedure In the conduct of strikes which
and
by the week-end when all
field
banks
policy pursued by those who composed
this (C. 1.0.) committee," said Mr. Green, "was manifested
be carrying on as usual
All the four out-of-town plants have been shut down completely since the
called themselves" he added, "the Committee for Industrial
use
daily.
on
tbp 1,700 employees will be back at their accustomed duties.
Pre8S
It is expected the mill will
It
and definite that public opinion will never support the
application of the sit-down strike in the settlement of disputes which
between
employers and employees.
without the support of public opinion
will be outlawed
Because strikes cannot
be
won
Los Angeles, who is serving his third term as President of the
Association,
addressed the anniversary dinner, paying tribute to the spirit of cooperation
which has benefitted not only the member banks but the entire
community
and
procedure and democratic administration.
We cannot surrender this right.
Labor must always be accorded the right to resist injustice and to strike for
call
a
issued by
Association
of the
in
ex¬
1891,
the Los Angeles Clearing House.
Former presidents of the Association who are still
Robinson, Chairman
The right to strike must- be preserved and protected as a part of democratic
He cited, among other
the organization of the California Bankers
which resulted fiom
the sit-down strike, if persisted in,
by legisla ive enactment.
banking interests throughout the State.
amples,
Board,
and
Joseph F.
living
are
Sartori,
Henry M.
Chairman
of
the
Managing Committee, both of the Security-First National Bank, Los
Angeles;
and
Andrew
M.
Chaffey,
President
of
California
Bank.
Los Angeles.
-
the redress of wrongs when the conditions of employment become intolerable
and
unbeaiable.
This involves the right to refuse to work, to enlist the
Revised
Edition
support of fellow-workers and friends in the conduct of a strike, to picket
and
of
a
boycott legally and to
use
strike.
But. when property is illegally seized and held, labor subjects itself to the
charge of lawlessness and the destruction of property.
labor places itself outside
cedure.
,
means
that
the pale and protection of law and lawful pro¬
.
The application of the sit-down strike on a wide
pave
That
national basis would
the way not to the establishment of a communistic State but to
dictatorship.
toward such
working
No
an outcome
man
or
would
woman
knowingly
a
Fascist
contribute
Green
Mr.
stated
that
efforts
had
been
made
by
in
that
direction
have
been
of
no
avail."
In
the
staunch
defender
Copies of the revised edition of "Trust Investments~Tn
Pennsylvania" are being distributed among the banks and
companies of Pennsylvania by Frank G. Sayre, VicePresident of the Pennsylvania Co. for Insurance on Lives
and Granting Annuities, Philadelphia, as Chairman of the
Committee on Trust Investments, Pennsylvania Bankers
Association.
Regarding the publication, it is announced:
The publication contains the law relating to the investment of trust funds
Act of Pennsylvania, following which are listed 229 investments having a
par
value of
F. of L
stands
as
a
over
$3,500,000,000, all of which
are
deemed to conform to the
provisions of the acts and therefore believed to be legal for trust funds in
Pennsylvania.
The list contains 129 railroad bonds aggreating $1,351,600,000; 89 utility
bonds
of free assemblage,
Pennsyl-
trust
his
remarks Mr. Green also said:
We wish all classes of people to know that the A.
in
Made Available
in Pennsylvania which complements and is amendatory to the Fiduciaries
A. F. of L. to compromise the differences with the C. I. 0.,
and "to reestablish labor upon a united basis, but all our
efforts
Investments
"
because individual freedom and liberty depend upon
the p.eservation of democracy and our democratic form of government.
"Trust
of
vania
all legal and lawful methods In the conduct
aggregating
$1,793,000,000
and
11
telephone
bonds aggregating
$394,800,000.
Twelve
free speech, fiee press, and for the
major railroad lines
are
named
as
meeting
the
qualifications
exercise of the right to woiship in accordance with the dictates of cons* ience.
specified in the act pertaining to legal investments for trust funds in Penn¬
There
sylvania.
oe no
can
which
does not
place in the A. F. of L. for
believe in and subscribe
policies.
Strike
at
Plants
in
Canada
any group or any
to
of
these
organization
principles and to these
H
Dominion
Textile
Co.
strike
eight plants of the Dominion Textile Co.
located throughout the Province of Quebec,
including four
in Montreal, was ended on Aug. 30 as 5,000 of the
company's
7,500 employees returned to their jobs.
The strike, which
had been in effect since Aug. 2, was called by the National
Catholic
Federation
a
of
Textile
Workers.
Demands
were
collective labor agreement, wage increases and a
48-hour week.
The strike was ended following the reaching
Daily
an
agreement through the intervention of Premier Maurice
Duplessis of Quebec.
The agreement provides for continu¬
ance of the
open shop, the determination of wages between
now and March 1
by the Fair-Wage Board, and the forma¬
The
a
committee to draft
a
collective labor agreement.
Montreal
local
divisions,
with
Cottons,
was at
almost
Ltd.
practically normal pitch yesterday in the four
the
full
3,000 complement
on
hand
in
the
Merchants and Colonial mills in St.
Henry, the Mount Royal In Cote St.
Paul, and the Hochelaga in the East end.
this city
was
possible
so
requisites had been taken
soon
care
The high rate of
after the strike settlement
operations in
because all
of during the 10 days in which the
pre¬
machinery
had been running at partial capacity.
At
Drummondviile, Magog and Sherbrooke almost 2.000
women
were
at
tfieir looms
percentages of operations.
and spindles,
the
of San Francisco and Oakland, Cal."
subscription prices on Sept. 1.
Rates in
general are 15 cents per month higher and evening papers
heretofore selling for 3 cents a copy will sell for 5 cents.
Morning paper single copies remain 5 cents. The increases
were made
necessary by increases in cost of labor, material
and
The
of
Associated
taxes.
from which
we
morning
$1.30,
with
Press
advices from
San
Francisco,
quote, also said:
"Chronicle"
Sunday,
an
and
"Examiner"
increase
from
announced
$1.15.
monthly rates
The afternoon
"Call-
Bulletin" and "News" raised rates from 75 to 90 cents.
In
Oakland, the "Tribune" boosted the rate, with
$1.15,
to
80
and
the
"Post-Enquirer" announced
a
Sunday, from $1 to
15-cent monthly increase
cents.
mm
New York
No reports were available last night as to the other
2,500 hands in the
ninth plant affected by the walkout,
operated in Valleyfield by an affiliated
The whirr of shuttles
in
their
following regarding the ending of the strike is from the
Montreal "Gazette" of Aug. 31:
concern—the
mlieage operated
newspapers
increased
of
tion of
of the railroad
Higher Labor and Tax Costs
in
made for
29%
Daily Newspapers of San Francisco and Oakland In¬
crease
Subscription Prices—Made Necessary by
Terminated—Had Been in Effect Since Aug. 2
A
They represent
United States and supplied 34.1% of the total gross revenues in 1936.
more men
and
with those branches at various
About 900 print workers at Magog found the
Chapter, American Institute of Banking, to
Course
on
Railroad
Security Analysis—
Columbia University Extension to Give Courses on
Offer
American Gas Practice
The New York
Chapter, American Institute of Banking,
specialized course in Railroad Security Analysis
during the Fall Semester. The subject will consider the
problems of the individual confronted with the task of se¬
lecting diversified investments in the RR. field.
The dis¬
tinctive characteristics of railroad obligations as a general
class, methods of determining the relative merits of various
securities, and the application of these methods to specific
will offer
a
Volume
Financial
145
Emphasis will be placed on
significant data from the vast
amount of material available, and the determination of those
relationships most indicative of present strength and de¬
veloping trends.
Seth H. Seelye of the City Bank Farmers
Trust Co. will conduct the course.
New York Chapter is
discussed.
situations will be
the
selection
located
York
in
of
the
the
most
Woolworth
Building, 233
Broadway, New
City.
operation will be
be given
by Columbia University Extension, which opens its 27th
year on Sept. 24.
The production of manufactured gas and
The
which
technical
phases of
courses on
company
gas
American gas practice to
analyzed
by Dr. J. J. Morgan, who will conduct the courses by mail.
These courses, sponsored by the American Gas Associa¬
tion, were formerly given under the home study depart¬
ment, which was recently discontinued by action of the
the distribution and utilization of
city
will be
gas
<
Columbia Trustees.
The studies, technical in natureare
adapted for students with high school training in chemistry
and physics and for college students who plan to enter the
gas industry.
N;'^V:'v'';
Code
Insurance
Which
Within
Limits
Defining
Counsel Adopts
Adjusters May Handle Claims
defining the limits within which insurance adjusters
proceed in the investigation and settlement of claims
without being considered to be practicing law was adopted
by the International Association of Insurance Counsel at its
annual meeting in White Sulphur Springs, W. Va., Aug. 26.
The code was adopted as part of a report submitted by a
special committee of nine leading insurance lawyers who had
been studying the problem for several months, said an an¬
nouncement made available by the Association, which added:
Vice-President
President
Dean
of
insurance
companies should
be forced to employ lawyers to carry
number of functions which have in the past been
routine.
out a
considered mere business
The report drew a sharp
distinction between so-called independent
ad¬
justers. who hold themselves out as prepared to represent insurance com¬
the insurance
companies.
It was agreed that adjusters of both types may interview
parties and witnesses and gather testimony and evidence of every kind,
and that after liability and coverage have been determined by the insurer
they may effect settlements and obtain releases therefor.
They may not,
however, manage or control the settlement of a case after the case has been
turned over to a lawyer for defense, except with the previous knowledge of
the lawyer, nor may they communicate in any way upon the subject of
controversy with an opposing party represented by counsel.
.
.
.
a
fee, and the staff adjusters regularly employed by
Company adjusters are prohibited under the code from
undertaking, in
advise a claimant concerning his rights.
any sense, to
Death of Pierre
Quensay, General Manager of
Bank for
International Settlements
Pierre
Quensay, General Manager of the Bank for Inter¬
Switzerland, was drowned on
national Settlements at Basle,
Emile Moreau,
Sept. 8 while swimming at the estate of
former Governor of the Bank of France, at
He
was
"World
44 years
Bank"
Poitiers, France.
He had been General Manager of the
since its establishment in 1930.
old.
Basle
at
following summary of the career of M. Quensay
the New York "Herald Tribune" of Sept. 9:
The
At the close of the war he was an assistant to the
is from
Austrian section of the
joined the commission named by the
League of Nations to reorganize Austria's finances.
He bad been friendly
with Emile Moreau for several years and when Mr. Moreau became Gov¬
ernor of the Bank of France in 1926 he took Mr. Quensay along as his "chef
Reparations Commission, and in 1922
de cabinet," or
bank.
head of the department of economic
the stabilization of
He took part in conferences on
the franc and represented the government at
several international monetary
conferences.
His
name
he
when
became known in the United States
was
and Great Britain in 1929,
appointed general secretary of the French
conference which formulated the Young Plan.
caused Owen D.
delegation to the
His services at these sessions
Young to recommend his appointment as the
first General
Manager of the Bank for International Settlements.
But
the suggestion
not equally
was
agreeable to all the nations.
The
had wielded too much in¬
attack on the
Germans, in particular, felt that Mr. Quensay
fluence in the conference and held
him responsible for the
German mark which had created a financial crisis in
the
German
delegation
to
give
way
on
the Reich and forced
certain points being
Some influential Britons also felt that a neutral manager
a
negotiated.
would be desirable.
However, in the election in April, 1930, Mr. Quesnay was
by
named manager
him.
wide margin, only Germany's three votes being cast against
of
the
Stock Exchange
Resume Classes
New
York
Stock
Exchange
Institute
announced
Aug. 30 its educational program for the coming scholastic
year, which will include a series of 24 weekly lectures by
executives of corporations, prominent economists, public
officials, governors of the Exchange and others.
The Stock
Exchange Institute, which is attended by employees of the
Exchange and of its member firms, will present 35 courses
on
various phases of the work of the exchange, brokerage
office procedure, bond trading, brokerage law, business
economics, business statistics, principles of accounting,
arbitrage, security analysis, &c.
The speakers at the series of Thursday morning lectures,
Prof.
B.
J. Byles,
Carothers,
University;
Lehigh
Administration,
Business
N.
Board
of
Governors
of the
Federal
on
Reserve
Chair¬
System; J. M.
Public Relations of Eastern
President, National Industrial Conference Board, Inc.; Prof. Edwin W.
Kemmerer,
Walker
Professor
of
International
Princeton
Finance,
Uni¬
versity; William McC. Martin Jr., Governor of the Exchange; Prof. Marcus
Nadler, International Professor of Finance, New York University; Alfred P.
Sloan
Jr., Chairman of the Board,
Smith,
Economist of the
Bradstreet,
Inc.;
Exchange;
T.
Juan
Trippe,
General Motors Corp.; Bradford B.
Willard L. Thorp, Editor,
President,
Pan
American
Dun &
Airways;
Wendell Wilkie, President, Commonwealth & Southern Corp.
The Chicago Association of Stock Exchange Finns'
will resume
classes
Monday,
Educational Institute
Sept. 20, it was announced on
Sept. 8 by
The courses to
be
Joseph
A.
Rush ton,
offered
are
Brokerage Accounting by L. B. McLaughlin, Brokerage Law
Chairman
Association.
of the
by J. Arthur Miller, Investment Mathematics by Howard Greene, Invest¬
Analysis by Gail C. Belden and a Cashiers' Round
Table Forum in
charge of C. R. Bergherm.
William J. Denman, Page on New York Stock
Elected a Member of Exchange Following
Exchange,
Admission
Partnership in Firm of Graves, Banning & Co.
to
William J.
Denman, who
elected
was
New York Stock Exchange on
vious day, a page on the floor
a
member of the
Sept. 9, was, until the pre¬
of the Exchange.
He is 27
and has been in the employ of the Exchange
since his graduation from high school in June, 1929,
Mr.
of
years
age
been admitted
Denman has
to
partnership in the firm of
Graves, Banning & Co., and will take the place on the
floor
Exchange of the firm's present board member, Herbert
L. Jones, whose seat is being transferred to Mr. Denman.
Mr. Jones, who is retiring as an active Exchange member,
will continue his interest in the firm. He has been a member
of the
since 1918.
Mr. Jones stated that he chose
Denman to succeed him because of his loyalty to the
Mr.
outstanding
Exchange, his application to his work and his
merit as an employee of the Exchange.
»
Edward F. McGrady Resigns as
Labor—Becomes
Assistant Secretary of
Labor Relations for
of
Director
Radio Corporation of America
Roosevelt on Sept. 7 accepted "with deep
regret" the resignation of Edward F. McGrady as Assistant
Secretary of Labor. Mr. McGrady leaves to become Director
of Labor Relations for the Radio Corporation of America
but will be available for special service to the Government
whenever called upon.
Before taking a position with the
Government, Mr. McGrady was the legislative representa¬
tive in Washington of the American Federation of Labor.
In June, 1933, he was the chief labor adviser of the National
Recovery Administration and in the summer of that same
year was named Assistant Secretary of Labor; he served in
both positions until the end of the NRA.
The texts of Mr. McGrady's letter of resignation and
President Roosevelt's reply are as follows:
u
r
President
The event has arrived which we
Dear Mr. President.
have several times
I hereby tender. As you know, this is
by compelling personal obligations which can no longer be
discussed—my resignation, which
made necessary
neglected.
This situation has existed for some time, but hitherto we have
duty outweighed my private need. Now I under¬
both felt that my public
stand that we are agreed that a
science
and
been joined
with
your
time has come when I can go in
good con¬
complete consent.
tell you how grateful I tin to have
with you, even in a small way, in your
valiant battle for the
be your friend and comrade and
with what regret I leave you.
You know all this.
It is some compensation that I go to continue in a new field the work in
which I have served you and spent my active life—improvement of rela¬
tions between labor and management in industry.
As you also know, my new employer has cordially agreed that whenever
you feel need for my services for any special work I shall always be avail¬
able to your call.
Sincerely,
EDWARD F. McGRADY, Assistant Secretary of Labor.
common man,
how proud I have been to
Dear Ed.
It is with deep regret
tary
that I accept your resignation as
Assistant Secre¬
of Labor.
You have filled that post
have
for four years with very great
credit to yourself
Your efforts to maintain harmonious
and the department.
labor relations
and in fairness to workers and
tasks so well you have rendered
service to your country. I want you to know that it is fully appre¬
by me, and that I shall greatly miss you as a member of the Ad¬
been in the public interest
always
management.
ciated
The
of
Institute;
Petroluem
Railroads; Clarence Francis, President, General Foods Corp.; Virgil Jordan,
signal
Institute Announces Edu¬
cational Program for Coming Year—Educational
Institute of
Chicago Stock Exchange Firms to
New York
College
Ballantine, formerly
W. Randolph Burgess,
Bank of New York; A.
Reserve
It would be foolish for me to try to
chief private secretary.
The next year Mr. Quensay became
studies at the
the
American
of the Exchange
...
panies for
the
Federal
Fitzgerald, Vice-Chairman of the Committee
may
The work done by insurance adjusters in handling claims has been the
object of attack by lawyers' groups in several States, it being contended that
of
of the
Paul H. Davis of Paul H. Davis & Co., Chicago; Marriner S. Eccles,
A code
}
^
Arthur A. Ballantine of Root, Clark, Buckuer &
Assistant Secretary of the United States Treasury;
ment
International Association of Insurance
arejield^before the opening^of^the Exchange, ^will
include:
man
outlined in two
1683
Chronicle
In performing many trying
ministration.
Your
broad industrial
background will, I am sure, make you
of great
and management.
j
I wish you all the success you so richly deserve. I am glad that you wil
always be available for future service to the Government and I look for¬
ward to seeing you often.
Faithfully yours,
value in improving
relations between labor
FRANKLIN D. ROOSEVELT.
<►
Thomas
W.
Lamont Finds Improvement in Economic
in Europe—Returns from Two-Month
Conditions
Stay Abroad
Returning from
Europe on Sept. 6
aboard the Queen
Mary, Thomas W. Lamont, partner of J. P. Morgan & Co.,
New York, said that he found a gradual improvement in
economic conditions in Europe.
Mr. Lamont had been
abroad for two months, and had visited Scotland, England,
1684
Financial
Switzerland.
France and
he arrived
Mr.
Lamont
interviewed
was
as
Chronicle
,
the Cunard-White Star liner; in reporting this
on
interview, the New York "Times" of Sept. 7 said:
the hard
"In
of the depression," he said,
years
"the world has
building up for itself more sources of reserve strength
for
reason
some
been
of
the improvement,
gradually."
Mr.
Lamont said,
was
the
tourist
the Spanish civil war and the Far Eastern disturbances.
"Many
intelligent
French
workingmen
have
realized
That
that
repeated
means two
working people and less work for them.
workingmen are waking up wisely to the situation, and this
improvement."
Condition
of
of
Settlements
means
business
Bank
for
International
Aug. 31
during August in assets of the Bank for Inters
Settlements, Basle, Switzerland, is reflected in the
Bank's statement of condition for Aug. 31, which reports
total resources on that date at 706,249,112 Swiss francs, as
against 695,137,227 Swiss francs at the end of July.
The
increase was due to gains in holdings of gold in bars, total
cash items and sundry bills and investments.
The following is the statement of the Bank for Aug. 31,
as compared with July 31, as contained in Associated Press
advices from Basle, Sept. 5 (figures in Swiss francs at par)
Assets
'
,
,
Aug. 31
10,873,546.23
Gold In bars
Cash:
that
President
■
.
July 31
9,844,143.88
': v
On hand and on current account with hanks
23,702,366.09
Sight funds at interest
21,105,366.27
Rediscountabie bills and acceptances:
1. Commerical hills and hankers' acceptances
28,553,166.27
34,631,227.61
...122,589,173.05
170,767,846.92
133,200,655.61
138,075,601.85
293,357,019.97
2. Treasury bills
of that
271,276,257,46
Total
Mr.
Merz
bank started with a paid in capital of $100,000,
spite of substantial dividends shows an exceptionally
strong capital position,
$100,000.
all
earned
with
the
exception
of
'"(.y,
George W. Bacheller, Secretary and Treasurer of the
Newport branch of the Industrial Trust Co. of Providence,
at
who
his
home
in
Newport
Aug. 31.
on
Mr.
Bacheller,
59 years old, began his
banking career as a clerk
in the old Merchants Bank.
Subsequently (1902) he trans¬
ferred to the Newport Trust
Co., where he eventually be¬
was
Secretary and Treasurer, the offices he held
came
death.
*
'•%
The First National Bank of
Pa.,
Scenery Hill,
small institution, closed its doors
a
at
his
•
near
Washington,
Sept. 8, because,
according to its Cashier, S. W. Rogers, nobody wanted to
borrow money and State and Federal taxes were
getting so
heavy that there was no profit in the business. Advices from
Washington, Pa., to the New York "Herald Tribune",
on Sept. 8, from which this is
learned, continued, in part:
on
All depositors will be paid in full, and the stockholders will
get back at
least what they invested, the cashier said.
*
.
.
Until recently, he said, the bank had always shown a
profit. It was
organized 33 years ago and has 600 depositors. It was capitalized at $25,000,
and
has
undivided
profits
deposits of $260,000.
of
$40,000,
total
of
resources
$300,000
and
The President is Thomas H. Dague.
#
Time funds at Interest:
Not exceeding three months
45,134,944.47
34,486,580.81
571,100.00
11,529,195.57
45,706,044.47
46,015,776,38
15,628,325.97
101,891,188.35
85,926,964.43
44,556,338.34
44,946,309.47
47,228,190.12
66,164,667.04
-
Between three and six months.
Total
Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bUis
(b) Sundry investments
2.
3.
10,369,278.41
Between three and six months:
Over six months:
(a) Treasury bills
(b) Sundry investments.
(a)
institution.
the
and in
died
An increase
national
i
as
:-V" ■'
of
as
one
Jamestown, N. Y.,
recently celebrated his 80th birthday. It is observed that
this is an enviable record, particularly in view of the fact
■ ■
^
Statement
things
However,
which were
of
strikes, high wages and the five-day week have shoved up the cost of pro¬
—higher prices for
stock of the
common
completed 64 years of service in the banking business* 34
travel," he said, "which is not confined to Americans,
duction very high and have caused a loss of trade.
share, and 100,000 shares of
On Sept. 9, Frank Merz, Chairman of the Board and
been remarkable in spite of the reports of the heavy armament pro¬
grams,
a
value of $50 each.
of the founders of the Union Trust Co. of
Italy and Great Britain.
"This European
$25
par
<
traffic, which this year had been exceptionally heavy in France, Germany,
has
Plans to increase the caxiital stock of the Bank of Lake
Placid, Lake Placid, N. Y., from $100,000, consisting of 1,000
shares of the par value of $100 a share, to $150,000, con¬
sisting of 4,000 shares of preferred stock of the par value
of
us
In most Continental European countries and In England
thought possible.
economic conditions seem to be improving
One
than
Sept. 11, 1937
Treasury hills
55,358,039.55
58,289,340.52
45,680,189.37
37,502,626.01
310,242,271.70
303,199,185.88
(b) Sundry investments.
Total
OttlCr HBSCtS'
-i*.'
'
V *■
It is learned from
"Money & Commerce" of Sept. 4 that
following changes have been made in the personnel of
Exchange Bank of Wheeling, Wheeling, West
Va., owing to the recent death of C. W. Jeffers, a VicePresident, Louis J. Yaeger, formerly Cashier, has been
made Vice-President and Trust Officer; L. C.
Horter, here¬
the
the National
tofore
Assistant Cashier and Assistant Trust Officer, has
been promoted to the
Cashiership, and Howard W. Friedrichs, a member of the law firm of Piper & Friedrichs of
Wheeling,
has
been
appointed
Assistant
Trust
Officer.
Joseph R. Naylor is President of the institution.
i
1. Guaranty of central banks on bills sold
Sundry items..
1,084,625.53
2.
1,095.224.00
177,872.22
522,245.61
1,262,497.75
1,617,469.61
706,249,112.48
695.137,227.09
125,000,000.00
125,000,000.00
4,237,607.60
6,315,304.73
12,630,609.44
12,630,609.44
L.
Total
Total assets
Liabilities
Capital paid up
According to the Cincinnati "Enquirer" of Sept. 7, Henry
Schwab, who has been connected with the First National
Cincinnati, Ohio, for 32 years, the last 14 years as
Assistant Cashier, was to become associated with the new
business department of the Second National Bank of that
city on Sept. 7.
' 1
Bank of
RGHCrVGfJ*
1.
Legal reserve fund.
2.
Dividend
3.
General reserve fund..
reserve
fund
Total
4,237,607.60
6,315,304.73
23,183,521.77
23.183,521.77
153,096,250.00
153,218,750.00
76,548,125.00
1,142,200.00
76,609,375.00
Long-term commitments:
1.
Annuity trust account deposits
2.
German Government deposit
French Goverment deposit (Saar)
3.
4.
34,837,007.03
1,144,500.00
34,907,156.84
265,623,582.03
French Government guarantee fund..
Announcement was made on Aug. 29 by Edward J. Bar¬
rett, State Auditor of Illinois, that he had authorized the
payment of 10% of the waived deposits of the Suburban
Trust & Savings Bank of Oak Park, 111.
on to say:
The distribution, which amounts to $19,953, is the fourth such
payment,
bringing the total returns to 40%. The disbursements will he made to¬
day (Sept. 1).
-
265,879,781.84
....
.
Total
Central banks for their
(a)
(b)
(C)
own
Concerning the affairs of the defunct First National Bank
account:
Between three and six months..
Not exceeding three months..
Sight
.
,
4
Short-term and sight deposits (various currencies):
1.
In noting this, the
Chicago "Tribune" of Sept. 1 went
12,983,155.20
of Sioux
69,575,416.68
...
-.197,772,709.39
36,818,708.24
carried the
46,967,249.24
.
Rapids, Iowa, the "Commercial West" of Aug. 28
following:
Checks for the fourth and final dividend of the closed First National of
Total.
2.
....234,591,417.63
229,480,821.12
4,395,921.82
4,247,608.55
834,822.97
Sight
3.
Other depositors:
(a)
(b)
Not exceeding three months
Sight
6,609,534.16
Sight deposits (gold)
503,373.46
7,444,357.13
Total
1,513,468.58
8,815,707.73
8,755,759.35
Miscellaneous:
1.
Guaranty on commercial bills sold
2. Sundry items
1,358,893.78
1,367,586.28
35,648,731.22
35,895,658.97
Total
37,254,552.75
37,016,317.50
...706,249,112.48
Total liabilities
Sioux Rapids, Iowa, were sent out
Aug. 23 amounting to $9,016.
1,010,095.12
Central banks for account of others:
1933, payments by Receiver Edmond F. Carmondy have made
deposits.
ABOUT
BANKS,
695,137,227.09
TRUST
*
&c.
cently
Announcement was made on Sept. 8 that Hugh J. Chisholm, 'President of Oxford Paper Company, has been elected
which
a
director
of
the
Grace
National
Bank
COMPANIES,
of
New
York
City.
4
At the regular meeting of the Board of
Directors of
National
City
Houghton,
elected
a
Bank
Director.
of
The
New
York, held Sept. 7, Amory
the Corning
Glass Works, was
Mr. Houghton was born in
Corning, New
President
of
York, graduated from Harvard University with the class of
1921 and became associated with
the Corning Glass Works
in the same year and has been
its President since 1930.
He
is Vice-president of Blue
Ridge Glass Corp.; Secretary Em¬
pire Machine Co.; Director
Hartford-Empire Co. American
Blank
Co.
Steuben
L'Electro
Glass, Inc.
Refractaire,
Corning Trust
Co.
and
52.45%
The National Bank of Commerce of Lincoln,
Neb., just
recently celebrated the 35th anniversary of its founding, it
is learned from the "Commercial West" of
Sept. 4. Starting
in August 1902, with a
capital of $50,000 and deposits of
$66,000, the institution to-day has combined capital surplus
and undivided profits of $987,720 and total
deposits of
$12,948,000.
The
ITEMS
Closed in
up
of
LaGrange National Bank,
placed
was
in
LaGrange,
liquidation.
Ga.,
The
was
re¬
institution,
capitalized at $150,000, is succeeded by the Citi¬
& Southern
zens
voluntary
Bank of
LaGrange.
•
Capital stock of the First National Bank of Molalla, Ore.,
was
purchased on Sept. 4 by D. O. Hood, acting for the
Giannini interests of San Francisco, according to an an¬
nouncement
made in Portland,
Ore.
Resources of the
acquired bank, as of June 30, aggregated $453,920 and its
total deposits were $411,479.
We quote further from the
Portland "Oregonian" of Sept. 5, as follows:
For
same
the time
being the Molalla institution will be operated under the
management and staff as in the past, it was said.
however, that it will eventually be converted into
a
It is contemplated,
branch of the First
National Bank of Portland.
The
area
in
Molalla
bank
Clackamas
was
organized in
County as
well
as
1912 and serves
an
active logging
a
large farming
and lumbering
center in the foothills of the Cascades east of the town of Molalla
.
Volume
Financial
145
the Auburn National Bank, Auburn,
capitalized at $50,000, was placed in voluntary
liquidation. The institution was absorbed by the National
Bank of Washington of Tacoma, Wash.
On Aug. 27, the National Bank of Washington, Tacoma,
was authorized by the Comptroller of the Currency to main¬
tain a branch at the City of Kent, KiDg County, Wash.
Effective Aug. 21,
Wash.,
THE
Unsettlement
CURB
EXCHANGE
caused largely by
unfavorable foreign de¬
velopments took a heavy toll of security prices during the
early part of the week, the losses ranging from 2 to 10 or more
points. The declines extended to all parts of the list though
pronounced among the oil stocks and
specialties. Many trading favorites were close to their bot¬
tom for the year and in several instances new lows were
established. On Thursday the trend turned upward, and as
confidence returned, liquidation subsided and a number of
the regular market leaders regained a goodly part of the
losses of the preceding days.
Some selling was in evidence
at times but the strength of the advance quickly absorbed it.
On Friday the list again turned downward.
Pre-holiday dulness prevailed on the New York Curb
Exchange during the abbreviated session on Saturday.
Many prominent traders were absent while others left early
for the Labor Day week-end and the volume of trading
dropped to a low ebb, the transfers falling off to approxi¬
mately 55,000 shares, the lowest since early in 1935. Price
movements were generally narrow and irregular with a ten¬
dency toward lower levels.
Scattered advances were ap¬
parent from time to time but the changes were usually in
minor fractions and without special significance.
Public
utilities were the weak stocks of the day, American Gas &
Electric pref. dropping 1 % points to 109%, Bell Tel. of Pa.
pref. declining 2% points to 116, Empire Gas (6) pref. re¬
ceding 2 points to 40 and United Gas pref. falling back 1%'
points to 113%.
On Monday the New York Curb Exchange, the New York
Stock Exchange and the commodity markets were closed in
the weakness
was more
observance of Labor
Day.
the Curb Exchange in line with liquida¬
markets, due in a large measure to a
new war scare, was the feature of the trading on Tuesday
as the market resumed its sessions following the Labor Day
holiday.
The liquidation was very heavy and the losses
ranged from 1 to 10 or more points with the heaviest reces¬
sions among the oil stocks and specialties.
Public utilities
were also lower though the losses in this group were much
less than in other parts of the list. Aluminum Co. of America
was one of the weak spots and declined 8% points to 130.
Mead Johnson also was noteworthy for its drop of 8%
points to 110.
Other outstanding losses were Pepperell
Manufacturing Co., 5 points to 107; American Manufactur¬
ing Co., 6 points to 38; Brill j^ref., 6 points to 39; Childs pref.,
10 points to 65; Derby Oil pref., 16 points to 70; Royal Type¬
writer, 4 points to 84; Creole Petroleum, 3% points to 30%;
Carrier Corp., 5 points to 57, and Brown Co. pref., 6%
points to 66%.
Renewed selling forced curb stocks downward on Wednes¬
day and losses from 2 to 6 or more points were registered by
a
long list of active issues. The declines were not confined to
any particular group but extended to all parts of the list.
Public utilities were inclined at times to move against the
trend but the rallies wrere not maintained for more than a
Further selling on
tion in other security
period. Outstanding weak spots were Jones & Laughlin
Steel, which tumbled downward 13 points to 84; Humble Oil,
which receded 3% points to 75%; Mead Johnson, which
added 4 points to its loss of the preceding day and closed at
106; Ohio Brass, which dipped 6% points to 49; SherwinWilliams, which declined 4 points to 117, and Youngstown
Steel Door, which receded 6% points to 56. The volume of
sales was higher than the preceding day, the. total transfers
moving up to approximately 513,695 shares, against 464,890
on
Tuesday.
Curb market prices showed substantial improvement on
Thursday as broad rallying trends under the leadership of
the
industrial specialties
and oil shares boosted many
prominent stocks to higher levels. Some declines were still
apparent but the main body of the list was decidedly
stronger, the gains ranging from 2 to 6 or more points.
Specialties were particularly active and there was con¬
siderable interest manifested in the public utilities.
Prom¬
inent among the stocks closing on the side of the advance
were
Pepperell Manufacturing Co. 5 points to 11, Thew
Shovel 2% points to 25, Youngstown Steel Door 6 points
to 62, Aluminum Co. of America 1 % points tol31 %, American
Meter 3 points to 34, Ferro Enamel 3% points to 34 and
Newmont Mining 2% points to 93.
On Friday the trend of prices was again downward and
practically all groups suffered under the pressure of liquida¬
tion. Specialties bore the brunt of the declines, Chesebrough
Manufacturing Co. dipping 5 points to 107%, Youngstown
Steel Door slipping back 7 points to 55 and Standard Invest¬
ing Corp. W. W. pref. declining 6% points to 32%. Other
noteworthy declines were Aluminum Ltd. 8 points to 95,
Brown Co. pref. 4 points to 61, New Jersey Zinc 4% points
1685
Chronicle
last
week prices were lower, Aluminum Co. of America
closing last night at 123 against 138% on Friday a week ago,
American Cyanamid B at 28% against 34%, Carrier Corp.
at 54% against 62, Creole Petroleum at 29 against 33,
Electric Bond & Share at 13% against 15%, Gulf Oil Corp.
at 50 against 55, Hudson Bay Mining & Smelting at 26%
against 29%, Humble Oil (new) at 72 against 81, Inter¬
national Petroleum at 32 against 35, New Jersey Zinc at
72% against 78, Sherwin Williams Co. at 115 against 122%,
and South Penn Oil (1.60) at 48 against 50.
TRANSACTIONS
DAILY
I
EXCHANGE
YORK CURB
NEW
THE
Bonds (Par Value)
Stocks
(Number
Week Ended
Sept. 10. 1937
$13,000
48,000
52,000
27,000
79,000
18,000
25,000
31,000
36,000
$1,313,000
1,652,000
1,236,000
1,501,000
$129,000
$205,000
$6,265,000
HOLI DAY
Friday.
514,075
1,213,000
1,546,000
1,193,000
1,434,000
Total
1,862,435
$5,931,000
461,565
513,960
317,530
_
Wednesday
Thursday
_
_
Week Ended Sept.
Sales at
$563,000
$5,000
$545,000
HOLI DAY
Monday
Tuesday
Total
Corporate
Government
Domestic
55,305
Saturday
Foreign
Foreign
of
Shares)
Jan. 1 to Sept.
10
10
New York Curb
Exchange
1936
1937
1936
1937
1,862,435
1,345,450
77,730,612
91,711,623
$5,931,000
$305,997,000
Stocks—No. of shares.
Bonds
Foreign government..
129,000
$10,744,000
332,000
Foreign corporate
205,000
208,000
7,494,000
$587,278,000
12,841,000
9,048,000
$6,265,000
$11,284,000
$322,515,000
$609,167,000
Domestic
_
.
_
_
.....
Total
9,024,000
SILVER
AND
GOLD
ENGLISH
THE
MARKETS
weekly circular of
Montagu & Co. of London, written under date of
reprint the following from the
We
Samuel
Aug. 25, 1937:
GOLD
The
406,625
18 showing no change
Aug.
on
gold reserve against notes amounted to
of England
Bank
£326,-
compared with the previous
as
Wednesday.
In the open
gold was disposed of at the
market about £1,700,000 of bar
With a continuation of the firm tendency
of sterling against the dollar, afresh low record for the year was established
on Aug. 19 when the price was fixed at 139s. 3Md.
Prices have ruled at
about dollar parity and some of the offerings were taken for shipment to
America, but there was also a fair general demand.
week.
daily fixing during the
Quotations:
Equivalent Value
of £ Sterling
Per Fine
Ounce
Aug. 19
Aug. 20
Aug. 21
Aug. 23
Aug. 24Aug. 25
Average
139s.
139s.
139s.
139s.
139s.
...139s.
139s.
-_-
— —
--
The following were
12s. 2.38d.
3%d.
12s. 2.29d.
4Hd.
4d.
4d.
12s. 2.33d.
12s. 2.33d.
12s
4%d.
12s. 2.30d.
Imports
.
Yugoslavia
Finland
297,656
Switzerland
57,226
—
Netherlands
Other countries.
514,812
679,712
24,455
China.
-
670
l§-£26
2,991
---•
Belgium
1,615,900
Germany
7,612
Other countries
£2,858,121
£4,859,858
The SS.
to the
£2 ,624,492
6,250
201,905
21,104
2,150
1,550
British India.
8,473
20,144
.
Kenya...--.
Australia
New Zealand—
British India--.--
France
United States of America
£1,615,351
Tanganyika Territory _
—
and exports of gold!
Aug. 16 to mid-day on Aug. 23:
Exports
British South Africa
Venezuela...
2.29d.
12s. 2.16d.
6a.
4.42d.
the United Kingdom imports
registered from mid-day on
short
1^72%, Pittsburgh Plate Glass 4% points to 114%, Pep^
perell Manufacturing Co. 6 points to 105 and United Gas
(7) pre?. 4% points to 109. As compared with Friday of
AT
Kaisar-i-Hind which sailed from
value of about
The following are
gold for the
£235,000.
Kingdom imports and exports of
the details of United
month of July, 1937:
Union of South
Bombay on Aug. 21 carries gold
,
Imports
^^>240,164
§12,601
Africa
British West Africa
--
Southern Rhodesia
-
Tanganyika Territory.
Kenya British India.—
-
- -
29,646
.30,740
.
-----
11.12a
140,859
103.650
44,501
279
J10,048
2,825,302
—
British Malaya...
6,Zn'rla
-------
- -
- r - - - - - - -
British West India Islands
United States of America
Venezuela
Soviet Union
-
rvv- %
& British Guiana
Netherlands
-
0
-6666
-
F?in?era::::-::::::::":u:::::::::::-::::::: 22,709:689
VnWioh
-
-
199,530
.Switzerland
Yugoslavia-
15,874,200
_1A
-
Germany
Finland
-----£14,530
—
Australia
New Zealand
""
633,108
,
—
— -- - -
.
Exports
124,187
576,506
---- - -
------
China
281
39,702
1,878,650
272,842
95,413
1.446,074
-
66,lzo
Other countries.--——
11,446
£44,055,856 £18,887,757
SILVER
15 16d. for both cash and two months'
review, a slightly easier tendency
developed yesterday owing to re-selling by the Indian Bazaars and by
today the respective prices had declined to 19 13-16d.
There have been sales on Chipa account, out these have been made with
some reluctance and the steadiness of the market during most of the week
was due largely to sellers holding back,
as buying orders were limited to
After
remaining unchanged at 19
delivery for four
lower
days of the week under
prices.
Indian
.
steady at the moment and even should
re-selling continue, support from America for trade or other purposes
The tone
of the market appears
level.
might be expected at or slightly under the present
The following were the United Kingdom imports
registered from mid-day on
and exports of shver,
Aug. 16 to mid-day on Aug.
23:
1686
Financial
Germany
Belgium
£9,405
20,186
7,630
Canada
Japan
Ecuador
Chronicle
Exports
Imports
2,550
2,411
-
Malta.
Irish Free State
x2,000
x2.200
Other countries
British India
Aden &
THE
£18,800
20,800
4,200
2,325
1,115
2,010
1,890
Dependencies
Straits Settlements
France
Denmark
...
Other countries
each day
Sat
Mon.,
,
Sep
&
Crown Mines
Aug.
Aug.
Aug.
Aug.
Aug.
Oz. Std.2 Mos.
NEW
YORK
420/-
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
19 15-16d.
19 15-16d.
19 15-16d.
19 15-16d.
19 13-16d.
18
19
20..
21..
23-24
25/^6
Beers...
Electric & M usical Ind.
45 cents
Ford
45 cents
108/9
21/3
27/-
—
Gaumont Pictures ord.
Ltd
—
45 cents
Geduld
-.45 cents
45 cents
(E)
Prop Mines
Exploration &
Gold
Finance of Australia.
Hudson Bay Mln & Sm
HOLI-
lmp Tob of G B & 1..
The highest rate of exchange on New York recorded during the
period
from the 19th to the 25th August was $4.99% and the lowest
$4.98%.
DAY
I
P S
M
Lake
View South
MARKET—PER
CABLE
Metal
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Sept. 7
Sept. 8
Thurs.,
Sept 9
19 13-16d
19 15-I6d
19 15-16d
19 15-16d
140s 3d
140s 3d
140s
140s 4d
Sept. 4
Silver,
d.
19%d
Gold, p fineoz ,140s 2%d
Consols, 2% %
Holiday
British 3% %—
\ W. L
Holiday
per oz
British 4%—
1960-90
Tues.,
Mon.,
Sept. 6
73 9-16
5%d
73%
73 7-16
100%
,
Wed.,
100%
110%
110%
110%
110%
110%
20/6
24/9
5/6
2/1 %
177/6
..
149/6
149/4 %
«.
«."•»
150/-
4/6
31/-"
30/9
...
18/6
78/9
150/-
....
West Rand Consol M_.
m
46/10%
78/6
15/3
47/6
f 15/-
£6%
75/-
£45
£5*32
69/3
£44%
£5*32
7/6
197/6
£7',7"
£45%
£6%
7/6
200/63/41/157/6
29/6
30/7%
Molasses
17/6
78/6
14/9
£5*32
....
Unilever Ltd.
Union Corp..
price of silver per ounce (in cents) in the United
the same days has been:
States
....
Kalgurll Gold M
Sub Nigel Mines
Triplex Safety Glass
100%
£17%
108/-
162/6
4/6
31/9
149/3
70/7%
£44%
....
Shell Transport
73%
2/3
£6%
....
Cop M.
So
United
Holiday
Gold
Royal Dutch Co
West
The
—
Rand Mines
19 15-I6d
140s 7%d
100%
Est
Fr
Roan Antelope
FrU
Sept. 10
73%
100%
Rand
53/6~~
53 /6
£17716
107/6
20/6
26/6
5/9
2/3
175/-
175/155/-
17/6
79/15/6
47/6
Box
Paimietkuil Gold M
The
7/-
75/7%
Gold
Mines of Kalgoorlie.
FINANCIAL
430/-
74/4%
255/-
5/9
4/6
32/6
150/150/7%
115/-
7/425/-
26 /6
2/3
175/155/-
Geduld
Sept. 10
115/-
20 /3
5/9
A
'
ENGLISH
£16%
107/6
53/'"
FH.,
Sept. 9
250/52/3
£17
.
....
45 cents
by cable
Thurs..
72/6
7/3
•
19.917d.
..
Til/#
Distillers Co
(Per Ounce .999 Fine)
Wed..
Sept. 8
115/7/420/-
....
De
IN
19 15-16d.
19.-.19 15-16d.
20—19 15-16d.
21...19 15-16d.
23—19 15-16d.
24—19%d.
Aug. 25—19 13-16d.
Average.
19.906d.
Tues.,
invest.
Ourtaulds S & Co
LONDON
-Bar Silver pe>
Cash
received
as
113/3
Cons Goldflelds of S A.
Quotations during the week:
1937
EXCHANGE
Sept. 7
C
.
Marconi
Central Mln
£51,140
11,
of the past week
Sept. 4
Canadian
£49,165
IN
STOCK
British Amer Tobacco.
Coin at face value.
x
LONDCN
Quotations of representative stocks
2,783
Portugal
Sept.
£5®32
75/-
63/40/1%
157/6
28/9
30/7%
40/6
160/29/9
30/10%
£7%
„
7/3
200/64/40/3
157/6
29/6
31/3
£8%
£8%
62/9"
Wltwatersrand
Areas..
£7%
....
on
Bar N. Y.
dorClosed
Closed
44%
44%
44%
44%
U. 8. Treasury
V. S. Treasury
50.00
50.00
50.00
50.00
50.00
50.00
(newly mined)
77.57
77.57
77.57
77.57
77.57
77.57
eign)
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each
received
as
by cable
day of the past week:
.
_
<
_
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
4
6
7
8
9
10
-Per Cent of
Bankers, manufacturers, merchants and
others
AUgemelhe Elektrlzltaets-Gesellschaft
Berliner
Berliner Kraft
130
130
130
135
168
135
135
134
134
134
168
168
168
168
168
118
118
118
117
117
117
u
(5%)
55
OFFICE
BROAD
AND
FOREIGN
COMPANY
122
120
121
121
123
123
123
123
124
152
151
151
152
152
128
128
128
128
DEPARTMENT:
STREET. NEW YORK
105
105
105
105
105
105
168
167
166
165
166
165
157
157
157
156
156
155
159
159
Hamburger Elektrizltaetswerke (8%)
Hapag
159
160
158
(8%)
-
81
80
122
121
123
88
86
85
80
211
Rbeinlsche Braunkohle
81
123
88
(4%%)
Norddeutscber Lloyd
Relchsbank (8%)
211
207
207
206
209
..
Salzdetfurth (6%)
Siemens & Haiske (8%)
RATES
160
81
124
„
Mannesmann Roehren
Deposit Insurance Corporation
EXCHANGE
128
Dreadner Bank (4%)
Member Federal Reserve System
FOREIGN
121
Farbenlndustrle I. G. (7%)
Gesfuere! (6%)
Member New York Clearing House Association
Member Federal
127
122
.
PRINCIPAL
"
128
Deutsche Bank und Dlsconto-Gesell.
(5%). 123
Deutsche Krdoel (5%)
152
Deutsche Relchsbahn (German Rys) pf
7% .128
world-wide banking facilities.
MANUFACTURERS TRUST
Par
—130
(6%)..
I.icht (8%)
Cornmerz-und Prlvat-Bank A. G.
Dessauer Gas (7%).
interested in trade abroad will find it advanta¬
geous to use our
Handels-Gesellschaft
230
--
160
79
..
160
159
159
217
217
218
122
'
216
218
2l7
^ Pursuant to the requirements of Section 522 of the Tariff
Act of
1933, 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.
give below
FOREIGN
a
EXCHANGE
RATES
SEPT. 4,
CERTIFIED
UNDER
1937 TO SEPT.
BY
TARIFF
10,
FEDERAL
ACT
OF
Europe—
Sept. C
$
a
Sept. 8
Sept. 7
.
Sept. 9
Sept. 10
possible to obtain weekly returns will be 7.0% below
total
the
'
$
$
S
.168459
.168638
.168676
.168601
.012750*
.012875*
.012875*
.012875*
.034907
.034900
.043917
.034916
Denmark, krone
.221377
.221159
.220926
.22079-3
England, poundsteH'g4 .959625
Finland, markka
.021916
220762
4.954375
.949833
.946916
4 .946000
.021900
.021860
.021835
.021640
.037264
.037217
.036664
,035603
France, franc
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
.037293
.188483*
.188466*
,188566*
168340
.401342
.401203
.401192
.401117
,401142
.009071*
.009075*
.009065*
.009073*
,009058*
.551342
.551014
.550628
,549996
.197350*
.197600*
.197325*
.197475*
Italy, lira
.197475*
.052603
.052603
.052604
.052603
Norway, krone
,052606
.249150
.248950
.248642
.248537
Poland, zloty
Portugal, escudo
Rumania, leu
,248452
.189075
.188900
.188833
.188900
,188833
.045033*
.044893*
.044854*
.044816*
044783*
.007310*
.007367*
Spain, peseta
.007353*;
.007367*
007367*
.066000*
.065800*
Sweden, krona
Switzerland, franc
Yugoslavia, dinar.
.065214*
064687*
.255641
.255450
.255173
.255029
254941
.229700
.229641
.229664
.229632
229650
.023040*
.023040*
.023020*
for
.295625
.295625
.295666
week
Our comparative
summary
follows:
.296000
.295625
.29o625
Shanghai (yuan) dol
(yuan) dol'r
Hongkong, dollar..
.295666
.296583
.296000
.295625
.295625
.295666
.296583
.296000
.295625
.295625
.295666
Kansas
.309715
.309734
.309531
India, rupee
.309218
.374268
.373575
.373500
.288545
.288425
.581125
.580312
.580312
58,200.000
51,000,000
+ 14.1
84,200,000
88,171,943
55,859,939
80.210.000
+ 5.0
+ 18.9
57,795,893
74,175,152
56.010,807
53.297,214
38,559.575
34,397.000
41,734.619
—7.6
29,008,000
+ 18.6
$3,101,636,074
$3,314,781,051
—6.4
733.042,925
596.646,455
+22.8
$3,834,678,999
766,935,799
$3,911,427,506
1,038.861 777
—26.2
$4,601,614,798
$4,950,289,283
—7.0
City
San Francisco...
......
Pittsburgh
Detroit
Cleveland
li.ltimore.
New Orleans
;
Twelve cities, five days
cities, five days
Tota Jail cities, five
All cities, one
days.
——
-
day
Total all cities for week..
.288103
.581625
+ 13.7
.580000
Cent
—1.9
+ 2.4
+ 7.6
—0.3
+ 8.4
—2.0
.373400
.288933
—11.7
187,738,746
211,000,000
121.398,000
59.792,568
St. Louis.
.308937
.374190
.289114
$2,349,415,945
64.351,988
Boston
1936
$2,075,227,934
213,539,802
207,000.000
124.332.000
New York
Philadelphia
.296583
Japan, yen
I
Singapore (S. S.) dol'r
Per
1937
Chicago.
.296583
Hankow(yuan) dol'r
Tientsin
the
Otther
DAY
.296000
At this center there is loss for the
Friday of 11.7%.
Clearings—Returns by Telegraph
Week Ending Sept. 11
HOLI¬
Chefoo (yuan) dol'r
week in 1936.
week ended
023020*
.023000*
Asia—
China—
same
year.
Our preliminary
S4,601,614,798, against $4,950,289,283 for
4925
.551725
.065083*
corresponding week last
stands at
$
Czechoslo'kia, koruna
.188471*
decrease compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today
(Saturday, Sept. 21)
bank clearings from all cities of the United States from which
year ago.
those for the
Austria, schilling
Belgium, belga
Bulgaria, lev.
.188533*
a
a
it is
RESERVE
1930
1937, INCLUSIVE
Unit
Sept. 4
CLEARINGS
with
Noon Buying Rate for Cable Tranters
New York
Value in Unite* ,u.i$ Money
Country and Monetary
BANK
clearings this week will show
We
record for the week just passed:
BANKS TO TREASURY
COURSE OF
Bank
V
Australasia—
Australia, pound
3 950833*
New Zealand, pound. 3, 982125*
Africa—
South Africa, pound.. 4.913750*
North America—
3.947678*3.943625*3.941354*3.940416*
3.978750* 3.973839* 3.972656* 3.972083*
4.910000* 4.902946*4.899218*4.899821*
Complete and exact details for the week covered by the
foregoing will
furnish
.999783
.999711
.999687
Cuba,
.999687
.999166
.999166
.999166
.999166
.999166
277500
.2/7500
.277500
.277500
.997209
.997187
.997187
issue of next week.
.997187
noon
inasmuch
today,
We cannot
as
Accordingly, in the above the last day
today.
.277500
.997265
our
the week ends today
(Saturday) and the Saturday figures will not be available
until
Canada, dollar
in
appear
them
peso
Mexico,
peso
Newfoundland, dollar
South America-
Argentina,
peso
Brazil (official) mllrels
(Free) mllrels
Chile, peso
Colombia, peso
Uruguay, peso
♦Nominal rates: firm
.999687
of the week in all
In
cases
the elaborate
has to be estimated.
detailed statement, however, which we
.330466*
.330300*
.330016*
.329916*
.329783*
present further below, we are able to
.087238*
.087238*
.087205*
.087205*
.087205*
.064277
.064333
.063937
results
.063755
064225
051325*
.051325*
.051325*
.051325*
570905*
.569881*
.569881*
.569905*
.792000*
.791250*
.791875*
.791250*
the
give final and complete
week
previous—the week ended Sept. 4.
was a decrease of 1.3%, the aggregate
.569905*
792000*
for
rates not available.
.051325*
For that week there
,of
clearings for
the
whole
country
having amounted
$5,945,356,804, against $6,021,103,604 in the
same
to
week
Financial
145
Volume
1687
Chronicle
increase of 9.0%,
recorded a loss of
7.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a decrease of 7.6%, but in the
Boston Federal Reserve District the totals register an in¬
crease of
2.3%, and in the Philadelphia Reserve District
of 9.7%.
The Cleveland Reserve District has managed to
enlarge its totals by 14.5%, the Richmond Reserve District
by 10.5%, and the Atlanta Reserve District by 9.0%.
In
Outside of this city there was an
in'1936.
the bank clearings at
this center having
Chicago Reserve District there is an improvement of
10.5%, in the St. Louis Reserve District of 8.7%, an in
the Minneapolis Reserve District of 24.5%.
The Kansas
the
Week Ended Sept. 4
Clearings at—
Inc. or
Grand
District of
6.2%.
following we furnish a summary
by Federal Reserve
districts:
Dlsts.
Federal Reserve
1st
New
1,025,400
16,249,000
Wayne
Indianapolis
South Bend
227,731,670
+2.3
181,872,209
160,843,961
—7.6
2,795,518,406
366,674,707
334,218,550
+ 9.7
263.829,511
2,490,927,232
214,002,351
312,470,835
272,852,200
+ 14.5
194,505,780
165,077,441
137,722,121
124,670,285
+ 10.5
98,561,311
89,553,480
3rd Philadelphia 10
•f
4th
Cleveland..
5
6th
Richmond
6
ft
.
Atlanta
7th
St.
144,801,389
ft
4
•
Minneapolis 7
10th KansasCity 10
9
9th
ft
102,086,746
+ 10.5
+8.7
369,301,979
292.991,262
99,294,959
85,326,084
+24.5
+ 1.6
133.986,630
58,473,720 + 12.9
+6.2
256,038,504
88,760,883
83,272,654
114,284,444
107,292,719
101,335,590
66,004,136
ft
Fran..11
12th San
+9.0
123,249,654
136,165,663
ft
6
11th Dallas
132,799,830
126,137,151
»•
Louis..
457,133,971
133,969,957
Chicago __.18
8th
272,852,408
40,706,362
43,737,066
190,620,838
171,124,545
6,021,103,604
—1.3
4,539,343,428
3,991,603,318
2,549,367,841
Outside N. Y. City.
2,337,970,068
+9.0
1,826,690,715
add
now
+ 4.1
+4.2
—2.0
8,843,560
7,867,556
3,341,923
—12.5
—10.4
+ 13.1
248.563,901
723,875
+ 10.6
610,702
457,027
3,980,460
1,709,878
4,195,530
1,322,460
—5.1
2,551,862
2,169,447
+ 29.3
945,037
Springfield
1,356.806
1,257,176
+7.9
1,066.673
609,952
857,991
505,322,055
457,133,971
+ 10.5
369,301,979
292,991,262
64,400,000
22,778,406
55,700,000
18,573,291
10,630,793
Peoria.
x
X
X
X
793,000
598,000
+32.6
487,000
422,000
Total (4 cities).
133,969,957
123,249,654
+8.7
99,294,959
85,326,084
Ninth Federal
Reserve Dls
Minn.—Duluth..
4,260,395
88,907,449
trict—Minn eapolis
2,947,920 + 44.5
2,025,156
Minneapolis
St. Paul
+31 6
+6.0
+ 12.2
61,832,009
19,878,132
1,500,000
2,164,114
59,444.549
18,835,711
111.—Jacksonville
Quincy
Sept.
4
26,308.436
N. D.—Fargo...
2,439,258
2,174.525
S. D.—Aberdeen.
818.992
705,877
744,850
+ 16.0
466,939
377,632
+6 3
648,262
431,200
2,610,615
2,365,534
+ 10.4
2,410.385
2.019,448
126,137,151
101,335,590
+ 24.5
88,760,883
83,272,654
792,006
.
Helena
cities).
Fall
$
%
$
832,759
—14.9
568,084
489,621
2,207,118
195,218,468
—3.0
1,968,365
156,527,726
459,371
+ 2.1
615,425
—6.1
276.091
304,457
+ 10.3
+ 3.0
682,049
662,225
2,994,693
2,959,218
1,772.536
9,045,941
3,903,639
R.I.—Providence
9,270,300
N. H.—Manch'r.
640,371
9,642,700
595,550
Worcester..
110.981
2,691,101
28.976,484
1,736,227
2,840,264
73,926,715
111,812
75.387
1.909,997
Clty.
Joseph
94.308,847
2,925,992
2,731,182
516.141
726.563
—29.0
577,617
520,224
629,884
926.732
—32.0
584,904
516,067
136,165,663
133,986,630
+ 1.6
114,284,444
107,292,719
1,549,307
3,442.637
—4.1
+4.5
Pueblo
Total (10 cities)
452,442
221,172
412,701
496,986
2,369,685
1,132,795
7,746,302
2,770,395
7,204,600
370,807
+ 21.6
Springfield
139,133,384
257.093
+ 1.2
2,154,943
10,506,554
3,694,118
New Bedford..
+31.4
+3.6
+ 1.5
108,969
—1.9
1,519,739
199,238,641
577,883
r
—8.0
as
25,648,268
1,984,782
2,137,244
71.672,830
2,716,108
St.
708.473
River
+67
—
2,996,890
31,059,409
1,482,39s
2,618,991
91,046,274
2.882.253
Wichita
2,140,240
Lowell..
123,664
Dls trict
2,756,490
29,783.412
Mo.—Kan
Mass.—Boston..
Kans
123,456
131,889
Kan.—Topeka..
1934
1935
Dec.
$
%
k
X
City
121.064
Reserve
Lincoln
Reserve Dist rict—Boston
or..
X
•
67,578,906
24,817.978
Tenth Federal
Inc. or
.
11,629,553
—13.3
17,081.810
14,817,655
Tenn.—Mem ph Is
Colo.—Col. Spgs.
Ended
1936
1937
Portland
198,481,937
666,541
297,939,943
800,678
Neb.—Fremont..
at—
Maine—Ba
6,341,073
2,800,924
488,179
597,171
2,925,293
Omaha...
Federal
575,283
779,527
7.564,771
+ 12.4
week's
for the four years:
Week,
First
575,816
3,038,639
12,792,950
336,881,232
Sioux City
111.—Bloomington
Hastings
'
+53.8
930,150
4,498,959
19,791,063
1,139,156
312,728,66,
331,934,493
+0.9
376,674,814
379,995,570
detailed statement showing last
our
figures for each city separately
Clearings
10,068.000
1,578,123,219
32 cities
We
577,083
13,286.000
724,353
3,380,853
14,586,613
2,872,090
364,595
Total (7
Canada
770,291
+ 1.8
20,621,903
1,116,206
Iowa—Ced. Rap.
Des Moines
Mont.—Billings
5,945,356,804
112 cities
F Total
—3.5
1,430.440
4,685,511
Terre Haute...
Wis.—M llwaukee
974,439
87,454,523
505,322,055
tl
10
6th
f
S
%
3,798,613,000
>1
+23.8
+17.0
Ky.—Louisville..
232,912,722
»»
York. 13
50,104,235
1,784,966
969,385
1,690,365
1,062,512
15,964,000
Mo.—St. Louis..
3,510,323,660
12 cities
Boston
2nd
1934
1935
Dec.
S
67,416,353
2,405,925
3,684,280
uls —
Eighth Federa 1 Reserve Dis trict—St. Lo
+ 13.9
76,500,000
87,100.000
+ 7.5
29,069,844
31,259,302
Inc.oi
S
298,375
1,978,229
Lansing
Ind.—Ft.
Total (IS cities)
CLEARINGS
1936
$
437,994
— Chi cago —
+ 36.2
265,765
+ 6.0
90,792,717
96,196.260
4,562.043
Rapids.
Decatur
1937
S
361,985
Detroit
Reserve District of
1937
1935
%
Seventh Feder al Reserve D istrict
Mich.-Ann Arbor
Chicago..,
Week End. Sept. 4,
Dec.
$
Rockford
gain of 1.6%, the Dallas
12.9%/and the San Francisco Reserve
SUMMARY OF BANK
1936
$
City Reserve District enjoys a
In the
1934
1937
1,902,420
924,254
Eleventh Fede ral Reserve
District—Da lias—
2,141,510
Texas—Austin...
1,217,359
45,922,958
5,301,957
975,283
+75.9
+9.9
913,181
34,218.378
4.673,624
,.
—5.4
—3.9
+ 7.5
227,731,670
6,416,176
232,912,722
Total (12 cities)
7,507,587
1,167,843
35,300,000
617,108
N. Y.—Albany..
Bingham ton..
.
Buffalo
Elmira
1,962,328
2,041,883
66,004,136
58.473,720
+ 12.9
40,706,362
43,737,066
5,739,800
Galveston
415,035
6,935,081
2,564.000
Worth
Ft.
Wichita Falls..
759,642
1.890,000
X
4,579,000
+ 3.3
1,083,175
845,432
+ 13.5
—11.2
21,600,000
578,934
19,868,009
694,887
589,808
+40.3
518,690
418.722
—7.8 2,712,652,713
2,413,480,099
Yakima......
Ore.—Portland..
Utah—S. L. City
Calif.—L. Beach.
1,130,004
3,395,988,963 3,683.133,536
New York
Syracuse
Newark
Northern N. J.
6,351,621
5,579,895
+ 42.5
2,945,557
+ 7.6
2,024,845
+ 11.6
2,491,961
1,379,110
2,210,569
18,705,054
+0.9
2,167,121
313,932
12,022,865
37,526,097
448,957
18,873,777
29,829,297
J.— Mon
—13.2
3,682,586
2,308,495
3,439,807
444,689
3,837,234
Conn.—Star
393,731
9,441,861
8,194,840
5,246,769
2,483,644
Rochester
—20.5
27,430,296
+ 1.0
300,000
11,980.607
27,400,097
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle.
39,552,691
9.585,000
.
Spokane
1,172,525
31,910,712
15,346,340
4,215,832
3.623,113
Pasadena
—7.6 2,795,518,406
Total (13 cities) 3,510,323,660 3,798,613,000
Francl
SCO—
26,920,563
8,099,000
850,236
—3 7
+2.0
+06
+7.7
+15.5
+ 17 5
3.083.980
23,094,041
22,160,817
11,249,847
+6.1
37,284,698
9.953,000
1,149,275
31,724,555
14,252,321
3,651,098
19,488,727
10,317,802
2,651,375
3,456,262
2,542.092
110,409,769
2,460,346
7.651.000
653,682
2.113.833
101.203.002
1,892,447
+ 10.0
3,496,684
145,598,615
3,516,920
1,473,443
2,312,068
3,590,066
2.233,976
—59 0
987,759
916,597
+3.5
1,484,147
1,242,039
272,852,408
256,038.504
+6.2
190,620.838
171,124,545
5,945,356,804 6,021,103,604
—1.3
Francis"0.
160,164,000
San Jose......
Santa Barbara.
San
Stockton
—0.6
2,490,927,232
cities)
Totai (11
Reserve Dist rict—Phil ad elphia
Third Federal
453,679
*300,000 + 147.2
741,583
Bethlehem
322,556
258,596
X
—26.5
225,210
251,394
687.398
438,715
322.624
....
280,136
+ 31.5
596,655
Pa.—Altoona
Chester
+30.8
160,843,961
5,828,657
50,468,466
31,100,000
827,641
Jamestown
N.
3,146,712
+4.5
+2.8
Dallas
York-
+ 17.0
+ 13.7
716,055
3,060,391
7,406,606
2.226.787
181,872,209
+2.3
al Reserve D (strict—New
2,255,000
748,367
Total (6 cities).
New Haven.
+ 16.1
30,402,615
4,556,494
2,050,000
La.—Shreveport.
Conn.—Hartford.
Grand
(112
total
cities)
1,293,206
1,258,407
+2.8
881,454
353,000,000
+ 9.6
255,000,000
958,062
203,000,000
+ 24.7
2,251,420
322,000,000
1,037,352
2,604,830
—13.6
1,815,258
1,807,333
Wilkes-Barre..
1,151,610
1,104,009
+ 4.3
954,018
805,216
York
1,484,558
+ 22.0
3,537,000
+ 19.1
1,058,777
2,398,000
974,214
N. J.—Trenton..
1,811,324
4,212,500
5,379,000
Total (10 cities)
366,674,707
334,218,550
+9.7
263,829,511
214,002,351
4,539,343,428 3,991,603,318
+ 9.0 1,826,690,715 1,578,123,219
Outside New York 2,549,367,841 2,337,970,068
Lancaster.
Philadelphia-_.
Reading
1,293,785
_.
Scranton
775,240
Week Ended Sept.
Clearings at—
Inc.
1937
al Reserve D istrict—Clev eland—
Cleveland
X
X
X
X
133,831,070
121,107,052
+8.8
81,732,256
+ 19.1
40,212,559
58,187,613
9,686,100
34,040,513
52,802,614
7,895,200
888,644
822,460
X
11,857.600
14,983,800
Mansfield
1,637,810
1,595,459
+ 2.7
Pa.—Pittsburgh
141,934,849
.
X
X
X
Youngstown...
+ 18.6
119,643,037
85,530,864
165,077,441
66,384,732
21,816,612
18,750,584
4,224.589
102.965,008
312,470,835
+ 14.5
272,852,200
Reserve Dist rict—Richm ond—
Fifth Federal
Va.—Hung'n
358,565
336,671
+6.5
144,373
146.769
Va.—Norfolk....
2,457,000
2,454,000
+0.1
1,857,000
43,128,224
1.429,286
34,222,696
1,490,021
61,512,973
24.653.924
+ 26.0
—4.1
31,385,759
832,597
1,731,000
31.937.136
+ 8.5
47,281,614
43,143.310
—4.2
17.059,968
11,833,709
W.
Richmond
S. C.—Charleston
Md.—Baltimore
D. C.—Wash'ton
Total (6 cities).
66,725,088
23,623,958
137,722,121
Reserve Dist rict—Atlant
Sixth Federal
+ 10.5
124,670,285
98,561,311
761,556
89,553,480
a—
3,820,901
3,422,961
+ 11.6
2,544,720
Nashville
18,079,660
13,725,339
14.853,908
Ga.—Atlanta
49,900,000
1,279,782
*1,225.000
48,300,000
+31.7
+3.3
34.600,000
2,148,014
9,612.042
31.700,000
1,094,088
+ 17.0
1,075.301
912,611
1,112,687
+ 10.1
926.111
693.541
Tenn.—Knoxvllle
Augusta
Macon
Fla.—Jack'ville-Ala.—Birm'ham.
Mobile
...
Miss.—Jackson-
13,141.000
+ 7.0
9,795,000
17,646,037
15,978,675
+ 10.4
12,342,589
1,815,932
1,775,735
14,063,000
•
X
1
+ 2.3
X
X
i
1,239,334
X
.
139,483
Vicksburg
—14.7
163,563
La.—NewOrieans
36,831,594
144,801,389
132,799,830
1,101,182
Quebec
Halifax
...
95,474
.
24,574.200
20,389,953
+9.0
102.086,746
—41.0
44.397,308
1,540,617
1,342,903
2,101,936
3,614,274
4,996,606
344,822
2.538.092
+6.0
4,463,375
5,318.919
+32.5
—6.3
1,756.495
+ 18.5
—3.3
1,492,214
1,535,765
—22
2.407.781
+ 10.9
—36.7
3,663,925
3,584,350
—18.7
Hamilton
5,913,440
Calgary
St. John
2,731,866
Edmonton
4,327.922
4,035,837
1.726.639
2,794,557
3.902,231
6,372,919
364.328
448.247
—
—
Regina
Brandon
—13 1
—14.0
+23.2
291,241
86.744,512
13,217,300
3,857.569
3.997,091
2,075,537
8.380.985
5,309,096
572.194
616.438
—7.2
533.806
560,180
1,291,434
1,711.671
—24.6
1,369,349
1,291,226
708,142
—16.7
571,632
Jaw..—
589,984
838,159
815,298
+2.8
659.080
470,029
617.669
Brantford
Fort William
New Westminster
Medicine Hat—
Peterborough
695,125
763,215
—8.9
543,465
644.066
743,669
670,350
+ 10.9
583,946
485,474
263,197
286,579
647,290
—8.2
298,137
252,683
558,598
563.877
Lethbrldge
Saskatoon
Moose
701,350
Sarnia
Sudbury
1,543.748
296.703
287,317
675,247
+11.0
+ 1.8
628.188
604,640
544,079
+0.4
494.691
516.050
449,991
410.537
+3.9
344.984
345.222
386.480
Chatham
2,112,030
—5.9
388.047
403,829
1,362.786
Kingston
833,106
2,545.367
337,357
+0.6
467.553
Monoton
837.437
546,098
Prince Albert
—9.7
687,122
Windsor
1,157.562
•374.464
Kitchener
626.635
+6.9
+ 11.9
1,044,852
2,559,600
Sherbrooke
X
+ 8.1
34,085,782
Total (10 cities)
135,583
9,666,000
11,135,706
120.198,815
1,669.811
Ottawa
Victoria..
$
104,464,826
95,259,728
61,215,568
16.782,625
15,162.293
3.760,519
2,179.680
3,488,296
5,158,850
16,123.203
5,206 430
2,690.750
1934
+ 12.2
+20.5
4,981,953
Vancouver
London
Total (5 cities).
194,505,780
69,516,654
1935
2,081,817
Winnipeg
X
Columbus
—20.9
119,331,335
39,159.148
18.955,228
Montreal
X
54,897,648
59,704,758
97,335,818
Cincinnati
Dec.
%
Canada—
Toronto
Ohio—Canton...
1936
2
or
914,722
+49.0
689.013
651,345
331,934,493
312,728,661
691,648
87,454,523
Total (32
•
cities)
Estimated,
x
379,995,570
376,674,814
Figures not available.
+0.9
577,726
538.829
Financial
1688
CASH
TREASURY
The cash holdings
1937,
31,
taken
are
are
CURRENT LIABILITIES
AND
of the Government
the items stood
as
set out in the following.
The figures
of Aug. 31, 1937.
CURRENT ASSETS
AND
LIABILITIES
GOLD
$
Assets-—
Gold
:,\j.
<
r/'V;
Liabilities—
■■■•"
■
Gold certificates:
12.560.387,684.90
-
Outstanding (outside
of Treasury)
Gold
ctf.
2,901,718,639.00
fund—Bd.
of Govs., F.
Redemption
3% % series A-1937. maturing Sept. 15.1937..
2% % series A-1938, maturing Feb.
1,1938..
2%% series B-1938. maturing June 15,1938..
3%
serlesC-1938. maturing Mar. 15, 1938..
2%% series D-1938. maturing 8ept. 15,1938..
2% % series A-1939, maturing June 15,1939..
1%% series B-1939. maturing Dec. 15.1939..
1% % series C-1939, maturing Mar. 15. 1939..
1 %% series D-l939,maturing Sept. 15,1939..
1% % series A-1940, maturing Mar. 15,1940..
1%% series B-1940, maturing June 15,1940..
1)4 % series C-1940, maturing Dec. 15,1940..
114% series A-l941, maturing Mar. 15. 1941..
1H % series B-1941, maturing June 15,1941..
1 %% seriesC-1941. maturing Dec. 15, 1941..
1% % series A-1942, maturing Mar. 15, 1942..
R.Sys 6,015,942,436.78
fund—
Fed. Res. notes—
8,948,461.75
156,039,430.93
1,800,000,000.00
Gold reserve....
Excb. stabillza'n fund.
10,882,648,968.46
Inactive
1,334,935,194.46
Total
141,002,183.33
207,801,338.65
Treasury notes of 1890 outstanding.
sliver dollars In the Treasury.
and
notes
Treasury notes of 1890
are
$1,171,522
also secured
4%
$
Silver dollars
$
outstanding...
1,382,204,734.37
Total
Gold (as above)
—
1 083,738,716.44
52,065,376.37
2,996,094.00
Federal Reserve notes..
Fed. Reserve bank notes
National
bank
notes
Minor coin
Silver bullion (cost val.)
Sliver bullion (recolnage
Postal
2,405,771.69
Fed. Reserve ban Its.sales of Govt.secur.
courts,
167,558,596.33
Nat.
and
other
685,316,000.00
bank
bank
To
To
S..
credit
To
of
urer
U. 8
credit
on
1,676,867.90
17,118,496.35
5,508,100.00
3,330,000.00
Treasury savings certificates
258,850.00
100,310,580.26
$346,681,016.00
156,039,430.93
Lees gold reserve
Federal Reserve bank notes
298,451,441.50
2,032,511.50
....
Old demand notes and fractional currency
Thrift and Treasury savings Btarnps, unclassi¬
fied sales, Ac
3,260,720.24
—.—
494.386,258.31
above)l,334,935,194.46
Total gross debt
$37,045,040,598.38
141,002,183.33
see
Toronto Stock
375,298,391.46
1,050,955,081.79
Working balance
Total
Issuance
disbursing officers and
page
Last
Bale
Stocks (Concluded)
Par
trice
Week's Range
High
UNITED
The
DEBT
certain agencies today
STATEMENT
STATES
AUG.
OF
THE
31, 1937
preliminary statement of the public debt of the United
States Aug. 31,
1937,
as
Treasury statement, is
made
as
up on
the basis of the daily
follows:
Bonos—
rit
Anthony
1
...
»
St Lawrence Corp
A
preferred....
50
St Lawrence Paper.
.100
__
13c
13%c
17c
$197 062,060.00
,
Treasury bonds:
4% bonds of 1944-54
81
25
1.46
45c
55c
-60c
85c
85c
90c
2.00
1.92
2.59
4%
4H
100
3H
Aug
8
8
8H
59
6H
Sept
17
Feb
:ioo
._
97
June
110
Feb
...1
Dairies pref._*
------
97
98
3.00
3.00
3.70
21,490
...i
92c
92c
1.13
Slave I-ake
i
South End Petroleum. .25c
Southwest Petroleum.
44c
44c
45c
15c
.
#
-
♦
25
------
50c
94c
3%% bonds of 1941.
Feb
Mar
92c
Aug
1 90
95
3.00
Apr
Jan
3.95
Feb
4H
Aug
Sept
0 65
76c June
2.49
Jan
2 60
Feb
19c
Aug
44c
15c
Sept
Jan
5
1,500
1,150
45c
Sept
2.00
90 c
June
2.85
Apr
96
Feb
88
Mar
50c
July
80
440
75
69%
74
255
69%
Sept
Sept
3.50
3.0u
June
0.90
15c June
40% C
Feb
4.15
4,005
9,200
1.05
15c 17 He
1.35
1.02
17,072
1.02
Sept
3.25
Jan
2.75
2.75
3.15
12,495
2.70
Apr
4.80
Feb
16
16
16%
640
15%
*
3.50
I-Il
17c
Sullivan Cons.....
...1
Feb
Jan
Jan
16%
Jan
5c
5c
7c
17,700
5c
Sept
28 %c
Feb
4.75
4.75
5.25
16,357
4.55
June
6 00
Jan
1.62
17,300
25
Sept
Texas Canadian
•
Tip Top Tailors
*
14
Tip Top Tailors pref.. .100
108
loburn Gold.
United OilB
•
♦
Ventures
2% % bonds of 1948-51
Walte Arnuiet
A
——
C,;rVV
------
Adjusted Service Bonds of 1945
(Government Life Insurance Fund
series)
~
370 484 450 00
861-805'243>41
50o!l57,'956.40
Whitewater Mines
Zimmerknlt
Total bonds
$21,865,249,509.81
•No par value.
Sept
46
Apr
47
Sept
52
Jan
85
85
200
85
Sept
110
1.85
June
4.65
Jan
Feb
85c
85c
1.10
10,700
73c
June
2.00
Feb
71c
91c
15,100
60c June
1.10
Aug
14)4
16%c
13 )4
16%
16 He
I9c
4,980
11,900
16 He
Sept
6
6
7%
15,340
0
May
6.30
13
Apr
7.65
4,989
6 00
1.05
1.35
3,950
24,008
1.00
Apr
3.25
2.lu
June
42)4
19)4
42
47
19}i
19 H
6.30
4k
20
Jan
12%
Jan
90
120
1,966
97 H
"""lie
11c
l%c
l%c
------
♦
100
_
_
22
4%
41
Sept
Sept
Sept
Sept
18%
Jan
450
11%
96%
106%
Jan
14c
27,300
10c
June
30c
Mar
lHc
3,000
l%c
4c
1,500
3 He
10
4
284
4%
270
3
30
22
26
3
Aug
5c
Jan
17c
July
June
Jan
Feb
10
Jan
Aug
10
Jan
Sept
Sept
44
Jan
♦
*
25c
25c
33c
16,200
6.05
6.00
,6.90
15,280
5.85 June
10
Jan
22 %c
1
.
3H
22
5)4
4c
4
heb
July
52 H
May
13%
------
May
4.06
May
44
*
10
2.25 June
19
12 H
•
9
Feb
M ar
42
41
„.i
70c
11%
788
5
...i
June
Jan
19
5,436
12%
Ymlr Yankee Girl
870,642.406.40
23
20
44
Wood Cadillac.
Wright Hargreavos-
285
50
96H
Preferred
—
4,550
24%
2.00
_*
_
B
54,545,712.26
2.30
23
2.35
*
Wiitsey-Coghlan
Winnipeg Elec A..
273,185,693.65
Unclassified sales
Apr
"ioo
White Eagle
$186,409,888.25
347,663,949.25
®ere8®
Aug
110
•
W estous
19,935.739.800.00
"
16
Mar
50
23
Preferred
'/
Feb
104
1.05
*
West Canadian Flour.
Preferred
981,838,050.00
1,786.362,050.00
Jan
10
19
2.35
..
Preferred
1,626,687,650.00
2%% bonds of 1956-59
2% % bonds of 1949-53
2.35
291
•
.
V\ alkers
1.223,496,350.00
i
15
108
1
•
Vulcan Oils
1,214,428,950.00
2% % bonds of 1951-54
»
United Steei
2,611,107,650.00
,
2%% bonds of 1945-47
....
Union Gas
491,375,100.00
2.00
1.25
13 %
108
71c
Exploration..*
Ucbl Gold
1,035.874,400.00
1.32
50
Toronto General Trusts 100
Towagmac
1,518,737,650.00
of 1949-52
*
Preferred
1,400.534.750.00
3% bonds of 1946-48
1
Toronto Elevators
755,469,500.00
834.463,200.00
3% % bonds of 1943-45
1.10
57c
75
75
------
*
818,627.000.00
...
3%% bonds of 1944-40
f
2.40
Sept
1.19 100,979
50c
94c
172
Apr
35c
2,700
15c
1.25
50,100
felseoe Gold
Bladen Malartlc
Teck Hughes
544.870,050.00
3)4% bonds of 1948-49
tt
Jan
_»
Sherrltt Gordon
Simpsons B
Simpsons pre!
454.135,200.00
3% bonds of 1951-55
United States Savings bonds:
Jan
8,335
16,200
5,400
93,869
352.993,450.00
of 1941-43
of 1955-60
96
81
Tashota
489,080.100.00
3% % bonds of 1943-47
2%% bonds
Sept
81
1.25
Tambiyna.,
1,036,702,900.00
3%% bonds of 1940-43
3%% bonds
81
Aug
Aug
105
32c
$758,955,800.00
3% % bonds of 1946-56
3%% bonds
Apr
36%
30
45c
Sylvanlte Gold
4% % bonds of 1947-52
15
Sept
25}*
Sudbury basin.
Sudbury Contact
118,367.560.00
9%
25H
9%
25%
1.30
Sllverwood
June
525
...1
Preferred..
28,894,500.00
to 49th ser.)
_
High
12c
12
...1
Steel of Canada
$49,800,000.00
3% Conversion bonds of 1946-47
2%% Postal Savings bonds (14th
Low
18,600
10
San Antonio
Stadacona
3% Panama Canal loan of 1961...
Shares
of silver
Sheep Creek
PRELIMINARY
Range Since Jan. 1 1937
for
Week
of Prices
Low
Shaw key Gold...
$2,373,027,288.93.
1727)
Sales
Friday
3,064,415.044.75
resulting from the
Exchange
(Continued from
2,902,190,851.04
represents seigniorage
Note 2—The amount to the credit or
688,050.00
17,040,350.00
$190,641,585.07
ex¬
note 1
3,064,415,044.751
1—This Item
1,424,750.00
2,360,300.00
37,231,200.00
4)4 % Third Liberty Loan bonds of 1928
4)4 % Fourth Liberty Loan bonds of 1933-38.3% % and 4% % Victory notes of 1922-23
Deposits for retirement of National bank and
certificates equal to the cost of the silver
acquired under the Sliver Purchase Act of
1934 and the amount returned for the silver received
under the President's proclama¬
tion dated Aug. 9,1934.
was
27,757,550.00
4% and 4)4% Second Liberty Loan bonds of
408,460.09
1,478,807.69
Total
$4,660,150.26
51,280.00
gold (as
above)
Seigniorage (sliver)
other
U. S
.$36,4-50,343.759.81
Matured Debt on Which Interest Has Ceased-
credit of Treas¬
urer
Note
63,902,971.93
notes(5% fund
Increment
Philippine Treasury:
To
Total Interest bearing debt outstanding
Balance today:
1,290,749.11
of
444,579,000.00
2,652,922,000.00
__
Nat.
of
inact. gold (as
Govt, officers
409,979,000.00
Treasury bills (maturity value)
162,224,193.71
29,763,341.35
$34,600,000.00
ma¬
turing June 30, 1938
United States notes
other
depositaries:
credit of Treas¬
To
2)4 % Unemployment Trust Fund series,
Debt Bearino No Interest—
14,979,477.96
Govt, officers
Foreign
11,481,593,250.00
7,078,855.25
lawful money)..
Uncollected
Items,
changes, &c
credit of Treas¬
urer U.
95,000,000.00
Treasury bills
59,300,000.00
disbursing
Redemption
depositaries:
Corporation
Treasury notes, at various Interest rates
Ctfs. oi indebtedness, at various interest rates.
lawful
officers, Ac
Deposits for:
Special depos. acct. of
Insurance
Certificates of Indebtedness—
Postmasters, clerks of
Collections, Ac
Deposit
Federal
1927-42
4,718,866.38
money
Other deposits
Deposits In:
30,000,000.00
of 1932-47
9,101,543.71
Savings
System:
5% reserve,
622,721.65
253,000.00
1940
series, maturing Dec. 1, 1939...
out¬
Post Office Dept
Board
of
Trustees,
5,372,059.60
3,315,895.52
396,408,481.64
value)..
Unclassified—
checks
officers:
778,993.00
Subsidiary silver coin
3,441,000.00
Old debt matured—Issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2)4% Postal Savings bonds
3)4 %,4%,and 4% % Eirst Liberty Loan bonds
standing
Deposits of Government
375,869.50
series
...
Treasurer'8
14,271,225.00
2%
1,382,204,734.37
Liabilities—
Sliver (as above)
United States notes
fund,
3,758,000.00
June 30.
1,171,522.00
52,065,376.37
GENERAL FUND
Assets—
Service retirement
Foreign
4% Alaska RR. retirement fund series, ma¬
turing June 30, 1941 and 1942
2% Postal Savings System series, maturing
of
Silver ctfs. outstanding. 1,328,967,836.00
Treasury notes of 1890
Sliver In general fund...
Total.
10,000,000.00
378,800,000.00
4% Adjusted Service Certificate Fund series,
v
maturing Jan. 1, 1938
Liabilities—
877,345,387.37
504,859,347.00
349,100,000.00
j
1938 to 1942...
by
SILVER
Assets—
Silver
426.349.500.00
to 1942
12,566,387,684.90
States
503,877,500.00
204,425,400.00
to 1942
1,683,738,716.44
$340,081,016 of United
738,428,400.00
737,161,600.00
676,707.600.00
4% Civil Service retirement fund, series 1938
In
welgnt of
the gold dollar
In working balance..
12,566,387,684.90'
$817,483,500.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100 00
1.293.714,200 00
520,233,000.00
941,613,750.00
426,554,600.00
1,378,364.200.00
4% Canal Zone retirement fund, series 1938
result, from reduc¬
Note—Reserve against
,
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1942..
3% Railroad retirement account series, marturing June 30, 1942
Balance of Increment
Total...
1937
11,
$10,617,241,250.00
Gold in general fund:
tion
Sept
Treasury Notes—
entirely from the daily statement of the United
States Treasury
Chronicle
20c
22c
9,700
20c June
52c
Feb
5%
5%
40
3%
7%
Apr
25c
May
77c
8
Feb
Financial
145
Volume
1689
Chronicle
BRANCH AUTHORIZED
27—National Bank of Washington, Tacoma,
Tacoma, Wash.
Location of branch: City of
County, Wash.
Certificate No. 1365A.
Aug.
Wm.Cavalier&Co.
Trade
Francisco Stock Exchange
San
Stock Exchange
Lot Angelet
Angeles Stock Exchange
Sales
Friday
Range Since
Last
for
of Prices
Low
High
43*
363*
pref—50
Barker Bros 53* %
.1
BarnJiart-Morrow Cons
30
45
com..10
45
Sept
33*
75*
13c
May
16c
Sept
313*
43*
23*
175*
Mar
243*
Feb
1,000
1
6c
2,000
5c
25*
200
9
400
25*
85*
125*
Claude Neon Elec Prod—*
9
Consolidated Oil Corp—*
13
—*
Creameries of Amer vtc.l
District Bond Co
25
Emsco Derrick & Equip..5
Exeter Oil Co A com
-.1
Farmers & Merch Nat'l 100
General Mot Corp com. .10
General Paint Corp com._*
133*
55*
53*
123*
133*
55*
90c
85c
Preferred
14
200
95c
Sept
8% Sept
12% Sept
13% Sept
700
53*
53*
123*
2%
1,100
14
8,500
53*
12
5%
Jan
Feb
Feb
Mar
193*
15*
Jan
60c
Feb
6
Jan
Sept
12
Jan
7
Jan
5%
100
300
Mar
Sept
460
Jan
100
48% June
70
Feb
200
12
Sept
Feb
500
11
Sept
Mar
100
8
Sept
183*
303*
113*
46
Mar
421
25
431
421
421
24
100
24
24
23*
503*
123*
133*
in our
Department" in the week when declared.
The dividends announced this week are:
Feb
5c
5c
24
name
News
Feb
5c
5c
t c
pany
Feb
5c
v
details and record of past
are given under the com¬
"General Corporation and Investment
Jan
Sept
Buckeye Un Oil Covtc..l
Preferred
Apr
1%
3
7C0
1,400
5c June
Byron Jackson Co
Chapman's Ice Cream Co. *
Mar
90
Aug
40
3,500
13*
35*
13*
3
Jan
93*
415*
July
Sept
3%
36%
600
are
have not yet been paid.
Further
dividend payments in many cases
High
Low
43*
363*
13*
33*
Berkey & Gay Furniture. 1
Bolsa Chica Oil A
43*
363*
30
Co.-.l
Bandini Petroleum
Jan. 1, 1937
Week
Price
Par
Stocks—
Week's Range
Sale
123*c
$15*
Extra
Oct.
1 Sept. 18
Oct.
25c
(quar.)
63*% preferred (quar.)
Acme Glove Works
Air Reduction Co., Inc.
Oct.
1 Sept. 18
15 Sept. 30
(quarterly)
75c
Oct.
23*c
Oct.
15 Sept. 30
1 Sept. 20
10c
Oct.
15 Sept. 30
t75c
Oct.
1 Sept.
685*c
Oct.
1 Sept.
15
18J
75c
Nov.
1 Oct.
11
15c
Oct.J
1 Sept.
1 Sept.
Oct.
Sept. 15 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
15
17
4
15
15
10
17
__
(quar.)
(quarterly)
American Capital Corp. $3 preferred —
American Cities Power & Light class A (quar
Opt. div., l-16th sh. class B stock or cash.
Allen Electric & Equipment
Aluminum Industries, Inc.
$3 class A (quar.)
503*
Gladding McBean & Co..*
Globe Grain & Milling ..25
11
11
8
8
Rubber.--*
33
33
33
213*
213*
243*
1,100
Jan
273*
Aug
75c
85c
800
75c
Sept
1.50
Mar
Holly Development Co—1
75c
85c
90c
Sept
15*
American Superpower
85c
85c
Mar
Inc.l
Jade Oil Co
—10c
Kinner Air & Mot Ltd—1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp.. 1
200
8c
9c
Jan
18c
American Water Works &
8c
Mar
Jan
723*
Jan
Sept
60c
Feb
Anchor Cap Corp., common
163*
65*
Feb
$63* conv. preferred (quarterly)
Assoc. Breweries of Canada, (quar.).
1.45
Mar
Jan
Goodyear T &
Hancock Oil A com—
International Cinema
Los Ang
105*
33*
53*
105*
33*
53*
123*
1,900
80c
75c
53*
90c
2
Sept
55
Aug
9
200
9
Sept
45*
973*
123*
17
21
13,750
13
July
45
30
35
1,300
30
Sept
80
9
9
Nordon Corp Ltd
5
17
Occidental Pet Corp
1
1
1
30
Pacific
Pacific
Pacific
20c
173*
293*
293*
243*
Corp com*
403*
*
1
preferred...... 50
1063*
8
Sept
90c
Sept
19
4,700
40
Sept
250
36
Corp B
300
18c
July
6%
Sept
Sept
2 5*
400
2
53*
63*
700
5%
13*
2
200
1%
Imp..10
14
7% pr pf 100
int—
116
105* May
35* July
95*
July
Feb
Feb
22
243*
273*
273*
265* June
293*
Jan
26
26
273*
263*
200
6% preferred B .....25
53*% preferred C
25
300
25
June
283*
Mar
Sou Calif Gas 6%
303*
303*
303*
295*
July
315*
Feb
333*
343*
33J*
Sept
625*
Mar
385*
403*
1,900
38}*
Sept
49 J*
Feb
Calif..*
333*
383*
500
Southern
pref A.25
Pacific Co
100
100
35*
33*
4
800
3 3*
Sept
5
Feb
1
333*
33 3*
35
300
33 3*
Sept
55
Mar
Superior Oil Co (The). . .25
Transamerica Cor p. __.._*
133*
133*
153*
5,500
215*
215*
24
3,000
11
11
123*
Mining—
Alaska Juneau
Blk Mammoth
Sept
163*
Aug
Sept
Feb
11
Sept
283*
183*
July
Sept
133*
Apr
63*
155*
Jan
105*
105*
105*
100
20c
19c
22c
6,500
19c
Aug
1
20c
20c
20c
2,700
20c
Sept
82 3*c
Feb
2c
2c
23*c
36,000
13*c
Jan
9c
Feb
8c
1,000
7c
Development.25c
Zenda Gold Mining
8c
8c
1
Co
Unlisted—
Co
America
Packard Motor Car
...
July
15c
Jan
17
Sept
293*
Feb
5
53*
300
5
Sept
93*
Jan
2 5*
900
25*
Sept
53*
Jan
23*
600
23* May
43*
Jan
83*
Mar
23*
43*
43*
53*
1,200
43*
Sept
283*
285*
83*
293*
200
83*
100
285*
83*
Sept
Sept
55
55
100
53
Sept
303*
303*
100
303*
Sept
95*
1,000
223*
100
83*
55
303*
8
8
223*
22 3*
75*
75*
9
*
*
9
7
75*
983*
300
135*
1,200
NATIONAL
1175*
July
175*
Feb
VOLUNTARY LIQUIDATIONS
Succeeded
by: The
Amount
Bank, LaGrange, Ga
$150,000
agent: Lewis Price, LaGrange,
Citizens & Southern Bank of
,
t
.
Wash, (common stock,
Aug. 31—Auburn National Bank, Auburn,
$27,000; preferred stock, $23,000)
Effective Aug. 21, 1937.
Liq. agent: W.
Wash.
A. Heath, Auburn,
Tacoma,
50,000
Absorbed by: National Bank of Washington,
Tacoma, Wash., charter No. 3417.
Bank of Mission, Texas (common
A. $50,000: preferred B, $25,000)..
Liq. agents: L. A. Buescher and
W. O. Brown, care of the liquidating bank.
Succeeded by:
First National Bank of Mission, Texas, charter No. 14383.
*
CHANGE
Sept. I—The Rifle
National Bank in
OF TITLE
National Bank, Rifle,
Rifle.
Colo.
Illuminating (quar.)
■
Oct.
1
1
Oct.
1
Sept. 20
Oct.
Oct.
Oct.
Oct.
Raynolds class A &
Dominion Glass Co.,
Preferred (quar.)
Oct.
125,000
1
Oct.
1 Sept.
25c
Oct.
To: The First
$6 preferred
*
(quarterly)
18
5
14
Sept. 24 Sept. 18
Sept. 30
Sept. 25 Sept. 20
Sept. 20 Sept. 10
1 Sept. 20
Oct.
Oct.
1 Sept. 20
1 Sept. 20
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 30
Oct.
B (quar.)
15c
Nov. 15 Nov.
4
$15*
Oct.
1 Sept. 20
1 Sept.
50c
preferred
—
1
Oct.
Oct.
1 Sept.
75c
--
Oct.
3c
80c
pref. (quar.)
Auto-Lite
Endicott-Johnson Corp..----- — Preferred (quar.)
$6 preferred
15 Oct.
Dec. 24 Dec.
each
Electric
$53* preferred.
$53* preferred (quarterly)
17
Sept. 20
Oct.
50c
Ltd..
Engineers Public Service, $5
$53* preferred
$6 preferred
$5 preferred
$5 preferred (quarterly)
1 Sept.
$1
-
(semi-ann.)
Steamship Lines, $2
1
50c
$2
Preferred (quarterl y)
Eastern
1
31 Dec. 15
1 Sept. 17
1 Sept. 10
Sept. 30 Sept. 15
1 Sept. 15
Oct.
1 Sept. 15
Oct.
20c
Ltd. (quar.)
Rockaway RR.
Dow Drug Co.
Dover &
Dec.
Sept. 25 Sept. 15
Sept. 25 Sept. 15
1 Sept. 15
Oct.
1 Sept. 17
Oct.
1 Sept 20
Oct.
1 Sept. 15
Oct.
50c
1 Sept. 20
$1,125 Oct.
Sept. 30 Sept. 18
50c
Oct. 15 Oct. 10
$15*
1 Sept. 20
Oct.
$15*
1 Sept. 20
Oct.
$13*
1 Sept. 15
Oct.
75c
1 Sept. 24
Oct.
$33*
Nov.
5 Sept. 24
$13*
Preferred (quar.)
Diamond T Motor Car Co. (quar.).
Dominion Coal Co., Ltd.. 6% pref. (quar.)
Ecuadorian Corp.,
Washington,
Sept. 2—The First National
stock, $50,000; preferred
Effective Aug. 25,
1937.
Stockyards
Cleveland Graphite Bronze (interim)
Clinton Water Works Co. 7% pref. (quar.)
Devoe &
Aug. 31—The LaGrange National
Effective July 31, 1937.
Liq.
Ga.
1
Oct.
Oct,
share held.
ban ks is
Comptroller of the Currency, Treasury
LaGrange, Ga.
1 Sept.
Davega Stores Corp. pref. (quar.) —
Delta Electric Co. (quar.) — ...
BANKS
15
15
18
sept. 20 J
Sept. 11
Sept. 11
Sept. 20
Sept. 10
Sept. 17
Sept. 17
1 Sept.
1 Sept.
Oct.
$15*
J4c
$23*
$13*
$2
$15*
$13*
$1.13
$15*
Jan
Sept
113* May
15 Sept. 30
Oct.
Oct.
$1
Jan
93
Oct.
$15*
$33*
85*
4
Oct.
75c
433*
33
1 Sept. 15
15 Sept. 30
Sept. 30 sept. 17
Sept. 30 Sept. 17
Oct.
20c
Co
Preferred (quarterly)
— Cincinnati Gas & Electric, pref. (quar.)._....._
Cincinnati & Suburban Bell Telep
Citizens Water Co. (Wash., Pa.) pref. (quar.).—
(quar.)
8% preferred (quar.) —
Cuban Atlantic Sugar Co. (initial).
Cutler-Hammer, Inc., stock dividend
Distribution of one additions share for
Nov. 15 Oct. 30
1 Nov. 15
Dec.
5c
— .....
Preferred (quar.)
15 Sept. 3(J
1 Sept. 21
Oct.
Nov. 15 Oct. 30
75c
Chicago Towel
Cleveland Electric
Oct.
$13*
$15*
Sept
100
400
12 3*
Chicago Junction Rys. & Union
6% preferred (quarterly).
15
Sept. 30
50c
(quar.) —
Bank & Trust Co.
Central Maine Power. 7% preferred
Central Patricia Gold Mines (interim).
Oct.
$2
Mills Co
Capital Administration Co. $3 class A pref.(qu.)
Carolina Power & Light, $6 pref. (quar.)
$7 preferred (quarterly)
Carriers & General Corp. common (quar )
Carter (J. W.) Co., common.
Celanese Corp. of America, common (quar.)
7% cumul. prior preferred (quar.).
7% cumul. 1st preferred (semi-ann.)
Central Hanover
Sept. 20
Sept. 28
Sept. 15
40c
Sept
123*
Jan
93
m%
J$13*
Crum & Forster
Jan
June
125*
J40c
Jan
Jan
Feb
7
43*
I50c
Apr
Mar
173*
8
33
4
t3p
125*
543*
Feb
343*
400
93
of the
(quar.)
(quar.)
Canada & Dominion Sugar,
10
Mar
Sept
Sept
1,000
1,800
8
Mar
155*
683*
Sept
75*
33
45*
8
22 3*
105*
7
33
35c
373*c
623*c
Commonwealth Water & Light Co. $ 7pref. (qu.)
$6 preferred (quar.)
Connecticut Gas & Coke Security, pref. (quar.)
Consolidated Dry-Goods, 7% pref. (s.-a.)...—
Consol. Edison Co. (N. Y.) pref. (quar.)
Continental Bank & Trust Co. (quar.)...—....
Coronet Phosphate
—
Cream of Wheat Corp
49
information regarding National
The following
Depar.men :
39c June
25*
23*
*
Radio-Kelth-Orpheum
*
Seaboard Oil Co of De.l..*
United Corp (The) (Del).*
U S Steel Corp.
*
Warner Bros Pictures Inc.5
from the office
Sept
5
Cities Service
Co
105*
2 5*
Aviation Corp
North American
100
17
17
17
Sanitary *
(The) (Del) 3
Co....----*
Commonwealth & South'n*
Curtiss-Wright Corp.
1
Goodrich (B F) Co
*
Internat'l Tel & Tel Corp. *
Montgomery Ward&CoInc*
N Y Central RyCo
*
North American Aviation 1
Amer Rad & Std
Radio Corp of
133*
215*
Gold M..10
Cons M 10c
Cardinal Gold Mining
Imperial
600
1,100
8
63*
7
1
...
—
Cannon
22
2,200
...
$1
Jan
Feb
1
J50c
323*
Feb
Aug
1
Oct.
$2
Sept
56
1
Oct.
10c
22
120
Sept
1
Oct.
123*C
Jan
Sept
37%
Feb
1
Oct.
"a.
143*
Sontag Drug Stores
*
Sou Calif-Edison Ltd...25
California..25
Oil..—10
California Packing Corp.
N Preferred
Oct.
—
Sept
103*
Wellington Oil Co
(quarterly)
Belding-Corticelli (quarterly)
H Preferred (quarterly)..
Belgian National Rys., American shares
Bird Machine Co. (quar.)
Boyd-Richardson 8% lst<S 2d pref. (quar.)
Bralorne Mines, Ltd. (quar.)
Briggs Mfg. Co
British-Columbia Power Corp., A stock
Broad Street Investing Co —
Preferred
103*
103*
Universal Consol
—
105*
116
82
9c
Union Oil of
-
Jan
173*
8
9c
Sunray Oil Corp..
(quarterly-
1 Sept.
25c
(quarterly)
p2c
Jan
Sept
373*
9c
Standard Oil Co of
Preferred
1 Sept.
Oct.
$13*
$1
Extra
Beatrice Creamery Co.
1 Sept.
Oct.
25c
—
3,000
500
3
14
14*
15
15
Sept. 15
Sept. 14
Sept. 14
Sept. 15
Sept. 15
Sept. 13
Sept. 15
Sept. 10
Sept. 30
Sept. 30
Oct.
40c
(quar.)
15c
100
33*
65*
116
373*
25c
Sierra Trading Corp
Mar
873*c
400
33*
14
116
37 3*
Secur Co units of ben
Sept
Sept
July
Sept. 13 aept. 10
1 Sept. 15
Oct.
373*c
Ltd. (quar.)
Canada Packers (quarterly)
Canadian Breweries, preferred
Canadian Celanese, Ltd
^7% partic. preferred (quarterly)
Canadian Fairbanks Morse Ltd. pref. (quar.)
Canadian Foreign Investment Corp. (quar.)
8% preferred (quar.)...
33*
33*
14
San Gabriel River
San Joaq L&P
65*
Feb
50
12,600
2
2
com....*
Mar
133*
21c
55*
Jan
52 3*
Sept
20c
73*
Jan
107
Sept
5%
63*
Inc.2
Aeronautical Co
1
Sept
May
2
Warrants.
Roberts Pub Markets
Jan
23
7
20c
Jan
Jan
40%
5c
50c
$15*
in
Feb
35
104
10c
17
Sept. 30 Sept. 15
1 Sept. 15
Oct.
Sept. 30 sept. 20
Sept. 10 Sept. 1
Sept. 10 Sept. 1
$15*
pref. A (quar.)
(quar.)
Manhattan Co. (quar.)
Mar
Jan
50
1 Sept.
...
40c
375*
323*
100
Extra
Bastian Blessing Co.
Sept
800
1 Sept.
1 Sept. 17
Oct.
—-—
Bank of the
May
403*
Oct.
Oct.
$15*
|20c
tUH
$1
.... ——- - - -
_
Feb
11%
28
(quarterly) _
Co. (quar.)
Mar
29
403*
$13*
Bankers Trust Co.
28%t June
23
$13*
15c
Atlas Press Co.
2.00
1%
$1
pref. (quar.)..
Electric Co., Inc.—•
Atlantic City Fire Ins.
Feb
18
--
Bakelite Corp. 63*%
100
1063* 107
Preferred
(qu.)
(quar.)
1st $6 preferred
Jan
100
293*
293*
$5% preferred (quarterly) _ _
Corp., 1st
Apr
32
1,400
173*
293*
293*
53*
Jan
18c
700
200
1.00
36
36
Co—_.l
Richfield Oil Corp com...*
Samson
2,400
10
90c
53*
Rice Ranch Oil
Ryan
20c
8
Jan
70c
3,200
20c
8
1.00
6% preferred
Republic Pet Co com
53*%
1.15
1.00
—
6% 1st preferred
25
Pacific Indemnity Co —10
Pacific Lighting
,
Opt. div., l-32d sh.cl. Bstk.orcash.
American Cyanamid Co., class A & B com
American Express Co. (quar.)
American Fork & Hoe Co., common.
American Hair & Felt, 6% pref. (quar.)
Feb
400
Dev.l
1.00
Feb
10
600
National Funding Corp. 10
*
Distillers Inc..—.1
Finance Corp com 10
Gas&Electric com25
75c June
25*
2
Pacific Clay Products
2,500
4,300
4
60
Olinda Land Co
200
9%
Jan
3% Sept
h% June
Jan
60
2
Oceanic Oil Co
20c
10,585
60
Mt Diablo Mining &
16
3,210
26c
1
——
8c
6,500
20c
.1
Measco Mfg Co
21
20c
Co. 10
Mascot Oil Co
32% June
100
21
20
20
Industries Inc...2
Los Ang Investment
8
Payable of Record
Share
of Company
Holders
When
Per
Name
503*
123*
12
$97,500
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
Dividends
Los
From
Columbus, Miss.
DIVIDENDS
Teletype L.A. 290
Los Angeles
523 W. 6th St.
Amt. of Reduction
•
Sept. 2—First-Columbus National Bank,
$150,000 to $52,500
Chicago Board of
New York Stock Exchange
King
Kent,
REDUCED
CAPITAL STOCK
COMMON
r*
MEMBERS
Washington,
Oct.
1 Sept.
$13*
t$35*
$4,125
Oct.
1 Sept.
1 Sept.
17
10
21
18
18
20
Oct.
1 Sept.
Oct.
1 Sept. 20
Oct.
1 Sept. 20
3 Dec. 10
\%2%
$13*
Jan.
Jan.
3 Dec.
3 Dec.
10
t$25*
$15*
t$3
$13*
Jan.
3 Dec.
10
Jan.
3 Dec.
10
Jan.
3 Dec.
10
Jan.
10
1690
Financial
Per
Name of Company
I
When
Share
Oct.
1 Sept. 15
35c
Oct.
Federated Deptartment Stores
50c
Oct.
$2 A
$6
50c
Oct.
1 Sept. 17
1 Sept 21
1 Sept. 20
3c
Preferred
First National Stores, Inc. (quar.)
Food Machinery Corp. preferred (quar.)
Foote-Burt Co. (quar.)
Formica Insulation (quar.)
Fox Peter Brewers (quar.)
25 Sept.
25 Oct.
1 Sept.
30 Sept.
Oct.
liSept. 15
50c
25c
—
Oct.
I Sept. 20
68%c
General Paint
Convertible preferred (quar.)
General Printing Ink Corp. common
25c
25c
67c
30c
SO cum. preferred (quar.)
General Time Instruments (quar.)
Preferred (quar.)
General Tire 6c Rubber pref. (quar.)
UA
-
25c
UA
UA
Gilbert (A. C.) Co. preferred (quar.)
Gilchrist CoGlidden Co. (quar.)
87 Ac
25c
50c
30c
56 He
—
Extra
Preferred (quar.).
Gold & Stock Telegraph (quar.)
Goodyear Tire & Rubber (Canada) (quar.)
Preferred (quar.)
Greenwich Water & Gas System, 6% pref
$1A
162c
Oct.
ljSept. 16
Sept. 15 Aug. 20
Sept. 20 Sept. 15
Oct.
II Sept 20
Oct.
1 Sept. 20
Oct.
liSept. 20
Oct.
1 Sept. 20
Oct.
l .Sept. 20
Oct.
1 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept.18
Sept. 24 Sept. 15
Oct.
Sept. 17
Oct.
Sept. 17
Oct.
Sept. 17
Oct.
Sept. 30
Oct.
Sept. 15
162 Ac
Oct.
Sept. 15
$1A
Oct.
Sept. 20
Sept. 18*
Sept. 20
Sept. 15
Sept. 17
Sept. 18
Sept. 28
Sept. 15
Sept. 20
Sept.10
Sept. 20
Sept. 20
Sept. 15
Sept. 15
Greif Bros. Cooperage Corp., class A
Gulf Power Co. $6 preferred (quar.)
Hamilton Cotton Co., Ltd., $2 pref
80c
Oct.
Oct.
$1A
t50e
Oct.
30c
Harvey Hubbell, Inc
Heath (D. C.) & Co. preferred (quar.)
Hein-Werner Motor Parts (quar.)
Oct.
40c
Y.) (quar.)
Sept. 28
Sept. 30
Sept. 25
$1%
15c
25c
Hercules Motors Corp. (quar.)
Hickok Oil Corp., class A & B
(quar.)
7% prior preferred (quar.)
5% preferred (quar.)__
Hinde & Dauch Paper—
Preferred (quar.)
Hires (Chas. E.) Co.—
25c
$1%
31 Ac
50c
UA
Class A and B and management (extra)
50c
Holland Land Co. (liquidating)
Holmes (D. II.) Ltd. (quar.)
Homes take Mining Co. (monthly)
$1
UA
37 Ac
37 Ac
62 Ac
UA
UA
Houdallle-Hershey, class B_
Class A (quar.)
Howes Bros Co., 7% 1st & 2d pref. (quar.)
6% preferred (quar.)__
Inter Island Steam 6c
Navigation Ltd
Interlake Iron Corp. (resumed)
International Ocean Telegraph (quar.)
International Power Co. 7% preferred
30c
40c
UA
UA
t$3
-
International Products Corp. 6% preferred
Investment Co. of America (quar.)
60c
Iowa Public Service, $7, 1st pref.
(quar.)
li 8
$6A, 1st preferred (quar.)
$6, 1st preferred (quar.)
Irving Oil Co., 6% pref. (quar.)
Joliet & Chicago RR. Co.,
gtd. (quar.)
Joplin Water Works Co., 6% pref. (quar.)
Kansas City Structural Steel,
6% pref
Kansas Electric Power Co. 7% pref. (quar.)
6% preferred (quar.)
Kaufman (Chas. A.) Ltd.
(quar.)
Kuafmann Department Stores
Kay nee Co., 7% pref. (quar.)
Keystone Public Service, $2.80 pref. (quar.)
King Seeley, 5A% pref. (quar.)
Kirkland Lake Gold Mining
(interim)
Lambert Co. (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
Lehman Corp. (quar.)
Special
UH
UA
t$2
$1%
UA
Oct.
Sept. 25 Sept.
Sept. 20 Sept.
II Sept.
Sept. 25 Sept.
Oct.
I Sept.
Oct.
II Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 29 Sept.
Sept. 30 Sept.
Oct.
liSept.
Oct.
Sept. 15 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
1 Sept.
Oct.
l.Sept.
Sept. l'Aug.
Oct.
4 Sept.
Oct.
28 Oct.
18
30
15
10
15
20
20
20
15
21
Oct.
_
1
31
15
15
17
9
Sept. 20
Sept. 15
Sept. 21
ljOct.
Oct.
1
1
Sept. 18
Oct.
1 Sept. 15
25c
Oct.
8 Sept. 24
25c
Octl
10c
UA
UA
UA
10c
37 Ac
$1 A
UA
5c
40c
25c
75c
75c
75c
40c
■tUA
8% preferred (quar.)
Monongahela Valley Water 7% pref. (quar.)
Montana Dakota Utilities Co.
6% pref. (quar.)
5% preferred (quar.)
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.)
National Funding Corp. 6% series A
pref. (qu.)_
National Steel Corp. (quar.)
Extra-Natomas Co. (quar.)
Navarro Oil Co
15 Oct.
1
Oct.
1 Sept. 17
Sept. 16 Sept. 14
Oct.
Oct.
1 Sept. 15
Oct.
1
Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 bept.
Sept. 30 Aug.
Oct.
50c
Oct.
$2
Oct.
Oct.
Oct.
Oct.
UA
Oct.
40c
Oct.
UA
-
Oct.
Sept. 15
Sept. 15
Sept. 14
Sept. 14
30 Aug. 31
30 Sept. 20
30 Sept. 20
1 Sept. 13
30 Sept. 20
1 Sept. 30
1 Sept. 10
1 Sept. 20
13 Aug.
2
24 Sept. 20
1 Sept. 21
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
20 Sept. 10
Sept. 25
Sept. 25
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 23
10 Sept.
5
28 Sept. 15
28 Sept. 15
II Sept. 18
1 Sept. 15
1 Sept. 15
1 Sept. 15
liSept. 20
1 Sept. 21
rSept. 15
37 Ac
62 Ac
50c
Sept.
Sept.
Sept.
20c
Oct.
10c
—
tept.
Nov.
UA
UA
UA
7% pref. (quar.)
North Liberty Gas Co.
(semi-ann.)
Oct.
Oct.
■
$1
Norwalk Tire & Rubber Co.
preferred
t$3^
(quar.)
50c
Nova Scotia Light & Power
(quar.)
$1%
Ohio Public Service
Co., 7% pref. (mo.)
58 l-3c
6% preferred (monthly)
50c
5% preferred (monthly)
412-3 c
Ohio Service
Holding Corp
$1
Onomea Sugar Co.
(monthly)
20c
Orange & Rockland Elec. Co. 6% pref. (quar.)_.
5% preferred (quar.)__
$1 A
Ottawa
common
Electric Ry. Co
J80c
I
±UA
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Oct.
tUA
Oct.
+50c
Oct.
70c
l^c
50c
Extra
25c
11-I-1
III
"I
I
I"
20
20
15
20
20
15
15
20
31
Sept. 20
Sept. 20
Sept 20
UA
UA
-
Nevada-California Elec. pref. (quar.)
New England Power
Co., pref. (quar.)
New Jersey Water Co.
8!^ept.
1 Sept.
1 Sept.
15 Sept.
15 Sept.
24
Oct.
15
Oct.
15
Oct.
30
Oct.
30
Oct. 15 Sept. 30
Sept. 30 Sept. 18
Oct.
1 Sept. 15
50c
III
16
8
18
20
20
20
20
20
20
5 Oct.
Nov.
17 Ac
...
[
liSept.
Oct.
J6c
Mead Johnson & Co.
(quar.)
Extra
(quar.):
1
50c
Marion-Reserve Power Co. $5 pref. (quar.)
Marion Water Co. 7% pref.
(quar.)
Mar-Tex Oil Co. com. & com. class A (quar.)
Master Electric Co. (quar.)
McKee (Arthur G.) class B
(quar.)_
Class B (extra).
Sept. 30
Oct.
50c
50c
I
1
Oct.
25c
Phillips Packing Co. pref. (quar.)
Oct.
Oct.
27 Ac
Trucks, Inc
Manufacturers Trust Co. (quar.)
Preferred (quarterly)
Marine Midland Corp.
(quarterly)
Marine Midland Trust
(quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Peoria Water Works 7%
pref. (quar.)
Peter Paul, Inc
1
70c
Mack
Penna Power & Light $7
pref.
Oct.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
liSept.
Oct.
I
Sept.
30c
Preferred (quarterly)
Ottawa Traction Co
Pacific Guano & Fertilizer Co.
(quar.)
Pacific Oil & Gas Development
6% pref
Pacific Tin Corp., special stock
1
Sept. 15
$1%
Louisville Gas & Elec. (Ky.),
5% pref. (quar.)7% preferred (quar.)
6% preferred (quar.)
Packard Motor Car Co
Oct.
50c
Locke Steel Chain
Extra
Ottawa Light Heat & Power
(quar.)
_
50c
-
Merchants & Miners Transportation Co
Metropolitan Coal Co. 7% preferred
Midland Steel Products
i
$2 non-cumulative (quar.)_
18
15
15 Sept. 10
1 Sept. 15
Oct.
Gaylord Container, 5A% preferred
General Candy Corp. class A-
Hanover Fire Insurance (N.
18
22
20c
25c
Fruehauf-Trailer (increased)
Fundamental Investors
Novadel-Agene Corp.
1 Sept. 30
Oct.
Sept.
$1.18% Oct.
62 Ac
Oct.
$1,125 Sept.
20c
Sept.
(quar.)
Sept.
Sept.
Sept.
Sept.
10c
Oct.
$1M
$1%
$1A
$1A
Oct.
Oct.
50c
Oct.
Oct.
Oct.
$1.31 A Oct.
Sept.
Holders
Per
Payable of Record
Falstaff Brewing Corp. 6% pref. (s. -a.).
Fedders Manufacturing Co. (quar.)
Fidelity Investors, 5% pref. (s.-a.)
Fifth Avenue Bank of New \ ork (quar.)
Filene's (Wrn.) Sons Co
Chronicle
Name of
Company
When
Share
Pickle Crow Gold Mines
10c
Plough, Inc. (quar.)
20c
Pneumatic Scaie Corp., common
Pollock Paper & Box Co. 7% pref. (quar.)
Porto Rico Power Co. 7% pref. (quar.)
30c
lb Sept. 30
Oct.
Oct.
1 Sept. 15
50c
Oct.
41 2-3c
Oct.
1 Sept. 15
1 Sept. 15
5c
Oct.
10c
—
$1A
i
Oct.
1
5oc
Oct.
1
$1A
UA
UA
Oct.
1
Oct.
1
Oct.
1
25c
--
--
-
_
-
1
—:
50c
_
_
sept. 27
10c
-—-
sept.15
15c
-—-
Sept. 27
sept. 27
50c
—
t37Mc
UA
1
_
—
—— — —
Oct.
Oct.
UA
UA
Oct.
pref. (quar.)
Tin tic Standard Mining Co
1 Sept.
Oct.
1 Sept.
1 Sept.
$1,125
$1%
35c
20c
$1,125
$l5A
$1A
Oct.
Oct.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Dec.
Extra
50c
Preferred (quarterly)
United Shoe Machinery (quar.)
Preferred (quarterly)
Universal Cyclops Steel (quar.)
J3c
$1A
12Ac
$1A
62 Ac
37 Ac
25c
Kamps Holland Dutch Bankers
preferred (quarterly)
6Ac
$1H
Van Norman Machine Tool Co
Victor Chemical Works
Waukesha Motor Co. (quar.)
40c
-
—
(quarterly)
-
25c
1 Aug.
Sept. 30 Sept.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
(quarterly)
Western Light & Telep., pref.
(quar.)
Westinghouse Air Brake
Westmoreland Water Co., $6 pref. (quar.)
West Penna. Power Co.,
7% pref. (quar.)
6% preferred (quarterly)
White Rock Mineral Springs
(quar.)
1st & 2nd preferred
(quarterly)
Wichita Water Co., 7% pref. (quar.)
Young (L. A.) Spring & Wire (quar.)---
1
Oct.
16
14
15
15
15
Sept. 15
15 Oct.
10
1 Sept. 14
Oct.
Oct.
1
Oct.
1 Sept. 15
1 Sept. 16 1
1 Sept. 11 I
1 Sept. 11
Oct.
Oct.
Sept. 15
Oct.
Sept. 23 Aug. 31 i
Sept. 15 Sept.
1 ]
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
15 Oct.
5 \
Sept. 29 Sept. 21
1 Sept. 15*
Oct.
1 Sept. 15*
Oct.
5 Sept. 14
Oct.
5 Sept. 14
Sept. 30 Sept. 17
Sept. 30 Sept. 10
Sept.30 Sept.10
Sept. 20 Sept. 10
Sept. 30 Sept. 20
Oct.
Oct.
75c
-
1
1 Sept. 10
1
ept. 10
Sept.
25c
Preferred
15 Dec.
Oct.
—
1
i Sept. 15
Aug. 28 Aug. 20
Aug. 28 Aug. 20
Oct.
— __
1
15
15
15
15
20
13
Oct.
25c
6% preferred (monthly)
5% preferred (monthly)
412-3c
Toronto Mortgage Co. (Ont.) quar.)
$13^
Towle Mfg. Co. (quarterly)
$1A
Trico Products Corp. (quar.)
62 Ac
Traders Finance Corp., 7% pref. B (quar.)
$1A
6% preferred A (quarterly)
$1A
Tri-Continental Corp., $6 cum. pref. (qu.)
$1A
Tubize Chatillon Corp., class A$1A
7% cum. preferred (quarterly)
$1A
Union Buffalo Mill Co., 7% pref- —----------mi a
United Artists Theatre Circuit, 5% pref...
$1A
United Carbon Co. (quar.)
$1
United Gold Equities of Canada, std. shs
United Pacific Insurance Co. (Seattle) (quar.)_.
United States Foil Co., Inc., com. A & B
15 Oct.
15 Oct.
Oct.
58 l-3c
50c
—
20
15
18
18
18
18
18
18
15
Sept. 15
Sept. 2
Sept. 15
Sept. 15
Sept. 15
Sept. 16
Sept. 16
Sept. 15
Sept. 15
Sept. 10
Sept.10
Sept. 15
Sept. 20
Sept. 20
$1A
62Ac
15c
Toledo Edison Co., 7% pref. (mo.)
1
1
Oct.
25c
$i A
Extra
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Sept.
$2
—
_
Sept. 15
50c
,
—
Oct.
$1%
1 Sept.
15"
15 Sept. 20
15 Sept. 20
Oct.
43 Ac
25c
Oct.
$1A
$1A
$1A
Sept. 25 Sept. 15
30 Sept. 30
1 Sept. 20
Oct.
Nov.
5
1 Oct.
5
Oct.
$1A
$1A
75c
Yukon Gold Co
1 Oct.
Nov.
35c
_
we
1
Sept. 15
25c
(quarterly)
South Pittsburgh Water Co., 7% pref. (quar.)
6% preferred (quarterly)
Southern & Atlantic Teleg., gtd. (s.-a.)
Southern Ry. Co., Mobile & Ohio (stk. tr. ctfs.)
Southwestern Light & Power Co., $6 pref
Springfield Gas Light, $7 pref. (quar.)
Square I) Co
Standard Brands, Inc
$4 A preferred (quarterly)
Standard Fuel Co., 6%% pref. (quar.)
Tampa Gas Co., 8% pref. tquar.)
7% preferred (quarterly)
Taylor Milling Corp. (quar.)
Below
1
Oct.
25c
—
Preferred
Western Grocers, Ltd.
1
Oct.
50c
—
—
Oct.
Oct.
12Ac
$1A
-
Signal Oil & Gas Co., A & B (quar.)
Signal Royalties Co. (Los Angeles) A (quar.)
Silver King Coalition (quar.)
Smith (L. O.) & Corona Typewriter (quar.)
Tex-O-Kan Flour Mills, 7%
1
oept. 30
aept.3u
$1A
Sheiler Mfg. Corp. (quarterly)
Sherwin Williams of Canada, preferred
—
Get.
Oct.
25c
$5 A preferred (quarterly)
$6 A
Sept. 20
1
25c
--
8
21
Oct.
$2 A
Co., Ltd., (increased)
Sept.
1 Sept. 17
Sept. 20 Sept. 10
GCt.
60c
—
$2 preferred (quarterly)
Selected Industries conv. preferred
Van de
2
2s. 6d. Oct.
St. Louis Rocky Mt. & Pacific
Preferred (quar.)
Seaboard FTnance Corp. (quar.)
Extra..
—'—
15
Sept. 15
Oct.
Corp. 6% pref. (qu.)
Roan Antelope Copper Mines ord. reg
Ross Gear 6c Tool Co. (quar.)
Safety Car Heating & Lighting Co
Safeway Stores, Inc. (quar.)
5% preferred (quarterly).
6% preferred (quarterly)
7% preferred (quarterly)
Sangamo electric Co. (quar.)
--
1
1 Sept. 15
15 Dec.
L»ec.
$1A
Richmond Water W orks
-
Oct.
Oct.
$2 A
58 l-3c
Renner Co
—
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Sept. 1 Aug. 23
50c
6% preferred (monthly)
5% preferred (monthly)——
Reece Folding Machine (quar.)
San Carlos Milling
Holders
Payable of Record
$1A
$1A
Pressed Metals of Amer. (quar.)
Prudential Investors pref. (quar.)
Providence 6c Worcester RR. Co. (quar.)
Public Service of Colorado. 7% pref. (mo.)
Extra
1937
11,
1 Sept. 20
1 Sept. 20
Oct.
6c
Oct.
15 Oct.
1
Oct.
1 Sept. 18
Sept. 24 Sept. 13
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends
nounced this week, these
an¬
being given in the preceding table.
.
_
When
1
Name of
Company
Abbott Laboratories
(quar.)
Extra
J
Abraham & Straus.
Acme Steel Co.
(quar.)
Adams
;
.
— —
$1
Royalty Co. (quar.)
5c
Addressograph-Multigraph Corp
Supply Mfg. Co., class A—
35c
Sept. 25
Oct.
1
—
Oct.
1
+$1.75
Oct.
1
75c
Oct.
——
Alabama Mills, Inc., common
Alabama Power Co., $7
pref. (quar.)
$6 pref. (quar.)
12Ac
1
Sept.15
(quar.)
Co
Nov.
$1A
$1A
$1A
3%
$2 A
Alabama & Vicksburg Ry. Co.
(s.-a.)
Alexander & Baldwin, Ltd.
Nov.
1 Sept.
Laboratories, Inc.--.
15c
Allied Products
Corp., class A (quar.)
Allied Stores 5% preferred
(quar.)
43 Ac
$1A
$1
-
14
14
20
27
17
2
15
15
28
28
15
20
3
1 Oct.
Oct.
40c
Allis-Chalmers Mfg Co
Alpha Portland Cement
1
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug
Aug.
Sept.
Sept.
Sept.
60c
$5 pref. (quar.)
Oct.
Oct.
1 Oct. 15
1 Sept. 15
1
Sept. 15
15
Sept. 15 Sept.
Sept. 16 Sept.
Oct
1 Sept.
Oct
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
8
5
1
15
10
21
13
25c
Aluminum
Manufacturing, Inc. (quar.)
Quarterly
7% preferred (quar.)
—
Sept
50c
Sept 30 Sept
15
50c
Dec
15
$1A
UA
7% preferred (quar.)
pref. (quar.)
American Agricultural Chemical
75c
$4
American Bank Note Co
Preferred (quarterly)
25c
75c
American Can Co. preferred
(quar.)
American Chain & Cable Co
Preferred (quarterly)
American Chicle Co. (quar.)
1
40c
(quarterly)
Amalgamated Leather Cbs.,
Oct.
50c
20c
Agricultural Insurance Co. (N. Y.) (quar.)
Allied
Oct.
Sept. 22
t$2 A
Aetna Ball Bearing Mfg. Co.
Casualty & Surety (quar.)
Aetna Life Insurance Co.
(quar.)
Agnew-Surpass Shoe Stores 7% pref. (quar.)
Allegheny Steel
Sept. 30
Sept. 30
Sept.30
Sept.11
— -
Aetna
Brass Co.
40c
10c
75c
—
Aero
Akron
Holders
Payable of Record
-
1%%
50c
$1%
$1
25 Sept.
31
Dec.
1
Sept. 30 Sept. 15
Dec
Oct.
31
Dec.
15
1 Sept. 17
Sept. 30 Sept.10
Oct.
1 Sept. 13
Oct.
1 Sept. 13
Oct.
1 Sept. 17*
Sept. 15 Sept. 7
Sept. 15 Sept. 7
Sept. 15 Sept. 1
Share
Company
Sept. 15 Sept.
stock div
Tobacco cl. P for each sh.
Cigarette & Cigar com. held.
American Cigarette & Cigar,
Butler Water Co., 7% pref.
3
Amer.
Sept.30 Sept. 15
SIM
$1M
Preferred (quar.)
Co., 7% pref A (quar )American Gas & Electric Co. common (quar.)__
Preferred (quar.)
American Hawaiian Steamship (quar.)
American Hide & Leather preferred (quar.)
American Home Products (monthly)-.
American Ice Co. (Jersey City, N. J.) preferredAmerican I. G. Chemical, class A (interim)
Class B (interim)
American Indemnity Co
American Insurance Co. (Newark, N. J.) (s.-a )
American Envelope
Oct.
1 Nov. 25
1 Sept. 8
Nov.
1 Oct.
Dec.
35c
sim
30c
90c
Oct.
1
26c
Oct.
1
6c
15c
Oct.
1
1
Oct.
$3
Oct.
Metals—
50c
Y. Corp. (bi-mo.)
$1M
American Power & Light Co., $6 pref. (quar.)_.
$1M
$5 preferred (quarterly)
$im
American Paper Goods, 7% preferred (quarterly)
SIM
7 % pr« ferred (quarterly). _
...
15c
Amer. Radiator & Standard Sanitary (quar.) —
50c
American Rolling Mill Co. (quar.)
$1,125
4M% preferred (initial, quar.)
_
_
_
50c
American Safety Razor (quar.)
*
50c
American Shin Building Co
75c
American Snuff Co. (quar.)
SIM
Preferred (quar )
50c
American Steel Foundries-.
American Machine &
Sept. 15
American News N.
$1
SIM
$7 pref. (quar.) —
20c
SIM
SIM
$1 M
7 % preferred (quar.)
(Del.) preferred (quar.)
12Mc
20c
Inc. (quar.)_.
Asbestos Mfg. Co
$1.40 pref. (quar.)
Ashland Oil & Refining (quar.)
Preferred (quar.)
Associates Investment Co. (quar.)
Art Metal Works,
35c
sim
sim
;
Light Co. 6% cum. pref. (quar.) —
25c
Atlantic Refining Co., common
Atlas Press Co.
10c
(quar.)
(quar.) —
Extra
Preferred
(Hartford) (quar.)__
Automobile Insurance Co.
Babcock & Wilcox Co
—
_
_—_
_
_ _ _
-
_ _
sim
(quarterly)
optional dividend
Special opt. div. of cash of 10-65 of a share
stock for each common held
Quarterly
—
Bangor & Aroostook RR. Co., common—
Cumulative convertible preferred
Bangor Hydro-Electric, 7% pref. (quar.)
6% pref. (quar.)
Basic Dolomite. Inc. (initial quar.)
Bath Iron Works Corp., payable In stock
Bayuk Cigars, Inc
Preferred (quarterly)
Beech Creek Railroad Co
Beech-Nut Packing Co. (quar.)__
Preferred A
$1.15
.
Extra.
_
.
-
Bell Telephone
___ .
63c
20c
3%
18Mc
sim
-
B-G
_
_
Extras
Bliss &
1
15
25c
SIM
25c
sim
t$3M
MX
sim
10c
50c
---------
25c
50c
50c
37Mc
37 Mc
(quarterly)
Inc., common (quar.)
Class A (quarterly)
Bristol Brass Corp. (increased)
British American Tovacco Co., Ltd.—
Amer. dep. rec. ord. bearer (interim)
Amer. dep. rec. ord. registered (interim)
Amer. dep. rec. 5% pref. bearer (s.-a.)
Amer. dep. rec. 5% pref. register (s.-a.)
Brooklyn-Manhattan Transit—
Preferred (quar.)
—
Preferred (quar.)__
Preferred (quar.)
Brooklyn Union Gas
Brown Fence & Wire Co., pref. A (semi-ann.)
Brown Rubber Co., Inc., com. (quar.)
Common
Brillo Mfg. Co.,
-
Extra.
7% cum. pref. (quar.)
(quar.)
Co
Bucyrus-Monighan, class A (quar.)
3M% cum. pref.
Buckeye Pipe Line
pref. (quarterly)
(participating dividend)
Budd Wheel Co.,
Bullard Co
pref. (quar.)
Burlington Steel Ltd
sim
Corp.;
Borg-Warner Corp
Borne Scrymser Co
Boston & Albany RR.Co-_._______
Boston Elevated Ry. (quarterly)
Bo
er Roller Bearing
Brazilian Traction Light & Power, pref. (quar.)
Brewer (C.) & Co., Ltd. (monthly) —
Bridgeport Brass Co. (quar.)...
Bridgeport Gas Light Co. (quar.)-Bridgeport Machine Co. (quar.)
Preferred (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd., 6% pref. (quar.)__.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
75c
.
$2
SIM
SI
sim
SI
25c
50c
25c
SIM
SIM
7 Mc
20c
50c
SIM
62 Mc
45c
15c
(qu.)_
SI M
15c
1st pref. (qu.)_
SIM
gtd. (quar.) —
87 Mc
Dec.
1 Nov
50c
Dec.
1 Nov
sim
Sept. 25 Sept. 15
Oct.
1 Sept. 20
$5.85
SIM
Sept. 15 Aug. 25
Oct.
1 Sept. 11
Oct.
1 Sept. 11
Oct.
1 Sept. 4
5% pref
50c
Oct.
lOd
Oct.
SIM
Inc.. pref. (quar.) —
Co. 6% pref
i
(quar.)
25c
37 Mc
25c
(quar.)
Ltd., 8% pref. (quar.)
Columbia Pictures Corp., com.
2M%
2M%
Obt.
Commonwealth Utilities, 7%
SIM
SIM
SIM
40c
SI
15c
10c
sim
87 Mc
SI
45c
SIM
2.5c
2.5c
70c
15c
Oct.
1
1
3
3
3
3
1
15 Oct.
1-15-38 Dec. 31
28 Feb.
1
1
14
Sept. 15 Sept. 1
1
Sept. 15 Sept.
Oct.
1 Sept. 25
Oct.
1 Sept. 30
Sept. 15 Aug. 27
Oct.
1 Sept. 20
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 15
Oct. 11 Sept. 20
Oct.
1 Sept. 15
quar.)
(quar.)
50c
$1
$1
preferred (quarterly)
Co. $7 preferred
Curtis Publishing
Cutler-Hammer, Inc
Co. 8% pref—
90c
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 27
35c
Sept. 15 Aug.
27
Nov.
l,Oct.
15
Oct.
1 Sept
17
Vi
25c
sim
L .125
25c
sim
Devonian Oil Co.
Sept.30,Sept.
Oct.
1 Sept. 15
Oct.
l|Sept. 15
15jSept 30
y\
t50c
25c
56Mc
25c
tSlM
$2
t$8
Oct.
Sept. 15
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 24 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
1
10
10
14
10*
10*
Sept. 15 Aug. 31*
Oct.
1 Sept. 13
Sept. 30 Sept 16
Sept. 30 Sept. 20
Sept. 15 Sept. 2
$1.62 M 8ept. 15 Sept. 1
Oct.
1 Aug. 31
sim
Sept. 15 Aug 23
Oct,
5 Sept. 16
Oct.
1 Sept. 16
87 Mc
Sept. 25 Sept.
15
Sept. 25 Sept. 15
Sept. 15
Oct.
Oct.
Sept. 20
Dec.
Nov. 20
Oct.
Oct.
Dec.
Dec. 23
75c
50c
RR. (s.-a.)__
$2
25c
1
Sept. 20 Sept. 15
1-5-38 Dec 20
291Sept.
29 Sept.
15 Aug.
15 Aug.
15
15
25c
Sept.
Sept .
Sept.
Sept.
26c
Dec.
75c
Marl'38 Feb 15'38
25c
25c
(quar.)—
Extra..
sim
SIM
SIM
(quarterly).
Diamond Match Co
8
8
Sept. 30|Sept.
25c
SIM
^
^
Sept. 30 ■ Sept. 16
1 Sept. 15
Oct.
20c
7% preferred (quarterly)
7% preferred (quarterly)
Detroit Harvester Co., extra
& Southwestern
Sept. 15Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
25c
25c
Dejay Stores, Inc. (quar.)
De Long Hook & Eye (quarterly)
Dentists Supply Co. of N. Y. (quar.)
Ext} 1*3)
Mar. 15
Oct.
30c
25c
Deixel-Wemmer-Gilbert (quar.)_
Detroit Hillsdale
31
SIM
75c
Crown Cork & Seal Co.", $2M cum. pref. (quar.)
Crown Zellerbach Corp. (resumed).
Crucible Steel Co. of America, preferred-.:—
Crum & Forster, preferred (quarterly)
Cuban-American Sugar, preferred
Detroit Steel Corp.
Dec
50c
75c
5c
(quar.)
Dayton & Michigan RR.
Common (semi-ann.).
liNov. 15
Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 30 Dec. 24
Sept. 15 Sept. 1
1 Sept. 15
6
Sept. 15 Aug.
50c
10c
Crown Cork International Corp. class A
Class A (Qiiar )
.<*■.*»-»
Cuneo Press,
Oct.
Dec.
25c
25c
Extra
•
Sept.10
Sept. 10
Sept.10
Sept. 15
Sept.15
Oct.
Oct,
(quarterly)--
Crowell Publishing Co.
Sept. 30 Sept. 10
Sept. 30 Sept. 10
Sept. 30 Sept. 10
sim
sim
(quarterly)
Mills, 5% preferred (quar.).
Co., 7% preferred
-
New 5% pref. (Initial,
Creameries of America
Sept. 30 Sept. 13
Oct.
1 Sept. 17
Oct. 15 Oct.
1
Oct.
—
10
10
1 Sept. 10
Oct.
Oct.
Preferred
Crane
Sept. 15 Aug. 30
Sept. 15 Aug. 30
75c
Cosmos Imperial
1
Oct.
Feb.
Special
Continental Steel Corp.
Sept. 30 Sept. 15
Nov. 15 Nov
10
s1.06m
Congoleum-Nairn. Inc. (quarterly)
Connecticut Light & Power (quar.)
Consolidated Edison Co. of N. Y. (quar.)
Consol. Gas Elec. Light & Power Co. of Bait.—
Common (quarterly)
Series A 5% preferred (quarterly)
Consolidated Investment Trust (quar.)
Special
Consolidated Laundries preferred (quar.)
Consol
Retail Stores 8% preferred (quar.)
Consumers Glass Co. (quar.)
Consumers Power Co., $5 pref. (quar.)__
$4M preferred (quarterly)___
Continental Diamond Fibre Co—
Continental Gas & Elec. Corp. prior pref. (qu.)_
Continental Gil Co. (Del.)
1
4-15-38 Apr
Oct
1 Sept
pref. A (qu.)
$1.06 M
SI
6% preferred B (quarterly)
6m% Preferred C (quarterly)
Compo Shoe Machinery (quar.)
Compressed Industrial Gases (quar.)
Confederation Life Assoc. (Ont.) (quarterly)—
Quarterly
1
15
11
11
23
7iSept.
7 Sept
SI
50c
preferred (quarterly)
4M%
10c
__
(quar.)
Commercial Investment Trust (quar.)
Preferred (quarterly)
—
Commonwealth & Southern Corp., $6 pref—
16
7 Sept.
7 Sept.
50c
Colgate-PalmoUve-Peet. pref (quar.)
Colonial Finance Co. (Lima, Ohio)
Colt's Patent Fire Arms Mfg. (quar.)...
Sept. 15
Oct. 15 Sept. 24
Sept. 30 Aug. 31
Oct.
1 Sept. 10
1
Sept. 25 Sept.
Oct.
1 Sept.15
Sept. 25 8ept. 20
Sept. 30 Sept. 17
Sept. 30 Sept 16
Sept. 30 Sept. 15
Sept. 30 Sept. 15
3
Sept. 15 Sept.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 31
lOd
Sept. 30 Sept. 20
llSept. 20
Oct.
11Sept. 20
Sept. 15 Aug. 27
Sept. 30 Sept 20
Sept. 16 Aug. 25
Oct.
1 Sept. 30
Oct.
1 Mar. 20
Oct.
1 Sept. 15
Oct.
(quar.)
75c
Coca-Cola International Corp.
Commercial Alcohols.
fi
1 Sept. 15
1 Sept. 8
1 Sept. 8
1 Sept.
8
Sept. 30 Sept. 10
Sept. 30 Sept. 10
4
Coca-Cola Co. (quar.)
Sept. 20
Sept. 15 Aug. 15
1
Sept. 15 Sept.
1
Sept. 15 Sept.
Sept. 30 Sept.14
Sept. 30 Sept. 14
7*
Sept. 30 Sept.
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sept. 30 Sept. 18
Sfpt.25 Sept. 15
Oct.
1 Sept. 15
Oct.
Oct.
Coast Counties Gas & Elec.
15 Sept. 20
Sept. 13 Aug. 20
Sept. 15 Sept. 4
Oct.
1 Sept.
3
Oct,
1 Sept.
3
Sept. 15 Aug. 27
Oct.
Oct.
SI
SI
50c
(quarterly.
Cluett, Peabody & Co..
31
30
18 Dec.
Oct.
70c
—
20
20
30
30
Nov. 15 Nov
Oct.
75c
...
Special guaranteed (quar.)
Oct.
—
Bloomingdale Bros., Inc
Burdines, Inc., $2.80
1
Dec.
—
Preferred (quar.)
Preferred
1
Oct,
Sept. 15
Laughlin, Inc. (quar.)
Bruce (E. L.) Co
15
Oct.
Oct.
Extra
Bohn Aluminum & Brass
Sept. 15
Oct.
25c
(quar.)
10c
•;
(quar.)
Clorox Chemical Co
1
20
31
31
31
28
20
30 Dec.
Oct.
25c
Co., 6% pref. (quar.)
—
Blaw-Knox Co. (interim)
Dec.
sim
Ltd., 7% pref. (quar.)
Birmingham Water Works
Bishop Oil Corp.. —
Black & Decker Mfg. Co.
SIM
SIM
Cleveland & Pittsburgh RR. Co.
1 Sept.
+$2
——_ _
—
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 15 Aug
Oct.
15 Sept.
Oct. 15 Sept.
4
10
12
20
Sept. 20 Sept.
SIM
$1,125
:
Preferred
Sept. 15 Sept.
25c
Foods, preferred---
Biltmore Hats,
1
Oct.
25c
of Canada (quar.) —
Class A
.
25 c
City Auto Stamping (quar.)
City Ice & Fuel (quar.)
City of Paris Dry Goods Co. 7%
Clark Equipment Co
5
llSept. 15
Sept. 30'Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept.10
Oct.
1 Sept. 20
Oct.
1 Sept. 23
SIM
7% preferred (quarterly)
Sept.10
10
1
Oct.
25c
Bellows & Co
Commo n
2 Mc
SIM
52
(quar.)
Cincinnati Union Terminal Co.,
Sept. 20 Sept. 15
Oct.
1 Aug. 31
Oct.
1 Aug. 31
$1
5% preferred (quar.)..
(quar.) —
Sept.17
30 Sept. 30
15 Sept. 30
...
Christiana Securities Co
20
Sept. 15 Aug. 31
Sept. 20 Sept. 15
50c
Berghoff Brewing (quarterly)
Bethlehem Steel Corp. 7% preferred (quar.)__.
Oct.
Oct.
Oct.
37 Mc
Extra
1M%
si k
sim
class A (quar.)
(quar.)
Bell Telephone (Pa.), pref. (quar.)
Bendix Aviation Corp
1 Sept. 17
1 Sept. 15
(quar.)
Chicago Flexible Shaft (quar.).
Chicago Pneumatic Tool, $3 pref.
Prior preferred (quarterly)
Chicago Rivet & Machine
Chicago Venetian Blind (quar.)
in
--------
1
Oct.
7% preferred
Commercial Ore At Co.
12Mc
l.Sept. 15
«JPA
6% preferred
Centrifugal Pipe Corp (quar I
Champion Paper & Fibre, pref.
Chesapeake Corp. (quar.)___-Chesapeake & Ohio Ry. (quar.)
Preferred (quar
Chesebrough Mfg. Co
Extra
1 Sept.15
1 Sept. 15
Oct.
Oct.
6% preferred
1*
7
Oct.
i$lM
(Wm.) Co preferred (quar.)
Case (J. I.), preferred (quar.)
Central Illinois Light Co.. 4m%
(quar.)
Central Illinois Public Service $6 preferred
Central Power Co.,
25 Sept.30
15 Sept.30
Oct.
Oct.
Carpenter Steel Co. (interim)
Sept. 15 Aug. 20
1
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
29 l-6c. Sept. 15 Aug
Oct.
1 Aug.
25c
Oct,
1 Sept.
$1
15c
Sept. 25 Sept.
Baldwin Rubber Co.
Carolina Telep. & Teleg.
Oct.
(quar.)—
Cariboo Gold Quartz Mining Co.
Carnation Co., 5% pref. (quar.)
1 Oct.
10c
———.—
_-
Canfield Oil Co., 7% pref.
Common (quarterly)
Nov.
Oct.
SIM
t$lM
(quar.)
7% preferred (quar.)
Oct.
Sept. 15
51
SIM
«
Canadian Industries, Ltd., class A & B
20
14
15
15
1 Sept. 22
75c
—
Automobile Finance Co
Baldwin Co
1
5c
Extra
Autocar Co. $3 preferred
37 Mc
(quarterly)
Preferred (quarterly)
Canadian General Electric
Sept. 30 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
$i
preferred (quar.)
Atlantic Refining Co.
Canadian Cottons, Ltd.
Sept.13 Aug. 13
1
Oct.
1 Sept.
Sept.15 Aug 25
Oct.
1 Sept 10
Oct.
1 Sept. 10
Oct.
1 Sept 10
Sept. 20 Sept. 10
Sept. 21 Sept. 10
Nov.
1 Oct. 20
10c
5% preferred (quar.)
35c
ttSIM
37Mc
tt30c
UM%
7% cumul. preferred (quarterly)
t$2
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
J25c
Canadian Canners Ltd., 5% 1st pref. (quar.)__
U5e
Convertible preferred
7
Sept.
1
Sept. 15
Sept. 10
Sept.
1
Dec.
1
Aug. 20
Sept. 15
Sept. 15 Sept.
Sept. 27 Sept.
t$l
50c
Arnold Constable Corp
Atlanta Gas
Oct.
Sept. 15
Dec. 15
Sept. 30 Sept.15
1
Sept. l6 Sept.
Sept. 20 Aug. 31
Sept. 15 Aug. 31
Canada Northern Power Corp., Ltd., common.
2 Sept.
Sept. 15
Oct. 15
20c
Electric Co
preferred
Mining Co
Anaconda Wire & Cable Co
Anaconda Copper
Appalachian Electric Power,
Armour & Co. (111.)
$6 preferred (quar )
Oct.
2c
American Woolen Co.
1 Sept. 15
Carter
2c
American Water Works &
1 Sept.15
Oct.
t$2
preferred
(quar.)
Sept. 30 Sept. 15
Oct.
1 Sept. 14
Oct.
2 Sept. 7
SIM
Quarterly--
Oct.
Canada Malt Ltd., registered
Bearer (quarterly)
Canadian Wirebound Boxes, class A
$2 M
pref. (quar.)
Co. (quar.)
American Tobacco Co.,
Oct.
$1
35c
«—
Canada Cement Co.,
6
15 Dec.
(quar.)
Sept. 30 Aug. 27
Oct.
15 Sept. 15
Oct. 15 Sept. 15
Sept. 30 Sept. 10
Nov.
1 Oct. 15
9
Oct.
1 Sept.
9
Oct.
1 Sept.
25c
(quar.)_
American Telep. & Teleg.
Armour & Co.
Dec.
$1 M
Preferred (quarterly
American Sumatra Tobacco Corp
American Toll Bridge
Sept. 15
50c
Refining (quarterly)
American Sugar
1
Oct.
25c
American Stores Co..
1
Oct.
Oct.
40c
Calaveras Cement Co. 7% preferred
Calumet & Hecla Consol. Copper Co
15
22
14*
7
10
10
Sept.
1
Sept.
7
Sept. 7
Sept. 15
Sept. 4
Sept. 7
Sept. 7
Sept.
5
Oct.
.
Extra
Preferred
7
7 Sept.
1
1 Sept. 15
2M%
-
Extra
1 Sept.
Sept. 30 Sept.
1 Sept.
Sept. 25 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
25c
75c
20c
50c
Sept 15 Sept.
SIM
t$3.035 Sept. 20 Sept.
(quarterly)
Byers (A. M.) Co. 7% preferredCable & Wire (Holding), Ltd.—
5M% preferred (semi-annual)
Calamba Sugar Estate (quar.)
l-40th sh. of Am.
Payable of Record
Share
Name of Company
Holders
When
Per
When I Holders
Payable of Record
Per
Name of
1691
Chronicle
Financial
145
Volume
—
.
—
31
31
1 Nov. 15
- - -
div. of 4-50ths of a sh. of Pan
Amer. Match Corp
for each sh. of Dia¬
mond Match com. stk. held.
Payable In
three installments, the ist, of 2-50ths: the
2d & 3d of l-50th each.
Pref stk. div. of l-50th of a sh. of Pan Ana.
Match Corp. for each sh. of Diamond
Match preferred »tock held.
Common stk.
Preferred (sem -ann.)
Diamond State Telep.,
pref. (quar.)
sim
Oct.
15 Sept. 20
1692
Financial
Per
Name of Company
Share
Dixie-Vortex Co., (quarterly)
Class A (quarterly)
37 He
Preferred (quar.)
Draper Corp.
Dri ver-Harris Co., 7 % pref
Duff-Morton Mfg. Co
—
t$lH
tUH
*$194
.
.—- -
Preferred
25c
75c
$194
-
-
-
-
!!S
S1H
$1.35
$194
—
-
10c
10c
-
10c
—
-
———
7Hc
17Hc
10c
(quar.)..
$1H
—
Eastern Footwear Corp—
4H%
12c
6% pref
75c
preferred (quarterly)..
$1,125
Eastern Utilities Assoc (quarterly)
Eastman Kodak Co. (quar.)
Preferred (quarterly)....
Edison Bros. Stores (quar.)..——-
Preferred (quar.)—..
Electrographlc Corp. (quar.)
Preferred
50c
$2
$1H
25c
62 He
25c
.........
(quarterly)
Electric Controller &
$194
Mfg. (quarterly)
15
Oct.
1
Oct.
1
Oct.
1
Sept. 15
25 Oct.
Oct.
25 Oct.
8
50c
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock
Emporium Capwell Corp, (quar.)
7% preferred (semi-ann.)—
4H% cumul. preferred A (quarterly)
4H% cumul preferred A (quarterly)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (resumed)
Erie & Pittsburgh RR. Co.. 7% gtd.
(quar.)
Guaranteed betterment (quar.)
Esquire-Coronet, Inc. (quar.)
$1H
>■
__
$3H
56 He
5694c
...
62 He
87 He
Oct.
15
Sept.
Sept.
Sept.
Sept.
15 Sept.10
15 Sept. 10
—
Extra
$194
$194
__
(quar.),
;
Federal Insurance (Jersey City)
(quar.)
Federal Mining & Smelting Co.,
pref
Feltman & Curme Shoe Stores,
pref
Ferro Enamel Corp
35c
$194
87 He
75c
Finance Co. of Amer.
(Bait.), common A & B_.
7 %pref. and 7 % pref. class A
First Bank Stock Corp. (s.-a.)
Fiscal Fund, Inc. (bank stock
...
Insurance stock series
Flintkote Co. common
Florshelm Shoe Co. class A
(quar.)...
Class B (quar.)
15c
''Hi
2H%
21Js
50c
25c
$1
...
Ford Motor Co. of Canada A & B
(quar.)
Foreign Light & Power. 1st pref. (qu.)
Foster & Kleiser Co., pref.
(quar.)
t25c
$1H
3Tfc
Fox (Peter)
Brewing 6% pref. (quar.)
Freeport Sulphur Co.. preferred (quar.)
...
Fuller Brush Co., 7% preferred
(quar.)
Gannett Co. 6% preferred (quar.)
$1
'
$1
$IH
General Acceptance Corp ..common
(quar.)
30c
Common class A (quar.)__
General American Investors
pref. (quar.)
General Box Co. (increased)
General Cigar Co.. Inc
30c
_
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Sept. 25 Aug. 31
Sept. 15 Aug. 31
Dec.
1 Nov. 10
1 Nov. 10
Dec.
1
Sept.15
Sept. 23 Sept. 11
Oct.
1 Sept. 21
1-2-38 Dec.
(quar.).....
„
Dec.
10 Nov. 30
1 Nov. 30
Dec.
17 Dec.
15
1 Sept. 10
1 Sept. 10
Oct.
Oct,
1 Sept. 15
Sept.15 Sept. 1
Oct.
1 Sept. 20
Sept. 15 Aug. 27
Oct.
1 Sept.
1
Sept. 20 Sept.10
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Oct.
1 Sept. 20
Sept. 15 Aug. 16
Sept. 15 Aug. 16
Sept. 25 Sept. 15
Oct.
Sept. 15
Oct.
Sept 15
Sept.15 Sept.
1
Sept. 18 Aug. 28
Oct.
Sept. 20
Oct.
1 Sept. 15
I Sept. 15
Oct.
_
Nov.
liOct.
Oct.
Oct.
II Sept.
15
22
1 Sept. 15
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Oct.
1 Sept. 20
Oct.
1 Sept. 15
Sept. 15 Aug. 27
Nov.
1
Nov. 20
2-18-38
5-20-38
1
Oct.
16
28
10*
12
4
Sept. 25 Sept. 15
(quar.)
...
$5H preferred (quar.)
General Public Utilities, Inc., $5 pf. (quar.)
General Railway Signal
Preferred (quarterly)
General Telep. Corp. common
r$iH
$1H
$194
Oct.
Nov.
Nov.
25 Oct.
15
1 Oct.
15
1 Oct.
15
$194
Oct.
1 Sept. 20
25c
Oct.
1
$1H
Oct.
1
$1H
$194
Oct.
Oct.
1
50c
Oct.
1
25C
;
Sept. 30
Sept. 10
Sept. 10
Sept. 9
Sept. 9
Sept. 15
Sept.17
Sept. 15
Sept. 15
Sept. 14
Sept. 7
Nov.
Oct.
25c
Extra..
$3 conv. preferred (quar.)
10c
___
Oct.
25c
(quar.)
$5 preferred (quar.)
Gibraltar Fire & Marine Insurance
Gillette Safety Razor Co.
Sept. 28
$194
30c
50c
$1
_
Sept. 23
Sept. 23
75c
General Theatres Equipment
(interim)
Georgia Power Co. $6 preferred
_
_
$1iS
Extra
Goldblatt Bros
Optional payment l-50th sh.
23
Sept. 15 Aug. 31
Sept. 15 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Sept.13 Aug.
__
5c
I
common
60c
for
1
1
1
Sept.15 Aug.
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
Sept.
Oct.
1
31
20
18
18
62 He
50c
$194
Goodyear Tire & Rubber
Preferred (quarterly)
Gordon Oil (Ohio), class B
(quar.)
Gorham Mfg. Co., com.
voting trust ctfs
Gorton-Pew Fisheries (quar.)
Grand Rapids Varnish
(quar.)
Granite City Steel Co., common
Grant (W. T.) Co
50c
$194
40c
50c
$1
25c
37 He
Great Western Electro Chemical
preferred (qu.)_
Great Western Sugar (quar.)
Preferred (quar.)
Greene Cananea Copper (quar.)
Special
30c
60c
$1%
_
J
75c
$i H
4394c
Hamilton United Theatres, Ltd.,
Hamilton Watch Co
t$194
.
10c
25c
—
7% pref
60c
Hammermill Paper.i——i——.w—
50c
Har^r(P.flLrKnitUng Co.~7%
$194
$194
preferred (quar.)
Hanna (M. A.) Co., common...
Harbison-Walker Refractories pref. (quar.)
25c
31H
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
1
30
30
15
15
15
15
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
50c
25c
40c
$2
50c
43 He
62 He
Preferred (initial)
Humber Oil & Refining
Co. (quar.)
Huttig Sash & Door Co. 7% preferred (quar.)..
7% preferred (quarterly)
Hygrade Sylvania Corp., common
Preferred (quarterly)
Idaho-Maryland Mines (extra)
Illinois Bell Telep. (quar.)
imperial Life Assurance of Canada (quar.)
Quarterly.
Imperial Tobacco of Canada (interim)
$194
1
1
1
1 Sept.
Sept. 30 Sept. 20
Sept. 30 Sept. 16
Oct.
1 Sept. 14
Oct.
1 Sept. 20
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Sept. 13 Sept. 3
Sept. 13 Sept.
3
Oct.
3
1
15
20
18
20 Oct.
6
10c
$2
$394
13 H
noc
13%
$194
6% preferred (quar.)
Indianapolis Water Co., 5% pref. ser. A. (qu.)_
Indiana Security Corp. 6% preferred (quar.)—.
37 He
•S1H
$194
Indiana Steel Products (quar.)
Indiana Water Co. 5% preferred A (quar.)
Institutional Security, Ltd.—
15c
$194
Bank
Group shares, class A
Interlake Steamship Co
3c
$1H
$194
3725C
Extra
International Harvester (quar.)
International Mining
62I
International Nickel of Canada
International Salt Co
150c
......
...
—
International Shoe Co. (quar.)
International Silver preferred-
37 He
50c
$2
.....
.—
International Vitamin Corp. (quar.)
Interstate Home Equipment (quar.)
Interstate Natural Gas.
Investors Royalty Co. (quar.)
Preferred (quarterly)
Iron Fireman Mfg Co (quar.)
—
12Hc
lie
$1
—
lHc
50c
•
30c
Irving (John) Shoe Corp. (quar.)
6% preferred (quarterly)
Irving Trust Co. (quar.)
Jamieson (C. E.) & Co.
Jersey Central Power & Light, 7% pref. (qu.)
6% preferred (quarterly)
594% preferred (quarterly)
Jewel Tea Co.. Inc. (quar.).
Johns-Manville Corp. (quar.)
12Hc
37 He
15c
—
:
15c
•__
—
$1H
$194
si
.__
75c
75c
■
„
_
Preferred (quarterly)
Joslin-Schmidt Corp. 7% pref. (quar.)...
KansasCity Power & Light 1st pref B (quar.)__
Kansas Power Co. $6 cum. pref. (quar.)
$7 cum. pref. (quar.)
Kansas Utilities Co. 7% preferred
(quar.)
Katz Drug Co., preferred
(quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kellogg (S.) & Sons (quar.)
Kemper-Thomas Co.—
7% special preferrred (quar.)
Kennecott Copper Corp
—
$194
$194
$1H
$1H
$194
$194
$1,125
$1H
40c
-
S1H
/-■
Special
Keystone Custodian Funds, B-4, (s.-a.)
Kimberly-Clark Corp. (quar.)
——
llSept. 17
1 Sept. 15
Sept. 15 Sept. 6
Sept. 15iSept. 3
Sept. 27. Sept. 11
Nov
5jOct. 25
Sept. 30 Sept. 15
Sept. 30:Sept. 15
Oct.
1 Sept.
1
Sept. 30 Sept. 20
Oct.
50c
25c
Oct.
Oct
1 Sept.
1-3-38'Dec.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 [Sept.
Oct.
1 (Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Kings County Lighting Co. 7% pref. ser. B (qu.)
6% preferred series C (quar.)
5% preferred series D (quar.)
Kingston Products Corp. (quar.)
Klein (D. E.) & Co.. Inc. (quar.)
Kleinert (I. B.) Rubber Co. (quar.)
''Special
_v_
;— -—Koppers Co., preferred (quar.)
Kresge (S. S.) Co
Kreuger (G.) Brewing Co. (quar.)
Kroehler Mfg. Co. 6% pref. A (quar.)
6% preferred A (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
Kysor Heater Co
—
...
—
—
Extra
Oct.
Sept. 20
Oct,
1 Sept 20
15 Sept. 20
Oct.
Sept. 20 Aug.
Sept. 30 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 30 Sept.
Dec.
(quar.)
Libby-Owens-Ford Glass (irregular)
Liggett & Myers Tobacco, pref. (quar.)
Lily Tulip Cup Corp
Lincoln National Life Insurance Co. (qu.)
Lincoln Service Corp. (quar.) —
7% preferred (quarterly)
___ —
Lindsay Light & Chemical Co. pref. (qu.)
Oct.
Oct.
Oct.
Sept.
25c
Oct.
15c
Sept.
Sept.
Oct.
30c
Sept.
12Hc
$1H
$1H
Sept.
.
Oct.
_
Dec. 31'Dec.
Oct.
Link Belt Co., preferred (quar.)
liOct. 20
Sept. 15 Sept.
Sept. 15 Sept.
Sept.
Nov.
Nov
Sept.
S»pt
Dec.
Dec
$1?4
5c
62 He
37HO
50c
25c
S1H
$194
37Hc
—
>
—
1 Sept.
Sept.
Sept. 10
Sept. 25 Sept. 15
Oct.
Sept. 15
30c
25c
87 He
194%
$154
40c
50c
Nov.
Oct.
Oct.
50c
50c
Liquid Carbonic Corp., new (quar.)
Little Miami RR., special guaranteed (quar.)..
Original capital
Original capital
24
ljSept. 20
Nov.
Sept.
25c
—
31
31
10
7
10
10
10
3
10
10
17
20
14
20
20
20
15
10
15
Sept. 11
Sept. 11
Sept. 11
Sept. 15
Sept. 15
Sept. 15
Sept.
1
Sept. 20
Sept. 15
Sept. 15
Sept. 11
Aug 30
6, Sept. 9
llSept. 24
Oct.
$194
—
10
16
31
15
15
Sept.
Sept.
$1
Special
15*
15
15*
Sept.
$1
-—
31
Nov. 10
25c
bandis Machine (quarterly)
31
Dec.
Sept.
Sept.
10c
15c
I
Sept. 15 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 20 Sept
Sept. 24 Sept.
Sept. 24 Sept.
Oct.
1 Sept.
Oct.
Sept.
Otc.
Sept.
Oct.
Sept.
Oct.
1 Sept.
Oct
Sept.
Oct.
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Oct.
15c
Lackawanna RR. Co. (N. J.)
Lake Shore Mines, Ltd. (quar.)
11*
15
14
11
Aug. 31
Sept. 15
Oct.
tin
10
10
A
4
9 Sept. 22
Oct.
15c
31
Oct.
$1H
$194
$1H
$1H
$1H
30
Oct.
Oct.
50c
'
1 Sept. 10
1
12 Oct.
Sept.30iSept. 18
10c
25c
Preferred (quar.)
14
Oct.
__
International Business Machine Corp
International Cellucotton Products Co
15 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 25 Sept.
Sept. 24 Sept.
Oct.
(semi-ann.)
Indianapolis Power & Light Co. 6H% pref. (qu.)
Le Tourneau, Inc.
19
1
10
3
15
31
31
16
4
15
31
Dec. 30 Dec. 20
1 Sept. 10
......
18
10
Sept. 21
1 Nov. 15
8 Sept. 17
20c
—
Oct.
1
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 15 Sept.
Sept. 30 Sept.
Sept. 30 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Dec.
S1H
—
—
$194
$1.05
18
19
11
11
10
1 Sept. 21
1 Oct.
Oct.
Oct.
25c
Houston Oil Field Material
_
Oct
Oct.
Oct,
50c
75c
$194
$5 preferred (quarterly)
Holophane Co. preferred (semi-annual)
Home Fire & Marine Insurance (quar.)
Honolulu Oil Corp., Ltd. (quar.
Hoskins Mfg. Co
Hotel Barbizon, Inc.. vot. tr. ctfs. (quar.)
Extra
Holders
50c
20c
—
Extra
i
30
7
25
17
1
14
10
10
14
$194
—
Preferred
When
Payable of Record
Oct.
$1D
7% preferred (quarterly)
7% preferred (quarterly)
Lava Cap Gold Mining
Lazarus (F. & R.) Co
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., com. (quar.)
Preferred (quar.)
Leslie Salt Co. (quarterly)
Quarterly
each share held.
Preferred (quarterly)
Goodrich (B. F.) Co.. common
$5 cumulative preferred
Hackensack Water Co. preferred A (quar.)
Hall Lamp Co— — -. — —
.———
Haloid Co. (quar.).
—
— _—...
Holland Furnace Co..
6-1-38
General Motors Corp__
$5 preferred (quar.)
General Outdoor
Advertising preferred
Preferred
(quar.)..
4
1 Sept.
1 Sept.
Oct.
3-1-38
General Investors Trust
(quar.)
General Mills, Inc., preferred
25c
$6 pref.
(quarterly)
9
Sept. J5
Oct.
1 Sept. 15
Sept. 30 Sept. 24
Oct.
1 Sept.15
Oct.
1 Sept.15
Dec.
General Gas & Electric
Corp. (Del.)—
$5 prior preferred (quar.)
3%
4
1
Oct.
50c
50c
preferred
$5H
na
....
Nov. 15 Nov
Oct.
Dec.
25c
Fansteel Metallurgical Corp. $5 pref. (quar.).—
$5 preferred (quar.)
Farmers Sc Traders Life Insurance (N. Y.)
Gulf Oil Corp
Gulf States Utilities,
23 He
Oct.
25 Sept. 15
25 Sept. 15
Sept. 25 Sept. 15
Sept. 30 Sept. 10
Sept. 30 Sept.18
Oct.
1 Sept.15
Sept. 30 Sept
8
Oct.
1 Sept.15
Oct.
1 Sept. 15
Sept. 30 Sept. 15
20c
7 He
25c
Fanny Farmer Candy Shops (quar.)...
20c
(quar.)...--—----—
HarrisburgGas Co. 7% pref. (quar.)
Hartman Tobacco, prior pref. (quar.)
Hawaiian Agricultural Co. (mo.)
Hazel-Atlas Glass Co. (quar.)
Hazel tine Corp. (quar.)
Hecla Mining Co—
Helme (G. W.) Co. common (quar.)_
Preferred (quar.)
Hercules Powder Co. (quar.)
Hibbard. Spencer. Bartlett <fc Co. (monthly)
Hires (Chas. E.) Co. class A common (quar.)
30c
25c
Ex-Cell-O Corp
Falconbridge Nickel Mines, (quar.)
(quar.)
Preferred (quarterly)
Globe-Wernicke Co
Preferred (quar.)
Godchaux Sugars, Inc., class A—
Preferred (quar.)
Goebel Brewing Co. (quar.)
Sept.15
«0c
—
Evans Products Co. (quar.)
Preferred
8
Oct.
7% preferred A (quarterly)
General Public Service, $6 pref.
Aug.~25
Oct.
50c
50c
El Paso Natural Gas Co., common (quar.)
series)
Sept. 15
Sept. 15
25c
—
(quarterly)
Extra.. .i.;—...
——.„*...ii*•Elgin National Watch
El Paso Electric Co. (Texas) $6 pref.
(qu.)
Fohs Oil Co
Sept.15
Sept. 30
Aug. 28
Sept. 20
Sept.10
Sept. 10
Sept. 15
Sept. 15
1
1 Sept.20
Sept. 30 Sept. 20
Sept. 30 Sept. 10
Sept. 30 Sept.10
Sept. 15 Sept. 1
Sept.15 Aug. 16
8ept. 15 Aug. 16
Sept. 15 Sept.
1
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
1 Sept. 20
Sept. 15 Sept.
1
Sept. 15 Sept.
1
50c
50c
75c
40c
10c
Preferred (quarterly)—————...—
Electro Bleach Gas Co. (quar.)
Extra
Faultless Rubber Co. (quar.)
Fear (Fred) & Co., common
Oct.
Oct.
25
Oct.
Electric Products Corp
.....—
Electric Storage Battery (quar.)
Electrolux Corp.
Aug".
1
Eagle Picher Lead
Eastern Gas & Fuel Assoc.,
Sept.15
1
50c
...——-
Griggs, Cooper & Co. 7% preferred (quar.)
Group No. 1 Oil Corp. (quar.)
Guaranty Trust Co. of New York (quar.)
Oct.
——
6% debentures
$4H preferred (initial
Duquesne Light Co., 5% pref. (quar.)
Durham Duplex Razor class A and B
1
Participating preferred
Duro Test Corp. (quar.)
.... ..
Greyhound Corp. (quar.)
1
Oct.
Extra..—
Preferred (quar.)
Dunean Mills 7% preferred (quar.)
du Pont de Nemours (E. I.) (interim)
Share
1 8ept. 10
1 Sept.10
60c
(quar.)
Duke Power Co_—
Per
Name of Company
Oct.
Oct.
$194
—
—
Extra.
Interim
When
Holders
Payable of Record
Sept. 11, 1937
Dec.
»c
Doctor Pepper Co (carterly)
--Dominion Tar & Chemical, 5H % pref. (quar.)
Dominion Textile Co .(quar.)
Chronicle
Sept.
Sept. 14
Aug. 31
Dec.
Dec.
1
Oct.
Oct.
5
Dec.
Nov. 15
14
Sept.
Aug. 31
Sept. 10
Sept. 15.Sept.
1
Oct.
Nov
_
1 Oct.
26
Sept. 28|Aug. 31
Sept. 28|Aug. 31
Sept. 20!Sept. 7
Oct.
1 Sept. 15
Sept. 25 Sept. 20
Dec.
10 Nov. 26
$1.10
Sept. 10 Aug. 25
$1.10
Dec.
10 Nov. 26
Volume
Financial
145
—
Monthly
„
Monthly
Monthly
8% preferred (quar.)
8% preferred (quar.)
Lone Star Cement Corp
Long Island Lighting Co. 7 % pref. series A (qu.)
6% preferred series B (quar.)
Lorillard (P.) Co. (quar.)
Preferred (quar.)
Loose-Wiles Biscuit Co.. 5% preferred (quar.)_
Lord & Taylor (quar.)
Louisiana Land <fc Exploration Co
Louisville Gas & Electric, class A & B (qua.. .) —
Lunkenheimer Co., preferred (quarterly)
Preferred (quar.)
Macfadden Publications, Inc..
preferred
(quar
Nov. 30 Nov. 20
Dec. 31 Dec. 20
$2
SIM
IX
30c
SIM
SIM
S2M
10c
37Mc
SIM
SIM
tS3
1 Sept. 28
1-3-38 Dec. 31
Sept. 30 Sept.10
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.17*
Oct.
1 Sept.17
Sept. 15 Sept. 1
Sept. 25 Aug. 31
Oct.
1 Sept. 21
50c
pref. (quar.)__
10c
5c
2Mc
Sept. 15
Sept. l5
Sept. 15
L
40c
Sept. 30
Sept. 30
Aug. 31
43 Mc
Nov. 30 Nov. 30
10c
XUX
(quarterly).
McKeesport Tin Plate Corp
McKesson & Bobbins, $3, pref.
Sept.
5
Dec.
5
1 Sept. 15
1 Sept. 15
25c
Oct.
Oct.
25c
25c
Oct.
Mesta Machine Co. common
SI
SIM
— -
Metropolitan Edison Co., $6 preferred
50c
Meyer-Blanke Co.
SIM
7% preferred (quar.)
Michigan Cities Natural Gas.
2c
10c
Micromatic Hone Corp
Mid vale Co. of Dela_
SIM
3c
(quar.)__
2c
15c
Milnor, Inc., increased
SIM
Mississippi River Power, 6% pref. (qu.).......
Miss. Valley P. S. 6% pref. B (quar.)
Mock, Judson, Voehringer Co
Preferred (quar.)
Mohawk Carpet Mills, Inc. (quar.)
Knitting Co. 7% pref
(Springf, Mass.).
44Mc
Montgomery Ward & Co
Class A (quar.)
Montreal Cottons, Ltd. (quar.)
Preferred (quarterly)
Moore
Win
K.) Dr
Goods (quar.)
Oct.
Oct.
SI.64
Dec.
Oct.
Dec.
(quar.) —
pref. (quar.)
(quar.)
Extra
25c
25c
-
Mutual Chemical Co. of Amer.,6% pref. (quar.)
6% pref. (quar.)
Myers (F. E.) & Bro
- —
Nachman Springfilled Corp. (quar.).
National Battery Co.. pref. (quar.)
SIM
40c
36c
SIM
J50c
J44c
5% preferred (quar.)
(quar.)_„;
Preferred (quar.)
National Casualty Co. (Detroit)
National Dairy Products
SIM
SIM
SIM
37Mc
55c
National Bearing Metals Corp. pref. (quar.)
National Biscuit Co. (quar.)
Nationai Bond & Investment Co. (quar.)
25c
(quar.)
30c
SIM
Class A and B (quar.)
50c
National Enameling & Stamping Co
National Gypsum, 1st pref. (quar.)
SIM
25c
2nd preferred (quarterly)
National Lead Co. (quar.)
Preferred A (quar.)
Preferred B (quar.)
12Mc
SIM
Nationai Malleable & Steel Casting
HP
50c
National Oil Products Co. (interim)
30c
National Standard Co. (quar.)
50c
—
22 Mc
50c
Extra
of N. J
preferred..
National Sugar Refining Co.
SIM
SI
Nehi Corp..
1st preferred (quarterly)
Neiman-Marcus Co. 7% pref.
,
(quar.)
Dec.
15 Sept.
1
30 Sept. 10
30 Sept. 10
28 Sept. 18
18 Dec. 10
Sept. 27 Sept. 15
Sept. 15 Sept. 1
Oct.
1 Sept. 20
Nov.
Oct.
1 Oct.
15 Sept. 10
Sept. 21 Sept.
Sept. 21 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Nov.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct
Oct.
18
10
10
15
15
31
1
1
17
16
16
10
27
1 Oct. 14
18 Sept. 4*
30 Sept. 20
24 Sept. 10
24 Sept. 10
1 Sept.
1
1 Sept. 20
1 Sept. 15
1 Sept. 15
1 Nov. 20
Sept. 15 Aug. 31
Oct.
Electric Assoc. S5M pref..
& Teleg..
1
Oct.
1 Sept. 17
Oct.
Oct.
1 Sept. 16
1 Aug. 31
50c
SIM
75c
Ry. Co
Lt. & Pow. (quar.)..
New York Lackawanna & Western
25c
Niagara Share Corp. of Md., class A pref.
Niles Bement Pond Co
Nineteen Hundred Corp.. class A (quar.)
Norfolk & Western Ry. (quar.) ——
North American Co. common (quar.)
Preferred (quar.)
1 Sept.
60c
Newmont Mining Corp.
(qu.).
....
Co 6% pref. (qu.)
J.. 4% pref (quar.) —
SIM
50c
Sept. 30 Sept. 10
Sept. 15 Aug. 31
Oct.
1 Sept. 10
Sept. 14 Aug. 30
Oct. 15 Sept. 24
Sept. 21 Sept. 9
Sept. 15 Sept. 4
60c
Nov. 15 Nov.
30c
Sept. 18 Aug. 3)
Oct.
1 Sept. 15
Oct.
1 Sept. 15
75c
"si
Norwich Pbarmacal Co., common
50c
Oahu Sugar Co., Ltd. (monthly)
Oakland Title Insurance Guarantee
20c
UNov. 2b
SIM
Newberry (J. J.) Co. (quar.)
Northern RR. Co. of N.
2
50c
Newark & Bloomfield RR. Co. (s.-a.).
Northern Oklahoma Gas
1
30c
Inc. (quar.)
New York & Queens Elec.
New York Transit Co
Sept.
Sept.
Sept.
Sept.
S1.31M Oct.
Dec.
New Amsterdam Casualty (s.-a.)
New England Gas &
New England Telep.
Oct,
Sept. 30 Sept. 20
Sept. 29 Sept 14
Sept. 29 Sept.14
Muncie Water Works Co. 8%
Neisner Bros
1
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Motor Products Co
National Supply Co.,
15 Sept. 10
1-2- -38' Jan
—.
Mueller Brass Co. (quar.)
Extra
National Breweries, Ltd.
25
1 Nov. 10
SI
1
Dec.
1 Nov. 16
Dec.
1
Nov. 20
Sept. 15 Sept.
Sept. 15 Sept.
4*
4
Sept. 25 Sept. 20
40c
Sept. 30 Sept. 18
Oct.
1 Sept. 23
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Nov. 15 Nov.
5
2-15-38 Feb.
5
Sept. 30 Sept. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 15 Sept. 1
Sept. 15 Sept. 10
Oct.
1 Sept. 17
Sept. 30 Sept. 20
Oct.
1 Sept. 10
Sept. 14 Sept. 3
Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 15 Aug. 31
Oct. * 1 Sept.
1
Oct.
1 Sept.
1
Oct.
1 Sept. 10
Oct.
10 Sept. 30
1-10-38 Dec. 31
Oct.
1 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct.
1!Aug. 31
Oct.
Sept. 1
Oct.
Sept. 15
Oct.
Sept.10
$2
$1
SIM
25c
:
>50c
10c
50c
37 Mc
(quar.)
25c
50c
America.
Exploration (quar.)
—
25c
10c
30c
Pfeiffer Brewing Co
1 Sept. 15
1 Sept. 15
Sept. 20,Sept.
25c
Extra
1
15
10
10
15
1
Philadelphia Co. $5 preferred
$6 preferred (quar.)
Philadelphia Electric Power.
Phoenix Finance Corp.. 8%
SIM
$1M
(quar.)
8% pref. (quar.)..
pref. (quar.)
preferred (quarterly)
Phoenix Securities, $3 conv. pref. A (quar.)
Pictorial Paper Package Corp. (quar.) 8%
—
60c
60c
C>0c
75c
8Mc
3Mc
Extra
(Am. shs.)
C. (quar.)..
Pinchin Johnson & Co., Ltd.
Pioneer Gold Mines of B.
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
Pittsburgh Ft. Wayne & Chicago Ry. Co. (qu.)-
Pittsburgh Metallurgical (quar.)
Pittsburgh Plate Glass Co
Pittsburgh Youngstown & Ashtabula
7% preferred (quar.)...
Plymouth Oil Co. (quar.)
Powdrell & Alexander, Inc
Power Corp. of Canada 6% cum. pref.
6% non-cum. pref. (quar.)
Pratt & Lambert, Inc
Premier Gold Mining (quar.)....
-
Extra
'
Ry. Co.—
— ...
(quar.)
..
Public Service Co. of
SIM
35c
20c
MX%
.
——.—-
(quar.)....
(s.-a.)
New Hampshire—
preferred (quar.).
•>)■
$5 preferred (quar
Public Service Corp. of N. J. (quar.)
8% preferred (quar.)
7% preferred (quar.)...
$5 preferred (quar.)...
Pub$c Se^vic eCmof*1OkJa ."7 % prior lien~(qu
6% prior lien (quar.)....--
& Gas 7% pref.
$5 preferred (quar.)
(quar.)
preferred (quar.)
6% preferred (quar.)..
8% preferred (quar.)
Pyrene Mfg. Co. common
Quaker Oats Co. (quar.).—
Preferred (quar.).
Quaker State Oil Refining (quar.)...
Queens Borough Gas & Electric Co.:
6% preferred
(quar.)
Amer., $3M cumul. conv. 1st pf.
Rapid Electrotype Co (quar.)
QuarterlyRaybestos-Manhattan, Inc
Ray-O-Vac (quar.)..
Reading Co. 2nd preferred (quarterly)
Reeves (Daniel) pref. (quar.)
Common (quar.)
Payable in cash or pref. stock.
Regent Knitting Mills, non-cumu.. pref. (qu.)_
Reliable Stores Corp. (quar.).
Preferred (quar.)
Reliance Grain Co. 6M % pref. (quar.)
Remington Rand, Inc., interim
i
Reno Gold Mines, Ltd. (quar.)..
Republic Portland Cement, 5% preferred (quar.)
Republic Steel Corn. 6% preferred (quar.)
6% preferred A (quar.)
Radio Corp. of
Rex Hide, Inc.
(quar.)
Reynolds Metals Co. 5M% cum. conv. pf. (qu.).
Reynolds Spring Co
Reynolds (R. J.) Tobacco Co., com. &cl. B com.
Rice-Stix Dry Goods Co. 1st & 2d pref (quar.)..
Richardson Co
Rich's. Inc., 6M%
Kike Kumler
Ritter Dental
pref. (quar.)
Co. (quar.)
Mfg. (quar.)
$7 preferred (quar.)
River Raisin Paper Co...
Riverside Silk Mills class
lO
3
l.Sept. 10
1 Nov. 20
Sept. 30 Sept. 8
1
Sept. 15 Sept.
Oct. 15 Sept. 30
Oct.
15 Sept. 30
Dec.
15
Sept.15
1 Sept.
Oct.
15
Oct.
15 Sept. 15
SIM
SIM
37Mc
37Mc
Sept. 15 Aug. 25
SIM
SIM
Sept. 15 Aug. 31
Sept. 15 Aug. 31
.
Public Service Elec
Sept.
Sept.15 Sept.
Oct.
Oct.
J3c
tic
1
_
Oct.
5% pref. (quar.)
Prosperity Co., Inc.. 5% pref
Public National Bank & Trust
Semi-annual
75c
$1M
SIM
25c
—......
Procter & Gamble Co.,
Pure Oil Co. 5M%
11 Sept. 15
l'Sept. 15
Oct.
SIM
Pet Milk Co. (quar.)
1 Sept. 15
1 Sept. 20
Oct.
$1M
Petroleum Corp. of
Petroleum
Sept. 27 Sept. 10
Oct. 15 Oct.
1
25c
—;
Perfect Circle (quar.)
Perfection Stove Co.
Oct.
40c
Pepeekeo Sugar Co
1
4
18
31
31
1 Sept. 17
Sept. 15 Aug. 31
Sept. 15 Aug. 31
T
Ring
15
Oct.
$1M
Peoples Drug Stores, Inc
Special
6M% preferred
31
15 Sept. 30
15 Sept. 20
15 Sept. 20
SIM
preferred (quar.)
Preferred (quar.)
1 Nov. 15
Sept. 15 Aug.
Oct.
Oct.
--
....
stock
7% preferred (quar.).
7% preferred (quar.)
Piston
Oct.
87 Mc
50c
$4M preferred
Represents proportion of the s.-a. dividend
for the unexpired period ending Dec. 1.
Muskegon
Dec.
tSlM
SIM
30c
Mouongahela West Penn Public Service—
Preferred (quarterly)
Monroe Chemical Co., pref. (quar.)
Monsanto Chemical Co. (quar.)
insurance Society
Sept. 11 Aug.
Oct,
1 Sept.
Sept. 15 Sept.
Sept 15 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 13 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
loc
SIM
30c
.....
Oct.
Oct.
Extra
Quarterly
Morris Finance Co. class A (quar.)
Oct.
30 Oct. 15
1 Sept. 16
1 Aug. 31
1 Sept. 15
Oct.
15c
(quar.)_
Pennsylvania Edison Co. $5 pref. (quar.)..
$2.80 preferred (quar.)
Pennsylvania Glass Sand
Preferred (quar.)
Pennsylvania Salt Mfg. Co.
Pennsylvania Water & Power Co. (quar.)
Sept. 15 Aug. 25
Oct. 10 Sept. 20
50c
Oct.
50c
(quar.)
Peninsular Telephone (quar.)
5
Sept. 15
Oct.
SIM
$2
SIM
SIM
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Penney (J. C.) Co. common
Dec.
15
15
15
10c
Paraffine Co.'s, Inc.Preferred (quar.)
Pathe Film Corp. $7
Penick & Ford, Ltd.
SIM
1 Oct.
$1
$1
Oct.
25c
-—
1 Oct.
1 Oct.
—
Park & Tilford, Inc., common
25c
Preferred (quarterly)
Mergenthaler Linotype Co
Merrimac Mills Co. (initial)
Messinger Corp. (quar.)
Nov.
40c
(quar.)
1
1
1 Sept. 20
1 Sept. 11
1 Sept. 11
Oct.
1
15 Sept.
25 Sept. 14
1 Sept. 15
Nov.
-
1 Sept.15
Oct.
Oct.
Nov.
«.•
Extra
2d preferred
15 Aug. 31
15 Aug. 31
15 Aug. 31
20 Aug. 31
20 Aug. 31
20c
Pacific Lighting Corp. $6 pref. (quar.)
Pacific Telephone & Telegraph
Preferred
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
16Mc
SIM
8% preferred (quar.)
6M% preferred (quar.)
5% preferred (quar )
Pacific Indemnity Co. (quar.)
Paramount Pi tures, Inc., 1st pref.
Sept. 15 Aug. 15
Oct. 15 Sept. 30
30c
6% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Merck & Co., Inc
Morris Plan
$1
45c
Opt. div. of cash or 6% cum. conv. pref.
Parke, Davis & Co.......
—
Corp. of Calif.—
Class B (quar.)—
40c
$1M
$1 M
Sept. 15 Sept.
Sept. 20 Sept.
SIM
SIM
SIM
tSIM
(quar.)
75c
Mead Corp
Monarch Life Insur. Co.
43 Mc
50c
(quar.)
Memphis Natural Gas Co.. preferred (quar.)_.
Memphis Power & Light $7 pref. (quar.)
$6 preferred (quar.)
Mid-West Refining
Extra
.
Oct.
50c
Mercantile Acceptance
1
Oct.
37Mc
SIM
43 Mc
(quar.)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly).
M cColl-Frontenac Oil (quar.).
Preferred
3*
15
Sept. 15
Sept.20
Sept.
1
Aug. 31
Aug. 31
Sept. 15
Sept. 7
Sept. 7
Aug. 31
1 Sept.
Oct.
1
Preferred (quar.)
Oct.
Oneida Ltd. (quar.)
Preferred (quar.)
Sept. 15 Sept.
9
Master Electric Co
Mathieson Alkali Works
Oct.
31
15
31
31
15
15
1 Dec. 15
l'Sept. 15
15 Aug.
30 Sept.
15 Aug.
15 Aug.
30 Sept.
l'Sept.
Jan.
8% preferred (quar.)
Omnibus Corp., pref. (quar.)
Otis Steel Co. 1st preferred (quar.)
Outboard Marine & Mfg___.»___>
Pacific Finance of Calif, (quar.)
Oct.
Extra
7% preferred (quar.)
Oklahoma Natural Gas 6% pref. (quar.)
Old Joe Distilling Co. 8% pref. (quar.)
5
'— -—- r
Martin Custom Made Tires, 8%
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
7% partic. pref. (quar.)
Nov. 15 Nov.
Sept. 10
Sept. 10
Oct.
6% preferred (quarterly),
Ohio Oil Co., pref. (quar.)
hio
~
^hio Water
Service, series A (increased)
Oklahoma Gas & Electric 6% pref. (quar.)
Ontario Silkmt, Ltd., 7% preferred
Otis Elevator Co. (increased)
Oct.
Maryland Fund, Inc. (quar.)
$7.20 preferred (quar.)
Ohio Finance Co., common
1-3-38 Dec. 2
50c
-—
Oct.
Sept. 21 Aug. 31
Sept. 15 Aug. 27
Sept. 15 Aug. 31
25c
Extra
Margay Oil Corp
Sept. 24 Sept. 8
Oct.
Sept. 15
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct
Sept. 15
(quar.).
S6 preferred (quar.)
S6.60 preferred (quar.)
$7 preferred (quar.)
Oct.
7!c2
Sl>*
SIM
i
Mangel Stores Corp., $5 con v. pref
Mapes Consol. Mfg. Co. (quar.)
Monarch
75c
75c
50c
25c
Magma Copper Co
Magnin (1.) & Co. (quar.)
preferred
75c
75c
Payable of Record
Share
Company
Ohio Brass Co
Ohio Edison Co. $5 pref.
Sept. 30 Sept. 25
Sept. 30 Sept 20
Oct. 30 Oct. 20
S3H
Lockhart Power Co., 7% pref. (a.-a.)
Lock Joint Pipe Co. (monthly)
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
1693
Chronicle
65c
SIM
SIM
50c
SIM
SIM
SIM
SIM
1 M%
1M%
2%
2%
SIM
SIM
25c
SIM
87 Mc
60c
Nov.
1
Oct.
1 Sept. 21
Dec. 21
1-3-38
Sept. 30,Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept 30 Sept.
Sept. 30 Sept.
Oct.
1 Sept. 20
Oct.
1 Sept. 20
1
Sept. 30 Sept.
Sept. 30 Sept. 1
Oct.
1 Sept. 10
1 Sept. 10
1 Sept. 10
Sept.15 Aug. 31
1
Sept. 25 Sept.
Oct.
Oct.
Nov. 30 Nov.
Oct.
1 Sept.
Oct.
1 Sept.
Sept.15 Sept.
15 Dec.
60c
Dec.
50c
Sept.15 Aug.
Sept. 15 Sept.
Oct. 14 Sept.
Sept.15 Aug.
Sept. 15 Aug.
50c
50c
SIM
12Mc
1
Sept.15 Aug. 31
15
8
1
1
31
7
23
31
31
40c
Dec.
1 Nov. 15
25c
Oct.
1 Sept
37 Mc
$1M
35c
Oct.
1 Sept.
16
16
Sept. 15 Aug. 31
Sept. 9
Oct.
Oct.
Sept.10
SIM
Dec.
Nov. 20
SIM
SIM
Oct.
Sept. 13
Sept. 13
Aug. 31
Sept. 30*
Sept.15
Sept. 4
Sept.15
Sept. 4
Septv 20
Aug. 27
3c
25c
SIM
Oct,
Sept. 15
Oct.
1
25c
Sept. 29
75c
Oct.
1
SIM
Oct.
1
40c
Sept. 14
SIM
Sept. 30
25c
Sept. 11
25c
Oct.
1
SIM
Oct.
1 Sept.15
Sept.15
15c
A (quar.)
Sept. 15 Sept. 10
50c
Oct.
1
Sept. 15
1694
Financial
Per
Name of Company
Share
Roberts Public Markets. Inc. (quar.)
20c
———
Rochester Telephone Corp. (quar.)
6M % preferred 'quar.)
SIM
UH
—
Roeser & Pendleton, Inc. (quar.)
Quarterly
Quarterly
Quarterly
25c
25c
25c
—
25c
Ruberoid
vommon—
15c
——
Russell & Co. common......
—
Payable
to common stockholders
Porto Rico Sugar Co.
Ruud Mfg. Cc
(quar.).
—
of
25c
-
When
Chronicle
Holders
1
Name of Company
Sept. 20
Texas Corp.
1 Sept. 20
Oct.
Oct.
Jan.
Dec.
15c
10c
Dec.
16 Dec.
Dec.
16 Dec.
6
50c
75c
^."•rterly
San Joaquin Light & Power 7% pref. A (qu.)..
',% prior preferred 13 (quar.)
ty/o preferred 13 (quar.)
0% prior preferred A (quar.)
Savannah Electric & Power 8% prof. A (quar.)
7M% preferred B (quar.)
7% preferred C (quar.)
6 M% preferred D (quar.)
6% preferred (semi-annual)
Schenley Distillers Corp. (quar.)
Preferred (quar.)
Schiff Co., common
7% preferred (quar.)
5M % preferred (quar.)..
Scott Paper Co., common
(quarterly)
.—
Scovill Manufacturing Co
Scran ton Electric $6 preferred (quar.)
75c
SI M
Sept.
Sept.
Dec.
Sept.
Sept.
Sept.
Sept.
20 Sept. 9
30 Sept. 15
15 Dec.
1
Extra
...
....
—
SIM
SIM
SIM
$2
—
—
75c
SIM
50c
SIM
SIM
40c
Sept. 30
Sept.15
Sept. 15
Oct.
Oct.
Sept. 15
Sept.15
Sept.15
Sept. 15
30c
1
1
Oct.
.....
SI M
30c
uiM
2c
»—
lc
S1U
50c
5c
50c
Smith (S. Morgan) Co.
'quar.)
25c
10c
15c
Preferred (quarterly)
South Carolina Power Co.. $6
pref. (quar.)
Southern Acid & Sulphur Co. 7%
pref. (quar.)__
Sou Calif. Edison. Ltd.. 6% pref. ser. B
(qu.)
—
Original preferred (quar.)
Preferred series C (quar.)
Southern Canada Power Co., Ltd.—
1
6% cum. partic. pref. (quar.)
k
$1M
SIM
37 Mc
37Mc
34Mc
Southern Colorado Power, preferred
Southern Counties Gas of Calif. 6% pref.
(quar.)
Southland Royalty Oil
South Penn Oil Co. (quar.)
—
Extra
South Porto Rico Sugar Co., com.
(quar.)
Extra
tlM%
$1
SIM
10c
37Mc
77 Mc
50c
80c
Preferred (quar.)__
Southwestern Gas & Electric Co.—
2%
7% cumulative preferred (quar.)
Southwestern Portland Cement (quar.)
8% preferred (quar.).
Southwest Natural1Gas Co.. $6 pref. A (qu.)
South West Pennsylvania
Pipe Line.
Spang, Clamant & Co., Inc., pref
Sparks Withington Co., pref. (quar.)
Spencer Kellogg & Sons. Inc. (quar.)
Spencer Trask Fund, Inc
Spiegel, Inc., S4M convertible preferred (qu.)„
Square D Co. (quarterly)
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
Standard Brands,
lnc.,$4M pref. (quar.)
StanJard Oil Co. of Calif. (quar.)
SIM
SI
$2
SIM
50c
Extra..
Standard Oil Co. of Indiana (quar.)
Extra
Standard Oil (Ky.) (quar.).
Extra
15c
$1,125
55c
25c
20c
25c
25c
25c
15c
Standard Oil Co. (Ohio), common
5% cumulative preferred
Standard Products Co
Standard Steel Construction, S3 pref. A
Starrett (L. S.) Co
25c
Sept. 24 Sept.
15 Sept.
15 Sept.
1 Sept.
Sept.15 Sept.
Sept.15 Aug.
Sept. 31 Sept.
Sept.30 Sept.
Sept. 21 Sept.
Oct.
1
Sept. 15 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Oft.
1 Sept.
Oct.
1 Sept.
Sept.15 Aug.
Oct
15 Sept.
Oct. 15 Sept.
Oct.
Sept.15 Aug.
15 Sept.
Sept. 15 Aug.
Sept 30 Sept.
Sept.30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
1
15 Sept.
15 Sept.
15
1
1
5% preferred (quar.)
Sterling Brewers, Inc
Stix, Baer & Fuller, 7% preferred (quar.)
75c
25c
15c
43 Mc
43 Mc
7% preferred (quar.)
25c
SIM
pref
20c
25c
Sept. 30
Sept. 30
Sept. 30
Sept. 15
Sept. 15
68 Mc
I
IIIII"I"
I
Swan-Finch Oil preferred (quar.).
Swift & Co. (quar.)
Sylvanite Gold Mines. Ltd. (quar.)_
Oct.
75c
11
40c
Oct.
20c
37Mc
30c
5c
I
;
50c
SIM
I
,5M% partic. preference (quar.)
15c
68Mc
Ale
20c
-IIII
I
SIM
UOc
t5c
12Mc
20%
1st preferred—
49c
Bonus
IIIIIIII
f
Tennessee Electric Power Co.,
7.2% pref. (qu.)_
7% preferred (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
7.2% preferred (monthly)
6% preferred (monthly)
:
21c
SI .80
SIM
SIM
SIM
60c
50c
1
1
Sept. 30
15 Oct.
1
Oct.
58 l-3c
53c
50c
—
-
$6 preferred
Ufica Clinton & Binghamton RR
Debenture (semi-ann.)
4
1
29
Wayne Pump Co
Special-.
Oct.
Sept.15
Dec.
30c
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 20 Aug
50c
SIM
t$7M
75c
75c
25c
10c
SIM
50c
SI
25c
25c
60c
SIM
$2
SIM
SIM
1M %
50c
10c
20c
$1,125
50c
25c
SIM
tSl
75c
-
SIM
SIM
$2 M
SIM
.-
-
50c
$1
10c
Wellington Fund, Inc. (quar )
15c
10c
a.
Westinghouse Air Brake (quar.)
Quarterly
26c
—
West Jersey & Seashore RR. Co. (s.-a.)
6% Special guaranteed (s.-a.)
West Kootenav Power & Light, pref. (quar.)
Westland Oil Royalty Co.. Inc. cl. A (monthly)
Westmoreland
Inc.
25c
SIM
SIM
SIM
-
10c
30c
(quarterly)
Weston Electrical Instrument
50c
Class A (quar.)
Weston (Geo.), Ltd.
50c
(quar.)
—
West Penn Flectric Co., class A
West Texas Utilities, $6 preferred
$6
preferred
t50c
SIM
t$3
SIM
'quar.)
6% preferred
15
—
Wh I taker Paper Co
7% preferred (quar.)
White Villa Grocers, Inc., 6% pref. (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)—
Winstead
■
Hosiery Co.
Extra
20c
SIM
West Virginia Water Service Co. $6 pref
Wheeling Steel Corp., $5 pref. (initial)
*
(quarterly)
—
—
—
Wisconsin Michigan Power 6%
pref. (quar.)
Wisconsin Power & Light Co.—
6% cum. pref. (quar.)
7% cum. pref. (quar.)
Wisconsin Public Service Co. 7% preferred
—
6M% preferred
6% preferred
Woodall Industries, Inc. (quar.)
Wood (Alan) Steel 7% preferred
—
Woolf Bros., Inc., 7% preferred (quar.)
Worcester Salt common (quar.)
$1 M
SIM
SIM
SIM
SIM
50c
Co.
(monthly)
Dec.
Drv*.
10 Dec.
10
Sept. 15 Sept,
Sept. 15 Sept.
Oct.
Oct.
1 Sept.
1 Sept.
Sept.15 Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct
1
1
1
8
8
5
1
Sept.
Sept.
Aug.
Sept.
1 Sept.
1 Sept.
15
15
20
25
20 Oct.
1
1
31
11
10
10
11
Sept. 20 Sept.
1
Sept.20 Sept. 10
Oct.
1 Sept. 20
Sept 15 Aug 26
Sept. 15 Aug 20
Sept 15 Aug. 20
Oct.
2 Sept 18
Oct.
1 Sept. 14
Sept. 27 Sept. 18
Oct. 15 Oct.
11
Dec.
Dec
1 Nov. 15
1 Nov. 15
Sept. 15 Aug. 25
Oct.
1 Sept. 17
Nov. 10 Oct.
Dec.
1 Nov
13
9
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct
30 Sept. 30
1-30-38
>ec. 31
1 3-38 Dec. 15
Dec.
1 Nov. 15
Oct.
1 Sept. 22
Sept. 15 Vug.
Oct.
1 Sept.
Sept. 20 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
Oct.
Oct.
1
31
15
10
20
15
17
15
15
15
24
24
20
Sept. 20
1 Sept. 15
Nov.
1 Sept. 11
1 Oct.
15
Nov.
1
>ct.
15
SI.125
31
31
31
31
31
1
Oct.
1
15
Sept. 20
20
Sept 30
20
Oct.
1
8
Oct.
1
8
Oct.
1 Sept. 20
Oct.
1 Sept 10
Oct.
1 Sept. 15
1
Sept.15 Sept.
Oct.
1 Sept. 11
Oct.
1 Sept. 11
SI-31 M
tSl M
tSl H
tSIM
25c
tSIM
SIM
10c
—
Dec. 27
Sept. 30 Sept. 15
Sept. 15 Aug. 31
5c
Wrigley (Wm.) Jr
Dec. 20 Nov. 30*
Oct.
1 Sept. 15
Oct.
1 Sept.15
SIM
50c
Wright-Hargreaves Mines, Ltd. (quar.)
18
15
15
10
31*
Sept.15 Sept.
1
Sept.15 Aug. 30
Sept. 15 Aug. 30
$15
Oct.
1 Sept. 20
t$2 Oct.
1 Sept. 15 j
1 Sept.
$1.16*3 Oct.
1
Oct.
SI
1 Sept.
1
Weisbaum Bros. Brower (quar.)
Extra
8 Nov. 24
t75c
SIM
SIM
SIM
,.
1
50c
2M%
2M%
-—
1
1
50c
-
Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric & Power, pref. (quar.)
Virginian Ry
Virginia Public Service, 7% pref
6% preferred (quar.)
Vulcan Detinnlng, preferred 'quarterly
Wagner Electric Corp., common
Wailuku Sugar Co
Waldorf System, Inc., common
Walgreen Co., 4M% preferred w w (quar.)
Walker (Hiram) Gooderham & Worts, Ltd.(qu.)
$1 preferred (quar.)
Waltham Watch prior preferred rquar.)
Ward Baking Corp. 7% preferred
Warren (S. D.) Co
Warren RR. Co., guaranteed (s.-a.)
Washington Ry. & El. Co., 5% pref. (quar.)
5% preferred (semi-ann.1
Washington Water Power $6 pref. (quar.)
.
10
3
Sept. 1
Sept. 1
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 20
Sept. 30
Sept.
1
50c
Extra
4
10
$2M
Vicksburg Shreveport & Pacific Ry. (s.-an.)
Preferred (semi-annual)
Victor Equipment pref. (quar.)._
Victor Monaghan Co., 7% pref. (quar.)
15
15
30
30
$2M
Vagabond Coach Co. (monthly)
Vapor Car Heating Co., inc. 7% pref. (quar.)—
Veeder-Root, Inc. (quar.)
—
1
1-3-38 Dec.
Oct:
Oct.
Oct.
Oct.
25c
Upressit Metal Cap Corp. 8% pref
31
13
31
15
15
15
15
15
Sept. 15 Aug. 3i
Sept. 19 Aug
2
Oct.
1 Sept.10
Oct.
1 Sept. 10
Sept. 25 Sept. 4
Sept. 25 Sept. 4
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 10
25c
Utah Power & Light Co., $7 pref
19*
1
15
15
10
20
20
20
1
Sept.10
1
SIM
United States Trust Co. (quar.)
1
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 15 Sept. 1
Oct.
1 Sept.
1
Sept 30 Aug 16
Sept. 30 Sept. 15
Nov.
1 Sept.17
Oct.
1 Sept. 15
Oct.
1 Sept.15
1
1M%
Preferred
16
Aug. 31
Aug. 31
Aug. 31
Sept. 30
Sept. 15
Sept. 15
Sept. 17
Sept. 17
Sept.23
Dec
Oct.
Oct.
Sept. 24 Sept.
United States Rubber Reclaiming, 8% pref
United States Tobacco Co., common
10
Sept. 16
Sept. 15
Aug. 16
Aug 25
Sept.10
Sept. 15
Sept. 15 Sept.10
Oct.
1 Sept.
7
1 Sept.10
Oct.
Sept.
Sept.
Sept.
Sept.
Extra
Sept. 15 Sept. 1
Sept. 30 Sept.15
1
15*
1 Sept.15
1 Sept. 15
50c
6.36% preferred (monthly)
6% preferred (monthly)
United N. J. RR. & Canal (quar .)
United Profit Sharing preferred (semi-ann.)
United States Graphite Co. (quar.)
Quarterly
United States Guarantee Co. (quar.)
United States Gypsum Co. (quar.)
Preferred (quarterly)
United States Leather Co., prior preferred
United 8tates Pipe & Foundry Co., com. (quar.)
Common (quarterly)
United States Playing Card Co. (quar.)
31 Dec. 18
1 Sept. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
31
1 Oct.
Oct.
20c
Preferred (quarterly)
United Light & Rys.,7% pref. (mo.)
Dec.
Dec.
Oct.
Nov.
Oct.
25c
United Gas Improvement (quar.)
Oct.
Oct.
15
Sept. 30 Sept.15
Sept. 30 Sept. 15
Sept. 30 Sept. 11
Sept. 30 Sept. 11
Oct.
1 Sept.
3
Oct
1 Sept.15
Sept. 15 Aug 20
Oct.
1 Sept.18
Oct.
1 Sept.
7
Oct.
1 Sept.
7
Oct.
1 Sept.15
United Elastic Corp. (quar.)
15 Aug.
15
Sept. 10
Sept. 7
Sept. 7
Sept. 7
United Gas & Electric Corp., common
Preferred (quar.)
15 Aug. 16
15 Aug. 16
15
1 Sept. 10
SIM
$1M
—
20 Sept. 10
15 Sept.
1
15 Aug. 16
15
SIM
50c
75c
25c
Corp., com. (quar.)—.
Preferred (quarterly)
Preferred (quart rly).
30
Oct.
SIM
Sterchi Bros. Stores,
$1H
50c
United Dyewood
Extra
Sept. 15
15 Sept.
Oct.
pref. (quar.)
Inc., 6% pref. (quar.)____
7 Mi % preferred (quar.)
Stein (A.) & Co.,
$2
20c
United-Carr Fastener (quar.)_
United Corporation, $3 cum. pref. (quar.)
30 Sept.15
Oct.
SIM
SIM
25c
»
Extra
1 Sept. 20
25c
(quar.)
Stecher-Traung Lithograph 7M% pref. (quar.)_
-
1 Sept. 15*
1 Sept 20
SIM
50c
J 15c
Si M
Semi-annualUnion Premier Food Stores (quar.)
United Biscuit Co. of America, pref. (quar.)
United Carbon Co. (quar.)-.
Sept. 15
Sept. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
80c
SIM
-
Oct.
Oct.
Oct.
50c
_—
Union Pacific RR
15 Sept. 20
Oct.
50c
37ti
Special-.-—-
3
30
30
10
4
31
15
Nov.
25c
20c
---—
Underwood Elliott Fisher
15 Sept. 30
tSIM
Preferred
common
30 Oct.
—-
Union Carbide & Carbon Corp
Union Klec. Lt. & Power. Co (Mo.) 7% pref
Union Gas Co. of Canada (quar.)
Union Investment Co. common
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 16
Sept. 17
Aug. 31
Aug. 31
Aug. 31
Sept. 1
Sept. 15
Sept. 1
Sept. 15
Sept. 1
Aug. 16
Sept. 10
Sept. 10
Aug. 25
Aug. 31
Aug. 25
Aug. 25
Sept. 17
Oct.
Oct.
Oct.
2
40c
—
—
Tacony-Palmyra Bridge Co. (quar.)
Oct.
50c
Preferred (quar.)
1
1-3-38 Dec 20
15 Sept. 15
Oct.
1 Sept. 15
Oct.
Extra
30
20
15
15
Twentieth Century-Fox Film Corp. common—
Oct.
Nov.
Smith (II.) Paper Co.
(quar.)
Socony-Vacuum Oil Co
Sonotone Corp
& Share Co. 7%
15
15
15
15
1
■
Sept.
Sept.
Sept.
Sept.
1
23c
........
Special stock dividend
1
622K6?
Class B (quar.)...
Servel, Inc. preferred (quarterly)
Preferred (quarterly)
Sharon Steel Corp. (quar.)
Preferred (quar.)
Shattuck (Frank G.) (quar.)
Sheep Creek Gold Mining, Ltd. (quar.)
Extra.....
Shell Union Oil Corn., 5M% pref. (quar.)
Sherwood, Swan & Co. 6% pref. class A (qu.)
Simonds Saw & Steel (new) (initial)
Siscoe Gold Mines (quar.)
Skelly Oil Co
Sloss-Sheffield Steel & Iron prof, (quar.)
1st S3 preferred
Oct.
20c
37 Mc
Seeman Bros.. Inc., common
Selected American Shares, Inc.
Serrick Corp. A
Telephone Bond
1
Sept.30
Oct.
60c
Tecumseh Products Co
1
Oct.
25c
75c
Tamblyn (G ) Ltd (quarterly)
Tappan Stove Co
Taylor & Fenn Co. (quar.)
Teek-Hughes Gold Mines
1
1
1
50c
Scranton Lace Co
Preferred (quar.)
Talcott (James), Inc..
Oct.
Oct.
SIM
Seaboard Oil Co. of Del
Sears Roebuck & Co. (quar.)
Securities Acceptance Corp. (quar.)
6% preferred (quarterly).
15
15
15
15
Oct.
Oct.
Oct.
—.........
Stokely Bros. & Co. (quar.)
Strawbridge & Clothier, preferred
Stuart (D. A.) Oil Co.,
Ltd., class A
Sun Oil Co. (quar.)
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co.
(quar.)
Superheater Co. (increased)
Sutherland Paper Co. (quar.)
25c
Sept.
Sept.
Sept.
Sept.
Extra.
Truax-Traer Coal Co. (quar.)
6
St. Joseph Lead Co. (quar.)
^an Francisco Remedial Loan Assoc. (quar.)—
1 Sept.10
Oct.
50c
Todd Shipyards Corp. (quar.)
Tokheim Oil Tank & Pump Co
6
6
Quarterly..
Oct.
25c
—-—
15c
10c
$1,125
Timken-Detroit Axle (interim)
South
*
...
25c
75c
Tide Water Assoc. Oil, $4M PreE (quar.)
Tilo Roofing Co
Holders
Oct.
1 Sept. 10
Sept. 15 Sept. 1
Sept. 30 Sept.10
Oct.
1 Sept. 15
Sept. 15 Sept. 3
50c
15c
—
193 7
Payable of Record
50c
(quarterly)
Thatcher Mfg—
Thermoid Co., $3 pref. (quar.)—
10
Mar. 10
Apr.
June 10
July
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Sept. 16 Sept.
Sept.16 Sept.
Fxtra
Share
Texas Gulf Sulphur Co. (quarterly)
Texon Oil & Land Co. (quar.)
Sept. 20
Sept. 10
11,
When
Per
Payable of Record
Oct.
Oct.
Sept.
25c
Yale & Towne Mfg Co
Yellow Truck & Coach Mfg., pref
15c
Youngstown Steel Door Co
Youngstown Sheet & Tube (quar.)
Preferred (quar.)
SIM
SI
SIM
Sept.15
Sept.15
Sept. 20
Sept. 20
Sept. 20
Sept. 15
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
•Transfer books not closed for this dividend,
t On
account
of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
STATEMENT
YORK CLEARING
MEMBERS OF THE NEW
OF
*
*
Clearing House
Capital
the previous week and
Sept.
Time
Deposits,
Average
Average
-
Bank of Manhattan Co.
20,000,000
Chem Bank <& Trust Co.
77,500.000
20,000.000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,777,000
Cent Hanover Bk&Tr Co
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
National City Bank
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk <fe Tr Co
Chase National Bank...
500.000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
Title Guar & Trust Co..
10,000,000
Marine Midland Tr Co..
5,000,000
12,500,000
New York Trust Co
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co.
7.000,000
*As
894.463,200
523,547,000
Totals
United States Treasury.x
10,426,000
46,633,000
199.079,000
Redemption fund—F. R. notes
Other cash
23,916,000
follows:
a
59,662,000
24,147,000
3,834.000
4,082.000
2,828,000
61,488,000
3.988.000
B, is discounted:
26,169,000
Secured
U.
> \
8.
returns
are
not
7,227,000
2,270,000
7,517,000
3.581,000
15,761,000
14,744,000
5,851,000
Bllia bought In open market
1,093,000
1,093,000
Industrial advances
567,000
3,270,000
27,079,000
1,896.000
50,612,000
5,402,000
5,382,000
1,102,000
7,077,000
211,831,000
332,269,000
180,929,000
211,831,000
332,269,000
180,929,000
88,263,000
406,823,000
725,029,000
725,029,000
660,561,000
747,285,000
746,248,000
674,591,000
84,000
9,431,000
128,074,000
10,855,000
35,137,000
Bonds
Treasury notes.
Treasury bills
737,575,000
Total U. S. Government securities.
INSTITUTIONS
Total bills and securities
$278,366,000; 5 $91,493,000;
CLEARING HOUSE WITH THE
NOT IN
BUSINESS
84,000
84,000
5,505,000
119,985,000
153,198,000
Bank premises
10,021,000
10,021,000
All other assets
13,203,000
12,914,000
Uncollected items
CLOSING OF
Liabilities—
829,484,000
947,734,000
954,383,000
2,900,924,000 2,822,809,000
Deposits—Member bank reserve acc't.. 2,846,055,000
14,630,000
29,510,000
48,757,000
U. S. Treasurer—General account
F. R. notes In actual circulation
•
Loans,
Including
Investments
Bank Notes
N.
28,860,300
7,212,000
820,000
26,827,000
1,621,944
66,728
5,712,697
411,000
6,544,400
286,960
87,000
740,000
Trade Bank of N. Y.
TRUST
203,000
Capital paid in
7,744,000
Surplus (Section 13b)
Reserve for contingencies
5,364,000
;
All other liabilities
COMPANIES—AVERAGE FIGURES
N.
Cash
s
57,005,700
*
Lawyers
United States
76,427,344
Fulton
4,161,200
1,093,783
271,600
13,463
832,900
15,920,795
20,706,207
Brooklyn—
84,288,000
*
30,118,784
Includes amount with
Federal Reserve as follows:
ciary, $728,740; Fulton, $6,202,100; Lawyers,
83.6%
83.6%
bills purchased
correspondents
877,000
676,000
5,270,000
5,279,000
reserve
liability on
for foreign
66,021,800
10,497,511
10.257,435
Commitments
to
industrial
make
Other cash" does not include Federal
t
84.5%
ad-
bances
23,499,500
36,673,200
82,834,048
9,508,000
Reserve notes or a bank's own
Federal
Reserve bant notes.
52,000 113,709,000
32,794,381
34,138,000
5,663,215
3,025,000
2,770,057
to deposit and
combined
total
F. R. note liabilities
Contingent
x
Brooklyn
Kings County
of
Ratio
$
$
476,100
199,605
*1,106,648
*6,458.900
20,926,600
27,654,000 *10,599,000
Fiduciary.
Deposits
8,973,600
2,303,140
619,135
,218,400
9,153,180
11,109,286
Federation
Gross
Trust Cos.
$
;
1,151,000
Other
Banks and
and
Y
Elsewhere
$
Manhattan—
Dep
Res. Dep.,
Loans
Disc, and
9,117,000
9,117,000
1,319,000
122,846,000
50,179,000
50,825,000
7,744,000
8,849,000
22,451,000
4,217,311,000 4,298,669,000 4,115,016,000
Total liabilities
Investments
149,227,000
51,070,000
51,474,000
7,744,000
125,306,000
51,067,000
51,474,000
Deferred availability Items.....
Surplus (Section 7)
Brooklyn—
People's National
22,614,000
162,585,000
3,016,901,000 3,081,152,000 3,022,638,000
Total deposits
1,782,900
68,461,000
82,257,000
72,443,000
49,646,000
Foreign bank
Other deposits
$
$
$
7,132,700
127,400
4,916,000
Sterling National
Deposits
Elsewhere
23,797,500
24,328,000
Grace National
Gross
Trust Cos.
Y. and
$
$
Manhattan—
Dep. Other
Banks and
Res. Dep.,
Other Cash,
Disc, and
6,281,000
4,217,311,000 4,298,669,000 4,115,016,000
Total assets....
BANKS—AVERAGE FIGURES
STATE
banks
Federal Reserve notes of other banks—-
FRIDAY, SEPT. 3, 1937
FOR THE WEEK ENDED
NATIONAL AND
_
165,475,000
June 30, 1937; trust
ended Sept. 3:
the figures for the week
are
...
United States Government securities:
publishes regularly each week
of a number of, banks and trust companies which
members of the New York Clearing House.
The
following
obligations,
mlly guaranteed
o-
Totai bills discounted
York "Times"
New
Govt,
7,090,000
8,671,000
direct
Other bills discounted
Due from foreign
The
3,245,780,000 3,293,741,000 3,194,147,000
1,283,000
1,369,000
1,276,000
61,414,000
74,813,000
74,172,000
3,321,228,000 3,369,923,000 3,256,844,000
Total reserves
83,009,000
companies, June 30,
^ Includes deposits in foreign branches as
C$115,004,000; d $41,373,000.
-
f
104.890.000
9,351,507,000
National, June 30, 1937; State,
official reports:
1937.
per
$
$
Assets-—
140,163,000
13,102,300
415,074,000
25,769.700
57,496.600 al,495,531,000
418,774,000
54,132,100
179,891,500 61,375,655,000
449,909.000
43,503,300
692,614,000
68,112.400
242,049,000
17,508,900
433.618,000
107,641,600
472,491,000
60,956,200
40.216,000
4,054,900
128,220.000 cl,838.648.000
46,429,000
3,553,200
d758,371.000
75,366,200
15.364,000
1,295,900
88,584,000
9,012,200
274,693,000
28,136.700
75,606,000
8.092,800
77,718,000
8,616,700
6,000,000
1927 Sept. 9, 1936
1,
1937 Sept.
$
Gold certificates on hand and due from
ft Y A Trust Co
Bank of
S,
the corresponding
DtposiJ,
Profits
Members
following shows the condition of the Federal Reserve
New York at the close of business Sept. 8, 1937,
in comparison with
date last year:
HOUSE
Net Demand
Surplus and
Undivided
The
Bank of
SEPT. 4, 1937
ENDED SATURDAY,
FOR THE WEEK
ASSOCIATION
York
New
New York City
weekly statement issued
by the
Clearing House is given in full below:
The
Bank of
Condition of the Federal Reserve
York City
Weekly Return of the New
Clearing House
1695
Chronicle
Financial
145
These are certificates given by
over
when the dollar was. on Jan. 31,
from the Reserve banks
100 cents to
the United States Treasury
59.06 cents, these certificates
under
$9,866,500.
1934. devalued from
being worth less to the extent
Itself having been appropriated as
the provisions of the Gold Reserve Act of 1934.
difference, the difference
Empire, $3,776,500; Fidu¬
for the gold taken
of the
profit by the Treasury
Banks of the Federal Reserve System
of Governors of the Federal Reserve System, giving the principal
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.
Weekly Return for the Member
Following is the weekly statement issued by the Board
items of the resources and liabilities of the reporting member
Commencing with the statement of
announcement of the
May 19. 1937. various changes were made in the
of New York of April 20, 1937, as follows:
breakdown of loans as reported In this statement,
which were described In an
Federal Reserve Bank
primarily to show the amounts to
carrying 3eourltles. The revised form
City Provision has been
under the revised caption
confined to the classification of loans and discounts. This classification ha3 been ohanged
(1) commercial, Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or
also eliminates the distinction between loans to brokers and dealers In securities located In New York City and those located outside New York
made also to Include "acceptances of own bank purchased or discount*""' with "acceptances and commercial paper bought In open market"
"open market paper,"
Instead of In "all other loans ' as at present.
■
.
Subsequent to the above announcement It was made known that the new Items "commercial, Industrial, and agricultural loans"
segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published In the May 29, 1937, Issue of the "Chronicle," page 3590.
The
changes
in the report form are
and "other loans" would eaoh be
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER
22,319
10,027
Loans—total
BANKS IN 101 LEADING
CITIES, BY DISTRICTS, ON SEPT. I, 1937 (In
Cleveland Richmond
PhUa.
Millions of Dollars)
Kan. City
Minneap
San Fran.
Dallas
%
s
$
$
$
1,295
9,258
4,531
1,182
1,908
630
543
481
710
245
263
713
St. Louis
Chicago
Atlanta
%
$
ASSETS
Loans and Investments- -total.
New York
Boston
Total
Federal Reserve Districts—
3,090
1,041
662
398
726
508
307
175
289
234
2,119
1,038
10
13
41
15
19
43
9
44
55
39
256
51
595
82
134
331
94
161
242
588
1,694
175
131
288
123
4,043
12
7
27
35
6
2
4
23
14
55
368
Commercial. Indus, and agricul. loans:
On securities
Otherwise secured and unsecured..
91
176
26
18
12
4
466
44
1,186
27
23
4
8
62
1,392
Open market paper
Loans to brokers and dealers
55
355
38
39
19
92
12
38
16
703
29
83
20
178
6
242
60
46
84
27
1,164
135
Other loans for purchasing or
9
5
101
4
3
9
14
carrying
securities
Real estate loans..
Loans to banks
Other loans:
717
66
260
49
120
2
5
5
30
25
47
11
1
7
77
9
68
29
34
107
40
51
261
58
27
58
45
812
44
Otherwise secured and unsecured..
1,445
269
196
672
870
167
3,155
325
210
424
170
8,193
290
obligations
12
44
29
126
On securities
United States Government
Obligations fully guar
22
444
99
29
33
188
by U. 8 Govt.
1,130
59
45
44
49
283
66
124
269
100
1,128
277
416
136
77
111
325
2,530
108
174
344
77
224
135
239
785
Bank..
2,969
5,186
Other securities
11
99
142
185
104
171
164
75
123
75
134
281
85
23
28
214
540
87
42
96
24
82
41
1,302
108
17
2,285
387
904
421
489
1,109
271
6,579
809
396
941
333
14,924
Other assets—net
122
124
199
147
1,008
747
862
1,124
288
184
278
185
5,268
19
591
18
11
12
15
2
344
73
37
15
171
696
115
363
181
LIABILITIES
Demand
deposits—adjusted
United States Government
—
deposits._
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities...
Capital account
19
10
9
16
6
15
36
9
63
56
31
1,638
Balances with domestic banks
Time deposits
134
281
Reserve with Federal Reserve
Cash In vault
4,883
199
1,925
260
325
182
585
13
538
5
1
1
15
1
9
2
1
1
'
8
222
1
....
1
845
27
389
20
16
"~8
236
1,617
229
346
88
3,615
19
364
37
244
i
17
5
"*324
81
328
1694
Financial
Per
Name of Company
Roberts Public Markets, Inc.
(quar.).
Rochester Telephone
64%
Roeser &
20c
Corp. (quar.)..
tm
preferred (quar.).
Pendleton, Inc. (quar.).
25c
25c
Quarterly
Quarterly
Quarterly
Ruberoid Cj
When
Share
25c
common_
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Jan.
15c
25c
,
.
Russell & Co. common
Oct.
Oct.
—
to common stockholders
Pcrto Rico Sugar Co.
of
Per
Name of Company
20
20
Texas Corp. (quarterly)...
10
Tilo Roofing Co
Timken-Detroit Axle
(interim)
Todd Shipyards Corp.
Sept.15
Sept. 15
South
Tokheim Oil Tank &
.
Ruud Mfg. Co
.
—
15c
—
15c
Sept. 16 Sept.
Sept. 16 Sept.
Dec. 16 Dec.
10c
Dec.
....
10c
Quarterly—
—_•
Extra
St. Joseph Lead Co.
(quar.)
san Francisco Remedial Loan
Assoc. (quar.)—
S,.--'rterly__,
San Joaquin Light & Power
7% pref. A (qu.)._
prior preferred B (quar.)
b o preferred B
(quar.
6% prior preferred A (quar.)
Savannah Electric & Power
8% pref. A (quar.)
74%> preferred B (quar.)
7% preferred C (quar.)
% preferred J (quar.)__.
...
—-
—
6% preferred (semi-annual).
Schenley Distillers Corp. (quar.)
Preferred (quar.)
Schiff Co., common
7% preferred (quar.)
54% preferred (quar.)
Scott Paper Co., common
(quarterly)
_
—
8covill Manufacturing Co
Scranton Electric $6 preferred
(quar.)
Scranton Lace Co
Seaboard Oil Co. of Del
Sears Roebuck & Co.
(quar.)
Securities Acceptance Corp.
(quar.)..
6% preferred (quarterly)
Seeman Bros., Inc., common..
Selected American Shares, Inc
Serrick Corp. A
Class B (quar.)
...
.—
Servel, Inc. preferred (quarterly)
Preferred (quarterly)
Sharon Steel Corp.
(quar.).
50c
75c
75c
30c
Extra
Shell Union Oil
Corp., 54%) pref. (quar.)
Sherwood, Swan & Co. 6% pref. class A (qu.)
Simonds Saw & Steel (new) (initial)
Siscoe Gold Mines
(quar.)
—
(quar.)
Smith (II.) Paper Co.
(quar.)
8ocony-Vacuum Oil Co
Sonotone Corp
10c
15c
Preferred (quarterly).
$14
$14
374c
374c
34Mc
6% pref. ser. B (qu.)
Original preferred (quar.)
Preferred series C (quar.)
Southern Canada Power Co., Ltd.—
)
6% cum. partic. pref. (quar.)
114%
Southern Colorado Power, preferred...
*--81
Southern Counties Gas of Calif.
6% pref. (quar.)
$14
Southland Royalty Oil
10c
—
k
*
Sugar Co.,
374c
774c
com.
3
30
30
(quar.)
10
4
31
15
1
10
Nov.
1 Nov.
1
Oct. 15 Sept. 30
Sept.15 Aug. 19*
Sept. 15 Sept. 1
Oct.
1 [Sept. 15
Ort.
1 Sept. 15
Oct.
1 Sept. 10
Sept. 15 Aug. 20
Oct
15 Sept. 20
Oct. 15 Sept. 20
Oct. 15 Sept. 20
Sept. 15 Aug. 31
Oct.
15 Sept.
Sept. 15 Aug.
Sept 30 Sept.
Sept. 30 Sept.
13
31
15
15
50c
Oct.
1
80c
Oct.
1 Sept. 15
2%
Southwestern Gas & Electric Co.—
7% cumulative preferred (quar.)
$1M
Southwestern Portland Cement
(quar.)—
$1
8% preferred (quar.)
82
Southwest Natural Gas Co.. $6 pref. A
(qu.)
$14
South West Pennsylvania
Pipe Line
50a
Spang. CI a'Cant & Co., Inc., pref
$14
Sparks Withington Co., pref. (quar.)
$14
Spencer Kellogg & Sons, Inc. (quar.)
40c
Spencer Trask Fund, Inc
15c
Spiegel, Inc., $44 convertible preferred (qu.)__
81.125
Square D Co. (quarterly)
55c
Staley (A. E.) Mfg. Co., $5 pref. (quar.)
$14
Standard Brands, Inc.,$4H
pref. (quar.)
81.125
8tan.lard Oil Co. of Calif,
(quar .)
25c
Oct.
1 Sept. 15
Extra
Preferred (quar.)
—
Extra
20c
Standard Oil Co. of Indiana
(quar.)
25c
25c
Extra
Standard Oil (Ky.) (quar.)
Extra.
Standard Oil Co. (Ohio), common
5% cumulative preferred
.
25c
15c
_
25c
7H% preferred (quar.)
(quar.)
81 4
Stein (A.) & Co.,
pref.
20c
25c
68 4c
75c
Extra
—
Swan-Finch Oil preferred
(quar.)..
Swift & Co. (quar.)
81
40c
20c
374c
30c
5c
50c
—
814
15c
684c
(quarterly)
/Oc
Co
20c
Taylor & Fenn Co. (quar.)
81 4
Teck-IIughes Gold Mines
Bonus
Tecumseh Products Co—
Special stock dividend
Telephone Bond & Share Co. 7% 1st preferred-_
1st $3 preferred
Tennessee Electric Power Co., 7.2% pref. (qu.)_
—
_
Dec.
Dec.
Oct.
$14
tlOc
t5c
124c
20%
49c
21c
81.80
81
60c
50c
15 Sept.
1
30
20 Sept. 10
15 Sept.
1
15 Aug. 16
15 Aug. 16
15 Aug. 16
15 Aug. 16
15 Aug. 31
15 Aug. 31
15 Aug 31
15 Sept. 30
1 Sept. 15
.
1 Sept.15
30 Sept.17
Sept.
Sept, 30 Sept.17
Sept, 30 Sept. 23
43 4 c
25c
25c
—
7.2% preferred (monthly).
6% preferred (monthly)...
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Sept.
Sept,
Sept,
Sept.
Oct.
Sept,
Sept,
Sept.
Sept,
^7 5c
4
30 Sept.15
Sept. 15 Sept. 4
15c
43 Mc
5% preferred (quar.)
Sterling Brewers, Inc
Stix, Baer & Fuller, 7% preferred
(quar.)
7% preferred (quar.)..
Stokoly Bros. & Co. (quar.)
Strawbridge & Clothier, preferred.
Stuart (D. A.) Oil Co.,
Ltd., class A pref
Sun Oil Co. (quar.)
Sunray Oil Corp., pref. (quar.)
Sunshine Mining Co. (quar.)
Superheater Co. (increased).
Sutherland Paper Co. (quar.)
Ltd
Sept, 15 Sept.
Oct.
50c
Sterehi Bros. Stores,
Inc., 6% pref. (quar.).—
Tamblyn (G )
Tappan Stove
Oct.
Oct.
$14
si h
1 Sept. 20
1 Sept. 15*
1 Sept 20
[Sept.
t814
(quar.)
•_
Oct.
Oct.
25c
Stecher-Traung Lithograph 74%o pref. (quar.).
Sylvanite Gold Mines. Ltd.
(quar.)
Tacony-Palmyra Bridge Co. (quar.)
deferred (quar.)
Talcott (James), Inc.. common
54%) partic. preference (quar.)
1 Sept. 15
Sept, 15
Sept, 15
Oct.
—_
Preferred
Oct.
814
Standard Products Co
Standard Steel Construction,
$3 pref. A
Starrett (L. S.) Co
Sept. 15
Oct.
31
Dec.
18
1 Sept. 15
30 Sept. 20
30 Sept. 20
15 Sept.
1
30 Sept. 15
31 Dec
15
1 Sept. 16
1 Sept.15
Sept, 15 Aug. 16
Sept, 15 Aug 25
Oct.
1 Sept. 10
Sept, 30 Sept. 15
Oct.
15 Oct.
1
Sept, 30 Sept. 20
Sept, 30 Sept. 20
Sept, 15 Sept. 1
Oct.
1 Sept.
1
Sept 30 Aug. 16
Sept, 30 Sept.15
Nov.
Oct.
1 Sept. 17
1 Sept.15
Oct.
1 Sept.15
Oct.
1
Sept, 15 Aug. 31
Sept, 19 Aug
2
Oct.
1 Sept. 10
1 Sept.10
Oct.
Sept 25 Sept. 4
Sept 25 Sept. 4
Sept 15 Sept. 1
Sept 15 Sept.
1
1 Sept. 15
Oct.
Oct.
1 Sept. 15
1 Sept.15
Oct,
Oct.
1 Sept. 15
Oct.
1 Sept. 15
1 Sept. 15
Oct.
—
——-
Preferred (quar.)
i... i'
50c
50c
25c
25c
................
Oct.
Oct.
15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug
Sept.
Sept.
Sept.
Sept.
15
15
11
11
3
15
20
18
7
7
15
Sept.
814
82
20c
Oct.
Nov.
Oct.
$1M
ill
United Elastic Corp. (quar.)
United Gas & Electric Corp., common
Preferred (quar.)
United Gas Improvement
50c
75c
Oct.
Oct.
Oct.
Oct.
Sept.
14%>
(quar.)
25c
814
58 l-3c
53c
6.36% preferred (monthly)
6% preferred (monthly)
United N. J. RR. & Canal (quar )
United Profit Sharing preferred
(semi-ann.)_——
United States Graphite Co.
(quar.)
Quarterly
Sept. 10
Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
82 4
50c
Oct.
50c
10
Sept. 3
Sept.
1
Sept.
1
Aug. 31
Aug. 31
Sept. 15
Sept. 15
Sept. 15
Sept. 20
Sept. 30
Sept.
1
Oct:
Oct.
Oct.
Oct.
50c
15*
15
15
10
7
10
Sept. 10
1-3-
20c
Preferred (quarterly)
United Light & Rys., 7% pref.
(mo.)..
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
25c
Preferred (quarterly)
Preferred (quart rly)
50c
$14
$14
Extra....—
Sept.
50c
(quar.)
(quar.)
Preferred (quarterly)
United States Leather Co., prior
preferred.——
United 8tates Pipe &
Foundry Co.,
com.
Common (quarterly)
Dec.
Nov. 24
30c
United States Guarantee Co.
United States Gypsum Co.
Sept.
50c
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Aug
$14
t$74
—
(quar.).
Upressit Metal Cap Corp. 8% pref.
75c
Sept.
Dec.
Nov. 30*
25c
25c
—
Oct.
Oct.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
t75c
$14
$14
Sept.
Sept.
Sept.
815
t82
81.1623
81
...
Light Co., 87 pref.
preferred
Utica Clinton & Binghamton RR
Debenture (semi-ann.)
$24
Vagabond Coach Co. (monthly)
10c
Vapor Car Heating Co., Inc. 7% pref. (quar.)—
$14
Veeder-Root, Inc. (quar.)
50c
vv Extra..
81
Vicksburg Shreveport & Pacific Ry. (s.-an.)
2H%
Preferred (semi-annual)
24%,
Victor Equipment pref. (quar.)
25c
Victor Monaghan Co.,
7% pref. (quar.)
Viking Pump Co. (special)
25c
Preferred (quar.)
60c
Virginia Electric & Power, pref. (quar.)
$14
Virginian Ry
———————
$2
Virginia Public Service, 7% pref
$14
6% preferred (quar.)
$14
Vulcan Detinnlng. preferred
(quarterly
14%
Wagner Electric Corp., common
50c
Wailuku Sugar Co
10c
Waldorf System, Inc., common
20c
Walgreen Co., 14% preferred w w (quar.)
81.125
Walker (Hiram) Gooderham &
Worts, Ltd.(qu.)
50c
81 preferred (quar.)
25c
——
....
—
—
—
...
Waltham Watch prior preferred
rquar.)
Ward Baking Corp. 7%
814
tSl
preferred
75c
—
Warren RR. Co., guaranteed
(s.-a.)
Washington Ry. & El. Co., 5% pref. (quar.)
81M
$14
82 4
$14
5% preferred (semi-ann.)
Washington Water Power 86 pref. (quar.)
Wayne Pump Co..
Special
50c
81
Weisbaum Bros. Brower
(quar.)
Wellington Fund, Inc. (quar )
Extra
10c
15c
10c
26c
Westinghouse Air Brake (quar.)
Quarterly
West Jersey & Seashore RR. Co.
(s.-a.).
25c
6% Special guaranteed (s.-a.)_
West Kootenav Power &
Light, pref. (quar.)
Westland Oil Royalty Co.. Inc. cl. A
(monthly).
Westmoreland Inc. (quarterly)
Weston Electrical Instrument
$1^
81^
$14
10c
30c
Oct.
Oct.
Oct.
Oct.
...—..
Dec. 27 Dee. 18
Dec.
10 Dec.
Oct.
Sept.
Sept.
Sept.
Sept.
6% preferred
—
...
Whl taker Paper Co
7% preferred (quar.)
White Villa Grocers,
Inc., 6% pref. (quar.)
Whitman (Wm.) & Co.,
I"
1
20 Aug. 31
Oct.
25 Sept. 11
1 Sept. 10
1 Sept. 10
Oct
20 Oct.
Oct.
11
Sept. 20 Sept.
Sept. 20 Sept.
Oct.
1 Sept.
Sept 15 Aug
Sept. 15 Aug
Sept 15 Aug.
Oct.
2 Sept
Oct.
1 Sept.
Sept. 27 Sept.
Oct.
1
10
20
26
20
20
18
14
18
15 Oct.
Dec.
Dec
II
1 Nov. 15
1
Nov. 15
Sept. 15 Aug. 25
1 Sept. 17
Oct.
Nov. 10 Oct.
Dec.
1 Nov
13
9
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Oct
3d Sept. 30
1-30-3*
>ec.
1 3-38 Dec.
Dec.
1 Nov.
Oct.
1 Sept.
Sept. 15
Oct.
1
Sept. 20
Oct.
Oct.
1
1
Sept. 30
Oct.
1
Oct.
1
t83
814
$14
$1 4
5
1
50c
20c
HP
West
Virginia Water Service Co. 86 pref
Wheeling Steel Corp., 85 pref. (initial)
1
1
8
8
15 Sept.
15 Sept.
t50c
(quar.)
1
Sept. 15 Sept,
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
814
preferred
15
15
1
30
30
20
15 J
1
1
Sept. 30 Sept. 15
50c
Class A (quar.)
Weston (Geo.), Ltd.
(quar.)
West Penn Flectric
Co., class A
West Texas Utilities, 86
18
15
15
10
31*
75c
(quar.)
United States Playing Card Co.
(quar.)
Extra
United States Rubber
Reclaiming, 8% pref
United States Tobacco Co., common.
Preferred
United States Trust Co.
Oct.
1
Oct.
1
Oct.
1
Vug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
31
15
15
22
31
15
10
20
15
17
15
15
15
24
24
20
Oct.
1
81 4
Oct.
1 Sept. 20
Oct.
Inc., 7% pref. (quar.)..
Hosiery Co. (quarterly)
$14
$14
$14
1 Sept. 15
1 Sept. 11
1 Oct. 15
Michigan Power 6% pref. (quar.)
814
50c
Wisconsin Power
6% cum. pref.
7% cum. pref.
Wisconsin Public
—
&
Light Co.—
(quar.)
(quar.)
81-125
81-314
Service Co. 7% preferred
64%o preferred
6% preferred
Woodall Industries, Inc. (quar.)
Wood (Alan) Steel
7% preferred
Woolf Bros., Inc., 7%
preferred (quar.)
Worcester Salt common
(quar.).
Wright-IIargreaves Mines,
Extra
Oct.
Oct.
Oct.
25c
(quar.)
Extra.
Oct.
Oct
J15c
25c
United Corporation, 83 cum.
pref. (quar.)
United Dyewood Corp., com.
Wisconsin
Sept.
Sept.
814
...——
Winstead
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
Union Premier Food Stores
(quar.)
86 preferred
Oct.
Sept.
Oct.
Oct.
10
1
10
15
3
10
10
10
7
7
7
20c
37^c
81
80c
United Biscuit Co. of America, pref.
(quar.)
United Carbon Co. (quar.)
Extra.
y. ..-i.- ....i
United-Carr Fastener (quar.)
Warren (S. D.) Co
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
50c
...
_
RR..........................
Semi-aiinual-———
Utah Power &
25c
75c
—
Union Carbide & Carbon
Corp
Union Elec. Lt. & Power. Co
(Mo.) 7% pref
Union Gas Co. of Canada
(quar.)
Union Investment Co. common
Union Pacific
„
Oct.
Sept.
Sept.
81.125
25c
.'.i-« .
Underwood Elliott Fisher..
Special--—
9
15 Sept. 15
1 Sept. 15
Sept. 24 Sept.
15 Sept.
15 Sept.
Oct
Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Sept.31 Sept.
Sept.30 Sept.
Sept. 21 Sept.
Skelly Oil Co
Sloss-Sheffield Steel & Iron pref.
(quar.)
South Penn Oil Co.
(quar.)
Extra
South Porto Rico
Oct.
Oct.
—
(quar.)
Pump Co
Truax-Traer Coal Co. (quar.)
Twentieth Century-Fox Film
Corp. common
6
6
6
16 Dec.
Sept. 20 Sept.
Oct.
Oct.
South Carolina Power Co.,
$6 pref. (quar.)
Southern Acid & Sulphur Co.
7% pref. (quar.)—
Sou Calif. Edison. Ltd..
6
Sept. 30 Sept. 15
Dec. 15 Dec.
1
$1 h
Sept. 15 Aug. 31
$14
Sept. 15 Aug. 31
$14
Sept. 15 Aug. 31
$14
Sept. 15 Aug. 31
$2 Oct.
1 Sept. 15
Oct.
$14
1 Sept. 15
Oct.
$14
1 Sept. 15
6 '
Oct.
1 Sept. 15
Oct.
1 Sept. 15
75c
Sept. 30 Sept. 16
Oct.
$14
1 Sept. 17
50c
Sept. 15 Aug. 31
Sept. 15 Aug. 31
$14
Sept. 15 Aug. 31
40c
Sept. 15 Sept. 1
50c
Oct.
1 Sept. 15
$1K Oct.
1 Sept.
1'
60c
Sept. 30 Sept. 15
25c
Sept. 15 Sept.
1
75c
Sept. 15 Aug. 16
20c
Oct.
1 Sept. 10
374c Oct.
1 Sept. 10
624c
Sept. 15 Aug. 25
20c
Sept. 15 Aug. 31
23c
Sept.15 Aug. 25
30c
Sept. 15 Aug. 25
Oct.
81M
1 Sept. 17
$1 *4
1-3-38 Dec. 20
Preferred (quar.).
Shattuck (Frank G. (quar.)._
L)
Sheep Creek Gold Mining, Ltd. (quar.).
Smith (8. Morgan) Co.
Extra
v ■
(quar.)
F*tra.....-w.w.-.-.—
50c
Thatcher Mfg.
w.......—..
Thermoid Co., 83 pref.
(quar.)
Tide Water Assoc. Oil,
$14 pref. (quar.)
Holders
Payable of Record
50c
15c
(quarterly)
(quar.)
1937
When
Share
Texas Gulf Sulphur Co.
Texon Oil & Land Co.
20
Dec. 10
Mar. 10
June 10
Oct.
—
—
Payable
Sept. 11,
Holders
Payable of Record
Apr.
July
Sept.
25c
—
Chronicle
\$14
|81M
\$14
25c
t814
$14
Nov.
Nov.
1
Sept. 15
Sept.15
Sept. 20
Sept. 20
Sept. 20
Sept. 15
Oct.
10c
Oct.
Oct.
25c
Oct.
15c
—
15
Oct.
814
$14
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
31
31
31
31
31
1
15
20
20
8
1
8
1 Sept.20
1 Sept 10
1
Sept. 20
Sept. 30
5c
>ct.
Sept. 15 Aug. 31
50c
Ltd. (quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Yale & Towne Mfg. Co
Yellow Truck & Coach
Mfg., pref
Youngs town Steel Door Co
Youngstown Sheet & Tube (quar.)
Preferred (quar.)
Oct.
Oct.
81
$14
1 Sept.15
Sept. 15 Sept. 1
1 Sept. 11
Oct.
1 Sept.11
Oct.
•Transfer books not closed for this
dividend,
t On
account of accumulated
dividends.
t Payable in Canadian
funds, and in the case of non-residents of Canada,
deduction of a tax of 5% of the
amount of such dividend will be made.
Financial
145
Volume
in
Time
Deposits,
Deposit,
Profits
Average
Average
Surplus and
Members
Manufacturers
13,102,300
Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
415 ,074,000
57,496,600 al,495 531,000
418 774,000
54,132,100
179,891,500 61,375 ,655,000
449 ,909,000
43,503,300
692 614,000
68,112.400
242 049,000
17,508,900
433 618,000
107,641,600
25,000,000
10,000,000
5,000.000
12,500,000
7,000,000
Bankers Trust Co
Title Guar & Trust Co..
Other cash f_.—————
Total reserves
83.009,000
3,245,780,000 3,293,741,000 3,194,147,000
1,283,000
1,369,000
1,276,000
74,172,000
...
B. is discounted:
59,662,000
24,147,000
3,834.000
4,082.000
2,828,000
61,488,000
Secured
U.
i \
direct
or
Govt,
S.
obligations,
8,671,000
7,227,000
7,517,000
2,270,000
3,581,000
15,761,000
14,744,000
5,851,000
1,102,000
7,077,000
7,090,000
iUlly guaranteed
Other bills discounted
Totai bills discounted..
3.988,000
88 ,584,000
7,000,000
8,616.700
27,079,000
1,896,000
50,612,000
523,547,000
894,463,200
9,351,507,000
5,382,000
211,831,000
332,269,000
180,929,000
211,831,000
180,929,000
165,475,000
725,029,000
725,029,000
660,561,000
747,285,000
746,248,000
674,591,000
84,000
84,000
84,000
9,431,000
128,074,000
10,855,000
35,137,000
3,270,000
77 ,718,000
5,402,000
Industrial advances
567,000
274 ,693,000
1,093,000
1,093,000
Bills bought In open market
26,169,000
9,012,200
Publlo Nat Bk & Tr Co.
75 ,606,000
United States Government securities:
Bonds
-
-
Treasury notes--
Treasury bills-.---
737,575,000
Total U. S. Government securities-
Total bills and securities
$278,366,000; b $91,493,000;
Due from foreign banks
of
returns
are
a
following
are
the figures for the week
INSTITUTIONS NOT IN
NATIONAL AND STATE
Disc, and
Banks and
Deposits
Sterling National...
Trade Bank of N. Y.
24,328,000
411,000
6,544,400
286,960
4,916,000
1,782,900
87,000
28,860,300
820,000
26,827,000
66,728
5,712,697
TRUST
Dep
Res. Dep.,
Loans
N.
Cash
Disc, and
$
8,973,600
2,303,140
4,161,200
1,093,783
*1,106,648
*6,458,900
619,135
13,463
476,100
271,600
27,654,000 *10,599,000
76,427,344 20,706,207
Fiduciary
Fulton
Lawyers.
832,900
United States
,218,400
199,605
.
84,288,000
30,118.784
Brooklyn
Kings County
for
66,021,800
10,497,511
10,257,435
15,920,795
•Includes amount with Federal Reserve as
ciary, $728,740; Fulton, $6,202,100; Lawyers,
5,270,000
5,279,000
reserve
to
make
industrial
ad-
-
Other cash" does not lnolude Federal
t
84.5%
on
bances
52,000 113,709,000
32,794,381
follows:
83.6%
676,000
Commitments
23,499,500
36,673,200
82.S34.048
34,138.000
5,663,215
2,770,057
83.6%
877,000
total
of
F. R. note liabilities
Contingent liability
9,508,000
Reserve notes or a bank's own Federal
Reserve bank notes.
Brooklyn—
3,025,000
to deposit and
combined..-
bills purchased
foreign correspondents
Ratio
$
S
*
4,217,311,000 4,298,669,000 4,115,016,000
Gross
57,005,700
9,153.180
11,109,286
20,926.600
Federation
1,151,000
Deposits
$
Empire
7,744,000
9,117,000
1,319,000
Other
Trust Cos.
S
7,744,000
9,117,000
Total liabilities--
Banks and
and
Y
Elsewhere
Investments
51,070,000
Surplus (Section 13b)
Reserve for contingencies
5,364,000
122,846,000
50,179,000
50,825,000
7,744,000
8,849,000
22,451,000
51,474,000
All other liabilities
203,000
740,000
829,484,000
149,227,000
51,067,000
51,474,000
Capital paid in
COMPANIES—AVER\GE FIGURES
Manhattan—
125,306,000
Deferred availability items
Surplus (Section 7)
Brooklyn—
People's National...
947,734,000
3,016,901,000 3,081,152,000 3,022,638,000
Total deposits
$
S
$
23,797,500
954,383,000
2,900,924,000 2,822,809,000
Deposits—Member bank reserve acc't— 2,846,055,000
14,630,000
29,510,000
48,757,000
U.S. Treasurer—General account
22,614,000
68,461,000
72,443,000
Foreign bank
162.585,000
82,257,000
49,646,000
Other deposits.—
—
Gross
Trust Cos.
7,132,700
7,212,000
1,621,944
127,400
Grace National
...
Liabilities—
Y. and
Elsewhere
12,914,000
4,217,311,000 4,298,669,000 4,115,016,000
F. R. notes In actual circulation
Dep. Other
$
$
Manhattan—
Total assets
FRIDAY, SEPT. 3. 1937
N.
Including
Bank Notes
88,263,000
406,823,000
CLOSING OF
Res. Dep.,
Other Cash,
Loans,
All other assets.-
BANKS—AVERAGE FIGURES
Investments
10,021,000
Bank premises
ended Sept. 3:
CLEARING HOUSE WITH THE
BUSINESS FOR THE WEEK ENDED
6,281,000
153.198,000
10,021,000
13,203,000
Uncollected Items.———————
The
of the New York Clearing House.
not members
5,505,000
119,985,000
Federal Reserve notes of other banks.—
"Times" publishes regularly each week
number of banks and trust companies which
York
New
332,269,000
State, June 30. 1937; trust
♦As per official reports:
National, June 30, 1937;
companies, June 30, 1937.
Includes deposits in foreign branches as follows:
a
c$115,004,000; d $41,373,000.
The
61,414,000
74,813,000
3,321,228,000 3,369,923,000 3,256,844,000
-
104.890,000
28,136,700
8.092,800
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Totals
Redemption fund—F. R. notes
23,916,000
472 491,000
60,956,200
40 216,000
4,054,900
128,220,000 cl.838 .648.000
46 429,000
3,553,200
d758 371,000
75,366.200
15 364,000
1,295,900
500,000
Fifth Avenue Bank
United States Treasury.*
10,426,000
46,633,000
199.079,000
140 ,163,000
25,769,700
90,000,000
42,777,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270.000
Trust Co
$
Assets—
s
Cent Hanover BkATr
1937 Sept. 9, 1936
1,
$
$
Gold certificates on hand and due from
6,000,000
Guaranty Trust Co
1937 Sept.
8,
'
S
20,000,000
77,600,000
20,000.000
& Y & Trust Co
Co.
National City Bank....
Chem Bank & Trust Co.
Bank of
Bank of Manhattan
week and the corresponding
comparison with the previous
Sept.
Net Demand
Undivided
*
Capital
business Sept. 8, 1937,
date last year:
ASSOCIATION FOR THE WEEK
Clearing Houae
of the Federal Reserve
The following shows the condition
New York at the close of
Bank of
MEMBERS OF THE NEW YORK CLEARING HOUSE
ENDED SATURDAY, SEPT. 4, 1937
STATEMENT OF
York
New
New York City
weekly statement issued by the
Clearing House is given in full below:
The
Bank of
Condition of the Federal Reserve
York City
Weekly Return of the New
Clearing House
1695
Chronicle
*
These are certificates given
over
gold taken
devalued from
by the United States Treasury for the
from the Reserve banks when
the dollar was, on Jan. 31, 1934.
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.
100
Empire, $3,776,500; Fidu¬
S9,866,500.
cents to
59.06 cents, these certificates being
the Federal Reserve System
Federal Reserve System, giving the principal
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.
Weekly Return for the Member Banks of
Following is the weekly statement issued by the Board of Governors of the
items of the resources and liabilities of the reporting member banks in 101 leading
Commencing with the statement of May 19, 1937, various changes were made In the
Federal Reserve Bank of New York of April 20, 1937, as follows:
breakdown of loans as reported in this statement,
whioh were described In an
announcement of the
oonflned to the classification of loans and dlsoounts. This classification has been changed primarily to show the amounts to
(1) commercial. Industrial, and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or oarrying securities.
The revised form
also eliminates the distinction between loans to brokers and dealers In securities located in New York City and those located outside New York City
Provision has been
made also to include "acceptances of own bank purchased or discounts." with "acceptances and commercial paper bought In open market" under the revised caption
"open market paper,' Instead of In "all other loans" as at present.
The
changes
In the report form are
It was made known that the new Items
"otherwise secured and unsecured."
Subsequent to the above announcement
segregated as "on securities" and
A more detailed explanation
ASSETS AND LIABILITIES OF
of the revisions was
"commercial, Industrial, and agricultural loans"
published In the May 29, 1937, Issue of the
WEEKLY REPORTING MEMBER BANKS IN 101
LEADING CITIES, BY DISTRICTS, ON
Cleveland Richmond
Total
ASSETS
New York
Phila.
$
Federal Reserve Districts—
Boston
$
S
$
9,258
1,182
1,908
630
Loans—total
713
4,531
481
710
245
Commercial. Indus, and agricul. loans:
St. Louis
Chicago
Atlanta
$
1,295
22,319
10,027
Loans and investments—total.
and "other loans" would each be
"Chronicle," page 3590.
SEPT. 1,1937 (la Millions of Dollars)
Minneap, Kan. City
San Fran.
Dallas
S
S
543
263
3,090
662
398
726
508
1,041
307
175
289
234
2,119
1,038
Otherwise secured and unsecured—
44
15
10
51
55
9
41
256
43
13
39
19
595
On securities_
94
123
588
82
331
175
161
1,694
242
134
2S8
131
4,043
12
4
55
12
7
27
3
35
4
62
6
2
4
3
23
92
12
14
16
55
20
21
368
14
9
77
466
Loans to brokers and dealers
Other loans for purchasing or
91
176
26
1,392
Open market paper
18
44
1,186
27
23
carrying
703
38
355
38
39
19
16
1,164
84
242
60
178
29
27
83
46
Real estate loans
135
5
101
4
3
5
5
7
Loans to banks..
2
717
66
260
49
120
30
25
47
11
securities
Other loans:
On securities
1
9
261
58
44
40
45
27
51
34
107
58
29
812
58
Otherwise secured and unsecured..
424
870
290
170
1,445
167
672
325
196
3,155
269
8,193
210
United States Government obligations
29
33
188
45
12
44
29
126
Obligations fully guar
by U. S
Reserve with Federal Reserve
Bank..
Cash In vault.
Balances with domestic banks
Other assets—net
1.130,
22
444
99
59
269
66
77
416
100
44
283
1,128
277
49
136
124
2,969
Govt.
Other securities
134
108
785
135
77
174
111
325
224
344
5,186
239
2,530
63
15
16
10
56
9
6
11
164
104
99
281
75
75
171
185
134
123
142
85
87
108
42
24
17
23
214
540
96
28
82
41
809
1,109
333
2,285
396
271
387
6,579
421
904
941
489
14,924
5,268
1,124
288
747
199
185
862
184
122
147
124
278
1,008
37
18
11
15
73
2
12
37
591
15
19
344
4,883
182
171
696
115
244
260
363
1,925
325
181
199
585
13
538
5
1
1
15
1
9
2
1
""21
91
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
19
31
36
9
281
1,638
1,302
1
845
27
389
20
16
3,615
236
1,617
229
346
8
1
222
1
88
364
....
17
....
5
19
56
""324
81
328
1696
Financial
Chronicle
Sept. 11,
1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks
for the
System
as a
week last year.
Reserve
on
Wednesday.
Thursday afternoon, Sept. 9,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the
corresponding
The second table shows the
resources and liabilities
separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve note statement
returns
at the close of business
Agents and the Federal Reserve banks.
for the latest week
appear
in
The comments of the Board of Governors of the Federal Reserve
System
department of "Current Events and Discussions."
our
COMBINED RESOURCES AND LIABILITIES
Three ciphers (000) omitted
OP
THE
FEDERAL RESERVE BANKS AT THE CLOSE
Sept. 8,
Aug. 25,
1937
ASSETS
Sept. 1,
Aug. 18,
1937
1937
1937
$
$
$
Aug.
11,
Aug. 4,
1937
1937
OF
BUSINESS
28,
July
1937
SEPT.
21,
July
1937
$
$
$
$
Sept.
9,
1936
$
8,831,948
8,831,946
8,832,398
8,833,399
8,833.899
8.949
8,833.905
9,423
10,122
9,936
9,976
294,237
308,865
303,051
10,784
306,903
9,784
271,248
312,308
323,657
9,111,102
9,134,575
9,150,236
9,145,119
9,150,085
9,155,491
9,167,492
12,187
11,372
12,915
11,312
13,755
7,391
4,533
11,674
5,023
10,026
10,811
5,377
23,559
23,726
18,703
18,288
16,697
3,076
3,076
3,077
3,073
20,709
20,785
20,929
21,007
3,072
21,043
738,073
1,157,713
630,404
738,073
1,157,713
630,404
737,073
732,508
732,508
1,157,713
631,404
1,157,713
635,969
1,157,713
2,526,190
Total reserves.
14,
■
$
8,831,389
8,964
*
8, 1937.
July
1937
8,830,890
Other cash
the
upon
2,526,190
2,526,190
2,526,190
%
8,372,031
12,145
318,928
8,835,407
9,549
307,824
9,162,809
9,152,780
8, 632,242
10,316
8,619
4,901
3,553
11,718
3,328
4,352
15,403
15,217
12,172
15,046
8,033
3,078
3,280
3,596
3,095
21,082
3,201
21,596
21,665
21,759
11,628
732,508
732,508
732.508
732.508
324,721
1,157,713
635,969
1,162,713
1,496,719
630,969
1,162,713
630,969
1.165.713
635,969
627,969
608,787
2,526,190
2,526,190
2,526,190
2,526.190
2,526,190
2,420,227
248,066
Bills discounted:
Secured
by
S.
U.
Government obligations
direct or fully guaranteed
Other bills discounted
Total bills discounted.
Bills bought in open market.
Industrial advances
United States Government securities- -Bonds.
Treasury notes
Treasury bills
Total U. 8
Government securities
3,681
Other securities
Foreign loans
on
gold.
'
-
••••••
Total bills and securities
2,573,534
2,573,777
2,568,899
2,568,558
2,567.002
2,565,753
2.566,204
2.563,307
2,566,591
-
-
*
»
-
«*
2.469,983
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected items
""221
Total assets.
""226
'"227
""222
""222
27,785
625,356
24,200
25,444
25,686
28,917
26.890
26,775
643,160
582,630
28,198
601,649
32,396
580,791
582,875
759,714
45,423
45,515
645,445
#64,757
45,501
45,502
45,500
45.601
48,055
43,966
43,520
42,692
45,572
44,769
45,582
44,726
43,588
42,945
45,139
12,369,527
Bank premises
All other assets
""221
23,057
569,257
45,425
46,931
12,452,652
12,414,551
12,471,975
12,414,652
12,439,505
12,439,530
12,489.870
12,594,740
11,777,170
4,295,483
4,260,604
4,234,680
4,238,391
4,228,043
4.222,016
4,193,413
4,197,871
4,213.898
4,055,971
6,709,993
130,390
6,729,546
6,681,124
6,635,764
308,778
6,775,505
6,858,300
227,818
200,205
199,602
195,093
185,042
159,009
59,235
156,059
140,513
193,493
133,626
183,743
161,864
6,927.951
90,232
6.471,333
160,885
6,743,874
155,689
*
124,926
120,372
95,966
115,621
211,572
""227
45,479
.
""222
""2I9
219
LIABILITIES
Federal Reserve notes In actual circulation...
Deposits—Member banks'
reserve account
Foreign banks
200,427
Other deposits
113,616
6,731,214
156,264
189,657
146,887
7,154,426
7,224,022
7,246,695
7,239,678
7,260,933
7.264.561
7,308,737
7,299,873
7.292,813
6.796,823
570,618
132,588
145,854
620,482
584,978
132,531
578,259
606,265
589,461
132,407
145,854
645,176
741,434
543,220
132,514
132.459
130,172
145,854
27,490
646,593
132,533
145,854
27,490
145,854
145.854
145.501
27,088
35,838
35,838
6,485
12,414,551
United States Treasurer—General account.
Total deposits.
Deferred availability items.
Capital paid in...
Surplus (Section 7)
Surplus (Section 13-B)
27,490
35,838
7,230
12,369,527
Reserve for contingencies..
All other liabilities
Total liabilities
132,594
145,854
27,490
35,839
5,767
12,452,652
.
252,690
54,683
132,530
132,442
145,854
145,854
27,490
35,873
27,490
27,490
35,871
35,872
27.490
35.906
5,598
27,490
35,871
5,672
5,004
6,297
5,220
4,886
44,159
12,471,975
12,414,652
12,439,505
12.439,530
12,489,870
12,594,740
11,777,170
79.5%
34,236
*
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
liability on
foreign correspondents
79.5%
79.7 %
79,7%
79.6%
79.7%
79.7%
79.7%
79.5%
1,873
1,932
2,478
2,780
2,917
3,212
3,587
4,150
15,236
15,404
15,179
15,249
15,304
15,366
15,720
15,859
16,171
23,721
21,422
purchased
79.6%
1,727
bills
12,877
6,718
for
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16,546
16,083
14,237
362
12,554
12,304
802
397
9,624
426
447
511
283
151
157
1,024
1,101
914
920
829
915
774
918
761
233
333
....
20,537
706
16-30 days bills discounted
31-60 days bills discounted...
61-90 days bills discounted
Over 90 days bills discounted
1,092
742
666
945
663
806
559
414
587
74
194
139
23,559
Total bills discounted.
23,726
18,703
1-15 days bills bought In
open market
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
222
.
260
824
822
788
843
338
18,288
16,697
15,403
15,217
12,172
15,046
8,033
1,455
1,598
69
...
132
569
1,286
238
262
208
273
1,555
1,200
1,333
90
178
177
271
225
190
168
416
391
1,555
89
90
173
232
324
68
1,284
open market
open market
1,328
784
142
2,567
2,549
2,549
2,550
1,627
1,002
...
open market
In open market
•
Total bills bought In open market
------
------
3,076
3,077
3,073
3,072
3,078
3,201
3,280
3,596
3,095
908
970
936
783
636
657
334
224
1,149
1,216
749
445
1,524
426
534
251
94
87
736
459
462
526
649
691
672
861
656
674
657
667
498
564
445
446
524
792
844
808
696
18,227
18,457
18,556
18,662
18,755
18,788
18,905
18,844
18,809
25,267
16-30 days industrial advances..
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
Total Industrial advances.
682
20,709
61-90 days U. S. Government
securities
Over 90 days U. S. Government
securities
Total U. S. Government
securities
20,785
20,929
21,007
21,043
21,082
21,596
21,665
21,759
28,628
103,105
26,006
55,472
60,794
2,280,813
101,670
28,546
29,447
43,375
38,628
106,880
85,786
32,189
54,821
61,055
20,246
104,170
2,276,455
88,216
f, 140,256
2,526,190
1-15 days U. S. Government
securities
16-30 days U. S. Government
securities
31-60 days U. S. Government
securities
61-90 days other securities
Over 90 days other securities
—
3,076
I- JI days Industrial advances
1-15 days other securities
16-30 days other securities
31-60 days other securities
— — —
427
2,526,190
27,447
33,045
43,375
2,266,389
142,926
57,736
2,259,453
127,416
65,661
2,256,693
35,561
38,628
57,993
146,834
2,247,174
2,526,190
2,526,190
2,526,190
2,526,190
2,430,227
4,342,679
30,546
138,834
56,472
18,246
140,359
2,276.299
58,034
2,278,079
2,270,891
2,526,190
2,526,190
2,526,190
54,736
59,729
65,661
57,821
44,489
71,480
."""Ill"
II"
Total other securities
------
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
Collateral Held by Agent as
Notes Issued to Bank—
Gold ctfs.
on
4,560,971
302,570
326,291
4,554,501
316,110
4,260,604
4,234,680
4,238,391
4,228,043
4,619,132
23,166
32,000
4,600,632
23,339
20,000
4,594,632
18,277
20,000
4,593,632
17,907
20,000
4,674,298
4,643,971
4,632,909
4,631,539
4,544,445
316,402
4,532,357
310,341
4,523,643
330,230
4,540,032
342,161
4,552,646
338,748
286,708
4,222,016
4,193,413
4,197,871
4,213,898
4,055,971
4,593,632
16,117
20,000
4,582,132
14,579
20,000
4,580,632
14,531
20,000
4,585,632
11,677
4,587,632
4,328,838
14,860
6,130
20,000
20,000
73
4,629,749
4,616,711
4,615,163
4,617,309
4,622,492
4,407,968
1
Security for
♦
hand and due from U. S. Treas
By eligible paper
United States Government securities
III..
Total collateral..
...—...
4,563,174
4,295,483
In actual circulation
4,624,774
329,291
...
mwuuc
jcuerai
xteserve
notes,
r neviseu
ngure.
These are certificates given by the
United States Treasury for the gold taken over from the
Reserve banks when the dollar was devalued from 100 cents to 59.06
cents on Jan. 31, 1934
these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the
Treasury under
the provisions of the Gold Reserve Act of
x
1934.
Financial
145
Volume
1697
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (i
(000) Omitted
Three Ciphers
Feaeral Reserve Aoent at—
Total
Boston
New York
$
$
$
Cleveland Richmond
Phila.
RESOURCES
S
certificates
Gold
)
band
on
and
$
Atlanta
$
Redemption fund—Fed. Res. notes..
*
341
276,769
196,965
1,022
13,184
559
248
370
38,183
4,814
16,752
12,640
701,959
1,669
23,334
253,506 1,751,927
290,975
202,338
312,010
199,974
726,962
120
341
120
273
592
531
135
85
119
461
268
476
205
392
1,053
799
60
87
87
218
2,062
63,999
100,387
239,079 1,713,102
642
1,605
564
323
16,544
515,515
728,549
324,690
22,015
483,428 3,321,228
9,111,102
Total reserves
307,823
11,307
345
1,276
74,172
25,481
271,248
Other cash
716,678
493,155
457,606 3,245,780
8,830,890
8,964
.
$
$
$
$
$
San Fran
Dallas
Louis Minneap. Kan. City
St.
Chicaoo
$
$
due
from United States Treasury
SEPT. 8 1937
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
AND LIABILITIES OF EACH OF
WEEKLY STATEMENT OF RESOURCES
12,822
186,964
295,010
Bills discounted:
Secured by U. S. Govt, obligations.
12,187
11,372
Total bills discounted
265
7,090
627
1,010
406
812
725
8,671
50
48
189'
621
23,559
direct and(or) fully guaranteed..
Other bills discounted
990
15,761
677
1,058
595
1,433
3,076
223
1,092
318
293
120
107
20,709
738,073
2,954
5,402
211,831
3,806
809
809
264
735
580
62,330
32,428
81,340
32,543
24,009
36,266
1,174
28,818
1,157,713
84,374
97,768
53,238
71,850
112,703
1,935
38,868
179
53,791
50,866
127,584
51,046
37,661
56,885
45,202
Bills bought In open market
Industrial advances
S. Government securities—Bonds.
U
86
384
630,404
45,944
332,269
180,929
61.369
60,968
33,198
27,697
69,474
27,796
20,506
30,976
24,614
54,663
2,526,190
184,109
725,029
213,336
245,922
133,034
110,991
278,398
111,385
82,176
124,127
98,634
219,049
2,573,534
Treasury notes
188,276
747,285
218,137
248,082
135,684
112,710
279,711
112,211
83,176
125,186
100,948
222,128
Treasury bills
Total U. S. Govt, securities..
Total bills and securities..
16
221
17
84
22
20
9
8
26
4
3
6
6
23,057
569,257
45,425
46,931
611
5,505
641
1,306
1,652
1,706
2,203
1,634
3,494
119,985
43,634
53,808
23,633
80.625
33,029
10,021
4,868
2,737
2,208
4,630
2,886
13,203
5,926
4,980
2,881
1,818
4,393
19,185
1,514
1,640
27,741
3,019
52,986
6,267
2,100
34,990
494
51,066
1,711
28,575
2,357
1,815
2,045
1,246
1,815
3,381
3,529
788,743 1,042,190
521,461
395,589 2,123,515
437,648
309,490
479,514
332,224
992,539
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank
120
premises
A iiother resources
Total resources
729,303 4,217,311
12,369,527
3,177
LIABILITIES
4,295,483
290,402
954,383
318.826
443,855
204,105
168,111
981,883
180,463
140,769
168,111
93,726
350,849
6,709,993
F. R. notes in actual circulation
343,021 2,846,055
48,757
3,747
72,443
14,621
361.827
458,847
231,174
179,787
6,084
2,171
132,102
1,863
183,616
14,105
6,038
19,628
18,427
8,612
7,010
4,607
5,808
5,913
5,808
49,646
6,361
21,930
3,776
3,688
199,781
4,439
6,009
6,677
254,817
5,581
974,153
17,694
23,233
1,573
2,064
234
3,373
544,813
13,998
14,221
11,182
364,501 3,016,901
393,397
513,309
249,646
192,656 1,016,653
216,906
140,636
266,897
198,710
584,214
42,437
53,095
12,931
52,803
22,042
80,049
29,702
34,570
4,874
4,394
12,861
3,841
4,655
18,689
2,891
32,979
10,170
9,645
2,037
Deposits:
Member bank reserve account
U. 3. Treasurer—General account-
130,390
Foreign bank
200,427
Other deposits
113,616
Total deposits
3,112
7,154,426
9,826
125,306
51,067
51,474
14,323
4,869
5,616
2,874
1,570
7,744
4,325
1,007
754
1,415
545
1,142
9,117
3,000
3,121
3,422
1,497
3,116
1,003
3,613
28,623
3,871
3,851
1,262
1,690
7,777
1,200
2,041
941
1,847
428
1,319
1,138
549
245
326
1,372
336
345
189
334
649
479,514
332,224
992,539
Deferred availability items
570,618
50,323
Capital paid in
132,588
145,854
9,379
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
27,490
35,838
7,230
All other liabilities
Total liabilities
•
"Other
cash" does not
97
include Federal
122
925
437,648
309,490
154
40
31
39
39
94
312
10
1,037
54
120
302
3,334
1,771
notes
RESERVE
FEDERAL
STATEMENT
NOTE
Three Ciphers (000) Omitted
Total
Boston
New York
Phila.
S
Federal Reserve Bank of—
$
S
S
Federal Reserve notes:
Cleveland Richmond
$
Atlanta
S
S
$
$
$
S
San Fran
Dallas
Louis Minneap. Kan. CUv
St.
Chicago
5
$
103,085
9,359
388,608
17,351
25,150
10,747
4,635
290,402
954,383
318,826
443,855
204,105
168,111
981,883
180,463
140,769
168,111
93,726
350,849
4,619,132
In actual circulation
178,005
9,894
4,295,483
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Collateral held
1,996
47
57
140
21,504
4,051
395,589 2,123,515
521,461
130
5,270
Reserve
,
788,743 1,042,190
877
1,961
1,727
15,236
Commitments to make Indus.advances
13,362
729,303 4,217,311
12,369.527
Contingent liability on bills purchased
for foreign correspondents.
12,258
'
336,000 1,050,000
990
15,596
337,000
470,000
215,000
171,000 1,020,000
190,632
146,000
180,000
104,500
399,000
627
1,058
595
360
185
392
1,053
797
146,185
180,392
105,553
399,797
334,105 1,057,430
103,047
43,703
4,624,774
329,291
336,357
469.005
186,473 1,010,969
29,086
18,362
214,852
200,481
20,018
145,404
37,759
by Agent as security
for notes issued to banks:
Gold
certificates on
hand
and
from United States Treasury
due
Eligible paper
23,166
U. S. Government securities
32,000
Total collateral
United
336,990 1,065,596
4,674,298
Government
States
120
1,393
12,000
20,000
Securities
on
337,627
the
471,058
N
e
192,393 1,020,120
215,595
Transactions
at
202,992
Exchange—See following
the
New
Stock
York
Daily, Weekly and
page.
Exchange,
Yearly—See page 1713.
ft Stock and Bond
York Stock
Averages—See page 1713.
United States Treasury Bills—Friday, Sept. 10
Rates
quoted
for discount at purchase.
are
THE
Bid
Bid
Atled
2 1938
Sept. 15 1937
0.35%
Feb.
Sept. 22 1937
Sept. 29 1937
0.35%
Feb.
9 1938
0.35%
Feb.
16 1938
0.55%
0.55%
0.58%
0
Feb.
23 1938
2 1938
0.60%
Mar.
9 1938
0.61%
Mar. 16 1938
0.62%
Oct.
6 1937
Oct.
13 1937
Oct.
20 1937
Oct
27 1937
Dec.
1
1937
42%
0.42%
0.42%
0.42%
0.44%
0.44%
0.47%
0.47%
0.50%
Dec.
8 1937
0.50%
Dec.
15 1937
Dec.
22 1937.
Dec.
Nov.
3 1937
Nov. 10 1937
Nov. 17 1937
Nov. 24 1937
Mar. 23 1938--.
0
April
6 1938
Banque
0.50%
0 50%
May 18 1938
0.50%
12 1938
Jan.
19 1938
0.51%
0.52%
Jan.
26 1938
May 11
June
538
526
Nahonale d'Escompte
700
690
693
690
cSrlerS""""""!"""!!
222
212
213
473
1.420
464
1,360
460
1,360
465
1,370
'•
Commercial
Figures after decimal point represent
one
or
more
2>2ds of
--
Orleans Ry
6%
3%
1917
4%. 1918.
Bid
Rate
Asked
Rate
Maturity
Bid
Asted
15 1938 wi.
1 H%
Dec.
15 1941...
1 X%
Sept. 15 1939...
m%
100.1
15 1939...
m%
100 1
June
15 1941...
l
Mar.
15 1939...
June
151940
Dec.
J5 1940....
980
758
H%
1M%
X%
m%
1X%
98.24
100.7
99.26
100.3
100 2
Mar. 15 1940...
16A%
100.12
100.14
Mar. 15 1942..
IH%
99.29
99.31
Sept
15 1942
June
15 1939
99.17
99.19
100.12
100.14
Feb.
99.28
99.30
June
l
100.1
100.3
100
100 2
w
i
Sept. 15 1938...
1
1938j...
15 1938
Mar. 15 1938...
2%
2H %
2X%
2%%
2Ji%
3%
100.5
100.7
101.13
101.15
101.21
101 23
100.25
100.27
101.21
101.23
101.10
101.12
i
302
363
24
1,675
363
25
1,695
73-20
73-90
73-50
79.20
80.20
«8 60
72 40
73.90
72.80
78.30
/J.40
98 75
71.80
72.50
72.10
77.60
78.80
96 90
22
1'736
—-
Saint
1932 A...
----
1920
Dutch
'
Francalse Ford
Soclete Generale Fonciere
Societe Lyonnaise
Marseillaise
_
Artifical Silk, pref
Union d'Electriclte
W agon-Li ts
-
Societe
739
5,910
5,900
6,090
1,790
1,072
1,785
1.090
1,795
1,090
----
71
71
121
-
Societe
Tubize
762
1,840
1.130
....
117
ji
119
1.190
...
---
172
354
101
176
360
---
GobalnC&C
Schneider & Cie
1,230
52
200
1,370
1,220
1,010
731
X %, 1932 B
Rentes 5%.
Rnvftl
100.5
Dec
Mar. 15 1941...
960
720
761
361
23
1.695
...
Rentes 4
48
950
—
PaKCapital
Peohfney
Rentes^ Perpetual
Rentes 4^%.
Int.
rn
50
734
784
Lvon(PLM)
Nord Ry
565
562
ro
52
987
Rentes 4%,
Int.
Dec.
-302
r
Liquide.
Rentes
Maturity
:
de France..
1S«^unom::::
point.
6,500
'• g ll
_
Credit Lyonnaise
Quotations for United States Treasury Notes—Friday,
Sept. 10
Francs
216
Credit
0.73%
Sept. 10
532
Comptoir
0.71%
cable
25,800
sro
551
L'Air
a
_
563
Generale d'Electriclte
Generale Transatlantic.
ntrnpn R
0.71%
8 1938
6,300
1,129
427
585
*,2?o
52
d'Electriclte...
Cie Dlstr
Cie
0.53%
Jan.
6.400
1,11 J
420
epo
Cle
66%
0.68%
0.69%
1938
6,300
1,137
417
Sept. 9
Francs
c
0
May 25 1938.
June
1 1938
Sept. S
Francs
----
Canal de Suez cap..
0 65%
5 1938
Paris et Des Pays Bas
de l'Unio« Parisienne..
Canadian Pacific
0 65%
0.50%
Sept. 7
Francs
6.540
1,190
420
Banque de
0.65%
April 27 1938
May
4 1938
29 1937
Jan.
April 13 1938
April 20 1938
Sept. 6
Bank of France
64%
stocks as received by
Francs
Sept. 4
Francs
0 65%
BOURSE
day of the past week:
each
0.63%
Mar. 30 1938-.-
PARIS
Quotations of representative
0.58%
Mar.
Atled
—
469
186
371
1°2
427
176
364
101
1U4
"361
72.10
72.70
72.25
77.75
78.90
97.00
6,330
72
Sept.
1698
1937
11,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless
In computing the range for the year.
they are the only transactions of the day.
No
account Is taken of such sales
United States Government Securities
Below
furnish
York Stock Exchange
the New
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal 'point represent one or more 32ds of a point.
we
4 Sept.
Daily Record of U. S. Bond Prices Sept.
Treasury
Farm Mortgage
a
Sept.
Sept.
Daily Record of U. S. Bond Prices Sept.
9 Sept. 10
8 Sept.
115.18
High
115.15
115.15
4 Sept.
6 Sept.
Sept.
100
High
Treasury
8 Sept.
9 Sept. 10
99.27
99.27
99.27
115.15
115.15
115.15
Low.
99.26
99.25
99.27
99.24
Close
115.18
115.15
115.15
Close
99.28
99.27
99.27
99.24
Total tales in SI,000 units...
12
3
Total sales in $1,000 units...
195
38
2
High
105.12
105.9
105.13
105.13
[High
99.5
99.6
99.2
99.4
99.7
98.30
99.2
99.3
99
99.3
99.3
4 lis,
Low
1947-62
-■
'.'mm'-*—
2^8, 1948-51.—
Low.
105.9
105.9
105.10
105.12
Low.
99.4
99
Close
105.10
105.9
105.13
105.12
[Close
99.4
99
Total tales in S1.000 units...
56
1
17
3
Total sales In $1,000 units...
110.20
110.21
110.19
110.22
110.18
High
Low-
110.20
110.19
110.13
110.17
110.18
Close
110.20
110.19
110.13
110.18
110.18
Close
Total tales in SI.000 units...
1
6
24
4
10
Total sales in $1,000 units...
108.19
108.26
[High
108.19
108.26
Low.
108.19
108.26
Close
1
1
Total sales in $1,000 units...
32
3 Kb, 1943-45
[High
4s, 1944-54...
■
High
3 Kb, 1946-56.
Low
■
.1*.
:
•»«*'•»
ClOB©
w
....
-
-
-
—
.....
105.28
[High
105.25
2Kb. 1949-53
—
a.
-
105.28
m
Close
^
105.25
105.25
21
[High
102.6
Low-
102.6
Close
102.6
102.6
102
101.30
102.1
51
99.4
98.25
99
98.29
99.1
99
99
99
67
8
10
97.15
97.13
97.17
97.15
97.14
97.11
97.9
97.13
97.12
97.14
97.11
97.13
97.13
97.15
86
128
50
97.16
102
102.8
102.8
2
Holi¬
day
102.8
102.6
102.8
102
4
101.25
31
102.10
102
102.8
102.8
High
Federal Farm Mortgage
98.29
207
Total sales in $1,000 units...
102.3
32
98.26
Low.
3Kb, 1944-64
....
96
99
....
High
105.30
2
Total tales in SI,000 units...
12
99
Close
105.27
105.28
9
Low.
Federal Farm Mortgage
105.30
23
Low.
2Kb, 1956-59
'
Total tales in SI.000 units...
3KB. 1943-47
....
2Kb, 1951-54
111
102.8
4
9
101.16
101,24
101.18
101.27
101.28
101.31
Low.
101.21
101.16
101.18
101.18
101.30
101.27
101.30
101.31
Close
101.23
101.16
101.24
101.18
Total tales in SI,000 units...
2
80
6
81
29
Total sales in $1,000 units...
8
2
31
fHIgh
103.16
103.16
103.11
Low.
Close
103.16
103.10
103.7
103.16
103.10
103.7
Total sales In SI,000 units...
5
195
3s. 1951-65
■
3s. 1946-48
•
103.6
3s. 1944-49
Federal Farm Mortgage
103.9
103.4
103.5
103.6
103.7
6
3s. 1942-47
-
Low.
102.9
Close
■'mmrn
m
Total sales In $1,000 units...
45
81
1
102.10
High
— m
:
-
'
-»
-
-
m
~
—
102.9
16
....
Holi¬
105.8
[High
3KB, 1940-43
day
105.8
Low.
Close
I
105.9
105
105.8
Total sales in SI.000 units...
105
105.4
'105.6
105.6
105.6
105
105.6
2^8. 1942-47
105,19
105.19
105.18
Low
150.16
105.19
105.18
105.16
105.19
105.18
23
5
1
....
[High
104.3
Low
104.3
103.25
I Close
1946-49...
104.4
104.4
4
103.28
103.28
Home Owners' Loan
101.6
101.3
101.2
Low.
Close
Close
SlfiS.
•
101.2
Total sales in $1,000 units...
1
31
Total sales in SI,000 units...
101.4
High
105.6
2
High
3Kb. 1941-43
1
Federal Farm Mortgage
105.6
105.6
^
High
101.20
j Close
Low.
Total sales in $1,000 units...
1
3s, series A, 1944-62
Home Owners' Loan
103.27
101.3
■
2
....
11
101.19
101.15
101.17
101.18
101.18
101.10
101.18
101.19
33
100
101.18
101.17
High
101.16
25
4
100
100
99.26
100
9
99.31
103.25
103.28
103.27
1939-49..-j Low.
Close
54
27
9
2
103.30
103.30
Low.
103.30
103.27
103.25
-
.Close
103.30
103.27
103.25
........
1
32
129
105.20
105.16
105.16
105.16
99.25
99.26
99.27
99.26
99.27
99.27
30
15
32
17
99.17
99.12
99.17
99.16
Total sales in $1,000 units...
High
99.28
99.16
103.24
103.28
6
99.28
10
103.25
103.26
Total sales in $1,000 units...
105.16
3KB. 1949-52..
Total sales in $1,000 units..
2Kb, series B,
Home Owners' Loan
103.28
....
100
f High
-
i Low.
99.16
99.12
99.12
99.13
99.15
Close
99.16
99.12
99.12
99.13
99.16
Total sales in $1,000 units...
-
75
41
1
20
7
2^8, 1942-44
-
'
High
3Kb, 1941
105.20
105.16
105.15
105.16
105.16
105.20
105.16
105.15
105.16
105.16
6
12
19
12
6
Low
Close
Total sales in SI,000 units...
High
3HB. 1944-46..
105.12
Close
105.10
105.10
105.11
105.10
105.10
3
65
100
fHIgh
-{Low.
100.1
100
I Close
100
99.29
99.25
100.2
99.25
99.27
<
99.27
67
Total sales in $1,000 units...
24
75
High
101.26
99.31
1 Treas.
sales
of
coupon
were:
3^s, 1943-47
105.24 to 105.24
100.4
99.31
100
100
101.19
2Kb. 1945-47..
only
28
Total sales in $1,000 units...
2Kb. 1955-60..
includes
registered bonds
105.12
9
table
above
Transactions in
105.12
105.7
105.9
—
105.10
105.9
Low.
Note—The
bonds.
United States
82
22
101.22
101.27
Low
101.26
101.19
101.21
101.26
101.19
101.22
101.24
1
15
2
United
101.23
.Close
Total tales in $1,000 units...
3
Treasury Bills—See previous
States
Treasury
Notes,
page.
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Sales
for
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 4
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
*47
4838
46
47
44
45
44i8
44is
43
*56
611?
*56
60
56
56
*4834
6212
*50
62l2
79
75
75
73
75
74
74
73
73l2
1678
24
30l4
2l4
1512
1578
24i2
287S
15l2
16
15ls
16
24is
28s4
24i8
29
2l4
66i2
2314
24lS
400
2812
29
23S
65i4
1,900
6,600
17
17
16
24
24
*2234
31
3H?
2i4
*2
30
62
*2ia
*
2U
Stock
2
981?
*ili8
1134
2i2
21?
*25
26
*22
29
*22
29
*26
2i4
281?
32ifi
171?,
32ls
*16
*222
Closed—
25
*26
29i4
15
219
*14
16
21
21
1658
1634
*13l2
1878
1378
*7334
777«
70
62
6612
,93Z
6078
34
*21
434
2i8
2532
lis4
2i2
221?
434
21
391?
8614
*38
2
11
214
2434
2
23
112
*
178
978
214
24i4
2
11
2l4
4l2
21
23i4
25
23
23
23I2
23i2
31
*24
26
25
25
23
23
200
28
29
28l2
29
26
29
3,200
1558
230
16
20
1612
7334
6078
2332
21
2214
*60
63
60
60
83l2
*15
16
15
15
212
219
214
216
*1312
19i2
2014
1538
*1414
1978
147s
16
2038
14i8
76
*70
77
*70
65l2
1932
20i8
4
37i2
8258
16
58
2,32
20i»
43s
37i2
8312
87
89
20
20i2
61
*60ls
Bid and asked prices; no sales on this day.
1578
13l4
13i4
20078 215
I4I4
14i4
1934
20lS
143s
16
70
6
42
Mar
Aug 13
69
Apr
16
Jan
4
22% Mar 11
22ijJune
7
283s Feb
3
36
9
Express
No par
....No par
No par
No par
28
10
Way El Appliance..Wo
par
97
2
Allegheny Steel Co
Allen
600
100
Industries Inc
1
Allied Mills Co Inc....No par
3,700
32,900
Allied Stores Corp
300
21
Wo par
16
32
18
378
20U
4i8
*36
38iS
36
36
200
5% preferred
100
Allls-Chalmers Mfg
No par
Rights
Alpha Portland Cem
No par
Amalgam Leather Cos Inc
1
6% conv preferred
50
84l2
*81l4
85
79
84
23
20
x5334
60
7„
32
378
58i2
18,300
17 32
214,000
18
4i2
1,000
7,900
21
22 ]8
a:2034
22
2,900
1,200
3,400
61
61
x61
61
90
83
79
t In receivership,
82i2
a Del.
delivery
6%
,
n
Preferred
New stock,
Cash sale.
Aug
8
23
Sept 10
28
Sept
8
13i4Sept 10
2007s Sept 10
1414 Sept 10
187s Sept 7
1378Sept 7
70
Sept
7
z5334 Sept 10
7j2Sept 10
18
Sept 10
378 Sept
34U
79
9
Jan 5
Sept 10
79
Sept 10
20
Sept
Apr
59
50
r
Sept 10
Sept 8
23
Amerada Corp
..Wo par
Am AgrlcChem (Del)..Wo par
American Bank Note
10
5812
70
8
x
Ex-div.
Jan
177« June
22is Jan
xlis Jan
Apr
7
5U Jan 25
68
100i2 Jan 22
15*4 Feb 25
65$ Feb 18
5984 Feb 11
91
Mar
13
July
2
Jan
70
74*4
Nov
Feb
15*4 Nov
35*4
Feb
37*4 Oct
21i2 Jan
88I2 Nov
618 Apr
103
Nov
1238
Jan
Feb 11
12U
Jan
17*2 Sept
5*2 Nov
61 »2 Nov
60*2 Nov
68i2 Feb 17
62is Feb 18
455s Mar 15
12i2
Jau
60
69
2378 Apr 12
25812 Mar 9
1718 Aug 14
33i8 Jan 16
217b Mar
6
Mar
9
85
83i2 Jan 22
2732 Sept
2i?
27
Apr
Apr
Nov
54*2 Nov
267i July
40*8
Oct
157" "Jan
245""
Aug
34
NOV
23
634
Aug
Jan
2018 NOV
69
Jau
90
Nov
35*8
Jan
81
Deo
3
39>4 Jan 28
87S Mar 13
1934 May
52i4 Mar 15
11478 Mar 11
10U2 Jan 22
31*4 Nov
4
Oct
75
Jan
34*t Nov
5*4 Deo
39U Dec
12512 Mar
49
July
Jan 16
36
Dec
55*2 Apr
4
65
Jan
73
8
413s
8
75*8 Feb
v
9®8 Aor
4% Jan 26
Mar 11
Sept
$ per share
80*4 Jan
97s Sept 10
No par
Allied Chemical & Dye.Wo par
Allied Kid Co
5
5,600
June 29
li8 Sept 7
6U2Sept 8
li2 Sept 10
Allegheny Corp
No par
5K %Pref A with $30 war 100
5K %Pret A with $40 warlOO
5 K %Pret A without warlOO
$2.50 prior conv pref.Wo par
400
30
Mar
85
Air
300
25
69
6
per
Ala & Vicksburg RR Co..100
Alaska Juneau Gold M1E...10
31,200
6,000
*22
8
8
Air Reduction Inc.
4,900
*2312
Mar
Sept
Address Multlgr Corp
Advance Rumely
10" 100
24
65
56
$
26
Adams-Mlllls
93
11
24
89
2
93
105s
43
63*4 Jan
Adams
1,500
23
94
Ke
178
93
1034
*2
63i4
23
25
*
134
►
22
*23
86I4
*9H2
*2
64
25
6
38i2
85
9H2
23
*38
2
6312
2
29
Day
228
2
6H2
29
1
Labor
2834
66
94
"ir
Exchange
*23
1,300
Highest
$ per share $ per share
share
Sept 10
Acme Steel Co
1,200
17,500
44
Year 1936
Lowest
Highest
Abbott Laboratories...Wo par
Abraham & Straus
No pai
10
*76
Lowest
Par
Range for Previous
100-Share Lots
Ex-right*.
89
Nov
Nov
Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
145
HIGH
SALE PRICES—PER
Sales
CENT
NOT PER
SHARE,
STOCKS
Monday
Tuesday
Wednesday
Sept. 4
Sept. 6
Sept. 7
Sept. 8
$ per share
65
$ per share
$ per share
55
*127
134
5218
127
40»8
4038
69*2
30*4
30U
2734
6*s
714
46
38
12l2
7
*958
4434
38
6*8
6
7
8,500
3812
40*2
16
I6I4
3234
1534
18l2
153S
41
32
32
31
16*2
31*s
*15l8
6*2
*3914
15
41
39
39
14i2
5i8
3612
55g
36i2
*37
*44
45
4334
44
42
4334
42
16
1458
6
634
278
24i4
1234
4078
278
*2314
*1214
4078
2i2
1112
1214
38
33
100
101
*94
1714
734
1634
18l2
8
7
6
21
100
69
63
63
*64
69
69
*62l2
734
9
9
914
*56
57l2
55
*47
49
46i8
17
1834
52
8I4
35&s
96
*2634
*2634
3578
31i8
9618
2678
9134
26*2
2734
24
4438
46l2
1678
1712
*147*2 155
3514
31*2 3278
90
96i4
9H2
27
27
2612
26
23
23l2
*45
48
42
42
1878
*147*2 156
V
*147l2 156
40
54
55
*
133
"46*4
*
133
"42"
46*4
132
*14l2
3714
15
15
385g
39
15
1434
15
*3858
41
*115
125
2178
22l8
22i8
16734 167s4
78i2
*77*2
79
7834
12
*60*4
12i8
17*8
935s
8&s
6578
1314
858
*140
78
5378,
17
978
1478
91
89
8
1134
59
10*2
131s
5u2
*67l2
I8I4
*51
4978
80*2
20U
*103
108
25
*6l2
4212
1012
58
4914
Day,
20*g
20i8
*102I2 10912
*20
57
20
6
18
20
7
*67*2
42i2
41S4
*103
*1618
578
612
42
4178
2334
*
121
22
80i2
1812
108
1958
*67i2
1834
45
*103
21
*14
6
40
4U2
100
534
534
110
57l4
13
58
13
*8
834
*95
*95
100
*95
100
16
16
14
90
86
86
*100
104
*95
14
1534
*86
104
*8278
*95
*
*85*8
67s4
*96
5134
5H2
93
93
*85i8
88
62
67
96
96
88
683s
97*2
43*4
*48
515s
95U
5184
39
4312
*
*95
104
61*2
*93
37l2
16
*10
1912
2078
50
109
*106
1458
*50
*72
1458
50*4
50
85
59
95U
95*4
*93
10*2
15*2
10*2
1512
13i2
5l2
5?8
3514
5
*30
534
458
438
1938
*25
5
*78
*2738
*41
358
434
3i2
1634
414
185g
*65*8
*65i8
21
2U4
*22l2 24
*10138 103i2
*111
114I2
12
12
*87
*18
2034
*54
-^8%
*112
89i8
18*4
20»4
55i2
90i2
187S
115
*54i8
2612
27
23
41
72
70
*70
20
2058
24l8
2418
*40
43
*40
102
41
104
104
*103
225s
2134
*
2214
39l2
20
*
38
7% preferred
Arnold Constable Corp
Artloom Corp.....
Preferred
20
*
4
Feb
5184 Sept 10
10*2Sept 7
5
6f2Sept
95
Mar
8
2
22
21
21
80
*74
a
13*4 Feb 27
99i2 Mar 1
126
Jan
6
7012 Mar 13
16»4 Feb 27
173a Jan 21
100
July 23
24*4 Mar
5
Jan 28
101
125
Feb
7*4 Mar
78
50
Deo
Deo
26*4 Mar
Mar
9
106
Jan 18
Mar 11
500
300
.
110
600
100
40
1
OH*'
29
Sept
4f2Sept 10
3i8Sept 10
9434May
Feb
9
7
55i2 Mar 17
29
Mar 13
116i2 Feb 6
18i2Mar 6
5218 Mar 10
Oct
Feb
124
Oct
69
Jan
9084
Jan
107
Oct
216s Apr
11
Apr
49
Deo
13f2 Apr
2658 June
109
Sept
Vot tr
ctfs when
Issued. 13
Jan
84
Nov
Jan
131
Nov
36*4 Feb
2
26*8 June
9i2 Feb
1
538 June
10*s
Jan
5212 Mar 25
914 Jan 12
III4 Jan 29
9i2 Jan 30
2334 Aug 18
29f2 June
3
Apr
2f8 July
46i2
Jan
5
Sept 10
120
Feb
5
Dec
Deo
947s
Deo
-.100
..60
100
2134Sept 10
38f2May 13
47*4 Mar 17
21
Apr
45
39
Deo
9
2758 NOV
'4114 Oct
4912 Feb
8
433s Mar
7*4 Mar
11*4 Deo
978
4% preferred
Bangor A Aroostook
Feb 11
Feb
54U Mar
947s
40»2Mar 17
llQig Feb
30ia
23s July
1778Sept 10
lOQSgMay 11
Deo
June
..100
preferred
118*2
14
Baltimore A Ohio
Conv 5%
Apr
zll2
Feb
60
Oct
5484 Nov
3618
9
29i2 Apr
3384 July
157s Apr
Preferred assented.....
3H2
Jan 13
120
60
100
Preferred
8812 Aug
18i8 Jan
3i8 Sept 10
14USept 10
Sept 10
Assented
May
2778 Nov
98
12^8 Sept 10
No par
(The)
3
^Baldwin Loco Works .No par
185s Nov
22i8 Feb
108
112
Automobile...Wo par
55 prior A
62»8 Mar
Dec
48
Avian Corp of Del
Jan
12*8 Apr
Mar 11
8
9
Deo
95
94
Sept
128
Jan
Jan
133
4
Jan
Aug
7f2
8is
68f2June 17
..No par
84
Feb
95
Jan
Jan
4714
113*4 Apr 26
8
Sept 10
Austin Nichols
100
104
No par
2,000
300
9
6614
No par
Atlas Tack Corp
Auburn
30
Sept
13*2 Sept 10
Aug 13
60
Jan
73s
5% conv preferred... ..100
Atlas Powder
6,200
32,500
18,900
11,400
27,300
105
Jan
4*8 June
June 29
44
2,100
Jan
Feb 18
37
15,000
50
67i2 Feb 18
Sept 10
«
6,500
80
t In receivership,
Oct
Feb
110*2
May
105U
18
50
*74
11*2
70*4
122
Apr
118
6
Feb 18
Mar
11
800
*21
27»4
109*4 Sept
Jan
37
8
46
23f2Sept 10
100
25
4% conv pref series A... 100
Atlas Corp
1
6% preferred
60
5% preferred
Atlantic Refining
15f2
111
Atl G A W I SB Lines—No par
37
22
3i2 July
12H4 Feb
Sept 10
Sept 10
21
80
9
2
Atlantic Coast Line RR...100
2334 7 211<*
20
1934
*74
13*8Sept 10
8278 Aug 20
107
Aug 27
2434 Aug
111
37
6% preferred—
15,200
k
*21
Feb 23
6,900
42lo
80
Jan
..100
104
23
44
88
2,800
22
62*4 Sept
104
2534
*74
1
100
..100
$5 pref without warrants
43,200
80
Jan
Feb 23
Aug 5
Sept 10
2034
23
92*4
Feb 23
June 30
60
*74
Deo
Jan 12
79
93
177g
2134
*22
Mar
18
20
59
60
57
26l2
23
Feb
150
185
85
85
24
104
Jan
-
758 Sept
100
2138
25*4
*40
1
Jan
Feb
878 June
19*8 Apr
88i2 Mar
136
1438 Jan 18
Atch Topeka A Santa Fe—100
60
*2138
2
96
No par
Dry Goods
6% 1st preferred
7% 2d preferred
.J?
-fmsi
4
81*4 Jan
—..100
Associated
"1734 20*4 35,100
"l738 2034 "l678 18i2 "18*8 20
13
12
13
13
1134
11*2
13?8
4,400
12i8
*112
115
*112
115
*11014 115
*110i4 115
99
21*4
21l2
2238
2U2 2H2
21l2 2112 "MOO
100
10258 10258 *10034 103*2
*10138 10258 *10138 10258
*108
111
111
*108
*111
111
114i2 *109
11
11
11
1078
1138
II84
1H8
105g
~3",906
87
87
100
*8714
89*s *865s
*8334
17io
18
16
16
17" 14,400
1634
1634
155s
20
20*4
20*2
2012
203s 2012
2012
20*8
4,800
54
*52
53
54
53
5234
5312
53*4
1,000
8 534
8738
86*4
82*4
82l2 85*4
7934 87
55,500
18
18
600'
18i2
r 878
1878
I8I4
183s *18*8
112
110
no
110
400
110*8 110*2 *110*2 112
332
932
"32
*4
732
932
32
*8 139,100
*51
54
*51
50
400
51
5418
54i8
54i8
24
23
24
23
25
2434
2512 2534
1,600
21
19
16
19
I884
19l8
1834
18i2
6,800
"Bid and asked prices; no sales on this day,
June 30
Jan
7
Armstrong Cork Co ...No par
37*o *_
2338
2314
18
23
106
No par
100
56 conv pref
900
1
2558
Armour A Co of Illinois.....6
60
4212
Feb
102i2
Jan
200
18
106*4 *102
107
26*8
19018 Nov
Nov
39&8 July
85
% '
24
14
*1378
*110i4 115
1914
i
26*4'
37
*65U
*102
t
37
75
2234
2558
44l2
26*4
72
20
2358
2812
*23
75
4
2018 Feb 3
29i2 Jan 13
Mar
87
Jan
Sept
Nov
6f2 Jan
11634May
17,000
50
*70
9978 Feb
150i2 Jan 26
20*8 Mar
149i2 Apr
145
7
1,600
•
104
*102
534
412
19*2
90
23*4
34
8
Jan 28
Deo
63*8 Aug
July
1,900
11
18
72
Jan
.
Jan
64
36
3
6,200
120lo *114
120*2
119l2 119*2 *114
*9
8
878
878
10*4
9U
13
13l2
1334
1334
12ig
1214
5
4*o
4
4l2
434
4l2
*28
30
30
33
2978
2978
5
434
5*8
434
4*2
5*8
4
334
4*8
334
3*8
4l8
358
334
334
3*g
37g
3i2
16'8
175g
1414
1634
1738
17i2
1538
5*2
578
434
85
*78
11
*60
25?8 Jan 25
129
73 f2 Jan
14514 Dec
10U Feb 10
200
23l2 2538
*105i8 110
1334
13i2
72
14334 Jan 13
24i2 Dec
48U Apr
Dec
Nov
16284 Mar
8
1
4
500
4H4
*65
5678 Jan 11
45i8
103
43
20
37
73
26f2 Jan 20
Jan
111
58,200
6434
95*4
*65
70
7134
120*4 121
10*2
*934
7512
122
*121
6
Jan
Jan
May
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
85
6534
50
Feb
73U Jan 21
600
85
14
68f2 Jan 29
148
25*8
6684
136i2 Jan
67i2 Mar
13338 Jan
20i2 Apr
June
Sept
50
Marl9
9
90
105
58
10534 Mar 11
154
Jan 28
Oct
97
5% pref with warrants..100
1334
2834 Nov
Feb 13
4
40
50
Apr
37i2 Jan 12
Jan
92
105
18
June 22
*90
50
Feb 20
May 21
90
50
29
Nov
18
90
12
39*4
18
Sept 10
19l2
2514
Dec
105
46
12
31
No par
Assoc Investment Co ..No par
2434
8
Mining
20
A P W Paper Co
No par
Andes Copper
""506
*17
37
Feb
45j4 Mar 11
89i2 Dec
48
16
23*4 July
36
10158 Aug 18
Jan
104
1914
24i2 2538
106
106
*10514 110
14
1334
14i2
14U
74i2 Sept
2738 Jan
165i2 Aug
35
46
2612
Jan
97
Apr 10
*90
64
*12
Feb
1834 Apr
79
50
85
16
3658
167
5538 Nov
104
*93
22l2
2634
Jan 21
Jan
*48
6412
*2114
72i2 Jan 12
29i2 Feb 3
170
8712 Sept
May
*90
39*4
Nov
143s July
Feb
28
100
3914
69
Feb
24
~6~66O
41
Jan
7f2
43
79*s Feb 23
15
88
j3512
Feb 15
75
Feb
69f2 Mar 10
Archer Daniels Mldl'd.Wo par
100
13ig
July
15
547a Nov
7
44i2 Jan
86
15*4
134
12212 Nov
29?8 Jan
47»4May 13
*83
*17
25
*95
Jan 13
90
*8278
5212
*14
2658
100
15
1438
90
83
*85~
42
100
100
200
40*2
*10478 107
108*4 *106*2 10812 *10434 107
934
10*4
10*8
9*g
1078
978
934
958
*83
87
88
88
89
88i2 *86*4
8814
103
105
103
*103
*101*4 103
101*4 101*4
5134
56*2
56*2
5314
55*2
5612
553S
5314
11
11*4
107g
12l2
10i2
1078 xll
10i2
7
7
7
684
6*2
612
7i2
7*2
*103
1
1,000
1,500
*120
*120
Dec
1
16i8 Nov
48*8 Deo
56.50 conv preferred.Wo par
20
534
41i2
1
W A Cable..No par
Anchor Cap Corp
108
*18
7
June 25
7f2 Sept 10
64f2June 29
63g Jan 2
100
....25
25
55 prior conv pref
"3" 200
18*2
108
8
Sept 10
1478Sept
88
Wo par
No par
Woolen
'Anaconda
Sefrt
9f2Sept 10
Anaconda Copper Mining..60
'
118
6884 Mar 10
I29i2 Feb
74i8May 18
128*4May 13
Amer Zinc Lead A Smelt
95,900
27
Apr
Apr
25
...100
10
Preferred
2,000
25,800
May
10
99
56 1st preferred
American
Apr
21
187
Am Water Wks A Elec. No par
400
66
8
7334June 12
6% preferred
7,800
5
159«4June 29
Common class B
23,900
June 17
Jan
Feb
25
Am Type Founders Inc
400
80
21
14
23
1
10
10
Jan
135s Jan 20
Co...100
American Tobacco
300
108
90i2
121
6,300
*120
*8878
...100
Amer Telep A Teleg
11,200
*108i4 109
11
37
Am Sumatra Tobacco..Wo par
1,900
5178
*67i2
18i8
No par
13812 Apr
52f4June
131f2 July
38
Sept
14i2Sept
American Sugar Refining.. 100
Preferred
2,000
*120
1034
American Stores
200
45
4734
19
100
Amer Steel Foundries. .Wo par
$6 preferred
52i2
'
25
Snuff
6% preferred
60"
80
100
Preferred
*100
*103
578
4214
*120
Amer Smelting A Refg.No par
14,800
51*4
35i2Sept 10
7834Sept 10
Amer Ship Building Co.No par
160*4 163
76
7734
*50
517fi
American Seating Co..Wo par
1,100
1,700
*100
25
4k% conv pref
100
American Safety Razor.. 18,50
24
Jan
29*8 Mar
125
16i2 Jan 13
40*4June 17
1578Sept 10
Apr 16
31*8 Sept 7
90
Sept 8
23f2Sept 10
20
Sept 10
558
4
687S Feb
8718 Jan 18
153
2'8 Sept
838 Mar
16f2 Sept
958 Apr
23f8 Apr
June 17
7
No par
...100
62*8 Mar
49 f8 June 28
San'y.No par
American Rolling Mill
American
79
77
78
78i2
138
Z13634 13634 *132
1038
10*8
1038
9l2
16*8
16l2
1478
1512
90
90
*89
90
9358
8
838
8*4
7*2
8i4
59
58
60
5412
5914
125s
12*4
1138
1012
1134
60f2June 15
..No par
55 preferred
100
IOI4
1534
55"
1
Preferred
15
1412
39*8
37l2
121
*12138 130
21
2212
2214
76
7
Am Rad A Stand
11,200
76
Sept
June
56 preferred
4334
162l2 16334
43
340
15
6178 Nov
112
17,900
39l2
Jan
1634Sept 8
634 Sept 10
132
"38"
4334
37
94f8 Sept 10
Amer Power A Light...No par
1,200
2,200
25*2
138
*100
*125
50
Labor
8
85g
59
Exchange
80
*70
138
91
Stock
64
5338
78l2
138
10*8
1478
Closed—
*59
7734
138
121
2158
2134
16212 16412
76
76i2
77
78l4
167l2
77
13i2
1678
*90
22
164
139
*136
121
130
20
132
~42i2
43
43
*115
*
"41^
43
26i2
46
3
434 Mar 16
2758 Feb 15
1734 Mar 11
Sept 10
6% conv preferred
100
Amer News N Y Corp..No par
7,100
24
Oct
Amer Metal Co Ltd...No par
36,500
93*2
Oct
..100
10
3414
45s
31*8
238 Sept 10
17»s Jan 7
1078Sept 10
32
Sept 10
100
No par
Preferred
11*4 Mar 13
Amer Mach A Fdy Co..No par
Amer Mach A Metals..No par
2,800
48,000
1734
42
42
43
3512
84
8278
84%
7834
13912 139i2 *138l2 144
54
54
*53*4
*53*4
45l2
*1434
46
162
pref
Corp
non-cum
American Locomotive—No par
34,500
3,500
3158
90is
23i2
94
z26i2
2312
6%
5
Deo
65*4 Mar 13
8
8
Feb
22i2
21
40
No par
Amer Internat
Jan 18
984 Mar
603s Deo
5*8 Sept
36i2Sept
50
American Ice
Sept 10
13*4 Jan 22
1334 Sept 10
.10
American Home Products...1
""270
9
55
*150
343g
9H2
84
81
8184
8312
*138*2 144
*13812 144
5512
*5314
54i2
*54I8
*
64
1578
1734
154
333g
42
8434 8512
*13812 143
*54
5512
4778
No par
6% preferred
119
42
45
1738
7*2
50
55
45
154
258
5
Ne par
American Hide A Leather... 1
2,200
4,100
62l2
734
9
838
47i2
19l8
758
5634
21i2 July
42*8
45i2
*106
Feb
Jan
634
119
Deo
1458
13
Power
n
Amer Hawaiian S8 Co
500
*106
Jan
200
4,400
1,800
6,200
119
934
1,100
10,900
18
45
Sept
8*8
6
98
*105
Aug
101
14
94i8
1714
48
32
Apr
Apr
50*2 Deo
98
119
Jan
312
Apr
3414
43
I6I4
89
25
32
*100
7i2 July
20i2 July
3534 Dec
16U Deo
353s Nov
5878 Jan 22
12i8
48
Nov
38i2 Jan 22
37
119
27
13*4 Sept 10
800
48
Dec
Oct
87^8 May
28
Amer & For
6,800
5,500
712
48i2
12084
113i8
56 preferred.
238
18J8
Nov
1,300
12
7
Jan 18
Deo
111
6878
21
18
17
Deo
100
34i8 Sept 10
1078
7
934 Sept 10
Sept 10
par
13i2 Jan 28
Deo
Apr
$7 preferred
No par
57 2d preferred A...No par
21
*105
*6212
European Sees.—No
2
53sJune 30
60 f2
67
39
40
234
48
99i4Mar
Amer
36,500
_
21
18
4714
500
88f2June 14
8
Dee
6,900
3,600
5is
*36
42
3
30*4 Mar 31
33&8 Jan 21
18f2Sept
174
28
1334
14i4
3978
234
*20i2
11*2
34i2
*95I8
258
3518
11*8
35
83S
*8
2*2
21
11
1834
1834
278
14i4
534
1458
2334
21
105
*100
612
23*8 Mar
21*8 Sept 10
Corp..20
Deo
13712 July
39*4
16
28
20
Apr 25
10
_
31*4
*19
150
3058 Apr
70U
141
6i2 Apr
2934 Jan
12
Apr
1
34l8
1314
*35l2
Jan 25
6% 1st preferred
100
American Encaustic Tiling..l
100
10*2
5
1
115
Sept 10
95
12
934
24f4 Sept 10
II
7
1212
4
104i2 Feb 4
3334 Aug 25
"2",700
95
*11*8
6*8
Feb
Sept 10
Jan 25
95
678
71
63
Aug 12
95
65g
12
63s
39*4
May
29
Am Comm'l Alcohol
6
162
112
American Crystal Sugar
*90
9
Apr 26
2,800
7
Jan
June 15
2,400
95
174
25
1912
6
152i2 Apr 12
32
Sept 10
98
22l2
95
*90
Deo
No par
18l2
11
110
Am Coal Co of N J(AIleg Co)25
American Colortype Co.... 10
2119
12U
May
9
American Chicle
I9I4
1134
Apr
124
Jan
"""900
23
26
40
Feb 18
100
19i4
14
22i8
8084 Feb 18
47i2Sept 10
125
Highest
share $ per share
121
100
22
13
per
160
No par
5% preferred
29
*2534
29
$
5 per share
share
Mar 25
Am Chain & Cable Inc.No par
...
per
100
American Car & Fdy
Preferred
700
5
90UJune 16
...100
Preferred...
100i2 104
107i4
*2534
Year 1936
Lowest
Highest
25
5k. % conv pre!
American Can
5,800
*104
1834
*10
*120
*120
25
7*8
11*2
10512
29
24U
2938
28i2
2834
*120
104i2 105
*2534
29
11*4
12
1812
19
2214 24
*2534
95
7*s
40
134
*127
Am Brake Shoe <fe Fdy.No par
2,300
51
47i2
52i4
134
Par
13,700
14
22*8
2634
*44
51
*127
2834
105
*10412 109
*2534
29
7*s
1112
53
127
30
*120
*91
$ per share
8 per share
52
127
Range for Previous
100-Share Lott
Lowest
"3~5(j6
28
*130
*13i8
22*8
2634
Week
Shares
On Basis of
EXCHANGE
92U
99
97l2 9812
97*8
98l2
15934
*157*4 15934 *157*4 15934 *157i4 15934 *157
32
35*2
35*4
36
32l2 35*g
35i8
3834
63
66*4
65*4
65^4
68*4
68i2 *63*s
68
15934
*69
Sept. 10
97*2 101
100*2 101
*157
the
Thursday
Sept. 9
$ per share
5334
127
Friday
Range Since Jan. 1
STOCK'
NEW YORK
for
Saturday
1699
40
Def. delivery,
Barber Co Inc........
2H4SeptlO
10
Barker Brothers.....—Wo par
18
Sept
8
32
Jan 21
60
34
June 29
42
24*8 NOV
38i2
13*4
283s Nov
Deo
Jan 21
5^ % preferred
Barnsdall Oil Co.....
1678Sept
6
No par
100
Beatrice Creamery...
25
55 preferred w w
Wo par
Beech-Nut Packing Co
20
Beiding-Hemlnway
No par
Belgian Nat Rys part pref
1st
preferred
III
June 17
2114 Sept
101
105
9
June 28
Feb
5
10*8 Sept 10
84
Jan 16
1558Sept 8
Sept 10
....6
Bendix Aviation
8
lli2Sept 10
Bayuk Cigars Inc
Beneficial Indus Loan..No par
20
No par
Bethlehem Steel (Del).Wo par
47f2June 14
Best A Co
73
Jan
4
6% preferred...........20
17
June 22
.....100
108
June 17
7% preferred
Blgelow-Sanf Carp Inc. Wo par
'32Sept 8
50
Sept 10
Black A Decker Mfg Co Wo par
23
Sept
Blaw-Knox Co
No par
16
Bloomlngdale Brothers.Wo par
21
Sept 10
Sept 10
75
July
Rights
—
Blumenthal A Co pref
n
New stock,
r
100
Cash sale,
x
Ex-dlv.
8
8
y
35U Feb
1
20U Jan 16
115
Aug 16
28*4 Feb 9
105*4 Mar 8
11484 July 14
15*4 Feb 8
4
Feb 11
Jan 5
Jan 8
105i2Marll
8818
3012
23*4
62*4
20
July
Jan 18
129i2 Feb 16
"32 Sept 7
69*4 Feb 10
38
Jan 21
2978 Mar 10
32i2 Jan 7
94i2 Jan 16
Ex-rlghts.
Jan
14>8 Jan
I684 June
May
110
28*4 Deo
2214 Nov
115
Deo
18
Jan
100
Aug
105
July
Feb
112
Dec
85
13
Dec
83
June
28*8 Nov
21*8
Jan
16*4 Mar
89i8 May
323g Oct
30 (
Jan
25*4
48
Jan
72
45*4
16*8
Apr
Apr
77*4
Deo
20
Deo
107*2 July
23
Jan
28*4
Dec
14*2 July
18*4 May
77*4 July
Oct
Nov
135*2 Nov
65i2
Dec
z34i2 Deo
2478 Deo
38*2 Nov
120
Oct
? Called for redemption.
New York Stock Record—Continued—Page 3
1700
LOW
HIGH
AND
SALE PRICES—PER
NOT PER CENT
SHARE,
Sales
Thursday
Friday
STOCKS
f0T
NEW YORK STOCK
the
■
Wednesday
Tuesday
Monday
Saturday
EXCHANGE
Sept. 4
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
$ per share
$ ver share
$ per share
$ per share
$ per share
Shares
43
43
2378
2214
23
22%
23
46
46
2258
40%
23%
45
9%
7i2
158
3212
I6I4
4134
*15s
29l2
1478
3778
8is
2
41
50
47
47
26%
4012
8812
42i2
20%
2134
40%
7%
*1%
28%
14%
37%
46%
39
38
38%
37
3
2
3078
45
45
26%
4234
45
89
89
*8812
90
43
43
*23
*8%
158
*31i4
16%
4134
*47%
*38%
3
2934
31%
16
3
*13l4
17i2
14
12l2
17
54.
5212
17i2
5212
27
28
*43
45
*28
29
46
*43
1
'•nm
1*1618
k SCI
<■■■"■«■!
*8%
1334
*104
10412
834
91%
4134
150
42
712
1234
15i2
104
105
8i2
42%
20
20%
1.400
Bond Stores Inc
1
21%
22%
12,500
Borden Co (The)
15
40%
44
23,600
42%
7%
7
7%
7
*1%
1%
1%
*28
29
47
37
1534
2%
12%
1584
51%
65
3034
28
12
9,700
5234
1,400
27
26
43
15%
f
1412
6%
2,000
25%
22%
3%
11%
12%
19
25%
9,100
4%
3,800
JBuah Terminal
1234
1,400
Debentures
18
18
210
14%
14
14%
13%
14
5,300
Butler Bros
28
28%
28
28
1,000
5%
16%
62%
24%
5%
15%
63%
16%
63%
24
24%
6534
23i2
34
31
31
*31
52%
314
52
52
*50%
14
125S
29
27ia
2138
78
10%
4438
12l8
27s
2378
138
1078
*44
50
*12i8
*44i8
14l2
3i8
1334
34
3
25
27%
23%
1%
1058
21
2%
*58
63
22%
-
1,400
-
100
«
2%
3
20
1,500
32
*50
.
5,000
24%
31
-
14,700
3
28,900
18,200
34i2
47
"94"
94
*9l"
96
10
3018
*29
3018
612
26
26
28
28
26
26
400
110
*108
*37
*74%
76
*31
31%
65g
"
658
101
1958
*8%
*95U
*67
Stock
Exchange
Closed—
1958 Labor
*4812
85
*108
8812
106
3314
*104% 106
30%
3134
110
108
37
34
36%
74%
29%
74%
70
30i2
512
658
*29%
5%
101
101
101
18%
19%
1312
*8U
12i2
9
10
*8
10
6%
*95
106
10134
70
1134
83
83
31%
101
*1014
1134
50
10912 109%
5034
5034
Day
6414
9i2
48%
*109
18%
*95
64%
69
10%
9%
48%
48i2
110
66
66
70%
30%
29%
30%
5
6
5%
6%
102% 102% *101% 10634
18%
18%
17%
18%
10
734
8
*134
*5%
8
*4
2178
134
20
46
47%
*9
15
56%
15%
59%
44 i8
2
4%
1%
7%
*4
21%
1%
1%
234
234
8%
3%
2%
2%
9
3
3>s
1034
10
10
|*22l2
23%
1934
22%
18
19%
19%
45
42i4
43
41
41
42%
42%
*44I4
2
1%
4%
1%
7%
100
1,200
2,700
3,000
5,300
8
2134
1%
1%
20%
3%
3%
800
16,700
92
5»2
278
9%
3i2
3*8
58%
*4
3
3
834
338
------
4434
20
7%
21%
1%
1%
20
30
1,900
56%
*89%
1%
4*2
1%
2
4%
1%
6%
110
42
96
*10
3
48
*46%
*109
47
1,300
3,600
3
17,700
14,900
18
234
8%
20%
40
4034
800
2,200
2%
2%
6%
2,000
3,400
Caterpillar Tractor
79
No par
5% preferred
7% preferred
No par
5% preferred
100
Central Agulrre Assoc..No par
Central Foundry Co
1
96
4H% pref-.lOO
Preferred
100
prior preferred
Checker Cab
Chesapeake Corp
No
Chesapeake & Ohio Ry
Preferred series A
115
82
484 Mar 16
4
Feb
June 14
45
No par
12
106
107
17l2
1734
•
-16%
2,200
Chlckasha Cotton Oil..
8%
4,500
Childs Co
7%
96l2 103
9634
9934
99% 101%
94% 100*2
17lS
17%
16%
17
17
li
16
*80
82
78
80
77
78
78
79
77
*63
73
*70
73
70
70
*70
75
*70
7
7
6
6
5%
6
5
41
37
38
37%
40
1634
34
7%
7%
*41i2 43U
*109i8 10912
*41%
4214
88
*86i4
*48%
5U4
*24
25
*12712
151
58%
1678
109
*109% 10912
109% 108% 108%
40
41
39% 4U2
39%
40%
*
88
*8638
88
*83% ,88
*4812
*48%
*48%
22
23"
22%
24
22%
22%
*127%
*127% 129%
*127%
141
141i4 14978
143% £142% 146
*57%
58I2
57%
57%
57%
57%
16
1678
15%
15%
15%
15%
m
1678
*10258 10334
4712
4734
*109i2 110i2
*10258 10334
43l2 4734
*109i2 110i2
102% 102%
42
*25
38
*29
31
*26i2
30
"27"
2734
16
14
1434
*16%
17
16
*19
2184
18
*1734
23l2
*17
*2534
27
25is
2534
25
115
2334
*37%
1U2
*92i2
714 Mar 17
63s Mar
2334
41
1178
9312
8934
109
21is
*37
105s
9212
6078
5834
50
2,500
10
100
77
100
60
5
4%__
Cluett Peabody & Co
guar
86
28
900
15
230
6% preferred
51
10%
1034
10%
11%
10%
11%
60,200
*83
92
91
91
91%
91%
300
85
85
82
82
55%
57%
98%
56%
5534
102
103
11%
2%
12%
2%
48
48
Bid and asked prices; no sales on this day,
1st preferred
100
57
900
12%
2%
24,700
94,400
48%
1,000
2
48%
J Iur ecelvership.
7,000
101%
11%
a
Def. delivery,
12
30
Oct
48
Dec
3614
Feb
19'8
Jan
3778 Mar
29
16
Jan
36
Jan 25
108
Jan
75
July
101
Jan 14
100
Comm'l invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial
Solvents..Ao par
Commonw'lth & Sou...No par
$6 preferred series
n
New stock.
r
Cash sale,
54% Sept
97
Sept
52
Sept
zlOO
Sept
113s Sept
6914
114
8
Jan 12
Jan
May
Dec
14
Jan
90i2
8034
Jan
Jan
44
Jan
IOOI4 July
Jan1 26
Jan 25
55
Jan
97
Jan
1414 June
Apr
5914 Apr
4%
Jan 13
46
June
7558
Jan 13
y
94
31
3912
Jan 21
80U
May
Ex-dlv.
Jan
21U
120
•
Jan
2
x
8I4
Mar
32
1978Sept
No var
Deo
106% Feb
6684 Nov
Dec
June
conv preferred
Aug
3912 Apr
21*4
19
80
4}£%
Oct
Dec
28I4 Sept
June
Commercial Credit........ 10
52
Apr
10
30
100
45
June
77U
5178 Feb 10
27% Mar 5
30
Jan 14
Aug
t
500
57
6234 Feb 13
11234 Mar 11
Jan
38
v
10,000
100
Sept
preferred-No par
Columbia Gas & Elec_.No par
97%
85
10412 Jan
23% Sept
245s Sept
107
Sept
conv
56%
*77
June
Aug 2
3112 Aug 2
12584 Apr 1
39i2 Jan.20
46i8 Jan.20
20% Jan 14
97
48%
51
29% July 15
2658Sept
12
Sept
14
Sept
13% Sept
4% 2d preferred
100
Columbia Broad SysIncclA2.50
Class B
2.50
54%
2%
Mar
June
26
Colo Fuel & iron Corp.No par
Colorado & Southern
100
99
2%
£48%
48
41
No par
57%
12%
Deo
50ia Feb 26
6
10612 Sept
100
Beacon Oil
*96%
11%
Oct
90
Nov
£56%
£56%
4712
Feb
102
6% preferred series A.-.100
5% preferred
100
£100
Jan
July
82
Nov
No par
5% conv preferred
$2.75
Dec
33
Jan 14
58
No par
------
11134
4818 Aug 16
90
Apr 23
134
t c No par
40
Nov
Jan
c
21%
19%
*36
50
13i2 Nov
46% Mar
Jan
v
58%
103i2 I03i2
11%
1314
2i4
2i2
Jan
5558
Columbian Carbon
97
2384
107U
84
Columbia Plct
108%
21%
39
Aug 10
9
4,800
107
19%
*35%
22
8984 Nov
Jan
2
1,700
1,700
113
Jan
Mar
170ia Apr
100
Collins & Alkman
4%
Deo
Nov
12212 Jan
25
650
51
13884 Nov
23
434
7
325a Oct
30% Jan
1434 Dec
Jan
1
Jan
July
var
25%
21%
45
Jan
8
July
25%
113
Jan
Feb
8
129
25%
*37%
Jan
Jan
8512
1514
72%
3
Jan
2434
40
113
7
25
24% Deo
Apr
20
115
48
Da Apr
3ia Apr
314 Apr
1934 Jan
1738 Sept
Feb
48
3,100
1634
Jan
124
13%
14
Deo
3378 Nov
Oct
100
12
12
Feb
Feb
Apr
12ia Apr
6
26%
Deo
478
300
15
Jan
8is
25s
14%
125s
102% 102%
Colonial
3U
Apr
13
180
Nov
7734 Nov
212 Apr
684 May
59
4,700
100
Feb
2584 Mar 19
------
Apr
27g
57g
D2
278
14% Sept 10
38
Deo
6918
3
25%
*109
May
5612 Jan 29
44
.
Dec
132%June
13*2
41
Jan
6
par
41
Deo
3884
2012 Sept 10
23%
24%
22
4
253s May
par
106% 10734
7212
111
125U Aug 11
23%
113
Apr
Colgate-Palmollve-Peet No
28
17%
Jan
II4
Coca-Cola Co (The)..-No
Class A
No
*
jnov
19'4 Mar
100
26
16%
*14
13s May
2%
400
4,000
Oct
74
57ia Sept
11,200
14%
108
No par
Preferred
25%
18
July 15
105s Mar
47i8 Mar 31
50
Feb 18
74
32i4 Apr 7
10234June 21
35
Jan 5
Clev & Pitts RR Co 7% gtd.50
Mar 11
92
Sept 10
Clark Equipment
No par
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
Special
80
13514 Feb 11
2138 Feb 18
Feb 16
5
8
27i2 Jan 14
22is Jan 29
16% Mar 3
Sept 10
Sept 8
17
55
------
16
25%
59
48
14%
100
2,300
------
.No par
17
99
5034
♦
~2§"
3,300
884 Mar
June 30
6H% preferred
City Investing Co
City Stores
Nov
1534
58
*57%
45
38
10
33s Mar 17
1534May
94
18
5612
*103% 107%
13i8
13%
258
2%
45
*
4/0
6,600
9
1018 Feb 19
Sept 10
Sept 10
6
24
99
*80
38
2,100
Chrysler Corp
City Ice & Fuel
19
ll5s
92i2
8934
597s
6U8
*
5%
3934
89,800
4
1912 Feb 17
7% Sept 8
46i2 Jan 22
25
23i2
26i2
2514
107
*80
*101
-
102% 102%
43
38
*114
-
10834 109% *107% 109%
*25
2534
-
75
10834 10834
39
40%
88
*83%
*48%
20%
2234
129% 129%
138
143%
....
151*
*58
37%
78
.
10
No par
Chile Copper. Co
60
Feb
12
Aug 28
35
3U Mar 18
134Sept 10
16
6
33
3
*52%
8
18U Mar
378 Sept
8
Mar
li2Sept
2i2Sept 10
2i2Sept 10
6i2Sept 10
18~Sept 8
100
16%
Feb 13
123sMay 19
Jan 20
100
59
Feb
32
100
7%
Feb 10
13i2Mar 17
July
7% preferred
16%
Jan 14
90ia Mar 6
6878 Mar 4
Mar 11
Sept
6% preferred
*52i4
57
100
5i2Sept 10
7
20
5,100
8
Apr
6% Apr
9712 May
4734 j an
814 June
35
Jan
4,400
16%
3
Jan
1%
62
Dec
51
3%
7%
Dec
9%
59
111
9
4%
16%
Sept
37ia
Jan
134
*52%
Deo
Jan
2214
3
8i2
86
Jan
Dec
65s Nov
48
4
17%
39%
Aug
3%
62
May
Nov
it
110
Mar
4%
8
54
2538
19
2
16i2
7
101
3%
*53
Apr
4
3%
9
Dec
19
63%June 10
2
1734
32
106
14ia Mar
8
July 13
334
62
z91
5484
9
2358 Feb 10
2
Chicago Yellow Cab
Jan
2134 May
10714 Jan 26
li4SeptlO
Sept 7
pref erred. ..No par
JChlc Rock isi «fc Pacific
July
8
125s Jan 28
Feb
June
143
82ia Jan
114 Aug 31
par
934
186
June
3914 Jan 12
4
100
Chicago Pneumat Tool. No
I
863s Mar 10
5612 Sept
100
Oct
Deo
Jan
48U Mar
Sept 10
9OI4 Aug 16
JChlc lnd ALoulsv 4% pref 100
Chicago Mall Order Co
5
JChlc Mil St P & Pac.-No par
5% preferred
100
JChicago & North Weat'n.lOO
Preferred
115
42
25
JChlc & East 111 Ry Co
100
6% preferred
100
JChicago Great Western.. 100
4% preferred
Feb
684 May
9212 Jan
116
14isJune 16
100
Nov
10384
2
105U Aug 11
41i4May 20
48I4 Sept
par
53
Feb
Jan xlOO
Jan
35i2 Jan
5
18ia
87
Sept 10
107
No par
Feb
6884 Nov
1284 May
4534 Jan
91
May 13
4%
*858
Nov
16ia Nov
8
8
100
Common
2
60
1%
*53
"3"
Jan
Jan 18
4134 Jan 15
4
*17
Jan
%
2434 Jan 11
4i4
500
Deo
Feb
Sept 58
9
434
13
Oct
4834
37
100
6i2Sept 8
98i4 Aug 16
2
12
Deo
9
9i2 Apr 20
19184 Aug 3
12934 Jan 22
June 29
4
14
Dec
88i2
3384
1078
353sJune
9
4%
*13
29is
54% June
Apr
30U Apr
22
6
52U Jan
Sept 10
2
13
3314 Nov
6*8 Mar
102
8
5
14
3134 Nov
1684 Nov
4
17i2Sept 10
ChampPap & Fib Co 6% pf 100
conv
Sept
414
*13
Dec
106
29i2Sept 10
5
Sept 10
Cerro de Pasco Copper.No par
Certain-Teed Products
1
13
8
2
15
Mar
Aug 27
18i2Mar 11
2658 Jan 6
106i2 Jan 6
3012 Sept 10
66
Sept 10
100
Celotex Co
6%
July
5
*13
Oct
9
I6I2 Apr
6D2 Jan
8
102% July
100
Colanese Corp of Amer.No par
Central 111 Lt
June
414
3%
1234
34ia
33ia
212 Jan
8% Jan
1418 Apr
13is Dec
293)} Dec
25s Jan
17i2 Mar
llli4SeptlO
68
47%
2
Apr
25
13s Sept
137
106
110
2
52
512 Sept B8
Sept 10
1
8
3,000
Jan 11
48U Feb
4
100
65
10,400
91
1
348s Mar
Mar 22
100
Preferred...
*95
43
21
178
Carriers & General Corp
Case (J I) Co
10
*89%
8
2U2
134
26
67
15S
8
5
Carpenter Steel Co
106
*169"
44%
94%
2%
434
1%
7%
47
Central RR of New Jersey-100
------
9U Feb 25
3334 Mar 9
9412 July 28
Sept 9
Century Ribbon Mills..No par
10%
2
3
94
Central Vloleta Sugar Co.—19
9%
18t4 Mar
113s Sept 10
10
400
*
4514 Feb
-..100
Stamped
66
6434
1
36i4 Mar
44
1
2,300
10
Feb
8
984 Sept 10
No par
*95
10034
23
100
9
1134 Jan 29
Deo
2,500
4
2%
4%
1%
634
120
600
21,400
Dec
16
7%
1%
134
100
1,300
39
25
9%
4
55s
ls4
8*8
*5is
21,900
Dec
35%
Jan
Apr
Canadian Pacific Ry
7
2
2%
*514
5,900
------
Mar
59%
2084 Apr
Apr
9%
56
42%
*90
200
14
Jan
40U
8
*984
6%
*52
£91%
6,600
115ia Sept
83s Apr
ID2
30»4
Carolina Clinch & Ohio Ry. 100
2,500
Jan
85
Jan
5
8
18%
10
59%
45%
9U2
2l4
£59%
£43%
33
30%
101
48%
~30%
33
*66
534
*11
94
32%
110
70%
31
17
70
29%
*
110
*11
4658
79
83%
*104% 106
33%
"32%
19
4638
*92i2
*178
5%
151
35%
47
*6018
8%
108% *.
47
*9
5%
137
111% 113%
7
1838 July 14
8
23s Jan
Rights.
$3 preferred A
47
96
6
150
32%
109
19
*22
5%
147
*113% 120
83%
$5
*104% 106
46
49%
*40
*
96
109
47
♦
6
150
*104
38%
*-
Feb 15
Apr
Capital Admin class A
96
Jan
13
6514 Mar 2
45U Jan 18
Deo
Sept
1578 May
103s
Cannon Mills
96
98
7
2D4
115
Jan
30
500
*40
47
June 16
9%
38I4 Mar 19
600
*40
8% Jan
1071a Sent
373« Feb 13
11%
11%
3
143g Jan 11
June 28
27,700
*43
24% Feb
22Dec
«% May
1914 Sept 10
i2Sept 10
10%
46%
*94*
3434
Jan 11
24
9%
10%
1,900
*90
106
*104
Jan
24i2
Canada Dry Ginger Ale
81,400
95
118
655?
Sent
Campbell W & C Fdy_.No par
23,100
96
5%
Oct
45
7
6
%
4714
144
57
Jan
6i8 Feb 25
20% Jan 12
21%
12%
153
4412 May
50
Mar
58I4 Sept
Apr 29
27
46
117% *115
Oct
6234 Jan 14
51 la
Jan
12
%
*34
6
106
3538 Feb
1
19%
*11%
44%
12%
143
Apr
Calumet & Hecla Cons Cop. .5
25
*43
44
*11%
115
Callahan Zinc-Lead
1
10
12l8
1214 Mar
Feb
11718 Mar 12
50
50
22
*94%
67a
5% preferred
27
10%
4438
par
100
78
1
*90
159
No par
No par
13%
96%
159
Byron Jackson Co
California Packing
12%
47%
*117l2 120
89
89%
No
13%
96
*2812
*612
5
By era Co (A M)
Partlc preferred
21%
22%
9%
5%
16
25%
26
%
5
14%
32
«•>_
13
12%
17%
5%
31%
*50
234
12%
5012 July
Jan
Dec
412 Apr 28
14i8Sept 10
61
Aug 20
2214 Sept 10
31
Sept 7
30
5
5% conv preferred
Butte Copper & Zinc
65
Jan
412
4014
9784
2
127sJune29
Sept 8
10
2834
27
69
41
33
Jan 12
28
JBush Term Bldg gu pf ctfs 100
18
1334
28
*2434
Feb
64% Mar
Dec
53
lli2 Sept
17
Sept
100
15
15%
62%
23%
"m
47
3812 Jan 14
10212 Jan
22%June 30
3i2Sept 8
No par
30
534
Nov
Aug
1112 Jan
5ia Nov
Apr
yl2i8 July
4314 Apr
Jan 13
Aug 10
534 Sept
Burroughs Add Mach._JVo par
3%
12%
4
1378
18%
Jan 23
718 June 17
1
29%
5
47
"32%
June
li8 July
8
26i2 Sept 10
12
Sept 8
15%
16%
*62i2
22l2
Deo
6318 Mar
IOOI4 Apr
"255s "Jan
6
47
4412 Sept 10
3034
534
*63
*94"
58
Burl'ngton Mills Corp
24%
'
39
share
per
373s
Apr
412 Jan 11
Aug 14
2314 Feb 23
5978 Feb 11
5312 Feb 13
8
No par
Bullard Co
4%
13%
*
100
2,100
25
19
16%
40is Dec
80i8 June
1534 Mar 23
15i2SeptlO
50i4Sept 8
26
Sept 10
421?Sept 8
No par
Watch
28%
2334
17
share %
per
34
2718 Sept 10
14
Sept 10
3 712 Sept
8
4134 July 1
35
Sept 9
218 Sept 8
12
Sept 10
No par
Budd Wheel
26%
2558
15%
Jan 18
$
5058 Aug 25
Sept 9
l%June 18
101
7% preferred
440
15,600
28%
24i2
4%
13%
3%
28
12i2Sept 10
5
Bulova
22
11%
46ij Apr 13
25
Aug 16
Sept 10
7
100
No par
7% preferred—
Bund (E G) Mfg
6,600
2678
*27l2
2238
1%
1058
Bucyrus-Erle Co
190
49%
*16i2
3%
1378
8,800
20,800
44%
14
434
20
Jan 22
93
2112 June 25
387s Apr 28
14% Sept
Bruns-Balke-Couender.iVw par
29%
16i2
var
2,600
49
13
34
Nn
Shoe Co.
48%
28%
14
*48%
Brown
200
15%/
13%
13
534
2,500
43
12
*183S
$6 preferred
No par
Bklyn-Manh Transit—No par
$6 prerfered series A.No par
Brooklyn Union Gas—No par
800
27
*41
12
18
1,500
16%
14
18
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
9,800
12
Manufacturing.No par
Brlggs & Stratton
500
15%
14
25
Brlggs
9,400
50%
12%
15
*20
Bridgeport Brass Co—No par
15,400
2%
•
49
29%
36
2%
13%
14%
12%
106
103% 103% *103
7%
7%
8%
8%
69
69
66
63%
7
6%
6%
6%
65
5%
36
Co.17
Bearing
4984 Mar i_
48is Feb 13
June 24
84*2 Aug 4
4138 Mar 12
JBotany Cons Mills class A.50
Roller
7
share
per
hhVBMK m
7%
47
44
16%
26%
14
7%
5134
15%
40%
44
Bower
52%
*41
104
72
14
37%
45%
35%
2%
35
48
29
40%
15%
39%
45%
15%
3834
27%
5
37
100
Boston &
2,300
1%
30
Borg-Wamer Corp..
Maine RR
1,500
300
7%
1%
*14i4
2534
47S
*30
Class B
150
21
22%
4334
67
4%
No par
—No par
Bon Ami class A
21
7%
5212
534
5 11,26% Sept
$
Highest
Lowest
Highest
share
5
2134
714
,
*88%
4134
per
Boeing Airplane Co
2,500
91
$
Bohn Aluminum & Brass
28,700
41%
21
31
31
27%
40
100-Share Lots
Lowest
Par
22%
4234
76
73
7%
*5134
23
41%
90
43
28%
40%
™U34 t ^5?
17
16
1578
*104
27%
2%
2%
12%
12%
15%
17%
50%
51%
27
26%
42% _43%,
13%
175s
*52
28%
42%
88%
Range for Previous
Year 1936
Range Since Jan. 1
On Basis of
Week
$ per share
3078
1937
Sept. 11,
Ex-rights,
214
13612 Aug
x45%
51%
Jan
Jan
23i8 July
10834 Oct
103
Aug
847g Sept
128
Nov
9184 Nov
136
Nov
245s
512
Feb
82
Feb
Feb
t Called for redemption.
Volume
LOW
AND
PRICES—PER
SALE
HIGH
fnr
On Basis of
STOCK
NEW YORK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Sept. 4
Sept. 6
Sept. 7
Sept. S
Sept. 9
Sept. 10
Week
*11
35
3484
*12
11
11
3434
32
13%
32%
*12
16
10
10
*12
3234
*12
16
14%
*13
17
16
14%
14%
12%
12%
*13%
*18%
*11%
19
17
1834
15%
17
11%
1634
10%
16
10
10%
1034
"83%
83%
11%
1238
*
76
*83%
*83
3
3
*11
3
10%
11%
30%
33
10034 103
33%
33'8
103% 103%
8%
*8%
6%
%
34
10
*984
41%
*83
90
10
31
32
83%
*83
32%
33
35
*33
41%
'*
92%
39
*36
*
92
*35%
92
26%
213f,
2%
22%
18%
26%
21
"22%
2%
26
*21
2%
234
2%
90
55%
*15
87
87
83
86
55%
*88
53%
55%
5134
1334
5334
1534
2%
13%
14%
3734
37%
35%
41%
25%
38%
61
59
2%
42
*25%
2534
£39%
24%
61%
61%
60
62%
62%
4184
*161% 165%
-J'-..
2
23%
17,000
6,700
2%
2
87
6534 June
833s Sept 10
95
Mar 11
72%
Aug 31
92
Mar
5
73 %
1
2
Sept 10
534 Jan 20
1834 Jan 9
4978 Jan 23
v t c
*116'5,6 117
*111
111%
1%
2%
20,000
Continental
40%
18,500
Continental Oil of Del
~58%
60%
*59
1,700
510
5934
6,300
„
110
110
107
25
_
8,400
No par
25
5%
pref
conv
37
Jan 16
35
2834
Jan 15
No par
2/
27
26%
1,000
Cream of Wheat ctfs.
1434
15
13
15
3.200
67
45%
39
64%
57%
65
3,700
Crosley Radio Corp.—No par
Crown Cork & Seal
No par
46
*44
3s.
183s
19
44
39%
100
19
44
25,600
21%
19
18%
1934
£17%
*97%
99
93
94
*93%
97%
*94%
96-%
94%
94%
*65%
58
63
57
58%
60
60
57
59%
5,700
119
119
*111
*110
129
*110
129%
*121
20%
1%
1%
1%
1%
9%
9%
9%
934
7%
834
7%
9%
*111
111
113%
37%
37%
*37%
9%
984
834
*66%
*67
70
5%
4%
5%
17%
1734
16
*41%
53
*75
77
71
1%
1%
111
8
8
7
7%
170
8%
8%
8%
7%
8%
7,200
110
37%
9%
36%
110
37
68
8
68
4%
15%
5%
17%
*36%
8%
7%
6834
*105
16
6838
4%
4%
*
71
*
15%
55
"70"
75
*
110
"36%
8%
4%
71
70%
"7l"
14
*_
*
Stock
Exchange
11%
12%
3%
4%
108% 108%
*10%
12
110%
*4%
*109
13%
4%
109
109
16
*10
16
19
19
*53
59
*50"
59
*19
19%
*55
60
4%
13%
4.%
10
*
10
12
"■
•
■
1234
72
1,000
11%
11%
200
15%
15%
100
40
6,700
117
24%
1,000
17%
18
1,300
25
28%
7,300
24%
4
1,900
105
108
1,300
10
10
10
50
19%
10
3%
4%
3%
19% *....
*._.
*50%
*50~2
58
58
26%
26%
2434
26
24
25
*33%
3434
34
34
33%
34
*14
15%
14
14
13%
13%
20%
18
19%
84
82
82
19
*18%
1834
£18%
18%
18%
18%
36%
*35
36
*3438
35
34%
34%
10
33
32%
33%
29%
33%
2,500
38%
39
39
37%
38-?
21
21
17
*84
86
84
*19%
20
19
*35%
36%
*36
38%
*35%
34
3734
32%
3734
35
39%
39%
*8%
39%
834
*7
9
*734
50%
50%
44
49
42%
116
116%
*41%
*35
45
*24
26%
23%
*%
34
*%
*1%
134
1%
*4%
434
4
15
*14
*116% 120
153
153
*134% 135%
*114
115
*11%
11%
*183
186
*158
160%
*14
45
*20*2
10%
37
400
13
700
1834
16%
19
9,200
82
79
79
300
24
8
*7%
*0%
44%
112
*37%
24
105
112
43%
23
%
l9
100
1%
3%
15
34
1%
*1%
1%
*1%
1%
334
3%
3%
3
3%
2,100
13%
14
134
*13
15
200
116% 116%
142
149%
135
134
134
*134
114
9%
10
115
10%
160
160
9%
434
*13
148% 151
115
9%
11%
15
*116% 120
134
115
115
160
9%
160
160
29%
30*2
30%
28%
7%
9%
8%
9%
33%
33%
9%
9%
34%
10%
7%
30%
5
434
4%
4%
16,800
16%
17
17%
15%
17%
56,200
434
934
434
S%
30%
8%
15,100
34%
12,100
10
3,600
16,800
15%
1834
65
70
65
65
65
65
60%
64
1,300
66
61
61
60
62
56
60
1,100
36%
*1
1%
*4%
5
25%
25%
*5134
54
114
*109
11
*9
33
*33
34%
32%
3458
3334
35
*1
1
1
1
1%
1%
*1
1%
4
4
3%
3%
3%
3%
4%
4%
24%
24%
23%
24%
23% 24
2334
25%
51
*45
*45
52
51
5134
*5134
54
115
110%
110% *109
*109
110% *109
| *109
8%
8%
9%
8%
7%
*9
11
8%
34%
*57
62
*57
64
*57%
64
*58%
70
62
62
*60
73
*61%
73
*60
69l8
65
65
*66
*67
74
*60
*65
*4i2
4
5
75
200
T.700
19%
1512
13%
13%
78i2
*75%
78%
7
19
16%
2%
2%
2%
6%
6%
7%
18%
734
78%
*75
17
16%
2
*75
6%
10%
12%
17
2%
3
2%
78%
76
76
6%
6
17%
15
2%
2%
2%
2%
Jan 11
11% Sept 10
Feb
5
24% Sept
Western..50
JDenv & Rio Gr West 6% pf 100
Detroit Edison
100
Det & Mackinac Ry Co... 100
5% non-cum preferred. .100
Devoe & "taynolds A..No par
Diamond Match..
No par
6% participating pref..-.25
Diamond T Motor Car Co. .2
Distil Corp-Seagr's Ltd A o par
5% pref with warrants.. 100
Dixie-Vortex Co
No par
Class A
No par
Doehler Die CastlngCo No par
Dome Mines Ltd
No par
Dominion Stores Ltd.-No par
Douglas Aircraft
No par
6%
*48%
3% Sept
Sept 10
(N J)-No par
8% cum preferred
Manufacturing Co
100
4
No par
Electric Auto-Lite (The)
6
Electric Boat
3
Elec & Mus Inc Am shares...
Electric Power & Light-No par
$7 preferred
No par
56 preferred
No par
Elec Storage Battery..No par
JElk Horn Coal Corp—No par
6% preferred
50
El Paso Natural Gas
.3
Endicott-Johnson Corp
50
5% preferred
100
Engineers Public Service
1
Jan
Aug 10
76% Feb 19
42
Jan
63
Deo
36% Feb 2
40% Feb 4
23
Apr 10
30%
Oct
40%
Jan
37%
Oct
18%
Apr
Sept
24
33
Aug
13
Sept 10
29
Mar 17
96
Mar
9
93
Dec
95%
18
June 28
25
Feb
9
19
Oct
25
34
June 21
Jan 25
40
Aug
51
8% Aug 21
40% Sept 10
Sept 10
105
*578
6
65s
6%
*314
110
384
*
16%
*15
17
200
89%
88
88
20
100
100
300
110
534
3%
6%
3%
Bid and asked prices; no sales on
105
105
-*96% 105
5
4%
5%
5%
3
2%
this day,
*105
120
*96% 102
5%
4%
4%
6",200
5%
6
5%
6
2,000
2%
3
2%
3
6,300
t In receivership.
12% Mar
8
77% Jan 25
14334 July 13
Sept 10
23
55
Jan 16
Sept 10
37
39%
Jan
%June 25
l%Sept
3
8
Sept 10
I378Sept
8
112
May 28
142
Sept 10
130%June29
110
Aug 5
9% Sept 10
Apr 29
150
Apr 2
151
28% Sept
8
7% Sept 10
30% Sept 10
9% Sept 10
4% June 15
14%June 14
60% Sept 10
56
Sept 10
3 2%June
Deo
28
1% Jan
7
5
3% Feb 19
41%
7%
Apr
61% June
123s Dec
50%
Jan
82%
29
Jan
51
Deo
Jan
36%
Dec
1%
Jan
3
Jan
5%
Jan
% May
1%
Jan
Jan 16
4% July
17% Jan 19
13% Aug
8%
122
Jan 19
114
Feb
180%
Jan 18
133
Apr
135% Feb 19
129
Feb
115% Jan 22
rlll% June
5
5% July
17
Mar
8%
18%
120
12%
185
Aug
163
Jan 11
152
July
166
Mar
37% Feb 11
16
Mar 17
45% Feb 11
16
Feb 23
7% Feb
6
26% Jan 14
92% Jan 7
40% Nov
28%
Jan
584
Apr
15% Nov
3034 Apr
47% Nov
10
Apr
5
Dec
734
Feb
Feb
6%
Jan
25%
Deo
1738
Jan
94%
Deo
8
29%
Jan
87%
Deo
44% Jan 16
39%
Dec
55%
Jan
Feb
Dec
87
Jan
3234
%
Jan
1%
3
June 15
8
Jan 18
1%
Jan
6%
8
Deo
Apr
Jan 19
Sept
Deo
156
2
51
Deo
Aug 16
2
21% Apr 28
Oct
Jan
Dec
198
June
105%June 10
738 Sept 10
Oct
I8434 Nov
136%
116
1
29
Jan 18
60
Feb 11
115% Jan 19
17%
2234 Nov
53% July
Aug
110
29%
Deo
69
Feb
116
July
Ja* 16
7%
Jan
16%
Dec
Aug
78% Jan 30
45%
Jan
81
Feb 19
48
Jan
8434 Oct
89%June
Aug
86% Feb 10
55
Jan
97
3% Sept
9»4 Jan 15
23% Mar 17
35% Mar 17
11
100
Erie Railroad..
4%
1st preferred
2d preferred
Erie & Pitts RR Co
4%
.No par
10% Sept
100
100
15% Sept
Eureka Vacuum
10% Sept
x75%May
6
Sept
15
2
Sept
Sept
2% Sept
8%
—25
56
preferred
preferred
preferred
Federal Mln &
1638Sept
....100
a Def. delivery,
n
New stock.
tCaah sale,
Oct
29
Oot
Jan
69
Jan
14%
Jan 21
12
Jan
15% Aug
34% Mar
3
634 Jan 21
5% Jan 28
23% July
40%
Jan
Jan
8% Mar
2% June
434 Mar
4%
Jan 28
8%
Apr
25
Deo
71% Jan 15
210% Jan 14
3434
Jan
7134
Deo
122%
210%
Dec
Jan 11
31%
Jan
Feb
61%
29% Jan 18
1834
Apr
2734
4
84
Jan
101%
Deo
Deo
Deo
37
Aug
92
Mar
28
70
150
Mar 11
129
Apr
Jan
2
11% Feb 19
5% Sept
11% Feb 25
Ex-dlv.
Deo
34%
Jan
4% Sept
t
June
18% Sept
11 s4
103
2% Sept
10%
68
66% Jan
100
Truck..No par
Federal Screw Works..No par
Federal Water Serv A..No par
Federal Motor
16
Apr
Apr
Jan 14
94% Apr
...100
Smelt Co... 100
5% Apr
80
28% Mar 17
16% Sept
88
Sept
Preferred
*96% 102
4%
Jan 28
July
6%
*100
16%
40%
4634 Feb 17
37% Sept 10
Jan
Deo
Nov
65
Fairbanks Co
89%
41%
29% Sept 10
Aug
60
Equitable Office Bidg.
930
16
43
"34%
16% Sept 10
79
Sept 10
55
3,000
89%
Oct
59
preferred—.No par
2,300
*88%
Feb
$5>£ preferred w w..No par
56 preferred
No par
2%
*13%
153
11%
Eltlngon Schild
17%
16%
May
128
213s
Eaton
1,700
91
7
Apr
Duplan
6% non-voting deb
Jan
May
June
__1
Silk
No par
8% preferred
100
Du P de Nemours(E 1)& Co 20
10% Feb 18
116%
Feb
4
Sept
*96% 105
5%
5%
Feb
13
42
120
Oct
23%
93s
19
100
*9614 105
54%
Jan
Jan
438
May 13
Fajardo Sug Co of Pr Rico. 20
Federal Light & Traction.. 15
*112
33% Nov
30
"'866
1634
Apr
Aug
Mar
*88 %
19%
19
9% Apr
Sept
19
5
Jan
22
105
40
90
29
14% Apr
150
*1684
Dec
323s Nov
3634
Fairbanks Morse & Co.No par
*88
Deo
108%
Jan
58% Mar 17
1,060
50
108%
Jan
27
1.07
24% Mar 17
Atlantic—.100
preferred
100
Dunhlll International
20
"
Dec
52
5
Sept 10
fDuluth S S &
50
Cleaner
5
Evans Products Co
5
Exchange Buffet Corp.No par
47
Jan
3D4 Mar
143% July 23
Sept 10
3,000
42
Dec
19% Nov
7% Apr
11
2%
17%
50
9
17% Sept 10
46
«...
90
Jan
25
Delaware Lack &
16%
*46
21%
Jan
Sept
5
Jan
40
*100
Ian 16
18%
24
109
18%
-
90% Mar 10
15% Sept 10
46%
*
9% Mar
Jan
4
10%
99%June 28
104% Jan 5
17
45
4
6
Jan
Apr
Deo
114
Jan
45%
-
99% Mar
Dec
18
45
6
8834
48
*100
20% Feb 11
109% Jan
Deo
44%
24%
16% June
43%
2%
16%
44
129
Jan
35% May
70%
46
44
1
Dec
14% Mar
Jan
36% May
50
*110
Mar
43
20
Sept
6%
63%
Feb 27
3%
20%
*120
9
4
Jan 11
62
50
2%
Jan
14% Jan 12
pref..100
No par
Cutler-Hammer Inc
No par
Davega Stores Corp
5
Conv 5% pref...
25
Dayton Pow & Lt 4^ % pf. 100
Deere & Co
-No par
Preferred
20
Dlesel-Wemmer-Gllbert
10
Delaware & Hudson
.100
preferred
20
3
17%
127
Oct
59
5312
314
Dec
Jan 14
1
A
21
*318
21
*52%
Dec
3%
95% Apr
1% Sept
Mar 10
8% Mar
1,700
6%
Deo
5684
125
28
3
86
100
12%
12
193s
*1358
*7478
8184 Mar
2334 Mar
1.600
18
3%
19%
Apr
IO834 Apr 15
4% Sept 10
7,200
12
17%
16%
11%
73
11%
11%
10%
19
*66
49% Nov
14% Sept 10
100
16
11%
17%
11%
13%
258
6,300
15%
3%
17
19
900
10%
3%
11
*738
300
4,400
3%
1384
*1314
1,300
3%
3%
4%
58% Nov
Dec
7% May
25% Apr 13
3
7% Sept 8
65
Aug 16
91% Nov
44
47% Jan 28
135
10978 July 21
36% Sept 8
35% Sept
46% July
May 20
7% Sept 10
37% Nov
Jan
67% Aug 19
41% Sept
1
70
Sept 8
Class
$5 conv
73
69l8
4
Mar
...1
Curtlss-WrJght
64
*65
...No par
Preferred
50
28%
62%
*35
Packing
50
Curtis Pub Co (The)...No par
Cudahy
Eastman Kodak
31%
10%
36%
11
32
100
Sugar.... 10
100
1,900
10%
181
434
15%
19
Preferred
Dec
Nov
15% Mar
43%
3
8
l%May 28
7
Sept 10
No par
pref
Cuban-American
3,400
90
74%
67
Cuba Rlt 6%
100
Duquesne Light 5% lHt pf.100
Eastern Rolling Mills
5
200
*115%
178
20
9,600
67
1834
*71
115
400
160
5%
23%
Jan
100
No par
1,900. JDow Chemical Co
Dresser (SR)Mfg conv A No par
100
Class B
No par
700
*lo
*159% 160
11%
37
37
24
112%
22" 800
84
182
9%
3234
o,200
8%
45%
181% 183%
29%
600
*7%
179
10%
1,300
24%
13
178
179
24%
*34
14%
37
*%
34
1%
4%
146% 148
31%
5%
*37
24
*116% 120
10%
*36%
11%
11334
42
*134% 135%
115
18%
25%
44%
8%
45
152
147
14
*79
*116% 120
31%
36«4
113
115% 116
25%
*34
No par
Cuba Co (The)
7% Mar
50%
140
'
14,300
12%
11
16%June 28
93
Sept 7
$8
50
102% 102%
108
5
Cushman's Sons 7%
71
_
56% Jan
Preferred
16,300
107% 109
10
19
88,500
"71%
72
18
13%
4%
15%
41%June29
37
Sept 1
51
400
14%
5
1638
50
*
8,100
68
68
68%
400
8%
7%
36%
100% Feb
$5 conv pref
70
110
3/
*11%
12%
1234
*11%
1234
1234
18
18
*15%
*15%
*15%
18
*102% 105
*102% 105
*102% 105
117
118
120^4
11834
1173s 123
124% 12434
24%
24%
sed—
24% 24%
24% 2434
24%
24%
*18
18%
1734
1734
20
19%
19%
*19%
29
29
31%
2934
27%
2734
31% Labor Day
31%
*13
*15%
*102% 105
3,500
1%
8
71
*
71
*1%
1%
1%
7%
Sept 10
13
Crucible Steel of America.. 100
100
129
8
55
*
*51%
129
56% Feb
June 29
57% Sept 10
Crown Zellerbach Corp
400
67
21%
—
40
$2.25 conv pref w w..No par
Pref ex-warrants
No par
100
*35
4/34
39
July
Aug 13
15
40
4
10% Mar 16
Oct
Dec
170
Aug
115
27
*40%
*37%
158
100%June 17
25
Sept 10
14
*40
Jan 15
171% Jan 14
Oct
63
*37%
Apr
82% June
Nov
*22%
46%
Dec
69%
Apr
'63% Aug
55%
41
17%
39
Mar
46
Dec
136
27
*42%
4
44%
25
3
15
*38
Feb
100
preferred
17%
800
1,800
Apr 14
534 Sept 8
46
28% June
8
Feb 13
71%
5478May 13
153
Jan
35% Apr
2% Apr
July 19
77
87%
24% Mar
Jan 28
27
64%
Dec
35% Nov
17% June
121
18
6434
6334
3
27%
63%
Nov
Jan 9
Jan 23
Jan 23
Feb 11
69%
2534
4234
3%
113%May
17%
69%
Nov
109
100
Co
27%
*69
4
Jan
49
Crane
26% Mar
Jan
35% Mar
Coty Inc
De0
1534 May
Jan
178 Sept 10
100
Deo
1%
23% Sept 8
58 % Sept 10
Preferred
Jan
9%
37%
s8 May
2
1038
3684 Sept 10
m
12,POO
111
108
_
1%
June
12% June
67%
1
Co..20
Corn Products Refining
25
1284 Nov
5% Jan 15
5
Corn Exch Bank Trust
Deo
106% June
10934 Feb 17
Continental Steel Corp. No par
Motors
17%
Jan
5% Sept
2% Sept 10
Sept 10
Sept 10
36%
9% Nov
92% Aug 16
34
Continental Insurance..-$2.50
2,900
4,000
Oct
July
37% Apr 13
3734 Jan 14
Sept 10
14%
Feb
48%
4
16% Sept 10
June 17
35%
109
Feb
20%
89% Sept 10
13
13
Jan
101
10% Jan
20% Jan
50
Continental Can Inc
23
4
1% Feb 27
13% Apr 6
52s4 Apr 6
20
6,400
Nov
7%
Apr
11% Apr
105% Jan 23
Continental Diamond Fibre. .5
53
♦
6
4%June 30
Aug
Nov
94
3%
13% Feb 26
17% Apr 5
12% Sept
Nov
95
102
8
7
6% Sept
85
Jan
Feb
4% Sept
15% Apr
27% Apr
Jan 12
108
100
preferred
8%
34
2%
Aug
80
14
24%
76
No par
Class B
35%
41%
60%
105
Continental Bak class A No par
800
58%
5638
6034
5934
60%
5934
60% 61%
*161% 165% *161% 165% *161% 165% *161% 165%
6%
5%
6%
6%
534
6%
■;
6%
7%
43
42
43
42%
40%
4034
42% 45
117
11/
116*5,6 116'% 6 116*5,6 116*5)6 *116*^,6
108% 111
Co$4.50pfNo par
20
86
80
50%
'
7%
47
738
4634
Consumers P
13%
2
Dec
2584 Mar
7
83
Container Corp of America.
21,100
2334
1934
100
18%
40
June
Jan 14
100
100
100
preferred
5% preferred
10
100
24
2%
8
Feb 24
3,800
2%
39%
24%
July
18%
%May 13
Sept 10
9,600
$5
34%
14%
35%
34%
2
37%
2%
26
Sept 10
8% Sept 10
8
4,200
16%
53
Jan
14
33
200
2034
52
33%
104
3,300
53,400
18%
234
;■
Aug
99i2June 15
700
89%
89%
86
15
..No par
Consol Laundries Corp
5
Consol Oil Corp
No par
$5 preferred
No par
Consol RR of Cuba 6% pf.100
tConsolidated Textile..No par
Consol Coal Co (Del) v t C..25
30,700
24%
*84
22
9i2Sept 10
30% Sept 7
183S
2%
Jan
$2 partic pref
No par
Consol Edison of N Y..No par
2338
23%
18%
2%
1734
16
Consol Film Industries
39
*31
39
*90
19% Jan 23
2,900
o3
30%
'
92
Jan
12% June 29
12 June 21
Jan 15
Mar 2
*
*90
Dec
44%
4,700
103% 103%
7%
634
102% 102%
101% 101%
15%
30% Aug
2%
9%
10%
July
45% Mar 11
10%
2
2%
10
7% preferred
% prior pref w w
6V£% prior prf ex-war..
6H
share
19% Feb 11
8
Cigar
..No par
Conn Ry & Ltg 4^ % pref.100
Consol Aircraft Corp
1
Consolidated Cigar
No par
50
7
per
share
9
32
90
Highest
per
share
$ per
share
8% Sept
Sept
Congoleum-Nalrn Inc.-No par
76
"83%
10
2%
234
2%
10
10%
5%
*
76
5,100
2,600
16%
14
7
7
8
6%
734
8%
13%
12%
12%
13%
12%
133s
12% 14
105%
105% *104
105% *104
104% 104% *104
5
4%
5%
4%
4%
4%
5%
534
%
%
%
%
%
%
%
%
8
8%
8%
834
838
884
838
9%
14%
*104% 105%
*534
83%
*83
2%
12
14
"83%
86
90
*83
90
*
76
76
86
*83%
20
per
Cnnde Nasi Pub Inc...No par
Congress
16
*12
*14%
*
33%
32
33%
32%
16
1,400
2,900
10
9
8%
8%
$
Lotoest
Highest
Lowest
Par
Shares
$ per share
$ per share
$ per share
$ per share
$ per share
11%
Ranoe for Previous
Year 1936
1
100-Share Lots
EXCHANGE
Saturday
.
Ranoe Since Jan.
STOCKS
Sales
CENT
NOT PER
SHARE,
JUT
$ per share
1701
New York Stock Record—Continued—Page 4
145
6
Jan 14
y Ex-rlghta.
69% Mar
7% Jan
3
Apr
2%
Jan
123% Nov
12% Mar
6
Deo
6
Oct
1 Called to tredenptlon.
New York Stock
Record—Continued—Page 5
1702
LOW AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Sales
STOCKS
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 4
Sept. 6
Sep t. 7
Sept. 8
Sept. 9
Sept. 10
$ per share
$ per share
$ per share
Range Since Jan. 1
STOCK
YORK
Shares
On Basis of 100
Wee I
$ per share
295g 30
NEW
the
$ per share
*30
*90
9 per shar
31
93
*38*4
90
39l2
*
357g
103
38*8
40*2
39
2534
26*4
2234
30
101*2 101*2
40*8
38
39
38
26
22l2
23
44
*38
4334
*25
31
*28
31
*27*2
*44
384
45
3*4
44*2
3*2
44l2
41l2
29*2
37
37
32
34
*100
105
*100
105
*9
10*4
68
*28
9
9
*55
*57
4212
287g
8
6*4
"25*4
28
26
36
36
30
30
*22*4
26
22*4
22*4
20
4l2
1034
45g
1134
32
101*8Ju»e 30
3,200
7,000
First National 8tores_.No par
37*2 Sept 10
20
41
41
100
FUntkote Co (The)
Florence Stove Co
No par
41
Sept 10
Sept 10
35
100
Florshelm Shoe class A-No par
31
Aug 23
4,100
t Follansbee Brothers.-No par
Foster-Wheeler
238
38
3*4
4214
26*2
30
1,600
4,000
98
70
*
6*2
68
1258
1234
*100*8 105
*59
60*2
*11*S
12
11
*24l4
*26
32
29
100
22
*20
23
20
20*2
280
96*4
96
96
95
96
80
10
11*2
6*2
11
10
11
*96
105
*96
56
11
*130
134
6
9*4
12
57
134
1034
784
56
934
12
IPs
II84
100*8 100*8
59
*130
9*4
5834
10*4
10*8
*130
*130
22*4
7*2
2214
20
2034
6*4
20*4
21*4
1712
45
45
42
42
42
42
40
110
*105
115
*105
115
*105
116
*105
31*8
30
122
50*4
51*4
35*4
35*4
134
*47
*60*8
*119
122
4734
3434
178
50*2
61
120
28
3078
*115
134
*115
50
47*2
3458
Dz
35*2
*45
50
*60
61*2
*119
120
119
4934
52i4
11878 1187s
*1538
1558
36
*
103
3078
49*4
53*4
28
*45
4512
25i2
35
2312
14
22
*.
"26"
23*2
14
*
Stock
1734
*.
1778
*80
40
"l438
Exchange
40
*52
5278
4
434
*
Labor
Day
*78
47g
109
30
26
48
47
52
45*2
23
37*2
5278
33s
100
8*4
8
*79
9*2
234
18
17
35*4
*5034
*31
18*8
43
3234
*
79
14
*23g
*42
*27*4
*33*4
*129
*90
96
4l4
4
*107*4 116*2
11*8
11*8
*9878 105
*
*100
*
*146
1547s
*127*2 130
*57*2 59
*141
,
*10178 10634
*30
3312
*38
3812
105
30
30
48
61
75
6078
9212
*91*2
10*2
67l2
127g
.
3*2
*738
13*2
37s
21*4
*35
984
14
*678
13
37g
2U2
*50
36*8
56*2
*12
13
*
3
3*2
*136
3934
*5034
27
27*2
12
40
*9*2
*
600
100
10*8
"27"
*145
900
10
100
100
34
35
1,300
132
35*2
132
10
9
378
"l,200
958
*
96
10*2
10,800
100
14,600
100
*987g 100
*
2734
154
24i2
150
135
"2:260
2734
145
700
10
*102
*26
35
10634 *102
33
*25
3512
34l2
10634 *102
33
35
105
"2",000
3438
105
105
20
21
1934
20*2
18*2
18*2
3,500
26*2
27
26I2
27
26
27
2,200
4434
46
"4:800
33
33
100
45*4
*32l2
18*4
105
*111
46
45
35
*33i2
19*8
1934
35
*59
18
91
7212
67
69
1158
10
1P8
67
72*4
36,100
5,100
278
1,700
734
600
27g
3
9*2
7
7*2
8
8
*32
*
13
*Iii"2
1234
33g
1834
3*2
18*4
35
55
1278
200
73
3
34
800
105g
27g
20*2
10,000
59
91
71
3
12l2
33a
171S
20
58
6OI2
*85
378
160
*8538
20*4
59
14
105
*111
"4534
*32
#
234
734
11*4
3*4
16*4
13*8
35g
19*2
36
"11*2
11*2
Gen Public Service
1034
a
Mar 25
73
July
97*4
23*2 July
355s
108
Oct
Feb
Nov *135
Jan
4
473s
8
31*2 Apr
Jan
Apr
78
Deo
53*2
33
1
143s Sept 10
June 21
178 Sept
Sept
Jan 16
Feb
153
14
100
104
June 28
4
Nov
155
Oct
7
Oct
11*4
Jan
6*4
Jan
28
Deo
605s
Deo
17
Jan
70*2
Jan
49
Dec
128*4 Nov
59*2 June
140
52U Jan 23
Jan 13
Deo
20
Jan
141
76
Apr
10*4
1265s Mar 31
152
Nov
104*2 Apr
Jan
42U Apr
4
Mar
30
97
4
65
Nov
105*2 Aug
177, Nov
14*8 Nov
Feb 11
321* Mar
7*8 Aug
15*4 Dec
8*2 May
5
Feb
Jan
11*2 May
100
86i2 Feb 17
19ia Jan 14
Jan
152
34*2 Apr
33*8 Feb
7g Jan
65
Deo
44*4 Feb 9
334 Jan 18
44
Nov
64ia Jan 29
6578 Jan 18
14
Jan
71
68
July
1
16
Oct
70ia Feb 11
122&8 Feb
60i2 Jan 9
637s
Jan
118
647s Jan 21
124
Feb
1514 Feb
Dec
43s
Feb
Oct
,
70*2
Jan
123
Aug
77
Nov
Jan
123*8 Nov
69*2 Dec
16*4 Deo
Jan
110
3*2 Apr
32*2 Apr
57
Jan
Mar 20
Jan 19
Jan
185a
5*4
1
19
110
8
8
3*4
53s Jan 13
65'8 Feb
4
117*2 Jan 22
105
106
Jan
June
6*8
Feb
Deo
118*2 Mar
487g Jan
70U Feb
4
88
6
Gen Theat
20*4June 28
33*4 Jan 25
17
33
437s Feb 11
30*8 July
31*4 Dee
44*8 Nov
135s June
'19"^ "Oct
Equip Corp .No
par
Gen Time Instru Corp.No par
General Tire & Rubber Co.. 6
Gillette Safety Razor. -No par
15 conv preferred—No par
Glmbel
Brothers
4tf%
No par
preferred
conv
60
$5 conv preferred
Gotham Silk Hose..
Preferred
4
4
10
8
10
10
10
31i4Sept
132
8
July 21
69»4 Apr 24
27*»June 2
2
June
Jan 12
1*8 July
55s Jan 22
3*8 Apr
16
Apr
24*2 Aug
2812 Jan
2734 Feb
1
48*8 Feb 8
475g Jan 6
28*2 Mar 8
56*4May 20
42*2 Jan 2
145*2 Mar 2
64U Mar 10
39*2 Mar 10
Dec
4*4 Jan 11
69
U*8 July
Jan
9
24
17*2 Mar
6
9*4
30ia
July
5912 Mar
6
8
30
Jan
36
7
33
June
Sept 10
Apr 13
Sept 10
90
2
Aug 11
258 Sept 10
140
Hercules
Motors..
Hercules
Powder..
100
May
7
978 Sept 10
963s Aug 25
May 6
No par
*24
No par
125
Sept 10
100
125
May 22
No par
57
Sept 10
No par
....
101
June 17
205s Feb 10
6% conv preferred..No par
Hollander & Sons (A)..
5
14
Jan
Feb 18
*104
Dec
100
June
105
No par
26
100
Sept 10
Aug 6
4434 Sept 10
Sept 10
33
No par
18
June 29
6
177s Nov
30*8
Jan
4*4
66
Deo
Deo
19*4 Mar
62i2
347,
Deo
37
Aug
15*2
32
Oct
Dec
Nov
125*2 Nov
105*2 Mar
55
Deo
Jan
12
Jan
Feb 26
104
Nov
115
Jan
8
Jan 14
45s Apr
9958 Dec
125s Aug
9
Mar
133
Mar
117*2 Aug 13
1578 Jan 25
135*2 Deo
18*4 Nov
213s
Jan
126
Feb
9
117
May
141
Jan
166
Jan
6
150*4 July
25*2 Apr
165
Deo
305s Feb 11
185
41
Oct
Feb
3
84
Jan
150
Deo
135*2 Feb
2
126
Aug
135
Apr
67*4 Jan 21
Jan 19
June
62*4 Feb
30*4 Mar
Jan
Sept
80
Jan
119
Feb
30*8
Jan
49*4
108
9
4312 Jan
11434 Mar
S0*2June 29
41
687s 8ept
102
4
June
9
Jan
33*4
19*4
Jan
427s
Feb
115
Oct
644
Feb
22*4 July
64*4 June
73
Jan 11
90*2 Mar 10
44*4
33
Feb
Mar
Mar 20
6234
Dec
Oot
Dec
Dec
277s Feb 11
94
Deo
108
397b June
573s Mar 25
124
407
5
88*2June 11
10
Sept 10
v
Manhattan
t c._25
5
100
Jan
4
100
234June 15
678 July 1
No par
5% preferred
11*4 Sept 10
3
...1
100
May II
17*2 Jan 22
iTg
63s
48*4
Jan
1378
Deo
Jan
65
Deo
3*8 June
57i
Jan
1578 Jan 21
23*4 Feb 17
8*2 Apr
13*2 May
17*8
Feb
38
67*2 Mar 11
30
June
Leased lines 4%
RR Sec ctfs series A
57
72
Jan 20
58
Jan
25*2 Mar 11
11
May
...100
Aug 10
1034Sept 10
1000
Cash sale
7
*
Ex-dlv.
y
225s Nov
4*4 Aug 17
I6I4 Sept 10
34
Sept
*785s Nov
Jan 21
6% preferred series A... 100
r
Oct
Jan
Jan 11
17*4
100
Houston Oil of Texas
Howe Sound Co
New stock
95
120
stk. No par
5% preferred
n
Deo
Feb 26
120*2 Jan
110
12.50
cl A.No par
Jan 22
58*2 Mar
140
37
18*2 Sept 10
Jan
Feb 16
111
101 *2 July
6
Jan
31
4
Aug
Jan
Jan
108
32*2 July 13
31
Sept 10
Hlnde A Dauche Paper Co. 10
Holland Furance
..No par
44
107
9
100
w
May 14
1057s Deo
145s Deo
96*2 July
4i2 Feb
11*4 Mar
6*8 Jan
*255s Nov
11*2 Mar 18
3434 Feb
34
Oct
65
26*2 Apr 17
95s Sept 8
25*2 Apr 2
98
Feb
35*2 Dee
86*2 Nov
317a Apr
397b Nov
14*4
128
10*4
118
14912 Aug
8
9
Feb
50*2 Mar
1678 Feb
June
Dec
7*2
Jan
Jan
May
103
Jan
66
Jan
65
June 29
55*4
31
32*4
Apr
Feb 27
Jan
Nov
136
Jan
22
Sept 10
90
62*4 Nov
223s Oct
463s Oct
42U Deo
16
27
1
Hayes Body Corp
&
9
Jan
3
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No
par
Helme (G W)
25
Preferred
100
Hudson
4*4 Feb
Dec
8*2 Apr
77
26
of America cl A
com
215s July
*100
734 Sept 10
30
Sept 8
10
Class B
5
Sept
Mar
40
Hamilton Watch Co
No par
6% preferred
100
Hanna (M A) Co 95 pf.No par
Harbison-Walk Refrac.No par
6% preferred
...100
Household Fin
Jan
Jan
25
class A
Homestake Mining..
Feb
12
100
Water.....
Hall
Holly Sugar Corp
7% preferred
6*4 Nov
116
13*2 Jan 18
17g Sept 10
Deo
27*2 Nov
65i4June 18
par
89
92
98
9*2 Sept 10
6% preferred.
preferred
Mar 11
141
8
No par
6% cum preferred
Hershey Chocolate
Feb 17
74
4
Deo
Jan
37*2 Dec
52*4 Sept
37b Jan
87*4 Mar 11
47*8 Mar 11
Jan
Deo
Dec
71
Oct
84
814 Feb 19
116
Aug
6*4
13*8
10
Houdallle-Herehey
67g Feb 25
15
8% preferred
100
Gulf Mobile & Northern.. 100
conv
61*2 Jan 28
68is Jan 18
612 Jan
2is Sept
16
Sept
28
Sept
33
Sept
17
Sept
2934 Sept
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper... 100
w
9
96
100
preferred
90U Mar
70
9
7714 Sept 10
2i2Sept 10
Great Northern pref
100
Great Western Sugar.-No par
Corp
1
293gMar
60ia Mar 11
100
Granite City Steel
No par
Grant (W T)
No par
Gt Nor Iron Ore Prop.No par
Hat
88 ig Feb 23
100
preferred
July
47g
48*2
Aug 30
207b Feb
63s Sept 10
Greyhound Corp (The).No
2
Apr
26*2 May
33*4 Apr
32*2 Apr
2734 Jan
par
Grand Union Co tr ctfs
—1
J3 conv pref series...No par
7% preferred
Printing
Jan
24
No par
Guantanamo Sugar
7
8
33s Sept 8
Aug 25
Sept 10
76
Sept 10
No par
Preferred
Jan 20
28
Graham-Paige Motors
__1
Granby Consol M S & P....5
6H%
5«4
8
100
No par
No par
6% preferred
Goodyear Tire & Rubb.No
183s Sept 10
5078 Aug 27
3
Sept 10
1
Goodrich Co (B F)
Aug 12
1414 Sept 8
75
Sept 10
36
Sept 10
No par
Glldden Co (The)
45
'12*2 Sept
70
Sept
No par
16 preferred
Illinois Central
Def. delivery,
July
29
1
Feb
Deo
218 SePt 10
Sept 8
Sept 10
43
Sept 10
15,300
""150
1
42i2May 21
87«May 17
106
Mar
Deo
Deo
Dec
Deo
26
Hupp Motor Car Corp
200
May
48iaJune 14
113
Deo
Nov
Nov
16 preferred
...No par
General Refractories..-No par
Gen Steel Cast 16 pref. No par
Hudson Motor Car
34
117
8
par
Gen Realty & Utilities
17,300
53*2
1178
l*2May 19
Sept 8
No par
No
Signal
6% preferred
15,000
1834
*31
1
No par
Gen Railway
358
*
J In receivership,
No par
13*4
■
54
Common
General Printing Ink
$6 preferred
14
33
31
105
300
10634
*25
.10
No par
Gen Outdoor Adv A...No par
50
258
37g
107*4 107*4
97g
10*2
110
154
4,000
*129
100*8
General Motors Corp
S5 preferred
Hackensack
.
~"Io
10
*975s 100
*
800'
*33*8
96
358
28
10
734
30
91*2
107g
*10*8
44
34
10*2
26*2
27
105*4 105*4
59
13
2,400
734
1012
27*8
89*2
10*8
56*4
700
2*8
*....
83g
61
34
9*2
178
*27
3478
10*2
25,300
9*2
2*8
33*8
112*4 *108
150
13 38
30
*129
100
"4,066
35
27
4
30
80
*30*8
*100
9*8
2,900
28*2
*
*10514
90
9,200
24,800
62
33
33*8
934
100
900
135
*27
3312
103g
6,400
2,000
1,200
1,100
4358
33*4
32*4
33
30
Bid and asked prices; no sales on this
day
8
85g
212
135
13l2
934
92l2
123.4
*50
50,800
127*4 127*4 *127*4 128
*127*4 128
*57
57*2
57*2
57
57
57*2
47
18
-
40
8
3U2
154
"27"
21
75
*3
100
35
19
61
*91*2
1234
44
*111
4512
*32i2
"l234
934
*
30
35
3
16*4
80
2
338
30
22
22
80
16
29
934
9lg
105
2l2
62
2*4
90
87g
28*4
36
4*4
*111
78
17
134
*
13
132
10
3,900
77*4
2i2
7*2
23g
3
*5034
79
35
*127*4 130
57*2
57*2
27
*111
4734
*3212
30
*129
33l2
36
3778
*105
10534
21*4 2214
2234
♦
62
100
*27
105
*22l2
4234
3H2
32
135
934
96
78,500
3,500
187g
-
*10178 104
63g
1858
4358
3234
18
2
100*2
37l2
700
3338
10512
7*4
101
100
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
76
29*8
preferred
Gobel (Adolf)
34
"12*4
1334
155
76
82
6%
17,400
28l2
28*2
154
"2734
31
7878
Aug 26
4584 Sept 10
34i2Sept 9
59*2 Sept
300
26~300
8
46
No par
10,900
414
17
*108*8 112*4 *108
10
10*2
11*8
154
*30
*78
3*8
834
234
8
95g
-
3,800
Sept
Gen'l Gas & Elec A....No par
$6 conv pref series A-No par
800
31*4
3338
10312 107
7*2
7*2
79
22,000
104
28
33
*40
*90
37g
*100
28*2
*
132
4*4
307g
3414
9
37
3
29
47
*129
10*2
*50*2
104
100
1658
78*2
39*4
53
3*4
36
5278
3*2
32
32i2
100i2
7*4
*5034
79
-
132
*10*4
4*4
62
31
100
15i2
75
39
6,000
3414
9
30
16*4
78l2
5,100
13*8
74
29
30
32*2 33*2
*2834 30
*2834
*33*8
33*2
*33*8
10*2
11*2
95g
265g 2738 *2658
*105*4 '■'mkm
*105l4
3312
*1U2
12
*2712 29
*105*4
*10012 102
3714
37*4
787g
2034
*
34l2
1834
43*2
*40
97g
3712
2912
7878
1838
1234
13*2
74
29
175g
23g
47
300
34
10*8
*9
3,300
30
28
42*8
2*8
22
17
31*4
234
2038
*28
27g
83g
2i4
16i2
*
105g
470
*4
*100
30
8*4
12*2
10*8
*35*2
438
104
2*8
46
*64
1,600
1,200
46
17
33
30
35g
27g
135
*5034
143g
♦10*8
3*4
9
36
3134
*64
79
234
1758
31*4
36*2
19*2
30
62
7
82
234
135
100
100*8
8*8
85S
3278
37*2
1958
46*2
3338
285g
7678
31*4
15*4
78*2
38*4
5278
3*8
527g
338
*98
79
3
*9*s
47g
49
43
21l2
1234
*69
39
32l2
45
20*4
13*8
104
26*2
48
30
70
22"206
122
No par
63
48*2 Jan
Sept 10
General Mills
103
25g
273g
22
1212
2,000
28
..No par
Aug 2
Sept 10
17i2Sept 10
39i2June 14
110
Sept 2
100
Electric
9
105U Jan
5
June
24*8 Apr
95*4 July
32*4 Jan 13
8
938 Sept 10
130
Sept 2
No par
preferred
General
40
2*8
2612
29*4
21
70
4
234
22
19
39
30*2
20
1,600
31
100
General Foods
120*2 120*2
46*8
2234
1534
338
135
26*2
477g
46*8
79
3*4
234
27*2
47*4
4712
14*4
*78
81,300
6,800
17,100
50
29
—No par
Jan
lOizMay 13
5
No par
Class A
7%
4958
35i2
134
60
*
Cable
par
7% cum preferred
60
103
"~2*2
General
General Cigar Inc
«.
34l2
21
*31
5278
m
6
32
Jan 14
40*8 Sept
36*4
105*4
685s
423g
66*4
34*4
11*4
48i2
453s
127
Dec
25*2 Mar
378 Aug
98
52
Apr
45
106*4 Jan 28
19ia Feb 1
15*2 Mar 9
6
$8 1st preferred.....No
General Bronze
1,000
*45
32
234
14
4l2
80
*17*2
3278
37l2
19*4
4534
33*8
103
""2*2
34*2
2234
*31
*
79
28*4
36
109
8*8
80
33
17*8
*98
34
7934
35*4
mm
No par
~2~606
30
•
29
*
3
37g
104
33*2
9*4
1458
108*2
178
80
*52
4
1,900
51*8
52is
48*8
517g 147,600
11834 11834 11734 118*4
1,200
*35
41
4338 43*2
400
10
9
9*8
9*4
9*8
3,000
15
1434
147g
1438
1434
3,400
109
*108i2
100
*108*2
2i8
2*4
23g
2*8
2*4
7,100
38*2
Closed—
"4",700
44
80
83
1«4
*118*2 120*2
74
13*4
74
120
44
103
~~234
3*4
*24
47
1138
1434
1534
*10834 10 934
238
234
33*8 36
*10834 10934
*234
27g
1®4
53g
20*2
42l2
49*4
5012
118l2 118l2
10
*28*2
34i2
1*2
46
11*2
*52
4534
35
60
6,100
122
4978
34i2
ll2
59*2
*1034
*30
*115
485S
46
47
*48
122
487g
35
60
50
3
*115
10*4
115
28*2
17b
50*2
*47
36
30
29*4
60
*47
5234
5338
11912 11912
*
2978
122
5
634
Gen Amer Investors..-No par
134
477s
634
3,900
preferred
Jan
Feb
z39i4June 21
3,900
$6
Jan
100*2
30*2 Sept
Aug 24
Sept
Gen Am Transportation
General Baking.......
Apr
7*2 Mar 3
153s July 19
May 13
Sept 8
100
9
Sept 10
32
3,800
38
20*4
*2478
share
46*4 Nov
1158s Nov
49*4 Nov
188s Jan 12
8
95
9
Jan
Dec
54i2 Feb
284 Sept 10
9
20*2
106
Mar
Feb
Feb
Mar
Feb
Apr
58
Highest
share % per
per
40
Feb
135
117
20
preferred
107*2
5214
46i4
58*2
39ij
978
24*4May 14
105*8June 22
30
Sept 8
Sept
%
share
4334 Mar 4
10878Mar 9
455s Jan 18
39«4 Feb 19
413s Mar 11
83
10
58*4
938
134
S3
per
9
20
June
Gamewell Co (The)
No par
Gannet Co conv $6 pf..No par
Gar Wood Industries Inc
3
105
53
65
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
70
32
23
31
2,200
4,400
10*2
*22
*106
60
378
9
10
No par
6% conv preferred
100
Fuller (G A) prior pref.No pa"
$6 2d preferred
No par
234
11
38
Sept 10
26i2Sept 10
9812Sept 9
e^Sept 8
10
No par
conv
19l2
*
4
*45
*115
150
23s Sept 10
100
4,600
96
9
Machinery Corp
F'k'nSlmon&CoInc7% pf 100
Free port Sulphur Co
10
20
58
134
17
2,400
"
*20
*96
11*2
Food
No par
preferred
Francisco Sugar Co
7*4
*
20
334
93*4 Sept 10
2312
22*8
"22"
734
6% preferred series A—100
99*2
10
105g
1134
12l2
*100*8 105
24
99*2
*
4*4
1038
334
912
34
*22i8
*96
*1034
800
7*4
2134 *____
5
1214
32
39*4 Apr 23
28
Sept 10
253g
26*2
24i2 26*4
10612 109
*106*2 HO
*3012 40
*30*2 40
*106*2 1097g *106*2 10978
40
*
Fllene's (Win) 8ons Co-No par
Firestone Tire & Rubber... 10
*28
68
*38*2
*4i2
1214
5~306
~
90
20
99
*55
Sept 10
Sept 7
2,100
31
634
68
29
preferred
3 534
334
4212
42i2
2934
98*2
32
101
68
26
*106*2 10978
99
3
3*2
4}4 %
S
10112 101*2
3712 38*8
33
*40
Federated Dept Stores. No par
share
per
2934
24*4
4334
45
I
33*4
39
31
Par
100
39
Year 1936
Lowest
Highest
28
102l2
31
Lowest
1,400
90
Range for Previous
Share Lots
EXCHANGE
100
Fidel Phen Fire Ins N Y..2.50
30
102
293fi
*
39
"29*8
297g
*40
37s
*87
355g
*
39
2312
*40*4
*334
29
92
"§512
36
35*4
"2834
30
*
90
*
32
101*2 102*2
*40*4
2934
*80
39
"288s
32
103
90
*
39
32
29*2
Sept. 11, 1937
Mar 17
Ex-rights.
185s
Apr
29*2
Oct
54*8 Sept
73*4
Oct
20
Oot
5 Called for redemption.
Volume
LOW
AND
NEW YORK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
Weel
Sept. 4
I per share
12*4
♦123
*134
12
138
*115
*132
138
*125
138
*125
138
100l2 101
100
*40
4%
678
15i2
4%
*35
154
145%
96%
103% 104
*151
*151
154
978
8%
11%
11%
884
*10%
9%
10
11
97%
*6%
6%
*5%
♦51%
5%
52
*25%
26%
*42%
42%
*42%
*94%
9»4
97
23
23
98%
*
104
98%
44
10
117
*93
14%
1484
15
10*4
11
10
106
*102
*102
101
3%
4%
12,900
Internat
18,400
Int Hydro-Elec Sys cl A...25
7%
734
10%
2,000
Int Mercantile Marine.No par
9%
8,400
104
Class
B
No par
17.100
Class
C
No par
18,500
7% pref
100
820
Internat Rysof Cent Am.. 100
230
Voting trust certifs.-No par
990
5%
2,300
123
123
118%
114
150
14%
*1334
10
934
101% 102
54%
13%
500
12%
11%
13%
*10
10%
9%
1038
106
*102
*101% 106
54
57%
5734
5638
13%
12%
13%
13%
1234
42
38
41
37
37%
30
35
230
28
24
24
24
24 '
18
23
220
21%
22%
21
21
20%
21%
*8%
9
*22%
22%
9%
9%
*125
140
*30*4
20*4
*17
9
*8%
127
125
*110% 140
30
30
*29%
29%
20
1934 201
20%
9%
Exchange
34
*20%
Stock
21
Closed—
17
*27%
34*4 Labor
*18%
*26
1%
*97,
38
1984
20
16
15
27%
18%
I884
18%
18%
11
11
11
10
10
1934
26%
18
27
170
9%
1%
9%
35%
18%
2584
*106
IIS4
9%
1%
J%
978
37
1934
2434
19
26ij
170
10
13
*
170
"Io%
834
91
361.
36
*1234
14
*12%
39
41
38%
137
39
58*4
61%
57
58.
10%
11
26%
27%
*12%
9%
26%
*28
28%
*96
98
*95
98
*95%
*99
100
98
99
97%
*159% 161
*20%
42
5678
22%
71
79
78
1%
49%
1%
45
50
47,
6
6
28%
28%
106
*105
207,
20%
*79%
*41%
*6
20%
18%
971
*159% 162
10
*26%
*94%
12~4o6
1%
4,500
1,800
9,500
8%
36%
100
1,100
11
27
27
27
800
~2~666
2078
20%
20%
201
138
*136
20%
138
191
19%
19%
79%
30%
79
26%
*31%
27
20
138
2OS4
"V,300
*127% 130% *127%
40
36%
3678
4284
39
11
J1
11
42
41%
*4%
6%
18%
16
3.300
19,800
11
11
1,100
43
1,300
*3%
6
*3%
6
16
12
15
15
*2%
12%
*10
15
10%
534
300
6%
15
"390
13
230
*12
*10
13%
26
*10
12
*10
13
*10
12
*10
13%
*163,
26
*1684
20
*1634
20
*1634
20
834
17%
9
8
8%
9
18
*17
9%
♦9
19%
*3*4
4%
9%
1*4
*9
107,
17
17
*2%
3%
9%
87g
9
1%
*1%
4
9
9*4
*1%
9
15%
*2%
3
17
18
3%
3%
9%
*1%
16%
3
7
*15%
2%
1%
*6
7
15%
2%
16
25
41
*32
17%
338
938
1%
7%
16
258
41
8
1634
8%
2,200
17%
1,300
3%
3,600
3
884
9%
1%
1
9
10,700
320
120
*4%
12%
2%
*32%
2%
170
39%
200
15
460
41
39
40
23%
19%
23%
19%
19%
23%
19%
21
21
21%
20
21%
14,800
16
19
17
1734
15%
17%
9,000
77,
15%
6%
17
*7%
6%
2,000
44
44
43
321
31
*40
7
46
49
49
157
56%
9
44%
♦1038, 106
30%
6%
44
31%
157
*155
157
*155
157
56;
55
55
55
56
35
9
37
*30
33
6%
61
563g
*77S
35
*155
56%
*35
48%
32%
33%
*33
*155
7%
*30
*30
9
44%
*10334 105
8
*33%
8
37
*30
IO334
Biscuit
100
Lorillard (P) Co
10
100
7%
preferred
7%
*3384
*30
7%
36
44%
*10334 105
6
39%
30%
*155
53%
7%
3334
*30
43
3134
2,100
2,600
157
55%
"i'soo
8
800
3384
200
44%
*10384 105
A..No par
Nashville..—100
Ludlum Steel
1
MacAndrews & Forbes
10
10
Bid and asked prices: no sales on this day.
t
In receivership,
a
No par
preferred
Mack Trucks
Inc.——No par
No par
Rights.
No par
Madison Square Gard..No par
Magma Copper..
10
J Manatl Sugar
.100
Certificates of deposit... 100
Preferred
100
Pref ctfs of deposit
100
Mandel Bros...
No par
* Manhattan Ry 7% guar. 100
Macy (R H) Co Inc
IOO
Manhattan Shirt.
25
Maracaibo Oil Exploration.. 1
Marine Midland Corp
5
Market Street Ry
...100
6% preferred
100
6% Prior preferred
100
6% 2d preferred
100
Marlln-Rockwell Corp
1
Marhsall Field & Co ...No par
Martin (Glenn L) Co..
1
Martin-Parry Corp
No par
Masonite Corp
No par
Mathieson Alkali Wks.No par
7% preferred
100
May Department Stores... 10
Maytag Co
......No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum pref..
No par
Modified 5% guar
d Change of name
*
25
preferred
6%
42%
*334
19
*18%
Loose Wiles
"
11%
6%
18%
14
100
43
*12
*16*4
Sept 10
8%May 18
May 11
Oct
46%
Deo
7%
Jan
Apr
30
Feb 30
20%
Jan 13
74%
147
Apr
4% Apr
Feb
Nov
61
~32%
Nov
18% Nov
135
Dec
Nov
7
47%
Jan 23
3584 Aug
51
June 14
24%
Jan 14
19% June
28
Jan
33%
Jan
29% Sept
18
17
Jan
Mar
4
1
50% July
26*4 Feb
18% Nov
18*4 Dec
45% Nov
July
12
27% Mar 11
51% Feb
Sept 10
1
15% Apr
Feb
1
94%
203
Jan
6
93gSept
24% Mar 17
l%Sept
8
8
8
8
18% Jan 18
43%June 10
21% Feb 11
Sept
June
15% July
7% Jan
6
1734 Mar
24
17% Sept 8
10
Sept 10
Jan
79
180
22
Oct
4
Feb
Apr
19
Oct
9%
89
May
12
Jan
38% May
47% Jan
9
58%
Apr
Jan
July
8%
2
Jan 18
334
33% Sept 10
14
Aug 25
38
Sept 10
56% Sept 10
Jan 16
15% Mar
29
Aug
2
7
May
5
25
May
113% Feb
4
97
Mar
Def. delivery.
»
New stock
20
9734 Mar
Jan 28
175
Jan 13
23%May
160
3% Feb 2!
75% Mar 11
1034 Jan 26
43% Jan 8
110
Nov
123»4 Nov
2184 Nov
65
Nov
80% Nov
13
Nov
May 12
Feb
55
Deo
67%
Deo
108% July
Apr
Feb
61%
Deo
8% Mar
Oct
45
Jan
May
113
Sept
x3834
107
3%
Jan
Jan
35%
33s
Apr
21%
26%
Dec
20
May
30%
Jan
102%
2834
8
8
99
4
127% Aug 10
34% Sept 10
37
Sept 10
36
Mar 17
4134 Mar 11
30%May
Jan
Jan
170% Dec
'23% Feb
63% Nov
140
14734
Sept
26% Sept
Jan
Jan
116%
Jan 13
7
July
Apr
25%
31%
115
28% Feb 8
Jan 20
June 26
Sept 17
127
Oct
•
*04%
Jan 23
110
4% Sept 8
28%June 17
105
Aug 2
Feb 11
132% Feb
62% Mar
9
8
8
57%
151
Jan
Jau
Oct
Oct
22% July
35
Feb
Oct
42
Jan
33
Jan
Jan
134% Nov
2738
65% Nov
127%
49%
Oct
40%
Apr
"16 Sept 1
10%June 14
1% Aug 12
15% Jan 20
8%
Jan
15%
Deo
41% Sept
63
Mar 10
34%
Jan
67
Nov
Jan 12
1%
Jan
9
Dec
7%
Jan
35%
Deo
18
Nov
58% Mar
7
7%
334 May 17
4%May 14
7
Mar 30
12% Sept 10
10% Sept 10
12
Sept 2
15%June 14
30
Jan 11
6% June 15^
1634Sept
3
7
Sept 10
8% Sept 8
1
Sept 10
21% Apr
16%
39
16%
29%
634
14%
3%
6
Jan 11
Jan 14
Jan
Jan
Feb
Feb
Mar
20^
30
17
13
29
7
June
32
Deo
12% Dec
17% May
2% Jan
8%
Apr
1%
Jan
57%
Jan
23% Feb
24»4 Deo
684 Mar
12»4 Aug
3% Mar
8
20
Jan 21
6% July
23
Nov
12% Sept 10
39
Jan 20
1884 Jan
2% July
45
Nov
7
Sept
2% Sept 10
39
July 19
18% Jan
4
15% Sept 8
6
Sept 10
39% Sept 10
30% Sept 10
142
May 17
51%June 2
7% Sept 9
6% Mar 27
5134 Mar
4
30% Mar 1 u
29% Apr 30
13%
Jan 10
74
Feb
Jan
8
Deo
May
56% Nov
11%
Jan
25% Nov
6%
Apr
27%
153%
Apr
41
"l2"
Mar
5
41«4
7%
165
Jan 25
Jan
66% Mar 11
43% May
15% Jan 11
13%
42% Nov
163
Deo
70
Nov
Apr
21%
Dec
Feb
3334 Sept 10
44
Jan 13
43 %
55
Feb
3
45
Jan 13
44
Nov
50%
Apr
8
111
Jan 22
103
Jan
110%
Oct
35
97
June
July
from Intern atlonal
r Cash sale,
114
64% Jan
76
5
12
20
105
Oct
63% Nov
Jan
6
29% Jan 2
15% Jan 16
Sept 10
Jan
24%
35% July
30
Jan
24%
107
3% May
938 Mar 30
71
Jau
Nov
28»8
18%
4634 Apr 14
18
Feb
Feb
33%
HO
1784 June
8
Sept 10
3% Sept 9
30
Sept 10
Dec
28%
69% Mar 10
Louisville &
*4
17%
Apr 29
12% Sept 10
Louisville Gas & El
11%
41%
Dec
87
109% Feb
20% Mar
Jan
19%
Jan 14
4
19%
Jan
Dec
80
23% Feb 11
9% Sept 10
May 25
Jan
17
23%
5
Jan 14
110
11% Sept 10
1,000
5*
19%
Jan 16
Mar
27% Jan 18
June 16
96
1,300
*4
6
35
44%
18% Sept 10
1984
413
6
June 28
25
78%
76%
30
27
29
26%
31%
31%
*31% 32%
*127% 130% *127% 130%
37
3458 37%
38%
37
40%
39% 41
111
41%
127,
48%
Inc
Long Bell Lumber A ...No par
30
5,600
Dec
Apr
Apr
48% Aug
36% Nov
26
19
19
50%
121
Sept 10
Lone
No par
Star Cement Corp No par
5%
138
Dec
Jan
42
Loft
106
79%
33
*136
900
Dec
133
Nov
June 22
$6 50 preferred
100
6,400
Dec
126%
13
1
22,600
5%
Sept
93% Nov
152
116
No par zl05
76%
71%
10534 10534
29
126
Mar 17
Apr
77%
4%
28%
31% Nov
Mar 17
43
75
Liquid Carbonic Corp.No par
Loew's Inc
No par
16,600
6,800
Oct
Apr
22»4
29
87% Aug 11
4,000
1%
45%
107
121
4
July 28
23%
*105
39% July
6
19% Feb
37% Nov
26% July 26
22
5%
Jan
46
Oct
Feb
53%
8
Sept 10
1,400
2334
29
June 29
61% Nov
30
12% Sept 10
22
Sept 10
115% Apr
22
53%
106
28
Feb
75% May
July
23%
4%
28%
12184
19
56
*105
2
Feb 15
36
Link Belt Co
47
Jan
136
Sept 10
5
Lima Locomotive
29
126
Mar 18
114
Jan
May
83% Feb 15
63
Aug 14
3,000
55
106
88
39% Sept 10
51%May 14
"""566
45
4%
58%
8
Wks.No par
No par
20
29
5
Lily Tulip Cup Corp...No par
100
Preferred
53
*105
Apr
113
4
Jan
938Sept 8
25% Feb 25
93
May 20
94%June 14
151
May 20
xl834May 28
39%
78
38*4
No par
6% conv preferred
50
Lehman Corp (The)—No par
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Libby McNeill & LIbby No par
Life Savers Corp
5
Liggett & Myers Tobacco..25
Series
B
25
Lehigh Valley Coal
20
6
Jan
Jan
120
24
20
30
Jan
15
24% Aug
Aug
87%
155
160
4% conv preferred
Lehigh Valley RR
48
106
127
7
Sept 10
100
50
11%
42
82
6
26% Jan 30
30
Apr 15
Jan 16
Sept
Lehigh Portland Cement...25
5,800
6,900
45
121
Apr
1038
107% Apr
Sept 10
1,200
58%
19%
28%
5
53
x43
92
14
Sept 10
24% Sept 10
25%
38
76
*31
No par
46
45
Nov
20%
170
56%
20
77*4
No par
Lane Bryant
.20
4334
93
Lee Rubber & Tire
38
20
82
Lambert Co (The)
431
4b %
June
11% Sept
Jan 18
36%
32
1%
8%
33%
138
50
15% Feb 19
7
19% Sept 10
20% Apr
400
Deo
Feb 19
6
Jan
19%
Jan 14
*12%
1%
Jan
3
Jan 30
Jan 14
20
13s
Dec
Dec
Oct
Oct
41%
39%
59%
10%
*105% 10534
98%
11%
10%
27%
41%
1%
Apr
20%
334
8
20
1%
8%
110
8
7% Sept
1,300
*93
96
97%
95
96
96
97%
*15634 162
*157% 162
76*4
Jan
Sept
48
54
233s
14%
Deo
Jan
Sept 10
4,900
Nov
136
Apr
2%
1%
15
preferred
5%
22%
57%
24%
121*
66% Nov
334
23
934
934
43% May
125% Feb
5
6
6
6
6
100
14
14
138
6%
*5%
99
39%
5734
36%
138
20%
31%
31%
33%
*31%
*127% 130
407,
*39%
42
43%
*11
*28%
*105
207,
140
*133
10
267
*105% 10534
1%
9
8
63*4
13*4
1%
35
44
11
1%
24
*107
dar 10'
Laclede Gas Lt Co St Louis 100
8% pi tferred
Kress (8 H)&Co
10
18
291
Dec
40
11
*23
14
*105% 105*4
19%
Feb
7
5,200
15
23
*25
No par
Kinney (G R) Co
1
$8 preferred
...No par
J5 prior preferred
No par
Kresge (S S) Co
10
Kresge Fept Stores
No par
Klmberiy Clark
8
18%
100
No par
Kroger Grocery & Bak.No par
20
500
29%
1934
17%
18%
11
400
140
"29%
11%
20*4
27
12%
1%
10%
38%
*1597, 162
22
*20%
49*4
49*4
57%
57%
24*4
*24%
4,900
8%
16
15
*40%
63*4
11
30
21
18%
130
*106
28*8
*ii*4
15
140
~30"
8%
2,000
11%
21%
170
17
*
20
*
4
17%
13
*
9%
3%
3%
23
Day *__--
187g
*11%
*20*4
3%
41
Keystone Steel & W Co No par
Jan
Dec
Jan
51
6,700
1,300
35
4%
1338
Apr
Apr
Apr
Apr
91,
Dec
9
Ian
18
10%
Nov
No par
Kenneeott Copper
Apr
243<
101
52,100
234
35
Kendall Co J6 pt pf A .No par
27%
4
pf._100
Jan 29
Apr
50
42
5
5
Kayser (J) & Co
Apr
15
2,800
30
*28
30
35
Kaufmann Dept Stores.$12.50
160
Mar 11
Kelsey Hayes Wheel conv cl A1
Class B
1
45
*42
x35
39
—100
preferred.
4%
10
pf ser B No par
100
Jan
52
100
City Southern
148%
73%
3134 Jan 2
87
Sept 10
Jones & Laugh Steel pref..100
Kansas
Deo
Jan 18
Oct
63
Kalamazoo Stove & Furn
105%
47
104
Preferred
Jan
Jan
Apr
No par
Kelth-Albee-Orpheum
"2",066
15%
38*4
478
*34
...1
preferred—
56%
23
No par
300
1,300
1
5
13534
June 15
Jewel Tea Inc
Kan City P & L
101
*93
101
1,100
"2", 166
No par
Corp
Deo
4
Feb 16
Jan 25
Jan 4
Johns-Manvllle
150
114
14%
15%
38*4
$6
10
500
7,700
111
100
Preferred
Island Creek Coal
Dec
194
Jan
Feb 16
1,600
Interstate Dept Stores.No par
7%
10
100
Intertype
Apr
160
Dec
5% Mar
2234 July
83,
57%
2834
4938
Sept
International Silver
110
18%
2% July
5
41% July
7,300
Jan
9% July
4% Sept 10
No par
100
2%
Jan
112
Aug
1834
43%May 26
Shoe
No par
Apr
15% Apr
4% Sept 10
8034 Sept 10
International
preferred
16
16
11
14
107
Deo
Jan
48*4 Nov
Sept
5% Dec
May
16%
9% Sept 10
200
7%
Dec
37
162
5434 Sept 7
127%May 27
14
Sept 10
1,000
Inter Telep & Teleg
Oct
5
10%
Jan 20
24%
7%
18%
Jan
6%
120
9% Sept 10
24
300
Nov
189
Sept 10
144% Apr 30
8% Jan 4
6% Jan
4
No par
70,800
Deo
122
63% Apr 14
90
Salt
119
*93
100
preferred
3% Sept 10
34
Sept 10
140
Sept 10
International
124
14
100
2,400
123
101
1
Preferred
35%
478
*15%
38%
*4%
Internat Mining Corp
Inter Pap & Pow cl A ..No par
118
*93
..100
Int Nickel of Canada._No par
55%
56%
Preferred
76,000'
500
26
24%
122% 122%
64%
64%
No par
Harvester
~6~506
14
14
Int Business Machines.No par
140
llli2July
11% Mar
28% Mar
9% Apr
Aug 19
5
7
4% Feb
100
147
Aug
88% July
1334
15% Sept
Prior preferred
May
125
64% Apr 20
Jan 21
104
106
6
33% Feb 23
6
Jan 18
5% Sept 10
41
Feb
5
Feb
143
131% Mar
17%May 18
4%June 4
Highest
share S per share
15% Nov
4% Jan
41% Nov
25% May
per
July 30
144
1
June
No par
Agricultural..No par
Internat
94
No par
Rubber
Iron
10%
151
100
53
55»4
Interlake
500
125
10%
106
6%
Intercont'l
r
101
*93
v t c. —100
Corp..No par
preferred
100
2,500
42,300
28% 29
30
28% 29
28%
28%
29%
*119% 120% *119% 120% *119% 120% *119% 120%
14
13
1334
12%
13"
14
15
14%
22
22
24
24
26
22% 22
*21%
26% 26%
27
*26% 27%
2778
28% *26
19%
18%
19%
20
19%
20
20%
21
1
X Interboro Rap Tr
878
118
30
Insuranshares Ctfs Ino
d Interchemlcal
1,400
*124
26
20
16,200
125
*28%
*20%
Inspiration Cons Copper
100%
151
122
*21
No par
144%
101
152%
10*4
8%
22% Jan 20
47% Apr 20
133% Mar 27
Steel
90
121
31
*29%
*119% 120%
15%
15%
100
preferred
Inland
34
*124
123%
*122
No par
6%
18%
37
share
Sept 10
Ingersoll Rand
140
125
28%
*124
30
9
%
share
$ per
28% Sept 8
115% Sept 10
par
39
119%
*28
*122% 125
64%
64%
800
108
5%
*14
15
15
15%
15%
27%
17
2,100
per
No
147
15%
27
27%
28
27% 27%
*122% 125
*122% 125
*122% 125
*64%
64%
63
63%
63%
63%
114
111%
110
110
113% xllO
♦15%
2,200
23,100
2.100
10
Industrial Rayon.._
1578
6%
18%
4%
55
59 ^
57%
583^
5734
58%
55%
135*4 *131*4 135*4 *13134 13534 *13134 13534
14
15%
1534
14%
15
16%
17%
1034
11
9%
11%
11
11
11
10%
534
4%
534
5%
578
6%
5%
5%
91
91%
8034
92%
88
90
97%
91%
5%
4%
5%
5
5%
5*4
5%
5*4
*4
5%
*4%
5
5%
5%
5%
5%
50%
50
50
47%
48
49.
47% 50%
*25
25
25
25%
25%
25%
*25%
26%
42
42
42
*41%
42%
42
41%
42%
35
38%
38% 38%
40
38%
42%
38%
94
87
93%
93%
92
91
90
94%
9%
8%
8
8%
8%
8%
9*4
7%
22
22
21
19%
23
20
20% 21
92
92%
95
92% 92%
95
97
*95
6%
*6%
97%
*
104
103%
5%
5%
6%
678
17%
15%
17%
18%
4
4%
4%
5%
39
*36
40
40%
144
145
14878 145
98%
96% 100%
103
*151
154
154I4 *151
10
9%
10
11%
8
8
8
8%
10
11
10%
41%
16%
18%
1284
♦12
43
*131
135*4
*17%
42
54*4
60%
59%
43
43
5%
434
Indian Refining
6%
~
22%
434
6
42
20%
6%
6
400
102
96
23%
434
22%
434
6
578
138
*125
100*4 101%
104
104
45
*149
*131
23i4
478
6i2
46l2
207,
67,
191,
101%
20%
23
4*4
47g
2,000
8.400
$
Lowest
Highest
Lowest
Par
Shares
29%
32%
115% 115%
124
42l2
67,
11
31%
122
612
19
10%
30
*120
491,
105*4
*104
10
31%
124
7U
*47
.
$ per share
9
11%
$ per share
10
2878
12%
3538
123
102ia 1021a
23%
23*4
*47,
fil,
*61,
% per share
$ per share
31*4
12*4
363,
127*4
100-Share Lots
On Basis of
STOCK
EXCHANGE
the
36%
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
for
$ per share
1703
New York Stock Record—Continued—Page 6
145
Print! ng Ink Corp.
x Ex-dlv.
y Ex-rights.
^ Called tor redemption.
New York Stock Record—Continued—Page 7
1704
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
Wednesday
Thursday
Friday
the
Sept. 6
Sept. 8
Sept. 9
Sept. 10
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range for Previous
EXCHANGE
Sept. 7
Range Since Jan. 1
On Basis of IWhShare Lots
NEW YORK STOCK
Tuesday
for
Monday
Sept. 4
Sept. 11, 1937
Saturday
*21*8
21
2178
21
17
16
17
2012
1434
21
16
20
17
*85
98
84
85
83
83
*81
*48
51
48*2
48*2
*45
50
*17
17*2
17
17
161o
*3434
35*2
33%
3438
33
*33*2
12%
34
32
33*2
13*4
11%
13*8
43
43
*43*8
*1234
44i2
*95*4
*24i8
98
*
McCall Corp
6,800
400
McCrory Stores Corp
6% conv preferred
400
McGraw Elec Co
900
Mclntyre Porcupine Mines..5
47
1558
16
33
3358
31
32i2
11%
4234
1U4
33%
3U4
12i8
4234
12
10*4
4234
12
11
117S
94
95
92
92
22
2278
22
2234
3178
31
Ilk
11%
3358
42%
4234
1234
11
23*2
94
24
9514
2134
1U2
9514
22
94
89
89
94
94
88
95
69
*88
95
*88
95
*88
*63
67
66
68
*65
68
*88
43
40
2,700
J3
*958
984
7*2
9*2
758
8
*3478
37
33
35
32%
812
34
*21l2
23
23
59
58
*2ll2
5212
23
53i8
*2H2
*58
*21l2
53*2
14*2
53
53
17
14
15%
1538
1534
17
167s
28%
28*4
41i2
41l2
*11512 116i2
2534
283S
41
38%
*115l2 11584
*
26
100
100
100
J6 pref series A
No par
113
111
1113.4
108
108
118
*98
118
*98
118
11
107s
*96
11
95
*138
1*2
*138
*2*8
3*2
*2*8
234
234
2S4
*25
1*2
3*2
234
25
26*4
25
*5*2
534
434
*20*2
2112
17l2
20*2
3*8
3
638
*6*8
*31*2
103
3134
57*2
98
*56
58*4
53l8
56*4
34
*32
32
32
*3H4
56
56
57
*1*4
1%
53
90i2
24
2134
24
5
4*2
5
234
17*2
2*2
1838
234
95
5058
£54%
56
*31
33
5512
*52
1%
1
41,100
27
29%
1858
17
18%
32*4
30*8
934
*78*4
84
20
19
1958
18
34l2
33*8
3 H2
13
10*2
3418
12*2
861,2
1812
3178
10i8
io%
11
80
80*4
13
*80
*19*4
*72i2
*107%
11*4
*66
88*2
20*2
*80
*80
19*4
19*2
72
72
11*4
1834
18*2
71*4
71*4
65%
66
17*8
147s
17*8
*26%
32
2434
27
*1934
20
17
10*2
*11*4
1234
26
2534
*151*4 157
*26*8
9218
*50
52
30*2
1834
111
111
110
*108
14*4
16
7*4
29*4
29%
10*4
3312
Day
7
*6%
29%
29%
*29l2 3014
9
28
29*2
9*4
978
34
3412
*15258 159
132
*129
48i2
978
45i2
S78
97s
1
1
1%
*38
*2
s8
89ia
83l2
29*4
3112
32%
*12738 130
6i2
9i4
9l4
*38
87
31
43
3214
6i2
28
2634
93s
£32%
*153
4334
45
9
9
38
86
29
30
125
126
6
6*2
834
9*8
18
*119
*119
159
10
4,000
800
200
9%
32%
159
131
22,200
13,200
131
40
•*'
'
«.
-
1,100
9*4
17,800
8%
*2
78
%
800
%
%
2,700
8934
84%
893g
8,800
30*4
10,500
27*4
124
600
125%
6
*106
107
30
18
*15%
69
2238
23*4
24l4
6*8
15*4
22
24%
6,800
6%
860
2i2
1038
2i2
1038
*50
67
*85l4
8734
*96
97
2
*158
230l2 230i2
*104
107%
2334
5I2
14
*118*2 128
55
*84
1%
82ig
85
85*4
210
*90
95
95
95
96
96
240
1%
228
138
222
138
222
*102l2 105
1*4
2112
25
3
44l2
3l2
30
31
21%
878
100
99l2
23
44l2
3
3*4
1734
1534
17%
59
50
56l2
49
1434
1512
12%
15
99
99
97
98l2
1214
*90*2
*14l2
1478
14
14
*12
35
35%
34
35
*98
217s
*43
2934
1434
*43
30
3*8
307s
16
1558
5H2
13*4
9634
137s
51
78
79*2
24
24
5434
5434
*20
*13i8
1684
Bid
-
-
74
138
12
*90*2
*12l2
24
23*4
52
52
*50i2
*116
96
9H2
94
17
1712
7*8
20%
1634
*19
13
*10
"
17
6*2
20%
434
220
1,200
260
34,700
1,300
138
23,300
400
*98
99%
19
2234
44i2
44%
10
3*4
4,600
300
3
31
.
38,500
15%
33%
1634
47*8
52
10
12%
10,400
*90*2
9634
30
36,000
6,900
*9
12%
30*4
35
5,500
129% 130
40
1434
*131
Nat Bond & Share
24
90
CorpNo
7%
pref class
A
16%
100
18,700
138
preferred
10
r
7% pr- ferred A
24
Mar
9
183s Jan 21
2
33% Mar
167
Jan 18
3334 Jan 13
103*2 Feb
3
57i4 Aug 17
38% Feb 25
26is Feb 8
11212 Mar 11
112
May 20
2458Mar
9
I2i2 Apr
9i2 Apr
Oct
2834
153
Jan
3078
Dec
100
Dec
21
Apr
Apr
21
10734
Oct
107
Dec
10
Apr
Mar 17
25% June
Mar
28
10% Jan 28
3
Oct
18% Apr 22
Mar 11
171
Jan 22
155
127
100
44
150
Jan 29
13784
Jan
54
Dec
July
9
2638 June
Oct
Sept 10
6178 Jan 22
858June 17
1434 Jan 14
2*4 Jan 18
9% May
Jan 18
40
National Power & Lt...No par
Nat Rys of Mex 1st 4% pf.100
l2Sept
-
100
9
3s June 25
1
78
Jan
Aug 2
12% Jan 15
% Jan
5714 Apr
1978 Jan
74i8 Jan
77s July
8i2Septl0
37
July 2
13ig Feb 25
57U Feb 13
10'4 June
3234 Apr
No par
50
6434 Mar 10
100
100
100
17
Steel Corp
70
25
National 8upply of Del
Preferred
10
.No par
x
1
Newport Industries
2
Jan
2714 Sept 10
121% Feb 26
6
Sept 9
100
No par
1
June 17
99*4 Aug 14
4138 Aug 6
137
7
109
Jan 11
June 24
37
Mar 17
Apr
41
104i2
IOI4
Apr
Apr
Feb
22% Sept 10
4184 Jan 18
9
Apr
N Y Air Brake
No par
6134Sept
8
98i2 Feb 10
32i2
Jan
New York Central
No par
27
Sept 10
5514 Mar 17
27«4
Jan
N Y Chic & St Louis Co. -.100
6%
preferred series A
37% Sept 10
Sept 10
100
65
NYC Omnibus Corp..No par
Dock
No par
21
New York
5% preferred
10% preferred
{NY Investors Inc...No
Conv preferred
.
15
Nov
Jan
150
Oct
60
125
May 19
137
Mar 12
125
Jan
138
Sept
84June 25
2
7
1
Jan
Feb 10
90
Jan
3
Apr
Apr
par
85
3
100
97
Aug
SeDt10
li2Sept 10
734Sept 10
June 28
19i2 Feb 11
4
9%
July
Apr
May
Mar
73
112'4May
6
93*2
434 Mar
3
100
June
100
118 Aug 26
212
Sept 10
100
102
No par
21
Northern Central Ry Co
Northern Pacific
Apr
8
Mar 23
19
Sept 10
2
7
June 28
12i4May 14
30% Sept 10
July
7
126
.100
No par
14%May 18
100
11212 Jan 23
700
1 st pref--No par
74
Outboard Marine & Mfg
5
Outlet Co
No par
Preferred
100
22
100
9Y14
6",800
Owens-Illlnols Glass Co..12.50
16%
5,900
Pacific Amer Fisheries lnc
5%
1,750
Pacific
1978
19
20
12
12
1214
3658 Mar 11
6312 Jan 22
678 Mar
40
3
Jan 18
658
98
97i2
Jan
Jan
Apr
2378 July
50
Aug
2
Jan
14*4
Dec
106*2 July
103
3684
57
Nov
Feb
Mar
4*2 Mar
32
Nov
18
Dec
59*2
Dec
2278 Apr 6
73
Apr 20
19
Aug
12i8 Aug
2418 Jan
26i2 Feb 16
17
July
25*8 Mar
107
Jan
8
Jan
115*2 Feb
19% Nov
114
Feb 13
1938 Mar
1
4514 Jan 21
140
2414 Apr
123
Jan
Feb
3
24% Mar
8
12i2 July
70
July
3984 Nov
136
June
2034 Mar
8
97
Mar
8
79
Dec
83*2
Apr 29
28
Jan 26
75
Jan 12
47
Jan
70
Nov
9
114
July
114
July
13
July
Sept
Sept
8
114
Mai
4
10
320
1st preferred..
No par
15i2Sept 10
11
360
2d
No par
x
8
Jan 28
6
52
8
10412 Jan
105
Mar
19*4
Cash sale,
Oct
June
134
x82% Apr 28
16%Sept 10
434 Sept 8
5
Oct
59
4334 Sept
3
Sept
..No par
16%
115
Feb
95
87
310*2
5234
8% preferred A
.100
Oppenheim Coll A Co..No par
17*8
May
5714 Feb 3
17% Jan 21
778 Sept 10
9784June 25
100
93
105
Nov
35*2 July
26%May 18
1434Sept 8
prior preferred
Jan
8
Sept
Apr
47J8 Sept 10
10
Sept 10
Otis Steel
210
Jan
99
104
109*4 Aug
278 Jan
2318
No par
Elevator
Jan 14
114
618 Dec
18*4 Dec
7*2 Feb
15*8 Mar
3478 Jan 14
Oliver Farm Equip
No par
Omnibus Corp(Thejvtc No par
6% preferred
272
Feb
99*4 Sept
2U
June 17
93
50
Telegraph...50
Ohio Oil Co
Apr
1*8 Aug
29*4 Nov
48i4June 18
Norwalk Tire & Rubb..No par
Preferred
50
r
67s Feb 11
73s
83
50
Coast
8
57
preferred
preferred
934 Mar
26i2 >Feh 25
758 Sept
55
Jan
10*4 May
76t2 Jan 22
10284May 3
pref
New stock,
3*8 July
119
North Amer Aviation
1
No Amer Edison 56 pf.No par
n
253s Jan 22
63%June 14
Norfolk & Western
conv
3178 Mar 19
1278 Jan 22
No par
North American Co
55 50
Jan
Jan 20
100
t Norfolk Southern
Otis
Janf
36*2
No par
1st preferred
Northwestern
1734
Jan 22
135
Shlpbldg Corp part stk. -1
7% preferred
N Y Steam 56 pref
6%
Mar 17
12i2June 17
119
Sept
N Y Lack & West Ry Co..100
{NYNH & Hartford... 100
Adjust 4%
8
72
100
50
N Y & Harlem
57
July 15
538Sept
No par
400
Def. delivery,
Jan
20% May
35
52
a
Apr
38
23
5
14
43
Sept 10
74%
8
1
Sept 10'
52
15%
Mar
6
6% preferred B
100
Nat Mali & St Cast's CoNo par
5% 2d preferred
71
2634Sept 9
884 Sept 8
2938Sept 8
15434 Apr 26
23
t In receivership,
Jan
102i8 July
27
.No par
Nat Enam & Stamping.No par
Nat Gypsum Co
1
National Lead
10
7%
_
8
135s Sept 10
74%
*116
8
Aug 20
25% Sept 10
18
Sept 10
No par
Nat Distillers Prod
National
Sept
100 zl0734June
1
107
Mar 11
..100
7% pref class B
Nat Depart Stores
6%
May 18
4934Sept
par
No par
52
6
May
108i2 Jan 26
2034 Feb 11
Nov
4478 May
47i2 Mar 11
145
100
w w
90*2
1634
534
6
70
27
z24% Jan 28
75l2
23*4
*116
94
*10
75
*23
and asked prices; no sales on this day.
*137
75%
6,800
1*4
1*4
9934
*131
84
A
ser
N Y
40
7%
*131
58
7% cum pref
100
Nat Bond & Invest Co. No par
5,300
67
99%
16i2
52I2
1234
9634
1334
Jan
Jan*
21
8
9i8 Sept 10
2234June 14
10
8%
734
*50
50%
9%
*131
2412
1
No par
{NY Ontario A Western. .100
50*2
99i2
23*8
4412
3l2
32i2
34
Mar 13
2112 Sept 10
1638 Sept 8
Nashv Chatt & St Louis..100
1,700
52
33*4
3414
34
33*2
*129l2 130
*129l2 130
15%
1634
16*2
17*8
*80i4
Jan 23
2
23
*129*2 130
18
1512
24%
*54S4
Sept 10
1434Sept
5
1*2
21*8
*12912 130
*18
18i2
138
9
585s
Corp
13,800
23*4
8%
93g
*99l2 100
June 15
Murray Corp of America
10
Myers F & E Bros
No par
14,800
104l8 i04i8
*98
*43
8
3*4
212
100
4
Apr
9
105
10*8
99*4
*98%
102
8%
221
*50*2
8*4
1*2
5,200
87
"~3~
*102
517s
99
67
*
225
*5058
834
9
8%
*52
52;*8
99*4
3*4
9
2234
99l2
26i8
44i2
87
2
2234
9712
1778
7i2
2378
*118*2 128
34
%
82i8
103*2 104
*116
30
67
34
2
22
*116
119
82
8*4
9
23
138
770
82
95
2
53
1712
*5814
15
*51
8734
95
2
21*4
3178
700
57
2*8
8734 *---.
378
3*8
10l2
7%
5314
IOI4
31
1,200
'1%
34
24
*334
200
4i8
1134
212
10*4
7s
5314
934
*9914 100
5i2
13*8
119
*118% 128
10,400
30% 129,500
34
2378
*98l4
25%
*4334
"27"
125
*._.
28*4
61*4
23*4
*
78
8734
9*8
225
6
119
7%
90
t New Orl Tex & Mex
40*2
10%
6
80
Nash-Kelvlnator
107
65
"4"
July
5% preferred
*106
3734
4i8
Sept 10
67
par
Neisner Bros lnc
70
12
17
No par
Newberry Co (J J)
5% pref series A
40
4%
12
No par
1514 Aug 16
9938 Mar 19
36i2 Feb 11
C)
100
1438
3i2 Feb 26
100
(G
200
*68
128
Co
50*8
*38i2
7S
B...1
preferred. ..No
conv
38
70
*119
class
*4934
70
*
57
Co
Co
*37
7312
24i2
1
50
51
39
128
Jan
Essex
39i2
39
121l2
Dec
60i2
Morris &
*49
40
119
41%
Natomas Co
*57
*119
Jan
Feb 17
1,900
6134
53s
May
46
834
£8%
28*2
1358
1978 Aug
79
July 13
No par
National Tea Co
30*2
7
Jan 23
31
2,000
6134
15*2
4078
Morrel (J) & Co
6
29
6
10712 Aug 27
3534
*37
2812
61*4
3138
8
2
Mar 10
51*s
30*8
4% Sept
26% Sept 10
85
Apr 29
Jan
Jan
Sept
378 Jan
6I4 Mar 17
1214 Mar 17
100
10
1684 June
5%
14%
69
_
"30
4434
*2
18
8
2i2 Aug
234 Jan
May 13
39
*13*8
934 Mar 17
2% Sept
20
Jan
13s July
48
50
18,100
*153
30
3078
126*8 126*8
6
6*8
9i2
*878
3458Mar 17
Nat Cash Register
6*9
9*4
34
100
Jan
57*4
Jan 23
15% Sept 10
Nat Dairy Products...No par
29
30*4
45
3
100
A
14,800
28%
9
13112
9
Aug
2134Sept 10
4
Sept 8
13,800
62
88
*
"""400
6
*26%
10*8
3234
Sept
108
6i2
Mont Ward & Co lnc..No par
5% pref
327s
*7S
*
*7i8
1,400
24%
62
14*2
Preferred series
Nat Aviation Corp
National Biscuit
30*8
7i8
1778
12934
5
2
100
No par
16i8 Mar 11
.No par
National Acme
64
25
Apr
4% leased line ctfs
Mission Corp
Mo-Kan-Texas RR
3,200
3438
73*2
2234
4
8
100
2,200
18,400
28
78
1778
150
27
6*2
2858
2634
*2
*3g
89
107
*96
1,000
14,800
28
28
25l8
18
1878
1838
1834
*108i2 110
*10812 111
108
108
*107*4 108
14
14%
14*4
13%
95g
*13
*7358
24l4
7i8
*16%
5'8 Mar
6i4 Jan
par
■
*107
4934
*106
*30
2i8 July 31
preferred
Murphy
*47
39
42%
214
conv
Munsingwear lnc
50
*48
*40
li4June 24
60
2678
78
26*4
Minn St Paul & S S Marie. 100
95
51
3338
Dec
4
par
56.50
800
24
43
*62
Apr
119
300
*90
107
2112
z65
MarlO
17
95
50
32
Mar 17
124
95
Sept 10
,9
88% Jan 7
71*4
24
*106
27*4
120
May
Impl No
preferred.No
Mar 15
*90
52
*13
Sept 10
108
Minn Mollne Pow
51
£24
107
22l2
3234
Minn-Honeywell Regu.No par
4% conv pref ser B
100
30i8 Sept 10
934 Sept 10
95
*51
*32
Mar
1
241
107
*16
*38
88
Mfg
17
18%
1878
16*2
10*8
10*8
9*8
10%
25
£24%
23*4
25%
*151*4 156
*151*4 156
3S
84i4
Jan 22
Brass
23
78
127*2 12712
6*2 : 634
834
9*8
6l2
8%
38
106
Mullins
21l2
133*2 *130
43*2
June 21
Mueller
2H2
.
Jan
Feb
94
1,500
24
6*2
21%
110
Lt 6% pf-.lOO
Mllw El Ry &
4,800
1,000
27%
11714 Apr
2
16'o
31,100
28
3538 Mar i0
48i2 Mar 6
Feb 13
16%
23%
159
133*2 *129
45*2
10
*1
89
*153
*152% 159
132
48
31
6i2
27i8
*26l2
834
2938
65
Nov
1634 Dec
Jan
26
65*4
110
Jan
Sept 10
"10%
I09i2 110
Oct
40f»8
5%
17
9
14
*6io
1634 Labor
*110
*108
Closed—
*107*4 110
5
5
15
18i8
25% June 17
3378June28
45
Wheel
64
26
1938
8
Dec
Jan
Motor
50
30*2
18*2
Exchange
Sept
12
3H2
4,100
10*4
50
2634
1834
*16
24
*85
Nov
"91" "Oct
28% Apr
16*8
*15114 156
50
30*4
*110
95
9
Jan 16
38i2 Jan 15
65
10l8
122
8
41
Sept 10
10
2378
16% Feb
47»4 Mar
11
17
_
Sept 10
27
15*4
19
26*8
_
Dec
55% Jan
678 May
5,200
65
1638
156
25
*85
Stock
_
7% Sept 7
Sept 10
Jan 13
66>2 Jan 18
155
11*2
2534
23*2
„
9
64% Aug 3
34May 12
65
1434
*2158
197s
*151*1
2634
*85
65
*107
x95
2834
32
*69lg
21% Nov
Dec
Deo
Jan
Mother Lode Coalition.No par
Motor Products Corp.. No par
7S
19
*7018
10734 10734 *107i2
10*8
11*8
914
75
67
17
19
1234
IO8I4
Jan
Monsanto Chemical Co
3038
*1978
*34i8
2712
4914 Nov
Dec
122
3,100
28*4
32
Apr
1484 Nov
93% Aug 13
86
Jan
lli2
June 16
2,700
30
Aug 24
Sept
3734
*95
108
6,700
1
Feb 16
90
10
5*8
29%
55
3434 Apr 19
66
No par
1st pref
fMissouri Pacific
5% conv preferred
Mohawk Carpet Mills
55
32
2134Sept 8
88
Sept 10
8% Apr
100
cum
4,200
56l2
1*4
1%
28
8%
2%
100
8
72i4 Mar
17%
33
Jan 12
Jan
2614 Feb 23
520
61,700
Mar 17
14
2,460
11,500
9,000
55
Jan
Mar 24
4934 Sept 10
7%
*31
Deo
49%
5
98
53«
29l2
96i2
1514
2*2
4%
26i2
98
5
£29%
100
2
100
2414
Oct
5
400
*1*2
551
32
90%
1*2
3%
214
*1*4
34
1%
"17",000
4*2
2812
101
10%
1*2
41*>
6*8
100
1,900
118
9
2234
2l4
31
28l2
103
100*2
*106
1038
93
June
Mesta Machine Co
Midland Steel Prod
Nov
46
16
Miami Copper
Mid Continent Petrol
23% Nov
Deo
101%
38%
19
80
June
Jan 14
112i2 Jan 14
101
214 May
92
Jan 19
30
6,800
10
19
Highest
$ per share % per share
37
Dec
29
Feb
40% Nov
100
2,000
100
24i8 Feb 11
Mar 2
Mar 12
106i4
54i2
28i2
42i2
42i2
16U
47%
Sept 10
1
1st pref
conv
36%
3
4
1634
2,900
18,200
6%
5 per share
36
Jan 2
Merch & Mln Trans Co.No par
27*4
*1*4
*1*2
2*2
234
22i8
3
5
138
80
I6I4
~95"
118
934
*85
*134
534
3
*106
90i2
Mengel Co. (The)
770
53
★
100
92
No par
34
106l2
9i8
95
9*4
100
Melville Shoe
2538
113
104"
100
113
1
.100
111% 11212
36%
113
*
7,700
2H2
4934
-14%
No par
$5.50 pref ser B w w'sNo par
33
19
5
No par
720
""566
8*4
30
2734
36%
1151
734
34
22i2
27
37
3612
114
*98
*98
834
33
3284May 10
30
Sept 8
10% Sept 10
4284 July 1
11
Sept 8
10
6% conv preferred
Mead Corp
Sept 10
14i4 Sept 10
Sept 8
4038 Jan 12
15% Sept 10
83
5
preferred
Stores
conv
McLellan
•
66*4
1
Year 1936
Lowest
Highest
share
per
19
par
100
McKesson & Robbins
600
3,900
No
McKeesport Tin Plate
95
677s
18,400
91
95
-
I
McGraw Hill Pub Co ..No par
4,000
2,900
46
17
98
11*2
2434
*6778
2,100
15*4
83
*95*4
13*8
*88
20
14*4
83
47l2
4712
19
98
*16
30
Par
2II4
1534
1434
1714
3312
Lowest
Sept 10
Ex-dlv.
y
115
June
12034 Nov
Dec
10334 Aug 11
23
Jan
7
153s Feb
1
Mar
3
8*4 July
2714 Feb
2
4*4
40
Ex-rlghts.
3*2
Jan
Jan
1 Called for redemption.
Volume
LE
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
J
Friday
Saturday
Monday
Tuesday
Wednesday
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
$ per share
$ per share
Shares
$ per share
$ per share
18
17%
$ per share
*19
29%
31
42%
42l8
42
25
25
23
25
40%
2134
8
8%
10
*9%
5,900
Pacific Gas & Electric
40
40%
39
40
6,200
Pacific
22%
2,100
20
21%
21%
2134
140% *136% 140
20
2078
20%
20
1%
178
85
93
87
87
82
85
178
3,400
210
600
78
72
65
66
64
64
60
60
*5778
*97
100
2%
19%
27
*24%
4%
16%
1834
16%
24%
19%
16
17%
13,700
24
25
24
24
24%
24
24%
4
4%
384
4
334
4
3834
38
37%
38
37%
38
*27%
27%
26
3834
27
24%
25%
24%
25
3i2
3i2
3
3%
2%
3
784
8
93%
14%
47
92%
8878
90
88
89%
87
89%
6,100
Penney
3%
3%
3
3%
1,800
Penn
384
5
5%
434
5%
7,600
Penn-DIxle
6%
22
23%
30%
33%
35
35%
400
22%
700
Penn G1 Sand Corp v t cNonpar
30%
3378
33,300
48
116
*112
116
41
42
3,500
6
6
100
22%
22%
*112
116
*112
116
*112
116
*112
*44
48
*42
45
41%
42
41%
42%
*6
7
*478
6
*478
7
24
24
*21%
28
*22%
27
75
*60~
68
*60"
68
22
*15
20
*14
20
*14
20
39%
39%
"*4%
42
44
39%
38%
38%
*
78
»_
45
8%
1%
9334
87
55%
53%
*11%
*72
78
51
54
55
*45
55
45
45
*40
50
*13%
14%
14
*12
12%
29%
29%
11%
28%
1134
*2834
*12%
*2834
*43
46
*43
46
*43
46
*43
46
*12%
1434
*12
14
*11%
13%
*113*
13%
*53
6778
53
53
*50
62%
*50
60
*13
13%
12
13
*11%
13
90
*93
Exchange
14
*115
123
*28
29
300
Pittsburgh Steel Co
81%
880
*1%
2%
200
7% cum pref
Pitts Term Coal Corp
26%
26%
1%
22%
20
23
x21%
*17%
1934
*17
*18
♦
20
"3%
4
*
115
*1%
1%
10
22%
130
20
200
1%
1%
21%
21
8,800
378
123
"19%
25
24 2
20%
1%
1%
*
17
"3%
115
25
24%
*1%
1*2
*H4
2234
21
79%
384
22
10,000
200
1934
16
16
18%
18
17
16%
17%
17
17
*434
5i8
4
5
334
4
33*
4%
4
*1%
2
1%
1%
1%
5%
1%
534
1%
1%
1%
5%
534
5
5%
5,200
14%
15%
18%
14%
147s
5,500
634
17i2
1734
*1712
1912
16%
15%
19%
*42
59
118
38
45
1,500
17
m
-
100
36
36
-
39
38
39%
101% 101%
10,400
500
100
130
*125
130
*125
130
*135
148
*135
148
*11034
48i2
1778
...
48I2
18
44%
46
44
16%
101
116
13i2
*16%
1H8
116
13i2
17
1138
%2
*95
101%
'
%2
11%
16%
16
1134
13%
16%
16%
9%
984
11
105
*105
*105
72
72
8
8i8
100%
16%
*9/
'3z
15%
69.200
470
8% conv
300
6% preferred
%2
%6
'32
1178
12
12%
16%
15%
16%
*15
10%
10
10%
9
11%
"
67
6834
67%
7%
7%
Reading
3134
30
3134
31%
32
31%
31%
42
*36%
42
36%
36%
*3o
*33
37
*31
37
33
33
*25
2l8
218
20
*16
*17
1714
1734
23
2312
1714
2
*15
7%
7%
*58
60
1%
2%
*15
22
16%
17%
16
16%
20%
16%
23%
*15%
20%
8684
*88l2
91
87%
87%
*90i2
93i2
90
91
478
5
34i8
3338
113
*112
9978
*30i2
99%
34i2
4%
30
88
3%
29%
5
32%
*58
22
*15
89
*87
91
*87
30%
30%
32%
28%
11034 *106% 112
111
112
*100
*96
101
*96
100
98%
28
26
29
2834
29
124
*
90
2034
101
1634
17%
50%
50%
61
17l2
60
1234
*1178
16
16
*15
*65
72
30
30
*11%
4
*4
4%
55
55
2%
2%
22%
103%
1,600
4934
50%
50%
59%
49%
*59%
15%
49%
*11%
12%
11%
*15%
16
69%
70%
723a
73
28
28
28
28
4
2%
4
*11%
5%
1378
*20
34
*20
34
Bid and asked prices: no sales cn
13%
*20
34
2
2%
4%
*11%
.
this dAy.
1st
15%
*70
65
3,500
1-.800
100
15%
Reo
74
preferred
100
6% conv prior pref ser A. 100
Revere Copper A Bras*..
5
Class A
10
7% preferred
.100
5k% preferred
—100
Reynolds Metals Co...No par
25%
3%
50%
52%
2%
49
5234
100
1
(R J) Tob class B.10
534% conv pref..
Reyno ds Spring
800
20
*20
34
20
{ St Louis Southwestern..100
5% preferred
.100
delivery,
%Sept
n New
stock,
r Cash sale,
Jan
Dec
Aug
2478 Mar
May
13334 Apr
117% Mar
91% May
9% May
16%
Oct
934 May
20% Nov
19% Oct
14% Jan
108% June
83%
Jan
Jan 15
68%
Apr
10% Apr 19
5
Jan
1078 Nov
37% Aug 25
47
Mar 8
7
2878
Jan
3838 Nov
80
July
80
1
Oct
534 Sept 10
Sept 7
60
1%Sept 10
Jan
5084
Jan 11
39
Jan
50
Deo
4334
June 26
35%
49
31%Sept 10
Jan
8
37
Jan
47
Nov
978
Jan
133s Jan 16
Jan 20
65%
Oct
5
178
Apr
83
4% Mar
14
Sept 10
30
Mar
5
12% May
15
Sept 10
22% Feb
8
16
Sept
35% Mar 31
9
1834Sept 10
80
May 19
88
Sept
8
3% Sept
27% Jan
8
4
Jan 19
97%June 21
26
Sept 8
Jan 21
126% June 10
89
June 10
2034 Sept
Apr
6978
6
8
1234 Mar
105
Sept
6% Sept 10
May 18
71
July
114
103
1878 Jan 21
29
109
164
3
23% Feb 25
June 17
16
144% July
16
7
29% Mar
9
94% Jan 30
110
Feb 18
9% Feb 18
47% Mar 11
124
Apr 23
110% MarlO
49% Apr 14
98
Apr 14
139
Apr 17
95®4 Jan 26
30% Jan 14
112
Jan
8
Aug
"l7% A^
81
Dec
99% Sept
1684
100
4%
31
"25"
8%
2978
May
Nov
90% Nov
114
Apr
77
Deo
24% Nov
4% July
1678
Jan
Deo
Deo
128
Apr
Mar
Deo
Deo
78% May
104%
Oct
Apr
3984
79%
Deo
10
24% June
Deo
90
Apr
138
Oct
92
Dec
98
Nov
22% May
105
Apr
34
Feb
117
Jan
101
July 21
15
Sept 10
34% Jan 22
25
July
36% Nov
8
50
Apr
60% Nov
Jan
38
{ St Louis San Francisco.. 100
6% preferred
100
a Def
4
Feb 15
107
784June 29
Sept
36?8
25% Sept 10
3,100
{ In receivership
28
7
36
Jan
3
112% Feb 27
2
8
9
33
112
Jan 25
24% Feb
Jan
Jan
146
Apr
Apr
Apr
128
72% Feb
132 Sept
63
Feb
113%
113%
15% Sept 10
103
103%
162% Jan 25
42% Sept 10
15% Sept
50% Nov
H3
July
130
July
8
Jan 20
140%
147%May 11
110
June 17
99
122% Feb
128% Jan 21
112% Feb
2
30
June 24
124
Jan 26
10,100
Dec
39
Feb 23
2%
56
Deo
Apr
II534
4
5234 Jan 21
14
4%
20
118% Jan
31% Feb
13%
Deo
40% May
65% Jan 15
4
67
334
2
Deo
73%
Feb 11
15% Sept 10
60
Apr 27
*11%
28%
86
May 17
434
Oct
Oct
Sept 10
11% Sept 10
13%
Deo
1734
57%
June 26
59%June 30
4%
28%
17%
...10
*11%
Oct
3178 Feb 11
31
Feb 10
Westphalia El & Pow. .
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
—..10
Common
Rhine
7,200
2
Deo
Deo
15% Jan 20
58
Reynolds
600
3
25%
..No par
6% conv
1,400
3%
5
Motor Car
Republio Steel Corp
900
3»2
-100
Corp...No par
Reliance Mfg Co—
10
Remington-Rand
..1
Preferred with warrants..25
Rensselaer & Sar RR Co—100
80
11>2
No par
& Co
preferred
Reliable Stores
200
15
29
5%
2I
*101
1634
22%
103
68%
i378
2,600
90
4
*518
200
29%
60
28
53%
100%
27
124
68%
£49
200
*96
*
16
52
109
*
80
16
3%
51%
2%
4%
40
34,200
3134 123,400
*
20
3%
4%
500
1534
22
103
*11%
*
*
21%
21
17
93
90
*__
*10134 102
16
*15%
50%
4934
50%
60
61
59%
1234
12%
*11%
24%
101
87%
124
*50
80
*
5038
*102
98-2
28
*52
500
10,900
3%
90
Re Is (Robt)
'200
2,000
17%
4%
80
2,200
18% v 21%
*15%
3%
125
*60
16
4%
90
1%
15%
*84
81
Preferred
15
par
5
100
Real Silk Hosiery
20
14
87%
100
1,100
par
par
par
—50
50
50
preferred
4% 2d preferred
4% 1st
100
6%
15
21%
16
$5 preferred B
79%
17%
*84
125
24i4
1%
178
35
18
£2078
*
103
*58
88
*
24i4
1%
17%
534
7%
79%
17%
17%
21%
*
*101
*6%
7%
79%
Us
13%
11%Sept
1,300
3134
32
28,500
Deo
384
684 May
No par
1,400
3278
32
6,300
7%
11%
Jan
3634June 17
Quaker State Oil Ref Cor p.. 10
Radio Corp of Amer...No par
32
32%
*36%
68%
29% Deo
Jan
1%
55% Jan
Rights
Purity Bakeries
31%
40
6%
42
37
7%
10% 243,100
Jan
4%
10 7% June
31%
7%
60
500
12
378 Jan 22
100
...100
30
65
69%
7
37
778
13.,400
6,700
preferred
.No
$3.60 conv 1st prcf..A7o
tRadio-Keith-Orph
No
Ray best os Manhattan. No
35
62
32
12%
1534
100
*3618
*7i2
'
105
*32
*58
'
Feb
Deo
1178 Jan 22
114% Mar 25
pa?
No
384
8
par
Jan
2784
9
334 Sept
$5.No par
No par
Pure Oil (The)
17%
101%
*33
*3H2
Pullman Inc
*69
8%
71
6,500
110% 110%
17%
101
634
*6684
45
42 2
45%
112% 112% £110% 110%
112% 11234
*101i2 102
17
16
1784
*11234 1127g
4434
45%
Pub Ser El & Gas pf
1% Apr
1% Sept 10
5
Sept 10
16%Sept
par
8% preferred.
41% Apr
26% Mar
par
7% preferred.......
148
9% Apr
112% Nov
Jan
May
9934 July
*135
Oct
Jan
1178
xl 12% July
*125
2%
21
20
100
100
100
148
Deo
4% Deo
30% Deo
22% Aug 30
33% Feb 4
No par
130
110
58%
5
Jan 12
3
Jan
June
2978 Apr 22
Sept 8
Sept 10
16
5% Pf (ser of Feb. I '29) .100
Pub Serv Corp of N J..No par
*135
-
47% Mar
Deo
1% May
141
1978 Sept 10
1
June 22
Deo
29
14
8% Feb
1
July 14
2
Oct
1378
49
Jan 12
28
July 26
20
6% preferred
-
187
297% Apr 29
No par
$5 preferred
113% 113%
-
160
Feb
Apr
23% Dec
Jan 12
18
50
*11034
Mar
7%
Mar 10
36
4,000
•
May
155
4
5
50
57%
*110%
Deo
176
Sept 10
117%
-
77
14% Aug 16
13
56
62% Aug
18% Deo
100% Aug 14
175
Jan 18
{Postal Tel & Cable 7% pf.100
Pressed Steel Car Co Inc
1
5% conv 1st pref
5% conv 2d pref
Procter & Gamble
Dec
7% June
35% Apr
122
3% Jan
Feb
18% Deo
37% Jan
Dec
4934
Deo
84
2
9
5
Pocahon._No
Poor & Co class B
No
Porto Rlc Am Tob cl A .No
Class B
No
*127
-
76%
134 Sept 10
16
11%
Jan
27%
5
79% Sept 10
Sept
52% Deo
Jan 22
18% Jan
8
Mar
8
43
par
Plymouth Oil Co
148
-
July 16
June
88
Jan
5% July
70
July
3338 Jan 18
56
Feb 17
20
No par
(The)
Plttston Co
Pond Creek
130
•
2034 Apr
Sept 10
40
25
100
100
*135
*11034
3
Nov
38%
9% Jan 20
74% Jan 13
July 30
June
16
May
68
Jan 6
July 26
10% Sept 10
.100
*127
*11034
87%
64
2 7%
1
unstamped
Pittsburgh & West Va
117
*11378 115% *113% 115
8
4
Jan
101% July
Apr
734
Jan 16
20
Mar
66
95% Aug 31
.
Deo
3%
1% July
1
3% Feb
7
8
July
6
100
Conv pref
57%
57%
Mar
1678 Mar
44
No par
6% preferred
Pittsburgh United
*117% 118
39%
38%
10134 10134 *101% 102%
*113% 115%
102% 102%
3,000
1%
*12
*38
1,700
4%
13
1834
58
118
3934
38%
395s
15%
*14
45
57
117
118
*117
*10218 103
*11418 115i2
*40
58%
5734
59
*117
*14
48
*15
53
*48
7
6%
634
*16
1984
1984 *17
17
18%
Oct
12
Jan
8
21
18
102%
Jan
8%
Mar
83
123
Jan
3%
Jan 12
Pittsb Screw & Bolt...No par
20
*115
122
81%
7% Feb
14
8
82
"3%
4
334
*115
100% Jan
June 28
7
20
*
20
*13
4%
54% Aug
Jan
84
2%
*2%
Day
5634
Jan
Mar
25
1%
19% Mar
Jan
20
82%
1%
Nov
Nov
18% Dec
12% June
190
*14%
2
Deo
31
10% June
Apr 12
12%
2
90
Jan
1134Sept 10
il34
90%
122
Jan
16
45%
165
12%
27
85
Jan
56
174% Apr 23
12%
*20%
Closed—
64%
8
Jan 11
preferred.. 100
12%
10,500
7
Jan
25%
No par
100
220
Jan
Feb
7%
46% Aug
13% Feb 19
Sept 7
Sept 10
$5 conv pref
Pitts Ft W & Chicago
Oct
58
25% Apr
54% Jan 14
12
Pitts Coke & Iron
7% gtd conv
12
Jan
5
21% Mar 11
87
6% preferred
300
172
14
Apr
4
4
25
100
300
13
90
38
Oct
45
91
CorpNo par
50
87
6
Sept 15
50
*165
11634 June
28% Apr
87
10
*10
93
Mar
Dec
2734 July
June
17
Jan
10% Mar
74
48% Mar
50
100
172
110
3% June
4% Jan
Jan
2884
65% Feb
17
Mar
100
11%
*90
20
*4
Pittsburgh Coal of Pa
46
*165
12%
2% Labor
*14
28
90
59% Nov
11634 Jan 27
678
5978 Mar 10
72
100
pref
11%
13%
Feb
49% Jan
Plllsbury Flour Axilla
25
Pirelli Co of Italy "Am shares"
*177
90
*2%
Pierce Oil 8% conv
*43
30
Feb
73
112% Nov
8
Apr
11%Sept
100
Preferred
700
*166% 172
93
90
14%
27
90
13%
500
800
*166% 172
172
*177
*17
28%
9
7
2
70
100
10
*177
Stock
94
*166
283«
2834
Mar
3% Sept 10
No par
5
12
10%
27%
50%
63
76%
2934
4% Sept 10
1
June 11
No par
7% preferred
Phillips Petroleum
Phoenix Hosiery.....
334 Deo
Mar
1%
June 14
76
10
Phillips Jones Corp
Apr
10
Jan
4%
Jan
Aug
Jan
6% Sept
No par
50
*40
*45
21,300
6%
6%
7
*6%
6%
300
13
13
*72
6%
Phillip Morris & Co Ltd
54
*11%
53
Phila & Read C <fc I
9,500
78
11%
51%
6%
6%
7%
*6%
54
5234
660
8,100
89
32% Nov
69
6%
40
50
7% preferred
5%
1
82
Jan
47% Mar
Apr
60
12%
Sept
4034 May
38%June 23
25
50
1%
1%
90%
Dec
Deo
8
Jan 23
Feb 2
Feb 1
Feb 10
Mar 17
Sept 10
69
....No par
50
$6 preferred
5%
23
10334 Mar
June 16
3
5
22% Sept 10
70
Sept 1
{Phila Rapid Tran Co
4%
6%
1
78
11%
*72
78
*72
78
54%
12
12
13%
13%
*72
360
3%
234 July
17% Nov
Sept 10
78
37%
1178 Apr
June
300
Jan
17%
6% June
14
39%
Deo
2284
10% May
19
Phelps-Dodge Corp
Philadelphia Co 6% pref
"3%
89
1%
90
88%
7,400
*3878
4%
6%
7
1
1%
92
3,000
*
78
~*3%
4
6%
7%
1%
*
78
"t
4%
7
1%
9334
*7%
*
78
""4%
534
*39
5,200
Deo
174
5
4%
Petroleum Corp
7%
42
25
June
8% Aug
7% Jan 14
10% Jan
par
No
Milk
7% Aug
34% Jan
of Am
5
Pfelffer Brewing Co
No par
Pet
......
15%
634
7
44%
39%
43%
5% Prior preferred
5% preferred
100
44%
14
1534
6%
6%
6%
7%
1434
1434
14%
16%
7
42%
*38%
45%
59
45% Sept
100
100
100
Pere Marquette...
200
65
*60 "
7%
7%
*
68
69
*15%
14%
16%
16%
45
*
68
6% conv preferred
100
People's G L & C (Chic) ..100
Peoria & Eastern
100
•_
.
"69"
22
*15%
♦
69
Peoples Drug Stores. ..No par
100
*44
18%
2684 Jan 28
19% Sept 10
30% Sept 7
41
Sept 10
112
July 15
50
Pennsylvania RR
49
47
Jan
Apr
434 Sept 10
35
Sept 10
$7 conv pref ser A ...No par
19%
34%
Jan
4% Apr
74% Apr
97% Feb
109% Deo
Jan
1%
2378 Mar 11
7% Feb 18
64
Jan 9
3
par
23
*44
*
No
Cement
42
3134
46
76
Coal &
No par
Coke Corp
10
*22%
x46
75
(J C)
Oct
20%
June 16
85
*36
31%
49
28
No par
23
*20%
30%
*46
*70
3
Peerless Corp
Penlck & Ford
600
45
45
Deo
13%
12% Aug
2% Sept 10
6% May 18
13i2Sept 10
3% Jan 2
38igMay 13
No par
38
38
3978
3%
5%
3%
5%
5
6%
*44
*
10,400
14%
6%
24%
778
7,300
6%
Corp
23%
5
8% Feb 25
4434 Feb 3
29% Aug 25
23
2.50
Patino Mines & EnterprNo par
45
47
*5%
*24%
1434
Pat he Film
14%
6%
*23%
33%
13,000
44%
*40
33%
4,200
8%
1378
3%
5%
3978
6%
2%
8%
7%
13%
578
43%
90
4
2%
8%
6%
6%
*43%
*3%
*6%
2%
IIS4 Apr
678 Jan
July
8
36%June 30
Parmelee Transporta'n. No par
2%
July
67
334 Sept
No par
Parker Rust Proof Co
Deo
152
103
xl5%June 14
24
Sept 8
..1
Parke Davis & Co
15%
6%
46%
94
6%
*46
CM.
2,500
4,500
45
14%
15%
15%
9%
784
9%
32,800
Utah
Park
153
Jan
May 13
'
25
24%
121
1
Inc
Jan
200% Jan 28
16%June 14
June 29
1
Deo
118
Mar 10
4
July
47%
140
90
9
100
10
58% July
10978 Mar 18
28®4 Jan 28
6
100
Dec
2
121
Jan
Sept
June
4%
37
8
99
37%
334
4%
3834
8
60
6% 1st preferred
6% 2d preferred
Park-TUford
Sept
138Sept
10
60
Paramount Pictures Inc
900
8
41
14% May
6
12% Feb 18
17% Jan 20
4% Jan 25
100
4% conv preferred
1,100
—
.
Sept
Jan
39% Nov
Jan
4434
2934 Apr
No par
preferred
conv
136%
126
131
128
8%
Parafflne Co Inc
*91% 100
1934 114,800
17%
*91% 100
1978
19%
*136% 139
18%
17%
17%
19
18%
2034
18%
140% 14078
155
,
*91% 100
*91% 100
2178
21%
*149
1%
7
Western
2
Apr 28
18isSept 10
{Panhandle Prod & Ref No par
78%
2
92
2
No par
Oil Corp
Packard Motor Car
Pac
Sept 10
20
Pan-Amer Petrol & Transp__5
61
1%
1%
2
92
*67
149
300
11
*10
11%
11
10
10
10
7%
100
10
133
6% preferred..
2,400
6/,900
7%
134i2June
No par
Dec
3034
38
5334 Jan 14
4478 Jan 9
152
Jan 4
No par
share
per
30
3234 Jan 14
Jan 12
8
Highest
;
$ per share
share
per
100
Ltg Corp..
Pacific Mills
70
20
18%
«%
7%
7%
7
140
140
17% Sept
28i8June 17
39
Sept 10
25
Pacific Telep & Teleg
330
140
140
141
140
140
8%
7%
*934
2934
1778
29%
14284
22
20%
23
*21%
1778
28%
$
share
per
(Cal).lO
18%
30
142
142% 142%
139% 139%
*14212 14312
*138
140i2
Pacific Finance Corp
600
18
41
29%
41
20%
$
Lowest
Highest
Lowest
Par
30
2034
3078
100-Share Lots
On Basis of
Week
Sept. 4
*1918
3078
Range for Previous
Year 1936
Ranoe Since Jan. 1
Sales
CENT
PRICES—PER SHARE, NOT PER
Thursday
$ per share
1705
New York Stock Record—Continued—Page 8
145
49
3
Sept 10
4334 Jan 29
2
Sept 8
334 Sept 10
Jan 27
11
20
Aug
x Ex-dlv.
4
4
86% Mar 10
June
884 Nov
65%
13%
Feb
Jan
Mar
19%
Feb
35
32
Jan
7534 Deo
4
9% Feb 19
Mar 11
65
53s June
22
July
10%
Feb
503a
Deo
3% Mar
684 Deo
2084 Mar
37% Mar 11
1%
Jan
2%
Jan
778
484 Mar 17
11% Feb 25
v Ex-rights,
5878 Sept
Jan
15
Oct
Jan
37
Oot
18
^ Called for redemption.
New York stock
1706
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Sept. 4
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
32l2
33*4
*94
3158
99
*104
32i2
*95
3158
96
3238
*95
32i2
108*2 108*4
*23*8
247s
23
2318
37
40
104i2 104i2
10812 10858
19l2
20l2
3714
3734
93l2
*91
40*8
*91*2
1%
*11*4
40*4
*U4
4%
10538
1085s 10858
4018
9312
1%
135s
*9H2
ll2
114
25
12*4
*33*4
*56l2
*3178
2214
13s
IOI4
4034
1»8
358
3218
6i2
7
20
21
39
400
13s
834
H2
1034
41
700
4
8238
2338
1168
3134
8
79
2378
IH2
21
8358
2378
1H2
32
32
29i2
3H2
937g
834
90
9258
85S
8
5912
130l2
70
640
25l2
2712
21
*111
18
18
*112
334
*143
145
24
38*4
25
25%
24
145
36i4
23%
3278
24
20
23i2
3478
22%
36l2
32
45
*56
60
92
92
6%
*52
638
""53g
20
16i8
*7358
1712
76
76
15%
*7358
*27
28
2612
28
I684
1534
33
28l4
50
49
21%
84l2
187s
80
*35
638
534
39
115s
100
Solvay Am Corp5H% pref 100
110
15,900
South Am Gold & Platinum. 1
So Porto Rico Sugar
No par
4,400
8% preferred
Southern Pacific Co
I8I4
3U4
22
29,200
8,400
Southern Railway
100
6% preferred..
100
6I4
60
60
*
27
5i8
200
*58
20
500
163S
1518
16
16i8
21,000
3014
28
29
31
31
29
30
49
4812
48%
48
4914
49
4914
270
205s
18
19
1914
20,100
79
80
1914
7912
17l2
83
78
79i2
220
38
*3334
37
Conv 54.50 pref
No par
3512
1U4
34
36
700
a:1058
Square D Co class B
Standard Brands..
No par
1158
1078
534
1834
16
15i8
183s
79i2
35is
107S
IDs
5l2
15i2
1478
17,500
1,300
"
1,300
11%
612
534
57g
6%
714
558
634
4ll2
*2i4
385S
41i4
4334
42
43%i
Exchange
4
534
3i2
73S
6ig
7
1358
15
15
34
34
*2758
32
*30
3634
Closed—
16
37l2
238
34
35
2%
3858
39l2
34I2
16
14l4
35
*26
35l2
*214
3912
39
3978
4U2
40
2%
1534
4,500
*2l4
234
100
38*4
4038
20,700
37i2
f
4038 f 18,500
"63"
6334
59
62
38
38
3534
587s
400
62i4
40%
35l2
6018
3534
60%
*38
4034
35I2
6U2
6158
38,300
35
37l2
33
34
32
3314
6538
63
63i4
1,600
1,000
*
39
65
63
64
17
6212
17%
15
17
15
*14*4
145s
I3I4
17%
lli2
1414
203s
1234
6712
20*8
127s
70
66i2
122
*12U4 122
19
175g
3758
40
4*s
38
4
34
31
2858
17l2
16%
1758
1134
6612
123
1738
358
*26%
*16%
21%
27
2218
27
17
17
23
23%
2218
22 s8
31%
30
2912
1312
1278
1238
10i2
12
1038
10l2
10%
934
*914
50%
934
934
*50*8
52
*50%
52
*612
*12is
55*4
6*4
363s
II84
10*4
7
*612
1112
5238
478
3458
1038
934
*32i4
33l2
7
63
*35
1284
56i8
6I4
363s
1178
103g
41
*35
38
*62
63
36
1U2
IOI4
*83
86
8
3
*26*2
85s
275g
4*4
2l2
812
2414
384
438
*15
♦94*2
233g
1912
187s
96i2
23%
*60
61%
17i2
9278
2118
5778
153s
1458
187«
1514
11*2
*15
*13
115s
35
978
45
*8
*39%
714
6214
9
64
31 s4
64
16%
*3
*86%
*7314
94i2
934
1334
1034
3,600
1U2
5018
9U
9i2
400
*4858
538
558
534
1134
1012
5034
54i8
5,400
44,600
558
21,500
1034
934
*32l4
37
54l2
52
Without warrants
Inc (James)
40
800
11%
5
534
Symington-Gould Corp ww__l
35
3378
35
IDs
97S
10
1U8
978
13,200
*62
63
100
8
300
The Fair
8i2
26
4i8
19i2
185g
94%
22l2
61
1514
15
7*8
134
17
3434
82
85
3U
8
"714
25
2338
35g
3U
"8,200
400
7%
183g
z92
92
90
20%
5634
211s
5812
X2038
21
2OI4
57
577g
55i2
14
141?
1312
141?
1012
11
1234
1412
101«
131?.
13
I3I4
6%
67s
2,900
10,500
58
137s
93g
18
175g
16
1812
*90
92
103
9
958
17
*1234
31
18
634
*101
32
43
93g
*1234
3U4
*40
758
678
16
914
12
7
104
*101
9l»
17
3234
43
7U
834
1234
30i8
*37i2
6i2
3,600
323«
13,800
42
61?
57
14
147s
14i2
23s
x78%
671?
151?
21?
8134
14
1538
21?
66
68l8
91
92l4
2158
22l2
91
2214
69
9334
221?
110
112
111
Ill
*90
91
*89
91
25
23
thl« day
2512
2438
25i2
2578
24
2478
2
82
6514
8658
2112
105
8234
681?
100
-
-
-
-
-
2,900
190
3,900
3,100
1,300
9218
4,400
16,900
22
13,600
10919
88i2
2478
2U4
f in receivership,
2,200
11,400
93s
1234
57
74
8,000
3,600
45,900
11,500
104
60
8212
500
67s
*57
3
21,500
10
61
2%
80
700
13
6I4
60%
95
on
378
a
3,200
881?
100
25
2434
Def
1
10
100
37% Sept
3
1,600
35,500
delivery.
8
par
25
par
7% Sept
23
8
Mar 22
3% Sept
8
No par
10
14%Sept 10
153sJune 17
No par
90
Tlmken Detroit Axle
10
Tlmken Roller Bearing. No
par
55
Transamerlca Corp
2
Transcont & Weat'n Air inc 5
Transue & WllllamB St'l No
par
Tri-Contlnental Corp..No
par
No par
No par
Truscon Steel
10
20th Cen Fox Film
CorpNo par
51 50 pref erred.... .No
par
Twin City Rap Trans..No
par
Preferred
Sept 10
1734 June 14
June 23
13% Sept
9% Sept
12
Sept
6I4 Sept
101%June
8% Jan
1234 Sept
30% Sept
39
par
Union Carbide & Carb. No
par
Union Oil California
25
Union Pacific
........100
New stock
57
Apr
Apr
Jan
July
Apr
Jan
Apr
Apr
73
Feb 17
86%Sept
21% Sept
Sept
88i2Sept
2434June
21% Sept
100
Caah sale
June-44
5
3*4
Jan
Feb
32*4
Jan
48*2
Deo
36*2 July 12
25
81
Dec
76
Mar
9
55>s
Jan
70*8
Dec
48
Mar
5
24*4 May
40*4
Oct
65
16*2 Apr
78*2 Nov
24i2 Apr
14*8
30*a
Mar
Jan
17*2 Jan 20
335s Jan 29
Feb 17
1578
91
Mar
4
118
Jan
125
Nov
July 12
Feb 3
27
Jan
60
Deo
3
Jan
6*4 Mar
9*8 July
42*8 Deo
877s Oct
13*2 NOV
26*8 Nov
Mar
2
Mar 11
Jan 25
Jan 20
Mar
8
Mar 31
23
Jan
6*8
Jan
20*4 Apr
28*2 Apr
r
Et-dlv
y
Oct
Jan 20
1534
15
Nor
357s
20*8
Deo
Jan 21
12*8 Nor
15*2
Deo
684 May
5*8 Apr
Jan
13
Deo
55*4
Deo
87a
Deo
Jan
Jan
8
57% Feb
3
83g
1538
65is
958
Mar 15
6
Nor
44
Mar 30
33
Jan
Jan 12
Mar
3
Apr 22
287s
165$ Jan 22
1538 Jan 28
54*4 Mar 6
28
1334 Mar 1
93*8 Jan 4
13*8 Feb 3
*40
Sept 2
8*2 Jan 13
15*4 Mar 5
287s Feb 11
10*4 Jan 25
40s4 Jan 25
215s Feb 4
98*2 Aug 13
2878 Feb 11
79
7*2 Jan
9*4 June
Jan
Feb
4
Mar
8*4 June
85
Oct
8*2 May
3*4
8*4
24*8
47s
26
14*4
12*f
9*8
Jan
44*4 Nov
15*4 Feb
14*8 Mar
49
July
487a Nov
63*8 Oct
16
Nov
110
Feb
12*8 Mar
Jan
"9*2 "Feb
Jan
13%
32*4
8*2
39*4
21*4
Jan
JaD
Apr
Jan
Jan
Nov
July
Mar
Feb
Deo
Apr
277a Deo
74*2 Nov
Jan
10*8 May
27*8 Apr
22*8 Deo
56
17
50
Mar
3
Mar 13
17*2 Jan 22
94
Jan 20
25
147s
Jan
12
93
Jan
110
478
7*8
22i2
31*8
884
65*4
Jan
7*8
Apr
June
Apr
May
Feb
Oct
9*8 Nov
28
Deo
38»s NOV
47*4 Nov
17*j Deo
Mar 29
o78
Jan 25
100*8 Jan 8
91*8 Mar 27
111
14
Dec
Jan
Jan
3978
20*2
285g
337a
2334
173s
Jan
Dec
125
20*2
6134
734
47*4
9*s
70
77*2 Jan 11
28*4
14834
9934
31i2
10
Deo
47*8
10
10
Deo
Deo
72*4
Fab
10
10
277a
62
Aug
9
265s Mar 8
4078 Mar 13
63
Feb
Feb
10
2
18*8 Nov
13*4 Mar
97s Feb
50
12
10
48*4 Nov
129
2
109*8 Jan 21
Sept 10
Sept 8
Sept 10
14
No par
Corp
r
21*4
14*8
1207t
9i2
5%
9*2
24*4
26*4
Nov
35
11
June 28
105
«
5334 Mar
Jan 11
8
10
34*8 Aug
Feb 19
28
10
Oct
4
Aug 2
225s Jan 11
273s Jan 22
113s Mar 8
6% Sept 10
-..-...100
Twin Coach Co..
1
Ulen & Co ...........No
par
Under Elliott Fisher Co No
par
Union Bag & Pap
Corp No
10
Oct
Jan
87
69
100
9*4 Mar
27
92*2
86*4
Jan
337i Apr
10
114*4 Nov
Jan
Jan 13
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
4% preferred
Union Tank Car
Apr
Oct
44
Feb 19
Third Avenue Ry
United Aircraft
May
48
pref
$6 preferred..
Truax Traer Coal
Juna
Oct
ll7t Nov
Jan
64
5% Sept 10
z40
Sept 2
1®4 Sept 8
89
82
Apr
61% Aug 2
8
Sept 7
83
Aug 31
l
pref
Tide Water Assoc Oil
$4 50 conv pref
8
17
June
Mar
No par
100
com
18
Jan
63*4
101*2
5*4
67i
73%
29*4
157«
13*8
Mar
82*2 July
477$ Oct
26*2 Dec
54*4 Deo
Jan
June 30
Preferred
$3.50
10
10
85*2 Aug
160
6*4 July
32
No par
conv
1238Sept 10
934Septl0
9% Sept 10
48%June 28
19
34
No par
Tbermold Co
$3 dlv
25
14l2
1718
*14
67
Bid and asked prices.- no sales
3U
10
10,200
634
40i8
258
378
1512
1838
9312
2078
91%
22i8
25%
2638
2
212
*7
75
92
86
""558
*30
25
95%
2338
113%
*
8
7
88
2
678
45
2434
*39
6234
1638
86
""65s
*35
2l2
7%
24
*101
1014
*
*5i2
♦
Jan
5% Sept
10% Sept
50% Jan
4% Sept
3334 June
10
Sept
938 Sept
5
25
par
Sulphur
No par
Texas Pacific Coal & OU...10
63
8
5
Texas Gulf
Texas Pacific Land Trust
Texas & Pacific Ry Co
Thatcher Mfg
$3.60 conv pref
*634
50
6,600
16,800
_
8
9
5H% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf
Produc'g Co No
200
938
*30l4
1
Talcott
32
3
1238
1078
35
3
109
14
32
15
*88%
25%
23%
8
21% Sept 10
29
Sept 10
35
16%
3%
24
*2334
112l2 11212
*88% 92%
*25
26%
2634
27
13
25
Swift International Ltd
34
234
634
*1234
50
Swift & Co
500
*32
*101
35
*43
15
26% Sept
9
Sweets Co of Amer
(The)
5,600
4,600
5,500
'
97g
678
8
17i8
IU4
86
8
3038
3478
42
3% Sent
26
Sept
22i4
10
12
~"6%
10
17
5312
53g
*30
Aug 6
1738Sept 8
36
Sept 10
2U4
45S
3334
*__.
118
29
800
*62
7*4
May 27
167s
22l2
30i8
2634
41
83
65
Superheater Co (The)..No par
Superior Oil..
1
Superior Steel
100
Sutherland Paper Co
10
62
40
No par
100
2634
534
lis*
a;52i2
514
*658
10
Sunshine Mining Co
33l2
10
18
7*8
714
*1017s 105
1088
10%
17
*1212
1,300
6% preferred
*31
8lo
*30
*234
*8*2
4,100
30,400
378
1
......
37
6
42
41
No par
Studebaker Corp (The)
70
27
1
Stone & Webster
Sun OH
3312
83
8
*36
66l2
400
5
& Co Inc
Jan
50
20
51,300
312
7
12% Sept 10
I6I4 Sept 8
Sept 10
18,900
1134
36
8
Jan 12
723s Jan
Feb 11
18l2
27
325s Mar
65
8
21
10
14,000
143s Mar
1334 Sept 10
17
18l2
8
123s Jan 22
June 17
37% Sept 10
30%May 14
10
Stewart-Warner
Stokely Bros
912
*32l4
8
*8%
684
62
25'
8
Jan 20
128*2 Feb
June 14
Sept 10
2i4Sept 8
38% Sept 10
72
30*2 Dec
17*2 Nov
114
July
7*2 Feb
Apr 28
Mar
13
33
Dec
Apr
Nov
Feb 11
Jan 29
1,500
17l2
2834
95%
4838
16%
75
8,500
I8I4
43i2
378
Jan 18
623s July 22
1334
123
Aug 14
5878 Sept 10
Sept 10
1558
*122
35
50
32
1334
66l2
2334 Jan 12
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No
par
Sterling Products Inc
10
1212
68
Jan
Jan 28
33
27
2218
2958
1312
10l2
*914
*485S
50's
51
6i8
*62
9
12
55l2
17
638
IDs
Oil of Indiana.
Standard Oil of Kansas
Mar 17
2
2734 Apr 26
Sept 10
Stand Investing Corp..No
par
Standard Oil of Calif..No par
'Standard
Jan 20
Jan
x 10%
47*8
85
23*2 Jan
12*4 Apr
Mar 16
36
17% Sept 10
78
Sept 10
No par
Mar
37t July
Apr
Jan
2
June 29
Deo
132
Feb
43% Mar 17
6012 Mar 6
,
Nov
127*2 Nov
14*2 Jan
487« Oct
6*4 Jan
26
25
Feb
1678
1334
123s
10*2
prior pref
12i2 May
110
160
94
120,si6 Apr 30
3i2 Sept 10
5%May 18
Sept
2
Feb 26
2612
30U
157s
3114
153g
cum
1334
187g
1178
27
41
4
57
16
124
18
27
31*4
157s
»
*122
42l2
312
26
285g
165s
IH4
*66i2
18
37
30
*6412
15l8
13U
14
IDs
66%
438
27
63
15l2
*13
122
1878
35
1
Jan
31
44
1
JStand Gas & El Co...No par
54 preferred...
No par
$6 cum prior pref
No par
100
35io
1
par
conv
Stand Coram Tobacco
14,300
35
33
3834
234
12,900
23.700
9
75
par
No par
Aug 14
26
par
preferred A..No par
Spiegel Inc
2
27,200
414
612
-
14U
40
*285g
*16*2
$3
1 Preferred
612
7%
4*4
100
21
32i2 Jan 13
653s Mar 11
65%
1178
775s
104i2
9%
Dec
45
40*4 June
Feb 15
42i2 Jan 12
May 22
Sept 8
1478Sept 10
26% July
1
1st preferred
64
8
Jan 11
June
155
Dec
Sept
Dec
Feb 16
638 Feb 26
8
Spang Chalfant & Co 6% pflOO
Sparks Withlngton
No par
Spear & Co
1
10
94
76
1534
Sept
5% Sept 10
58% Feb 5
92
Sept 7
434 Sept 10
1418 Sept 10
$5.50 preferred
No
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
Spicer Mfg Co
No
63
115
Mar 29
45
par
2812
4334
40
.100
Spalding (A G) & Bros. A'o
Jan 15
22% Sept 10
3218 Sept 10
18U SePt 10
31% Sept 10
Mobile & Ohio Stk tr ctfs 100
500
5i8
*
94
Mar
64i2
4018
2934
23%
Mar 18
141
25
Mar 16
120
278Sept 8
32'4 Sept 10
100
Southern Calif Edison
43,500
Dec
8»4 July
19*4 Jan
*3% June
19*2 Jan
97*8
Sept 10
16%
28*4
54
8
17
Deo
MarlO
9
24i2Sept
19*4 Nov
Deo
197
June 17
23% Sept
110,100
3412
58
31% Nov
11*4
4% Apr 21
605s Apr 22
102% Feb 4
Jan 27
101*2 Nov
Jan
102
177s Mar 11
3i8 Aug 10
96
2
Dec
Deo
77« Nov
43*s Jan
30*4 Apr
14*4 Apr
8
10538 Feb
98t2 Apr 29
85t4 Jan 2
*26
1U8
Stock
Mar 20
Deo
July
4*4
Jan 21
Feb
44
Feb
Feb
327i
10412
1
44
Apr
89
3484 Feb 19
Sept 7
Sept 10
42
Feb
65
11
34
Smith (A O) Corp
10
Smith & Cor Typewr..No par
145
*25
July 21
2
Mar 10
14
8
102
10
"4,566
6I4
534
56
25
23i8
35i2
Sept
Feb
120
303s Sept 10
22i4Sept 7
No par
36
52l8
5
Sept 10
8
par
3218
23
Jan
90
No par
28i2
413s
*30
A) Pen Co .No
Sept 10
Sept 10
29
No par
No par
*25
45i2
284
187s
conv
26
40
*121
Jan
26
*2*4
127s
Jan
20*4
2i|
87s
Jan
11*8
434
14lg
*7358
*41
197s
155*
76
*35*4
*67i2
4
175s Feb 10
42% Mar 10
53g
*15i2
*7358
17
*64*2
34
11
76
17
*
21
par
2214
33
60
*18
985s Aug 18
1
No par
No par
355g
*38
94
*735s
*143
1
Snider Packing Corp
No par
Socony Vacuum Oil Co Inc. 15
400
4*4
90*2
Jan
llU Mar
100
Sloss Sheff Steel & Iron... 100
56 preferred
No par
1,300
3I4
3478
7a
6*2 SePt 4
79
Sept 10
par
Skelly Oil Co
6% preferred
2,000
557s Nov
101*4 Mar
77s June
30*j Aug
3*2 July
695s Jan
Slmms Petroleum
100
19
Dec
114*2 Mar
177a Nov
l*s May
5
2312
6i8
*
145
Jan 11
1
Sept 10
3t2Sept 10
June
2
3412
2II4
48
6i4
34i2
z38.
11
8% Jan
23
3358
55i8
6I4
98
7*4
*143
33
712
63%
"*6*"o ~~7~%
3312
93
49h Nov
377i July
98% Mar 15
3% Feb 9
23% Feb 10
45U Jan 14
2% Jan 2
54i8 Apr
Simmons Co
600
112
278
3214
2
6IS4 Mar 17
100
5H% conv preferred
100
Sliver King Coalition Mines.5
9,900
2,500
1734
112
3i4
Nov
27*2 Mar
Sept 10
DaJune 24
884 Sept 10
No par
Shell Union Oil
12,800
17
114
Sept 10
Sheaf fer (W
600
314
Aug
14i8 Jan 4
36% Sept 10
53.50 con? pref ser A .No par
30
44l2
17
113
3
34
33%
*143
*112
3%
*48
57
*92*4
63,
145
113
278
34l2
2312
3214
20*4
37%
*112
358
*143
24
38*8
113
3l2
3312
130
105% *103l2 104l2
24
25
23i2 237«
25
2412
25l2 26
*17
17l2
*16i8
1734
18
1834
185g
19i4
195g
113
130
105
18
20
130
314
43
108
110*8 Sept
Jan
Feb
90
.No par
pref
Sharpe &. Dohme
200
12l2
Dec
6
3
6
30
55
11,900
38
99
113
1
Sbattuck (F G)
Sharon Steel Corp
5,500
10312 10312
23i2 25
2434 26lg
135
11
34
Dec
113
par
Servel Inc
3.500
*56i2 5912
3038 3038
2214
2358
104i4 10414
3314
2384
July
96
103
5
100
share
per
27
Mar
9
Seagrave Corp
..No
Sears. Roebuck & Co..No
1,100
23
Jan 13
Highest
share $
per
99
July 9
104%June 29
100
Line
Air
46
$
4-2% preferred
.100
Seaboard Oil Co of Del. No par
5,800
*92%
838
JSeaboard
39,000
18,300
11
92i8
858
92i8
84
1H8
82
July
100
Scott Paper Co
612
6i2
May 19
8% preferred...
410
3234
312
30
612
Year 1936
Lowest
$ per share
95
JSchulte Retail Stores
12,700
7,800
6,200
share
per
100
5H% preferred
1,700
ll4
$
31
Savage Arms Corp
No
Scbenley Distillers Corp
6,600
41
1
1»4
4
33
Range for Previous
Highest
No par
5% preferred
6% preferred
7% preferred
6,900
91
Safeway Stores
3,700
3614
90
126
3512
11*2
3814
9H2
H2
IOI4
41
91
10512 105l2
25i8
25l2
25
2514
*358
*35
38
135
351j
*83
200
106
*112
21*4
"~~"50
109
100
25*2
*2678
*17*2
19%
*31
104
108
22
145l2
106
*49
*101
20
100
s-
46
*140
1684
104
104
32U
31
834
96
3,600
5612
5612
5612
5612
3178
3178
307g
3078
2212
23%
2378
24i4
104
104is al04% 104I4 *10334 104i4
11
1234
1158
1214
1134
12l2
36
4012
35i2 37%
37i2 387g
*314
312
314
314
*3i4
3i2
44
44
43
42i8
4312 4434
*100
102
*9934 102
*100
102
46
*638
3234
95l2
914
*95
H2
HI4
4034
1U
4
2H4
1H8
93
*99*4 101*2
*56
1212
3114
245«
I0434 104*4
13
*12*4
40*2
41U
*3*4
312
37*4
25
ll7s
35
*48
86
23
59l2
*3178
24*8
6i2
80
9%
*56*2
35
6i2
100
9*2
458
32
6%
87%
25*8
12*4
3412
86*4
114
4
35
6*2
*97
42
1J«
4%
96
93
112
1012
4012
Us
358
31i4
6i2
803a
11
4034
41
35
H2
11
Par
33
*95
*104
Lowest
10812 109
91
105*8
11, 1937
EXCHANGE
31
33i8
Sept.
Range Since Jan. 1
On Basis of IQQ-Share Lots
STOCK
Week
I per share
YORK
9
Feb 20
Feb
4
Mar 16
Jan 13
Feb
4
35*8 Mar
5
Ex-right«.
1
278
745g
38*2
715s
20*4
108*2
90*8
22*8
2Q5s
Jan
June
109
Deo
June
8*s
102*8
Deo
May
70
Deo
Jan
Aug
Jan
Jan
Jan
Apr
Jan
105*4 Nov
28*2 Feb
149*4 Aug
100
June
31*8 Feb
32*8 Feb
Called for redemption.
Volume
LOW
AND
Saturday
Monday
Tuesday
Sept. 6
Sept. 7
Thursday
Sept. 9
Wednesday
Sept. 4
Sept. 8
$ per share
22
*22
225g
24
Lowest
$ per share
Un Air Lines Transport
"1Mb
22
2H2
22
80
80"
77
79
81
81
84
853s
78
*33
287g
414
33
45g
30
30
*2814
4 >8
3114
4l2
30
30
33%
4
4%
72,900
36i4
9%
35%
10i2
18i2
3478
9i8
36
35
3514
9l2
10
10
9,200
*17l2
a9534
20
4%
363s
10%
484
36%
10*4
*19
18%
21»4
*96
97
123s
12*8
*10684 108
9%
*15i4
914
16
*90
93
14
15i2
9478
15i8
15i<
15
997|
90
57
*315s
978
3212
163g
16*8
160
14l8
29*8
47
4284
884
4614
1078
5084
44i2
50
88
88
83
83
*6984
70
7*4
834
3,700
U S Leather
15*4
14*8
1434
5,500
43*2
46*">
45*4
108
44*2
4,400
778
834
18,300
40*4
78*2
46%
51,800
83
7,700
40
'
47*4
,
83*2
81
76*2
79*4
3,700
72
*677g
92%
70%
67l2
18%
4
384
434
37g
♦
19%
72
*65
72
*144
147
*144
147
*144
147
30
55
57
59
40
1%
23%
35*4
3978
6%
40*2
7%
7%
34*8
40
49
*49
50
*110
111
110
7%
43
*7%
26*4
Exchange
378
684
884
*5%
*122
3%
578
*5%
10*2
Day
13%
25%
877a
10%
*46*2
47%
43
19*4
*20%
19*4
*19
26
92
5
684
2678
87
87
87
87
11
1158
10%
1178
44l2
1934
45
1984
43*2
*19*4
44
20
*16
20
20
*54
55
6
7
55
25
*5
38*4
35*s
2384
36%
28
43
4%
4%
*1%
38%
2
40*2
80%
81%
104
104%
101
99
116
*2638
75s
*125s
*214
*534
445s
*3714
143
2684
7%
16
2%
37l2
157
*24
25%
*37i2
*18U
*267t
38
19%
43
37g
1*2
42U
44
4
1*2
5
*99
98
101
100
103
96
97
95*2.
24
6*s
*11
2
121
*121
122%
116
113
113*4
25
25
65g
63g
11*4
25l2
46
52*4
4
26
27
*97
45
7%
1301 west Penn Power 7%
130
6% preferred.
Western Auto Supply
3,000
148
2,400
6,700
15,300
6,700
13,000
29
500
97%
110
46*4
~~7~66o
47"
46*2
95
*100
4784
108
40%
103
103
114
114
*100
112
*101
110
*103
*85
89
85
85
*75
84
*78
83*o
*75
83
*1912
*22*8
20
*19*2
20
*19*2
20
*19*2
20
19
19*2
2O84
*14
1334
14
14%
14*4
378
»28*2
3*4
26*4
3%
23%
200
20
175g
1334
*19*2
17*4
22%
15Ui
37»
22*2
19
13*2
14
37t
30
37|
25l2
„31j5
3*2
27*2
37g
5*2
3*2
638
107g
87t
8
9
76l2
79
*77
45*4
35i2
42i2
45*2
31
3512
100
104
*100
*9812 102
*83*4
*83*4
87*t
90
*
3*8
25
25
33g
3*2
3*4
5
12
538
5*8
10*2
77g
884
75
77
45
42%
3084
3234
100
3*s
312
25
*91
*821*2
87
80
*8212
85
*75
812
74
75
44
31*4
*91
97
4*2
934
7%
5%
43
31
3
11
*74
43*2
100
103*2
1078
8*8
107g
8*4
75
3
e
42%
27
32
97
5
*70
74
8434
*75
84
*70
85
90
68
68
500
47
43
43
700
1738
17*8
1778
15
1734
*84i2
90
6734
*67
*43
*37%
38*8
82
83*2
*9858
42*8
47,
*
99
42%
47,
36
73*2
*98*2
37*4
4%
3734
78
99
4U2
478
Bid and asked prices; no sales on
123
3534
725s
98*2
37*4
35g
30
""166
687S
80
67
49
123
20,300
2,700
47
80
68
123
700
49
90
16*2
24,000
74
68
*
8,800
6,700
2,000
97
84
90
20*2
31%
100
*77"
*45
165S
44%
80
6S7|
110
*67*4
75
*94"
100
48% 49*4
20*4
20*4
125*4 125*4
*93
3*4
5*4
10%
8*2
100
36
75
98*2
3884
4*s
this day.
C
60
121
121
36
36
_34;2
35%
2,000
J74 *
76
67%
7534
20,600
*88
38%
334
96
3934
4
123
72,800
96
334
a
25,800
4
3334
f In receivership,
100
39
*90
9,300
Oct
168
9
5
Apr
6784 May
July
884 Nov
102
Nov
May 17
86
Jan 21
"57%
Apr
92
Nov
Jan 19
153
Mar
165
Aug
Jan 18
50
Jan
115
Apr
3%
1
Jan
July
30
June
1% Sept
1
Sept
8
Sept
9
47g Jan 13
2% Jan 20
58% Jan 20
23*4 Sept 7
30
SetflO
39% Mar 11
44% Jan 20
2884
Jan
5
1110%
Feb
40
Apr
45
9
103% Aug 19
115
38% Sept 8
5% Sept 9
?8% Sept 10
47
June 29
115
105
Mar
Apr
16%
May 12
1284 Apr
Oct
2%
Dec
57
30% Dec
493g Nov
116
Aug
48% July
8*2
Dec
4*8 Jan
2884 Aug
6
74% Apr
6*2 Mar
6
Feb 15
58*4 Dec
Mar
114% May
109
Dec
1384
6*4 Apr 28
Sept 10
4
Apr
37
Jan
5
14
May
41% Dec
123% Aug 25
135
Mar
4
xll4%
Jan
12% Jan
18
7
Mar 12
70
Aug
131% Aug
86
Feb
2
122% Jan 11
120
Aug
137% June
Sept 10
10*8 Mar 16
18% Mar 16
2% Aug
Jan
10% Mar
Mar 17
4% June
784 Mar
98
Feb 17
70
117% Feb
3
8
6% July 15
5*2 Sept
16
10% Sept
8
92% Aug 18
18% Mar 11
8
51% July 15
1978 Jan
Sept
8
50% Feb 1
10% Feb 26
7
4% Sept
64
Sept
8
7
20
Feb
99% Mar
2
Jan
5
18
5
ll%May 13
55
Sept 1
%May 18
69% Jan 23
5*8 Sept 10
12% Jan 25
21% Aug 27
35% Jan 16
33% Apr 28
46
23% Sept
8
38% Feb 19
Sept
8
Feb
4*2
Nov
Jan
19
30
Apr
39% Dec
5*2
26%
1778
Jan
12% Dec
Apr
Apr
4984 Nov
20
Nov
9%
19% Feb 11
49
42% Apr 28
19
May 5
1078
Jan
2%
Apr
Nov
52
7% Nov
Nov
105
47%
Jan
P%
Apr
18% Dec
Apr
69
5084 Aug 10
42
44
% June
1% Feb 17
3% Sept 10
1
July 15
Sept 10
34
MarlO
9% Feb
1
2% Jan
6
56
Mar 17
Dec
Feb
278
Jon
1284 Dec
38% Dec
21
Jan
Apr
19%
Apr
39*2 Dec
4%
157g
6% June
Aug
1
33% June
Dec
37%
Feb
Jan
11%
234
52% Dec
Dec
8384
Feb
Jan
107
100
100
Jan
110
Apr
103
Aug 26
87
Feb
102
Sept
Sept
pref .100?
100'
July
81
1
Apr 10
118
110% Apr
Co-_-10
100
24
100
9
100
50
6% Sept 8
Sept 10
l%Sept
3% Sept
41% Sept
30*2 Sept
127%Sept
Mach...No par
preferred
No par
5
Willys-Overland Motors
1
6% conv pref
10
Wilson <fc Co Inc
No par
$6 preferred
100
Woolworth (F W) Co
10
W orthingtonP&M (Del) No par
Preferred A 7%
100
7% pref A stamped
100
Preferred B 6%
100
6% preferred B stamped 100
Wright Aeronautical—No par
Wrlgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
—100
Young Spring & Wire.-No par
Youngstown S & T
No par
5}4% preferred
100
Zenith Radio Corp
No par
Zonite Products Corp..
1
r Cash sale,
84*2 Feb
4
10
10
10
10
10
143
May 14
20
Sept 10
3584 July
2
Sept
3
123% Mar
116*2
Jan
124*2
11184
Jan
II684 Dec
8%
Apr
"12*8 "Feb
11% Mar
5
23% Mar
6
4% Mar 17
11% Mar 17
83% Jan 22
Jan
4
153*2
Oct
22% June
35*2 Oct
33*4
Jan 22
123*2
65
Aug
6
Mar 11
May 20
126% Aug 14
7
94*2
160
Oct
Jan
39
Jan
1984 June
32
July
3184 Nov
35%
34
Jan
91
July a;120
3978
21*2 July
109%
84
July
99
June 29
33% Feb 16
18%
13% Sept
1878 Jan 25
1384 July
Oct
Nov
Oct
Dec
Feb
9034 Aug 31
23%May 15
17% Sept 10
85
20
3
Sept
7
Sept 10
23% Sept 10
3
Sept 10
4% Sept 10
984 Sept 10
7% Sept 10
74
Sept 10
42% Sept 7
27
Sept 10
684 Mar 22
4
6% Jan 25
5% Sept 7
12
Sept 7
46% Jan
Jan
Apr
3634
56
Apr
8684
Dec
Dec
47
Jan
8O84
Oct
Jan
112% Mar 25
Aug
Mar 10
92
70
6
Aug 11
128
Mar
6
62%
76
Jan
7
63
Aug
43
Sept 10
62*2 Jan 27
33%
15
Sept 10
37% Feb 16
884
Apr
Jan
Jan 23
83*2
9
34% Sept 10
67% Sept 10
9734June
30
2
June 17
3% Sept
Ex-dlv.
8
y
Jan
23%
112
Sept
11
Jan 22
47
100
121
5% Mar
Nov
3
2
684 Nov
Nov
43
71
4
65% July
Jan
87
Jan
8
Apr
Apr
2
Sept
Sept
Apr
6% June
June
9184 Mar
7634June30
80
2*4
28% Nov
17% Nov
4484
12% Feb 27
81
82*2 July 12
3%
16
Feb
65% Jan 20
100
x
Feb
30% Jan 22
39 May
6
170
126
99
978
96*8 Nov
Dec
Jan 18
38
23% Sept
4
Feb
I5078
Jan 18
7
5% Aug
72*2 May
Jan
Jan
Jan
90
Sept
Apr
178 Nov
3484
114
2 5%
15
6
167% Jan 22
5784 Mar
27% Feb 23
3478 Jan 7
115
Apr 13
18
Sept
115% Jan
29% July 12
June 21
11
100
Oil & Gas
stock,
Apr
160
164
$4 conv
n New
131
5
96
Class A
Def. delivery,
9
Jan
78
Weston Elec
Wilcox
Mar
108
55
White Sewing
*27
7978
91*4
3,700
500
Apr
Dec
75%
15484 Nov
144
July
Aug 26
Feb 11
2,100
18
Jan
109
3's
18
115%
10384 Nov
108
25%
18*4
Jan
Mar 13
1,200
30
2,100
Jan
46%
July 14
Union
preferred
68*2
90%June 17
Telegraph.100
Westingh'se Air Brake.No par
Westlnghouse El <fc Mfg
50
1st
72% July
Mar 11
Dec
NOV
101
80
1434
*37*2
38
27
preferred
Jan
89
13~206
22%
38
109%
6%
Western
47
par
20%
20
38
27
Maryland
2d preferred
Pacific
par
49% NOV
par
Instrum't.JVo par
No par
Westvaco Chlor Prod.-No par
5% conv preferred
30
Wheeling & L Erie Ry. Co.100
5H% conv preferred... 100
Wheeling Steel Corp.— No par.
Preferred
—100
$5 conv prior pref—No par |
WhiteDent'lMfgCoCThe SS) 20
White Motor Co
1
White Rk Mln Spr ctf. -No par\
22
*97
4%
Western
40
0:2184
18*4
Western
1,200
144
148
Snowdrift No
preferred
No
A..No
preferred
preferred
$4 conv
West Penn El class
Deo
19%
Jan
Aug 18
May 13
68
1
Co
Wesson Oil &
6%
4,800
148
4*2
44%
*100
*100
1%
1%
Class B
520
678
33
34*2
136*4 140
43
27
10938
11
No par
A—No par
No par
Preferred
100
Warner Bros Pictures
6
$3.85 conv pref
No par
fWarner Quinlan
.No par
t Warren Bros
No par
$3 convertible pref_.No par
Warren Fdy & Pipe
No par
Waukesha Motor Co
6
Wayne Pump Co
1
Webster Eisenlohr
.No par
Preferred
420
11%
134
6*4
67g
12
3%
4%
41i4 44
30% 34%
127% 13634
5
43*4
3434
100
~5~l"
1%
4%
2
25
120
No par
6378
Jan
Apr
142*4May 17
9% Sept 10
Ward Baking class
800
121
1212
41%
3212
584
44
"5^566
100% 104
96
97%
24%
4 M %
Sept
104
7%
16%
21
2478June 24
84%June 24
Walk(H)Good & W Ltd No par
Jan
21*2
8*s Feb 5
84% Jan 11
No par
Walworth Co
71
Jan
Jan
978
183g
9% Feb
No par
pref with warrants 100
Wells Fargo &
80%
105
*113
24*2
600
35%
80
*99
105
105
6,200
1%
34
80*8
80*8
3%
3*4
*li4
37
35
80*8
80*8
34% 37*4
139
135
136*4 141
*14412 147
*144% 150
22
21
2O84 23
*37*2 38
*37*2 38
17*2
*16*8
18*4
19*4
100
384
*1*4
-
38
37*2
114
*100
5234
3,200
43
120*2
28
*100
""560
2434
37
113
41%
104
*100
34*8
23%
120
6
143*2
*146
34%
94
45
7,100
36*4
2434
120*2 120*2
11414 11414
25
26*2
7*4
6*4
12*8
12*8
2
2U
12012 120i2
*113
578
36*4
98%
95
3,800
2434
*96
103
*98
50,900
24
*1U
80*s
103
100
6,400
20
*3
40
103
28,300
4,000
*6
42
2
Walgreen Co....
Apr
59
Oct
Aug
4%
169
17% Sept 10
100
100
100
Waldorf System
36
23%
100
100
Detlnnlng
Vulcan
2*200
"
28
*34
Virginia
fWabash Railway
5% preferred A
5% preferred B
*6
28
Coke.100
100
Ry Co 6% pref.—100
Virginia Iron Coal &
5% preferred
6,300
%
5*8
6
2~4O6
100
54
%
1
55s
1234
*50
57
%
6
5*2
4484
4%
103
l
*10
2678
103
*45
60
58
6%
*27
45*2
*45
%
No par
100
Vanadium Corp of Am .No par
Van Raalte Co Inc
5
7% 1st preferred
100
Vlck Chemical Co
5
Va-Carolina Chem
No par
6% preferred
100
Va El & Pow $6 pref
No par
Jan
Aug
136
June 11
65
Feb
20% Nov
62% Nov
169%
10
Mar 30
Jan
39%
125% Nov
31% Aug
75% Jan 18
126% Mar 11
150
Jan 22
8
3% Sept
1
Preferred
Preferred
100
64
11*8
13
1238
12l2
434
*54
64
*54
69
12
147
Sales
Vadsco
"
200
20
"4%
pref. 100
futilities Pow & Light A
700
1934
*19*4
*
47g
4i2
4%
43a
1384
*36"
*397S
*80%
*19
5%
%
43*4
100
preferred
2,200
27
2512
25
45*2
*4*4
*1%
20
877S
IU4
10*8
42l2
5,700
100
25*4
64
%
10,900
71
71
8684
60
*
81
81
8878
13%
47%
1984
12
700
127
124% 1245s *120
2684
64
10
10
25%
14*4
1,800
19
18
26
20
20
5*2
%
6*2
7*8
26
*118*4 125
*118*4 125
*118*4 125
3
3%
3*4
3*2
3*2
3%
3*2
6
6
5%
584
6
5*2
6%
*4
*3
884
834
*4l2
884
884
9*2 10
10*8
10*8
10
11
10*2
69
*54
6*2
*18
80
267g
5%
110
110*2 111
127
*75
13
14
390
90
267,
*8878
*64
6%
127
Closed—
11% Labor
*11
20
*118% 125
4
6%
5,200
110%
*122
82*4
*80
*118% 125
1*8
330
*75
Stock
127
*122
1*8
45
10,900
110% 111
7*4
7*8
*18
2212
7%
26%
*18
10,200
_
no
*7*4
7*2
*21%
1
45
1%
2734 "23*2 26%
25*4
24*4
31
30
31*2
31
30*4
3134
*103*4 115
105*4 105*4 *103*4 115
*40
42%
40
40
38*2 3978
6:
6%
5*2
584
578
6*8
41
43
38*2 43*2
41
4334
*105% 115
109
40*2
28
32%
29%
29
*34*8
*106
47
1*2
1*8
1%
48*2
26*4
*45
47
49
1%
1%
1*4
1%
1%
♦47
1%
1*2
158
1*2
1%
1%
1»4
55
8%
Universal Pictures 1st
87S
49
Mar 22
105
4
5% Sept 10
No par
80% May
May
160
72% Mar 31
118
Feb 18
Sept 10
May 15
Apr 29
120
1
Stockyards Corp
200
*65
147
57
124
70
73
147
Jan
75
100
No par
100
S Tobacco
86 conv pref. A
*65
*51
50
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
72
57
50
500
147
*51
78% Sept 10
70*4 Sept 8
66% June 21
2384 Nov
24*4 June
3
72% Mar 9
19% Jan 12
100
8,800
4*8
72
58
8
United Stores class A..No par
*144
*51
Sept
100
Preferred
67
17*2
*6434
18*2
40
17%
334
*
67
*17*2
4
No par
Preferred
United
Apr
112
Jan
778 Sept 10
U 8 Steel Corp
3,700
Jan
10
70
40% Sept 10
8% 1st preferred
U S Smelting Ref & MIn
Preferred—
6
5%
578
4*8
Nov
5
43% Feb 9
15% Mar 13
22% Mar 17
No par
Impt
U S Rubber
*14934 154
154
100
Jan
23% Mar 22
v89
100
20
U 8 Pipe & Foundry
U
127*2 *11984 127%
♦
18l8
124
126*2
378
67*2
18
100%
99% 213,200
129
3,900
"20" "Feb
Jan
Sept 10
6*4 Jan 2
13% Apr 23
No par
Prior preferred
U S Realty &
Apr
2
3478 Jan 13
2 7%
Partic & conv class A.JVo par
400
*60
19*2
*19%
27*2
11314 July
13
13% Sept 10
Sept 8
50
5H% conv pref
Jan
91
50
5
Corp
U S Hoffman Maoh
Jan
1938
109
20'2 Jau 19
a
Sept 10
13
U S Industrial Alcohol .No par
*85
oept
Nov
9
3
100% Feb
1% Apr 29
ii
Dec
8I4
5084 Nov
358 Jan 28
2434 Mar
7
Sept
90
June
87
Jan
14i8 Nov
Jan 14
Feb 10
300
9*8
11378 Jan 14
16i8 Feb 8
Feb
2,200
100
1
4
17
Feb
29l2 Aug
105
3218 June
172
30
43*2
July
Feb
914
66i2
2
8684 Mar 19
137
50
108
4
Mar
63
Sept 10
June 14
Sept 10
14%
8*2
IO6I4 Feb 26
9% Mar 11
Jan
May 10
878
42
Jan
85
30*4
*85
15
93
156
50
87g
2684 Apr 19
100
13%
8*4
4
No par
20
preferred
15
15
4234
3,500
7%
52
8*2
1612
Mar
16
1278SeptlO
100
U S Gypsum
30
4878 Aug
Apr
1023s July
6% Jan
No par
U S Freight
1458
Apr
1034
11
No par
No par
10
No par
100
prelerreu
100
13
79
4»4
70ig
«Juuv
1,500
80*4
83%
8512
79
76*2 79
83i4
69*2
69*2 *6778
6934
98*2
9584
98i2
963g 10134
125*2
126
128i2 12434 125
*11984 127*2 *11934
*11984 130
*14984
158
*155
*14934 158
6
534
55s
584
578
57,
96 first preferred
IT S Plat,rib Porn
340
69i4
158
♦60
500
78
*11984 130
57g
484
U S & Foreign Secur
100
3,100
83%
10334 104*8
128
1283s
*155
1,800
1334
15
40
10i2
14
Paperboard..
93
105
♦90
101
101
105
lOTg
50l2
preferred
95
165
87g
46
United Gas Improvt
85
14*2
40%
8
65
No par
Fruit
*161
2934
83s
♦101
United
93
11'4
4678 Jan 14
95% Aug 17
United
ii*4
9684 Nov
35i8 Nov
35
5% June 17
43
Sept 10
100
11'
Jan
Jan
5
4,800
1%
68
Apr
5
12,800
1278
3
53s
100
5,400
1134
12
IO6I4 IO6I4
7
778
Feb
91
22%
United Eng & Fdy
97
*60
9i8
143g
6712
Oct
Mar 17
United Electric Coal Cos
Preferred
33% Nov
Jan
117
111
8*2 Jan 14
183s Jan
10
Dyewood Corp
165
50
16
United
900
65
preferred
93
3714 Nov
Apr
6
June 17
4
No par
No par
5
United Drug Inc
30
11,800
43
12*4
13*2
1518
50
3U2
29%
85s
14i8
97,
161
I6I4
*50i4
United Corp
1612
24U Mar
11734 Feb
32%June 15
9
Sept 10
United Carr Fast Corp No par
92
90%
89*2
55
15i2
16l2
*50
6%
100
No par
United Carbon
*161
1334
*13*4
163
*161
163
*1614
9534
IV
12
12
700
43
*85
*1
1%
1%
1,300
1878
9534
7j2
*1612
93
*85
93
11
14
9978
*161
*85
1%
1%
15
*14
35
20
*16
90
90
15s
*1%
414
3514
978
*
96
9584
7%
7h
678
8%
7%|
45
4512
45
45
48
68
6712
6812
69i4
69%
70i2
m
1214
II84
12
117g
12%
10734 ♦1063s 10784
*106% 10734 *106
7
7-3s
7%
8
7%
834
13
13l2
13%
1314
1414
14l2
70i2
70%
4
7*8
46i4
46
46
*114
...
96
96
81*
8%
*114
...
9 per share 9 per share
13
Jan
25i2 Sept
24% Jan 12
31% Feb 10
30'4 Jan 11
8
June21
17
21%Sept 8
113%Marl6
6984 Apr 28
287s Sept 7
100
Preferred
3,200
9
*114
114
lU8Sept
5
No par
United Biscuit
10
114
8334
*114
9 per share
United Amer Bosch___No par
1978
Highest
Lowest
Highest
9 per share
Par
19,800
12'8
Ills
*17
100-Share Lots
On Basis of
EXCHANGE
Weet
1978
21%
2134
2H4
<
Shares
1278
*17
1978
*17
1978
12%
12%
11*8
133s
11%
*17
197g
NEW YORK STOCK
the
Sept. 10
$ per share
9 per share
9 per share
9 per share
13'4
13i2
*18
STOCKS
for
Friday
Range for Previous
Year 1936
Range Since Jan. 1
Sales
CENT
SHARE, NOT PER
SALE PRICES—PER
HIGH
1707
Record—Concluded—Page 10
New York Stock
145
142
46% Feb 15
10178 Mar
115
6
Jan 27
4334 Aug 31
9% Jan 16
Jan
42*4 July
4184 Jan
105
11*8
Jan
Jan
584 July
14034 Sept
79
Feb
51
Nov
23%
Dec
163%
Dec
55
8784
122
Apr
Oct
Aug
4238 Nov
93g
Jan
Ex-rlghts. If Called tor redemption.
1708
Sept. 11, 1937
MB
NEW
Bond Record,
NOTICE—Prices
are
YORK
EXCHANGE
STOCK
Friday, Weekly and Yearly
"andflnterest"—except for Income and defaulted
bonds.
Cash and deferred delivery sales are disregarded in the week's range,
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote In the week in which they
occur.ifc.No account Is taken of such sales in computing the
So
Friday
Week's
Last
Range or
Sale
BONDS
Friday
Y.
STOCK
EXCHANGE
Week Ended
? fe
Sept. 10
Bid
Price
Hft,
tfc
BONDS
Range
§2
Since
Asked
Low
Week's
Friday
*3
v.
N.
range for the year.
N.
Y.
No.
Low
Last
EXCHANGE
Range
Sale
Week Ended Sept. 10
Jan. 1
High
STOCK
Bid
Price
Low
High
U. S. Government
&
Foreign
Range
or
Friday
Asked
Since
§1
Jan. 1
03
Low
High
High
Govt. & Mun. (.Cont.)
*
O
115.15 115.15
O
105.12 105.9
105.13
77
104 .2
109.26
♦6s Apr 1 1935 coup on__Oct 1961 A
D
1x0.18 nO.13
110.22
45
109 .12115.20
s
Treasury 4%s_..Oct. 15 1947-1952 A
Treasury 3%s
Oct. 15 1943-1945 A
Treasury 4s
Dec. 16 1944-1954 J
108.26 108.19
108.26
2
♦6s July 1 1935 coup on. _Jan 1961 J
♦Colombia Mtge Bank 6 Ms___ 1947 A
IVI
Treasury 3%s
Mar. 15 1946-1956
105.27
Treasury 3%s._.June 15 1943-1947 J D
M S 101.31 101.27
Treasury 3s
Sept. 15 1951...........
115.18
17
105.28
32
113 .16121.14
107 .12 114.9
104 .28110.18
102.6
198
101
Colombia (Republic of)
25m
*23 m
1947 F
A
332
102 .10107.30
D
104 .20107.27
Copenhagen (City) 5s
25-year gold 4 Ms
1952 J
39
S
105.19
29
104 .24 108.24
♦Cordoba
1957 F
A
J
D
103.27 102.24
104.4
98
(City) 7s
102 .20108.24
A
D
103.25
103.30
F
A
105.16 105.15
A
O
105.12 105.7
;d
♦7s stampei
Cordoba (Prov) Argentina 7s.
Costa Rica (Republic of)—
1957 F
J
D
103.7
103.4
103.16
J
D
105.6
105
Dec. 15 1949
Aug. 16 1941
'99.25
s
M
S
101.24 101.19
M
S
Treasury 2%s
Sept. 15 1948-1951
99.24
99.24
99.3
162
102 .24108.18
105.20
55
104 .24 108.24
105.12
100
IVI
106.28
105
100.4
270
101.27
21
100
346
104
109.25
99
104.30
100 .18106.16
♦Public wks 5Ms...June 30 1945
D
327
96 .6
101.22
IVI
S
102.10
19
101.7
42
102.10
16
101.8
105.23
101.6
13
99.6
104.10
3%s
Mar. 15 1944-1964
3s
102.8
May 15 1944-1949 IVI N
15 1942-1947 J
101.18 101.16
102.9
J
102.9
'
101.2
Mar.
1 1942-1947 IVI S
Home Owners' Loan Corp—
IVI N 101.19 101.15
38 series A----May
1 1944-1952
1 1939-1949 F
1942-1944 J
A
99.27
99.25
J
99.16
99.12
101.20
71
100
104
99.17
144
100.11105.17
99.24105.3
98.28103.2
98.16102.31
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
23%
1945 J
1945 J
99%
10%
10%
23 %
1
100%
28
8
J
10%
18
11
17
11
2
♦External
s
f 7s series C
1945 J
♦External
s
f 7s series D
1945 J
J
♦External
s
f 7s 1st series
1957 A
O
9%
9%
10%
16
sec s
f 7s 2d series. 1957 A
O
10%
10%
6
sec s
f 7s 3d series. 1957 A
O
10%
10%
Antwerp (C'lty) external 5s
1958 J
1 Argentine Govt Pub Wks 6S..1960 A
O
♦External
♦External
Argentine (National Government)—
lExternal s f 6s of Oct 1925.. 1959 A
J
11
10%
11
J
f 7s series B
"~23%
23%
23%
99%
A
♦Sink fund 6s Apr coupon on.1948 A O
Akershus (Dept) Ext 5s
1963 IVI N
s
10%
101%
101%
9
100%
23
100*32
O
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6Ms...
External
106%
106%
102%
102%
103%
1945
External 30-year s f 7s
Bergan (Norway) extl 8 f 5s
♦Berlin (Germany) s f 6 Ms
♦7s (Central Ry)
D
1960 M
1950 A
s
.1958
D
D
A
A
F
f 6s
s
ser
C-2'
Extl
1960 A
s
f
1961 F
4%s-4%s
s f 4%s-4 %s
Refunding
Extl re-adj
Extl
4%s-4%s.
f
4^8-4^8
3% external s f $ bonds
Bulgaria (Kingdom of)—
s
140
95
440
p.
-
8
61
94%
108
94
107%
102%
32
104
15
24%
109%
108%
77
"l4
23
3
117%
-
-
-
"24"
23
*18%
-
24
-
i
-
-
-
-
45%
44%
47%
O
37%
O
37%
36%
36%
36%
102%
38%
38%
38%
102%
A
102
102
2
D
102%
102%
3
D
s
36%
...
27%
101%
100%
1003,6
D
J
O
^External s f 6s ser C-3
1960 A O
♦Buenos Aires (Prov) extl 6s.__1961 IVI s
♦6s stamped
1961 IVI s
♦6 Ms stamped
A
94
122
112
37
2
*103
91
91
*90
...
28
13
15
10i%
l
100%
100%
108%
92%
11
12
23
7-year
s
80%
80%
83%
1976 F
A
83
27
O
81%
81%
81%
1976 A
81%
9
1977 IVI
1975 M N
84
83%
85%
1984 J
60%
61
1960 A
J
O
1952 IVI N
Aug 15 1945 F
A
1961 J
J
1944 J
27%
27
30%
30
107%
113%
107
15
6
30%
107%
113%
99%
99%
98%
93%
J
30-year 3s....
♦Carlsbad (City) s f 8s.
1954 J
♦Cent Agric Bank (Ger) 7s
1950 M S
♦Farm Loan
s
f
T
6s..July 15 1960
♦Farm Loan sf 6s
J
38
28
11
99%
99%
99%
J
99%
98%
92%
92%
55%
55%
38%
------
31
38
42
30
97
10%
10 M
100 M
20 M
20
11
20
10%
20%
9%
17M
10%
10M
10%
16M
98 M
102
1003i6 102%
90
73 %
69%
80
96
96 %
95
99
33 m
31%
33 m
104
27
104
*103m
ser
103m
137
104
104
8
106%
107
29
102
1955 F
External gold 5 Ms
15
63
106%
1942 J
Denmark 20-year extl 6s
104
104)4
103
22
"iOOM
100M
101m
80
"io4~"
1942
B
103m
59m
104
60
1951
External g 4 Ms.
Apr 15 1962 A O
Deutsche Bk Am part ctf 6s.-.1932
§*Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5 Ms.-1942 IVI S
1st ser 5M8 of 1926
1940 A O
2d series sink fund 5 Ms
1940 A O
♦El Salvador 8s ctfs of dep.
Estonia (Republic of) 7s
.
_
lOOTa 103
1001932103%
10G'932102%
96%
103%
90%
95%
94%
94%
104% 110M
104% 110
8
54
*60 %
58
7
42
4
45
60
76
74%
82 %
75m
77 m
72
82
a75%
a75%
73
82
77 m
75
81%
75)4
75)4
75 %
75%
74%
81%
81
*
"29%
*32%
39%
18%
19%
21
19
43
27
A
O
19%
External 7s stamped
7s unstamped
German
1949
108
25 M
111
105 M
110%
115 M
118%
99
102 %
18
25 M
18.M
35
59%
47 %
35
47
35 M
47%
99% 103 M
99% J 03%
101
105%
26 %
33 M
100
102%
100
D
s
f
ser
92
Haiti
(Republic)
s
1968 F
f 6s ser A
A
21 M
22
28M
30%
98 M
92 %
21%
22%
21%
30%
25%
*22 m
30
21%
21%
30%
27%
62%
♦Sinking fund 7Ms ser B....1961
♦Hungary (Kingdom of) 7Ms.. 1944
IVI N
Irish Free State extl
s
A
58
59
1960 M N
15s
*105
114
F
D
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser B,'47 IVI S
Italian Public Utility extl 7s... 1952 J
J
Japanese Govt 30-yr s f 6 Ms—.1954 F A
Extl sinking fund 5 Ms
1965 IVI N
81%
80 M
85%
107
82
83%
13
71 m
78 m
71 m
73)4
77 m
81
64
64
D
*97m
102%
D
(Colombia) 6 Ms
1954 J
Irrig assenting 4 Ms. 1943 M N
10m
10%
4%
F
A
J
♦
24
♦Mexico (US) extl 5s of 1899 £
1945 Q
1945 Q
4%
55
*19
24%
........
J
see
page
1713.
115%
93%
80%
94
71%
82%
71% 100%
61
89%
42
19%
26
10%
4%
5%
98%
95
26%
40%
48%
1952 J
11%
5
6
11%
25 M
4s
18 H
25
185*
15%
15 %
13%
25
Apr
Norway 20-year extl 6s
20-year external 6s
External sink fund 4 Ms
s f 4%s
s
D
Municipal
♦Nuremburg
22
73%
61
70%
82
30
34
24 34
24%
66%
66%
1
104%
104%
108%
107%
13
21
106
28
103%
84
101 %
76
102%
2
76
76§m
107m
103%
102)4
107%
106
106
105%
103%
100)4
102)4
102%
1944
S
100 %
Bank extl s f 5s_._1970 J
(City) extl 6s
1952 F
D
K
A
21%
53 M
73
18M
26%
25%
76
7
13
14
14
24
60 %
"66)7
65
"47
55 m
55%
59
23
102%
102%
106%
67%
1953 J
D
103%
106%
24%
8
6
33
65%
76
60%
66%
101%
101%
104%
105%
101%
99%
95%
102%
105%
17
S
1958 M N
1955 A O
1953 IVI
9
25
103m
Pernambuco (State of)—
♦7s Sept coupon off
13
9%
70%
A
♦Stamped
13%
24)4
24)4
75%
O
Oslo (City) sf 4%s
Panama (Rep) extl 5 Ms
♦Extl s f 5s ser A
8
4%
7%
7i%
1963 F
Oriental Devel guar 6s
Extl deb 5 Ms
9%
4
7
106
1958
..1943
1956 IVI
4
J
..1965 A
f ext loan
9
5
*5
11
5%
J
1959 M N
External
18%
8%
8
6
4%
New So Wales (State )extl 5s..1957
External s f 5s
60
17
7%
♦6s series A
40
100%
9)4
*4
♦§Treas 6s of '13 assent(large) '33 J
J
♦§Small
59
105
108%
109
106%
104%
101%
103%
25%
85
53%
79%
97% 103%
104% 107
67%
85
1963 IVI N
1963 IVI N
68
15
60
60
61
29
60
76
1947 IVI
22%
18%
24%
19%
18
18
22%
18%
16)4
30%
28
26
s
22 M
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl 8 f 6s 1st ser..1960 J
D
♦Nat Loan extl s f 6s 2d ser. .1961 A O
19)4
16)4
16%
16%
58
58
72%
50
♦External sink fund g 8s
For footnotes
80
95
6
J
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s_»
*
30%
29%
38%
O
♦Montevideo (City) 7s
24%
21%
21%
21%
1951 J D
♦Cologne (City) Germany 5 Ms. 1950 IVI s
39
107
88
38 m
1957 A
♦Leipzig (Germany) s f 7s. .u__1947
Lower Austria 'Province)
7%s.l950
54%
15%
12
47 M
111
82
Jugoslavia State Mtge Bank—
101 M
18M
14
20%
23%
50%
15 %
33
25
107
23m
26 %
3
17%
15%
15 M
105
22 m
35
14
17%
17
20%
105m
*22 M
103%
97
28
14%
96% 101%
J
(City, Italy) extl 6Ms_—1952 A O
Mlnas Geraes (State)—
♦Sec extl s f 6 Ms
1958 IVI S
♦Sec extl s f 6 Ms
1959 M S
104% 110M
111
114%
20
16%
100
J
65 %
16%
17
32
1946 J
56
19%
16%
39
31
D
D
14%
32%
*36
1945 J
on
1954 J
D
O
*30m
31
7MS.1961 IVI N
Inst
♦Assentirg 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
1961 J
A
35%
25%
♦7s unmatured coupon
88
1957 J
1961
42
16
28%
♦7 Ms unmatured coup on
♦Hungarian Land M
78 M
1963 IVI N
1962 IVI N
34
33
27%
29m
D
24 %
f 6s
23%
26
105""
1954 J
18 %
f 6s
30%
766
*
♦4s of 1904
19%
19%
s
23 M
35%
1946
86%
24 %
s
36
30
24
84%
85%
24 «
'Guar
31%
18%
25%
27%
*98)4
75 %
75 M
18M
•Guar
20 M
5
26
1952
77
18 %
♦Chilean Cons Munlc 7s_.^...1960 M S
275
24M
16"
D
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
10
'
30m
24
7s__1964 M N
♦Sink fundsecured 6s
♦Mexican
36
17%
25
*18
1958 J
♦(Cons Agric Loan) 6Ms
♦Greek Government
♦Medellin
19%)
19%!
16%i
105% 130
100% 124
German Prov & Communal Bks
102 M
99%
19%
16%
25
24
♦German Rep extl 7s stamped. 1949 AO
♦78 unstamped
1949
97 % 106%
82 M
93%
19%
17%
105
113
102
19%
11
113
105% 109
17% 25%
105
124%
98
119%
*101M
1965
♦7s with all unmat coup
19
S
26
66%
100%
25
42 %
19%
19%
109%
yd
1965 J
♦5 Ms of 1930 8tamped
♦5 Ms unstamped
♦Hamburg (State) 6s
19%
A
24
♦Heidelberg (German) extl 7 Ms *50
Helslngfors (City) ext 6 Ms
1960
Hungarian Cons Municipal LoaD—
18M
98
108
*103M
*100)4
D
55%
99m
108
24
1949
103 M
J
s f 6s
Jan 1961 J
♦Extl sinking fund 6s_.Sept 1961 M
♦External sinking fund 6s.-.1962 M
108
58
Govt International—
104 M
S
F
♦Ry ref extl
75)4
19%
99M
French Republic 7 Ms stamped. 1941 J
7 Ms unstamped
1941
30 %
"38% "15
O
O
A
104% 107%
100% 103%
97% 101%
75
1967
99 M
|
J
8
77m
58
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6Ms...1953 IVI N
98
19%
19%
♦Chinese (Hukuang Ry) 5s
36%
100% 105%
101
103%
97% 102
102% 105
56%
68%
103 % 105%
103% 105%
76
-1948
♦5 Ms stamp(Canad'an Holder)'65
89
M N
Oct 15 1960 A
♦Farm Loan 6s ser A Apr 15 1938
♦Chile (Rep)—Extl s f 7s
1942
♦External sinking fund 6s...I960
♦Extl sinking fund 6s_._Feb 1961
♦External sinking fund 6s
•Chile Mtge Bank 6Ms
♦Sink fund 6%s of 1926
113
J
1967 J
2 Ms
100%
77
69%
96
1949
Milan
10-year 2 %s
25-year 3 Ms
93
84
30
22 M
83 M
..........
74
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 Ms May coup off 1968 M N
Canada (Dom of) 30-yr 4s
5s
96% 101%
100
♦Dresden (City) external 7s.-.1945 M N
of)—
♦6s July 1 1935 coupon on...1962 J
Buenos Aires (City) 6 Ms B-2..1955 J
lExternal
O
24
35
100*32
1002132
100%
103%
*103
J
1950 J
f 6s
(City
S
J
1957 IVI
Sinking fund gold 5s
20-year
109%
108%
J
1955 J
1952 J
Brisbane (City) s f 5s__
*19%
109%
108%
117%
A
1949 M S
♦External sinking fund 6s.-.1958
♦Brazil (U S of) external 8s
1941
♦External s f 6%s of 1926-.-1957
♦External s f 6 Ms of 1927--.1957
Budapest
F
J
-.1955 J
f 6s
s
S
-.1957 J
28
100%
1956 IVI N
1957 M
2
100*16
D
XUU,932 1001832
lExtlsf 6s of May 1926--.-I960
*Extl 6s Pub Wks May 1927.1961 IVI N 100'932 1001932
102%
S f external 4 Ms
102%
1971 M N
94 *
S f extl conve icon 4sFeb ___1972 F A
94%
S f extl conv loan 4s Apr
95%
95%
1972 A O
107%
107%
J
Australia 30-year 5s.
1955 J
External 5s of 1927
11
10%
IVI N
External g 4%s of 1928
Austrian (Govt) s f 7s
20
101
72%
Customs Admins 5 Ms 2d ser. 1961 M S
5 Ms 1st series
1969 A O
5 Ms 2nd series
1969 A O
Foreign Govt. & Municipals—
♦External
Czechoslovakia (Rep of) 8s
Sinking fund 8s
102
2%s
♦Antloqula (Dept) coll 7s A
23)4
38
106.10
101.25
20
*100
Sinking fund 5Ms._.Jan 15 1953
...
24 m
38
31
30%
30%
99 %
84
A
External loan 4Ms
25%
25%
20%
24
K0%
S
1949 F
103.18
97.17
Federal Farm Mortgage Corp—
2%s series B__Aug.
2%s series G
1944 IVI
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
103.17
292
J
Jan.
J
M N
♦7s Nov 1 1936 coupon on... 1951
104.16
99.4
97.9
M
.
1942 J
98 .4
214
98.25
97.15
100%
1953 IVI N
99 .2
99.7
99
D
J
3s
♦Sinking fund 7s of 1927
98
98.30
S
26 M
1946 M N
♦Sinking fund 7s of 1926
105.9
J
M
26 m
25M
*23 m
*23 m
105.18 105.16
—
Treasury 3%s
Treasury 3%s
25 m
25 m
O
A
O
1947 A
O
1940
1950 J
J
16%
m
11
95
17%
109
16%
26
12
47
62%
72%
74%
16
60
80
50%
52%
34
45%
64
Volume
ts
Y.
Week's
Last
Range or
Sale
Friday
STOCK EXCHANGE
Week Ended
Sept. 10
Price
a.
^
Bid
&
N.
Since
No.
26%
4
♦8s June coupon off
1961 J
D
♦7 Ms July coupon off
1966
J
J
24 %
4
25%
23M
M N
♦External
a
23 %
25 H
25 M
17M
24M
24 M
16M
O
*20
A
O
109 M
110M
109
113M
F
A
111M
111M
109
7
28
40
23M
24 M
70
23M
33
7
24M
32 M
9
24M
32 M
83 M
{{♦Botany Cons Mills 6 Ms
I)
♦7s May coupon off
♦7s June coupon off
...1967
J
D
A
O
24 M
25%
24 %
24%
70
72
74
31
41
1967
1955
1st M 5s series II
1961
1st g 4Ms sertes JJ
24 M
37
37
35 M
♦External 8s July coupon off. 1950
J
J
29
29
31
29
M
S
25M
25
25M
43 M
25
35 M
1947
Debenture gold 5s
34 M
1st lien & ref 5s series B
23M
23M
25M
Secured s f 7s...
91 M
91
94 M
91
98
25M
25
32 M
22
25
RAILROAD
AND
31%
30
25
31
24
31
50 M
52 %
40 M
57
39M
30
39 M
90 M
98M
*27
*98 M
25
114
36
116M
5
94 %
11
62 M
57 M
*ioom
73 M
56 M
"l2
78 M
65
61 M
*
80 M
99 M
102
D
93M
M N
106M
Consol 5s
1960
f Cal G & E Corp unlf A ref 5s.. 1937
Cal Pack conv deb 5s
1940
♦Camaguey Sugar 7s ctfs
1942
Canada Sou cons gu 5s A
1962
70 M
*17
63 %
72
65 %
66M
30
63 M
70 M
Guaranteed gold 5s
70 M
Guaranteed gold 5s
83 M
Guaranteed gold 5s
5S.1953
1948
1947
10-year deb 4J4a stamped.. 1946
Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st eons A 5s
1943
1st cons 4s series B
1943
♦Albany Perfor Wrap Pap 6s. .1948
6s with warr assented
1948
Alb A Susq 1st guar 3Ms
1946
4s
46
63M
"5
92 M
78
80 M
100M
100M
49 %
49M
52
20
39 M
57
61
61
67M
40
56 M
86 M
87M
90M
84
109M
S
100M
100M
99
106
D
99%
87 H
84
113M
67
-
2030
1953
Amer I G Chem conv 5Ms.--.1949
Am Internat Corp codv 5 Ms.-1949
Ms.—1943
Convertible debenture
♦Cent Branch U P 1st g
59
74
107
75
80
71
3
99 M
51M
101M
75
93 M
45
"82
96 M
79
83
72 M
95
1
93 M 120 M
109
12
107M 112M
98M 101 M
99 M
98
1
16
96M
102 M
102 M
102 M
73 M
73 M
74 M
96 %
3
137
S
D
J
100 M
93 M 102
87 M
70
3
87
M N
J
A
A
100
104M 109 M
{♦Cent New Eng 1st gu
16
103 M
Central of N J gen g 5s
113
O
112M
103M
103 X
113M
104
198
88
103M 113
99 M
99
99M
127
96 M
97 M
99 %
188
96 %
105
200
106M
20
103
110M
105M
185
105
118
106 M
106M
104M
102M
102 %
52
105
104M 107
ioi"
101
"5
A
98M
98M
99
78
94 M
J
97 M
97M
98 M
60
95
Term 53.1964
F
(Del) 4s series B.1955
J
C (Del)
1957
Atchison Top A Santa Fe—
Armour A Co
1st M 8 f 4s ser
-.1995
1995
1995
1955
A
O
J
D
{Baldwin Loco Works 1st 5s—.1940
1940
Bait & Ohio 1st g 4s
July 1948
Refund A gen 5s series A—.1995
1st gold 5s
--July 1948
Ref A gen 6s series C
1995
J
1941
3Ms-5s_.1950
Tol&Cln Div 1st ref 4s A—1959
Ref & gen 5s series D
2000
Conv 4 Ms
1960
Ref A gen M 5s series F
1996
Bangor A Aroostook 1st 5s
1943
Con ref 4s
1951
4s stamped
1951
Southwest Div 1st
102
103M
52
31
107
J
J
J
U2M
S
112M
105
100M
99 M
106M 116
5
102
112
53
102
112
104 M
109 M
"25
103M 110
104M 108
108
111
J
General
1st & ref 4 Ms
116
111M
110
100M
99
90 M
87 M
105M
99 M
100M
88M
41
44
88 M
41
99 M
41
41M
41M
41 M
54
70
71
70
83 M
*40 M
62 M
31
85 M
105M
105 M
"76""
J
D
100M 106 M
102
60 M
105 M 107 M
104
*103M
104
O
104
6
106 M
289
70
74 M
86
70
105
106M
117
105
94M
116M
51
80
103 M
105
08%
70
105
108M
80 M
80
M N
98
98
99 M
68
98
J
92 M
92 M
95
57
92 M 107 M
99 M
88
*
"70
87 %
70"~
70M
73%
17
61M
56 M
71M
130
74 %
52
70
93 M
56 M
82 M
70 M
93 M
113
113
6
111
116
108 M
110
79 M
79 M
13M
12
♦Certificates of
1
79 M
22 M
*19
O
O
12
14
""7
14
13M
50
29
J
*13""
J
*12
33
13
32 M
J
[ S
[ s
96
s
105M
105M
106M
2
A
103M
103
103M
14
O
*103M
104M
65 M
J
J
"*48""
48M
J
41
F
A
O
F
37
A
41
42
2
107
108
132
*104
A
106
107M
89 M
89M
93 M
"~62
M N
*79
88
IVI N
88
88
120
126
1
79
29
O
J
deposit
...
106M
106M
107 %
9
106%
45
120M
120M
10
24
96
95M
61
97
109M
*106
111
ill"
115
109M
*108
44
45 M
8
107
107%
19
45
107M
*110M
111 M
s
iioM
110M
110M
"36
A
—1958
1977
—1971
1st gold 5s
1982
{♦Chicago Great West 1st 4s.—1959
{♦Chic Ind A Louisv ref 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st & gen 5s series A
1966
♦1st A gen 6s series B__May 1966
Chic Ind & Sou 50-yr 4s
1956
Chic L S A East 1st 4Ms
1969
76M
J
108M
108M
109 M
19
113
114M
A
7
O
IVI N
22
22
22
22
27
25
"27M
34
J
*22 M
43
*22 M
109
29M
J
M
50
119
IVI N
Chicago A Erie
108 M
1
103
110M
109
110M
23
109
116M
Chic Mllw &
25M
S
27M
J
22
22
IVI N
10M
10M
11
19
J
J
10M
10M
13M
15
J
J
*93 M
102 M
J
D
*111M
St. Paul—
A
May 1 1989
1 1989
1 1989
♦Gen 4 Ms series E—May 1 1989
♦Gen 4Ms series F_—May 1 1989
{♦Chic Mllw St P <fc Pac 5s A. .1975
♦Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3MS--1987
♦General 4s
1987
♦Stpd 4g non-p Fed inc tax 1987
♦Gen 4Ms stpd Fed lnc tax.-1987
♦Gen 5s stpd Fed lnc tax
1987
§ ♦Secured
6 Ms
1987
1936
May 1 2037
ref 4 Ms stpd.May 1 2037
ret 4 Ms ser C.May 1 2037
series A
1949
"45"
J
45
44 M
e
J
♦Gen g 3 Ms series B..May
♦Gen 4Ms series C.-.May
♦4Mb stamped
45
J
♦Gen 4s series
♦Conv 4Ms
1
D
{{♦Chicago & East 111 1st 6s...1934
{♦C & E 111 Ry (new Co) gen 5s. 1951
♦1st A
1713
21M
Chic Burl &
♦1st A
page
21%
A
♦1st ref g 5s
For footnotes see
8
106M
103
100M
99M
J
1
96
M N
1937
113M
88
4
81
Chic & Alton RR
1st &
72
*65
81
A
1960
114
88M
A
103%
1
93 %
F
107
100 %
.
29
M N
111
MN
D
12
102 M
113M
D
105
M N
O
108M
101M
D
110
99
M N
107M
101M
A
F
2
111M
J
107M
1941 M S
1948 M S "76%
Champion Pap A Fibre deb 4Ms '50 IVI N
106%
Cbes & Ohio 1st con g 5s——1939
IVI s
General gold 4 Ms
1992 M N
"96""
Ref & impt mtge 3 Ms ser D. . 1996
F A
96
Ref A impt M 3 Ms ser E
1996
J
Craig Valley 1st 5s
May 1940
J
Potts Creek Branch 1st 4s.—1946
J
R A A Div 1st con g 4s
1989
J
2d consol gold 4s
1989 IVI S
Warm Spring V 1st g 5s
1941
series B
ref 5s series A
23
10
4s—1954
4s
152
113M
1987
1987
{♦Cent RR & Bkg of Ga coll 5s
5s extended to May 1 1942
Central Steel 1st g s f 8s
Certain-teed Prod 5 Ms A
95M
104 M
100M
16
88
9
94 %
95M
100M
11
99 M
S
D
124M
M N
112M
111M
123
"l4
112M
108
49
123
110M
106M
*109 M
16
112M
113
103M
105M
112M
118M 118M
113M
112M
110M
gold 4s..1949
Through Short L 1st gu
Guaranteed g 5s
:
"2
116
113M
103M
113M
ref g 3s
1949
Q—111 Div 3MS---1949
Illinois Division 4s—
--.1949
J
J
Cent Pacific 1st ref gu
118
116
104
1961
4s
4
103
"76
J
A
22
J
108M
D
J
15
118M
D
106M
J
J
116M
117
D
108
112M
*114M
M
116
J
*104
'1O8M
M
J
74
101
132
42 M
60
107 M
106
5s assented
ref 4s
110M
102 M
*106M
D
J
109M
102
109 M
102 M
D
J
36M
67 %
!
D
J
1955
Conv gold 4s of 1910
I960
Conv deb 4 Ms
1948
Rocky Mtn Div 1st 4s
1965
Trans-Con Short L 1st 4s.—1958
Cal-Ariz 1st & ref 4 Ms A
1962
Atl Knox A Nor 1st g 5s
1946
Atl & Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5s
May 11945
L & N coll gold 4s
Oct 1952
Atl & Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I S3 coll tr 5s
1959
Auburn Auto conv deb 4Ms.—1939
Austin & N W 1st gu g 5s
1941
Conv 4s of 1905
36 M
36 M
Nov
M N
112M
J
111M 114
98 %
Ark & Mem Bridge A
P L E A W Va Sys
Cent
56
105M
20
112M
S
ref 3MS-1965
111 Elec & Gas 1st 5s
1951
Illinois Light 3 Ms
1966
106M
104M
1909
Cent
44
117M
D
1941
1941
6s
100
106M
M
Cent Hud G & E 1st &
104M
deb 4 Ms 1950
♦Anglo-Chilean Nitrate—
Jan
5 f income deb
1967
Q
J
{Ann Arbor 1st g 4s
...1955 M S
Anaconda Cop Min s f
Conv gold 4s of
Central Foundry mtge
22
18M
116M
*117M
4s__1951
♦Mac & Nor Div 1st g 5s
1946
♦Mid Ga & Atl Div pur m 58.1947
♦Mobile Div 1st g 5s
1946
104M
O
debentures
1961
J
D
3Ms debentures
1966
J
i
♦Am Type Founders conv deb.1950
M N
Amer Wat Wks & Elec 6s ser A. 1975
Adjustment gold 4s
Stamped 4s
M
""4
U7M
♦Chatt Div pur money g
General 4s
3Ms
General 4s
4s
104
116
1952
{♦Central of Ga 1st g 5s—Nov 1945
♦Consol gold 5s.
1945
♦Ref & gen 5 Ms series B
1959
♦Ref & gen 5s series C
1959
100
"l04M
J
J
4Ms--1939
Amer Telep A
67
13
100M
112M
1198
1947
1948
Gen mortgage 5s
M N
O
5s w w 1950
Celotex Corp deb 4 Ms w w
89
95
6s ser A.Dec 15
Cart A Adlr 1st gu gold 4s
64
"45"
1st A cods g
Carriers A Gen Corp deb
96M
M
O
1938
76
101
108 M
S
A
A
1949
105M 110
7
*
M
103M
I960
110M 115
48
99 M
1955
J
18M
15
66
65
J
-.1944
Caro Clinch & Ohio 1st 5s
~56~"
53
*100*16
Dec 1 1954
110
92 %
95
Teleg—
20-year sinking fund 5
ctfs
trust 4Ms
Collateral
113M
104M
75
"45"
1951
4 Ma debentures
Alplne-Montan Steel 7s
Am A Foreign Pow deb 5s
American Ice s f deb 5s
66
*88 M
MN
99 M
76
84
89
*65
1950
Allegh Val gen guar g 4a
Allied Stores Corp deb 4 Ms
104M
104
89
1998
1942
Allegh & West 1st gu 4s
*107 M
67
"lOi"
1949
1950
1950
♦Coll A conv 5s
O
A
6
17
*15
1946
{♦Car Cent 1st guar 4s
98M 105M
101
105M
101
104
5s.—1944
Alleghany Corp coll trust
Coll A conv 5s
♦5s stamped
D
J
53
June 15 1955 * D
A
Guaranteed gold 4 Ms
1956 F
M S
Guaranteed gold 4 Ms.-Sept 1951
J
Canadian Northern deb 6 Ms—1946
J
Canadian Pac Ry 4% deb stk perpet
5s equip trust
M
J
Guar gold 4Ms
Coll trust 4 Ms
J
O
1970
66 M
65
Canadian Nat gold
Coll trust gold 5s
Coll trust 4s of 1907-
A
J
July 1969
Oct 1969
"99 M
38
17
O
1957
4 Ms
67 M
*
1
76%
16M
73M
A
{♦Bush Term Bldgs 5s gu
65 M
65
iiom
73 M
A
*107
M N
1955
—
"8
105M
J
F
6
Ioom
110M
A
J
106%
100M
F
1952
"67 M
INDUSTRIAL
{{♦Abltibi Pow A Paper 1st
93
103
COMPANIES
Adams Express coll tr g
98
99
♦Certificates of deposit
56 M
27
63
57
57 M
"57 H
A
J
1934
{ {♦Burl C R A Nor 1st & coll 5s
94
100
1957
{Bush Terminal 1st 4s
101M 106
4
105M
105
M
"17
76 M
54%
86%
116M
1950
1938
Buffalo Gen Elec 4 Ms ser B
1981
Buff Roch & Pitts consol 4 Ms. .1957
29M
71
113M
Bruns A West 1st gu g 4s
30
101
74 M
C
J
F
Brown Shoe 8 f deb 3Ms
19M
50%
100M
74M
M N
---1950
♦External 6s July coupon
29M
17
M N
1950
1st lien A ref 6s series A
30
42
20
iOOM
M N
Bklyn Un Gas 1st cons g 5s..-.1945
23 M
J
off.1968 J
A O
1940
♦Saxon State Mtge Inst 7s
1945 J D
♦Sinking fund g 6 Ms
1946 J D
Serbs Croats A Slovenes (Kingdom)
IVI N
♦8s Nov 1 1937 coupon on...1962
IVI N
♦7s Nov 1 1937 coupon on...1962
J D
♦Silesia (Prov of) extl 7s
1958
F A
♦Sileslan Landowners Assn 6s..1947
F A
Syria (Province of) 7s.
1946
F A
Sydney (City) s f 5Ms.-.
1955
J
J
Taiwan Elec Pow s f 5 Ms
1971
M S
Tokyo City 5s loan of 1912
1952
A O
External s f 5 Ms guar
1961
IVI N
Trondhjem (City) 1st 5 Ms
1957
F A
♦Uruguay (Republic) extl 8s.-.1946
♦External s f 6s
I960 IVI N
M N
♦External s f 6s
1964
A O
Venetian Prov Mtge Bank 7a..1952
M N
Vienna (City of) 6s
1952
F A
♦Warsaw (City) external 7s.—1958
Yokohama (City) extl 68
1961 J D
5
20M
16M
j"~j
Bklyn Qu Co & Sub con gtd 5s_1491
J
1st 5s stamped
1941
Bklyn Union El 1st g 5s
J
19M
16M
M N
44
1936
off 1956
19
Bklyn Edison cons mtge 3MS..1966
M N
Bklyn Manhat Transit 4 Ms.-.1966
34 %
""6
17
O
Brooklyn City RR 1st 5s
24
7
67M
17
70
69
76
A
A
27
36 M
24
J
1941
109M
*
16M
F
1934
106
69
69
O
A
41M
27
28 M
*26 M
*107M
S
21M
29M
IVI N
D
M
62
104M
95M
M N
25 %
22
41 M
*21
(State of)—
♦External 7s Sept coupon
J
1944
Boston & Maine 1st 5s A C
♦Certificates of deposit
M N
103 %
95M
{♦Boston & N Y Air Line 1st 4s 1955
70
J
§♦88 July coupon off
Cons mtge 3Ms series E
Big Sandy 1st 4s..
M N
33
.
103%
D..1960
1966
47
28
1952
off. .1957
M 4Ms ser
28M
23M
O
extl 6 Ms...
1952
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
1959
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Brazil)—
e
cons
25%
A
Rome (City)
1955
♦Debenture 6s
33
28
27M
24 M
24 M
♦Berlin Elec El A Undergr 6 Ms 1956
34 M
F
♦Extl 6 Ms May coupon
"l9
26M
22 %
A
San Paulo
"27M
26
1946
1968
1966
♦6 Ms Aug coupon off
O
Rio Grande do Sul (State of)—
♦8s May coupon off
27
*18
10
A
♦6s June coupon off...
4
Beth Steel
1946
1953
♦8a April coupon off
♦8s April coupon off
5
126M
32M
21M
36M
(City of)—
Rio de Janeiro
118 M
126M
*104M
1948
Belvldere Delaware cons 3 Ms.
113
23M
S
1950 M
♦Rhine-Main-Danube 7s A
118M
1960
B
1st A ref 5s sertes C
1952 A
f 6s
Queensland (State) extl s f 7s. .1941
25-year external 6s
1947
No.
.1943
♦Berlin City Elec Co deb 6Ms..l95J
♦Deb sinking fund 6 Ms
1959
Bell Telep of Pa 5s sertes
100
92
High
72
*102"
1951
Beech Creek ext 1st g 3 Ms
33 M
31
'
100
*97
Prague (Greater City) 7 Ms
1952
♦Prussia (Free State) extl 6 Ms. 1951 M S
25 %
Asked
*
Battle Creek A Stur 1st gu 3s..1989
Porto Alegre (City of)—
&
Low
High
Low
High
Bid
Price
10
23
Friday
Sale
EXCHANGE
STOCK
Week Ended Sept.
1
Jan.
031
Y.
Range or
Last
BONDS
Range
Asked
Low
Foreign Govt. &Munic. (Concl.)
Week's
Friday
Friday
*>
BONDS
N.
1709
New York Bond Record—Continued—Page 2
145
45M
J
47
47
J
*44
49
A
A
O
17
17
5M
5M
21M
7
30
M N
30M
33
M N
M N
21
34
*
M N
574
809
33M
*30M
10
37
M N
37
39 M
11
M N
35
35
J
D
18M
18M
20 M
27
J
D
18
18
19M
62
J
D
17
17
19M
17
10M
10
13M
485
IVI N
M N
New York Bond Record
1710
Sept.
Continued— Page 3
-
BONDS
N
Hewlett
embers
17
3
109
11
1905
Connections
N. Y.
STOCK
SI
EXCHANGE
Sale
Friday
Price
Bid
<fe
si
Asked
Low
Since
<35
03
High
Jan. 1
Low
High
{S♦Chicago Railways 1st 5s stpd
Feb 1 1937 25% par paid
{♦Chic R I A P Ry
62
gen 4s
1988
25M
25%
{♦Refunding gold 4s
1934
"ilk"
♦Certificates of deposit
{♦Secured 4%s series A
*"13%
1952
62%
30%
♦Certificates of deposit
11%
13
14%
13%
15
7M
7%
1951
30%
13%
66
11*6
119
13
16
13%
209
9%
*
106
83%
43%
42%
26%
22%
25%
25%
"103
15%
13%
11%
13M
1960
Ch St L & New Orleans 5s
50
47
13 M
♦Certificates of deposit
♦Conv g 4 Mia
62
22%
7%
16
105
3%s
June 15 1951
Memphis Div 1st g 4s
1951
89%
113%
94%
94%
90
98%
87%
99%
74%
Gold
75%
*94%
"91%
*90
Chic T H & S'eastern 1st 5s.._1960
89%
111
118%
101
102%
100*32
l06""
106%
1937
101*32 102%
39%
Ry Minn Nor Div 1st 4s_. 1948
1956
1939
1995
34%
102
107
91
113
113
104%
104%
27
108%
162
Electric Auto Lite conv 4s
1941
El Paso A S W 1st 5s
*131%
1952
Elgin Joliet A East 1st g 5s
EI Paso Nat Gas 4 %s ser A
1965
105%
1951
cons g
1st consol gen lien g
4s
1953
O
1967
N'
Erie A Jersey 1st s f 6s
Genessee River 1st
f 6s
69%
74%
94%
74
94%
*
62%
62%
62%
"l5
65%
65%
62%
89
62%
89
117
3
118%
2
109
*108%
1954
Fairbanks Morse deb 4s
1956
114% 119
116% 118%
114%
1938
Ernesto Breda 7s
93%
"92
110
117
'117"
1947
3d mtge 4%s
92%
91
79%
62%
62%
116%
1957
N Y A Erie RR ext 1st 4s
s
97% 106%
47
73
74
1975
1955
4s series D.
106
55
75%
Ref Aimpt5sof 1927
conv
103
103% 107
1996
Ref A lmpt 5s of 1930
Gen
131
139%
105% 111
108% 113%
100% 105%
106% 112
106%
98%
1953
B
111
116%
107%
103%
105
106%
*105%
#105%
1953
Conv 4s series A
Series
—-
112
107
106%
-1940
1996
4s prior
*110%
*105%
*
5s stamped
1965
Erie A Pitts g gu 3 %s ser B_—.1940
Series C 3%s
105%
...—
72%
110
112
*107
Ed EI 111 Bklyn 1st cons 4s
Ed El ill (N Y) 1st cons g 5s..
Erie RR 1st
55
41%
116
{ {*Dul Sou Shore A Atl g 5s... 1937
1965
Duquesne Light 1st M 3 %s
Range
48
101%
100*32
ioi'%
East T Va A Ga Div 1st 5s
Range or
60
65
45
43
43
1951
-.
IDul & Iron Range 1st 5s
Week's
Last
Week Ended Sept. 10
60
55
"49
1995
♦2d 4s assented
East
Friday
BONDS
75
1995
Dow Chemical deb 3s..
Randolph 7711
Cgo. 543
"5V. T. 1-761 -i• 'Bell System Teletype
104%
Detroit Term A Tunnel 4%s_, 1961
La Salle St.
High
111% 116%
106% 110%
105% 111%
101
109%
1995
♦1st 4s assented
Chicago, III.
TJIgby 4-5200
Low
No
114
Gen & ref mtge 3 %s ser G._. 1960
♦Detroit & Mac 1st lien g 4s_-. 1995
135 So.
Jan. 1
107
...
♦Second gold 4s
'Private Wire
Since
li
.1952
Gen & ret 5b ser E...
%AILROAD 'BONDS
Tiev York, °N_. Y.
Friday
A
Asked
Detroit Edison Co 4 %s ser D.. .1901
^ew Tmrk Curb £xchange
Gen & ref M 4s ser F
One Wall Street
Bid
Price
High
/ <3N£e"' *ork Stock Exchange
{
Range
Range or
Sale
Week Ended Sept. 10
Hros.
Johnson
&
Last
EXCHANGE
STOCK
Y.
1937
11
Week's
Friday
Chicago Union Station—
Guaranteed 4s
1944
107%
107%
1st mtge 4s series D
1963
108%
108
1st mtge 3 %s series E
.
1963
107
3%s
104%
102%
102%
103%
82
1962
100%
100%
80%
102%
107
1st A ref M 4%s ser D
Chllds Co deb 5s
{♦Choc Okla & Gulf
cons
1943
5s.-.1952 Ml N
Cincinnati Gas A Elec 3%s
Cin Leb & Nor 1st
con gu
F
1966
4s.-.1942
Cln Un Term 1st gu 5s ser C...1957
A
80%
look
Cleve Cin Chic & St L gen 4s
.1993
D
General 5s series B
.1993
107%
103%
Ref A lmpt 4 %s series E
Cairo Div 1st gold 4s
.1977
*104%
D
_ -,
J
100%
100
"88%
108"" ""~2
—
-
96^
*100%
Cleve-Oliffs Iron 1st mtge 4%s. 1950 M N
Cleve Elec Ilium.1st M 3%s... 1965 J
J
Cleve A Pgh gen gu 4%s ser B. 1942 A O
J
1948 M N
*
Series D 3 %s guar
Gen 4 %s series A
1950 F
*"""__
*107 "
40%
97% 104%
104% 108%
105% 109%
101
110%
104% 104%
97
107%
88%
98%
103% 106%
91% 103
95
104%
106% 108
105% 111%
110% 110%
*106
O
1942 J
94
80%
35
lOi" 103"
— -
109%
1942 A
s f
IIII
107%
109%
Series B 3 %s guar
111%
101% 108%
100% 108%
99% 105%
*104
109%
1977 F
109%
110%
108
113"
107
*106
A
109
105
106
5
111
111%
106%
108% 116%
109%
109%
109%
13
108
5s series B guar
1973 A
107
106%
107%
17
4%s series C—_——
1977 A
102
101%
102%
66
104% 111*6
99% 105%
Coal River Ry 1st gu 4s
1945 J
Colo Fuel A Iron Co gen s f 5s.. 1943 F
♦5s income mtge
*99%
103%
1970 A
1980 M N
Colo A South 4%s series A
80
55
55
64%
101
Federal Light A Traction 1st 5s 1942 Ml
1942 Ml
101
S
S
5s
International series
1st lien
s
f 5s stamped.
1942
1954
s
f 7s
101
1946
30-year deb 6s series B
Fiat deb
101% 102%
100
103%
1942
1st lien 6s stamped
82
100%
Columbus Ry Pow A Lt 4s
105%
1965 M N
Commercial Credit deb 3%s__.1951 A
"L
-
-
-
109
-
104%
13
81
15
61%
20
Stamped guar 4%s
s f
Consol Oil
conv deb 3 Ms
1951 J
{♦Consol Ry non-conv deb 4s__1954 J
♦Debenture 4s
1955 J
♦Debenture 4s
1955 A
♦Debenture 4s
113
112%
103% 108
76%
96
55
77%
105%
"32
97%
96%
97%
102%
52
102%
7
105%
104%
105
29
103%
104%
47
25
105%
106
100%
100%
8
25%
105%
102%
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast 1st 4 %s.-1959
O
28
33
41%
41%
31%
35%
40
27
27
40%
71%
27
67%
67%
34
106%
21
104
101%
67%
105%
104
104
101
98%
9
101%
70
99%
17
101%
10
11
Crane Co
8 f deb 3 %s
1951 F
Crown Cork A Seal s f 4s
1950 M N
Crown Willamette Paper 6s.--.1951 J
s
♦Certificates of deposit
Fonda Johns A Glov 4%s
{§♦ Proof of claim riled by owner.
(Amended) 1st cons 2-4s._
1982
{{♦Proof of claim filed by
♦Certificates of deposit.
108
Francisco Sugar col) trust 6s.-.1956 :
Galv Hous A Hend 1st 5%s A..1938
Gas A El of Berg Co cons g 5s.. 1949
.
Gen Amer Investors deb 5s A.
1
Gen Cable 1st
s
f 5%s A
1952
66%
92%
1947
.
♦Gen Elec (Germany) 7s Jan 15 1945
♦Sinking fund deb 6%s
♦20-year s f deb 6s
101%
28
106
105%
40%
106
18
...1948 I
Gen Motors Accept Corp deb 3s '46 1
15-year 3%s deb
1951 i
Gen Pub Serv deb 5%s
1939
Gen Steel Cast 5%s with warr.1949
{♦Oa A Ala Ry 1st cons5s Oct 1 '45
.
.
102%
29
100%
101%
100%
101%
101%
101%
41
76
76
*28
see
page
103% 106
43
65
10
46
64%
62%
46
46%
56%
58%
J
D
A
O
J
1713.
J
J
A
46
45
106%
8
82%
84%
48
107
102%
162%
103%
1
16
*105%
107
107""
)*106
20
J
F
56
105%
107
1951 IV1 N
1936 J
20
*
"l"6%
"23%
26
35
"22
J
J
Ml
8
10%
12
11
AO
99% 102%
103
56%
11
12
16
14
14
16%
65
6
5
6
*42
71
4
1947
55
101% 108
82%
95%
104% 107
101% 104
104% 106%
106% 108%
106% 108%
20
36%
27%
38
10%
23
10%
14
22%
32%
5
60%
35
30
41%
30
40
40
29%
98% 105
98% 105%
101% 103%
76
97%
30
44%
*30
38
30%
52
35
23
30%
103%
103%
104%
54
100%
100%
101%
103
104%
104
104%
71
Gotham Silk Hosiery deb 5s w w '46 '
Gouv A Oswegatchie 1st 5s
1942
Grand R A I ext 1st gu g 4%s..l941 ^
Grays Point Term 1st gu 5s
Gt Cons El Pow (Japan) 7s
79
100%
121% 122%
100% 102%
103% 106%
*23%
<
1st mtge 4%s
1956 *
Goodyear Tire A Rub 1st 5s...1957 f
6
102
.
.
4
40
102
.
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir sec 7s..1945
Goodrich (B F) conv deb 6s
1945
2
39%
39
.
41%
39%
.
1940
92
101
97
102% 107
97% 101%
103
106
104%
108%
95% 107%
103% 103%
109
108% 111
Great Northern 4%s series A
General 5%s series B
General 5s series C
95
69%
98%
1950 J
1st A gen s f 6%s
95
1944 I
70
95%
110
116%
»
1961
1952
113%
116%
113%
116
116%
10
1973
108
108
3
103
104
18
103%
31
1977
101%
101%
111
111
119
664
100% 108%
111
141%
105%
105
107%
128
105
44
91
96
60
65
10
15
1967
91
1940
Gulf Mob A Nor 1st 5%s B
1960
1st mtge 5s series C
1950
Gulf A S I 1st ref A ter 5s Feb 1952
Stamped..
1961
*105%
100%
99%
99% 105%
104%
106%
104%
102% 105%
117%
90%
*60
"l"62%
102%
40%
119%
40%
119%
64%
64%
26%
26%
106
105%
93%
107%
105% 108
23
23
117%
4
92%
.6
63
102%
43
120%
101
4
11
29
88
16
40-year 4%a..
Aug
Gold 3%s
Springfield Div 1st
Western Lines 1st g 4s
g
85%
36%
101% 110
111
*89
102
93
92%
74%
73%
72
74
107%
107%
84
93
95
72
96
1952
74%
74%
90%
1953
70%
70
90
.1955
1 1966
1951
57%
61%
21%
102
1951
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s
1951
Louisv Div A Terra g
3%s...l953
Omaha Div 1st gold 3s
1951 F
St Louis Div A Term g 3s... 1951
12
57%
116% 124
110
108
1952
.1955
86%
103%
38
67
106%
62%
"24
*110%
*
28
114% 126%
84
97%
123
1951
—
93%
98%
102%
23
195J
Extended 1st gold 3%s
1st gold 3s sterling
Collateral trust gold 4s
90"
98
90%
1st gold 3%s
106%
100% 106%
93
103%
102
98
1944
♦Adjustment Income 6s Feb 1957
106
101"
93
U7M
Illinois Bell Telep 3%s ser B...1970
Illinois Central 1st gold 4s
1951
111%
*93%
1999
♦Hoe (R) A Co 1st mtge
11%
"39
*93%
1966
4 %s
67
10%
1952
Gulf States Steel s f
4%s
Gulf States Util 4s series C
10-year deb 4 %s
93
*50
91
"16%
Purchased lines 3 %s
Collateral trust gold 4s
Refunding 5s
100% 109%
1946
♦Debentures ctfs B__
Greenbrier Ry 1st gu 4s
Refunding 4s
114% 119%
115%
108
1946
Gen mtge 3%s series I
♦Green Bay A West deb ctfs A
g
113%
1976
General 4 %s series D
General 4 %s series E
General mtge 4s series G
Gen mtge 4s series H
{♦Housatonic Ry cons g 5s
1937
Houston Oil sink fund 5%s A.. 1940
Hudson Coal 1st s f 5s ser A— 1962
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s ser A. 1957
107
46%
{♦Consol gold 4%8
...1936
{♦Den A R G West gen Ss.Aug 1955
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B___ Apr 1978
{♦Des M A Ft Dodge 4s Ctfs
1935
{♦Des Plains Val 1st gu 4%s_—1947
footnotes
2
22
J
2%
5
106% 107%
107% 110%
65%
87%
101
96% 103%
102
105%
100% 103%
97
J
1969 J
..1969 J
4
108"
92%
*117%
106%
104
45
9%
6%
65%
'104%
45%
83
20%
3
*104%
.
1946
43
106%
20
9
2%
Fort St U D Co 1st g 4 %s
1941
Framerican Ind Dev 20-yr 7 %s 1942
1952
43
J
9%
4%
3%
1949
101%
D
1971 J
87
17%
owner
Hackensack Water 1st 4s
106%
105%
J
1943 Ml N
60%
9%
1952
♦Harpen Mining 6s.
Hocking Val 1st cons
63%
101%
105%
96%
81%
70
16
175
1974
103% 110%
99% 107%
98% 108%
106%
f 6s...1951 M N
Stamped as to Penna tax
{♦Den A R G 1st cons g 4s
For
D
101%
104%
1952 J
1st mortgage 4%s
Den Gas A El 1st A ref
26
100% 107%
102%
Dayton Pow A Lt 1st A ref 3 %s 1960
102% 106%
107%
101
202
104%
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4%s
1st A ref 4%s
100% 108%
35
*20
27
105
17
♦1st A ref 5s series A
-
28
102%
68 series B extended to 1946
108%
100%
28
101
to 1946.
94
99% 105%
104% 106
*20
104%
7%s series A extended
102
18%
101%
Cuba RR 1st 5s g
114%
111% 115
105% 108%
D
1942 J
105
96% 105%
38
15-year deb 5s
19431J D
Copenhagen Telep 5s..Feb 15 1954 F
Cuba Nor Ry 1st 5%s
98
105% 112%
104% 107%
107
105%
103%
D
D
97% 105%
109
105"
—1966 M N
1946 J
9
94
107
♦Consolidation Coal s f 5s
1960 J
Consumers Power 3 %s.May 1 1965 Ml N
1st mtge 3%s
May 1 1965 Ml N
1st mtge 3 Ms
1970 M N
Container Corp 1st 6s
53
*106%
1956 1
3^s
100%
101%
99%
113%
105%
104%
Consol Edison (N Y) deb 3%s,1946 A
3 %s debentures
1956 A
1st mtge
*112%
1951 J
♦Consolidated Hydra Elec Works
of Upper Wuertemberg 7s.-.1956 J
Consol Gas (N Y) deb 4%s
1951 J
98
*105
1961 F
3%s A
99%
100
98%
102%
O
Commercial Invest Tr deb 3 Ms 1951 J
Conn A Passum Riv 1st 4s
1943 A
Codh Ry A L 1st A ref 4%s
1951 J
Conn Riv Pow
100
104%
94
.
Columbia G A E deb 5s.-_May 1952 Ml N
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J
Columnia A II V 1st ext g 4s.. 1948 A O
Columbus A Tol 1st ext 4s
1955 F A
80%
105
98% 103%
—
107%
Series A4^a guar
Series C 3 %s guar
Gen A ref mtge 4 Ms series B. 1981 J
Cleve Short Line 1st gu 4 Ms.-. 1961 A
Cleve Union Term gu 5 Ms
1972 A
68
90%
*104
J
103
115% 118
Q9 bA
VL ys
-
*
.1940 M S
-
107%
104% 113
2
104%
*
—
1940 J
32
104%
^
.1990 M N
1st
24
100%
88%
*104
J
St L Div. 1st coll tr g 4s
1st s f
~
116%
Spr A Col Div 1st
4s
W
-
100%
*
J
.1939
Cin Wabash A M Div 1st 4s. .1991 J
W W Val Div 1st g 4s
-
M N
Ml N
104
9
84%
35
99%
1
104%
*14
1st mtge guar 3%s series D..1971 Ml N
Clearfield & Mah 1st gu 4s
J
1943 J
g
25
4s... 1952
1951
con
35
106%
104%
guaranteed
Chic A West Indiana
5
107%
108%
107%
87
54%
60
85
61
106%
*91%
96%
80
14
98
95
102%
83
82%
89%
91
88
92%
98%
93%
93%
"~2
"96"
~90"
"2
3%s...1951
1951
104%
109
93
95
97
64%
105
93%
100% 100%
90
101%
Friday
Week's
Last
Range or
Sale
Friday
BONDS
N.
Si
EXCHANGE
STOCK
Y.
Btd
Price
10
Week Ended Sept.
St L & N O—
series A
1963
C
1963
Illinois Steel deb 4 Mis
1940
Ind Bloom A West 1st ext 4s.-1940
Ind III A Iowa 1st g 4s
1950
111 Cent and Chic
107
—.1932
deposit—
Int Agric Corp 5s
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A..July
1952
61
94
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27
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1st 6s...1943
$645)-.1943
♦Ctfs w w stmp (par $925)--1943
♦Ctfs with warr (par $925)--1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4)4s---1961
Stamped
1961
Plain
1961
414s unguaranteed
1961
UKlngs County El L A P 5s—1937
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2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu
1965
Liggett A Myers Tobacco 7s—1944
5s
1951
Little Miami gen 4s series A—1962
Loews Inc 8 f deb 314s
1946
Lombard Elec 7s ser A
1952
Long Dock Co 314 s ext to
1950
Long Island gen gold 4s.
1938
Unified gold 4s
1949
Guar ref gold 4s
1949
4s stamped
1949
1944
1951
Louisiana A Ark 1st 5s ser A—1969
Louisville Gas A Elec 314s
1966
Louis A Jeff Bdge Co gu 4s
1945
Louisville A Nashville RR—
Unified gold 4s..
1940
1st A ref 5s series B
2003
1st A ref 414s series C
2003
1st A ref 4s series D
2003
1st A ref 314s series E
2003
Paducah A Mem Div 4s
1946
St Louis Div 2d gold 3s
1980
Mob A Montg 1st g 4 Mis
1945
South Ry joint Monon 4s-_-1952
Atl Knox A Cin Div 4s.....1955
Lower Austria Hydro El 6J4S--1944
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1955
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1945
England Tel & Tel 5s A..1952
series B
—1961
N J Junction RR guar 1st 4s.-1986
N J Pow & Light 1st 4 54s
1960
New Orl Great Nor 5s A
1983
N O & N E 1st ref & imp 4 54s A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st & ref 5s series B
1955
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106
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2
84
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♦4s April 1914 coupon off
1977
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior lien 4 54s—
♦Assent warr & rets No 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off.-.1951
♦Assent warr & rets No 4 on '51
Nat Steel 1st
37,
100
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1957
1957
1957
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1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% -.1941
1978
Nassau Elec gu g 4s stpd.
1951
Nat Acme 454s extend to...—1946
Nat Dairy Prod deb 3)*s w W..1951
Nat Distillers Prod deb 4 54s-—1945
3
92
*
Constr M 4 54s
(A I) & Son—See Mfrs
St L 4s ser A
11
106
*
Gen & ref s f 5s series
♦4 54s
186
33
Montreal Tram 1st &
♦4 54s Jan
280
30
4%.-July 1938
Constr M 5s series
5
10)4
30
deposit
67
29
8)4
—1949
1980
27
32)4
29
M N
1981
56
31)*
4 54s
—1977
♦Secured 5% notes
1938
Mohawk & Malone 1st gu g 4s. 1991
Morris & Essex
65)4
56
29
♦Ref & lmpt
f
—
56
deposit
1st & ref
—
19
J
deposit
Monongahela Ry 1st M 4s ser
Monongahela West Penn Pub
1st mtge 4 54s
—
80
58
J
{♦Mobile & Ohio gen gold 4s.-.1938
♦Montgomery Div 1st g 5s. .1947
Montana Power
—
52
84)4
66
1975
1977
6s debentures
98
52
deposit
1978
7
84)*
J
gold 5 54s
♦1st & ref g 5s series H
33
80)4
J
A..-1962
1962
1978
Jan 1967
A
1965
♦Conv
3
36
18
15)*
M N
1990
♦1st & ref 53 series G
18
20
J
J
gold 4s
17
*
-
{♦Mo Pac 1st A ref 5s ser
Gen & ref s
—
19
—
19)*
40-year 4s series B
Prior lien 4 54s series D
Gen & ref s f
--
16)4
14)4
—1938
——1938
1946
...1949
1978
1st Chicago Term s f 4s.—-1941
{♦Mo-Ill RR 1st 5s series A
1959
554s
1st ref 5 54s series B
Gen & ref s f
-
2
30
30
*
Nash Chatt &
100)4
102
J
——————
*
4s int gu_1938
25-year
Namm
99
83 H
S
J
3x
----
3
...
101)4 103)4
102)4
D
99
33
5s
101)* 106)*
100
D
314s..-1941
129)* 136
117
126)4
99
IVI N
2013
Manila Elec RR A Lt s f 5s...1953
Manila RR (South Lines) 4s...1939
1st ext 4s
...1959
129)*
100
J
♦Second 4s
72
10i3'32
*166"
IVI N
4s. 1990
27
71)4
102)4
.-----
Maine Central RR
714S---1942
116
*99k
73
McKesson A Robbins
deb 5s. 1951
51)4
100)4 109
4
....
-
deb 514s. 1950
4s ser A—1945
mtge 414s ser A
1960
92)4 103 H
122
-----
J
51
*77
*
IVI
----
10234
10334
19)*
♦Certificates of
100)* 106)*
98
109)4
2
10234
19
A
♦1st & ref 5s series F
71
101)4
19
70
101
—
6
68)*
1
—
1962
70)4
99
—
40
*35
J
—
101)*
4
♦1st & ref 5s series I
35
92)4
91H
34)4
1975
4 Hs A
1954
Cons sink fund 414s ser C—1954
Lehigh A New Eng RR 4s A. —1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 53.1944
1st A ref s f 5s
1954
1st A ref s f 5s
1964
1st A ref s f 5s
-1974
Secured 6% gold notes
1938
Leh Val Harbor Term gu 5s
1954
♦1st mtge income reg
D
—
------
3/4
49
6
J
4)4
56
18
J
5
10
10)4
49
103
J
O
D
-
-
3
♦General 4s
96
J
A
J
9
-
-
108
103)4
4
70)4
6
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107)4
103)4
9)4
4
96)4
104x4
92
M S
IVI N
2
3
56)4
62
----
4
1st cons 5s gu as to int.
M-K-T RR pr
7
25
----
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J
—
1st
>*
9)4
24
55
96)4
Lehigh C A Nav s f
1713.
*2
S
♦Certificates of
RR—
1937 extended at 3% to—1947
Lake Erie A Western
25
37
64)4
54
102)* 111)4
98
102)4
9
64)4
*-_-_.
A
page
9
S
F
♦Cum adjust 5s ser
32)4
63)4
A
1941
1997
102
103)4 104)*
53
— —
A
1942
B..—...—1942
99 5*
----
99
63)4
Coll tr 6s series
For footnotes see
A
M
Q
M St P & SS M con g
112)4 119)*
----
105
32
A
Coll tr 6s series A
{♦Man G B A N W 1st
39
IVI
♦Ref & ext 50-yr 5s ser
108)4
114
103
----
104)4
32
107)*
109)4
108)4
102)4
161
91
98
98
S
146)4
4
104
—
J
F
12
103)4
103)4
M N
107)*
101)4
----
113
*9954
deposit
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5 Hs series C
1953
Coll A ref 514s series D
1960
♦Certificates
109)4
*10714
J
secured 5s
{♦Manhat Ry (N Y) cons rt
----
----
J
J
115)*
89)4 101)4
99 H
91 >4
91
9i
Uniform ctfs of
{{♦Manati Sugar 1st s f
10
109/4
103)4
934
4)4
43—.——..1949
♦1st & ref gold
108
4
10154
15254
A
35
96)4 100
6
107
*
15214
25
—
31
----
*i00
J
J
5)4s ext to
Koppers Co 4s ser A
Kresge Foundation coll tr 4s.. 1945
314s collateral trust notes...1947
Gen
104)*
F
1940
—1951
1st gold 3 54s
1952
Ref & lmpt 454s series C
1979
{♦Mid of N J 1st ext 5s
1910
Mllw El Ry & Lt 1st 5s B—1961
1st mtge 5s
-—1971
§*Milw & No 1st ext 4 54s(1880) 1934
1st ext 4548
1939
Con ext 454s
—1939
{♦Mil Spar & N W 1st gu 4s... 1947
{♦Mllw & State Line 1st 3 54S--1941
{♦Minn & St Louis 5s ctfs
1934
12
104
O
City Air Line 4s
----
95)4
1083*
102)4
104
S
A
...
25
21
----
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90
J
-
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J
11)*
1
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IVI
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-
23
23
23
-
-
109)*
102)* 105
40
44
4
50
100
88
94 J*
IVI
Jack Lans & Sag 354s
95
59
*38
M N
1954
1941
1951
McCrory Stores Corp s f
M
♦4s (Sept 1914 coupon)
♦Mlag Mill Mach 1st s f 7s.—
64
83^4
78
10454
D
1st g 4s.-.1949
1st 5s
1954
7s
1977
1956
♦Mex Internat 1st 4s asstd
101)4 108
45
66)*
48
*i6J4
Kings County Elev
5s.
1977
1st 6s with
2
103)4
*80
—
No.
High
103)4
-----
M'N
106
82>4
M N
A
Lorillard (P) Co deb
J
Metrop Ed 1st 4 54s ser D
102)4
90
100
45
10814
J
1997
414s
4s
6
32
4414
stmp (par
Lehigh Val (Pa) cons g
General cons 414s
O
warr..1945
1968
Metrop Wat Sew & D 5 54s
1950
§{»Met West Side El (Chic) 4s. 1938
Mead Corp
9)4
3
102
90
D
J
IVI
1st gold 3s
1950
Ref A lmpt 5s
Apr 1950 J
J
Kansas City Term 1st 4s——.i960
J
Kansas Gas A Electric 4)4s—1980
Leh Val N Y 1st gu g
A
1943
1947
Michigan Central Detroit & Bay
A
I^autaro Nitrate
103)4
April 1940 Q
Market St Ry 7s ser A
80)*
5x4
F
D
In
Marion Steam Shovel s f 6s
101)*
95
97
IVI
J
c
Low
102)*
88 >-4
85
Price
Mfrs Tr Co ctfs of partlc
89 J4
99
97
"elk
314s
Co Ltd—
69
88
J
2d gold 5s
2
70
92
J
Lake Sh A Mich So g
69
10054
£
A I Namm & Son 1st 6s
8814
IVI N
& ref 4s.1951
90
92
s
IVI
40)4
Friday
Bid
&
Asked
17)4
71)4
2l3
Range or
Sale
40 %
102
69
69
101
42)*
8)4
Week's
Last
II
EXCHANGE
Week Ended Sept. 10
N. Y. STOCK
27
80
BONDS
102
26)4
30
"73 k
104)*
27
5.
2954
74
Kan City Sou
5s
A. T. & T. Tele. N. Y.
Telephone WHltehaU 4-2900
91
12
254
Clear 1st 4s.-.1959
Steel 4 )*8 A.. 1961
Kanawha A Mich 1st gu g 4s. .1990
{♦Kreuger A Toll
91)4
9954
A
Kinney (G R)
NEW YORK
52)4
63
Jones A Laughlln
Kings Co Lighting
1st A ref 634s
18
61)4
94)4
J
Purchase money 6s
56
2
3i
6114
James Frank A
♦Ctfs w w
Stock Exchange
Wall St.
63
95)*
20
1
6354
53)4
5
20
63
Members New York
97
94%
—-1931
1955
♦Karstadt (Rudolph)
55
6114
J
{§»K C Ft S A M Ry ref g
♦Certificates of deposit
12
108
O
A
4)4s..l952
Debenture 5s
105)4
101
79
2x54
20
F
Conv deb 4 J4s
{♦Iowa Central Ry 1st
D. H. SlLBERBERG fit Co.
43
29)4
98 H
2
60
20
sis "63"
6Hs.--------1947
Teleg deb g
87 )*
100)4 107
99)4
105)4
63)4
60
B...1972
Amer 1st 5s
1st lien A ref
Int Telep A
60
"20""
O
A
1952
1955
f 6s series A
s
10514
60
series C.
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s..-----1941
Internat Paper 5s ser A A B—1947
Ref
"99k
10514
♦1st g 5s
Int Rys Cent
6
3054
...1956
♦1st 5s series B
DEALERS
BANKS AND
FOR
91 )*
106)4 108
IV! N
1947
deb 4s
Interlace Iron conv
103k
9914
1961
—
1
104)4 104)4
{Interboro Rap Tran 1st 5s—1966
♦Certificates of deposit
♦Certificates of
23
*
{♦Ind A Louisville 1st gu 4s..-1956
Ind Union Ry 3)4s series B...1986
§♦10-year conv 7% notes..—1932
♦Certificates of deposit
6814
6314
107>!
66
62)4
!
6314
10714
k"
BROKERS IN BONDS
High
Low
*10314
1st A ref 4 34s series
5* 10-year 6s..
Since
Jan. 1
High
66
66
Joint 1st ref 5s
D
Range
g-o
Asked
&
Low
Inland Steel 3)*s series
1711
Record—Continued—Page 4
New York Bond
145
Volume
*
123)4
1203*
60
*
1st g 4 54s
5234
123)4
120)*
123)4
120 H
*100
107
106)*
86
*
23
----
5
118
----
----
18
19
---
-
107
7
86
3
803*
----
23
97)4
97
99
95)4
9534
99 a
22
90
90
91)4
48
1-1598
New York Bond
1712
Friday
BONDS
N. Y.
Last
EXCHANGE
STOCK
Week Ended
Range
Sale
Sept. 10
Bid
&
or
lnc 5s—1935
♦Certificates
A
O
1954 A
n-c
♦1st 6s series B
O
Range
Sept.
No
High
44
44
47
47
of deposit
47%
47%
BONDS
Since
§1
Asked
Low
»»NO Tex & Mex
5
N.
Y.
Jan. 1
Low
Last
EXCHANGE
STOCK
High
1
44
12
47
86
46%
3
98
26
1968
98
150
90
48
48
57
90
60
{♦Park-Lexington 6 %s ctfs
1953
—
39%
1944
48
48
1954 O A
50%
50
*45
55%
62%
Parmelee Trans deb 6s
*20
56
47
57
r
♦PauIIsta Ry 1st ref s f 7s
1942
Penn Co gu 3%s coil tr ser B—1941
Guar 3%s trust ctfs C
1942
10-year 3%s sec
f
s
Ref & inapt 4 %s series
1946 A
2013 A
A
101X
Conv secured 3%s——
1952 IVI N
A
90 M
N Y Cent & Hud River M 3%s.l997 J
100%
J
95%
Debenture 4s—
1942 J
Ref & impt 4%s ser
2013 A
1998
95%
104%
80%
87%
80%
87%
Ref 5 Ma series
Ref
1998 F
N Y Connect 1st gu 4%s A
1st guar 5s series B
Certificates
100s32
92%
92%
79
1953
109
1938
—1965 A
1966 A
O
100%
O
31
""2
60
113
2
19
*95""
J
94% 105%
102%
100%
103
109%
99% 102
105% 106%
105%
.1941 M
107%
106
*99
*28%
30
*28%
36
33
♦Non-conv debenture 4s
♦Conv debenture 3%s...--. •1956|J
♦Conv
debenture 6s
■1948 J
♦Collateral trust 6s
3
31
17
30
47
31
31
7
35
113
53%
♦Debenture 4s
---■
1957 M N
♦1st & ref 4)4s ser of 1927—. 19671J
D
♦Harlem R & Pt Ches 1st 4s. 1954 M N
16
16
18%
31
30%
33
92%
92%
93
15
17%
18
37
11
12%
15
♦General 4s-_-.-------—■ 1955 J
D
l*NY Providence & Boston 4s. 1942 A O
N Y & Putnam 1st con gu 4s. .. 1993 A O
N Y Queens El Lt & Pow 3 )4s.. 1965 M N
{N Y Rys prior lien 6s stamp.. 1958 J
11
"76"
76
104%
1947 M N
1951 IVI N
1st mtge 53..
—
1st mtge 5s
1956 M N
{♦§N Y Susq & West 1st ref 5s. 1937 J
1937 F
§*2d gold 4}4s
ref mtge 334s ser B
N Y Trap Rock 1st 6s
6s stamped
1967 J
J
1946 J
1946
{♦N Y Westch & Bost 1st 4 J4s.
Niagara Falls Power 3 Ma
Niag Lock & O Pow 1st 5s A...
Niagara Share (Mo) deb 5)4s-.
Nord Ry ext sink fund 6 Ma
{ {♦Norfolk South 1st & ref 5s_.
1950 A
A
♦Certificates of deposit
Gen & ref 4 Ma series A
♦Oct. 1 1934
&sub
guar
1974 IVI
5s—
as
2
21
Ref & impt
102
21%
19%
Ref & impt 6s series B
1997 Q
2047 Q
2047 J
2047 J
Ref & impt 5s series C
107
160
101%
32
2047 J
1938 A
Nor Ry of Calif guar g 5s
Northwestern Teleg 4 Ma ext—1944 J
Norweg Hydro-El Nit 5%s
♦Og & L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st mtge 3^s
85%
"2
10%
104%
53
108
"54
103%
23%
64
20%
8
11
103%
104%
103%
102%
7
103%
f g 3s loan ctfs
113%
For footnotes see
page
341
99%
3
17
103%
105
19%
31
82%
122
83
87
81%
101% 112%
69%
82%
93
106
108% 112
99
110
105%
17
33%
109% 109%
101% 106%
97% 100
103%
100%
103
104
110% 115
107% 115
106
114
116
121%
109%
117
123
119%
104%
106%
al03% al03%
89%
90%
103% 107%
99% 102%
ser
1st 4%s series D—
Port Gen Elec 1st 4 %s
105%
111
A
*115%
113
125%
1975 A
120
*117
O
111
.....
115
115
5
115
116
8
106%
116
106%
6
*104
*
86
------
124%
113% 124
113% 123%
104% 107%
112% 113
84%
---
80
80
2
80
96
O
80
80
1
80
97%
D
*109
103%
98%
97%
97%
96%
101%
100%
101%
48
35
99
*106%
*32%
44
2
-
31
32
101%
6
47
101%
67
-
—
-
15
6
110%
119% 124%
*110
"~57%
56%
*106%
74%
16%
15%
103%
103%
J
D
(65% pd)
{♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s_1951 A O
95
—
-
180
74
15%
88%
45%
100
106
40
15
92
100
-
—
-
-
94
54%
75%
105% 108%
8
94%
*19%
94
-
2
-----
------
J
-
74%
17%
103%
92
,
"I!
59%
107%
------
92
f deb 5s——.1948 J
....
------
1951
-
-
-
98
37
13%
85%
94
28%
90
101
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s & com stk
*110
Gen & ref 4%s series A
Gen & ref 4%s series B
1997 J
J
1997 J
S
103%
-
-
-
—
♦Rima Steel 1st
s
-
-
—
-
F
5s—1939 J
♦1st
con
115
82
111
32
18
26%
19
4
19%
19%
27%
27%
28%
27%
28
4
19%
28%
28
38
2
38
66
40%
66
11
49
*34%
*101
103% 104%
53%
60
*52%
60
*63
69%
*
89%
------
------
S
-
-
-
-
-
*109%
13%
13%
------
18%
19%
102%
19%
102%
101%
101%
_
..
_
..
*108%
99%
-
-
-
-
2
-
-
-
-
----
-----
------
——
82%
•
15%
37
-
---
19
9
19%
4
103%
66
102
-----
48
-
-
-
-
100
13
96
3
91
69%
91%
84
32
52%
116% 117
107% 109%
13%
28%
20%
25%
18%
32%
19%
34%
102% 103%
99% 104%
107
112%
97
101«32
St Louis Iron Mt & Southern—
103
24
2
26%
J
St Jos & Grand Island 1st 4s—1947
J
f St Jos Ry Lt Ht & Pr 1st 5s. .1937 M N
-
130%
95% 100
38
D
s f 6s
1948 A O
♦Rut-Canadian 1st gu g 4s
J
1949 J
♦Rutland RR 1st con 4%s._.1941
J
Safeway Stores s f deb 4s
1947
D
Saguenay Power Ltd 1st M 4%s '66
O
-
108
100% 106
26%
------
A
♦Ruhr Chemical
-
212
94% 100
26%
J
S
-
112
127
26%
*106%
IVI
-
-
23%
27%
27%
27%
32%
1962 IVI
35
32
32
*
O
{{♦R I Ark & Louis 1st 4%S—1934
75
96%
103%
-
-
-
114
95%
-
-
-
103% 115%
112
2
96
1977 M S
Roch G & E 4%s series D
Gen mtge 5s series E
53
140
------
A
1955
gu
107
-----
*
J
J
O
West 1st gold 4s. 1939 J
& coll trust 4s A
1949 A
108
102
IVI N
f 7s
{♦Rio Grande June 1st
104%
112
96
102
IVI N
1952 J
108%
19
94%
112
1952 IVI N
Richm Term Ry 1st gen 5s
126%
89% 104%
106
140
1950 M N
1953 F
105
105
103%
95%
J
1955 A
59
63
-----
-
140
Purch money 1st M conv 5%s '54 M N
Gen mtge 4%s series C——1956 IVI N
{{♦Richfield Oil of Calif 6s. —1944
20
106
104%
1941 Nl N
Republic Steel Corp 4%s ser A. 1950 M S
Gen mtge 4%s series B
1961 F A
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930-
96%
105
105%
Rensselaer & Saratoga 6s gu
♦Rhine-Westphalia El Pr 7s
107%
95
J
Revere Cop & Br 1st mtge 4%s.l956 J
♦Rheinelbe Union s f 7s
1946 J
♦Rhine-Ruhr Water Service 6s_1953 J
—
—
105
—
St Lawr & Adir 1st g 5s
2d gold 6s
99% 107%
100%
97% 102%
♦§Riv & G Dlv 1st g 4s
♦Certificates of deposit
1996 J
J
1966 A
O
1933 IVI N
96
*
70%
73%
54
70%
70%
70%
2
102%
105%
98% 104%
108% 108%
99
37
98
65%
58
57%,
101%
75%
{♦S L Peor & N W 1st gu 5s...1948 J
Rocky Mt & P 5s stpd.-.1955 J
{♦St L-San Fran pr lien 4s A..1950 J
St L
♦Prior lien 5s series B
32%
103%
102
70%
72%
31%
89%
88%
48
J
82%
82%
82%
2
82
86
J
16
16
19%
108
16
37%
15
15
.8
75
15.
33%
16%
15%
15%
36%
33%
33%
14
30%
♦Certificates of deposit
1950
j"~i
.1978
m's
7
16%
21%
14
15%
♦Certificates of deposit
♦Con M 4%s series A
♦Ctfs of deposit stamped
*
J
96
92
100
94%
36%
-
D
{♦Providence Sec guar deb 4s.-1957 IVI N
{♦Providence Term 1st 4s
1956 M S
92%,
96%
_
109
*32%
36
108
*118%
Potomac Elec Pow 1st M 3%s.l966
s
96%
O
.....—1977 J
65
106%
102%
--
108
114%
114%
1960 M S
1st 5s 1935 extended to 1950
J
J
Porto Rican Am Ton conv 6S..1942
Purity Bakeries
113%
113%
113%
112%
1948 J
A
87%
70
100%
A
100
114
*_
S
109% 113
109% 112%
110
98%
1955
109
1959 A
1960 A
1st mtge 4%s series C
Pitts Y & Ash 1st 4s
100%
109
D
♦Certificates of deposit
17
102%
1966
95
107% 111%
110
120
115
*63
1938
108%
85% 102
109
*108
{♦Postal Teleg & Cable coll 5s_1953
166""
101
105%
1966
111
30
106
111
1977 J
J
Pitts Va & Char 1st 4s guar
1943 M N
Pitts & W Va 1st 4%s ser A—1958 J
D
1st mtge 4%s series B
26%
109
1970 J
Pressed Steel Car deb 5s
111%
119%
....
1964 IVI N
——
50%
9
17%
*108%
---1963 F
4%s
97% 109%
21%
32%
113%
1938
1713.
108
*108%
117%
1963
1955 F
94%
110%
99%
1962
{{♦Pan-Am Pet Co (Cal) com 6s '40
♦Certificates of deposit
Panhandle Eastern Pipe L 4s—1952 IVI
Paramount Broadway Corp—
75
108%
100
D
Pacific Coast Co 1st g 5s
1946
Pacific Gas & El 4s series G. —1964
1st & ref mtge 3%s ser H...1961
1st & ref mtge 3 Ma ser I
1966
2d ext gold 5s
Pacific Tel & Tel 3%s ser B
Ref mtge 3%s ser C
Paducah & 111 1st s f g 4 Ma
73%
109®32
109%
111% 111«32
100
*99%
104
103%
Ore Short Line 1st cons g 5s.-.1946
Guar stpd cons 5s—
1946
Ore-Wash RR & Nav 4s
1961
Pac RR of Mo 1st ext g 4s
cons guar
Gen mtge 5s series A
Gen mtge 5s series B—_
Gen 4%s series C
{♦Rio Grande
1943
Oslo Gas & El Wks extl 5s
Otis Steel 1st mtge A 4 Ma
Series J
*111
*109%
22
A
1960 F
99% 104
*107%
1945 IVI N
4s.-.1946
103%
21
J
Ontario Power N F 1st g 5s
g
22%
109%
99% 109%
104% 104%
...1946
con
98
8%
72%
0
Ontario Transmission 1st 5s
Oregon RR & Nav
85
100
87
99%
Ohio Indiana & West 5s..Apr 1 1938
HOhio Public Service 7%s A...1946
Hist & ref 7s series B
1947
Oklahoma Gas & Elec 3%s
1966
4s debentures
%
93
17
6
A
119
72
J
2
D
102% 106%
101
105%
101% 106%
99% 107
120
125%
119%
10
108
153
*106
1974 J
104%
125
J
108
119
91% 106%
102
104%
*111
1962 F
112
102%
108%
24
T949 F
1st gen 5s series B
118
104
71%
4
97
1953 J
——1957 M N
Series G 4s guar—
Series H cons guar 4s
Series I cons 4%s.
1st gen 5s series C
106
101%
103
103
102
95
129
108% 117
110
1945 M N
Remington Rand deb 4%s w w.1956 IVI
J
106%
101
1942 A
..1942 M N
94%
72%
F
71
108
O
101%
79
83
1943 M S
1965 M N
1972 J
1940 A
101
69
s
1957 M M
1948 J
106% 109%
104
102%
85
95
106%
101
91
103%
106% 119%
107
113%
116
134
17%
106
112
1
24%
10%
21%
107%
------
83
85
117%
2047 J
Ref & impt 5s series D_
95
101% 109%
102% 105%
104% 108%
102% 108%
98% 107%
98
107%
26%
92%
79% 91
79
coupons.. 1945
4%s series A
42%
101%
Pitts C C C & St L 4 %s A
Series B 4%s guar
—
104%
9
26%
98
106%
coupons. 1945
North Pacific prior lien 4s
Gen lien ry & id g 3s Jan
s
15
to sale of April 1 '33 to
April 1 1937 incl
1st M
46%
17%
11
65
♦Oct 1937 and sub coupons—1945
♦Stpd
Series C 4%s guar...
Series D 4s guar
Series E 3%s guar gold
Series F 4s guar gold
80
"21%
-.1961 F A
1957 IVI S
No Am Edison deb 5s per A
Deb 5%s series B — -Aug 15 1963 F A
Deb 5s series C
Nov 15 1969 N IVI
North Cent gen & ref 5s
1974 IVI s
99%
—
22
17%
1952 IVI
4%s A.1952 IVI
90%
-
-
99%
9
{♦Philippine Ry 1st s f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s_. 1943 A
30%
10
376
104
22%
99
113
91
8
112%
97%
104
J
♦Conv deb 6s.-——---1949 IVI
117%
9%
108
112%
97
112
90
113
112%
106%
112%
116%
109% 116%
96% 103%
115% 126
106% 115%
113% 123
98% 107
108
31
71
69%
*107%
99%
118
1981 J
105%
111
100
103% 111 %
119
*112
Pirelli Co (Italy) conv 7s—
13
9%
North Amer Co deb 5s
*
*115%
102
107
116% 121%
113%
109%
------
5s series A.———1967 J
conv
91
99% 106%
97%
103%
103%
109%
103% 111%
100% 111%
11
98%
91 %
92%
109%
107%
104% 110
32
113
--
91
1977 J
Pitts Coke & Iron
15
85%
8%
103%
O
1961 F
General g 4%s series C
General 4%s series D—
55
60
*83
99%
— -
104
44
145
13
98
110%
83
43
89
*
-
-
199
114
9%
98
-
81
32
119
113%
------
1956 J
-
-
106
*87
96
107
109
106%
103%
*118
-
—
6
105%
100%
9%
1974 F
—
111
105%
:
Al
Phila Bait & Wash 1st g 4s
1943 M N
General 5s series B__———1974 F
37%
26%
106%
101%
1946 J
J
1966 M S
1955 A O
1950 M N
--
■
-.1956 J
45
*62
106%
101%
113%
—
60
~14%
D
5{♦Norfolk & South 1st g 5s. —1941 IVI N
Norf & W Ry 1st corns g 4s
1996 O A
{Northern Ohio Ry 1st
105%
*
1st 4s series B.
98%
105%
1st g 4%s series C__
——-1980 IVI
Phelps Dodge conv 3 %s deb—1952 J ]
16
105
104%
26%
A
♦General gold 5s
1940 F A
♦Terminal 1st gold 5s
1943 IVI N
N Y Telep 1st & gen s f 4%s... 1939 M N
1943
1947 M
109%
100%
4s—1940 A
32%
76
107%
l(f4%
104%
1981
1984
1952
Peoria & Pekin Un 1st 5 %s
Pere Marquette 1st ser A 5s
sec
98
99%
105%
—.April 1990
13
106
J
♦Income 4s_—
1970
6s
cons
2
116%
98%
119%
110%
116%
101%
.14%
26
104%
102%
106
106
109%
115%
98
-----1968
46
76~~
*99
1951 IVI N
1965
cons
-
101%
119%
30
106
J
N Y & Richm Gas 1st 6s A
N Y Steam 6s series A
119%
Peop Gas L & C 1st
-
-----
*113%
1960
28%
100
104%
May 1 1948
1970
Refunding gold 5s
Peoria & Eastern 1st
35
109%
109%
Gen mtge 3%s ser C—
General 4%s series A
General 5s series B
-
-
2
106
*113%
{♦Phila & Reading C & I ref 5s. 1973
32%
S
109%
Consol sinking fund 4%s
Debenture g 4%s
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
-
-
101
1948
4s sterl stpd dollar
Phila Electric 1st & ref 3%s. —1967 IVI
46
M
Consol gold 4s
—
68
--
161
46%
O
4s—. 1992
4%s series B
1981
Pennsylvania P & L 1st 4%s—1981
Pennsylvania RR cons g 4s
1943
—
-
99
106
47
31%
107%
*105%
30
46
"32%
98%
36
28%
_
•1940 A
98%
30
30
30
Penn-Dlxie Cement 1st 6s A—1941
31
31
■1956 M N
101%
*104%
Penn Glass Sand 1st M 4%S—1960
Pa Ohio & Det 1st & ref 4 %s A. 1977
50%
55
77%
116% 122%
104
105
1944
-
96%
103
101% 106%
-
105
Phila Co
44%
47%
-
—
105%
85
-
100%
98
•
-
—
105
-
105
108%
98
-
7
—
-
100%
97% 101%
99% 107
"97""
-
1952
72
116% 125%
109% 117%
—
1963
60
97
105%
97% 105%
98
97
♦Non-conv debenture 3)4s-. 1954 A
1955 J
g
55
55%
121
*
105
—
-
*105
.....
—
a57%
Guar 3%s trust ctfs D
ser E trust, ctfs
100%
105%
106
109%
109
109%
55%
72%
16
56%
*118%
*95%
*104%
1
-
Guar 4s
100
*l02~~
1973 IVI N
{♦ N Y & N E (Bost Term) 4s.. .1939 A
.1947 M
{♦N Y N H & H n-c deb 4s
♦Non-conv debenture 3)49-. 1947 IVI
{♦N Y Ont & West ref
94
"17
56%
5s—1949
cons
98%
46
103
104% 108%
80%
96%
87%
98%
88
97%
100532 102%
92% 105
78%
95%
26
58%
101%
101%
97
*41
28-year 4s
93
3
*
N Y L E & W Coal & RR 5 Ma. .1942 IVI N
♦Non-conv debenture 4s
127
"58
112%
112%
NYLE&W Dock & Impt 5s. 1943 J
4s
82
121
1949
1
10
22
109
101%
N Y & Greenwood L gu g 5s_-. -1946 IVI N
N Y & Harlem gold 3)48
■2000 IVI N
N Y Lack & West 4s ser A
1973 IVI N
N Y & Long Branch gen
28
100s32
95%
55
N Y Gas El Lt H & Pow g 53-1948
■
162
89
94%
*55%
100%
N Y & Erie—See Erie RR
4Mb series B
96
29
74
55
of deposit---
Purohase money gold 4s
95%
86
103
*108%
57%
84
Pat & Passaic G & E
96%
100% 109%
105%
109
—1953
80%
292
363
101%
1951
N Y Edison 3%s ser D—
1st lien & ref 3%s ser E.
96
93
102
139
104%
78%
93
1946
N Y Dock 1st gold 4s
Serial 5% notes
227
86
89
I665~32
1978 M S
Oct 1 1938
O
._
4s collateral trust
102%
113%
95
106%
99% 104%
144
89
1937 A
1974 A
A
4%s series C
3-year 6s
104%
F
110
97
101%
80%
90%
100%
80%
2013
A
Lake Shore coll gold 3 %s
Mich Cent coll gold 3%s
UN Y Chic & St L 1st g 4s
46%
*110
Ref & lmpt 5s series C
High
99%
87%
*47
95
Low
98
87%
1955
*45%
95
No.
High
99
1947
conv
1956 F
1998 F
Since
debentures
Paris-Orleans RR ext 5%s
3%s
1956 A
N Y Cent RR 4s series A
Jan. 1
51%
59%
54%
♦1st 4 He series D
♦1st 5 Ms series A
Newport & C Bdge gen gu 4%sl945 J
Range
03
Asked
&
Low
Paramount Pictures deb 6s
4?
or
Friday
Bid
Price
NS,
♦1st 5s series C
♦Certificates of deposit
Range
Sale
Week Ended Sept. 10
1937
11
Week's
Friday
Friday
Price
Ntt.
Record—Continued—Page
Week's
15%
18%
24
15%
15%
19
84
14%
14
17%
165
1713
Record—Concluded—Page 6
New York Bond
145
Volume
Friday
Friday
BONDS
Week's
Last
Range or
Inter st Period
N. Y. STOCK EXCHANGE
Week Ended Sept. 3
Bid
1989
1st 4 %s—1947
{♦St Paul & K C Sh L gu 4%s_1941
{♦St Paul E Gr Trk
St Paul Minn &
J
J
J
{Pacific ext gu 4s
1940
(large)
1972
gust
♦Stamped
f 6%s
42%
10
26%
28%
10
26%
•
F
J
J
J
J
J
J
100%
97%
M
S
107%
108
.i.
*113%
J
-
-
J
♦Certificates of
-
O
A
O
A
O
F
A
26
41%
26
24%
43
31 %
2
27%
44
32%
27
25
43%
♦Ref & gen 4 %s series C
♦Certificates of deposit
24%
13
40
5%
13%
13%
51
11%
20%
12%
7
10%
20
13
11%
8%
16%
167
12%
23%
164
11%
22%
25
38%
13
13
F
25
7%
9%
7%
8%
2
105%
9
s
IVI
s
J
D
J
105%
105%
J
-
v
S
F
A
F
A
72%
72%
A
O
J
95%
99%
95
J
A
O
A
O
99%
1968
Gold 4%s
1969
Gold 4%s
1981
10-year secured 3%s..——1946
Gold 4%s
San Fran Term
HSo Pac of Cal 1st con gu g
So Pac RR 1st ref guar 4s
106
6
103%
*100%
J
D
91%
34
88
87%
90
82
87% 100%
S
78
82%
74
78
M N
77%
82%
77
77%
M N
77%
81%
101
J
96%
98%
100
107%
80
O
106
100%
104
J
*99%
101
"30
99%
65%
70
131
65%
A
85
88
22
A
87%
93
73
101%
*
J
"94"
J
M
S
105%
106%
102
103%
99
106%
A
*105
D
97
A
117
126
103%
103
105
"87%
~90~"
"§5~
104~~
107
107
106
109%
115
88%
O
*116%
Cons s f 4s series B
{♦Vera Cruz & P 1st gu
{♦July coupon off..
A
105% 111%
98% 108%
103%
104
100
105%
108
108
105
t
D
100%
90
"_9l%
90
94%
50%
50
51%
72
44%
49
50
19
49
76
80
77
101
100
102%
106
*166%
110%
*106%
A
55%
70
*
106%
106%
15
118%
118%
119%
1
110% 112%
104% 108%
116
127%
119
119
1
117
*109%
111
111%
11
105%
99%
105%
99%
106%
8
104%
103%
105%
32
107%
107%
107%
2
28%
37
28%
64
Tii"
26%
26%
S
26%
26%
J
100%
IVI N
IVI
J
26%
40%
,26%
39%
100%
3
100% 104%
84%
84%
87
40
87
86
88
94
86%
88
106
84% 111%
86
107%
109%
86
25
19
25%
90%
89
100%
83%
*90%
J
82%
83
J
99
38
100%
99
104
104
A
96
113%
97% 103%
106
*110%
S
107
105
107
*106
S
M N
1
104
102% 105
29%
29%
34%
29%
47
30
30
33
10
30
47
10%
12
52
10%
62
*102%
J
MN
4s *36
97% 106%
103% 108%
111%
106
101
J
J
132
100
123%
106% 111%
109%
102
104
10%
D
D
161%
99%
"20%
18%
20
15%
15%
14
14
*11
IVI N
102%
103
25%
14
24
19
102
J
32%
14%
7
35%
19
3
IVI N
J
18%
10
19
1943
99
100%
106% 115
26
"48
qq
*108%
"~19~"
103% 104
99
104%
"40
102%
101%
99
2
98% 105
84
J
A
O
J
118
100%
100
Friday's bid and asked
♦
Bonds selling flat.
z
Deferred delivery sale*
40%
42%
66
11%
197
40%
100%
46%
84
101%
D
60%
60%
64%
136
D
103%
103%
103%
12
101
A
O
83
55
J
*97%
97% 103
99
Sept.
119
116
119
113%
116%
99%
113
90
123
101%
90
*97
F
*95%
97%
S
76
77
A
O
14%
14%
4
F
A
117%
117%
117%
J
J
107%
107%
109%
38
J
111%
110%
112%
53
HO
S
106%
F
106
106%
23
114%
114%
3
94%
95%
32
94
95
13
"94%
94
107%
O
s
"90"
107%
106%
106""
106%
107%
94%
48
103
109%
111% 116%
93% 101%
92% 101%
105% 109
103%
90
111
107%
22
32%
98%
48
100%
98
99
45
48
38
41
44%
48
91
41
99%
99%
43
98% 111
101%
10
1936
1937
333,784,479
8,090,610
6,954,800
$3,072,000
5,942,000
29,925,000
$3,022,000
3,966,000
57,292,000
$302,024,000
248,679,000
1,518,244,000
$206,944,000
226,277,000
1,966,228,000
$38,939,000
$64,280,000
$2,068,947,000
$2,399,449,000
industrial
Total.
Stock and
Below
are
the daily
Bond Averages
closing averages of
bonds listed on the New
compiled by Dow, Jones & Co.:
stocks and
as
Jan. 1 to Sept.
10
277,609,955
foreign
Railroad and
representative
York Stock Exchange
Bonds
Stocks
10
2%
"6
2%
5%
4
4
Total
Total
10
10
70
Indus¬
Grade
Utili¬
40
Utili¬
Grade
Rail¬
trials
Rails
Rails
ties
Bonds
ties
Stocks
trials
110% 113%
2%
10
20
Second
20
First
30
Indus¬
Date
110% 111
M N
J
$38,939,000
67%
A
J
$5,942,000
$3,072,000
613,000
69
44%
J
420,000
9,905,000
7,787,000
9,674,000
1936
1937
Bonds
106%
45
J
9,536,000
613,000
HOLI DAY
96% 105%
81
99%
O
Week Ended Sept.
Government
170%
105% 107%
22
33%
32%
24%
$29,925,000
8,090,610
Stocks—No. of shares.
State and
1,226,000
6,857,000
7,860,000
5,828,000
7,924,000
Stock
36%
106
32
97
New York
114%
25
107%
32
97
Total.——
116%
30~~
*
J
J
90
1
*111%
s
N
—
Friday
23
14
$381,000
1,453,000
1,432,000
1,346,000
1,330,000
$1,456,000
229,980
1,871,150
2,256,110
1,411,550
2,321,820
Sales
$2,037,000
$200,000
HOLI DAY
...
Exchange
116% 121%
107% 114%
A
—
Tuesday
97%
75
47
N
For'n Bonds
Sales at
4
IVI
O
Bonds
100
IVI N
S
Shares
10, 1937
Thursday
119
A
States
Bonds
Wednesday
102% 107%
*104%
113%
Municipal &
Bond
Miscell.
Monday
108%
S
J
State,
Total
Railroad &
United
Stocks,
Number of
Week Ended
Saturday...
J
Stock Exchange,
and Yearly
97% 101%
131
included
current week and not
New York
Daily, Weekly
73%
9
89%
99%
s
transacted during the
in the yearly range:
107% 110%
9%
J
reorganized under
transacted during current week.
price. No sales
*
Transactions at the
100
110%
D
maturity.
redemption or nearing
reported as being in bankruptcy, receivership, or
Bankruptcy Act, or securities assumed by such companies.
108%
101
J
J
Deferred delivery sale; only
only transaction during
by maturity, t Accrued
x
{ Companies
108
100
41
IVI
included in the yearly
current week and not
100% 106%
101
J
M
during the
128%
121
*109%
J
1955
1957
99%
90
No sales.
100
100%
S
M
4%s.-.1934
94
Section 77 of the
110
98%
100%
4s.-.1947 J
M
1st lien & ref 4s
June 2008
M
1st lien & ref 5s
June 2008
A
34-year 3 %s deb
1970
M
35-year 3%s debenture
1971
A
United Biscuit of Am deb 5s...1950
IVI
United Drug Co (Del) 5s
1953
IVI
U N J RR & Can gen 4s
1944
J
{{♦United Rys St L 1st g 4s
1934 IVI
U S Pipe & Fdy conv deb 3%s.l946
J
U S Rubber 1st & ref 5s ser A..1947
♦Un Steel Works Corp 6%s A..1951
♦Sec s f 6 %s series C
1951
♦Sink fund deb 6%s ser A--.1947
Utah Lt & Trac 1st & ref 5s
1944
Utah Power & Light 1st 5s
1944
{♦Utll Power & Light 5 %s
1947
♦Debenture 5s.
1959
Vandalla cons g 4s series
2
77%
transaction during current week, a
current week,
n Under-the-rule sale;
Ex-interest.
{ Negotiability impaired
interest payable at exchange rate of $4.8484.
week,
current
If Bonds called for
103%
109%
109
*118%
5s. 1941
96%
Cash sale: only
118%
D
Union Pac RR 1st & Id gr
Vanadium Corp of Am cony
10
109%
104
No sales.
r
102% 1073%
7
s
100%
1942
83%
transaction during
103%
105
O
1952
3 %s debentures
159
*119%
{♦Third Ave RR 1st g 5s
1937
J
Tide Water Asso Oil 3 %S——1952
Union Oil of Calif 6s series
40
"43
50
1961
Cash sales transacted
e
103
S
N
A
1945
5s.„1945
44
106%
range:
102
90
87
381
J
90
Gen & ref 5s series B-
{{♦Union Elev Ry (Chic)
~
107%
105%
123%
J
108
Ujigawa Elec Power s f 7s
95
103
"97%
D
103%
1953
Tol & Ohio Cent ref & Imp 3%s 1960
Tol St Louis & West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s.r1946
Trenton G & El 1st g 5s
1949
Trl-Cont Corp 5s conv deb A. .1953
Tyrol Hydro-Elec Pow 7 %s.— 1955
Guar sec s f 7s
1952
23 %
28
96%
1949
40
20%
101% 106%
19%
*16
1951
1943
2000
Tokyo Elec Light Co Ltd—
1st 6s dollar series
5
109%
102%
J
98>*
...Jan 1960
39%
2334
81
81
1960
1st mtge sf 4s serC
N
109 %
♦Adj inc 5s
93% 103
101% 105
88
95%
D
1953
1950
1960
21
106%
105
1947
{ ♦Wor & Conn East 1st 4 %s
Youngstown Sheet & Tube—
"89%
1944
ref 4s
43%
2
♦Certificates of deposit
*80%
5s._
Third Ave Ry 1st
""9
22%
21
106%
{♦Wis Cent 50-yr 1st gen 4s
S
Gen refund s f g 4s
—-.--1977
Gen & ref 5s series C.——1979
Gen & ref 5s series D
1980
Tex Pac Mo Pac Ter 5%s A...1964
94
*103
F
1940
{♦Sup & Dul dlv & term 1st
♦Certificates of deposit
41
24
25
Winston-Salem S B 1st 4s
105%
87% 110%
101% 105%
44
25
"13
23%
O
A
Bank
A.1935
♦Wllkes-Barre & East gu 5s
1942
Wilmar & Sioux Falls 5s
1938
Wilson & Co IstM 4s series A. .1955
85
44%
41%
25
21
♦Ctf dep Chase Nat
85%
21
22%
O
A
♦Ctfs for col & ret conv 7s
112%
A
J
81
1
25
S
Conv deb 3%s
106%
15
21
22
{♦WIckwire Spencer St't 1st 7s. 1935
100% 103%
108%
102
100% 100%
94
99%
22%
25
D
White Sew Mach deb 6s
109%
106
100%
*
98
97%
77%
97%
96% 102%
2
100%
102
M N
1938
M
Mobile &
1938
J
S-western Bell Tel 3 %s ser B...1964
M
S'western Gas & Elec 4s ser D..1960
J
♦{Spokane Internat 1st g 5s.-.1955
F
Staley (A E) Mfg 1st M 4s
1946 J
Standard Oil N J deb 3s
1961
J
Staten Island Ry 1st 4%s
1943
J
♦Studebaker Corp conv deb 63.1945
IVI
Swift & Co 1st M 3%s
1950
J
Tenn Coal Iron & RR gen 5s.-.1951
IVI
Tenn Cop & Chem deb 6s B
1944
IVI
Tennessee Corp deb 6s ser C—-1944
J
Tenn Elec Pow 1st 6s ser A
1947
A
Term Assn of St L 1st g 4%s_—1939
3 %s.
Tex & N O con gold 5s
Texas & Pac 1st gold 5s
99%
88
S
5s
Ohio coll tr 4s
Texas Corp deb
101%
97%
101
71%
97%
55
26
21
1951 J
1960 IVI
J
♦Westphalia Un El Power 6s.— 1953
West Shore 1st 4s guar
2361 J
Registered..
2361 J
Wheeling & L E Ry 4s ser D... 1966 M
RR 1st consol 4s.
..1949 M
F
Wheeling Steel 4 %s series A—1966
106%
M
J
A
60
91%
30-year 5s
99% 100%
21
100%
M
J
F
60
22%
22%
25-year gold 5s
101% 107%
O
A
s
97
60
S
IVI
Funding & real est g 4 %s—.1950
107%
105
A
East Tenn reor Hen g
.
98% 100%
37
8
99%
J
IVI
1946
1938
Western Union coll trust 5s
98%
86
82%
60%
1946
♦5s assented..l
<m*
100%
105%
5s. .1937
%s A. .
U'mim
4s. —
{♦Western Pac 1st 5s ser A
130
118
4
——-
Texarkana & Ft S gu 5
97% 102%
100% 107%
107
J
1955
1st 4s stamped.
... - .1955
Southern Ry 1st cons g 5s.- -—1994
Devel & gen 4s series A
1956
Devel & gen 6s
1956
Devel & gen 6%s
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
1st cons gold
102%
1st & ref 5 %s series A
West N Y & Pa gen gold
107
D
1950
1st 4s
105%
26
99%
J
Gas—
line4%s
1951
So Pac coll 4s (Cent Pac coll)..1949
lst4%s (Oregon Lines) A...1977
58
60
1961
1966
1952
1977
.1943
Western Maryland 1st 4s
82%
107
107
J
1st mtge pipe
25%
107
A
Southern Natural
103%
58
58
J
E..1963
1st mtge 4s ser H
1st mtge 3%s series 1
95
58
■
West Penn Power 1st 5s ser
73
56
104%
99%
S
F
107%
82
6
J
gtd.,.1950
Westchester Ltg 5s stpd
68
23
100%
*122%
IVI
101
2
O
1939
Wash Water Power s f 5s
18%
73%
99%
105%
"46
83%
94%
A
1945
..1945
Wash Term 1st gu 3 %s.
1st 40-year guar 4s
100
50%
27
*18
O
A
3%s
a60%
<<60%
3
<7.60%
M
♦Debenture s f 6%s
14%
100
*98%
•
14%
105% 117%
95% 102
65
89%
3
65%
65
-
•
125
100
99%
99%
■
6%
6%
119
A
IVI
5
8%
A
F
certificates
15%
25
S
M
104%
83%
70
J
.1980
93% 101%
103%
58
Walker(Hiram) G&W deb 4%s_ 1945 J D
Walworth Co 1st M 4s
1955 A O
6s debentures
1955 A O
Warner Bros Pict deb 6s
1939 M S
IVI s
{♦Warner-Quinlan Co deb 6s. .1939
{♦Warren Bros Co deb 6s
1941 IVI s
Warren RR 1st ref gu g 3 %s.„2000 F A
Washington Cent 1st gold 4s.—1948 Q-M
36%
22
5%
11%
13
deposit—
{♦Alt & Birm 1st gu 4s
{♦Seaboard All Fla 6s A ctfs...
110
J
♦Certificates of deposit
10%
O
A
103
83%
A
1978
♦Ref & gen 5s series D
113% 121
35%
23
-
-
-
22
5%
♦Certificates of
Socony-Vacuum Oil
_
„
-
24%
23
1945 M S
1
94%
♦Certificates of deposit
deposit---
♦1st & cons 6s series A
67
106
104
F
1976
♦Ref & gen 5s series B
1
*22
-
50
♦Certificates of deposit
3
31%
■
S
{♦Wabash Ry ref & gen 5 %s A. 1975
115
110
-
O
J
♦Toledo & Chic Dlv g 4s
50
2
*
IVI N
1941
1939
1941
1941
♦Omaha Dlv lstg3%s_
28
*113
— -
-
-
-
-
A
41%
18%
104% 109%
106
J
IVI
High
Low
50
S
♦Det & Chic Ext 1st 5s_
124
31%
-
-
32%
*
—
{{♦Seaboard Air Line 1st g 4s..
{♦Gold 4s stamped
♦Adjustment 5s
.....Oct
{♦Refunding 4s
23
1954
26
26
O
8
114%
28
J
.1
«.
«,
..
„
.
M N
4s
95
J
♦Des Moines Dlv 1st g 4s
111
l"07%
IVI N
A
Scioto V & N E 1st gu
22%
108%
♦1st lien g term 4s
97% 103%
108% 112%
105% 110%
5
111
-
27
113
3
69
—
series B
No.
18%
107%
J
4s
Va & Southwest 1st gu
101% 106%
'
1946 A
High
18%
108%
IVI
5s.-.1949
2003
1st cons 5s..
1958
Virginian Ry 3%s series A
1966
♦{Wabash RR 1st gold 5s
1939
♦2d gold 5s
1939
Va Iron Coal & Coke 1st g
37
14%
23
120%
119%
97%
Virginia El & Pow 4s ser A
21%
•»
-
-
105
*103%
120%
«
15%
14%
A
74%
65%
54
109%
Since
Asked
&
D
J
1942
1955
♦Vertientes Sugar 7s ctfs
103%
25
*
•
J
J
♦Stamped
♦Series B
42%
100
47%
42%
26%
3
47%
-
- -
-
80
Range
Jan. 1
M N
High
Low
-
1)
J
J
4s
San Antonio Pub Serv 1st 6s_.
San Diego Consol G & E 4s—
Santa Fe Pres & Phen 1st 5s_.
{♦Schulco Co guar 6%s
S A & Ar Pass 1st gu g
s
-
_
M
*
-
r.
48
Man—
St Paul Un Dep 5s
♦Guar
88%
*83%
J
{♦1st terminal & unifying 5s. 1952
♦Gen & ref g 5s series A
1990 J
I
St Paul & Duluth 1st con g 4s.-1968
Bid
Price
Low
M N
1989
Friday
Week Ended Sept. 3
Jan. 1
No.
High
Low
{St L SW 1st 4s bond ctfs
♦2d g 4s Inc bond ctfs._.Nov
Range or
Sale
STOCK EXCHANGE
N. Y.
Since
Bonds Sold
Asked
&
Last
BONDS
Range
Friday
Sale
Price
Week's
10
9
Sept.
8
Sept
7
Sept
6
Sept.
Sept.
roads
53.08
106.03
78.59
103.25
98.85
41.67
107.53
157.98
56.06
106.15
103.26
98.95
25.94
79.00
44.66
107.39
166.36
54 90
106 20
107 53
103 21
98 86
163 37
25 28
78 51
43 53
107 66
103 33
99 33
25 37
106 65
79 69
44 37
55 39
103 55
99 81
47 43
26 86
164 39
172 55
24.83
>•
HOLI DAY
58 45
106 71
108 13
80 83
ie=
New York Curb
1714
NOTICE—Cash and deferred delivery sales
regular weekly range
shown In
are
Exchange—Weekly and Yearly Record
Sept 11, 1937
disregarded In the week's range unless they are the only transactions of
the week, and when selling outside of the
are
footnote In the week In which they
occur.
a
No account Is taken of such sales in computing the range for the
year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for the
week beginning on Saturday last
(Sept. 4, 1937) and ending the present Friday (Sept. 11, 1937).
It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred
during the week covered:
Friday
Sales
Last
Par
Acme Wire
Aero
Week's Range
of Prices
Low
High
Price
*
42
May
100
21
Jan
24
3X June
14*3
Feb
38
11
June
22
Feb
Sept
Sept
June
4
May
4*3
5,000
23
11*3
100
14
IX
2%
3
2
2*3
900
2X
*3
72
3,300
1*3
300
2 *3
*16
400
25*3
*3
72
77
Allied Products
14
—
Jan
Jan
72
Sept
80
June
50
67
June
87
Jan
59*3 June
2*3 June
3*3 June
1*3 Aug
18*| Aug
14
Sept
20*3 Sept
77
3
500
3X
200
18*3
"166
14
14
20
"123"
preference
100
Aluminum Goods Mfg
*
Aluminum Industries com*
Aluminium Ltd common.*
Sept
114*3
16*3
100
21
150
138
5,500
120
500
111
6
300
Jan
Mar
Feb
6
7
400
95
109
1,600
95
Sept
Sept
140
Mar
122
122
200
120
American Airlines Inc..-10
June
131
18
May
20
2,200
16*3
IX
IX
18
Class A
Amer Equities Co com...l
Amer Foreign Pow warr...
Amer Fork & Hoe com...*
2 *3
82
2*3
'28 H
16
30*3
m
29*3
50
3
3,200
42
.....
10
17X
20
6,500
150
106
June
2,300
8*3
400
29*3
35*3
400
"24*3 ~27~X
15*3
18*3
27
40
1*3
30*3
42
1*3
35
36*3
Aug
42
12
Jan
Jan
Mar
Feb
Feb
*
50
Jan
Calamba Sugar Estate. .20
Jan
Sept
July
75
Jan
Mar
28,100
IX
30*3
Jtly
100
1*3
27,100
93*3
700
25*3
700
103*3 103*3
10
400
1*3
88
Mar
24*3
4
Sept
Sept
Sept
Sept
Sept
6*3
2*3
5*3
22*3
101*3
July
1
4*3
Sept
Sept
Sept
10
6,100
6*3
36,100
8*3
4*3
5*3
4*3
53
400
10*3
1*3
2*3
13*3
17*3
10*3
5
1*3
1*3
7
43
1,100
200
5*3
41*3
87
21
3*3
9*3
11*3
20
*3
3*3
9*3
11*3
1*3
Jan
Jan
59*3
4*3
5*3
8*3
42*3
110*3
17'
7% Istpref
100
Beaunlt Mills Inc com..10
"85*3'
Feb
Jan
13*3
3
Feb
Jan
Jan
'32
J an
7
13*3
57*3
Aug
29*3
3*3
9
Sept
1,600
7
Jan
1,200
6*3
Apr
Jan
1*3
Feb
*3 May
Sept
Jan
Jan
Jan
Jan
Aug
Sept
Sept
Mar
5*3
39*3
July
11*3
16*3
17
Sept
200
107*3
*3
Apr
Feb
Mar
May
Jan
Mar
Mar
Feb
Mar
Aug
7*3
43
Sept
Sept
Sept
156
4*3
9*3
7
8*3
80
14
22*3
103
Jan
May
1,300
2
2,300
10
Sept
Sept
2,200
5
June
159
Feb
113*3 June
4
34*3
34*3
*3
11*3
Blrdsboro Steel Foundry A
10*3
10
May
18
Purchase warrants
Blckfords Inc common...*
Jan
1X
7,800
*3
200
11*3
34*3
25
Sept
Sept
Sept
Aug
12*3
600
*
11
11
Bliss A Laughlln com
Blue Ridge Corp com
$3 opt conv pref
13*3
3,700
11
5
Sept
Sept
35
38
300
34
June
1
35*3
2*3
*
44
44
Blumenthal (S) A Co
*
12*3
2*3
12*3
2*3
45*3
15*3
2,100
10
Feb
£18
6*3
13,000
Feb
Aug
July
2*3
13*3
1*3
*3
11*3
34*3
8
21
2V|
42*3
Sept
400
2,100
12*3
Sept
Mar
11*3 June
11*3 Aug
"1*3 "2"
12",000
1*3
26
26
100
~~5X
5*3
25*3
5*3
26*3
300
2*3
8,500
25*3
1*3
2
54*3
7*3
8,100
27*3 Aug
4*3 May
18*3 July
8*3 Mar
169*3 July
125*3 Mar
5*3 Mar
23
footnotes
awnrtL.
see
...
page
as
1719.
-fz
Mar
5
Mar
20
19
100
112
115
375
~40
4
233
15*3
37*3
15*3
92*3
12*3
92*3
10*3
900
50
600
14*3
24*3
41
4*3
48*3
43*3
Jan
Colon
Feb
5% Income stock A._.£l
6% conv pref
£1
Colorado Fuel & Iron warr.
Colt's Patent Fire Arms.25
Feb
July
Jan
Aug
Jan
Jan
Jan
Feb
3*3
23*3
2*3
26*3
8*3
35
"2*3
10*3
Jan
108*3
7*3 June
Jan
Jan
93*3
£14*3 June
89*3 May
10*3 Sept
June
124
15
57
105*3
11
300
9
22
25
150
20
Sept
Sept
10*3
4*3
10*3
5
3,100
10
10
12
300
106
106
10*3 June
11*3
83*3
11*3
83*3
107*3
200
.
25
50
4*3
11*3
71*3
106
"62*3
2*3
32*3
275
65
32*3
37
3*3
1,700
3*3
300
*3
62*3
2*3
32*3
3*3
37
40
40
8*3
3*3
40
40
25
9
,
2,200
7*3
3*3
3*3
900
39
7*3
3 *3
30*3
1*3
1*3
37*3
11*3
37*3
40
""800
11*3
13
Apr
Jan
52
Jan
Jan
Sept
7
Mar
19
May
Sept
Jan
Sept
Jan
Apr
Sept
Sept
Sept
Sept
Sept
Aug
Aug
Aug
June
Sept
Sept
16*3
92*3
5*3
60
5*3
58
15*3
4*3
Feb
40
Apr
Feb
9
22
7*3
May
Sept
Sept
3
Sept
8,000
8*3
8*3
2,100
6,500
59*3
59*3
12
64*3
1
1
"5*3 ""5*3
1
-
It** \00
1
4*3
.3*3
Jan
8*3
Sept
Jan
14,900
56
Feb
62
600
<
1
CD
1
200
June
5*3
Sept
Jan
Feb
Feb
1
4*3
4*3
Jan
Jan
Jan
79*3
12
4*3
3
Apr
76
100
4*3
Apr
76*3 May
18*3 July
Feb
2*3
300
Jan
Feb
83*3 Sept
123
2,100
4
Jan
Sept
16
3*3
4*3
Jan
33*3
26*3
4
4
Conv 5% preferred.. 100
Jan
27*3
10
200
Mar
91*3
1,900
7*3
7*3
Mar
Mar
Jan
48*3
12
Jan
June
Feb
1*3
1*3
12
Feb
Feb
5*3
5
1*3
3,200
Sept
Feb
July
96
*3
Jan
7*3 Aug
37*3 June
2*3
Jan
Jan
22*3
June
10
July
19
2*3 June
10*3
July
Jan
Aug
1
50
Jan
97 *3
Sept
6,600
1*3
Jan
May
Feb
June
4*3
Jan
Jan
Apr
3*3
102*3
22,700
Columbia Gas & Elec—
Columbia Oil & Gas
1
Columbia Pictures com..*
161
23
82
"
2*3
Cohn &
Mar
8*3
7*3
67*3
14*3
38*3
42*3
"""25
15
com.*
Rosenberger Inc.*
Development ord...
Apr
31*3
Sept
Sept
7*3
6,600
10*3
4*3
Club Alum Utensil
Co....*
Cockshutt Plow Co com..*
Feb
Mar
7
Jan
Feb
Feb
Jan
30
5
22
Cleveland Tractor com...*
Clinchfield Coal Corp..100
Mar
Sept
x80
3*3
10*3
2*3
Feb
Mar
Jan
Jan
Aug
Apr
Mar
Mar
Feb
9*3
Feb
8*3
4*3 May
Feb
4*3
24*3 Feb
74*3 Apr
104*3
10*3
Jan
Jan
29
1
June
39
Jan
27*3
Sept
33
Aug
Commonwealth Edison—
New common
25
28*3
27*3
29*3
2,900
Commonwealth & Southern
Warrants...!
For
24
1,900
23
4*3
100
Claude Neon Lights Inc__l
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Jan
1*3
*3
5*3
32*3
28
7*3
9
*
Sept
25*3 Sept
1*3 June
87*3 June
12,900
61*3
8*3
Jan
1*3
100
*80
54
9
86 preferred
Mar
Mar
1*3
Aug
15
1*3
100
City Auto Stamping
.*
City & Suburban Homes 10
Clark Controller
C0.....I
Jan
93
70,100
Sept
Sept
Mar
Apr
8
Mar
Mar
5*3 May
4*3
Apr
155
May
Jan
1*3
2*3
9
2*3
Jan
38*3
*3
5*3
73
14
2",600
1*3
300
62*3
8*3
1*3
40
600
5*3
4*3
1
Preferred
Preferred B
Preferred BB..
I
Cities Serv P & L $7
pref.*
Jan
Aug
Mar
700
Sept
Feb
Mar
45
300
7
"""72
"ix
90
5*3
4*3
1
25
Apr
Sept
Apr
Jan
Apr
Mar
Apr
400
2*3
118*3
87
5*3
~4o"
Cherry-Burrell Corp
Chesebrough Mfg..
5
Feb
40
*3
Aug
116"
7
common. 15
*
30*3
51*3
25*3
106*3
31*3
16*3 June
16*3
9
118*3
22*3
59
Mar
*
25
14*3
*3
62*3
2*3
5
5*3
22*3
15*3
15
2
22*3
4
Sept
Sept
10
22*3
5
Mar
June
70
Sept
87 div preferred
1st preferred
Centrifugal Pipe
85
£15*3
28*3
12*3
Sept
Sept
25 *3
300
Chic Rivet & Mach
June
15
5*3
3i6
300
5
Chief Consol
Mining
1
Childs Co preferred
100
Cities Service common.__*
2
2
10,000
5
Feb
Feb
9*3
20
X
26*3
Cent Hud G & E com
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Chamberlin Metal Weather
Strip Co
5
Charis Corp
10
2*3
Sept
Sept
316
112*3
Conv preferred
100
Conv pref opt ser *29.100
Mar
39
Jan
Jan
11
10
1
Jan
Mar
2,200
130
1,000
54
2,100
85*3
1*3
54
2*3
4*3
85
3*3
*3
25*3
5
7% 1st partic pref... 100
warr
Mar
25
Feb
1.600
25*3
4*3
6% pref without
7% preferred
4
2,000
*3
5
14*3
conv
316
3,<
100
4
1
Catalin Corp of Amer
1
Celanese Corp of America
CentP& L7% pref.... 100
Cent & South West Util 50c
Cent States Elec com
1
3*3
Chicago Flexible Shaft Co
1,000
200
4
*80
Feb
10*3
7,500
1
86 preferred
15*3
8*3
Apr
*3
4
2
Jan
Sept
3*3
Carolina P & L 87 pref..
*
96
14*3
2,000
Feb
Carnation Co common
Carnegie Metals com
Jan
June
*3
19
5,100
9*3
Carib Syndicate
...25c
Carman & Co class A
*
Class B
_*
Carrier Corp
*3
3*3
600
1
480
Canadian Indust 7% pf 100
Canadian Marconi
1
Capital City Products
Carter (J W) Co common. 1
Casco Products
Castle (A M) com.
10
4
21
17
26*3
107*3 110
*3
1
Jan
500
4*3
Feb
88
1
5,200
Jan
X
X
non-voting
Feb
3
June
4,400
5
Jan
3
B
12*3
13*3
10*3
Sept
1*3 Sept
13*3 Sept
'i6 May
*3
X
5*3
41*3
Apr
99
1*3
IX
14*3
1,300
12,100
3,300
10,200
5*3
Jan
X
3*3
Canadian Hydro-Elec—
6% preferred..
100
Canadian Indus Alcohol A*
Celluloid Corp
1*3
he
Mar
Canada Cement Co com..*
Canadian Canners com
*
Canadian Car & Fdy pfd 25
Canadian Dredge & Dock*
June
'
7,000
1,000
8,000
Apr
Jan
2*3
June
4*3
3,600
4*3
2*3
Jan
Jan
Mar
59
5*3 May
1*3 June
1,600
3*3
38
700
4*3
11*3
Jan
82
Sert
1,000
10
Feb
Sept
1,000
7*3
4*3
7*3
38
26*3
28*3
54*3
200
32
Amer dep rets pref shs £1
Mar
15*3
4,000
3*3
X
Am dep rets A ord sh..£l
Am dep rets B ord shs_£l
32
24*3
27*3
3*3
Cables & Wireless Ltd—
37
26*3
32*3
23
3*3
83 convertible pref
*
Warrants
Burma Corp Am aep rets..
Burry Biscuit Corp.. 12*3c
Cable Elec Prod vtc
*
Aug
100
100*3 102
*
May
300
5*3
25*3
"~7X
*
48*3
112*3
Sept
Sept
3,400
200
4
Bath Iron Works
Corp__.l
Baumann (L) & Co com..*
Machine Co com
Bliss (E W)ACo com
_
17
T.iOO
45*3
2*3
5*3
22*3
3*3
*
Jan
Jan
Feb
Feb
Mar
26*3
70
Sept
Aug
Aug
Aug
Barium Stainless Steel... 1
Barlow A Seelig Mfg A...5
pref
Sept
23
2
conv
5
2,200
6*3
23*3
5*3
4*3
Mar
31
Jan
Bunker Hill & Sullivan 2.50
7*3
211*3
52.50
5
44
10*3 Sept
25*3 May
100
Burco Inc
12*3
7*3
Berkey A Gay Furniture. 1
5*3
1,600
1,400
Aug
2
Conv pref
com. 1
Aug
24
Jan
Apr
Feb
Feb
Mar
July
37
300
Mar
Mar
Aug
Jan
12*3
June
37
4,200
77
8*3 May
June
211*3
Bell Tel of Canada
100
Bell Tel of Pa 6*3% pf.100
Benson & Hedges com.
*
73*3
11*3
26
35
50
93
1*3
*
1
10*3
26
35
100
12*3
wan-
com
57
150
Baldwin Rubber Co com.l
Bardstown Distill Inc...
Bellanca Aircraft
35
Class A pref
*
Brown Forman Distillery. 1
$6 preferred.
*
common
5*3
36*3
21*3
108*3
3*3
7*3
16*3
Jan
600
300
30*3
14*3
Feb
16
13", 300
Jan
33
23*3
5
Jan
32
46*3
"34"
Jan
8
Apr
IX
35
~6i"
26
100
Mar
2*
32*
28*3 Sept
16
Tobacco—
pref
20
Beech Aircraft Corp
Bell Aircraft Corp com__.l
100
Jan
31
Am dep rets ord reg.. 10s
British Col Power class A.*
Class B_._
Brown Co 6% pref
Brown Fence & Wire
28*3
23
2*3
4*3
1
_
28*3
£1
45
17*3
x28X
31X
109*3 110*3
8X
9*3
29*3 30
7*3
.....
New warrants.
100
45
16
5
Austin Silver Mines
10
21
*
23*3
*
common
21
*
_
British Amer Tobacco—
Buff Niag & East Pr pref25
$5 1st preferred....
*
1
Assoc Tel & Tel class A...*
Atlantic Coast Fisheries.
Babcock & Wilcox Co
{Baldwin Locomotive
50
Buckeye Pipe Line
IX
5
28
Jan
4X
1*3
4%
£1
Automatic Products
5
Automatic Voting Mach..*
100
28
Jan
76*3
22*3
Common
Atlantic Coast Line Co. .50
Atlantic Gas Light pref. 100
Atlas Corp warrants
Atlas Plywood Corp
*
10
Jan
93
1
V t c common...
10
8
4
$5 preferred
__*
Option warrants
Assoc Laundries of Amer. *
200
300
Brllio Mfg Co common.__*
Class A....'
,.._—*
41*3
24*3
2%
5*3
Class A
7
41
47
Industries
Amer deposit rets
Assoc Gas & Elec—
1.600
6
37
Sept
24*3
10
Ashland Oil & Ref Co
3*3
2*3
6
37
100
June
"ix
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
Common class A
*
Preferred
2*3
100
3*3 May
Jan
33*3
26*3 Apr
4*3
Apr
1*3 Sept
16
Sept
28*3 June
7*3
1*3
*
Arkansas P & L 57 pref...*
Art Metal Works com
5
*
X
30
X
32
5
Appalachian El Pow pref.*
*3
30
82
*
Angostura Wupperman__l
Apex Elec Mfg Co com...*
*
Feb
X
7*3
31
Apr
15*3 Sept
108*3 Apr
X May
2X
Jan
6
Sept
37
Sept
9*3 May
28
May
21
Sept
23*3
Jan
300
2
*
2~, 800
Jan
19
Sept
Sept
375
38
1X
...
'15*3 "l7"
...100
7
3*3
2,000
27
Amer Maracalbo Co
Superpower Corp com*
July
2,000
1,600
31X
4*3
100
1st preferred
Sept
Feb
Feb
Mar
3,500
8*3
4*3
31*3
"27"
15*3
Preferred...
American Thread pref
Anchor Post Fence
1*3
89*3
5*3
22*3
7
3*3
*15*3
Preferred
z20
100
Amer Seal-Kap com
Bridgeport Gas Light Co. *
Bridgeport Machine.---.*
Bruce (E L) Co
4
17*3
"24*3
25
com
common
2*3
Mar
42
Aug
Aug
82
*
20
Amer Meter Co
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
51.50
11
19*3
Jan
56*3
3*3 June
18*3
Jan
30
"ix
6% preferred........25
Class A
July
Aug
20
""loo
30
31
..*
Amer Invest (111) com
Amer Laundry Mach
Avery (B F)
Axton-Flsher
6*3
Apr
"3X *"3*3
7*3
4*3
Amer dep rets reg
British Celanese Ltd—
Mar
500
Apr
16
Sept
45
Sept
22*3 June
"~4*3
*
com
Preferred
Elec
24*3
*3
American General Corp 10c
52 preferred
....—1
$2.50 preferred
1
Amer Hard Rubber com. 50
Associated
75
Sept
33
82
25
Amer Cyanamid class A. 10
Class B n-v
10
Am
Sept
15*3
10c
Class A with warrants 25
Class B._—--1
Amer Lt & Trac
Jan
1
11
Aug
13*3 June
X Apr
4*3 Aug
1
Sept
20*3 Sept
'"766
4*3
High
Aug
28*3
10
50
>
1
Am dep rets ord bearer£l
Jan
3*3
1,000
Am Cities Power & Lt—
Amer Mfg Co
Preferred
32*3
100
53 preferred
*
55.50 prior pref
*
Amer Centrifugal Corp.-.l
Amer Gas & Elec
Sept
Sept
60
30
15X
16
60
American Capital—
Class A common—10c
Common class B.
16*3
1*3
500
60
15
4*3
Breeze Corp
1
Brewster Aeronautical.-.l
Registered
Feb
29
15
British Amer Oil coupon.
Mar
95
29
2d preferred
100
Brazilian Tr Lt & Pow— *
7% preferred
Mar
Jan
Low
5
Class A
July
Range Since Jan. 1 1937
Shares
High
100
Brill Corp class B
16*3
26*3
177*3
119*3
17*3
14*3
16*3 June
6
7% 1st preferred
Bright Star Elec cl B
122
American Beverage com_.l
American Book Co
100
Amer Box Board Co com. 1
Low
100
25
Jan
100
6% preferred..
1st preferred
Jan
24
Apr
U4X 116*3
16X
16*3
Jan
5*3
5
Apr
X
123
7%
Borne Scrymser Co
Jan
110
18*3
18*3
...25
6%
5*3
34*3
1*3
250
3*3
10
com
Class A
May
72*3
3
--*
Aluminium Co common..*
Mar
64*3
Alles & Fisher Inc com...*
pref
Price
Bohack (H C) Co com—*
Apr
6*3
60
Alliance Invest common..*
conv
Jan
56*3
71
"i60"
Week
Bowman-Biltmore com—*
"l2*3
*
for
of Prices
{Botany Consol Mills Co.*
Bourjols Inc
*
3X
Allied Internat Invest com*
$3
High
350
*
$6 preferred..
Week's Range
Sale
23
23
Alabama Gt Southern..50
Sales
Last
Par
45X
3*3
Air Devices Corp com
1
Air Investors common.._*
Ala Power $7 pref
STOCKS
Continued)
Low
23
Agfa Ansco Corp com
1
Alnsworth Mfg common._5
Conv preferred
Warrants
Range Since Jan. 1 1937
Shares
43*3
Supply Mfg class A_*
Class B
riday
Week
20
v t c com
|
for
Sale
STOCKS
316
316
*3
3,600
3j6 June
7i*
Jan
Volume
Sales
Friday
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Shares
Par
Price
Week
650
14%
Compo Sboe Mach vtc..l
New v t c ext to 1946--.
14
14%
"m
5
*
Consol G E L P Bait com
%
14%
June
14
Sept
11
7%
Sept
11%
89%
June
64
200
"I X "~VA
T.900
%
74%
Sept
200
%
74%
Consol Min & Smelt Ltd .5
1
6
6
7
2,600
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com—*
94
94
95
100
2
2
2
2%
6
5%
8
90
25
85
16
18
1,400
16
8%
13%
13%
Cook Paint & Varn com.
""400
14%
12%
13%
"l8~"
9%
10%
3%
3%
4%
5%
conv
"3%
4%
7,000
3%
20%
50
preferred
Eng Bldg
%
29
29
15,900
*
9%
9%
12%
Croft Brewing Co
1
*
916
%
%
Crown Cent Petroleum—1
1%
1%
13%
1%
6,500
13%
2%
2%
3,200
19%
19%
19%
100
*
10
%
%
10
5
Cusi Mexican Mining..50c
Conv
10,100
2,100
%
Aug
'16
20%
2,100
18
Sept
23%
250
23
Sept
July
"16
67%
$3
100
73
Jan
May
8% July
Jan
Sept
89
15
Sept
19% May
6% pref ww
20
Detroit Gray Iron Fdy.-.l
Det Mich Stove Co com..1
16%
16%
1%
17
700
16%
Sept
20
1
4%
600
4
3%
3%
7,900
1,500
4%
4%
41
42
200
33
Products—*
De Vllblss Co com
10
Diamond Shoe Corp com.*
Detroit Steel
33
10
17
17
125
21
£1
4%
600
19%
3%
3%
17"
~2~206
10
100
106
81%
July
Aug
28% Mar
17% Apr
82
Guardian Investors
1
Oil Corp—
25
States Util 85.50 pref
%
29
Sept
50
Apr
110
76%
July
96
Jan
300
29
Sept
42%
Jan
10
106
105%
2%
Aug
Sept
2%
69%
1,100
""6%
"MOO
8%
18%
1,200
6,100
5%
1,700
61%
225
45
49
800
38
June
16
16
25
16
3
48
2,300
2%
Eagle Picher Lead.10
East Gas A Fuel Assoc—
—*
4%
68
125
6%
6%
7%
7%
16
4%
60
111
May
6%
16
A
*
B___*
Easy Washing Mach B—*
Economy Grocery Stores
Edison Bros Stores
2
$7 preferred series
$6 preferred series
7%
13%
Feb
58%
58%
58%
50
1%
1%
1%
500
Harvard
1
1
1%
1,200
10%
Jan
80
Jan
4% June
55% June
7%
Sept
Sept
23
Jan
Sept
24
Mar
1%
Sept
4%
13% June
55% Sept
28%
Jan
80
Feb
66
Sept
87%
Jan
Sept
11%
Jan
Holt
9%
Jan
Horder's
Jan
Hormel
26%
Feb
Sept
Jan
13%
13%
55%
66
66
16
59
67%
91,100
5%
200
5%
700
5%
1
1
"ix
4%
1,200
10
48
48
48
*
300
8%
9
500
2%
Option warrants
3
1,600
86
50
48
Sept
Aug
5%
4%
45
Sept
June
80
Jan
Jan
Jan
Jan
6% June
14
Jan
2%
7%
98%
22%
17%
Jan
2%
Common
*
86
86
8%
150
""2%
8
8
Elec Shovel Coal $4 pref.
"
T.»66
May
8
Aug
13% June
Electrographlc Corp com.l
1
Electrol Inc vtc...
38
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
37%
25
25
Equip..5
11%
11%
12%
700
Equity Corp com
10c
Eureka Pipe Line com...50
1%
1%
1%
14,400
July
40%
Mar
30%
30%
33%
150
"566
"37% "42"
July
72%
Feb
June
74
Feb
Sept
July
77
Mar
81
Feb
37%
40
700
Aug
31%
Feb
11%
1%
Sept
Sept
19%
2%
Mar
30
Aug
47%
Feb
x25
*
%
%
19,600
%
100
12%
12%
18%
550
12%
Sept
Aug
Sept
14%
14
17%
5,500
14
Sept
8,200
'
3%
1
Fanny Farmer Candy
1
Metallurgical... *
3%
4%
3,600
1,200
5)6
3%
8
Sept
Jan
8%
9%
21%
23%
500
19%
10
8%
"io
10%
200
10
Apr
Sept
1,100
1,000
12
June
31
Sept
Feddera Mfg Co
5
12%
12%
13%
Ferro Enamel Corp
1
34
31
36%
Fiat Amer dep rets
%
Fldello Brewery..
Jan
%
16
"moo
13% June
% Aug
page
1719.
July
128
Feb
Sept
47
Apr
8%
4%
Jan
Jan
Jan
Jan
Mar
16%
Jan
6
Jan
1%
63%
Jan
July
90
Feb
June
95
Jan
11
Sept
Sept
17%
7%
Apr
Aug
24
Aug
15%
Sept
50
June
4%
56
May
Jan
1%
Jan
Jan
Aug
Jan
70
Apr
3%
Jan
1
June
4
June
15
Feb
Sept
Feb
\iH
June
18%
17%
46
May
52
14%
Sept
25%
9%
17
8,100
6
600
6
8%
100
7%
100
7% June
6% May
3%
50
Sept
23
Mar
Feb
Feb
Mar
Apr
11
Apr
Jan
10%
28%
16%
47%
Jan
24
12%
41%
13%
43
400
42
Aug
42
Aug
"39%
'"206
36
Jan
45
June
June
35
Apr
500
12%
39%
June
June
July
Aug
25%
200
24
10%
11%
500
10%
Sept
15%
23
400
19
Jan
33%
Jan
July
June
11%
19%
Feb
16
150
16
Sept
22%
200
6
19
16
17
16
6
6
7%
29%
30
104
104
26
30%
71%
81
*
A.*
Imperial Chem Indust—
Am dep rets ord reg..£l
Imperial Oil (Can) coup
15
7%
2%
3%
245% 245%
5%
6%
7%
2%
""5%
Jan
Aug
June
112
Jan
June
42
Feb
71%
Sept
87
9%
17
Sept
25%
800
400
14%
41%
29
102
7,300
6,100
1
Feb
12%
July
Jan
23
Mar
% July
14% Sept
2
Feb
27%
Feb
Feb
26
Apr
13
Feb
50
Sept
2% Sept
43% June
5%
53%
Mar
2,400
6% June
160
24
400
5,500
7%
19
Sept
Jan
11% May
19
6%
33%
May
21%
1,800
7%
1.700
Sent
13% May
25%
650
22
July
34
25
50
Sept
62%
Feb
8% June
19% Sept
19% Sept
9%
24%
Mar
Mar
24
Feb
14
19%
15
Mar
24%
24
50
50
50
19%
20%
19%
19%
Registered
of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
7% preferred
100
Indpls P & L 6% % pref 100
9%
%
14%
7%
Ctfs of deposit
9%
Jan
Mar
July
9
10
72
9%
Sept
Jan
150
30
104
26%
& Smelt--
*
Hummel-Ross Fibre Corp 5
Hussman-Ligonier Co
*
§Hylers of Delaware Inc—
Common
1
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities. "
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
Preferrred
50
20
3,000
400
6%
Jan
July
Imperial Tobacco
Oil—
Non-voting class A
36% Mar
300
*
44%
7%
Jan
18% June
15
Mar
36
Jan
39%
Jan
19%
10
"90% "90%
"50
2%
100
2
2
200
1% June
19%
19
90%
Indian Ter Ilium
Class B
For footnotes see
117%
Jan
7
.100
Illinois Zinc
July
Jan
25
10%
Illuminating Shares cl
16
Falstaff Brewing
Jan
35
Corp—
Fairchlld Aviation
Feb
700
"38*
Humble Oil & Ref
Mar
60
12%
1
*
C) Co com.
preferred
Hud Bay Min
5%
Aug
5%
1,600
*
Jan
40
25
40
40
100
6%% preferred
100
7% preferred
100
8% preferred.
100
Empire Power part stock.*
6% preferred
7% preferred
Ex-Cell-O Corp
Horn (A
Aug
24
(Geo A) Co com
Feb
June
2
30%
Elgin Nat Watch Co....15
Fansteel
68
Sept
T.I66
15%
50%
14%
A__*
Horn & Hardart
Electric Shareholding—
33%
4%
18%
22%
7%
6
19
Inc
Jan
Apr
8%
Co
Helena Rubenstein
Hecla Mining
(Henry) & Co cl
Feb
38
6
"4%
Holophane Co com
Jan
Sept
2%
71
"15%
13%
47
13%
18%
55%
Option warrants
Evans Wallower Lead
13%
50
900
*
*
European Electric
'ux
Store com. .5
Dept
preferred.
6%
%
7%
9%
of Am cl B com
Hazeltine Corp...
--*
Hat Corp
Hearn
Feb
107
July
15%
Co com
Light
25
Co...
Brewing Co
1
Hartman Tobacco
Jan
Feb
June
16
Hartford Elec
200
1
com..5
2,500
Hamilton Bridge
~1~566
3,200
100
4%
Mar
14
2%
11%
4%
Mar
Sept
Feb
%
1%
7%
10%
27%
Jan
*16
39%
200
14,400
55
-t-5
20
1%
1,800
1,600
79
June
Feb
Aug
84
%
11
4%
13%
"i%
5
716
86 preferred
Haloid Co
51
72
""7% ~~8
25
""loo
14
50
50
Gypsum Lime & Alabas..
Hall Lamp Co
—
Feb
Jan
Aug
36
Apr
5%
6%
59
48
~36%
4%
15
80%
119%
260
84
10%
4%
6%
82%
82%
13%
2%
2%
Corp
$6 conv. pref w w
"36"
10%
25c
*
Class A...—.....—-*
Heller Co com
—2
Preferred ww
..25
Hewitt Rubber com
5
Heyden Chemical
10
Heywood Wakefield Co.25
Hires (C E) Co cl A
*
Hoe (R) & Co class A...10
Hollinger Consol G M—5
-V
900
7%
Tea-
stock
7% 1st preferred
18%
"46"
200
13
13
No 11-vot com
Gulf
Feb
28
21% Mar
1% June
12%
Jan
6% Sept
700
Aug
68
1
4% % Prior preferred. 100
6% preferred
100
Eastern Malleable Iron.25
Emsco Derrick A
Grand National Films
11,400
2%
2%
81%
Aug
Aug
Aug
July
33
28
26
26
extend.*
*
100
Gt Northern Paper
25
Greenfield Tap & Die
*
Grocery Sts Prod com__25c
31
106
«16%
Class A
Great Atl & Pac
Feb
July
% June
5% Feb
800
6
5%
Station. 10
82
2%
1,900
6%
31
75
50
316
%
"ex
29
Corp.l
Duke Power Co
—100
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur
*
Dubilier Condenser
Elec P A L 2d pref A
Jan
Jan
Aug
96%
96
96
2%
80%
29
Elec Power Assoc com
10%
29%
5%
22%
Feb
45%
12%
95
5,500
Gorham Mfg Co—
Grand
Jan
16
Jan
July
8%
37%
23%
*
Vtc agreement
Apr
Apr
Apr
11%
9%
8%
Inc 1
Rapids Varnish..
29
29
100
$6 preferred
Feb
11
Gulf
J. . *
$5 preferred
3% May
83 preferred
Gray Telep Pay
81
(W L) Shoe Co—
Elec Bond A Share
Feb
Jan
Feb
11%
36%
%
95%
June
8%
Feb
107
Aug
32
50
A
*
Apr
Jan
200
Feb
22
Mines..1
Gorham Inc class A___ __*
Sept
May
38%
150
10%
38%
Jan
Mar
22%
51%
June
72
75
74
74%
Sept
Aug
'is
Jan
316
96%
100%
3%
July
34
1,600
Class B
30
12
"166
9%
87 preferred..
31% July
Sept
Aug
"34"
16
Goldfield Consol
July
15
17
Aug
28%
3%
94%
10%
'34"
"34""
*
Jan
Apr
130
--*
*
Godchaux Sugars class
Feb
Mar
95%
*
Preferred..
10%
•
46
Feb
100
14% Sept
200
116
64
17
x
1,900
47
94%
94%
*
Sept
19%
1
25
Domin Tar A Chem com.*
Dominion Textile Co com.*
Dobeckmun Co com
Dominion Steel A Coal B
Elsler Electric Corp
3% June
4% Sept
68% Aug
1% June
700
Gen Water G & E com—1
41
26
Dlvco-Twln Truck com__l
Eastern States
Sept
9
Corp...5
Common
1 %
'i6 June
Sept
85
25
47
100
6% preferred A
Glen Alden Coal
16
70
2%
Mar
Gladding McBean & Co__*
300
1%
Sept
Sept
1%
82
1,300
1%
16
Zl4%
Feb
87
5%
Jan
1
200
General Tire & Rubber—
,
July
"16
14
100
3,300
6%
5%
5%
Aug
64%
"
15%
7% preferred..
14%
Gilbert (A C) com
75
Driver Harris Co
com.20
*
Georgia Power 86 pref—*
15
- .
Co A stock—*
pref
conv
Feb
25%
7,100
'16
1%
Feb
Jan
*
1%
6%
Sept
23
85
85
Jan
56
1
'16
Apr
June
60
82
82
*
Warrants
70
.
85%
1
1
166
83 preferred
15
*
7% preferred
Draper Corp
1%
2%
Jan
19% June
17% June
B.*
Jan
Detroit Gasket A Mfg coml
Douglas
18%
Feb
June
200
12
11%
67%
11%
Derby Oil A Ref Corp com*
Distillers Co Ltd
18%
Gilchrist Company
Aug
87
Feb
19
Jan
*
General Telephone
Feb
33
Dejay Stores
1
Dennison Mfg 7% pref. 100
Distilled Liquors
75
87
Apr
18
com.*
Detroit Paper Prod
20
Investment com.l
Gen Rayon
Feb
"8
14%
Aug
Sept
Warrants
Jan
23
Sept
dep rets ord reg—£1
Preferred
17
1,300
1,600
$6 preferred
Feb
Feb
Mar
16%
400
3,600
Gen Pub Serv 86 pref
15
98
150
17%
3%
General
June
13
July
17%
21%
21%
Jan
50%
108%
21%
10%
17
20%
Jan
May
14%
17
20%
Gen Fireproofing com
Gen G & E $6 conv pf
2%
Sept
Sept
17
ord reg-£l
Gen Outdoor Adv 6% pf
13% May
35
Amer dep rets
Feb
19%
11%
*>%
900
2%
Feb
16
Jan
11% June
400
"2%
Jan
5%
7%
9%
9%
10
Feb
Aug
Sept
Sept
300
._*
Jan
10
10
10
July
Sept
17%
1
Feb
Sept
Sept
Feb
22
8%
29%
31%
2%
8%
8%
15
preferred
5
10
July
300
7%
7%
..1
Common
Fruehauf Trailer Co
25
De Havlland Aircraft Co—
Am
5
Rayon Corp com 1
Sept
104%
Aug
6%
19%
2%
8
2%
rets...100 frcs
June
Sept
50
Mar
11%
Froedtert Grain & Malt—
Mar
2%
23
Mills.*
com.*
Defiance Spark Plug
Franklin
Jan
1%
June
June
Mar
65
Gen Electric Co Ltd—
18%
15%
28%
Dayton Rubber Mfg
Class A
Amer dep
General Alloys Co
12
400
92
Ford Motor of France—
Feb
Aug
50
'l6
%
10
Darby Petroleum com...5
Davenport Hosiery
2,400
Aug
Sept
200
6%
40
104% 104%
100
Curtis Mfg Co
22%
June
36% May
11% Aug
*
Class B
1%
38%
20
4*
200
9%
5%
40
40
Cuneo Press Inc
700
1
9
"T%
Cuban Tobacco com vtc
6%% preferred
19%
70
Ltd—
Jan
Sept
Sept
%
12%
2%
19%
100
"T%"
Crystal Oil Ref com
6% preferred
19%
100
200
*
14%
Mar
%
com..25c
—25
Crown Cork Internat A..*
Drug Co
Ford Motor of Can cl A..*
July
1
3,800
7,800
Preferred
3,200
Jan
28
6
Crocker Wheeler Elec
Crown
6%
Jan
Mar
July
Sept
%
28%
m
100
33%
%
Corp—100
5
Creole Petroleum.
Crowley, Milner A Co
6%
Am dep rets
9%
10
Gamewell Co $6 convpf..*
Cramp (Wm) A Sons Ship
A
6%
Motor Co
Ford
May
7%
94%
5%
Sept
Sept
Mar
12%
£1
Courtaulds Ltd
ord reg..£l
34
3%
20%
300
21
6,400
Jan
Feb
Mar
Mar
11%
76
39
Jan
Sept
114%
18%
36%
185-
4%
Jan
109% June
9% Sept
74%
52
86
200
82%
74%
Apr
Mar
5%
65% May
36%
1
100
*
86 preferred
Fox (Peter) Brewing
300
High
Low
200
73%
71
71
100
7% 1st preferred
Fisk Rubber Corp
Jan
35
July
5
Jan
Feb
21%
61%
June
Range Since Jan. 1, 1937
Week
Storu,—
First National
Mar
Ford Hotels Co Inc
2
Price
hila).l0
Jan
27
88%
88%
Fire Association (I
Jan
Florida P & L $7 pref
18,600
4%
4%
*
Cosden Petroleum com...l
3%
17%
102%
2%
26%
Feb
400
31%
28
28
9%
1,100
11
Sales
Mar
135
Sept
Sept
Sept
12%
3,700
29
1
$6 preferred A
Shares
Par
Jan
10%
15
Corroon A Reynolds—
Common
for
of Prices
Low
High
Friday
Sept
Aug
54
$4 preferred
5
Week's Range
Sale
June
Continental Secur Corp..5
Cord Corp
Last
(Continued)
Sept
16%
*
Cooper Bessemer com
*
$3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
STOCKS
Mar
July
%
Continental OH of Mex.-.l
Cont Roll A Steel Fdy—*
Mar
May
90
pf 100
Cont G & E 7 % prior
5%
6,700
Y. 1-1943
Teletype: N.
2%
100
Sept
Sept
Sept
Sept
94
500
Consol Retail Stores
Jan
New York City
Street,
2-5383
Mar
Apr
6
Wall
60
HA
u$
Sept
73%
50
Jan
Mar
Feb
July
n
INC
WILLIAM P. LEHRER CO.,
Jan
17%
Sept
112%
1
Mar
17
June
VOTED
BOUGHT—SOLD— Q
Jan
3%
70
Warrants
2%
28,000
9%
7%
Jan
Preferred
and
Common
Jan
34
600
4
70
70
100
5% pre! class A
Consol Gas Utilities
64
100
15%
3%
1
Sept
June
"""500
%
14%
%
Community Water Serv..l
30
700
33%
30
31
Community Pub Service 25
Consol Copper Mines
Jan
2%
Sept
1
24
Community P & L $6 pref *
Consol Biscuit Co
Cities Service Co.
High
Low
100
1
1
1
Commonw Distrlbut
Jan. 1, 1937
Range Since
STOCKS
i
1715
Exchange—Continued—Page 2
New York Curb
145
"T%
2%
1%
90%
June
Sept
June
105
4%
4%
Jan
Jan
Jan
Jan
New York Curb
1716
STOCKS
Last
(<Continued)
'
W^i's Range
Sale
Par
High
Lcne
for
Range Since Jan. 1, 1937
Shares
STOCKS
c common
1
7% preferred
__100
64
06
22%
600
2%
2%
900
%
%
32
31%
34%
5,800
31%
33%
4%
600
S%
Class A
4
Par
"16"
"io"
$1.75 Preferred
Old warrants
1%
15%
%
15%
1%
15%
5,400
15%
100
38
—...
International Vitamin
1
Interstate Home Equip. .1
Interstate Hosiery Mills..*
3%
3%
4%
4%
*4%
Interstate Power $7 pref.*
Investors Royalty
1
£716
Iron Fireman Mfg v t C..10
19%
900
5%
36
1,200
36
7%
9%
£716
22%
350
9%
10%
1,200
%
1,200
'32
12%
'32
14%
200
12%
1
Superpower A
*
Warrants
1
*
5
200
100
69
100
"89" "
Jonas & Naumburg—2.50
Jones & Laughlin Steel. 100
Julian & Kokenge com...*
Kennedy's Inc
5
10%
June
Sept
14
13
3,500
500
3%
60
75
91
80
85
75
5
60C
1,000
50
10
10%
100
18
Ken-Rad Tube & Lamp A *
20%
400
Kimberly-Clark Co preflOO
Kingsbury Breweries
1
Kings Co Ltg 7% pref B100
5% preferred D
Kingston Products
Kirby Petroleum.
__1
5%
Kirkl d Lake G M Co Ltd.l
Klein (D Emll) Co com..*
10
Preferred
Leonard
10
11%
109
5%
16%
"""260
47%
47%
109
10
9%
21%
25
95
2
14%
14%
9
50
65
50
3,400
4,500
46%
60
2
1,100
8
5,700
*
26
26
27
75
Lion Oil Refining
Lit Brothers com
*
23%
23%
26
6,800
1
33%
24,100
1,400
*
4
4
100
*
25
25
50
*
Lockheed Aircraft
1
10%
Lone Star Gas Corp
*
11
9%
Long Island Ltg—
Common.
10%
9
3%
7% preferred
6% pref class B
"64
Loudon Packing
..*
Louisiana Land & Explor.
Louisiana P & L $6 pref.
*
Mapes Consol Mfg Co
Massey Harris
Feb
39
Aug
30%
Feb
16%
3%
Jan
11
June
7
Jan
2%
1,100
100
Sept
Sept
Sept
Apr
2%
55%
5%
10%
Apr
2%
2%
5
5%
300
59%
400
49
23
23
100
20%
5
82
11%
11%
26
12%
100
17
800
11%
10
Jan
33%
Sept
3
3
3%
400
7%
10%
3,600
7%
20%
20%
22%
1,000
18%
Jan
5%
6%
55
Jan
92%
Aug
5%
Sept
Sept
18
21%
106%
106
116%
250
101%
4%
4
4%
800
4
Mercantile Stores
com
*
38
38
200
Merchants & Mfg cl A
38
1
July
Sept
5
5
5%
300
5
June
5
6%
1,700
*
40
1
68
75
(
1%
*
%
1%
30
5,100
2
200
30%
30
"T% "1%
""260
Metropolitan Edison pre!.*
Mexico-Ohio Oil
*
Michigan Bumper Corp__l
Michigan Gas & Oil
1
Michigan Steel Tube. .2.50
Michigan Sugar Co
*
Preferred
10
Middle States Petrol—
Class A v t c
Class B
*
v t c
Midland Oil
*
1
1!
2
1,900
7
7
8
2,000
13
13
%
Mldvale
300
3%
,316
4%
1,700
2,500
13,
7
1S,6
50
Midwest Oil Co
10
Miss River Pow pref
Jud,
7i6
Jan
1% Sept
Sept
30
1%
1 %
5
3%
,3i6
8%
100
2
8%
9
"2%
35
2%
35
2%
Common
2.50
Molybdenum Corp...
1
Monarch Machine Tool..*
Monroe Loan Soc A
1
Montana Dakota Utili.-lO
Montgomery Ward A
Montreal Lt Ht <fc Pow.
see
*
_
*
page
8%
11%
8%
3%
7%
3%
7%
29%
1719.
12
North Amer Rayon cl A..*
Class B
Aug
Feb
Jan
Jan
Mar
Apr
Mar
Mar
Nor Ind Pub Ser 6 % pf. 100
7% preferred
100
Northern Pipe Line
10
Nor Sts Pow com cl A. .100
§Nor Texas Elec 6% pf.100
Northwest Engineering. *
72%
113
"21%
22%
77%
72
80
113
July
Sept
140%
500
18
June
30%
35
88
1,500
72
June
94%
2
1,200
94
1,600
1%
90%
Sept
Sept
135%
26
Jan
5
37
3%
29%
13
9%
9%
29%
29%
12%
13%
105% 108
350
July
9
Aug
16
28% June
12% June
34
300
500
6%
100
100
70
100
6% 1st preferred
Oilstocks Ltd com
20
97% June
12%
Mar
5%
Feb
105 %
10%
12
12,300
81
10%
28%
81
50
30
Sept
Aug
_
28%
24
June
9% June
81
Sept
93
516
July
98
2
Feb
65
10
Feb
1,300
%
1%
11%
93
25
93
46%
53
1,900
40
2,100
10
Sept
Sept
May
48
48
49
650
40%
39%
43
1,000
35%
Jan
39
41
500
35
Jan
49%
49%
1%
5%
5.6
150
49%
1%
1
5
5
%
75
%
1,100
1
300
8,100
5
Oklahoma Nat Gas
$3 preferred
6%
conv
*___5
76
90
75
85
10
85
7%
18%
"26"
7%
100
Jan
Feb
100
94
79%
115
%
2%
16
2,400
98%
pref...
107
15
Aug
3%
11%
Feb
12%
400
20
Sept
37
29
400
28
Sept
35%
55%
350
98
98%
111
50
700
43%
97
150
200
101
12%
12%
100
15
11
11
12
2,900
25%
25%
28
450
92%
12%
9%
25%
97%
2%
100%
1
2%
2%
3%
5,300
6
6
400
6
Jan
Pacific Can Co com
*
Pacific G & E 6% 1st
pf.25
5%% 1st pref erred... 2 5
Pacific Ltg $6 pref
*
Pacific P & L 7% pref.. 100
7%
8
8
100
8
1,600
Jan
Jan
Jan
Mar
Feb
Jan
Pacific Public Service
$1.30 1st preferred
*
Mar
Mar
Pan Amer
Airways
Pantepec Oil of Venez
26%
5
5%
"42% "46"
~52%
50
5%
6%
4
4
200
200
"750
200
5%
25%
*
29%
500
5%
25%
100
3%
11%
93%
84%
158
2.50
3%
11%
92%
84%
158
2%
Pa Water & Power
Co..
Peppered Mfg Co
54%
106%
75%
9%
6%
30
30%
53
43
12%
30%
110
78
100
105
105
*
32
32
3%
June
42%
June
72
5
*
Jan
8%
24%
33
1
Feb
July
89
65
1
17
Mar
July
Sept
Apr
Sept
Sept
Sept
109% May
*
*
4
150
*
*
6%
29
100
50
May
101%
Apr
50
Sept
50
29%
*
157
Perfect Circle Co
1,800
44,700
Mar
38
22
32%
32%
6%
25%
$6 preferred
Penn Salt Mfg Co
Penn Traffic Co
107%
Apr
Aug
800
32%
Pa Pr & Lt $7
pref...
6
10%
June
21%
32%
Feb
Sept
Sept
Sept
5
100
Patchogue-PlymouthMills *
Gorcery A
*
Pender (D)
$5 preferred
Penn Mex Fuel Co
106
Sept
112-
Mar
26%
22%
25
Penn Edison Co—
$2.80 preferred
July
Apr
May
28
22%
22
Preferred
Apr
Sept
111%
104%
14%
14%
32%
June
10%
32%
29%
20
22
Pennroad Corp vtc
Pa Gas & Elec class A
Jan
5
Parkersburg Rig & ReeL.l
Feb
Feb
30
26%
1
Peninsular Telp com
67
110
111%
65
29%
26%
"42%
110
6%
103
"29%
Paramount Motors Corp.l
Parker Pen Co....
10
118
Apr
May
50
Page-Hersey Tubes Ltd..*
Feb
Jan
100% 102
*
Pacific Tin spec stock
Jan
June
101
102%
41
June
106% May
102% June
*
Feb
Feb
96%
103%
12%
200
110% 111%
i6i~~
77
51%
50%
51%
4%
22
107
Aug
25,900
3%
12
300
11%
94%
375
8%
5%
17%
89
Sept
Sept
May
86
90
82
May
112
158
25
158
Sept
Aug
179
2%
100
2%
113
4%
78
100
73
June
95
111,
625
105
Sept
151
Mar
37
150
31%
Feb
Apr
20%
June
Feb
Feb
Aug
17%
1%
1%
Feb
Feb
98
20
Jan
Feb
Aug
62
7%
16%
1%
50
com.
%
75
85
Jan
Sept
Apr
Sept
Sept
Sept
Jan
16%
Apr
93
"47"
Mar
65
Sept
300
10
100
100
Ohio P S 7% 1st
pref...100
Feb
Mar
June
105%
28
Ohio Oil 6% pref
Ohio Power 6% pref
Mar
15%
115%
105%
100
90
37
Jan
200
1%
49
5
100
72%
29
2% June
230
Sept
19%
2%
23%
89%
6%
July
Overseas Securities
24
4%
Sept
Apr
90%
49
200
300
9
Oldetyme Distillers
Jan
25
73%
a:116
20
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
Aug
June
10%
Jan
Jan
Jan
3% May
7% June
134% June
29
May
1%
150
72%
Novadel-Agene Corp
Mar
300
100
4%
Nor Cent Texas Oil
5
Nor European Oil com___l
4%
14%
13,300
400
1%
13%
69
6% prior preferred
50
No Am Utility Securities.*
Jan
13
3%
8%
139
143%
29%
29%
12
1%
*
com
Sept
Sept
10
9
13
Sept
Jan
Feb
16%
11%
Sept
Sept
48
Feb
Feb
11% June
8% Sept
Jan
Jan
8
100
7%
9
500
8%
Sept
500
12%
Sept
June
6,100
2
July
32
2
10
109
102
3
1,100
3,300
50
%
10
80
8%
Nor Amer Lt & Pow—
9
35
100
800
2
*
11
2%
%
51
12%
3%
28%
2%
112%
59%
80%
19%
2%
Sept
6% June
22
139
%
106% 106%
47
Jan
800
Aug
Feb
Sept
Sept
2,900
Sept
May
7
8%
1%
20%
6
Sept
•
Sept
Sept
Sept
18
1%
18
47
22%
5%
25
2
Jan
Jan
1,200
2,700
15
Sept
May
5%
10
2,300
8
2
23%
5%
9%
%
2,000
37
4%
3%
11%
18%
1%
22%
,
7%
57%
2$
9%
June
7
106
Aug
Sept
Sept
2%
Jan
11% June
% July
Voehringer
footnotes
Jan
20
2
*
*
7
May
71
50c
23
100
Class B
Co
Midwest Piping & Sup
Mining Corp of Can
For
2,300
shs_.__*
Mid-West Abrasive
Mock,
100
1%
5%
7
4
conv
non-cum div
13
%
5
pref...*
Midland Steel Products—
$2
%
52
88
1%
49
19
2%
Jan
31%
11%
2%
80%
2%
5%
2^6
2
July
Sept
700
6
7
73
1,600
2
125
53%
%
3%
6
Sept
5
200
60
60
316
1
Jan
25% June
1
1
Corp com..*
18
62%
Participating preferred- *
Merritt Chapman & Scott *
Warrants
preferred
Class A pref
Sept
Aug
Sept
Noma Electric
22% Mar
3%
Jan
16% Mar
25% Aug
55% May
98% Mar
14%
Feb
44% Feb
Apr
Sept
3
8
3",300
Jan
25% May
8% June
"11%
Nineteen Hundred Corp B1
Nipissing Mines
5
*
Apr
91%
12%
Aug
Niles-Bement Pond
$6 preferred
Sept
47
May
6%
Jan
Jan
%
Sept
64
2%
1
*
Partic
5
common
Common
5
Mesabi Iron Co...
Feb
Class B
Jan
Mead Johnson & Co
Metal Textile
Jan
6%
15%
38
33
500
%
Sept
600
400
67%
1%
3%
9%
Sept
36%
65
Class A opt warr.
Class B opt warr
1,000
8,300
33
Niagara Share—
4
Memphis Nat Gas com
Memphis P & L $1 pref
6%% A preferred...100
June
10
Jan
6%
14%
5%
■"§'
Niagara Hudson Power—
Mar
49
18
65%
13%
200
.....
1
New York Transit Co
5
N Y Water Serv 6% pf.100
93
3% Sept
1,600
1,500
*
Mar
Sept
22%
18%
16%
14%
Sept
Jan
July
25
June
Sept
9%
Feb
34
Mar
23
5
5%
33
13%
5% 1st pref
100
5% 2d pref cl A__p__100
5% 2d preferred....100
5% 2d pref cl B
100
Feb
80
26
19%
Sept
*
Common
49
McCord Rad & Mfg B.__*
Dredging
Mar
$6 preferred
N Y Shipbuilding Corp—
Founders shares
Apr
May Hosiery Mills $4 pf.*
McColl-Frontenac pref. 100
McWilliams
Jan
Feb
Apr
7%
1
Jan
Aug
2%
2,600
5%
9%
N Y & Honduras Rosarlo 10
N. Y. Merchandise
10
N Y Pr & Lt 7 % pref.. 100
13%
2%
Sept
% Sept
28% Sept
26
Sept
95
1
Master Electric Co.
Feb
76
500
15
*
com
62%
48%
14%
5%
City Omnibus—
Warrants
75
1
common-
14%
5%
N Y
50
48
18
45
Sept
Sept
*
4,100
12%
Sept
June
10
1%
3%
9%
14
43
2,000
72%
64
3%
900
200
12
1
common
Sept
July
16%
43%
Newmont Mining Corp. 10
New Process
Jan
6
Jan
1%
10
25
Apr
81%
26
*
New Jersey Zinc
New Mex & Ariz Land
20
Communication ordregJEl
Marion Steam Shovel
Mass Util Assoc vtc
New England Tel & Tel 100
New Haven Clock Co
*
97%
44%
14%
3%
10%
24
100
Aug
Sept
8,300
11,100
Marconi Intl Marine—
Margay Oil Corp
6% preferred
3%
9%
*
14
20
23
Sept
Sept
43
*
July
4%
13,300
5
110
2
155%
28%
200
1%
100
Sept
13%
10%
*
7% preferred
N Y Auction Co
Sept
Apr
July
10%
100
New Bradford Oil
New Engl Pow Assoc
Jan
3
June
7
Neptune Meter class A...*
Jan
June
*
com
7%
15
700
1%
Corp..5
63
3%
Lucky Tiger Comb GM.10
Lynch Corp common
5
Majestic Radio & Tel
1
Mangel Stores
$5 conv preferred
12
10%
2,400
Jan
25
10%
~"ij
*
com
Nebraska Pow 7% pref. 100
Nehi Corp common
*
80%
100
100
13%
Feb
Feb
500
23%
*
4
22%
13%
24
1
95
400
15
Mar
Aug
111%
12%
21%
78%
59%
9%
June
5%
95
6
%
28%
26
Jan
2,400
Line Material Co
5
106
13%
17%
Feb
Jan
16
18
4
National P & L $6 pref...*
National Refining Co
25
Nat Rubber Mach
*
Nat Service common
1
Nestle-Le Mur Co cl A
Feb
5%
14%
*
Feb
21
June
65
2
6%
Feb
Sept
Sept
300
%
28%
Class B
16
200
Develop...25
Le Tourneau (R G) Inc__l
Locke Steel Chain
Aug
Sept
Sept
Nat Mfg & Stores com
National Oil Products
Nev-Calif Elec
Aug
5,800
91
50
Jan
Aug
3%
88%
65%
8%
8%
1%
Apr
Sept
Aug
4
4%
95
*
Loblaw Groceterias A
July
,516
10%
11%
12
107
5
13
6
Sept
Sept
3
National Container (Del).l
National Fuel Gas
*
Jan
28%
Mar
3%
4%
9,700
10,200
10%
65
*
Oil
4%
30
Apr
7%
*138
Nat Auto Fibre Avtc
*
National Baking Co com.l
1st preferred
Nelson (Herman)
4%
*
pref
8
200
100
Nat Bellas Hess com
1
National Candy Co com..*
National City Lines com.l
45%
184
8,200
*
6% preferred
Nach man-Springf illed
Mar
Aug
Sept
9
15
1%
Jan
2%
7%
15
Nat Union Radio Corp
Mar
42%
5%
Navarro Oil Co
Nebel (Oscar) Co
Jan
114%
Sept
11%
9
Lakey Foundry & Mach__l
Lehigh Coal & Nav
3%
4%
"16"
Koppers Co 6% pref—100
Kress (S H) & Co pref—10
Kreuger Brewing
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd—1
9%
126%
25
High
44
Sept
"166
4%
""§%
Jan
Jan
100
45
Low
28
180
Feb
Jan
Range Since Jan. 1, 1937
75
""2%
9%
96%
Sept
Sept
Apr
July
Sept
Sept
Murray Ohio Mfg Co
Muskogee Co com
for
Shares
29
45
National Tea 5% % pref. 10
National Transit
12.50
89
37%
3%
Lane Bryant 7% pref..100
Lefcourt Realty com
1
18
51
.100
Kleinert (I B) Rubber. .10
Knott Corp common
1
Kobacker Stores Inc
*
25%
108%
10%
105%
1%
1
1937
Week
High
28
"2%
Jan
,
June
4%
28
Mountain Producers
10
Mountain States Pow com*
Mountain Sts Tel & Tel 100
conv
of Ibices
Low
*
Feb
Feb
June
81
*
Class A 7% pref
100
Moore (Tom) Distillery..
Mtge Bk of Col Am shs_.
Mountain City Cop com 5c
$3
Week's Range
Price
Cony part preferred
*
National Steel Car Ltd
*
National Sugar Refining. _*
June
86
10%
Jan
Jan
82
26%
26%
110% 110%
Kansas G & E 7% pref. 100
Mar
Feb
x70
4%
42%
24%
,si6
69
81
Feb
27%
18%
2%
%
18%
89
4%
81
July
Jan
82
100
Mar
7
Jan
19% June
9% Sept
% Sept
'32 Sept
Jersey Central Pow & Lt—
5%% preferred
6% preferred
7% preferred
%
%
7%
Aug
7i6
Feb
Feb
Sept
Aug
38
Jan
34%
Jan
6% June
60
z716
19%
9%
21%
3%
15%
4% Sapt
100
Mar
15% May
1%
Feb
Jan
%
4%
100
Apr
103
Aug
'i6
J16
16
Jan
Mar
8%
Sept
Sept
Sept
1%
New warrants
Italian
10
*
Jacobs (F L) Co
Jeannette Glass Co
Mar
200
15%
...*
Irving Air Chute
Mar
38
Sept
Aug
16%
1%
Jan
39%
Sept
Jan
1,000
Feb
July
100
15%
1
Class B
12"
Feb
July
Feb
44
2%
18%
Moody Investors pref
Moore Corp Ltd com
Feb
Jan
May
Sept
100
*
$3.50 prior pref
%
13
"4"
Apr
Sept
J 00
.100
Internat Radio Corp
1
Internat Safety Razor B_*
International Utility—
22
1,900
.*
...
6% preferred..
Sept
Sept
22
26
2%
22%
75%
28%
4%
June
22%
A stock purch warr
Internat Metal Indus A__*
International Products—*
9
63%
21%
2%
900
21%
2%
International Petroleum..*
Registered
63%
21%
Internat Hydro-Elec—
Pref $3.60 series.._.-50
11,
Sales
Sale
High
'3j6 June
25
14
14
Insurance Co. of No Am. 10
International Cigar Mach *
Internat Holding & Inv..*
200
i%
1%
Last
(Continued)
Low
Industrial Finance—
V t
Sept.
3
Friday
Week
of,Prices
Price
Exchange—Continued—Page
Sales
Friday
Jan
Volume
New York Curb
145
Friday
Week's Range
Last
STOCKS
Sale
(Continued)
Par
of Prices
High
Low
Price
Pharis Tire A Rubber com
5%
5k
7
7
6
8k
*
Phila El Power 8% pref. 25
Phillips Packing Co
*
Range Since Jan. 1
for
900
5k
Sept
500
7
Sept
June
20
116k
Sonotone Corp
1
Boss
1
Feb
South Coast Corp com
Southern Calif Edison—
July
Mar
34
June
7
Sept
15k
Feb
3,700
5
Sept
Ilk
Mar
5% original preferred.25
0% preferred B
25
5 k % pref series C
26
40
Mar
Southern Colo Pow cl A.25
500
Feb
Feb
7% preferred
..100
South New Engl Tel—100
Southern Pipe Line
10
20
5
5
5
100
3
3
3
500
15k
19k
2k
2k
100
Sept
15k Sept
2k June
3k
3k
2,500
3k June
1
"m
300
—mmmmmm»
33k
3k
6k
Jan
2,000
2,300
Sept
9k
Jan
Southland Royalty Co—5
17
13
Sept
27k
Feb
80
82
200
80
Sept
110k
Mar
12
12
200
12
South Penn Oil
25
So West Pa Pipe Line..50
Spanish A Gen Corp—
114k 123
800
6k
13
1
Pittsburgh A Lake Erle-50
Pittsburgh MetallurglcallO
Pittsburgh Plate Glass--25
Pleasant Valley Wine Co.l
114 k
7k
6 k
June
16k
June
114 k
Sept
147k
Feb
Jan
lk
lk
200
1 k
May
10k
12k
200
10k
Sept
19
Apr
Feb
8
Feb
6
10
_.
25c
4k
4k
4k
Potrero Sugar com
6
lk
k
6k
lk
8k
6k
5
18k
Power Corp of Can com..*
20
1,400
2,200
3,900
4k
k
Sept
Sept
Sept
50
Polaris Mining Co
Powdrell & Alexander
18 k
June
k
6
2k
6k
July
4 k
Jan
12k
33k
Feb
29 k
Pressed Metals of Amer..*
Jan
May
35k
Feb
Standard
29k
323
Aug
Mar
9ie
June
17 k
Ilk
9
June
SeDt
Jan
Feb
Mar
Jan
14k
Jan
99
May
103
Jan
June
109
Jan
Common class B.
*
Preferred
Standard Products Co
1
Standard Sliver Lead—1
98
June
105
Feb
Standard Steel Spring com*
28
16
1,400
3ie
516
400
k
900
200
1,500
16
13
13
Providence Gas
*
9k
9k
15k
9 k
Prudential Investors
*
9
9
10k
99
$6 preferred
99
50!
Pub Ser of Col
7% 1st pflOQ
preferred.—-.-100
101
101
10
12
8k
Sept
41
k
40 k
21k
$6 preferred
40k
21k
42k
23
60
110
39
June
19k
June
68k
Jan
Mar
41
6% preferred
7% preferred
98
Jan
Starrett (The, Corp v t
May
93
Feb
112
June
120
Aug
100
118
115
Sept
117 k
Apr
92
115
June
103
Feb
Jan
Jan
98 k
98 k
10
98 k
Sept
100k
lk
lk
50
lk
Sept
4k
Puget Sound P A L—
58 k
*
*
5
$5 preferred
com
22 k
58 k
22 k
60
27 k
200
58 k
1,025
22 k
20
10k
900
109k, 109k 109k
60
9k
Pyrene Manufacturing. .10
Quaker Oats com__
*
6% preferred
100
Quebec Power Co
*
Ry A Light Secur com.—*
9k
Sept
Sept
Jan
50
16
Jan
Jan
25
Apr
Class B
4k
17k
4k
17
31
Reed Roller Bit Co
*
Reeves
*
5k
*
916
oom
Relter-Foster Oil--
22
22
Reliance Elec A Englng.. 5
4
Jan
10
Jan
20
1,100
31
33k
5k
,316
5 k
9,6
100
Feb
Sept
22
Sept
Sept
Sept
46k
Sent
200
2,200
32k
Mar
8k
1H
Mar
Feb
Apr
Feb
5k
k
"35"
k
2,100
Aug
15k
4k
Aug
4k
Sept
June
700
k June
35
36
50
35
84
84
50
84
10k
10k
10k
10k
12k
13
3,700
46
46
50
350
3k
2k
112
316
10
5k
5
100
1,200
118k
316
275
1,300
July
14 k
3k
2k
111
17k
Sept
Sept
Sept
51
141
Apr
Jan
July
6 k
8
Jan
Mar
Apr
Apr
H
Jan
Jan
16 k
Apr
25
7k
k
27 k
lan
38 k
Apr
Sept
Ilk
117k
Apr
6 k
69
July
4k
Jan
22,100
5k
125
106
97
June
5
Sept
5k
1,100
2k
3k
"moo
19
19k
200
*38 k
38k
40k
1,200
*
Mar
June
68
Manufacturing.25
Jan
65k
110k
Juue
46
JaD
9k
2k
—.6
1
Jan
1,100
5
Samson United Corp com. 1
Sanfod Mills com
*
10k
10k
Sept
Sept
Sept
13 k
18
Aug
Aug
Feb
200
28
5k
105
800
4k
3k
10
28
50
May
Sept
19
Sept
38 k Sept
2k
40
Scranton Lace Co com..-*
Scranton Spring Brook—..
Aug
Jan
Feb
26
May
55
Mar
54k May
2
Securities Corp general— *
125
26
2k
300
25 k
2
44 k
*
lk
4
18
*
lk
4
1
Selberling Rubber com—*
18
2
5k
21k
7,200
4,900
4
250
18
lk
Sept
Sept
May
Sept
Sept
Sept
78k
6
k
50k
4k
9k
30
lk
2k
2,100
lk
Jan
Mar
92
350
90
Sept
Aug
Sept
4k
28k
90
101k
Mar
92k
lk
94k
100
92 k
July
104
21
"90"
25
certificates-.
Selfrldge Prov Stores—
Amer dep rec
£1
Sentry Safety Control... 1
June
k
k
6
6
7k
2k
2k
3
12k
*
Seversky Aircraft Corp.-l
Sbattuck Denn Mining..6
Shawlnlgan Wat A Pow__*
12k
15
400
300
7,700
6,500
25
25
com..26
115
115
122k
6% cum pref ser AAA 100
108
108
108
20
21
23
50
Sherwln Will lams of Can.*
Shreveport El Dorado Pipe
Line stamped
25
k
k
*
28
8k
k
9k
700
1,100
600
500
Jan
Sept
Sept
Aug
12 k Sept
26
Sept
115
Sept
107 k
Aug
21
Sept
k
6
2k
k
May
8 k Sept
2k
lk
12 k
Feb
Jan
Mar
6k
Jan
28k
Feb
33 k
Feb
154k
Mar
114
28 k
1
Feb
Apr
Jan
10k Aug
Simmons-Broadman Pub—
29k
Aug
3k
3k
3 k
1,700
3k
June
Simplicity Pattern com.._ 1
Singer Mfg Co
.100
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
Sioux City G A E 7% pflOO
8k
8k
9k
7,000
8k
Sept
Skinner Organ com
Smith (H)
Paner Mill
Solar Mfg Co
Tastyeast Ino class A
16k
310
305
5k
317
5k
150
295
1,200
5k
25
20k
Apr
Teck-Hughes Mines
98
2
.*
25
*
4
1
25
4k
1,100
July
Apr
July
4
Jan
Tllo
Roofing Inc
1
Am
16k
Sept
13 k
Feb
Sept
7k
Mar
4
3k
4k
7,000
3k
Sept
17k
lk
300
6k
27k
5k
33k
2k
15
17
lk
lk
19
18
18
1719
15
37 k
Sept
16
15
4
37 k
18k
I
3k
14,400
100
225
Jan
Feb
19k
4k
Mar
Jan
50
Jan
22k
Feb
46
7k
Apr
9k
>400
9
Sept
17
Feb
113k
125
98
Jan
119
Aug
7k
33
9
34 k
2k
1,300
3
k
2
3,300
25k
30 k
5k
Feb
4 k
1,600
July
July
May
53 k
101
2:4 k
5k
25
a:9 k
12
6k
1,300
3k
9k
x4k
1,300
19
21
1~300
6k
Sept
Sept
Sept
Sept
18k
32,000
a:4 k
25 k
33
400
516
k
2
7k
1,800
19
800
x9H
6k
100
Sept
Sept
Sept
Sept
55
Apr
3
Apr
Apr
16k
41
Feb
Jan
2k
Jan
5k
Mar
34
Aug
6k
77k
112
Feb
Jan
Jan
7k
Jan
25
Sept
18k
10k
Mar
66
Jan
Jau
4k
18 k
July
16 k
July
2k
64k
July
3
Feb
Jan
74
July
July
105
Feb
June
115
51
64k
""80
92 k
99
k
k
1,000
k
Jan
k
lk
900
k
June
Sept
Sept
Sept
May
5k
13k
Jan
31k
Jan
86
103 k 104 k
lk
3k
10k
5,500
4,900
3 k
9k
lk
lk
300
lk
Tung-Sol Lamp Works—1
80c diw preferred
*
Uien A Co 7k% Pref-25
5% preferred 2
Unexcelled Mfg Co..—10
Union Elec Light A Pow—
7% preferred
.190
Union Gas of Canada..1 *
8
4
8
100
16k
16k
20 k
60
60
60
4k
4k
2,300
8
16 k
100
5k
60
3,000
4
k
9
9
9
2k
2 k
3k
900
2k
2k
2k
100
2 k
lk
2
1.200
lk
"lk
10
1,800
112
Jan
Mar
'ic
2
Jan
Feb
June
Sept
Sept
Sept
Sept
3
Feb
May
Ilk
13k
9k
6k
4k
114k
Feb
Feb
Feb
Feb
Jan
Sept
12
85
Jan
85
Jau
14
Sept
Sept
May
18k
10k
July
10k
k
10 k
10k
Hk
1,800
100
Transport
14
17
—.
6
_
700
6k
Apr
10k
600
6
47
*
4~,500
k
July
6k
United Gas Corp oom...
109
109
ik
lk
8k
113k
lk
59,300
2,100
12,200
6
15,600
5k
*
4k
6
400
30k Mar
Feb
13k
52k May
June
2
Jan
Mar
xl 1
Mar
6k
Sept
May
Sept
124
Aug
94
Jan
Sept
Ilk
Ilk
Jan
108
lk
84
4k
k
k
ill
1st $7 pref non-voting.*
Option warrants...
United G A E 7% pref. 100
Mar
Feb
Jan
July
Apr
Aug
Union Oil of Calif deb rts—
$3 oum A part pref
United Corp warrants
Feb
Apr
Jan
9k
13k June
Union Investment com..
4k
5
June
13k
3k
Feb
Jan
Jan
Jan
32k
39k
27
33k
27
6,300
50
$3 preferred
United Molasses CoAm dep rets ord reg
United N JRRdc Canal 100
United Profit Sharing
*
7k
7k
5
lk
ik
245
500
5
Apr
with warr..
*
pref
....—*
U S Playing Card... ..10
Jan
U S Stores
lk
lk
80 k
*
*
-*
8k
253
5k
2k
84k
400
July
2
July
Sept
12
5
7k
Aug
July
Mar
May
4k
Jan
80 k
Sept
Sept
»0k
Jan
Apr
47k
Jan
Sept
Sept
15
Aug
Sept
3
1,400
lk
350
200
Ilk
8k
Hk
Hk
6,800
lk
2,400
Ilk
8k
lk
76
500
72 k
2
1,600
72 k
lk
25k
6k
U S Rubber Reclaiming—*
Mar
"72"
U S Radiator oom———1
Sept
Jan
June
lk
Ilk
8k
U S and Int'l Securities..*
1st pref
U S Lines
k
lk
Feb
Apr
37 k
lk
80k
25
Jan
Feb
75
Sept
9 k
"iLk
1
United Shoe Maeh com .25
Jan
45
May
500
1C
—
75 k
June
30
7k
248
245
32 k
25
55
$0 1st preferred
*
United Milk Products—.*
$7 conv 1st pref...
Mar
44
*
Corp com
Feb
9
9k
Tublie ChatUlon Corp—)
Class A
-.1
United Shipyards el A
Class B
28
Feb
Feb
111
9k
July
Mar
June
7i6
12 k
3k
United Specialties com.—1
U S Fob Co class B
1
7
Sept
Sept
Sept
Sept
May
Sept
SeDt
18
500
3,800
2,100
k
17
Sept
lk
700
10
Trum Pork Stores
Preferred
Mar
Jan
7k
Trt-Continentai warrants.
Common class B...
Feb
Sept
5
1
Warrants
13k
40
I
Common
United Chemicals oom
Feb
107
Apr
5k
Trans Lux Plot Screen—
Transwestern Oil Co
July
600
dep rots ord reg—£1
United Stores v t 0
For footnotes see page
10
Sept
Feb
Feb
21k
600
Am dep rots def reg—£1
Todd Shipyards Corp
*
Toledo Edison 6 % pref. 100
7% pref erred A.-...100
Tonopab Belmont Devel 1
Tonopah Mining of Nev.l
May
Feb
250
Tobacco Prod Exports
*
Tobacco Securities Trust
Feb
5k
29k
93
13
Tobacco and Allied Stocks*
Feb
100
Mar
10
Feb
7k
Tenn El Pow
7k
13k
6k
25
Sept
9
1
35
370
Feb
3 k
7k
1
Taylor DlstUUng Co
1
Technicolor Inc oommon.*
Preferred
Conv pref
Simmons Hard're A Paint *
Mar
5
Tampa Electric Co com—*
United Lt A Pow com A.*
lk
Jan
8
12
United Elastic Corp
Industries Inc—
Common
1
Conv stock
6
Jan
30
Sept
7k
3 k
United Aircraft
Selected
»16
5
16k
Jan
Jan
Aug
Jan
June
k
35
Union Stockyards
Jan
Feb
25
37 k
Jan
Feb
Mar
26
39
3k
Union Premier Foods'Sts.l
25k
*
—
27 k
11k
4k
Gold Mines. 1
Water Service pref
June
Sept
k
1,100
7k
16k
k
July
Jan
14
1,200
89k
39
37 k
Sept
2k
St Lawrence Corp Ltd...*
com
3k
1
k Sept
14
Safety Car Heat A Lt.100
Sllex Co
15k
1
13k
7k
26
"2k
Sherwln-Wlillams
14
pref
50
Superior Ptld Cement B__*
conv
July
1,400
112
com
Machinery
Sunray Drug Co
Sunray OH
8 k
2,100
Jan
June
107
7k
.20
2k
916
Ryerson A Haynes com__l
Seton Leather
2d preferred
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
.5
Stroock (8) A Co
*
600
3k
*
Schlff Co common
*
50
Texon Oil A Land Co
2
Thew Shovel Co new com. 5
1
pref
Consol Petrol
Allotment
14 k
100
Feb
Mar
*
Rustless Iron A Steel
$5.50 prior stock
pref--
preferred
2k
k
Jan
36
Tlshman Realty A Const.*
♦
2H
Selby Shoe Co
1st
June
2k
Mar
46
106k
7k
7k
17k
Jan
k
Sept
June
93
5H
9k
18k
2
200
650
Sept
8k
Sept
Sept
2k June
101k
50
2,000
4k
lk
2k
*
Bros Ino
28
1,400
12,100
7% 1st pf.100
Texas PAL 7% pref..100
2,900
4k
Royallte OH Co Ltd
Seeman
34
28
101k 101k
2k
2k
2
2k
716
200
22
20
*
Segal Lock A H'ware
2k
2
4k
Mar
5
pref.
Rossla International
Scovllie
Apr
20 k
Jan
lk
1
Roosevelt Field Inc
Savoy OH Co
13k
20
Swiss Am Else pref—100
Taggart Corp com
1
8k
Root Petroleum Co
7% preferred
*30k
$3.30 class A particlpat.*
Swan Finch Oil Corp—15
ord reg.JEl
Rome Cable Corp com...5
pref A
Aug
Sept
8k
100
8k
3k
Feb
Amer dep rets
conv
8k
iw
3,300
20 k
Mar
lk
1
Rad oom
Voting trust ctfs
Rolls Royce Ltd—
$2
Jan
20 k
40
20
12 k
Rio Grande Valley Gas Co-
St Regis Paper com
63 k
Apr
19k
-1
e
49
700
Reynolds Investing.—.
Rice Stlx Dry Goods.-—-*
Anthony
Sept
19k
4
Jan
4k
4k
st
32 k
24k
32 k
,
23
July
4k
lk
1
Reybarn Co Inc
Ryan
Sept
200
23k
32 k
716
3,700
Jan
July
July
300
he
5
Apr
19k
21k
2,000
24 k
19k
Aug
27
500
29k
5k
41
*
23k
1
Mar
600
27k
4k
200
*
Apr
Jan
4
15
23 k
12 k
53k
7k
k
Ja
Mar
21
20
20 k
*
k
lk
12k
k
May
Sept
Sept
Sept
27k
4k
900
50c
Red Bank Oil Co
conv
k
4,100
30k
30
1
716
300
*
June
8k
*
Jan
42
2 k
SStuti Motor Car
2
Aug
100
Sullivan
k June
Apr
Aug
500
Jan
Jan
Feb
Hk
56
9
Jan
Jan
Mar
Aug
Mar
Apr
k
k
k
Common
$2.50
8k
Feb
Mar
42
2k
Feb
Sept
5k
500
k
k
14k
July
7k
Jau
2k
150
16
163
Aug
8k
124 k
25 k
28 k
July
8k
26
Jan
Apr
83
4k
500
July
154 k
10,900
June
Raymond Concrete Pile—
Russeks Fifth Ave
9k
-48 k
8
17k
16
*
Royal Typewriter
6k%
5k%
Class A
conv
9
48
9k
48
109
125 k
16
90k
60 H
Rainbow Luminous Prod
(Daniel)
162
160
Sept
k
Sterch! Bros Stores
lk
Jan
4
65
300
4k
Steel Co of Canada ord..
Stein (A) A Co common.
pf—♦
$3 conv preferred
Raytheon Mfg com
Mar
28
20
A Acid Works com
July
77
6% prior lien pref.--100
7% prior lien pref— .100
S6 preferred
Pyle National Co
29k
June
Standard Wholesale Phosp
75
Pub Service of Okla—
Pub Utll Secur $7 pt
Jan
June
24k
4
25
100
100
Common
$1.20
(Neb)
Standard Oil (Ohio) oom 25
6% preferred.
100
Standard PAL
1
60
Pub Serv of Nor 111 corn-
Richmond
Oil
Standard Tube cl B
Public Service of Indiana—
*
4lk
26 k
100
Standard Dredging Corp—
$1.60 conv preferred. _20
Standard Inveet $5k pref*
Standard Oil (Ky)
10
k
fPropper M cCallumHos'y *
Prosperity Co class B
*
$7 prior pref
1Q
Jan
2
Sept
100
26
dep rets ord bearer £1
4 k
1,500
600
2k
-
-
Am
Corp......*
Stahl-Meyer Ino com..—•
Standard Brewing Co
*
Standard Cap A Seal com.l
106
2
2
33k
28 k
26
Spencer Shoe
June
26 k
Pratt A Lambert Co
Premier Gold Mining—.1
Jan
Aug
July
28k
dep rets ord reg—£1
Conv preferred..
Apr
2k
10k
5k
k
Am
Feb
100
6% 1st pref.
*
13
^
Pittsburgh Forglngs
6%
32 k
High
July
Sept
2
32k
6k
32k
Postage
Producers Corp.
5 k
3
200
300
15k
Plough Inc.-.-Pneumatic Scale Corp.
2,600
7k
32 k
-.10
m
9k
4
lk
2,300
3
1
2
5
5
com
Pines Wlnterfront.
m
com
lk
8k
lk
8k
Low
Shares
31
Pioneer Gold Mines Ltd__l
Pltney-Bowee
Mfg
Range Since Jan. 1 1937
for
Week
of Prices
High
Low
Price
7
1
Conv pref ser A
Sale
Par
Jan
8k
Week's Range
Last
(Continued)
High
Low
Southern Union Gas
*
Pierce Governor
STOCKS
1937
Week
Shares
Phoenix Securities—
Common
1717
Sales
Friday
111
*
Philadelphia Co com
Phtla Elec Co $5 pref
Exchange—Continued—Page 4
Sales
5
16
5k
516
5k
916
25k
7k
6k
516
6k
11
16
50
800
1,300
18k
Aug
leb
Mar
93k
Jan
Sept
4k
Mar
June
34 k
Feb
6k
June
16
Mar
5
Sept
14
Mar
lk
25
200
3i6 June
lk
Jan
50
4k June
916 Sept
'SH
*eb
900
Jan
New York Curb
1718
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Umted
Verde Exten—60c
United
Wall Paper
Universal
•
Oil—-10
Consol
Universal Corp vte
1
Price
34
24
3 4
24
Insurance
Products
Utab
Pow A
24
1
Va Pub Serv 7%
Jan
Com'wealth Subsld 54s '48
2
Jan
64
14
34
Feb
Community Pr A Lt 5s 67
Community P S 5s
1960
Mar
284
Jan
154
44
42
42
950
54
1,700
5,200
300
250
50
700
54
6
14
14
34
34
4
500
•
174
19
400
10,400
*
Walker m 'nmsr Co
1
Wayne Knit Mills
—5
—1
1.25
Western Air Express
1
West Cartridge 6% pf 100
17
564 June
804
Jan
1st 4 4a series D
1957
44
Apr
1st M 4b series F
1981
6
Jan
60
24
4
12
June
44
42
54
84
84
14
14
24
94
74
74
14
24
74
24
74
"64
64
34
34
7
64
44
8
Sept
Sept
Sept
Sept
Sept
14
834 June
94
Feb
34
Jan
17
24
Aug
Aug
Denver Gas A Elec 5s. 1949
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Sept
7
Mar
7
6
Sept
Sept
Sept
Sept
4
34
64
Feb
Aug
5
Jan
Jan
Feb
Aug
134
Apr
74
Mar
134
1024
214
Mar
Mar
Edison El IU(Bost)34s '65
Elec Power A Light 5s.2030
Elmlra Wat Lt <fe RR 5s '56
El Paso Elec 5s A
1950
Apr
Jan
10
Westmoreland Coal Co—*
W eet N J A Seashore RR 50
26 pref..*
Coal A Coke
•
West Texas Utl
80 4
77
77
40
34
500
114
200
Williams (R C) A Co
*
Williams Oli-O-Mat Ht—*
64
64
64
100
6
6
6
200
(Willow Cafeterias Ine-.l
Conv preferred
4
West V;
34
11
1
Weyenberg 8boe Mfg
Co
Wilbon Products
1
117
Mar
*32
Feb
9
June
Aug
62
76 4
July
34
Sept
Sept
11
,64 Sept
6
17
19
800
17
Aug
Aug
Sept
14
144
500
134
Mar
4
4
1,700
June
4
24
°64
Apr
Mar
Mar
Empire Dlst El 5s
64
64
14
2
9,000
2
2
28,000
89,000
16,000
47,000
47,000
13,000
80
*954
"87"
86
*60
10
Jan
June
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
Jan
Feb
1
8
8
94
1,600
8
Sept
124
Jan
Deb gold 6s. June 15 1941
Deb 6s series B
1941
70
70
34
Feb
Woolworth (F W) Ltd—
18
56
«24
5
55
24
1.400
6,000
July
234
Jan
6
Yukon Gold Co
Apr
64
Apr
54 June
84
Jan
80 4
Mar
Mar
55
24
Sept
Sept
44
1614
1942
1034
1st A rel 5s_-
1961
98
1st A ref 5s
1956
1st A ref 5s
1968
1st <fe ref
1967
44s
"884
844
Aluminium Ltd deb 5s 1948
Amer G A El deb 5i. .2028
Am Pow A Lt deb 6s. .2016
Amer
102
*1034 105
1946
-
107~~
87
stp._1946
Appalachian El Pr 5s 1956
Appalachian Power 5s 1941
Debenture 6s
2024
Associated Elec 4 48—1953
1034 $28,000
14,000
984
*954 97
884
904
85
844
1054 1064
1064 107
87
90
io5~~
105
1054
105 4
105
105
105
*108
23~,666
26.000
13,000
24.000
Jan
1044
Apr
984 May
1084
Jan
91
105
Jan
1054
994
Jan
~97_"
47
1134 1134
1014 102
97
98 4
47
494
June
924 June
83
May
764 May
102
Apr
1054 Mar
60,000
85
16,000
034
11,000
103
16.000
1044
109
U34
Ark-Louisiana Gas 4s 1951
Arkansas Pr A Lt 5s.. 1956
98
104
Radiator 4 Mis.. 1947
Amer Seating 6s
102
29,000
33.000
95
Jan
Jan
1074 June
1084 June
Registered
Conv deb 4 4s C..-1948
Conv deb 4 4s
1949
414
1950
45
45
Debenture 5s
1968
414
414
Conv deb o4s
1977
55
Assoc T A T deb 54s A '55
Atlanta
Gas
914
55
794
t98
44s 1955
(Baldwin Locom Works—
Mar
109
Mar
984
Apr
934 June
1104 June
Jan
1194
Jan
834
48
2.000
45
48
88.000
41
51,000
494
48 4 100.000
57
2,000
3,000
804
45
654
Guardian Investors 5s
53
May
Jan
May
62 4
Jan
June
61
Jan
794 June
98
Apr
69
5s series A
Feb
153
Sept
240
116
1524 256,000
116
Sept
227
Mar
6s series A—1955
1134
1194
I37"
Birmingham Elec 4 4s 1968
"704
1024
115
121
137
1044
Aug
1034
Jan
83
June
934
Jan
Jan
734
Feb
1034 June
70
Sept
1084
934
Mar
103
Sept
1034
Jan
Mar
1054
Mar
Aug
1054
June
93
Sept
87
Apr
1004
Jan
96
June
1014
Jan
Apr
1044
1024
Jan
1014
1014
1044
Jan
96
1004
984
90
July
Sept
Sept
98
79
16
Feb
Jan
994
77
20
844
944
714
294
744
8,000
Aug
26
Feb
Apr
254
Feb
83 4
Sept
97
84
May
8,000
68
June
88
Jan
214
Mar
31
Aug
734
Sept
Sept
894
Jan
894
Feb
l"89~,666
65
66
"11:666
974
1064
82
1064
Mar
105
Jan
Jan
107
June
Sept
944
48 4
274
974
"moo
June
47
June
75 4
Jan
108
52
524
Mar
1094
Jan
102
32,000
1,000
11,000
1,000
964
23
204
95
1014
Apr
62
106
1024
Feb
Jan
374
Sept
274
Aug
104 4
Feb
Mar
May
May
Aug
1034'
1034 105
103
*204
103
7,000
304
1064
*108
98
Mar
106
1084
100
100
Jan
June
1064
Feb
95 4
June
1064
Jan
914
June
1044
Jan
99 %
Jan
94
94
964
—May 1957
Electrlo Corp—
91
904
914
6,000
90
Apr
93
93
93
4,000
91
June
105
Jan
1064
Jan
9,000
37,000
6s series A
1947
1953
96
96
97
6,000
96
Sept
5s series C
1951
85
84
85
2,000
814
June
1,000
5,000
1064
Aug
1074
854
Sept
101
1054
Mar
1094
Feb
61 4
Indiana Gen Serv 5s. .1948
Indiana
Hydro Eleo 6s *58
7,000
1114
8,000
100
Jan
1074
June
111
June
111
"2:606
67
67
794
Jan
67
1,000
1,000
June
67
624
June
78
Jan
644
644
1,000
69 4
June
82 4
Jan
1054 1054
33,000
1034
Mar
1064
Apr
111
5s A1952
ser
A. 1957
1054
International Power Sec—
Jan
6 4s series C
67
68
78series E
-.1957
72
72
744
7s series F
1952
69
69
714
May
Jan
International Salt 5s„1951
June
1054
Jan
Feb
1134
July
Interstate Power 5s—
Debenture 6s
93
Jan
June
1950
Jan
108
99
1963
Aug
22,000
1124
*1064 107
1957
nd'pollfl P L5s
1074 1074
854
854
884
42.000
1014 1034
974 994
1014 1024
*964
974
99
994
78
794
94
924
854
1014
1044
114 4
96
112
«
«•
Indiana A Mich Elec 6s '55
JaD
110
934
Feb
Feb
1968
5 f deb 54s
Indiana
17,000
97
Jan
109
Jan
Sept
974
99
94
Jan
1954
145
109
Jan
108
Apr
19.000
Jan
100
June
73
Jan
50,000
24".66o
130
90
Jan
Jan
Mar
1024
984
1st A ref 54b ser B
1st A ref 5s ser C._
♦Indianapolis Gas
764
674
Jan
Jan
214
20
*12
834
914
704
Mar
July
Jan
2,000
Jan
884
864
1104
125
16,000
Jan
Sept
Sept
Sept
Mar
89
Feb
May
July
June
101
106
1144
137
Jan
6,000
3,000
884
704
Jan
Jan
106
Indiana Service 5s
1st Hen A ref 5s
1956
1955
1957
1952
*107
2,000
7,000
2,000
65
714
66
Apr
July
May
105
109
Mar
49
June
77
Jan
834
Feb
81
Feb
109
May
764
544
8"9",666
394
15,000
27
June
694
Jan
Jan
80
37
504
37
"514
80
2,000
764
June
96
Jan
714
994
73
23,000
39,000
714
Sept
884
Jan
92
June
1044
12,000
92
July
104 4
Feb
15.000
1044
Apr
1064
May
37,000
10,000
994
Mar
1054
Jan
Interstate Public Service—
10A 4
974
1014
~99*"
784
924
49
49
49 4
494
53
52
524
53
544
1054 1054
1054 1054
Mar
105
1044
1044
1034
Jan
1044
Jan
22.000
944
Mar
17,000
98
Mar
93
32_.666
9,000
May
98
Apr
764 July
Mar
91,000
9.000
89
464
June
18,000
46
June
26,000
504 June
3.000
1034
6,000
1044
5s
Jan
Apr
Mar
94
Jan
D
44aaeries
1956
F
.1958
714
Iowa-Neb LAP 5b___1957
994
6s series B
Jan
Feb
series
98
1961
Iowa Pow A Lt
44s—1958
Iowa Pub Serv 5s
1957
99
Jan
724
724
Jan
Zsarco Hydro Eleo 7s. 1952
teotta Fraschlnl 7s.-.1942
Jan
Italian
Jan
994
984
1064
106""
106
1034
1034 104
70
724
Feb
JaD
794
Feb
72
Jan
80
Feb
50
June
71
Feb
5,000
46
Mar
664
jan
1,000
5,000
103
Mar
1064
Apr
Apr
1064
Jan
974
66
Jacksonville Gas 5s... 1942
75 4
1064
107
Stamped...
Aug
June
Superpower 6s. 1963
"80""
47
80
80
614
564
2,000
43,000
47
514
474
Jersey Central Pow A Lt—
6s series B
1947
1044
1961
105
1044 1044
105
1054
*954
96
115""
115
96
96
3.000
92
Apr
100
Jan
4 4s series C
Kansas Eleo Pow
108
107
108
16,000
106
Mar
110
Jan
10142
lODsa IOU32
59
624
101'32
Sept
104
Jan
Kansas Gas A Elec 6S.2022
Kansas Power 6s.
1947
Jan
Kentucky Utilities Co—
59
*90
4.000
954
59
Sept
92
10,000
95
*924
July
84
1014
1054
Feb
Jan
1st mtge 5s
ser
6 4b aeries
D
54b series F
96
July
71
1966
72
5,000
68
June
82
Jan
65
68 4 247,000
65
Sept
83
Jan
Apr
103
Jan
34s. 1966
H—1961
1948
84
1004
85
99 4 100
654
Cities Service Gas 54s '42
Service
Gas
Pipe
1014
1943
1024
1014 1014
22,000
994
Cities
For footnotes see page 1719
1024 103
21,000
100
June
1044
Apr
1955
89
89
....1969
83
82
84
ake Sup Dlst Pow 34s '66
Lehlgb Pow Seour 6s. .2026
♦Leonard Tletz 74s.. 1946
103
1004
4
89
5s series I
•
954
_
—
954
954
1024 104
*20
100
934 June
113
June
1314
Mar
jan
4,000
100
29
1004
Mar
1044
Jan
21,000
1014 1014
84
1024
"3:606
116
Lexington Utilities 58-1952
1950
964
109
Idaho Power 5s
—1947
111 Northern Util 5s—-1957
111 Pow A L 1st 6s ser A '53
Jan
1942
1955
-
Apr
July
Jan
Mar
Midland Ry 44s A 1956
Line 6a
Mar
76
Chicago A Illinois
Conv deb 5s
June
78 4
75
124
May
July
1961
6b series B
794
1004
31
1154
88
90
1981
Cities Service 5s
Mar
3.000
Mar
101
IfCblo PneuTools54s 1942
(♦Chic Rys 5s otfs... -1927
Cincinnati St Ry 54s A '52
*4
954
"4:660
Mar
3,000
Chic Jot Ry A Union Stock
Yards 6s
1940
May
77
113
2,000
Cent States PAL 54* '53
Chic Dlst Elec Gen 44s'70
2
Jan
78
110
914
54b ex-warrauts—.1954
Mar
75
7,000
1034 1044
Cent Pow & Lt 1st 5s. 1956
Cent States Elec 6s— .1948
Jan
44
76
35.000
1034
Cedar Rapids M A P 5s '53
Central 111 Publlo Service—
6s series B
1134 1134
1194 1214
121
-I960
D—1957
12 4
Sept
1949
6s series B
6s
1st M 6s series B.-.1957
ser
134
June
14
5,000
274
974
1938
Bk7 4b '63
Hygrade Food 6s A... 1949
Bell Telep of Canada—
Cent Power 5s
June
6
1054 Sept
1034 June
334
Apr
Mar
118
Cent Ohio Lt A Pr 6s.. 1950
6
19,000
*1004
*1044 1054
984
964
374
374
1947
.
Jan
♦6s stamped x w. .1938
4 4b series H
Apr
May
g3
75
524
1977
♦A St. Ry. 548
Jan
914
105 4
Feb
-.1968
107 4
1064
100
*504
1948
Hackensack Water 6s. 1938
Jan
77
Mar
1st A ref 44b ser F.1967
Mar
5,000
3,000
1,000
Jan
414
Sept
Sept
65 4
71
225
6s series Q
Jan
1094
99
3,000
May
99
Jan
105 4
Jan
Feb
92
734
♦Hungarian Ral
674
Apr
Sept
240
1956
80
July
June
1,000
83
Jan
Jan
6s series E
Jan
July
Mar
4,000
66,000
107
1044
Sept
♦Canadian Pac Ry 6s
Carolina Pr A Lt 6s..
Aug
98 ft
1044
1014
103
96
1024 1024
1014 1014
1014 1014
1014
Heller (W E) 4s w w—1946
Houston Gulf Gas 6s. 1943
6 4b with warrants 1943
158
53
1054
42,000
82
Jan
133
1964
4,000
5,000
74
107
1024
39,000
Broad River Pow 5s
70
Grocery Store Prod 6s 1945
Guantanamo A West 6s '58
May
147
Birmingham Gas 5s.-.1959
"52:660
100
107
Jan
133
Canada Northern Pr 6s
66
91
*25
♦Hamburg Elec 7s
1935
Hamburg El Underground
June
1938
1998
Jan
924
Grand Trunk West 4s 1950
Gt Nor Pow 6s stpd.,1950
Mar
June
136
Bethlehem Steel 6s
reb
97
1034
*63
Hall Print 6s stpd
♦6s without warrants 1938
6s series C
784 June
102
94
1953
GleD Alden Coal 48—1965
Gobel (Adolf) 4 48— -1941
♦Geefurel 6s
Jan
47
♦6s with warrants. .1938
1st M
Mar
6 4b series B
Lt
♦6s stamped w w
934
14,000
70
Aug
68
414
Conv deb 5s
Sept
63
894
*12
1967
1064
15,000
1,000
71
Jan
73
8,000
16,000
3,000
A Lt 5S..1978
1064
1084
78,000
72
46
694
694
71
1938
1254
1014
*72
834
Jan
Associated Gas A El Co—
Conv deb 5 4s
3,000
17,000
964
1014 103
1044 1044
1044 1044
79
79
♦Certificates of deposit.
June
106
TOOO
1094
Apr
98
Gen Pub Util 6 4s A 1956
♦General Rayon 6s A. 1948
(♦Gen Vending Corp 6s.'37
Georgia Pow
Co—
Power
1st A ref 5s
July
91
Georgia Power ref 5s.
bonds
Abbott's Dairy 6s
Jan
Jan
Jan
105
96
96
1024
Gen Wat Wks A El 5s. 1943
Alabama
Feb
88
General Bronze 6s
1940
General Pub Serv 5s._ 1953
4,700
1044
904
Gary Electric A Gas—
84
184
64
624
24
83
1054 1054
88
164 May
Jan
95
54
864
1054
1074 1074
1034 104
104"
93
May
Sept
Sept
54
844
105
80
""93"
First Bohemian Glass 7s '57
Florida Power A Lt 5s.. 1954
24
9
5
7
64
14
1014
2,200
dep rots
166,000
3,000
9,000
2',000
9,000
108
5,000
11,000
1064
1054
21,000
7
1044
44
104
Amer
11,000
64
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
9
6% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Apr
105
Jan
34
Petroleum
Jan
98 ft
106
14
94
94
Woodley
130
106
Banks 6s-6s stpd__.1961
34
500
101
Aug
105
Feb
2
com
June
1014
Federal Water Serv 54b '54
Finland Residential Mtge
Jan
Sept
96
106
July
June
66
108
"854
Mar
1074
Aug
106 4
Jan
1044 June
118
13,000
85
94
124
14
5,000
75
105
Apr
Apr
sepir
1234
72
108
Elec Mfg—
6 4s series A
1953
Erie lighting 5s
1967
Wolverine Portl Cement-10
Wolverine Tube
Mar
Jan
Apr
Ercole Marelll
76
144
Wlni lp^g Electric ol B—-*
Wise Pr A Lt 7% prel-100
Mar
1004
1024 1024
99
984
67
674
1024 103
1952
Empire Oil A Ref 5 4s. 1942
May
102 4
80
80
"984
♦Deb 7s
6
*
Wilson Jones
Jan
Aug
July
254
84
*
Western Tab A Sta
98
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
112
6,000
73
73
Detroit Internet Bridge—
♦0 4b-_
Aug 1 1952
94
104
July
17,000
15,000
25,000
20,000
1074 1074
*121
1234
Delaware El Pow 5 4s. 1959
Jan
44
114
24
1134
1134
1124
60,000
1014 102
stamped-—1943
98
Jan
60
994
A
23
700
14
994
ser
Cont'l Gas & El 6s
1958
Crucible Steel 6s
1940
Cuban Telephone 7 4sl941
Cuban Tobacco 5s
1944
June
101
ist preferred.-_-100
6s
Jan
1064 1064
1044 1044
103
1034
984
128
*124
1939
Jan
Jan
Aug
110ft
1104
1074
1074
1024
80
694
"moo
11,000
794
June
1114
1114 1114
66
1954
Jan
100
Western Maryland Ry—
7%
6b
Gen mtge 44s
Consol Gas Utll Co—
Feb
600
500
Apr
"66"
(Balt) 34b ser N...1971
Consol Gas (Bait City)—
10
1
3,300
Feb
1114
1064
1044
Conn Light A Pow 7s A '61
Consol Gas El Lt A Power-
Feb
33
1965
184
300
1,400
104
73
348 series H
Sept
Sept
July
500
4.600
Jan
44s series C.. .1956
June
3 4
24 June
74 July
—20
Co
Grocery
1st
61
High
Sept
Sept
111
1st M 5s series B—1954
Feb
1124 1124
*1114 1134
1st M 5s series A... 1953
Jan
354
21
954
Welsbaum Broa-Brower.-l
WelllngtoL OU Co
Wentwortb Mfg
Jan
19
11
100
84
Sept
Sept
44
204
common..*
B.
Western
44
100
1,900
174
15
waitt A Bond olass A...*
r"a«
224
894
300
4
24
4
14
•
7% preferred
Wah. (The, Co
Aug
May
4 June
Sept
Sept
14 Sept
4
24
4
14
*
Wagner Raking v t e
464
Feb
pref--100
Vogt Manufacturing
Waco A.rcraft Co
15,000
2,000
Sept
Sept
50
54
14
1
59
2 4
614
*
Petroi...—-
63
59
64b
1949
♦Oommers APrlvat 54a'37
Commonwealth Edison—
34
60
*
lUtli Pow A L« common.. 1
Venezuelan
61
Jan
July
Apr
100
594
24
34
Veneiucia Mex Oil Co.. 10
614
6
18
700
594
24
34
7% preferred
100
Valepar Corp vte com. 1
v t o conv pref
6
Van Norman Macb Tool.5
60
250
594
*
Class B
24
154
1,1 557 pref~*
.--
69,000
300
21
Utility A Ind Corp oom_.6
Conv preferred
7
624
2,100
214
Equities Corp
Priority stock.
60
34
*
Utluty
604
34
64
234
Utah Radio Products
12
Low
Cities Serv P & L 5 4s-1952
Sept
Sept
.8,200
for
Feb
44
34
Pictures com—1
Unlversa
44
Range Since Jan. 1 1937
of Prices
' Week
Low
High Shares
Price
High
Jan
4,000
8
Un,versa
Universal
Low
Week's Range
Safe
(Continued)
Shares
100
12
12
12
34
34
Last
BONDS
Week
Par
Sales
Friday
Range Since Jan. 1 1937
STOCKS
(Concluded)
Sept. 11, 1937
Exchange—Continued—Page 5
804 June
994
Jan
11,000!
l.OOO:
944
June
1074
Jan
88
July
July
Jan
Mar
1034
994
1014
May
1114
Jan
264
july
19,000
12,000
79 4
93
100 ft
25,000^
11:666,
184
100
Mar
June
105
Jan
Jan
Jan
Volume
New York Curb Exchange-Concluded—Page 6
145
BONDS
Last
Sale
{Continues)
Price
Llbby McN 4 Llbby 6s '42
Lone Star Gas 5a
57
for
'ioiji
♦Manitoba Power 5%sl951
Mansfield Mln 4 Smelt
104
104% 10514
{92
95
23,000
—
92
Memphis P 4 L 5s A..1948
Mengel Co conv 4 %s.. 1947
Metropolitan Ed 4s E.1971
"97~
92
88%
96
92
88%
100
104% 105%
90
79
100%
90
79
81%
100% 101%
1978
94
94
1955
L4%s
102
102
95%
102
Mississippi Pow 5e.—1955
78 %
78%
81
Mlsa Pow 4 Lt 5s
88
88
89
-.1967
108
Miss River Pow 1st 68-1951
I^Missourl Pub Serv6al947
Montana
Dakota
614s
♦M
Sept
Feb
105%
107
May
Ref M
June
July
100%
May
Ref M 3%s B July 1 '60
1st A rer mtge 4s...i960
May
98%
July
101
Aug
Feb
60
Mar
90
July
104
Jan
Sou Indiana Ry 4s
1951
8"western Assoc Tel 5s 1961
8'western Lt & Pow 5s 1957
So'west Pow A Lt 6s
2022
104%
103%
105
Debenture 3%«
Apr
Jan
13,000
1,000
11,000
13,000
7,000
83
96
101%
27%
July
104
Jan
So'west
Sept
118
Apr
Jan
Jan
♦Certificates of deposit
♦Convertible 6s... 1935
Mar
♦Certificates of deposit
Debenture 0s
1951
July
99%
79
Sept
16,000
97
June
94
June
97%
106%
102%
16,000
21,000
9,000
17,000
90
100%
Mar
106
10214
88
75
44 %
l*Nat Pub Herv 5s ctfsl978
Nebraska Power 4 %s
6s series A
1981
109
2022
75
99
Nelsner Bros Realty 6s 48
Nevada-Calif Elec 5s. 1956
81 %
New Amsterdam Gas 5s *48
N E Gas 4 El Assn 58-1947
"65"
94%
Feb
1,000
101
July
107
Jan
29,000
31,000
10,000
83%
June
May
107%
97%
Feb
74
99
82%
81%
119% 119%
65
67%
111
"~4"666
Jan
July
120%
Jan
99
July
110
Jan
80%
Aug
99%
Jan
stamped 4s
1st 4 %s
Syracuse Ltg 5%s
5s series B
Ternl Hydro-El 0 %s.. 1953
Texas Elec Service 5s. 1960
|*Texas Gas Utll 6s. .1945
Texas Power A Lt 5s.. 1956
6s
2022
Apr
121%
Jan
84%
Jan
Tide Water Power 5s
Jan
Tletz
64
Sept
64
Sept
84%
Jan
104%
Ma\
100
65%
100%
19,000
(L.)
64
Sept
95
Mar
61
Sept
95
Mar
6,000
64
Sept
Sept
Sept
Sept
95
Mar
95%
Mar
90
Mar
96
Mar
93
5,000
July
102
Jan
96
Mar
44%
64%
27%
53,000
95%
Sept
1,000
27%
Sept
45
45
6,000
17.000
37
Apr
37
May
16,000
102
Mar
106 %
Aug
102%
Mar
106%
Sept
Jan
109%
107%
June
58%
38
38
106
42%
106%
{106
106%
107
«
65
65
-
--
-
I.066
107
107
106%
{106% 107%
82%
82%
66
56
49%
Mar
98%
Jan
July
Jan
Mar
Jan
78% May
64% June
3,000
85%
Jan
66
7,000
80
Feb
166%
69%
70%
100% 101%
42,000
104%
103% 104%
47",660
103% 103%
88%
89%
3,000
108% 108%
17,000
Jan
88%
100%
34,000
106
98% June
30
1979
.
Jan
6.000
14.000
27%
69%
1954
Sept
12,000
June
63%
1957
..
65
27,000
85
66
Tennessee Elec Pow 5s 1956
Tenn Public Service 6s 1970
113
67%
29,000
61
1970
12,000
67%
88
64
1946
.
7,000
7,000
85
Mai
104% 105%
Super Power of 111 4 %s '6«
Jan
Jan
Jan
99
86
101%
Jar
Jan
28,000
"62%
May
104
100
58%
14%
87
Aug
103%
99
38,000
100%
May
May
66%
95%
Aug
106
Sept
93%
93
June
51
72
14,000
58%
5
110
10,000
93
92
May
Jan
102%
■»*»«••»«■•»•
62
e6s
20,000
June
97%
Dec 1 1966
Debentu
Jan
Feb
106
Feb
Aug
Sept
113
Feb
104)*
Jan
Jan
103
1.000
40%
May
Sept
103%
109
Apr
see Leonard
Conv deb 5s
1948
65%
64
Conv deb 5s
1950
6414
64
91
91
94%
30,000
89
June
101%
Jan
Toledo Edison 5s.
Twin City Rap Tr
94%
94%
97%
37,000
90%
June
102%
Jan
Ulen Co—
Jan
Conv 6s 4th stamp. 1950
United Elec N J 4s. ..1949
New Eng Pow Assn 5S.1948
Debenture 6148.
1954
New Orleans Pub Serv—
90
6s stamped
1942
♦income 6s series A. 1949
N
94%
99%
86%
Standard Investg 6%s 1939
fStandard Pow A Lt 6sl957
♦starrett Corp Inc 6s. 1950
20,000
44
Jan
60%
5
106%
110%
Mar
104
58%
98
2,000
6,000
{104% 105
72
73%
72
Stlnnes (Hugo) Corp—
2d stamped 4s
1940
44%
44%
107% 109
{117)4 119
Jan
106% 107
4.000
Feb
Jan
Jan
108
44.000
84%
79
106
Apr
67%
109%
102% 102%
88
91%
Mar
99%
103
65
2d
2030
107%
99%
9,000
14.000
102'% 103%
65%
Fen
100%
Mar
75,000
105 % 107
103
60%
58%
Jan
High
103
105%
102%
64
Sept
96%
5
KMfi
64%
96 %
5
Serv 6s
107
65%
99%
77% June
84
May
Low
"64%
Feb
Jan
Pub
Range Since Jan. 1 1937
for
Mreek
Shares
103
l*Stand Gas 4 Elec 6sl935
107%
3,000
2,000
108%
64%
1944
5s series B
1946
3%s May 1 1960
Ma>
20,000
3,000
Aug
of Prices
High
Low
Ltd—
Jan
Jan
Apr
"64k"
SS 6 %s ctfs. 1937
Nassau 4 Suffolk Ltg 6s 45
Nat Pow 4 Lt 6s A...2026
Deb
106
Power—
...
unson
Sou Calif Edison
Mar
22%
"5.000
{27
100)4 100%
McCord Rad 4 Mfg 6s *43
5s.
Feb
103*4
87
23,000
Sales
Week's Range
Sale
Price
102%
105)4
|*Mo("allum Hos'y 6%s'41
Minn P<fc
Last
(Concluded)
High
Low
Sou Counties Gas 4 %s 1908
♦7b without warr'ta.1941
Marlon Res Pow 4%s.l952
Middle States Pet 5 He *46
Midland Valley 5a
1943
Mllw Gas Light 4 %a— 1967
BONDS
Range Since Jan. 1 1937
Week
Shares
50
1942
Lt 5s
of Prices
High
{102% 103
105% 10514
104
Long [aland Ltg 6s... 1945
Louisiana Pow 4
Week's Range
Low
1719
I
Friday
Sales
Friday
Y
Central
New York
Elec 614s
75
91
73
78
20,000
17,000
108% 108%
60
10,000
1,000
85% June
72
99%
July
95%
92
Jan
May
104%
Feb
Mar
109%
Jan
Aug
Penn 4 Ohio—
Ext
N Y
90
103% 103%
4lis stamped. 1950
P4L Corp 1st 414s '67
N Y State E 4 G 4 14s 1980
N Y 4 Weetch'r Ltg 4s 2004
Debenture 6s
1954
106
103
July
100%
Jan
100
110%
Apr
67
67
70
"3",000
67
Apr
Sept
92
92
94
38,000|
91
Apr
46
46
47
107% 107%
2,000
106%
9,000
100
102% 102%
97%
96%
103
103%
25,000
108
95%
108%
15,000
4,000
105
105%
2,000
104%
105
105
96%
414s series E
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
103
Ogden Gas 5e
108
93%
Ohio Power 1st 5s B..1952
1st 4 ref 414s ser D.1956
93%
103
8,000'
46
102
98%
98
86
Pacific Coast Power 5s '40
Pacific Gas 4 EJeo Co—
Jan
3,000
116%
Mar
107
Jan
105%
Jan
94%
102%
May
104%
Feb
105%
Jan
93%
June
105
Jan
106%
Apr
111%
Jan
Jan
100%
105%
100%
May
Feb
Apr
98
101%
86
87%
88,000
14,000
2,000
116% 116%
7,000
98
6,000
96%
86
102%
115
94%
113
Mar
Jan
Sept
94%
14,000
101 %
July
15,000
75%
Sept
Jan
92
1950
.1946
5s Income deb
22%
23%
Jan
Jan
West Penn Elec 5s. _..2030
Jan
West Penn Traction 6s '60
West Texas Utll 5s A 1957
West Newspaper Un 6s '44
Mar
119
Jan
Jan
Jan
70%
99%
Mar
103
3l",000
90%
July
Jan
June
93%
Jan
Aug
July
103
Jan
96
6,000
94
June
102
Jan
Jan
100
Feb
Mar
107
June
Feb
103
Mar
June
89%
69% June
104%
105%
102%
_
"i"66o
Jan
27.000
92
June
104%
Jan
11,000
87
June
102 %
Jan
80
June
101
Jan
West United G A E 5%s '55
Wheeling Elec Co 6s.. 1941
Wlso-Mlnn Lt A Pow 5s *44
14,000
5",000
Wise Pow A Lt 4s
{104
106%
1906
95%
Yadkin River Power 6s '41
York Rys Co 5s
1937
"86%
99%
4,000
96
June
92%
92%
8,000
88
June
103
Jan
1950
102%
102% 103
96%
96%
107%
107% 107%
{104
105
108% 108%
3,000
6,000
99% June
100
Mar
89%
June
105%
May
109
Apr
100%
May
106%
Jan
♦20 year
107%
Mar
Mar
111%
108
Jan
105
June
♦20-year 7s
♦Baden 7s
87
23%
23%
23%
Jan
107
Mar
106%
95
Feb
June
106%
Jan
105
July
ll48
Jan
91
June
3,000
49%
May
24,000
103%
Mar
105%
Jan
105%
Feb
108
Apr
105%
92%
Feb
107
Apr
Apr
102%
Jan
103%
June
107%
Jan
81% May
100%
Jan
18.000
12,066
31,000
9,000
59,000
99%
79%
Jan
Feb
Jan
105
86%
108
Apr
June
44",000
106% 106%
95%
95%
105% 105%
July
103
108
93%
92%
32% June
Sept
105%
55
56%
104% 104%
{107%
55
22%
104%
20.000
"92%
117
88
23%
101
Jan
102%
Jan
103
105% 105%
101
103
Wash Gas Light 5s.-.1958
Wash Ry A Elec 4s... 1951
Wash Water Power 6s. 1960
100
Mar
115
Jan
6.666
105
105%
{106% 107%
1954
108%
Mar
96%
Jan
15,000
70
102% 102%
94%
96%
91%
92%
{87
90%
95%
107
90
108
{105% 109
{106% 109
108
"9",000
74
95%
June
May
93%
103
♦
97
107
12%
Pledm't Hydro El 614s 60
Pittsburgh Coal 6s... 1949
111%
107%
♦Pomeranian
Elec 6s. 1963
Portland Gas 4 Coke 5s "40
Potomac Edison 6s E.1956
414s series F
..1961
Potrero 8ug 7s stpd..l947
70
loo"
88%
29,000
12
111% 111%
85
87%
18,000
73
107% 107%
103% 103%
25
{18
69%
69%
107% 107%
107% 107%
68
100
{18
6% perpetual certificates
Pub Serv of Nor Illinois—
70
99%
100
2,000
12,000
1,000
2,000
105
105
414s series D
1978
103
103
103
414s series E
1980
103%
103% 103%
—.1966
1st 4 ref 4 %s ser F.1981
103
104"
101%
Puget Sound P 4 L 514s '49
1st 4 ref 6s series C. 1950
80
1st 4 ref 414s ser D 1950
Queens Boro Gas 4 Eiec-
71%
76%
103
104
104%
♦Ruhr Gaa Corp 6)48.1953
♦Ruhr Housing 6148.. 1968
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
11%
San Antonio P 8 5a B.1958
San Joaquin L 4 P 6s B 52
Jan
4,000
2,000
5,000
15,000
2,000
106%
July
Scrlpp (E W) Co 514s. 1943
Shawlnlgan W 4 P 414s '67
1968
104%
Sheridan Wyo Coai 6s. 1947
Sou Carolina Pow 5s. 1957
66%
Southeast P 4 L 6s.-2025
97%
90
External 0 %s
1952
♦German Con Munlc 7s '47
♦Secured 6s
1947
♦Hanover (City) 7s.-.1939
{23
♦Hanover (Prov) 0 %s. 1949
♦Lima (City: Peru 6 %s. *68
♦Maranhao 7s
1958
{17%
July
104
Feb
July
102
Feb
18
Mar
25
Mar
105%
101
Mar
105
101
Mar
104%
100%
102
22",000
104%
107%
"35"
32%
104% 104%
69%
66%
89%
97%
90
2,000
17,000
5,000
22
Mar
105%
98%
♦Issue of May 1927
♦Issue of Oct 1927
Apr
96
92%
107
28%
6s stamped
Aug
Apr
25%
108%
18%
Sept
27%
July
20
Mar
June
99
8,000
•
Apr
102%
Jan
97
2.000
Apr
101%
Feb
23
mm.—
25%
Aug
Jan
25%
Aug
Mar
26
25%
Aug
Jan
29%
Mar
5,000
24%
Jan
33
July
13%
July
21
Feb
95%
8,000
90% June
96%
Apr
23%
3.000
17
5.000
30
14
1
1
1%
Apr
27%
Feb
27%
Feb
16%
Jan
21 %
Mar
July
13%
Aug
17,000
95%
Apr
100%
June
4,000
23%
21%
Sept
34
18
1
11%
«.
Apr
26,000
1
Jan
1%
Apr
1
Sept
1
July
1
4,000
1
16,000
1,000
02%
Jan
4,000
14%
14%
Aug
{14%
15%
17
15%
Jan
2
77
1961
Jan
1
May
Sept
35%
1,000
6,000
1
1949
Feb
22
21%
1
♦7s
Aug
Apr
18
1,000
19
77
♦Santiago 7s
Feb
17%
20
99% 100
23%
24%
25
23%
1
....
77
Jan
17
4",000
Apr
17
17
"26"
1921
♦5%a
Aug
Jan
Feb
29
Apr
♦5%s certificates... 1921
♦Santa Fe 7s stamped. 1945
Jan
Jan
1%
1%
81%
20%
20%
Aug
Apr
Apr
Mar
Mar
Mar
May
Sept
Mar
Apr
107
132
Jan
*
Jan
May
Feb
110%
May
35
July
103%
Jan
107%
May
105%
Apr
Mar
105
104%
Feb
105%
*
July
Mar
July
Aug
June
72
Jan
a
Deterred delivery sales not included In year's range,
n Under
in year's range,
r Cash sales not Included In year's
Included
Ex-dlvldend.
Bonds being traded flat.
Cash
t
saies
transacted
during the current week ana
not
Included
In
weekly or
yearly range:
No sales
y
Mar
101
109%
ar
i Reported In receivership
H Called for redemption
Feb
Mar
not
15%j
y Ex-Interest
{ Friday s bid and asked price.
No sales were transacted during current week.
Mar
101%
No par value,
the rule sales
range,
Sept
47
90%
(State) 7s
♦6%s certificates... 1919
Mar
87
1931
23%
{23%
16%
{14%
Mtge Bk of Denmark 5s '72
♦Parana
Jan
June
65%
23%
♦Mtge Bk of Chile 6s. 1931
23%
101%
101%
6,000
{12%
95%
95%
♦Rio de Janeiro 0 %s_. 1959
♦Russian Govt 0%B—_1919
1,000
10,000
98% 104,000
28
28
Jan
28%
101%
20
24%
14,000
29,000
20,000
22
1958
Jan
Aug
95
21
19%
{52
{18
1951
Meudoza 4s stamped—1951
Mtge Bk of Bogota 7s. 1947
103% June
July
10%
♦Medellln 7s series E
July
June
105% May
May
100%
127%
Jan
Aug
Apr
69%
18
July
Mar
98%
22%
103% 104%
1st 414s series D...1970
Mar
10,000
6,000
102% 102%
106% 106%
103% 104%
1948
Jan
81
98%
94%
Mar
11% June
Danzig Port A Waterways
109
97%
Feb
60
100%
99% 100
99%
108
18,000
35
1953
Jan
103%
May
84%
23%
100
——1965
Apr
May
29%
{18
1952
5%s
July
70
Pub Wks 6s -1937
♦Schulte Real Est 6s..1951
♦Saxon
♦0s series A
6a
63
147
83%
Feb
Mar
(Province)—
104
112%
25
2,000
Aug
Apr
29%
Jan
29
85
Mar
Apr
18%
29
25
108%
22
♦Prov Banks 6a B..1951
Apr
129
22% June
1,000
Feb
Danish
30
1.000
23%
Mar
Sept
{110%
23%
{18
i"o"666
69%
7,000
1955
-
96
"2", 000
4,000
7,000
*•
12
Jan
130
m.
23%
96
Jan
77%
73%
106% 106%
m'
1951
11%
107
Mar
{127
1947
{92
108
May
27
Aires
1946
{91
Jan
2,000
6,000
2,000
4,000
13,000
49,000
7s
♦7s stamped
1952
♦7 %s stamped
1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
Jan
Jan
Feb
Apr
99
26%
{20
108% 108%
11%
10%
99%
77
73
76%
71%
30%
Jan
13,000
37,000
25
Safe Harbor Water 514s "79
Mar
Sept
101% 102
80
81%
101% 102%
1952
85
62%
100
112
106%
24%
111% 112
108%
Mar
July
102%
18%
{133% 134%
1956
5*St L lias 4 Coke 6s.-'47
3,000
30,000
99%
PowerCorp(Can)414s B 69
414s series I
I960
Pub Serv of Oklahoma—
4s series A
1966
"Tooo
93%
14%
92%
12%
70
1948
Power Securities 6s.-.1949
♦Prussian Electric 6s. 1954
Public Service of N J—
107
1,000
Jan
Buenos
92%
4 148 series B
11,000
Waldorf-Astoria Hotel—
92%
-.1981
6a
89%
72%
95%
June
92%
71
1st ref 6s series B
0s
Jan
97
Pblla Elec Pow 514s.. 1972
Phlla Rapid Transit 6s 1962
Inc
28
*~89~~
6s series E
1952
Vamma Water Pow
5%s'57
Va Pub Serv 5%s A.. 1946
June
96
{102
71
"93"
J*Peoples Lt 4 Pr 6S..1979
Falls 5s
Mar
Sept
108
108
Utlca Gas A Elec 5s D 1956
103
114
Jan
May
6,000
97%
414s series B
1968
Peoples Gas L 4 Coke—
6148 series A
Aug
19%
70
"89"
1944
108
22,000
{113
4%s
Jan
99%
98%
1952
1971
5s series D
1954
Penn Water 4 Pow 5a. 1940
Serve)
99%
69%
6s series A
6s series A
1973
Utah Pow A Lt 6s A..2022
1979
6s series C
July
103% 104%
75%
76%
75%
(Del) 5%s '62
105%
105%
Deb 5)48 series B..1959
Penn Pub Serv 6s C. 1947
Sauda
7,000
Sept
104% 104%
Okla Nat Gas 4 %s_. -1951
6s conv debs
1946
Okla Power 4 Water 6s 48
—
Jan
Feb
27
United Lt A Rys (Me)—
Feb
117%
79%
Mar
Mar
67%
104
May
Mar
20%
-
3.606
1959
86%
•»
Jan
June
66%
7,000
m,L
27,000
71
Un Lt A Rys
111
8,000
70
26
26%
104%
104%
112%
102
1st 4 ref 5a
114
70
{18
70
June
102%
Pittsburgh Steel 6s..
55
26%
96
i960
4s series B
94%
Sept
67%
24,000
14,000
1969
x-w
Sept
47%
70
98%
99%
102% 103
10214
till
98%
6s series C
6s series A
74
16.000
65
107%
5s series D
5s
42,000
1974
6%s
5%S
Apr
No Indiana G 4 E 68.1952
Northern Indiana P S—
Penn Electrlo 4s F
Penn Ohio Edison—
76
49%
114
70
♦1st s f 6s
1945
United Lt A Pow 6s—.1976
105
5148 series A
—1956
Nor Cont'l Utll 514s—1948
Pacific Pow 4 Ltg 58-. 1955
Palmer Corp 6s
1938
Penn Cent L 4 P 4148.1977
74
47%
74
United El Serv 7s ex-w 1956
♦United Industrial 0%s.'41
42,000
No Amer Lt 4 Pow—
1st 6s series B
1941
Pacific Invest 5s ser A. 1948
Pacific Ltg 4 Pow 68—1942
108%
6%s *52
106%
10614
Nippon El Pow 614s—1953
1945
1962
Jan
Under-the-rule sales transacted during tne current week and not Included In
weekly
yearly
or
range:
No sales.
*
In
-
Deferred delivery
weekly
or
sales transacted
during tne current
week
and
not
Included
yearly range:
No sales.
AOOrevxations
Used
'cum," cumulative;
'vt c."
Above—"cod,"
certificates of deposit; "cons,"
consolidated
'conv," convertible; "m " mortgage;
u-v." non-voting stock
voting trust certificates: "w 1." when Issued; "w w." with warrants; ' x-w"
without warrants
11, 1937
Sept.
Chronicle
Financial
1720
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1, 1937
Last
New York Real Estate Securities
Isle Royal Copper Co
Bid
Unlisted Bonds
Unlisted Bonds
Ask
Bid
Ask
.
[nternat Commerce Bldg—
B'way & 38th St BIdg 7s
Bryant Park Bldg 6%s
45
45.
1939
39
West 42d St 6%s..l945
45
500 Fifth Ave 6%s... 1949
38
Drake (The) 6s
11
y
-
-
32
Park
mm
Place
6
Income bonds vtc.
'm
28
Pennsylvania Bldg ctfs
mm-
10 East 40th St Bldg 5s
..
14
May
19
13
Sept
23% May
42
15
36
Jan
3
545
2%
May
25
38%
Sept
9,206
4%
Sept
38%
5%
38%
4%
ImimmJm
..
14
55
7%
10c
10c
45
3
3%
3,375
115
10c
*
3%
'
2124-34 Bdwy Bldgs5 %s'43
rnmmm
13
250 W 39th St Bldgs 6s 1937
9%
6% 1941 and ctfs
14
mm
■
Nat'l Tunnel & Mines
115
164
N Y N H & H RR(The)
2%
2%
116%
4%
419
North
99c
95c
1.00
4,561
New England Tel & Tel Ilk)
100
—2.50
Butte.
Old Colony RR
100
Pacific Mills Co.
Orders Executed
Baltimore Stock Exchange
on
SteinBros.&Boyce
Established 1853
Calverf St.
S.
6
39
Stone & Webster
2d
Broadway
Louisville, Ky.
Hagerstown, Md.
Members New York, Baltimore and
5%
»
12%
York, Pa.
m'rn
-
Bros
Baltimore Stock
official sales lists
Sept. 4 to Sept. 1G, both inclusive, compiled from
Sales
Friday
Week's Range
of Prices
Low
High
Price
9
mm
142
Sept
9%
2%
Sept
Sept
13
20%
30%
Mar
44%
Mar
Jan
29%
Jan
60
Mar
11%
Mar
1,085
1%
5%
575
12%
June
16%
1,338
7
13%
20
Sept
Sept
16%
Sept
33%
Jan
150
1%
July
3%
Feb
50
10
Jan
50
Feb
Feb
56
1,700
32%
Sept
41%
May
30
213
29%
Aug
80
Sept
Sept
32%
627
40
60
39%
Sept
42%
Aug
1%
5,030
1%
Jan
2%
June
2%
420
1%
2%
Mar
1%
37%
9%
9%.
11%
520
9%
Apr
Sept
Sept
5%
5%
6%
175
5%
Sept
45
35
$8,000
76
100
-
120
9
36%
36%
38%
75
*
Mar
Jan
39%
m
75
76
120
Jan
98
130
Apr
leb
19%
12%
Jan
Jna
46
Feb
July
89
,
Bonds—
Eastern Mass St
Ry—
1948
4%s
1
Aug
3
9
24%
Feb
Sept
38
*
70
Jan
192
64
June
89%
Jan
12
112
Apr
115
Jan
34% June
48
Jan
136
Apr
23%
26%
351
72%
114%
70
114
SECURITIES
Jan
23%
CHICAGO
Jan
Jan
3%
19
23%
Apr
Listed
and
Unlisted
Paal h.Davis & Go.
Eastern Sugar Assoc—
Members
1
Preferred
20
10
Fidelity & Deposit
Fidelity & Guar Fire
113%
38
120
38
36
36
12
*
*
12
12
19
18%
20%
Sept
37%
13%
12
13%
Mar
Feb
18%
Sept
23%
Aug
June
12 %
Chicago Stock Exchange
New York Stock Exchange
Jan
12
Sept
Sept
Sept
48%
932
12%
113%
488
12
100
_
Class B
pref
270
113% 118%
37%
38
12
Finance Co of Amer cl A_
Houston Oil
June
2%
68c
High
Jan
167
1
100
preferred
Low
18
1,042
3%
*
Cousol Gas E L & Pow
Shares
20%
1%
4
19%
*
Black A Decker com
114 %
Mar
Week
Bait Transit Co com vtc.*
1st pre! vto
D) Co
Series A
for
Sale
«.*
*6
Range Since Jan. 1, 1937
Last
Par
Warren (S
Exchange
Co
Mar
Sept
*
Inc
-
Apr
%
Sept
85
2%
-
Feb
11%
10c
3
*
Vermont & Mass Ry Co 100
Warren
20
Jan
3%
56
80
—
Venezuela Holding Corp..*
Waldorf System
5%
-
1%
Chicago Board of Trade
Arundel Corp
m
80
1
Utah Metal A Turn.el
Chicago Stock Exchanges
396
Jan
Mar
64
32%
29%
34
mm
United Shoe Macb Corp
25
Preferred_ ..25
145
33%
50
*
5
13%
25
1%
1%
*
preferred
Torrlugton Co (new)
New York Curb Exchange (Associate)
Stocks—
17
..*
_.
Sec com..*
Union Twist Drill Co
NEW YORK
BALTIMORE, MD.
13
20%
30%
5%
12%
16%
m
20%*
25
Mining Co
Suburban Elec
mm-'m
50
RR
Pennsylvania
Qulney
-
—
Shawmut Assn tr ctfs
Jan
6%
15
2%
3
*
Linotype..*
Nat'l Service Co com t c__l
'v-
Mar
42
42
Narragansett Racing Ass n
Inc
1
--
83%
2
4%
16%
13
1
53.
1,490
High
Low
Shares
16%
....100
Mass utilities v tc...
—
Mergenthaler
'
Fox Theatre & Ofice Bldg
m
Dodge Corp—
4
4
25
100
Preferred
6
1943
6%s
-
mmrn
'
Week
(Boston)25
Loews Theatres
Maine Central com
94
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
Closing bid and asked quotations, Friday, Sept. 10
Week's Range
Sale
Exchange
500
1,025
Chicago Curb Exchange
(Associate)
New York Curb
10 So. La Salle
St., CHICAGO
Mfrs Finance—
'
1st
9
9
3%
3%
3%
950
July
4%
Jan
3%
1
Mar Tex Oil
Com class A_.
Mercantile Trust Co
3%
3%
2,545
3
Jau
4%
Apr
5
275
May
280
July
21
Sept
41
Jan
Friday
25%
July
27%
Jan
Last
Week's Range
for
Mar
Sale
of Prices
Week
131
75
113
12%
13%
774
%
12%
22%
25%
74
100
Preferred
%
70
12H
Sept
May
Owlngs Mills Distillery—1
Penna Water & Power com*
~77~~
78
64
73
25
95
125
15
18%
18
21%
3,236
18
33%
33%
33%
50
Sept
Sept
Western National Bank.20
33%
Chicago Stock Exchange
Sept. 4 to Sept. 10, both
Feb
Feb
Adams (J D) Mfg com
29%
Jan
Adams Royalty Co
37
Jan
Advance Alum Castings..6
102
A
Finance Co of Amer 4%'47
Interstate
"96"
102
Sept
106%
Jan
27
7,500
26
Sept
11%
Jan
29%
2,000
29%
Sept
48
Jan
96
96
4,000
5%s'45
96
96
Aug
98%
3,000 100%
Aug
98%
102%
Sept
5,000
98%
98%
102%; 102%
Co 4%%._1942
Read Drug A Cliem
$7,000
29%
1975
6s flat
102
26
26
Jan
High
Low
*
com--*
44
47%
650
44
Sept
56%
Feb
10%
8%
Common (new)
10%
11%
290
10%
Aug
17%
Feb
8%
9%
950
6%
Jan
12%
6
7%
2,200
Sept
12%
Mar
12%
600
Aug
14%
May
6
11%
Aetna Ball Bearing com..]
76
Range Since Jan. 1, 1937
Shares
44
Mar
Sept
Aug
Jan
10
550
10
AUg
17%
Apr
20
21
400
20
26%
Feb
38
38
20
37
July
Sept
64
65
50
61
June
84%
Jau
8,900
7
Jail
13%
Feb
9%
Sept
12%
July
Mar
Allied Products Corp—
Class A
Altorfer Bros com
Amer Pub Serv Co
-25
pref..
20
mm
pref. 100
6
Aro
mm
mm
9
9
Armour & Co common
Equipment Corp com i
Mfg Co com
1
1%
Asbestos
♦
Associates Invest com
Athey Truss Wheel cap
*
Autom Washer couv pref.*
Townsend, Anthony and Tyson
11%
6
10%
10
Allied Labort'ies Inc com.*
Bait Transit Co 48 (flat)
High
Abbott Laboratories-
103%
18%
Bonds—
Atlantic Coast Line 5% ctfs
Sales
Low
Price
Par
Stocks—
inclusive, compiled from official sales lists
Feb
95
Jan
2
Feb
1%
Aug
16
18 %
June
95
16
Jan
82
Jan
70
95
"l0~~
U B Fidelity A Guar
98
77
Phillips Packing Co pref 100
Seaboard Comm'l com A 10
3%
22%
25%
7% pf- 25
New Amsterdam Casualty5
4
275
275
50
Merck & Miners Transp..*
Monon W Penn P S
•>,
9
25
preferred
9%
1%
49%
10%
43
Jan
10
300
2
1,400
1%
June
4%
52
250
48%
Mar
57%
Jan
Mar
Feb
6%
7%
6%
Sept
7
7
450
3%
Jan
9
15
15
15
100
Feb
15%
m
17
7
.
200
Sept
19
Jan
Sept
20%
Feb
Sept
23%
Feb
mm
m
m
19%
Mar
New
Boston Tel. LAF 7010
18%
19%
20%
450
19%
Sept
22
Aug
16
17
300
16
Feb
2,950
7%
Sept
Sept
30%
9
10
mmmmmm
5
Blnks Mfg Co capital
16
1
com
Berghoff Brewing Co
8
Feb
10%
50
»>*
Jan
14%
Feb
38%
1,300
32%
Jan
43%
Mar
Aug
Borg Warner Corp—
N. Y. Tel. CAnal 6-1541
14%
7%
10%
34%
1
Bliss & Laughlln Ino cap.6
Wire System
30 State St., Boston
1,900
Bendlx Aviation
York Curb Exchange (Asso.)
UNLISTED TRADING DEPARTMENT
Private
18%
.*
1
Belden Mfg Co com
York Stock Exchange
New
18%
15%
21%
300
Bastlan-Blesslng Co com.*
Backstay Welt Co com
Barber Co (WH) com
1887
Members
Boston Stock Exchange
100
14%
15%
14%
15%
Barlow&SeeligMfgAcom 6
Established
14%
16%
14%
com
6
40%
40%
45
1,550
38%
Apr
50%
Brach & Sons (E J) cap
*
17%
250
17%
Sept
22%
Brown Fence <fc Wire com.l
17%
10%
18%
10%
12
650
10%
Sept
15%
Feb
25%
25%
26%
250
25%
Sept
28%
Feb
13
16%
1,150
13
Sept
30 H
Mar
32%
32%
20
32%
Jan
33%
10%
11%
550
10%
15%
29%
3,800
450
27%
1%
150
1% June
29^4 June
43
July
15
19
Feb
(New)
Lewlston
Portland
Bangor
Class A pref
*'
:
'
■■
•
•
Last
.
Sale
Par
Stocks—
Price
lists
Sales
Week's Range
of Prices
Low
High
for Week
*
Bucyrus-Monighan cl A_. *
Burd Piston Ring com
1
10%
Butler Brothers
Boston Stock Exchange
13%
13%
Bruce Co (E L) com
Sept. 4 to Sept. 1C, both inclusive, compiled from official sales
Friday
*
Range Since Jan. 1, 1937
30
6% conv preferred
Canal Const Co
pref *
conv
Castle (A M) common.. 10
High
Low
Shares
__10
27%
27%
1%
32
32
37
15%
15%
Cen Cold Storrage com..20
Amer Pneumat Ser 1st
16
35
16
pf 50
50
2%
2%
250
100
160%
160% 167%
1,719
Boston & Albany
100
122
122
Boston Edison Co
100
130
129% 131%
6% non-cum pref
Amei Tel <fc Tel
Boston
Elevated
100
Boston-Herald-Traveller
*
_
2%
50
125
431
14
July
2
July
30
Jan
6%
187%
Jan
159% June
122
Sept
147
Jan
June
160
127%
Jan
Jan
57%
57
60
235
57
Sept
69%
Mar
23
23
23%
161
23
Sept
30%
Jan
8%
85
Sept
Sept
14%
56%
Mar
Common
100
Prior pref
100
Class A 1st pref atpd
20
Mar
100
7%
27
27
131
131
&
Providence..100
31
8%
12%
Boston Personal Prop Tr_ *
Boston
6%
65
10
215
Sept
12
July
18
Jan
130
(May
151
Feb
12%
12%
13%
335
Copper
25
10%
10%
%
11%
1.229
*
8%
Mar
50
25
Range
27
10
12%
131
Calumet & Hscla.
East Boston Co
6%
99c
200
11%
Apr
20%
Jan
4%
5
*
Common
% prior pref
East Mass St Ry
...
59%
100
50
5
$1.50
conv
123
61
1%
*
pref
12%
*
Common
1
Prior Hen pref
*
♦
Cent States Pr & Lt pref--*
Chain Belt Co com
*
Cherry-Burrell <_orp com.*
Chicago Corp common
Preferred
•
•
Chic Elec Mfg A
*
May
17 %
Jan
Chic Flexible Shaft com..5
1%
Feb
Chic &NW Ry pref—•
Common
.100
June
10%
Jan
65%
June
J&U
Common
—
*
100
36
36
37
130
32
Sept
51
Jan
Chicago Yellow Cab Co..*
4
4
4
210
4
Aug
7
Jan
( lties Service Co com
6
6%
250
6
Sept
8%
July
Jan
preferred
Eastern
Steam'p Lines pf
Employers
tiroup
_
40
40
20
20
20
21
723
38%
38%
38%
121
*
•
Corp
*
Georgian Inc (The) A pref 20
General Capital
10%
Raaor
*
13
Helvetia Oil Cote
*
12
150
12%
2%
14
32
%
1
For footnotes see page
20
32
Hathaway Bakeries cl A__*
Preferred
2
2
*
Gilchrist Co
Glliette Safety
mmmmmm
378
3%
45
35
%
100
1%
12%
1%
850
13%
850
60
50
37
Aug
53%
19
Juut
26%
Mai
Sept
47
Mar
38%
1%
10
June
Jan
3%
14%
June
Feb
Jan
3H
19
2% June
86% June
Sept
6%
Jau
110%
Mar
20%
280
70
6
310
5
June
57
360
53
Sept
73
Mar
Jan
85
Feb
5%
55
mrnmmmm
3%
5%
53
83
3%
3%
Sept
3,900
42%
Sept
48
180
20
May
32
Feb
59
300
53
Jan
77
Mar
3
1,000
2%
Sept
6%
30
14%
Apr
37%
24
24
24
54
54
16
16%
70
70
70
13
13
72
6%
130
65
July
77
13%
350
13
Sept
Sept
27%
8,450
400
1%
16,250
550
1,750
27%
30%
38%
41%
2%
1
4
11%
Consum Co of 111 pf pt sh50
Cont Steel Corp pref
100
7
Jan
Cord Corp cap stock
50
Jan
Cunningham Drg Stores2%
5
Curtis Lighting Inc com..*
3%
99
4
11%
100
3%
3%
4%
16%
16%
17%
6
Jan
19,500
43
2%
Feb
4%
42%
2%
7"
84%
43
2%
46%
30
38%
com
Feb
8,200
28%
Consolidated Biscuit
Jan
*81%
3
25
New
Feb
July
June
97
Compressed Ind Gases cap*
2U%
Jan
Sept
12
51
2%
1%
Sept
2%
1%
Jan
63%
6
Feb
Mar
Feb
May
Jau
Jan
May
2%
Mar
27%
Sept
33%
Aug
38%
June
48%
3%
Sept
11
14%
100
11%
Sept
60
98%
Jan
4,400
Mar
6%
2%
Commonwealth Edison—
Sept
Sept
May
5%
92
1%
Club Aluminum Uten Co.*
2%
50c
36 %
Mar
46%
2%
2%
1%
•
i2%
32
Jan
Mar
92
Chic Towel—
Adjustment
100
Eastern Steamship com..*
1st
Sept
July
18%
46%
Chicago Rivet & Mach cap4
Si
4%
80
60
1
Common.
Cent 111 Pub Serv pref
Central S W—
40c June
Id
East Gas <fe Fuel Assu—
150
Apr
13
Central Illinois bee-
Preferred
Boston & Maine—
13%
Sept
June
13
Feb
105
Feb
Jan
July
Apr
Feo
June
16%
5
1724
/
6%
Sept
26%
Feb
Jan
2
500
100
10%
Feb
Volume
Financial
145
Deep Rock Oil
Class
19%
Sept
28%
Apr
Walgreen Co common
100
22%
Sept
Apr
Sept
20
35%
21%
34%
*
20
May
32%
11%
32%
550
18
June
25
Feb
Woodall Indust
50
35
July
41
Feb
25%
Zenith Radio Corp com..*
27
750
525
June
49%
Feb
19
26
Wleboldt Stores Inc com.*
5
*
High
Low
Shares
19
100
19
Sept
26%
Mar
6
350
18%
1937
Week
Price
Par
200
"18**
*
A
Stocks (Conclu. ed)
High
Low
5%
23%
19%
35%
23%
*
.
com
-
23
5
5
10
pref.
conv
Dixie Vortex Co
Shares
20%
19%
22%
"22 %
35
com
for
of Prices
Low
High
Week
*
Range Since Jan. 1,
Week's Range
Sale
for
of Prices
Low
High
Price
Par
Class A
Decker & Cohn
Week's Range
Sale
Last
1 1937
Range Since Jan.
Last
Stocks (Concluded)
Sales
Friday
Sales
Friday
Dayton Rubber M fg com
1721
Chronicle
7
340
6
June
12*4
Feb
Aug
.....
Jan
Wl.iiams OIl-O-Matic
Jan
Wisconsin Bank shs com.*
24%
35%
750
20% June
26%
400
29%
5
6%
1,500
5
May
Sept
41%
5
12%
3**
3%
4%
850
3%
Sept
5%
May
*
17**
17%
17%
Sept
23%
12%
350
12%
Sept
19
4%
4%
3,250
4%
Mar
5%
3
3
3%
7,600
3
Sept
10%
50
39
Sept
50%
Feb
200
31
Sept
Sept
42%
Mar
12%
29%
20%
July
7%
8**
9%
42**
6% May
7,400
8%
7%
8**
8,650
34
34
Mar
12
Sept
15 *4
Feb
June
43 %
Aug
8%
850
30
July
12 %
19%
13%
5%
850
Gen Candy Corp A
5
General Finance Corp com 1
Gen Household Utll—
*
2
com
Jan
1
com
*
"21**
Eddy Paper Corp (The)- - *
Elec Household Utll cap.f
34**
Dodge Mfg Corp
com
Fuller Mfg Co com
Aug
Members Cincinnati Stock Exchange
New
common
Common
Godchaux Sugars Inc cl A *
39
39
.
_
31
Goldblatt Bros Inc com.. •
32%
31
10
650
10
10
11
16**
Gossard Co (H W) com.-"'
Great Lakes D
D com..*
15%
17%
11%
11%
Hamilton Mfg cl A pref. 10
10
11
200
15% Sept
11% Sept
9% May
Harnlschfeger Corp com. 10
12
12
100
12
Hall Printing Co
com...10
2,250
10
Mar
45
Jan
52%
May
Friday
14
Sept
21%
June
Last
Week's Range
for
23
Jan
Sale
of Prices
Low
High
Week
52%
52%
220
14
15
100
17
500
15
3**
3%
8**
8
North
10
100
Utll pref
7%
Indiana Steel Prod com..I
Interstate Pow $6
pref—*
2,200
3
1,100
3%
11
Sept
May
8
Sept
10
108% 108%
35
35%
35
indep Pneum Tool vtc..*
H
7
7
10*4
Jan
Burger Brewing.
Feb
Champ Paper &. Fibre-
50%
19
50
Kerlyn OH Co cl A com..5
Kingsbury Breweries cap. 1
26**
IX
1%
1%
1,450
1%
La Salle Ext Univ com...5
2%
2%
3%
1,350
1%
Lawbeck 6% cum pref.
,
50
12%
Mar
Feb
Sept
28%
43%
7%
3*4
Jan
3%
9%
6,900
8%
1,150
19
9%
21%
26%
26%
30
25
June
5%
500
5
Sept
5
100
40
40
-W
—
10
7
500
38
Churngold
Jan
Mar
Jan
Aug
*
..10
Common
14**
Libby McN & Libby... 10
Lincoln Printing Co—
9%
*
6**
Common
11%
14%
1,250
9%
Cin Ball Crank pref
24
6%
Telephone
Crosley Radio
450
3%.
Gibson Art
Hatfield prior pref
Kahn
56
McQuay-Norris Mfg com. *
Manhatt-Dear'nCorp com*
40
40
42
30
40
Sept
57%
Mar
*
20
Prior
preferred.
5
*
5%
1,650
25
5
com.l
Mer & Kfrs Sec cl A
27%
40
4%
Jan
Mar
7
4% June
25
Feb
31%
June
2%
2%
3
1,350
5
7X
7%
9
11,400
7% June
15%
Jan
purchase warrants
2%
2%
2%
3,450
1% June
7%
Jan
Middle West Corp cap
Midland United Co—
2%
Sept
•
X
%
%
2,750
*
preferred A.
4%
4%
5%
1,450
1%
Jan
12%
% June
3% June
Jan
Midland UtU—
100
100
3
6% preferred A
100
100
1**
6% prior lien
Nat Rep Inv T
conv
m
•»
_
1% June
8%
9%
90
8%
100
47%
10
47
17
4%
4
31
1%
1%
41
37
100
Sept
4
July
12%
36%
3%
1%
700
37
600
4,300
4%
9%
Sept
Sept
58
21
Sept
37
50
Sept
81
17%
17%
Sept
18
21%
150
21
July
1%
1%
800
1%
July
18%
300
17%
Sept
12%
300
11
33%
210
30
Sept
May
29%
2%
24*4
17%
-
-
-
-
50
Pictorial Paper Pack com.5
5**
5%
6%
250
Pines Winterfront com
1
2%
2%
2%
1,750
1
2%
2%
2%
200
*
1%
1%
800
_*
1%
1%
150
5
35
Jan
Rath Packing Co com... 10
,
4%
Feb
June
June
4%
1%
Jan
99%
Jan
31
Jan
June
12
Jan
Sept
10%
20
20
20%
78
18%
29
29
29
55
15
15
15
19%
50
5%
1%
450
16%
19%
460
18
May
4%
500
Jan
1% June
Sept
15
2
3,250
25
1%
20
1%
25
Sept
Mar
May
81%
81%
100
81%
1
10
10
12
750
10
*
31%
31
31%
190
16%
28%
32
Sears Roebuck & Co cap..*
32
23
24%
100
19%
20%
700
97%
69%
97%
97%
69%
70
69%
14%
17
850
17%
18
100
10
7%
7%
7%
50
15
29%
29%
31%
1,950
21%
23
3,200
Thompson (J R) com...25
21%
18%
7%
18
19%
21
Utah Radio Products com *
3
3
■
20
1,450
,
8%
500
22%
7%
2
(The) com
3,150
3%
14%
*
4%
30
3%
Sundstrand Mach Tool Co*
Trane Co
50
20
25
Convertible
Wahl Co (The) com
3*4
29%
2
8
35
10
9
45
Sept
9
Sept
16%
10%
65%
23%
11%
5
*
26
26
27
76
26
Sept
10
B.
25
25
26
28
25
Jan
-
Card
*
U S Printing
10
181
5%
100
3*4
3*4
3%
134
8%
Aug
Mar
8
5
Jan
55%
18
July
4% May
3*4
Aug
Feb
July
Feb
July
Jan
Jan
Jan
38
Feb
34%
6*4
Feb
Feb
50
12
12
69
12
Aug
21
Jan
20
20
22
160
16
Apr
26
Mar
100
Preferred
12
100
Preferred
112
112
115
114
92
Jan
134
Apr
io
Listed and Unlisted Securities
Members Cleveland
Stock Exchange
GILL! Sl°* JWOODcb
Union Trust Building,
Cleveland
Cleveland Stock Exchange
Sept. 4 to Sept. 10, both
Last
Sale
Par
Stocks—
Price
Cleveland Ry
July
Feb
42
Apr
28*4
Feb
Aug
14%
Mar
Jan
40
Apr
28% June
35
Mar
1,600
3%
.5,700
Apr
19%
Jan
July
69
100
Hanna (M A) §5 cum pf.
Harbauer
*
Interlake Steamship
*
Jaeger Machine.
-*
Kelley Isld Lime & Tran.
—
26
Mar
27%
Mar
McKee
107
Jan
Murray Ohio Mfg
National Refining
18
*
25
21*4
15%
Mar
National Tile
33%
28.%
Mar
Nineteen Hund class
Ohio Brass B
28%
Mar
Sept
15%
26%
Mar
Packer Corp.
July
Patterson-Sargent
Feb
4%
Apr
Peerless Corp
Richman
%
%
%
2%
2,250
% June
2
Jan
2%
1,200
2% June
6%
Feb
2
2%
650
2
5
Jan
—
....
Seiberling Rubber
8% cum pref..
S M A
33**
Jan
Sept
40
Feb
88
Sept
100
Jan
16**
17
200
16 X
Sept
21
Feb
29
30
558
29
Sept
94**
870
85
June
40**
101**
June
112
90%
109
100
38
39
147
103**
38%
1,335
395
30
38
Mar
Jan
56
Aug
100
Aug
S9
10
68
Feb
12
37
12
Aug
7
33
Feb
54
June
60
Jan
May
53
46**
100
100
22**
50
51
120
45
Sept
50
20
99
June
104
12
11**
12**
200
11**
Sept
18
56
56
139
56
27
28
119
27
Sept
Sept
73V*
37**
21**
8%
15**
6%
23**
235
30
192
Sept
14
18
352
Sept
27
7
135
21**
8**
15**
6X
Sept
10
Sept
40
40
50
40
8**
58**
30
35
140
30
4%
Jan
Sept
50
56
15
Jan
63**
38
45
21%
Mar
Sept
12
53
100
Feb
38
89
"12"
4%
15
5%
5
50
15
25
5%
15
4%
15
Sept
Sept
60
June
11**
Sept
30
5** Sept
Sept
12**
100
Feb
Mar
Jan
Apr
Mar
Apr
Feb
Jan
Jan
June
Mar
Feb
Mar
Tan
Feb
June
90
90
100
90
33/*
1**
29**
3%
ix
29**
700
3** Sept
IX Sept
29** May
30**
44
Jan
67
Mar
Mar
335
45
10**
2*8
55
105
14
15
200
14
Sept
20**
21
23
55
21
Sept
34
55
14
6
44
5%
44
6**
585
45
615
3**
44
Jan
July
7**
57**
Mar
Feb
Feb
Feb
Mar
Mar
5
160
Sept
9*1
Apr
46
51
60
38
July
64**
Aug
12
12*4
70
12
Aug
19
4%
*
100
Corp...1
Sept
25
5
52
A—*
_..*
..*
*
3
*
10
55
88
36
,—-*
Sept
10
25
49%
Nestle Le Mur cum cl A..*
Mar
10
25
30
100
Preferred
1937
High
Low
49%
30
July
June
June
Range Since Jan. 1,
for
Week
Shares
30
*
Metropolitan Pavg Brlek.*
5%
2%
High
30
_
(AG) class B...
Medusa Ptld Cement—
20% May
7%
of Prices
109
*
Leland Electric
-.-*
Lima Cord Sole & Heel.
Sept
17% May
7% Sept
29% Sept
21% Sept
20
90%
"38"
Sessions
Lamson
Jan
3%
29
Halle Bros pref.
Jan
14%
"l6%
*
*
Great Lakes Towing. ..100
Greif Bros Cooperage A._*
83%
Sept
Sept
100
...*
Foote-Burt
98
95
*
Elec Controller & Mfg....
Sept
Sept
22
...1
Jan
2%
Week's Range
Low
10
25
Prior
—
lists
Sales
88
Airway Elec Appli pref. 100
Feb
2%
2%
For footnotes see page 1724.
inclusive, compiled from official sales
Friday
7*4
3%
36%
30
A. T. & T. CLEV. 565 & 566
Telephone CHerry 5050
Commercial Bookbinding.*
7
*
53
35
18
Feb
5
pref
May
59%
Mar
Utll & ind Corp—
Common
20
9
37%
Signode Steel Strap—
Swift & Co
Mar
18
Rapid
Cliffs Corp vtc._
4
19% June
International
14
8
Cleve Elec 111 §4.50 pref..*
34
Stein (A) & Co com..
Storkline Fur com
Mar
18
Cleve Cliffs Iron pref
150
•
37
57
Jan
650
*
June
9
Jan
Apr
36
*
Jan
27
57
125%
June
121
20%
_
24
35
8
Jan
Jan
78
3%
3*4
3%
150
10*)
70
34
preferred.
9%
35
Apr
390
20
Swift
*
.
Clark Controller__
34
Convertible
Sept
9
Jan
20
Standard Dredge com
Feb
95
Jan
Schwitzer-Cummlns cap__l
St Louis Nat Stockyds cap*
Jan
Jan
49%
26%
122
June
Sangamo Electric com...*
pflOO
Jan
16
12
120
70
111
25
25
Sivyer Steel Castings com *
So Bend Lathe Wks cap. .5
Feb
Jan
Rollins Hos MUls—
Southwest G & El 7%
21
114
>
135
15
15
.30
Feb
May
9%
109% June
120
117%
1%
5
Preferred
Jan
26%
Feb
Raytheon Mfg—
Common
9
40
Mar
Sept
*
Serrick Corp cl B com
12
75
Jan
5*4
3%
June
133%
1
9%
9%
*
Jan
7%
3%
Aug
2%
2 %
1 %
1%
109
109
100
Common
6%
4% May
43
20
81
81
117%
Ross Gear & Tool com...*
12
43
.*
pref—.——100
City Ice & Fuel
...*
100
112% 117
50c
5
9%
Apex Electric Mfg.
*
t c
6%
5
43
—
Jan
Mar
Public Service of Nor 111—
v
6%
5
8%
5%
July
Aug
21
Potter Co (The) com
Prima Co com
Common
6%
15
36
Jan
32%
6% pref vtc
Aug
49
Randall A
Mar
50
32**
Reliance Mfg Co com... 10
Feb
29
95
Jan
400
53
Penn G & El Corp A
7% preferred
102%
95
Feb
17%
100
IOC
*
Feb
16%
15
59
30
29
Feb
9%
16%
23
11
Preferred
Feb
7C
17
16%
103% 103%
29
*
Feb
500
50
17%
11
Quaker Oats Co com
27*4
105%
17
103%
*
Preferred
Feb
Sept
Sept
27%
21
18%
preferred
Mar
Jan
Sept
450
11%
9%
13
240
5%
4%
Penn El Switch conv A..10
Common
9
Apr
13
13
27%
21
*
May
Jan
9%
com.*
7
Feb
32
21
m
120
*
July
156
4%
«
7
Jan
50
50
10
Peabody Coal Co B com. .5
7
26%
National Pumps
Jan
10
27% May
37%
pretlO
Process Corp com
46%
Sept
Mar
6%
135% June
Nunn-Bush Shoe com..2**
Perfect Circle Co com
250
6%
Sept
10
-
Parker Pen Co (The) com
Jan
7
25
Jan
36
1%
80
4
.*
28
Feb
3%
2% June
3% Sept
33
Sept
28%
13
-
Sept.
Jan
30
142% 142%
27%
*
Northwest Bancorp com.
140
6%
-
Jan
15
Feb
140
1%
28%
Noblitt-Sparks Ind com..5
North American Car com20
N'west Utll pr conv
-
-
pref*
Northwest Eng Co cap.
5
Mar
3%
47%
National Standard com.. 10
Nat'l Union Radio com.__l
'
2
33
6%
*
Montg Ward & Co cl A...*
National Battery Co pref.*
Nat'l Pressure Cooker Co.2
9%
Aug
3%
3**
33
Momol Chemical Co com.*
Preferred
2 %
1%
1%
*
Modine Mfg Co com
70
2%
Miller & Hart conv pref..*
6%
Moores Coney A—
Wurlitzer
3
3
7% prior lien
7% preferred A
Jan
21
95
Manisehewitz
Nash..
U S Playing
*
Common
Conv
Jan
5
1
Common..
Stock
Jan
Jan
10%
26%
9%
P & G
Mlckelberry's Food Prod—
1C0
*
Lunkenheimer.
30%
June
100
Kroger
Jan
85
Jan
15
*
Feb
Sept
303
6%
108
15
—
.....
Aug
1%
92
170
103
Jan
Mar
15
com
1st pref
48%
19
350
3% Sept.
98% June
6% Sept.
*
Julian & Kokenge
July
1,500
25
*
Mar
July
22
4,100
3%
13%
14%
7%
*
4*4
33%
6%
320
1%
Jan
July
Sept.
*
47%
23%
3%
100%
6*4
87%
12
Hobart A
27
1%
3%
100%
6%
87%
100
46%
19%
8
10
Goldsmith
Mar
24%
1%
Feb
June
7%
25
*
24%
Marshall Field com
75
8
*
300
Lynch Corp com
.5
McCord Rad <fc Mfg A...*
8
8
100
July
Jan
8
.
Jan
4
800
5
63
111
*
.
Dow Drug
Eagle-Picher Lead
Jan
Feb
Jan
Sept.
35%
107
15
Feb
*
Jan
12%
Sept
50
Jan
13%
36*4
8%
June
2
100
8
50
Cin
16%
Jan
3% June
38% Mar
150
3%
23%
3%
*
800
4%
26%
4
J
•
7%
6%
2
46%
46%
109*4 109%
8
Cin Gas & Elec pref.. .100
50
Cin Street Ry:
Feb
19%
15%
60
*
Cin Advertising Prod.
13%
Sept
Sept
Sept
61
6%
*
Part pref
Lindsay Lt & Chem com. 10
Lion Oil Refining Co com.*
Loudon Packing com
450
16
14%
9**
Le Roi Co com
6%
46%
109%
.100
Preferred
6%
ox
High
6% Sept.
Jan
24%
6% Sept.
*
50
Apr
Leath & Co—
2
*
Champ Paper pref
Aug
16%
8%
9
750
Feb
55
25%
2
6%
*
29%
Feb
8X
Low
45
6%
25
25
8
27
26
Range Since Jan. 1, 1937
Shares
7
6%
6%
20
21
50%
300
Price
*
Mach
Sept
23
5
May
Baldwin
Sept
23
Ky Utll jr cum pref
Amer Ldry
7%
20%
2,750
Mar
49
7
10
20k
23
Aluminum Industries.
19% June
20% June
45% June
7% Aug
8% Sept
17% Apr
600
8%
7%
.
"
Par
Stocks—
Aug
Sales
Jan
111%
Aug
35
150
Aug
4%
compiled from official sales lists
Sept. 4 to Sept. 10, both inclusive,
19%
May
99%
vtc.*
Jarvis (W B) Co cap
1
Joslyn Mfg & Supply com 5
Katz Drug Co com
1
Kellogg Switch & Sup com*
Ken-Rad T & Lamp com A*
Iron Flrem Mfg com
Cincinnati Stock Exchange
Jan
13%
52 %
Illinois Brick Co cap
Apr
Mar
Sept
8
Hupp Motor com (new).-l
Feb
14
7%
7%
15
CINCINNATI
BLDG.
6711—Bell Sys. Tel. Cln. 363
100
7H
"15"
TRUST
Phone Cherry
Jan
11 %
Hein-Wern Mot Pts com.3
Hormal & Co Geo A com.*
UNION
Aug
7%
*
BALLINGER & CO.
Jan
8%
7%
.25
May
1,550
7**
Hibb Spencer Bart com.
Borders Inc com
and Ohio Listed and Unlisted Securities
Feb
20
Sept
1
Helleman Brew Co G cap
111
Trading Markets in
Active
Gardner Denver Co—
12
4%
Jan
1722
Financial
Steuffer class A
Week's Range
for
Sale
of Prices
Low
High
33
*
Troxel Mfg
Van Dorn Iron
*
Vlcbek Tool
*
Warren Refining
2
3
Weinberger Drug Inc
*
22
4
4*$
10
60
10
32*4
50
7*4
9*$
4*$
10*4
3*4
23*$
9
9
__1
Low
34
Feb
6
July
8)4
180
610
4
80
10
3
Aug
65
17)4
May
10*4
13*$
Jan
Sept
Sept
172
Stocks (Concluded)
High
Feb
15*$
Jan
5*|
Jan
July
26
Preferred.-!
|
.25
National Power & Light--*
1
Pennroad Corp v t c
Pennsylvania RR
50
_
50
50
680
1*4
20
2*4
727
2*4
8*4
3*4
3*4
30*4
DETROIT
150
31*4 June
Apr
425
4
Sept
5*4
7*4
610
6*4
Sept
15
1
June
105
4
Sept
85*4
7*$
13*4
S*g
9*4
Sept
20
5
4
1
10
10
*
41*$
40*4
41*$
34*4
32
35
United Corp com
*
Preferred.
Preferred
1,732
10
25
z38
lie
*$
4
4*4
35?$
12*4
1081$
Feb
Jan
Feb
Feb
Jan
400
Jan
45*$
Jan
29*4 July
'16
J*"
131
3*4
3*4
35*4
11*4
35*$
Aug
'
4*4
11*$
107
*
'«,«
Mar
200
4
*
United Gas Improve com.*
*4 June
1*4
534
3*4 Sept
3*4 Sept
7*$
Aug
Feb
2,112
33
32
8*4
Jan
46*4
17*4
Jan
114 %
Jan
June
10*4 June
6,448
102
332
June
Jan
Exchange
Sept. 10, both inclusive, compiled from official sales lists
to
Range Since Jan. 1, 1937
Last
Par
Week's Range
for
Sale
Stocks-
h. s. edwards & co.
Sales
Friday
of Prices
Low
High
Week
Price
Auto City Brew com
Allen Electric
%
lVs
12*$
24*$
3*$
Baldwin Rubber com.... 1
Burroughs Add Mach
*
Burry Biscuit com.._12*$c
Chrysler Corp
,_5
Consolidated Paper com. 10
com
"18"
25*4
3*4
97*$
2
395
14
2,847
714
1,120
2,221
18
18
100
18
3*$
6*$
1%
2
2
315
2
6*4
1*$
400
100
108*$
108
Detroit Gray Iron com
5
Detroit-Mich Stove com__l
"~W
Continental Motors com_l
Crowley Mllner
com
_____*
Cleve Nav com... 10
Detroit Edison
com
Detroit Paper Prod com__l
Detroit Steel Corp com
5
Federal Mogul com..
Federal Motor Truck
4*$
3
Goebel Brewing com
1
4
Graham-Paige
1
2*$
*$
w
com
Grand Valley Brew com__l
General Finance com
1
Hall Lamp common
Home Dairy class A
Hosklns Mfg
14*$
*
B
12*4
*$
3 Vs
20*$
Hurd Lock & Mfg com___l
Kingston Products com__l
10
Klnsel Drug com
1
Lakey Fdy & Mach com__l
Mahon Co R C "A" pref.*
com
Masco Screw Prod
com...
1
174
%
1
com
Michigan Sugar com
*
Micromatlc Hone com___l
Mid-West Abrasive
com
com
Packard Motor Car
5
1,530
5
4*4
100
960
17
175
for
Week
28
Feb
of Prices
Low
High
Feb
Allegheny Steel common.*
Feb
Arkansas Nat Gas com
21*4
19*4
*
18*4
21*4
8
Feb
Byers (A M) Co common..
Carnegie Metals
1
Clark (D L) Candy Co...*
15*4
2*4
16
Columbia Gas & Electric. *
Sept
4*4 Feb
2*4 Feb
57$ June
Jan
Feb
Devonian
22*4
27*4
Pfelffer Brewing com
5
4*$
4*$
1
7
10
4*4
2*4
_.*
*
*
2*4
1
1
Jan
Jan
120
26
185
5%
3*$
20*$
1,366
151«
5,6
4
34*$
4
516
630
200
910
1
4
1
1,715
1,330
850
4*$
Lone Star Gas Co
McKinney Mfg
*
Shamrock Oil & Gas
*
Feb
Aug
Standard Steel Spring
United Engine & Fdry
Aug
Vanadium Alloy Steel
*
Feb
674
9*4
5*$
6*4
_
Jan
26
Feb
622
18
Jan
130
10
24*4
14*$
Aug
25*4
Jan
June
Jan
Feb
Feb
50
July
1.25
Jan
35
Sept
58*4
Mar
46
104
Apr
1,583
9*4
225
166
1*4
53*4
7*4
2,887
4*4
650
32*4
114
.
105
14
62
610
75
22*4
18
5
20
14*4
4*4
72*4
Jan
6*4
4
32*4
14
Jan
12*4
10
Mar
50
Feb
Feb
27
114*4 M ay
12*4 Sept
Feb
16*4
Feb
147*4
19*4
Mar
29*4
Apr
19
July
15*$
Jan
Feb
Mar
Jan
Sept
100
22
June
35
45 *4
45
Sept
61*4
Mar
56
Sept
85c
47*4
54
Sept
Sept
Sept
Sept
Sept
Sept
Sept
5
29
45*4
110
5,190
5*4
29
85c
56
85
140
Jan
7*4
Jan
Jan
90c
100
Aug
1.25
Feb
37*4
32*4
134*4 137*4
514
32*4 Sept
132*4 May
56*4
163*4
Feb
180
3*4
70
3*4 June
6*4
Mar
90c
Jan
Feb
Jan
35
10*4
28*4
Feb
Mar
Unlisted—
Pennroad Corp v t c.
3*4
*
Jan
10
Feb
June
8
11
111
Mar
Feb
Sept
June
Sept
Bonds—
Feb
38*4
July
110
110
1949
81,000
108*4
Jan
Feb
Feb
9*$
8*$
35*$
1*4
7*4
"16
Sept
Pittsb Brewing 6%
st. louis markets
Mar
Feb
I. M. SIMON & CO.
Jan
Feb
Business Established
Feb
1689.
page
Aug
230
Enquiries Invited
Angeles Stock Exchange—See
July
1,500
18
1
*
Westinghouse Air Brake.
30*4
18*4
20*4
34*g
95c
20*4
West'house Elec & Mfg.50
Sept
*4
Victor Brewing Co.
Jan
Feb
Feb
Sept
4*4
2
14
"55"
Feb
10
110
118*4 121*4
13*4
12*4
5
July
4
8*4
3*4
3*4
1*4 June
July
32*4
6*4
Mar
10
9*4
2
53*4
6*4
*
5
Jan
Jan
13
June
Sept
4
Supply
Corp...*
Feb
Sept
20
Sept
,si6 Sept
800
Fuel
29*4
21*4
Feb
58
109
5
Mar
110
35
109*
Jan
70*$
12*4
37*4
85c
85c
*
Mesta Machine Co
June
4*4
19*4
4*$
2*$
6*$
34*4
4*4
2*4
845
H
Jan
Feb
Apr
Feb
Sept
20
Wayne Screw Prod com..4
com
13*$
3*$
6,125
2,864
Koppers Gas & C pref ..100
Feb
Sept
Sept
Sept
Sept
7*$
Jan
1
20*4
12*4
44*4
19*4
5*4
June
7
3
Harb-Walker Refrac com. *
26
17*$ Sept
9*4 Sept
7*| Sept
450
595
130
Fort Pitt Brewing
26
Pittsburgh Forgings Co..l
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.*
Plymouth Oil Co
5
Ruud Manufacturing Co.5
Sept
37
7,675
pref.
Feb
Feb
Mar
2
3*4
4*4
5*4
20*$
5*4
125
19
*
Pittsburgh Brewing pref..*
540
26
Follansbee Bros
Mountain
760
4*4
20*$
4*$
2*$
6*$
34*$
4*4
14
28
Electric Products
Nat Fireproofing
205
4*4
5*$
14
26
DuqUesne Brewing com..5
Feb
Jan
7
4*$
6
24*4
32*4
24*4
19*4
Jan
3*$
4
32*4
Feb
939
2,830
653
1*1
5
26
4*$
2*$
1
United Shirt Dist com...*
com.....
555
1,815
11*4
2*4
1*4
4*4
4*4
7$
2*4 June
900
2,796
10
2*4
Sept
Aug
7
26
com
17*4
10*4
8*$
38*4
16*$
4*$
200
1
3*4
4*4
Standard Tube B com____l
B
17*$
9*4
7*$
37*$
16*$
4*$
Oil
Feb
23
40
2,600
10*$
Sept
Sept
Sept
18*4
15*4
4*4
4*4
Mar
43
Sept
8
160
2*4
1*4 June
5$ Aug
100
200
Timken-Det Axle com..10
Univ Cooler A
1,895
2,310
Rickel (H W) com
2
River Raisin Paper com..*
Scotten-Dillon com
10
July
28
"is
7
*
U S Graphite com
22
3*$
24$
Prudential Investing com.l
Reo Motor com
5
Tivoll Brewing com
Tom Moore Dist com
100
2,776
High
Sept
Sept
53*4
10
Copperweld Steel
22
Feb
Low
28*4
5*4
235
10
7
100
"is
25
Blaw-Knox Co
174
8*4
29*4
1*4
9*4
1
30
8
Feb
«16 June
H
5*4
8
70
27$ Sept
*$ Aug
4*$ Mar
4*$ June
14*$ Sept
17*4 May
18*4 Sept
12*4 Sept
142
53*4
3*$ Sept
20*$ Sept
*$ May
4*$ Sept
1*$
*
100
Preferred
*
600
1S16
16*$
4*4
July
Armstrong Cork Co
2,200
400
Range Since Jan. 1, 1937
Shares
29
28*4
5*4
Feb
"l6
BA
4*$
25*4
1*4
Price
Jan
n*4
2*4
4*4
1,471
Par
Stocks-
23
1,000
22
Sales
Friday
Week's Range
18*4
13*4
340
Sept. 4 to Sept. 10, both inclusive, compiled from official sales lists
Sale
20
3*4
*
Jan
Last
18*4
12*4
Vs
3*$
20*$
54
2
17*4
9*4
7*$
*
Penin Metal Prod com_._l
Wolverine Brew
'
2
Parker Wolverine com...*
Warner Aircraft
300
Mar
Jan
Sept
Sept
4
1,390
3*4
............
10
com..
com
Univ Products
2*$
%
m
434
14*$
1
50c
com
Murray Corp
9*$
48*4
Pittsburgh Stock Exchange
Mar
Feb
Sept
9*4
48*4
1,500
2,999
4,100
Jan
Feb
3*$ May
Sept
17
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Mar
10
Sept
1*$
510
1014
49*$
4*$
3*4
25
McClanahan Refln'g com.l
Motor Wheel
250
5
Pttb-391
Tel
BROADWAY, NEW YORK
11
20
com
Houdaille-Hershey
Hudson Motor Car com..*
McClanahan Oil
1*$
18
4
*
*
444
17
48*1
10
com
311
1*4
17
General Motors
520
6
Sept
3*$
11*4
37$
145*$
A.T.&T
Jan
Mar
22
1*4 Sept
3*4 Sept
4*$ Sept
1S*$
Jan
15*$ Sept
725
875
16*$
Aug
Sept
108
400
20
5
Freuhaul
com.
1*4
3*4
5*4
15*$
*
Frankenmuth Brew com.l
Gar Wood Ind
1*4
3*4
4*$
6*$
1*$
600
143
110
20
20
*
com
6*$
1*$
July
Sept
120
Feb
15*4
PITTSBURGH, PA.
BLDG.,
Oourt-6800
Tel.
July
35
7*$
132*4
BANK
Feb
2*$
3
York Curb Exchange (Associate)
j
High
*4 Sept
1*$ Sept
9*4
Jan
22*4 June
3*$ Sept
97*$ Sept
1,700
74
17$
13*4
24*$
3*$
97*$
I Pittsburgh Stock Exchange
Momhara
Members
Low
Shares
UNION
Los
Apr
Mar
Feb
4*4
1*4
4*4
13*4
..50
Jan
5*4
50*4
117*4
4
*
Union Traction
Apr
Feb
Sept
10894 June
30
4
Scott Paper
Chicago Stock Exchange
Exchange
2*4 June
8*4 June
3*4 Sept
Aug
Mar
544
34*4
114*4 115*4
32*4
31*4
5*4
1*4
preferred
Sept
9Mi Sept
1*4 May
6.843
3,176
3*4
30
"32*$"
High
14*4
24*4
4*4
5*4
14*$
6*4
520
10
Salt Dome Oil Corp
Telephone: Randolph 5530
Parke-Davis
11*4
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
Tonopab Mining
1
New York Curb Associate
Buhl Building
Kresge (SS)
300
1*4
_*
.
7*4
Reo Motor Car Co
Members
Det
6*$
9*4
1*4
2*$
8*4
Low
Shares
High
Phil & Rd Coal & Iron
watling, Lerchen & Hayes
Sept. 4
Low
Price
10*4
7%
Detroit Stock
Week
50
Lehigh Valley
Phlla Rapid Transit
Detroit Stock
for
of Prices
Lehigh Coal & Navigation *
Phlla Electric Pow pref. .25
Exchange
Week's Range
Mitten Bank Sec Corp..25
Apr
Mar
14
Feb
1
Par
Phila Elec of Pa $5 pref
New York Stock
Range Sinee Jan. 1,1937
Last
Sale
Shares
33
7)4
Upson Walton
Jan.' 1, 1937
Week
Price
Sales
Friday
Range Since
Last
Par
Sept. 11, 193 7
Sales
Friday
Storks (Concluded)
Chronicle
1874
on
all
Mid-Western and Southern Securities
MEMBERS
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
New York Stock Exchange
St. Louis Stock Exchange
Established 1874
315 North Fourth
DeHaven
& Townsend
St., St. Louis, Mo.
Telephone Central 3350
Members
New York Stock Exchange
St. Louis Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
1513 Walnut Street
Sept. 4 to Sept. 10, both inclusive, compiled from official sales lists
NEW YORK
30 Broad Street
Sales
Fiiday
Range Since Jan. 1, 1937
Last
Stocks—
Par
Week s Range
for
Sale
of Prices
Week
Price
Low
High
Philadelphia Stock Exchange
Sept. 4 to Sept. 10, both inclusive, compiled from official sales lists
Range Since Jan. 1, 1937
Last
Par
American Tel & Tel
—
Baldwin Locomotive.
of Prices
Low
High
Week
Price
*
American Stores.
for
Sale
Stocks—
Week's Range
14*$
160*$
.100
*
.
-.10
Barber Co.
Am
-
-
-
-
-
Bell Tel Co of Pa pref. .100
Budd
(E G) Mfg Co..
Budd Wheel Co
Chrysler
7*4
*
6*4
...5
Corp
Curtis Pub Co
*
com—
*
Electric Storage BatterylOO
..10
General Motors
8
33*$
....
Horn &Hard (Phila) com.*
For tootnoteB set: page 1724
14*$
15*$
160*$ 167*$
37$
37$
28%
25
115% 118
7%
8*$
6
7*$
967$ 103*$
8
8*4
33*$
35
49*$
53%
111
111*$
Shares
734
716
Low
14
Aug
160
231
112
636
7*4
545
6
May
June
Sept
26*$
187*$
Feb
Low
High
30
Sept
July
20
174
Burkart Mfg com
E L Bruce 3*4 pref
1
30
30
34*$
195
48
48
127*4
Mar
100
Columbia Brew
Pepper
4*4
35
6
3*4
*
com
com
29*4
27*4
Falstaff Brew
Jan
Feb
Feb
Huttig S & D
Preferred
com.
3*4
25
Jan
July
9
Feb
40
May
Aug
6
Mar
Jan
48
Feb
40
27*4
July
32
Feb
4
99*4
Jan
106
Apr
Mar
8
Jan
11*4
188
30
2*4
Sept
Sept
40*4
200
18
20*4
447
16*4
Jan
5
14
15
235
13
June
100
85
85
2
75
June
25*$
25*4
1*4
17*4
Feb
July
Hussmann-Ligonier
70*4
130
102
25
80
305
com
*
com .*
Hyde Park Brew com
10
Hydraulic Pres Br com 100
8*4
30
2*4
18
8*4
30
2J$
1*4
9*4
Feb
49
1,810
Griesedieck-V est Br
Hamilton-Br'n Shoe com.*
44*$
35
3*$
30*4
27*4
25
AUg
37
2*4
Jan
Feb
20*4
102
4*$
32
Aug
25
49*4
33*$
1
com
14*$
13
48*4 June
35
42*4 Sept
30
Sept
48
Sept
4*4 Sept
35
Sept
Mar
33*$ June
July
305
44
43
378
110
24
Ely & Walker D Gds com25
2nd pref
100
1,980
8
23
42*4
Jan
Feb
947$
23
42*4
11
Mar
30
10
*
com
Dr
1345$
267
30
*
American Inv
Jan
July
Sept
1,065
30
20
o com
Chic & Sou Air L pref
10
Coca-Cola Bottling com..l
High
1597$ June
37$ Sept
23*4 Sept
100
l
Brown Shoe com
Sales
Friday
A S Aloe
Shares
170
84
1
Apr
6
Feb
23
July
20*4
Feb
90
Apr
26
,
AUg
3*4
Jan
Volume
Financial
145
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Sale
Shares
Stocks
High
Low
399
41%
Feb
1
Rheems Mfg Co
41%
41%
*
*
Laclede-Chrlsty CI P com *
11
10
11
160
10
Sept
18
18
75
14
July
21
AUg
Jan
22
Mar
Safeway Stores
com
Knapp Monarch com
Laclede Steel
"15 %
15
17%
512
14%
85
23
Sept
32%
Mar
5
42
Sept
58
Mar
17
Feb
22%
Mar
16%
17%
383
16 %
Sept
26%
Mar
10
10
10
210
10
Sept
13
Aug
60
7
June
13%
Mar
So Pac
12
18
8%
19
*
Natlonal Oats Co com
"~50c
1st pref
19
50c
50c
9
Nicholas Beazley Alrp com5
Rice-Stix Dry Goods com.*
St Louis Bk B1
8%
8%
9
11
11
11
Sept
18 %
Mar
Standard Oil Co of Calif..*
38%
38%
40%
2,188
38%
114 &
July
Sept
Sept
117 Hi
Sept
Super Mid Corp of Calif. 10
16
16
18
409
15
Jan
s%
Feb
Inv Corp
*
Thomas-Allec Corp "A".*
Tide Water Assd Oil Com*
39
39
43%
340
39
46
1%
1%
1%
60
18
Sept
Sept
16%
16%
17%
339
16
June
21%
pf 100
93
93
93
10
90
May
98
15%
13.530
13
Sept
Sept
16%
28%
4%
11
"B"
Jan
16
12
Sept
Scruggs V-B Inc 1st preflOO
Preferred
100
Telephone
June
55
41
27
19
Jan
150
117% June
724
37%
128
49 %
Corp 82...*
Union Oil Co of Calif...25
13%
13
21%
21%
23%
2,721
Union
Co Com..25
19%
19%
21%
1,602
18
Oil...10
10%
10%
14
2,092
1,833
10%
Sugar
Consol
28
27%
28%
June
36 %
25% June
34 Hi
26
1,000
7,000
Agricultural Co 20
Fargo Bk A U T.100
Waialua
Wells
Western
Pipe A Steel Co. 10
Rights
*
Co.
&
Dean Witter
14%
16
637
43
43
20
43
300
300
300
5
300
25
25
25
1,117
25
133
San Francisco
Tacoma
Seattle
Sacramento
Oakland
Stockton
NewYork
Portland
Fresno
Honolulu
Beverly Hills
220
5%
5%
MONTGOMERY
Exchange, SanFranciscoStock Exchange, Chicago Board ofTradt
NewYork Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock
6
43
5%
Feb
Feb
5
Feb
June
Aug
Feb
14%
5%
24
Feb
Sept
Sept
Sept
Sept
Sept
19
July
9%
July
17%
July
Jan
75
Feb
350
Sept
Sept
Mar
40%
July
7
STRASSBURGER & CO.
Private Leasee/ Wires
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock
7%
21% June
Apr
14%
5
Pref
Jan
Jan
6
6%
Com__l
Victor Equipment
28
27%
Sept
21%
Feb
Transamerlca
Mar
Bonds—
tUnlted Ry 4s c-d's.
% June
Aug
Mar
29 Hi
Sept
Td Wtr Assd O $4%
Apr
35
June
445
Universal
tUnited Railways 4s..1934
Feb
7%
83
123%
Jan
Feb
49%
100
Sept
37 %
1
200
Sept
122
Aug
Aug
12
%
7%
12
37%
Mar
2%
%
85
155
122
65%
7%
75
15
Aug
Sept
% June
%
10
*
pf 100
30%
34
1,000
7%
20
Southwest'n Bell Tel
100
350
1%
*
12
Wagner Electric com
30%
34%
1
Spring Valley Water Co..*
75
24%
30%
34
Feb
12
29
Sept
Mar
75
21
June
59%
30%
2
15
29
105%
29
10
21
Feb
120
Jan
Feb
9
7
May
Apr
40 '
Aug
St Louis Scr A Bolt com.
29
103
4,508
Sept
St Louis Car com
Scullin Steel pref
114
20
59%
117
42
50c
50
100
117% H9>4
4%
4%
100
Equip com *
10
104% 104%
10%
3% May
Jan
42%
34
.5
"A"__*
Golden Gt
6%
2
31%
30%
Sou Calif Gas 6% pref. .25
Southern Pacific Co... 100
15
100
19% June
Sept
Sept
Sept
Sept
1
17
16%
25
100
117
42
Midw
•
6,185
31%
104%
Mo Port Cement com.-.25
Plp'g A Supply com.
Natl Candy com
-.*
8
2
2
31%
High
Low
14
117
S J L A P 7% pr pref...100
Shell Union Oil pref... 100
Soundvlew Pulp Co
Meyer Blanke com
4,985
17%
6%
6%
Range Since Jan. 1, 1937
for
Week
Shares
High
14
2
24
.
42
*
*
31%
Warrants
42
23
23
20
com
McQuay-N orris com
16
14
Richfield Oil...
International Shoe com..-*
Low
Price
Par
Range
of Prices
*
Jan
49%
Sept
(Concluded)
43
Key Co
Week's
Last
1 1937
Range Since Jan.
Last
(Concluded)
Sales
Friday
Sales
Friday
Stocks
1723
Chronicle
STREET
FRANCISCO
SAN
Exchange
(Since 18S0)
Los Angeles
long Beach
Members: New York Stock
Exchange—San Francisco Stock
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Ppsadena
Direct Private Wire
Francisco Stock Exchange
San
Last
Sale
Par
Stocks—
Price
Week's Range
of Prices
High
Low
Alaska Juneau Gold Min 10
10%
10%
10%
Anglo Cal Nat Bk of S F.20
Assoc Insur Fund Inc
10
21
21
24
3%
10%
3%
10%
13
5
Atlas Imp Diesel Eng
A..80
Bank of California N
__--5
Bishop Oil Co
Byron Jackson Co
*
20
Calamba Sugar com
...20
preferred
7%
Calaveras Cement com...*
Calif-Engels Mining Co..l
Calif Cotton Mills com. 100
Corp com..*
50
Calif Packing
Preferred
Caterpillar Tractor pref 100
Claude Neou Elec Prods.. *
210
7%
22%
26%
21%
6%
%
19
30%
62%
103%
8%
Clorox Chemical Co
10
41
Cst Cos G A E 6 % 1st
pf. 100
102
26%
21%
6%
%
210%
7%
24%
28
21%
6%
%
preferred
Sept
15%
Feb
Sept
31%
Feb
7%
Mar
3%
Sept
10%
Sept
25
Jan
July
130
194%
725
250
6%
22%
26%
21%
6%
June
Sept
1,500
%
Jan
1,204
395
200
19
32
763
30
52%
60
50
102
102
8
8
9
35
35
41%
6
19%
94%
20
195
30
35
8,848
Mar
39
June
12%
80
80
com—10
.2%
36
36
43
894
36
4
275
60
35
35
35
48%
48%
13
11
53%
13%
14%
5%
10%
Gladding McBean & Co..*
Golden State Co Ltd
*
10%
5
5
*
14
14
14
Hancock Oil Co
*
23
23
23
Hawaiian Pineapple
5
30
30
10
Hale Bros Stores Inc
760
1,450
35
10
805
930
995
2,083
150
100
483
10
40
40
40
*
28
28
28%
340
Honolulu Plantation.—20
30
30
30
100
10
2
2
2
240
4%
4%
5
408
Home F A M
Honolulu Oil
Ins Co
Corp Ltd
...
Hunt Bros A com
,.10
Preferred
...
LeTourneau R G Inc
....
2
May
4% Sept
20
12
July
2%
36%
Sept
Sept
29
29
29
Sept
1
10
10
5%
1%
18%
106
6%
1%
18%
19%
18
18
9%
Natl Automotive Fibres..*
25
1%
18%
483
1,399
9%
5%
Sept
755
1%
Sept
147
40
23
2,827
18
9%
10%
25
25
June
2,530
1,325
106
106
19%
pref..100
20
1,404
150
17
Jan
June
103% May
19% Sept
18
9%
25
Aug
Sept
Sept
*
9
9
1,045
9
Aug
100
20
20
20
100
20
..100
100
82
82
82
20
82
70
70
70
23
60
Sept
Sept
Sept
Company
No Amer Inv com
9%
'
13%
22%
13%
14%
1,715
*
22%
22%
150
*
Nor Amer Oil Cons
8%
8%
10%
1,669
10
Oliver United Filters A
B.
12
15
Paauhau Sugar
Amer Fisheries
5
16%
11
23%
Jan
Mar
96
Mar
Mar
Mar
12% May
18
Jan
22%
16%
20
6%
7%
8%
27%
4,035
26%
300
24
June
31
15%
120
15%
80 X
80%
10
80%
Sept
Sept
25%
95%
4.50
4.50
50
4.50
Sept
8.00
33c
100
25.
Aug
50c
7%
38
Aug
82c
Feb
40c
Jau
1.90
Mar
1.10
1.10
40c
Jan
1.90
Mar
2%
2%
1,300
3,770
2%
Sept
1%
1X
2
1,095
70c
Jan
40c
55c
300
40c
Sept
4.25
4.25
100
3.00
Mar
5.25
"l2%
12%
14%
190
12%
Apr
4%
5%
911
4%
8%
14%
14%
60
14%
Sept
Sept
Sept
Sept
Sept
17%
4%
Mar
Jan
"46 %
80
525
75
5%
Jan
3% Mar
2.50 Mar
28%
64%
Mar
29%
Aug
79
July
Sept
225
21
41%
115
35
71c
70c
88c
7,650
23%
Feb
Jan
48%
Mar
Sept
1.60
Mar
June
17%
Mar
Apr
7%
Jan
80c
1.85
Mar
8
15%
Feb
1.25
Mar
7%
Mar
70c
11
10
3.60
45c
3.00
Sept
Sept
42c Sept
3.00 Sept
Motor..1
22c
20c
1
30c
30c
80c
80c
94c
1,825
8%
8
8%
135
42c
50c
4,370
3.00
3.95
4,945
24c
39c
4,150
29,150
3.50
3.50
100
51%
8%c
53%
75
8%c
9c
1,410
15%
100
8%
36%
100
36%
15%
8%
36%
1
20
32c
32 c
32c
400
32c
40 %
40%
40%
0%
50
40%
Sept
50
400
Sept
18%
Aggreg-.IO
2.20
2.40
2.65
7,121
2.15
July
4.15
92c
92c
92c
200
92c
Sept
1.80 May
Kinner Airpl A
5
1
20
Pete
Pacific Coast
Tm
8
8
52
50
72c
30c
Sept
63c
Feb
2.00 June
3.50
Sept
68%
17%c
28%
17%
Mar
51
8
Sept
9.50
Feb
34% Sept
22% May
24Hi June
41%
Jan
32
Mar
140
26% June
32%
28%
29%
1,341
3.50
3.00
3.65
285
34%
22%
26%
27%
35%
24%
26%
27%
25
25
_.--25
pref..
6% pref
"22%
26%
27%
10
20
922
25% Sept
7% June
3.00
S P Gold Gt Fer 6% pf 100
13
15
45
10
June
44
Standard Brands Inc
10%
11
130
10%
Sept
16%
4,850
95c
Sept
2.70
Stearman-Hammondl.25
"T.io
95c
1.40
399
40%
Sept
53%
105% 106%
4%
6%
100
103%
May
879
4%
Sept
816
19%
June
142%
230
135%
June
3
3
110
10
10
180
10
20
70
2,035
52
20
*
140
140
*
*
-.100
3
10
70
70
70
52
52
66
11,088
2%
1%
2%
1%
3%
5
5
6
2,340
5
36
36
36
60
36
July
Sept
Sept
Sept
Sept
Sept
Sept
107
8%
24
152%
5%
18%
89%
Jan
Jan
Schwabacher & Co.
Members New
Jan
York Slock Exchange
Jan
111 Broadway,
Jan
New York
Jan
Cortlandt 7-4150
Jan
Jan
89
Aug
4%
13%
Aug
50
Apr
Feb
Private wire to own offices in
Santa
Barbara
—
Del
Monte
Jan
Feb
25%
11%
Edison
Feb
12%
37%
12%
25%
8%
Shasta Water Co com
Mar
Sept
265
m
7
Jan
Jan
Feb
7
7%
25%
Radio Corp
82c
Feb
20
Pioneer Mill Co
44
60
of America
Schumacher Wall Board—
Packard Motors
July
Mar
Mar
July
50
100
May
8%c Sept
15% Sept
8% Sept
34% June
46
400
50
Pac Ptld Cement pref..
Feb
10c June
Jan
40%
Feb
27
Jan
775
Mar
19%
66% May
Jan
32%
27%
July
20c
Jan
Mar
Mar
Feb
7,600
1,740
z
Feb
2,600
5.25
5%%
Jan
Aug
20c
11%
Calif
13%
Jan
Feb
Mar
1.35
4.65
So
13
20c
11%
Pacific Dist
i
29%
Feb
Mar
1.10
1.20
4.65
Mar
Mar
15
6%
11%
z
9%
16%
"~7%
80 %
'
18%
165/s
22%
Occidental
13
6%
16%
41
Pacific Clay Proaucts
Feb
33
4%
5%
21
Onomea Sugar Co..
Jan
102%
100
4%
41
z
Jan
Jan
38%
13% May
Feb
44%
Feb
13%
13%
21
Holly
Oahu Sugar Co...
Jan
28
5%
24
14
74
No Amer Aviation...
Feb
108
11%
20
5%
13 %
23%
Nasli-Kel vinator
Feb
16%
16%
Pacific Tel A Tel com..100
5
Sept
Sept
Sept
Sept
Sept
Sepi
Sept
700
5%
4.00
5%
49
Montgomery Ward & Co..
Mountain City Corp.._ 5c
Feb
45%
16%
7%
4.00
Feb
Jan
6.00
4.25
19 X
Consol
Monolith Ptld Cement
Jan
42
27 %
340
69
M J & M & M
Mar
16%
4%
28
11
20
1
25
June
20%
46 %
z
Feb
Sept
Sept
Sept
Sept
220
20
For footnotes see page 1724.
8
12% May
12
'
Feb
22%
8%
,
Jan
28%
25%
105%
Preferred
Mar
Sept
Feb
19
19%
60c
Idaho-Maryland Mining. 1
z International
Cinema. .1
International Tel A Tel—
Italo Petroleum
...1
Preferred..
—1
Jan
28% June
6% preferred
*
Pac Pub Ser(non-vot)com *
Rights
Aug
1,458
40%
Rainier PAPA (new)
27%
53%
44%
36%
33%
4%
Feb
3,344
40%
pref
Feb
Jan
97c
19%
-.20
Co
20
Development..._l
Honokaa Sugar Co
,20
Apr
22
Aug
186%
7,250
69
z
85c
Apr
Sept
432
66c
20
—
Hawaiian Sugar
Jan
Sept
160
167 Hi
60c
General Metals..——Preferred
Feb
40c
1,330
40c
160
Grt West El Chem com...
General Electric Co.....
z
Mar
70%
18%
31%
8%
16%
*
5
40
-
1
5
Corp
Electric Bond & Share
Mar
30%
16%
28%
29%
26%
Pacific Lighting com
7
29%
29%
26%
29
25
Mar
220
...25
—25
Pacific G A E com
Republic Petroleum
Jan
80
Marchant Cal Mach com .5
6%
July
Sept
136
Meier Frank
Plg'n Whistle pref
37
26%
29%
300
Market St Ry pr
Ry Equip A Rlty com
34% July
48% June
11
Sept
10% Sept
5
Sept
14
Sept
21
May
30
Sept
2%
39%
33%
12%
6%
*
Magnin A Co I 6% pref 100
(Non-voting)
Mar
13
I Magnin A Co com
5%% pref—
57%
21%
2%
Magnavox Co Ltd
6% 1st pref
Sept
Sept
12%
2%
36%
*
Lyons-Magnus Inc A
Pacific
Jan
20
10
Leslie Salt Co
5%% preferred
96%
12%
2%
36%
*
*
BakB
6% preferred
Sept
June
1
Consolidated Oil
Curtiss-W right
Feb
60c
160%
Columbia River Packer—
Mar
Feb
50c
55c
—
Claude Neon Lights
Mar
1
Langendorf Utd Bak A
Natomas
3%
Cities Service
Jan
24%
47%
19%
20
15
Hutch Sugar P
Lockheed Aircraft
;
27
2.50
Jan
52c
10c
1
Preferred
Coen Co's Inc A...
'
Jan
6c
1,800
1.15
10c
2%
1
1
Cardinal Gold
z
Sept
18
1927.100
pref
Central Eureka
Mar
9
180
10
z
Feb
45c
250
10c
1.15
Carson Hill Gold
Apr
50c
1.25
15c
High
Jan
10c
15c
33c
Calif Pac Trading
Apr
59
395
com..*
25
108%
Sept
Low
1,000
15c
Calif Art Tile A
Calif-Ore Pow 6%
Apr
17%
13
General Paint Corp
Mar
Sept
Sept
Sept
Sept
85
Galland Merc Laundry _..*
z
6% May
7%
20%
15%
41
3%
Bunker Hill &
Week
15%
1
Sullivan..10
Bancamerlca-Blalr
Feb
35
12%
General Motors com
46
Aug
260
12%
3%
106%
Jan
Shaies
Price
American & Foreign Pow..
Mar
1,200
80
Foster & Kleiser com.
56
Corp com
5
Aviation Corp
.3
Amer Radiator & Std Sani*
Feb
9
22%
Range Since Jan. 1, 1937
for
of Prices
Low
High
Atlas
Aug
38
39
Food Mach Corp
104%
12%
Jan
Mar
Sept
15%
20%
53
Mar
Mar
8
40
*
Sept
Sept
May
May
Sept
Mar
615
4%% cum pref w w._50
Emsco Derrick & Equip. .5
Fireman's Fund Insur
25
Works
Sept
Feb
Mar
z
92
520
Emporium Capwell Corp. *
OH
34%
32%
23%
12%
1%
46%
48%
5% June
16% Sept
685
7%
20%
15%
Eldorado
10
Jan
Sept
101%
8%
39% June
101% May
1,080
5
Alaska-Tread well
25
Alaska-United Gold...—5
Anglo Amer Mines—
American Tel & Tel
100
American Toll Bridge
1
Anglo National Corp
Argonaut M ining
5
Arkansas Natl Gas A
Alaska-M exlcan
Feb
214
52
92
7%
10%
Par
Stocks—
Week's Range
Sale
21
1,000
1,707
1,158
2,236
260
Sales
Last
30
103% 103%
8%
8%
41
43%
Exchange
compiled from official sales lists
Friday
High
Low
23
92
Co
Dornbecker Mfg
for
Week
Shares
19
com...10
100
Di Giorgio Fruit
Range Since Jan. 1, 1937
425
*
Corp com. ..5
Preferred
$3
7
22%
40%
5%
16%
Creameries of Amer Inc..*
Crown Zeller
210
4
40%
6%
16%
Cons Chem Indus A.....*
Sept. 4 to Sept. 10, both inclusive,
Sales
Friday
Francisco Curb
San
official sales lists
Sept. 4 to Sept. 10, both inclusive, compiled from
San Francisco — Los Angeles —
—
Hollywood — Beverly Hills
Jan
Jan
Jan
Jan
Jan
Jan
Ma
1724
Financial
Last
Week's Range
for
Sale
Par
Sept. 11, 1937
Sales
Friday
Stocks (Concluded)
Chronicle
of Prices
Low
High
Stock
Week
Price
Toronto
Range Since Jan. 1 1937
Shares
Low
Exchange—Curb Section
High
Sales
Friday
Studebaker
-
-
-
_
...1
Title Guaranty pref.
105
335
10
1.25 .'*■1.60
850
42%
18%
B
Texas Consol Oil
10
11%
42%
18%
10
10%
42%
-
Superior Ptld Cement A..
z
106
106
Stocher Taung..
1.50
21%
4%
United Corp of Del...
U S Petroleum
51
21%
4
25%
4%
49
Feb
21
Sept
80
Mar
Sept
29%
8%
Aug
110
4
Mar
3.75
Sept
Feb
Jan
1.25
1.40
3,450
1.25
Jan
2.90
Feb
97%
99%
700
77%
Jan
126%
Mar
2.75
U S Steel com
2.75
2.75
100
2.75
Aug
3.00
Aug
11%
11%
13
525
11%
Sept
15
15
150
15
1
1.25
100
.....
-
Utah-Idaho
...5
Warner Brothers
-
18
Feb
21%
Jan
Par
Stocks—
two-for-one basis
Cash sale
c
March
on
a a.
M. Castle <fe Co. split
Apr
ts common stock
on
b Ex-stock dividend.
d Stock Bpllt up on a
rCash
2
paid Sept
Included
sale—Not
*
7%
8
185
Canada Bud
*
8
8
8
35
7%
Canada M altlng
*
36
36
*
18%
1
1.65
Canada Vinegars.
Canadian M arconl.
...
Canadian Wirebound
Central Manitoba
Id
8 %c
18,900
125
37%
1
19%
18
1.95
6,360
23%
115
5c
5%c
July
12
Jan
Sept
10%
Apr
Jai
14,500
5c
High
June
38%
Feb
21
Feb
34
156
1.55
23%
*
17
21c
July
1.50
June
Feb
Jan
3%
22% June
25
Jan
5c
June
31c
10.00
Mar
4.00
570
3.00
June
l%c
l%c
l%c
500
lc
Aug
3%c
*
17
16%
17
120
Feb
22
June
12
11%
16%
12%
11%
Sept
19%
May
Consolidated
—1
Press
range
for
year,
Ex-dlvldend.
t
Ex rights
v
20
47
Sept
93%
21
89
Jan
95%
Mar
2%
150
Jan
2%
Sept
65c
2%
1%
60
Feb
*
55c
15,675
65c
*
41%
41%
44%
179
41%
Sept
58%
35%
35
37
305
29
May
43
_
_
.
99
99
5
97%
July
99
*
*
"28%
28%
39
105
9%
12
245
28%
9%
Sept
Sept
47% June
18%
Apr
80
25
Fraser voting trust
Hamilton Bridge
55c
SO
100
Preferred
*
60c
*
8
_*
21
24%
30
Preferred
Howard Smith
60c
3.60
Feb
8
Feb
Apr
Aug
Sept
9H
50c June
70
11
Apr
63
100
24%
Honey Dew
Foreign Stocks, Bonds and Coupons
47
91
2%
Found & Steel
.
Jan
*
.—100
Dalhousle Oil
Preferred
7,453
Feb
47
"91"
—
Dominion Bridge
Dom
t Company In bankruptcy, receivership or reorganisation
3.50
3.75
5
Coast Copper
Crown Dominion Oil._
1, 1936
t In default
Listed
Low
Bruck Silk
Corrugated Box pref—100
*
two-for-one basis.
Stock dividend of 100%
0
Range Since Jan. 1 1937
Week
3 %c
5
6c
7c
Consolidated Paper
1937.
9,
Shares
Price
»
Brett Trethewey.,
Cobalt Contact
No par value,
for
of Prices
Low
High
*
Consol Sand & Gravel pf 100
West Coast Life Ins... ...5
*
Week's Range
Sale
Feb
51
5
Last
Aug
21%
250
...
14%
42%
25
51
__
United Aircraft
106
Sept
17
May
1.25 Sept
10
May
Sept
Apr
1.75
Jan
Apr
15
Apr
29
July
150
18%
Feb
6,620
*
*
24%
24%
Sept
41%
Feb
Humberstone
28
29
120
28
Feb
*
10
10
13%
250
10
Aug
Sept
32%
Inter Metals A
100
90
90
98
295
90
Sept
Hudson Bay M A S
Inactive Exchanges
Preferred
;.
...
_
.
.
1
Kirkland Townslte
1
Malroblc
WALTER E.
St., N. Y.
Montreal L H A P
*
National Steel Car
Tel. HAnover 2-5422
*
1
Oil Selections
Anhalt 7s to
Antloqula
____1946
8%
1946
Argentine 4s
1972
Bank of Columbia 7%
Bank of Columbia 7 %
1947
1948
Barranqullla 8s'35-40-46-48
Bavaria 6 %s to
Bavarian
28~"
/25
t—
/22
f22
24
/24
26
95
24
1945 fnl8
Palatinate Cons
8s
1945
(Republic) 8s. 1947
7s.
1958
7s
1969
/15
/8
08
Ilseder Steel 6s
17
Jugoslavia 5s Funding 1956
J ugoslavla 2 d ser 5s.
1956
8%
Nov 1932 to May 1935
Nov 1935 to Nov 1936
(Germany) 7s 1935 fnl8
6s
1940 fn!8
British Hungarian Bank
7%s
1962
W
Brown Coal Ind Corp—
1953
/n65
(Brazil) 8s
/12
13%
.1947
/9%
11%
Magdeburg
7s assented
Chilean Nitrate 5s
1968
/16
/16
/69
1953
Colombia scrip Issue of *33
Issue of 1934 4%... 1946
/89
/62
/76
Cordoba 7s stamped. .1937
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 %s '49
5a
1949
/26
/28
/28
Cundlnamarca 6 %s
1959
/H
Dortmund Mun Util 6s '48 fn 18
Duesseldorf 7s to
1945 fnl 8
Dulsburg 7 % to
63
81
29
East Prussian Pow 6s. 1953
(A & B)
Mtge
7%
.1948
1947
31
32
Porto Alegre
1968
12%
Protestant
7s
French Nat Mail SS 6s '52
Gelsenklrchen Min 6s. 1934
7%
86
.
bank
Funding 3s
1946
July to Dec 1933
/ral9
Salvador
German scrip
German Dawes coupons:
Dec 1934 stamped
Santander (Colom) 7s.1948
6%s
(Brazil) 6s
..
1943
(Austria) 8s
1954
.1960-1990
Guatemala 8s
1948
6%
2tes
17
40
45
100
*
1.50
5
1.50
25
Feb
Jan
62%
3%
Jan
5.00
Sept
Feb
Bid
Ask
Par
*
15.71
16.71
1%
7.45
8.30
Fund
lnc
23
*
24%
.97
Shares,50c
1.07
11
Corp
-
1
Keystone Cust Fd lnc B-2
-
Bid
As*
44
47
12.95
13.74
27.91
30.47
.99
Series B-3
18.28
20.05
Series K-l
12
.88
Invest Co. of Amer com. 10
Investors Fund C
20.44
22.32
Series K-2
15.34
16.78
23.75
5%
6
Series S-2
21.68
6%
3%
7%
Series S-4
8.68
4
4.30
-
20.21
Major Shares Corp
9.62
21.61
*
2%
Maryland Fund Inc__.10c
-
8.00
8.77
1
24.39
25.88
10
13.79
15.07
4.17
4.27
Mass Investors Trust
Canadian Inv Fund Ltd__l
4.05
4.45
6.46
6.71
/86
Central Nat Corp class A. *
Class B
*
National Investors Corp..
New England Fund
1
16.09
17.30
/30
Century Shares Trust
/30
/98% 100%
n30
/44
/44%
/20
38
40
4
6
*
23.72
25.51
Commonwealth Invest—1
Consol Funds Corp cl A.l
4.60
4 92
Continental Shares
14
pf. 100
Corporate Trust Shares. .1
Series A A
1
7%
9%
2.62
----
2.51
1
3.16
1
3.16
10
28%
48
Crum & Forster
22%
8% preferred
100
Crum & Forster Insurance
Common B shares
-10
7% preferred
100
Cumulative Trust Shares. *
111
Deposited Bank Shs
22%
_
30%
28
/20
22%
88
11%
/
10.14
Electrical
-
9.93
13.02
14.05
11.03
11.91
9.92
10.72
Railroad
equipments—
Steel
12.61
13.61
56%
60%
2.45
_
-
-
Series 1955
1
~
-
M.
-
Series 1956...
1
57
1946
1955
75
1947
/10
4s
1936
1946
4s
2.00
3.15
Northern
100
73
B1
2.92
Pacific Southern Inv pref. *
Class A
*
9%
3.50
4.30
1
6.45
7.15
25c
1.63
1
Securities
Wurtemberg 7s to..
1943
.1945 f»19
15
Eqult Inv Corp (Mass)-.5
Equity Corp conv pref
1
31.96
Fidelity Fund lnc
23.85
Fiscal Fund lnc—
Bank stock series
*
35
38
2%
.64
.75
Quarterly lnc Shares
15.19
16.65
Representative Trust Shs.
11.66
12.16
Republic Investors Fund..
34.34
25.68
*
1.05
Royalties Management.. 1
%
%
12.13
13.22
Selected Amer
Shares.2%
10c
3.06
3.43
Selected
Insurance stock serleslOo
Fixed Trust Shares A
10
B
10
3.45
3.89
11.15
Sovereign Invest lnc
Spencer Trask Fund
9.15
-
-
-
-
Income
Shares-
*
Standard Am Trust Shares
4.30
4.60
Fundamental Investlnc_.2
Fundamental Tr Shares A.
20.39
21.63
State Street Invest Corp.*
5.50
6.13
Super Corp of Am Tr Shs A
B
2
5.02
*
39.75
5.90
6.42
1.20
4.79
-
-
-
1.6I
17.89
18.83
3.95
3.75
.72
.67
105
102
3.63
2.41
AA
36.97
Investors Trust.*
Standard Utilities lnc
3%
.91
com
Foundation Trust Shs A.l
3.77
B
BB
2.41
C
6.82
D
6.82
1.63
1.77
1.18
1.29
Supervised Shares
Building shares
1.64
1.78
Trustee Stand Invest Shs.
Chemical
1.38
1.50
shares...
Series
Series
-.3
1
D
2.72
2.67
.87
.96
1.20
1.31
1.21
1.32
1.54
1.67
Trusteed Amer Bank Shs B
1.28
1.39
Trusteed
U S El Lt & Pr Shares A__
Food shares
shares
shares
Trustee Stand Oil Shs A.l
Series
I
B
Industry
1.01
1.11
Steel shares
1.74
1.89
1.10
Voting trust ctfs
%
%
Shares
B
1.00
Tobacco shares
Guardian Inv Trust com.*
$7 Preferred
»
Huron Holding Corp
1
Institutional Securities Ltd
Insurance Group Shares.
Investors. *
Insuranshares Corp of Del
*
No
par
.
value,
e
.53
.93
1.63
1.47
1.65
21.29
22.89
1%
~
-
-
-
»
~
-
-
.79
.88
1.29
1.39
15
15%
2.29
2.39
.89
.97
Un N Y Bank Trust C-3-*
3%
4
*
1%
1%
1
16.33
17.94
10
7%
19%
21%
10c
2%
3%
Wellington
ser
F
Fund
Investm't Banking
Ex-coupon,
■
7.17
6.58
Un N YTr Shs
26
1.50
Bank Group shares
Incorporated
24
13.22
12.17
1
C
RR equipment shares
11%
80
13
1.78
Shares
Class B
Petroleum
186.53 91.13
Unterelbe Electric 6s.. 1953 /ra20
Vesten Elec Ry 7s
1947 fnl7
7% gold ruble
2.78
Plymouth Fund lnc A. 10c
Mining shares
Union of Soviet Soc Repub
-
37
Series 1958
--
Merchandise
80
-
2.98
'
Investing shares
Oct 1935 to Oct 1936..
-
3.04
'
Automobile shares
54
11.45
10.60
Oils
Group Securities—
Agricultural shares
56
10.73
-
'
5.50
3.50
General
—
10.04
11.32
A1
General Capital Corp
54
10.96
10.48
equipment
1
ser
13.06
9.29
supplies
No Amer Tr Shares 1953. •
-
36
B
Dividend
/26
/84%
/90
/10
Bank stock
Building
No Amer Bond Trust ctfs.
—
33
D
14
3%
12.10
Metals
-
G
35
1
Agriculture
Machinery
'
117
com
.
1.87
N Y Stocks lnc—
Insurance stock
2.51
Series A A mod
Series ACC mod
Mutual Invest Fund
Nation Wide Securities
N Y Bank Trust Shares.
15%
Accumulative series._.l
50
fn22
Tolima 78
55
June
Sept
1% June
/86
Toho Electric 7s
105
1730.
100
2%
1.50
1.71
/58
/40
/«20
/61 %
/49%
/56 %
/44%
Certificates
108% 109%
1957 fnl7
page
1956
Oct 1932 to April 1935
Certificates
/12%
/15
/45
20
46%
2%
Voting trust certificates.
Coupons—
Stinnes 7s unstamped. 1936
/19
Hanover Harz Water Wks
For footnotes see
1956
2d series 5s
Great Britain & Ireland—
4s
20
19%
Bk Jugoslavia
5s
7s unstamped
June 1 '35 to June 1 '37.
Graz
1940
State Mtge
/9%
Young coupons:
Dec 1 '34 stamped
Aug
17%
/«20
/«20
State Mtge 6s..1947 fn20
Stettin Pub Util 7s... 1946
Apr 15'35 to Apr 15'37.
Mar
2%
1
1951
7s
German
680
Jan
45
/53
1947
Sao Paulo
7
Jan
1%
20
Bullock Fund Ltd
(Brazil)
8%
23
Jan
20c
35
45
/12
/55
Santa Fe 7s stamped. 1942
29
36
31,050
.51
Saxon Pub Works 7s.. 1945
/26
/20
/6%
Apr
36c
*
Boston Fund lnc
Slem & Halske deb 6s.2930 /300
July to Dec 1936
33
15
Jan
Jan
June
32.20
/35%
July to Aug 1937
39
.31
July to Dec 1934
Jan to June 1937
Jan
2%
*
1948
8s ctfs of dep
Santa Catharina
/31%
/30
33%
35
1957
1957
7%
8s..
/34 %
/33
300
30.11
Saxon
July to Dec 1935
3.50
Broad St Invest Co Inc. .5
Jan to June 1934
Jan to June 1936
56
Mar
28c
Shares
1945
7s ctfs of dep
4s scrip
30
Mar
9%
Sept
90c
100
United Fuel pref
Walkervllle Brew
Feb
2%
*
Bankers Nat Invest Corp *
Basic Industry Shares.. 10
/h20
/58
/40
Jan to June 1935
35
28c
1
Diversified Trustee
Scrip
/28
/90
35
25
Jan
Jan
8%
34
Sept
3%
50
37
*
Sept
100
1.6C
35
25
1,310
25
35
fnl8
/20
fnl7
fn 16
163
fn 18
/34
/33
Saarbruecken M Bk 6s '47
Office
775
4%
3%
1.60
..*
ser
6%-.-.1933
6%s '46
Royal Dutch 4s
/50
6%
27
25
*
Deposited Insur Shs
R C Church Welfare 7s '46
1945 fn20
Int ctfs of dep Jan 1 '38
German defaulted coupons:
3%
6
25
100
fn28
Rom Cath Church
Building & Laud6%%
1948 /nl9
Conversion
*
Paving
1948
Rio de Janeiro
German
German
June
Deposited Insur Shs A
/72
/57
1940
6s
German Atl Cable 7s.
2%
"25*"
Assoc Stand Oil Shares..2
1941 fnl 8
5s
Rhine Westph Elec 7% '36
6s
1941
100
1937
6s
*
*
Amer Business
Church (Ger¬
Prov Bk Westphalia 6s '36
/34
1967
/29
..1945 fn 18
Frankfurt 7s to
Feb
Par
1946 fn\7
Prov Bk Westphalia 6s '33 /«20
1967
Income
Feb
16n
12 %o
Affiliated Fund
Electric Pr
7s..
11c
Sept
Investing Companies
many) 7s
fnl8
Feb
Sept
Administered
Oberpfals Elec 7 %
1946 /«19
Oldenburg-Free State 7%
to...
1945 /«19
1952
(Germ) 6%s '50 fnl8
6%s
1953 fnl8
European Mortgage & In¬
vestment 7%s
1966
/34
7%s Income
1966
/28
Feb
6.66
British Type Invest A...1
Nassau Landbank 6%s '38
Natl Bank Panama 6%%
Panama City 6%s
Panama 5% scrip.
1945 fnl8
Jan
6c
Sept
Sept
84
4s
/30
12c
July
2.55
30
/48
National Hungarian & Ind
71
Sept
1%C
32,290
2%o
/40
1945 /hl9
North German Lloyd 6s'47
Savings Bank
Budapest 7s
3%c
1,000
4.10
2%c
Amer Gen Equities lnc 25c
Am Insurance Stock Corp *
18
City
6,500
2%c
3.35
2,000
1,170
/nl7
18
1934 /hi 6
6s
Chile Govt 6s assented
4%c
2%c
17,000
Amerex Holding Corp
1946-1947
(C&D)
1948-1949
Nat Central Savings Bk of
Hungary 7 %s
1962
Central German Power
4%c
4%c
~~3~4o
/58
12%
1946
Jan
14,300
Common
54
Caldas
Ceara
6c
5c
Meridionals Elec 7s... 1957
14%
13
Jan
July
2%c
Temlskaming Mines
54
Munlc Bk Hessen 7s to '45
/H
/13%
57%
%c
3%c
Amer & Continental
/H
Sept
1
3c
Mannheim & Palat 7s. 1941
1944
23
2%c
Thayers
1st preferred
Municipal Gas & Elec Corp
Recklinghausen 7s.. 1947 /hl9
(Colombia) 7%s *46
(Colombia) 7s
1947
Jan
105
5,000
2c
2%c
Supertest ord
53
Burmelster <fc Wain 6s_1940 /111
Call
37%
3c
Preferred
53
Munich 7s to
Cailao (Peru) 7 %s
Cauca Valley 7 %s
Apr
2%c
2%c
Stand
/30
65
/62
29
Apr
1
Luneberg Power Light &
Water 7%
1948 /«18
/22
1,360
40
1
Stop & Shop
Leipzig O'land Pr 6%s '46 /h20
Leipzig Trade Fair 7s 1953 fn\8
/86
Jan
69c
Mar
1
1943 /ral9
Land M Bk Warsaw 8s '41
Feb
4%c
20
Robb Moutbray
Waterloo Mfg A
Koholyt 6%s
Bremen
6%s
.
45
2c
1
Shawinlgau W A P
Coupons—
12
74~~
96
.1948 /n20
.
8%
6s
1940
110
Brandenburg Elec 6s_. 1953 fnl9
72
1936
33
Sept
30
Rogers Majestic
Ask
fn8Q
Housing & Real Imp 7s 46 fnl7
Hungarian Cent Mut 7s '37
/30
Hungarian Ital Bk 7 %s '32
/30
Hungarian Discount & Ex¬
19
8%
Bid
1953
—
change Bank 7s
Brazil funding 5%.1931-51
Brazil funding scrip
Buenos Aires scrip
6%
Hansa SS 6s stamped. 1939
6s unstamped
1939
33
July
20o
Apr
Porcupine Crown
,
Haiti
fnl8
Cities 7% to
1945 fnlA
Bogota (Colombia) 6%s '47
/17
Bolivia
Ask
30%
l%c
55c
Ritchie Gold
Foreign Unlisted Dollar Bonds
Bid
8,200
29%
1
Fend Oreille
13,000
27
29%
*
Pawnee-Kirkland
2c
25
Jan
Mar
108
19c June
7,400
23c
20c
"27""
Mercury Mills pref
21c
1%C
l%c
100
Night Hawk
52 William
19c
*
Mandy
BRAUNL
20c
18%
2
Bancamerlca-Blair
First Boston
Corp
8%
Schoelkopf, Hutton &
Pomeroy lnc
x
Corps
Corp.l
Ex-divldend.
y
com...
Ex-Stock dividend.
HAnover
•SPECIALIZING
Bell System Teletype
2-0980
UTILITY
CANADIAN
IN
52
BUILDING
ALDRED
york security dealers association
new
members
Telephone
WILLIAM
NEW
MONTREAL
PRIVATE
Volume
AND
WIRES
Cable Address Hartwal
NY 1-395
INDUSTRIAL
STREET
ROYAL
YORK
BONDS
AND
STOCKS
BANK
BUILDING
TORONTO
CONNECT
OFFICES
145
1725
Canadian Markets
AND
LISTED
Provincial and Municipal
Prpvlnce of Alberta—
Bid
5s
Jan
1 1948
43*8
Oct
1 1950
/57
/553*
Ask
6s.
July
Oct
68
1 1942
1103* 1113*
Last
Week's Range
for
15 1943
May
1 1959
June
1 1902
1163* 1173*
Sale
of Prices
Low
High
Shares
101
100
96
973*
1 1941
91
93
15 1954
91
93
2 1959
91
93
.Dec
Sept
5s
1 1953
June
5s.
4s
43*8
Province
1183* 1193*
106 3* 1073*
Dominion Coal pre
Dominion Glass
1103*
Mar
2 1950
4s
Feb
1 1958
106 3* 108
43is
May
1 1961
110
111
15 1900
105
1063*
5a
June
15 1943
80
83
Apr
15 1901
Province of Nova Scotia—
104
105
53*8
43*8
Nov
15 1946
1 1961
80
83
Oct
78 3*
80
Apr
43*8
Sept
5s
Mar
15 1952
*
39
...25
20
Dryden
20
1900
213*
112
Low
High
2,233
1,020
39
Sept
19
June
10
110
Jan
583*
233*
118
2,805
Sept
28?*
183*
88
195
86
July
91
Aug
•
80
80
80
260
73
Jan
85?*
July
12
12
153*
270
12
Textile
Paper
163*
93*
213*
32,265
13
Jan
93*
Sept
20
East Kootenay Power
*
1.25
1.25
100
1.25
Sept
6.50
*
1.75
1.75
435
1.50
July
5.00
163*
173*
540
163*
Sept
24
Electrolux Corp...
1
Enamel & Heating Prod..*
17
43*
43*
*
373*
373*
*
13
Foundation Co of Can...*
5
373*
470
25
4>2 May
30
June
83*
40
16?*
Apr
Apr
Jan
Jan
Jan
Mar
July
Jan
13
15
120
10
June
15
15
183*
915
15
Sept
31
Apr
*
113*
11
18
Mar
83*
83*
133*
11
Jan
Gurd, Charles
*
Gypsum Lime & Alabas..*
Canadian
Wood,
Mar
12
88
93*
Eastern Dairies
108 M 1093-4
110
117
Mar
Mar
Mar
88
163*
*
English Electric A
English Electric B
1
453*
Week
100
Dom Tar & Chemical
Dominion
39
112
100
Dominion Steel & Coal B 25
53*% new pref
Prov of Saskatchewan—
Price
Par
Dominion Bridge
110
Jan
15 1965
Quebec—
of
Stocks (Concluded)
1143* 116
43*8
Prov of New Brunswick—
43*8
43*8
Range Since Jan. 1 1937
Oct
08
12 1949
Aug
Sales
Friday
6s.
57
Province of Manitoba—
43*s
Ask
Bid
58
Prov of British Columbia—
43*8
Montreal Stock Exchange
Issues
Ontario—
Province of
UNLISTED
Jan
153*
Feb
93*
93*
9
12
183*
183*
Mar
93*
23*
General Steel Wares
Bonds
Hamilton
Bridge
*
Hillcrest Collieries
100
......
11
5,795
1,515
4,720
83*
•73*
9
Sept
113*
950
9k
Sept
23*
45
113*
845
5
Apr
Mar
23* Sept
10?* May
153*
Jan
Hollinger Gold Mines...
Gundy
5
Holt Renfrew pref.
Howard Smith Paper
100
75
75
76
50
56
Jan
74
Apr
*
21
20
27
4,456
183*
Jan
343*
Apr
103 3* 103 3*
204
993*
Apr
6,141
19?*
Seit
24?*
Mar
2,445
153*
Mar
440
1336
333*
Jan
Apr
383*
Preferred
100
14
133*
203*
143*
Industrial Acceptance
333*
333*
353*
193*
imperial Oil Ltd
CO.,
&
New York
103 3*
Imperial Tobacco of Can.5
14 Wall St.
Inc.
125
Intercolonial Coal pref. 100
*
'"543*
Internat- Pet Co Ltd
*
32 3*
International Power
*
63*
Intl Nickel of Canada
Private wires to Toronto and Montreal
International
Canadian
Pacific
Canadian
Ry—
4a perpetual debentures.
95
0s.
Sept
16 1942 /108
43*8
Dec
15 1944
5s
July
—
1
1944
101
Pacific
Ry—
Sept
1 1940
1033* 104
58....
Dec
11954
107
1013*
43*8
July
1 1960
101<* 1013*
107 3*
203*
153*
Dominion Government Guaranteed
Bid
Canadian Northern
Sept
June 15 1955
1123* 113
1153* 116
Feb
1 1950
113
July
1 1957
1123* 113
1 1951
Bonds
Ask
Canadian National Ry—
43*8
43*8
43*8
03*8
113 3*
July
1 1909
116
5a
Oct
1
5s
Feb
1 1970
Ask
203*
225
Sept
27
Jan
22
Mar
103*
Mar
163*
123*
6,913
Sept
8
1 1940
124
123
15
Mar
100
48
48
5
38
Jan
48
Mar
105
105
13
105
May
110
Apr
12 3*
113*
83*
Apr
293*
293*
31
8,315
29
Apr
90
90
90
40
80
May
*
39
383*
41
1,956
Mtl L H & P Consol
106
1 1902
95
107
96
1173* 1173*
1173* 117 3*
1163*
3s
Jan
*
Breweries
100
Mines Ltd
*
55
423*
Feb
Feb
Mills pf.100
Products...*
Ottawa L H & Power nf.100
Mar
433*
2,370
31
Sept
673*
14
38
Sept
54
Feb
52
59
8,025
62
Sept
83
Feb
70
403*
Jan
37
Feb
25
150
Apr
158
July
15
85
15
Jan
103
103
10
103
May
103
May
23
5
20
Jan
23
June
5
58
May
63?*
Apr
Sept
25
17
103
61
61
125
*
125
103*
125
Montreal Stock
Stocks—
Par
Price
Sept
203*
3,410
17
Sept
7,572
1,195
31
Sept
483*
63
Sept
79
Quebec
Sales
Week's Range
of Prices
High
Low
Range Since
for
Jan.
1
1937
Week
High
Power
31
31
39
100
63
63
71
»
17
17
183*
*
100
Saguenay Power pref..100
83*
Regent Knitting
Rolland Paper pref
St Lawrence Corp
A
Low
Shares
*
Price Bros & Co pref...
Exchange
Friday
Sale
125
17
Price Bros & Co Ltd
Last
5
17
100
preferred
102 3*
83*
•
50
Alberta Pacific Grain A
Preferrred
9
Aug
183*
Jan
20
75
Mar
93
Jan
12
12
75
83*
Jan
12
Jan
110
110
70
1053*
June
110
Jan
23*
Aug
7
Jan
.
.
*
9
2 3*
*
15
100
Amal Electric Corp
15
Bawlf Northern Grain.
Preferred
------
------
Vlau Biscuit
Bruck
Silk
Mills
*
53*
183*
693
34
Sept
73*
230
7
Sept
53*
63*
430
5
July
Sept
11
11
143*
2,930
11
100
105
105
109 3*
1,895
104
Jan
*
13
13
15
170
13
Sept
20
203*
Canada Cement
Canada Cement pref
Can Forgings cl A
Canada North Pow
26,661
353*
Corp. *
------
43*
Canada Steamship (new).*
Preferred
133*
100
4
133*
Apr
Preferred
Woods Mfg pref
May
July
ok
Apr
Canada
93*
July
183*
Apr
Canadlenne
73
5
250
40
Sept
Canadian Car & Foundry.*
Canadian Car & Foundry—
11
103*
143*
6,612
103*
Sept
213*
213*
243*
1,080
213*
21
23
1,420
Sept
Sept
Jan
21
16
Jan
115
101
Jan
110
Aug
475
12
July
183*
Feb
963*
883*
53*
34?*
Mar
1,236
5
53*
2,100
140
1553* Sept
3
50
Jan
60
Mar
21
May
35
June
69
69
70
Feb
6
70
Feb
43*
1,291
3
June
103*
Jan
3
33*
615
3
Sept
10
Jan
100
26
26
5
24
Aug
43
Jan
100
65
65
60
65
Aug
82?*
Jan
Jan
693*
613*
213*
Aug
32
Banks—
50
100
58
58
58
26
58
Jan
160
160
160
35
150
Jan
180
180
1803*
100
218
218
42
218
Sept
Sept
241
Feb
Feb
3303* 335
31
314
Jan
340
Mar
189
193
223
190
Sept
226
Feb
Nova Scotia
100
330
100
189
31
Mar
Mar
30
Jan
Canadian Cottons
90
90
90
25
75
Feb
93
Aug
22
24
80
23
Apr
33
Feb
105
105
4
105
Aug
105
AUg
Last
Week's Range
for
84
91
2,225
71
Apr
94
Aug
Sale
of Prices
Low
High
Shares
Preferred
*
------
100
84
Can Hydro-Elect pref. -100
53*
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
Con Mln <fc Smelt new
Crown Cork & Seal Co
53*
43*
Canadian Indust Alchol..*
Canadian Ind Alcohol cl B*
43*
Montreal Curb Market
Sept. 4 to Sept. 10, both
2,676
5
Apr
83*
1,215
43*
Apr
73*
113*
Jan
Abitlbi Pow & Paper Co__»
6% cum pref
100
Certificates of depositlOO
Jan
113*
9 H
113*
10?*
8,056
1,180
113*
Sept
233*
173*
223*
Mar
133*
25
703*
703*
78
7,774
703*
Sept
100?*
Mar
21
21
330
18
Jan
22
21
1,280
17
Sept
29
Mar
Stocks—
Jan
17
10
*
--
-
150
9
Sept
Mar
Asbestos Corn Ltd
•
Distill Corp Seaerama
17
Sales
Price
Range Since Jan. 1 1937
Week
Low
High
Jan
Sept
113*
*
Par
43*
*
25
inclusive, compiled from official sales lists
Friday 1
53*
12
12
Jan
100
126
Cndn Foreign Invest
Aug
Commerce
Montreal
Feb
Jan
July
100
June
211
Sept
116 3*
00
1613*
73
19
190
Jan
7
15
1
1163* 1163*
Jan
Feb
Mar
10
12
1163*
113*
48
12
22
.*
100
Feb
159
26
12
Preferred 7%
July
Mar
45
Canadian Converters __100
Canadian Celanese
Sept
5?*
Jan
3*
Royal
25
Sept
Jan
2
44
13
33*
20
73
Apr
130
33*
69
B
866
40
*
*
Jan
Feb
Feb
30
Mar
1283*
26
"45""
,_*
385
3
Preferred
Wabasso Cotton.
Winnipeg Electric A
111
333*
Sept
33*
53*
*
100
Western Grocers Ltd
20?*
293*
Sept
20
1483* 148J*
53*
Jan
4,420
40
<
243*
13 3*
293*
70
*
25
Jan
5
*
Canadian Bronze
Preferred
16
60
Canada Wire & Cable A.. *
303*
393*
113*
113*
22?*
Preferred
13 3*
Apr
243*
575
100
Jan
73*
273*
213*
133*
243*
United Steel Corp..
193*
20
Sept
Jan
34
243*
15
5.75
34
Aug
180
July
203*
98
15
255
Feb
Feb
15
1.75
British Col Power Corp A. *
♦
110
Tuckett Tobacco pref.. 100
Mar
68
Aug
Apr
38
2,970
4,618
Sept
233*
170
70
Sept
Sept
Jan
743*
3
15
Sept
May
June
70
4,590
17
25
743*
183*
157
Mar
25
373*
5
22
188
Mar
308
150
3
57
17
24
74
Feb
24
B
20
39?*
3
54
Preferred
Apr
Sept
70
10
Steel Co of Canada
Tooke Brothers
15
23
*
Apr
1673* 168
17
Simon (H) <fc Sons prdf.100
Southern Canada Power.. *
Mar
Brazilian Tr Lt <fe Power..*
Apr
Jan
83*
5,665
110
7
1.75
1033*
99?*
June
31
110
10
15
Jan
70
18,150
11
23
75
30
37'?*
Mar
13
Jan
15
1063*
13
Jan
Mar
Jan
100
Apr
373*
100
Jan
Apr
Simon (H) & Sons—._.._*
5
*
100
Telephone
42 3*
June
8
104
10
11
13 3*
2.25
July
Jan
25?*
17
25
592
120
Preferred
Apr
Mar
260
120
29
6
29
13
1.75
15
243*
15
5
29
13
*
285
Shawlnlgan W & Pow
*
Sherwln Williams of Can. *
65
5
29
*
Bathurst Pow & Paper A.*
95
"743*
295
*
Breweries
Assoc Tel & Teleg pref
Bell
23*
15
23*
50
Preferred
Associated
190
75
*
Preferred
9
75
100
Agnew-Surpa8s Shoe
9
100
63*% preferred
9
Feb
33?*
24
233*
St Lawrence Flour Mills..*
St Lawrence Paper pref 100
Acme Glove Works Ltd
83*
1043* 1043*
102 3* 102 3*
83*
12
Jan
18?*
Power Corp of Canada...*
Preferred
Jan
15
17
1533* 159J*
"15"
100
Traction
39
45
39
23
17
Nova Scot Stl&Coal pf. 100
Penmans
Sept. 4 to Sept. 10, both inclusive, compiled from official sales lists
Feb
Apr
37 »*
38
"3l"
Niagara Wire new
Ottawa
Jan
363*
31
403*
25
Preferred
National Steel Car Corp..*
Ontario Stee
1 1902
Jan
AUg
100
Ogilvie Flour
Grand Trunk Pacific Ry—
Jan
Jan
Jan
193*
3,005
Mar
433*
760
3,970
Jan
Aug
Mar
Sept
June
17
733*
39?*
123*
98
86 3*
11
125
July
Montreal Cottons pref.
Noranda
Ry—
July
4s
6s
1909
8
43* June
106
Montreal Cottons
National
43*8
8
*
25
243*
Sept
32
15
88
Montreal Tramways... 100
1123* 114
Bid
815
153*
McColl-Frontenac Oil
43*8
109
953*
83*
21
Massey-Harria
Apr
343*
63*
"193*
100
54
32
19 3*
Lake of the Woods
Aug
11,597
3,178
Lang & Sons (John A)..
Ask
Bid
Ask
125
603*
88
Power pf. 100
10
125
543*
Lake Sulphite
Railway Bonds
Bid
193*
No par value.
*
4
4
6
15,355
6,180
4
Sept
153*
61
393*
463*
393*
Sept
80
52
393*
52
170
41
Sept
793*
61
75
7,150
61
Sept
92
Apr
Apr
Apr
July
1726
Financial
Chronicle
Sept. 11, 1937
Canadian Markets—Listed and Unlisted
Montreal Curb Market
ESTABLISHED
255 St. James
56 Sparks
(ConcludeO
Par
Week's Range
for
Sale
Stocks
Public Utility and
1883
St., Montreal
St., Ottawa
Last
Municipal
incorporated
Sales
Friday
HANSON BROSi Canadian Government
of Prices
Low
High
Week
Price
1,200
40c
Sept
2 00
Feb
7c
8%c
Sept
22c
Feb
4c
27,400
1,500
7c
4c
4c
July
16c
Feb
Ritchie Gold Mines Ltd__l
Shawkey
Sherrltt-Gordon
1
__1
Slsooe Gold Mines Ltd—1
~45c
53c
Feb
2.55
10,300
25,293
1.13
1.95
1.80
Apr
4.00
Feb
3.00
3.00
3.75
11,340
3.00
Sept
6.65
16,500
76 %o June
1
90c
90c
1.10
Stadacona-Rouyn
*
1.00
93c
1.05
1.03
1.35
3.00
3.00
49c
76,870
Gold
Sylvanite
Week's Range
Last
Sale
Stocks
(Continued)
Low
Range Since Jan. 1, 1937
for
High
Shares
Low
Exploration. _1
1.00
1.00
*
7.00
7.00
7
7
6%
Brewers A Distill of Van..*
7
Brit Amer Oil Co Ltd..—*
21
20%
12
22%
15%
135
76
76
76
120
37%
120
34
11
109
B O Packers Ltd.
2c
Can Nor P 7% cum pref 100
Canada Vinegars Ltd
*
Canadian
Breweries
mmmmm_
*
Preferred.
2%
*
18%
Cndn Dredge A Dock
*
Cndn Gen Investments...*
Cndn Intl Inv Trust Ltd..*
Canadian Lt & Pow Co. 100
Cndn
Marconi Co
1
Canadian Pow A Pap Inc.*
6% cum preferred
......
.
.
cm
mmm
.
......
12%
6%
7%
4,580
6
June
9%
100
7
9
Apr
26%
Mar
Calgary & Edmonton
12
Sept
Sept
Sept
22
Mar
Calmont Oil Ltd
60
Apr
82%
Aug
Dalhousle Oil Co
36
2%
18%
39
31
Commercial Alcohols Ltd. *
Apr
East Crest Oil Co Ltd
Feb
Home Oil Co..
*
June
Okalta Oils Ltd
Jan
4
Jan
Royalite Oil Co
*
690
19
240
14%
Jan
23%
38%
9%
Apr
47
11%
1.75
15%
Sept
Sept
1.50
1.75
275
1.50
July
2%
2%
50
2%
17
20
960
Aug
17
27%
Jan
16
Jan
5
28
2%
50
Sept
28
Sept
1.70 July
10
25
Jan
Falrchild Aircraft Ltd
75c
35
3%
11%
50
70c May
2.50
Mar
30o June
80c
24%
Apr
25
51
Sept
73
Apr
10
9
July
12%
Apr
4,225
11
770
11
50
6
Sept
Sept
Sept
Sept
July
Sept
Sept
11
11
11
11
12%
175
Apr
3%
10%
Foreign Power Sec Corp..*
mm'rnmmm
6
6
6%
8%
345
7%
20
Fraser Cos Ltd.:
7%
385
\6%
7%
6%
8%
865
6%
25
20
1.00
1.00
28
37
28%
Voting trust ctfs
*
Frelman Ltd 6% cum pflOO
27%
39%
44
44
Power
375
1.00
4
5
Jan
Internat'l Paints (Can) a.*
Internat'l Utll Corp A
*
Interuati U till ties Corp B. 1
30
10%
13
Jan
29%
Feb
25
Apr
Afton Mines Ltd
Sept
60
Apr
49
Jan
Sept
Sept
14
Aug
Jan
75%
110
Mar
June
39%
Jan
5
5
55
5
Aug
11
Jan
100
1.35
1,200
Aug
15% June
1.10 Sept
21%
3%
Feb
78
704
52
87
Aug
MacLaren Pow A Paper..*
24%
24
27
1,235
24
50
55
340
50
93
95%
100
89% June
2.25
65
1.50 June
9.00
Feb
Melchers Distilleries pref.*
Mitchell (Robt) Co Ltd..*
Page-Hersey Tubes Ltd..*
Sept
Sept
Sept
Feb
37%
Jau
73%
Mar
100%
Mar
6
895
16
6%
16
.......
18
340
16
Sept
30
Jan
99%
99%
120
99
Jan
110
Mar
99
July
Sept
107
Feb
165
Apr
5%
5%
Sept
9%
Feb
Power
Corp of Canada—
6% cum 1st pref
100
Price Bros 4% con debs..*
Quebec Tel & Pow Corp A *
Sarnia Bridge Ltd A
*
B._
100
100
100
116% 120
6,000
......
Southern Can p pref. 100
United Distil of Can Ltd.*
Walker vine Brewery Ltd *
Walker-Good A Worts (H)*
Walker-G & W $1 cum pf. *
4%
12
107
106
......
1.90
......
19%
4%
13
7%
...*
1.90
1.00
7%
105
200
2.00
1,090
43
46%
365
19%
19%
65c
26
Jan
5
July
Sept
July
22
Jan
16
Jan
Jan
12
5
22
107
95c
20
116%
4%
55
7%
108
Apr
1.75 June
42
Apr
18%
June
Aldermao Copper Corp
*
*
Base Metals Min Ltd
*
Jan
3%
Jan
51%
Beaufort
20
Feb
90c
85c
1.15
3%c
3%C
23%c 23% c
30,500
1,500
500
76c
Feb
Apr
1.90
3%C Aug
23% c Sept
9c
Jan
65c
Feb
1
20c
50c
52c
8,750
1,500
45 %c
"40c
40c
50c
725
41o
Bouscadlllao Gold Mines. 1
18c
18c
22c
16,500
Brownlee Mines
4%c
4%c
2,500
3c June
Bulolo Gold
24%
395
23% June
Ltd.*
1.05
24 %
1.03
1.25
2.28
13c
32,400
32,400
2.700
90c June
Cartler-M alartlo O M Ltd I
Sept
47 %c
Jan
25o June
65c
Mar
2.60
600
2.20 June
5.15
Feb
46c
13,700
Gold
(1936)...1
Dredging
5
Can Malartlc Gd M
Central Cadillac G M Ltd.l
Central Patricia Gold
hlUougamau
1
*
20c
27c
13c 17 %c
32c
31c
2.30
1
Dome Mines Ltd
40c
38
40c
37%
39
7c
Duparquet Mining Co...*
6%c
8%c
40
800
20c June
,
Aug
May
18o Sept
13c
65c
Feb
79c
Aug
72c
Feb
1.15
Feb
13c
30
Jan
Feb
Feb
5%c
Aug
2 70
June
40o
39
50%
Jan
Jan
15c
Mar
2.03
Jan
Feb
East Malartlc.
1
95c
90c
1.00
Eldorado Gold M Ltd
*
2.15
2.15
2.15
Apr
3.60
Apr
6.30
6.30
7.20
8,300
22,050
1,420
2.10
FalconbridgeNick M Ltd.*
6.30
12.75
Feb
50c
50c
55c
8,600
50o
Sept
Sept
1 58
Feb
26%
27%
520
25%
June
41%
Feb
22c 27%c
27c
27c
15,200
1,233
20c June
57c
Feb
45c
Apr
Apr
Francoeur Gold M Ltd
.
.1
Hudson Bay Mln A Smelt *
J-M Consolidated Gold... 1
"_22c
Klrkland Gold Rand.
1
Klrkland Lake Gold
1
Lake Shore Mined-.
1
48%
Lamaque Contact G M..*
4%c
1.20
1.20
48%
49
500
445
71c June
27c
97%o
Aug
Mar
June
47
1.64
Jan
59
27 %C
Jan
30c
Jan
7%c
Jan
4%c
4%c
2,000
Lebel Oro Mines
1
16c
16c
2,100
Lee Gold
1
2%c
3c
2,500
2%o
July
4.50
5.00
4,850
4 25
June
8 60
Jan
1.12
300
1.56
Mines
i
4.50
Mackenzie RedLk Gd M.l
Mclntyre-Porcuplne
M..6
McWatters Gld, Ltd
1.10
"34
34
34
170
4c
May
12c June
1.05 June
33%
June
42
Jan
*
42c
1.19
Jan
Mining Corp of Can Ltd..*
2.89
3.20
400
2.89
Sept
4.80
Feb
2c
2%c
3,500
2c
8c
Jan
Moffatt-Hall M Ines
1
700
42c June
12c
Normetals
O' Brien Gold M tnes Ltd.
3.90
12c
500
12c
45c
Mar
3%c
1,500
2%c
Aug
10c
Feb
1.65
l
July
Sept
3 %c
Montague Gold
Murphy
Pamour-Porcupine
42c
1.65
200
1.43 May
2.15
12c
--1
3c
3c
3%c
Ajax OH & Gas
1
Alberta Pacific Grain pf 100
A. P. Consol Oils
1
30c
30c
30c
3.80
5.10
2.60
2.60
100
35c
47c
12,900
35c
Sept
15c 17%c
2.00
2.20
7,247
15c
June
4,500
1.90 June
3.45
3.30
2.55
*
"35c
Pandora Cad.
Parkhlll Gd M Ltd new..l
Pato Gold...
Pend-Orellle.
15c
30,550
Sept
13%
2.15 June
4.05
Jan
1.10
Mar
42c
Feb
3.80
Feb
3.80
Jan
4.10
8,775
70c
95c
6,200
70c June
2.51
Jan
4.90
5.00
370
9.10
Feb
1
3.80
3.80
15C
6.75
Feb
Placer Development
Quebec Gold Mining Corpl
14%
15
Sept
3.80 Sept
14% Sept
36c Sept
Perron Gold Mines Ltd... 1
Pickle Crow Gold.
Pioneer Gd M of B C
Read-Authler Mine.
..1
1
80c
4.
36c
3.05
2.95
36c
3.40
45
900
3,700
WA. 3401-8
May
4.90
2.80 June
Range Since Jan. 1 1937
for
Week
6.50
17
85c
6.85
Feb
May
Feb
Feb
14
14
29% c
81c
4,294
1,145
13,600
4,000
1,900
June
1.89
Feb
1%
Aug
4%
Jan
Sept
26c
1.50
200
3,022
7,890
3,860
2,800
Arntfletd Gold
1
25c
25c
30c
Ashley Gold
1
1
6%C
6%c
6%c
8%C
8c
Astorla-Rouyn
Ault & Wlborg
6%c
100
pref
100
......50c
Azteo Mining
Bank 01 Canada
1
1,900
25o 30 %c
219
-1
100
8c
16,000
70c
16,971
58
00
Bagamac Mines
Bank of Montreal
58
10
216
216
58c
55c
20
Bank of Nova Scotia
100
335
335
3
Bank of Toronto
100
252
252
10
*
22c
20c
26c
Batburst Power A
*
16%
16%
18%
*
Beat tie Gold
*
"Too
*
BeauharnoiB.
Bidgood K'rkland
....1
1.42
Feo
25c
Sept
1.16
Feb
6%c
Sept
15c
Feb
July
25c
Feb
Sept
102%
Feb
7c May
57
June
16c
Feb
6c
100
%c J ant
Sept
55c Sept
305
May
250
June
107
6%
166%
43 %c
Apr
10
Aug
6
7%
166% 169
42c
44c
1.00
61c
48c
14
Sept
100
Aug
2,775
6
Jan
375
154
Apr
20,540
10,625
38o June
38c
20
10
50
30
34
»
5
7.10
12c
7.00
25
"20%
7
20
7
14c
23%
22%
34
34
36
*
J
39c
Bunker Hill...
Burlington Steel..
Burry Biscuit
*
*
"He
15
Mar
9%
Mar
Sept
26%
Mar
Sept
39
10
7
7
38c
41c
7,600
4,965
1,500
9,750
1,260
1,000
37
25
35
37
8.60
10.35
2%c
10c
13c
18%
4c
35
38
40%
194
17,505
12,750
*
2.00
2.00
2.40
Calmont Oils
Canada Bread
1
40c
40c
50c
6
__*
50
"48*"
*
12%
Canada Cement pref...100
Canadian Packers
*
"82"
Canada Bread B
Canada Cement
Canada Permanent
6
47
48
12%
14%
107
81
195
25'
440
Jan
Jan
Apr
22c
11%
Sept
1.10
65
Jan
Jan
June
Aug
Apr
12.50
2c June
6%e
Jan
Sept
23c
Feb
8.25
10c
14% June
3%c Sept
19
Sept
Sept
60
Feb
Aug
8c
Jan
Feb
44%
Jan
2.00
Apr
6 55
Feb
40c
Apr
1
75
Mar
6
Aug
10%
Jan
47
Sept
59%
Feb
Sept
23
Apr
12%
Aug
108
82
91
101
May
80
81
Sept
98
Feb
146
Jan
160
July
2
7
..100
150
155
23
♦
4
5
320
110%
Apr
13
15%
828
9
18
Apr
70
62
75
91
50
July
79
Aug
*
Preferred
July
July
*
Steamship (new)
31
30%
19
Aug
new
Can Wire & Cable A
*13"
33
421
4
4
95
4
July
Sept
34
*
100
49
49
5
49
Aug
73
179
180
43
179
Sept
210
B
Canadian Bakeries
Cndn Bakeries pref
Can Bank of Commerce 100
Canadian
Breweries
Preferred
*
2%
*
....
Canadian Canners 1st
pf.20
2ud preferred
..*
Canad Car <& Foundry..
Preferred
Jan
Jan
1,430
2%
Sept
3%
Jan
95
14%
Jan
23%
Aug
Sept
10%
Mar
18% May
65
285
7
390
10
Ma
20%
12%
Jan
10%
12
14%
2,215
12
22
21%
32
Feb
370
Sept
Sept
685
38
May
47
19
19%
25
*
40
39
44
5%
5%
6%
2,585
4%
4%
4%
220
1.05
*
6% May
10
19
"l2"
22
*
No par value.
8
22
Canadian md Alcohol A.
Canadian Malartlc
Canadian Oil.
2%
20
__25
Canadian Dredge
B
2%
18%
7
Canadian Canners
*
30 *4
Aug
20%
34
Calgary & Edm
1
8,217
90
"37""
Can
28,333
500
26
Burt IF N)
Jan
Feb
Mar
210
3%o
29e
Feb
Feb
Mar
9.00
35
50
72c
16%
40
Jan
26%
22c
15
4c
12% c
Preferred
Jan
Feb
1.70
12c June
7%
2%c
9.10
Buffalo-Canadian. ....—*
9%
176
July
July
July
Feb
Jan
Apr
6.40 May
7%
Brown Oil Corp.....
B uffalo-A n kerite
76
24% May
22c
*
1
21%
112
Feb
8,500
2,185
125
7
20%
.
British Dominion Oil
650
10
7.60
25
20%
Brit Columbia Power A..*
B
13 %c
pref-25
Apr
295
25
16%
107
12
oh
June
Mar
38
a
15
7%
11
B
Jan
Aug
Mar
24%
37
Brewers & Distillers
1.85
340
273
Sept
Sept
Sept
1
1
*
Apr
Feb
9%
20c
*
Bobjo Mines
Bralorne Mines
.»au
490
245
16%
Big Missouri..
Brantford Cordage
Brazilian
60
16
216
B lit more Hats
Blue Ribbon pref
Feb
June
32,500
1,955
10,050
14
*
100
1st preferred
8.76
35o
330
10
*
Base Metals Mln
Beatty Bros A
Sept
6.00 June
Sept
1.50 Sept
25
9%
Barker's Bread
B
14
28.250
15
100
7%c
Jan
73c
1.50
44c
57c
19c%
2
26c
5.60
Jan
25c
9,000
1.10
1%
36c
10% C
73,125
8,500
81c
19 %c
1.50
5.00
July
Aug
Jan
1%
37c
Jan
3o
Feb
19%c
5.00
20c
95c
1
*
Apr
Sept
43%
*
_.—»
Apr
80
10c
Apr
1
Argosy Gold Mines.....-1
15%
Sept
39
4,500
1.50
High
Sept
Sept
170
31c
Aidermac Copper
Auglo-Huronlan
4
28c
14%
29c
Amm Gold Mines
Anglo-Can Hold Dev
Low
Shares
Alexand ria Gold
July
2.00
1
53%
10c
Apr
Macassa
39
6
10c
July
Bidgood-Kirkland
*
Big Missouri Mines Corp l
(
39
Bel Tel Co of Canada.....
Arno Mines Ltd
Range
*
Acme Gas & Oil
Feb
1.15
Mines—
Consul
4
Bankfleid Conn
25
116%
4
-
June
Price
100
6% preferred
60
70
Mar
Sales
*
Abltibi
Feb
9%
385
16%
Par
2.50
45
1,640
59%
Exchange
Street West, Toronto.
Stocks—
Apr
Sept
76
2.25
Feb
Sept
Toronto Stock Exchange
Jan
32
93
Sept
4.10
155
Feb
55
.
33
of Prices
Low
High
219
mmmrnmm
1,715
Week's
52
-
38
Sept
Sept
Sept. 4 to Sept. 10, both inclusive, compiled from official sales lists
27%
27,639
33
Sale
52
McColl-F Oil 6% cm pf 100
Melchers Distillers Ltd...*
130
33
13c
Sept
1.30
600
Last
Lake St John P & P
Massey Harr 5% cu pf 100
100
20,335
Friday
32
1,10
Sept
13c
1.75
155
Jan
98
16%
13c
13c
1.30
130
Apr
70
1.25
Feb
Apr
32
mmmrnmm
Mar
3.60
19%
94
mmmm tm m
Feb
1.70
Apr
19
70
Inter-City Baking Ltd. 100
6.40
Sept
55c
33
95
Preferred
GenSteelWares7%cm of 100
Sept
50c
7,225
Aug
11%
72%
9%
13c
2.00
100
65c
Jan
Apr
28
1,012
44
9%
20
1,659
29
*
15 King
Jan
40,711
7%
15%
Ford Motor Co of Can A.. *
500
50c
55c
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
Jan
16%
6%
2.40
50c
STOCK BROKERS
Jan
51
7%
6
2.00
Members Toronto Stock
Jan
65
Jan
850
10
51
European Electric Ltd..10
2.00
Jan
Duncanson, White & Co.
Jan
Aug
500
6%
5.95 June
Jan
Jan
4%
Eastern Dalries7%cmpfl00
650
Feb
3%
7%
25
7%
75c
v
5.00
21
4%
11%
mrnmim'-mm
Apr
25,850
Mar
Jan
...
5,435
Donnacona Paper A
*
Don Paper B
Et Koot P 7% cum pref 100
Jan
73 %c
8.10
33c
15
Aug
75
10
2.50
11%
Aug
7c
6.50
*
1.80
Dom Engineering Wks...*
Dominion Stores Ltd
*
8.40
25c
1.35
39
4%
Consolidated Paper Ltd..*
Feb
July
6.15
55c
20
1.90
Preferred
1.95
7.00
100
6.25
1
112
50
25
2%
*
Jan
1.75
35
35
Jan
1%C May
25c Sept
_*
*
Aug
15%
10
mmmrnmm
Feb
2
Oil—
Jan
17%
2%
1.75
28
Apr
19%
2%
41
9%
20%
3,806
111
19
28
*
Jan
4.70
Jan
7
5
mmmrnmm
Claude Neon Gen Adv...*
Cateneau
Feb
5
pf 100
City Gas A Elec Corp
7
17
*
Canadian wineries Ltd...*
Catelli Fa 5% cum pref. 15
431
15%
......
*
Can Vlckers Ltd
CndnVickers7%
......1
2 25
25c
Cad..
Wright Hargreaves M Ltd*
8%
111
.......
June
Sept
1.00 May
500
7
*
Mar
35o
25
2c
....
1
37c
Towagmac
.
Wayside Cons.GdM Ltd
High
Wood
Bathurst Pr A Pap class B *
Beauharnols Power Corp. *
Can A Dom Sugar Co
*
Canada Malting Co Ltd..*1
1
Cad
Ventures. Ltd
Week
of Prices
Price
Par
2.90
2.59 June
200
35c
Jan
June
1.00
25,850
Thompson
Jan
2.50
90c
1.20 114,250
Sullivan Cons Mines Ltd. 1
Sales
Friday
38o June
45c
2.00
Bladen Mai...
Montreal Curb Market
High
40c
7%c
Reward
Industrial Bonds
Low
40c
Red Crest
330 Bay St., Toronto
Range Sinte Jan. 1,1937
Shares
1.05.
1.21
21,210
13
13
25
J
an
Jan
May
Apr
8%
Jan
4% June
7%
Jan
4%
85c
11
June
2 3*1
Feb
Jan
18%
Jan
Financial
Volume 145
1727
Chronicle
Canadian Markets —Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
11 KING ST. W.
Stocks (Continued)
Montr* al
Sudbury
*
♦
Malargo Mines
1
Maple Leaf Milling...
Preferred
*
3
*
5%
5
Massey
*
7%
7%
Hamilton
Kirkland Lake
North Bay
Canadian Commodity Exchange
Owen Sound
Bourlamaque
Chicago Board of Trade
(Inc.)
Harris
Exchange
Par
Price
Week
Cigh
Low
Shares
2)4
665
~:~i
1.50
1.50
1.60
1,120
10
Canrie Tret hewey
80c
i
Central 1'airlcia
"2.05
...]
90c
2.05
6,500
2
175
175
Central Canadian Loan 100
10
102
102
100
Carnation pref
2.66
34,145
Central Porcupine— ...i
11c
10c 12)4c
60c
60c
61c
3,600
1.41
80c
175
2.05
Sept
11%
Sept
22 X
2.35
2.35
2.45
400
2.10 June
3.50
Jan
»
1.15
1.08
1.25
3,205
1 00
2
Jan
_
Sept
551
44c
27,160
6,959
38c
Sept
2.68
Feb
;ox
100)*
Mar
62
197)*
Sept
Aug
211
Mar
200
198
"22 k"
Mines
...
...
i
"~"50c
*
100
Dominion Coal pref
.
.
*»
*.
1+
"l6 H
39c
*
15c
*
19
lioo
85
39)4
30
Sept
40
Aug
16%
Sept
ix%
Mar
85
Sept
90%
Aug
4,169
37%
Sept
Jan
51
250
Jan
24
Mar
225
26
21
370
17%
June
4c
July
15C
Jan
12 V*
Jan
7%
6c
16 %
21)4
15,491
8)4
1,045
214
2,500
July
28 H
Mar
Sept
12%
Mar
11
300
10
Sept
18
Apr
88
5
88
Aug
116
Jan
7)4
45c
9,500
12)4c 17%c
19
19%
38o
53,000
39c
75
5
65
90c
10.6
5
»
4)4
5)4
493
24,940
...l
2.20
2.15
2.60
*
Mines
Jan
71,900
4,756
93c
37)4
37)4
38
English Electrlo A
95
2
224
65
East Malar tic
Easy Washing
31c June
Feb
88
"
-Ihcos
Crsst
Apr
Jan
60
10
7)4
"loo
Eastern Theatres pref.
20)4
5)4C
m.
"""»
Eastern Steel
21.800
27 X
May
65
39
37)4
22
41
20
«*«•
20
........
Preferred
53c
16)4
37)4
•»«.
.25
-.26
Dom steel Coal B
48C
85
17
Explorers.. —.1
Dominion Tar...
45
493
15
25)4
30
30
'
•
.100
Bank
22)4
45
.100
Dome Mines
6)4
37,606
20
6)4
35
7.50
9,261
10c
Aug
22
1
45c
Apr
Fen
Feb
IS% June
24
Feb
60
80
Apr
May
65c June
2.05
Jan
Sept
9%
Jan
4%
2
10
30
3.66
Apr
40
Apr
5%
Apr
July
8
Aug
22
July
Sept
Sept
12.90
10
24)4
10,535
19
Apr
25X
July
7c
9c
35,350
7c
June
54c
Jan
19)4
19)4
22)4
4,517
19%
Jan
20c
25c
8,200
20c
Sept
Sept
29%
20c
1.25
Feb
66c
20,400
8)4
125
6
July
11
Jan
9
101
June
107
Apr
Aug
-25
Equitable Life
•
Fan ooi rn.Re
Famous
.
.
6.30
..
Players vot._ II-*
21)4
7c
.....
22
«
-
a. -
Federal Kltkland
Ford A
Foundation
•
Pets
•
Irn'ceiir
Preferred
-
45c
*
8
.100
105
Frost Steel
Glenora
440
Jan
18%
Apr
48,700
24c
Sept
65c
May
5c
6,100
3%o
July
3UC
Jan
45c
45c
59c
24,387
40c
June
1 02
Jan
6c
6c
7%c
•2,500
18c
22c
11,300
23c
23c
25c
6,500
30c
...J
11c
...1
•
Goodyear Tire
30c
Feb
Jan
49
Mar
14,200
30
7 %c
July
22c
Apr
82
May
97%
52%
July
67
53
54)4
40
June
68
10c
12c
5,800
9c
June
63o
17c
4,616
13o
6c
18c
13 %
Apr
26*4
33)*
Mar
53%
Sept
39
25
27
75c
70c
9)4
9
98C
98c
12)4c
15c
28,215
12c 15)4c
25,900
9,100
15c
19c
10)4
10)4
11%
4,955
1.30
1.75
19,925
34c
6
21
1.30
—
19
.....
....
1.28
34c
49c
18,000
...i
32c
...i
30c
36c
515
25,750
4
98c
12c
June
1.25
18 V*
7c
Huron A Erie
...
69
3.44
lOHo
130
33c
90c
Mar
22%
Apr
I6V*C
Sept
3o
80o
405
May
87c
July
72c
Jan
Jan
39c
18.000
Jan
11
Sept
19
Mar
18
26c
Apr
2.70
June
5.00
Feb
9c
10c
9,000
8c
Aug
33 Xc
May
44c
44c
50c
2,000
42c
May
15
Feb
26c
Sept
56c
July
95o
.In-"
78
80
62
72
Jan
95
220
11
218
Aug
240
-
6
27c
88c
Feb
20c
July
July
10c
Feb
Apr
42%
Feb
38
50
975
8%
7%
Apr
Aug
June
2 %C
7,200
6,200
4c
40
X
7%
Sept
11
Apr
140
June
130
5
130
Sept
17
17
25
17
Sept
21%
Feb
_
5,550
25c
Sept
1.06
Feb
10.200
3 He
May
12c
Feb
45c 49 %c
Sept
1.49
Jan
25c
35c
3%c
4%c
7,500
45c
2.00
2.00
2.45
2,380
2 00
Sept
3.60
Feb
54
52
60%
52
Sept
83
Feb
3 %c
Aug
16^c
Jan
1.20
Apr
2 23
July
3%
Aug
1
New Golden Rose
N1 pissing
*
Norgold Mines
1
4c
4c
4c
9,164
7,500
Normetal
•
1.30
1.25
1.68
17,205
Noranda Mines
3%
45
4%
Jan
16c
15c
22c
29,000
15c
July
49C
Feb
3.90
3.75
5.10
Sept
13.26
1.15
1.10
1.60
05
Apr
Olga Oil & Gas
*
3c
3c
3%C
59,696
22,503
4,100
3 75
*
3c
Omega Gold
1
60c
39,070
July
Sept
Ontario Steel
*
North Star
3%
...5
pref
1
Nordon Oil
O'Brien Gold
Okalta Oils
44c
44c
♦
-
—
—
—
190
17c
15c
♦
Page Hersey
100
103
100
2.40
2.70
Aug
3.50
Mar
Pantepee Oil
6 %c
1
24c
24c
28c
Mar
Apr
Feb
43 *4 c
Feb
4.00
Jan
Apr
22c June
9%
35
July
15c
June
40
10c
Sept
86,987
Park hill
1
15c
15c
17c
4,036
10c
13c
4,200
41c
Apr
12c
17c
11,600
12c
July
46c
Jan
1
41c
54c
61,785
41c
Sept
1.38
Jar.
I
87c
82c
95c
10,700
70c June
2.50
Jan
...i
l%c
l%c
l%c
4,500
4.45
4.25
5.60
1
3.80
3.65
3.95
31,230
5,150
Pickle ('row
Pioneer Gold
*
Jan
102X
Sept
96
Feb
Junr
2 20
June
33 X
Feb
Sept
29c
July
1.95 June
4.50
Jan
75c
18
310
4,500
1.96
2.24
5,960
32 %
1.10
590
27c
July
36c
Feb
64,300
55c
June
1 47
Jan
2.00
Aug
30
30
90c
90c
20c
10
Feb
8c
8c
11c
2,000
8c
Sept
4Sc
Jan
1
2.80
2.75
3.50
...
10,720
2.75
Sept
6 85
Feb
40c
40c
1,200
40c
Sept
1 95
Feb
28c
34c
36,300
28c
80c
86c
17,125
72c June
10c
14c
23,600
•
Red Crest Gold
•
Red Lake G Shore.-Reno Gold
28c
1
Roche Long Lao
t
11c
Royal Bank
..........
1.40
1.30
1.30
Authler
5
36
112
pref... .100
9o
1,477
112
200
34%
.
1
1,250
190
190
-
•
Roy allte Gil
Feb
♦
Quemont Mines
Russell Motors
Feb
22c
Mr
Prospectors
41,925
9 20
6 85
20c
1
E Dome
Jan
Sept
2.00
1
Pressed Metals
1.45
19
4 25
3%c
Apr
3.65 June
5
1.00
18
1%C
20c
25c
Royalties
Premier
Read
102X 102%
1.06
18
1
*
Corp
Preston
10c
100
pref..
Powell Rouyn
Power
Jan
Feb
41c
...
Pet Cobalt Mines
Prairie
Mar
13 %c
Gold
Porto Rico
118
1
Gold
Paymaster Cons
Perron
5%
1
Partanen-Malartlc
Paulore
Jan
2.20
1.90 June
925
Payore Gold
Mar
10
98
28,215
5%c
Jan
June
10c
152
2.56
5%c
Jan
1.28
18
115
5%
20%c 124,000
1
Jan
Jan
85c June
12,800
*
Pamour Porcupine
Feh
12c
1.80
120
1.70
1.15
•
Pacaita Oils
1.20
Jan
10
4
Aug
15
96
200
7
6%
-
•
Oro Plata Mining
44c
40
190
*
Preferred
1
87
100
15%
ion
Preferred
Orange Crush
17
100
16%
Stock
Toronto
190
Feb
1.78
Sept
1.35
Jan
48Xo
June
Feb
227
Sept
Mar
Sept
«0
Mar
July
34%
102
Exchange concluded
118
June
on
1689.
page
Toronto Stock Exchanae—Curb Section
See Page
Government
1724
SECURITIES
CANADIAN
Municipal
•
Private wire connection between
•
Corporation
New York, Montreal and Toronto
Royal Securities Corporation
• New York • HAnover
Bell System. Tele. NY 1-208
30 Broad Street
!<<»<»» errt
w w * * *» w
2-6363
wwrryw
Industrial and Public Utility Bonds
Bid
Abitlbi P & Pap ctfs
Mar
Alberta Pac Grain 68.1946
100
100
32
97
58 X
113 %
113%
Sept
Sept
39 V*
Mar
Burns <fe Co 5s
1958
3 15
Feb
15c June
1.62
Mar
Calgary Power Co 5s.-I960
Canada Bread 6s
1941
53c
Mar
Canada North Pow 5s. 1953
2.15
Feb
Canadian
Feb
Canadian Lt & Pow 5s 1949
Feb
Canadian Vlokers Co 6s '47
27c
43c
38,015
105
25c June
70c
1.08
66,542
70o
June
19c
June
22c
28c
23
10,010
5
1 20
23
1.86
2.30
91,343
1.86
1.25
1.05
1.50
7,300
1.05
1.11
1.00
1.25 104,340
90c
ten
45c
50c
46)4
46)4
49)4
4)4c
4)4c
4)4c
15
15
15
LagunaGold........
Lake Shore
Lamaque Contact
a
69c
Sept
Sept
Sept
1
Hud Bay
39
3 30
Inter Pap 6s '49
Apr
Cedar Rapids M &
2.65
Feb
Consol Pap
1.70
Apr
Feb
5 his ex-stock
Dom Gas A Elec
Jau
July
1.10
46%
June
59%
7,810
4c
Ma\
2 80
Feh
4s
P 5s *53
Corp 5Xs 1961
1956
'
30
14%
Jan
21%
Apr
50C
65c
17,900
60o
Sept
1.33
Jan
1.0,0
1.19
22,500
68c
June
1.30
July
15c 17)4c
40,600
lie
June
30o
Jan
2 )4c
2)4c
3,100
2%c
July
7 73^
Xe
Jan
Gt Lakes Pap Co 1st 5s
50c
64c
45o
June
1.35
Feb
Int Pr A Pap
4.40
5.10
13,340
11,455
4.40
Sept
8.40
Jan
24)4
22)4
930
23
Apr
25
Feb
Jan
23%
24,987
35,351
15c
...1
1
Gold—...... —.1
Long Lao
a
a
24
24
21)4
21
...1
4.50
4.50
5.50
1
1.20
1.20
1.85
3H=
790
21
-
-
■
.
-
108
103 X
100 %
100
96
•
Aug
4.15 June
8.60
4 85
Jan
Daries 6s
Eraser Co 6s
Jan
*55
of Nfld 5s '68
Lake St John Pr A Pap Co
5^8
1961
Sept
1961
5s
•
No par value
67
97
98
104
Minn A Ont Paper 6s. 1945
/ 67
104 X
Montreal Island Pr 6M»s
104X
100 %
103
Montreal L H A P (150
110
97
*57
1939
1956
1973
Montreal Tramway 5s 1941
par
value) 3s
3^8
3X8
64
Ottawa Valley Pow
85 X
Power Corp of Can
35%
Provincial Pap Ltd 5Xs
5s
99
65
-
103 %
•
--
-
—
102% 102 X
96 %
102% 103
/ Flat prloe
93
102
84 %
100 %
81
89
Massey-Harrls Co 6s. -1947
McColl Frontenac OH 6s *49
75
95%
111X 112%
85%
96
Ask
100% 101X
2% a to '38—5Xs to *49
Dec
1
United Grain Grow 5s
1957
50
100
94 M
82
Nominal.
50 %
101
95X
99
99)4
102
103
101
103
101
101)4
101)4
103)4
104)4
101
103
104
87
1948
'52
Winnipeg Elec 6a. Oct 2 *64
67%
100 X 101)4
106
105
75)4
United Secure Ltd 5%a
101X
n
5X8 '70
4Xs '59
'47
Saguenay Power 4Xa A. *66
4%a ser B
1966
Shawlnlgan W A P 4Xs '67
Smith H Pa Mills 4Xs '51
Jan
120
East Kootenay Pow
Eastern
Leaf
5X8.1951
Milling—
85
6X8.1945
Co—
52c
1.00
.
1961
4.40
...l
-
-
Donnaconna Paper
1,700
1,909
40c
7s 1942
1949
1 1950
Gatlneau Power 5s—1956
50c
Cadliiac
Maple
58 %
1955
74c
23
MacLaren-Que Pr 5Xs '61
Manitoba Power
Beauharnois Pr Corp 5s '73
32
22c
-
Bell Tel Co. of Can 5s.
32
1.88
Bid
At
..
Feb
32
1
«
Feb
64%
a
-
87 %
80
f86%
73%
31,809
Consolidated
5a *53
Apr
July
60)4
27c
.
190
45c
Mar
Jelllcoe Cons.......u
B
July
3 %c
15%
Jaeola Mli es
MacLeod Cockshutt
^
*
24 %
5,500
Macassa Mines
•
1
JM
70c
Loblaw A
172
26c
Nay bob Gold
New bee Mines
Sept
63c
Lee Gold
10
180
1 w*
130
13%
65c
Lang A Sons
46
7%
_
19%
1
Laks
Sept
3c
*
835
54)4
.
Addison
40
40
.100
Preferred
10,199
54)4
Jack
Little
m
14)4
1,775
Lebsl Oro
National Grocers
National Sewerplpe
44%
660
20%c
40
20)4
11,782
Leitch
*
;
19,200
87.556
3c
1
.
19)4
1.45
Cap Gold
Murphy Mines
14
34)4
Lava
24c
Morris Kirkland
National Brew
35c
1.71
180
.100
14
1.20
La pa
Corp
26c
40
40
May
78
a.
1.20
Kirkland
*
1
1.33
1.36
...1
A
June
220
a
Kirk
Moore
28c
25c
Oils
Moneta Porcupine
Mar
»
Kelvlnator
Mar
5,300
8,635
9c
19)4
Walte
63c
29c
Mar
12
internet Util B
Kerr
39c
3.25
Jau
10
a
.
Jan
35c June
Jan
20
International Milling pflOO .•..I....
International Pete
1.18
45c
Feb
Jan
Sept
15c
19
13)4
«•
Mckei-.
Feb
Ja
JaD
11
.......
international
Jan
57c
17c
26c
Jan
13%
.100
.
2.03
1.00
25,300
2.80
Jan
7
11
imperial Bank
Imperial Oil
Imperial Tobacoo
42%
22,440
26c
*
Jan
May
June
1.28
18c
26c
Jan
Apr
Sept
Sept
Sept
*
B
32%
1.00
18c
2.80
Apr
July
a
Hunts A
3,288
1.02
Jan
Sept
58%
10
625
a
65o
9
2c
5
a
25
2,500
63
*
Howey Gold
2c
4
a.
High wood Sare**
....
4,215
63
-
Harker
Homestead Oil
19,720
4
Hlnde A Dauoh
una
30
80c
12
2c
2c
nil
35
Mar
Mar
Feb
51
"*1
Halcrow Rwayxe
Hamilton Theat pref.. .100
Hard Rock
33
13%
101
Aug
18)4
37
•
Harding Carpets
July
Apr
1,583
18)4
♦
June
86%
33%
Jan
855
21
—.1
...
Gyoeuu) lime A Aiab.
8%
216
*
Feb
1,000
Sept
Sept
67c
6%c
100
Great West pref
2,702
*
Feb
13c
38)4
•
1,360
12%
94
Mar
74
Sept
45
56
Jan
Jan
6c
III*
Mar
Apr
13c
Lakes Paper
Jan
16X
Aug
200
10c
Preferred
12 %
*
39c May
44,700
54)4
*
Grandoro Mines
Hull,tiger t
Sept
June
12c
13c
95
Granada Mines
Home Oil Co
6c
18
37c
88
Graham Bousquet
Gunnar Gold
11c
88
"50
Preferred
75%
32c
18c
.....
Sept
Feb
12)4
1
Good fish Mining
I 58
24c
GoMaie Mines
Gold Eagle
8
Apr
4)4c
.50c
Golconda
Belt
72%
Sept
May
12)4
.
.,
45o
29
24c
a
Laks Mines
25
73
6«2o
4)4c
12)4
nil
.......
...
105
72%
a
vsares..
Gliiles Lake Gold
45c
7)4
105
Gatlneau Power pref.. .100
General Meei
6.25
22
21)4
a.
•
Fanny Farmer.
J M
Feb
23
19)4
79)4
17
17
14
38c
•
Great
May
Feb
Mar
70)4
-eHgraina.......
Gold
95c
76)4
•
Preferred
s
56c
39c
IIIi
Da vies Petroleum
God
Jan
Sept
25c
1,695
.......
Eldorado
1.47
56c
3,100
_
Crows Neat Coal
East
Jan
Jan
19,250
Consumers Gas
at
43c
1.47
Apr
75c
17
Cosmos
Dor\
Feb
26c
Cons Bakeries.
Dom Stores
5.25
Sept
Jan
Sept
""5
Cons Chlhougamau
Dominion
I 66
14)4
Cons Smeltere
Dominion
175
9o Jun*
60c
Feb
107
25c
Conlaurum Mines....
Dl*t
May
Sept
Sept
100
Jan
11)4
•
Con lagan Mines
DarkWMiff
1.75
J ul>
Mar
Mar
4
25c
65c
*
...
I'low
Apr
Sept
7%
5,207
1
Model Oils
ii %
Mining
Commonwealth Pet
Cockshutt
17%
Sept
1% June
9%
28,600
Chromium Mining.... ...*
Chromium
11
Mining Corp
Monarch
6.748
2)4
9%
2)4
10)4
Wineries... ._.*
.
Sept
11%
45
Mar
Sept
5
180
6
Fel
36e
10c
3
310
10%
16c
June
Mlnto Gold
for
of Prices
Low
High
Sale
2c
...6
Mercury Oils
Range Since Jan. 1 1937
Week's Ranae
10.425
12%
»raham_.._
McWattere Gold
Sales
Friday
13c
2,800
Mar
44c June
18c May
20.500
4
1 20
June
93
45
♦
McKenzle Red Lake..
Toronto Stock
2 %c
10c
.100
Mclntyre Mines
•
21
10c
Preferred
Preferred
McVlttle
19
2 %c
High
Low
56c
19,700
2%c
............
McColl Frontenac
Timmins
Last
73c
3
Sarnla
Car'ixio < .old
56c
56c
Shares
High
Manitoba <fe East
Winnipeg Grain Exchange
Montreal Curb Market
Canadian
Low
Price
Par
The Toronto Stock Exchange
Noranda
Ottawa
CPR.
Week
M cDougall-Segur
MEMBERS
Cobalt
Stocks {Continued)
for
of Prices
Madsen Red Lake
OFFICES
Toroato
Range Since Jan. 1 1937
Week's Range
Sale
TORONTO
WAverley 7881
Sales
Last
GRAIN
BONDS
STOCKS
Exchange
Friday
90
Financial
1728
Quotations
New York
Bid
a 3b
Jan
96
Bid
Ask
113
Bensonhurst National.-.50
95
a4%s Apr
a4%s Feb
15 1976
«4%s Jan
1 1977
a4s
1954
1960
103
1
May
1
Nov
1
1958.
a4s
May
1
1959
a4s
1977
a4s
15 1978
a4%s Nov
107% 109%
107% 109%
107% 109%
108% 110%
1957
a4s
114%
113% 114%
113% 115
113% 115%
114
115%
115% 116%
115
116%
115
116%
115% 117
116
117%
116% 118
1 1974
a4%s June
104%
101% 103
104% 106
1975
15 1972
1 1981
«4%s Mar
a4%s May
a4%s Nov
1
1957
1
1957
May
1
a4%s Mar
1
1963
Oct
1
1980.
1
1965
1
1960
109% 110%
111% 113
a4%s June
a4%s Sep
a4%s July
1
a4%s Mar
1
1962
112
a4%s Dec
113%
113 %
1967
15 1971
117
118
125
Penn Exchange.
10
50
12%
14%
Peoples National
57
67
100
980
1010
Public National
25
36
38
First National of N Y..100 2035
2075
Fifth Avenue
30
40
New York Trust
52.90
130%
Can & High Imp 4%s 1965
■
'm
m -
127%
MM.
4%s April 1940 to 1949.
...
37
Companies
115
457
10
61%
63%
7
10%
11%
100
111
123
Canal Imp 4s J&J '60 to *67
116
240
255
292
297
100 1775
Kings County
110
113%
45
46
48
49
51
119
20
116
Chemical Bank & Trust. 10
56
58
50
75
85
25
16
18
New York
15%
20
10
57%
28%
16%
58%
29%
Title Guarantee & Tr. -.20
Empire
'
14%
1825
42
...25
20
Manufacturers
20
Preferred-—
25
126% 129%
mm mm
123
Barge C T 4s Jan '42 & '46
13%
10
Irving
Lawyers
Corn Exch Bk & Tr
}
As*
100
100
Colonial Trust
Ask
Bid
Par
Fulton
Guaranty
105
448
Continental Bank & Tr.10
52 20
Highway Improvement—
4s Mar & Sept 1958 to '67
Barge C T 4 %s Jan 1 1945.
130%
33%
30
12 %
Ask
Itallana.100
Comm
Central Hanover
Highway Imp 4%s Sept *63
Canal Imp 4 %s Jan 1964..
31%
Sterling Nat Bank & Tr .25
Trade Bank
Clinton Trust
Bid
World War Bonus—
1
19%
National Safety Bank.12%
39
Brooklyn.
Ask
52.80 less
17%
MM.
44
42
Bid
New York State Bonds
Canal & Highway—
5s Jan & Mar 1964 to '71
55
186
Bronx County
3s 1981
50
37
Bankers
1
115
180
City (National)
Bk of New York & Tr_-100
52.75 less
100
12%
13.55
Chase
Banca
Bid
65
.100
Merchants Bank
Commercial National.. 100
120
1
«4%s D*c
3s 1974
Ask
Klngsboro National... 100
National Bronx Bank...50
29%
119
1979
Bid
Par
Ask
66
100%
1
28%
Bank of Yorktown._66 2-3
1954
1
Bid
112*1 114
1
15 1976
10
112 %
1966
d3%s May
104% 106
104% 106
Par
Bank of Manhattan Co
1964
a3%s July
97
Ask
1
1
a4%s Mar
a4%s Apr
1977
1975
102
11, 1937
New York Bank Stocks
City Bonds
1
a3%s Mar
a3%s Jan
a3%« July
Sept.
Over-the-Counter Securities—Friday Sept. 10
on
1
«3%s Nov
Chronicle
mm
10
89
.100
Underwriters
1725
United States
11
99
1775
..M
...
Chicago & San Francisco Banks
Par
Port of New York
Bid
Bid
Ask
Harris Trust & Savings. 100
100
& Trust
Par
Ask
240
260
395
420
Northern Trust Co
American National Bank
Authority Bonds
690
730
100
Continental Illinois Bank
Bid
Gen & ref 4s Mar 1 1975.
Gen & ref 2d ser 3%s '65
Gen & ref 3d ser 3%s '76
Gen & ref 4th
ser
3s
Gen &ref 3%s
1976
104% 105%
103% 104%
101
96
Bayonne Bridge 4s series C
1939-53
J&J 3
Ask
33 1-3
111
265
FRANCISCO
SAN
116
..100
& rrust
275
First National
47%
B ankofAmerlcaNT&S A12%
49%
60.50
Holland Tunnel 4%s ser E
1938-1941
97
M&S
1942-1960
102
M&S
60.75
111
Insurance
1.75
112%
Inland Terminal 4%s ser D
101
1977
Bid
Ask
Port of New York—
Bid
1938-1941
M&S
61.25
1942 1960
M&S
107% 109
2.00
Companies
Bid
Par
Ask
Ask
3%
92
Home
47%
27%
Homestead lire
.10
Importers & Exporters
-.5
7%
8%
82%
Ins Co of North Amer—10
63%
65%
22%
Knickerbocker
13
36
111%
45%
21
110
88
80%
George Washington Bridge
4%s ser B 1940-53.M N
38
Lincoln Fire
13%
14%
Maryland Casualty
11
12%
Mass Bonding & Ins..
15%
4%
5%
57%
51%
12%
7%
19%
63%
26
United States Insular Bonds
American of Newark...2%
Fire
Security
2%
10
18
5
5
1
4%
4%
12%
53%
48
37%
Philippine Government—
4s 1946
Bid
100
Bid
Ask
101%
Honolulu 5s
63.50
114
4%s Oct
1959
104% 106%
U S Panama 3s June 1 1961
4%sJuly
1952
Merch Fire Assur com—5
27%
Merch & Mfrs Fire New'k.5
10
48%
3.00
39%
26
Ask
50%
31%
Merchants (Providence)..5
6%
18%
Govt of Puerto Rico—
5s
April 1955
104% 106%
100% 102
5s
Feb
1952
108
110
5%8 Aug
1941
110
111%
Hawaii 4 %s Oct 1956
4 %s July
58
116
26%
National Casualty
National Fire
d3.75
1958
3.50
110
Boston
108
Conversion 3s 1947
112%
107
110
6
2 %
Baltimore Amer
111
July 1948
U S conversion 3s 1946
Camden Fire
93%
100
613
20
18%
21%
10
23
20%
23%
24%
Connecticut Gen Life
10
30
31
5
25
27
Northern
Eagle fire
Excess
Bid
Bid
Ask
-J&J
99% 100 %
4s 1957 opt 1937
M&N
3s 1956 opt 1946
3s 1956 opt 1946
J&J
4s 1958 opt 1938
M&N
3%s 1955 opt 1945. .M&N
99% 100%
99% 100%
101% 101%
4s 1946 opt 1944
Ask
107% 108%
M&N1
J&J
4%s 1957 opt Nov 1937...
4%s 1958 opt 1938- .M&N
100716 100",6
101% 102%
100% 100",6
103% 103%
3%
2 %
Employers Re-Insurance 10
3s 1955 opt 1945
13
10
New York Fire
Continental Casualty
11%
31%
33%
46%
New Jersey
4%
43
45
6
7
5
38%
10
20
113
10
71
73
Fireman's Fd of San Fran25
80
43%
46
2
20
22
12.50
93
96
26
2.50
North River
120
National.25
Northwestern
118
Fire Assn of Phlla
45
Hampshire Fire —10
20
80
10
Phoenix
Firemen's of
5
17%
19%
10
31%
33%
Y)_2
7%
10
10
23 %
7%
24%
26%
8%
Preferred Accident
Providence-Washington
5
10
11%
Reinsurance Corp (N
5
Newark
29%
30%
.
Republic (Texijis)
Revere (Paul) Fire
5
25 %
7%
39
Rhode
10
24
26
Rossla
Gibraltar Fire & Marine. 10
26
28
St Paul Fire & Marine..25
207
10
General Reinsurance Corp5
Georgia Homo..
Glens Falls Fire
5
Globe & Republic
Bank Bonds
5
Globe & Rutgers Fire
15
36%
Island
5
45%
19%
Seaboard Fire & Marine. .5
17%
Seaboard Surety.
57
Security New Haven
10
Springfield Fire & Mar..25
Stuyvesant
5
85
90
100
101
Louisville 5s
100
102
Great American
5
22%
23%
Atlantic 5s
100
102
Maryland-Virginia 6s
100
102
1
8%
9%
Burlington 5s
/50
100
102
Great Amer Indemnity
Halifax Fire
10
25%
Travelers
Hanover Fire
10
23%
29%
Hartford Fire
10
California 5s
100
Chicago 4%s & 5s
...
Dallas 5s
First of Fort Wayne 4 %s..
First of Montgomery 5s.-.
first of New Orleans 5s...
First Texas of Houston 5s
First Trust of
.
New York 5s
99% 100%
North Carolina 5s
100
Ohio-Pennsylvania 5s
6%
102
101
97%
Oregon-Washington 5s
99
Pacific Coast of Portland 5s
100
100
102
Pac Coast of Salt Lake 5s.
95
97
.
Pac Coast of San Fran 5s..
99% 100%
99% 100%
100
...
Illinois Midwest 5s
107
100
/28
100
102
102
Southwest 5s
85
87
100
102
Southern Minnesota 5s„.
87
97
99
-
/18%
U S Guarantee
Home
29%
31%
Tennessee 5s
100
Union of Detroit 4%s
.
Westchester Fire
5
All series 2-5s
101
99%
99% 100%
Lincoln 4 %s
5s
88
Virginian 5s
100
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Debenture
1953
3-6s
89
91
Potomac
46%
79
I
II
1
1
1
•
1
92
1945
Inc 2-5s
1953
Nat Bondholders part
Ask
100
42
North Carolina
Dallas
100
73
76
Pennsylvania
15
20
Des Moines
100
55
60
San
First Carolinas
100
6
10
Virginia
2
3
6
14
16
28
Antonio
67
47%
45%
47%
45%
36%
47%
1953
:::
Potomac Maryland Deben¬
—
Realty
1953
Atlantic
Deb Corp 3-6s
83
ctfs
1953
ture
Corp 3-6s
/33
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s_1953
74
36
Realty
Bond
&
100
1.40
50
50
1953
47
45%
47%
50
Unified Deben Corp 5s 1955
36
38
Par
Am Dlst Teleg (N
Bid
Par
Ask
25
*
17
20
24
28
109
118
121
165
168
Pac & Atl Telegraph
116
118
Peninsular Telep com
Cuban T<4ep 7% pref.-lOO
45
Emp & Bay State Tel.. 100
60
Franklin Telegraph
Ask
Bid
J)
com.
F I C 1 %s
...
F
...
F
-
-Jan
15
1938
M
.
-
...
...
Rochester Telepnone—
39
43
100
110
97
100
25
Sou New Engl Telep—100
20
24
159
162
Int Ocean Telegraph
100
Mtn States Tel & Tel.-100
85
95
S'western Bell Tel pref. 100
122
124
133
140
Wisconsin Teiep 7 %
114%
100
/
15 1938 b .90%
.Mar
61.00%
I C l%s._ .Apr
15 1938 61.00%
I C 1%S._ -May 15 1938 61.00%
.
65%
109%
$6.50 1st pref
Corp—
S6 preferred
F I C 1 %8.
100
Preferred A
...
*
Gen Telep Allied
Ask
Ask
23
106
Bell Telep of Pa pref.-lOO
Intermediate Credit Bank Debentures
Bid
New York Mutual Tel. 100
*
100
Bell Telep of Canada.. 100
F I C 1 %s
Sept 15 1937 b 60%
FICl%s—Oct
15 1937 b .70%
F I C 1 %s
Nov 15 1937 b .80%
FIC1%S—Dec 15 1937 b .85%
45%
Mortgage
deb 3-6s.
Telephone and Telegraph Stocks
1.70
55
Preferred
Bid
72
72
45
5
Virginia-Carolina
45%
33
8
Potomac.
74
1953
48
100
New York
38
45
100
60
100
-.100
.100
52
Atlantic
1953
)2-5s
3-6s
3-6s
48
(Central Funding series)
Bid
78
(all
Potomac Cons Deb Corp—
Potomac
Joint Stock Land Bank Stocks
Par
-1954
Corp
Potomac Franklin Deb Co
Empire Properties Corp—
Ask
Issues
Bond
Potomac Deb Corp 3-6s '53
1
Mortgage Bond Co of Md
Bid
Ask
54
57
47
Interstate Deb Corp 2-5s'55
For footnotes see
33
1954
-
Series B 2-6s
81
Cont'l Inv Bd Corp 2-5s '53
2-3s...
A
31
2.50
Bid
Series A 3-6s
101
Federal
54
Ask
82%
Contl Inv DebCorp 3 Os '53
102
100
19
53%
50%
Nat Union Mtge Corp—
1953
Associated Mtge Cos Inc—
98%
5s
-
100
Lincoln
18
61%
Co..2
U S Fire....
66%
Allied Mtge Cos Inc—
19%
Virginia-Carolina 5s
Fremont
463
4
30%
73%
64
Bid
30
San Antonio 5s
99% 101
Denver
645
453
10
U S Fidelity & Quar
71%
Hartford Steam Boiler.. 10
101
Potomac 5s
St Louis 5s
La Fayette 5s
Atlanta
8%
595
100
109
5s
81
100
Par
7%
100
I.lfe Assurance
107
81
85
City 4%s._.
Kentucky 5s
32%
114% 117%
Surety Guaranteed Mortgage Bonds and Debentures
101
105
100
Greensboro 5s
Sun
12
27
31%
.
100
Phoenix 4%s
102
102%
100
Pennsylvania 5s
78
Greenbrier 5s
15
11
212
101
77
...
4%s
2d preferred
9%
100
100%
Chicago 4 %s
5s
Iowa of Sioux
102
Mississippi-Tennessee 5s.
99% 100%
66
/63
96
First Carolinas 5s
Fletcher 3%s.
...
Ask
98
Denver 5s
Fremont
rs %
100
Bid
Ask
.
10
53
43%
Atlanta 5s
Bid
84
83
Franklin Fire
Joint Stock Land
27%
125
121% 125%
25
Pacific Fire
40%
Federal
Fidelity & Dep of Md
New
8
129% 134%
2
New Brunswick Fire
5
10
City of New York
Federal Land Bank Bonds
7
.2
National Union Fire
New Amsterdam Cas
623
61%
10
National Liberty
7
96%
Carolina
115% 117%
10
19%
page
1730.
So & Atl Telegraph
pf.100
...
Volume
Financial
145
1729
Chronicle
33r
Securities—Friday Sept. 10—Continued
Quotations on Over-the-Counter
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
loscpb Walkers Sons
Mtmbort New York Slock
Excbaag*
Dealers in
120 Broadway
e. sloane& co.
john
Members New York Security Dealers Association
Tel. REctoir
41 Broad St., N.
GUARANTEED
NEW YORK
Bulletin
Request
on
Y.
-
HAnover 2-2455
-
Bell Syst. Teletype NY 1-624
2-6600
STOCKS
.Since1855,
Railroad Bonds
Guaranteed Railroad Stocks
Asked
£<<2
(Guarantor In Parenthesis)
Akron Canton & Youngstown
Dividend
Par in Dollars
Asked
Bid
534a
1945
64
67
1953
1957
94
100
97
101
April 1, 1943
1950
1942
102
105
434s
Convertible 5s
6s
Augusta Union Station 1st 4s
inn
Hudson)
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
—
160
170
6.00
94
98
50
2.00
37
40
inn
8.75
120
125
-
Boston & Albany 1st 434s
Prior lien
inn
8.60
126
132
2.85
55
4.00
90
94
5 00
91
94
.100
6.00
97
102
82
90
95
98
102
82
86
Chateaugay Ore & Iron 1st ref 4s
inn
80
75
60
.100
63
72
1940-45
1961
Prior lien 4s
55
1944
Boston & Maine 3s
(New York Central)
Canada Southern
Choctaw & Memphis 1st 5s
Cincinnati Indianapolis & Western 1st 5s
Cleveland Terminal & Valley 1st 4s
Buffalo Creek 1st ref 5s
N-A C L) 4%
Carolina Cllnchfield & Ohio (L &
—
Common 5% stamped..
Y Central)
Pittsburgh (Pennsylvania)
Cleve Clun Chicago & St Louis pref (N
.
50
pref (N Y Central)
Georgia RR & Banking (L & N-A CL)
Lackawanna RR of N J (Del Lack & Western)
Fort Wayne & Jackson
—
88
50
2.00
45
48
Georgia Southern & Florida 1st 5s.
5.50
81
86
Goshen <fe Deckertown 1st 634 s
Hoboken Ferry 1st 5s
50
95
99
91
93
1945
1978
1946
186
10.00
inn
191
.
4.00
64
50.00
900
1050
65
62
93
83 ~
76
67
inn
99
& W)
1978
96
52
55
Little Rock & Hot Springs Western 1st 4s
/14
80
84
Long Island refunding mtge 4s
99
101
6.00
1939
1949
20
3.875
.100
—
Kansas Oklahoma & Gulf 1st 5s
-50
50
4.00
103
106
98
100
4.00
58
62
Macon Terminal 1st 5s
1965
59
62
Maryland & Pennsylvania 1st 4s
1951
70
4.50
65
60
Meridian Terminal 1st 4s
1955
92
95
1.50
40
43
Minneapolis St Laul & Sault Ste Marie 2d 4s.
40
Montgomery & Erie 1st 5s
1949
1956
50
„50
Northern Central (Pennsylvania)
—
Northern RR of N J (Erie)
Western)
Oswego & Syracuse (Del Lack &
Pittsburgh Bessemer & Lake Erie (U S
Steel)
50
3.00
80
86
.100
7.00
167
(Pennsylvania)
Pittsburgh Fort Wayne & Chicago
.
100
& Hudson)
7.00
176
181
100
-
Rensselaer & Saratoga (Delaware
93
172
—
—
-
/40
63
.100
Michigan Central (New York Central).Morris & Essex (Del Lack & Western)
York Lackawanna & Western (D L
86
2.00
inn
Delaware (Pennsylvania)
3.50
50
—
Preferred
1942
1949
1965
1995
25
Betterman stock
Preferred
Birmingham Terminal 1st 4s
.100
Boston & Providence
New
10.50
-
(New York Central)
(New Haven)
Boston & Albany
Cleveland <&
6.00
inn
inn
Central)
Alabama & Vlcksburg (Illinois
Albany & Susquehanna (Delaware &
92
88
67
64
1945
-
6.82
85
90
141
Piedmont & Northern Ry 1st mtge
Portland RR 1st
100
6.00
100
3.00
70
100
6.00
141
.100
Canal (Pennsylvania)
100
UtlcaChenango & Susquehanna (DL&W)
100
Valley (Delaware Lackawanna & Western)
Vlcksburg Shreveport & Paciflo (Illinois Central)— -100
10.00
243
82
87
5.00
90
5.00
76
80
.100
5.00
80
85
.50
3.60
44
3.00
60
72
92
94 3*
66
67 3$
48
50
334s
334s
246
6.00
65
1946
1966
1951
New York & Hoboken Ferry general 5s
St Louis
Bridge 1st pref (Terminal RR)
Second preferred
RR)
United New Jersey RR &
Preferred
—
Warren RR of N J (Del Lack &
West Jersey & Sea
Western)
Shore (Pennsylvania)
1945
87
91
1957
85
90
St Clair Madison & St Louis 1st 4s.
1951
95
Shreveport Bridge & Terminal 1st 5s
73
—
Tuone RR St Louis (Terminal
1955
1955
90
Somerset Ry 1st ref 4s
Southern Illinois & Missouri Bridge 1st 4s
1951
84
1957
1966
1954
109
Consolidated 5s
Rock Island Frisco Terminal 434a
-
63
Toledo Terminal RR
-
434s
Toronto Hamilton & Buffalo 4348
Washington County Ry 1st 334s
EQUIPMENT TRUST CERTIFICATES
EST.
Equipment Bonds
61.70
1.10
2.10
63.75
exchange
63.00
53*s
2.00
62.50
2.00
62.90
2.25
New Orl Tex & Mex
63.75
2.75
62.90
2.25
New York Central
62.75
2.25
3>$s Deo 1 1936-1944—
62.90
4>*s
2.25
43*8—
43*s
National
434s..
6s
—
Canadian
Pacific
63.00
2.30
63.00
2.30
62.90
434s
Cent RR New Jersey 43*s_
2.20
62.75
1.75
43*s
1.75
6s
64.00
3.00
4.50
Pere Marquette
4.75
Reading
91
91
1937 49
63.75
2.60
2.60
Great Northern
62.75
1.75
1.20
Paciflo
4s
434s-
—
63.00
2.40
Virginia Ry
Pacific
35
72
73
90
N E Pow Assn 6% pref. 100
7734
8034
New Eng Pub Serv Co—
*
New Orl Pub Serv 57 pref*
New York Power & Light
62.75
2.00
62.40
1.50
63.75
2.25
62.75
2.00
434s
Central Maine Power—
100
-100
62.70
2.00
56 preferred.
2.25
88
90
78
86
82
84
Cent Pr & Lt 7%
2.20
Consol Elec & Gas 56
100J4
pref-100
pref.
Consol Traction (N J)-100
Consumers Power 55 pref. *
101
Continental Gas & El—
63.50
1.10
2.50
2.00
1.50
-
97
98
100
88
pref 100
111
7% preferred
Dallas Pr & Lt 7%
Dbrby Gas A El 57
pref--*
51
Essex Hddson
Gas
100
Federal Water
2.00
2.25
62.80
2.25
90 34
114
3134
33%
32
34
125
183
.100
County Gas...100
—
1.50
Hudson
1.00
Idaho Power—
1.00
56 preferred
--*
105
107
1.00
7% preferred
100
107
109
1.00
Interstate Natural
Gas—*
Interstate Power 57 pref__*
Iowa Southern Utilities—
25
27
6
10
7% preferred
100
55
59
97
100
100
6s
-
97
100
101
107
-100
*
75
78
*
*
97
Ohio Edison 56 pref
57
preferred
Okla G & E 7%
120
57 cum preferred
100
pref.-.100
Pacific Pow & Lt 7% pt 100
Penn Pow & Lt 57 pref
*
Philadelphia Co 55 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G & E—
6% preferred
100
Republic Natural Gas
1
preferred
434s
61.75
1.10
Western
63.00
6s
2.25
Western Pacific 5s
Maryland 43*3—
5s.
Maine Central 6s
63.00
For footnotes see page
2.25
63.75
534s
Minn St P & SS M 4s
3.00
1730.
53*8
Utah Pow & Lt 57
61
63
Mississippi Power 56 pref—
50
55
62
65
57
preferred
pref.-100
64
94%
70
109
28
United G & E (Conn) 7%
Long Island Ltg
106
65
953*
54
Kings Co Ltg 7%
90
112
93!4
66%
985*
82
2.75
88
110
63
27
65
63.75
7% pf—100
7% pref-100
953*
103
93%
50
Kan Gas & El
50
Jer Cent P & L
2.75
93
101
104.% 107
97%
8034
2.00
63.75
111
100
56 preferred C
63 34
2.25
62.65
no
Sioux City G & E 57 pf.100
Sou Calif Edison pref B.25
6% pf-100
734% preferred
62.75
98 3*
108
653*
53*
100
Tenn Elec Pow 6% pref 100
7% preferred
100
Texas Pow & Lt 7% pf-100
Toledo Edison 7% pf A 100
54
98%
105
4%
South Jersey Gas & El.
Jamaica Water Supply—
97%
Rochester Gas <fe Elec—
7% preferred
-.100
Memphis Pr & Lt 57 pref.*
Loulsv & Nash
58
105
100
32%
Gas & Elec of Bergen.
55
563*
99% 108
preferred
(Del) 57 pref
(Minn) 5% pref
7%
3iJ4
cum
7% cum preferred
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
Serv Corp—
56 cum preferred
56
53
Northern States Power—
54
185
2.20
99
534s
1.10
13
55
2.00
97
434s.
5S
62.50
11
50
2.00
61.70
5s
Wabash Ry
61.75
57 prior lien pref
61.70
434 s
5s—
6s
33
61.50
Illinois Central
43*s__
107
j.20
62.25
Hocking Valley 5s
6s
105
100
534% PL*
61.50
5s
Union
Long Island 434 s
Nebraska Pow 7% pref. 100
87
*
preferred
56.50 cum preferred
Texas
1.20
Internat Great Nor
33
25
2.00
1.00
4>*s
38
31
New Eng G & E
62.85
43*s
5s
61.66
_
5
34
preferred
Newark Consol Gas
62.80
1.75
61.75
6s
3
^100
7%
23%
62.75
Southern Ry 434 s.
61.75
434s
Mountain States Pr com—*
68
62.75
Southern Pacific
1.50
8
25 %
66
62.50
2.00
7
23%
Nassau & Suff Ltg pref. 100
57 pref*
63.00
53*8-
no
Ask
69 3*
114
1634
51.60 preferred
99
St Louis Southwestern 5s—
67 %
133"
Carolina Pr & Lt
62.00
5s—
St Louis-San Fran 4s
62.25
-
6s
25
pref
1.00
62.75
62.50
434s
Pub Serv 7%
Bid
Penn
1.25
62.85
43*s
43*s
5s—
6s
15
West
23
99 %
Co
62.25
534 s
1.20
7% preferred
Dec 1 1937-50
3.00
64.85
63.00
634s
Erie RR
128
2%a series G non call
63.90
6s
112
Bangor Hydro-El
due
43*8.
43*8—
Atlantic City El 6%
2.75
6%
4s series E
89
Denver & R G West
2.75
Monongahela
61.50
1.00
89
Chicago R I & Pac 434s
2.00
*
pref.*
7% pf 100
Birmingham Elec 57 pref- *
Miss RIv Pow 6% pref. 100
62.00
5s
65.25
os
1.25
2.25
57 preferred
Par
Misslaslppi P & L 56 pf—.*
Missouri Kan Pipe Line..5
61.75
5s.
Northern Pacific
64.00
5s—
734
143*
934
1634
63.75
Jan & July
Chic Milw & St Paul 434s.
81
63.75
61.75
Chicago & Nor West 43* s.
7834
62.50
43*s
Pennsylvania RR 43*s
62.50
5s
72
63.00
5s
N Y N H & Hartf
Stocks
Ask
70
Buffalo Niagara Eastern—
Chesapeake & Ohio
434a
pref—*
Arkansas Pr & Lt 7% pref*
Associated Gas & Electric
Original preferred
*
56.50 preferred
*
Alabama Power $7
62.00
5s-_
N Y Chic & St L 43*s
Canadian
Bid
2.00
63.00
Par
3.00
5s
Missouri Paciflo 43*a
N.Y.
Teletype N.Y. 1-1146
Ask
5s
6s
Boston & Maine
ONE WALL ST.,
Public Utility
Bid
Ask
62.65
Line 43*s_
Baltimore & Ohio 43*s
62
Tel. DIgby 4-2800
1908
n.y. stock exchange
and n.y. curb
Atlantic Coast
99
60
Bmtell Brothers
Philadelphia, Pa.
members
Bid
95
5% PREFERRED
Stroud & Company Inc.
Railroad
87
112 34
WASHINGTON RAILWAY & ELECTRIC
Quotations-Appraisals Upon Request
Private Wires to New York
65
Virginia Ry
nf
pref.—^
100
1813* 188
x49
60%
51
62 3*
98% 1005*
103
82
58 %
X165
1053*
84
60 3*
171
1730
Financial
Chronicle
Sept. 11, 1931
1
Quotations
on
Securities
Over-the-Counter Securities—Friday Sept. 10 -Continued
the
of
Specialists in —
Associated Gas & Electric System
Water Works Securities
s. a. o'brien & co.
Complete Statistical Information—Inquiries IrwtteH
Swart, Brent & Co.
Members New York Curb Exchange
15#
BROADWAY, NEW YORK
75 FEDERAL ST., BOSTON
COrtlandt 7-1868
INCORPORATED
HANcock 8920
Di'ect Private Telephone between New York and Boston
Bell System, Teletype—N.
Public
Utility Bonds
Bid
Oumberi'd Co PAL 3 Mb "66
Dallas Pow A Lt 3)4s. 1967
77
80
Amer Utility Service 6s *64
72 M
74
Amer Wat Wks A El 5s '76
98 M 100
I ederated Utll 5 Mb.
Associated Electric 6s. 1961
50)4
61)4
Green Mountain Pow 5s '48
33)4
Houston Lt A Pow 3)48 "66
Iowa Sou Utll 5)48..
1950
1957
..
Ask
97
103
98
63
65
Income deb 3^8.-.1978
32)4
1978
32 M
33
1978
34)4
35
Kan City Pub Serv 4s. 1957
Kan Pow A Lt 1st 4 Hs '65
Income deb 4Mb
Conv deb 4s
1978
40)4
41 M
Keystone Telep 5)48.-1955
99 M
1973
64 M
66 M
105)4 106 K
98)4
9914
Conv deb 4Mb
1973
64 M
66)4
Metrop Edison 4s ser G '65
Conv deb 5s
1973
69
71
Missouri Pow A Lt 3)48 '66
Conv deb 6V4s
1973
81
83
Mtn States Pow 1st 6s 1938
8-year 8s with warr.1940
94
96
Narragansett
8s without warrants 1940
93
95
43
46
Elec 3 Mb '66
Newport N A Ham 5S-1944
Assoc Gas & Eiec Co—
N Y State El A O
Cons re! deb 4 Mb.- 1958
Sink fund Income 4s 1983
94
Corp—
4s
44
41
47 M
95
Sink fund Inc 4 Mb.
-
103
Sink fund Inc 6 Mb.. 1983
Sink fund Inc 4-5s..1986
North'n States Pow 3 )4s'67
52
57
Ohio Pub Service 4s..l962
40
44
Old Dom
Sink fund Inc 4)4-5 )4s'86
Sink fund Inc 5-6s..1986
43 M
47)4
Parr shoals Power 5s
Sink fund Inc 5)4-6 )4b*86
55 M
57
Pennsylvania Elec 5s. 1962
Atlantic City Elec 3)is '64
97)4
98
Penn Telep
Pr 6s May 16 '61
.1952
Buffalo
65)4
6714
95
101
10214
Corp 1st 4s '65
105
/67
68"
104
10514
Pub Utll Cons 6)48—1948
102
103)4
108
72
75
3)4« series C
104)4 105)4
90
71
73
96)4
97 li
43)4
4514
72
74
.
.1958
92
Central G A E 5 Mb..
Sioux City Gas A El 48 1966
Sou Cities Utll 6s A.
1967
Cent Ark Pub Serv 5s. 1948
1946
1st I len coll trust 6s. 1946
Cent Maine Pr 4s
Central
ser
G "60
Tel Bond A Share 5s. .1958
Clnn Gas A El 3Mb
Colorado
Power
...
5s
1967
1953
Conn Lt A Power 3)4s 1956
3 Hs series F
1966
Union Elec (Mo) 354s.l962
Utlca Gas A El Co 5s.. 1957
4 54
f3»4
104)4 105
'mmm
100)4
Westchester Ltg 3)4s_1967
Western Pub Serv 5 Mb '60
102 H
85
104
Wisconsin G A El 3 Mb 1966
Wise Mich Pow 3)48.-1961
99)4 10014
100 H 1015i
3 lis series G
Consol E A G 6s A
1962
6s series B—
104)4
104
-
•
.
103)4 104 li
118
101)4 102
45)4
Wisconsin
103
103
105
105
Calif Water Service 4s 1961
100 M
Chester Wat Serv 4)4s '58
102)4
-
1941
City
mm
10314
87
104)4 10454
105
1958
87 M
90)4
93
94
100
103
1st A ref 5s
1950
1948
1948
100
1948
104
Prior lien 5s
mmm
99)4 101)4
Phlla Suburb Wat 4s.. 1965
-mm
106
108
Pinedas Water Co 5Mb '59
100 4
97
100
1946
69)4
73)4
Pittsburgh Sub Wat 5s '68
102
104
6s series A
1946
73
77
Plalnfield Union Wat 5s '61
104
Connellsvllle Water 5s 1939
100
Richmond W W Co 6s. 1957
105
Consol
mmm
Water of Utlca—
Roanoke W W 5s
1958
94
98
1958
98
102
104)4
91
99
101
105
1950
Joseph Wat 4s
Scranton
Davenport Water Co 5s '61
81
1938
19 A '66
Roch A L Ont Wat 5s
St
ser
Gas A Water Co
4Mb.
mmm
E St L A Interurb Water—
103
101
.1958
Scranton-Sprlng Brook
1942
1942
101 M
6s series D
1960
100)4 103
100
102
Water Serv 5s
1961
1st A ref 6s A
91)4
93)4
1952
97
100
58 series B
1952
97
1967
91
93
1961
99
100
South Bay Cons Wat 5s '50
"
71
76
1955
103
105
5s series A
1960
102)4
5sseries B
.I960
Shenango Val 4s
100
Hackensack Wat Co 5s '77
104
5)4s series B
..1977
Huntington Water—
108
'
South
B
ser
Pittsburgh Water—
1st mtge 5s
mmm
'
mmm
105
Springfl. City Wat 4s A '56
5s series B
1954
100)4
1954
103
5s
1962
mmm
6s series A
mmm
104
•
mm
Union
101
1949
103
1958
Texarkana Wat 1st 5s
100 M 102)4
102
Water Serv 5)4s *51
99 M 101)4
97)4 100
W Va Water Serv 4s.. 1961
1966
99)4 101
1958
Western N Y Water Co—
5s series B.._
92
104)4
mmm
99)4
mm-
Lexington Wat Co 5)4s '40
97
94
97
.1950
99
101
101
103
1st mtge 5s
Kokomo W W Co 5s..1958
1st mtge 5)4s
mmm
Wichita Water—
5s series B
104
94)4
1956
6s series C
I960
6s series A
103)4 105)4
93)4
100
1950
-.1951
Westmoreland Water 5s '52
96
104)4
Long Island Wat 5 Ma. 1955
Middlesex Wat Co 5 Mb '57
106"
97
Terre Haute Water 5a B '56
1949
101
104
104
102)4 105
W'msport Water 5s... 1952
BAKER
100"
97
5)4s series B
Monmouth Consol W 5s '66
AMOTT,
75
71
1st consol 5s
mmm
Water Service
5s
Issues
100
mmm
Joplin W W Co 5s....1957
Markets
96
106
1st coll trust 4Mb.. 1966
Peoria Water Works Co—
Indianapolis W W Securs—
-
91
1st consol 4s..
101
1957
1st 5s series C
1st mtge 3 Mb
Estate
81
Penna State Water—
mmm
Indianapolis Water—
Reports
78
77
8g
Ore Wash Wat Serv 5s 1957
■
100)4
Illinois Water Serv 6s A '52
Real
74
1951
Ohio Water 8ervlce 5e
105
1954
Clinton W Wks Co 5s-1939
1951
York Wat Serv 6s '61
Water (Chattanooga)
6s series B
101
Newport Water Co 5s 1953
Ohio Cities Water 5)4s '53
Ohio Valley Water 5s 1954
*
mmm
102
103
6s
—1961
5s series B
5)4s
New
102
5s series A
99)4 10014
Pub Serv—
1st mtge 4s
46 H
104
101
Greenwich Water A Gas—
1962
1966
102
1954
Citizens Wat Co (Wash)—
5s
1951
104
104)4 107)4
103)4
New Jersey Water 5s. 1950
New Rochelle Water—
5 Mb series A
1954
Butler Water Co 6s-1957
6s series B
101
M uncle Water Works 5s '65
mm.
68 series B
78
79 H
102)4 103)4
W esteru Mass Go 3 >48 1946
mmm
'
6s series A
Public
Utility—
Income 5 Ma with stk '52
4)8
102
Birmingham Water Wks—
5s series C
1957
Bid
Monongahela Valley Water
5)4s.
1950
Morgantown Water 5s 1965
mmm
102
1st tntge 5s
Niagara Electric—
Ask
97 M 100 M
105
*58
Atlantic County Wat 5s
Community
Peoples LA P 5 )4s
1941
Public Serv of Colo 6s. 1961
-.
Bellows Falls Hy El 5s 1958
Blackstone V G A E 4s 1965
102
1956
5s
9614
10214
45
46 M
96)4
Alton Water Co 6s
5)4S8erle8 A
1951
City of New Castle Water
96
45
44
1965
Northern N Y Utll 58.1955
38
1983
Sink fund Income 6s 1983
96
101)4 102
104)4 10514
NEW YORK
Water Bonds
Ashtabula Wat Wks 5s '58
102 H
Income deb 354s
Income deb 4s
Corp—
PLACE,
Teletype: New York 1-1073
Bid
Alabama Wat Serv 6s. 1957
103 M
103 H
102)4 103
98
9914
37 li
36)4
108)4 109 li
Assoc Gas A Elec
EXCHANGE
Tel. HAnover 2-0610
Ask
Bid
Amer States P S 6)43.1948
Y. 1-1074
40
& CO.
INCORPORATED
BArclay 7
150
2360
Beli System Tel.
NY 1-688
Broadway, N.Y.
Sugar Stocks
Par
Real Estate Bonds and Title Co.
Bid
Aiden
1st
Jan 1
6s
1941
/41
Broadmoor (The) 1st 6s *41
B'way Barclay 1st 2s.. 1956
/46
m
Mortgage Certificates
Ask
Bid
44
•
6s
-
28
1947
»
m -
Broadway Motors Bldg—
4-68
1948
Chanln Bldg Inc 4s.-.1945
57 M
1945
66
1st mtge 2s stmp A reg'55
1st A gen 6s
.1946
27)4
/27
N Y Eve Journal 6 )4s.l937
N Y Title A Mtge Co—
40
36
5 Mb series BK
1st A ref 5 4s
/6J4
1952
68
Deb 5s 1952 legended..
60
5 Mb series F-l
1947
Bway Bldg 1st 3s Inc *46
55
Oliver Cromwell
1st 6s
6s
1949
38
1
Bldg—
Nov 1947
152
Film Center Bldg 1st 6s '43
/49
40 Wall St Corp 6s
42 Bway 1st 6s
1958
58
1939
38
mm
Bid
...
Fox Theatre A Off Bldg—
1st 6)4s
Oct 1 1941
f9%
1944
61
1949
/42
1946
1Mb
99)4 10054
10)4
63
66)4
68
50
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s 1943
65
68
51
53
Hotel St George 4s
49
50
lit'
148-.
.Apr 15 1937
Loew's Theatre Rlty Corp
1st 6s
...1947
London Terrace Apts 6s *40
Ludwlg
1st 6s
92)4
/46
94
48
J..1948
fig
CO
63
122 M
no
90
93
100116 100)4
11939 100i,«
100)4
92
90
Trlborough Bridge—
4s
1007,2 100® 16
July 1936
s
f revenue 1977-A&O
102)4 103)4
100*32 100*16
4s serial revenue 1942-68
*2.40
3.60
Bid
Ask
Chain Store Stocks
Par
■
74
53
'mmm
_
■
Bid
Ask
*
preferred
B/G Foods Iho com
11
13
100
7%
95
/49)4
50)4
2)4
Blckfords Inc
Par
105
_
_
Kress (S H) 6% pref
354
*
11
U X
34 M
35 M
11
Miller
11
13
38
43
(I) Sons common..*
6)4% preferred
100
Murphy (G C) $5 pref. 100
11)4
107)4 109
Co—
income
1961
1943
*
MM*.
7%
/54
100
100
56
1st fee A l'hold 6 )4s.l940
/52
53)4
Kobacker
7%
savoy Plaza
Reeves
5
3)4
27
(Daniel) pref...100
United Cigar-Whalen Stores
9
LI
Common
♦
20
27
$5 preferred
100
80
87
Stores
preferred.._
98)4
29
103)4 106
*
Roxy Theatre—
1)4
32
—
l\i
36
Corp—
with stock
1956
31
33)4
sherneth
Corp—
3-5Hs deb Inc (ws).1956
HO Park PI (Newark) 6s '37
f20H
40
44
/32
150
35
Syracuse Hotel (Syracuse)
1st 6 Mb
Oct 23 1940
72
Textile Bldg—
1st 3-5s (w s)
1958
45
46)4
Trinity Bldgs Corp—
1st 5)4s
1939
84
86
Bldg lsi 4s 1941
61
63
23)4
51
•
No
I Flat
selllDg
par
value
price
on
n
Interchangeable,
a
Nominal quotation,
New York Curb
b
to
Exchange,
t
t Now listed
on
t Quotations
per 100 gold rouble bond,
New
York Stock
6)48-..,-Oct 19 1938
/23
70
prloe.
d Coupon,
Issued,
x
t
Ex-rights.
Ex dividend,
v
Now
Ex-stock dividends,
equivalent to 77.4234 grams of pure gold.
mmm
NOTICES
—Herrick, Heinzelmann & Ripley, Inc.,
announces
corporate name to Heinzelmann, Ripley & Co., Inc.
the
change of its
.
—James Talcott, Inc. has been appointed factor for Filatax Corp., New
York City, manufacturers of latex thread.
mmm
—Daniel G.
Westlnghouse Bldg—
1st fee A leasehold 4s '48
BasU
< When
Exchange.
CURRENT
1st
.June
Reynolds Investing 5s. 1948
April 1938
24
Walbrldge Bldg (Buffalo)—
29
1 Mb
101 M
101
15 1938
54
...
/28
103
Aug
42
Realty Assoc Sec Corp—
2 Park Ave
(Bklyn)
Ask
Bid
Federal Home Loan Banks
-mm
70
Bauman—
1942
1st 6 Mb (L I)
1936
Majestic Apts 1st 6s--1948
Metropolitan Chain Prop—
6s
/40
68)4
1939
1Mb
616 Madison Av lst6 4s'38
HI Bway Bldg 3)4 5s 1961
...
Lewis l'orrls Apt Bldg—
Lincoln Bldg Inc 5)48.1963
7M
Home Owners' Loan Corp
*
165 Bway Bldg 1st 5)4s '51
3s
66 M
SM
Ask
96
1)48
54
55
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Sept 1
41
44)4
Harrlman Bldg 1st 6s. 1951
1950
River Bridge 7s
1953
Federal Farm Mtge Corp—
Beriand Shoe Stores
2nd mtge 6s
1951
103 E57th St 1st 6s...1941
58
5)4s unstamped
Graybar Bldg 5s
IK
35
(The)—
Nov 15 1039
5 Mb double stpd
Fuller Bldg deb 6s
29
Park Avenue—
Prudence
Mmm
95 M
2s
59
72
1400 Broadway Bldg—
1st 3)4-6 )4s8tampedl948
•
West Indies Sugar Corp._l
M
33
1
(Phlla)
July 7 1939
1st 6s
6 54s unstamped
38
Associates Invest 3s. .1946
29 M
51
I9tb A Walnut Sts
500 Fifth Avenue—
52d A Madison Off
34
Ask
Bid
*
—
Miscellaneous Bonds
32
39
5 43 series Q
7)4
71
67
53
1
Bear Mountain-Hudson
/51
138
5 Mb series C-2
East Ambassador Hotels—
Eqult Off Bldg deb 5s
Savannah Sug Ref com
69
59
/38)4
/33
Haytlau Corp Amer
27
Preferred
100
130 M
62)4
56
Dorset (The) 1st 6s--_ 1941
Par
17
24
At*
98
Munson Bldg lst6)4s-1939
N Y Athletic Club—
60)4
60)4
Chesebrough Bldg 1st 6s '48
Court A Itemsen St Off Big
1st 6s
-Apr 28 1940
Ask
15
1
Metropol Playhouses Inc—
S f deb 5s.
40
Bid
10
Metropolitan Corp (Can)—
M
B'way A 41st Street—
1st leasehold 6 lis. .1944
Cuban Atlantic Sugar
Eastern Sugar Assoc
72
Mullin is now associated with
M. E. Kennedy & Co.
the
trading department of
Volume
Financial
145
Chronicle
1731
Ta
Quotations
Over-the-Counter Securities—Friday Sept. 10
on
*
American
34
58
62
As*
Ask
Bid
Par
39
3
Book
Bid
G&rlock Packing com
3
61
63
Gen Fire
American Hard Rubber—
105
5
26%
28%
*
17
20
77
82
11%
25
26
Remington Arms
25
28
Scovlll Mfg
•
3%
3%
3
4
*
Extinguisher...*
Golden Cycle Corp
10
Good Humor Corp.
1
Graton A Knight com
*
12%
3
9
11
64
100
Preferred
9%
7%
67
*
51
53
Great Lakes SS Co com..*
44%
46%
3
Andlan National Corp..
26)*
28
Great Northern Paper..25
35
37
11%
13
♦
10%
*
8%
51%
53%
Harrisburg Steel Corp...5
Klldui) Mining Corp
1
King Seeley Corp com
1
3
15
20
Lawrence Portl Cement 100
10
12
Lord A Taylor com
6
*
Bowman-BUtrnore
7%
Hotels
Lawyers Mortgage
.
0
5%
40 U
42%
7%
*
6
♦
*
40 %
0
108%
0
3%
43%
11%
1
no
...
i
55
50
55
*
64
67
0
119
•
100
Taylor Wharton Iron A
Steel common
105% 106%
Am Wire Fabrics 7s.. 1942
100
25
26%
Chicago Stock Yds 5s. 1961
95
100
24
Commercial Credit 2%s '42
Cont 1 Roll A Steel Fdy—
190
22
*
Tennessee Products
*
Trico Products Corp
*
Tublze Chatiilon cum pf. 10
4
5
39%
1st conv
com
*
116
4%
12%
%
1%
United Piece Dye Works.*
Preferred
100
Warren Northam—
$3
104
15%
16%
45
50
con v
preferred
$3 cum preferred...
*
White Rock Min Spring—
85
92
65
38%
40%
17
22
Willys Overland Motors.. 1
10%
6% preferred
...10
WJR The Goodwill Sta.. 5
♦
5
6
18
20
Norwich
5
Pharmacal
28
Ohio Leather common...*
1_.
-
12%
13%
Ohio Match Co
*
-
43%
45
Pathe Film 7% pref
*
9%
103
For footnotes
see
1937
Conv deb 6s
—
-
—
79
m
/20
22
90
1948
85
1939
130
Nat Radiator 5s.
1946
90
Scovlll Mfg 5%S
—1945
Standard Textile Products
106
1st 6 %s assented.. .1942
Utd Clg-Whelan St Corp—
42
/40
N Y Shipbuilding Ss-1946
/24
......
101
63
$7 1st preferred
100
Wickwire Spencer Steel..*
Wilcox A Gibbs common 50
Preferred
—
«•«...
34%
25
6%%——100
Deep Rock Oil 7s
22
32%
37
New Haven Clock—
108% 109%
1955
Martin (Glenn L)—
Conv 68
106
100
West Va Pulp A Pap com. *
Preferred
ioo
West Dairies Inc com v t c 1
29
81
—
-
100%
97% 98%
102
102%
102% 102%
1940
oonv 4s. 1950
48
45%
19%
35
78
107
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
10
7
..*
Welch Grape Juice com..5
7%
...
preferred
27
preferred
5%
f 6e
1st 3%S
3%
11%
United Merch A Mfg com *
36
New Britain Machine
s
Cudahy Pack
41%
96% 101
*
31
...
Allis-Chalm Mfg 4s w 1 '52
American Tobacco 4s. 1951
9
64
126%
100
13%
7
29
25
91
94
100
11%
180
*
...100
59
)
21
Bonds—
16%
101% 102%
Stromberg-Carlson Tel Mfg
Sylvan la Indus Corp
*
63
Nat Paper A Type com.. .
0
w
19%
88
a
United Artists Theat
10
8%
111
)
Follansbee Steel com
K
O
59
*
100
15
34
92
♦
Preferred.
40
Skenandoa Rayo* Corp
Standard Brands 4% % pt *
Standard Screw
100
56
7% preferred—
Young (J S) Co com
7% preferred
313
60
100
0
*
38
Northwestern Yeast... 100
—
4%
308
21%
19%
100
York Ice Machinery
52
3%
10
Worcester Bait
120
Muskegon Piston Ring....
National Casket
*
Preferred
*
57
*
Dictaphone Corp.
48
Ask
Bid
Par
Woodward Iron com
1%
5%
25
_
100
preferred
Preferred
3%
Ask
%
4%
100
Singer Manufacturing.
Singer Mfg Ltd
1
Merck A Co Inc com
6%
276
Mock Judson A Voehrlnger
Dennlson Mfg class A—.
Bid
*
com
*
Preferred
...
26
23%
225
Macfadden Publica'n com *
17%
15%
100
100
100
6% preferred
2d 8% preferred
1%
12%
1%
1%
Co..20
1st
6%
*
Columbia Baking com.
Par
Petroleum Conversion
1
Petroleum Heat Ac Power.*
Publication Corp com
*
__
shares
American
*
*
Foundation Co For shs.
Continued
Industrial Stocks and Bonds—Continued
Industrial Stocks and Bonds
r
-
104
106%
2%
1%
28
108
25%
1952
5s
73
75
/43
47
14%
15%
Wither bee Sherman 6s 1944
25
27
Woodward Iron—
1st 5s
...
-m.rn.rn.
1962
103% 104
2d conv Inc 5s
1962
100
«...
-
mmmm
106
32
30
page 1730.
Tennessee Products Common
Woodward Iron
S. EDWARDS & CO.
H.
Memoirs
Follansbee Bros,
! Pittsburgh Stock Exchange
j
New York Curb Exchange (Associate)
120
United Cigar Stores
Broadway, New York
Tel. REctor 2-7890
Teletype N. Y. 1-869
Union
Bank
SELIGSBERG & GO.
Building, Pittsburgh
Members New York Stock & Curb Exchanges
50 Broad
Wickwire Spencer
St., New York
Telephone Bowling Green 9-8200
Steel Co.
STOCK
COMMON
Bought—Sold—Quoted
QUAW & FOLEY
WICKWIRE SPENCER STEEL
Members New York Curb Exchange
30 Broad
St., N. Y.
New Common
Hanover 2-9030
'
'
>'„•
\
'
...
52 Wall
CLIMAX MOLYBDENUM COMPANY
C.
E.
UNTERBERG
x/romKoM,
Members
61
'
■
'
*
'
'
'
;
'
A. T. & T. Teletype N. Y.
1-1842
& CO.
ROESER & PENDLETON, INC.
commodity Exchange, Inc.
BOwllng Green 9-3565
Teletype N. Y. 1-1666
Broadway, New York
7
New York City
Street,
HAnover 2-3080
/ New York Security Dealers Association
j
'
(a producing oil company)
Analysis upon Request
The
following securities
were
ROBINSON, MILLER & CO.
SALES
AUCTION
sold at auction
on
INC.
Wednesday
Telephone
of the current week:
By Adrian H. Muller & Son, New York:
Shares
CURRENT
$ per Share
(N. Y.),
par
(Ind.), par
$10
$100—
$18 lot
$30 lot
Stocks
$ per Share
par
$15 lot
$6,200 lot
$100
110 New England Fish Co. 7% preferred; 110 common A
50 Great Northern Paper Co., par $25
36%
manager
$ per Share
par
$100
2%
with Halsey, Stuart & Co. from
Conveyor Co. preferred
46
14 National Bank of Olney, par $10
8
25 Land Title Bank & Trust Co., par $5
are
Philadelphia Record preferred, par $100 (assented)
9 American Dredging Co., par $100..
On
70
ments
NOTI CES
O-Link Golf Club, Highland Park, Illinois.
principal financial centers of the country.
Thursday evening, Sept. 16, the ouW>f-town guests are to be entertained
the Mid-Day Club in the
at
35
—Joseph C. Hyatt and Rae Feild Hyman have been admitted
partner* in the firm of Addison Warner & Co. of Chicago.
Chicago
Stock
&
Hicks,
on
a
&
Co.
for
seven
Exchange since
as
genera]
Mr. Hyatt who
1 of this year, previously was with
years.
1921,
Mr. Hyman,
was
formerly
a
member of the
resident
Townsend and later became associated with
partner
of
Harris, Burrows
connection he maintained until he joined Addison Warner & Co.
First National Bank Building.
The firm has appointed B. Leonard Bird, formerly with Otis & Co., as
of the Investment Department, and Perry G. Anderson, formerly
with A. C. Allyn & C6., as manager of the Financial Advisory Department.
—Harold M. Donahue,
formerly with Distributors Group, is
now in
the
committee.
folder containing statistical
a
bond issues secured by various types
of property located in the City of New
York, in which it states that, according to its Realty Bond Price Averages,
an
increase of
115%
was
shown in the average price of 125 bond issues se¬
cured by New York City real estate
July 1,
during the period from Dec. 30,1932 to
1937.
—Distributors Group,
Inc., 63 Wall St., New York, has prepared an
recently issued.
revised comprehensive analysis
—Samuel
effect to the June 30, 1937 report
The firm also has available for distribution to dealers a
Weinberg
and
of New England Public Service Co.
Seymour M.
Rosenberg, both formerly with
H. D. Shuldiner & Co., have become associated with the Trading
Ripley & Co., Inc.
ment of Heinzelmann,
utility preferred stocks.
of real estate and industrial securities.
New York, has prepared
data on ten selected interest paying real estate
trading department of Van de Water & Co., where he will specialize in public
ijfr*ifir-===?■*
Hempstead
of the First of Michigan Corp. is Chairman of the arrange¬
analysis of The Equity Corp. giving
July 1, 1937.
manager
He
organized Municipal Bond Club of Chicago will hold its
—Amott, Baker & Co., Inc., 150 Broadway,
Russell Brewster
sales
Friday, Sept. 17, according to Fred D. Blake of Shields & Co., President
of the club.
About 200 are expected to be in attendance, which includes
Washburne, Jr
Morrison &
as
maintained in Chicago, Denver, Pittsburgh and several other
guests who will come from the
6
10
became associated with the firm Feb.
1930
middle-western cities.
—The recently
$ per Share
CURRENT
was
sales manager for the
first annual field day at the Bob
Stocks
85 Haslett Chute &
Mr. Wood
in their Chicago office from 1919 to
for the middle-western territory and came to their New York office
as
offices
64
-
By Barnes & Lofland, Philadelphia:
Shares
was
Otis & Co.'s home office is in Cleveland and, in addition to New York,
Stocks
6 Boston A Maine RR. common, unstamped, par $100
5 Naumkeag Steam Cotton Co.,
NOTICES
New York and other eastern territory.
member of the Bond Club of New York and the Bankers Club.
in 1930
is a
He
1937.
1919 to
By Crockett & Co., Boston:
Shares
Telet;
N.Y. 1-
—Otis & Co. announced the appointment of Frank A. Wood as manager
of their New York office.
By R. L. Day & Co., Boston:
114 Cornell Mills,
N.Y.
1
Stocks
100 Cosmetrigraph Products, Inc.
870 St. Joseph Loan & Trust Co,
Shares
52 William Street,
HAnover 2-1282
Depart¬
Mr. Weinberg will be in charge
Financial
1732
General
Chronicle
1937
11
Sept.
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
& Co., Inc., N. Y. O., $725,000; Edward B. Smith & Co., N.
C., $725,000; First Boston Corp., N. Y. C., $725,000: Lee Higginson
Corp., N. Y. C., $725,000 E. W. Clark & Co., Philadelphia, Pa., $725,000
and Stone & "Webster and Blodget, Inc., N. Y. C., $475,000.
Wendell L. Willkie is Chairman of the Board, and T. A. Kenney is
Harrimar
Y.
RIGHTS-SCRIP
Filed Sept. 8, 1937.
President.
•
.
Hammer, Inc. (2-3403, Form A-2) of Milwaukee, Wis., has
registration statement covering 25,000 shares of cumulative con¬
Cutler
Specialists since 1917
filed
(par $100), and an undetermined amount of
stock (no par), and scrip certif<cates for fractional shares.
The
stock will be reserved for conversion of the preferred.
Proceeds
from the issue will be used for reduction of bank loans, purchase of equip¬
ment and working capital.
The preferred stock will be offered publicly by
Cassatt & Co., Inc., the principal underwriter.
Offering price of the pref.
div. rate, and the amount of com. to be issued will be furnished by amend¬
ment to the statement.
Filed Sept. 8, 1937.
preferred stock
vertible
common
common
McDonnell&ro.
Members
New
120
York Stock
New York Curb Exchange
Exchange
Broadway, New York
The SEC has announced that at the request
Telephone REctor 2-7815-30
cants
Bell Teletype NY 1-1640
it has consented
of the appli¬
the withdrawal of the following
to
registration statements filed under the Securities Act of 1933:
(3338) covering 407,000 shares of common stock (par
Filed Aug. 9,1937.
Cinecolor, Inc.
FILING
OF
REGISTRATION
SECURITIES
STATEMENTS
UNDER
ACT
The
following additional registration statements (Nos.
3392 to 3403, inclusive) have been filed with the Securities
and Exchange Commission under the Securities Act of 1933.
The total involved is approximately $14,674,660.
$1).
Hollywood Famous Pictures, Inc. (2459) covering 50,000 shares
(par $1) pratic. pref. stock and 50,000 shares (par $1) common, stock.
Filed Sept. 9, 1936.
The last
in
Kirkham
Engineering & Manufacturing Corp. (2-3392, Form A-l)
N. Y., has filed a registration statement covering 82,065
Of the total issue being registered, 25,000
$3.50 a share. The remaining 57,065 shares
are all outstanding and will not be offered at the present time.
Narre'of
underwriters will be filed by am endment. Proceeds will be used for purchase
of machinery, debt reduction, equipment and working capital.
Charles B.
Kirkham is President of the company. Filed Sept. 2, 1937.
Ohio Finance Co. (2-3393, Form A-2) of Columbus, Ohio, has filed a
registration statement covering 28,086 common shares without par value.
After expiration of an offer to present shareholders to purchase additional
shares, the unsubscribed remainder of registered shares will be offered
publicly by the underwriting group, under management of Mitchell, Herrick
& Co., and McDonald-Coolidge & Co.
Price will be supplied by an amend¬
ment.
Proceeds will be used for working capital and for reduction of bank
debt. Charles W. Weld is President of the company. Filed Sept. 2, 1937.
meeting was adjourned because of lack of
without acting on a plan to authorize 100,000 shares
convertible preferred stock. Of this it was planned to
sell 63,000 shares, proceeds to be used for retiring debentures and increasing
working capital.—V. 145, p. 1406.
The
Air Reduction
working capital.
Sept. 2, 1937.
A. H. Scratch is President of the company.
Filed
Capps Gold Mine, Ltd. (2-3395, Form AO-1) of Toronto, Ont., has filed
registration statement covering 200,000 shares of common treasury shares,
value SI, to be offered publicly through J. R. Mooney & Co. at 50 cents
a share.
Proceeds will be used for mill construction and working capital.
Harold R. Frost is President of the company. Filed Sept. 2, 1937.
a
par
Submarine Gold Dredging Co.
(2-3396, Form AO-1) of Spokane,
Wash., has filed a registration statement covering 2,500,000 units of one
mill par value class A capital stock, assessable at one cent maximum a
year, and 2,500,000 of one mill par value class B capital stock, non-assess¬
able, all of which has been sold to Leon Starmont as trustee for Mining
Truth. The funds, the statement said, will be used for dredging tests and
operations. No underwriter was named. Leon Starmont is President of the
company.
Filed Sept. 3, 1937.
Ypres Cadillac Mines, Ltd.
(2-3397, Form AO-1) of Toronto, Ont.,
registration statement covering 1,300,000 shares of $1 par value
common stock, which is to be sold for $267,437.
Proceeds will be used for
buildings, machinery, equipment, development and working capital. Gold
& Metals Exploration Co. will be underwriters.
Robert Reid Murdock is
President of the company.
Filed Sept. 3, 1937.
has filed
a
Wheeler Corp. (2-3398, Form A-2) of New York, N. Y.,
registration statement covering 41,820 shares of common stock,
Foster
filed
a
olders such shares, 41,309 shares or to be offered first to common
Ear. Ofand then publicly at market are privately. The remaining 511
are to
has
$10
stock-
shares
be sold publicly at market or privately.
Proceeds will be used to repay bank loans for
writer was named in registration statement.
working capital.
No under¬
According to the registration statement, Foster Wheeler Corp. plans to
in the ratio
will be filed
by amendment. H. S. Brown is President of the company. Filed Sept. 3,
offer the 41,309 shares common stock to common stockholders
of four additional shares for each 35 shares held. Offering price
1937.
(A. M.) Castle & Co. (2-3399, Form A-2) of Chicago, 111., has filed a
registration statement covering 115,000 shares of capital stock, par value
$10. Of the total issue registered, 60,000 shares are authorized but unissued,
50,000 shares are owned and held by W. B. Simpson, Chairman of the
Board and 5,000 shares are owned and held by Alfred C. Castle, President
of the company.
Offering prices of the stock and names of underwriters
will be filed by amendment. The entire net proceeds to be received by the
company from the sale of 60,000 shares are to De used for additional working
capital. Proceeds from the shares of the outstanding stock will accrue to the
respective owners^ Filed Sept. 4, 1937.
Sonoco Products Co. (2-3400, Form A-*.) of Hartsville, S. C., has filed a
registration statement covering 2,000 shares of 5% cumulative preferred
stock, par value $100 and 20,000 shares of common stock, par value $5.
The preferred will oe offered publicly at $102 per share through G. H.
Crawford Co., Inc.
The common will be offered publicly at $17.50 a share
through the same company and others.
Proceeds from the issue will be
used for plant construction and purchase of machinery and equipment.
J. L. Ooker is President of the company. Filed Sept. 4, 1937.
Oberman & Co, (2-3401, Form A-2) of Jefferson City, Mo., has filed a
registration statement covering 7,000 shares 5H% cumulative convertible
preferred stock, $50 par and $125,000 shares common, $5 par.
Of the
common shares registered, 22,000 shares are to be offered at $13.50 each;
47,600 shares are issued and outstanding: 21,000 shares are reserved for
conversion of preferred, and 34,400 shares are not presently to De issued.
The offering price of the preferred will be $50 per share. Company proposes
to give 1,366 sharas, presently outstanding 7% cumulative preferred stock,
the opportunity to exchange such shares for the 5^ % preferred on the oasis
of two shares
% preferred for each share of 7% preferred. The balance
of the 5H% preferred, together with any shares not taken in exchange
will be offered publicly.
Proceeds will be used to redeem any of the 7 %
preferred stock not exchanged and for general corporate purposes. Under¬
writers will be Newhard, Cook & Co., and Da.y & Craib.
T. R. Oberman
is President of the company.
Filed Sept. 7, 1937.
Ohio Edison Co.
(2-3402, Form A-2) has filed a registration statement
covering $8,500,000 1st mtge. bonds, 4% series of 1937, due in 1967.
Company sells electric energy in 224 communities in Ohio, including Akron,
Yourgstown and Springfield.
The company intends to use some of the
net proceeds to reimburse its treasury in part for additions to property to
and including July 31, xast, 1937, the exact amount to be
supplied by
amendment to the registration statement.
The balance is to be deposited
with the Bankers Trust Co., as trustee under the mortgage securirg the
bonds, and withdrawn from time to time in accordance with the terms of
the mortgage "to the extent of 75% of net property additions made sub¬
sequent to July 31, 1937."
Underwriters were named as follows;
Morgan Stanley & Co., Inc.,
N. Y. C., $2,200,000; Bonbright & Co.. Inc., N. Y. O., $2,200,000; Brow
Co., Inc.—Extra Dividend—
The directors have declared an
extra dividend of 75 cents per share
in
quarterly dividend of 25 cents per share on the
stock, no par value, both payable Oct. 15 to holders of record
Sept. 30.
The following extra dividends were previously paid: 75 cents on
July 15, last, 25 cents on April 15 and Jan. 15 last; $1 on Oct. 15, 1936
50 cents on July 15, 1936; $1.50 on Oct. 15, 1935; $1 on July 15. 1935;
$1.50 on Oct. 15. 1934; 75 cents on Oct. 16, 1933, and $1.50 per share paid
on Oct.
15, 1931, 1930 and 1929.—V. 145, p. 1573.
addition
to
the regular
common
Alaska Juneau Gold Mining
Period End.
as
and
special stockholders'
quorum until Sept. 29
of $50 par cumulative
Kimberiy Mining Co. (2-3394, Form AO-1) of Denver, Colo., has filed a
registration statement coverng 150,000 shares class A common stock, SI
Ear value. The stock will be offered publicly at SI per machinery, equipment
been named. Proceeds will be used for buildings, share. No underwriter
1572.
Addressograph-Multigraph Corp.—Meeting Adjourned
of Farmingdale,
shares of $1 parcommon. stock.
shares will be offered publicly at
previous list of registration statements was given
issue of Sept. 4, page
our
Aug. 31—
Gross profit
Profit
x
x
Co.—Earnings—
1937—Month—1936
$480,500
$506,500
214,600
291,100
1937—8 Mos.—1936
$2,760,500
$3,451,000
1,854,200
1,702,400
Includes other income and is after operating expenses
charges, but
P.
1246.
'
before depreciation,
depletion and Federal
and development
taxes.—V. 145,
Alleghany Corp.—Hearing Called for Sept. 21—
Hearings in the proposed reorganization and consolidation of Alleghany
Corp. and Chesapeake Corp. have been scheduled by the Interstate Com¬
merce Commission to begin Sept. 21.—V. 145, p. 1246, 1086, 929.
Aluminum
Industries, Inc.—Earnings—
6 Mos. End. June 30—
1937
Net profit after deprec.,
& Federal income taxes
1936
'
x$48,468
$0.49
profits not mentioned,
y$74,906
$0.75
Earns per sh. on cap. stk.
x Surtax on undistributed
1934
1935
$34,999
$67,728
$0.35
$0.68
y Before flood losses
of $72,292.—V. 145, p. 99.
American
Capital Corp.—Accumulated Dividend—
The directors have declared
of accumulations
on
a
dividend of 75 cents per share on account
the $3 cum. pref. stock, no par
value, payable Oct. 1
Sept. 5.
A similar payment was made on July 1 and
April 1, last, and on Dec. 24, 1936, and compares with 50 cents paid on Sept.
30, June 30 and March 31, 1936; 25 cents paid on Dec. 30, Oct. 1 and July
2. 1935, and with 75 cents paid on March 25, 1935; Dec. 24, Sept. 25, June
4 and March 15, 1934, and on Dec. 28, 1933.
The latter payment was the
first made since Oct. 1, 1933.—V. 145, p. 1087.
to holders of record
American Utilities Service
The
Securities
and
by the corporation,
of
common
a
Corp.—-Acquisition—
Exchange Commission has approved the acquistion
registered holding company of 62,912 shares (par $5)
Service Co.
stock of Peoria
business of manufacturing, distributing
and retail, and also owns and conducts
merchandise used in connection
with ice refrigeration.
Company has been reorganized pursuant to pro¬
ceedings under Section 77B of the Bankruptcy Act in the U. S. District
Court for the Southern District of Illinois, Northern Division.
A plan of
reorganization was confirmed by the court on June 9, 1937, and a final
decree was entered on July 1, 1937.
Prior to the reorganization of Peoria Service Co., American Utilities
owned 50,000 shares of its common stock (being all the shares of common
stock outstanding) and 1,321 shares (out of a total of 2,480 shares out¬
standing) of the 6% cumulative pref. stock (par $100).
It also held two
demand notes executed by the company which with interest amounted to
$420,576 as at Dec. 31, 1933.
Peoria Service Co. also had outstanding
in the hands of the public $562,900 6 34 % first mortgage bonds, dated June 1,
1929 and maturing June 1, 1939.
The plan of reorganization of Peoria Service Co. provides that the first
mortgage bonds are to be extended to 1954, the interest rate thereon to
be reduced from 6^% to 5% and the provisions of the indenture are to
be modified in certain other respects.
In consideration for these concessions,
bondholders are to receive three shares of new $5 par common stock for
each $100 of bonds.
The plan also provides that the demand note indebted¬
ness held by American Utilities shall be extinguished in consideration of
the issuance to American Utilities of 57,628 shares of common stock;
that the other unsecured indebtedness of the company (of minor con¬
sequence) shall be paid by the reorganized company; that the 2,480 shares
of preferred stock now outstanding shall be exchanged on the basis of one
share of old preferred stock for four shares of the new common stock.
The old common stock, all of which was owned by American Utilities, is
Peoria Service Co. (111.), is in the
and selling artificial ice at wholesale
a
general cold storage business and sells
not to
participate in the plan.
Thus American Utilities is
common
entitled to receive
62,912 shares of the new
stock, out of 84,435 shares to be outstanding, and its voting
reorganized company will be reduced from 100% to slightly
of 74%.—V. 145, p. 1408.
control in the
in
excess
American
Water
Works
& Electric Co.,
Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending Sept. 4, 1937 totaled 51,118.000
kilowatt hours, an increase
hours for the corresponding
of 5.9% over the output of 48,272,000 kilowatt
period of 1936.
Week$Ended—
1937
Aug. 14
.50,767,000
Aug. 21..
50,626,000
Aug. 28
..50,740,000
Sept. 4.
51,118,000
—V. 145, p. 1575.
1936
46,707,000
47,032,000
47,441,000
48.272,000
1935
37,243,000
38,696,000
39,774,000
39,805.000
1934
31,136,000
31,342,000
30,790,000
30.787,000
1933
35,394,000
36,370,000
36,289,000
36,471,000
Financial
145
Volume
1733
Chronicle
Apponaug (R. I.) Co.—Earnings—
1937
Years End. June 30—
$37,017
26,439
$13,663
22,573
$63,456
24,164
Net oper. loss
148,904
$8,910
6,411
Total profit
Other charges
—
$190,712
V 6,540
loss$54,070
3,242
24,018
90,239
Cr6,554
$50,947
90,000
$140,947
$80,947
1,521,424
Common dividends
Previous surplus
Adjustments
Transf. fr.
res.
90,000
1,440,478
_
$57,312prof$160,154
135,000
180,000
prof$9,053
Net loss
$19,846
$192,312
1,712,382
1,686,005
52,243
1,355
for impr.
82,188
& conting
—
-,
$1,381,719
$1,440,478
$1,521,424
$1,718,402
6,020
$1,381,719
90,000
Total surplus
Milwaukee & Wisconsin Issues
$103,093prof$165,881
49,023
24,832
Prov. for Fed. inc. taxes
DepreciationAdjust, of deprec. res'ves
$1,440,478
$1,521,424
90,000
$1,712,381
Miscell. surplus adjust._
19345
Phone Daly 5392
com.
Earnings
stk. (no par).
per
_
90.000
Nil
$0.10
Nil
share
90,000
$1.77
$19,541,472.
Other factors which contributed to the increase in
corporation operating revenues were a gain of 62,216 customers, bringing
the total served to 1,585,513.
Cooperation of the Industrial Development Division with local Associated
companies and community organizations helped 262 industrial concerns
find sites and locate in Associated areas.
This activity resulted in the
from
19365
employment of 10,923 wage earners and the contracting
estimated annual gas and electric requirements.
1937
Accounts
$412,052
1,595
101,936
2,749
141,154
149,769
71.890
Res've for Federal
Inventories
179,166
6,189
Accrued accounts.
U. S. obligations..
$46,716
9,226
payable.
$216,041
1936
$49,827
22,500
Lia bilities—
1936
1937
Cash
Misc. accts. recelv.
Accts. receivable.
.
Dividend payable.
Reserve
19324708
Total.
x
$2,791,967
1,484,338
101,288
10,884
12,806
417,812
900,000
500,000
1,381,719
1,440,478
income taxes
161,236
Land, buildings,
mach. & eqmp't 1,573,054
121,888
Copper rolls
Improvement and
417,812
contingent fund
Deferred charges..
30,712
x
for
con¬
tingencies
y
Common
stock.
Surplus
900,000
500,000
31,482
$2,906,1891
$2,791,967 $2,906,189
Total
$1,748,858 in 1937 and $1,668,136
Represented by 90,000 shares of no par value.—V. 144, p. 444.
After allowance for depreciation of
in 1936.
y
Associated
FPC
Gas
Electric
&
Co.—Court
Again
Stops
Inquiry of Six Subsidiaries—
The Federal Power Commission was restrained Sept. 7 by the IT. S.
Circuit Court of Appeals from reopening its investigation of the six Penn¬
Judges J. Warren Davis and John
Biggs Jr. ordered the Commission to postpone hearings scheduled to open
in Washington Sept. 14 and to take no further action in the investigation
until the court has decided whether the Commission has jurisdiction in the
case.
A full hearing was scheduled for Oct. 4.
The six companies involved are the Metropolitan Edison Co., the Penn¬
sylvania Electric Co., the Erie Lighting Co., the Clarion River Power Co.,
the Northern Pennsylvania Power Co. and the Solar Electric Co.
Weekly Output—
lower rates put into
each year have been:
Made During Cumulathe Year
tive
$2,155,000 $2,933,000
778,000
778,000
Cumula- I
live
|
Year—
$8,909,000|1933
7,090,00011932
4,065,0001
16,704 Employees Insured
As
of July
1,
Associated Gas &
of the
under
1937 there were 15,016 employees of companies
Electric Corp. insured for a total of $31,672,543
ordinary life policies provided by the Associated Insurance Plan.
There
were 16,704 persons insured under group policies for a total fof $34,552,500.
This makes a total of $66,225,043 of insurance under the plan.
Part of the
cost of this insurance is borne by the employing companies.
$16,400,000
New Construction of
The report says of new construction expenditures:
"The financial problem facing the corporation now
refinancing maturing obligations as it
matter of
is not so much the
is of raising funds to provide
for new construction.
If some oi the restrictions on
utility financing are not
removed, it may be
Expenditures
have been
curtail sharply programs of new construction."
construction by present subsidiaries during recent years
necessary to
for
new
follows:
$16,400,00011934..
$7,100,00011932
11,300,00011933
...
5,700,000|
of rural line constructed in 1936,
There were 2,743 miles
$5,500,000
bringing service
13,097 rural customers.
to about
Comparative Consolidated Income Account
for Calendar Years •
dates (f acquisition]
[Including acquired properties only since
1934
6,216,779
$65,993,443 $64,270,441
11,381,493
10,844,081
$92,767,745 $73,190,931
13.466,889
12,106,354
Electric
1933
6,598,152
1935
1936
Operating revenues—
Steam
For the week ended Sept. 3,
Associated Gas & Electric System reports net
units, or 9.4%,
including sales to other utilities, amounted to 101,981,256
units.—
heating, water
ice, transport'tn, &c
Oper.
For the month of August, Associated Gas & Electric System reports
net electric output of 406,207,755 units
(kwh.).
This is an increase of
39,444,318 units, or 10.8% above August a year ago.
For the 12 months
ended Aug. 31, production totaled 4.579,826,643 units.
This represents
an increase of 552,641,545 units, or 13.7% above the corresponding period
year ago.
Gas sendout for
August increased 7.5% over the same month of 1936 to
1,545,708,300 cuoic feet.
Sendout for the year ended Aug. 31 was 21,701,037,100 cubic feet.
This is an increase of 3.1% above the sendout for the
previous con!parable period.
Increases in output do not mean corresponding improvement in gross
revenues because of rate reductions.
In addition, operating costs and taxes
have risen so sharply that net income in some cases is lower than a year ago.
—V. 145, p. 1575.
Associated Gas & Electric Corp.—Annual
Report—
The annual report of the corporation, issued Sept. 7, shows that over
the last 10 years expansion of services and acquisition of properties have
increased operating revenues
fourfold, from $28,063,026 to $115,810,346.
However, operating expenses and taxes increased almost five times, and
this, plus a substantial increase in provision for retirements, retarded the
gain m operating income.
This last item was $10,913,855 in 1926, and
grew to $34,945,174 in 1936.
Effect of these forces is seen particularly in data for the years 1930 and
1936.
In 1930 operating revenues were $84,219,293 and in 1936 they were
$115,810,346, yet in both years operating income was between $34,000,000
and $35,000,000.
The following tabulation is included in the annual report.
The amounts shown for the years 1926 to 1931, inclusive, are those of the
parent company, Associated Gas & Electric Co., and subsidiaries. Previous
to 1932 Associated Gas & Electric Corp. had no securities outstanding with
the public and therefore did not publish financial statements.
The tabula¬
tion indicates the trend of the years but has not been adjusted to make the
figures strictly comparable for the entire period.
Year Ended
Operating
Expenses and Taxes
$28,063,026
$15,521,978
31,323,287
18,264,655
Operating
Dec. 31
1926.
32.357,113
68,903,254
84,219,293
90,575,228
84,826,457
81,331,301
83,973,089
93,215,717
115,810,346
1935.
1936
18,290,276
36,299,958
45,324,139
48,806,976
46,902,451
48,536,285
51,459,940
58,100,636
71,553,823
$25,979,655
1,807,126
Gross income
15,878,086
16,352,481
48,319,902
12,392.722
9,311,349
9,780,735
8,081,816
684,073
1,734,249
3,575,315
650,707
591,515
2,317,831
2,800,477
2,342,347
1,560,788
805,008
397,679
302,908
78,304
63,423
65,199
70,589
72,818
Deductions from income
of
Assoc.
Gas
&
Electric Corp.—
8% bonds due 1940. _
Conv. debs., due 1973
1978
Income debs, due
Unfunded debt
Amort,
debt
of
disc,
and expense
$5,880,983 $9,777,584
the income of subsi¬
Co., (2) that portion
of the cumulative dividends unpaid on preferred stocks of General Gas &
Electric Corp. which is dependent upon income from investments in securi¬
ties of Associated Gas & Electric Co. for the years 1932 to 1935, inclusive,
and (3) interest to Associated Gas & Electric Co. on income note, payable
$5,931,527
Balance--..--.-
$4,725,273
Notes—The above statement does not include (1)
diaries from investments in Associated Gas & Electric
only
as
declared.
The statement does not include
tion with various investigations,
out-of-the-ordinary expenses in connec¬
legal cases, &c.,
statements
in
subsequent reports.
Consolidated Balance Sheet Dec.
31
1 GQA
A
$867,440,854
126,060,192
2,467,432
2,054,126
10,216,479
8,224,656
12,167,929
6,337,023
4,324,330
1,07/,544
22,590,076
3,136,747
3,585,821
2,305,194
15,839,546
6,014,589
12,447,678
5,915,299
2,047,174
$1,091,225,626
1936
,067,035,202
127,705,554
Deposits for matured bonds
interest,
1935
$890,923,731
and bond
&c
Deposits for sinking funds, &c
Deposits for bonds called
Cash and time deposits
Notes and accounts receivable
Materials, supplies and merchandise
Appliance accounts receivable sold (contra)
Prepaid expenses
Unamortized debt discount and expense..
Miscellaneous unadjusted debits
Total
-
Liabilities—
454,914
22,571,148
2,352,794
1935
Capital stock and surplus (incl. surplus re¬
served for conversions and other con-
Taxes Increase $2,611,987
The contribution to increased operating revenues of the new properties
charged to operating or
but to corporate surplus in con¬
Dec. 31, 1934 to 1936, inclusive.
The figures above are for the purpose of indicating the trend of earnings,
and have not been ajdusted to be strictly comparable for the entire fiveyear period.
The amounts shown for the years 1932 and 1934 differ from
the published reports of those years, due to revisions in the comparative
non-operating expenses by subsidiaries
solidated statements for the years ended
$270,703,154
Subsidiary companies:
General Gas & Electric Corp
companies:
Preferred stocks
Common stocks, incl. applic. surplus
$260,782,052
20,859,984
Associated Gas & Electric Corp
from
in Pennsylvania, Maryland, Delaware and several Southern States
acquired
in 1935 is shown by the rise in revenues of these companies to $21,104,819
$27,786,781
18,164,521
Investments
New Properties Show Gain
7,681,516
6,815,361
24,722,048
of subsidiary cos
$10,913,855
11,359,901
12,236,382
29,232,219
34,045,961
33,457,758
30,672,697
25,979,655
25,183,469
27,033,265
34,945,174
Operating expenses and maintenance also increased, rising to $59,161,101
$48,319,902.
Another large increase was in taxes, which stood at
$12,392,722 or $2,611,987 higher than in 1935.
The balance of $5,931,527 was left after deduction of charges of sub¬
sidiaries and $6,057,060 interest and amortization of debt discount and
expense of Associated Gas & Electric Corp.
On the basis which includes for the full periods the operations of all sub¬
sidiaries irrespective of dates of acquisition,
operating revenues were
$118,119,485, an increase of 7.2%.
Taxes were $12,764,885, equivalent to
$652 per regular employee, 39% of total payroll, or $8.05 for each customer.
Operating income of $35,661,599, was 6.5% greater than for the year 1935.
Figures for the 12 months ended July 31, 1937 and 1936, which are also
included in the report, show that in spite of an increase of $8,795,213 in
operating revenues, there was an increase of only $595,827 in operating
Income.
This lower rate of increase was accounted for largely by an increase
of $2,795,445, or 24%, in taxes and an increase of $2,336,611 or
27% in
provision for retirements.
8,558,067
7,329,680
Deductions from income
Fixed capital
During 1936 electric and gas output of the subsidiaries reached new high
levels, and revenues showed encouraging increases.
Electric output increased 12.1% during the year and gas sendout 8%.
Much of the increase of $22,594,629 recorded in operating revenues in
1936, a gain of 24.2%, came from greater electric revenues.
These, at
$92,767,745, were $19,576,814 higher than in the year before.
40,854,769
$34,945,174 $27,033,265 $25,183,469
1,765,461
1,690,742
1,140,840
$36,710,635 $28,724,007 $26,324,309
Operating income
Other income (net)
Income
-
$83,973,089 $81,331,301
42,901,873
59,161,101
& maint
exps.
Provision for taxes
Operating
Revenues
7,918,432
9,575,713
$115,810,346 $93,215,717
Total
Provision for retirements
August Electric Output Up 10.8%—
a
$1,819,000
3,025,000
1,132,000
Gas
electric output of 92,136,444 units (kwh.). This is 7,906,426
above the production for the comparable week a year ago.
Gross output,
Made During
the Year
1936
reduced revenues at
reported that rate reductions have
source by $8,909,000 a
year as the result of
effect during the last five years.
These reductions
their
as
sylvania subsidiaries of the company.
of $509,709 in
Rate Reductions
Year—
Balance Sheet June 30
f
Asseis—
MILWAUKEE, WIS.
Teletype Ml'w. 488
The corporation
Surplus, June 30-_
Shs.
Inquiries in
We Invite
$339,987
174,106
$65,471
168,564
$135,241
156,057
Other income
1934
1935
1936
1193,074
Gross profit
Gen. adm. & sell. exps._
24,588,902
Other sub.
-•>
to
stockholders,
Associated
Gas
(contra)
payable
payable
Accounts
Accrued accounts.
Consumers' deposits
Guaranty of appliance
82,868,186
10,216,479
2,467,432
8,566,577
5,548,287
14,270,085
5,747,816
85,883,015
15,712,005
3,585,821
11,047,193
4,729,386
accounts receivable
,12,071,445
(contra)
Reserve for retirements
Other reserves and unadjusted credits
5,419,698
Total
1409.
4,324,330
67,957,548
12,493,448
2,047,174
64,563,911
14,468,371
.$1,091,225,626
sold
-V. 145, p.
309,651
495,742,061
&
Electric Co
Bonds called for redemption.
Matured bonds and bond interest
Notes
66,084,518
653,196
515,743,393
Funded debt
Due
68,805,713
$1,067,035,202
Financial
1734
&
Gulf
Atlantic
West
Indies
Steamship
Lines
xl937—Month—1936_
_
xl937—7 Mos.—1936
$1,503,473
220,840
$177,802
12,089
$979,918
32,272
$1,282,634
34,513
$97,755
Gross income
$1,347,343
367,426
$94,594
3,161
Operating income
Other income
$189,891
111.269
$1,012,190
$1,317,147
824,398
110,512
Interest, rentals, &c
$78,622
loss$12,757
Net income,
No provision
779,982
$232,208
Atlas
$492,748
1937
Years End. June 30—
(net)
$42,572
459
$33,946
3,663
$546,210
19,021
$482,168
38,689
Int. & amortization, &c
$43,031
13,915
$37,609
13,723
$565,231
163,815
$520,857
166,261
$23,887
$401,416
$354,596
164,524
140,000
Balance
Balance
$29,116
Appropriation for retirement reserve
...
b
$517,363
272,238
$598,055
27,487
$249,512
17,953
$109,333
21,449
$245,126
22,598
$625,542
33,451
47,500
8,145
$267,466
83,193
29,369
8,119
$130,782
93,720
19,322
$267,724
100,375
20,337
5,880
6,065
come taxes
49,550
10,000
and retired
Cr8,293
_
Other income
Total income
Interest
sales._
Miscellaneous
Provision for Federal in¬
(ast.)
Disct.on debs .reacquired
—
CV43.716
(77*25,149
Add. prov. for oper. loss
of Associated company
12,093
$495,188
xl99,861
8,346
$24,916
$115,184
204,500
178,054
44,863
"l",530
adjustments..
$136,783
341,284
Dividends
$136,783
$286,981
profit.
Miscellaneous credits.
$184,662
13,557
4,450
$24,916
E arn. surp. end.
x
$34,230 paid
$341,284
131,100
$1.04
$628,266
135,377
of yr
Shs.cap.stk.out. (nopar)
Earnings per share
$3.31
$178,054
$204,500
131,100
131,100
$1.41
$0.19
Hotel & Theatre—Earnings—
Beacon
Hotel & Theatre, reported net pirofit available for interest
after expenses including taxes and insurance, for the first
1937 of $42,689, compared with $40,217 for the first half of
1936, according to a report compiled by Amott, Baker & Co., Inc.
The
percentage earned on the $4,450,000 of 4% income mortgage bonds on an
annual basis, before interest and depreciation, was 1.92% for the first
half of 1937, against 1.81% for the same period in 1936 and 1.24% for the
full year 1936.
A reorganization plan was approved for this property on March 26, 1937,
under which each holder of $1,000 of old series A certificates is to receive a
The Beacon
six months of
$1,000 20-year income bond and 10 shares of voting trust common stock
representing in total approximately 85% of the equity ownership, the
remaining 15% to be issued to series B certificate holders.
A new first
mortgage to cover tax arrears and reorganization expenses would be prior
to the income bonds.
The Beacon property has been assessed for 1937 at $4,800,000.
&
Beaufort
Morehead
Comparative Balance Sheet June 30
Liabilities—
1936
1937
Assets—
wise disposed
ing capital.
a
Authorized—
of at par for the acquisition of property and to provide work¬
The report of the Commission says in part:
The applicant was organized for the purpose of acquiring and operating
line of railroad extending from Beaufort to a connection with the Atlantic
&
Carolina
North
City, both points being in
By certificate and order of April
RR.'s tracks in Morehead
North Carolina, a distance of
3.17 miles.
6, 1937, we authorized, among other things, the abandonment by the re¬
ceivers of the Norfolk Southern RR., of the line of railroad known as the
Beaufort extension of the Norfolk Southern, having the termini above men¬
corporation offering to purchase or lease it for continued operation, upon
the terms offered by the receivers or upon such terms and conditions as
might be agreed upon.
The receivers of the Norfolk Southern offered to aid in the organization
or
1936
1937
Common
stock..$1,734,054 $1,643,168
Cum. conv. pf. stk 1,314,460
&c.(iess depr. &
1,584,000
depletion) .....$2,508,444 $2,296,141 5}^ % gold debs...
Miscell. Invest.:
5,382
142,334 Int. on 5}4 % conv.
—A.
13,145
gold debentures.
Inv. In & advs. to
39,000
29,445 Note payable
associated cos..
24,788
56,453
102,434
Marketable secur.
76,300 Accounts payable.
x
Plant, prop.,eqpt.,
RR.—Stock
Commission on Sept. 3 authorized the company
exceeding $15,850 common stock (par $50) to be sold or other¬
to issue not
tioned, upon the condition that, within 90 days from the date of the certifi¬
cate and order, the receivers should sell or lease the line to any person, firm
preferred and $165,631 on common stock.
on
undistributed
until the end
and depreciation,
6.5,550
3,928
_
$177,342
year.—V. 145, p. 1575.
The Interstate Commerce
Surplus for year.
Earned surplus at begin¬
ning of year
Res've for contingencies
no longer required
37,254
$199,638
and surplus
1934
$411,955
302,622
profit from sales.
37,254
Preferred dividend requirements
of the
$546,781
297,268
Miscell.
69,263
191,855
Balance for common dividends
$947,788
349,733
Net
88,282
a232,648
a No
provision has beem ade for the Federal surtax on
profits since any liability for such tax cannot be determined
1 HQ
1935
1GQA
1936
1H97
Tt.nn OCX
on
6,524
19,936
Net oper. revenues
Plywood Corp. (& Sub.&)-r-Earning S—
Cash discount
$1,626,970
883,683
8,423
al9,913
has been made for surtax on undistributed profits
Gross profit from sales..
Selling & adm. expenses
Net
$1,842,374
975,234
Non-oper. income
145, p. 1090.
V/>/.rD
$130,878
70,472
Taxes
$222,858
45.057
1937—12 Mos.—1936
1937—Month—1936
$148,355
77,447
Maintenance
$148,825
54,231
Net oper. revenue....
Taxes
Electric Co.—Earnings—
Period Ended July 31—
Operating revenues
Operation
$2,087,686 $16,368,470 $14,403,524
1,864,727
15,021,127
12,900,051
Operating revenues
$2,191,722
Oper. 6xp8.(incl. deprec.)
2,042,896
x
_
Sept. 11, 1937
Baton Rouge
(&
Subs.)—Earnings—
Period End. July 2,1—
Chronicle
-
-
....
an independent corporation, and, subject to approval of the court, to
the extension in fee simple to the new corporation if and when
organized with a capital stock of $15,000.
Although the extension is said
to have a salvage value of approximately $20,000, the receivers were willing
to sell it for $12,000, payable in capital stock of the new corporation, if
the people of Beaufort or other interested parties would purchase $3,000 of
the stock, the proceeds of which would be used for working capital.
The property is to be acquired from the receivers by George J. Brooks,
one of the Beaufort's incorporators, for $12,850, for which he will give his
of
convey
■
_
ylb",766
Sinking fund assets
Def. bal. receivable
Provision for Fed'l
4,863
"V, 087
9,270
11,312
1
1
206,905
387,490
192,573
13,485
employees
Goodwill
Cash
rec.
280,660
Life ins. sur. value
14,243
898,431
Notes & accts.
Inventories
Adv.
on
59,122
income taxes
Accrued
Notes recelv. from
96,167
71,746
628,266
82,880
expenses.
Reserves
Earned surplus
Paid-in
surplus
10,000
50,034
81,162
341,284
personal note payable in one year.
He will sell the property to the company
for $12,850 of common stock, which will be pledged as collateral security
for the note.
By order of Sept. 3, 1937, the company was authorized to
acquire the line of railroad.
It is proposed to issue $3,000 of stock, in addition to that required
purchase of the property, which will be sold at par. for the purpose
viding working capital, making a total capitalization of $15,850, or
a mile, the minimum prescribed by the laws of North Carolina.
556,508
lumber &
129,825
34,615
logging oper'ns.
Deferred charges..
$4,128,129
Total
47,331
23,036
$3,779,2461
.$4,128,129 $3,779,246
Total.
Beaux-Arts
x Represented
by 135,377 (131,100 in 1936) shares of no par value,
535 shares Atlas Plywood Corp. cumulative convertible preferred stock
(at cost).—V. 145, p. 597.
Baldwin Locomotive
Total
summate Plan—
Period End. Aug. 31—
Gross earnings
Operating expenses
___
Taxes accrued
1937—Month—1936
$199,897
$188,756
69,749
65,863
29,700
10,882
Depreciation
20,500
Provision
Net
10,796
Surplus
on pref. stock
Div.
stock..
Balance
$1,009,182
337,654
$65,581
25,483
18,101
$55,630
25,483
18,101
$671,528
305,794
217,216
Deposit
$12,046
$148,518
_
_
with
2,500
_
Department
Finance of N. Y. City
_
Bastian
common
Blessing Co.—Extra Dividend—
p.
270.
the regular
in
.....
1937
2,659,825
*2,004,016
577,441
for
doubtfu-
Total
accounts
$4,132,642
y After reserve for
36,593 no par shares $6 cum.
2d pref. stock and 94,309 no
of $5,900.
Belgian National Rys.—Preferred Dividend—
The
directors
have
declared a dividend of $3.27 on American
Shares
preferred stock, payable Sept. 20 to holders
of
Sept. 13.
A dividend of $3.24 was paid on Sept. 21, 1936, one of
$4.50 per share was paid on Sept. 20,1935 and a dividend of $7.02 was paid
on Sept. 21, 1934.—Y.
145, p. 1411.-
record
Bond
Stores, Inc.—Sales—
1937—Month—-1936
Period End. Aug. 31—•
Sales
_
1937—8 Mos.—1936
$9,711,457
$750,035 $11,496,348
$822,222
—V. 145, p. 1091.
Boston Consolidated
p.
Gas Co.—August Output—
783,434,000 cubic feet,
1936.—V. 145,
The company reports output for August, 1937, of
decrease of 3.0% compared with 808,035,000 in August,
933.
Bralorne Mines,
Ltd.—Extra Dividend—
The directors have declared an extra
dividend of 10 cents per share in
quarterly dividend of 10 cents per share on the common
stock, no par value, both payable Oct. 15 to holders of record Sept. 30.
Similar payments were made on July 15 and on April 15 last.
Extra divi¬
dends of 5 cents were paid on Jan. 15 last, Oct. 15, July 15 and April 15,
1936.
Dividends of 15 cents per share were paid on April 15 and Jan. 15,
1935; Oct. 15 and July 16, 1934, and a dividend of 12)^ cents was paid
on April 15, 1934.
In addition, an extra bonus of 20 cents was paid on
Dec. 17, 1934.—V. 144, p. 3998.
addition
to
a
British Columbia Power
J
quarterly dividend of 40 cents per share on the
stock, both payable Oct. 1 to holders of record Sept. 15.—V. 145,
to
500 Deficit—Apr. 30,
50,259
$4,132,642
reserve
representing participating
$134,704
The directors have declared an extra dividend of 25 cents per share
Capital stock.......
depreciation of $798,791.
z Represented by
1st pref. stock, 14,518 no par shares $6 cum.
par shares common stock.—V. 128, p. 889.
Corp., Ltd.—Dil. Increased—■
50 cents per share on the class
payable Oct. 15 to holders of record Sept. 30.
This
compares with dividends of 50 cents paid on July 15 and April 15, last;
40 cents paid in each of the four preceding quarters and 37 ^ cents per share
paid each three months from Jan. 15, 1934 to and including Jan. 15, 1936.
The company paid quarterly dividends of 50 cents from Oct. 15, 1928 to
Oct. 16, 1933, inclusive.—V. 145, p. 271.
The directors have declared a dividend of
A stock, no par value,
addition
5,412
Rents received in advance, &c.
y4,033,301
Total
After
$40,831
Accts. pay. & accr. oper. exps.
Paid-in surplus
of
Fixed assets
x
April 30, 1937
Liabilities—
$29,175
xl6,907
Prepaid & deferred expenses._
$617,891
305,794
177,393
—V. 145, p. 1576.
$47,698
receivable
Inventories„
$965,340
347,449
'
depreciation
Assets—
745,584
261,550
161,297
$91,598
35,968
$89,566
23,984
for
Cash in bank and 011 hand
Accounts
$2,133,771
$21,997
Net operating revenue
Fixed charges
338,439
88,606
12,875
112,489
loss.
Balance Sheet
1937—12 Mos.—1936
298,100
149,474
$504,711
______
bad debts, &c
interest on arrears
Expenditures for furniture, fixtures, &c
a
$2,186,857
730,100
$498,294
6,418
Oper. & admin, expenses, advertising,
Taxes (real estate, franchise, &c.) and
Bangor Hydro-Electric Co.—Earnings-
on common
Inc.—Earnings—
Year Ended April 30, 1937
Operating revenues—Rents, less commissions—
Departmental operations (net)
Works—Company Prepared to Con¬
George H. Houston, President, has announced in notices sent to the
company's security holders that the company is now prepared to consum¬
mate the plan of reorganization, following confirmation by the U. S. Dis¬
trict Court for the Eastern District of Pennsylvania by final order entered
Sept. 1, 1937.
Holders of the various classes of the company's outstanding
securitias are requested to forward their securities without delay for ex¬
change or stamping in accordance with the provisions of the plan.
Holders of the company's first mortgage 5% sinking fund 30-year gold
bonds due 1940 are asked to send their bonds to Pennsylvania Co. for In¬
surances on Lives & Granting Annuities, Philadelphia, or Brown Brothers
Harriman & Co., New York, to have stamped upon them the changes in the
first mortgage effected under the plan.
The stamped bonds will then be
returned to the holders, together with checks covering the cash payment of
$20 per $1,000 bond, as provided by the plan.
Holders of the company's five-year 6% consolidated mortgage bonds who
have the option of exchanging each $1,000 bond with coupons attached for
(a) voting trust certificates for 80 shares of new common stock ($13 par),
or (b) $1,000 of new refunding mortgage bonds, 6% convertible series due
1950 and dated Sept. 1, 1935, and 2 shares of new $30 par 7% cum. pref.
stock for the March 1,1935 and Sept. 1, 1935, coupons, should file with the
company or either of its agents, Drexel & Co., Philadelphia, or J. P. Mor¬
gan & Co., New York, a written request/indicating which option they elect.
To take advantage of option (a) to exchange their bonds for voting trust
certificates for 80 shares of new common stock, this written request, accom¬
panied by the bonds with coupons attached, must be filed within 60 days
from Sept. 1, 1937.
Holders who elect to exchange their bonds for new
refunding mortgage bonds per option (b), will receive four shares of new
$30 par 7% cum pref. stock in payment of the four coupons on these bonds,
maturing March 1, 1936 to Sept. 1, 1937, inclusive.
Holders of old preferred and common stock can obtain the new securities
to which they are entitled by forwarding .heir cer ificates with the appdcable
transmittal letters to Drexel & Co. or J. P. Morgan & Co.
Acting as the
company's agents, these bankers are also prepared to receive for stamping
the old warrants originally issued with the consolidated mortgage bonds.
Copies of the letters of transmittal, applicable to the various classes of
securities, are being mailed to all security holders of record and are also
obtainable from the company or either of its agents.—V. 145, p. 1575.
Div.
Apartments,
Earnings for
y
for the
of pro¬
$5,000
Volume
Financial
145
Broad Street
Investing Co., Inc.—To Pay35-Cent Div.—
The directors have declared a dividend of 35 cents
per share on the capital
stock, payable Oct. 1 to holders of record at 10 a. m. N. Y. time, Sept. 21.
This compares with 30 cents paid on
July 1, last; 25 cents paid on April 1,
last; $1.65 paid on Dec. 18, 1936, and regular quarterly dividends of 20
cents per share paid from Jan.
3, 1933 to and including Oct. 1, 1936.
In
addition an extra dividend of 10 cents per share was
paid on Jan. 1, 1936.
It was stated by the company that part of the current dividend will repre¬
sent income from dividends and interest after
expense and taxes and part
willjrepresent net profits realized on sales of investments.—V. 145, p. 428.
Chronicle
1735
Note—No provision has been made for Federal income taxes or surtax on
undistributed profits for 1936 as the company claimed as a deduction in its
final income tax return the unamortized discount and
expense and redemp¬
tion premium and
expense on bonds and debentures redeemed in 1936 which
will result in no taxaDie
income.—Y. 145, p. 934.
Camaguey Sugar Co.—Rights to Subscribe—
Under the provisions of the plan of reorganization of Vertientes Sugar Co.
Camaguey Sugar Co. dated April 3, 1936, as amended, and pursuant to
and
the order of the U.
S. District Court for the District of Delaware dated
July 28,
Brown Co.—Preferred Stockholders' Committee Advises
Completion of
Survey of Company's Affairs Now Under Way—
^
Holders to Withhold Assent to Any Plan
Pending
In
letter to holders of company's preferred stock, the
a
preferred stock¬
holders' protective committee (Edward H.
Osgood, Chairman), states that
in the committee's judgment, preferred stockholders should await the results
of a survey of the company's affairs now under
way before accepting or
rejecting the proposed plan of reorganization filed with the court on Aug. 9"Since this plan of the common stockholders became
public," says the
letter, "this committee has been studying it closely and has met as a com¬
mittee or individually with the bondholders'
committee, other creditors,
and the owners of the common
stock, to ascertain, first, if the acceptance
of this plan could be recommended in view of the
treatment accorded pre¬
ferred stockholders, and,
second, what other possibilities or other plans
might possibly accord preferred stockholders better treatment.
>H"On May 25, 1937, a survey of the affairs of the company was ordered
by the court upon recommendation of the trustees of the company, with
which the bondholders' protective committee and the
preferred stock¬
holders' protective committee concurred, 'in order to assist the court and
security holders to form an intelligent judgment as to the fairness or prac¬
ticability of any proposed plan of reorganization. .
"It is this committee's opinion that any
plan now proposed is premature
in view of the pending survey which will be completed and available for
.
study not later than Oct. 1. It may be that desirable modifications of the
proposed plan can be secured which will be more favorable to the holders
of the preferred stock, or the
survey may disclose facts which would lead
to the rejection of the basic factors of the
proposed plan. This committee
1937, confirming the plan, holders of certificates of deposit for
of Camaguey Sugar
be entitled to receive
warrants evidencing the
right to subscribe for first mortgage (collateral)
5% convertible bonds dated Oct. 1, 1936, and due 1951, of VertientesCamaguey Sugar Co. (the new company), on the basis of $250 of such bonds
foreach $1,000 of bonds depositee! upon
payment of $225 flat.
Holders of certificates of deposit will be entitled to receive, in addition
to the rights to
subscribe to first mortgage bonds of the new company,
50 shares of common stock
($5 par) of the new company.—V. 145, p. 1092.
first mortgage
sinking fund 7% gold bonds, due 1942,
Co. of record at the close of business on
Oct. 1,1937 will
Canada Dry Ginger Ale,
The
Canadian Breweries, Ltd.'—Accumulated Dividend—
The directors have declared a dividend of 50 cents
per share on account of
accumulations on the $3 cumulative preferred stock, payable Oct. 15 to
holders of record Sept. 30,
leaving arrears of $4.25 per share.—V.
Canadian Car & Foundry Co., Ltd.—New President—
Victor M. Drury
directors held
the company
adequate financing can be
secured for
wise
a
reorganization and that safeguards can and must be
for an efficient administration of the company.
"Upon consideration of all of these conditions, the preferred stockholders'
protective committee advises holders of preferred stock to withhold their
elected President of this company at a meeting of the
He succeeds the late W. W. Butler.—V. 143,
Canadian
National
Ry.-
Earnings—
Week Ended Sept. 7—
1937
1936
$3,739,198
Gross revenues.
—V. 145, p. 1413.
in business might create a situation which would
again place
in bankruptcy.
This committee believes that
set up
was
Sept. 1.
on
3622.
p.
realizes the difficulties and expense of administration under Section 77-B
financing with large fixed charges to take precedence over their investment.
A large portion of this new
financing is on short maturities, and a recession
145
1579.
P.
of the
Bankruptcy Act, but a delay of a month in order to have the benefit
of the survey is a small price to
pay for securing a sound reorganization.
"The preferred stockholders are asked to allow $12,000,000 of new
Inc.—Subscription Agent—
Guaranty Trust Co. of New York has been appointed agent to accept
subscriptions to shares of capital stock ($5 par value).
The subscription
price is $17, and the privilege of subscribing terminates at 3 p.m., Sept. 22,
1937.
The London office of Guaranty Trust Co. of New York will also
accept subscriptions.—V. 145, p. 1578.
$3,659,392
Increase
$79,806
Canadian Pacific Ry.—Earnings—
Week Ended Aug. 31—
Traffic earnings
—V.
145,
1937
1936
Decrease
$4,192,000
$4,611,000
$419,000
1579.
p.
(A. M.) Castle & Co.^—Registers with SEC—
assent to any
plan until the survey is completed, and full, unbiased informa¬
available, shortly after which this committee will definitely express
opinion as to what action the preferred stockholders should take."—
V. 145, p. 1412.
See list given on first page of this
department.—V.
tion is
145, p. 1579.
an
Cawthra
Apartments,
Ltd.-
-Compromise Arrangement
Voted—
Bullard
Co.—Delays Stock Increase—
Stockholders at a meeting held Sept. 7,
delayed action on issuance of an
additional 30,000 shares of
no-par common, which would raise the total
authorized to 330,000 shares, and on
amending the certificate to enable
issuance of 40,000 shares of convertible
5% cumulative preferred.
Action
deferred until a special meeting of stockholders to be held
Sept. 20,
the delay being deemed advisable due to the unsettled condition of the
was
security markets, according to a statement issued following the meeting.—
V. 145.p.1412.
Burroughs Adding Machine Co. (& Subs.)— Earnings—
6 Mos. End. June 30—
1937
Gross profits on sales...$11,514,514
Other income.
288,060
1935
1934
$7,400,490
201,378
408,087
$9,283,717
4,277,072
410,508
74,389
267.776
634,928
200,155
$7,601,868
3,834,964
$6,296,713
4,164,887
404,484
183,202
335.245
$4,514,162
2,000,000
$3,418,888
1,500,000
$2,577,550
1,500,000
$1,601,808
973,340
$2,514,162
5,000,000
$1,918,888
5,000,000
$0.68
$1,077,550
5,000,000
'
$0.51
$628,468
5,000,000
$3.32
$11,802,574
gen. & misc. exp__
5,172,434
443,778
277,151
312,753
865,007
Taxes
Social security taxes
Rents and royalties.,
Estimated income tax—.
Depreciation
"Net profit..
Dividends
>
Balance, surplus
Shs .com.stk.out.(no par)
Earnings
per
share
$0.90
331,238
Balance
1937
$
xPlant, equip.,&c. 6,123,913
Cash
5,566,711
4,653,943
5,067,208
Cash in closed bks.
257,232
272,103
Govt, securities— 9,557,010 11,134,491
y Notes and accts.
*
receivable
4,633,834
10,543,935
35,496
Inventories
Miscell.
Loans
invest'ts.
to
3,349
7,278
365,818
S18.988
669,709
1936
$
Total
There
declared the following dividends payable
Oct. 1 to
10.
Similar distributions were made on July 1, April 1 and on Jan. 1, last,
and payments at one-half of the above rates were made in each of the nine
preceding quarters.
Regular preferred dividends had been paid quarterly
from time of issuance up to and including July 2, 1934.—V. 145, p. 1413.
Central Patricia Gold Mines,
the
Ltd.—Interim Dividend—
an interim dividend of four cents per share
stock, payable Sept. 30 to holders of record Sept. 15.—
common
V. 145, p. 272.
Central RR. of New Jersey—Bonds
The Interstate Commerce Commission
Pledged—
Aug. 25 authorized the
616,788
637,989
Prov. for inc. tax.
1,445,605
991,618
pledge and repledge, from time to tin e to and including June 30,
1939, all or any part of not exceeding $1,074,000 of general-mortgage Kor
100-year gold bonds, as collateral security for short-term notes. —V.
144,490
120,051
p.1579.
Repairs to
mach's
under guaranty.
Prov.
566,447
on
com¬
pany to
?Al
for
unempl.
insurance..
186,905
69,864
credits 2,349,644
2,225,546
25,000
..
Res. for conting's.
Other reserves
1,000,000
388,072
1,000,000
5,745,616
4,222,827
Total
Chicago Great Western RR.—Co-Paying Agent—
Manufacturers
and
Res. for workmen's
488,578
37,764,482 35,347,920
(Holding), Ltd .—Fewer Directors—
be
fewer directors on the board of this
company and the
by the death of Marchese Marconi will not be filled.
This
reached at a meeting of shareholders held recently.
A resolu¬
tion was passed limiting the maximum number of directors to 15 and the
minimum to eight.
Lord Pender, Governor of the company, explained
to
directors have
$1.75 per share on the 7% cumulative preferred stock (par $100).
$1.50 per share on the 6% cumulative preferred stock (par $100).
$1.50 per share on the $6 cumulative preferred stock (par $100).
887,364
37,764,482 35,347,920
are
The
holders of record Sept.
com. pay.
After
Cable & Wireless
Split-Up Voted—
Wages &
deducting $8,932,721 in 1937 ($8,866,324 in 1936) reserve for
depreciation,
y After deducting reserves,
z Represented
by 5,000,000
shares of no par.—V". 145, p. 600.
x
preference stock certificates,
Accounts payable.
Surplus.......
r
new
The directors have declared
$
compensation
224,015
share for share basis) for the
Centennial Flouring Mills Co.—Stock
undis¬
any
1937
not used
in co.'s business.
194,772
Capital stock.. .25,000,000 25,000,000
Deferred
Deferred charges..
a
Stockholders at a special meeting held Aug. 17, voted to split this com¬
pany's capital stock five-for-one, replacing the 30,000 shares of $100 par
stock currently outstanding with 150,000 shares of new $20 par stock.
The company has no preferred stock and no funded debt.—V. 143, p. 2045.
on
Liabilities—
z
share¬
holder employees
Real est.
3,785,796
9,354,554
37,020
on
(on
and the five-year notes for the new common shares.—V. 145, p. 430.
Central Maine Power Co.—Accumulated Dividends—
June 30
1936
§
Sheet
the noteholders last June.
cates
270,430
Note—No provision has been made for Federal surtaxes
tributed profit accruing after Jan. 1, 1937.
<A,$8£t8~~~'
with
Shareholders will receive advice in the next few weeks* time regarding
the procedure to be taken for exchanging present preference stock certifi¬
$5,888,626
217,290
Total
„
Sales,
1936
$9,158,774
124,943
The company announced that more than the required 66 2-3 % of the out¬
standing preference shares of the company was represented at the adjourned
special general meeting of preference shareholders held Aug. 10.
The meeting by unanimous vote adopted by-laws Nos. 11 and 12 which
will now enable the company to apply for the necessary authorization to
issue the new common stock which is to be given to the holders of the
five-year notes of the company in accordance with the compromise arranged
dividend
series D.—V.
Trust
warrants
145,
p.
Co. is co-paying agent for $1,500,000 certiifcates
road's 33^% equipment trust certificates,
of the
1579.
Chicago Milwaukee St. Paul & Pacific RR.—Abandon¬
ment, &c.—
The
Interstate
Commerce
Commission
on
Aug. 25 issued
a
certificate
(1) permitting abandonment by the trustees of the company of a branch
line of railroad owned by the Milwaukee, extending westerly from Cannon
Junction to Cannon Falls, 17.46 miles; and (2) authorizing joint ownership
and operation by the trustees of a line of railroad owned by the Chicago Great
Western RR., extending westerly from Red Wing to a point 1,500 feet west
of Cannon Falls, 21.60 miles; and to operate the last-mentioned line,
with the Great Western, all in Goodhue County, Minn.
jointly
vacancy caused
decision
was
that hitherto the maximum number had been 22 and the
minimum
V. 145, P. 600.
California Oregon Power
\2 Mos. Ended July 31—
Operating revenues
Operating expenses, maintenance and
Co.—Earnings—
1937
taxes.
Net operating revenue (before retirement res.)..
Miscellaneous
non-operating
12.—
revenues
Income from mdsing., jobbing & contract work—
1936
$4,645,912
1,840,095
$4,253,903
xl ,667,593
$2,805,817
1,373
Dt46,540
$2,586,311
4,321
Dr38,661
tan
It Net operating revenue and other income (before
)K appropriation for retirement reserve)
$2,760,650
Appropriation for retirement reserve300,000
^Gross
income
$2,460,651
238,009
Interest charges (net)
844,207
Amort, of preliminary costs of projects abandoned
45,047
Amortization of debt discount and expense
203,022
Other income deductions
17,207
Rent for lease of electric properties
Net income
x
-
their interests in the pending reorganization of the railroad.
The original organizers of the committee were H. C. Orton of Chicago,
D. C. Wolf of Hampton, Iowa, and Francis Steed of Chicago, but Mr.
Steed resigned in favor of J. B. Johnston of New York, who is his successor.
The following also were named members of the committee, subject to the
Commission's approval: Harry W. Harrison, Philadelphia; Dr. Karl A.
Meyer, Chicago; Rucker Penn, Danville, Va.; Major Lynn Dinkins, New
Orleans, and F. J. Lewis, Chicago.
Robert E. Smith, 123 Liberty St.,
New York, is Secretary.—V. 145, p. 1413.
Cinecolor, Inc.—Withdraws Registration—
See list
$2,551,971
300,000
$2,251,971
239,934
971,858
26,277
172,196
13,200
...$1,113,159
$
828,506
Including $83,338 for amortization of extraordinary operating expenses
deferred in 1931.
Preferred Stockholders' Committee—
A new protective committee for holders of preferred stock filed on Sept. 2
with the Interstate Commerce Commission an application for authority to
solicit and use authorization from holders of the stock and to represent
given on first page of this department.—V. 145, p. 1093.
City Stores Co. (& Subs.)—Earnings—
Period End July 31—
Profit
—
-
Est. normal Fed. inc. tax
Minority
Interest
interest
parent co.'s
debt, &c
1937— 3 Mos.—1936
$88,771
$100,902
12,360
9,872
5,454
4,837
1937—6 Mos.—1936
$343,673
$409,782
44,762
55,610
42,304
75,199
on
funded
Consol. net loss applic.
to Co
Note—No
provision
Federal surtax
on
98,433
93,919
187,648
$27,477
$7,627
prof$68,958
was made in
the foregoing income
undistributed profits.—V. 144, p. 4000.
191,861
prof$87,112
account
for
Financial
1736
Chronicle
Sept. 11, 1937
Commercial
Chicago Towel Co.—Larger Dividend-—
The directors have declared a dividend of $2 per share on the common
stock, payable Sept. 25 to holders of record Sept. 15.
Dividends of $1.50
per share were previously distributed each three months.
Dividends of
$7 per share ($6 regular and $1 extra) were paid during 1936; $5 during
1935; $6 during 1934; $4 during 1933, and $4.25 per share during 1932.
—V. 144, p. 4173.
.
Credit
Co.—For
Stricter
Terms—
Stating its position on curtailing maturies and increasing initial down
payments, the company has sent a letter to finance companies, banks and
bankers and automobile dealers throughout the United States urging them
to
on
"join in the general movement now going on to put instalment financing
a more liquid and sounder basis than it has been during the past year
M*f
employees
remarks that instalment financing cam e through the recent
depression with great credit to those companies in the business.
"It is vitally important to them to keep the business within proper
limitations during periods of business activity in order to protect themselves
against excessive repossessions and losses during a recession which in due
or
two."
A. E. Duncan, Chairman, in another letter to all officers and
Claude
Products
Electrical
Neon
Corp., Ltd.
(Del.)
(& Subs.)—Earningt
1937
Selling, admin. &
gen...
Other deductions—net..
Prov. for Fed. inc. tax..
1935
1934
$460,810
308,050
Cr22,546
24,179
$479,270
261,276
21,698
33,665
$505,619
278,089
Crl2,382
36,223
$148,442
and sales.,
1936
$449,548
291,876
Crl4,895
x24,124
6 Mos. End. June 30—
Gross profit from rentals
$151,128
131,084
262,168
$0.57
$162,631
$203,688
of the company
time is bound to
come," he adds.
Payment Terms Sept. 1—Effective Sept. 1, the company
standard maximum maturity of 18 months on new passenger
and trucks in equal monthly payments, with a minimum down payment
New Maturity and
established
cars
a
including cost of insurance; on used passenger cars and trucks
two years old a similar maximum, and on cars more than
old a maximum maturity; of 12 months and minimum down pay¬
ment of 33 1-3% of cash selling price.
Maximum
maturities on refrigerators, heating equipment,
domestic
appliances, machinery, &c., except heavy machinery and equipment, have
been set at from 18 to 36 months, the shorter maturities applying to vacuum
cleaners and sun lamps.
Minim urn down payments in these instances
range from 5% to 20%, with a dollar minimum of $5.—V. 145, p. 1414.
of 33 1-3%,
Net profit from oper.
Divs. on com. stock
131,001
262,002
$0.56
Shs. cap. stk. outstand'g
Earnings
share
per
Includes
x
loss
...
additional
262,193
$0.62
262,303
$0.76
tax
Consolidated Balance Sheet June 30
Assets—
Liabilities—
1936
1937
Cash
Accts.
$594,111
216,326
264,715
196,859
281,700
&c
Due from officers&
Invest,
in
&c
196,938
Reserves
Res.
556,027
sign
54,661
1,279,914
1,225,216
130,957
10,000
25,000
Fed¬
for
32,289
82,297
213,654
203,078
68,351
63,201
1,279,914
losses
1,225,216
2,065,976
on
140,781
Deferred income.
_
Neon sign contr'ts
contr'ts
(contra)
(contra)..
Deferred charges__
a
Represented by 262,002jLshares
Com. stk.&surp.
2,077,052
Total....
(no par)
in
$3,813,820 $3,802,017
1937
(262,168 in
1936)
—V. 145, p. 1580.
Climax
Co.—Offering Date—
The company has filed an amendment with the SEC changing the offer¬
ing date of its securities to Sept. 16.—V. 145, p. 1581.
Confederation
Amusements, Ltd.—Earnings—
Earnings for 12 Months Ended April 30, 1937
including rentals
$433,272
salaries, rental of films, lighting, licenses, photophone sound equip, exps., &c
285,283
Gross operating revenue,
Gross oper. exps.
Truck expense
1,856
231
— __
Depreciation of truck
$145,902
Gross operating profit
1,395
2,716
Bank interest and discount earned
Income from investments
$3,813,820 $3,802,017'
Total
for
Neon signs
510,215
and
good will.:
Neon
65,542
due
eral income tax.
582,184
686,138
48,361
rights
oblig.
$61,708
currently
Mtge. obliga'ns
216,288
rental
equipment
Land, buildings &
equipment
Patent
Commonwealth Edison
$77,147
65,413
;
Mtge.
6,034
accounts,
investments,
payable for
Dividends payable
employees
Sundry
1936
purchases, exps.,
Inventory
a
1937
$428,409
Customers' oblig..
not more than
two years
~
normally payable on 1937 profits if
Mexican subsidiary were not allowable for this period.
advances to
on
income
—
Provincial tax
Molybdenum Co. (& Subs.)—Earnings—
$6,551,051
2,531,556
Costs and expenses
Profit
on
capital, &c
$4,019,495
Other income
16,374
1,582
6,009
...
Insurance and repairs to properties
Interest
Earnings for 5 Months Ended May 31, 1937
Net sales
..$150,014
22,424
Total
Administrative salaries and expenses
Taxes on theatre properties
33.183
...
Depreciation—
...
....
Net profit for year ended April 30,1937
Dividend on preferred shares
35,423
$35,019
3,209
776
Balance Sheet, April 30, 1937
Total income.
$4,020,271
Provision for depreciation and obsolescence.
188,295
8,903
50,000
Provision for depletion.
Provision for
risk insurance
war
Provision for Federal income taxes, &c
441,876
Net profit
Earnings
per
share
2,520,000 shs.
on
Note—No provision has
tributed
stock (no par)...
been made for current Federal
surtax on undis¬
of May 31, 1937, including $3,962,059 cash, amounted
and current liabilities were $1,505,987.
Inventories, at
$6,183,557
hand and in bank
on
Cash in
$86,087
Nationale
unredeemed
re
Unredeemed
bonds & unpaid coupons
3,125
Accts. rec'le, sundry inv., &c_.
Advances to employees
...
1st mtge. series A bonds,
as
Dec.
1,
1956
&
at cost
cost, totaled $1,690,766.
Consolidated balance sheet
Colorado & Southern Ry.- —Earnings—
Res.
3,346
1,562,188
__
Deferred chgs. long-term
48,601
Total
$635,966
133,458
35,188
$528,198
82,213
2.944
$497,351
122,724
47,666
4,405,372
970,352
466,152
3,870,394
674,898
85,967
3,148.763
264,698
def221.719
2,956,013
368,947
defl35,771
1936
1935
1934
From Jan. 1—
Revised figures.—V. 145, p. 1414.
Columbia
Gas
&
Officials of the corporation, it is reported,
nouncement would be made soon.—V.
have decided to register the
145,
p.
1252.
Commercial Banking Corp.—Extra Dividend—
payable Sept. 30 to holders of record Sept.
15.—
Community Power & Light Co. (& Subs.)—Earnings—
Operating
Operation
revenues
1937—Month—1936
Maintenance
Taxes
Net oper. revenues
$382,827
168,508
18,281
$394,601
165,682
23,316
a34,578
__
__
Non-oper. income (net)
Spec,
surplus
re
292,199
apprec'n
of
....$1,815,757
225,000
545,800
96,195
6,248
Total
...$1,815,757
land values
...
Preferred shares, 8%
Common shares
partic'g.
Connaught Hotel Co. (Canada)—-Reorganization Plan—
Holders of the 6% 2d mtge. bonds of Hamilton Hotel Co., assumed by
Connaught Hotel Co., will meet on Sept. 24, to consider a reorganization
plan for the company.
This step is being taken tinder the Companies
Creditors Arrangement Act, 1933, requiring assent of 75% of bonds repre¬
sented.
(1)
A new 10-year 5M% 1st mtge. for $700,000 is to be given to a single
mortgagee.
The 1st mtges. held by the Metropolitan Life Insurance Co. and the
are to be paid off in full.
Holders of 6% gold bonds are to receive $25 in cash and $75 in 2d
mtge. bonds, plus interest to Dec. 1, 1937, for each $100 of bonds held.
(4) Holders of each series of debenture stock will receive $50 new series B
debenture stock for each $100 of present debenture stock held.
(5) Holders of each prior preferred share will receive seven shares of new
28,634
$171,026
1,687
$167,404
2,895
1937—12 Mos.—1936
$4,162,495
1,892,618
252,001
a385,037
!$1,632,839
3,573
Sanford estate
(3)
common.
The directors have declared an extra dividend of five cents per share in
the regular quarterly dividend of 10 cents per share on the
addition to
Period End. July 31-
theatre
on
phone equip., &c.
(2)
company with the Securities and Exchange Commission in compliance with
the provisions of the Public Utility Holding Company Act.
Edward Reynolds Jr., President, is credited with stating that an an¬
stock, both
V. 145, p. 1094.
deprec.
bldg8., furn. & fixts., photo-
The proposals being made are summarized as follows:
ElectricXCorp.—TdJRegister Under
Utility Holding Company Act—
common
for
6,517
625,000
-V. 143, p. 3836.
xl937
$703,284
189,933
107,738
...
Net after rents
x
old issue
coupons,
Surplus
July—
Gross from railway
65
Res. for Fed. & Prov. inc. tax.
97,083
9,727
13,021
3,060
1951 at 102
Unpaid
ac¬
...
$2,652
1,
Funded debt
Def'd adminis. & oper. exps
Fixed assets.
as of May 31,
1937, shows total assets of
$81,874,476 and earned surplus of $9,441,425.
Company has no funded
Net from railway
Net after rents
Feb.
3,199
debt.—V. 144, p. 4174.
Gross from railway
Net from railway.
....
bonds,
2,401
5%,
Due by shareholders..
Accounts payable
Accrued int. on new bond issue
Bankque Canadienne
crued interest
profits.
Current assets
to
common
$3,331,197
$1.32
Liabilities-
Assets—
Cash
$3,894,999
1,893,087
198,312
352,285
$1,451,314
; 9,948
(6)
(7)
Holders of each preference share will receive four new common shares.
Holders of each present common share will receive three new common
shares.
Consolidated
Dry Goods Co.—Accumulated Dividend—
The directors have declared
a
dividend of $3.50 per share on account
of
7% cumulative preferred stock, par $100, payable
Oct. 1 to holders of record Sept. 24.
Similar payment was made on April 1
last.
Accumulations after the payment of the current dividend will amount
accumulations
to $6 per
on
the
share.—V. 144,
p.
1779.
Consolidated Rendering Co.
Years End. June 30—
from opers. before
(& Subs.)—Earnings—
1936
1937
1935
1934
Inc.
__
Gross income
Interest to public
Interest to parent co
Amortiz. of debt disct.
._
and expense:
$170,299
29,800
!$1,636,412
$149,098
Retirement accruals
$172,713
23,615
$140,499
1,974
1$1,384,522
2,373
69,885
Public
Parent company.
_
Net income
__
251,890
26,225
833,654
$1,164,369
23,823
831,443
14,532
6,944
14,578
6,411
$503,166
99,203
5,831
,112
99,535
5,831
69,053
1,211
1,226
578
578
$67,666
__
Divs. paid & accrued on pref. stocks; To public
To parent company
$1,461,263
296,894
Provision for deprec'n..
Net inc.
bef.
Total income
Interest
on
charges
disposal of fixed
$398,132
398,132
$182,746
182,746
825,113
8,541
811,244
20,200
5,831
79,355
15,316
Earnings from subsidiary companies deducted in
arriving at above:
Interest not earned
Preferred dividends
5,831
6,952
Other
earns,
from suD. companies
Common div. from
Dr47
subsidiary—not consolidated
73,117
Other income.
279
Expenses, taxes & deductions from
gross
893,400
$1,114,941
935,975
$424,518
$178,965
income
Amount available for dividends and surplus
a
249
$1,317,918
Total
No provision has been made for the Federal surtax
income for the year 1937, since any
mined until the end of the year.
on
$1,206,744
320,537
$448,073
73,133
$572,355
70,587
$886,207
132,392
$1,317,215
74,691
$521,206
83,141
$642,942
$1,018.59®
104,468
undist. profs.
201
173,068
101,382
on
undistributed net
85,959
~
"
1,325
74,075
2 ,409
81,923
97
175,460
Proport. share of loss of
prof122,681
Interest earned
Miscell.
Surtax
$830,392
258,037
9,451
property
Miscellaneous charges
Prov. for Fed. inc. tax..
__
Balance applicable to parent company
Balance of earns, applic. to parent co., as above..
$688,014
239,940
deprec.,
& int
Other income
Loss
$1,510,108
221,079
$1,289,029
28,186
deprec. & int
36,123
$1,081,101
Profit & loss adjustmentsi
33,944
$326,542
Net inc. for the per'd. $1,115,046
Writing off intang. assets
contained in acquis, of
props
■
46,167
Approp. to gen. reserve.
100,000
Approp.
for
inventory
price declines
150,000
Approp. res. for est. loss
or disposal of miscell.
Net income
_
149.186
$738,574
13,672
$326,542
$621,838
$752,246
150.600
100,666
250",6oo
150,000
100,000
$472,652
46,558
fixed prop
liability for such tax cannot be deter¬
Note—The subsidiary companies on Jan.
1, 1937, adopted the Federal
Accounts, hence previous year's figures are
exactly comparative.—V. 145, p. 1581.
Balance
_____
Preferred dividends
$818,879
842,526
$176,542
35,105
$325,279
84,667
$402,246
173,333
def$23,647
$141,437
$240,612
$228,913
Power Commission System of
not
Balance.
Volume
Financial
145
ization plan,
Consolidated Balance Sheet June 30
1937
Assets—
Cash
on
hand
1936
In banks
Accounts
$2, 202,079 $2,231,883
Cash deposited for
Accts. receivable
35,312
778,288
1,474
259
Due fr. employees.
70,808
Sundry
Inventories
28,267
941,612
65,500
1 349,108
67,271
Prepd.ins. & taxes
Other assets.
1936
$68,129
234,211
15,058
332,840
Accruals
Due affil. company
31,426
681,802
} bond interest
x
payable-
114,074
408,528
1 666,075
z
33,328
594,562
39,595
Deferred charges
__
Total
r
Less
in
of
reserve
y
$3,560,514
Connecticut
on
in
Ry. & Lighting Co.—$1,847,715 Award—
Federal Judge Carroll C. Hincks ruled Sept. 2 that the company
might
$1,847,715 of claims aggregating more than $43,000,000 against
the New York, New Haven & Hartford KR. and its trolley and bus sub¬
sidiary, the Connecticut Co.
He listed the total awarded claim s against
the railroad as $1,341,847 and those against the Connecticut Co. as $505,868.
The plaintiff had sought to collect more than $10,000,000 from the New
Haven and $33,136,862 from the trolley company.
It claimed damages
for the unexpired term of a 999-year lease under which its properties were
operated by the Connecticut Co.
This lease was disaffirmed by the New
Haven trustees.—V. 144, p. 4001.
recover
Consolidated Retail Stores,
Period End. Aug. 31—
Sales
—V. 145, p.
1937—8 Mos.—1936
$5,732,629
$5,285,918
1095.
Consolidated Water Co.—City to
$7,900,000
revenue
bonds
for
Buy System—
the purpose
of a proposal to
has been voted by the
Utica, N. Y., City Council.
The State Public Service Commission must approve the proposal.
In
addition, the State Water and Power Control Commission must approve
the project.
The latter Commission will hold a public hearing on the
project Sept. 13.
Earnings for 6 Months Ended June 30
1937
1936
6 Months Ended June 30—
$332,175
Operating revenue—Water
Operation
Maintenance
*
Taxes (other than Federal income tax)
Net
-
unfunded dept..
15,636
...
(estimated)
Net income available for dividends and surplus
Cosgrove-Meehan Coal Corp.—Officers, &c.—
Hearing
$197,126
34,806
129,287
240
8,640
16,482
4,297
8,746
14,985
2,645
$11,051
$6,416
Note—Giving effect to the exclusion from both periods of revenues from
dispute on the basis of $120,000 per annum, and the resultant
held
was
board
are
of
directors'
follows:
as
Executive
Inc.—New Reorganization Urged by
Charts Preferred Stockholders' Group—
Treasurer.—V. 144,
market for such stock indicates the cost to stockholders of such liquidation.
The breakdown value of Continental Shares preferred as of the close of the
market on Sept. / was $21.87 per share, and the market 15-16.
In commenting on the break-down value, Mr.
letter of the other committee gave this value as
Charls points out that the
$27 per share as of Aug. 2,
whereas such value on Sept. 7 was only about $22 per share.
"This shows
the hazard of a forced liquidation such as is proposed," Mr. Charls said.
"Since Aug. 1, 1936," the letter states, "the increase in market value
of the securities owned by the corporation has increased the equity
belonging
to the preferred shareholders from $4,799,500 as of Aug. 1, 1936, to
$10,309,302 as of July 31, 1937.
This has more than doubled the equity, the
actual increase being in excess of 108 %.
The indebtedness has been reduced
from $3,150,000 as of Aug. 1,1936, to $1,850,000 as of July 31,1937.
These
figures are taken from the receivers' statements and are exclusive of receivers
Cliffs Iron Co. and of Clifis
Corp.
It has 151,123 shares of the 805,734 shares of Cliffs Corp. stock now out¬
standing.
To break up this interest by sale or distribution would destroy
resulting from its importance when held intact.
This same thing
constituting the bulk of its
capital.
Among those are 13,620 shares of Cleveland Cliffs Iron preferred,
25,196 shares of Goodyear Tire & Rubber common and 78,000 shares of
Repuolic Steel Corp.
In order to distribute such blocks of stock among the
381,374 shares of preferred stock of Continentl it is manieso that many
inequalities would result or else that such stock must be sold wit * a loss in
value occurring from throwing such large blocks of stock upon the
market "
In addition, the Cliffs Corp. holds substantial blocks of the common
stocks
of Republic Steel Corp,, Youngstown Sheet & Tube Co.,
Wheeling Steel
Corp., Inland Steel Co. and Otis Steel Co.
The plan of reorganization which che Charls committee recommends
calls
for the revival of the corporation's charter by the payment of taxes in
de¬
fault; the amendment of the charter to provide for an issue of one class of
common stock and to eliminate the present founders'
shares, preferred shares
and common stock; reduction of the stated capital of the
corporation to
permit the payment of dividends; and the distribution ot the new common
stock to the present preferred stock, share for share, and to the
present
stock and founders' shares in the ratio of one share of the new
stock
for each 100 to 200 shares now held, the Charls committee to
determine
what amount may be advisaDle in order to avoid the danger of the
present
common stock reviving the present charter.
common
At present the common stock has one vote per share or a total of
2,517 336
The preferred, which has one vote per share on account of
default
votes.
of
dividends, has a voting power totaling only 381,374, although the pre¬
ferred stock, as the letter points out, is entitled to all of the
equity iJ the
corporation.
I
Under the proposed reorganization plan the maximum number of shares
of stock outstanding would De 406,548 shares, of which the
present preferred
shareholders would hold 381,374 shares.
*
The Charls letter, which encloses a power of attorney and proxy authori¬
zing the committee to act in all matters with respect to the proposed
reorgan¬
the
Court
which
The officers
by the Court.
Weidenhammer, President; William Lamont,
Charge of Production, and Albert C. Lord,
p.
in
448.
stock, both payable Sept. 30 to holders of record Sept. 10.
An
was paid on Dec. 21,
1936.—V. 145, p. 276.
extra dividend of 15 cents
Cuban Atlantic Sugar Co.—Initial Dividend—
The directors have declared an initial dividend of 50 cents
per share on
the capital stock, payable Sept. 24 to holders of record
Sept. 18.
This
represents a dividend covering the period of the past six months, it being
the intention of the company to
inaugurate a regular dividend of 25 cents
per quarter.—V.
144, p. 1436.
Cutler-Hammer, Inc.—2-for-l Stock Split Voted—
Stockholders at
meeting held Sept. 3 voted to split the common stock
$2,500,000 in convertible cumulative preferred
from the preferred issue will be used for working
capital and payment on $600,000 of bank loans.
The rate on the new preferred stock is to be determined later, probably
by the end of this month.
Officials said the split-up was for the purpose
two-for-one
stock.
and
The
a
to
issue
proceeds
of giving the stock
outstanding.
a
broader market.
There
300,000
are
common
shares
Registers with SEC—
See list given on first page of
this department.—V. 145,
p.
1254.
Dallas Gas Co.—Tenders—
The Bank of the Manhattan Co., as successor trustee for the first mortgage
6% bonds, due 1941 (second series), announced that it will receive on or
before Sept. 24, at its New York office, sealed proposals for the sale and de¬
livery flat of such bonds in an amount sufficient to exhaust funds in the sink¬
ing fund on that date.
Offerings will be received up to Oct. 1 at prices not
to exceed 102The Dallas Gas Co.
has covenanted to deposit with the
sinking fund and acceptance of any pro¬
the payment of this sum by the company.—
trustee the sum of $14,918 for the
posal will be conditioned
V. 144, p. 3835.
upon
Davega Stores Corp.-—July Sales—
Period End. July 31—
1937—Month—1936
$1,025,437
1937—4 Mos.—1936
$1,033,609
$3,902,671
$3,601,116
—V. 145, p. 1096.
Davison Chemical
Corp. (& Subs.)—Earnings—
12Mos.End. 6
Period—
Selling & administration
June 30, '36
$2,950,798
1,536,926
$1,399,909
787,111
$1,413,872
95,311
$612,798
36,555
$1,509,183
69,807
44,173
$649,353
53,178
25,840
before deprec
expenses
Net profit from opers., before deprec
Other inc., incl. int., divs., discounts, rents, &c
Total income
Interest.
Taxes—Cap. stock, State inc. & franchise, &c
Loss occasioned by flood
Miscellaneous charges
;
Prov. for possible losses on rec created during per'd
Prov. for deprec. of plants & equipment
54.192
74,300
122,346
413,754
152,393
41,434
83,508
213,032
41,950
$578,218
$190,408
Cr 72 5
6,098
y$578,943
305,007
x$184,310
Prov. for Federal income taxes
Net income for period
:
Prop, of net inc. of subs, applic. to min. ints
Net
Mos.End.
June 30,'37
Gross profit from opers.,
for
period,
Chemical Corp
Dividends paid
inc.
applic.
Equivalent to 36 cents
to
the
Davison
share (par $1) on 510,993 shares of capital
stock, including scrip for fractional shares and 24,456 shares reserved for
x
issuance
satisfaction
in
a
of claims
under
terms
of plan
of reorganization,
y Equivalent to $1.13 cents a share (par $1) on 511,776 shares of capital
stock, including scrip for fractional snares and 2,449 shares reserved for
issuance in satisfaction of claims under terms of plan of reorganization.
Consolidated Balance Sheet June 30
1937
Assets—
$
Notes
&
5,925
5,925
Accounts payable.
Accruals payable,
1,448,408
2,031,246
142,315
29,884
cell.
y
&
mis-
plant
Oth.
curr.
463,542
410,283
170,215
34,371
43,524
liabs.
2,680
1,907
Prov. for Fed'l inc.
4,473,240
155,230
135.001
12,200,230
11,879,940
Deferred charges..
al77,388
Five-yr. 6% loan.
Miscell.
&
equipment
4,383,021
Prop., not used in
557,340
operations
54,507
1,445,000
1,700,000
52,651
reserves-_
46,644
Min. stkhldrs. ints.
in subs
568,035
23,275
Cap. stk. (par $1).
511,776
Capital surplus-_. 9,030,836
Earned surplus
Total
197,509
stk. ot subs
taxes
assets
Prop.,
$
$324,628
divs.
receiv'les,
less reserves
Investm'ts
1936
$295,779
Prov. for unciaim'd
assets,
curr.
prin.
z
1,764,186
2,179,326
....
$
Prov. for purch. of
accts.
rec.—trade
Inventories
Other
1937
Liabilities—
$
2,777,915
U. S. Govt, obligs.
x
1936
2,549,345
Cash
the value
is true of other stocks held by Continental and
by
The directors have declared an extra dividend of five cents
per share
in addition to the regular
quarterly dividend of 10 cents per share on the
and counsel fees.
"Among the factors which may account for this increase in value is the
fact that approximately 60% of the value of the securities held
by Con¬
Del.,
Creameries of America, Inc.—Extra Dividend—
Holders of the preferred stock are in receipt of a letter from the preferred
shareholders committee, headed by George H. Charls, proposing a plan of
reorganization and urging its adoption.
Other members of this committee
are Hen W. Marr, President, Columbus Ry. Power & Light Co.; and W. A.
Stinchcomb, Direcror, Cleveland Metropolitan Park Board.
In the letter the committee states that it has represented over 2,200
preferred shareholders, holding in excess of 137,000 preferred shares and
gives its reasons for opposing the plan for liquidation which has been sub¬
mitted to preferred shareholders by the so-called preferred stockholders
committee for reorganization.
This latter committee, in its letter dated
Aug. 24, 1937, stated that "holders of more than 60,000 shares of preferred
stock have already indicated their desire" for liquidation.
These 60,000
shares are understood to represent only a nominal number of shareholders.
The Charls letter, after pointing out the reversal in the position of the
other committee, which originally urged reorganization, emphasizes the
dangers of forced liquidation of the assets of Continental, stating that the
difference between the break-down value of the preferred stock and the
Wilmington,
in
meeting were confirmed
Robert
Vice-President
Sales.
Continental Shares,
7
that the present management should continue in
possession of the
company assets.
A petition to transfer the hearing to the District Court of
Western Pennsylvania was denied.
Officers who were elected at the last
reduction in the provision for Federal income tax.—V. 144, p. 3495.
tinental consists of stock of Cleveland
Sept.
ruled
rates under
order
13,
Jan.
on
Counsel for the Commission alleged that the registrant intended to devote
large part of the proceeds from the sale of the securities registered to
of Corporate Leaders of America, Inc.. which has
the same officers and directors as the
registrant and, therefore that state¬
ments that the registrant would
engage in a general investment business
and would invest the
proceeds of the issue in a wide variety of companies
were false and
misleading.
$195,480
1,646
348
Amortization of debt discount and expense.
Amortization of deferred charges..
Provision for Federal income tax
67,940
$203 243
34,770
127,655
Provision for depreciation.
Interest on funded debt
on
43,975
2,677
(net)
Total income
Interest
$323,032
69,639
15,017
46,952
$200,566
operating revenues...
Other income
a stop
furthering the interests
common
Inc.—Sales-—
1937—Month—1936
$736,566
$680,413
The purchase of the company's facilities and approval
issue
this department.
a
..$6,624,757 $6,329,881
Total
for doubtful accounts of $200,000 in 1937 ($225,000
Represented by 46,807 no par shares,
z After depreciation
in 1937 ($3,533,421) and after reserve for estimated loss
disposal of miscellaneous properties of $231,095 in 1937 and $298,200
1936.—V. 145, p. 1414.
x
The
Corporate Leaders Securities Co.—Issue Stopped—
The Securities and
Exchange Commission issued on Aug. 21
suspending the effectiveness of a registration statement filed
1936, by the company.
$6,624,757 $6,329,881
1936).
See list given on first
page of
468,070
1,777,720
—
remaining assets to its preferred stockholders.
has set the matter for hearing on Oct. 4, 1937—V. 145, p. 1415.
Copps Gold Mine, Ltd.—Registers with SEC—
2,340,350
391,332
Plant & equip—
1,359,500
1,250,000
Inv. and equity in
affil. company
filed in the Circuit Court of Baltimore, Md., on July 6, 1937, asking that
the Maryland receiver of the company be directed to wind up its affairs
and distribute its
court
1,319,000
Reserves
1,500,000
y Common stock. 2,340,350
468,070
Capital surplus—
Earned surplus
570,915
38,897
__
11,690
1st mtge. 5% bds.,
1941..
follows closely on the letter from the other committee, the
having followed the petition of Palmer Securities Corp., Chicago,
latter
1937
$81,891
Liabilities—
and
1737
Chronicle
Total
456,340
510,993
8,815,834
184,310
12,200,230 11,879,940
for doubtful accounts, discounts, &c., of $317,195
$234,933 in 1936.
y After reserves for depreciation, sub¬
Dec. 31, 1935 of $5,811,919 in 1937 and $212,542 in 1936.
z Including
provision for 1932 claim of United States Government and
interest, &c., thereon aggregating $30,199 in 1937 and $28,827 in 1936.
a Includes surtax on undistributed profits.—V. 144, p. 4003.
x
in
After
1937
reserves
and
sequent to
Detrola
Corp.—Reduces Shares Registered—
The corporation has filed an amendment with the Securities
Commission
Exchange
reducing the number of shares of common stock registered
July 29 to 110,000 shares from 150,000 shares.
The reduction in the num¬
ber of common shares will not n ake any change in the an ount to be offered
since the 40,000 shares not covered by the amendn ent were to have been
reserved for exercise of options to the underwriter and the President of the
company.
In addition to Tobey & Co., the original underwriter, the
amendment nan.es Watson & White of New York City and O'Brian Potter
& Co. of Buffalo as underwriters.—Y. 145, p. 939.
Financial
1738
Dome
Chronicle
The
1937—8 Mos.—1937
$5,035,103
$4,651,409
1937—Month—1936
$625,181
$636,404
1937
1936
a$72,701
1935
$7,588
loss$38,522
After Federal income tax of $15,167 and surtax of $19,628.
a
Sept.
directors on
8 made the following declarations on account
dividends accrued and in arrears on the preferred stock,
payable Oct. 1 to holders of record at the close of business on Sept. 20:
$3.75 per share on the $5 dividend convertible preferred stock.
$4.12Jii per share on the $5.50 cumulative dividend preferred stock.
$4.50 per share on the $6 cumulative dividend preferred stock.
The directors at the same time also declared additional dividends, similar
in amounts to the above payments, these latter to be distributed on Jan. 3,
1938 to holders of record Dec. 10.
The dividends payable Jan. 3 will be
of cumulative
(W. L.) Douglas Shoe Co.—Earnings—
6 Months Ended June 30—
Net profit
the balance of cumulative dividends accrued and in
Balance Sheet
a
Preferred stock...$3,747,700
$629,292
933,034
$619,884
933,033
Common
58,045
Current liabilities.
386,319
100,604
376,794
2,570,726
2,327,148
Plant & fixtures.
Goodwill
Cash
Accts. receivable..
Inventories..
insurance
28,003
$4,680,647 $4,443,881
Total
144, p. 2825.
Dubilier Condenser Corp. (&
Subs.)—Earnings-
Earnings for Year Ended June 30, 1937
Income—Divs. received on investment in Cornell-Dubilier
Electric Corp
Int. on and profit from sales—U. S. Govt, securities
Famous
940
note receivable
on
Players Canadian Corp., Ltd.—Bonds Offered—
offering was made recently in the Canadian market of
$300,000 43^% first mortgage & collateral trust bonds
series B, due June 1, 1951, by Wood, Gundy & Co., and
W. C. Pitfield & Co., at 99 and interest, to yield 4.59%.
Public
$48,275
1,560
„
Interest
statement filed with the Securities and Exchange Com¬
The shares were sold at $25 a share, or $1,500,000.
This
of 60,000 shares thus sold by Engineers Public Service,
the first having been sold to a banking group under a take-down agreement
at $19 a share, and later offered to the public at $20 a share.
As a result of this transaction, Clarence J. Shearn, as trustee, will con¬
tinue to hold 51,357 common shares of El Paso on behalf of Engineers
Public Service, the trusteeship having been arranged to prevent Engineers
from being considered a holding company for El Paso Natural Gas under
the Public Utility Act of 1935.—V. 145, p. 1584.
,775
Total income
14,512
50,000
including patent license
and patent rights.
General expenses,
Provision for obsolescence of patents
Proceeds of the issue will be used partially to reimburse the company
for capital expenditures made for new theatres in Sarnia, North Bay, Hull
and Brandon, and provide firnds for improvements to other properties.
The new issue will have the same security as the outstanding series A bonds
$13,738
Net loss
Consolidated Balance Sheet June 30, 1937
Note payable—secured
Accounts payable.
$420
24,805
U. S. Govt, securs.—at cost..
Accrued int.
219
U. S. Govt, securities
940
receivable—affiliate..
1,749,544
850,370
surplus
Deficit from operations
47,000
Land..
Fedders Mfg.
571
$1,227,359
|
Duluth Missabe & Iron Range
Period End. Aug. 31—
Sales
Fohs Oil
$1,182,017
878,526
$5,613,939
5,482,876
$1,304,931
869,505
$303,491
1,198
7,393
394,824
367,078
$388,939 def$256,368
$202,609
Note—The above statement covers operations after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
losses
other non-operating adjustments.—V.
; v.;
,
; .
and
.
Ebasco Services,
the week
For
the
paid
145,
,
reserves
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power &
as compared with the corresponding week during 1936, was as
'
Light Co.,
follows:
(& Subs.)"^~Earnings—
1936
for depreciation
Assets—
1
1936
1935
$271,436
$246,479
Dec.
Accounts
35,147
28,420
12,605
Inventories
Plant & equip
1936
114,014,000
54,547,000
76,006,000
Amount
6,547,000
6,962,000
7,525,000
""
"
8,429
Accrued taxes....
788,720
wages
Dividends
pref.
stock payable
patents
5.7
12.8
9.9
Edison Brothers Stores, Inc.—SalesPeriod End. Aug. 31—
Sales.
$1,375,709 $14,947,254 $11,929,380
Electric Auto-Lite Co.—80-Cent Dividend—
directors
have
declared
a
dividend
of 80
cents
per
share on the
stock, par $5, payable Oct. 1 to holders of record Sept. 21.
A
was paid on July 1, last and compares with 60 cents paid on
1, last, and on Dec. 21 and on Oct. 15, 1936. and with 30 cents per
paid each three months from Oct. 1, 1935, to and including July 1,
The Oct. 1, 1935, dividend was the first paid since Jan. 2, 1933,
a similar distribution was made.
In addition an extra dividend of
common
like amount
April
share
1936.
when
50 cents per share was paid on Aug.
El Paso Electric Co.
Period Ended July 31—
15, 1936.—V. 145, p. 758.
(Del.) (& Subs.)—Earnings—
1937—12 Mos.—1936
1937—Month—1936
117,398
' 13,658
30,127
$3,036,384
1,329,580
202,264
a357,775
$2,868,606
1,311,845
$78,533
3,491
$1,146,764
5,920
$1,066,869
28,237
$258,500
112,385
16,992
32,300
$239,716
Net oper. revenues...
$96,823
Non-oper. income (net).
Dr800
Operating revenues
Operation.
Maintenance
Taxes
Balance
Int. & amortization, &c.
Balance
$96,023
36,188
$59,834
164,930
324,961
$1,095,107
437,123
$82,024
36,186
:$1,152,683
$45,838
$715,737
360,686
$657,983
335,000
$355,050
46,710
182,972
$322,983
46,710
182,972
$125,368
$93,302
Appropriations for retirement reserve
Balance for common dividends and surplus
436,947
*
Includes
1
12,721
Common stock
44,263
32,295
37,814
55,628
Surplus
Total
Reserves
26,250
100,000
102,416
840,000
865,000
485,000
1,286,133
375,000
1,305,033
...
Preferred stock
S3,330,179 $3,091,206
General Alloys Co.—Time Extended—
On June 14, 1937, company made an offer to holders of its class A
pre¬
ferred stock of $1 in cash and one warrant, evidencing the right to sub¬
scribe to one share of common stock at $5 per share up to Dec. 31, 1939,
for each share of class A preferred stock held, in satisfaction of the accumu¬
lated dividends through Dec. 1,
1936, amounting to $4.20 per share.
The
offer
expired
Aug.
13,
but
due
to
the
numerous
requests received
from class A preferred stockholders for an extension of the time, the expira¬
tion date was extended to Nov. 12, 1937.
To date (Sept. 4) more than 60% of the class A preferred stock out¬
standing in the hands of the public has been presented to the National
Shawmut Bank of Boston, transfer agent, in acceptance of this offer.
Earnings for 6 Months Ended June 30, 1937
Sales
____
Returns
and
allowances
^
-
Freight outward
Net sales
Gross profit on sales
_
General administrative expenses
Selling expenses
Royalties on castings
-
Net operating profit.
Extraneous income
$171,193
54.418
52,007
777
$63,992
1,701
profit
Extraneous expenses
Federal and
Provision for
$461,186
11,170
8,691
$441,326
270,132
Cost of goods sold
Net
Federal income taxes, of which $1,411 is Federal
surtax on undistributed profits.
Note—The subsidiary companies on Jan. 1, 1937 adopted the Federal
Power Commission System of Accounts, hence previous year's figures are
not exactly comparative.—V. 145, p. 1583.
a
1
8,955
.....
Other assets
Total
Balance
Pref. div. requirements of subsidiary company
Pref. div. requirements of El Paso Elec. Co. (Del.)
33,950
—V. 142, p. 4340.
—V. 145, P. 940.
The
70,363
on
..
Prepaid expenses &
deferred charges
1937—8 Mos.—1936
1937—Month—1936
$1,598,441
Investments
22,620
85,485
sions, bonuses &
233,077
1,725.369
and trade-marks
**
%
$24,524
300,000
$84,520
commis¬
261,924
1,838,092
825,461
_
Accts. receivable..
1935
400,000
15,092
Accrued
$3,330,179 $3,091,206
IYICTCQsSC
Operating Subsidiaries of—
1937
American Power & Light Cd._120,561,000
Electric Power & Light Corp.. 61,509,000
National Power & Light Co... 83,531,000
—V. 145, p. 1583.
1936
payable.
Notes payable
policies
1934
$133,889
31
Liabilities
$201,026
Value of life insur¬
Goodwill,
1935
$188,903
Consolidated Balance Sheet
Loans receivable.
1937, the kilowatt-hour system input of
2,
a dividend of 50 cents
per share on the common
1 to holders of record Sept. 20.
An initial dividend
July 1, last.—V. 145, p. 1257.
Years Ended Dec. 31—
ance
Inc.—Weekly Input—
Sept.
ended
.
1418.
on
Fuller Brush Co.
9,464
47,685
was
$251,945
or
Corp.—Registers with SEC—
The directors have declared
stock, payable Oct.
Net inc. after
capital gains
p. 940.
$7.35
See list given on first page of this department.—V. 145, p.
$560,223
878
Net income...
$807,346
1418.
Foster Wheeler
$5,752,656
5,192,433
$131,063
$435,426
Co.—Earnings—
Fruehauf Trailer Co.'—Dividend Doubled—
52,424
Other expense
$2,254,613
State income taxes, &q
Earns, per share on 109,801 shares common stock (no par)
—V. 145, p.
of 25 cents
Other income
1937—8 Mos.—1936
$2,395,201
Earnings for 6 Months Ended June 30, 1937
1937—7 Mos—1936
1937—Month—1936
1937—Month—1936
$334,851
$340,479
Net profit after depreciation,
depletion, intangible drilling costs,
amort, of non-producing leaseholds and royalties, Federal and
Steamship Lines, Inc. (& Subs.)—Earnings—
Operating income
share on the
per
—V. 145, p. 941.
by Spirit Lake Transfer Ry. and to provide funds for Iron Range to pay
$8,151,000 of its bonds due Oct. 1,1937, and to provide funds for Interstat
to redeem $1,000,000 of its 5 % bonds.
e
The Missabe road states in its application that no underwriting contract
or agreement has as yet been entered into for sale of the $10,000,000 bond
issue.
The financing is in connection with the consolidation of the rail¬
roads, all of which are controlled by United States Steel Corp.—V. 145,
p. 1582.
Operating revenue
Operating expense
cents
(M. H.) Fishman Co., Inc.—Sales-
applicant states that $19,500,000 of the new issue will be issued to the
all of the capital stock of the Duluth
& Iron Range RR.; $500,000 of the bonds will be issued to Agate Land Co.
in exchange for all of the capital stock of Interstate Transfer Ry., and the
remaining $10,000,000 of the issue will be sold for cash.
Proceeds of the
bonds to be sold will be used for redemption of $1,000,000 5% bonds issued
The
July 31—
of 35
Federal Light & Traction Co.—Tenders—
Minnesota Iron Co. in exchange for
Period End.
dividend
The Irving Trust Co., trustee, will until 12 o'clock noon Oct. 15 receive
bids for the sale to it of sufficient first lien s. f. gold bonds due March 1,
1942, to exhaust the sum of $148,364.—V. 145, p. 1417.
Ry.—Asks Bond Issue—
The company has filed an application with the Interstate Commerce
Commission asking authority to issue $30,000,000 3H% first mtge. bonds.
Eastern
a
$1,227,359
Total
for obsolescence of $725,000.—V. 145, p. 939.
reserve
declared
stock, par $5, payable Oct. 1 to holders of record Sept. 17.
Divi¬
dends of 25 cents were paid on July 1 and on April 1, last, this latter being
the initial payment on the larger amount of stock now outstanding.—
V. 145, p. 941.
x776,039
-
Total
Co., Inc.—Larger Dividend—
directors have
common
1
Prepaid and deferred Items—
value
The
rights—book
Patents & patent
After
426
361,279
16,087
Investments.
x
76
304,150
Capital
Note receivable—
Cornell-Dubilier Elec. Corp.
7,283
note payable..
on
maturity.
same
Earnings for the year ended Dec. 31,1936, available fori nterest on bonds,
depreciation and income taxes, amounted to $1,795,108, compared with
interest requirements on the present issue of series B bonds, and on the
outstanding series A bonds, totaling $296,250.
In the first six months of 1937, corresponding earn ngs amounted to
$1,039,623, an improvement of approximately 20% over the same period
in 1936.—V. 145, p. 1584.
$16,250
Miscell. taxes payable
Common stock ($1 par value).
Accrued interest on:
Note
of the
Liabilities—
Assets—
Cash
registration
a
22,876
for depreciation.—V.
reserves
mated Aug. 26 following the effectiveness of a post-effective amendment to
mission in May.
is the second block
$4,680,647 $4,443,881
After
36,760
624,195
Co. by the company to a banking group comprising White, Weld & Co.,
Stone & Webster and Blodget, Inc., and Lehman Brothers, was consum¬
36,760
38,469
Prepaid expense._
a
36,760
551,495
fund
Natural Gas—
The sale of 60,000 shares of common stock of the El Paso Natural Gas
430,551
853,066
26,782
36,760
policy
$3,747,700
430,551
1,017,131
Deficit
Sinking fund
Total
stock
Sells 60,000 Shares of El Paso
Reserve for sinking
Cash surr. val. life
and the quarterly
arrears
dividends normally payable on that date
June 30,'37 Dec.31,'36
Liabilities—
June 30,'37 Dec. 31,'36
Assets—
11, 1937
Engineers Public Service Co.—Clears Preferred Arrears—
Mines, Ltd.—Value of Production—
Period End. Aug. 31—
Value of production
—V. 145, p. 1096.
Sept.
State taxes.
profit
$65,693
5,402
10,249
$50,041
-V. 144, p. 4007.
$39,660
General Box
Co.—Subscription Rights, &c.—
Stockholders of record Aug. 19 are given the right to subscribe for 318,414
shares of capital stock in the ratio of one new share for each four shares held
at
$150 per share.
Volume
1739
Chronicle
Financial
145
Bank of Chicago, 33 So. Clark St., Chicago.
Any shares
not subscribed for by the holders of the warrants may be
Sales of General Motors cars to dealers in the United States totaled 157 ,#00
August, compared with 99,775 in August a year ago. Sales in July were
187,869.
Sales for the first eight months of 1937 totaled 1,224,057, com¬
pared with 1,255,485 for the same eight months of 1936.
and sold at $1.50 per share to
Total Sales to Dealers in United States and Canada
Chicago Daylight Saving
Subscriptions should be sent to First National
Warrants will expire at or before 3 o'clock p.m.,
Time,
Sept. 20, 1937.
on
in
of capital stock
offered for sale
the general public, to designated individuals
otherwise, but in any event not to an underwriter.
or
Plus Overseas Shipments
1937
Capitalization—The authorized capital stock of the company prior to
June 18, 1937, consisted of 1,000 shares (par $100), of which 800 shares were
issued and outstanding;
All of the aforementioned outstanding shares
of capital stock were owned by General Box Corp. (Del.), the then parent
company.
By an agreement of merger dated May 20, 1937, and entered
into on June 18, 1937, the company and General Box Co., which then owned
all of the outstanding capital stock of the company, merged into a single
corporation, that is to say, General Box Corp. merged into the company as
the surviving corporation.
As a part of the merger, 800 shares of capital
stock of the company, then owned by General Box Corp. (being all of the
company's then outstanding capital stock), were canceled and the authorized
capital stock of the company was increased from 1,000 shares (par $100)
to 3,000,000 shares (par $1), and each outstanding share of capital stock of
General Box Corp., 1,273,055 shares being then outstanding, became and
1936
158,572
144,874
90,764
191,720
239,114
98,268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39.152
127,054
182.754
185,698
2,037,690
/ 1,715,688
-
March
260.965
196,721
April
238,377
216.654
229.467
222,603
June
203.139
217,931
July
August
September
226.681
188,010
204.693
121,943
19,288
May
_
October
November..
December
Total.
exchangeable for one share of the capital stock of the company.
The agreement of merger provides that until actual issuance of shares of
capital stock of the company, each outstanding share of capital stock of
General Box Corp. shall be deemed to constitute an outstanding share of
capital stock of the company.
A merger was deemed desirable for the fol¬
lowing reasons: (1) Since the sole asset of General Box Corp., the then parent
of the company, was its ownership of all of the then outstanding capital
stock of the company, a merger would enable the stockholders of General
Box Corp. to own stock of the company directly rather than through a hold¬
ing company; (2) such a merger would simplify the corporate structure, and
(3) such a merger would result in savings in corporate expenses and taxes,
particularly income taxes on inter-company dividends.
In consummating the merger, it was deemed desirable to merge General
Box Corp., the then parent of the company, into the company, because the
company was the operating company and owned plants, properties, leases
and licenses, and in the course of its operations had entered into many agree¬
ments and had acquired a goodwill in connection witn its business.
The capital stock now offered is part of the 3,000,000 shares of capital
stock (par $1), authorized by the certificate of incorporation of the com¬
pany, as amended by this agreement of merger, and is of the same class as
the capital stock now outstanding.
If all of the capital stock purchase
warrants are exercised, and if all shares of capital stock not so subscribed
for are sold, the number of shares then outstanding will be increased from
1,273,655 shares to 1,592,069 shares and the capital stock liability of the
company will be increased from $1,273,655 to $1,592,069.
Funded Debt—The funded debt of the company consists of 4% 2-year
1934
62,606
100,848
153,250
153.954
132,837
146,881
134,324
109.278
71,888
1935
103,668
74,567
January
February
72.050
61,037
41,594
1,240,447
was
Sales to Consumers in United States
March
July
August
September
December
$3,162,765
2,487,786
675,035
44,621
$4,492,288
3,415,499
778,071
7,855
loss$36,420
24,907
loss$44,678
27,518
$290,863
42,386
income
oper.
Other income
Total income
loss$ll,513
16,237
Income deductions
Surtax
on
$333,249
76,649
28,789
loss$17,160
25,332
343
„rrov. for Fed. norm, tax
def$42,492
April
May
July
August
September
118,789
107,554
87,429
53,738
97,746
147.849
150,010
50,514
39,048
28,344
1,370,934
959,494
157,000
......
October
November
December
Total
Unit sales of Chevrolet, Pontiac,
passenger
Oldsmobile, Buick, La Salle and Cadillac
the above figures.
and commercial cars are included in
363,675—
Stockholders Number
and preferred stockholders
The total number of General Motors common
quarter of 1936.
stock and the balance of 20,550
represents holders of preferred stock.
These figures compare with 339,130
common stockholders and 20,500 preferred for the second quarter of 1937.
There
2,462,078
were
343,125 holders of common
—V. 145, p. 1585.
541,614
1,675
General Water Gas & Electric
Co. (& Subs.)—Earns.
,1936^^
12 Months Ended June 30—
Operating revenues
Operation
—
-——.
_
—
-
$2,816,754
918,302
135,513
Maintenance
$350,333
Taxes (other than
83,514
Notes & accts. rec. (net)
492,661
Accounts payable—trade
Inventories
527,151
253,336
$1,488,927
Net operating revenues
$1,422,759
179,440
158,749
$1,668,368
$1,581,509
283,907
256,721
on
Interest
on
452,639
29,997
472,452
6,831
39,634
33,582
61,983
35,241
29,385
81,958
$232,276
Total income
$50,000
141,545
97,913
stock discount and expense
of deferred charges
subsidiaries' preferred stocks
Interest on 15-year 5% 1st lien & coll. trust bonds,
series A, due June 1,1943
7—- - - - --,t
Provision for Federal income tax (estimated)
141,540
Provision of amortization
Long-term debt
114,061
Dividends
15,000
1,088,845
—
Fixed assets (net)
depreciation
subsidiaries'funded deot
unfunded debt-.
Amortization of subsidiaries' debt and preferred
Other current liabilities
23,425
—
1,273,655
235,944
194,002
Capital stock
Capital surplus
1
Earned surplus
—v—.
on
tI'§§o
58,888
Total income
$2,248,659
Total
$2,248,659
Total
64,059
General Metals Corp.—Stock
adjustment amounting to
two-for-one split of outstanding stock and change from no par to $2.50 par.
Company presently has 200,000 authorized no par shares, of which 132,230
last were reported outstanding.
James E. Long has been elected Chairman of the Board and W. A. de
Bidder, President.
Both previously were Vice-Presidents and directors.
—V. 143, p. 3631.
General Motors
Corp.—Chevrolet Sales—
New passenger car and truck sales by Chevrolet
totaled 99,337 units in August, a record high for
division of General Motors
$6.60
153,636 units.
$120 000 in respect of
Federal income tax.
v
.
$20,148,896
Fixed capital
Accounts payable—secured..
Electric
1,990,000
Gas Corp
on
debt
Notes payable banks—sec
570,000
630,266
Reacquired sees., par value..
Special deposits
Cash in banks and on
Funded
367,391
investments..
Accounts payable—other.
Accrued
taxes
Acer. div.
less res..
438,797
112,305
122,460
Subs.' fd. debt call for redemp
Accts. & notes rec.,
Unbilled revenue,
estimated.
—
Accts. receivable,
Other current liabilities
Consumers'
52,085
Deferred charges
1,146,828
^
and
August Car Sales—The company on Sept. 8 released the
following statement:
August sales of General Motors cars to dealers in the United States and
Canad., together with shipments overseas, totaled 188,010, compared with
121,943 in August a year ago.
Sales in July were 226,681.
Sales for the
first eight months of 1937 totaled 1,512,061, compared with 1,496,804 for
the same eight months of 1936.
Sales of General Motors cars to consumers in the United States totaled
156,322 in August compared with 133,804 in August a
in July were
year
ago.
Sales
Sales for the first eight months of 1937 totaled 1,191
1,261,714 for the same eight months of 1913.
163,818.
366, compared with
,-
other
84,462
470,000
198,902
Pref. stk. of sub. publicly held
290,000
interest
in
capital
y
$3 cum. preferred stock
Common stock (par $1)
Paid-in capital and surplus..
x
After reserve for
no-par
surplus
Total
depreciation of $3,617,887.
y
36,344
3,814,400
217,622
3,343,924
330,721
$26,456,288
Represented by 76,288
shares.—V. 145, p. 941.
Georgia & Florida
RR.—Earnings—
—Week End.
1937
Period—
Gross earnings
—V. 145, p.
$37,350
Aug. 31
1936
$43,191
—Jan. 1 to Aug. 31
1937
1936
$925,249
$787,430
1585.
Giddings & Lewis
Machine Tool Co.—Stock Offered—
Sept. 10 of 56,099 shares of com¬
share by Barney Johnson & Co. and
The company is selling 35,092 shares
Public offering was made
mon
4,733
Reserves for contingencies, &c
stock & surplus of subs ....
$26,456,288
5,075
57,499
*
50,160
Res. for rate reduc. in litig'n.
Minority
Total
50,630
de¬
posits—refundable
763
non-current
Prepaid expenses
on
Div. pay. on $3 pref. stock__
Earned
totaled 16,978 units, a gain of 38%
12,262 sold in August, 1936.
Last month was the best August
in the company's history.
In the period Jan. 1 to Aug. 31, 146,700 new
cars were sold.
72,570
subs.' pref. stk.
57,499
513,794
slightly above 40,000 or approximately equal to the best
the
than
Prov. for Fed. inc. tax (est.).
deposit for dividend
Oldsmobile Sales Up 38%—
Retail sales of Oldsmobiles in August
110,885
(other
Federal income tax)
payable July 1, 1937
Marketable sees, at book val.
previous full model year.
over
$16,429,600
680,000
131,815
76,942
interest
Accrued
305,200
hand..
Inventories..
Cadillac-La Salle Sales—
Retail sales of Cadillac and La Salle cars in August totaled 3,806, the
highest ever recorded for this month.
This compares with sales of 3,840
in July and 1,740 in August, 1936.
The best previous August sales were
3,007 in 1928.
The 2% decline from July to August compares with a usual decline of
15 to 20%, according to D. E. Ahrens, sales manager of the CadillacLa Salle division of General Motors.
Sales for first 10 months of the 1937
30, 1937
Liabilities—
Miscellaneous
Cash
,no_
or.
Balance Sheet June
.
A ssets
&
August were 19,773. the highest total
for the month in the company's history.
This compares with 21,436 in
July and 12,274 in August 1936.
Continuation of the increase over 1936 is predicted for September by
C. P. Simpson, general sales manager of the Pontiac division of General
Motors with an estimate of 15,500 cars against 8,811 sold in Sept. 1936.
Retail deliveries of Pontiac cars in
0.68
for both periods are stated after deducting
estimated reduction which will result in the event
that a rate case decision of the Public Service Commission of the State of
New York affecting Consolidated Water Co. of Utica, N. Y., a suosidiary,
is upheld on appeal now pending before the United States Supreme Court.
Effect has also been given to the resultant reduction in the provision for
Note—The operating revenues
Investment in States
Record Pontiac August Sales—
$4.90
....
,
number of shs. outstanding)
_
x
trucks, or the second highest
August truck sales in history of the company.
Used car sales in August
„
$3 pref. stock (avge.
Common stock.
the month, against 95,905
in August 1936 and 94,418 in August 1929.
Of the August 1937 total, 22,120 units were
$375,074
1-27
Earned per share:
Split—New Officers—
Directors have adopted a resolution for capital
a
23,247
$504,431
Balance
are
$351,827
Non-recurring income
-V. 145, p. 761.
year
57,664
$440,372
30,679
Deferred charges..
model
114,485
274,010
Federal income tax)
34,542
Accrued liabilities
—*
Miscell. accts. rec. other than
$2,643,338
852,756
Interest
Notes payable
were
with 359,630 for the
for the third quarter of 1937 was 363,675, compared
second quarter of 1937 and with 342,832 for the third
Liabilities—
$70,898
*
150,863
139,121
103,098
22,986
162,390
187,869
June
Consolidated Balance Sheet J'uly 31, 1937
Assets—
Good-will
186,146
177,436
99.775
4,669
1,682,594
;
March
Provision for
$227,356
Cash
Investments
1934
46,190
82,222
119,858
121,964
103,844
70,901
49,674
216.606
199.532
180.085
Other income
def$28,094
Net income
trade
1935
75,727
92,907
132,622
152,946
105,159
69,334
156,041
197,065
January
February
453
undist. profs
927.493
1936
131,134
116,762
162,418
194,695
187.119
1937
$318,215
32,118
Net
1.278,996
Sales to Dealers in United States
$3,323,585
Sell., gen. & acLmin. exps
71.648
69,090
62,752
41,530
;
Total
7 Mos. End.
July 31, '37
discts.,&c $3,034,330
goods sold
2,415,395
644,549
Prov. for doubtful accts.
10,806
Gross sales less
66,547
68.666
136,589
122,198
85,201
44.274
165,552
October
Consolidated Income Statement (Company and Subs.)
Cost of
137.782
108.645
127.346
November
contracts.
1936
98.174
106,349
95.253
112,847
101,243
86.258
173,472
June
Corp. except for $5,000 of series A notes and 90,800 of series B notes, which
were purchased for investment at a discount of 1% by the Nashville Trust
Co. of Nashville, Tenn.
There is also outstanding a promissory note of the company to First
National Bank, Chicago, aggregating $50,000 and due Sept. 13, 1937.
The note is not secured and is in the ordinary form of notes evidencing un¬
secured indebtedness to banks.
Company also owes $41,630 upon certain outstanding machinery purchase
1935
1934
23,438
58.911
1,720.213
May
dated Nov. 16, 1936, aggregating $50,000 and 4% 2-year
notes, series B, dated Dec. 15,1936, aggregating $50,000, a total of $100,000The series A and the series B notes were not issued under any indenture.
The series A and the series B notes were sold to stockholders of General Box
-Years Ended Dec. 31
181.782
200,117
195.628
189,766
163,459
133.804
198,146
178,521
153,866
163,818
156,322
April
notes, series A,
1934
102,034
96.134
51.600
196.095
February
1935
54,105
77,297
126.691
143.909
109,051
1936
1937
92,998
January
stock at $13.00
E. W. Thomas &
Co.
a
Financial
1740
proceeds will be used to retire all of the outstanding
capital.
The balance,
21,007 shares is being sold by certain stockholders.
and the
funded debt and to add to working
or
Company is recognized as the largest builder of high power precision
boring, drilling and milling machines.
Net income of the company for the
months ended July 31 last was reported at $197,088 after all charges
except provision for Federal and State taxes.
This is equal to $1.97 a
share on the 100,000 shares of $2 par stock to be outstanding.
Upon com ■
f
Chronicle
Sept. 11, 1937
1936, there was submitted to the stock¬
holders a pro forma balance sheet and pro forma statement of surplus as of
March 31, 1936, together with statement of income for the three months
ended that date, upon which statements we reported to the Board of
Directors on June 22, 1936.
The changes set forth in the pro forma state,
ments were approved by the stockholders at a meeting held Aug. 5, 1936
Note—Under date of July 20,
Balance Sheet Dec. 31,
seven
pieiion of the financing there will be no oonds or preferred stock outstanding.
As of Aug. 1, the company reported unfilled orders totaling $977,300 and
these are expected to keep the plant going at capacity until March 1938.
The company's balance sheet, dated July 31,1937, revealed current assets
of $415,121 available for current liabilities of $52,946, and indicated net
working capital prior to this offering of $362,175.—V. i45, p. 1419.
.
Assets
Glidden Co.—Extra Dividend—
have declared an extra dividend of 30 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the com¬
mon stock, no par value, both payable Oct. 1 to holders of record Sept. 17.
Similar amounts were paid on July 1, last.—V. 145, p. 941.
Accounts receivable
Inventories
account.;
(W. T.) Grant Co.'—Sales—
1937—Month—1936
1937—8 Mos.—1936
$6,924,741 $57,596,980 $55,754,338
Period End. Aug. 31—
$6,779,585
1586.
—V. 145, p.
1
162,400
affil.
to
cos.
625
current
on
21,891
account
242,500
5,998
Paid-in surplus
2,086
Earned deficit
$270,8901
Total
After reserves for
383
Federal income tax (est.)
Capital stock ($0.50 par)
Purchasing
Co., Inc. (atcost).
Property accounts
x
$1,578
payable
Accrued liabilities
4,894
.........
County
Reagan
Accounts
Due
Due from affil. co. on current
The directors
Sales.
S99.495
2,649
1,451
Cash in banks
x
1936
Liabilities—
-
$270,890
Total
depreciation and depletion of $9,343.—V. 143, p. 272.
Aircraft Engineering Corp.—Files Amend't
The corporation has filed an amendment with the Securities Exchange
Corporation stating that Hemphill, Noyes & Co. and Lehman Bros, will
head a group of underwriters for its issue of 140,000 shares of common stock,
($1 par).
These two will underwrite 42,750 shares each which will be offered
to the public and
17,500 shares each which will be offered to common
Grumman
Other underwriters and amounts to be underwritten include
underwriting 4,750 shares to be offered publicly
shares to be offered to common stockholders; Gibson Leefe &
Co., 4,750 to be offered publicly, 3,000 to common holders.
The remain¬
ing 5,000 shares are to be offered to employees of the corporation.—V. 145,
p. 1420.
stockholders.
Green Bay
& Western RR.- —Earnings—
1935
1936
1937
July—
$150,961
47,852
28,583
926,771
230,901
138,679
$112,390
17,969
7,577
114,188
.
$76,656
def7,207
defl3,024
801,723
162,008
81,970
$146,564
44,844
27,087
993,860
253,707
Gross from railway
Net from railway
Net after rents
G. M. P. Murphy & Co.,
and 2,000
1934
def34,752
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Period End. Aug. 31—
1937—Month—1936
1937—7 Mos.—1936
$2,429,731 $17,948,482 $16,413,686
p.
942.
.Xxv..'
-
Greif Bros. Cooperage Corp.—Class A Dividend—
directors have declared a dividend of 80 cents per share on the
$3.20 cum. class A common stock, no par value, payable Oct. 1 to holders
of record Sept. 18.
a like amount was paid on July 1, last, and compares
with $1.30 paid on April 1 last; $2.80 paid on Dec. 22, 1936; dividends of
50 cents were paid on Oct. 1, July 1, and April 1, 1936, and dividends of
25 cents paid in each of the eight preceding quarters and on Dec. 20, 1933
Quarterly distributions of 40 cents per share were made from Jan. 2, 1931,
to and incl. April 1, 1932, as compared with regular quarterly dividends of
80 cents per share previously paid.—V. 144, p. 4180.
The
46,916
Taxes.
1934
102",883
$475,636
503,240
$707,512
485,932
$716,851
233,843
Total income
$794,374
$978,877
$1,193,444
$950,694
234
85,833
6,651
Sh. of oper.
$421,885
21,485
$334,364
25,850
$443,370
128,598
209,323
5,152
6,834
$360,215
129,054
199,275
11,130
7,222
$93,462
$13,534
Net operating income
Non-operating income
Gross
15,847
82,278
y25,420
18,954
31,200
z$552,027
614,400
$769,313
819,200
$858,231
1,024,000
$209,055
819,200
$62,373
$49,887
$165,769
on
Interest
on
on disposal of
and warehouse
1for losses of aff l.co
479,606
unfunded debt
loss
Prov.
Net income
Dividends.
—-
Balance, loss.
Taxes
Net operating revenues
Non-oper. income (net).
$337,861
8,011
$314,274
21,186
$2,745,390
85,251
$2,496,995
166,948
$345,872
81,469
$335,460
88,981
$2,830,641
1,088,192
$2,663,943
1,089,004
$264,403
$246,478
$1,742,449
758,592
567.183
$1,574,939
750,000
567,183
$416,674
$257,756
Int. & amortization, &c_
Balance
Appropriations for retirement reserve.
Preferred dividend requirements
Accts.
Note—The company on Jan. 1, 1937 adopted the Federal Power Com¬
mission System of Accounts, hence previous year's figures are not exactly
comparative.—V. 145, p. 1586.
(C. M.) Hall Lamp Co.- -Earnings-
31,309
59,543
3,838
Div. payable
27,645
25,420
57,900
18,954
Cash and securs..
71,497
324,335
24,089
b Accts. receivable
324,335
1,102,586
1,185,954
Fed. income tax..
Due to affil. co
36,879
27,645
y
Capital stock
117,939
surplus
117.939
Accounts payable.
Inventories
253,262
11,120
201,075
Res.
16,930
25,000
21,770
1,553
9 Mos. End.
Dec. 31, '36 Dec. 31, 36
Period
$20,701
11,331
operating income.
Non-operating income. _
Net
extinguishments and
$8,657
18,562
$34,749
operating income
Operating charges
$19,594
iu,y3/
$9,370
25,379
Gross
$27,218
.
...
237
237
6,864
3,057
6,343
2,698
625
625
y$23,966
$17,314
Surrendered leaseholds
Depletion and dry holes
Depreciation
,
Federal
income
and
382,154
400,712
202,219
47,414
1
Prepaid ins. & tax.
631,309
200,221
55,494
mach. & equip..
Investments
undistributed profits tax.
y For year before provision
for amortization of non-producing leases determined by management as
having no value and charged to earned surplus March 31, 1936.
28,000
—
age
of
invest¬
126,019
76,019
Capital stock
Capital surplus
2,000,000
12,451
361,889
Z)rl46,765
2,000,000
62,184
308,116
ments, &c
1
Good-will
$2,494,750 $2,415,783
d Treasury stock..
Total
Z>rl46,765
$2,494,750 $2,415,783
depreciation of $571,118 in 1936 and $539,085 in 1935.
Represented by 400,000 no par shares,
d Represented
by 37,920 shares at cost.—V. 145, p. 1420.
a
After
b Less
for
reserve
reserve,
c
Ltd.—Accumulated Dividend—
Hamilton Cotton Co.,
The directors have declared a
of accumulations
on
the
$2
dividend of 50 cents per share on account
conv. s. f. preference stock, par $30,
cum.
payable Oct. 1 to holders of record Sept. 15.
The dividend will be paid in
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
similar dividend was paid in each of the 10 preceding quarters, the
April 2, 1935 dividend being the first to be paid on this issue since the
regular quarterly dividend of 50 cents per share was distributed on Oct. 1,
A
1931.
—V.
profits tax
Net income
Inc.
Earned surplus
600,041
Accumulations after the current
.
undistributed
Fed.
c
operation
Land, buildings,
a
for
Reserve for shrink¬
25,000
16,327
620,261
Year End.
20,276
&c
taxes
24,416
911
Oil Corp.—Earnings—
1935
Acer, wages, taxes,
Int. rec. accrued..
220,812
7,816
195,444
$95,952
10,365
$662,789
Assets not used in
Net income before capital
Federal income tax
Nil
$102,790
$709,204
banks
Group No. 2
1936
Liabilities—
1935
1936
Assets—
Total
x
365,280
Ctfs. of deposit
.$1,585,791 $1,653,795
Estimated
36.618
$0.22
Ctf. of indebted..
Total
.$1,585,791 $1,653,795
x After
reserve for depreciation, depletion and intangible development
costs of $3,287,802 in 1936 and $4,456,606 in 1935.
y Represented by
2,048 no par shares.—V. 143, p. 1401.
x
362,080
$0.45
Deposits in closed
57,900
expenses.
Total
362,080
$0.56
Comparative Balance Sheet Dec. 31
763,284
Prepaid
loss$31,341
stock out¬
14,255
Oil & gas leases,
&c
$80,694
standing (no par)
per share
14,501
Inv. In and adv. to
affil. cos. net...
Shares capital
$163,369
Earnings
Accrued liabilities.
Earned
divs.
$204,680
and Federal taxes
$28,307
Cash on deposit for
unclaimed
1935
1933
1934
1935
1936
Calendar Years—
Net profit after charges
$19,806
19,772
current acct.
dividends and surplus
has been made for the Federal surtax on undistributed
liability for such tax cannot be determined until the end of
Accounts payable.
Due from affil. cos.
on
common
No provision
$724,574
43,206
60,663
3,377
receivable-_
Inventories
Other curr. assets.
x
a
profits since any
1936
Liabilities—
1935
$548,993
Cash in banks
1937—12 Mos.—1936
$6,115,639
$5,733,122
2,529,092
2,463,459
287.155
228.177
a554,001
544,490
the year.
Balance Sheet Dec. 31
1936
Earnings—
1937—Month—1936
$646,730
$599,025
223,363
215,479
22,172
18,686
a63,334
50.586
Operating revenues
Operation
on
Assets—
280.
p.
Gulf States Utilities Co.
22,045
development costs and dry holes, y No liability
undistributed profits is anticipated,
z Before provision for
amortization of non-producing leases determined by the management as
having no value and charged to earned surplus March 31, 1936.
tax
145,
Period Ended July 31—
Including intangible
x
for
charges
Net income
Balance for
17,062
Federal income tax
1st mtge.
Amortization
11~,628
228,359
1945.
6% bonds due Oct. 1,
long-term notes
equip,
stock
;
on
Interest
$610,145
xl25,324
74,306
Depletion
Depreciation
income
Interest
Balance
63,185
88,724
5,500
10,752
135,850
1
Net
71,027
139,052
122,087
Maintenance
$528,795
265,578
losses of Signal Gas. Co. of Texas.
Intangible devel. costs__
Surrendered leaseholds.
83,209
148,832
152,661
$1,137,131
317,396
Net operating
income.
Non-oper. income—net.
1936
$1,350,604
684,073
Taxes, other than Federal income
1933
$1,158,987
267,016
118,889
65,569
1935
$879,405
243,658
60,035
income
Oper. and admin. exp...
Royalties paid
expenses
Maintenance
-V.
$834,633
245,073
66,873
47,052
1936
Calendar Years—
Gross oper.
1937
$1,533,448
726,861
Operating
Earnings—
Group No. 1 Oil Corp.
Co. below.—V. 141, p. 2278.
Co.—Earnings—
Depreciation
$2,368,332
145,
Gulf Public Service
12 Months Ended June 30—
Gross operating revenues
(H. L.) Green Co., Inc.—Sales—
Sales
See Occidental Life Insurance
14,270
—V. 145, p. 763.
—V.
Guaranty Life Insurance Co. (Ia.)—Merger—
606,399
145,
p.
Hammond Instrument
See
dividend will amount to $6.50 per share.
1587.
Co.—New Name—
Hammond Clock Co., above.
Includes $313
Surplus Dec. 31, 1936
Statement of
Earned surplus from March 31, 1936;
Net income for nine months ended Dec.
Dividends paid since
Harbauer
Co.—Earnings—
417Qu
$17,314
31, 1936
19,400
March 31, 1936
on
$127,350
14,485
14,410
$54,137
$88,701
51,849
sale of deposit in
$78,987
15,970
8,880
$56,098
Federal income tax
1936
$85,857
18,960
xl0,800
Depreciation
Loss
42.026
2,551
51,250
$4,249
$12,111
restricted
9,753
bank account
Balance, Dec. 31,
1936 (deficit)
Paid-in surplus;
.
—
reduction of par value of
to $0.50 per share
(deficit) at March 31, 1936
Adjustment resulting from the
capital stock from $1 per share
Balance
in
earned
surplus
transferred
Balance, Dec. 31,
-
1936.
$2,086
Net income
.
,
-
Preferred dividends.
$242,500
236,502
$5,998
Common dividends.
Surplus
x
Includes $1,000 for
1935
1937
Years Ended June 30—
Profit from operations
—
estimated surtax on undistributed profits.
$34,900
Volume
Financial
145
Hatfield-Campbell Creek Coal Co. (& Subs.)- -Earnings
Balance Sheet June 30
Assets—
1937
Cash
54,238
62.322
352,843
47,113
17,787
359,366
42,716
17,938
1
1
Inventory
Value of life insur.
Other assets
Trade-marks
Land contract pay.
321,302
34,093
11,273
26,748
11,275
for conting..
25,000
500,000
426,297
x
1935
1934
1933
$4,423,992
3,794,93 1
$3,953,302
3,315,888
$3,462,247
2,861,530
$637,315
144,073
$629,061
134,810
$637,414
141,002
$600,717
$781,388
$763,871
$778,416
$774,908
Other oper. income
25,000
418,000
348,545
Cost of sales
payroll,
Common stock
Capital surplus and
undivided profits
289,361
51,232
Net sales
x
&c
declared
Res.
5
Gross profit from oper
.
supplies
Selling, delivery and
ac I""
700,308
624,433
536,452
504,978
$81,081
ministrative expenses
$139,438
$241,964
$269,930
Net profit from oper.
Other income credits, in¬
_
Total,
a
33,131
34,586
37,914
32,809
Gross income.
!
Other income charges, in
$114,212
$174,024
$279,878
$302,739
terest, discount, &c__
5,168
52,065
8,935
43,531
55,922
12,551
64,303
60,341
25,815
76,681
65,183
20,309
$48,044
11,292
$62,020
11,182
$129,418
11,542
97,283
$140,566
234,636
terest, rentals, &c
144, p. 4009.
Changed—Recapitalized
Hammond Clock Co.—Named
Stockholders at
$941,248
81,702
Total
$941,248
$981,702
j
Represented by 45,093 (41,000 in 1936) no par shares.—V.
x
special meeting held Aug. 31 voted to change the corpo¬
authorized common capital¬
value from $5 to $1 and
rate title to Hammond Instrument Co., increase
ization from 110,000 to 500,000 shares, reduce par
split the stock four-to-one.
Common capitalization upon completion of the exchange of four
shares for each $5 par share now outstanding will consist of 373,304
Interest
on
bonds
Prov. for Fed. inc. tax..
...
»1 par
shares.
transfer $93,326 from its
capital account to capital surplus.
The change in name was regarded as a
logical step, inasmuch as the company's business now consists of several
lines of electric organs in addition to clocks.—V. 144, p. 4346.
Reduction in par value will enable the company to
Net income
Prior pref. dividends
Depreciation and depletion have been charged off on property under
1936, $199,873 in 1935, $190,621
x
these headings, aggregating $178,443 in
in 1934 and $200,850 in 1933.
Consolidated Balance Sheet Dec. 31
1934
1935
1,446.405
$830,085
1,246,708
$512,077
1,073.447
prof$279,249
77,716
Operating loss...
$46,687
58,085
$416,623
$561,371
64,740
Other income.
54,889
$11,398 loss$361,733 loss$496,631
60,164
151,053
102,108
34,494
17,630
44,291
$356,965
55,901
101,209
Taxes, other charges
loss$83.260 loss$530,416 loss$643,030
$199,854
a House division loss from operations (net) of $227,294.
Notes—Provision for depreciation amounted to $175,730 in
1935; $342,574 in
Federal surtax
1933.
1934: and $349,177 in
^
732,605
Misc. curr. liabil..
377,487
Long term debt..
983,937
850,000
44,254
33,819
17,850
38,016
47,731
10,454
12,775
62,525
232,032
232,032
5%
non-cum,
partlc.
pref.
stk. (par $100) 1,955,300
a Common stock
264,335
1,955,300
264,345
Res. for
—empl., &c
receivable
Assets—
$113,392
Acer. sal. wages,&c
Notes payable
Marketable securi¬
ties (cost)
280,731
1,445,117
23,928
Miscell. receivable
37,225
Inventories
2,783,563
Notes & accts.
Accrued
Compen. insur. fd_
26,442
190,201
Invests., ad vs.,&c.
Operating
1,878,376
260,261
plant..
Idle plant
Accrued taxes
87,420
34,500
Res. for Fed. taxes
Havana Electric
45,109
Res. for comp. ins.
26,442
3,703
5% cum. pf. stk.
90,700
90,700
5% pref. stock.,
1,670,000
1,670,000
b common stock..
Total
a
$7,237,782
Jan. 1
33,174
2,907,390
1,323,253
Gross revenue
1,239,993
b Represented by shares of
$10 par.
Unabsorbed
Co.—Earnings—
burden
$342,242
104,149
32,324
68,558
56,094
89,711
136,196
76,434
66,142
277,247
$96,521 loss$199,317
114,867
127,002
re¬
$1,267,377
$350,072
157,717
__
Profit
$192,354
37,224
Other income
$105,565 def$174,199 def $739,763
1,956,231
2,125,406
def518,537
$548,177
2,080,746
917,305
Gross profit
Expenses
Capital
surp.
red. of
L
arising from
com.
stock
4,500,000
Capital surp.from purch.
of treasury stock.
Appreciation in market
15,881
4,957
value of securities
Gross income
$229,579
Other deductions
Provision for surtax
profits taxes
undistributed profits
27,041
24,929
excess
on
Net income
$132,106
241,340
Earned surplus, June 30, 1936
adj.
affecting
profits of prior years..
Total surplus
Dividends on pref. stock:
Cash
3,069
of
1st
Stock
Balance at Dec. 31—-
preferred stock
under plan of exchange adopted May 27, 1937
Adjustment of income tax reserves
57,200
512
Earned surplus, June 30, 1937
51,811
1,164,768
$2,080,746
$1,956,231
$2,125,406
$3,290,174
$315,734
Hiram Walker &
1, 1937
(V. 144, p. 3000).—V. 145, p. 764.
was
given in
Sons, Inc.—Merger—
See Hiram Walker-Gooderham &
Worts, Ltd.
Liabilities—
hand and in banks
$92,764
Inventories
Notes payable to others
126,000
68,131
Accounts receivable
Notes payable to banks
40,904
Notes receivable
Inv. In sub.
$1,725,128
Consolidated comparative balance sheet as at Jan.
the "Chronicle" of May 1
Condensed Balance Sheet June 30, 1937
Assets—
on
$2,008,042
157,075
714,400
32,319
$373,446
Provision for cash distribution to holders
Cash
$2,080,746
$2,628,923
Other charges
Total
48,474
51,878
Miscell.
45,502
Federal income and
1Q33
$754,742
105,682
sulting from sub-nor¬
mal operations
Earnings for Year Ended June 30, 1937
Sales (less discounts)
Cost of sales
1Q34.
1935
1936
Years—
Earnings from operation
Depreciation
Carrying charges on idle
properties
Prov. for income taxes._
Hartman Tobacco
1936
$1,548,977
Heywood Wakefield Co.—EarningsCalendar
$7,237,782 $6,420,494
Total
$6,420,494
Represented by shares of $100 par.
Aug. 29
—V. 144, p. 4009.
3,390
—V. 145, p. 114
to
1937
$1,454,750
Period—
2,907,390
Capital surplus
Earned surplus...
Ry. Co.- -Earnings—
73,732
reserve..
37,575
26,434
a
Deferred charges..
$6,506,615 $6,290,127
Total
38,029
._
Credits to be appl.
Conting.
$6,506,615 $6,290,1271
Total
12,000
1,774,379
842,779
655,408
Represented by 52,867 no-par shares in 1936 and 52,869 no-par shares
b After reserve of $71,205 in 1936 and $56,574 in 1935.
c After
reserve for depreciation and depletion of $1,964,838 in 1936 and $1,829,116
in 1935.—V. 142, p. 4341.
Accrued unemploy.
1
1
100,025
12,000
1,951,181
Earned surplus
a
agst. def. sales..
drawings, &c
in
co.
in 1935.
35,000
of contracts
patterns,
sub.
hands of public
25,884
a
Patents,
stk.
cap.
Capital surplus.
53,496
64,577
Res. for complet'n
compensation
Com.
6,412
Miscell.
accounts-
25,810
106,712
18,258
2,538,225
3,703
110,934
1,566,027
444,468
172,222
of
31,183
1,264,582
rec.
interest..
.
4,754,023
152,089
_
$171,266
$328,258
461,882
140,960
Accounts payable-
284,609
$211,910
4,985,720
28,501
equipment.
1935
1936
Liabilities—
1935
1936
Cash
and
Other assets
&c__
5% cum. pr. pref.
stk. (par $12)
coal lands, plants
Deferred charges
Consolidated Balance Sheet Dec. 31
compens'n
insurance,
Cap. stk. & surp.:
Property consist¬
ing of real est.,
1936; $155,925
Provision in 1936 for
undistributed profits amounted to $6,186.
on
3,657
4,422
104,713
731,424
Notes & accts. rec.
c
133,766
443,405
recelv.—trade..
Miscell
159,883
3,126
11,011
Investments
Net profit
25,112
25,112
accts.
Inventories
Profit
Prov. for inv. writedown
Accrued accounts.
Notes
Accts.
ties, at cost
&
1935
$65,000
1935
$88,670
Marketable securi¬
b Notes
1936
$85,000
155,384
Dividends payable
Cash
pay.—banks
pay.—trade
Liabilities—
1936
$72,881
Assefs—
$1,155,863
1,202,551
Selling, oper. expenses..
73,154
Participating pref. divs
Harnischfeger Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
1936
Gross profit
a$l,725,655
In
174,191
50,523
and
exp.
1936
$4,786,402
4,149,086
Calendar Years—
taxes,
Dividend
x
equipment
1936
$33,927
Accrued
Land, building and
Prepaid
payable-
Accounts
$119,020
Accts.rec. (less res.)
1937
$30,791
32,000
Liabilities—
1936
$137,184
1741
Chronicle
Accounts payable
136,791
840,951
co.
Fed. & state taxes pay. & accr.
d Fixed assets
10,000
Deferred credit
1,376,021
^
58,283
Accrued accounts
16,507
(wholly owned)
Deferred charges.
pref.
Hobart
674
8,250
Reserve
b 1st
6^ %
1,430,000
185,460
Assets—
936,257
549,779
291,319
541,962
Notes payable
Accounts payable-
290,605
U. S. Govt, securs.
Earned surplus
315,734
9,966
Other market sees,
a
Notes,
$2,445,2791
Total
receivable
$2,445,279
Inventories
$
22,819
10,916
210,972
145,961
Accrued accounts.
1,216,574
d Class A stock
instalm't
contracts&accts.
Total
1935
$
806,640
16,983
a At $4 per share on 435 shares of 1st
preferred 6 H % cumulative not
deposited for conversion,
b Convertible into 14,300 shares of prior pref¬
erence $4 cumulative no par, stated value $50.
14,300 shares of preference
$3 non-cumulative no par, stated value $20, 28,600 shares of common, no
par, stated value $1.
c Issued 188,100 shares, less 2,640 shares in treasury,
d After reserve for depreciation, revaluation and decrease in land values of
$1,048,269 —V. 145, p. 1587.
Consolidated
1936
Liabilities—
$
$
Cash
Capital surplus
Res. for red. of 1st pref. stock.
Subs.)—Condensed
1935
1936
(par
cum.
Common (no par) stock
(&
Co.
Mfg.
Balance Sheet Dec. 31-
1,740
$100) stock
c
The directors have declared extra dividends of 50 cents per share on the
A and class B common stock and on the management stock, all
payable Sept. 25 to holders of record Sept. 16.—V. 145, p. 1100..
class
5,397
Reserve for taxes
a
(Charles E.) Hires Co.—Extra Dividends—
$150,000
2,438,000
1,562,000
743,735
2,438,000
1,562,000
e
4,598,893
3,796,273
3,156,880
2,823,317
Class B stock
Minority shares of
subsidiary
4,640
cos..
4,640
Due from employ,
Paid-in surplus
958,342
950,392
and salesmen for
Earned surplus
4,608,550
4,159,040
6,684
5.677
...11,028,582
10,020,364
adv., exp., &c..
stk. purch,
29,805
47,006
for resale to offi¬
cers
& employees
Applic. to minority
shares of subsidi¬
Treas.
ary
cos
C48.581
Troy housing prop¬
Hiram
Walker-Gooderham
&
Worts,
Ltd.—Consoli¬
dates Two of Its Divisions—
erties, &c
b Plant property..
Goodwill
In view of recent legislation in the United States and in order to con¬
solidate the position of their American division, company announces that
effective Aug. 30, 1937, Hiram Walker & Sons Distilleries, Inc., has been
as
before.
Pursuant to the terms of the indenture dated Dec. 1, 1935, under which
the 10-year 4H% conv. debs, of Hiram Walker-Gooderham &
Worts, Ltd.,
and Hiram Walker & Sons Distilleries, Inc., were issued, Hiram Walker &
Sons, Inc., has assumed the liability along with Hiram Walker-Gooderham
& Worts, Ltd.
This does not in any way affect the convertibility of the
debentures into
The
common
Guaranty Trust
shares of Hiram Walker-Gooderham & Worts
Co.
of New
York
is
trustee
under
the
Ltd
indenture!
—V. 145, p. 438.
Hiram
1
66,712
11,028,582
Total
a
Worts, Ltd.—Y. 144,
p.
1110.
15,618
1
77,442
10,020,364
Total
After reserve of $265,565 in 1936 and $191,595 in 1935.
for deprec. of $1,697,855 in 1936 and $1,495,438 in 1935.
shares class A stock, at cost,
d Represented by 200,000
e
b After
reserve
1,005 52-100
no-par shares,
c
Represented^by 100,000 no-par shares.
The earnings statement for calendar years appeared in the "Chronicle"
20, V. 144, p. 1961.—V. 145, p. 942.
Of March
Holland Land
The
directors
Co.—Liquidating Dividend—
have declared a liquidating dividend of $1
per share on
$25, payable Sept. 20 to holders of record Sept. 8.
with 50 cents paid on Feb. 24, last and on Dec. 22, 1936:
$1 paid on June 3, 1936; $2.50 paid on Feb. 6, 1936; $1 paid on Nov. 4,
July 15 and April 23, 1935; 50 cents paid on April 1 and $1 per share dis-
the common stock, par
Walter & Sons Distilleries, Inc.—Merger—
See Hiram Walker-Gooderham &
62,791
1,439,819
15,618
Patents
Deferred charges..
merged into Hiram Walker & Sons, Inc., the continuing corporation.
This
merger does not in any way affect the general position as the assets and
liabilities remain
53,063
1,400,560
This compares
1742
tributed
Financial
July 31; $1
1934.—V.
Holeproof Hosiery Co.—Earnings—
Calendar Years—
1936
1935
$1,202,918
50,318
$1,243,354
48,043
$940,477
44,160
$1,128,371
12,269
$1,253,236
1,116,546
2,596
172,895
$1,291,397
1.093,566
8,667
185,766
$984,637
1,029,118
$1,140,641
Gross profit on sales
Other operating income.
Total
Sell., gen. & admin, exp.
Other charges (net)
Provision for dpreciation
Prov.
for
Fed.
&
1934
1933
798.462
6,587
290,954
285",626
loss$38,801
$3,397 loss$330,106
$38,985
Balance Sheet Dec. 31
1935
$94,717
Liabilities—
983,764
$132,180
742,564
1,426,508
1,281,906
71,046
128,773
147,857
rec
Inventories
Prepd. exp.&supp
Invest, adv., &c__
62,993
Land, buildings,
1,549,997
equipment, &c._
Trade
1,581,171
11,114
12,131
Preferred
c
After
1935
1,573,282
Accounts payable
212,228
149,264
Accruals
Dividends payable
Res. for conting's.
d Notes pay.
1,573,282
67,233
69,371
33,775
(bank)
33,775
depreciation
669404
Earned surplus
185,188
275,497
Total
$4,265,919 $3,960,804
of
After
Hollinger
decree releasing the company reorganized under Section 77B of
Dec. 1, last, from all debts and liabilities, except
provided for in the plan of reorganization, has been signed by Federal
Judge Robert T. Patterson.
A statement by the company shows that six months' interest on first
mortgage bonds; six months' interest on second mortgage bonds, and
expenses and allowances in connection with reorganization proceedings
have been paid.—V. 144, p. 776.
A final
Consolidated
Gold
those
Idaho Power
Mines,
$
1935
Ltd.—Balance
1936
Liabilities—
$
^
Mining properties-22,490,685 22,491,185
„
Plant
241,670
100,113
461,020
717,184
493,551
256,199
Deferred charges..
1,141,987
813,814
855,658
827,874
554,467
649,682
68,916
$
694,223
& mining props.
1935
$
Capital stock.....24,600,000 24,600,000
Wages unpaid
236,765
206,755
Accounts payable.
345,919
272,955
603,529
(1) Refunding by redemption on Jan. 1, 1938, at 105 of all the $13,000,000
applicant's first mortgage 30-year 5% gold bonds, due Jan. 1, 1947.
will require $13,975,000.
(2) Repayment to Power Securities Corp., an affiliate, advances of
$1,500,000, net proceeds of which have been used by the applicant in parti¬
ally defraying cost of construction of its Upper Salmon Falls hydro-electric
generating station.
(3) Balance will constitute additional capital avilable for general cor¬
porate purposes.—V. 145, p. 1421.
Exp.
on-
Young-
Davidson Mines
Ltd.
Res. for taxes and
property,.
Exp. on Ross Mine
Surplus
(Hisiop prop.)..
Int.
in
Cash
on
other
contingencies...
950,000
6,311,259
821,886
5,924,515
cos.
Bullion in transit.
Accts. receivable.
_
Accrued interest..
10,557
Investments
5,408,247
1937—Month—1936
1937— 7 Mos. -1936
7,241,561
$6,670,363 $50,640,745 $46,805,26$
16,835
16,312
119,271
114,175
revenues
Uncollectible oper. rev.
_
56,654,051 $50,521,474 $46,691,091
4,579.160
34,109,876
31,367,713
Operating revenues— $7,224,726
Operating expenses
5,110,261
Net operating
Operating taxes
rev
$2,114,465
1,086,706
-
.
Net operating income.
-V.
hand & in
banks
Telephone Co.—Earnings—
Period End. July 31—
Operating
51,686
x
$18,000,000 Issue Set—
This
Illinois Bell
1936
on
of
Sheet Dec. 31—
Assess—
Co.—Hearing
Hearing will be held Sept. 22 before the Federal Power Commission
the application of the company for authority to issue $18,000,000 first
mortgage bonds, 3%% series due 1967.
According to the FPC,
the
applicant, an Electric Bond & Share Co. affiliate, states that the proceeds
from the sale of the issue will be used for the following purposes:
on
$2,970,253 in 1936 and $2,987,784 in 1935.
reserve for bad debts of $30,000 in
1936 and $27,000 in 1935.
c Represented by 70,697 no par shares,
d Includes $35,000, current note
and $125,000 due Dec. 28, 1937 with option to renew for 6 months.—
V. 145, p. 281.
a
b
Terraplane cars for the month of August
10,177 units.
The best figure for that month since 1929.
Sales
for August, 1936 were 8,372 cars.
The gain for August of this year over
last is 21.5%.
These figures are reported by W. R. Tracy, Vice-President
in charge of sales.
"Not only have we just bad the best August in eight
years, but our sales have shown a steady increase during each of the three
past weeks," reports Mr. Tracy.
"Sales for the last week of the month
were greater than for any week since the seven-day period ended July 3.
The steady increase through August is distinctly counter to the usual trend
but bears out our conviction that harvest season this year will bring us
exceptionally good business."—Y. 145, p. 1421.
10,537
160,000
669,104
$4,265,919 $3,960,8041
Total
1936
stock___$1,272,540 $1,272,540
Common stock..
Capital surplus
mks., trade
names, pats., &c
Co.—August Sales—
Sales of Hudson and Hudson
the Bankruptcy Act on
1936
,4s$e<s—
Cash
bAccts.—notes
Hudson Motor Car
1937
11
Hudson River Day Line—Final Decree—
5,650
Consolidated net profit
Sept.
totaled
Wis.
income tax
a
Chronicle
Feb.
26, 1935; $2 on Dec. 29, $3.25 on Oct. 13; 50 cents on
on April 27; 50 cents on March 31, and $1 per share on Feb. 23,
144, p. 1281.
on
145,
p.
$2,074,891
1,082,451
$1,027,759
$16,411,598 $15,323,378
8,000,843
7,382,557
$992,440
$7,940,821
$8,410,755
1101.
Illuminating & Power Securities Corp.—Earnings—
Earnings for Year Ended July 31, 1937
Income from investments:
9,399
5,328,403
Cash dividends received
$346,727
on Corn Products Refining Co. common stock paid on
Allied Mills, Inc. common stock, at market value the day of
distribution
Div.
Total
32,443,943 31,826,111
Total
32,443,943 31,826,111
x After depreciation of $52,874 in 1936 and
$23,710 in 1935.
The earnings for calendar years appeared in the "Chronicle" of March
20; V. 144, p. 1961—V. 145, p. 610.
Holly Sugar Corp.—Preferred Stock Sinking Fund—
Famous
Pictures,
Hotel
•
Balance
Net loss from securities sold
$407,989
46,711
-
Net income for the year..
$361,278
3,147,737
Total
Preferred
this department.—V. 143, p. 1881.
Drake, N. Y. City—Reorganization—
signatures of Edgar N. Greenebaum,
Lawrence B. Elliman, Percy Cowan, Robert S. Byfield, Isaac Gerstley
and Marshall Forrest, as the members of the bondholders' committee, con¬
templates that the entire equity in the hotel property and the mortgaged
furniture and additional furniture to be acquired under the terms of the
plan shall accrue to the bondholders.
It contains, among others, the pro¬
vision that the mortgaged property shall be conveyed to a new corporation
for the benefit of the bondholders in exchange for all of the stock of the new
corporation and for its first mortgage bonds secured by the hotel property,
all of which stock (represented.by voting trust certificates) and first mort¬
gage bonds are to be issued only to bond certificate holders.
The new bonds are to be issued in exchange for old bond certificates on a
dollar for dollar basis.
They will all be of one maturity, due 15 years
from the date on which the court shall declare the plan operative, and will
bear interest at the rate of 5%, cumulative to the extent of 3 %, and payable
semi-annually out of income.
All of the balance of net income after pay¬
ment of the 5% interest shall be used for retirement of bonds.
All realestate taxes on the hotel property have been paid by the receiver in full
to July 1, 1937.
No sale of all or substantially all of the property of the new corporation,
including furniture, shall be made at aprice less than $2,500,000 without
the written approval of the holders of at least 51 % of the amount of the bds.
and without court approval of the sale.
Furniture, furnishings and equip¬
ment are to be purchased for a sum not to exceed $300,000, of which sum a
substantial amount shall be paid in cash and payment of the balance shall
be secured by a chattel mortgage on the newly acquired furniture, furnish¬
ings and equipment.
The letter to the bondholders points out that the foreclosure sale scheduled
for July 20, 1937, was adjourned at the request of the bondholders' com¬
mittee. Mr. Mark Rafalsky, who was appointed by the New York Supreme
Court to appraise the property, valued the hotel property in 1936 in the
sum of $2,252,000 cash without the additional furniture contemplated to
be purchased by the new corporation.
"Since the date of that appraisal,"
says the commitee's letter, "income from the hotel property has increased
substantially.
Real-estate
conditions
have
improved
throughout
the
City of New York and real-estate values have increased correspondingly.
Hotel Drake is generally recognized to .be one of the finest residential
properties in the city.
"The income of the property during the fiscal year ending Sept. 30, 1937
has increased over the income earned during the previous fiscal year, and
present indications point to a further substantial increase of income for the
fiscal year ending Sept. 30, 1938."
The committee adds that the sale of the property at this time would
deprive the bondholders of any increase in income and value of the building
in future years.
With the World's Fair in 1939 and 1940, it is believed
that the operations of the property will be materially benefited.
The com¬
mittee believes that this is not the time to sell the property for the reason
that the appraised value of the $2,252,000 could not be obtained under
present market conditions.
The sale of the property at that figure would
rasult in a distribution to the bondholders of about 69 cents on the dollar,
whereas the present price for Hotel Drake bonds bid in the market is
37 cents on the dollar.
Under the procedure provided by the Burchill Act, it is possible, the letter
states, for this plan to be approved by the court and by the bondholders
within three months from the date of prasentation.
In view of this,
bondholders are urged to authorize the bondholders' committe.for Hotel
Drake to present the plan to the court without delay.—Y. 145, p. 115.
(Harvey) Hubbell, Inc.—Initial Dividend—
The directors have declared an initial dividend of 30 cents per share on
common
stock,
1261.
payable
Sept.
28
to
holders
of record
Sept.
dividends
-
Common dividends
mailed to depositing bondholders.
The new plan, which carries the
the
Expenses and taxes
$428,937
20,94$
Regis¬
A new plan of reorganization designed to give the bondholders complete
ownership of the hotel, against which a first mortgage 6% bond issue of
$3,750,000 was sold in 1927 and is at present outstanding in the amount of
$3,417,000, has been prepared by the bondholders' committee and is being
V. 145, p.
4
'
Surplus balance at July 31, 1936
Inc.—Withdraws
tration—
See list given on first page of
29$
81,913
accrued
or
Miscellaneous interest
Total income from investments
Directors have authorized a credit of $100,000 for the preferred stock
sinking fund account, making a total of $100,080 in the fund, against which
offerings will be requested from preferred stockholders.
As of March 31,
the date of its last annual report, the corporation had outstanding 24,704
shares of preferred stock, with 3,504 held in its treasury.—V. 145, p. 438.
Hollywood
Bond interest received
18.—
—
Surplus at July 31, 1937
$ 3,509,015
87,500
250,000
$3,171,515
....
Balance Sheet July 31,
Assets—
1937
Liabilities—
Investment securities:
Accrued taxes.....
stocks and bonds at cost...
Dividenda payable..——..
225,095
7% cum. pref. stk. (par $100)
Common stock (par $50)
Cash
Accrued
interest
invest¬
on
$17,264
....
$6,934,165
ment bonds
26,393
Reserve
71,875
1,250,009
2,500,009
175,009
account...
3,171,515
Surplus..
Total
$7,185,654
-V. 144, p.
Industrial Rayon Corp.
""
"
~
-
-
6 Mos. End. JuneSO
Profit from operation
Allowance for deprec
Prov. for
Oth er
._
Sundry charges
(& Subs.)- -Earnings1936
1935"
$950,223
$724,828
$1,603,597
311,656
10,000
95,491
76,000
321,912
15,000
75,703
52,000
331,754
28,009
Net profit
$457,076
$260,212
504,000
$1,079,342
502,009
100,869
56,000
11,175
$181,371
Dividends paid
509,460
Balance, deficit
Shs.com .stk.out. (no
per
$7,185,654
$675,094
325,679
contingencies
deductions
Earnings
-
-
1937
__
Prov. for Fed. inc. tax..
x
Total
107.
par)
$181,371
759,146
share
x Subject
to adjustment
V. 144, p. 4181.
$0.24
upon
$52,384
606,500
$0.75
1934
^
164", 509
$243,788 sur$577,342
599,256
556,128
$0.43
detail audit as of end of fisca
$1.80
year.—
Interlake Iron Corp.—Resumes Common Dividend—
on Sept. 8 declared a dividend of 40 cents per share on the
stock, payable Sept. 30 to holders of record Sept. 18.
This will
be the first dividend paid on the common stock since March 25, 1931,.
when a quarterly distribution of 15 cents per share was made.—V. 145, p.
The directors
common
766.
International Harvester
This company
Co.—Modifies Pension Plan—
has modified its 20-year-old employee pension plan, so as
equitably with provisions of the Federal Social Security
to coordinate it more
Act.
The changes involving its 65,000 employees will have the effect of pro¬
viding greater old-age security for older employees with the longer servicerecords.
These employees would be unable to accumulate an adequate;
old-age pension under the Federal plan and some could not qualify for a.
Federal pension because of their advanced years.
Male employees may
now retire at 60 and female at 55 if they have sufficient service records..
—V. 144, p. 1962.
International Paper
The
adjourned
Co.—Capital Reduction Authorized—
meeting of stockholders was held on Sept. 8.
authorizing a $37,500,000 reduction in the capital
of the company, the capital in respect of each of the 1,000,000 shares of
outstanding common stock being reduced from $52.50 a share to $15 a share.
The effect of this action is to eliminate the company's deficit,which amounted!
to $26,863,914 at Dec. 31, 1936, and to create a surplus.—V. 145, p. 116.
Votes
were
annual
passed
International
Review
Paper
of SEC Order—
&
Power
Co.—To Seek Judicial
The Securities and Exchange Commission has received notice from John,
Lawless Jr., 50 Congress St., Boston, Mass., of his intention to
seek
judicial review of its order entered July 31, 1937, exempting from certain,
provisions of the Public Utility Holding Company Act of 1935 the issue and
sale of certain securities called for in a plan of reclassification of stock of the;
company (in the matter of the application of International Paper & Power
Volume
Co.—Holding Company Release No. 770).
Mr. Lawless is a holder of
class C stock of the company who appeared and was heard before the Com¬
mission in opposition to the application of the company.
Section 24(a) of
the Act prescribes certain steps to be taken within 60 days after the entry of
an order of the Commission by any person claiming to be entitled to obtain
judicial review of such order.
The Commission has not yet been advised
that such steps have been taken.—V. 145, p. 1261.
International Power Co.,
Ltd.—$1.50 Preferred Div.—
The directors have declared a dividend of
$1.50 per share on
account of
7% cum. 1st pref. stock, par $100, payable Oct. 1
to holders of record Sept. 15.
A like payment was made in each of the six
preceding quarters and compares with $1 per share paid on Nov. 1, July 2
and April 3, 1935, this latter being the first payment made since Oct. 1,
1931, when a regular quarterly dividend of $1.75 per share was paid.—
V. 144, p. 4181.
accumulations on the
International Products
The
directors
accumulations
have declared
a
Corp.—$3 Accumulated Div.—
dividend of $3 per share on
account of
6% cum. pref. stock, par $100, payable Sept. 15
Sept. 10.
Div. of $6 was paid on July 15, last; divs.
the
on
to holders of record
paid on Feb. 15, last, and on Dec. 15, 1936 a dividend of $6
July 15, 1936, and $3 per share were paid on Jan. 15, 1936,
being the first payment to be made on the
pref. stock since July 15, 1931, when a similar amount was distributed.
1935
1936
6 Months Ended June 30—
1937
of $3
were
paid
was
and
on
on
Oct. 24, 1935, this latter
$1,211,868
$1,231,750
$822,957
821,640
443,081
820,830
$410,110
36,339
$379,875
30,107
$391,037
$446,449
6,178
46,352
64,965
$409,982
6,622
44,727
64,220
$406,332
2,895
::::::
::::::
1,454
$328,955
615
Gross sales less discounts & allowances
$294,414
3,517
$291,171
3,712
$329,569
127,759
$297,931
124,182
$294,883
152,852
29,125
24,900
Cost of goods sold
Profit
Other operating income
Total income
__
Taxes (other
than income taxes)
Selling expenses
General & administrative expenses
Provision for doubtful accounts
Total
_
Depreciation and depletion
Prov. for inc. taxes (Fed. & foreign)..
preferred stock
Comparative Balance
Accts.
&
bills
1936
1937
1936
$18,409
$95,729
107,065
77.502
Liabilities—
Bills payable
Accts.
payable
accr.
re¬
232,547
344,862
8,594
33,362
Res.
1,394,533
1,220,598
129,064
134,275
&
liabilities..
Div.
on pref. stock
payable July 15,
International Prod—In
»
at est.
liquid, val
Inventories
receivable
in
Investment
lombia Products
281,762
Co
x3,780,610
15,240
Deferred charges..
debentures, until such notes to banks are
After
reserve
Interstate Department Stores, Inc.—Sales—
1937—Month—1936
1937—7 Mos—1936
$1,587,975
$1,773,515 $12,729,843 $12,444,787
—V. 145, p. 1102.
■
Period End. Aug. 31—
Sales.
Irving Air Chute Co., Inc. (&
235,899
2,083,600
y4,358,276
Surplus—earned..
438,707
2,210,500
4,358,318
cum.
456,110
907,452
478,265
371,656
$291,740
Operating income
Other income (net)
$396,260
Dr4,256
55,727
$122,187
Cr6,252
loss$32,332
$336,277
169,065
198,900
$1.69
$119,799
19,900
Dr66,888
16,296
$208,556
198,900
Net income
y
Repre¬
International Telephone &
198,900
$1.05
Earnings per share
Telegraph Corp. (&Subs)
on
1936
$31,324,957 $26,243,781
16,986,273 14,903,004
5,280,185
4,894,904
$9,058,499
of subsidiaries & other duductions.
1,887,770
$6,445,873
1,898,624
2,884,875
2,884,875
in both periods, any income or
subsidiaries) .;
...
$4,285,854
Nil
1936
1935
$68,235
83,704
2,077
$99,453
79,560
44,454
Accounts
$505,148
195,188
$373,676
Dlvs.
189,084
Marketable sees..
147,028
Accrued Govt, tax
5,173
245,153
Accrued expenses.
Fixed assets....
227,733
3,995
279,641
135,583
patents
20,681
33,306
y
75,846
75,846
Surplus.
46,020
56,882
1,802
2,120
23,623
34,610
Accr. int. receiv..
Inventories
x
.
2,372
Reserve for contin¬
50,000
211,000
964,790
Capital stock
50,000
211,000
gencies
133,840
949,071
$1,662,374
International Tel. & Tel. Corp. deb. bonds.
Treasury stock
Other securities
—
Restricted for. cash
Miscell. assets
Net income (exc..
losses from Spanish
Sosthenes
39,500
199,000
payable.
payable
Liabilities—
1935
1936
Assets—
Cash
Good-will,
Net earnings.
Interest charges
loss$51,307
199,000
$0.60
Accts. receivable..
1937
6 Months Ended June 30—
Operating expenses
Provision for depreciation—
Dr2,857
16,118
8,640
Consolidated Balance Sheet Dec. 31
—Earns.
Gross earnings
$339,324
1,053,678
& gen. exps
$7,479,297 $7,466,011
and depletion of $2,862,945.
1933
1934
$600,452
adm.
Cost of sales, sell.,
Income taxes
Total..
Subs.)—Earnings
1935
$1,303,712
1936
$1,345,418
Calendar Years—
pref.
(per $100)
281,660
3,880,052
13,420
for depreciation
Value—
reports net asset value as of Aug. 31, 1937, was $59.11 per
comparing with $61.16 per common share on July
31, last, and $58.80 per common share on Aug. 31, 1936.
Securities owned were adjusted to market prices and allowance was made
for Federal income taxes at 15% and for management compensation con¬
tingently payable on unrealized appreciation.—V. 145, p. 439.
.
The company
share of common stock,
sented.by 435,828 no par shares.—V. 144, p. 3841.
Int.
reduced to $6,000,000 principal
capital stock without par value of the corporation
outstanding at June 30,1937 remained the same as at Dec. 31,1936, namely
6,399,002 shares.—V. 145, p. 1102.
Dividends
x
Corp.
The number of shares of
Net sales.
306,909
gencies, &c
$7,479,297 $7,466,011
Total
& Telegraph
Argentine financing the sum of ap¬
proximately $1,000,000 has been set aside for the acquisition of a previously
existing issue of preferred shares of the United River Plate Telephone Co.,
Ltd totaling £200,000 par value.
The corporation has undertaken to utilize
the remaining balance of such proceeds received, together with the amount
to be received by the corporation from the issue of Argentine pesos 55,000,000 debentures, when completed, as follows: (a) the sum of $7,250,000 tolbe
set aside to acquire or retire a portion of the corporation's 10-year convert¬
ible 4%% debenture bonds due on Jan. 1, 1939, (b) one-half of the amount
remaining to the reduction of the corporation's above mentioned notes'to
New York banks, and (c) the remaining one-half to be added to the fund
for the acquisition or retirement of the 1939 debentures of the corporation.
After the completion of these transactions, it is estimated that the notes
payable to New York banks, which amounted to $22,528,000 at Dec. 31,
1936, will amount to approximately $10,000,000 and there will have been
set aside for the acquisition or retirement of the 1939 debentures the amount
of approximately $11,000,000.
Out of the cash proceeds of any subsequent
sale of the Argentine pesos 5,000,000 debentures or £1,800,000 preference
shares referred to above, the corporation has undertaken to apply similarly
one-half to the retirement of the corporation's notes to New York banks,
and the other half to the fund for the retirement of the Corporation's 1939
31,950
41,316
Common stock
Co¬
Fixed assets
Federal taxes (est.)
for
contin¬
6%
Paraguayan cash &
accts.
Telephone
International
to
received by the corporation from the
125,016
1937
liquidation,
^ncts Corp., Ltd.
indebtedness
Investment Co. of America—Asset
Dec. 31
June 30
$1,138,773 $1,557,782
498,173
ceivable—trade.
its
Telegraph Corp. has subscribed to Argentine
5,000,000 of debentures, being the balance of the present authorized
debenture issue, and has also subscribed to £1,800,000 par value of 5H%
cumulative redeemable first preference (Sterling) shares and these sub¬
scription together with the proceeds of the offering in Argentina, when
complete, will enable the United River Plate Telephone Co., Ltd. to liqui¬
date its remaining floating indebtedness.
International Telephone & Telegraph Corp., on Aug. 5, 1937 under an
agreement dated July 8, 1937, purchased from certain New York banks
notes of its subsidiaries (including notes of United River Plate Telephone
Co., Ltd.) aggregating $20,882,160, endorsed and guaranteed by the corpor¬
ation, by payment in cash of $7,250,000 and by issuance of its own 4j^%
six months notes in the aggregate principal amount of $13,632,160.
These
notes are renewable on Jan. 1 and July 1, 1938 for periods of six months
for the then balance of said notes.
Out of the balance of the proceeds
The International Telephone &
pesos
Sheet
Dec. 31
1937
Assets—
Cash
U. S. Treas. bills—
22,225
$119,806
$148,848.
202,644
$172,686
190,089
Net income-
June 30
60,640
49.127
further
amount.
Other income.
on
15,295
1,042
Expenses of packing house while idle.
Dividends
1743
Financial Chronicle
145
Benes,
Deferred charges
President states:
.
.
.$1,379,807
Total
$1 ,379,807 $1,435,913
Total
1937 the French Government issued a decree to take effect
July 1, 1937, removing the limits to exchange movements of the franc laid
3,739
-V.
On June 30,
1, 1936,
This was followed by an immed.ate and
material decline in the value of the French franc, and the net reduction of
down in the law of Oct.
approximately $1,100,000 resulting therefrom in the value of net current
assets has been charged to the reserve for foreign exchange as of June 30,
1937.
This reserve was created during 1936 to provide for profits or losses
on foreign exchange resulting from extraordinary or unusual events.
The
balance in the reserve after the above charge amounted to $4,143,000.
No income or ,osses from Spanish subsidiaries have been included in the
consolidated income accounts for either of the periods as set forth above.
Furthermore, no provision has been made for any damage to fixed property
or losses of current assets which may have been or may be sustained by the
Spanish subsidiaries as a result of the civil war in Spain, as
ascertain or estimate the extent of such losses.
at this time to
Jacksonville Gas Co.—New Vice-President—
Traver has been elected Vice-President and General
succeeding Harry K. Wrench.—V. 141, p. 440.
Alva F.
Jacksonville & Havana RR.—To Sell Road
to final decree of the U. S. District Court for the Southern
of Illinois, Southern Division, William St. John Wines, special
master, will sell the property at public auction on Oct. 4 at the City of
Virginia, 111.—V. 135, p. 1326.
•
Pursuant
District
Jaeger Machine Co. (&
30—
1936
As previously
Financing Plan Outlined
Telephone Co., Ltd. an im¬
operating in Argentina, authorized an issue
bonus in the aggregate principal amount
the agreed equivalent thereof in other
currencies and providing for the right to issue additional bonds under speci¬
fied limitations.
The equivalent of the present authorized issue at current
ratas of exchange is approximately $30,000,000.
Of the issue so authorized,
a series of Argentine pesos 30,000,000 principal amount of 5% debenture
bonds, payable at the holder's option, principal and interest, in Argentine
pesos or Swiss francs at fixed rates was underwritten by a Swiss banking
group and subsequently sold in Switzerland.
Another series of Argentine
pesos 9,876,000 principal amount of 5% debenture bonds, payable at the
holder's option, principal and interest, in Argentine pesos or Swedish
kronor at fixed rates was underwritten by a Swedish banking group and
sold in Sweden.
The United River Plate Telephone Co., Ltd. after pro¬
viding for the redemption or retirement of its outstanding £300,000 deoenture stock and payment of its $1,000,000 short term bank indebtedness,
applied the balance, amounting to approximately $8,700,000, of the proceeds
of the foregoing issues to reduce its indebtedness to International Telephone
& Telegraph Corp. and its subsidiaries.
In addition to the foregoing sales
of debenture bonds and as part of the authorized Argentine pesos 100,000,000
issue, the United River Plate Telephone Co., Ltd. has entered into an under¬
writing agreement with an Argentine banking group, which agreement is
subject to a force majeure clause, for the offering and sale during the latter
part of Sept. 1937, of Argentine pesos 55,000,000 principal amount of 5H %
debenture bonds, principal and interest being payable in Argentine pesos
only.
The proceeds therefrom when received will be applied to reduce
Subs.)—Earnings—
1935
Years End. Nov.
Sales, less returns,
ances
allow-
and discounts._
$137,884
$101,515 loss$133,110
$412,052
75,349
Depreciation
devel. exps..
Int. paid & other chgs.
profit for year..
Dividends paid
Surplus
$78,124
22,605
$72,629 loss$133,110
15,070
$55,519
>7,559 def$133,110
$0.48
).51
$2 .73
profit on sales after
Cash
Notes & accts. rec.
receivable..
Inv. in idle
x
plant.,
Patents
Deferred charges..
Accounts
261,383
Note
Dividends payable
Prov. for Fed. inc.
597,179
491,841
Note pay. to
taxes
1
108,814
139,143
_.
30,767
22,605
1,000
35,000
20,000
stock.
1,632,076
305,160
490,847
Common
Capital surplus...
Surplus from oper.
'
37,675
Land contract pay.
y
Totai
$33,913
bank
(non-current)
1
'
1935
$54,013
12,000
88,761
70,821
Accrued items
364,641
824,254
364,811
Land, bldg., machin'y &eq., &c.
1936
payable.
pay. to bank
$98,232
5,580
1,070,105
Inventories
30
Liabilities—
1935
$118,761
481,270
Nil
deducting cost of sales.
Consolidated Balance Sheet Nov.
1936
Assets—
217,411
1,250
16,726
6,833
4,076
658
21,944
19,316
17,842
share
on
stock (no par)
per
common
$94,166 loss$137,955
7,349
4,847
$540,016
69,821
24,698
28,555
4,891
inc. tax.
Amort, of
Mtge.
x
$97,165
40,719
56,789
Profit
Prov. for Fed.
Gross
See
926,167
304,835
$483,227
Operating profit
x
1933
x$79,454
L715.580
524,317
Int. income, &c
Earnings
$875,921
548,593
233,162
$1,328,167
$2,723,125
——
Sell., gen. & adm. exps..
Net
1934
*
$336,702
Cost of sales
of 25 year floating charge debenture
of Argentine pesos 100,000,000, or
Manager of
this company,
During July 1937, the United River Plate
portant telephone subsidiary
1441.
p.
it is impossible
reported, the contract between the Spanish Government and the Spanish
Telephone Co. provides, in general, for the reimbursement of the company
for property damage and loss of revenue through curtailment of service
resulting from grave civil disorder.
Claims will be made i.» due course
covering damage to property and loss of revenue.
During August 1937 the Sino-Japanese conflict extended into Shanghai,
China.
The corporation's investments in China, principally located in
Shanghai, represent approximately $2,000,000 in a telephone operating
subsidiary, and $500,000 in a sales subsidiary.
The former subsidiary
operates almost exclusively in the International and French Settlements in
Shanghai.
To date only minor damage has been reported as sustained and
there has been no serious curtalment of telephone service.
Income from
these two subsidiaries included in the consolidated net income for the six
months ended June 30, 1937 amounted to $250,665 and $8,859 respectively.
New
144,
1,632,075
305,160
154,144
$2,746,352 $2,179,665
depreciation of $368,237 in 1936 and $345,132 in 1935.
$2,746,352 $2,179,665
x After reserve for
Represented by 150.698H no par
Total
shares.—V. 144, p. 3506.
1744
Financial
Jamaica Public Service Ltd.
Period End. July 31-—
Gross earnings
Oper.
1937—12 Mos.—1936
$889,137
$873,342
527,897
523,670
45,171
46,133
$27,429
$24,659
$361,240
1,974
$349,671
$27,429
8,880
$24,659
8,635
$363,214
104,059
Net oper. revenues
sources.
_
Balance
Interest & amortization.
Balance
$18,549
$16,024
Divs. declared: J. P. S, Co., Ltd.—preference
Divs. declared: J. P. S. Co., Ltd.—preferenceB__
Divs. declared: J. P. S. Ltd—common
—V. 145, p. 766.
$259,155
31,479
21,993
78,751
..
$245,724
31,556
22,013
67,501
to
of the company.
(d)
The share capital of the company will be reorganized so that it
shall consist of 180 class A shares, which will be distributed to the present
shareholders, (in part as consideration for the discharge mentioned in (c)
above). and 4,332 class B shares to the present bondholders in the proportion
of 10 shares for each $500 of the new income bonds.—V. 144, p. 4182.
Kelley Island Lime & Transport Co.- -Earnings—
Calendar Yeats—
value, both payable Oct. 1 to holders of record Sept.
15.
Similar payments were made on July 1 and on
April 1, last; an extra
of $1 was paid on Dec. 26, 1936; 50 cents per share on Oct
1, July 1 and
on April 1, 1936; one of 75 cents on Jan. 2,
1936, and in each of the seven
preceding quarters the company distributed extra dividends of 25 cents per
no par
1936
Shipping and selling
Advertising expense
expense
Administrative & general expense.
1935
1934
$3,965,934
820,581
682,416
466,703
$3,291,155
$2,800,831
654,786
661,008
403,127
730,713
659,196
422,448
$1,996,233
44,310
82,380
$1,478,798
67,397
41,527
$1,081,909
89,039
78,840
Provision for taxes
$1,958,164
a331,890
$1,504,668
206,259
$1,092,108
160,053
$701,420
$511,130
145,486
122,492
109,844
$661,930
236,337
$555,934
207,153
$388,638
206,815
$215,873
$425,593
$348,781
$181,823
$26,594
57,199
23,307
52,750
44,976
$482,792
59,706
$372,088
44,389
$234,573
$71,570
$423,086
927,863
121,178
$327,699
816,431
$234,573 loss$228,430
767.229
995,659
$1,472,127
370,742
40,386
$1,144,130
216,266
$1,001,802
185,371
$767,229
$927,863
$816,431
$767,229
$1.37
$1.06
$0.76
-
gen. exps.
Operating profit
Other income, incl. inc.
from investments, int.
earned, &c. (net)
Profit before providing
for Federal taxes
Prov. for Federal taxes.
for doubtful notes
s
$1,626,274
$1,298,408
300,000
Credit
a
Reduction of sand inven.
Prof.
$932,055
660,000
119,900
$8.82
$7.15
$4.93
Assets—
1936
1935
Liabilities—
Cash
$1,264,075 $1,215,518
Marketable securs.
734,839
643,001
a Receivables
410,283
204,696
Accts.
Inventories
Income
Cash
1,776,899
value
insur.
&
of
150,928
crued
$297,608
59,500
132,862
&
profits taxes
Federal
102,982
599,291
Cust.
and
notes
595,156
6,119,799
187,933
101,144
61,033
...
$9,077,315
After
payable
Reserve lor insur.
61,790
212,518
7,723,800
927,863
101,111
6,177,784
468,872
212,518
473,872
cos.
Total
x
$62,903
84,074
y
Capital stock
7,723,800
Profit & loss surp.
fund
reserve
by 308,952
113,388
taxes
1,060,999
ma¬
chinery, &c
Invest, in sub.
res.
1935
$77,984
Accrued
580,648
other assets
550,000
4,088,422
x261,049
439,645
and
bldgs.,
1936
Accounts payable.
Div.
365,450
338,765
Investments
Land,
Liabilities—
$477,352
437,017
437,017
accts. rec'.e, &c.
18,063
$9,072,9501
Total
$9,077,315 $9,072,950
of
$37,165 in 1936 and $36,969 in 1935.
shares.—V. 144, p. 4349.
no par
Kennecott Copper Corp. (&
& for¬
mulae
Deferred charges..
48,711
6 Mos. End. June 30—
Operating
Oper.
Total
secur.
Inventory
1,700,000
1935
$585,079
Govt,
Deferred assets
4,723,986
Nil
for fire insurance.
y
Represented
1
42,839
170,916
Surplus
1936
Cash
Insur.
...
2,195,091
1
239,312
on
profits
33,600
7% cum. pf. stock
(par $10)
1,700,000
c Common stock..
550,000
Invest, in sub. (not
Goodwill
299,260
surtax
undistributed
122,121
consolidated)...
694,466
b Prop.,
plant &
equipment
2,315,723
$253,858
307,000
excess
reserve
Condensed Balance Sheet Dec. 31
x
1935
ac¬
expense..
life
prems.
Trade-mks.
&
pay.
Dividends payable
1,789,366
paid in advance
Other assets
Resulting from closing
a
U. S.
1936
stk.
cap.
Assets—
Includes $33,600 United States surtax on undistributed
profits.
Consolidated Balance Sheet Dec. 31
a
loss—surplus,
(no par) shs.
$1,298,408
742,500
119,000
stock
common
&
Dec. 31.
Earns, per sh. on 308,952
$1,575,732
907,500
119,000
Common dividends
Preferred dividends
Earned per share on 165,000 shares of
189.279
•and accts. rec., &c
$932,055
50,541
$325,717
Prov.
Dividends
Loss of Amer. Soya Prods. Corp.
1933
•
190,627
Previous surplus
Other charges.
Other income.
1934
$1,060,998
Sell., adin. &
share.
Calendar Years—
1935
$852,557
Depreciation & depletion
of plants & property-_
Gross profit
The directors have declared an extra dividend of 75 cents
per share in
addition to the regular quarterly dividend of 75 cents per snare on
the
stock,
1936
Department oper. prof,
after deducting cost of
(Mead) Johnson & Co.—Extra Dividend—
common
Sept. 11, 1937
(c)
The unsecured loan to the estate of T. C. Keefer, which amounted
$20,377 at Dec. 31, 1936, will be discharged by the present shareholders
$349,671
103,947
expenses & taxes__
Inc. from other
(& Subs.)—Earnings—
1937—Month—1936
$72,600
$70,791
Chronicle
$7,663,954
$7,138,593!
Total
$7,663,954 $7,138,593
After allowance for discount.and doubtful accounts of
$23,039 in 1936
b After allowance for depreciation of $i,651,950 in
1936 and $1,516,679 in 1935.
c Represented
by
gen.
1937
Subs.)—Earnings—
1936
1935
1934
$84,065,722 $42,053,528 $28,348,474 $32,267,094
revenue
adminis. and
corporate expenses
47,516,290
27,995,668
21,516,950
25,023,038
.$36,549,432 $14,057,860
474,937
189,835
$6,831,524
321,652
$7,244,056
308,230
$37,024,369 $14,247,695
2,344,906
x2,496,843
269,011
$7,153,176
1,816,746
1,521,806
381,482
$7,552,286
1,853,836
1,735,119
39,044
1~5~045
74,922
$9,097,891
10,773,485
*
$0.84
$3,418,097
10,769,379
$0.32
$3,888,409
10,754,575
a
and $21,598 ic 1935.
.165,000
no par
—V. 145, p. 1423.
kshares.
Kansas City Structural Steel Co.—Accumulated Div.—
The directors
on
of accumulations
Aug. 31 declared
on
dividend of $2 per share on account
the 6% cumulative preferred stock, par $100,
payable
a
Sept. 15 to holders of record Aug. 31.
The current payment will be the first made since the
company was
eorganized in March, 1935.
The preferred stock is entitled to $6 a share dividend and is accumulative
since Jan. 1, 1935.
After the current $2 payment the arrearage for the two
and one-half years to June
30, 1937, will be $13 a share.
Prior to the reorganization the preferred stock carried
of $8 a share.
The last dividend on the old
a
dividend rate
preferred was in 1930, so
will be the first in seven years.—V
actually the forthcoming payment
139, p. 3644.
Operating income..
Other income
Total income
Depreciation
2,882,235
Federal taxes, &c
y6,971,655
Shut-down expenses, &c
Reserve for contingencies
150,000
Minority
interest
Sundry charges
268,529
Net profit before dep.$26,751,950
Shares cap. stock (no par)
Earnings
10,820,857
$2.47
share
per
$0.36
Does not include any reserves for undistributed
profits tax or excess
y Includes $301,750 for
possible excess profits tax; no pro¬
vision was made for undistributed
profits tax.—V. 145,
x
profits taxes,
p. 611.
Katz Drug Co .—Earnings—
6 Months Ended June 30—
Sales
1937
Net profit after deprec. and inc. tax..
x
1936
1935
$5,053,042
$64,884
$4,282,159
$274,583
x$225,649
Period End. July 31—
Before income tax.
Assets—
1937
hand
on
1936
Liabilities—
$967,273 $1,106,749
103,397
95,337
1,825,617
1,192,266
Accounts receiv
Inventory
Investments
500,994
Due from subs
57,600
1937
Accounts payable.
Prov. for inc. tax.
Preferred stock
41,850
76,321
Preferred stock
Cash surrender val.
of life insurance-
19,400
Prepaid
expenses.
53,059
201,170
396,000
1,019,100
132,000
1,024,844
1,933,299
303,805
1
$11,851
4,262
$11,264
4,656
520
514
1,766
$5,303
1937—12 Mos .—1936
$139,374
60,666
1,659
$148,314
57,215
8,451
a21,798
$4,435
$60,849
10,733
17,399
Dr5
946
3,966
$50,575
8,291
$5,298
2,214
$5,382
2,397
$64,815
25,794
$58,866
26,152
$3,084
$2,984
$39,021
20,000
24,374
$32,713
20,000
24,374
Non-oper. income (net).
Balance
amortiz., &c_
Balance
156,588
456,285
1937—Month—1936
Net oper. revenues
Int. &
41,850
2,250,000
35,118
Leaseh. & improv.
revenues
Taxes
17,499
re¬
deemable acct..
retirement
51,533
1936
$237,432
33,457
;
349,000
Pref. stock held for
$404,818
Res. for contingent
losses
Operating
Operation
Maintenance
Balance Sheet June 30
Cash
Key West Electric Co.—Earnings—
1
Common
Surplus
stock.
Appropriations for
a
(deprecia¬
tion value)
Goodwill
Total
$4,169,046 $3,372,789
Total
on
$5,879 Federal income taxes,
undistributed profits.—V. 145, p.
of which
1589.
$3,497
Kirkland Lake Gold Mining Co., Ltd.—Six-Cent Div.—
Corp.—Reorganization Plan—
The directors have declared
The placing of a first mortgage in the amount of $300,000, with
at 5% per annum, maturing in 1952, in priority to the present
the net proceeds of such mortgage, after payment of discount,
commission, the expenses of carrying out the proposal, and payment of a
loan in the amount of $10,000, due to F. L. Beique, Inc., to be paid to the
bondholders pro rata to their holdings.
(a)
n
an
interim
dividend
of six cents per share
on
stock, par $1, payable Nov. 1 to holders of record Oct. 1.
with three cents paid on June 1 last and on Dec. 1 and
April 30, 1936, on Nov. 1 1935, and Dec. 1, 1934, this latter
being the
initial distribution on the issue.—V.
144, p. 3179.
Kobacker Stores, Inc. (&
some
interest
con
This con.pares
Briefly,
under the proposed reorganization, existing bondholders will
37H cents on the dollar in cash, retain 30 cents principal
present bonds, which are to be reduced by
70% and converted to an income basis, plus 10 new class B shares for each
$500 of the new income bonds.
In a letter forwarded to bondholders by the protective committee, which
is composed of H. C. Comings, Richford Vt., Chairman, Gordon Thorley,
Toronto,
Vice-Chairman, and
Stanley Stanger, Guardian Trust Co.,
Montreal, the major features of the plan are given, and it is stated that
further particulars will be available when bondholders will be requested
later to execute an instrument evidencing approval of the proposal.
In the
meantime, bondholders are asked to defer requesting the Montreal Trust
Co. to return any of the bonds deposited therewith.
The letter outlines the plan in part as follows:
the
on
amount on the dollar in their
Years End. Jan.
31—
1937
Subs.)—Earnings—
1936
1935
Total store sales
$13,577,482
Less sales by leased depts
1,654,031
Net sales of own
depts.$11,923,450
from leased
depts.
NOT
A firm offer to loan the company $300,000 on the above terms has been
1934
AVAILABLE
Inc.
^
(net)
Cost of merchandise sales
& operating
expenses.
Other income (net)
8,623
11,444,694
17,941
x$205,771
x$186,184
$326,684
26,000
152,404
$351,876
190,886
$205,771
14,649
$186,184
17,080
$148,279
20,065
$160,989
81,455
$191,122
78,979
$169,104
$128,214
83,243
83,243
$505,320
Prov. for Fed. taxes
Prov. for depr. & amort.
y66,500
86,944
bonds,
Net profit
Preferred dividends
Balance, surplus
com
stk., no
received and accepted, subject to the approval of the bondholders.
Shares
The presently outstanding bonds would be changed to 5% income
bonds and the principal amount reduced to $216,000, that is $150 of income
bonds for $500 of present bonds.
Earnings
Federal
Kimberly Mining Co.—Registers with SEC—
of the company.
(b)
$11,661
is
See list given on first
page of this department.
$4,169,046 $3,372,789
Announcement has been made of a plan of reorganization which has the
approval of the bondholders protective committee, representatives of
holders of large amounts of bonds, of the directors and of the shareholders
receive
$5,353
Includes
surtax
-V. 145, p. 1424.
Keefer Realty
reserve.
Deficit
Furnitures and fix¬
ture
retirement
Preferred dividend requirements
par
per share
$3.73
$1.90
$1.55
$0.74
After provision for Federal income taxes,
y Includes $9,000 surtax on
undistributed profits.
x
Volume
Financial
145
Consolidated Balance Sheet Jan. 31
Assets—
1937
Cash
rec.,
$284,554
194,786
175,076
211,590
expenses.
46,236
1,47.7,801
81,557
328,097
Mdse. investment-
52,557
117,563
26,350
1,049,600
428,982
1,094,600
394,892
1,142,903
Accounts payable-
1,337,133
Res,
for
973,258
in¬
Fed.
Other liabilities—
246", 473
Reserve
257,576
174,692
Deferred income.
Fixed assets
534,124
535,798
Leasehold improv.
Deferred charges..
310,843
222,439
7% cum. pref. stk.
(par $100)
83,708
205,702
y
_
Common stock.
Surplus
i
3,096
22,596
Appraisal surplus.
Total
$3,804,354 $3,228,106
After
x
1936.
Represented by 85,796 no par
shares in 1936—V. 144, p. 1113.
y
Kirkham
Engineering
1937 and $19,395 in
shares in 1937 and 78,979 no par
Corp.—Registers
Mfg.
&
Lerner Stores
with
Corp.—Sales—
Period End. Aug. 31—
1937—7 Mos.—1936
1937—Month—1937
Sales
$22,211,876 $20,477,849
$2,503,511
$2,617,390
6 Months Ended July 31—
Sales
1937
1936
1935
$19,606,553 $17,988,736 $15,337,634
Net
profit after prov. for Federal
taxes, deprec. & divs. on pf. stock.
997,847
Earnings per share on 400,000 shares
now outstanding
$2.49
The earnings figures do not allow for surtax
—V. 145, p. 1102.
Lincoln
$3,804,354 $3,228,106
Total
for doubtful accounts of $21,752 in
reserve
A special dividend of $1.50 per share in addition to an initial quarterly
dividend of 25 cents was paid on this stock on June 23 last.
See V. 144,
p. 4012, for further dividend record.—V. 145, p. 945.
„
come taxes
Treasury stock
Other assets.
1936
$10,000
5,783
527,408
81,964
282,000
88,652
4,619
Note payable
Other notes pay'le
cus¬
tomers', &c
Miscell. assets
Prepaid
1937
$75,000
12,114
638,520
Liabilities—
1936
$324,272
xAccts.
1745
Chronicle
$2.67
$1.70
undistributed profits.
on
Printing Co.—Earnings—
6
Months Ended June 30—
Net income after all charges except provision for
Federal taxes
Earns, per share on 174,979 shares common stock..
—V.
144,
680,203
1,070,493
1936
1937
$222,658
$257,239
$0.97
$1.14
1937
$76,161
$90,058
3507.
p.
SEC—
Lionel
See list given on first page of this department.
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos —1936
Sales.
$11,013,380 $11,352,956 $92,038,634 $86,852,310
On Aug. 31, 1937, the company had 733 stores in operation, of which
680 were American and 53 Canadian.
A year ago stores in operation
totaled 729, with 681 American and 48 Canadian stores.—V. 145, p. 1102.
the six months ended Aug. 31, the first half
totaled $750,000, an increase of 100% over
the corresponding period last year, it was announced Sept. 9 by Worcester
Bouck, Vice-President and Comptroller.
Orders booked up to Sept. 1
showed an increase of 60% over the same period a year ago.—V. 145,
p.
—V.
145,
1937—Month—1936
1937—8 Mos.—1936
$6,797,343
$6,652,396 $51,812,644 $50,607,116
1102.
p.
Landers, Frary & Clark Co., New Britain—Earnings—
Calendar Years—
Profit after
$922,061
338,032
$875,720
361,555
$614,681
378,271
$584,030
3,270,033
$514,165
3,385,868
$236,409
3.779,458
Net earnings
on
1933
1934
$1,130,196
318,636
$811,560
3,224,062
Depreciation
Surplus
1935
1936
adjust..
res.
Jan. 1
1590.
Locke Steel Chain Co.—Extra and Larger
The directors have declared
addition
to a
A dividend of 20 cents was paid on June 25, last, and each three months
previously.
In addition, extra dividends of 20 cents were paid on June 25,
and May 1, last, and an extra of 10 cents was paid on Feo. 1, last.—V. 145,
p.
■.■vv/'vv:."-
1425.
Lufkin Rule Co.—Earnings1937
sales,
less
discounts,
1935
$1,904,459
1,057,173
306,965
$1,332,413
825,099
246,996
returns
$3,854,062
630,000
$3,900,033
630,000
$4,015,868
630,000
Cost of goods sold
$3,300,622
$3,224,062
$3,270,033
$3,385,868
Maintenance and repairs
...
Selling and administrative expenses.
Profit & loss surplus._
Shs. of capital stock out¬
1936
$2,684,453
1,487,879
389,928
Years Ended June 30—
and allowances
$4,035,622
735,000
Dividends
420,000
420,000
$1.39
420,000
420,000
$1.93
$1.22
$0.56
178
203
2,095
13,006
4,800
2,359
8,142
5,800
1,786
Depreciation
(other than income taxes)
-----
standing (par $25)
Earns.per sh.on cap.stk.
$520,241
2,620
$243,814
2,660
$782,967
1,156
3,865
1,211
$522,861
2,064
6,388
1,216
$246,474
2,400
98
2,265
18,302
—.
Taxes
4,800
Rent
Balance Sheet Dec. 31
...
1936
$
1935
1936
•>
.
Assets—
$
1935
Inventories
2,625,800
Cash
1,861,371
3,745,798
2,662,395
1,686,405
4,724,501
690,213
4,634,056
630,002
1,378,369
1,286,894
U.
S.
bonds
taxes
sees.
Reserve
594,919
550,000
550,000
3,224,062
con¬
3,300,622
Surplus
on
disposal of capital assets
Pensions
Provision for loss
tingencies
119,207
rec.
Total income
Loss
750,542
for
Other income
Provision for doubtful accounts.
&
expenses
Invest, insubs
Accts. & notes
payable,
accrued
and
Treasury notes.
Inv. in other
10,500,000 10,500,000
Capital stock
Accounts
$781,181
Operating profit
S
Liabilities—
Plant, mach. & eq. 3,709,109
111,802
_
profit in
1,177
inventory of subsidiary
25
—V
15,101,165 14,868,9811
144.
p.
Lane
.15,101,165
14,868,981
1605.
Period End. Aug. 31—
Vote
on
$9,049,417
$9,458,701
13 will consider approving
10-year 5% sinking fund
debentures with common stock purchase warrants attached for the purpose
of refunding $1,300,000 10-year 6% sinking fund debentures presently
outstanding and for general corporate purposes.—V. 145, p. 1590.
Chicago—Issuance
of
Fixed
$637,292
Accts. pay. to
x290,907
681,190
Inventories
kin Rule Co. of Canada, Ltd.
Acct.
rec.
from
Rule Co. of
Income from sales
1933
int.,
$183,763
19,503
17,942
$355,096
18,476
$226,803
19,239
$674,038
Total income
$201,704
$373,572
$246,042
&
amort.
Federal taxes, &c
345,907
—
273,123
279,946
286,973
$328,131
150,000
Profit
Dividends paid
Earns, per sh. on 75,000
def$71,418
$93,626
defx$40,931
.•
shs. cap. stk. (no par)
$4.37
Nil
$1.24
15-year 53^% gold debentures acquired for
sinking fund amounting to $73,217.
Note—Estimated provision for surtax on undistributed profits amounted
to $20,000.
.
Balance Sheet Dec. 31
1936
Assets-
Liabilities—
1935
1936
$567,243
Inventories
$252,394
81,297
accrued charges.
780,885
y
machinery,
5,910,206
6,354,183
8,445
16,324
._
After
for
doubtful
debs
908,000
conting's.
2,271,467
Capital stock
3,750,000
Capital surplus
71,118
275,579
97,446
$7,468,775
$7,636,245
z
surplus
Total....
accounts
and
cash
discounts
71,117
of $8,947
in
1936 and $8,400 in 1935.
y After reserve for depreciation and depletion
of $3,439,148 in 1936 and $3,293,825 in 1935.
z Represented by 75,000
x
no
par
reserve
shares.—V. 145,
p.
The Interstate Commerce Commission on Sept. 1 authorized the company
pledge and repledge, from time to time to and including June 30, 1939,
or any part of not
exceeding $10,600,000 of gen. consol. mtge. 5%
bonds, due 2003, and all or any part of not exceeding $1,000,000 of LehighBuffalo Terminal Ry. Corp. 4}^%
1st mtge. bonds, in the respective
amounts stated, as collateral security for three short-term notes aggre¬
all
gating $4,000,000, or any renewals thereof.—V.
145,
p.
1424.
Corp.—Special Dividend—
directors
6,824
—
1,177
214,590
1,474,290
59,387
857,411
$2,902,241
,
of $5,000.
y
After
reserve
for
depreciation of $1,605,514.—V. 145, p. 1426.
McCrory Stores Corp.—Sales—
31—
1937—Month—1936
197
Stores in operation
—V. 145, P. 946.
McGraw Electric Co.—Stock
Stockholders at
1937—8 Mos.—1936
$3,009,525 $24,490,710
$2,976,745
Sales
a
$23,704,227
195
Reclassification Voted—
special meeting held Sept. 9 approved:
(1) Reclassi¬
250,000 shares of $5 par value con n on stock into
fication of the con pany's
500,000 shares of $1 par common; (2) issuance of 20,000 shares of $100 par
preferred stock, and (3) a reduction of $750,000 in the stated capital which
will result from change in the par value of the common shares.—V. 145.
p. 1264.
(Arthur G.) McKee & Co.—Extra Dividend—
extra dividend of 75 cents per share in
dividend of 25 cents per share on the class
to holders of record Sept. 20.
A similar
extra was paid on July 1 last; an extra of 50 cents was paid on April 1 last,
and extra dividends of 25 cents were paid on Jan. 2 last, Oct. 1, July 1 and
Jan. 1, 1936, and on Oct. 1, 1935.
A special dividend of 25 cents per share
was distributed on Dec. 22, 1936.—V. 145, p. 442.
The directors have declared an
addition to a regular quarterly
B stock, both payable Oct. 1
have
declared
a
special dividend of 25 cents per share
dividend of like amount on the capital
in addition to the regular quarterly
stock, both payable Oct. 8 to holders of record Sept. 24.
Period End. Aug. 31—
Corp.—Sales—
1937—Month—1936
1937—7 Mos —1936
$1,738,420 $11,873,171 $11,142,417
$1,670,749
Sales.
—V. 145, p. 1591.
(R. C.) Mahon Co.—Earnings—
1936
Years Ended Dec. 31—
Profit from
con
$363,144
194,844
41,730
15,145
$287,516
18,271
14,710
$168,300
21,615
19,421
$339,659
82,153
x38,484
$283,956
84,094
27,765
$166,107
43,168
6,000
$219,022
$172,097
$116,939
357,079
$366,244
Other income
-
Profit before depr. & Fed. inc. tax
Provision for depreciation
Provision for Federal income tax
profit
Dividends on no par conv. pref. stock
Dividends on class A pref. stock
Dividends on common stock
Earnings per share on common
x
No
1934
$578,242
290,725
$723,323
Selling and administrative expenses..
Net
1935
pleted contractors &
warehouse sales
Other deductions
to
The
Total
accounts
Operating profit before depreciation
1590.
Lehigh Valley RR .—Bonds Pledged—
Lehman
Earned surplus
yl, 101,223
2,754
27/837
doubtful
McLellan Stores
1,086,000
2,527,081
3,750,000
Earned
$7,468,775 $7,636,245
$104,599
111,263
15-year 5
Res. for
Ac.
$81,348
State taxes
3,960
147,200
Land, buildings,
Deferred charges
re¬
profit in
Res. for Federal &
4,453
147,200
Sundry debtors
Investments
1935
Accts. payable and
128,525
702,703
3
for
for
shares
Nil
Before adding discount on
x
reserve
called
stock
Capital surplus
machinery
$2,902,241
After
171,500
6% cum. pref. stock (par $10).
Common stock ($10 par)
7,887
x
for
inventory of subsidiary
16,463
Total
income
Reserve for inter-co.
for
purchase of common stock..
buildings,
22,775
on
year—estimated
demption—679
1,195
11,615
Misc. accts. rec. and deposits.
Period End. Aug.
1934
$654,535
Other income
Deprec.,
1935
Preferred
12,669
Canada, Ltd..
and all equipment
(other than in¬
taxes
current
Cash surrender val. of life ins.
Land,
trade creditors.
taxes)
Federal
Miscellaneous securities
Deferred charges....
Co.—Earnings—
come
111,210
Lufkin
The
exchanged for the fixed interest bearing bonds.
Any holder of income bonds who desires to tender any such income bonds
for conversion into fixed interest bearing bonds may do so by writing to
the trustee at the above address, stating the bond numbers and princpipal
amount of the bonds so tendered and the price at which they are offered.
All such tenders must be received by the trustee on or before Oct. 2, 1937.
—V. 143, p. 1886.
1936
Accrued taxes
Invest, in com. stk. of The Luf¬
Patents, less amortization
Lawrence Portland Cement
$56,107
38,181
Pay rolls
Dearborn St., Chicago, tenders of income bonds to be converted into and
Calendar Years—
$204,249
Liabilities—
Assets—
Notes and accounts receivable.
Notes rec. from employees
On Nov. 1, 1937 $182,000 of 5% fixed interest bearing bonds of the
corporation will be issued in conversion of and exchange for outstanding
1st (closed) mtge. bonds (income bonds), and on or before Oct. 2, 1937, the
trustee, First National Bank of Chicago, will receive at ics office, 38 South
145
1937
Cash
Additional Bonds—
7
34,774
$429,243
$603,867
Balance Sheet June 30,
1937—8 Mos—1936
Stockholders at their annual meeting on Sept.
the creation of $2,000,000 principal amount of
Corp.,
Interest Bearing Bonds—
on
tax
undistributed profits
Net income
1937—Month—1936
$1,016,225
$942,017
LaSalle-Wacker
11,000
46,000
Excess-profits
Surtax
Bryant, Inc.—Sales—
Net sales.......
To
Total.
71,518
12,405
114",500
Normal tax
Total
2
1
191
Interest paid
Miscellaneous deductions
104,224
172
1,225
3,500
misc. securities.
on
Provision for inter-company
-
Prepaid expenses
Dividend—
10 cents per share in
extra dividend of
an
regular quarterly dividend of 30 cents per share on the common
stock, par $5, both payaole Oct. 1 to holders or record Sept. 15.
Gross
Total
1936
Sales of the corporation for
of the company's fiscal year,
(S. H.) Kress Co.—Sales—
Period End. Aug. 31—
Sales.
Corp.—Earnings—
4 Months Ended June 30—
Net loss after all charges
(S. S.) Kresge Co.—Sales—
stock
68,788
39,619
95,000
$1.17
$1.28
provision has been made for Federal surtax on undistributed
$0.69
profits.
1746
Financial Chronicle
Balance Sheet Dec. 31, 1936
Assets—
Liabilities—
Cash on hand & deposit
b Int. Tele. ATele. Co, 5%.._
$231,265
Accounts payable
$361,603
15,762
Accrued expenses
22,249
Dividends payable
16,622
Accrued interest thereon
417
Trade accounts receivable.
751,948
Federal
inventories
816,273
5% conv. sink, fund deb. notes
Other assets
124,337
Reserves
a
..
Sinking fund deposit
37,795
750,000
61,187
d Preferred stock
30,000
Capital surplus
Property, plant & equipment 1,089,057
61,822
792,767
475,000
366,878
Earned surplus
c
236,779
Common stock
Deferred charges
$3,120,8821
Total.
Sept. 11, 1937
This was the original site of the landing for the boats that
plied between
Houston St., Manhattan, and Grand St., Brooklyn, before the service was
(par $5)
Total
$3,120,882
a Less allowance of
$10,000.
b After allowance for shrinkage in value of
$3,700.
c After allowance for depreciation of $783,504.
d Represented
by 1,665 shares ofno par value convertible preferred stock and 26,413 shares
of class A preferred stock, no par.—V. 144. p. 4350.
discontinued
Dec. 31, 1918.
on
National Cash Register Co.—Domestic Orders—
Period End. Aug. 31—
Domestic orders
National Casket Co., Inc. (&
Years End.
June 30—
Common dividends
Shs.com.stk.out(no par)
Earnings per share..—
Phys. properties..
1960,
Merchandise
Manufacturers Finance Co.—Accumulated Dividend—
dividend of 21%
cents per share on the
7 % cum. pref. stock, par $25, payable
Sept. 30 to holders of record Sept. 13.
A dividend of 12 % dcents was paid on June 30 last and
dividends of 21%
cents per
Prior
share
that
to
were
previously paid in each quarter since June 30, 1933.
quarterly dividends of 43 % cents per share
date regular
paid.—V. 144,
were
1937
Assets—
Accts. receivable.
taxes
surtax
Calculating Machine Co.—Earnings—
Shares
but}
common
Earnings
1937—3 Mos.—1936
stock...
x$146,567
$513,989
226,642
$2.23
196,269
$0.72
x$259,030
196,269
$1.27
After deducting $38,932 for the three months and
$68,773 for the six
x
months for undistributed profits tax.—V.
144,
413,469
126,740
63,371
$10.93
Nil
rights
1936
1937
Liabilities—
$
x
2,492,380
2,452,688
Accounts payable.
Reserve for taxes.
1,138,276
Surplus
$
Capital stock... 6,055,309
6,055,309
230,499
196,231
170,354
90,885
6,715,238
6,639,673
683,595
and
estate
1,609,681
&c
trade-marks,
Real
»
1,609,681
not
used in operation
32,265
13,095,835
13,057,663 |
Total
....13,095,835 13,057,663
x Represented
by 57,562 (59,068 in 1936) shares preferred stock and
63,371 shares common stock.—V. 143, p. 1724.
Mexico—Earnings—
Calendar Years—
1936
1935
Pne/)o
1934
p/)p/)c
1933
Ppp/)p
Operating revenue
125,957,136 115,510.838 104,211,823
Operating expense.....104,524,368
89,199,064
76,533,836
81,815,366
71,709,958
3507.
p.
Marconi's Wireless Telegraph Co.—Interim Com. Div.—
An interim
Nil
4,648,777
2,345,949
891,749
662,122
_
Securities.
National Rys. of
$242,366
226,642
$1.05
share
per
1937—6 Mos.—1936
before
undist.profit
on
$1,310,178
204,203
$289,886
65,985
413,469
190,110
63,371
4013.
p.
Period End. June 30—•
N et inc .after exps., Fed.
inc
1934
1935
$457,509
90,885
413,469
190,110
63,371
$
4,647,374
2,938,961
Cash
Patent
1936
$
Total
Marchant
Subs.)—Earnings—
1936
$853,879
170,000
403,676
190,110
63,371
$4.42
Comparative Balance Sheet June 30
%% bonds due Dec. 1,
the basis of five shares for each $500 in bonds.—V. 145, p. 1426.
a
1937
Net profit
Federal taxes (est.)
Preferred dividends
Maine Central RR.—Seeks Stock Issue—
The directors have declared
1937—Month—1936
1937—8 Mos.—1936
$1,810,075
$1,927,750 $19,722,400 $16,661,150
—V. 145, p. 1105.
The company has applied to the Interstate Commerce Commission for
permission to issue $10,000,000 6% cumulative prior preferred stock.
The
securities will be exchanged for general mortgage 4
on
The Nassau Ferry Co. now passes out of
(N. Y. "Times.")—V. 107, p. 2380.
existence after 61 years.
dividend of 2%%, less tax was announced
by this
company.
This is the first interim-common distribution since
1928, when
10% was paid.
For the whole of 1936, a common dividend of
Operating income
21,432,768
150,951
26,311,773
156,718
27,677,987
119,503
10,105,408
277,350
21,583,719
Other income
26,468,491
27,797,490
10,382,758
493
789
5,534
2,600", 034
2,237*,901
22,189,201
3,027,407
310,629
24,420,408
588,666
24,799,932
345,838
24,761,271
4,830,800
1,290,448
191,931
16,967,787
common
7%
against 4%% in 1935.—V. 142, p. 2834.
was
paid
Melville Shoe Corp.—Sales—
Period End. Aug. 28—
1937—4 W/ts.—1936
1937—36 Wks.—1936
$1,858,537
$1,708,958 $25,305,704 $22,401,617
Sales
—V. 145, p. 1104.
Total income
Uncollect, ry. revenue..
Railway tax accruals
Rent of equipment
Miscell. interest (net)—
Fixed charges
Loss for year
....
30,264
4,267,939
Cr72,885
-V. 145, p. 614.
Metropolitan Coal Co.—Accumulated Dividend—
The directors have declared a dividend of $1.75
per share on account of
on the 7%
cumulative preferred stock, par $100, payable
Sept. 30 to holders of record Aug. 31.—V. 140, p. 4240.
accumulations
National Steel
common
Metropolitan Personal Loan Co.—Sec Gets Order—
An order to show
cause on
Sept. 13 why it should not be restrained from
offering 75,000 shares of its class B common stock at $1 a share because the
security has not beeen registered with the Securities and Exchange Com¬
mission has been issued against the
company by U. S. District Judge
Dickinson at Philadelphia.
b The SEC asked for the injunction, claiming that the securities not
only
were not registered in compliance with
law, but that the company agreed
1 ast month to discontinue the sale of debentures and other
common stock
which it had registered pending the outcome of an
investigation by the
Commission.
The injunction petition states that the Commission's trial
examiner reported untrue statements were made in the
registration applicaand material facts had also been withheld and
that the 75.000 shares
offered after that.—V. 143, p. 279.
Mexican Light & Power Co.,
Gross
earns,
Oper.
exps.
from oper.
$745,740
551,505
.
& deprec...
Net earnings..
$483,506
454,794
$194,235
t$28,712
1937—7 Mos—1936
$5,125,575
$4,489,369
3,736,188
3,236,645
$1,389,387
$25, both payable Sept. 30 to holders of record Sept. 20.
par
New Director—
Mr. E. T. Weir, Chairman of the Board, on
Sept. 9 announced the
election of T. E. Millsop to the directorate of this
company.—V. 145, p. 772.
Neisner
Brothers, Inc.—Sales—
Period End. Aug. 31—
Sales
—V. 145, p. 1106.
1937— Month—1936
1937—8 Mos —1936
$1,659,970
$1,583,466 $13,556,716 $12,547,486
Nevada-California Electric Corp. (&
Operating revenues
Oper. rev. deductions.._
Depreciation
Net oper. revenues
1937—Month—1936
$554,717
$536,389
269.100
251,945
47,882
56,541
$237,735
Ste.
Marie
$2,082,143
104,261
$2,382,221
$242,460
109,989
$231,498
112,567
$2,186,404
1,333,918
$2,427,299
1,367,880
7,056
1,221
7,190
1,000
85,147
97,015
14,099
13.220
$124,194
Amortiz.
and
of
debt
$110,740
$753,239
$949,184
bonds and debentures
Other miscell. debits and
[
credits to surplus (net)i
Dr262
Cr26,625
Cr134,746
Crl 1,609
Dr2,131
Cr26,984
Dr6,526
Earned surp. avail, for
redempt'n of bonds,
dividends, &c
$135,803
$108,347
$806,848
$1,077,404
.
Montgomery Ward & Co.—Sales—
Sales.
145,
p.
1105.
1937—Month—1936
1937—7 Mos.—1936
$29,679,028 $27,422,133 $233504,800 $186785,453
Mother Lode Coalition Mines Co6 Mos. End. June 30—
Net
profit
after
l
expenses, &c_
t
x
Based
upon
1937
-Earnings-
1936
1935
Notes—(1)
1934
taxes,
y$988,865
$177,150
loss$8,869
xdef$9,176
the sale of 817,279 pounds of copper, y Before depletion.
Charles Earl, President, in letter to stockholders states:
Operations at the mine have been actively pursued this
year.
After the deduction of ail costs
including provision for taxes, but before
depletion, net income for the six months ended June 30, 1937 amounted
to
$988,865.
As advised in the annual
report dated March 12,
mind is nearing exhaustion.
It is estimated that
were
1937, the Mother Lode
July 1, 1937, there
on
remaining in the mine about'38,500 tons of ore, most of which is
contained in supporting pillars.
A portion of this tonnage may prove to
be unrecoverable due to caving of
adjacent ground.
Assuming, however,
no such loss of ore there should be
recovered from this tonnage approximately
5,800 tons of copper. In addition there were 5,200 tons of
copper en route
to the smelter, on hand and in
process, making a total of approximately
11,000 tons of copper still to be sold after
July 1, 1937.
After the extraction of the small
tonnage still remaining the mine will have
to^be abandoned.—V. 144,
p.
Stores in operation
—V.
145,
p.
~
statement properly
omits extraordinary credits and
arising from sale of property, amortization of pension
fund, &c.
(2) The slight change in presentation of this statement results from
adoption of Federal Power Commission Uniform System of Accounts,
Jan. 1, 1937.
Comparisons with earlier periods will be approximately
accurate.—V. 145, p. 1107.
(J. J.) Newberry Co., Inc.—Sales—
Period End. Aug. 31—
1937—Month—1936
Sales
$3,880,626
$3,916,421
—V. 145, p. 1107.
New
revenues
1937—Month—1936
$6,079,123 $43,333,692 $41,169,531
8,239
111,838
89,402
Operating revenues... $6,311,509
Operating expenses
4,663,797
$6,070,884 $43,221,854 $41,080,129
4,373,843
30,838,367
29,300,843
Operating taxes
197
192
Net oper. income
-V. 145, p. 1267.
$1,647,712
669,293
$978,419
$1,697,041 $12,383,487 $11,779,286
575,276
4,753,086
4 025,190
$1,121,765
Norfolk & Southern RR.— To Meet
Automobile
Insurance Co.—Balance Sheet—
Liabilities—
Real estate & improvements..
Stocks and bonds
hand & on
$117 ,661
2,429 ,193
deposit
Agents accts. under 90 days...
Int. & rents due & accrued
467 ,293
325 ,236
31 ,898
Bal. due on contract for sale of
real estate
95
Res. for unpaid claims in pro¬
cess of adjust., but not
due.$l,616,464
Premium reserve (pro rata).
924,627
Other reserves (for taxes, curr.
.
exps. unpaid, &c.)
Capital paid up
Surplus over all liabilities
_
232,759
300,000
280,731
Suspense items: Reins, unpd. &
collections for others
$7,630,401
$7,754,096
Total
$3,354,581
Ferry Co.—Last Holding Sold—
The last of the realty holdings of the old Nassau
Ferry Co. changed hands
Aug. 19 when a client of J. P. McCann, broker, bought the vacant plot
100 by 100 feet at the southeast corner of East Houston and
Mangan Sts.
on
Reorganization—
Guaranty Trust Co. of New York as trustee of the first general mortgage
dated Nov. 15, 1904, announces that there will be a
meeting of the bond¬
holders of this issue on the 5th
floor, 35 Nassau St., at 10:30 a.m., Sept. 17,
to discuss the
plan of
reorganization, dated Aug. 25, 1937, which has been
filed in the Federal Court at Norfolk,
Va., and to determine what, if any,
steps should be taken by the bondholders at that time.—Y. 145, p. 1594.
New
York New Haven & Hartford
RR.—Hearings
Reorganization—New Plan Proposed by Bond Group—
Hearings
Crl6,796
$3,354,5811
Total
Nassau
1937—7 Mos.—1936
$6,331,212
19,703
Uncollectible oper. rev._
1105.
National
on
$27,901325
England Telephone & Telegraph Co.—Earnings—
Period End. July 31—
Operating
Net oper. revenues...
1937—Month—1936
1937—8 Mos.—1936
$3,142,107
$2,922,495 $25,256,780 $21,804,418
P" Assets—
Cash
1937—8 Mos—1936
$29,654,471
3844.
(G. C.) Murphy Co.—Sales—
Period End. Aug. 31—
Sales.
This
debits to surplus
Mine to Be Abandoned—
45.078
disct.
expenses.
>
George W. Webster, Vice-President, has been elected President,
succeeding
Clive T. Jaffray, who was elected Chairman of the Board
at a special meet¬
ing of the board of directors held on Sept. 1.—V. 145, p. 1592.
—V.
$5,664,139
2,676,891
'
605,027
$227,903
3,595
Miscell. income deduc'ns
Period End. Aug. 31—
1937—12 Mos.—1936
4,725
Other income
Interest
Ry.—New
President—
;
Subs.)—Earnings
$5,663,982
3,012.113
569,726
$1,252,724
t Earnings for July, 1936, affected by strike.—V. 145, p. 1265.
P Minneapolis, St. Paul & Sault
stock,
An extra dividend of $1 per share was
paid on Dec. 21, 1936.
Chairman E. T. Weir announced that the current extra dividend is
to
be paid "in view of the Federal surtax."
Period Ended July 31—
Ltd.—Earnings—
[Canadian Currency]
1937—Month—1936
Period End. July 31—
were
Corp.—Extra Dividend—
The directors on Sept. 9 declared an extra dividend of
50 cents per share
in addition to the regular quarterly dividend of 62
% cents per share on the
were
on
resumed
Sept. 9 before the Interstate Commerce Com¬
mission in the road's
reorganization case during which principal creditors
opened a vigorous attack on the New Haven management's recapitalization
proposals.
»
The principal bondholders
proposed that the carrier's stocks be declared
worthless and be wiped out in
reorganization.
Led by the independent bondholders'
clearly indicated that they intend to
over terms
of reorganization.
committee, the opposing interests
"a court of last resort" battle
wage
Volume
Financial
145
!
Afnew plan, which was prepared by the independent bondholders com¬
mittee headed by James Jay Kann, was formerly placed before the
In addition, from two other bondholders' groups came word that they
ICC.
in¬
for the reorgamzation. These groups com¬
prised insurance companies and savings banks.
From both these sources came indications that New Haven stockholders
tended to file alternative plans
would be offered nothing in the
new stock at specified prices.
At the
same
reorganization except warrants to
Unsecured Obligations,
„
be known that certain
alterations
Proposed Reorganization Plan
holders is worthless.
IfcThe committee holds that the New Haven's 1st & ref. bondholders and
other bondholders given priority in the management's
plan should be
treated equally.
This treatment, the committee contends, would not alter
the character and the aggregate amount of fixed interest and income bonds
proposed in the management's, or debtor's plan, but would result in a
reallocation of the fixed interest and income bonds among the holders of
the 1st & ref. bonds and the other bondholders having priority.
The committee reserves the right to revise its plan for any reason.
The committee contends
that the valuations in the management's
stock at $50 a share at any time,
subject to restriction
equity and redeemable at 105.
fixed-interest bonds would mature in
to the dilution of
1972 and be entitled to
A directors.
cumulative income bonds
convertible at any time into com in on stock at $50, redeemable at par and
maturing in 1982. Each $100 of these bonds would carry a vote for a class
new
vote for each $100
There would
B director.
It is
face value in the election of class
issued also $93,364,668 of 4%
be
■
stock, of which
proposed to authorize 6,863,689 shares of common
there will be presently outstanding only 872,228
held unissued for the following purposes:
1,182,151
2,942,017
1,867,293
For conversion of income bonds
proposed capitalization provides for an authorization of 1,182,151
warrants to purchase common stock at $50, all of which will be presently
issued and outstanding.
The common stock would be of $1 par value and be entitled to one vote a
share for class C directors. The warrants would become void in 10 years
The
Securities
following table of distribution is computed on the same basis of
as adopted in the debtor's plan.
The allocation of new securities
will be as stated below subject, however, to adjustment upon a basis of
disregarding the Old Colony loss as a loss applicable to the first and refund¬
ing mortgage bonds, which will increase the proportionate amount of fixed
interest bonds to be received by this class of creditors.
The
allocation
following
Obligations—The
Undisturbed
remain
will
obligations
un¬
disturbed:
Equipment trusts
$13,084,000
New York & New England RR., Boston Terminal 1st mtge.
bonds, due April 1, 1939
-1,500,000
Dutchess County RR., 1st mtge. bonds, due June 1, 1940
282,000
New York Providence & Boston RR. Co., 4% gen. mtge. gold
bonds, due April 1, 1942
1,000,000
Naugatuck RR., 1st mtge. 4% 50-year gold bonds, due May 1,
1954
2,500,000
-
Harlem
Portchester RE.,
&
River
50-year gold
1st mtge. 4%
bonds, due May 1,1954
15,000,000
Providence Terminal Co., 1st mtge. 4% bonds, due March 1,1956 3,922,000
Central New
Jan.
England liy., 1st mtge. 4% 50-yr. gold bonds, due
1, 1961---
The
12,054,000
-
Secured Obligations to Be Paid
following secured
100% of Their Claims in 4% Fixed Int. Bonds
will receive fixed interest, bonds in
obligations
5% 50-yr. consol. mtge. bonds, due Nov. 1,
15-year secured 6% gold bonds, due April
Railroad Credit Corp
Reconstruction Finance Corp
Public Works Administration.-J
Merchants National Bank of Boston
State Street Trust Co
Chase National Bank, New Yrork
1, 1940
'37$2,819,000
15,302,600
2,794,433
7,278,097
4,800,000
500,000
175,000
4,750,000
_
;
2,350,000
Irving Trust Co. (New York)
First National Bank, Boston
National Shawmut Bank, Boston
Second National Bank, Boston
Union Trust Co.
4,200,000
2,000,000
500,000
200,000
(Springfield)
500,000
500,000
400,000
First National Bank, Boston
Chase National Bank, New York
National Shawmut Bank of Boston
The
proposed distribution to the above collateral loans
is based on the
assumption in eacn case that the market value of the collateral is at least
equal to the amount of the claim. However, when the market value of the
collateral is determined in appropriate proceedings, if it is found in any case
that such value is less than the claim, the claimant will receive fixed income
bonds only to the extent of such value and will receive as an
creditor one share of new common stock for each $50 of the
unsecured
balance of
its claim.
Other Secured
Obligations to Be Paid in Fixed Interest Bonds and Income
Bonds, as Follows
New Securities
Amount
~1.
of
Claim
ji
New England RR., 4 &
4% Fixed
4% Income
Int. Bonds
Bonds
5% consol.
mtge. bonds, due July
1,1945—$17,500,000 $13,125,000
387.500
Interest
Danbury & Norwalk RR., 1st ref. 4%
mtge. gold bonds, due June 1,1955-
$4,375,000
290,626
96,874
350,000
175,000
175,000
7,000
Interest
3,500
3,500
Boston & New York Air Line RR., 1st
3,775,000
226,500
Interest
3,775,000
226,500
--*—
2,400,000
2,160,000
240,000
144,000
129,600
14,400
138,819,250
8,957,876
1,000,000
69,409,625
69,409,625
4,478,938
bonds, due June 1,1956
19,150
100,000
1,127
Interest.
National Rockland Bank (Boston)
Interest
Rhode
Island
Hospital
71,500
806
100,000
400,000
19,875
Co.—
3,975
15,900
4,000,000
-
4,478,938
1,000,000
19,150
28,500
321
500,000
Interest--
1,600,000
2,400.000
--.—
Bank
Nat.
(Providence)
Interest
Secured Obligations—Old Colony RR.
4% bonds due Jan. 1, 1938-
160,000
64,000
96,000
3,500,000
2,100,000
192,500
1,400,000
77,000
5,598,000
Interest.—
2,239,200
3,358,800
5}>i% 1st mtge. gold bonds, series A,
Feb. 1, 1944Interest
5 % 1 st mtge. gold
Dec. 1, 1945
—
-
Interest
-
4^% 1st mtge. gold bonds, series C,
due July 1,1950
•
115,500
bonds, series B, due
Interest.
419,850
167,940
1,250,000
56,250
500,000
22,500
,
251,910
750,000
33,750
3,080,490
309,271
England Investment &
Security Co., pref. shares—Par
38,850
& premium
2,836
Dividends
Stafford
Springs Street RR.,
Julyl, 1956—Principal
5%
1st mtge. gold bonds, due
400,000
30,000
Interest
Worcester & Connecticut Eastern RR., 4^% gold
bonds, due
345,000
Jan. 1,1943—Principal-.
Interest
23,288
New England Steamship Co., unsecured
Interest
400,000
note—Principal
27,000
--$25,512,735
Total guaranties and claims
$43,611,375
Grand total
The above guaranties and claims are the maximum that might be allowed
by the Court. It is probable that those allowed will amount to considerably
less than $25,512,735.
Capital Stock
The New
York New Haven
& Hartford
RR.—Preferred stock:
490,367
shares will be exchanged for 612,959 warrants to purchase new common
stock.
Holders of preferred stock will receive for each four shares so held,
five warrants.
1,571,186 shares will be exchanged for 314,237 warrants
stock. Holders of common stock will receive for
Common stock:
purchase
new common
each five shares
Old
so
held, one warrant.
Colony RR.—Capital stock:
125,008 shares will be exchanged for
Holders of capital
250,016 warrants to purchase new common stock.
stock will receive for each share so held, two warrants.
Providence-Warren & Bristol RR.—Preferred stock:
1,491 shares will be
exchanged for 1,491 warrants to purchase new common stock. Holders of
preferred stock will receive for each share so held, one warrant.
Common stock:
2,321 shares will be exchanged for 2,321 warrants to
purchase new common stock.
Holders of common stock will receive for
each share so held, one warrant.
Hartford & Connecticut Western RR.—Capital stock: 3,381 shares will be
exchanged for 1,127 warrants to purchase new common stock.
Holders of
capital stock will receive for each three shares so held, one warrant.
At the time of exchange of securities under the plan, the company will
issue non-interest-bearing and (or) non-dividend-bearing scrip for fixed
interest bonds, income bonds and new common stock, if and to the extent
that the units of exchange tendered by security holders entitles them to a
fraction of any new security.
This scrip in appropriate aggregate amounts
will be exchangeable for new securities and if not so exchanged, will be void
at the expiration of three years from the date when this plan shall be con¬
firmed by the Court.
Voting Control
will consist of members, who
classes as follows:
Class A directors, seven;
C directors, two.
Class A directors will be elected by the 1st & ref. 4% bondholders.
Class B directors will be elected by the 4% income bondholders.
Class C directors will be elected by the common stockholders.
The basis for proportioning directorships among all classes of existing
creditors is one directorship for approximately $20,000,000 of claim.
On retirement of each $20,000,000 of 1st & ref. 4% mtge. bonds, by
The board of directors of the new company
will
be
divided
into
three
class B directors, six; class
purchase, conversion or otherwise, class A directors will be reduced in
number by one, and class C directors will thereby be increased by the same
number.
retirement
income bonds, by purchase,
B directors will be reduced in number bythe same number
of each $20,000,000 of 4%
conversion or otherwise, class
and class C directors will thereby be increased by
The method of voting for class A and class B directors
one,
will be determined
by the committee, subject to the approval of the Interstate Commerce
Commission and the Court.
It would appear to the committee that the present existing creditors,
who are asked to accept new securities in place of their old securities, should
have the complete control of the management of their property until such
time as their position as creditors shall be liquidated. The obligations which
they now hold have been unfulfilled and the company in filing its
in bankruptcy has admitted its inability to meet the requirements
petition
thereof.
disastrous financial condition of the company has been largely
due to past mistaken nolicies.
If the present creditors are asked to make any sacrifice whatsoever in
the reorganization of this company, which sacrifice is in our opinion a
necessity, then in simple justice they should be placed in a position whereby
they have complete control of their property so that they may be able to
prevent future mismanagement by interests who, as in the past, have been
The present
investment, to control the voting of the
of the actual invested capital in the com¬
largely represented by bondholders. We are
voting control plan would prevent a
holding company from securing control of this property by the purchase of a
relatively small amount of common stock and operating it to its own
advantage and not for the benefit of the actual security holders of the
able,
by a comparatively small
stock to the detriment
common
pany, which has always been
of the opinion that our1 proposed
'
company.
with Debtor's Plan
comparison between the plan of recapitalization now proposed and that
proposed by the debtor follows:
Comparison of Proposed Plan
A
Debtor's Plan Proposed Plan
$196,442,800 $196,442,828
Capitalization—
Fixed interest debt
Contingent interest
Total debt-.First
47,414,200
debt.
-
-
preferred stock, par $100
stock, par $100-_
stock, number of shares
Warrants to purchase common stock
Annual Charges—
Second preferred
Contingent interest
Interest
Bank of Manhattan Co
1,656,000
Dividends
Fixed interest
New Haven & Northampton Co., ref.
consol. mtge. 4%, 50-year gold
Bonds secured by 1st & ref. mtge
$19,200,000
Springfield Ry. Cos., pref. shares—Par & premium.
Common
mtge. 4% 50-yr. gold bonds, due
Aug. 1,1955-
4J^% gold bonds,
due July 1, 1946—Principal
On
lieu of their claims:
Housatonic RR.,
139,840
$18,098,640
Interest
to
For exercise of purchase warrants
Distribution of New
1,748,000
Total unsecured obligation
Guaranties and Claims—
shares. The balance will be
For conversion of fixed-interest bonds
i
1,200,800
debs., due May 1, 1957:
Interest
earnings—that these
must be determined,
b The committee proposes that tne reorganized company issue $196,442,828
of 4% fixed interest bonds secured by a new open 1st & ref. mtge. and con¬
The
Amount
,
Principal
New
for
$15,010,000
Providence Securities Co., 4%
plan are too high, in the light of the New Haven's
earnings are the primary basis upon which valuations
one
■
debs., due May 1,
1957—Principal
,
,
common
share of common stock
,
New York New Haven & Hartford RR., 4%,
N. Y., Westchester & Boston RR., 1st mtge.
f Thejnew bondholders' plan provides for fixed interest of $7,872,173. the
same
as provided
under the management's plan, but the bondholders
proposal is based on the theory that until secured bondholders receive se¬
curities worth 100 cents on the dollar and unsecured bondholders as well as
creditors also receive 100 cents on the dollar, the equity of existing stock¬
as
one
Interest
time, the management let it
have to be made in its own plan because of an unexpectedly large
increase in operating expenses by reason of wage increases, higher prices
of fuel and supplies and other factors.
These changes will be in mathe¬
matical results rather than in principle, it was explained.
vertible into
Guaianties and Claims
The unsecured creditors shall receive
each $50 amount of claim as follows:
Unsecured Obligations—
purchase
may
New
1747
Chronicle
-----
i
93,364,668
$243,857,000
$289,807,496
None
45,950,400
43,427,800
1,182,151
None
None
872,227H
1,182,151
_
$7,872,173
2,133,639
$7,872,173
3,734,587
$11,606,760
First preferred dividend requirement—5%
$2,297,520
None
Second preferred dividend requirement—2%__
868,556 1
None
Contingent—3%
1,302,834
None
There are essential differences between the debtor's plan and the pro¬
posed plan of reorganization. The result of these differences is the simplifi¬
cation of the capital structure under the proposed plan without increasing
fixed charges and by decreasing the combined total amount of contingent
interest charges and preferred dividends.
These differences are as follows:
(1) Under the debtor's Plan income bonds bear a rate of interest of
4J^% which is non-cumulative whereas under the proposed plan these bonds
bear a rate of interest of 4% which is cumulative.
(2) Under the debtor's plan there is an issue of 1st pref. stock ($100 par),
bearing a fixed rate of 5% whereas under the proposed plan this issue is
eliminated in its entirety by the issuance of 4% income bonds.
(3) Under the debtor's plan unsecured creditors will receive a 2% $100,
par second preferred stock whereas under the proposed plan these unsecured
creditors will receive one share of common stock for each $50 of claim.
(4) Under the debtor's plan the entire common stock will be distributed
amongst the old preferred and common stockholders whereas under the
proposed plan these stockholders will receive warrants to purchase common
Total interest charges
stock.
$10,005,812
1748
Financial
Chronicle
(5)
Under the debtor's plan the old preferred and common stockholders
will remain in control of the
company whereas under the proposed plan the
tioned."
proposed plan
contingent charges will be omy $3,734,587.
(7) Under the deDtor's plan 1,182,151 shares of common stock will be
issued whereas under the proposed plan
only 872,227]4 shares will be issued.
(8; Under the debtor's plan provision is made for the issuance of five
classes of new securities, fixed interest bonds,
contingent interest bonds,
first preferred stock, second preferred stock and common
stock, whereas
under the proposed plan
only three classes of new securities will be issued,
fixed interest bonds,
contingent interest bonds and common stock.
(9) Under the debtor's plan there is no provision to justify a reasonable
expectation that all interest charges and preferred dividends may
eventually
be eliminated, whereas under the
proposed plan should the company again
enter a period of
prosperity such as it has experienced in the past, its entire
capital structure, with the exception of underlying securities to be left
undisturbed in the present reorganization will be reduced to one class
of
the
Bids for
Equipment Certificates Rejected—
Bids for the
1
to
10
purchase of
$1,660,000 3% equipment certificates, due in
were opened Sept. 8.
The highest bidders were Salomon
Bros. & Hutzler, Dick & Merle-Smith and Stroud & Co. who bid 98.517.
The bids were rejected.—V. 145, p. 1594.
years
New
Bonds
York
Ontario
&
Western
obligation represented
bonds of the Penn Anthracite Collieries Co., secured by a
mortgage on its line and equipment to the lien of a proposed mortgage to
secure a loan of $250,000
by the Collieries Co. from the Reconstruction
by $800,000
Financing Corporation.
The loan, if granted, will permit immediate
operation of Penn Anthracite mines in Lackawanna County, Pa., which
serviced by the company.
Elbert N. Oakes, attorney for the trustees,
stated that, he has been given assurances that the
tonnage to be derived by
the railway company during the next year will
approximate 1,000,000 tons
of coal, thus increasing the company's income.
Unless the mines are
operated, the road will sustain a loss of traffic.—V. 145, p. 1594.
are
voting rights in the new corporation, receiving noncumulative, non-voting, preferred stock, whereas under the proposed plan
secured creditor is asked to
relinquish in any amount his position as a
creditor in the reorganized
corporation or his priority of claim for a fixed
amount on the annual
earnings of the company whether earned or not
earned in each and
every year, and only common creditors amounting to
$43,611,375. are asked to become stockholders of the new corporation and
n so doing are accorded
voting rights.
no
New York State Electric & Gas
Shares
of Preferred
construction
England Governors Intervene in Plan—
extensions,
Stock—For the
include
to
program
Corp.—Offers 100,000
of financing a
purpose
considerable
Cumulative at the rate of $1.25 per share per annum, dividends will be
on the first of January, April, July, and October.
The
are redeemable at the
option of the
payable quarterly
shares
for Break-Up of New Haven—
company at any
notice at $25.75 plus accrued dividends.
In the event of default of
dividends for dividend periods equalling one
year, holders are entitled as
a class to
elect one director by a
plurality of votes, each share
carrier.
one
An insurance group holding
$55,178,100 of the road's securities proposed
severance of Old Colony RR. from the New Haven
System, while
the State of Rhode Island asked the Commission to sever
Providence &
Worcester RR. which the New Haven now has under lease.
The insurance group declared severence of the
having
vote.
The
construction
includes,
program
other
projects, extensions
in rural territories to be financed in part out of the
proceeds of this issue.
Balance of income was equal to 5.05 times the annual dividend
require¬
ments on the new pref. stock issue and a
proposed new issue of 5% cumu¬
lative preferred stock ($100 par), based on
earnings for the 12 months
ended June 30, 1937, including for the full
period results of operations of
all properties owned at the end of the
period, and annual interest require¬
ments on the debt of the
company outstanding at
June 30, 1937 after
giving effect to a proposed reduction in debt by the use of part of the pro¬
ceeds of the proposed issue of 5% cumulative
preferred stock.
The earnings
on the above basis for this
period were as follows:
complete
OldColonly would create an
increase of about $1,300,000 yearly in the amount available to meet fixed
charges.
This, together with other adjustment would increase monies
for fixed charges oi the New Haven
by about $2,000,000 annually, it was
said.
The Old Colony is now
losing $3,000,000
It is under
lease to the New Haven
System but the agreement has been disaffirmed
by the United States District Court in Connecticut.
The New Haven
management's plan of reorganization calls for renewal of this lease.
The State of Rhode Island asserted the New Haven
among
Operating revenues
$22,367,542
Operating expenses, maintenance, taxes (including Federal in¬
come taxes) and provision for retirements.
17,485,377
System is losing
$50,000 annually on Providence & Worcester line, and maintaining it
merely to preserve its "monopoly" to Rhode Island tidewater.
It asked
that the line be made an
independent terminal carrier.
_
__
Operating income
Hearing Adjourned—Bondholders' Plan^ReferredJo Finance
Gross income
Balance of income
official, declined to formally accept the proposed alternative reorganization
plan advanced by the independent bondholders committee.
The Com¬
missioner in holding the proposed alternative over for action
by the finance
did not represent
10% of
Annual
Savings Bank Committee Presents
Haven Reorganization—
Views
on
are:
1,170 communities
New York State in
New
Service
modifications of
Mr. Converse,
Worcester, Mass.,
studies with refer¬
or
1.
Theron A.
prospective earnings
by the debtor's studies, the committee believes that there is
as
a
question
as
no
to
or
there is sufficient value
remaining in the properties available for the
satisfaction of the claims of unsecured
creditors after provision has been
made for seemed creditors.
"3. The committee has analyzed the
traffic forecast and the forecast of
net income for the prospective
year made by the debtor and is of the view
that these forecasts represent
reasonable estimates of prospective earnings
of the debtor for the future.
"4. The studies of past and
present earnings and the forecast of prospec¬
tive earnings indicate that the
reorganized company can safely carry the
amount of fixed
charges proposed in the debtor's
relative
plan.
treatment
to
be
completed its studies with respect to the
accorded the
various
classes
of creditors
of the
debtor, including the various mortgage divisions and leased
lines, and
therefore is not yet in position to
express its views in regard to these ques¬
tions."
i
Believing
that
the
public interest requires the reorganization of the
promptly as possible, consistent with adequate protection
of those having a financial interest
in the property, Mr. Converse made
known that the committee has
communicated with all parties interested
in the reorganization of the road,
urging that some procedure be devised
to accomplish prompt reorganization.
Mr. Converse said his committee
New Haven
as
will suggest to the ICC that a further
hearing be held within a reasonable
time after Oct. 1, at which all
parties may present any proposed new plan
or modifications of
plans already
proposed.
Prior to such hearing, he
proposed the parties exchange suggested modifications and exhibits so the
cross-examination be not unduly delayed, with a
subsequent hearing to
be
fixed within a reasonable time
thereafter, when the views of the various
parties may be given upon any of the above proposals.
area
electric
western,
of
and gas service in approximately
south-central and eastern parts of
approximately 19,000
square miles or about
of the State.
rendered
to
acquisition of other properties, and
With
and
a
steadily increasing electric load making it desirable to amplify
facilities, the proceeds of the issue will go toward financing
extend
construction work in
north to the
an
area
extending from Auburn and Geneva
on
the
Pennsylvania boundary on the south and from the foot of
the Catskills on the east to the Genessee
valley on the west.
New Power Plant at Dresden—At Dresden on Lake Seneca a new
power
plant will be constructed, while new 110,000-volt transmission lines are
being built,
one
extending from Montour Falls through Geneva,
a
distance
of 47 miles and another
traversing 32 miles between Lapeer and Norwich.
The Dresden power station is planned to accommodate
eventually 100,000
kw. of generating capacity.
The first unit to be installed is a 20,000-kw.
turbo-generator, which will be in operation before the end of the year.
An outdoor (substation will be built to effect connection with the trans¬
mission line.—V. 145, p. 1267.
New York
Telephone Co.—Earnings—
Period End. July 31—
Operating
revenues
Uncollectible
oper. rev__
1937—Month—1936
1937—7 Mos—1936
$16,825,107 $16,539,433 $120261,167 $115945,384
70,173
74,294
485,668
466,772
equity in
whether
nor
committee has not
the
area
a normal growth of business.
Gas service is rendered to about 60,000
customers, classified by the com¬
pany as being 55,500 residential; 4,300 commercial and industrial, and
200 miscellaneous.
disclosed
and above the amounts of the secured and
be
is
both
in
an
part from
later will recommend
that the proposed capitalization be
substantially reduced and also simplified
to the extent at least of
eliminating the proposed second preferred stock.
"2. In the light of past, present and
may
5.05 times the above annual dividend
The company's kilowatt-hour sales have increased from
5,378,000 kwh.
638,521,000 kwh. for the 12 months ending June 30, 1937, while
the number of electric customers served increased from
7,510 to 249,187.
Part of this increase has been due to the
Apollonio,
support of that plan, studies with reference to certain features have not
been completed," Mr. Converse said.
"Reorganization of the Old Colony
RR. is an integral part of the
proceeding, and the plan of reorganization
of this company is not due to be filed
until Oct. 1,1937.
For these reasons
the committee is unable at this time to file with
the Commission a statement
of its views with respect to the debtor's
proposed plan in its entirety.
"Certain tentative conclusions with reference to
the general outline of
the plan have been reached, however.
These are:
"1. The committee believes that the total
capitalization proposed by
the debtor is too great and results in an unsound
capital structure, which is
undesirable in the public interest.
The committee
even
$425,390
was
in 1921 to
Bridgewater, Mass.; Thomas W.
Murray, President Union Savings Bank, Boston; Charles A. Post, President
Citizens Savings Bank,
Providence, and George H. Woods, President
Bridgeport-People's Savings Bank, Bridgeport, Conn.
The group repre¬
sents 229 mutual savings banks
holding about $40,000,000 principal amount
of obligations involved in the
proceeding.
"Although the committee has studied the debtor's plan and exhibits in
over
cumulative
cellaneous.
with the Com¬
,
There
5%
approximately 249,000 electric customers in¬
cluding those in the following 12 cities: Auburn, Binghamton, Corning,
Elmira, Geneva, Hornell, Ithaca,
Lockport, Mechanicville, Norwich,
Oneonta, and Plattsburg.
Of the total customers, the company classifies
212,000 as residential, 29,000 general commercial and small
industrial,
4,500 large commerical and industrial, and approximately 3,500 as mis¬
Suffolk
Savings Bank, Boston; Mass
John W. B. Brand,
President Springfield Institution for
Savings, Springfield, Mass.; Robert C.
Glazier, President Society for Savings, Hartford; Charles F. Mann, Treas¬
urer East Bridge water
Savings Bank, East
obligations.
above
as
lative preferred stock.
The company renders
40% of the total
President
the property of the debtor
$1.25 and
*
P. Converse, Chairman of the Mutual Savings Bank Group
Committee on New Haven RR. bonds, said Sept. 10, that the committee
ence to certain features of the
plan, it was unable to file
mission its conclusions as to the debtor's
proposed plan.
Other members of Mr. Converse's committee
on
The annual interest requirements are on the debt of the
company out¬
standing at June 30, 1937 after giving effect to a proposed reduction in
debt by the use of part of the proceeds of the
proposed issue of 5% cumu¬
Myron
expects to present to the ICC either a plan of its own,
the debtor's plan, within a reasonable time after Oct.
President of the Worcester Five Cents
Savings Bank,
said that because the committee has not
completed its
$2,150,164
requirements
Balance of income
requirements.
bankruptcy laws.
Commissioner Mahaffie set Oct. 11 as the deadline for all
plans or modi¬
fications to be in the hands of the Commission.
It is expected that a specific
reorganization proposal for the Old Colony
RR. part of the proposed New Haven
system, planned by its stockholders,
will be in before that date.
Mutual
dividend
preferred stocks to be issued
his opinion the bondholders' committee
of security holders as required under the
was
any class
$5,282,207
3,132,043
Annual interest requirements, amortization, &c_*
of the New
Mahaffie, presiding
The
$4,882,165
400,042
__
Other income
Division—
"5.
time upon 30
days
The ICC heard two pleas on
Sept. 9 for a breakup of the New Haven
The proposals were made at a hearing on reorganization of the
division of the ICC contended it
line
an
stock
system.
unsecured
rural
offering of 100,000 shares of $1.25 cum. pref.
(par $25) is being made by the corporation, the
offering being limited entirely to residents of New York State.
The governors of Maine, New
Hampshire, Vermont and Massachusetts
have been authorized by the
ICC to intervene in the New Haven reor¬
ganization case.
Among other objectives the governors seek to limit stock
ownership of Pennsylvania RR. and Pennroad Corp. in the New Haven
to 5%.
These companies now hold 22.79% of the voting stock.
Hearings before the ICC on the proposed reorganization
Haven were adjourned on
Sept. 9 to Nov. 11.
Previous to adjournment, Commissioner Charles D.
com¬
pany, in process of reorganization, to subsordinate the
stocknolders without
annually.
Anthracite
Ry.—Penn
Subordinate—
Federal Judge Murray Hulbert has authorized the trustees for the
common stock
through conversion and exercise of purchase warrants.
(10) Under the debtors plan many classes of secured creditors are asked to
relinquish their positions as creditors, in whole or in part, and to become
Two Pleas Heard
1937
11
practicable, in view of developments from time to time,
to carry such a program to its
conclusion," Mr. Converse said.
"We are
sending copies of this communication to all parties of record to enlist their
cooperation in this or some similar plan designed to conclude as promptly
as possible the
hearings, consistent with the uncertainties already men¬
present creditors will have complete control of the company until such time
as the present
preferred and common stockholders shall have exercised their
warrants to purchase new common stock.
(6) Under the debtor's plan the contingent interest charges plus preferred
stock dividends amount to
$6,602,549, whereas under the
Four New
Sept.
"It may not be
■
Operating revenues.
Operating expenses
_
Net oper. revenues._
Operating taxes.
Net oper. income
—V. 145, p. 1108.
$16,754,934 $16,465,139 $119775,499 $115478,612
11,873,499
11,771,870
80,458,892
79,348,996
$4,881,435
2,505,841
$4,693,269 $39,316,607 $36,129,616
2,084,331
17,043.316
14,342,076
$2,375,594
$2,608,938 $22,273,291 $21,787,540
North Central Gas
Co.—Registrar—
The Central Hanover Bank & Trust Co. has been
appointed registrar
for 40,000 shares $1.50 conv.
pref. stock, 22,300 shares class A common
stock, and 117,700 shares
common
stock.—V. 144, p. 3848.
Northern Pennsylvania Power Co.—Sale
Refused—
The
Pennsylvania P. U. Commission has refused to permit the company
sell its properties to the
Metropolitan Edison Co.
The companies at¬
tempted the sale in 1936, but the old Public Service Commission denied the
application on Sept. 21, 1936.
A new hearing was refused several months
later.
The Superior Court ordered a hearing before the
Commission, but
the Commission on March
9, 1937, again refused to permit the sale.
to
Two days after the new P. U. Commission took office on
April 1, the two
again applied for a rehearing.
They overcame one serious
objection of the Public Service Commission—that the purchase price was
excessive—by cutting it to $2,016,588, and agreed there would be no move¬
ment of cash or securities.
The sale would be completed by crediting that
sum to the
capital surplus account of Metropolitan Edison Co.
The Commission, supporting its predecessor in former
decisions, said:
,"The proposed merger is anticipated to result in but inconsequential
economies of operation, so that if the reduced rate of $15 a mile
couldjbe
companies
Volume
Financial
145
placed in effect after the merger, it could be placed in effect now, and the
consolidation of the two properties is not required to bring about this
reduction."—V. 145, p. 1108.
Northern States Power
Co.'(Minn.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
Sept. 4, 1937 totaled 27,360,809 kilowatt hours, an increase of
19.0% compared with the corresponding week last year.—V. 145, p. 1594.
ended
Northwestern
Electric
Co.—Bonds
Chronicle
only their
1749
pro rata share of the foreclosure
price after adjustments. A new
first mortgage would permit payment of existing tax arrears.
Occupancy of the hotel is reported as 90.37% for the six months ended
June 30, 1937, against 85.52% for the same period of 1936.
Assessed
valuation for 1937 is $1,430,000.
Ontario Steel Products
Years End. June 30—Profit
A total of 8200,000 of first mortgage
20-year sinking fund gold bonds,
due May 1, 1945, have been called for redemption on Nov. 1, next, at 103
and accrued interest.
Payment will be made at the Harris Trist & Savings
Bank. 115 West Monroe St., Chicago, 111.—V. 145. p. 1268.
Norwalk Tire & Rubber Co.—Accumulated Dividend—
The directors have declared a dividend of $3.87^ per share on
of accumulations on the 7% cumulative preferred stock, par $50,
account
payable
This will be the first payment made
Sept. 24 to holders of record Sept. 20.
1, 1935 when 50 cents per share was distributed.
Arrearages after the current payment will amount to $3.50 per share.—
V. 144, p. 3513.
since Oct.
Bond interest
Prov. for Fed.
&
Insurance
Co.
Angdles—Ac-
quisitionbeing completed whereby the company will acquire
the assets and business of the Guaranty Life Insurance Co. of Davenport,
Iowa, a $60,000,000 company, according to an announcement by L. M.
Giannini, President of the California company.
are
Occidental
Life is a wholly-owned subsidiary of Transmerica Corp.
Guaranty Life, which was founded 34 years ago, has admitted assets
of $10,963,000 and
more
than $60,000,000 of life insurance in force.
Ac¬
cording to Mr. Giannini, as soon as legal formalities have been complied
with, this business will be consolidated with Occidental Life.
The Cali¬
fornia company then will have admitted assets in excess of
$51,000,000 and
more than $375,000,000 of life insurance in force.
Lee J. Dougherty, President of
Guaranty Life, becomes a director and
Vice-President of Occidental Life and will supervise the company's business
and expansion program in the Middle West.
Dwight L. Clarke. Executive
Vice-President, represented the Occidental in the negotiations.
Ohio Associated
$59,800
51,588
$0.67
$12,910
51,588
Nil
$549
51.588
$0.01
per share
Includes net
revenue
from investments and interest of $15,538 in 1937,
$11,873 in 1936 and $9,211 in 1935.
Balance Sheet June 30
1937
1936
166,142
Spec'laccts.
4,968
revenues
1937—Month- -1936
Operating revenues.
Operating expenses
_
$422,667
$397,797
205
1,256
1.848
$59,819
40,803
Net oper. revenues
179,876
102,608
13,035
42,807
to sub. co
9,651
145,
373,930
$57,330
$421,411
265,611
$395,949
231.212
34,116
5,738
•
Total
$2,486,954 $2,334,863
Represented by 51,588
x
Pacific
no par
$2,486,954 $2,334,863
shares.—V. 145, p. 616.
Telephone & Telegraph Co.—Earnings—
Period End. July 31—
revenues
Operating
Operating
1937—Month—1936
1937—7 Afos.—1936
$5,662,919
$5,329,628 $38,629,756 $35,845,61
23,800
17,840
147,102
119,1<
$5,639,119
4,081,311
revenues
expenses
Net oper. revenues—
$5,311,788 $38,482,654 $35,726,457
3,561,616
26,877,532
24,268,623
$1,557,808
$1,750,172 $11,605,122 $11,457,834
Rent from lease of oper¬
ating property
$23,214
4,385
$155,800
37,957
$164,737
30,695
$18,829
$117,843
$134,042
70
730,989
70
515
514
632,530
5,143,045
4,423,705
$826,889
$1,117,712
$6,462,592
$7,034,643
Operating taxes
•V. 145, p. 1595.
~
950.
Pacific Tin Corp.—Extra Dividend—
Ohio Edison Co.—To Issue
$8,500,000 Bonds—
See list given on first
page of this department.—V.
Ohio Finance
department.—V. 145,
Oklahoma Natural Gas Co. (&
1936
$8,032,498
2,969,057
210,627
a741,040
income
Balance.
Retirement accruals
Gross income
Interest and amortization, &c
$2,547,673
1,684,723
$1,393,540
bl55,400
...
on conv.
$3,887,587
1,339,913
$2,949,010
1,555,470
(net)
$3,807,240
80,346
$4,144,253
1,195,242
Net operating revenues
$7,469,748
2,823.478
176,333
662,697
$4,111,774
32,479
Maintenance
Taxes..
Net income.
1595.
p.
1937
revenues
Divs. paid & declared
an extra dividend of 25 cents per share in
a regular quarterly dividend of 50 cents per share on the common
stock, both payable Sept. 28 to holders of record Sept. 15. Similar payments
were made on Sept. 28 and on March 25, last.
An extra dividend of 60
cents was paid on Dec. 23, 1936 and an extra of 50 cents per share was
distributed on Nov. 2, and on Feb. 1, 1936.—V, 144, p. 3849.
Subs.)—Earnings— \
12 Months Ended July 31—
Non-operating
The directors have declared
addition to
145, p. 1430.
Co.—Registers with SEC—
See list given on first page of this
Operating
Operation
6% prior pref. stock
$862,951
33,300
Packard Motor Car Co.—To
The directors have declared
Pay Smaller Dividend—
dividend of 10 cents per share on
the com¬
11 to holders of record Sept
18.
with 15 cents paid on April 17 last; 20 cents paid on Dec. 15,
1936; 15 cents paid on July 1, 1936, and 10 cents per share paid on Feb. 11,
1936, this latter being the first distribution made since Dec. 12,1931, when
a regular quarterly dividend of 10 cents per share was paid.—V. i45, p. 1269,
stock,
mon
par
no
a
value, payable Oct.
This compares
Paulista
Ry.—Bonds Called—
Ladenburg, Thalman
&
Co., fiscal agents for the first and refunding
mortgage 7% sinking fund gold bonds, is notifying holders that $97,000
face amount of the bonds have been drawn for redemption on Sept. 15,
The drawn bonds, with the March 15, 1938 and subsequent
moneys to be deposited with the fiscal agents.
cease Sept. 15, 1937.—V. 144, p. 1971.
1937 at 102.
coupons, are
Interest
payable, out of
the bonds will
on
Paymaster Consolidated Mines, Ltd.—Earnings—
No provision has been made for the Federal surtax on
undistributed
net income for the fiscal
year beginning Dec. 1, 1936, since any liability
for such tax cannot be determined until the end
of the fiscal
[No Personal Liability]
Earnings for Year Ending June 30, 1937
Biillion production
^he law, the tax is not applicable
Other income
a
year.
1936.
to
Sept. 30. 1937.—V. 145,
p.
Colony Investment Trust—Earnings—
Earnings for 3 Months Ended Aug. 2, 1937
Income—Interest
$16,684
66,219
Dividends
$82,903
41,271
......
for such taxes, on account of credits and deductions to
which it is entitled
in respect of dividends
received, discount on debentures,
&c., and dividend
in
January, 1937.
x$7,986,344
25,963
Accrued interest receivable...
VA % debentures
$3,325,100
Prov. for accr. int. on
debs., &c
Common shares.
11,533
7,176
.y4,000,000
Accum. net inc. from int. and
1927 to May 1, 1937
For 3 mos. end. Aug. 2, 1937
Total
...$8,023,840
\
Total...
649,932
41,632
$8,023,840
of investment
securities, based on market quotations, if
obtainable, as at Aug. 2. 1937, was less than the net book value by approxi¬
mately $2,195,000 as compared with a corresponding difference of approxi¬
mately $2,168,400 at May 1, 1937.
The net
investment
29,038
138,171
80,149
139,432
$39,859
asset
value
securities
of the
at
such
common
shares
as
at
Aug. 2,
1937, taking
market
quotations, was $8.32 per share,
deducting debentures at par plus accrued interest and was $8.19 per share
deducting debentures at their call prices plus accrued interest.
y Represented by 300,000 no-par shares.—V. 144, p. 620.
Oliver Cromwell
Hotel—Earnings—
The Oliver Cromwell Hotel showed a net profit for the first six months of
1937, after expenses including real estate taxes but before mortgage interest
and depreciation, of $20,185, as compared with $15,492 for the same
period
in 1936, according to a statistical report compiled by Amott, Baker & Co.,
Inc.
The percentage earmd by the property on the $1,764,000 of out¬
standing serial bond certificates on an annual basis, before interest, de¬
preciation and interest on taxes, was 2.29% for the first half of 1937 against
1.76% for the same half of 1936 and .85% for the initial six months of 1935.
This property is in process of reorganization with an amended plan now
before bondholders.
As a step in the consummation of the plan the com¬
mittee has acquired the property at foreclosure at the upset price of
$700,000.
Common stock of a new company would go to assenting holders at the
rate of 10 shares per $1,000 bond and non-assenting holders would receive
Balance Sheet June 30, 1937
Assets—
Liabilities—
.
$148,015'Wages
Cash
Govenment
$24,178
payable
I Accounts payable and accrued
Accounts
municipal sec.
&
& accrued interest. _
Bullion on hand and in transitat cost,
215,9441
74,094
items
items
■
1,1181
-:4k
49,944
Notes payable re United Mln-
eral Lands Corp. & interest
14,598
accrued
7,937
Prepaid insurance
(special
to
Dec.
bank
8,
account
1931
pro¬
224
vided therefor)
Deposit under power contract,
government bonds
15,705
Buildings, plant & equipment-xl.224,366
Deficit-
8,629,000
74,736
Total
$8,628,610
Capital stock (par $1).
2,487,894
Mining propertiesShares in other companies
dividends, less divs. paid:
From date of organization in
value
29,950
416,778
-
Prov. for deprec. at 10% on buildings, plant & equipment
Inventory of supplies
Liabilities—
Cash in bank.
The
Diamond drilling
Drifting and crosscutting
Sinking, stations and sumps
Mining
Ore transportation
Milling
Accounts receivable
Balance Sheet Aug. 2, 1937
Assets—
Invest, securities, at cost
x
19,626
$1,158,738
50,788
234,574
Total
Profit from operations after provision for depreciation
income
$41,632
Note—No provision has been made for Federal normal income
tax or
surtax on undistributed
profits for the three-months' period ended Aug. 2,
1937, inasmuch as the trust does not appear to have incurred
any liability
paid
$1,139,113
—-
General charges
Total income
Interest and expenses
Net
Under
to the companies' earnings prior to Dec. 1,
Aug. 1, 1936
1595.
b Includes dividends paid and declared for the
period
Old
1''
373,930
6,715
$12,382
income
p.
■
8,575
cos_.
Deferred charges..
Inv. in other
Net oper. income
Net oper.
18,280
147,428
230,317
•
adv.
$19,016
6,634
Operating taxes
Surplus
17,085
93,555
Other assets
&
809,102
22,654
Prov. for taxes
13,449
Inventories
125,000
833,291
10,500
200,842
rec._
115,000
1937—7 Mos. —1936
$57,535
179
_
10,500
Investments
in
1,
Reserves
distrib. fund
Invest,
60,234
865,158
9,595
1943
Uncollectible oper. rev__
$59,998
_
Uncollectible oper. rev__
—V.
Mtge. due July
Adv. to trustees of
Bills & accts.
$360,300
Common stock..
Accounts payable.
174,670
5,083
rec...
$360,300
Preferred stock...
x
1936
1937
Liabilities—
l
$1,507,729 $1,500,425
1
Operating
Telephone Co.—Earnings—
Period End. July 31—
Operating
$101,881
51,588
$1.48
Net profit
employees' stock
Negotiations
The
4,114
5,572
12,088
Good will
Los
of
15,000
2,061
36,557
50
42,505
1935
Prov.
Cash
Life
$34,689
21,983
12,108
Shs.com.stk.out.(nopar)
Earnings
Property, &c
See list given on first page of this department.
Occidental
*$79,830
35,198
9,948
taxes
Assess—
Oberman & Co.—Registers with SEC—
26,238
8,491
Bad debt written off....
Miscell. deductions
x
1934
1936
x$148,147
20,000
Depreciation
Called—
Co., Ltd.- -Earnings—
1937
x$189,386
25,000
10,001
Legal & incorporation expense
19,664
Commission paid on sale of shs.
141,250
4,114,967
Discount on capital stock
Development account, balance
June 30,
123,333
1934
Expenditures
operations
def.
29,724
Total
x
future
to
$8,628,610
-
After reserve for
depreciation of $169,956.
(J. C.) Penney Co.—-Sales—
Period Ended Aug.
.1937
31—
.m1??!
Month
519,760,852
®19»od4 »g5o
Eight months.
155,478,124
143,657.871
—V.
145,
p.
1111.
Peoples Drug Stores, Inc.—Sales—
Period End. Aug. 31—
Net sales
^-V. 145, p.
1937—Month—1936
1937—8 Mos.—1936
$1,772,365
$1,738,271 $14.545.208 113,333,343
1270.
Peoria Service
See American
Petroluem
Co.—Reorganized—
Utilities Service Corp. above.—V. 141, p. 4022.
Securities
Co.—New President—•
Edward L. Doheny was on Aug. 30 elected President of this com¬
succeeding the late Robert M. Sands.
Mrs. Doheny is also Chairman
of the Board.—V. 144, p. 3686.
Mrs
pany.
1750
Financial
Philadelphia Rapid Transit Co.—Would Remove Trustee
Four stockholders of the company petitioned the U.
S. District Court
Mayor S. Davis Wilson of Philadelphia from the board of trustees
to remove
of the company on the ground that he is incompetent to serve for the reason
that his political ambitions and interests as Mayor conflict with the interest
of the company.—V.
145,
p.
1432.
Pinellas Water Co.—Earnings—
6 Months Ended June 30—
1937
Operating revenue, water
Operation
•
Maintenance
Taxes (other than Federal income tax)
hi
1936
$144,139
33,728
$133,854
34,488
621
$87,253
$84,228
..
$86,237
1,016
$98,580
14,351
Total income
Provision for depreciation
12,250
$97,563
1,016
Net operating revenue
income
(net)
Other
878
12,225
$78,253
9,000
hi
Balance available for fixed charges.
—V.
144,
p.
3515.
Pioneer Gold Mines of British Columbia, Ltd. -Earns.
r Month of August—
Gross
x
1937
x
1936
$198,000
123,000
$186,000
104,000
__
Net after expenses-
1935
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
1933
Calendar Years—
1935
1936
1934
(Reclassified)
Sales
$2,203,190
$1,640,447
1,035,327
858,235
208,186
186,065
130,494
241,685
Expends, during the year
for develop. & research
105,445
87,088
63,622
59,495
Profit from operationsi
$613,525
$481,495
$355,432
$261,783
Proport'te sh. of year's
profits of British sub.,
less adjust, for interco.
profit in inventory
Other credits
11,
1937
1930, less depreciation based on cost. The appraised reproduction cost new
determined by independent engineers as of Dec. 31,
1936, was $675,108 and the accrued depreciation amounted to $132,424
leaving a sound value of $542,684 as compared with the net book value of
$469,896 at that date.—V. 144, p. 4020.
of the properties as
Plough, Inc.—To Pay 20-Cent Dividend—
The directors
on Sept. 8 declared a quarterly dividend of 20 cents per
on the common stock, payable Oct. 1, to holders of record Sept. 15.
Previously regular quarterly dividends of 30 cents per share were distributed.
Following meeting of directors a change in dividend policy was announced
by Abe Plough, President.
"The directors feel," said Mr. Plough, "that in view of toe many un¬
certainties arising out of higher costs and increased Federal and State taxes
which confront all corporations today, a dividend policy such as is now
in effect with many other large corporations should also be adopted by
Plough, Inc.
Such policy contemplates the payment of regular quarterly
dividends together with extras.
Therefore beginning Oct. 1 we will pay a
regular quarterly dividend of 20 cents to stockholders of record Sept. 15
and pursue a policy of paying extra dividends in addition to regular payments
"Extra dividends will be paid covering the years in which extra profits
accrue."
'-v:v'
share
1937
6 Mos. End. June 30—
1935
1936
1934
Net inc. after exp., depr.,
Federal taxes & other
$150,849
300,000
$0.50
charges
Shs. cap. stk. outst'g—
Earnings per share
—V. 144, p. 3850.
$1,310,008
1.426,421
lescence oth. than est.
amounts
Sept.
Note—The property, plant and equipment is stated on the basis of cost,
after eliminating property depreciated in full to Dec. 31, 1936, irrespective
of whether it has been retired from service, plus $300,000 added to the
book value of the properties on revaluation thereof by the management in
..
$271,000
206,000
Before depreciation, depletion and taxes.—V. 145, p. 1271.
& rental inc., less
discts., returns & allow.$2,626,359
Cost of sales & operating,
sell., & adminis. exps.
1,665,703
ProVs. for deprec. & obso¬
Chronicle
$190,614
300,000
$0.64
$157,413
257,148
$159,953
212,722
$0.75
$0.61
Postal Telegraph & Cable Corp.—Trustee—
appointed Raymond C. Kramer, Chairman of
Federal Judge Coxe has
the Board of Belding-Heminway Co., a trustee in the
reorganization pro¬
ceedings of the company.
Mr. Kramer is the third trustee to be appointed
by Judge Coxe.
The other two are former Governor Alfred E. Smith
and General George Gibbs.
The appointment of Mr. Kramer was made on application of both the
Stewart and Lehman bondholders' committees.
There was no opposition.
—V. 144, p.
Power
3689, 4358.
Corp. of Canada, Ltd.—Earnings
1936
$657,389
261
13,904
197
9,824
5,470
1934
$505,623
$369,533
$277,077
471,949
17,627
22,368
102,697
77,789
50,070
$927,538
1,541,402
$427,834
$301,835
Revenue
$823,161
1,333,077
$789,584
1,143,493
1,012,286
$2,156,238
300,000
300,000
$1,933,077
300,000
$1,743,493
300,000
300,000
300,000
$1,556,238
$0.50
$1,333,077
$0.43
$1,143,493
$0.29
$216,708
231,084
Expenses
23,920
Taxes
Total income
Int.
&
disct.
State &
foreign taxes
Profit for year
...
Interest
Surplus for year
Surplus forward.
300,000
300,000
223,144
Consolidated Statement of Earned Surplus for the Years Ended Dec. 31
1936
1935
1934
Balance at Jan. 1
Prof, for yr. ended Dec. 31 (as above)
Credit arising from expiration of div.
$1,182,717
554,693
$968,668
427,834
$834,161
301,835
$1,737,410
35,580
423,812
$1,396,501
$1,138,211
213,784
169",543
$1,278,019
$1,182,717
$968,668
scrip not presented for exchange
Total surplus
Earns.per sh. on
com—
$1,645,796
$0.73
5,746
522,489
_______
demolition of bldgs
Dividends
on
Assets—
Inv.
subs,
$1,386,291
885,260
145,123
66,126
rec.,
Accounts
19,380,134 20,176,486
7,505,119
6,982,257
$
liabils..
190,731
Prof, for inc. taxes
4,760
261,575
1,485,200
Divs. payable
5% debentures
inch
Furn. & fixts., &c.
268,874
17,304
304,311
22,159
Deferred expenses.
17,309
9,468
accrued revenues
1936
$
payable
& accr.
and
Other investments
Accts.
Earnings for 6 Months Ended June 30, 1937
Gross income, less discounts, returns and allowances.
Cost of sales, operating, selling and administrative expense
Provision for depreciation
Development and research expense
Liabilities—
$
353,389
436,218
In
1937
1936
$
Cash
affil. cos
Balance at Dec. 31.
$731,207
Comparative Balance Sheet June 30
2,214
1937
Total
Loss
$1,525,470
266,028
funded
on
debt, &c
Prov. for Fed.,
$1,576,188
38,000
$554,693
1935
$1,542,587
247,074
5,523
500,406
$2,468,940
23,866
256,036
10,348
486.643
1937
$1,654,491
Years End. June 30—
34,241
9,623
4H% debentures. 8,533,000
1st cum. 6% pref. 5,000,000
197,041
414
150,000
1,843,800
8,583,000
5,000,000
Non-cum. 6% part
y
K Profit from operations
Profit from British affiliate and miscellaneous income.
$313,353
47,325
x$266,028
x Equals
29.8 cents a share on 893,089 shares of stock outstanding
June 30, 1937, as compared to earnings of $224,096 for the six months
ended June 30, 1936, equivalent to 25.4 cents a share on 883,284 shares
then outstanding.
Total
1936
Cash.
Accts.
Accts. payable, ac¬
crued int., &c__
362,611
Postage meters
10,775
11,206
391,313
338,447
3,343^883
1,326,018
518,038
10,277
Fixed assets
518,038
23,609
Patents,
goodwill,
development.
Deferred charges.
x
88,252
.$5,342,765 $5,089,2611
y
406,526
347,286
1,670,898
1,752,819
14,420
1,278,019
1,700,083
1,696,818
14,997
1,182,717
Z)rl7,307
...
Capital stock
Capital surplus...
x
Earned surplus
&
Dr25,390
Capital stock in
treasury
Total
$5,342,765 $5,089,261
$1,120,331
834,106
62,879
28,521
Cost of sales, exclusi ve of depreciation
Selling, adminis. & general exps., excl. of deprec
Provision for depreciation.
Net operating profit.
Sundry income
$194,825
215
Net income before Federal taxes on income
Prov. for Federal income tax (normal) & excess profits tax.
$195,040
33,000
.
Net income
Earned surplus as at June 30,1936
Adjustment of book inventory (prior years) made at Dec.
1936, based on physical quantities then determinedProv. for Fed. inc. & excess profs, taxes applic. thereto
$162,040
113,197
44,167
Dr8,300
Total
$311,104
185,000
4,000
Earned surplus, June 30, 1937
Earns. per share on 100,000 shs. capital stock
$122,104
$1.62
-
Balance Sheet, June 30, 1937
Liabilities—
hand
$293,190
Inventories
Prepaid expenses.
78,035
350,595
11,610
Prop., plant & equipment.
....
.
x502,913
Accounts payable
Accrued
expenses
Prov. for contingencies
Prov. for Fed'l taxes on inc...
Res. for relining furnaces
Capital stock (par $10)..
Earned surplus
Total
x
After
.$1,236,343'
reserve
Total.
for depreciation of $224,910.
Puget Sound Power & Light Co, (& Subs.)—Earnings
1937—Month—1936
1937—12 Mos—1936
$1,341,699
$1,226,831 $15,941,069 $14,364,689
473,635
454,574
6,154,782
5,442,098
112,397
78,767
1,037,336
826,766
al70,227
171,795
al,922,069
1,780,356
Period End. July 31—
Operating
Operation
revenues.
_
_
Taxes
Net oper. revenues.
$585,440
22,336
Balance
.
.
$521,695
58,291
$6,826,882
376,426
$6,315,470
557,256
$607,775
320,836
_
Non-oper. inc. (net)
$579,986
318,938
$7,203,308
3,855,046
$6,872,726
3,870,155
$261,047
$3,348,262
$3,002,570
Balance
$286,939
Appropriations for retirement reserve.
a
$47,365
6,574
4,000
41,300
15,000
1,000,000
122,104
.$1,236,343
1,496,960
1>412'192
$1,851,302
550,000
1,583,970
$1,590,378
500,000
1,583,970
$282,668
J
Deficit.
$543,592
No provision has been
profits, since
any
made for the Federal surtax on undistributed
liability for such tax cannot be determined until the end
of the year.
Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬
mission system of accounts, hence previous year's figures are not exactly
comparative.—V. 145,
p.
1597.
Puget
Sound Pulp & Timber Co.—Stock Offered—
Bankamerica Co., San Francisco, offered on Aug. 7, by
of a prospectus, a new issue of 125,000 shares of 6%
pref. stock, cumulative ($20 par), priced at $25
share plus accrued dividends from July 1, 1937.
means
31,
Dividends paid
Provision for contingencies
on
% of the principal amount of the fifth series and 4% of the principal
series, upon presentation at the New York office of
1433.
the trustee.—V. 145, p.
Prior preference dividend requirements
Preferred dividend requirements
Earnings for Year Ended June 30, 1937
Net sales
receiv'le—Customers__
Corp.—Payments—
Co., as trustee for the fifth and ninth series,
of these bonds may receive payment in cash at the
Balance
Pittsburgh Metallurgical Co., Inc.—Earnings—
Assets—
owners
Int. & amortiz., &c
894,489 shares (no par) in 1936 (880,489 in 1935).
y 6,401 shares at
8,422 shares at cost in 1935.—V. 145, p. 1271.
Accts.
that
Maintenance
cost in 1936 and
Cash in banks &
Prudence-Bonds
Bank of the Manhattan
$84,497
103,674
deprec. &
obsolescence
1.782,407
foreign sub..
Total
$133,715
Adv. meter rentals,
&c
Res. for
on
rental service
Inv.
x
Represented by 446,298 no par shares in 1937 and 264,227 in 1936.
Being the net profits on sale of securities and discount on debenture
1933.—V. 145, p. 129
Federal, State and
foreign taxes
sundry debtors.
1935
1936
$457,602
269,321
Rec. from
,
1,556,238
.27,624,959 27,848,072
redeemed since July 1,
rate of 2
Liabilities—
399,640
officers,
employees
and
1,645,796
Total
amount of the ninth
1935
§375,906
292,931
receivable.
Inventories.
5,008,700
27,624,959 27,848,072
announces
Consolidated Balance Sheet Dec. 31
Assets—
Common stock..
5,000,000
510,918
5,006,660
Earned surplus
y
Net profits
reserve..
x
$289,782
23,571
Profit before provision for taxes
Provision for income taxes (excl. undistributed profit tax)
Special
5,000,000
495,196
preferred...
conv.
per
Proceeds of the sale will be used by the company to complete payments
property previously acquired and for the erection of a new sulphite
pulp mill thereon, which will have an estimated annual production capacity
of 40,000 tons of puip.
The site for the new mill is located in Bellingham,
Wash., and will be directly connected with the company's present Belling¬
on
ham mill.
Company was incorp. in Delaware on March 11, 1929.
Company is
engaged principally in the business of logging, and manufacturing and
selling unbleached suiphite wood piup.
The company's pulp wood require¬
ments are obtained partially by means of logging operations conducted on
timber lands owned or controlled by the company in Skagit County, Wash.,
and partially from pulpwood logs and slabs purchased in the open market.
It manufactures pulp at its two mills located in the cities of Anacortes and
Bellingham, Wash.
The company has developed, due to its location and
advantageous freight rates, a substantial export market. In 1936, approxi¬
mately 60% of the pulp output was sold in foreign markets.
The company has no funded debt.
Upon completion of this financing
there will be outstanding 125,000 shares of 6% convertible preferred stock
and 249,792 shares of common stock (no par).
Volume
Financial
145
1751
Chronicle
According to the prospectus, net income, before income taxes, for the
five months ended May 31, 1937, amounted to approximately $187,849.
June and
reports net income, before income taxes, of $68,910 for
$66,998 for July, 1937.
These figures for the two months of
June and
July of $135,908 compare with $187,849
The
company
Buffalo, Roch. & Pitts. Ry. Cons. Reg. 43^s, 1957
Stanley-Rowland-Clark 1st 6s, 1946
Lehigh Coal & Navi. Cons. "A" & "C" 4^s, 1954
Lehigh Valley Coal 6s, 1938
Republic Natural Gas 1st 6s, 1954
reported for the first
five months of the year.
.
The 6% convertible preferred may at any time be converted into shares
of common stock as follows:
Prior to July 1, 1938, at the rate of \y%
shares of common for each share of 6% convertible preferred stock; on or
,
,
A
after July 1, 1938, and prior to July 1, 1939, at the rate of 1 \i
for each share of 6% convertible pref.; and on or at any
common
July 1, 1939, at the rate of 1 1-9 shares of common for
convertible preferred stock.—V. 145, p. 1271.
shares of
time after
each share of 6%
YARN AIL & CO.
A. T. & T. Teletype
Pullman Co.—Earnings—
[Revenues and Expenses of Car and Auxiliary Operations]
Period End. July 31—
1937—Month—1936
1937—7 Mos.—1936
Sleeping car operations:
Total revenues
$5,410,514
$5,019,016 $36,267,801 $32,166,687
Total expenses
4,558,935
4,310,757
31,892,643 29,165,011
-
Net
$851,580
revenue
$4,375,159
$708,259
$3,001,676
Walnut
1528
Total
$172,608
139,907
Net
$1,233,622
1,012,039
$1,117,841
883,284
$32,701
Total expenses
$160,575
127,678
$32,897
$221,582
revenue
$4,596,742
1,538,377
$884,280
416,926
i_
Taxes accrued.
Operating income
$467,354
$741,156
318,825
x
$2,586,991 $2,586,991
Capital stock
Accts. & bills pay.
145,486
61,147
1,039,134 Other curr. liabils.
112,325 Unearned income.
118,907
29,680
13,446
35,880
143,507
Inven¬
1,293,007
90,386
Deferred
buildings,
$234,558
revenue.
Total net
yLand,
$3,236,234
1,645,858
$43,660
mach'y & equip. 1,463,550
Def'd paym'ts, &c.
30,266
1,552,894
21,995
liabilities
x
Capital surplus
$2,916,458 $2,770,010
$3,058^65
$1,590,377
111,045
surl5,748
$2,916,458 $2,770,010
Total
Represented by 200,000 no par shares class A stock
y After depreciation of $378,129 in
143, p. 2535.
shares class B stock,
$422,331
8,610
38,000
13,119
Time notes pay
Deficit-
Total
1936
1937
Liabilities—
1936
1937
$39,248
Accts. rec.,
tories, &c
operations:
revenues
Philadelphia
Consolidated Balance Sheet March 31
Assets—
Cash,
Investments
Auxiliary
Phila. 22
—
Street
and 15,000 no par
1937 and $290,315
in 1936.—V.
—V. 145, p. 1113.
Royal Dutch Co.—Makes Exchange Offer—
Corp. of America—Edward F. McGrady Appointed
Director of Labor Relations—
Radio
General James G. Harbord, Chairman of the Board, on Sept. 7 announced
the appointment of Edward F. McGrady, former Assistant Secretary of
Labor, as Director of Labor Relations for this company.—V. 145, p. 953.
of the 4% dollar loan Oct. 1, company is willing
exchange coupons payable after Sept. 26, 1936, on the same basis as the
previous offer regarding principal, namely, for each $1,000 coupon one 4%
debenture of 2,500 guilders, bearing interest from Oct. 1, plus warrant as
already in circulation.
This offer holds good until Sept. 30, inclusive.—
V. 145, p. 954.
In view of the redemption
to
:
"x
,!V.y:':-
-:'v
_■
■•••'
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
July 3, 1937 June 27,"36
$25,197,132 $24,553,322
21,897,626
21,794,403
Income from admissions, rents, &c
Costs, expenses, &c
$3,299,506
318,068
___
Total income
Interest and discount
Depreciation, Ac
Loss
on
$2,758,919
335,105
$3,617,574
1,004,207
756,163
Profit
Other income
$3,094,024
1,050,578
744,330
14,933
13,390
174,966
55,727
4,785
9,087
69,088
85,568
11,491
228,402
investment and capital assets
Provision for loss of affil. & other
cos.
not consol_
_
Participation of office & employees in prof, of subs.
Trustee's expenses
;
Sundry other charges
Income and excess profit tax
Minority interest
36,631
268,418
559
Roxy Theatres Corp.—20th Century-Fox Gets
Profit
x
Before dividends
$1,448,783
$734,492
preferred stock of Keith-Albee-Orpheum Corp.—
on
V. 145, p. 1433.
Reece Folding Machine
Co.—Earnings—
Earnings for 6 Months Ending June 30, 1937
profit before depreciation
Depreciation
Servicing, selling and general expenses
$53,486
11,093
24,948
Gross
$17,444
1,561
Profit from operations.
Other income
Total income
$19,005
Income deductions.
505
Net income
$18,501
84,735
Balance Jan. 1, 1937.
Total
$103,236
9,071
Dividends
Balance, June 30, 1937
$94,166
Balance Sheet June 30,1937
Safety Car Heating & Lighting
Cash
$9,957
Accounts receivable
44,307
Notes receivable
338
Marketable securities at cost..
30,401
36,716
Inventories
Other
Investments
Accounts
payable
Dlv. payable July 1, 1937
Capital stock
Surplus
$14,649
4,535
2,206
1,000,000
94,160
Machinery, tools & fixtures
Patents
z834,304
reserve
$1,115,556
All but about $1,428,000 of the A)4% series A general mortgage bonds
due in 1950, of which $24,000,000 was offered late in 1935, had been con¬
or
Consolidated Gas & Electric Co.—-Earnings
oper.
approp.
31—
revenues
1937—Month—1936
$620,616
$616,757
(before
for retir. res.)
1937—12 Mos.—1936
$7,755,587
$8,143,115
rev.
3,401,514
4,476
3,253,533
1,454
$3,405,990
1,285,000
$3,254,987
1,255,000
$2,120,990
$1,999,987
.N—_
1937
$318,849
95,431
22,327
24,372
$322,454
88,602
14,814
25,493
provision for deprec.-
$176,719
$193,546
253,997
249,437
259
Dr36
Other income
Net oper. rev. & other
income
(before apfor retirement
$249,402
954.
-Earnings—
6 Months Ended June 30—
Operation
Maintenance
Taxes
(other than Federal income tax)
Net oper. revenue before
Other income (net)
when the conversion rate
changed from 45 common shares for each $1,000
shares for each bond.—V. 145, p. 1434.
common
Richfield Oil
Chase
Bank
announced
that
definitive
4% debentures
due March 15, 1952 are available for delivery in exchange for the temporary
debentures at its Corporate Trust Department, 11 Broad St., New York
City.
organization expenses, est.
but before prov.
$769,216
'
Antelope Copper Mines, Ltd.—Capital Increase—
Shareholders
notified
Sept. 7 that at an extraordinary general
meeting on Oct. 20, the same date on which the annual meeting of the com¬
pany is scheduled, they will be asked to approve an increase in the nominal
capital; to make certain alterations in the articles of association; to capitalize
£3,327,390 out of the general reserve in order to permit a distribution of
two new fully paid shares for each share held, and to convert all registered
shares into ordinary stock transferable in units and multiples of 5s.
Advices concerning the meeting, transmitted to Irving Trust Co., de¬
positary, also stated that at the annual meeting directors will recommend
the declaration by shareholders of the final dividend in respect to the -year
ended June 30, 1937, at the rate of 2s. 6d. an English share, less the British
income tax at the rate of 5s. to £1, making a net amount of Is. 10Md. an
English share, payable Oct. 21 to holders of record Oct. 1.
English shares
will be ex dividend on the London Stock Exchange Oct. 4.—V. 145, p. 1113.
were
Provision for Federal income tax
on
dividends and surplus.
Net operating
profit
$83,158
299
2,990
14,675
3517.
Savannah Electric & Power Co.—EarningsPeriod End. July 31—
Operating revenues.
Operation
Maintenance
_
___.
Taxes
Net oper. revenues.
Non-oper. inc. (net)..
Balance
Int. & amortiz., &c.
Balance
__
1937
$159,467
1936
1935
$5,768
$3,657 loss$142,138
1934
1937—12 Mos.—1936
1937—Month—1936
$175,888
71,956
9,061
al9,278
$159,660
61,302
9,178
17,479
$2,082,515
795,251
114,010
a216,599
$1,875,151
718,065
115,907
205,198
$75,593
4,333
$71,700
1,934
$956,655
15,930
$835,981
22,381
$79,926
31,572
$73,634
31,458
$972,585
378,974
$858,361
402,810
$48,354
$42,176
$593,611
$455,551
237,000
179,166
149,114
60,000
149,115
60,000
$147,496
$67,270
Appropriations for retirement reserve
Debenture dividend requirements
__
Preferred dividend requirements
Balance for common dividends and surplus
Rogers-Majestic Corp., Ltd. (& Subs.)—Earnings—
Years End. Mar. 31—
$64,572
(estimated)
$150,622
49,500
prov.
—Y. 145, p. 1113.
Roan
$131,384
41,218
9,807
4,392
11,395
income-
Interest on unfunded debt
Amortization of debt discount and expense.
—V. 144, p.
of
for deprec., depletion, &c.,
for Fed. inc. & undistrib. profits taxes
$194,197
43,575
45,900
depreciation.
Net income available for
Earnings for the Period March 13 to July 31, 1937
Profit after interest, amortization of debt discount, amort,
Provision for
651
$177,284
Gross corporate
Corp.—Definitive Debentures Ready—
National
1936
564
retired by the sinking fund up to the close of business on Sept. 1,
bond to 40
The
San Diego
Period End. July
for depreciation of
Republic Steel Corp.—Bond Conversion—
verted
15, 1936, and on Aug. 15,
April 14, 1934; 30 cents on,
Oct. 15, Aug. 15 and May 15,
1933.—V. 145, p. 130.
San Jose Water WorksTotal
$167,766.
y After reserve fbr depre¬
ciation of $42,557.
z After reserve for depreciation of $287,733.
a After
reserve for depreciation of $135.—V. 137, p. 1950.
After
Sept. 15 and May 15, 1936; 50 cents on Jan.
1935; 80 cents paid on May 15, 1935, and on
Feb. 15, 1934, and 50 cents per share paid on
Gross income
1,703
$1,115,556 I
Total
share on the corn-
$10, payable Sept. 15 to holders of record Sept. 2.
A like
amount was paid on July 15, last, and compares with dividends of 20
cents per share paid each month previously.
In addition the following extra
disbursements were also made:
50 cents on Dec. 15, 1936; 30 cents on
par
-V. 145, p.
al,510
Deferred operating charges
Milling Co., Ltd.—50-Cent Dividend—
San Carlos
The directors have declared a dividend of 50 cents per
stock,
$254,256
Appropriation for retirement reserve.
xl21,217
y22,512
Office furniture and fixtures..
leasehold mortgage 6% serial gold bonds have been
Oct. 1 at 100M and interest.
Payment will be
of N. Y.—V. 142, p. 2339.
reserve)
12,590
Machines on lease.
Corp.—Bonds Called—
made at the Chase National Bank of the City
propr.
(9,293 shs. ofstk. In own co.)
x
Saks Realty
All of the outstanding
cost
at
Co.—$2.50 Dividend—
dividend of $2.50 per share on the common
no par
called for redemption on
Net
Reserve for Fed. & State taxes
a
value, payable Oct. 1 to holders of record Sept. 15.
Similar
amount was paid on July 1 last.
A dividend of $1.50 was paid on April 1
last; an extra dividend of $1 per share in addition to a dividend of $1 was
paid on Dec. 23 and on Oct. 1, 1936, and prior to this latter payment,
regular quarterly dividends of $1 were paid.—V. 144, p. 3517.
stock,
Operating
Liabilities—
Assets—
Century-Fox
and trustee,
relinquished his stewardship of nearly five years, through which he has suc¬
cessfully rehabilitated a major business enterprise.
The Roxy Theatre has been reorganized under Section 77-B of the Na¬
tional Bankruptcy Act.
The theatre will be operated under a plan whereby
the first mortgage bondholders are to receive 4 % interest for the next 20
years and ultimately, it is expected, 100 cents on the dollar for their invest¬
ment.
The second mortgage noteholders, it was learned, will retain an
equity in the property.
A feature of the reorganization is that the assets of the bondholders are
conserved without any prior lien being placed on the property.
Also, the Roxy, for the first time in its history, is assured of an adequate
supply of first-run feature films, as it obtained a 20-year first-run franchise
for the Twentieth Century-Fox output.
Mr. Cullman was appointed receiver in December, 1932.—V. 144, p.1452.
The directors have declared
x
Control—
The management of the company passed to the Twentieth
Film Corp. Sept. 3, when Howard S. Cullman, as receiver
,
provision has been made for the Fed era 1 surtax on undistributed
profits, since any liability for such tax cannot be determined until the end
of the year.—V. 145, p. 1599.
a
No
Financial
1752
Chronicle
Sangamo Electric Co.—Extra Dividend—
Sept. 11, 1937
Southern
Ry.—Earnings—
The directors have declared an extra dividend of 25 cents per share in
—Fourth
addition to the regular quarterly
dividend of 25 cents per share on the com¬
mon stock, both payable Oct.
1 to holders of record Sept. 18.
Similar
payments were made on July 1, last.
Prior to July 1, last, the companys
stock had been split up on a two-for-one basis.
A dividend of 50 cents was paid on the old stock on April 1, last, and each
three months previously.
In addition, an extra dividend of 25 cents was
paid on Dec. 24, Oct. 1 and Jan. 2, 1936.—V. 145, p. 778.
Gross earnings (est.)
—V. 145. p. 1435.
Company has received sufficient assents from bondholders to approve
Bankruptcy Act, it was
the plan of reorganization under Section 77-B of the
announced Sept. 4.
Southwestern Bell Telephone Co.—Earnings—
Period End. July 31—
p.
620.
Jur^e 30—
Consolidated net 'income
after all charges
Shares
common
Earnings
per
$7,195,231
4,689,876
56,719,106 $49,811,028 $45,854,655
4,305,123
31,863,324
29,463,772
$2,505,355
$2,413,983 $17,947,704 $16,390,883
Operating revenues
Operating expenses
Net oper. revenues—
Corp.—Earnings—
1937—3 Mos.—1936
share
$156,715
109,641
$0.75
$154,824
95,000
$0.84
stock, both payable Sept. 27 to holders of record Sept. 15.
Similar
payments were made on June 30, last, these latter being the initial dis¬
tributions on this stock.—V. 145, p. 620.
common
\
(A. G.) Spalding & Bros.—Earnings—
1937—3 Mos—1936
1937—9 Mos—1936
$5,122,176
$4,656,487 $11,287,659 $10,571,592
10.197,131
10,893,428
4,130,599
4,599,588
357,960
313,326
117,124
106,070
__
Taxes (other than Federal income tax)
—
Costs & expenses
Depreciation and amort-
$416,518
27,558
$80,905
$473,647
$148,506
3,698
22,066
sale cap. assets
foreign exch__
Profit-
Loss
foreign exchange
on
InterestCost
&
of
expense
$43,266
$45,775
45
110
$43,311
6,301
$45,885
6,877
$37,011
21,060
$39,008
25,740
Other income (net)
Total income
__
Provision for depreciationGross corporate income
Interest on funded debt
Interest on unfunded debt
Amort, of debt & pref. stock disc't & expense
Provision for Federal income tax (est.)
Net income available for dividends and surplus—V. 144, p. 3517.
"~7", 354
declared
Loss
14
215
433
1,415
1,835
$14,306
10.260
sale of machine.
on
Profit
was
made of any provision for
regular quarterly dividend of $1.37K a
on the $5.50 dividend prior stock, payable Oct. 1 to holders of record
Sept. 16.
The directors also declared a dividend of 37cents a share
(the regular quarterly rate) on account of arrears on the $1.50 cum. conv.
stock, payable Oct. 1 to holders of record Sept. 16.
After this payment
arrears on the convertible stock will amount to $7 a share.—V.
145, p. 449.
Period End. Aug. 31—
—V.
145,
Spruce Falls Power & Paper Co., Ltd.—Earnings—
Bond interest
Loan interest
Taxes
Prem. & disc,
Net
on
bonds-
loss.
1936
$409,165
531,667
Sherwin-Williams Co. of Canada, Ltd.—Accum. Div.—
The directors
have declared
of $1.75 per share on account
preferred stock, par $100, payable Oct. 1
to holders of record Sept. 15.
A similar payment was made on July 2,
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. 3351.
of accumulations
on
the
7%
a
dividend
cum.
Cash
on
hand
of mat.
856
The company has filed an amendment with the Securities and Exchange
Commission reducing the number of shares of common stock covered by
registration statement to 197,500 shares.
Of this amount, 175,000
shares are to be offered publicly and 22,500 shares are
optioned to under¬
writers.
Originally the company registered 470,000 shares, of which 175,000
be offered publicly, 22,500 shares optioned to underwriters,
optioned to individuals and 200,000 shares outstanding.
The amendment also names A. R. Titus & Co. and T. L.
Chapman & Co.
as additional underwriters.—V.
145, p. 955.
5,000,100
bonds &
Bank
1,422,733
193,972
287,856
Interest
1st
&
int. accrued
$2,908,052
37,270
Total gross earnings
$2,945,322
1,048,610
__
Maintenance
Provision
General
141,760
for retirement
reserve
294,448
349,304
51,800
taxes
Federal A State income taxes,
Net earnings
Interest on funded debt
Interest on unfunded debt
$1,059,400
419,625
5,770
100,329
Cr2,044
Amortization of bond discount & expense
Interest charged to construction
__
Netincome----—V. 145, p. 1114.
Siscoe
Gold
$535,720
Sonoco Products
Co.—Registers with SEC—
8,687
83,810
net
98,308
Wages,
Chicago.
Appropriation for retirement
1937
Gross
income--
Interest charges (net)
Other income deductions
34,100,467 32,560,962
Represented by 200,000
Calendar Years—
no par
&
taxes
452,463
199,715
406,289
9,146,680
300,237
7,907,326
34,100,467 32,560,962
Total
shares.—V. 144,
1936
Operating profit-Depreciation
$2,352,837
1,062,547
112,520
Interest paid
Prov.
for
United
p.
1977.
1935
1933
1934
$1,458,970)
924,231|
131,087}
Not Available
States
income taxes
al60,000
Net earnings
$1,017,771
Divs.
on
partic. pf. stk.
Balance
a
—
$403,652
266,501
$1,708,587
335,335
$2,121,373
439,980
$577,791
$137,151
$1,373,252
$2,121,373
Including $6,100 for undistributed profits tax.
Consolidated Balance Sheet Dec. 31 (Including Sub. Companies)
1936
Assefs—
$
1935
1936
$
Liabilities—
1935
$
$
Cash
756,560
987,120
730,650
756,088
392,696
419,111
11,152,905
b $7 pref. stock... 1,191,000
1,198.900
c Common stock.. 2,681,590
2,681,195
Accounts payable
837,031
711,583
Notes payable
381,253
1,168,807
459,274
459,010
5% sec. serial deb.
406,587
424,935
Drafts
Advs. to
contr.,
$2,064,750
1,176,864
$1,028,163
rec.
planters,
(less
&c.
reserve)
Inventories (mdse.
& mfd. prods.).
supplies)
602,279
463,792
450,120
bonds of
Insurance fund
charges
Fixed prop,
20,000
$888,517
287,057
$601,460
427,292
4,104
pur.
Due
321,000
318,659
385,033
on
pur.
609,551
684,038
110.925
53,092
of
of
SS. Eros
355,398
(net) .20,198,357 20,294,595
821,000
of
Cefalu
on
pur.
SS. Erin
to
335,242
on
Due
Other notes pay.
110,475
5%
sec.
serial
deb. notes
1,157,000
Insurance reserve.
Total
24,782,437 24,748,657
Total
825,000
20,000
Surplus
631
$1,028,768
300,000
Due
SS.
$887,885
604
78,647
160,000
6% deb. notes—
374,346
—__
50,000
tax
Deferred liabilities:
40,766
secur.
171,900
98,108
payable
income
S.
(est.)..
for¬
&
Stock of the corp..
Def'd
U.
604,165
corps
U. S. Govt,
aPart. pref. stockll, 160.410
notes
Inventories (mat'ls
operations.
1936
$2,308,400
1,280,237
$728,768
432,171
6,047
reserve
1,707,083
Company's bankers
Reserves
Total
domestic
Payment will be made at the Continental National Bank and Trust Co. of
Net oper. rev. and other income
(before appropr.
for retirement reserve)
1,795,136
8,065
charges, &c
eign
A total of $64,700 first
mortgage 6% gold bonds, series A due July 1, 1947
has been called for
redemption on Oct. 1 at 105 and accrued interest.
F'Net oper. rev. (before appropr. for retir.
reserve)
Other income-.
41,250
122,611
Accts. pay. & accr.
Stocks &
Southern Colorado Power Co .—Bonds Called—
expenses, maintenance and taxes
25,000
511,07$
&
Crown dues pay.
and
See list given on first page of this
department.—V. 144, p. 1976.
revenues
108,947
bds.
Other accounts
Mines, Ltd.—Output—
August production was $220,472 against $220,814 in July and $208,206
August, 1936.
August recover ' was from 17,724 tons of ore milled inan avera&e
recovery of $12.36 a ton while mill heads averaged
fl2,83 a ton. August tonnage compares with 16,840 in July and 15,358
m August last year.—V.
145. p. 955.
12 Months Ended July 31—
6,000,000
Trade accts. rec—
,
in
Operating
Operating
2,000,000
(sec.).
Standard Fruit & Steamship Corp. (& Subs.)—Earns.
Earnings for 12 Months Ended July 31, 1937
Operating revenues
Non-operating revenues—net
Operation
other
accrued—
mtge.
99,191
bonds
817,360
9,000,000
coupons matured
Prepd. insur., &c_
x
Co.—Earnings—
loans
8,900,000
5,000,100
200.000
445,224
Mortgages
shares
Sioux City Gas & Electric
200,000
.
companies
122,611
,862,722
on
from
526,059
511,076
712,147
rec._
were to
50,000
Common stock.
1st mtge. bonds
Loans
Inventories
Discount
$
7% 2d pref. stock.
Deficit from oper.
pay.
invests.
1936
$
8,900,000
x
16,945
coupons
Accts. & bills
$419,023
1937
Spruce Falls Hous.
Corp., Ltd
Deposit for
$255,050
April 30
7% 1st pref. stock.
30 ,618,555 30,087,836
Other
its
shares
&c_
19,345
Liabilities—-
Real estate, plant,
Expendit. & adv..
(Philip A.) Singer & Bro., Inc.—Files Amendment—
$
23,158
1936
S
Assets—
1934
$241,989
641,667
$148,006
pf$372,136
1935
$354,775
586,667
25.505
439,999
25,625
134,748
188,308
1937
This company announced the'election of Thomas Galbreath and David
as Vice-Presidents.—V. 145, p. 1113.
1937—8 Mos.—1936
$6,667,914
$4,754,081
1937—Month—1936
$703,052
$652,482
1435.
p.
Vice-Presidents
Oarsoa
V.144,
Spencer Chain Stores, Inc.—Sales—
•
Sales.
Balance Sheet
Sharon Steel Corp.—New
loss$83,835
Federal taxes.-
3852.
Years End. April 30—
1937
Net inc. from operations $1,160,817
share
$112,482
$412,181
$424,121
Note—No mention
$11,000
the
19~,85l
57,115
116.522
36,975
17,137
Flood loss
p.
Selected Industries, Inc.—Accumulated Dividend—
have
14",604
$109,653
bus
reorganization
Net operating revenues
$16,501
79,148
67,601
1936
$78,534
22,927
4,034
5,799
on
$408,764
18,712
38,290
7,881
$444,076
9,964
9,991
Operating profit
Other income
Profit on
1937
$75,846
23,482
3,010
6,088
Maintenance
Net sales.
Profit
Co.—Earnings—
6 Months Ended June 30—
$1,687,075 $11,641,813 $11,410,375
$1,636,307
Period End. July 31—
Operating revenue—water
Operation
27,508
4,953,000
6.305",891
145, p. 780.
—V.
Extra Dividend—
Sedalia Water
869,048
Operating taxes
1937—9 Mos.—1936
Net oper. income
$63,127
95,000
$0.40
$48,122
109,641
$0.21
stock—
3,908
723,000
ing property
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the
Directors
200,967
178,398
20,883
25,492
Rent for lease of operat¬
Seaboard Finance
Period End.
1937—7 Mos.—1936
$6,739,989 $49,989,426 $46,055,622
1937—Month—1936
$7,220,723
Operating revenues
Other classes of securities previously assented in sufficient amounts.—
145,
Jan. 1 to Aug. 31
1937
1936
$3,516,943 $89,601,010 $81,640,579
Week August
1936
$3,382,485
Uncollectible oper. rev—
Scullin Steel Co.—Plan Favored—
V.
1937
Period—
5,564,460
5,3~2~7~531
24,782,437 24,748,657
a Represented
by 117,478 shares of no par value (1935, 117,399 shares),
b Represented by 11,910 shares no par value
(1935,11,989 shares). c 268,159 shares par $10 in 1935 (268,119^ shares in 1935).—V. 145, p. 1275,1116.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the Public
Utility Operating Companies in the Stand¬
Gas & Electric company system for the week ended Sept. 4, 1937
totaled 114,407,532 kilowatt hours, an increase of
ard
Netincome
—V. 145, p.
_
-
All of the
on
at
p.
$290,550
$170,064
1274.
Southern Counties Gas Co. of
Calif.—Pref. Stock Called
outstanding 6% preferred stock has been called for redemption
Sept. 30 at $105 per share and accrued dividend. Payment will be made
the company's office, 810 South Flower St.; Los
Angeles, Cal.—V. 144,
2676.
12.3% compared with the
corresponding week last year.—V. 145,
p.
1600,
Standard Steel Spring Co.—Stock
Changes Voted—
Stockholders at a special meeting held Sept. 8 approved three proposals:
1. Reclassification of authorized stock into 12,500 shares of pref. of
$100
2.
par
value and 287,500 shares of common.
common stock from no par to $5 par.
Changing of
Financial
Chronicle
Provisions that P. Rockwell, chairman of the board, be given a oneyear option to purchase 10,000 shares of the $5 par stock at $16.50 a share
and R. O. Enos, President, a three-year option to purchase 10,000 shares
at the same price.
O'Connor &
Volume 145
3.
Immediately following the adoption of these proposals the meeting was
adjourned until Sept. 24 at which time stockholders may approve of the
terms under which the preferred stock will be issued.
These terms will be worked out by underwriters and directors in the
meantime.
Distribution of the recently declared 100% stock dividend is being held
pending the Securities and Exchange Commission registration of the new
$5 par common.
►
up
Earnin gs for the
Year Ended Dec. 31,1936
„
.$4,516,947
Net sales
Cost of sales exclusive of depreciation.
Selling
_
_
expense
—
4,060,824
42,893
General and administrative expense
Provision for depreciation
120,730
128,251
^
164,249
25,490
1753
Sundstrand Machine Tool
Co.—Stock
Offered—Doyle,
Co., Inc., and McGowen, Cassady & White,
Inc., Chicago, on Aug. 27 offered the unsold portion of
22,787 shares of common stock (par $5).
Stock priced at
the market (about $20 per share).
Stockholders of record July 15, 1937 were given the right to subscribe to
the stock on the basis of one common share for each five shares held.
Rights
expired Aug.
14.
History and Business—Company was
lool Co. in Illinois on Oct.
19, 1910, to
carried on by certain individuals.
incorp. under name of Rockford
take over the business theretofore
Company from the first manufactured
and sold special
machinery and machine tools, including lathes.
From 1910
until 1926 the business gradually
expanded and it manufactured and sold
an
increasingly diversified line of products.
On June 23, 1926, name was
changed from Rockford Tool Co. to Sundstrand Machine Tool Co.
On
1937465
about that date company issued 3,000 shares of common stock (par $100)
property and business of the milling machine division of Rockford
Milling Machine Co. (111.), including all machinery and equipment, manu¬
factured products and products in process Of manufacture, &c., patents,
goodwill and intangible assets of said milling machine division.
From and
after said date, the company in addition to the
products theretofore manu¬
factured by it, began the manufacture of
milling machines, grinders and
special machines which had been manufactured by the milling machine
division of Rockford Milling Machine Co., and has continued the manufac¬
ture of such items since said date.
On or about Sept. 1, 1929, company
acquired ah of the assets and business of Rockfora Union Foundry Go.
(111.), which manufactured gray iron castings, in consideration of the issu¬
ance to Rockford Union
Foundry Co. of 7,442 shares of the then common
or
for
Operating profit
Other income (net)
$189,739
Total profit
33,704
Prov. for estimated Federal & State income taxes
Net profit for year
Dividends paid
$156,035
...b240,875
a
a The profit shown above does not inclu*de extraordinary "charges aggre¬
gating $47,290 for flood loss and strike expense, and an item of income of
$10,000 received during the year in connection with the establishment of
new
plant.
b $112,755 of the dividends paid by company during year have been
allocated, for purpose of undistributed profits tax, to earnings of Blood
Bros. Machine Co. for the period (Jan. 1, 1936 to Dec. 10, 1936) prior to
its merger with the Standard Steel Spring Co.
The remaining amount of
dividends paid by company during the year exceeded the net income subject
to undistributed profits tax that will be shown by the Federal income tax
to be filed by the company and therefore no provision for undistributed
profits tax has been made in the foregoing statement.
Balance Sheet Dec. 31, 1936
Assets—
Liabilities—
Cash
12,575
461,102
Reserve..
Total
....53,073,402
I
Standard Oil Co.
prop...
$3,073,402
Total
reserve for depreciation of $1,198,350.
shares.—V. 145, p. 1600.
par
998,560
103,484
145,450
1,030,165
Earned surplus
After
a
23,500
.....
Paid-in surplus
12,396
15,792
Deferred assets
101,205
......
Capital stock..
Surplus from reval. of
1,429,065
Patents
$300,000
371,037
...
b
15,809
Prop., plants A equipment..
no
Accrued liabilities
907,449
Accounts receivable (net)
Inventory...
Other assets
a
Notes payable
Accounts payable
$219,214
Marketable securities
b Represented by 99,856
Corp.]
6 Months Ended June 30—
Gross.
1937
1936
$602,582
206,153
Depreciation and depletion.
Amortization and intangible development costs
Leases and royalties expired
$412,393
60,948
56,839
21,254
$396,429
62,117
119,155
66,192
Other
$273,352
336.133
$148,965
4,590
$609,485
17,452
73,983
$153,555
11,390
12,408
$518,050
$129,757
expenses
__
income.
Interest paid
Federal income taxes.
Net income
144,
p.
3694.
(A.) Stein & Co.
Earnings—
1936
1935
1934
1933
$1,630,345
1,150,065
$1,483,852
1,066,770
$1,339,606
1,008,429
$1,231,491
879,112
$480,280
71,659
$417,082
51,216
$331,177
67,441
$352,378
65,720
$551,940
18,342
a76,000
$468,298
18,056
57,641
$398,617
15,570
45,438
$418,098
90,924
45,720
$457,598
Operating expenses
$392,601
70,759
174,225
$337,610
87.554
116,114
$281,453
91,503
Net profit..
Other income.
Total income
.
Other deductions
Prov. for Fed. taxes
gray
Summary of Net Profit
37,109
352,824
dividends
Balance, surplus.
Earns. per sh. on 240,000
shs. com. stk. (no par)
$67,664
.
$147,617
$133,942
$1.34
$1.75
1935
1936
$189,950
$1.04
$644,262
494,946
558.696
secur.
Inventories...
$0.79
stocks
undistributed profits.
Capitalization—Authorized capitalization
as at March 31, 1937, consisted
par), of which 113,935 shares were
outstanding, exclusive of 1,460 shares held in treasury.
On June 19, 1937,
an amendment to the articles of
incorporation became effective, changing
authorized capitalization to 200,000 common shares (par $5), each out¬
standing share being changed into one share of new common.
The capital
stock liability as per balance sheet of the company as of March 31, 1937,
was $569,675.
This capital stock liability was not changed by the filing
or the amendment but will be
changed by the issuance of any of the 22,787
shares offered on the basis of $5 for each share so issued, so that if all of the
22,787 shares are so issued the capital stock liability of the company will
be increased by $113,935, making a total capital stock liability of $683,610.
of 125,000 shares of common stock (no
Of the consideration to be received for the common shares offered, the
directors will allocate $5 per share to capital account and $15 per share to
Listing—Outstanding shares are listed on the Chicago Stock Exchange.
Purpose—Net proceeds (estimated, after deducting estimated expenses
$11,049, at $399,116) are to be devoted by the company to the fol¬
lowing purposes: $170,902 to payment and redemption of outstanding re¬
deemable promissory notes, series of 1936 (together with an amount neces¬
sary to pay unpaid accrued interest to redemption date);
$100,000 (est.)
for the construction of a building at Rockford, 111.
The balance for the
purchase of machinery and equipment.
Underwriters—An agreement has been entered into between the company
and Doyle, O'Connor & Co., Inc., and McGowen, Cassady & White,
Inc., the principal underwriters.—V. 145, p. 782.
of
Tacony-Palmyra Bridge Co.—Balance Sheet, Dec. 31, '36
Liabilities—
Cash..
$151,192
Accounts receivable-
86
Cost of bridge A approaches.
b Other equipment
a
10,807
Deferred charges
Accrued expenses.
Due to subs
81,574
51,535
7,144
60,226
35,028
14,459
756,786
Employees'dep...
Fed.inc.taxes, est
1
16,232
co.'s stock
on
64,500
6^ % pref. stock..
3,155
1937
$11,875
1,612
1st mtge.
39,516
4Hs, due 1956
24,000
59,436
889,700
1,200,000
of capital
stock
Reserve for contingencies
Location
212,773
621,000
30,882
1
valuation.—.
6,008
77,192
439,600
Common stock.. 1,200,000
Surplus
2,024,827
y
1,901,887
84,242
639,664
16,277
1,
Surplus arising from reduction
Dividends payable
1
Feb.
Earned surplus
984,720
586.055
payable,
5% cum. conv. pref. stock-Prepaid bus tickets
2,179
2,456,000
358,157 Pref. 5% cum. conv. (par $100)
950,000
1 c Class A participating stock.30,000
4,244
Other real estate
Divs.
3,842,400 Accrued accounts
12,950 Res. for bridge painting
$73,946
Co.'s capital stock
& adv. to empl.
x
28,940
27,344
d Common stock
$165,126
15,741
em pi., Ac
Accts.
payable...
A
bonds owned
Due from
6,057
d8,346
34,997
35,689
$29,681
166,136
265,193
1935
1936
506.917
1,253,214
762,040
Invest. In sub. cos.
Unlisted
b Net
Earnings
$3,012
32,576
c44,527
surtax on
Location valuation
Liabilities—
$208,732
Accts. A notes rec.
Inc. Taxes
After all charges but before Federal income taxes,
b After all charges
and Federal income taxes,
c Company was not subject to an excess profits
tax or a surtax on undistributed profits for 1936.
d No provision made for
Comparative Balance Sheet Dec. 31
Marketable
Fed. Normal
Profits
$32,693
198,712
309,720
Cash with sinking fund trustee
Includes $4,250 surtax on undistributed profits.
Cash
Net
a
Calendar Years—
Assets—
Preferred dividends
Assets—
company has manufactured in said
iron castings used by it in the manu¬
of creating, developing, manufacturing and
distributing its products, consisting chiefly of machine tools and special
machines; such as standard milling machines, including Sundstrand "Rigidmil" milling
machines; standard production lathes, both manual and auto¬
matic, including Sundstrand "Automatic Stub Lathes"; double end drilling
and
centering machines, both manual and automatic; tool grinders; link
grinders for railroads; bench centers; a line of hydraulic pumps and control
valves for machine tool feed applications, together with a new line of fluid
motors for machine tool and industrial applications, and also a line of im¬
proved fuel units for oil burner use; pneumatic rubbing machines; balanc¬
ing machines, &c.
Most of the company's machine tool products are cov¬
ered by patents owned
by the company, whereas other products such as
hydraulic pumps are manufactured under exclusive licenses.
)
a
Since said date the
paid-in surplus account.
Calendar Years—
Gross profit from oper..
Common
par).
of its products.
The business now consists
a
$635,364
222,971
-V.
(no
foundry substantially all of the
3 Months Ended March 31—
1936.
(Kan.) (& Subs.)—Earnings—
(Including Coastal Plains Oil
Costs and
stock
facture
$4,379,839
Total..
$4,379,839
Total
a After reserve for depreciation of $280,000.
b After reserve for depre¬
c Represented by 30,000 no par shares,
d Represented
by 24,000 no par shares.
Earnings for the calendar year appeared in the "Chronicle" of Jan. 30;
Y. 144, p. 792.—V. 145, p. 782.
ciation of $11,229.
618,083
Land, bldgs.. ma¬
chinery,
eq., Ac.
Invent, of supplies
Prepaid insur., Ac.
30,405
5,936
Taylor Milling Corp.—Extra Dividend—
12,711
25,153
5,528
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
Advances to sales¬
men,
stock, no par value, both payable Oct. 1 to holders of record Sept. 10.
Ac..
Total...
x
After
$871,182).
$4,050,153 $4,240,689
Total
(S.) Stroock & Co., Inc.—Earnings—
8 Months Ended Aug. 31—
1937
1936
on
$196,560
$161,226
$2.09
Earnings per share
$1.72
93,800 shares capital stock
inopar).
(John R.) Thompson Co.—Acquisition—
....$4,050,153 $4,240,689
deducting $858,263 reserve for depreciation In 1936 (1935.
y Represented by 240,000 shares (no par).—V. 145, p. 622.
Net profit after all deductions, depreciation and
provision for Federal taxes, &c
—V.
A
special dividend of $2 was paid on Dec. 23, 1936.
An extra dividend of
25 cents was paid on Oct. 1, 1936 and in each quarter of 1935.—V. 143#
p. 4170.
Goodwill, patents,
trade-mks., Ac.
145, p. 451.
Thirteen restaurants formerly operated by John Raklios have been ac¬
quired by this company and will be operated as a part of the company's
Chicago area chain of 40 units, it was announced on Sept. 3.
The Raklios restaurants, according to the announcement, were acquired
at the auction conducted by a referee in bankruptcy on Aug. 9.
Although
the consideration was not disclosed by the Thompson company, the latter
will take over the furnishings, equipment and good will of teh defunct chain.
Plans for operation of the newly acquired units, Mr. Thompson stated,
will be disclosed as soon as details have been completed by the company's
Although
department.
engineering
complete standardization of service
require 60 to 90 days, the John R.
has already begun production and
in the former Raklios restaurants will
Struthers
Wells-Titusville
Corp.—Bonds Called—
All of the outstanding first mortgage 15-year 6J^% sinking fund
gold
bonds, due Nov. 1, 1943, have been called for redemption on Nov. 1, next,
103 and accrued interest.
Payment will be made at the Marine Trust
Co. of Buffalo.—V. 145, p. 1117.
at
Submarine Gold Dredging Co
—Registers with SEC—
See list given on first page of this department.
Period End. Aug. 31—
Sales
1937—Month—1936
$487,440
$478,300
commissary
department
distribution of food in the new units.
Addition of the Raklios restaurants, most of which are located in Chicago's
loop, will increase the total of John R. Thompson outlets to 127.—V. 145,
p.
623.
Tubize Chatillon Corp.—Class A Dividend—
a dividend of $1.50 per share on the class A
payable Oct. 1 to holders of record Sept. 11.
A
1, last, and an initial dividend of $1 was
April 1, last,—V. 144, p. 3353.
Directors
stock of the
have declared
company,
like amount was paid on July
Sun Ray Drug Co.—Sales—
—Y. 145, p. 957.
Thompson
1937—8
Mos.—1936
$3,846,014
$3,394,233
paid on
Twentieth
Century-Fox Film Corp.—Acquisition—
See Roxy Theatres Corp. above.—V.
145,
p.
783.
Financial
1754
Chronicle
1934
1935
1936
53,470
$630,546
483,613
129,036
66,093
$86,404
66,263
loss$89,598
13,270
loss$48,196
55,706
$881,865
1,215
134,041
$152,667
1,451
127,434
loss$76,327
6,076
176,590
155,025
27,253
23,614
24,234
$795,131
86,734
Other income.
deductions
deprec. of plant
Amortiz. of patents, re¬
search & develop, costs
Overhead exp. of shut¬
down plant
Prov. for Federal taxes..
207,207
y$482,114
372,547
Net profit after capital zing expenditures of $35,773 deemed to be research
development and patent costs, &c.
z Including $12,271 surtax on un¬
distributed profits.
y
$110,066
$119,337
125,000
payable.
75,500
contracts
Cust. dep. on cont.
for immed.deliv.
64,081
1
61,557
66,452
60,493
Mortgage payable-
9,614
contr. for future
1,232,847
1,212,339
Res. for rebates on
3,611,348
37,124
3,730,600
19,106
Surplus
4,614,470
725,282
$7,100,635 $5,725,545
Total
$7,100,635 $5,725,545
Merch. inventories
84,278
M arketable securs.
Ld., bldgs.,
131,930
$1,200,369 $1,062,890
232,365
Accounts receiv..
291,241
50,000
Mortgage receiv. _
342,523
Merchandise inven
424,445
pat. & good will.
Deferred charges__
Total
b
Thrift Stores, Ltd. (&
Years Ended—
9,479
b Repre¬
par.—V. 145, p. 1275.
Subs.)—Earnings—
Mar. 27 '37
Mar. 28 *36
Operating profit
loss$68,384
Depreciation...
16,945
re closing of Welling¬
ton St. warehouse
8,284
$110,701
loss$l6,442
16,358
30,515
$32,801 prof$80,185
16,709
22,279
8,400
6,300
8,000
4,000
$1,052
$93,613
Ordinary dividends
-Annual
Net
loss
$93,613
86,034
$86,034
6,297,310
115,880
7,349,659
147,374
10,257
$166,753
276,395
$269,261
370,961
$206,008
407,261
46,923
def $11,300
$161,^19
11,129
$87,086
$86,034
(net)
Depreciation
Loss
—
plant and equip't discarded
on
8,702
and
notes
on
of reorgan.
81,162
101,987
Interest on overdue taxes
Amortiz.
x51,909
56,221
6,625
18,854
5,600
36,132
9,393
8,648
(incl.
loans
incident thereto)
expenses
15,646
x50,494
during the year
Interest on bonded debt, incl. amort.
of bond discount
March
Assefs—
18,854
___
Crl.825
Call loans
59,461
36,147
304,754
:
Accts. rec., less res.
for doubtful accs
653,529
...
26,093
11,438
170,586
39,000
Fixed assets
39,000
...
x
Interest
on
Dye Works.
bonded
$143,504
$1,109,996
After
143,
$ 692,288
Total..
for
reserve
depreciation of $124,421 in
1418.
p.
Union Buffalo Mills
120,000
86,034
$692,288
...$1,109,996
1937
596,430
459,262
Real
Notes
Due
Union Wire
13,864
and
Land
Operating profit
557,427
136,148
expenses
$173,876
1,630
/_
Other income
122
$175,506
23,025
_
Provision for income taxes
Net
20,823
income
$131,658
Balance Sheet June 30, 1937
Assets—
1,652,464
and equipment. 4,169,646
Land, mill & tene¬
5,438,788
Cash in banks.
$40,527
Notes and accounts receivable,
Inventory
x
196,982
Investments
413,864
10,177
Fixed assets
y645,089
Divs.
payable
July
1,
Other
Patents
&
Other assets
___
26,605
21,127
109,444
$8,526,790 $9,030,386
Total
$8,526,790 $9,030,386
reserve for depreciation of $5,000,340 in 1936 and $5,577,608 in
Payment deferred and restricted under plan of reorganization,
z Represented
by 1,198 no par shares,
a Represented by 124,858 no par
shares.—V. 144, p. 469.
y
United States Foil
class A and class
B
Co.—12y^-Cent Common Dividend—
common
a
dividend of 12 M cents per share on the
shares, par $1, payable Oct.
1 to holders of
record Sept. 15.
Similar payments were made on July 1, last.
Dividends
of 25 cents were paid on April 1, last, and on Dec. 24, 1936, and previously
dividends of 15 cents per share were distributed each three months on these
issues.
1936
Expenses
109,067
Interest paid
___
Depreciation and amortization
22,763
Estimated income taxes, 1937.
20,823
515
$1,062,804
73,844
10,515
397
1935
$531,644
62,368
7,690
3,567
1934
$516,500
60,863
7,929
5,198
Net
_
200,000
31,159
z568,167
of
N.
Y.
Eskimo
Pie
Corp. notes, mtges., and int. rec__
loss from sales of general port¬
folio securities
Securities
written
367,749
2,537
off
6,624
__
Federal cap. stock & States' taxes
Federal income tax
10,635
.$1,354,373
Total.________
400
3,000
11,072
Settlement of claim for services
Accounts receivable written off
Net
$607,762
reserve
profit from sale of Reynolds
Metals Co. common stock
depreciation of $250,788.
z Represented
by 103,704 no-par shares,
issue, and 74 shares, old issue, exchangeable for 296 shares, new issue.
—V. 144, p. 3196.
Net profit
Divs. on common cl. A and B stock._
for bad debts and allowances of $9,408.
.
2,148
4,271
249,378
Profit...
$1,354,373'
reserve
2,296,785
After
1935.
taxes, interest and insurance
Surplus
After
4,161,933
1
83,602
Deferred charges._
Write-down
Equipment account payable.
Common stock
x
4,161,933
2,855,900
5,126
1
marks
97,500
Oct. 1, 1937 & Jan. 1, 1938.
Accrued
liabilities:
Payroll,
Notes payable, unsecured, due
Dec. 1, 1941
Total
Common stock..
trade¬
Due to officers and employees.
Prepaid exps. & def'd charges.
a
119,800
not
prop,
$55,000
1937,
3,600,000
491,786
ment property..
Total income
Notes payable to banks, unsec.
Accounts payable
6% prior pf. stk.
7% cum. pref. stk.
101,308
used in operation 1,335,342
Copper rollers
463,731
302,496
3,600,000
pref. stock
Deficit
48,685
97,350
151,109
119,800
Queen Dyeing Co.
(par $100)
Calendar Years—
Liabilities—
102,660
z
1,348,722
The directors have declared
Gross income.
Income deductions
1,334,885
Buildings, mach.
x
$867,451
___
_
Selling, general and administrative
1937
freight
1,305,089
stock¬
holders
14,200
water
rights
x
Total
Rope Corp. (& Sub.)—Earnings—
Consolidated Earnings for 6 Months Ended June 30,
Other liabilities.
5,054
2,723
Other assets
Gross sales, less discounts, returns, allowances & outward
Cost of goods sold
1,350,000
Notes pay. to
consol.)___
Cash in release acct.
1276.
54,711
1,250
1,511,019
y
Prlnt&Dye Works
Cash in sink, fund
Union Premier Food Stores, Inc.—Listing & Registration
The New York Curb Exchange has admitted the common stock, $1 par,
56,325
1,062
Loan from RFC_.
Hartsville
by
2,121
76,837
to
creditors
Prov. for Fed. taxes
5,400
(not
1,904
charges..
payable
1935
$225,785
78,769
80,836
estate taxes.
Accrued
certain real estate
and $116,730 in
1936
$212,185
payable.
516,639
tion of liabil. for
120,000
defl 1,300
Accounts
Notes payable and
accrual interest.
pend. determina¬
shs
The directors have declared a dividend of $11.75 per share on account of
on the 7% cumulative preferred stock, par $100, payable
Sept. 23 to holders of record Aug. 31.
A dividend of $2.50 was paid on
July 1, last; one of $2 was paid on April 1 last; $3.25 was paid on Dec. 23,
1936; dividends of $1.25 were paid on Oct. 1, July 1 and April 1, 1936, and
$1.75 was paid on Jan. 2, 1936, and on Dec. 31, Oct. 31, July 2. and Feb. 15,
1934, prior to which no dividends were paid on this issue since Feb. 15,1930
when a regular semi-annual dividend of $3.50 per share was distributed.
—V. 144, p. 4364.
p.
Not including Hartsville Print &
Liabilities—
$156,396
Cash held by RFC
Corp.—Accumulated Dividend—
listing and registration.—V. 145,
y
391,383
_____
Inventories
accumulations
to
$724,470
70,141
1935
1936
taxes
x
only.
notes
receivable.
342,750
342,750
(par$10)
Total
debt
$147,051
and
Accts.
...
Earned surplus
1936.—V.
$796,327
[Excluding Hartsville Print & Dye Works]
Cash
89,888
pref.
$794,611
.
Assets—
(par$25)
7% 2d cumul. red.
conv.
$796,327
$686,771
____
Net loss applicable to outside interests
in Hartsville Print & Dye Works..
Aug.
28.1937
2~037
7~539
163,355
Deferred exp
$686,771
thereof
_________
Consolidated Balance Sheet Dec. 31
6)4% 1st cum. red.
conv.
pref. shs
"
Investments
Goodwill
28, '36
27, *37
$568,659
due
909
minority and preferred stock
interests
& accr.
expenses
note
$793,703
1,250
taxes
Stop & Shop, Ltd.,
Inventory
Prepaid exp., etc..
x
profit
Net loss, before application
March
March
Accts. pay.
$795,077
1,062
$685,709
Net loss, before prov. for inc. taxes
Provision for Federal income undistri¬
Net loss for the year
Liabilities—
28, '36
$88,324
40,000
6L91T
$150,089
March
27, '37
$161,019
613
/
expenses
Pawtucket closed plant expenses
Consolidated Balance Sheet
Cash
$7,301,282
\
Net loss
to
$90,279
3,194
3,721
1934
6,573,946
116,192
«■»«.~«.
Other deductions
$59,810 prof$41,507
119,712
150,089
$1,052
87,086
def $7,579
Total surplus
Income tax & adjustm't.
Report-
yl935
$6,143,929
production, incl. selling, ad¬
ministrative and general expenses.
buted
Previous surplus
Dr9,408541
z56,438
-
.$4,073,560 $4,074,147
Special miscellaneous expenses
Discount on bonds purchase for sink¬
1st pref. dividend
2d pref. dividend
— -
192,590
yl936
$6,523,385
ing fund (H. P. & D. Works)
loss
-
_
_
Total
United States Finishing Co.
Interest
Loss
Net
_
__
depreciation of $1,279,579 in 1937 and $1,496,066 in
Calendar Years—
Mar. 31 '35 Mar. 31 '34
$13,878
14,929
Adjustment.
29,977
y
Due to revaluation of plant account and to operating deficits
Net profit earned (after depreciation)
1936.—V. 144, p. 3522.
y
Taxes
23,562
partly filled ords
5,576,148
Capital stock
954,849
no
Preferred stock
incurred prior to De_. 28, 1935.
z
for the five months ended May 30,
150,000
After depreciation of $789,910 in 1936 and $661,378 in 1935.
a
21,781
1,299,000
1,317,200
2,400,000 12,000,000
Cost of
100,000
sented by 745,372 shares in 1936 (691,039 in 1935)
23,500
$109,050
$160,189
cap.
stock & inc. taxes
$4,073,560 $4,074,147
after reserve for
1936.
for Fed.
Res.
1,316,035
Def. assets & chgs.
x
May 29,'37 May 30,*36
expenses..
Surplus
cost)
Gross income from production
delivery
Research develop.,
742,008
-
(at
assets
Fixed
1,040,353
1,391,997
cost)..
x
15,000
Customers' dep.on
ma¬
chinery & equip.
accr.
Common stock
Invested assets (at
8,983
15,000
Accrued accts
Liabilities—
Accounts pay. and
hand and
on
in banks
7,494
122,361
equip.
rec.
undistributed profits taxes have been
May 29,'37 May 30,'36
Assets—
Total.
Customers dep. on
694
4,424
Ltd.
sold
a
Accounts
$541,771
84,475
.$1,702,610
Accts. receivable..
244,085
capital stock
$56,438
$150,684
Net income
Note—No Federal excess profits on
1935
1936
Liabilities—
1935
1936
Cash
Acct.
28,328
18,740
Federal income taxes.
Condensed Consolidated Balance Sheet Dec. 31
Technicolor,
$121,883
37,116
113,247
Selling expenses
Administrative and general expense
Cash
x$249,396
x$282,608
x$3.472
costs
Officers & empl
,
$372,772
90,101
sales
Condensed Consolidated Balance Sheet
after
Assets—
—
Gross profit on
41,672
zl09,471
capitalizing expenditures of $36,470 in 1935; $30,806 in
1934, and $36,830 in 1933, deemed to be research, development and patent
and does not include $75,424 in 1933 charged directly to surplus
account in connection with termination of Boston lease and sale of equipment,
Loss
Net sales
Cost of sales
incurred by company.
Net profit for the year
Dividends paid
x
29,'37 May 30'36
$3,149,884 $1 >073,704
2,777,112
951,821
May
Period—
$7,510
3,652
187,349
$1,499,845
1,152,764
Other
Year Ended 5 Mos. End.
1933
$832,505
708,012
144,696
69,395
$2,701,229
1,596,519
Gen. & admin, expenses.
270,505
39,073
Selling expenses
sales.
Prov. for
11, 1937
Subs.)—Earnings—
United Paperboard Co., Inc. (&
Technicolor, Inc. (& Subs.)'—Earnings—
Calendar Years—
Net
Sept.
y
After
$440,760
$421,619
80,832
80,963
$521,592
391,410
$502,581
369,688
for
new
Dividends
United Gas
Electric output of system (kwh.)
145, p
1601.
461,994
47,397
47,397
47,397
$98,371
preferred stock
$82,785
$85,496
$0.85
$0.72
$0.70
Improvement Co.—Weekly Output—
Week Ended—
—Y.
on
$607,762
Sept. 4 '37 Aug. 28 '37
91,574,393
89,821,797
Sept. 5 '36
83,759,766
Surplus
Earnings per share
A and B
common
on
combined class
stocks
Volume
Financial
145
of
Balance Sheet Dec. 31
1755
Chronicle
no
par
The dividends will be paid
shares now outstanding.
common
Sept. 30 to holders of record Sept. 10.
The company's stock was recently split-up on a four-for-one basis.
An extra dividend of 25 cents in addition to a regular quarterly dividend
on
1935
$52,083
$47,082
110,848
1,006
Special deposit
Note receivable
Accrued
dlvs.
Dlvs.
13,?i3
677,100
928
1,325
&c
$7,499,804 $7,365,697
and State taxes.
4,652
677,100
Com. class A stock
60,000
Com. class B stock
599,992
599,992
Capital surplus...
1,360
1,150,186
6,053,889
Total
payable.
payable
Accounts
$100,767
213,426
110,848
7% cum. pref. stk.
1,129
960,941
Investm'ts In subs. 6,484,723
Furniture, fixtures,
marketable
securities
—V. 144, p.
$280,000
192,943
payable
Reserve for Federal
and
int. receivable..
Gen'l
Note
^35
1936
Liabilities—
1936
Assets—
Cash
1,077,777
4,607,341
1,077,777
4,511,874
Earned surplus
$7,499,804 $7,365,697
Total
4364.
United States Printing &
Lithograph Co. (& Subs.)1934
1935
1936
Calendar Years—
Net profit from opers. based on com¬
pleted orders (before int., div. inc.,
$682,922
9,048
$584,875
16,135
20,662
147,297
264,493
7,000
75,854
5,176
33,554
97,500
270,067
19,000
Deduc —Int. (other than on funded
debt)
Special commissions
Bonuses.
Interest
on
funded debt
Provision for depreciation
Prov. for Federal income tax (est.)
share
per
$129,287
$24,112
Net income for the year
Earnings
Nil
Nil
on common
$190,815
$0.24
ances,
accts.
held
customers'
Def.
ship¬
936,936
Def. accts. rec__
825,135
1,184,579
99,239
Inventories
1,274,687
31,715
46,808
2,187,837
1
Paid-in surplus
2,499,346
941,153
1,201,212
362,371
341,071
Earned surplus
186,628
.$7,969,587 $8,386,933
After
reserve
for doubtful items,
965,081
1,365,407
227,213
$7,969,587 $8,386,933
Total
b After
Net oper. revenues
reserve
Int. &
for
overruns,
spoilage,
&c.
c After reserve for depreciation of $4,571,440 in 1936 and
$4,559,170 in 1935.
d Represented by 171,256 9272-10,000 shares issued
(less 10,078 62-10,000 shares held in treasury in 1936 and 5,980 62-10,000
shares held in treasury in 1935.—V. 142, p. 4197.
Shipments—
Number of Stockholders—
United States Steel Corp. common stockholders
of record as of Aug. 31,
1937, numbered 158,756, a decrease of 3,125 since June 4,1937.
United States Steel Corp. preferred stockholders of record as of Aug. 2,
1937, totaled 61,826, an increase of 269 since May 1,1937.—V. 145, p. 1277.
Corp.—Protective Committee for
of Holders Under Pro-posed
Reorganization Plan and Appointment of Trustee—
of Public
Utilities
Securities
Co.
and
Webster
Securities
Co.
stock for each
common
are
"Your committee is still dissatisfied with this ratio and intends to insist
of the committee are Cecil
P.
Stewart, George N.
Armsby and Aaron Colnon.
Alfred Turner is Secretary.
The office of the
committee is at 15 Church St., N. Y. City.
corporation.
Capital stock
in their proxies to the committee and stand together in defiance of the general
reorganization committee.
The letter points out that Floyd B. Odium, President of Atlas Corp.,
which owns a large interest in Utilities Power & Light, had sent a notice
preferred stockholders asking that they send their proxies into the general
already had a
committee and stated in his letter that the general committee
majority.
signed by Mr. Shields, Joseph S. Maxwell and Charlton B.
Hibbard, it is alleged that Mr. Odium was mistaken and that the general
committee does not have a majority of the preferred shares.—V.
145,
the letter
1601.
Kamp's Holland Dutch Bakers, Inc.—Initial
and Extra Dividend on New Shares—
The directors have declared an initial dividend of 6% cents per share in
addition to an extra dividend of 6% cents per share on the larger amount
1,171,559
$2,164,001
dividends and surplus
$1,921,428
Company Incorporated—Would Merge
limited to
is
100
shares of $100 par
Toledo, for
value, subject to
,
„
of State of
corporation.
a Michigan
_
,
Incorporators are listed as Norman B. Pitcairn, Frank O. Nicodemus,
Jr., Arthur K. Atkinson, Nat S. Brown and Gustavus Ohlinger.
Wagner Baking Corp. (& Subs.)—Earnings—
(Formerly Pie Bakeries, Inc.)
Dec. 29 '34
Jan. 2 '37
Dec. 28 '35
$546,279
x$651,389
$350,677
4,758
1,099
4,938
169,681
177,650
163,893
Years Ended—
Income from operationsInterest paid
Depreciation^
Federal capital stock tax
4,800
50,126
6,720
33,507
58,012
Federal income tax
Prov.
Profit for
$316,914
564,765
36,360
$313,408
415,796
$847,061
$918,039
$729,204
10.151
10.151
3,128
1,340
4,539
9,735
89.789
26,612
218,613
97,164
20,346
53,808
100,131
157",500
y59,030
35,873
zl6,223
~2~, 400
___ —
assets
•
in¬
Federal
1933-34-.
7% pref. stock
2d pref. stock-common stock-
come taxes,
on
Divs. on
-
Miscell. deductions
Earned surplus end
of
$710,751
$672,615
$705,443
Shs. common stock
104,681
88,681
88,681
Earnings per share
$2.77
$0.27
$2.21
period.
x
for
Includes
4,857
37,746
$1,065,650
Total
Divs. on
$540,732
8,168
176,552
$141,618
705,443
$393,036
672,615
period
Adj. affecting prior yrs._
Divs.
Dec. 30 *33
21,593
for contingencies.
Previous earned surplus-
income
other
of $7,168.
y
z
$2.04
cumulative
dividends
This amount
represents
Includes
1934.
period from July 1, 1932 to Dec. 29,
$564,765
88,681
deficit in capital surplus account.
Comparative Consolidated Balance Sheet
$223,013
$153,112
Jan. 2 '37
Dec. 28 '35
$173,124
25,962
$89,456
153,181
32,478
72,497
81,911
26,994
53,776
1,382,400
Liabilities—
Accounts
reserve
25,962
_
42,708
Drivers' sec. dep_.
743
42,708
Accruals, incl. Fed.
'
----income tax
Res.
__
for conting..
Capital stock—
Cos. com. stk. pur.
and held for em¬
2d
ployees' stk. op¬
47,754
132,729
606,877
plan
Accts. receivable._
tion
Inventories
Bal. due
payable.
Dividends payable
for
div. payable.
Cash
reserve
for
unemployment
compensation
Cash
7% cum.pref.stk 1,195,000
pref. stock.- c262,880
b Common stock
104,681
Jan. 2 '37 Dec.28 '35
Assets—
Cash
110,711
Capital surplus
558,622
Earned surplus
177,023
710,751
a270,080
89,681
5,735
672,615
under stk.
40,962
47,483
31,350
31,350
1,739,504
1,727,322
48,892
.10,534
34,688
purchase plan..
Mtge. & sales con¬
tract receivable,
Property, plant &
equipment
Prepaid Insurance,
advertising, &c_
Cash val. life ins..
x
Urges Solid Front in Reorganization—
r- The protective committee for prefeired stockholders headed by Paul V.
Shields, on Sept. 4 mailed to preferred shareholders a plea that they turn
de
$4,926,320
1,833,333
1,171,620
amendment.
on
equitable treatment for the common stock both before the Court and in the
negotiations with respect to the plan."
The committee also states that the proposal made by Atlas Corp., which
holds $24,000,000 of the corporation's $50,000,000 of debentures, as well
as interests directly and indirectly in the preferred, class B and common
stocks, to effect a reduction of the debentures to about $30,000,000 by giv¬
ing a right to convert them into common stock and through the use of $10,000,000 out of the approximately $26,000,000 of the corporation's working
capital, to leave the preferred stock where it is and to divide 2,400,000 shares
of common stock among the present class A, class B and common stocks,
is sufficiently attractive to common stockholders to deserve further negotiaion.
The Atlas proposal would take the corporation out of reorganiza¬
tion promptly and was conditioned on no trustees being appointed for the
corporation.
The letter of the committee states that the appointment of a
trustee for the corporation was therefore opposed and the committee joined
in taking an appeal from the order of the Court making such appointment
in order to afford an opportunity to negotiate on the Atlas offer, as well as
to save the expense of a trusteeship.
Van
$5,358,954
2,023,333
Incorporation papers were filed Sept. 3 with the Secretary
Ohio for the formation of Wabash RR., with principal offices at
Additional
2,174,258 shares of common stock outstanding
1,128,472 shares of class B stock outstanding.
1 he common stock and
class B stock have equal rights in every respect except as to voting power.
Although the class B stock has the exclusive voting power in the corporation,
this control will be ended by the proposed reorganization.
Under the plan of the Pusco and Webster trustees about $12,500,000 out
of the cash realized by the corporation from the sale of its English properties
would be used to pay off 25% of the outstanding debentures, amounting to
approximately $50,000,000, and holders of debentures would receive 50%
in new debentures and 25% in new 5% cumulative preferred stock.
The present preferred and class A stocks would be changed into new com¬
mon stock,
and a total of 2,559,400 shares of new common stock would
be issued to all present classes of stock.
Out of this total the present com¬
mon stock would receive 144,951 shares under the plan of the Pusco and
Webster trustees and the class B stock would receive 225,694 shares.
Referring to this unequal distribution, the committee's letter states
p.
$400,725
Present Wabash and Ann Arbor Roads—
old class B stock.
In
$6,864,984
1,983,663
Wabash RR.—New
trustees is to receive one share of new common stock for each five shares of
to
$7,117,829
1,758,876
145, p. 1602.
comparative.—V.
and
Committee
$545,960
145,235
end of the year.
surplus
Loss
on
capital
disposed of.
The other members
110,703
$570,808
144,697
15 shares of old common stock, is unfair and
that the common stock should receive at least equal treatment as a class
with the class B stock, which, under the plan of the Pusco and Webster
There
$6,754,281
Dr69,114
on
1937, which is to be considered by the Court next month.
The letter of the committee states that the ratio of the new stock proposed
to be given to the old common stockholders under that plan, of one share of
common
$7,186,944
Note—The company on Jan. 1, 1937, adopted the Federal Power Com¬
mission System of Accounts, hence previous year'« figures are not exactly
July 6
new
$525,446
20,514
a No
provision has been made for the Federal surtax on undistributed
profits, since any liability for such tax cannot be determined until the
Treatment
The protective committee for common stockholders
(Hamilton Pell,
Chairman) has sent a letter to stockholders who had authorized the com¬
mittee to act for them, reporting on the appeal from the order of the Court
appointing a trustee for the corporation and protesting against treatment
accorded to the common stock under the plan of reorganization filed by the
trustees
$587,369
Drl6,561
,
amortization, &c
Balance for
Utilities Power & Light
Stock Protests
1,059,255
1,868,117
the purpose of taking over the assets of Wabash Ry., an Indiana
The articles provide also for taking over Ann Arbor RR.,
See under "Indications of Business Activity" on a preceding page.
Common
1,349,834
a2,155,252
$426,111
Appropriation for retirement reserve
Preferred dividend requirements
returns,
United States Steel Corp .—August
102,488
174,656
__
Non-oper. inc. (net)
2,395,511
2,499,346
held in suspense.
Funded debt
_
Balance
prof, on partially
completed orders
455,220
4,292,266
Deferred charges..
Total
165,506
201,801
$3 cum. pref. stk..
d Common stock.
1937—Month—1936
1937—12 Mos—1936
$1,364,617 $17,255,710 $15,751,397
6,563,679
6,249,744
562,026
$1,499,764
620,464
' 111,224
al80,707
revenues
Balance
1
28,743
.....
Property
Goodwill
a
64,373
Operating
Operation
est.
—
Co.,
Virginia Electric & Power Co.—Earnings—
Period End. July 31—
248,541
1
within
credit
Sugar
Victor Chemical Works—25-Cent Dividend—
ma¬
4,059,453
Investments
c
debt
year
con¬
for
ping instructions
a
193,018
Funded
Camaguey
The directors on Sept. 8 declared a dividend of 25 cents per share on the
696,000 shares of $5 par common stock now outstanding payable Sept. 30
to holders of record Sept. 20.
Dividends of 20 cents were paid on July 31,
last, 18% cents on June 30, last, and 18% cents on March 31, last, on the
621,000 shares previously outstanding.—V. 145, p. 1602.
$280,500
235,271
turing
goods
specific
tracts
837,535
990,130
_
b Finished
$250,000
234,623
Notes
Accounts
accept¬
&
receivable
on
$296,642
$308,134
Notes,
a
payable
payable.
Accrued accounts.
Cash
Subscribe—
of reorganization of Vertientes Sugar
dated April 3, 1936, as amended, and
pursuant to the order of the U. S. District Court for the District of Dela¬
ware, dated July 28, 1937, confirming the plan, holders of certificates of
deposit for first mortgage sinking fund 7% gold bonds, due 1942, of Verti¬
entes Sugar Co. of record at the close of business on Oct. 1, 1937, will be
entitled to receive warrants evidencing the right to subscribe for first mort¬
gage (collateral) 5% convertible bonds.^dated Oct. 1, 1936, and due 1951, of
Vertientes-Camaguey Sugar Co. (the new company) on the basis of $250
of such bonds for each $1,000 of bonds deposited upon payment of $225 flat.
In addition to the rights to subscribe to first mortgage (collateral) 5%
convertible bonds of the new company, the holders of certificates of deposit
will be entitled to receive 50 shares of common stock ($5 par) of the new
company.—V. 145, p. 1120.
and
Taxes
1935
1936
Liabilities—
1935
1936
Vertientes Sugar Co.—Rights to
Under the provisions of the plan
Co.
Maintenance
Consolidated Balance Sheet Dec. 31
Assets—
was paid on the smaller amount of common stock previously
outstanding on June 30, last.
See Y. 144, p. 4030 for detailed record of
dividend payments on old common stock.—V. 145, p. 785.
$691,970
15,235
Total
$576,158
8,716
21,613
145,224
268,326
—
$470,133
4,377
$474,511
bonuses, depreb. & Fed. inc. tax)
Interest and dividend income
of like amount
Total
8,616
.$2,907,576 $2,715,356
Total
$2,907,576 $2,715,356
x After
depreciation of $1,462,250 in 1937 and $1,396,997 in 1935.
Represented by 6,752 no par shares,
b Represented by 104,681% no
par shares in 1937 and 89,689% no par shares in 1935.
c Represented by
6 572 no par shares after deducting 6 shares at cost of $240 to be retired
n 1937.—V. 144, p. 629.
a
Wehle Brewing Co.—Earnings—
1936
T^" 1935
profit.
$1,344,749 $1,216,953
Federal revenue stamps
728,921
687,189
Calendar Years—
Gross
Net gross profit
Sell., shipping & gen. & admin, exps..
Miscellaneous deductions (net)
Provision for taxes
Net profit
1934
$1,095,098
631,386
$615,827
394,083
27,507
y60,582
$529,764
341,773
25,558
24,037
$463,712
277,679
27,187
22,681
$133,656
x$138,395
$136,164
x Subject
to possible State tax of approximately $3,500 under revised
Connecticut statutes, now under review,
y Including surtaxes.
1756
Financial
Chronicle
Balance Sheet Dec. 31
Assets—
a
1935
1936
Cash
$161,060
Liabilities—
receivable
150,048
127,959
Sundry liabilities.
6,257
1,893
96,840
85,162
81
18,815
869,158
24,611
816,602
27,178
Stock
10,017
10,017
b Fixed assets
Deferred charges..
After
a
1935.
cases,
166,656
—
_
Accrued items
c
Reserve
d Common
stock.
d Class B stock
dividend.
10,623
„
69,636
7,717
62,217
500,000
80,240
e58,024
318,982
Total
investments
Total
91,102
.
Surplus
$1,318,074 $1,223,346
Inventories
Organization exp_
$75,305
Taxes payable
on hand
1935
$130,155
Accounts payable-
Federal rev. stamps
Other
1936
Notes payable
$135,718
Accts. and notes
—
31,194
5,860
74,964
52,340
13,808
doubtful accounts of $9,863 in 1936 and $10,254 in
depreciation,
c For
customers' deposits on bottles and
b After
d Represented
class B stock.—V.
by shares of $10 par.
145,
e
Payable Jan. 4.
Period End. Aug. 31—
1937—Month—1936
1937—8 Mos.—1936
$5,601,763
$5,230,528 $44,113,675 $40,676,261
Waverly Oil Works Co.—Earning
May 1,
Period—
Sales, net of returns and allowances.
Cost of merchandise sold
_
'36
1,
Dec.
to
1,
'36
to
$236,422
207,742
$28,680
2,763
loss$l1,734
2,718
loss$9.016
3,963
3.998
7,461
6,683
Profit
Other income
Profit
Interest
Insurance
Taxes
Bond discount amortization.
$137,894
97,480
Western
269
019,066
$515,092
Western
hand
$18,149
prof$15,432
April 30, 1937
$45,394
xl35,971
Notes, trade accept. & accts__
Inventories
122,152
Del. charges, lnsur., taxes, &c_
45,547
Land, bldg., mach'y & equip..
y715,797
Returnable drums & containers
18,291
1st mtge.
5J^%
$92,915
129,956
178,900
t. conv. bds
s.
9,073
z74,349
200,000
1935
1934
5,611.062
$7,089,871
5,225,180
$6,363,464
4,759,132
1,727,596
1,752,479
1,573,476
$247,262
$260,139
$112,212
$30,856
14,173
&
admin.
1936
$7,598,797
17,995
25,070
20,324
$261,435
218,940
$278,133
218,940
$137,282
219,964
$51,180
231,507
gen.
sets.
Operating deficit
for
reserve
doubtful
1,131,170
748,212
account
Total
accounts
of
_
Net profit
Interest on debentures.
After
y
Prov.
reserve
for
1937
1936
$336,553
$199,328
10,155
25,400
Other deductions
Provision for Federal income tax.
39,215
54,250
Dividends paid.
152,000
$163,773
81,803
Balance, surplus.
Earnings per share.
$91,088
$3.03
$81,970
$2.05
Profit
1937
Cash
1936
$171,546
Liabilities-
$140,458
Script
accts.
chases,exps.,&c.
$234,881
Notes payable
receiv. & credit's
1936
Accts. pay. for pur¬
577
Customers'
1937
asses,
debit balances..
25,430
Tax stamps State-
17,365
7,966
9,710
996,905
Inventory
856,232
Cash curr. value of
bonuses
Accrued taxes
Divs.
Res.
life Insurance
19,270
16,319
'
Other assets.
14,849
Permanent assets
312,220
25,398
229,034
Pats. & trade mks.
1
46,908
80,505
51,685
payable
24,000
for conting..
34,066
Profit & loss surpl.
105,409
295,917
$35,212
594,611
$41,495 loss$100,655 loss$197.223
543,838
497,758
430,458
15,000
92,036
of prior years
232
tax(sub.cos.)
Total loss
T
Excess of par value over
$559,399
$594,611
$613,413
$627,681
57,895
129,923
cost
6% conv. debs.
purchased & retired._
of
Federal
inc.
tax
10.337
1,343
prior years
Sundry items
Bal., deficit, June 30-
$559,399
$594,611
$543,838
$497,758
x Includes provision of $6,158 for surtax on undistributed
profits.
Note—Provision for depreciation of plant and equipment and amortiza¬
tion of leasehold improvements charged to costs and expenses amounted to
$139,972.
Consolidated Balance Sheet June 30
589,670
589,670
105,409
387,005
6,163
10,732
22,269
1,000
Capital stock...
Capital surplus
x
1
32,352
32,216
6,892
11,082
in
Balance, deficit, June 30
Funds prov. for exps. &
accrued legal fees..—
Exps. in conn, with reorganizat'n proceed'gs
Add.
6,884
10,815
realL
used
not
Net profit
$213,099
152,322
Unpaid pay roll &
of
sales
on
estate
business
Refund
Condensed Balance Sheet June 30
)
Assets—
xl2,808
12,273
Fed. inc.
$243,088
income
of subs
of $303,868.
z Subject
to final adjustment by reason of
Federal income tax examination of replacement fund and
application of
insurance proceeds.—V. 143, p. 2072.
Weinberger Drug Stores, Inc. (& Subs.)—Earning
2,478
1,993
Fed.
for
taxes (sub. cos.)
Minority share in profits
depreciation
Years Ended June 30—
_
Amort, of deb. discount
$1,083,151
$16,724.
(net)
and expense
Other interest
from revaluation of fixed as¬
After
31—
1936
15,000
accrue
Res. for fire loss replacement.
$1,083,1511
Aug.
1937
Net profit from oper.
Other inc.—Int., rentals,
&c.
Res've for contingent liability
Eisaman property
Stock, class A (no par)
Capital surplus incl. surplus
Total
to
$8,146,188
6,087,880
Cost of sales
Selling,
Notes pay., banks (secured)..
Accts. pay., trade & others
Reserve for taxes to
(net)
1
1937
$12,124,198110,498,691
Newspaper Union (& Subs.)—Earnings—
Years End. June 30—
Net sales
Liabilities—
on
—Jan.
$434,365
1.811,046
$2,717
Cash in banks and
y
—Week Ended Aug. 31—
1937
1936
Period—
8,775
Cr 19,066
Maryland Ry.—Earnings—
197
12,096
Net loss
Assets—
1937—Month—1936
1937—8 Mos.—1936
$3,650,000
$2,605,000 $23,130,000 $14,931,000
Gross earnings
—V. 145, p. 1441.
plant
Balance. Sheet
Supply Co.—Sales—
31—
-
—Y. 145, p. 1121.
45
465
improvements
x
Sales
5,373
20,871
expense.
Portion of expense applicable to
Western Auto
Period End. Aug.
$40,458
4 410
undistributed earnings, since it is believed that all taxable
on
income was distributed during 1936 and will be distributed during 1937.—
V. 145, p. 279.
$40,413
$31,442
9,336
8,408
14,145
Expenses
$98,528
110,262
$220,196
respect of all Federal income tax liabilities.
The provision for the seven
months ended July 31, 1937 is as determined by the company.
No pro¬
vision has been made during the 12 months ended July 31, 1937, for the
Apr. 30 '37 Nov. 30 '36 Apr. 30 '37
$1,109,396
$468,917
$640,479
872,975
370,389
502,586
Manufacturing profit
income
Note—The provisions for Federal income tax to Dec. 31. 1936 are as de¬
termined by the company's income tax consultants, who have advised that,
in their opinion, adequate provision has been made to Dec. 31, 1936 in
Federal surtax
'36 May
to
$514,043
224,000
45,079
5,747
19,021
Provision for Federal income tax
Net
—V. 145, p. 1120.
Depreciation
Gross income
Interest on funded debt—
1937 in
Walgreen Co,—-Sales—
Sales
$489,870
24,173
Amortization of debt discount, premium and expense.
Miscellaneous interest—net
137.
p.
before provision for Federal income tax
N et earnings
Other income.
292,594
$1,318,074 $1,223,346
Co.—Earnings—>■
Earnings for 12 Months Ended July 31,1937
Operating revenues
:Z
$1,144,985
Operation
352,322
Maintenance and repairs
61,247
Provision for retirements & replacements in lieu of depreciation.
87,467
Taxes (other than Federal income tax)
154,078
500,000
for
reserve
Sept. u. mi
West Virginia Water Service
Assets—
1937
Cash
Receiv'ls (less
Liabilities—
1936
$509,745
1,047,950
$521,117
Accounts
1937
payable-
$247,439
1936
150,000
$301,143
836.243
Note payable
Accrued liabilities.
245,411
199*953
Life lnsur. policies.
197,686
183,333
Prov.for Fed. taxes
Other assets
333,379
519,925
12,663
(subsidiaries)
6% conv. debens.. 3,650,000
3,650,000
prepaid accounts
Plant and equip.
182,224
174,246
Minor. Int. In cap.
Bros., Brower Co.—Earnings—
(book values)
Organiza. expenses
1,196,394
1,220,562
67,693
67,693
Earnings for Year Ending July 31, 1937
Goodwill,
Deferred assets
Total
$1,582,009 $1,327,689|
Represented by 80,000 shares of
x
Inventories
Total
no par
$1,582,009 $1,327,689
value,
y
Less
reserve
Deferred charges &
for depre
ciation of $168,200 in 1937 and $138,975 in 1936.—V. 144,
p. 4365.
Weisbaum
x
___
Net sales
$2,020,505
203,140
1,174,524
8,685
3,435
12,764
Inventory Aug. 1, 1936
Purchases
Maintenance and repairs-
Depreciation
Taxes—State, county and social security tax.
Rent and royalties
Factory wages
Other manufacturing expenses.
Inventory as of July 31,1937
ready-
print lists, &C-. 3,948.807
245,419
78,937
3,185
$275,844
44,944
*
Total
$320,788
..
_
133,491
excess-profits and undistributed
36,802
Net income
$150,496
90,000
Dividends paid
common
stock
$1.00
Balance Sheet July 31. 1937
Assets—
Cash
on
Earned deficit
Treasury stock
Notes receivable
8,905
Accounts receivable
xl77,7S2
Advs. to employees <fe salesmen
Inventories.
Cash surrender
on
2,902
315,889
value life
ins.
000
61,620
Goodwill
_______
Prepaid taxes
;
After
y 115,030
1
2,893
$S49,9101
Total
reserve
rent portion)
Accounts payable
$7,005
154,528
83,945
Accruals
for
pay.
secured
purchase
due June 1,
Less
1,500,000
2,251,710
1.076,273
ap¬
31,147
31,147
559,399
594,612
Dr194,992
$8,499,233 $8,508,504
of
by
mtge.
real
$8,499,233 $8,508,504
until
common
stock in treasury (per contra) is resold or retired.—V. 143,
1733.
Western Public Service Co.
Period End. July 31—
Operating
revenues
(& Subs.)—Earnings—
1937—Month—1936
$193,250
$200,284
Operation
Maintenance
93 262
13,058
al5,834
Taxes
Net oper. revenues._.
$71,095
Non-oper. income (ntt).
Dr885
$70,210
30,928
Balance
$39,282
Appropriations for retirement reserve.
99,462
9,145
16.472
$75,205
9,022
1937—12 Mos.—1936
$2,157,633
$2,087,896
1.097,219
1,098,30.3
142,799
112,149
al98,744
187,274
$718,870
Drl 1.077
$690,170
58,582
$84,227
31,018
$707,793
350.386
$748,752
349,927
$53,208
$357,407
226,727
$398,824
221,542
$130,680
119,451
$177,283
119,452
$11,229
$57,830
Balance
estate
1941
Common stock (par $1)
Paid-in surplus
Earned surplus
Total..*
reserve
V
Int. & amortiz., &c
Notes pay.—secured by mtge.
for purch. of real estate (cur¬
Notes
officers aggregat'g $210,-
Land, bldgs., <fc equip't at cost
x
$164,889
86,005
3,203
for depreciation of $1,299,414 in 1937 and $1,240,125 in
150,000 shares, no par value.
Note—Surplus to the extent of $194,991 is not available for dividends
x
1936.
Balance
Liabilities—
hand & demand depos.
from
praisal of plant,
&c., of sub
p.
Profit before other income and expense
Other incomes
share on 150,000 shares
85,778
Cr315i889
Administrative and general.
Bad debts charged off
per
6,884
surp.
7% cum. pref. stk. 1,500,000
Common stosk.. 2,251,100
Surplus at date of
organization
1,076,273
Surplus
Total....
Earnings
and
of subsidiary
Def. profit on sale
of real estate
y
$603,385
.
3,948,807
28 375
expense
Other expenses
Provision for Federal income,
profits taxes
stock
9,335
292,752
Gross profit
Selling
1,107,748
944,185
res.)
_
Total.
for depreciation $19,017.—V. 145, p. 1278.
Preferred dividend requirements
30,917
150,000
89,181
334,334
$849,910
Balance for
a
common
dividends and surplus
No provision has been made for the Federal surtax on undistributed
since any liability for such tax cannot be determined until the
profits,
end of the year.
Note—The companies
on
Jan. 1. 1937, adopted the Federal Power Com¬
mission System of Accounts, hence previous year's figures are not exactly
comparative.—V. 145, p. 1603.
Volume
Financial
145
Weston
Electrical
Instrument
Chronicle
Corp.—Consolidated
Income Account for the Year Ended Dec.
Balance Sheet June 30—
Assets—
1937
$233,851
counts recelv'le.
466,520
Inventories
1,274,177
Accrued accounts.
333,614
1,037,309
Mdse.
County
51,000
$124,660
23.400
112,282
67,861
26,501
23,329
127,504
136,684
Accounts
$187,738
Notes & trade
ac¬
Fed.
pal securities.
Ltd.,
184,411
194,188
|
,
gencles..
-
Deferred income
London
106,715
183,149
29,437
24,214
for
Res.
of
10,000
__
inter-co.
chin'y, furniture,
fixtures, <fcc
1,450,081
Patents & goodwill
2
1,448,085
17.494
2,500,000
607,153
2,500,000
868,304
2
.
Deferred charges..
...$3,818,849 $3,500,581
Total
Gross income before provision for Federal income tax
Federal income and excess profits taxes
$150,349
20,450
1,150
undistributed profits
on
Net income for the year..
accounts,
and
Total
$342,084
on
on
Remuneration
of
within
matured
700
officers,
one
73,300
118,193
64,266
112,499
98,979
14,376
38,504
72,220
35,612
73,270
$478,283
63,000
4,308
costs.
Balance Sheet Dec.
110,000
Net profit for the year.
Preferred dividends
$506,111
•
84,419
W. Paterson Ltd., pref. dividends
Geo. Weston Bread & Cakes, Ltd.,
3,496
Marketable
(at cost)
secur.
b Notes & accts. receivable..
Inventories
lnvestm'ts
on
2,368
319,499
...
Common dividends
Other investments
c
Property, plant, & equip...
d Intangible asset..,
Deferred charges
4%
from
5,436
206,640
Class A
$198,899
$196,576
dividends in
investments,
y
Including
1935
1936
Liabilities—
all
$382,620
882.251
826,066
Accts. payable and
accrued items..
587,205
425,014
Taxes
29,156
19,891
__
Inventories
Prepaid & deferred
Investments
524,197
278,068
Ltd.,
equip.
paid
53,013
91,720
<fc
and
198,544
28,442
18,000
580.000
Is¬
Pref. shares of subs
42,700
137,600
ac¬
Prov. for equity of
Funded
cos.
com.
shs. of subs
2,675
2,552
900,000
7% cum. prof. stk.
herein consol
359,654
436,648
1
1
Goodwill
5% cum. red.
con v.
pref stock ($100
1,750,000
c
Total..
a
$5,922,788 $5,480,1221
After
1935.
reserve
for
Surplus accts
Total...
depreciation of $963,917
2,146*472
2,146,472
963,216
...
1.065,957
$5,922,788 $5,480,122
in
b Represented by 375,882 no par shares,
c
1936 and $864,259 in
After deducting provi¬
sion for interest in surplus accounts of subs, of common shares, of subs,
herein consolidated in hands of public of $560 in 1936 and $435 in 1935.—
V. 145, p. 1441.
Willson Products,
Inc.—Earnings—
Calendar" Years—
1936
1935
$1,261,264
Cost of sales
796.134
1934
$925,770
565,250
Market
$3,109,729
5,858
555
2,416.850
($10
stock ($1 par)
Total
__
140,800
33,920
225,861
$3,109,729
value
$282,054.
b After reserve for doubtful notes and
accounts of $24,897.
c After reserve for depreciation and depletion of
$696,881.
d Resulting from issuance of class B common stock,
e Amount
reserved for the conversion of class A common stock, being the difference
between the par value of 19,409 shares of class A common now outstanding
and the par value of 22,801 shares of preferred stock issuable upon con¬
version of said 19,409 shares of class A common stock.
Notes (1) The intangible asset represents the total original par value of
class B common capital stock issued, $1,408,000, less $836,850 transferred
in December, 1936, from reduction surplus.
During the same month the
a
total par value of the class B common stock
sales¬
men's guar,
liabilities.
2,812.670
whose bal. sheets
are
56,382
deps
3,259,564
over
price of
quired shs. of
sue
i
58.882
Fixed assets
Excess cost
$470,994
112,765
payable..
Purch. of prop,
Life Insurance pre¬
a
$554,553
133,863
Div., Geo. Weston
items
miums
1935
1936
$468,006
Accts. receivable
stock
10,417
29,988
194,090
com.
Reduction surplus
Earned surplus
180,695
Consolidated Balance Sheet, Dec. 31
Assets—
common
$43,087
7,702
pref.
par)
Class B
y20,076
arrears.
Cash
partic.
($10 par)
non-cum.
stock
Total
Balance, surplus
x Including
income
$363,281 Accounts payable (trade)
265,202 Salaries and wages payable..
98,243 Golden Gate lnternat'l Ex¬
166,689
position subscription pay..
2,732 Accrued taxes
46,872 Customers' sack redemption
account payable
1,252,260
571,150 Street
improvement
bonds
payable
343,298
e
$96,328
preferred dividends
a
31, 1936
Liabilities—
j
Cash and cash items
$464,309
62,946
4,016
year
Reserve for income taxes
6,000
$225,861
Note—Provisions for depreciation and depletion applicable to fixed assets
aggregated $81,853 and have been charged principally to manufacturing
costs.
The total taxes (other than Federal income taxes)
aggregated
$16,107; of this amount $7,816 has been charged against manufacturing
Accrued interest
legal advisors and directors
Reserve for deprec'n..
Int. on funded or other indebtedness
not
$672,871
700
.
execut.
1934
" 1935
x$765,773
1936
x$822,680
,
Earned surplus, Dec. 31, 1936-
Assets—
(George) Weston, Ltd. (& Subs.)—Earnings-^—
110,223
preferred stock, $0.46 per share
common stock, $0.31 per share
class A
.
Calendar Years—
Net operating profit.
Directors' fees..
$128,749
213,335
Earned surplus, Jan. 1, 1936
.$3,818,849 $3,500,581
....
expenses
$124,102
26,247
Dividends
After
521,287
$255,354
131,252
Profit from operations
Other income
Dividends
92,281
73,655
reserves of $28,574 in
1937 and $46,020 in 1936 for doubtful
&c.
b After allowance for depreciation of $1,452,040 in 1937
$1,366,619 in 1936.
c Represented by 27,376 shares class A stock
and 160,583 shares common stock, both of no par value.
The earnings for the six months ended June 30 were published in V, 145,
p. 1279. '
V'/
•
V',.r-:
a
Selling, general and administrative, and other
unconsolld'd
English sub.
Capital stock
Surplus
$776,641
Gross profit on sales
Federal surtax
c
31, 1936
Gross sales less discounts and allowances
Cost of cement sold (incl. packing, shipping, and sack expense)
prof, in Inventory
lnvestm'ts
bLand, bldgs.,ma-
Total
bal.
tax
Reserve for contln-
Co.,
(entirely owned)
Sundry dep. accts.
rec. <fc
inc.
for prior year
Electrical
Instrument
$123,258
payable-
1936 & est. add.
& munici¬
Weston
1936
1937
Liabilities—
1936
Res. for Fed. tax..
Cash
1757
Yosemite Portland Cement Corp.—Earnings—
1933
$965,220
613,540
$650,413
403,374
was reduced to $140,800.
(2) Dec. 21, 1936, company declared effective a plan of reorganization,
was accomplished by reduction of capital and amendment of articles
of incorporation.
Prior to such reorganization, capital structure consisted of an authorized
issue of 250,000 shares of class A common stock (par of $10), entitled to
cumulative preferred dividends at 8% from date of issue, and also to parti¬
cipation with the class B common stock in additional dividends to the extent
of 30% thereof, whereof 221,451 shares (excl. of 13,339 shares of treasury
stock retired under the plan of reorganization) were outstanding; and an
authorized issue of 150,000 shares of class B common stock (par $10),
whereof 140,800 shares were outstanding.
On liquidation, the holders of
the class A common stock were entitled to par plus accumulated unpaid
dividends, the remaining assets to be distributed 30% to the holders of
the class A common stock and 70% to the holders of the class B common
which
stock.
The amended articles of incorporation provide for (a) 270,000 shares
($10 par) preferred stock, (b) 221,451 shares ($10 par) class A common
stock, and (c) 140,800 shares ($1 par) class B common stock. With respect
to dividends, amended articles provide as follows:
(a) The holders of preferred stock are entitled to non-cumulative pref.
dividends at rate of 40 cents per share per year, prior to the payment of
other dividends, and also to the additional dividends referred to in para¬
graphs (b) and (c) below.
(b) Until dividends on the class A common stock at rate of 8% per
from date of issue to Dec. 31, 1936, have been paid, all dividends,
annum
Gross profit on sales..
Sell., gen. & adm. exp
$465,130
215,060
Net profit from opers
Other income (net)
$360,520
165,171
$247,039
135,814
$195,350
6,404
$191,422
11,269
$111,225
4,621
$115,846
to
13
$202,691
1,549
x60,600
37,521
28,770
10.170
$192,990
159,467
Dividends paid
$164,219
79,346
$172,372
48,338
$97,769
19.335
$124,033 ~
$78,434
■
Net to earned surplus
$33,523
Includes Federal surtax
on
$84,873 "
7,907
undistributed profits of $5,200.
Assets—
U. S. Treasury notes
Accounts receivable
a394,910
122,707
303,413
(net)
Inventories
surance
value
life
policies
Accrued items
for Federal & State in¬
come taxes
54,684
Other assets
....
Total
61,491
137.000
$1)
Capital surplus
57,038
t.
Prepaid exps. & def'd charges.
Property, plant & equipment
(after depreciation)
$61,379
21,234
Common stock (par
in¬
Earned surplus
9,509
632,236
529,853
Dr32,623
8,838 shs. held In treasury
270,426
I
Total
$1,410,570
Construction in progress of additional factory buildings is estimated
by the management to cost approximately $300,000.—V. 145, p. 1279.
$1,410,570
a
Wisconsin Public Service Corp.
12 Months Ended July 31—
Gross operating revenue
Net operating revenue and other income
appropriation for retirement reserve)
(& Sub.)—Earnings—
1937
$8,297,718
$7,673,442
3,603,763
3,231,593
928,750
915,833
1,486,203
s
921,109
1936
(before
Appropriation for retirement reserve
Net income after deductions for interest, amortiza¬
tion of debt discount and expense and other
income deductions
—V. 145, p.1122.
(F. W.) Woolworth Co.—Sales—
Period End. Aug. 31—
Sales---
1937—Month—1936
1937—8 Mos.—1936 *
$22,794,904 $23,186,353$181,390,971 $170,814,552
—V, 145, p, 1122*
Ypres Cadillac Mine&, Ltd.—Registers with SEC—
See list given on first page of this department.
Yukon Gold Co.—To
The
directors
have declared
Pay Six-Cent Dividend—
a
dividend
of six
cents
per
share
on
the
capital stock, payable Sept. 24 to holders of record Sept. 13.
A dividend
of like amount was paid on June 22, last, and compares with five
cents
paid on Dec. 31, 1936, and a dividend of eight cents per share paid on
Oct. 21, 1936, this latter being the first dividend paid on this issue since
June 29, 1918, when 2*4 cents per share was distributed.—V.
145, p. 1122
ment of dividends on the class
B
common
stock.
share; Second, to the holders of the class A common stock, unpaid
dividends, if any, to which they are entitled in preference to dividends on
the class B common stock, and Third, the balance to the holders of the class
A and class B common stock, without distinction.
per
Accounts payable
Prov.
(d) The additional dividends referred to in paragraph (c) are limited by
the net earnings
stock.
(e) No part of the surplus existing Dec. 31, 1936, may be used for pay¬
the proviso that such dividends shall not exceed in any year
for such year over the preferred dividends on the preferred
Amended articles also provide that upon liquidation, &c., the assets shall
as follows:
First, to the holders of the preferred stock, $10
Liabilities—
-$197,881
(c) After the payment of the accumulated dividends on the class A
stock, as provided in paragraph (b), all dividends, in addition
the non-cumulative preferred dividends on the preferred stock, to be
distributed 70% to the holders of the preferred stock, and 30% to the holders
of the class A and class B common stock, without distinction.
be distributed
Balance Sheet Dec. 31,1936
Cash
preferred dividend on the preferred stock,
70% to the holders of the preferred stock and 3j% to
common
$201,754
income taxes
surrender
be distributed
to
the holders of the class A common stock.
$250,070
3,520
Income deductions.
Prov. for Federal & State
Cash
in addition to the non-cumulative
$253,590
Total income
x
$351,680
160,258
By virtue of the amendment to the articles, the holders of the outstand¬
ing 221,451 shares of class A common stock became entitled, up to March 31,
1937 (extended to May 31,1937), to convert said stock into preferred stock
on
the following
basis: for each snare of class A common stock, the holder
preferred stock plus one-quarter share of preferred
to receive one share of
stock for each $10 of dividends accumulated and unpaid on the class A
common stock at rate of 8% per annum from date of issue to Dec. 31,1936;
non-voting, non-dividend-participating scrip to be issued for fractional
Dividends accumulated to Dec. 31, 1936, on the class A common
shares.
to $1,721,400, with the result that the holders of the
shares of class A common stock became optionally entitled to
264,486 shares of prefeerred stock.
By Dec. 31, 1936, the
holders of 202,042 shares of class A common stock had elected to convert,
entitling them to 241,685 shares of preferred stock.
In the opinion of
counsel for the company, the 202,042 shares of class A common stock were
retired (and are not subject to re-issue), and the 241,685 shares of preferred
stock (including fractional scrip) were outstanding, at Dec. 31, 1936, and
have been so stated on the balance sheet, although certificates were not
exchanged until 1937. The holders of the 19,409 shares of class A common
stock unconverted at Dec. 31, 1936, are optionally entitled to convert
into 22,801 shares of preferred stock.
Class B common stock had been originally issued to the total par value of
$1,408,000, a like sum being charged to intangible assets.
The reduction
of the par value of the shares from $10 to $1 per share, resulted in decreas¬
ing capital to the extent of $1,267,200. which amount was transferred to
reduction surplus.
Of this amount, $396,430 (being the difference between
the par value of 202,042 shares of class A common stock deemed converted
into preferred stock at Dec. 31. 1936, and the par value of 241,685 shares
of preferred stock, including scrip, deemed issued in exchange therefor)
has been applied to the issuance of additional shares of stock resulting from
the conversion of class A common stock into preferred stock; and $33,920
(being the difference between the par value of 19,409 shares of class A
common stock not converted at Dec. 31,1936, and the par value of 22,801
shares of preferred stock issuable upon conversion thereof) is reserved for
the issuance of additional shares upon the conversion of the outstanding
class A common stock into preferred stock.
The remainder of $836,850
has been applied as a reduction of intangible assets.
The cost of the
reorganization, amounting to $24,108 has been charged to organization
stock amounted
221,451
convert into
expenses.
Accumulated unpaid dividends on the class A common stock aggregated
$129,680 to Dec. 31, 1936.—V. 144, p. 297.
Financial
1758
Sept.
Chronicle
1937
11
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Friday Night, Sept. 10, 1937
Coffee—On the 7th inst. futures closed 1
point higher to
points lower in the Santos contract, with sales of only 40
lots.
The Rio contract closed 3 to 7 points lower, with sales
of 2 lots, or 500 bags.
The Santos contract opened 6 to 9
points higher in the near deliveries, while the distant positions
were 2 to
10 points lower.
Brazilian cables were a shade
lower.
The open market dollar rate over our holidays was
70 reis easier at 15.170 to the dollar.
Rio terme prices at the
close on Saturday were 25 to 200 reis lower than Friday's
close.
Santos "C" contracts were 25 reis higher to 100 lower
at the close.
Havre was % francs lower to 134 francs higher.
Santos to Havre freight rates for October shipment remain
unchanged. On the 8th inst. futures closed 1 point down to
5 points up in the Santos contract, with sales of 41 contracts.
The Rio contract closed 1 point up to 6 points down, with
sales of 23 contracts. Trading was quiet and without feature.
Rio de Janeiro futures were unchanged to 150 reis higher,
while the free market exchange rate was 20 reis improved at
15.15 milreis to the dollar.
It was a local church holiday in
Santos.
Cost and freight offers from Brazil were 10 points
higher to 10 points lower with Santos 4s at from 10.95 to
11.35c.
Not much activity had developed in that direction.
Manizales were offered at 1134c. for September-October
shipment, without sales.
Havre futures were 34 to 134
francs higher.
On the 9th inst. futures closed unchanged to 4 points up
in the Santos contract, with sales totaling 56 contracts. The
Rio contract closed unchanged to 4 points up, with sales of
40 contracts.
Coffee futures improved on trade buying and
covering, some of which might easily have been hedge lifting,
after a lower opening.
The Rio spot month was off 12
points on the issuance of 59 transferable notices.
Rio de
15
Janeiro futures
were
unchanged to 50 reis lower, while in
was unchanged to
100 reis lower.
Santos the "C" contract
The free market exchange rate was 60 reis improved at 15.00.
Santos 4s were reported done yesterday at 11.10c.
Santos
4s
generally
offered at from 10.95 to 11.05c.
Some
than last
week's prices.
At Havre the market was firm at gains of
5 to 6% francs.
Today futures closed 9 to 11 points up in
the Santos contract, with sales of 116 contracts.
The Rio
business
were
was
being done in Africans at better
contract closed 9 to 10
points up, with sales of 32 contracts.
traders attributed buying to arbitrage oper¬
ations against the Havre market, others ridiculed the theory
and saw only trade buying, short covering and possibly
support by the Brazilian Government.
In the early after¬
Although
some
Santos contracts
stood 10 to 20 points higher.
Rio
unchanged to 75 reis higher, while in
Santos the "C" contract was unchanged to 100 reis higher.
The free market exchange rate was 20 reis better at 15.07.
Cost and freight offers from Brazil were unchanged, with
noon
Janeiro futures
were
Santos 4s at 10.95 to 11.35.
Manizales
were
still offered at
1134c. for shipment.
In Havre as a result of the drop in
the franc, prices were 1334 to 14 francs higher
Rio coffee
prices closed
as
follows:
December
6.35
March
6.31
May
September
6.25
July
6.27
_
Santos coffee
March
_
6.43
prices closed
as
9.69
May
July
_9.59
.9.55
10.12
September
10.29
Cocoa—On the 7th inst. futures closed 8 to 10
points net
opening range was 2 points down to 2 points up.
There was very little support to the market throughout the
session, and prices yielded readily to the slightest pressure.
The war scare and its consequent depressing effect on the
stock market made traders wary about making large com¬
mitments on either side.
Sales for the day totaled but 247
lots, or 3,310 tons. London came in 3d. lower on the outside.
No further September notices were tendered.
Local closing:
Sept., 8.15; Oct., 8.16; Nov., 8.20; Dec., 8.25; Jan., 8.27;
March, 8.33. On the 8th inst. futures closed 2 points up to 1
point down. The market was steady but quiet, with further
evidence of support by the leading chocolate interest.
In the
early afternoon prices were up 1 to 3 points, with September
at 8.17.
Altogether 280 notices of delivery were issued, all
of which were stopped by Hershey brokers.
Licensed ware¬
house stocks increased 13,848 bags and now total 1,366,133
bags. Transactions in futures totaled 414 contracts. Local
closing: Sept., 8.17; Oct., 8.18; Dec., 8.27; Jan., 8.27;
March, 8.33; May, 8.40.
On the 9th inst. futures closed unchanged to 2
points down.
Transactions totaled 234 contracts. Trading was dull but the
market was steady.
Hershey brokers were credited with
stopping all of 56 notices issued. Warehouse stocks continued
to accumulate.
An overnight gain of 11,000 bags brought
the total to
1,377,000 bags.
Local closing: Sept. 8.15;
lower.
The
I
Oct. 8.16; Jan. 8.26; March 8.33; May 8.40; July 8.47.
Today futures closed unchanged to 4 points down. Trading
was relatively dull.
Sellers issued 117 additional notices,
all of which were stopped by Hershey brokers.
Altogether
that interest has taken up 2,012 lots of cocoa. Warehouse
stocks decreased 2,600 bags.
They now total 1,375,100
bags.
Local closing: Sept. 8.14; Oct. 8.16; Dec. 8.23;
March 8.29; May 8.36; July 8.43.
Sugar—On the 7th inst. futures closed 1 to 2 points net
higher. Though the market ruled quiet during most of the
session, the undertone was firm, partly because of the
better demand for raws at the basis of 3.50c. coming simul¬
taneously with the fixing of refined prices. New demand
entered from trade and commission house
was
sources
and
prices advanced 1 to 2 points, to close at those levels. Con¬
tracts were supplied through new short selling and hedging.
In the market for raws American was the big buyer. That
company late on Friday bought 16,700 tons of Philippines,
half of which is due at the Panama Canal today, and the
balance on Sept. 19, at 3.50c. delivered. They got another
cargo at the same price, but the details were withheld. Today
Arbuckle bought 3,000 tons of Philippines due Sept. 18 at
3.50c., and at the close about 15,000 or 20,000 tons were
available in positions from late September arrival
through
October. The world sugar contract market closed
unchanged
to 34 point higher.
Trading was extremely light, amounting
only to 47 lots. In London the market was dull, with sellers
asking 6s-. 3%d., equal to 1.09c., f.o.b. Cuba, based on
freight at 27s. 6d. On the 8th inst. futures closed unchanged
to 1 point down.
Transactions totaled 167 contracts. The
market continued its advance, with better demand for both
domestic and foreign contracts.
In the market for raws
National took 7,750 tons of Philippines, due Sept. 24, at
3.50c., unchanged. Cubas were held at 2.63c. before duty.
The world sugar contract closed at 3 to
334 points higher.
In London futures were Id. to 2d. higher, while raws sold at
the equivalent of 1.10c. a
pound. The war threat was re¬
garded as the principal lever in the sugar market.
On the 9th inst. futures closed 3 to 5
points down in the
domestic contract, with sales totaling 438 contracts.
Do¬
mestic contracts were lower on
selling due to fears that
Secretary Wallace would increase the sugar quotas, which
already are considered quite ample, if not excessive. • After
selling off 3 to 5 points, the market in the early afternoon
stood
unchanged to 2 points lower.
However, prices
finally ended at the lows of the day.
Additional sales of
raws were made to refiners at 3.50c. a
pound for sugar due
early in Oct.
In refined sugar the Sucrest withdrew offer¬
ings at 4.95c.
The world sugar market after selling at
1 to 134 points higher, closed
unchanged to 34 point up, with
sales totaling 177 contracts.
Futures were 3 to %d. higher
in London, while raws there were done at about
1.1534c. a
pound f.o.b. Cuba. Today futures closed 2 points down to
2 points up in the domestic
contract, with sales totaling 111
contracts.
Following an easier tone in the raw market, sugar
futures ruled heavy much of the
day.
In the raw market a
distinctly softer tone developed, with Oct. arrival sugars
offered at 3.43c. against bids of 3.40 by
refiners, but only for
certain positions.
The action of Secretary Wallace in re¬
allocating the full duty sugar quotas was interpreted as an
indication
follows:
December
GOODS—WOOL—ETC.
that
he may soon reallocate the unused beet
In the world sugar market prices were 134 to
3 points down, with transactions
totaling 222 contracts.
Selling in this department was ascribed to an easier tone in
quotas.
sugar
the London markbt and
adjustment of differences between
exchange and Cuba over 1938 deliveries.
In London
futures were 34 to 2d. lower.
the
Prices
were as
follows:
July
September
2.37
January
2.33
2.46
March
2.34
December..
2 34
May
2.35
-
-
-
-
-
Statement
of
Sugar Statistics of AAA Covering First
Seven Months of Year—Deliveries
Reported Above
Year Ago
The
monthly statement of
statistics covering the
on
Sept. 1 by the
Sugar Section of the Agricultural Adjustment Adminis¬
tration.
The statement consolidates reports obtained from
cane
refiners, beet sugar processors, importers, and others.
In issuing the statement the
Sugar Section had the following
first
seven
months
of
1937
sugar
was
issued
to say:
Total deliveries of sugar
during the first seven months of 1937 amounted
to
3,964,131 short tons,
raw value.
Deliveries during the same period last
year, in terms of raw sugar value, totaled 3,937,352 short tons.
(The total
refiners' deliveries for domestic
consumption during 1937 are converted to
raw
value by using the factor
1.0571. which is the ratio of refined sugar
produced to meltings of
raw sugar during the years 1935 and 1936.)
Distribution of sugar, in form for consumption, during the period January-
July, 1937,
was as
follows:
in Table 2, less exports);
by refiners, 2,552,176 short tons (deliveries shown
by beet sugar factories, 684,055 short tons (Table
2); by importers, 427,677 short tons (Table 3); and by continental cane
Volume
converted to
These deliveries,
(Table 4),
mills, 71,657 short tons
sugar
value, total 3,964,131 short tons.
raw
hand July 31 were as follows:
Stocks of sugar on
Raw sugar held by
645,813 short
tons; refined sugar held by beet factories, 224,501 short tons; and direct
consumption sugar held by importers (in terms of refined sugar) 132,865
short tons.
These stocks, converted to raw value, equal 1,344,041 short
tons as compared with 1,473,430 short tons on the same date last year.
Such stocks do not include raws for processing held by importers other than
refined sugar held by refiners,
refiners, 278,970 short tons;
refiners.
'
•
obtained
in the administration of the Jones-Costigan Act and Public Resolution No.
109, approved June 19, 1936, which require the Secretary of Agriculture to
the first seven months of the year, were
The data, which cover
determine consumption requirements
and establish quotas for various sugar
The statement of charges against the 1937 sugar
months of the year was released on Aug. 9.
given in "Chronicle" of Aug. 14, page 1124.1
producing areas.
during the first seven
statement
The statistical statement
issued
quotas
[This
Sept. 1 by the Sugar
on
Section follows:
TABLE
REFINERS' STOCKS, RECEIPTS, MELTINGS,
DELIVERIES FOR DIRECT CONSUMPTION FOR JANUARY-
JULY, 1937 a
(In Short Tons, Raw Sugar Value)
Source of
Jan.
Supply
Meltings
Receipts
1,
1937
by Stocks
Lost
Deliveries
Stocks on
for Direct
Consumption
&c.
94,685
47,368
4,642
2,589
0
206
0
64.722
1,452
0
61,676
46,042
100,727
146,719
32
0
0
4,509
64,983
4,509
0
0
0
7,099
61,581
0
0
10,501
0
603
603
0
0
0
199,685 3,280,168 3,191,926
Philippines
Continental b
8,921
36
278,970
Virgin Islands
Other countries
Miscellaneous
.
18
(sweep¬
ings, &c.)
;
-
Total
Compiled In the AAA Sugar Section, from reports submitted on
by 18 companies representing 23 refineries.
The companies are:
a
Forms SS-15A,
American Sugar
Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Colonial Sugar Co.; Godchaux Sugars, Inc.; William Hender¬
was largely in sympathy with the
commodity markets and especially the
weakness
security markets.
DAILY CLOSING PRICES
Sat.
September
October
December.
10.50
10.65
January
OP LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
10.42
10.52
10.67
Holiday
10.42
10.45
10.62
10 72
10.45
10.52
10.52
10.57
10.42
10.42
10.75
10.40
10.57
10.60
10.50
Pork—(Export), mess, $36.12H per barrel (per 200
pounds); family; $35.12H (40-50 pieces to bale), nominal,
per barrel.
Beef: (export) steady. Family (export), $23 to
$24 per barrel (200 pounds), nominal.
Cut meats: Pickled
hams—picnic, loose, c. a. f.—4 to 6 lbs., 19He.; 6 to 8 lbs.,
18%c.; 8 to 10 lbs., 16%c.
Skinned, loose, c. a. f.—14 to
16 lbs., 23 He.; 18 to 20 lbs., 21 He.
Bellies: clear, f. o. b.,
New York—6 to 8 lbs., 25Hc.; 8 to 12 lbs., 25Mc.; 10 to
N. Y.—
25 lbs.,
18%c.; 25 to 30 lbs., 18Hc.
Butter: Creamery, firsts to
higher than extra and premium marks: 28 He. to 34He.
Cheese: State, held, '36: 23 to 24c.
Eggs: Mixed colors,
12
Bellies: Clear, dry salted, boxed,
lbs., 24 He.
18Hc.; 18 to 20 lbs., 18%c.; 20 to
special packs: 16c. to 23He.
checks to
36
36,369
Puerto Rico
This
declines in the -other
on
July 31,
1937
Fire,
42,366 1,313,033 1,256,036
594,791
608,379
584,385
593,451
55,862
543,302
594,483
11,947
Cuba
Hawaii
lower.
16 to 18 lbs.,
.
1—RAW SUGAR:
AND
1759
Financial Chronicle
145
Oils—Linseed oil in tank cars is quoted at
10.2c.
More
inquiry is reported, though little or no buying has yet
occurred.
Quotations: China wood: tanks, nearby 19c.
Coconut: Nov. for'd 4Hc.; Coast Sept-Dec. 4c.
Corn:
West tanks, late Sept., 7c.
Olive: Denatured, nearby
$1.30; shipment, new crop $1.10.
Soy Bean: tanks, West,
Spot 6He.; Oct. for'd 6Hc.; L. C. L. —; Aug.-Sept. 9c.;
Oct. for'd 8c. to 8He.
Edible: 76 degrees 10He.
Lard:
prime 13He.; extra winter, strained 12He.
Cod: Crude,
Japanese 62c.; Norwegian, light filtered 43c.; yellow 44c.
Turpentine: 35H to 39Hc. Rosins: $8.75 to $10.15.
Refining Co.; Arbuckle
Refining Corp., Ltd.;
Sugar Refining & Molasses Co.; National
Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Sugar Refinery; Savannah Sugar Refining Corp.; South Coast Corp.; Sterling
Sugars, Inc.; Sucrest Corp., and Western Sugar Refinery.
b Includes sugars received at refineries In Louisiana from their own sugar mills
and not chargeable to continental quota until marketed as refined sugar.
Imperial Sugar Co.; W. J. McCahan
son;
Sugar Refining Co. of New Jersey;
TABLE 2—STOCKS,
September
7.50@ 7.60
January
October
7.4 @
7.40@
7.44@
March
November
December
PRODUCTION, AND DISTRIBUTION OF CANE AND
STATES REFINERS AND PROCESSORS
Rubber—On the 7th inst.
BEET SUGAR BY UNITED
JANUARY-JULY, 1937
(In Terms of Short Tons Refined
Domestic Beet
Refiners and
Factories
Beet
Factories
249,080
2,992,280
890,208
1,139,288
18,348
3,010,628
a2,595,547
Initial stocks of refined, Jan. 1,
b684,055
3,279,602
645,813
224,501
870,314
1937
Production
Deliveries
31, 1937
Final stocks of refined, July
Compiled by the AAA Sugar Section, from reports
submitted by refineries and
beet sugar factories.
The Department of
Commerce reports that exports of refined sugar amounted to 43,371 tons during the
first seven months of 1937.
b Larger than actual deliveries by a small amount
representing losses in transit, through reprocessing, &c.
TABLE 3—STOCKS,
RECEIPTS AND DELIVERIES OF DIRECT-CON¬
SUMPTION
SUGAR
FROM
SPECIFIED AREAS, JANUARY-JULY,
Deliveries include sugar
a
delivered against sales for export.
1937
(In Terms of Short Tons of
Refined Sugar)
Deliveries
Stocks on
Stocks on
Usage
July 31,
296,006
4,594
88,436
a90,257
330
334,212
4,594
114,468
3,450
Source of
45,123
33,311
15,262
Jan.
Supply
1,
Receipts
or
1937
1937
a52,051
Cuba
0
Hawaii
Puerto Rico
Philippines
5
England.
0
26,362
91
183
269
China and Hongkong
0
125
125
Other foreign areas..
al,960
3,955
5,022
57,796
Total
Compiled in the AAA Sugar
a
Includes sugar
0
-
a893
CONTINENTAL
Deliveries of
to
427,677
132,865
Section from reports and information submitted on
SS-3 by importers and distributors of direct-consumption sugar.
in bond and in customs' custody and control.
4—DELIVERIES
TABLE
502,746
CANE
OF DIRECT-CONSUMPTION
SUGAR MILLS
SUGAR FROM
direct-consumption sugar by Louisiana and Florida mills amounted
71,657 tons, in terms of
refined sugar, during the first seven months of 1937.
Lard—On the 7th inst.
futures closed 12 to 7 points
up.
Reports of a continued good cash demand was a strengthening
factor.
Firmness of corn was also a contributing influence in
the advance.
Hog prices opened steady, but later eased
Prices at the close were unchanged to 10c. below
finals.
The top price reported throughout the
session was $11.70, with the bulk of the transactions ranging
from $9.85 to $11.65.
Total receipts at the leading Western
markets were 49,800 head, against 69,500 for the same day a
slightly.
Friday's
year
ago.
Liverpool lard futures ruled steady and closed
unchanged to 3d. higher. On the 8th inst. futures closed 17
to 22 points lower.
The opening range was 5 to 10 points
lower.
Heaviness prevailed throughout most of the session.
The demand for hogs continued moderately active.
Prices
at Chicago closed unchanged to 10c. lower, th6 top price
registering $11.70.
Scattered transactions were made at
$10.90 to $11.70.
Total receipts for the Western run were
37,500 head, against 47,800 for the same day a year ago.
Liverpool lard futures were unchanged to 6d. higher.
On the 9th inst. futures closed 2 to 5 points higher.
The
opening range was unchanged to 2 points lower.
Subse¬
quently prices advanced 7 to 10 points over the previous
finals, which proved to be the highs of the day.
Chicago
hog prices were 10c. to 25c. higher, with demand moderately
active.
The top price reported was $11.90.
Western hog
marketings totaled 33,000 head, against 36,000 head for the
same day a week ago and 44,000 head for the same day last
year.
spot
Liverpool lard prices were Is. 6d. lower, with the
Today futures closed 3 to 15 points
price 6d. off.
-
_
—
7.44@ 7.46
7.45@
7 51@
»
7.65 @
April
futures closed 25 to 27 points
This market acted in sympathy With the general
rise in other commodity markets when increased nervousness
over the latest turn in international events caused a renewal
of war scare buying in international commodity markets.
Both London and Singapore came in strong, causing a strong
Prices here rose 22 to 27 points higher and
approximately the best prices of the day. Trans¬
totaled 1,710 tons. Outside prices were quoted on a
opening here.
closed at
actions
19c. for standard sheets. Only a moderate
offers were in. The London market showed
spot basis of
amount of c.i.f.
closed barely steady. Singapore
Sept., 18.94; Oct., 18.99; Dec.,
19.21; May, 19.31. On the 8th
points up. Transactions totaled
caused an initial break of 10 to
However, trade interests and a
London firm were credited with absorbing the offerings and
rallying the market. There was a sharp rally in the later
session and prices closed at about the highs of the day. Lon¬
don closed firm, up l-16d. to Hd., but Singapore closed
l-32d. down.
Local closing: Oct., 19.28; Dec., 19.35; Jan.,
gains of l-16d. to H<*-, but
closed firm. Local closing:
19.06; Jan., 19.11; March,
inst. futures closed 29 to 25
330 contracts.
Liquidation
24 points in this market.
19.40; March, 19.50, May, 19.56.
On the 9th inst. futures closed 11 to
3 points down.
The
despite firm foreign markets.
Trans¬
actions totaled 194 contracts.
London was quiet and 1-16
to 5-32d. higher.
Singapore also closed slightly higher.
Local closing: Sept., 19.14; Oct., 19.20; Jan., 19.37; March,
19.44; May, 19.50; July, 19.55.
Today futures closed 3
points up to 2 points down.
The market was firmer today
market
Forms SS-15B and
February
higher.
Sugar as Produced)
Refiners
including switches, 150 contracts.
Prices closed as follows:
Cottonseed Oil, sales,
Crude, S. E., 6He.
was
easier
sympathy with a firmer London market,
advanced 1-16 to 3-16d.
The opening range
in
12 points higher, prices subsequently
points net higher.
Later in the session
where prices
here was 2 to
advancing 8 to 12
considerable selling
developed and most of the early gains were lost.
C.I.F. offerings were more plentiful, but womewhat above
a workable basis.
It was estimated that the United King¬
dom rubber stocks had increased 1,500 tons this week.
Local
closing: Oct.,
19.23; Dec., 19.31; Jan., 19.35; March,
19.44; May, 19.50; July, 19.56.
pressure
Hides,—On the 7th inst. futures
closed 9 to 16 points net
higher.
The opening range was 5 points lower to 5 points
higher. Trading was rather limited most of the day, transac¬
tions totaling 2,500,000 pounds.
Stocks of certificated hides
in warehouses licensed by the Exchange decreased by 2,030
hides to a total of 841,061 hides. No new developments were
in either the domestic or Argentine spot hide
today, prices remaining largely nominal.
Local
closing: Sept., 16.11; Dec., 16.40; March, 16.75; June,
17.08; Sept., 17.38.
On the 8th inst. futures closed 14 to 11
points down.
As a result of scattered liquidation futures
opened 12 to 21 points lower, but the market rallied somewhat
reported
markets
on
improved
outside demand,
stimulated by reports of
Japanese buying in South America.
creased 2,012 hides to a total of 843,073
in futures totaled 58 contracts.
.Local
March, 16.62; June, 16.97.
On the 9th inst. futures' closed
Certified stocks in¬
pieces. Transactions
closing: Dec., 16.26;
*
unchanged to 2 points
down.
Transactions totaled 34 contracts.
Trading was
quiet, with the undertone firm.
Certificated stocks in-
1760
Financial
Chronicle
creased 5,144 hides.
They now total 837,929 hides.
Local
closing: Dec., 16.24; March, 16.62; June, -16.95.
Today
futures closed 31 to 37 points down.
Commission house
selling of hide futures was reported and met indifferent
support, with the result that prices lost 20 to 24 points
during the early part of the session and closed at the lows of
the day.
Transactions totaled 124 contracts.
Certificated
stocks of hides increased 1,944 pieces to a total of 839,873
hides.
Local closing: Sept., 16.93; Dec., 15.88; March,
16.25; June, 16.64.
Ocean Freights—Rates are being
Local closing: Sept. 1.79; Oct. 1.78; Nov. 1.75;
Dec. 1.74J4- Jan. 1.73; Feb. 1.72^; March 1.703^; April
1.70.
Today futures closed 2 points down to unchanged.
totaled
Transactions
trading
158
The
contracts.
feature
the liquidation of October position
was
Dealers and trade interests
mission houses.
of
by
were
the
com¬
credited
with
buying near and selling distant positions. Inquiry for
spot silk was said to be better.
However, spot crack double
extra silk was 3^c. lower at $1.86 a pound.
In Yokohama
prices closed 4 yen lower to 6 yen higher. Grade D silk was
2lA yen higher at 825 yen a bale.
Local closing: Sept. 1.77;
Oct. 1.76; Nov. 1.73; Dec. 1.72^; Jan. 1.71^; March
1.7034
...-V
-Vy
firmly maintained for
be the principal
all kinds of tonnage, and this appears to
reason
for the spotty demand.
Charters
Sept. 11. 1937
at 822 W yen.
■■■
included: Grain
-v,
booked: Ten
loads, New York to Scandinavia, Sept., 25c.
basis.
Three loads, New York, Antwerp, Sept. 14c.
Ten
loads, New York to Rotterdam, Oct. 14c.
Ten loads New
York, Scandinavia.
Nov., 24c. basis, Copenhagen. "Five
loads New York, Scandinavia, Dec., 24c. basis,
Copenhagen.
Twenty-five loads, New York, Antwerp, Rotterdam, Oct.,
14e.
Four loads Montreal,
Antwerp, Sept., 18c.
Trip:
One South American round,
redelivery United Kingdom
Continent, first half Oct., at 12s. 6d. Pacific Coast round,
delivery north of Hatteras, Oct., 10s. 9d. Ore: A steamer,
8,000 tons, 10%, Poti to Baltimore, Sept. 15-30, 24s. Scrap:
North Pacific to Australia, Sept., no rate.
Coal—An
The
of
50c.
a
ton
in
smokeless
coal
recently,
coupled with the approach of colder weather has stimulated
in the coal situation
considerably.
The demand
both wholesale and retail has
already shown a marked
improvement according to factors in the trade. It is stated
by one well-informed interest that the high prices quoted
for the domestic
heating oils has already caused
many con¬
The competi¬
of oil to return to the hard coal fuel.
tion in retail fuel oil circles
apparently has been keen, but
nevertheless the trend from coal to oil has switched and it
is now from oil to
coal, according to this informed source.
sumers
The
ton
Friday Night, Sept. 10, 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 309,808
bales, against 300,222 bales last week and 221,570 bales the
previous week, making the total receipts since Aug. 1, 1937,
1,116,632 bales, against 778,068 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 338,564
.
bales.
improved demand is reported in the coal market.
reduction
interest
egg;
COTTON
new
quotations are $2.70 per ton for lump; $2.80 for
$2.65 for stove and $1.95 per ton for nut; all per net
f. o. b. cars, West
Virginia.
Metals—The report
Houston
Corpus Christi--
are
5% in line with the drop in Australian sales
It is stated that while domestic wool values
are
strong possibility that prices will decline
unless business in piece
goods improves.
It is reported that
wool consumption here has
dropped sharply in the last few
months and the outlook for the next few
months is none
too
good, since clothing stocks are heavy.
Technically, wool is
in a strong position, but an offset is the
uncertainty regarding
the prices that manufacturers will be
able to secure when the
new
season
formally in New York.
awaiting some outbreak
opens
Dealers and mill
buyers alike are
of activity in the
goods market, which is expected the latter half of the month.
are
reported as not aggressively seeking busi¬
ness, but in some quarters an inclination to
consider bids
were
not
acceptable last week is noted, and as part ex¬
this attitude is some easing off in
prices in
Australia.
It is reported that much wool will be
offered in
Australia this month, and the real trend
of price is as yet
planation of
undetermined.
Silk-—On the 7th inst. futures closed 1 to 3c.
lower.
This
market dropped to new low levels for
the later deliveries as a
result of heavy liquidation and short
selling, which in turn
was influenced
by the drastic action of the stock market in
its break of several
points
following receipt of war-scare
Mediterranean and Shanghai areas.
The
local market opened
unchanged to lc. higher, but ruled heavy
throughout
the
session.
Cables
from
Japan reported
Grade D 7 ^ to 10
yen higher at 832 K to 835.
Yokohama
from
closing: Sept., 1.77; Oct., 1.77; Nov.,
1.74; Dec., 1.72^;
Jan., 1-72; March, 1.70^.
On the 8th inst. futures closed
unchanged to 2 points up.
Large trade interests supported
the silk futures market in
spite of the bearish spring cocoon
with
report,
the result
that in the afternoon
prices
unchanged to y,c. higher, with the exception of
Septem¬
ber* which was affected by
liquidation.
The price of crack
i
extra silk in the New York spot market declined 2c.
to $1.86.
On the Yokohama
Bourse, the market was 8 to
were
16 yen
lower.
Grade D silk declined 10
yen to 8223^ yen
bale.
Local closing:
Sept., 1.78; Oct., 1.77; Nov., 1.75;
Dec., 1.73Jan., 1.73; Feb.,
1.72March, 1.72.
a
On the 9th inst. futures closed
lc. up to \y&. down. The
opening range was ^ to 2c. higher, with the market
holding
firm during the forenoon.
Transactions totaled 113 con¬
tracts.
The price of crack double extra
in the New York
spot market
was
advanced y to
Bourse closed 3 to 9 yen
7,786
2,111
3,230
2,638
3", 076
2",304
988
6",592
47,483
8,732
3,230
2,580
1,153
1,406
"460
'384
"260
"320
52,714
54,486
44,141
__
928
2,817
"375
375
2,514
8,439
6,903
1,765
12,400
14,566
6,903
3,189
753
Lake Charles
Norfolk.
__
753
Baltimore
Totals this week
The
40,522
27,435
90,510 309,808
following table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
total since
with last year:
1937
Receipts to
Sept. 10
$1.86^.
higher, with Grade
The Yokohama
D silk
unchanged
Stock
1936
This
Since Aug
Week
1, 1937
This
Since Aug
Week
1. 1936
228,497
85,549
68,659
1937
1936
129,154
493,467
425.047
205,146
108,802
City
50
89", 291
36,409
291",744
49",258
107,795
454",311
315,453
2,691
119,526
28,753
47,483
8,732
3,230
Houston
Corpus Christ!
22,734
11,246
13,264
193,127
15,932
309,427
51,277
13,100
2,214
149,519
375
817
608
12,400
41,649
17,161
209,124
2,074
164.871
28,653
22,687
1,661
47,287
14",566
35~602
13", 203
30,607
42",467
6,903
37,652
8.191
28.698
301
749
3",189
5,929
320
1,998
1,210
39,485
7,918
20,286
52,609
33,022
9,858
23,004
""165
"166
3,372
1,775
'753
"3",391
"183
"2",249
925
700
Beaumont
928
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
•
62",931
8,176
27,188
348,889
97,281
15.687
3,347
179,262
Brunswick
Charleston
Lake
Charles
Wilmington
Norfolk
Newport News—
New York
Boston
Baltimore
Philadelphia
Totals
309,808 1,116,632 271,456
778,068 1,796,926 1,531,761
In order that comparison may be
we
made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1937
1936
85.549
68,659
Houston
89,291
47,483
8,732
12,400
49.258
14" 566
New Orleans.
Mobile.
1934
1935
Galveston
1933
62,931
13,264
17,161
54.481
.29,762
52.482
16,317
22,143
42,097
72,197
19,059
2,763
12,206
13",203
"7",414
lb",893
749
11
Brunswick
Charleston
Wilmington..
3", 189
Norfolk
1932
54,944
105,819
24,907
4,474
11,646
3,403
9,691
34
52.630
11,119
9,466
918
211
320
28,183
74,858
1,387
,
17,441
1,729
1,108
NewportNews
48",598
45,911
32",407
32",268
59* 106
38",900
309,8J8
271,456
215,017
191,728
276,295
235,434
Since Aug. 1__ 1,116,632
778,068
788,208
646,182 1,028,292
881,171
All others
Total this wk.
the
futures gained 5 to 11
yen and the Kobe Bourse 7 to 11
yen
higher.
Sales of cash silk for the two centers totaled
850
bales, while futures transactions totaled
1,700 bales.
Local
crop
389
Charleston
Savannah
news
1~,568
5,462
1,847
Savannah
Wool houses
that
85,549
89,291
36,409
Jacksonville
Texas
Wool—London Colonial wool sales, at which world-wide
values are established, will
open next Tuesday.
Offerings,
it is said, will total 80,200 bales.
Values are expected to
a
17",623
10,620
1~868
Pensacola, &c
Total
15,339
39,553
5,460
928
New Orleans
Mobile.
Galveston
this week.
14,678
4,375
—
covered
fully.
firm, there is
6,886
8,000
5,000
11,348
8,191
6,517
of Copper,
"Indications of Business
Activity," where they
decline about
Wed.
12,932
12",415
Fri.
Thurs.
Tues.
30.658
Mon.
15,272
7,568
7,057
•_
Beaumont
Tin, Lead, Zinc, Steel
and Pig Iron,
usually appearing here, will be found in the
articles appearing at the end of the
department headed
more
Sat.
Receipts at—
Galveston
The exports for the week
ending this evening reach
a
total
of 68,791 bales, of which
7,918 were to Great Britain, 24,967
to France, 15,826 to
Germany, 8,820 to Italy, 2,346 to
Japan, and 8,914 to other destinations.
In the corresponding
week last year total
exports were 66,207 bales.
For the
season to date
aggregate exports have been 359,625 bales,
against 315,436 bales in the
season.
Below
are
Week Ended
Great
Britain
Galveston
France
3,421
2~226
Norfolk
Angeles...
China
Other
Total
200
4,307
8,276
24.297
1,978
10,186
~~97
"208
4,510
1,532
7,343
1,177
4,246
8,958
2,257
Savannah
Charleston
Japan
6,514
9,858
4,483
39
2,111
Total
Italy
2,136
12,647
3,402
Charles___
Mobile
Los
many
6,744
__
New Orleans
Lake
Ger¬
2,174
_______
Corpus Christ!
period of the previous
Exported to—
Sept. 10,1937
Exports from—
Houston
same
the exports for the week.
39
300
600
326
326
"loo
200
7,918
24,967
15,826
8,820
25,157
13,600
Total
1936
5,349
6,698
14,213
1,655
Total
1935
8.102
8,881
3,461
6,720
600
302
8,914
2,346
68,791
12,535
19,234
66,207
59,998
Volume
Financial
145
question of
yield problematical. It was note¬
worthy that as the market approached the 9-cent level
resistance developed, and while December sold down to
9.02c. the list as awhole continued to hold above 9c. Southern
created
Aug. 1, 1936, to
10, 1937
Exports from—
Britain
France
Corpus Christl.
30,344
7,145
12,593
36,575
5,710
13,433
39,527
Houston
_
17,389
4*512
104
1,034
248
1,380
27.752
12,794
34,443
181,435
*3~, 060
"200 10*792
47,427
650
6"497
6,427
__
Mobile
26,427
48,306
2,803
3,740
9,256
2,986
39
6,266
Orleans.
Lake Charles
Total
Other
China
Japan
3,547
100
550
Beaumont
Italy
many
3,299
8,841
Galveston
New
Ger¬
Great
Sept
4,977
1,824
3,001
443
13,426
"*42
70
67
137
505
Savannah
1,723
2,827
1*504
2,228
14,213
Charleston
4,897
642
11,691
Jacksonville.
Pensacola,
..
Ac.
Los Angeles
San
*323
9,559
6,152
1*232
...
""250
3,396
"**420
957
6.005
1,345
Norfolk
1,300
604
200
3,699
200
63,801
359,625
45,137, 315,436
70,731 333,322
40,964
21,702
55,254
15,255
69,608
7551
43,188
37,240
74,902
200
77,082
Total
67,041
88,835
47,978
47,301
Total
1936
81,449
Total
1935
59,760
980
458
522
Francisco.
NOTE—Exports to Canada—It has
been our practice to Include In the
Canada, the reason being that virtually
impossible to give
never
above table reports of cotton shipments to
all the cotton destined to the Dominion comes overland and it Is
returns concerning
districts
on
the same from week to week, while reports from
the Canadian border are always very slow in coming
the customs
In view,
to hand.
however, of the numerous Inquiries we are receiving regarding the matter, wc
say
that for the month of June the exports to the
will
Dominion the present season
In the corresponding month of the preceding season
have been 22,903 bales.
the
14,007 bales.
For the 11 months ended June 30, 1937, there were
262.709 bales exported, as against 217.827 bales for the 11 months of 1935-36.
exports were
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
In addition to above exports, our
On
Shipboard Not Cleared for—
Leaving
Sept. 10 at—
Ger¬
Other
Britain
Galveston
Houston
New
Orleans..
Savannah
France
many
Foreign
wise
6,900
4,473
2,211
3,000
Stock
Coast¬
Great
11.800
5,000
4,866
10,000
10,165
620
6,766
1,819
situation in the trade which makes the
a
the value of the American
Exported to—
From
1761
Chronicle
Total
700
843
531
1,000
34,400
26,801
5,493
4,000
markets
On
9.05c.
was
9th
the
inst.
market opened
10 points
4 to
closed
nrices
It
ment.
steady,
*908
*454
*454
Norfolk
felt
was
in
the East and lower
that
trade
the
Total 1937..
Total 1936
Total 1935
compiled around Sept. 1 helped offset their influence.
Today prices closed 14 to 16 points down.
The chief fac¬
were
tors
values today were clearer weather
the stock market, which com¬
operating against
and
news
break in
severe
a
bined to put prices at new lows for the
current movement.
December touched 9.01, a new low for the season, and the
lowest price since 1933.
The market opened steady 3 to 6
points
lower
the
on
Liverpool cables, more
disappointing
favorable weather and Southern selling.
not
including
a
Bombav
Although pressure
buying was only moderately active,
fair trade demand and some for Liverpool and
the
heavy,
account.
weather
Early
indicated
reports
that
showers had been confined to a few central belt States and
the trade
ing which is believed to have been held back by the recent
17,038
15,890
5,562
20,385
8,731
2,895
11,486
6,123
4,256
21,462
20.501
13,752
1,231
4,294
5.290
71,602 1,725,325
55,539 1.476,228
31,755 1,415,111
consequently
inclement
the
weather.
French
watching any increase in hedg¬
was
Liverpool
situation
financial
reported
as
well
nervousness
as
selling
erately active and devoid of any spectacular developments
spite of the extremely bearish Bureau crop estimate of
16,098,000 bales.
A noteworthy feature has been, the failure
prices to break through the 9c. level, which was attrib¬
uted to a firm technical position.
In some quarters, how¬
of
was
believed
sustaining influence
that
on
the
loan
crop
was
exerting
a
Elaced while Bureau estimate expect larger figure. Hedge
ales, the
authorities on Wednesday at 15,593,000
a
selling is expected to play a dominant part in the market
during the season of the heaviest movement, and many
concede that action will depend on whether the trade in
general believes that prices have reached a level which
should be attractive to spinners. Average price of middling
at the 10 designated spot markets was 9.14c. On the 7th inst.
prices closed 4 to 16 points net higher., This improvement in
values was due largely to shorts covering and trade price
fixing in preparation for the Bureau crop estimate.
The
critical political situation in Europe appeared to have had at
least an indirect influence on values.
The market opened
steady and 1 to 10 points higher in response to firmer Liver¬
pool cables than expected and on active overnight foreign
and domestic trade buying.
There was moderate covering
and demand readily absorbed active Southern hedging and
selling for New Orleans account. It is believed that a de¬
cidedly bearish Bureau estimate tomorrow will be found to
have been largely discounted by the recent sharp downward
movement in values since the August estimate was published.
Some observers thought the Government loan has been a
stabilizing influence over the market. Southern spot markets
as officially reported, were 3 to 15 points higher.
Average
price of middling at the 10 designated spot markets was 9.24c.
On the 8th inst. prices closed 13 to 21 points off.
The dis¬
tinctly bearish character of the Bureau report was too much
for the market, and prices gave way rapidly. Tho estimate
of the crop-reporting Board of the Bureau of Agricultural
Economics was 300,000 to 400,000 bales larger than generally
expected in the trade and sent prices down approximately
$1 a bale. Values reached new low levels for all active posi¬
tions from October to March and touched previous lows for
May and July. There was a moderate rally from the lowest,
though closing quotations were substantially below the
previous finals. It was generally conceded that a crop of
16,098,000 bales, or approximately 3,000,000 more than
season's world consumption of American cotton, has
last
over
pros¬
Staple—The
table below
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries on contract on Sept. 16, 1937.
Premiums and
discounts for
grades and staples are the average quotations
designated by the Secretary of Agriculture,
premiums represent 60% of the average premiums
J^-inch cotton at the 10 markets on Sept. 9.
of 10 markets,
and staple
over
the market.
On the 4th inst. prices closed 3 to 9 points down, with the
exception of October, which closed 6 points higher. The
cotton market was decidedly of a pre-holiday character.
There was little disposition on the part of traders to take on
any large commitments either way in view of the extended
holiday and the fact that the Bureau crop estimate will be
published at noon the coming Wednesday. Consequently
trading was light and fluctuations narrow. The October
delivery was influenced by trade price fixing and covering
orders with small offers which sent the price to a premium
of 12 to 14 points over December, compared with a premium
of only 2 points at the close on Friday.' The general consensus
some
on
pects for clearing weather in the South.
Premiums and Discounts for Grade and
Speculation in cotton for future delivery has been mod¬
it
rains in
unfavorable
Mississippi Valley since the crop figures
50,369
20,286
276,173
Other ports
ever,
The
up
42,467
Charleston
Mobile
in
up.
1 to 8 points, on higher cables
and foreign
buying.
Overnight consideration of yester¬
day's 505,000-bale increase in the government cotton crop
estimate to 16,098,000 bales failed to bring in much selling.
The trade, Liverpool and Bombay were outstanding buyers.
Although steadier Liverpool cables were partly offset by
Southern hedge selling and liquidation, the undertone was
steady.
December
fluctuated
between
9.08
and
9.12,
and shortly after the first half hour sold at 9.10, with
the list 3 to 7 points net higher.
Resistance of the market
around 9c. was regarded as making an impression on senti¬
was
459,067
427,510
303,934
145,519
were 13 to 24 points
the 10 designated spot
spot markets, as officially reported,
lower. Average price of middling at
A
15-16
1 In. A
%
15-16
1 In. A
Inch
Inch
Longer
Inch
Inch
Longer
Spotted—
White—
0.66
on
.91
OB
1.15
Good Mid
0.15
0.37
on
0.59
on
St. Good Mid.. 0.59
on
.84
on
1.08 on
St. Mid
0.06 off 0.16
on
0.39
on
Good Mid
0.51
on
.76
on
1.01
Mid
0.66 off 0.45 off 0.24 off
St. Mid
0.34
on
.60
on
0.84 on
Mid. Fair
on
on
on
♦St. Low Mid.. 1.52 off 1.33 off 1.18 off
♦Low Mid
2.28 off 2.14 off 2.04 off
Basis
.25 on 0.49 on
St. Low Mid
0.62 off
.38 off 0.18 off
Low Mid
1.46 off
.29 off 1.12 off
Good Mid
0.43 off 0.21 olf 0.02 off
♦St
2.18 off
,08 off 1.99 oft
St. Mid
0.70 off 0.49 off 0.27 off
2.70 off
.65 off 2.62 off
Mid
Good Ord.
♦Good
Ord
1.57 off 1.45 off 1.27 off
♦Mid
♦St. Low Mid__ 2.32 off 2.21 off 2.09 off
Extra White—
on
1.01
on
0.60
on
0.84
on
0.49 on
0.51
on
0.77
St. Mid
0.34
on
Even
♦Low Mid
on
0.25
Good Mid
Mid
Tinged—
2.84 off 2.77 off 2.71 off
Yel. Stained-
Good Mid
1.21 off 1.04 off 0.86 Off
0.60 off 0.36 off 0.16 off
1.44 off 1.27 off 1.10 off
♦St. Mid
1.80 off 1.69 off 1.58 Off
♦Mid
2.47 off 2.42 off 2.31 off
♦St. Good Ord. 2.15 off 2.05 Off 1.95 off
♦
2.68 off 2.63 off 2.59 off
Good Ord
Gray—
St. Low Mid
Low Mid
0.57 off 0.35 off 0.16 off
St. Mid
0.81 off 0.58 off 0.41 off
♦Mid
♦
Good Mid
1.38 off 1.22 off 1.08 off
Not deliverable on future contract.
quotation for middling upland cotton in the
the past week has been:
The official
New York market each day for
Sat.
9.42
Sept. 4 to Sept. 10—
Middling upland
New York
Mon.
Hoi.
Thurs. Fri.
9.37
9.23
Tues. Wed.
9.46
9.33
Quotations for 32 Years
quotations for middling upland at New York on
Sept. 10 for each of the past 32 years have been as follows:
The
9.23c.
1928
13.20c.
8.85c.
8.10c.
1931
6.70c.
1930 -_--.ll.50c.
21.10c.
18.95c. 1921
32.25c.
18.50c. 1920
29.10c.
22.80c. 1919
36.75c.
18.50c. 1918
21.35c.
23.80c. 1917
.23.80c. 1916 ——15.35c.
10.10c.
29.10c. 1915
22.00c. 1914
1929
12.50c.
10.85c.
1926
1937
1936
1935
1934
1933
1932
1927
1925
1924
1923
1922
13.15c.
11.65c.
12.00c.
14.00c.
12.75c.
9.50c.
1913
1912
1911
1910
1909
1908
1907
13.05c.
9.80c.
1906
Market and Sales at New York
each day during the
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
closed on same days.
The total sales of cotton on the spot
week at New York are
SALES
Futures
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
...
Market
Closed
Closed
__
Steady, 4 pts. adv..
Quiet, 13 pts. dec—
Steady, 4 pts. adv..
Quiet, 14 pts. dec..
Total
Very steady
Steady
Steady
Steady
"301
"301
200
200
400
400
901
901
Total weekSince Aug. 1
Contr'ct
HOLI DAY
—
—
Spot
Steady, 6 pts. adv__ Steady
_
Futures—The
7,072
,v.
7,272
lowest and closing prices
week have been as follows:
highest,
New York for the past
"200
at.
1762
Financial
Chronicle
Sept. 11, 1937
corresponding period of the previous year—is set out in
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 4
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept. 10
detail below:
/Sep*.(1937)
Range
,
9.17n
9.21 n
9.08n
9.12n
8.98n
9.13- 9.25
9.17- 9.28
9.05- 9.33
9.13- 9.25
9.03-
9.25
9.26- 9.28
9.13
9.17
9.22-
prCloslng.
—
—
9.14
Nov.—
Week
Range..
9.16- 9.26
9.02- 9.32
9.08- 9.21
8.96- 9.10
Stock
Sept.
11
Week
Season
583
6,599
924
29,762
10,192
380
27,856
21,968
55,859
8,080
10,330
17,729
1,470
640
1.060
67,078
1
36,097
7,045
12,304
1,717
69,711
229
13,211
346
1,151
2,120
1,281)
5,010
2,906
9.10- 9.11
9.24- 9.26
9.04- 9.05
9.13
8.97-
Forest City—
202
211
2,560
1,187
1,547
89
6,530
2,330
3,291
7.063
3,602
6,072
5
10,590
Hope
1,210
1,210
5,060
3,750
5,757
779
12,734
7,511
31,759
172
374
196
6,619
10,760
604
47,646
250
714
58
542
5,798
11,300
6,420
574
10,804
31,663
8.98
(1938)
^Range..
Closing.
9.21- 9.32
9.06- 9.35
9.15- 9.25
9.02-
9.13
9.29
9.11- 9.12
9.17
9.02-
9.04
9.19n
9..36n
9.15n
9.22n
9.07n
9.25- 9.40
9.31- 9.42
9.16- 9.46
9.22-
9.13- 9.23
9.13
HOLI¬
—
64
1,453
2,149
673;
1,657)
—
Pine Bluff.
March—
r
9.35
56
Little Rock..
Newport
Range..
P'Closing.
3,686
Jonesboro
DAY.
Feb.—
1.927
Selma
9.10- 9.23
9.12- 9.23
..
693
2,613
9.19- 9.20
9.40- 9.42
9.25- 9.26
9.27- 9.28
9.12
53
9,620
462
557
508
1,762
4,820
727)
565
675
200
18,023
18,337
9.214'
1,726
2,793
707
7,277
1,366
69,990
12,779
34,962
300
2,850
3,775
400
33,625
2,207
599
27,289
55
93
250
19,777
29,329
24,128
21,614
42,018
17,193
7" 100
15,198
1,958
11,264
16,188
491
18,168
12,546
80,275
9,541
4,760
3,518
Atlanta
Range—
443
9.34-
9.31n
9.16n
Closing
9.34
.
9.49
9.25- 9.54
9.31-9.45
9.21-
9.23
9.48- 9.49
9.27- 9.28
9.36-9.37
9.21-
9 29
9.40-
9.48
—
26,685
1,000
3,900)
700
Macon
Range..
10,400,
Columbus
2,104
5,644;
1,715
Augusta-..
9.23n
9.44n
9.29n
Closing.
May—
June—
Range—
1
Rome....;.
9.25 n
9.41n
1,262
Greenwood
.
.
1,863)
407
26,101'
1,335
Jackson
9.42- 9.52
9.48- 9.55
9.36- 9.58
9.39- 9.52
9.29- 9.40
9.43- 9.44
Range__
Closing.
9.55
9.36
9.46
9.30
Natchez.
271
8,538
21,051
2,227
11,319
2.138
24,908
899
4,797
191
19,749
45,130
8,783
5,988
13,693
1,375
543
941
784
1,569
1,617,
2,634
222
3,854
8,666
7
9,928
6,200
13,024
359
13,153
341
5,298
413
1,665
1,877,
17,576
1,952
1,437
100
315
100
2,146
106
1,831
327
2,211
1,106
84,650
3,903
41,906
129
Oklahoma—
Nominal.
S. C.,Greenville
38,140
2,751
2,751
4,994'
885
60,732
3,130
52,951
4,504
23,318
35,714
106,398
4,744
6,051
8,446
1,621
15,248
Tenn., Mem phis
Texas, Abilene.
10,603 227,612
1,438
1,321
8,394
5,889
15 towns *
Range for future prices at New York for week ending
Sept. 10. 1937, and since trading began on each option:
853
790
13
604
Mo., St. Louis.
N.C.,Gr'nsboro
Closing.
365
5,212103,624
5,419
__
Yazoo City-
Range..
8,333
4,039
Vicksburg
Aug.—
300
14,095
Columbus
9.31n
9.51n
9.38n
Closing.
July—
10,988
173
3,054
4,908
La., Shreveport
—
Athens
April—
4,118
173
12,415
13,945
80,592
81,714
33,200
19,500
14,908
13,391
Ga., Albany
9,437
760
Walnut Ridge
Mlss.Clarksdale
—
Closing.
»
I
Ark.,Blythevllle
Montgomery.
Jan.
i
Week
2,102
5,937
9,921
3,115
9.00n
Closing
fc
337
Receipts
Helena
9.15n
Range_.
t
10
896
835
Eufaula
9.09n
9.25 n
9.16n
Dec.—
Range
Sept.
Week
Season
130
Ala., Birmlng'm
F Closing.
to;
1936
9.03
ments
Towns
—
Stocks
Ship¬
ments
Ships-
Receipts
Oct.—
u<»Range
Movement to Sept. 11,
Movement to Sept. 10, 1937
—
P>Closlng_
7,133
20.665346,499
2,379
4,408
Austin
Beginning of Option
9.43
9.33"
~9~03 Sept."16
1937..
Sept.
8
Nov. 1937
Aug. 26 1937 13.95 Mar.
9.03
9.04
Sept. 1937—
Oct.
Since
Sept. 10 1937 13.98 Apr.
Sept. 1 1937 12.40 July
5 1937
12 1937
8.96
Sept. 10 1937 13.93 Apr.
5 1937
5 1937
7 1937
Dec.
1937—
8.96
Sept. 10
9.32
Jan.
1938..
9.02
Sept. 10
9.35
Sept.
Sept.
8
8
Feb.
1938
Mar. 1938—
9.12
Sept. 10
9.46
Sept.
8
9.12
Sept. 10 1937 13.97 Apr.
April 1938
May 1938—
9.21
Sept. 10
9.54
Sept.
8
9.21
Sept. 10 1937
9.63
Aug. 27 1937 11.36 July
27 1937
9.29"
Sept. 10
9.58
Sept.
8
9.29
Sept. 10 1937 11.36 July
27 1937
.
June
1,987
1,617
1,237
1,373)
1,612
432
1,541
6,064
2,761
347
924
348
7,232
3,688
1,147
15,936
5,019
7,760
7,231
13,500
5,207
2,178
8,422
6,241
1,839
1,792
4,022
5,143)
11,113
3,501
8.330
5,792
618
10,719
2,868
4,852
1,216
1,355
587
3,041
615
921
Paris
Robstown
San Antonio
1938—
12.9*6
592
729
8
2,807
2,493
4,455
989
8.331
6,775)
24,174
6,381
6,865
7,043
11,756
3,467
8,195
Total, 56 towns
133,245'
305,282
51,806 918,178 193,046
475,7411
Waco
5 1937
as
601,000
1 936
669,000
1 935
427,000
97,000
73,000
48,000
bales
Total Great Britain
Stock at Bremen
1 934
894,000
742,000
146,000
112,000
475,000
164,000
72,000
14,000
31,000
56,000
8,000
9,000
972,000
367,000
141,000
24,000
58,000
44,000
12,000
11,000
The
totals
above
the
that
show
interior
have
stocks
during the week 51,806 bales and are tonight
421,504 bales less than at the same period last year.
The
receipts of all the towns have been 59,801 bales less than
increased
the
same
week last year.
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
and since
reports Friday night.
The results for the week
Aug. 1 in the last two years are as follows:
78,000
698,000
82,000
131,000
10,000
1937
Sept. 10—
Stock at Liverpool
Stock at Manchester
73,1951339682
Includes the combined totals of 15 towns in Oklahoma.
May 21 1937
Supply of Cotton tonight, as made
telegraph, is
__
31 1937
up by
follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
The Visible
cable and
14,776
5,412
599
.
...I
Texarkana
*
1938—
July
9.02 Sept. 10 1937 13.94 Apr.
11.15 July 26 1937 13.85 Mar
5,421
1,753
Dallas
Range
Range for Week
Option for—
1,817
Brenham
1936-
1937
Sept. 10—
Shipped—
Since
Aug. 1
Week
Since
Week
Aug. 1
Stock at Rotterdam
Stock at Barcelona
14,000
Stock at Genoa
6,000
4,000
Stock at Venice and Mestre
Stock at Trieste
—
247,000
Total Continental stocks.
Total European
7,000.
376.000
657,000
354,000
829,000 1,629,000
67,000
29,000
164,000
166,000
152,000
148,000
148,000
160,000
137,000
65,000
71,000
841,000
510,000
667,000
1,531,767 1,446,866 2,529,258
1,339,682 1,274,081 1,226,568
14,726
4,119
20,217
945,000 1,118,000
stocks
India cotton afloat for Europe—
American cotton afloat for Europe
46,000
220,000
Egypt, Brazil,&c.,afl't for Europe
152,000
Stock in Alexandria, Egypt.
60,000
661,000
Stock in Bombay, India
Stock in U. S. ports
1,796,927
918,178
Stock in U. S. interior towns
U. S. exports today
12,590
—
of American and other descriptions are
as
follows:
American—
bales.
Liverpool stock
269,000
40,000
315,000
100,000
100,000
8,000
164,000
220,000
152,000
1,796,927 1,531,767 1,446,866 2,529,258
918,178 1,339,682 1,274,081 1,226,568
4,119
14,726
20,217
12,590
186,000
34,000
48,000
92,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock
U. S. exports today
413
202,000
27,000
91,000
68,000
45,000
120,000
14,000
89,000
48,000
61,000
166,000
68
431
170
900
90
21,212
14,626
3,524
4,023
1,645
20,742
18,111
48,634
12,739
70,375
753
183
192
3,391
1,160
298
4,110
20,379
4,830
2,249
1,775
44,230
5,055
24,930
5,311
48,254
2,015
23,704
7,428
22,121
Via Rock Island
Via Louisville
3,753
Via Virginia points
Via others routes, &c
Deduct Shipments—
Overland to N. Y., Boston, &c__
Between interior towns
.
Total to be deducted
Leaving total net overland *
*
The
net overland movement
foregoing shows the week's
has been 2,015 bales,
the week last year, and that for
aggregate net overland exhibits an
of 1,583 bales.
this
against 7,428 bales for
the season to date the
increase over a year ago
year
Liverpool stock
1936
1937
In Sight and
Spinners'
Takings
Since
Aug. 1
Week
10
Recepits at ports to Sept.
Net overland to Sept. 10.
Southern consumption to Sept.
Since
Week
Aug. 1
309,808
1,116,632
..2.015 >
.23,704
10135,000
805,000
271,456
7,428
125,000
778,068
22,121
750,000
1,945,336
403,884
119,851
1,550,189
133,265
.446,823
51,806
68,205
.
East Indian, Brazil,
18,017
10,960
1,952
2,980
Including movement by rail to Canada.
3,315,695 3,476,666 3,223,066 4,758,552
Total American.
6,120
1,202
Via Mounds, &c
6,177
77
Via St. Louis
42,000
4,811,695 5,101,666 4,472,066 6,756,552
Total visible supply.
Of the above, totals
9,000
55,000
41,000
6,000
1,625
7,070
Stock at Havre
&c.—
415,000
63,000
—
Manchester stock
Bremen stock.
35,000
26,000
38,000
.•
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat....
46,000
152,000
Stock in Alexandria, Egypt...
Stock in Bombay, India
Total East India. &c
Total American..
60,000
661,000
467,000
46,000
52,000
44,000
76,000
42,000
160,000
71,000
667,000
307,000
34,000
74,000
24,000
58,000
29,000
148,000
65,000
510,000
625,000
38,000
52,000
41,000
49,000
67,000
148,000
137,000
841,000
1,496,000 1,625,000 1,249,000 1,998,000
3,315,695 3,476,666 3,223,066 4,758,552
.4,811,695 5,101,666 4,472,066 6,756,552
supply
7.10d.
5.46d.
6.99d.
6.17d.
averpool
Middling uplands, Li
13.05c.
9.23c.
12.55c.
10.75c.
Middling uplands, New York
8.87d.
10.26d.
11.04d.
8.56d.
Egypt, good Sakel, Liverpool
5.44d.
4.75d.
5.78d.
5.24d.
Broach, fine, Liverpool
6.66d.
7.79d
Peruvian Tanguis, g'd fair, L'pool
4.78d.
5.79d
C.P.Oomra No.l staple,s'fine,Liv
523.735
.498,629
2,013,541
•
North, spinn's'takings to Sept. 10
*
14,537
95,100
1,683,454
20,448
134,815
Decrease.
Movement into sight in
Week-—
previous
Bales
1935—Sept. 13
1934—Sept. 14
1933—Sept. 15.
393,423
348,398
421,247
years:
Since Aug. 1—
1934..
1933
1932
Bales
1,466,354
..1,292,611
1,639,403
Total visible
—
Continental imports for past week have been 79,000 bales.
The above figures for 1937 show a increase
over last
249,429 bales, a loss of 289,971 from 1936, an
339,629 bales over 1935, and a decrease of
1,944,857 bales from 1934.
week
of
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on
Week Ended
Sept. 10
Saturday Monday
Tuesday
Wed'day Thursday
Friday
Galveston
9.04
9.18
8.94
8.98
New Orleans
9.26
9.32
9.19
9.24
8.82
9.12
Mobile.
9.17
9.21
9.08
9.12
8.98
9.38
9.23
Savannah
At
of
the
Interior
Towns
the
movement—that
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
9.52
9.30
9.35
HOLI¬
9.50
9.30
9.40
9.25
9.10
DAY.
9.25
9.05
9.15
9.00
9.35
9.49
9.29
9.38
9.22
Memphis
increase
9.10
9.25
9.05
9.00
8.80
Houston
9.05
9.10
8.90
8.98
8.83
Little Rock
8.95
9.10
8.90
9.00
8.70
Dallas
8.68
8.62
8.68
8.72
8.72
8.58
Fort Worth
8.58
8.62
8.48
8.48
9.49
Norfolk
Montgomery.
Augusta
_
_
.
Volume
Financial
145
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
New Orleans Contract Market—The
for
1763
Chronicle
Cotton Ginned from Crop of 1937 Prior to Sept. 1—
^
The census report issued on Sept. 6, compiled from the
individual returns of the ginners, shows 1,871,403 running
bales of cotton
Saturday
Monday
Tuesday
Wednesday
Thursday
Sept. 4
Sept. 6
Sept. 7
Sept. 8
Sept. 9
Sept.lQ
Sept(1937)
October
(counting round as half bales and excluding
crop of 1937 prior to Sept. 1, com¬
pared with 1,374,247 bales from the crop of 1936^and
1,135,090 bales from the crop of 1935.
Below is the report
Friday
linters) ginned from the
9.14- 9.17
9.22
9.09
9.14
9.02- 9.03
in full:
9.21- 9.23
9.31
9.11
9.20
9.08- 9.10
NUMBER
9.26
__
9.35
9.15
9.24
9.12
November
December.
Jan.(1938)
February
9.23
9.32
9.54
9.32
9.42
OF
9.40
9.50
1937
1936
129,926
2,527
40,154
136,812
4,934
Steady.
Steady.
Steady.
Steady.
Steady
Alabama
Barely stdy
Options..
Steady.
Steady.
Steady.
Steady
Arizona
Arkansas
163,222
2,634
77,226
12,227
California
353
Sept. 7 agreed
to grant import licenses authorizing spinners to import an
additional 100,000,000 pounds of raw cotton, valued at
$15,000,000, said Associated Press advices from Tokio
Sept. 7, which added:
Representatives of the spinning industry estimated that the shortage of
Ministry of Japan
on
do 200,000,000 pounds by Jan. 1, 1938, so the Govern"
50% compromise, allowing the import of half the amount
would
cotton
ment
granted
needed
a
1
•
Japanese spinners have been operating on the basis of a 25% curtailment
since the war started in July and will further limit their production to
27.4% of normal output for the next three months.
Elected to Membership in New
Two
York Wool Top
meeting of the Board of Governors of the
Exchange held Sept. 9, W. Brewster
South worth of Nichols & Co., Boston, who are commission
merchants, and Frank D. Neill, President and Treasurer of
Frank D. Neill, Inc., of Boston, who
do a grease wool
business, were elected to membership.
Exchange—At
Louisiana
Oklahoma
Exchange Fixes Limitation of Interest—The
Managers of the New York Cotton Exchange
voted on Sept. 8 to set the maximum limit of interest on
futures contracts for delivery in any one month, by any
member, firm, or corporation, and his or its affiliates, at
250,000 bales for delivery in September, 1937, and in all
months up to and including August, 1938.
of
Agricultural Department's Report on Cotton Acre¬
Condition and Production—The Agricultural De¬
partment at Washington on Wednesday (Sent. 8) issued its
report on cotton acreage, condition and production as of
Sept. 1.
None of the figures take any account of lmters.
Comments on the report will be found in the editorial nages.
Below is the report in full:
age,
of 16,098,000 bales is forecast by the Crop
Reporting Board of the Bureau of Agricultural Economics, based on condi¬
tions as of Sept. 1, 1937.
This is an increase of 505,000 bales from the
forecast as of Aug. 1, and compares with 12,399,000 bales in 1936, 10,638,000
bales in 1935 and 14,667,000 bales, the 5-year (1928-32) average.
The
indicated yield per acre for the United States of 228.5 pounds is the highest
on record and compares with 197.9 pounds in 1936 and 169.9 pounds, the
10-year (1923-32) average.
It is estimated that 1.3% of the acreage in
cotton on July 1 has been, or will be, abandoned, leaving 33,736,000 acres
remaining for harvest.
This abandonment is one of the lowest on record.
Increased production over that indicated on Aug. 1 is shown in all major
cotton States except Oklahoma and the Carolinas.
Texas shows an in¬
crease of 308.000 bales, Mississippi 110,000 bales and Arkansas 71,000 bales
compared with the August report, while other States show more moderate
increases.
These are due in part to improvement in prospective yields
per acre and in part to less than average abandonment of acreage.
Reductions in the Carolinas were mainly due to increased weevil damage;
elsewhere losses from weevils have been relatively light.
In Oklahoma the
somewhat injured by hot, dry winds during August, and in
some
localities damage has been caused by cotton hoppers.
United
Cotton
Report
as
of Sept.
1,
1,311
depend upon whether the various influences affecting the crop dur¬
ing the remainder of the season are more or less favorable than usual.
ton will
Sept. 1 Condition
Yield
per
Acre
Production (a)
CONSUMPTION, STOCKS, IMPORTS, AND EXPORTSUNITED
Abandonment
State
after
July 1
nary)
Per
Ct.
(/Ye-
1,289,707 bales, and in public storages and at
limi-
1923-
nary)
1932
1936
WORLD
1936,
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that rains continue in the Caro¬
linas and must be regarded as highly unfavorable to the
cotton crop there.
The general rains in Oklahoma were
heavy in many localities, and are more favorable than
otherwise.
are
In the remainder of the cotton belt conditions
favorable.
Texas has had scattered showers,
lower
grades.
warm
weather.
The entire belt
Texas—Galveston
Austin
__
Thou.
Per
Per
Brenham
_
Acres
Ct.
Ct.
Ct.
.
Virginia
Fort Smith__
Caro
298
305
597
686
816
856
_
64
67
208
279
250
56
64
72
176
228
240
0.5
Georgia
1,086
1,321
Macon
South
Missouri
Tennessee
..
Alabama
61
72
79
125
170
169
31
40
488
66
56
78
256
360
340
308
347
__
941
63
60
78
197
250
265
433
521
2,558
59
72
77
172
236
245
1,145
1,310
80
191
305
290
_
0.8
3,344
58
0.2
1,547
12,667
54
67
78
192
260
270
55
52
76
139
121
2,569
3,056
56
24
62
149
59
52
74
Texas
2.0
Oklahoma..
2.5
Arkansas
1.3
—
Mexico
Arizona
....
California
..
All other...
1,911
•
2,027
761
873
175
2,933
4,622
62
160
290
858
188
227
245
1,295
1,564
91
318
457
450
1.5
136
86
88
111
128
0.5
269
86
90
88
327
438
434
191
244
0.6
614
88
97
91
3S6
574
500
442
642
1.6
30
b73
58
82
225
313
300
16
19
58
59
169.9 197.9 228.5 12,399
16,098
U. S. total
1.3
33,736
Ariz. Egyp.c
0.0
21
Ga. Sea Isl c
0.5
4.5
Sea.Is.c
1.5
15.3
75
ou
68
81
70
81
_
.
.
0.44
96
70
83
0.02
98
72
85
0.14
98
70
84
1.14
98
0.90
94
72
72
83
0.73
94
71
83
81
0.34
90
72
86
68
97
72
90
1.69
91
70
81
1.71
95
63
79
3.08
94
76
85
2.36
94
71
83
0.44
92
70
81
0.72
90
81
0.69
93
72
74
0.01
90
70
80
0.40
90
72
81
0.14
94
70
82
0.12
92
74
83
1.78
92
70
81
94
72
83
0.78
94
72
83
1
1
3
.0.78
93
63
0.79
92
65
0.09
92
66
2
4
2
2
2.31
89
66
78
79
79
78
4.51
92
60
76
0.20
92
64
78
0.94
90
•60
75
2
0.20
86
54
70
0.36
90
62
76
3
1.14
92
62
77
2
0.80
88
68
2
0.40
90
1
0.20
86
,66
68
78
78
77
5
.
.
.
_
.
.
_
_
Asheville
_
_
Raleigh
Wilmington—
Tennessee—Memphis
Chattanooga
.
—
.
.
_
__
Nashville
85
3.06
„
North Carolina—Charlotte.
92
3.28
-
—
1.38
1.98
82
2
.
Columbia..
_.
84
74
1
3
.
.
Greenwood
0.5
74
Mississippi
Louisiana.
113
1.8
0.4
—
70
3
_
Carolina—Charleston.
1.7
Florida
66
98
102
94
3.30
0.48
0.32
82
1
1
_
Augusta
69
56
88
2
3
.
Atlanta
67
72
3
.
Georgia—Savannah
269
1,635
2,631
104
98
84
6
_
Pensacola
300
1,074
83
3
5
2
4
.
Montgomery
Florida—Jacksonville
298
0.6
70
2
_
_
270
75
96
2
_
New Orleans
84
.
.
Louisiana—Alexandria
74
.
.
Little Rock
Pine Bluff
Miami
40
94
2
.
Oklahoma—Oklahoma City.-,
Arkansas—Eldorado
Birmingham.
33
85
1.26
.
,
83
76
76
70
2
2
.
cated
0.5
No. Caro__.
New
72
64
72
94
2
.
Tampa
1.0
94
I
_
San Antonio
Bales
851
3
I
.
Paris.
Bales
72
92
4
3
.
Sept. 1
Lb.
85
98
1.76
2
.
1936
Lb.
74
1.06
5
.
Crop
Lb.
96
dry
dry
Palestine
Thou.
81-
2.10
0.16
Henrietta
Thou.
84
64
0.05
El Paso
Lampasas
LulingNacogdoches
Mean
77
98
1
.
Kerr vi lie
Low
90
•
1
.
Dallas
dry,
'vi
Thermometer
High
1.32
5
.
Corpus Christi
-
2
.
Brownsville
Alabama—Mobile
Per
2
.
2.35
I
.
Inches
4
.
Abilene
i-v
Rainfall
Days
5
.
Amarillo—
which will
wants a spell of
wr-c-,
Indi¬
1937
now
Rain
cated
1936
STATISTICS
compiled from various sources, was 30,386,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ended July 31, 1936, was 27,631,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 152,000,000.
as
Crop
1932
2,807,798 bales.
The world's production of commercial cotton, exclusive of linters, grown
n
Indi¬
1937 1923-
compresses
The number of active consuming cotton spindles for the month was 24,The total imports for the month of July, 1937, were 18,960 bales
and the exports of domestic cotton, excluding linters, were 124,312 bales.
391,782.
age
age
STATES
•Cotton consumed during the month of July, 1937, amounted to 583,066
bales.
Cotton on hand in consuming establishments on July 31
was
Mississippi—Meridian
Vicksburg
1937
<
The statistics for 1937 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
Aver¬
Harvest Aver¬
Total
of 1937 ginned prior to Aug. 1 which was
9136-37, compared with 41,130 and 94,346
The statistics in this report include 23,978 round bales for 1937; 9,311
for 1936, and 7,162 for 1935.
Included in the above are —none— bales
of American-Egyptian for 1937; 191 for 1936, and 14 for 1935.
Shreveport
For
565
*1,135,090
*
Amite
1937 Average
16,942
*1,374,247
Includes 142,983 bales of the crop
counted in the supply for the season of
bales of the crops of 1936 and 1935.
Weatherford
1937
Crop Reporting Board of the Bureau of Agricultural Economics
makes the following report from data furnished by crop correspondents,
field statisticians and cooperating State agencies.
The final outturn of cot¬
46,312
383,589
*1,871,403
States.
Taylor.
The
47
14,755
28,498
460,902
All other States.
A United States cotton crop
crop was
181,235
1,078,604
Texas
Cotton
Board
247,640
10,329
259,295
107,104
149,273
14,535
27,260
...
South Carolina..
a
New York Wool Top
493
194,455
180,271
166,349
Mississippi
with China, the Finance
Georgia.
10,324
219,625
Florida
524
10,488
Japan to Permit Importation of Additional 100,000,000 Pounds of Raw Cotton—Because of the undeclared war
So.
1935
_
_
Tone—
Spot
raw
OF
GROWTH
THE
Running Bales (Counting Round as Half
Bales and Excluding Linters)
State
August
FROM
9.38 Bid
June
July
GINNED
COTTON
9.29
9.62- 9.63
April
May
BALES
SEPT. 1, 1937, AND COMPARATIVE STATISTICS TO
CORRESPONDING DATE IN 1936 AND 1935
9.215-9.22a
9.44
DAY.
March
OF
1937 PRIOR TO
THE
HOLI¬
_
dry
;■
-
-
77
83
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named|at
8 a. m. of the dates given:
Sept. 10, 1937
92
253
230
240
58
132
135
58
97
100
Lower
3.2
Calif.
(Old Mex.)e
a
0.6
140
0.0
b87
95
84
242
210
205
61
60
Ginnings (500-lb. gross weight bales).
Allowances made for inter-State move
b Short-time average,
c Included in State and
ment of seed cotton for ginning,
United States totals,
d 70 bales,
States total.
e
Not Included in California figures
nor
in United
New Orleans
Above
zero
of gauge.
Memphis
Above
zero
of gauge.
Nashville
Fla.
1.3
(d)
Above
zero
of gauge..
Above
.Above
zero
zero
of gauge.
of gauge.
Shreveport
Vicksburg
Sept. 11, 1936
Feet
11
18
Feet
2.1
6.5
2.2
9.3
6.9
5.6
1.7
8.9
1.8
—0.7
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The
figures do not include overland receipts
nor
1764
Financial
Chronicle
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for yarn is improving.
We
which finally reaches the market through the outports.
crop
Week'
Receipts at Ports
Stocks at Interior Towns
give prices today below and leave those for previous weeks
for comparison:
Receipts from. Plantations
of this and last year
Ended -
1937
1936
I
1935
1936
1935
1934
1936
1935
Sept. 11, 1937
Manchester
1934
1936
June
11.
23.325
32,597
18.
15,944
39.972
25-
19.653 21,698
14,317 1,030,520 1,517.933 1,244.820
998.705 1,465.362 1,218,931
Nil
Nil
Nil
Nil
Nil
Nil
964,392 1,424,612 1,201,295
Nil
Nil
Nil
13,466
8,706
Cotton
32s Cap
ings, Common
Middl'o
Twist
to Finest
Upl'ds
July
2.
15,752
9.
17,059
17,371
16.
23.
21,952
13,381
16.973
28,419
28,601
30.
9,188
13,918
930,969
903,027
873,772
848,935
37.205
55,199
39,742
38,915
94,093
52,891
61,492
76,336
96,074
13.
20.
27.
s.
3. .300,222 201,842 188.943
bales.
nil
were
6
ls..
131^ ©15,
10
6
@10
9
25-
13%@15|
10
6
@10
9
6.87
25,760
34,411
Nil
34.849
Nil
46,509
2-
13%@14%
47,243
92,915
916-
13%@14% 10
13% @14 5-4 10
13%@14% 10
12%@14% 10
30,140
63,862
149,970,184,700
23
.
30-
in
1935
@10
9
20..
8
7.06
s.
d.
9
d.
s.
6.92
9%@11%
10%@11%
9
6.95
10%@11%
9
9
1 %@
d.
6.82
1%@ 9
4%
4%
1%®
4%
7.18
9 10%
7.18
9
@10
@10
9
6
@
9
6.98
10%@11%
@12%
9
6
11
9
9
@10
7.00
0
6
@10
9
6.85
11% @12%
9
@10
9
6.60
11
10%@10
9 10%@10
2
6
7%
6.12
10% @12
4%@10
10
12%@14
12%@13% 10
12% @13% 10
27-
6-
@12%
7.58
7.47
2
7 33
7.10
10
5
@10
7%
4% @10
7%
6.20
3
@10
6
5 93
3
@10
6
5.78
10
4% @ 10
4%@10
1%@10
7%
7.02
7%
6.92
10
4%
6.74
11%@13 %
10
1%@10
4%
5.63
10% @12
10%@11%
10%@11%
10%@11%
10
1%@10
6
6.70
3-
11 %@13
10
4%
5.56
10%@11% 10
6.70
10-
10
4%
5.46
10%@12
1%@10
4%@10
4%
11 % @13
1%@10
1%@10
7%
6.99
10
Sept.
54,679
were
Middl'o
Upl'ds
Aug.
13-
and
to Finest
July
918,1781,339.6821,274,081361,614391,307310,219
bales
ings, Common
Twist
d.
13% @14% 10
(1) That the total receipts
Aug. 1, 1937, are 1,184,837 bales;
1936
Cotton
32s Cap
d.
il¬
The above statement shows:
from the plantations since
in
d.
s.
8% Lbs. Shirt¬
June
836,7391,219,8311,178.879 330,292 280,892 248,136
10. .309,808271,456 215,017
d.
Nil
4,302
788,408 1,132,1761,094,124 141,468
806,649 l,140.781jl,119,686239,811
221,570141,365 159,138
i
I
Sept.
Nil
Nil
Nil
Aug
6.
Nil
Nil
811,182 1,167,4011,111,5321 39,236
796,150 1,144,6501.097,283 79,061
56,583
149,210
Nil
Nil
Nil
3,764
46,866
68,215
1,384,1541,181,353
1,349,5021,161,421
1,301,7651,145.008
1,255,364 1,133,563
828.147 1,206,417 1,121,546
20,715
1935
8% Lbs. Shirt¬
(2) That, although the receipts at the outports the
were 309,808 bales, the actual movement from
10
past week
Elantations was 51,806 bales during the at interior
aving increased 361,614 bales, stock week.
193675
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 68,791 bales.
The shipments in detail, as made
towns
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
from all
seasons
amounts
or
V
out
gone
■
Takings,
of
To
4,339",022
523",735
8,000
5,000
10,000
33,000
12,000
1,683,454
91,000
47,000
57,200
48,000
5,103,895
6,543,763
5,443,717
4,811,695
5,101,666
5,101,666
292,200
198,200
94,000
1,732,068
1,115,268
342,051
214,051
128,000
To
6,825,912
4,811,695
•
To
4,899",258
2,013,541
49,000
49,000
54,200
39,000
1,724,246
1,298,046
426,200
2,000
7,000
26,000
•
•.
To
4,859,982
498",629
4,986
.
Sept. 3—San Mateo,
Deduct—
To
200
Of which other
—
_
616,800
Rotterdam—Sept. 3—Hybert, 453
To
To
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 805,000 bales in 1937 and
750,000 bales in 1936—takings
not being available—and the aggregate amount taken
by Northern and
To
To
To
To
ports for the week and for the
To
have been
season
from
1937
Sept. 9
Receipts—
Week
cabled,
as
1936
To
Week
49,000
For the Week
To
To
Since
Week
Aug. 1
5.00C
91,00(
To
Aug. 1
6,000
Since Aug.
To
61,000
To
1
To
Exports
From—
Great
Conti¬
Jap'n&
Britain
nent
China
Great
Britain
Total
Conti¬
nent
Japan
To
&
China
Total
To
Bombay—
1937
8,000
7,000
12,000
8,000
15,000
2,000
29,000
16,000
3,000
16,000
2,000
27,000
11,000
OtherIndia-
25
100
150
-----
927
300
Sept. 1
798
;
.
31—City of Alama,
380___Sept.
1—
1,373
Antwerp—Sept. 1—Topa Topa, 92
Ghent—Sept. 1—Topa Topa, 5
Bremen—Sept. 1—Topa Topa, 3,776
Hamburg—Sept. 1—Topa Topa, 470--
92
5
3,776
78,000
92,000
49,000
109,000
111,000
78,000
1,000
6,000
7,000
1,000
1
9,000
10,000
12,000
20,000
24,000
■
37,000
27,000
49,000
47,000
57,000
33,000
Total all—
1937
1,000
14,000
7,000
1936
1,000
13,000
12,000
3,000
8,000
1935
22,000
26,000
11,000
14,000
23,000
26,000
66,000
158,000
92,000
158,000
60,000
According to the foregoing, Bombay
78,000
43,000
49,000
200
100
Trieste—Sept. 3—Waban, 202
202
Naples—Sept. 3—Waban, 400-.
400
Genoa—Sept. 3—Waban, 6,441
6,441
Ghent—Sept. 4—Eglantine, 158
Sept. 5—Gand, 1,240;
Sept. 9—Nash aba, 352; Leerdam, 163
1,913
Antwerp—Sept. 4—Eglantine,
100
Sept.
5—Gand,
100—Sept. 9—Nash aba, 150
350
Havre—Sept.
4—Eglantine,
2,393.--Sept.
5—Gand,
2,290—Sept. 9—Nash aba, 6,530
11,213
Dunkirk—Sept. 4—Elgantine, 150
Sept. 5—Gand, 940;
Sept. 9—Nasnaba, 344
1,434
Rotterdam—Sept. 4—Eglantine, 1,135
Sept. 9—Leer-
To
Reval—Sept. 9—Leerdam, 241
CHARLESTON—To Bremen—Sept. 5^-Rigel, 2,257
To
Liverpool—Sept. 2—Canwall, 1,125
Sept. 4—Vasaholm,
to show
decrease compared with last year in the week's
receipts of
3,000 bales.
Exports from all India ports record a decrease
of 4,000 bales
during the week.
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
To
Japan—Sept.
a
1936
2
Cotton Freights—Current rates for cotton
from New
York, as furnished by Lambert & Barrows,
Inc., are as
follows, quotations being in cents per pound:
High
StandDensity
ard
Liverpool
,52o.
Manchester. 42c.
Antwerp
52o.
.67c.
High
Stand-
Density
d.45o.
,60o.
.67o.
Flume
d.45c.
.60c.
Barcelona
*
*
.52c.
Japan
*
*
Rotterdam .52c.
.67o.
Shanghai
Bombay x
Bremen
.52c.
Hamburg
.52c.
Havre
.58c.
.60c.
,73c.
,63c.
.78o.
♦
Receipts (cantars)—
week
Since Aug.
•i
m
130,000
325,000
1
;
165,000
285,234
55,000
77,680
This
To Liverpool
To Manchester,
Week
&c
To Continent & India
To America
exports-
Note—A cantar is 99 lbs.
2,000
4,000
7,000
Since
Aug.
This
1
Week
4,400
7,000
27,650
6",666
100
13,000
39,150
Since
Aug.
This
1
5,000
5,500
24,149
Week
6",066
600
6,000
35,249
.65c.
67o
.
1.00
Salonlca
.85o.
1.00
d.85o.
1.00
Venice
Copenhag'n.57c.
.72c.
Naples
Leghorn
d.45o.
.60c.
d.45c.
.60c.
.57c.
.72c.
Gothenb'g
.67c
d Direct steamer.
Aug. 20
47,000
,
3,900
5,952
35,466
45,818
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended Sept. 8 were
130,000 cantars and the foreign shipments 13,000 bales.
Only small lots,
_
1
500
6,000
x
.50c.
ard
.85c.
cable from Liverpool we have the following statement of the week's imports, stocks,
&c., at that port
Since
Aug.
No quotations,
*
Stand-
Density
Piraeus
Liverpool—By
.
Exports (Bales)—
d.45c.
High
ard
Trieste
.67o,
.67c.
Stockholm
1935
39
100
200
68,791
Oslo
1937
600
326
7—Tatsuta Maru, 2
Genoa
Alexandria, Egypt,
Sept. 8.
241
300
Total
a
1,803
2,257
2,226
8,958
SAVANNAH—To Bremen—Sept. 3—Reigel, 8,958
To
Trieste—Sept. 9—Livenza, 300.
To
Susak—Sept. 9—Livenza, 600
LAKE CHARLES—To
Bremen—Sept. 4—Archen, 39
NORFOLK—To Hamburg—Sept. 10—City of
Havre, 326__
LOS ANGELES—To
Liverpool—Sept. 6—Pacific Grove, 100
To
Manila—Sept. 3—Payden, 200
135,000
appears
470
-_
1,101
1935
Total
150
-
dam, 668
4,000
3,000
1936
.---
CORPUS CHRISTI—To
Venice—Sept. 3—Waban, 200-__
To Mestre—Sept.
3—Waban, 100
1935
Since
Aug. 1
2,000
To
To
Since
Bombay
Aug. 1
1,780
Custodian, 993
follows:
as
1.641
Liverpool—Aug. 31—City of Alama, 296
Manchester—Aug.
3,402
703
400
—Custodian, 502
To
200
200
208
Manchester—Sept. 3—Scholar, 1,780
Gothenburg—Sept. 7—Taurous, 150.
Melbourne—Sept. 3—Germanic, 25
Genoa—Sept. 8—West Quechee, 100
Trieste—Sept. 7—Alberta, 150
Venice—Sept. 7—Alberta, 927
Gdynia—Sept. 7—Taurous, 300
MOBILE—To
India Cotton Movement from All Ports—The
receipts
of Indian cotton at Bombay and the
shipments from all India
years,
300
-
3—Scholar, 1,641__
To
*
three
-
Sept. 8—Cardonia, 250
To Japan—Sept. 6—Wales
Maru, 208
To Africa—Sept.
8—Cefalu, 400
To Liverpool—Sept.
a
foreign spinners, 927,068 bales in 1937 and 974,246 bales in 1936, of which
310,268 bales and 548,046 bales American,
b Estimated.
28
50
504
__
Ghent—Sept. 3—Hybert, 100
Sept. 8—
Cardonia, 100
To Antwerp—Sept.
8—Cardonia, 200To Havre—Sept. 3—Hybert,
1,531; Louisiana, 1,171
Sept. 8
—Cardonia, 700
To
Total takings to Sept. 10 a—
Of which American
This
1,758
Rotterdam—Sept. 8—Eglantine, 200
Cartagina—Sept. 4—Ruth Lykes, 28
Havana—Sept. 4—Ruth Lykes, 50
Porto Colombia—Sept. 4—Ruth
Lykes, 504
Antwerp—Sept. 3—San Mateo, 300--
NEW ORLEANS—To
.
supply-
Visible supply Sept. 10
,
450
8—Eglantine, 2,075—Sept. 3—San Mateo,
-
Dunkirk—Sept. 8—Eglantine, 350
-
4,562,266
Alexandria receipts to Sept. 8
Other supply to Sept. 8*5—
for
Ghent—Sept. 8—Eglantine, 300---Sept. 3—San
1,408
Season
To
Visible supply Sept. 4
Visible supply Aug. 1—
American in sight to Sept. 10Bombay receipts to Sept. 9—
Other India ship'ts to Sept. 9-
Total
Week
1,032
1,142
2,136
150
2,911
1936
Week and Season
Season
200
Havre—Sept. 7—San Mateo, 1,032
Dunkirk—Sept. 7—San Mateo, 1.142
To Japan—Sept. 3—Rhein, 2.136
Mateo,
Week
Bales
To
HOUSTON—To
1937
v,';- "
'
To
To Havre—Sept.
Cotton
follows:
are as
V
'• V v"'' VH'
GALVESTON—To Ghent—Sept. 7—San Mateo, 200
from which statistics
sources
are
obtainable; also the takings
sight for the like period:
from mail and telegraphic reports,
up
Forwarded
Totai stocks
752,000
Of wihich American
Total
258,000
38,000
11,000
116,000
30,000
imports
Of which American
Ar»ount afloat
Of which American
The tone of the
each day of the
Aug. 27
52,000
727,000
239,000
34,000
4,000
111,000
38,000
Sept.
3
48,000
702,000
235,000
28,000
15,000
142,000
53,000
Sept. 1(
48,000
698,000
220,000
49,000
8,000
132,000
53,000
Liverpool market for spots and futures
past week and the daily closing prices of
spot cotton have been
as
follows:
Volume
Financial
145
1765
Chronicle
total purchases of
amounted to only
about 50,000 bushels, principally for Antwerp.
Scattered
buying of Canadian wheat for Great Britain was noted.
Today prices closed 1 y2 to 2%c. lower.
Fresh tumbles of
wheat prices carried the market down about 234c. a bushel
late in the session.
As the market approached the close,
export
Monday
Tuesday
Wednesday
Quiet.
Quiet.
Quiet.
business
business
Good
doing.
doing.
Inquiry
A large
A good
Market,
12:15
P. M.
Futures.
5A6d.
5.47d.
5.58d.
5.55d.
5.48d.
5.48d.
Mid.Upl'ds
Barely sty.
Steady,
Quiet but
Steady,
Quiet,
1 pt.decline
pts. 2 to 4 pts. 1 to 3 pts. steady, un¬ 1 to 4 pts.
to 2pts.adv
advance.
advance.
changed to
decline.
Quiet,
2
Market
to
6
decline.
opened
1 pt.
•
Prices of futures at
1
States
selling
Europe
for
of the United States Neutrality Act
undeclared war in the Orient.
It
use
with
the
^
contended
in
result
like cotton and
rent
such
that
and
wheat,
as
Russia
was
chartered
45
that
had
of
Neutrality Act might
the
of
use
restriction
serious
American
well as
late.
to
Close
Close Noon Close Noon Close Noon Close Noon Close Noon
Sept. 10
d
d.
New Contract
d
d
5.28
..
December
5.29
5.30
5.31
5.35
5.25
5.33
5.34
—
-
5.33
January (1938)--
5.34
5.32
5.37
5.38
5.42
5.28
March
5.39
5.37
5.42
5.43
5.46
5.33
5.38
5.39
5.32
6.37
May..
5.44
5.42
5.47
5.47
5.51
5.38
5.43
5.43
5.42
5.43
July
5.48
5.46
5.47
5.48
5.42
5.55
5.52
5.51
5.48
5.47
5.54
5.54
5.53
5.51
5.57
5.48
December
5.54
5.52
5.58
5.50
5.56
5.52
5.60
5.51
5.56
5.62
5.54
5.60
5.59
5.58
5.64
5.56
5.62
5.6
March...
5.59
May...
5.61
—
__
-
-
—
5.56
5.55
'
-
—
5.57
-
129,141,000 bushels.
5.57
----
DAILY
118%
CLOSING
PRICES
OF
Sat.
December
May
_
Season's
September
May
Mon.
High and
129%
131%
—122%
Tues.
H
O
L
Fri.
121%
120%
122%
FUTURES
WHEAT
Thurs.
Wed.
122%
HOL.
105%
107%
_109%
September
December
r
NEW YORK
OF WHEAT IN
Man.
Tues.
Sat.
No. 2 red
5.38
January (1939)
October
was
DAILY CLOSING PRICES
5.27
5.26
5.28
5.27
5.22
5.37
5.33
5.32
5.27
5.32
October (1937)
wheat
d.
d.
d.
d.
d.
d.
d.
products
Reports were cur¬
pushing export sales,
Open interest in
of
steamers
export
!krms.
aggressively
Fri.
Thurs.
Wed.
Tues.
today
increased, owing largely to greater notice
possible
connection
was
1 pt. dec
Liverpool for each day are given below:
Mon.
Sat.
Sept. 4
of
that
estimates
were
wheat
pressure
taken
in
pt. adv. to
1 to 2 pts. stdy., 1 to 3 to 5 pts. 8 to 11 pts. 5 to 6 pts.
advance.
decline.
advance.
4 pts. adv.
decline.
4
P. M.
Steady
Very stdy.,
Steady,
Steady,
Quiet but
Steady,
Market,
adv.
business
United
Friday
Thursday
Saturday
Spot
CHICAGO
IN
Thurs.
108%
110%
112%
Season's Low and
When Made
100%
July 16, 1937 September
104%
July
6, 1937 December
107%
July 29, 1937 May
Fri.
107%
109%
111%
Wed.
108%
110%
112%
105%
107%
109%
When
Made
Aug. 20, 1937
Aug. 30, 1937
Aug. 30, 1937
DAILY CLOSING PRICES OF BONDED WHEAT AT WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
October.
December
BREADSTUFFS
Flour—The trade could note
in
for
demand
lots
The
flour.
are
settled
market has
down to
a
Only hand-to-mouth
of activity.
uninteresting level
dull,
appreciable improvement
no
being worked, and even this type of business has
fallen off.
the 4th
Wheat—On
Fluctuations
The market's
session.
feebleness of
inst.
were narrow
prices closed M to Lgc. lower.
and erratic during the
upward tendency
speculative demand prior to the double holiday.
Furthermore, cabled reports of
rainfall
more
along with the lower close at Buenos Aires
influences.
pre-holiday
checked by
was
The quiet trade
activity in evening
market position
up
was
in Argentina
were
weakening
confined largely to traders'
accounts, many not wishing to hold a
through the extended holiday when foreign
exchanges will be in operation but domestic markets will be
closed.
Overnight export sales of Canadian wheat
were
esti¬
mated at 400,000 bushels, and a little domestic hard winter
business also
was
of the adoption
wheat
reported along with
news
from Washington
of special certificates to facilitate domestic
exports via the Lakes and Canadian seaports.
the 7th inst. prices
whirled upward
about
closed 2l/2 to 3^c. net higher.
today almost 5c.
a
bushel and then reacted
l^c. from the top because of big profit taking.
sharpest gains in wheat prices
were
openly
Italy and Japan.
that Russia
was
emphasizing
tie-up
Adding to the market tension
Hitler
a
Germany?
among
were
reports
buyers
which had been looked for.
today
were
were
not receiving supplies
European purchases of North
estimated at 1,000,000 bushels,
of which 200,000 were from the United States.
50,000 barrels of United States flour to
go
Buying of
to the Orient also
noted.
Adding impetus to upturns of Chicago wheat
bulges in Buenos Aires prices notwithstanding
further Argentine rainfalls.
On the 8th inst. prices closed
Mc. lower to 34c. higher.
At first the wheat market was
tending upward to much higher ground as a result of con¬
tinued apprehension over the gravity of conditions abroad,
but as the news became better and tension began to ease
considerably prices tumbled down later in the session, wiping
out the earlier fresh upturn of 2 34c. in wheat values.
Heavy
chartering of vessel space for Mediterranean shipments of
was
values
were
wheat from
sides
Russia served
lessened
that about
anxiety
to
over
influence
war
was
the reaction.
indicated
Be¬
by notices
500,000 bushels of wheat will be delivered
to¬
Chicago September contracts.
The Liverpool
market, due 34c. lower to %e. up, closed today
1to 234c. higher.
There was no export business in North
American wheat to speak of.
England, however, purchased
850,000 bushels of Australian and Russian wheat.
morrow
on
wheat
On the
9tli
inst.
prices closed
pressing factor in wheat
iu creasing
evidence
of
values
Russian
% to lc. lower.
today
was
competition
the
in
The de¬
report
the
of
wheat
export field, which tended to pull prices down about a cent
a
bushel on the Chicago Board.
The Russian grain selling
agency in Rotterdam was reported to have reopened in an
effort to capture enlarged export business, and announce¬
was made that Russia's shipments of wheat this week
other European countries were the largest in two
years.
was
also emphasized that Black Sea forwardings of
ment
to
It
wheat
this week
the week
totaled 2,824,000 bushels against
previous.
1,544,000
Contrasted to Russia's enlarged wheat
128%
129%
129%
127%
O
125%
126%
126%
124%
L
122%
126%
127% 127%
126
Corn—On the 4th inst. prices closed 34c* to l%c. up.
September corn moved over a 2c. range and closed sharply
higher on short covering. There was a slight increase in the
open interest Friday instead of the expected decrease.
New
crop contracts were only a shade higher.
On the 7th inst.
prices closed 134c. to 434c. up. Largely in sympathy with
the pronounced upward movement in wheat, the corn market
jumped forward, the September delivery showing a maximum
rise of 434c. a bushel to $1.0234> and closed at the day's top,
with active buying by Eastern traders who were short of
supplies to meet the current month's requirements. On the
8th inst. prices closed J4c. off to 434c. up.
Late setbacks in
wheat prices tended to ease tension in the corn market,
where at one stage September showed an overnight jump of
734c. because of extreme dearth of offerings.
Only 3 cars
of corn arrived in Chicago today, although a shortage of
18,000,000 bushels for ^sellers of September corn here is
A factor in the late reaction of the corn market
quantities of new Texas corn had
for immediate shipment to St. Louis. Besides,
offerings of further amounts to come north from Texas were
reported, as well as enlarged rural offerings of nearby corn
to Chicago.
September corn here occupied the spotlight
and rose temporarily to $1.09 a bushel from an early low of
$1.01
but finished at $1.0534 to 34On the 9th inst. prices closed 2%c. down to %c. up. Fluc¬
tuations in corn were erratic, especially in the September
delivery, as uncompleted contracts were evened up at the
rate of about 1,850,000 bushels for a single day.
Today
prices closed l%c. up to %c. down.
The September de¬
livery showed outstanding firmness due to heavy demand
from* the short element. Open interest in corn was 50,apparent.
was
word that considerable
been brought
454,000 bushels.
refusing to ship wheat through the Medi¬
terranean and that British
American wheat
a
The
scored at Winnipeg,
with the maximum advance about simultaneous with
address
On
Wheat
H
124%
.121
May
Friday Night, Sept. 10, 1937
-•'.■
DAILY CLOSING PRICES
OF CORN IN NEW YORK
Mon.
Sat.
Tues.
Thurs.
Wed.
Fri.
122% 125% 122%
—118% HOL. 121%
No. 2 yellow
CHICAGO
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
101% 105% 106% 105
97%
H
-63%
O
64%
63%
63%
63
64%
L
66%
65%
65%
64%
September
December
May
—
Season's
High and
Sept. (new)
116%
Dec. (new)
86%
May
74
When Made
Seanson's Low and When Made
July
9,1937 Sept. (new)
89%
July 30,1937
July
8, 1937 Dec. (new)-— 61%
Aug. 30. 1937
July 29. 1937 May
63
Aug. 30, 1937
Oats—On the 4th inst. prices closed 34c. up to 34c. down.
Trading in this grain was quiet and without special feature.
On the 7th inst. prices closed 34c. to 5/&g. higher.
This
market was influenced in its upward trend largely by the
pronounced strength in wheat and corn markets. On the
prices closed 34c. to 34c. higher. Demand for oats
8th inst.
was
described
as very
good and the country movement
was
light.
On the 9th inst. prices closed
was
%c. off to %c.
up.
Trading
Today prices
Trading was moderately
light and largely of a routine character.
closed y^c. decline to
%c. advance.
active and very much mixed.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
42
No. 2 white
DAILY CLOSING PRICES
42%
43%
43%
Fri.
43%
OF OATS FUTURES IN CHICAGO
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
30
December
May
Season's
High and
September
47%
H
30%
31%
31%
31 %
29%
September
O
30%
30%
30%
30%
31%
L
31%
32
When Made
Season's Low and
Apr. 6. 1937 September
27
6,1937 December
41%
December
May
HOL.
-
July
33%
July 29, 1937 May
31%
31%
When Made
Aug. 4,1937
28%
Aug. 23, 1937
30%
Aug. 23, 1937
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG 1
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
47%
October
December
45%
HOL.
48%
46%
49
46%
49%
46%
49%
47%
Rye—On the 4th inst. prices closed y$c. to Y2g. lower. This
was quiet but steady.
Export sales of United States
market
rye
overnight
were
estimated at 20,000 to 30,000 bushels.
Financial
1766
On the 7th inst.
prices closed l%c. to l%c. higher.
Chronicle
Some
American rye was reported as having been bought for over¬
seas.
In view of this and the vigorous upward movement in
Flour
prices closed unchanged to %c. higher. Rye largely paralleled
Some United States rye was sold for export
Sept. 4
Barrels
closed % to lc. down.
On the 9th inst. prices
ness
of rye
corn
and
reflected somewhat the weakness of wheat and
the substantial
closed 1%
prices
seemed to feel
Continent
increasing receipts of
%c.
to
The September delivery
down.
OF
PRICES
RYE
Sat.
FUTURES
Mon.
80 %
September—
Season's
High and
September
December
96
84
DAILY
CLOSING PRICES
Mon.
Sat.
88%
87
October.
December.
82%
80%
81%
-
80%
91%
89%
91%
90
91%
90%
Total 1936
Mon.
56%
54%
October
December
Closing quotations
Tues.
HOL.
Wed.
57%
57%
56
Thurs.
55%
1,672,000
1,080,964
2,295,000
visible
supply of grain,
comprising
"
Oats
Rye
Barley
Btishels
Bushels
Bushels
Baltimore, b
287,000
15,000
lei'ooo
lLooo
63,000
2,142,000
251,000
2,533,000
230,000
31,000
70,000
657,000
69,000
60,000
132,000
140,000
545,000
1,634,000
218,000
182,000
672,000
12,000
4,217,000
3T666
673*000
150,000
795,000
123I660
9,351,000
2,004,000
1,684,000
2,142,000
2,000
4,000
603,000
872,000
4,000
102,000
4,295,000
1,994,000
200,000
—
47,000
-
...
New Orleans
-
Fort Worth
Wichita.
7,446,000
129,000
11,000
3,000
.16,045,000
1,498,000
6,288,000
—34,575,000
9,296,000
1,135,000
...—
Kansas City
Omaha
On
...
Corn, New York—
No. 2 yellow, all rail
.122%
All the statements below
'.
206,000
Lakes
Milwaukee
Minneapolis
7,891,000
Duluth
7,012,000
Detroit
Buffalo_d
-
afloat
On Canal
Total Aug.
No. 2 white
43%
Rye, No. 2. f.o.b. bond N. Y__ 99%
Barley, New York—
47% lbs. malting
70%
Chicago, cash
6 @604
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
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
from
of the last three years:
*
190,000
6,752,000
551,000
73,000
4,330,000 20,821,000
5,340,000 17,246,000
bond,
bush 56 lbs
bush 32 lbs
Rye
Barley
1,201,000
Minneapolis..
Duluth
Milwaukee...
46,000
119,000
111,000
45,000
Louis
Peoria
Kansas City..
13,000
6,000
52,000
387,000
44,000
1,365,000
388,000
Indianapolis..
132,000
28,000
1
96,000
38,000
18,000
740,000
87,000
33,000
8,000
5,000
73~666
40,000
17,000
2,000
54,000
1,852,000
Total week '37
382,000
13,166,000
Same week *36
421,000
360,000
4,790,000
12,264,000
.
in bond, afloat.
132,000; Buffalo afloat, 249,000; Duluth, 71,000; on Lakes, 1,038,000; total, 3,585,19,571,000 bushels In 1936.
000 bushels, against
Wheat
Corn
Oats
Rye
Barley
Buehsls
Canadian—
Bushels
Bushels
Bushels
Bushels
bay river and sea¬
445,000
292,000
5,672,000
-
19~665
1,446,000
25,000
116,000,
210,000
4,100,000
1,007,000
6,592,000
1,315,000
2,906,000
9,000
376,000
1,553,000
„30,180,000
2,107,000
450,000
4,462,000
4, 1937—46,179,000
2,844,000
2,481,000
1,061,000
845,000
7,504,000
5,505,000
128,425,000
46,179,000
4,330,000 20,821,000
2,844,000
5,243,000
1,061,000
8,597,000
7,504,000
Total Sept.
4,1937-174,604,000
Total Aug. 28, 1937-157,832,000
4,330,000 23,665,000
5,340,000 19,727,000
6.304,000 16,101,000
5,002,000 12,748,000
Total
Sept.
Total Aug.
28, 1937— .34,660,000
Summary—
American
Canadian
shipment of wheat and corn, as furnished by
Exchange, for the week
ended Sept. 3, and since July 1, 1937, and July 1, 1936, are
shown in the following:
3,798,000
2,851,000
1,548,000
406,000
505,000
81,452,000
60,229,000
96,887,000
8,849,000
Since
Since
Week
Since
July 1,
July 1,
Sept. 3,
July 1,
1937
1937
1936
1937
1937
24,990,000
9,570,000
1936
Bushels
Bushels
Bushels
Bushels
Corn
bbls 196 lbs bush 60 lbs
New York
Oats
bush 56 lbs
bush 32 lbs
Wueat
31,000
11,000
22,000
62,000
214,000
71,000
69,000
173,000
Montreal
44~666
1,046,000
Boston
42,000
7,000
109,000
_
Baltimore
Orleans*
Galveston
Halifax
Week
*37|
*
25,000
5,000
4,000
ArgentinaAustralia
8,854,000
44,948,000
7,576,000
9,356,000
7,158,000
14,294,000
5,384,000
4,016,000
10,838,000
536,000
6,712,000
9,352,000!
508,000
202,000
59,000
27,141,000
3,794,000
32,000
3,101,000
508,000
2,187,000
2,283,000
83,257,000
294,000
364,000
3,406,000
71,000
4,824,000
295,000!
3,367,000
25,000
3,494,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, 8ept. 4, 1937, are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from-
Bushels
Barrels
Bushels
Bushels
Bushels
New York...
268,000
Philadelphia.
40,000
New Orleans.
Gaiveston
Montreal
4,000
318,000
1,046,000
Halifax
Total week, 1937..
Same week, 1936——
36,030
~i~66o
Baltimore
44*600
7,000
1,672,000
2,295,000
92,030
100,065
The destination of these exports
July 1, 1937, is as below:
5,000
3,000
8,000
848,000
240,000
Total
26,000
508,000
26,000
508,000
19,000
170,000
for the week and since
"97666
60,000
2,621,000
70,861,000
July
2.1857666 13,8447666
79,966,000
27,209,000
8,144,000
2,170,000
1,544,000
1,023,000
822,000
Oth. countr's
87,386,000
1,
1,000
4,865,000
57.569,000
2,9967665
65,431,000
Report for the Week Ended Sept.
8—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 8, follows:
general
26,000
Since
6,647,000' 68,901,000'
Black Sea
Weather
6,000
1,635,000
56,130,000
266,000
Since Jan.l '3610,183,000
on
56 lbs bush 48 lbs
4,000
4,000
14,000
119,000
\bush
Barley
3,000
1'37| 9,329,000
1936.-J
81,000
~2~ 000
Rye
Bushels
Bushels
North Amer.
India.......
Flour
Receipts at—
Since Jan.
Corn
Wheat
Week
7,514,00014,627,000
3,293,00023,113,000
3,431,00010,127,000
29,486,000
25,722,000
39,348,000
receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 4, 1937, follow:
Total week
648,000
2,394.000
Broomhall to the New York Produce
Total
New
108,000
503,000
Other Canadian & other
Sept. 3,
1,908,000
2,597,000
2,098,000
1935
lpoo
Philadelphia.
7,243,000
80,000; on Lake, 397,000; total, 653,000 bushels, agkinst 765,000 in 1936.
Wheat—
New York, 1,423,000 bushels; New York afloat, 57,000; Albany, 615,000; Buffalo,
1—
1937
1936
8,597,000
4,157,000
Note—Bonded grain not included above: Barley—Duluth, 176,000 bush.; Buffalo,
Exports
Since Aug
5,243,000
The world's
23,000
3,000
Sioux City...
Same week '35
326,000;
575,000
1,096,000
1,178,000
599,000
2,000
275,000
84,000
Buffalo
314,000
70,000
228,000
Omaha
St. Joseph..,
Wichita
193,000
36,000
114,000
20,000
618,000
bush 56 lbs bush 48 lbs
651,000
1,366,000
787,000
35,000
65,000
235,000
84,000
12~666
16,000
15,000
Toledo
St.
860,000
3,943,000
3,470,000
198,000
629,000
in bond,
c Chicago also has 163,000 bushels Argentine corn in
d Buffalo also has 633,000 bushels Argentine corn in bond, in store; 80,000
bond,
elevator stocks
bbls 196 lbs bush 60 lbs
Chicago
1,000
Argentine corn
bushels Argentine corn
board
Oats
19,000
a Philadelphia also
b Baltimore also has 163,000 bushels
Ft. William & Pt. Arthur. 10,327,000
Corn
3,000
32,000
158,000
171,000
New York also has 97,000 bushels Argentine corn in bond,
has 313,000 bushels Argentine corn in
Lake,
Wheat
Flour
Receipts at-
731666
94,000
47,000
157,000
3TI666
4, 1937—128.425,000
28, 1937-123,172,000
Total Sept.
Oats, New York—
16,000
~
2,857,000
4.75
Fancy pearl, Nos.2,4&7 6.90®7.25
4,000
5,000
2,304,000
6,783,000
2,101,000
GRAIN
Wheat, New York— '
No. 2 red, c.i.f., domestic—120%
Manitoba No. l.f.o.b. N.Y._140%
2,000
10,046,000
—
afloat
Philadelphia.
Peoria.
Coarse
in
1,819,000
New York *
Chicago _c
6.25@6.60
5.15@5.40
stocks
Corn
429,000
2,000
69,000
Sioux City..
Rye flour patents
5.05@ 5.25
Seminola,bbl.,Nos.l-3_ 7.30®
Oats, good
2.50
Corn flour
3.30
Barley goods—
the
Bushels
re¬
Bushels
united States—
Boston
St. Louis
FLOUR
Spring oats, high protein _6.85@7.30
Spring patents
i
6 45@6.80
Clears, first spring
_5 85@6 30
Soft winter straights
5.30@5.45
Hard winter straights
6 05 @6 40
81,000
1,000
GRAIN STOCKS
Wheat
55%
follows:
were as
21,981,000
28,593,000
at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 4, were as follows:
58
58%
56%
8LO66
15*066
32*141
900,655
28,000
9,000
90,000
5,000
13,000
Fri.
------
11,000
Indianapolis.
Sat.
1
13,031,000
8,846,000
78,000
14,000
granary
St. Joseph
OF BARLEY FUTURES IN WINNIPEG
DAILY CLOSING PRICES
Hard winter patents
Hard winter clears
466.000
Hutchinson
HOL.
September
Bushels
3*666
Total 1937
Galveston
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
Bushels
92,030
100,065
Other countries...
Made
IN WINNIPEG
Wed.
Thurs. Fri.
1937
Bushels
1,192,000
79%
Aug. 23, 1937
Aug. 23, 1937
78%
July 1
1937
71,595
121,000
210,000
79
June 14, 1936
73 J*
Tues.
HOL.
Fri.
82 %
80
80%
When
78%
RYE FUTURES
OF
Thurs.
Season's Low and
i
Dec. 29. 19361 September
May
6, 19371 December
Aug. 10, 1937|May.__.
108%
May
Wad*
When
82%
80%
81%
O
L
—
May
CHICAGO
Sept. 4
1937
Brit. No. Am. Col.
The
IN
Wed.
Tues.
H
79
79%
December
Today
rye.
West Indies
,
465,919
46,855
6,175
12,500
23,500
Kingdom.
United
the brunt of the heavy selling.
CLOSING
DAILY
The heavi¬
July 1
1937
Barrels
Since
Sept. 4
Bushels
July 1
1937
Week
Since
July 1 to—
Since
1937
Week
So. & Cent. Amer.
today.
Week
and Since
only natural the rye market should
substantial improvement in values.
On the 8th inst.
wheat action.
Corn
Wheat
Exports for Week
wheat and corn, it was
show
Sept. 11, 1937
summary
At the beginning of the week cloudy, unsettled weather, with scattered
showers, prevailed over the Southern States, while mostly fair weather was
the rule in other sections.
Similar conditions continued throughout the
middle of the week, although more general showers occurred in parts of
the Great Plains and some northern sections.
Temperatures continued
high for the season, although a reaction to colder was noted in the Lake
region on the 4th.
At the close of the week rains were rather general
over parts of the Ohio Valley and the Middle Atlantic States and an area
of high pressure prevailed over the Lake region and the northern Great
Plains, with cooler weather general in this area.
The
table
shows
that
the
week
was
much
warmer
than
normal
over the eastern Ohio Valley and the Northeast, as well as in the upper
Mississippi Valley and much of the northern Great Plains.
In the former
area plus departures ranged from 6 to 8 deg., while in the latter they were
mostly from 7 to 10 deg.
Temperatures were rather close to normal in the
Southeast, while in much of the West they ranged from about normal to
somewhat below.
It was rather cool in the Central VaUeys of California
with the minus departures ranging from 4 to 6 deg.
The table also shows that rainfall was light to moderate in the South¬
east, the western Ohio Valley, and upper Mississippi Valley.
The weekly
amounts were moderate to heavy in the Middle. Atlantic States, the lower
Mississippi Valley, eastern Texas, and in parts of Oklahoma and north¬
west Texas.
Much of the West had light to moderate showers, while the
far Southwest again reported a practically rainless week.
In marked contrast to the extremely moist conditions prevailing in the
east Gulf States and the Southeast, much of the central Mississippi Val¬
ley and adjacent portions of the Ohio Valley are still quite dry, with a
rather general rain needed for late crops.
In the Southeast and east Gulf
States frequent rains were very detrimental to outside operations and
caused some damage by flooding.
.,
Scattered showers were helpful in many northern parts of the country,
but some areas are still dry and a good, general rain would be beneficial
Volume
Financial
145
plowing and seeding operations, as well as for late pastures and meadows.
cooler the latter part of the week was quite favorable,
especially in parts of the Midwest where some crops had been forced too
rapidly toward maturity.
In many western parts of the country, rain is still needed, although in
others, light to moderate showers were very favorable.
In the Pacific
Northwest showers caused some delay to outside operations and damaged
to
The general reaction to
hops locally, but were beneficial to
now beginning in the moister areas.
plowing and fall seeding which are
Meadows and pastures showed gen¬
improvement in most eastern parts of the country, particularly the
Atlantic Coast States and the Southeast, while they were also helped in
eral
parts of the lower Ohio Valley.
■
grains'"proceeded
► Small Grains—Threshing of spring wheat and small
quite favorably in most late sections during the past week.
However,
general rains near the close materially impeded threshing in Washington
and incurred some damage to grain in shock in Colorado.
Threshing
operations are nearing completion in Minnesota and well along in the
Dakotas, and are mostly completed in Montana.
This activity has been
completed in the early districts in Idaho, with good yields reported.
►•Preparation of ground for the seeding of fall grains has been materially
delayed in some large western areas due to dryness, but rains near the
close of the week in the North Pacific and Northern Rocky Mountain
States conditioned the soil sufficiently to permit winter-wheat seeding in
most parts of the wheat belt in Washington, and stimulated this activity
considerably in the northern portion of Montana.
Preparation of soil for the seeding of winter wheat is in progress in
practically all the Plains States, but lack of soil moisture renders plowing
difficult and slow.
In sections where rains have occurred, this activity
progressed favorably.
In the eastern half of Kansas soil moisture
from 6 to 12 inches deep, and from 3 to 6 inches in the western
Preparation of soil for seeding is from three-fourths to all done,
and some sowing reported in the northwest quarter and north-central.
Plowing and disking is three-fourths done to completed in Oklahoma
and Missouri, with some planted in the former State, and sowing of winter
wheat is expected to begin the last of the week in the northwest counties of
has
ranges
half.
Missouri.
belt, but in
many western areas much of the crop was beyond the stage where rain
would help.
The reaction to cooler the latter part of the week was bene¬
ficial in retarding the abnormally rapid maturity in some portions.
Corn is maturing satisfactorily in Ohio, while progress and condition
were
fair to excellent in Indiana; in the last-named State considerable
early is safe from frost damage and the bulk of the remaineder is expected
to be safe in about 2 weeks.
Warm weather ripened corn rapidly in Illi¬
nois and condition is generally fair to bery good; much will mature in two
Corn—Late corn
was
favored in the eastern parts of the
three weeks, particularly in northern portions.
Missouri corn is maturing too rapidly in some
to
In
parts and much has
passed the stage where rain would benefit it; early is mostly very good,
while the late is only fair in dry areas, with much firing.
In Kansas the
bulk of corn is beyond the stage where rains would help, although in Ne¬
braska showers were helpful to some late corn; considerable is out of frost
danger in the latter State.
Late corn improved where moisture was suf¬
ficient in the Dakotas and much is safe from frost damage in Minnesota.
In Iowa corn was rushed too rapidly toward maturity and the kernels
are not filling properly, while they were shrivelled somewhat by the heat;
about two-fifths of the crop was reported safe on Sept. 1.
Considerable
damage from smut was indicated in west-central and southwestern Iowa,
while some injury from ear worms was reported generally.
Cotton—In the eastern Cotton Belt frequent
rains and high humidity
were generally detrimental and the crop made only poor progress or de¬
teriorated.
Similar conditions prevailed in the lower Mississippi Valley,
but in the western belt some improvement was noted.
In Texas progress of cotton was generally good, although rain lowered
grade of staple and favored insect activity; condition is generally im¬
proved and picking made good advance before the rains.
In Oklahoma
cotton was in good condition in the eastern part, but rather poor to fair
elsewhere; picking made fair progress, while much is being snapped.
In
the central States of the belt continued rains were unfavorable and cotton
deteriorated or made only poor progress in most portions; picking pro¬
the
gressed only slowly and was practically stopped locally, while rotting of
lower bolls, rank growth, and stained and sprouting staple were reported
in some portions.
In the Southeast and the Carolinas, frequent rains were detrimental,
although picking was resumed toward the latter part of the week.
The
moist conditions caused some deterioration and progress was generally
with heavy shedding and bolls sprouting and rotting
In most localities from the lower Mississippi Valley
weather of the week was very favorable for weevil activity.
poor,
tions.
The
in some sec¬
eastward the
Weather Bureau furnished the following resume
conditions in the different States:
Temperatures averaged well above normal; rain¬
fall heavy.
Weather favored some cotton rust and considerable tooacco
wildfire.
Cutting and curing tobacco seriously impeded.
Harvesting
ccrn begun.
Southeastern truck excellent.
Rain damaging tomato crop
Virginia—Richmond:
in west-central
and eastern potatoes and sweet potatoes.
Carolina—Raleigh:
Rain at beginning and again near close of
week; too much for tobacco, cotton, and peanuts in present condition.
Progress of cotton poor to fair; weather favored weevil activity; consider¬
able complaint of boll rot; opening slowly and a few first bales.
Corn
good to excellent, though some damaged by flooding.
Pastures and fall
gardens good.
South Carolina—Columbia:
Averaged somewhat warm and last half
of week generally fair; more favorable for harvesting and development
of late crops.
Picking cotton resumed and begun in extreme north, but
considerable boll rot and local staple damage account preceding continued
rains.
Extended period of sunshine needed.
Late corn/truck, and pas¬
tures good growth.
North
Georgia—Atlanta;
few
Continued damage to cotton by heavy rains first
with heavy shedding in
days and very favorable for weevil activity,
places; bolls reported sprouting and rotting, but much more favor¬
able later, with picking slow to fair advance.
Favorable for unmatured
corn in north.
Consiaeraole damage to peanuts from rain at beginning,
many
but latter part
favorable for harvesting.
Heavy rains in northwest and progress and
condition of cotton poor, with picking and ginning fair advance; moderate
rains in northeast and progress and condition fairly good, with picking
and ginning good progress.
Sweet potatoes good and Deing dug.
Truck
preparations advancing and tomatoes, celery, peppers, and eggplants being
set out.
Citrus good.
Florida—Jacksonville:
Alabama—Montgomery:
Excessive rains first of week in southeast and
locally in middle and middle west.
Frequent moderate to heavy rains dur¬
ing week.
Cotton deteriorated, with much damage in southeast and con¬
siderable elsewhere, except in extreme northeast where progress very good;
condition only fair generally; picking slow advance.
Other crops doing
well and pastures excellent.
Mississippi—Yicksburg:
Frequent showers and progress of cotton
mostly poor to rather poor and picking almost stopped; lower bolls rotting
in rank growing cotton and stained and sprouting staple making ginning
difficult; heavy shedding and weather favorable for weevil activity.
Prog¬
ress of late-planted corn fair to very good, but some damage to unhoused
early.
Moisture beneficial for plowing and seeding.
Louisiana—New Orleans:
Moderate temperatures, with frequent light
locally heavy showers.
Progress of cotton poor to fair; condition fairly
good; picking slow advance because of frequent showers; moderate shedding,
to
with
some
rot in west.
Late rice, cane, corn, potatoes, pastures, and fall
truck made excellent
rains and
some
progress, but harvesting early rice still delayed by
sprouting in shock.
Averaged slightly warm in extreme east and con¬
elsewhere.
Dryness prevailed over extreme south and
light rains in west-central and mostly heavy elsewhere
of cotton during week generally good, although rain lowered
Texas—Houston:
siderably
extreme
Progress
warm
west;
grade of staple somewhat and favored increased insect activity; condition
improved on the whole; picking made good advance preceding rain.
Ranges
improved in most areas and cattle continued fair to good.
Oklahoma—Oklahoma City:
Warm, with light to heavy rains
Very
good advance of plowing, but too dry in some Panhandle and extreme
northeastern localities.
Condition of cotton good in east, but rather poor
to fair elsewhere; picking fair progress and much being snapped; some
staple rather poor.
Much corn gathered.
Preparation of winter wheat
completed and some planted.
Pastures'onlyjslightly
proved and mostly poor and weedy.
Livestock fair to good.
seed beds nearly
im¬
Picking cocton slow advance in most centralnorthern portions due to four to six we« days and high humidity, but fair to
good progress elsewhere; cotton badly deteriorated or fair progress in most
portions due to moderate to heavy rains, but good elsewhere; staple dam¬
aged.
Very favorable for late corn, meadows, pastures, potatoes, wseet
Arkansas—Little Rock:
potatoes u and
tomatocs;:___._
L
\
. .
Cotton opening slowly and picking only" slow
due to heavy rains; some rust reported; condition mostly good.
Progress of late corn very good to excellent, except fair in a few central
and western counties where dry.
Cutting tobacco progressing, but frequent
rains interfered somewhat and sunshine needed; general condition good.
__
~~
Tennessee—Nashville:
progress
Pastures and hay crops mostly very
gcod.
THE DRY GOODS TRADE
New York, Friday
Night, Sept. 10, 1937
by cooler temperatures, retail trade made an
improved showing. The end of the vacation season and the
close approach of the reopening of the schools, also served
as an impetus for business.
Apparel lines benefitted mostly
from the change in weather conditions, but an improved
call for home furnishing items also manifested itself.
The,
best reports continued to come from the rural sections where
large crops and high prices are having the anticipated effect
of greatly enhancing the spending ability of the populace.
Department store sales the country over, according to the
Favored
usual survey of the Federal Reserve Board,
showed a gain of 4% over August, 1936. In
during August
the New York
the increase reached 5 %. The highest gain—with 10 %—
registered in the Dallas district while in the Philadelphia
district a decline of 2% was recorded.
Trading in the wholesale dry goods markets expanded
moderately as retail merchants, notably in the agricultural
sections, felt encouraged to place long deferred orders for
nearby fall requirements.
Wholesalers on the other hand
continued reluctant to reenter the market as prices in the
area
was
primary fields, following the release
of the bearish Govern¬
report, showed signs of renewed unsettleThe break in the security markets caused by fears
ment cotton crop
ment.
of a major foreign conflict also induced caution.
The belief
prevails, however, that with continued favorable weather
conditions an early revival in wholesale operations may be
looked for as inventories are said to have been reduced to
normal levels and numerous nearby requirements remained
to be filled.
Business in silk goods improved slightly, with
further covering of fall needs in progress.
Trading in rayon
yarns gave indications of increased activity.
The November
production of the mills is reported to have been booked
ahead in its entirety although total applications of buyers
did not reach the volume of previous months.
No change
in the favorable statistical position of the industry has
occurred as available surplus stocks continue at a negligible
figure.
Domestic
Cotton
the
September
Goods—Trading
markets continued dull. The official
of
of
1767
Chronicle
cloths
estimate
gray
crop
16,098,000 bales,, while somewhat above expectations,
to further disturb the price structure as producers
failed
refrained from
pressing their goods on the market. Towards
improved slightly, in con¬
the end of the week, sentiment
mild rally in the cotton market and the appear¬
more numerous inquiries believed to be
indicative of depleted supplies in the hands of many small
converters.
Better reports from distributive centers fore¬
shadowing a quickened movement of finished goods, also
helped to improve the undertone of the market. Business
in fine goods continued in its previous desultory fashion
with actual sales confined to small fill-in lots.
Late in the
week inquiries increased substantially although low bids
in most instances prevented the consummation of actual
sales.
Closing prices in print cloths were as follows: 39-inch
80s, 7Mc.; 39-inch 72-76s, 6%c.; 39-inch, 68-72s, 6c.;
3834-inch 64-60s, 53i to 5%c.; 383^-inch 60-48s, 43^ to
sequence
ance
of
a
of somewhat
4^c.
Woolen Goods—Trading
in men's wear fabrics remained
and additional reports of curtailed operations cir¬
culated in the market. While little or no interest existed in
suitings, the call for topcoatings showed a small improve¬
ment.
Orders on tropical worsteds and gabardines also
quiet,
expanded moderately, in connection with preparations for
the cruise and winter resort demand.
Reports from retail
clothing centers made a better showing as cooler tempera¬
tures stimulated consumer interest in fall apparel.
An out¬
standing event of the week was the announcement of a
price reduction by one of the leading clothing
chains:
Business in women's wear goods showed further
moderate
moderate
improvement
as
merchants,
encouraged
by
a
pick-up in consumer demand, started to replenish their
stocks, and the new price lists became firmer established.
Goods—Trading in linens made a slightly
showing. With preparations for the winter resort and
cruise trade getting under way, a moderate volume of
orders on dress goods and suitings came into the market.
Reports from the foreign primary centers continued to
reflect the adverse effects of the political disturbances in the
Far East and the Mediterranean.
Business in burlap com
tinued dull as users stayed out of the market.
The official "
Indian jute crop estimate of 8,618,000 bales had little
effect on sentiment. Prices ruled slightly easier, in smypathy
with the lower trend of Calcutta quotations.
Domestically
Foreign Dry
better
lightweights were quoted at 3.90c., heavies at 5.25c.
Financial
1768
Chronicle
Sept. 11, 1937
1463 Goldwaithe Ind. 8.
1462
1140
Specialists in
Rate
Name
Page
1945-1964
3%
1946
1%
1938-1947
Greeley Rural 8. D. 8, Iowa
1293 Greenwich, Conn
1463
981
Illinois & Missouri Bonds
Maturity
1938-1957
5
D., Tex
Greater Greenville Sewer Dlst. ,8.C3%
Amount
10,000
20,000
4,000
250,000
Grenada, Miss
1938-1951
Hardin County, Ohio
2%
1938-1944
10,100
1458
CHICAGO
WIRE
Harrison, Neb
4
2
5-20 yrs.
r5,000
1938-1947
-.3%
1947-1957
85,000
100,000
74,100
2%
4
1939-1943
30,000
-.3%
2.40
4
__2.20
4)4
4
4
2
Guthrie County, Iowa
Hamilton County, Tenn
1141
1621
Haverhill, Mass
1296
Hennepin County, Minn
1148
Henrietta, Wis
1297 Highland Park, N. J
1621
Hoosick, N. Y
981
MUNICIPAL
SALES
BOND
IN
AUGUST
Hopkins, Minn
983
Hornell, N. Y. (2 issues)
1296
at the usual time.
Hudson, Mlch_____
1140
present herewith our detailed list of the municipal
bond issues put out during the month of Augufet, which the
crowded condition of our columns prevented our publishing
We
1938-1946
Humeston, Towa__
1454
Indian River County, Fla
1146
981
Indiana Twp. S. D., Pa
Ionia County, Mich
983
Islip 8. D. No. 5, N. Y
123,500
1139
1458
Kingston, Mo______
Basis
1461
1147
30,000
100.26
2.35
1938-1947
1,420
35,000
11,000
100.31"
~2". 13
100
4.50
7,000
1148
1938-1952
65,000
8,000
1938-1947
Maturity
1142 Absecon, N. J
978
Adams County, Colo
4
1453 Alameda County, Calif
2%
1302 Albany Co. S. D. No. 5, Wyo
3
1141
3%
Alcorn County, Miss
1142 Allenhurst, N. J
1-8 yrs.
1938-1957
1938-1957
1938-1952
Amount
r$165,500
Price
4,000
1618
979
1294
988
1457
1138
1142
988 Blair School District, Wis
Boston, Mass
1456 Boston, Mass..___________
1147 Bristol,
4.00
1618
Leavenworth Co., Kan
1462
Lee Co., 8.
3*03
1140
Logansport, La
100
3,00
1292
1453
3~06
1616
Madera Co., Calif
4.68
1453
Madison Co., Ala
101.74
2.70
981
101.65
3.62
1459
Malverne, N. Y
1298
Mamaroneck, N. Y
1142
Manchester, N. H. (2 issues)
1455
Manning, Iowa
1139
Marianna, Fla.
d20,000
980
1938-1940
12,000
9,000
96*50"
5~45
Los Angeles
3%
3%
3
__5
Magee, Miss
Maiden, Mass. (3 issues)
1%
—3%
1938-1947
2,075,000
100
425,000
7*6,000
100.85
2.93
1141
Maryland (State of)) (2 issues)
1941-1959
135,000
100.58
3.45
1297
<*r8,000
100
5.00
1300
Maryville, Mo
MassillonCity 8. D., Ohio___
5
4
101.01
2.39
3%
980
1 -4 yrs.
60,000
100
6,000
100
4.50
1938-1957
101.26
3.11
1938-1952
250,000
15,000
100.10
4.73
4,000
100.65
3.86
1940-1957
1940-1959
1939-1957
1938-1952
1942-1952
1942-1957
8,800
1145
1938-1952
50,000
100.20
1456
334
Calcasieu Par. S. D. No. 21, La_4-434
Calcasieu Par. S. D. No. 26, La.4-4%
1938-1952
60,000
100.31
1456
Caldwell Parish S. D. No. 14, La_4
50,000
100.20
1142
"1942-1957
1294
Millcreek Twp. 8. D., Ind
4
100.36
1.38
1300
Cambridge, Mass
983 Camden, N. J
980
979
1938-1942
200,000
__
2 years
4
Casey, 111
1147 Cedar Springs S. D„ Texas...
1294 Chicago, 111
____3
1139
1144
Cloquet, Minn
1618 Colesburg Con. S. D., Iowa
1299 Columbiana County, Ohio
1461 Coos Co., Ore
1143 Cortlandt, N. Y. (3 issues)
1457
1458
1939-1952
234
1939-1948
1940-1950
3
3
...
334
-
3.60
Crookston, Minn
3
1462
3%
3%
Dade Co., Fla. (2 issues)
Darlington County, S. C__
Dayton, Ohio
1464 Dayton, Wash_____.____.__—.4
985
1293
Denver, Colo
1457
Detroit Lakes, Minn
Dresser Junction, Wis. (2 iss.)
1141 Duluth Ind. 8. D., Minn___
Duplin Co., N. C.
1294 Duquoln, 111
1144
1455 East Alton, 111
1938-1950
1947-1953
East Aurora, N. Y. (4 issues)
2.70
1295
East Carroll Parish, La. (3 iss.)_324-4
1299
East Cleveland, Ohio.____.
1297
Easton, Pa
Eden S. D. No. 4, N. Y
1142 Effingham, N. J
1462
Emery, S. Dak
1453
El Paso Co. S. D. 43, Colo
1938-1967
4
2.30
334
134
434
Easthampton, Mass
1145 East Liverpool, Ohio.
1952
1939-1948
4
Earlham, lowa___________
1456
____
534
(2 iss.)
1140
1940-1947
1945-1964
__
4
3
1626
986
1939-1947
1938-1962
1938-1957
Custer Co S. D. No. 8, Mont___4
1454
983
1951
2%-2%
Cleveland, Ohio (2 iss.)
1141
5
;
5
2)4,
___2.40
3
4
—.3)4
Enid, Okla
Erlanger, Ky
4J4
Evangeline Parish Con. S. D. 1, La5
980 Everett, Mass
234
979 Eairfiled, 111.
334
1140
1455
Fairfield, Iowa
Fairfield, Ohio
1300 Farrell 8. D., Pa
1454 Fernandina, Fla__
1299
980
FItchburg, Mass
984
Forsyth County, N. C
458
Franconia, N. H
34
2%
4*4
1%
-2)4-2%
3
i295
Franklin Par. 8. D., Ward 7, "Lu.4-4%
7140
Frederick, Md__
1142
1938-1963
1938-1967
1939-1948
5 years
1943-1954
1938-1944
1938-1948
1940-1046
1938-1952
1940-1975
1940-1967
1938-1942
1939-1940
1938-1946
1939-1948
1938-1962
1952
1938-1947
1938-1959
1938-1957
1938-1957
1940-1964
Galloway Twp., N. J
,
146
1617
,457
Gelstown, Pa
German Twp. School Twp.,
Gladstone, Mich
j987 Gleason, Tenn
2%
73,353,500
50,000
<*10,000
22,700
25,000
21,000
7913,000
110,000
200,000
32,000
<*7,500
21,000
14,000
7250,000
770,500
743,000
19,000
29,000
82,000
2.72
100.22
2.56
101.25
101.32
2~88
10b".05"
~3~.24
100.37
3.56
2" 75
100
4.00
106.66
1.97
100.65
2.67
50,000
1942-1957
<*16,000
1938-1947
12,000
11,000
—
100.07
2.23
100
4.75
95*25"
36,648
1939-1948
2 years
1938-1947
101.16
8,000
103.56
3.31
100.15"
2". 27
100.30
2.48
20,000
1,175,000
875,000
18,500
150,000
lOO.ii"
4" 24
<*40,000
102.12
3.28
7*43,500
101.66
3*28
20,000
65,000
100.24
1939-1954
99.70
3.54
1938-1948
5,500
100.23
3.21
4
2%
5
1140 Natchitoches Par. S. D. 9, La.3%-3%
1299 Nelson Co., N. Dak
4
~4~66
99.57
3.82
100.68
3.65
l(fo".23"
Mount Sterling, Ohio
1294
lbb""""
1145
Mountain Home, Idaho
Muncie Sch. City, Ind
1939-1947
30,000
100.83
3.98
1455
1949-1954
120,000
101.53
2.38
1294
Nahunta, Ga_
1943-1956
7,000
1938-1957
350,000
100.23
3.67
1939-1959
50,000
2-20 yrs.
2,700
20,000
79,000
500,000
150,000
90,000
1464 Nespelem, Wash
1458 Neptune City, N. J
1459 New Hanover Co., N.
1456
980
lbb""""
3.00
1143
1459
ibo"39"
2~25
100.30
5.22
100.36
1.35
lbb~.42~
2.65
1938-1951
2%-3
—3%-3%
Newton, Mass. (2 issues)1%
Niagara Falls, N. Y
1.80
Niskayuna 8. D 5, N. Y
_*__1%
C
New Orleans, La
1139
Noblesville Sch. City, Ind
983 North Arlington 8. D., N. J
983 North Arlington 8. D., N. J
1143 North Arlington, N. J
1143 North Arlington, N. J
1146 Northumberland, Pa
1461
Norwood, Ohio
1463 Nueces Co., Texas
983 Nutley, N. J. (2 issues)
7,000
100.25
2.33
1298
Oneonta, N. Y
3.73
1456 Orleans Levee Dist., La
1455 Overland Park 8. D., Kan
1455
101.42
1147 Palestine 8. D., Texas
1301 Paris, Tenn
1462
100.36
2.38
Pecos Ind. 8. D., Texas
3
4
4
4
4
3
2
—4
5,580
100
8,000
100.67
3.14
250,000
175,000
100.57
2.70
100.56
4.45
136,000
100.52
1.65
1298
4
4
2.30
1617 Polk County Tax 8. D. 18, Fla___4
1298 Port of New York Authority, N.Y.3^
1453
50,000
90,000
100.18
50,000
100.12
2.49
1938-1952
1938-1946
1938-1941
1938-1943
1937-1956
1944-1966
1966
Port of Olympia, Wash
Prowers Co. S. D. No. 6, Colo
1618 Putnam County, Ind
1462 Radnor Township, Pa
981
1296
101.12
2.53
1463
100
5.00
1142
1461
24,000
7*13,500
55,000
7*45,000
7*5,000
1937-1966
1938-1967
1938-1947
1942-1954
7650,000
30,000
25,000
<*275,000
100.01
100.08
101.04
100.05
1.56
1.79
100.13
1.70
101.96
2.32
100
4.00
100
4.00
100
4.00
lbT 16"
2*91
100.27
1.95
100.22
3.95
51,500
Pelham, N. Y
Peoria, 111
2%
1300 Pliillipsburg, 8. D., Ohio
1457 Pickford Township 8. D., Mich
1295 Plymouth County, Mass. (2iss.)__lH
1302
7105,000
1942-1966
14,000
1.90
1.70
3%-4
2%
1455
20,000
1939-1956
1939-1947
2%
3
2%
1
Ramsey County, Minn
2%
Randolph, Mass. (2 issues)
2
Refugio Co. R. D. No. 2, Texas__4
Red Cloud, Neb
3
Redmond, Ore
6
100.11
1.98
109,000
23,225
100.14
1.65
1938-1959 <*7*2,280,000
100.06
4.15
100
2.75
1938-1942
15 years
1942
Parker, 8. Dak
1147
65.000
721,000
lbb""""
3%
—3%
.
Oelwein, Iowa
Olean, N. Y. (2 issues)
6
1938-1947
Mitchell, 8. Dak
Monroe Co., Miss___
977 Monterey Co., Calif
1453 Morgan Co., Ala
981
1143
6
3
Mississippi (State of)
2.11
156,000
1938-1942
_2.30
1940-1967
2%
4
4% "1939-1956
1950-1957
3%
.____—4
1938-1957
3%-5
101.59
711,700
3,500
7,500
13,195
175,000
1939-1957
2%
4%
3
15,000
78,000
44,360
24,000
7245,000
7116,500
13,000
15,000
16,200
Ind__2^
-
7146
103.13
80,000
727,000
..
Minerva, Ohio
Minneapolis, Minn. (2 iss.)
1141 Minneapolis, Minn. (2 Issues)
1458 Mirabille, Mo
1141
9,000
1838-1942
1145
1295
15,000
85,000
2,100
500,000
3.32
<*275,000
4%
1457
302,000
__
Canton, 111
1145 Canton, Ohio
4.13
2.47
7*73,000
3
105.26
3~03
Miles City, Mont
25,000
200,000
1939-1963
103.18
100.84
40,000
Medford, Ore
1937-1952
175,000
<*135,000
7*64,400
May field, Ky__
Meadow Grove, Neb
334
134
2.87
1938-1947
986
1295 Calvert County, Md
1*67
2.97
1939-1952
982
Mexico, 8. D., Mo
1454 Miami, Fla
101.02
100.25
2%
10,000
982
3.44
3.50
3.00
100.42
2%
<*30,000
980
100.51"
100
100
75,000
4,500
<*600,000
.
100
100.05
8,500
3,408,000
20 years
Merrill, Ore
142,000
35,000
20,000
<*100,000
10,000
100,000
1940-1952
1947-1952
1142 Byron, Neb
3.28
1938-1947
1938-1946
__4
1943-1950
1140 Buena Vista County,
98.92
7*27,000
Iowa
234
1147 Burleson School District, Texas__4
1453 Buena Vista, Colo
3.00
1939-1948
5
1624 Marshall Co., 8. Dak
1143 Martins burg, N. Y
2.93
6,500
40,000
1938-1941
2
2.90 1938-1952
1938-1957
3
—
1.96
100.40
100
20,000
-
100
100
43,500
100.20
1938-1947
4
7,500
5,000
,
1938-1946
1938-1947
1%
3^-4^
4%
.3%
4%
C
1947
_—.3)4
Va
10,000
1946-1957
3
1294 Boyden School District, Iowa____3
1615 Brundldge, Ala
500,000
lbl"50"
20,000
1~96
1939-1941
100
1945-1959
lbb" 12"
1939-1947
49,692
103.01
3.87
50,000
3
3
3
3
1938-1967
—2%
1456
75,000
8,000
106.21
._
1938-1942
10,000
101.54
__
1141 Booneville, Mo—
100.10
80,000
8,971
12,000
1938-1952
5
1463 Bishop, Texas
50,000
1938-1947
25,000
1938-1949
1939-1948
2
1938-1947
__
101.02
Lawrence, Kan
61,270
3.18
24,672
La Crosse, Wis
Lauderdale Co., Ala
1299
3.60
109.68
14,500
Laureldale, Pa
3.49
2.05
100
10 years
1295
100.13
102.39
-4
1138
20,000
3.65
3.00
1-12 years
1945-1964
2.75
98
2.20
1624
1145
3.19
102.34
100
2~60
and
103.74
101.67
3.75
1453
2.46
25,000
102" 13"
102.75
100.33
35,000
Kingman, Kan. (2 issues)
100
10,000
1.85
4.00
1938-1947
Kern Co. 8. D., Calif
980
Co., Calif
Los Angeles Co., Calif
Lynchburg, Ohio
McLean Co., N. Dak
Madera Co., Calif
2)4
4"00
100.42
100
1939-1948
977
14,000
5,000
89,000
500,000
10,000
135,000
ibb"~""
50,000
-_
__2
3
2%
Lane Co. 8. D. 76, Ore._„
3%
Sewer
3%
Augusta Sch. Dlst. No. 13, Kan__2%
Barr School Township, Ind
4
Bartholomew County, Ind
5
Barton, Wis.—
_______3
Bassfleid Con. Sch. Dist., Miss—
Bellefonte, Del
4
Berlin, N. H
1%
,_______
Lackawanna, N. Y
1464 Ashland,
Kan
1462 Augusta Road Water
Sub-District, S. C
Kenton, Ohio__
977 Kern Co. S. D., Calif.
1145
7,000
980 Atchison,
1299
1459
50,000
1938-1942
Kansas City, Mo
2.99
1938-1944
3
1141
1938-1947
1951-1953
2%
2-2%
2.74
1942-1948
Wis
Kansas City, Kan
100.02
1938-1947
Asharoken, N. Y
1455
100.02
3
979 Ames, Iowa
4
978 Arapahoe Co. S. D. No. 69, Colo.3K
983
4
1952-1960
3)4
50,000
7*24,000
1302 Allouez S. D. No. 1, Wisc_
1938-1947
-.2)4
Joliet Park Dist., Ill
100,000
33,000
--
1938-1957
Jersey City, N. J
3*24
11,000
1949-1955
1,200
1139
1~78
1938-1947
25,000
1297
102.76
107.75
1938-1942
3)4
Jefferson County, Ala
980 Jefferson County, Kan
1453
lb"l"35"
100.06
Kremlin, Okla
Krum S. D., Texas
Rate
Name
Page
on page
2~75
~1~85
7*163,000
1939-1942
-.4
3
Jackson County, Wis
given
100
lbb~75"
1938-1951
4
Jackson Civil Twp., Ind
1302
was
95*42"
15,000
2)4
1614
of the "Chronicle" of Sept. 4.
The total awards during
the month stand at $50,893,322.
This total does not in¬
clude Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
promised to States and municipalities during August.
The
number of municipalities issuing bonds in August was 285,
and the number of separate issues was 321.
The review of the month's sales
2.15
64,000
Hempstead 8. D. 12, N. Y
1295 Henderson, Ky
ST. LOUIS
1.58
100.47
Hamilton Twp., N. J
Griffith, lnd__.
1140
Broadway
3.25
101.08
1299
314 N.
3.49
100.86
14,000
1297
DIRECT
4.73
100
41,000
5
2%
2*4-3%
4
1139
STIFEL, NICOLAUS &. CO., Inc.
Basis
100.13
75,000
32,000
Gregg County, Tex
1301
105 W. Adams St.
Prist
102.30
70,000
200,000
100
25,000
23,000
100
4.00
1938-1947
40,000
100.17
2.47
1938-1956
322,500
10,000
100.61
2.18
1938-1961
74,000
1939-1953
30,000
1938-1942
51,000
1939-1958
10,000
1977<frl5000,000
2-10 years
40,000
1938-1952
r75,000
1938-1947
47,000
1938-1942
25,000
1938-1947
435,000
1938-1947
40,000
1938-1962
180,000
1941-1947
r34,000
6-10 years
<*2,846
100.51
1.31
97
4.32
99.51
3.27
100.47
100.16
101.24
100.40
0.87
100.92
2.08
101.29
1.71
100.22
3.98
100.12
2.98
Volume
Financial
145
Page
Rate
4
8. C... 3\i
Name
1146
Rhode Island (State Of)
1146
Richland Co. S. D. No. 1,
1144
Richmond County, N.
983
Maturity
1981
1942-1957
2>£-3H
2\i
3
—Vy*
4
1940-1949
1939-1944
1967
C
Ridgewood Twp. S. D., N. J
Ridley Township, Pa
1146
1297 Roosevelt County, N. M
1302 Rosenberg Ind. S. D„ Texas
1300 Ross Twp. S. D., Ohio
1463
982
St. Joseph, Mo
981
981
St. Paul, Minn
St. Paul, Minn
978
San Joaquin County,
2}4
2.10
3M
3Yx
-4XA
3%
1455 Saunemin S. D. 210, 111
986
Sayre School District, Pa
1458
Secaucus, N. J——
1462
Seward Ind. S. D., Pa
1145
1301
Shelby, Ohio (2 issues)
Shelby Separate R.D., Miss.-53^-5H
Sioux Rapids, Iowa
3>£
Siskiyou County, Calif
Sisseton Ind. S. D., S. Dak
3>£
1462
Solebury Twp.
1459
Somers S. D. No. 1, N. Y
1302
South Eend, Wash
1301
South Carolina (State of)
1296
1140
978
-——-
1938-1948
1939-1948
1939-1944
1940-1959
1938-1966
1938-1951
1938-1939
3M
3}i
5.
—1%
S. D., Pa
1139 South Pekin, 111
60,000
15,000
100,000
47,000
130,000
32,000
rlOO.OOO
500,000
165,000
50,000
35,000
35,000
30,000
25,000
10,000
11,000
2.450
r209,000
4,000
13,350
dl8,000
30,000
87,000
dr75,000
38,000
45,000
50,000
16,000
6,500
113,000
25,000
10,000
2,500
40,000
3,667
60,000
4,000
310,000
1942-1957
1940-1967
1938-1947
1938-1957
1938-1949
1938-1946
1942-1952
1939-1946
2.40
2.10
3
Calif
1293 Santa Clara County, Calif
1144 Saranac Lake, N.Y. (5 issues)
200,000
500,000
34,000
30-40 yrs.
1938-1957
3\i
2%
2%
Rutherford County, Tenn
Amount
5
-
21938-1947
1938-1947
5
1947
Stevens Point, Wis
3
Sullivan, 111
3
Sullivan's Island, S. D. 2, S. C—3%
1938-1952
Sweetwater Co. S. D. 20, Wyo._.4
1938-1942
Swoyervllle, Pa
5
1938-1947
Tuma, Iowa
5
Thomasville, N. C
-_3?^-4 1939-1962
Tiffin Ind. S. D., Iowa
3%
Troy, N. Y. (3 issues)
2
1938-1957
981
South St. Paul, Minn
981
South St. Paul, Minn
2fi
1297 Spring Lake Heights, N. J—
1464
.
1455
1301
1302
1462
1140
985
1140
1144
979 Twin
2^
Union County S. D. No. 1, Ore.,3
Utica, N. Y. (3 issues)
1.60
Idaho
1145
984
4^-4^
1144
Valdese, N. C
1457
Wabasha, Minn
1461
Wadsworth, Ohio.......
1621
Walt ham.
1296
Warren,
3
4
982
Minn
1-25 years
1942-1946
1942-1955
3
4
Waynesboro, Pa
Wheatfield, N. Y
1143
Woodridge,
issues)
West Lawn, Pa
1459
N.
23/i
2.90
1940-1955
1938-1957
1938-1947
1938-1941
J
2.35-23A
1939-1948
1938-1947
10-20 years
1461 Xenla, Ohio
1938-1942
982 Yazoo County, Miss
..4
1938-1957
1300 Yellow Springs, Ohio
3M 1-10 years
1300 Yellow Springs, Ohio
4
1-20 years
1623 Youngstown, Ohio
3
1942-1951
Total bond sales for August (285 municipalities, covering
1294
Woodstock, 111
1619 Worcester, Mass
1464
--
.
_
Worland, Wyo
3.25
100.50
3.37
104.20
100.53
2.87
3.45
96
102.03
100.82
100.82
100
2.08
2.10
5.00
—
100.11
100
4.00
100.35
100.13
104.12
100.14
1.98
101.24
100.15
100.05
3M
Washington County, Miss
Webster Twp., Ind. (2
3.49
100
100
<17,000
157,470
60,000
12,000
2,206
r82,000
6,000
50,000
6,000
250,000
2,500
35,000
25,000
50,000
15,400
20,000
4,000
120,000
dl25,000
587,000
60,000
12,500
r40,000
10,000
20,000
r350,000
1938-1947
Washington Co. S. D. No. 92, Ore.3^
1302 Waterloo,
Wis
3
1455 Waukegan School District, 111
1139
3.20
2.63
2.39
2.06
2.75
2.49
2.08
3.00
2.89
----
1938-1944
1938-1952
1940-1955
1-4 years
_._____1%
---3
Mass
1462
1.78
2.88
100.13
...
1461
1462
3.16
100.06
d350,000
4H
Waldwick, N. J
1296
100.46
100.23
101.29
100.04
100.18
102.02
100.06
100.07
104.53
103.08
1939-1948
Waldwick, N. J
1621
103.09
102.34
Basis
1, class A,
S. D.
Falls Co.
Price
136.21
101.07
3M
4
__
2.49
1.55
$44,369,808
Maturity
Rate
We have also learned of the
979
--
-
4
Columbus Junction S. D., Iowa___2J^
Maturity
1938-1962
1943-1950
Cascade Co. S.D. 82, Mont
3J4
985 Dalton, Ohio
—3
Deshler, Ohio (June)
1-15 yrs.
1938-1947
1938-1951
1460 Ellendale. N. Dak. (May)
980 Ellinwood, S. D., Kan.
(May)-~-2%A
Flandreau, S. Dak
____.-_-4
985 Hammer Twp., N.
Dak. (June)__5
987
434
987 Jackson Co., Tenn
1145 Josephine Co. S. D.
988
1455
982
6
4
5
-.5
3M
23, Ore
Newcastle, Wyo
RIdgway, 111. (May)
Ronan, Mont. (June)
979 Trenton H. S. D., Ill
3yi
979 Valparaiso, Ind............
986
Waynes ville, Ohio.
979
Wayne Twp., Ind
4
5
979
Webster City, Iowa
2K
-
1144 Williams Co., N. Dak. (June)
1141
make necessary an
100.75
102.29
100.77
100.12
2.72
3.76
2.60
2.83
100
—_
100.18
3.48
102.81
100.12
3.72
101.08
2.87
3
Woburn, Mass
DEBENTURES
SOLD
BY
or
Price
Amount
3,000,000
1938-1942
1938-1946
1940-1946
1947-1964
1939-1948
1938-1962
1938-1947
1938-1947
1953
1941-1965
1938-1940
1938-1947
1940-1957
1-10 yrs.
Amount
32,000
r32,000
12,000
r45,000
4,920
14,000
3,800
Price
100.18
100.63
100
Basis
Basis
2.73
3.17
4.00
100.28
2.46
100.44
100.29
100
3.16
2.96
CANADIAN
Rate
4
Barrie, Ont
1148
Canada (Dominion of)
1626 Canada (Dominion of)
Cornwall, Ont..
3>£
1464
Stratford, Ont
1148
Vernon, B. C
4
4
Total long-term Canadian debentures
*
Temporary loan; not
5,000
2,100
55,000
3,000
25,000
2,500
28,000
7,500
<(165,000
495
15,000
7,000
145,000
85,000
100
100
101.87
106
100
100.60
100
100
101.16
100
101.18
100.07
4.00
5.00
4.34
4.93
4.00
4.88
5.00
3.50
3.16
4.00
for that
MUNICIPALITIES IN AUGUST
Maturity
1-10 yrs.
Amount
15,000
*25,000,000
*25,000,000
1-20 yrs.
40,000
10 years
70,000
1957
115,000
Price
103.51
Basis
3.30
102.37
104.26
3.25
3.15
sold in August- .$240,000
Included In total for month.
News Items
Mississippi—Property Tax Cut Ordered—Governor Hugh
White on Sept. 8 ordered the State's 1937 property tax
•educed from eight to four mills, effective on payments due
in or before Feb. 1, 1938, according to an Associated Press
dispatch from Jackson on that date.
The Governor is
•eported as saying the reduction would mean a saving of
ibout
a
Norwalk
City Council passed a new rate ordinance pre¬
cluded council action and the Commission therefore declared
It is said that the city plans to carry
the decision into court.
Santee-Cooper Power Authority, S. C.—Federal Court
Denies Permanent Power
Glenn
on
Injunction—Federal Judge J. Lyles
Sept. 2 refused to issue a permanent injunction
sought by power companies against construction of the $37,500,000 Santee-Cooper River navigation and electric project,
according to an Associated Press dispatch from Columbia
on that date, which continued as follows:
In his opinion, Judge
$1,700,000 to taxpayers.
unconstitutional.
"The Court further
Glenn said "the plaintiff companies are not entitled
holds under the
binding authority of the recent
opinion of the Circuit Court of Appeals of the Fourth Circuit in the Green¬
wood County (Buzzard Roost) case, that the plaintiff companies are not
entitled to an injunction in any event; that the damage which they will
suffer is that arising
to
purely from competition and that this gives no right
equitable relief."
The decision came
26,500
RFC and PWA loans)
Name
1148
988
Commission Divest Cities
of Gas Rate
two-to-one decision, the Ohio Utilities
Commission on Sept. 1 set a new precedent in virtually
divesting municipalities of the right to participate in the fix¬
ing of rates in the Norwalk natural gas rate controversy,
according to press dispatches.
The majority opinion held that filing of application by the
Authority—In
the ordinance void.
indicated) are for July.
July issues will make the total sales (jaot
including temporary
month $89,339,511.
Page
appropriation of about $7,000,000.
Ohio—Utilities
Ohio Fuel Gas Co. for increased rates three weeks before the
All of the above sales (except as
These additional
May 28 to return on Nov. 15 for further con¬
A deficit of about $3,000,000 in relief funds is
virtually certain and unless this money is voted by the Legislature it
will have to be raised by local governments.
John Spain Jr. of Trenton,
Chairman of the Alliance, insisted that higher living costs and the possibility
of further reductions in Works Progress Administration employment would
following additional sales for
Rale
2%.
3%
Name
985 Brooksville, Ohio..
1460
funds for continuance of unemployment relief during
to any injunction in any event.
The Court holds that the Public Works
Administration statutes of the Emergency Relief Appropriations Act are not
1144 Campbell, Ohio
982
Governor Harold G. Hoffman indicated today to a delegation representing
3.22
2.85
previous months:
Page
New
Jersey—Special
Legislative
Session Expected—A
special dispatch from Trenton to the New York "Herald
Tribune" of Sept. 9 had the following to say:
101
100.17
101.21
number of the issue of our paper in which reasons for
be found.
(July)
con¬
now
temporary
Name
the short end of the
sideration of relief finances.
these eliminations may
1297 Missouri (State of)
on
State governments have, at least temporarily,
assumed some of the relief responsibility, it is held that the relief acts passed
must have a tremendous influence on local problems of finance and account¬
ing, and that the new social welfare burdens will, in the last analysis, become
a burden on municipal revenues.
1.74
following items included in our totals for the previous
jnonths should be eliminated from the same.
We give the
Page
It is felt that the cities will come out
flicting taxation problem.
Although national and
100.05
The
page
of these is the conflict between levels of government over the same revenue
sources.
the rest of the year.
The Legislature adjourned
-—
the earlier years and to mature in the later year.
loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
Including
The relief plight of American cities will be taken up by the hundreds of
municipal finance officials who will attend the Municipal Finance Confer¬
ence next week (Sept. 13,
14, 15, 16) in Boston, Mass.
The Federal side
of the question will be presented by Aubrey Williams, Deputy Administrator
of Works Progress Administration, who will talk on "The Future of Relief
Expenditures."
John Pearson, Regional Director in Boston of the Social
Security Board, will discuss the local implications of social security.
Dele¬
gates from cities of over 150,000 will talk relief at a round table session.
And, adding an international touch, several Canadian officials will be present
to tell how cities in Canada have managed the financial aspects of caring for
the destitute and unemployed.
Three random instances are cited to show the relief problem facing
local governments.
In Cincinnati, O., for example, the problem has been
thrown entirely on the city, and the Governor's aid has been sought.
In
Lowell, Mass. (100,234 pop.) estimated relief expenditures are $2,000,000,
of which the city will pay $5J0,000 or $600,000.
Providence, R. I., for
both direct relief and work relief will spend $200,000 more than city funds
than it did in the previous year.
Other related factors enter into the struggle of the cities to maintain and
improve their financial structures, municipal finance experts assert.
One
the Workers Alliance that he would call a special session of the Legislature
$50,893,322
321 separate issues)
Municipal Finance Officers Discuss Relief Problems—
Although assessments have risen and tax collections improved
the Nation's cities face a crisis in relief costs, the Municipal
Finance Officers' Association reported on Sept. 4.
More¬
over, local financing planning is impossible, it was stated,
because the cities donot know how large their unemployment
relief burden will be in the future, nor how much of the burden
they must bear.
in October to provide
d Subject to call in and during
I; Not
1769
Chronicle
after long litigation over proposed construction of the
development in the Santee Basin of Coastal South Carolina, with three
private utility companies arrayed against the State Public Service Authority
and the PWA.
The power
companies were the South Carolina Electric & Gas, Carolina
the South Carolina Power Co.
Power & Light and
Wisconsin—Report on Methods of Evading Constitutional
Limitation—Although this State, in common with other
States of the Union, is prohibited by its constitution from
Debt
incurring indebtedness except for purposes of war, the Legis¬
lature in various sessions has devised ways to borrow money
on the State's credit * particularly for building purposes, it
was disclosed in an article appearing in the Sept. 1 bulletin
issued
by the Wisconsin Taxpayers' Alliance.
One method has been
the creation of non-profit corporations, organized
of leasing land, borrowing money and constructing
buildings.
The La Follette administration's Wisconsin Development Au¬
thority, known during its long and tortuous trip through the 1937 Legis¬
lature as the "Little TVA," sets up one of those "borrowing corpora¬
for
the sole purpose
tions," a non-profit organization which acts as the corporate vehicle to
carry out a State power program.
By statute the State of Wisconsin cannot borrow money for works of
internal improvement, but apparently it can set up "dummy" corpora¬
tions, appropriate money to them and allow these corporations to proceed
with all the rights and privileges of a private company.
Several days ago arguments were heard in Dane County Circuit Court
on a writ of mandamus seeking to compel the release of funds appropriated
to the State Development Authority.
Regardless of the lower court's
decision, an appeal to the Wisconsin Supreme Court appears certain.
The 1937 Legislature, according to the Alliance's survey, set up two
other new "borrowing corporations"—one for the Industrial School for
Girls at Oregon, the other for the Grand Army Home at Waupaca.
So frequently have recent legislatures found a way around the borrowing
limitation that Wisconsin's outstanding indebtedness for buildings operated
by State agencies amounted to
$1,541,674 on June 30, 1937, the Alliance
said.
$300,000 of that total is against the University of Wisconsin
fieldhouse, completed seven years ago.
Retirement of this and similar
loans is being accomplished through rentals paid by the university to the
University of Wisconsin Building Corporation, which was organized in 1923
when the late John J. Blaine was Governor.
In at least two instances the State has escaped its constitutional borrow¬
More than
ing limitations by borrowing money directly from the State Insurance
Fund. More than three-quarters of a million dollars was spent in this man¬
ner for construction of the State Capitol Annex.
Originally the loan was to
1770
Financial
be repaid over a 20-year period, but in
1931 ownership of the State Office
Building was transferred to the State Insurance Fund in order to escape
the repayment obligation.
At present the Insurance Fund receives no
rent or
interest on its investment.
"WE OFFER SUBJECT—
$15)000 DELAND Imp. 6% Bonds
Due—Jan. 1, 1956
Prioa—5.25
Basis"
Thomas M. Cook & Company
Harvey Building
WEST PALM
Bond
BEACH. FLORIDA
Chronicle
Sept. 11. 1937
R. H. Moulton &
Co., Los Angeles:
$30,000 City of Long Beach Harbor ($5,000*due2June 1,
1965; $25,000 due June 1,1966)
Weeden & Co., San Francisco:
$15,000 City of Los Angeles Electric Plant, July 1,1963__
$5,000 City of Long Beach Gas, Dec. 1,1960
Conrad, Bruce & Co., San Francisco:
$5,000 City of Los Angeles City Hall, Aug. 1, 1955——
William Cavalier & Co., San Francisco:
$30,000 Los Angeles Electric Plant, Aug.1,1955
Brush, Slocumb & Co., San Francisco:
$10,000 Long Beach Harbor, June 1,1964
$7,500 Long Beach Harbor, June 1,1967—
_____
SAN
DIEGO
COUNTY
(P.
O.
San
4
3.35
4^
5
3.30
3.35
4^
3.30
5
3.30
4
4
3.30
3.35
Calif.—ESCONDIDO
Diego),
SCHOOL BOND OFFERING—Sealed bids will be received until Sept. 20, by
J. B. McLees, County Clerk, for the purchase of two issues of bonds aggre¬
$195,000, divided as follows:
At 11 a. m.—$130,000 Escondido Union School District bonds.
Dated
Aug. 23, 1937.
Due on Aug. 23 as follows: $3,000, 1939 to 1941; $7,000,
1942 to 1945; $8,000, 1946 to 1948; $9,000, 1949 to 1951; $12,000, 1952 to
1954, and $5,000 in 1955.
Interest payable F. & A. 23.
At 11.15 a. m.—$65,000 Escondido Union High School District bonds.
Dated Sept. 1, 1937.
Due on Sept. 1, as follows: $3,000, 1938 to 1952,
and $4,000, 1953 to 1957.
Interest payable M. & S. 1.
Denom. $1,000.
Interest rate is not to exceed 5%.
Prin. and int. paya¬
ble in lawful money at the County Treasurer's office.
The approving
opinion of Orrick, Palmer & Dahlquist, of San Francisco, will be furnished
the successful bidder without cost.
Each bid must state that the bidder
gating
Proposals and Negotiations
$100,000 Jefferson County, Alabama
&}4% bonds due May 1. 1953 to 1956
Price 100>£ to 100 %
offers par and accrued interest to the date of delivery, and state separately,
the premium, if any,
said bonds shall bear.
offered for the bonds bid for, and the rate of interest
A certified check for 3% of the amount of bonds bid
for, payable to the Chairman of the Board of Supervisors, must accompany
McALISTER, SMITH & PATE, Inc.
NEW
BROAD STREET
67
YORK
Telephone WHitehall 4-6765
CHARLESTON. S. C.
GREENVILLE. S. C.
Ala.—ADDITIONAL
INFORMA TION—In
connection
of Birmingham to market $200,000 of water bonds—V. 145, p. 1615—we
give herewith additional details on this action:
litThese bonds will be used to finance in part the cost of constructing the
pipe line to Chamblee's Mill and other necessary additions to the water
system.
This issue will bear 5% interest and will be sold at par.
The city
will pay cost of marketing the bonds which will mature at stated intervals
from 1 to 30 years.
They will be offered first to Cullman investors, prior
to being placed on the open market.
An additional issue of a minimum
of $25,000 will be made later to complete the project.
Denomination of
issue of each bond will be $100 and they constitute a first lien on all revenues
obtained from the sale of water by the Board to the city.
ARIZONA
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix) Ariz—BONDS NOT SOLD—The
$3,197,000 4% coupon semi-ann. district bonds offered pn Sept. 7—V. 145,
1453—were not sold as no bids were received, according to A. W. McGrath, Secretary of the Board of District Directors.
Dated Oct. 1, 1937.
Due from Jan. 1,1948 to 1964 redeemable on or after Jan. 1,1945.
p.
BONDS
Largest Retail Distributors
approximately 2».5 square miles, and the estimated population of the
school district is 9,120.
Escondido Union High School District has been acting as a school district
under the laws of the state of California continuously since May 27, 1921.
The assessed valuation of the taxable property in the schooi district for
the year 1937 is $8,178,060, and the amount of bonds previously issued
and now outstanding is $63,000.
The scnool district includes an area of
approximately 366.5 square miles, and the estimated population of the
scnool district is 11,964.
SAN FRANCISCO (City and County), Calif.—TAX RATE SET AT
$3.871—Tax rate for the year ending June 30, 1938, has been set at $3,871
per $100 of assessed valuation, compared witn $3,784 in the preceding year.
Tne Board of Supervisors also authorized an issue of $8,000,000 of tax
anticipation notes, which is about 50% of anticipated tax assessments for
the first six months.
Of the total, $3,500,000 will be offered for sale.
Tax assessment base of San Francisco City and County for 1937-1938
tax purposes shows an increase of $7,379,410 over the preceding year's total
figures released by Harold S. Boyd, controller.
Of the total increase,
$5,304,000 comes from higher local assessment valuations and $2,075,410
from utility property valuations set by the State Board of Equalization.
Local property assessment total for the current year amounts to $732,777,410, compared with $727,743,410 last year, and utility assessments total
$90,016,080, against $87,939,870 for 1936-1937.
Tne Board of Supervisors have given their final approval of $49,250,000
rapid transit, $5,000,000 sewer reconstruction, $1,600,000 county hospital
and $2,850,000 airport improvement bond issues.
This action assures these
items a place on tne Nov. 2 ballot.
,
On that date, voters also will decide whether a later ballot will be taken
on passage of $6,873,800 general obligation bonds to supply funds for elimi¬
nation of downtown dead-end streets.
Two bond proposals aggregating
that amount failed to secure the needed two-thirds approval of supervisors
for inclusion in the November ballot but the supervisors have passed a refer¬
endum resolution putting on the ballot the matter of deciding whether a
later vote shall be taken on the bond issues.
WALTON, SULLIVAN & CO.
LITTLE
SAN FRANCISCO (City
Ark
650 So.
MUNICIPAL
Is reported
B ONDS
Telephone: VAndike 2201
^
ARIZONA—COLORADO—IDAHO—MONTANA
NEW MEXICO—WYOMING
DONALD F. BROWN & COMPANY
Teletype: LA 477
SAN FRANCISCO
to
Rocky Mountain Municipals
Los Angeles
.
are
The second highest bid was submitted by the Anglo California National
Bank; the American Trust Co., both of San Francisco, and the Bankamerica
Co., offering a premium of $31.00 on 1 % notes.
Los Angeles Stock Exchange
Spring Street
Sept. 7
1937.
—It
Revel Miller & Go.
MEMBERS:
on
jointly, at 1%, plus a premium of $210.00. The notes are to be dated as of
the day of delivery, probably Sept. 9, 1937, and will mature on Dec. 21,
.-BONDREFUNDING
CALIFORNIA
sold
were
R. H. Moulton & Co. of Los Angeles, and Weeden & Co. of San Francisco,
that the City Council has approved a plan for the refunding of an $18,000
ssue of street improvement district bonds to bear 4% interest.
f
and County) Calif.—NOTE SALE—We
informed that $3,500,000 tax anticipation notes
ROCK, ARK.
ARKANSAS
CURDON,
following information on the
Escondido Union School District has been acting as a school district
under the laws of the State of California continuously since Feb. 7, 1935.
The assessed valuation of the taxable property in said school district
of
with the report given in these columns recently to the effect that the City
Council and the Water Board had contracted with Milhous, Gaines & Mayes
ARKANSAS
The official offering notice furnishes the
above named districts:
for the year 1937 is $4,047,300, and the amount of bonds previously issued
and now outstanding is $30,000. The said school district includes an area
ALABAMA
CULLMAN,
the bid.
SANTA ANA
DENVER
A
Telephone: Keystone 2395—Teletype: Dnvr 580
CALIFORNIA
■PALAMEDA COUNTY (P. O. Berkeley), Calif.—BERKELEY SCHOOL
NOTE OFFERING—Sealed bids will be received until 10 a. m. on Sept. 14,
by G. E. Wade, County Clerk, for the purchase of a $25,000 issue of tax
anticipation notes of the Berkeley Unified School District.
Dated Sept.
17,1937.
Due and payable on Dec. 28,1937.
Notes will bear 5% interest.
A^certified check for $4,500 must accompany the bid.
^CALIFORNIA,
State
of—BONDS
PURCHASED—Harry B. Riley,
State Comptroller, says that the following bonds have been purchased by
the
Teachers'
Retirement
Investment
Board:
Banks, Huntley & Co., Los Angeles:
lBt$150,000 Los
i***
June 1,1959
Angeles
High
School
School
District,
4
3.40
Blyth & Co., San Francisco:
$10,000 Long Beach Gas, Dec. 1, 1960
5
$10,000 Long Beach Park and Playground, June 1,1968-- 4
PJ$27,000 Long Beach Harbor, June 1, 1957
Schwabacher & Co., San Francisco:
$10,000 Los Angeles Electric Plant, 1964
1)4
Wulff, Hanson & Co., San Francisco:
^ $10,000 Los Angeles Electric Plant,1, 1960
$10,000 Los Angeles Harbor, April July 1,1963
5
________
COLORADO,
State ok—WARRANT OFFERING CONTEMPLATED
—It is stated by our Denver correspondent that an offering may be made
soon by the State of about
$1,000,000 in tax anticipation warrants to be
used on a Public Works Administration project for the construction of a
State office building.
PfcCOSTILLA COUNTY (P. O. San Luis), Colo.— WARRANT CALL—
It is reported that ordinary county revenue and school warrants are being
called for payment at the office of the County Treasurer.
«■
-
-
-
3.35
3.35
4
5
5
3.37 H
1)4
3.35
5
3.35
5
5
1%
--
■
u,
(City and County), Colo.—BOND SALE NOT SCHED¬
ULED—In connection with the report in these columns recently to the
effect that $750,000 general obligation air school site bonds would be
offered for sale shortly—V. 145, p. 1616—we are advised by John F. McGuire, Manager of Revenue, that the details of the issue have not been
completed nor the date of offering decided.^,
3.35
3.30
3.30
-
W. DENVER
^
June 1,19o8
$5,000 City of Long Beach Gas, Dec. 1,1960
Anglo-California National Bank, San Francisco:
^ $50,000
Long Beach City High School District
($16,000
due May 1, 1957; $17,000 due May 1, 1958; $17,000
May 1,1959)
American "Trust Co., San Francisco:
$5,000 City of Long Beach Harbor, June 1, 1962
$5,000 City of Long Beach Gas, Dec. 1,1960
$30,000 East Bay Municipal Utilities District ($10,000
due Jan. 1,1969; $10,000 due Jan. 1,1970; $10,000 due
Jan. 1,1972)
Dean Witter & Co., San Francisco:
$25,000 Los Angeles Water, Feb. 1,1970
$50,000 Los Angeles Harbor, Oct. 1,1960
3.30
3.30
$5,000 City of Los Angeles Electric Plant, Oct. 1, I960-- 4 lA
$10,000 East Bay Municipal Utilities District, Jan. 1, '75- 5
$5,000 City of Long Beach Park and Playground,
-
3.30
4M
Bankamerica Co., San Francisco:
P* $40,000 City of Long Beach Gas, Dec. 1,1960
Kaiser & Co., San Francisco:
^.
3.35
3.35
3.30
COLORADO
COLLBRAN UNION HIGH SCHOOL DISTRICT (P. O. Collbran),
Colo.—BOND SALE—The $5,000 issue of 4% semi-ann. school bonds
offered for sale on Sept. 3—V. 145, p. 1616—was awarded to a local investor at a price of 102.05, according to the District Secretary.
FREMONT COUNTY SCHOOL DISTRICT NO. 2 (P. O. Florence),
Colo.—PRE-ELECTION SALE—It is reported that $18,000 refunding
bonds have been purchased by Donald F. Brown & Co. of Denver, subject
tojthe election held on Sept. 9.
PHGNACIO, Colo.—BONDS SOLD—It is stated by the Village Clerk that
the $15,000 water extension bonds approved by the voters on June
18, as
noted in these columns at that time—V. 145, p. 307—have been sold. ■
~^ANijlJUAN;COUNTY'SCHOOL
DIST.
NO. U
(P.1 O.
Silverto^I,
Colo.—BONDS
SOLD—$28,000
4%
school bonds
were
purchased
by Coughlin-McCabe & Co. of Denver.
Denom. $1,000.
Dated Sept. 1,
1937.
Due on Sept. 1 as follows: $1,000, 1941 and 1942; $3,000, 1943 to
1949; and $4,000 in 1950 and 1951.
Prim, and int. (M. & S.) payable at
the office of the
County Treasurer.
Legality approved by Myles P. Tallmadge, of Denver.
3.30
3.35
'3.30
I
SILVERTON, Colo —BONDS SOLD—We are informed^by Lena
Matties, Town Clerk, that ail the bonds for the town's water supply have
been sold locally.
Volume
Financial
145
EAST
DELAWARE
DELAWARE
and
(State of)—MAY ISSUE $800,000
HIGHWAY BONDS
consideration a
State Highway Commission recently took under
proposal to issue $800,000 highway improvement bonds.
—The
MILFORD, Del.—BOND OFFERING—Sealed bids will be received by
the City Treasurer until noon on Oct. 4 for the purchase of $105,000 3M%
coupon water and sewer bonds.
Dated July 1, 1937.
Denom. $1,000.
Due $5,000 annually on July 1 from 1941 to 1961 incl.
Prin. and int. J. & J.
payable at the First National Bank & Trust Co., Milford, or at the Milford
Trust Co., Milford.
A certified check for 5% of the bid, payable to the
order of the city, is required.
NEW CASTLE, Del.—BOND SALE—Two issues of 3% bonds aggre)gating $86,000 were sold Sept. 1 as follows:
$48,000 refunding sewer bonds were sold to Francis I. DuPont & Co. of
New York, at a price of 103.875, a basis of about 2.63%.
Dated
Oct. 1, 1937 and due $2,000 on Oct. 1 from 1938 to 1961, incl.
38,000 refunding sewer bonds were sold to Laird, Bissell & Meeds or
Wilmington, at a price of 102.75, a basis of about 2.82%.
Dated
Oct. 1, 1937 and due Oct. 1, 1957; callable at 102 on and after
Oct. 1, 1938.
,
111.— BOND SALE DETAILS—The $270,000 water
N. L. Rogers & Co., Inc., of
sold at par and
PEORIA,
sewer
bonds sold last July to
revenue
reported here at that time, bear 5% int., were
mature serially from 1939 to 1968, incl.
Peoria,
as
ELGIN UNION SCHOOL DISTRICT NO. 46, III.—BOND ISSUE
DETAILS—The $300,000 2M% school building bonds sold recently to an
account composed of Blair, Bonner & Co.; Illinois Co. of Chicago, and
Harrison, O'Gara & Co., all of Chicago, at a price of 101.005, a basis of
about
2.38%,
as
previously reported
issued in
obliga¬
its
First
Legality to be approved by
in these columns,
were
coupon form and, in the opinion of counsel, are direct and general
tions of the District, payable from unlimited ad valorem taxes on all
taxable property.
Prin. and semi-ann. int. J. & J. payable at the
National Bank of Elgin.
Denom. $1,000.
Chapman & Cutler of Chicago.
HALL TOWNSHIP (P. O. Spring
a
Valley), 111.—BONDS VOTED—At
of $70,000 school building
recent election the voters authorized an issue
gymnasium and
bonds, the proceeds of which will be used to construct a
swimming pool.
issue of $15,000 5%
of Chicago. Dated
to 1943, incl. and
111.—BOND SALE—An
MORRISONVILLE,
disposal-bonds has been sold to Ballman & Main
Sept. 1
1937 and due as follows:
$1,000 from 1939
$2,000 from 1944 to 1948, inclusive.
sewage
NORMAL, 111.—BOND SALE—An issue of $123,000 water system
Main of Chicago.
bonds
has been sold to Ballman &
BONDS
FLORIDA
1771
Chronicle
PRINCETON,
OFFERING—City
111.—BOND
Attorney William W.
Sept. 20 for the pur¬
Wilson reports that sealed bids will be received until
chase of $100,000 electric light plant revenue bonds.
Clyde C. Pierce Corporation
Barnett National Bank
SPRINGFIELD, 111.—BOND SALE—A syndicate composed of A, C.
Allyn & Co., Inc., Chicago; Stifel, Nicolaus & Co., St. Louis; Kelley,
Richardson & Co., and John Nuveen & Co., both of Chciago, purchased
on Sept. 7 an issue of $800,000 electric revenue bonds as 2.90s, at a price
Build.ng
FLORIDA
JACKSONVILLE
of
Branch Office: TAMPA
First National
100.06.
T. S. Pierce, Resident Manager
Bank Building
INDIANA
FLORIDA
—BOND SALE—The issue of $38,000 5%
Fla.—BONDS SOLD
TO RFC—It is now reported that $152,500 4% semi.-ann. refunding bonds
were purchased by the Reconstruction Finance Corporation.
Due in 30
DOVER DRAINAGE DISTRICT
(P. O. Dover),
years.
a
(This report corrects the sale notice given in these
purchase by the RFC—V. 144, p. 3716.)
columns last May, of
smaller
EVERGLADES DRAINAGE DISTRICT (P. O. West Palm Beach),
Fla.—HIGH COURT REAFFIRMS STAND ON BOND PAYMENTS—
Court reiterated on Aug. 31 its decision that
first served" rule in bond paying is not applicable to funds of
The State Supreme
come,
the "first
the above
dispatches.
Pointing-out that the district's tax levying power is specifically fixed by
the Legislature, the Supreme Court said funds derived from taxes must be
distributed on a pro rata basis to bondholders if there is sufficient money
to pay all bond obligations.
It reaffirmed, on a hearing, a previous decision
that a taxpayer could not, by mandamus action, require full payment of
Everglades Drainage District bonds he holds unless there is sufficient money
to make the same payment to holders of other matured obligations.
district according to Tallahassee press
Fla.—SCHOOL BOARD
Aug. 28 bought
$34,000 of school district bonds, issued during the "boom" period for
COUNTY
PINELLAS
(P.
O.
Lake County, Ind.
building bonds offered Aug. 9
A. S. Huyck & Co. of Chicago, at a price
Dated July 10, 1937 and due as follows:
$2,000, July 10, 1938; $2,000, Jan. 10, and $2,500, July 10, 1939; $2,500,
Jan. 10 and July 10 from 1940 to 1945 incl., and $1,500, Jan. 10, 1946.
HANOVER TOWNSHIP SCHOOL TOWNSHIP,
Clearwater),
—V. 145, p. 641—was awarded to
of 107.53, a basis of about 3.25%.
O. Hope), Ind.—BOND SALE—The
Sept. 7—V. 145, p. 1294—
of Indianapolis, as 2Ms, at
par plus a premium of $105, equal to 100.58, a basis of about 2.65%. Dated
Sept. 7, 1937 and due $1,500 on June 30 from 1938 to 1949 incl.
The First
National Bank of Columbus, second high bidder, named a rate of 2M % and
premium of $50.
HAWCREEK TOWNSHIP
JEFFERSON
construction purposes, according to news reports.
PINELLAS COUNTY SPECIAL
ROAD AND BRIDGE
DISTRICT
VALIDATED—Circuit Judge
bonds of the above district in
the amount of $147,000.
It is reported that no objection to validation was
presented and approval was a matter of course.
The new bonds validated
are said to replace old boom-time construction bonds.
NO.
13
(P. O. Clearwater), Fla.—BONDS
John U. Bird on Aug. 27 validated refunding
NO. 5 (P. O.
Bartow), Fla.—BOND SALE—The $8,000 issue of 4% semi-ann. school
bonds offered for sale on Sept. 6—V. 145, p. 1139—was awarded to the
Peoples Savings Bank of Lakeland, according to the Superintendent of the
Board of Public Instruction.
Dated Aug. 1,1937.
Due $1,000 from Aug. 1
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT
awarded
was
bonds
FOR
was
by the Board of County Commissioners not to accept any more
payment of taxes, because of the necessity for receiving cash.
decided
of Salem, as 3Ms, at par plus a premium
basis of about 3.22%. Dated Aug. 30, 1937 and
from July 1, 1939 to Jan. 1, 1955, inclusive.
of $10, equal to 100.22, a
due $150 each six months
Ind.—BOND OFFERING—The Clerk-Treasurer of the
town will receive sealed bids until 8 p. m. on Sept. 22 for the pur¬
of $15,000 water works revenue bonds.
LAKEVILLE,
above
chase
were
as
follows:
Indianaplis Bond & Share Corp
A. S. Huyck & Co
Citizens Loan & Trust Co. of Bloomington
First National Bank of
in
VOLUSIA COUNTY (P. O. Deland),
Fla.—ACCEPTANCE OF BOND
Chairman of the Board
TENDERS DEFERRED—It is stated by J. J. Crume,
deferred until Sept. 9.
Assessment
of—HIGH
Territory
buildings
— _
Railways, telegraph,
telephone & express.
property taxes of $7,485,691 for the year 1936 and that collections up to the
end of the same year amounted to $7,351,446, which was equivalent to
98.15% of the entire levy, representing what is believed to be a new record
in property tax collections.
The $4,500,000 of Territory of Hawaii bonds, which are to be sold in New
York City on Sept. 14, are general obligations against consolidated revenues
of the Territory, bear the approval of the President of the United States
and are tax exempt.
Details of this offering will be sent directly to bankers
and brokers shortly.
After Sept. 6, W. C. McGonagle, Treasurer of the
Territory, will be at Bankers Trust Co., 16 Wall Street, New York City, for
<
of—ADDITIONAL
Territory
W. C. McGonagle, Treasurer of
5,792,959.00
800,000.00
Total
_
-
-
$64,387,868.00 $64.664,190.00
10,781,466.00
Exemptions
Assessed valuation, less
7,137,970.00
741,425.00
10,497,605.00
--$53,606,402.00 $54,166,585.00
903,865.00
924,505.00
exemptions
Assessed valuation subject to corporation
TAX COLLECTIONS REPORTED—
McGonagle, Treasurer of Hawaii, states that the Territory levied
consultation.
Assessment
for 1936
for 1937
—$57,413,086.00 $56,784,795.00
381,813.00 . <
.
Lands over 10 acres
HAWAII
OFFERING
DETAILS—
the Territory of Hawaii, now in New York,
Sept. 10 that bidders for a $3,000,000 new public improve¬
ment issue and a $1,500,000 refunding bond issue of the Territory, to be
sold on Sept. 14, may bid for both issues or for one issue and may condition
their bids upon the award to them of all or no part of the bonds bid for.
If an "all or none" bid for both issues is received, which is acceptable and is
better than the best combination of bids for separate issues, the bonds will
be awarded to such "all or none" bidder.
announced
18.75
1.00
aggregating $30,000, report on which appeared in these columns recently
—V. 145, p. 1618—the following information is furnished by L. J. Storey,
City Clerk:
Bonded Indebtedness and Taxes Sept. 1, 1937
Personal property
SENOIA, Ga.—REPORT ON PWA LOAN— It is stated by J. B. Hutch¬
inson, City Clerk, that loan of $20,000 for water system construction has
been approved by the PWA, to be secured by bonds described as follows:
Denom. $500.
Dated July 1, 1937.
Due on July 1 as follows: $500, 1938
to 1957; $1,000, 1958 to 1965, and $2,000 in 1966.
HAWAII,
26.00
STATEMENT—In connection
the two issues of coupon bonds
CEDAR RAPIDS, Iowa—FINANCIAL
with the offering scheduled for Sept. 16, of
New
C.
2M %
2M%
2M%
3%
;
Bloomington
Lots and lands
GEORGIA
HAWAII,
Premium
$41.50
8.00
Int. Rate
2M%
Bidder—
McHurlen & Huiicilman
of County Commissioners, that acceptance of tenders received on Sept. 2,
for the sale of Special Road and Bridge District refunding bonds, has been
W.
Ind.—BOND SALE—The
MONROE COUNTY (P. O. Bloomington),
$12,500 coupon court house and jail heating equipment bonds offered
Sept. 3—V. 145, p. 1294—were awarded to the City Securities Corp. of
Indianapolis, as 2Ms, at par plus a premium of $33.75, equal to 100.27.
Dated Sept. 1, 1937 and due as follows:
$1,000 July 1, 1938; $1,500
Jan. 1 and July 1 from 1939 to 1943, incl.; $1,500 Jan. 1, 1944.
Other bids
IOWA
JOHNS COUNTY (P. O. St. Augustine), Fla.—BONDS
PAYMENTS NOT ACCEPTABLE—At a recent meeting it
ST.
TAX
to the State Bank
1947 incl.
1940 to
Washington County, Ind.—
30—V. 145, P 1139—
SCHOOL TOWNSHIP,
BOND SALE—The issue of $4,500 bonds offered Aug.
BUYS BONDS—The County Board of Public Instruction on
up
(P.
issue of $18,000 school building bonds offered on
was sold to the Indianaplois Bond & Share Corp.
on
taxes
$52,702,537.00 $53,242,080.00
.
19,836,795.00
__J
Moneys and credits
$1,000 of assessed valuation, $14.58.
Bonded debt as of Sept. 1, 1937:
Water bonds (self-liquidating)
$685,000.00
Sewer outlet & purch. plant (self-liquidating)
510,000.00
Sewer bonds depending on tax levy
406,000.00
General bonds depending on tax levy
1,096,400.00
510.OOO.O
401,000.00
1,175,400.00
$2,697,400.00
$2,731,400.00
1, 1938158,000.00
City's tax levy 1931, $786,576.00.
Collected 1932, $755,163.00.
City's tax levy 1932, 737,631.00.
Collected 1933, 648,075.00.
City's tax levy 1933,
694,731.00.
Collected 1934, 746,260.00.
City's tax levy 1934,
702,814.00.
Collected 1935, 701,672.00.
City's tax levy 1935,
732,310.00.
Collected 1936, 754,798.00.
City's tax levy 1936,
807,828.00.
Collected 1937, *430,010.00.
*
Taxes collected to Sept. 1, 1937.
Cash on hand, Sept. 1, 1937, in bond funds to retire bonds due this fiscal
year ending March 31, 1938, $101,519.00.
No floating debt.
City has never defaulted on payment of
bonds and interest due to date, paid.
bonds and interest.
All
March 31.
EDDYVILLE SCHOOL DISTRICT (P. O.
ILLINOIS INDIANA MICHIGAN IOWA WISCONSIN
$645,000.00
Bonds due and payable to April
Fiscal year ends
Municipal Bonds of
22,335,203.00
Tax rate per
SALE—The $15,000 issue of coupon school
Eddyville). Iowa—BOND
house bonds offered for sale on
Sept. 4—V. 145. p. 1618—was awarded to W.
ton, Iowa, as 2Ms, according to the Secretary
Sept. 1, 1937.
Due in 1952.
D. Hanna & Co. of Burling¬
of the school board. Dated
JEFFERSON COUNTY (P. O. Fairfield), Iowa—BOND OFFERING
received until 1 p. m. on Sept. 14, by A. R. Carlson, County
Bought—Sold—Quoted
—Bids will be
PRc&in&cm VP
'fotmifamM, Pftic.
MUNICIPAL BOND DEALERS
138 So. La Salle St.,
Chicago
State 0840
Teletype CGO. 437
Treasurer, for the purchase of $24,000 funding bonds.
Interest rate is not
to exceed 5%, at not less than par and accrued interest.
Due on Sept. 1
as
follows:
stated
$5,000. 1939 to 1941; $6,000, 1942, and $3,000 in
that the board will
hold
a
COOK COUNTY
(P. O. Chicago), 111.— WARRANT SALE— The
$450,000 highway fund tax anticipation warrants offered Sept. 9—V. 145,
p. 1617—were awarded to the H. C. Speer & Sons Co. of Chicago, at 2.90%
interest, at par plus a premium of $235.
Stifel, Nicolaus & Co., St. Louis,
and A. C. Allyn & Co., Inc., Chicago, jointly, offered a premium of $100
for 3s .j
It is
SCHOOL DISTRICT (P. O. Mason
Iowa—BOND OFFERING—Sealed bids will be received until 2
Sept. 20 by R. L. James, Secretary of the Board of District Direc¬
tors, for the purchase of a $75,000 issue of refunding bonds. After all sealed
bids are in, open bids will be entertained and the bonds will be sold to the
highest and best bidder for cash. Dated Oct. 1, 1937. Due on Oct. 1 as
follows: $3,000, 1938 to 1942, and $4,000, 1943 to 1957, all incl. All other
circumstances being equal, preference will be given to the bid of par and
accrued interest or better specifying the lowest interest rate for said bonds.
MASON CITY INDEPENDENT
ILLINOIS
1943.
hearing under" budget law at the same
time.
City),
p.m. on
1772
Chronicle
Financial
'•he district wiil furnish the approving opinion of Chapman & Cutler of
Chicago, and all bids should be so conditioned.
^<
premium of $126, equal to 100.0504,1a basis of about 2.745%,
April 1, 1925.
Due on April 1, 1965.
The second best bidder
i OELWEIN,
Iowa—BOND SALE DETAILS—We are now informed by
the City Clerk that the $14,000 funding bonds sold recently, as noted in these
columns—V. 145, p. 1455—were purcnased by the Carleton D. Beh Co. of
Des Moines, as 3 Ms, at par.
Registered bonds, dated Aug. 10, 1937.
Denom. $500.
a
the Northern Trust Co. of Chicago,
Dated
offering
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidder
re-
bonds for public subscription at 101.50 and interest, to
yield over 2.67%.
Interest payable J. & D. ^
RICHMOND, Ky.—BONDS SOLD—The $70,000 5% semi-ann. water
bonds autnorized for sale by the City Council recently, as noted in
145, p. 1295—have been purchased jointly by
Magnus & Co., and W. P. Clancy & Co., both of Cincinnati, according to
report.
It is also said that $11,000 6% semi-ann. gas revenue bonds were
revenue
—V.
these columns recently—V.
pal light and power plant bonds, it is reported by the Town Clerk.
SHARON TOWNSHIP INDEPENDENT SCHOOL DISTRICT bl6. 4
(P. O. Kalona), Iowa—BOND SALE—The $3,000 issue of school bonds
for sale on Sept. 3—V. 145, p. 1455—was purchased by a local
investor, as 3s, paying a premium of $5, equal to 100.16.
>
sold to the Bankers Bond Co. of Louisville.
offered
BOND SALE DETAILS—In connection with the above sale report we
quote from a Richmond dispatch to the Louisville
YALE INDEPENDENT SCHOOL DISTRICT (P. O. Yale), Iowa—
BONDS SOLD—We are informed by the Carleton D. Beh Co. of Des
Moines that on Sept. 1 they purchased $6,000 2% % school building bonds
at par.
It is stated that the average maturity of the bonds is six years and
Sept.
L
seven
was
premium of $95 for 2Ms.
offered the above
ROLFE, Iowa—BONDS DEFEATED—At the election held on July 27
145, p. 153—the voters rejected the proposal to issue $85,000 in munici¬
fet
Sept. 11, 1937
of
"Courier-Journal"
2:
of
"Sale
Richmond
and
Water
$70,000
gas
in
Richmond water revenue bonds and $11,000 in
revenue bonds was announced today
by the Richmond
Commission.
Gas
The
sale
made
was
of
following receipt
sealed bids from various banks and bond houses.
months.
"The
5% water revenue bonds were sold to Magnus & Co. and W. P.
Clancy Co. of Cincinnati for par and a premium of $6,510, and the 6%
gas revenue bonds went to Bankers Bond Co., Louisville, for par and a
premium of $617.10.
"The net interest cost to the city on the water revenue bonds will be
approximately 4.25% and of the gas revenue bonds 3.10%.
KANSAS
IAGARNETT
SCHOOL DISTRICT
(P.
O.
Garnett),
Kan.—BOND
SALE DETAILS—It is now stated by the District Clerk that the $66,000
building bonds sold recently, as noted here—V. 145, p. 1618—were pur¬
chased by Estes, Payne & Co. of Topeka as 2 Ms.
Due over a period of 10
"Funds from the sale of the
filtration
years.
MARION, Kan.—BOND OFFERING—Bids will be received until 8 p. in.
Sept. 13 by Lavena Kuhn, City Clerk, for the purctiase of a $15,000
hall construction bonds.
Dated Oct. 1, 1937.
Of the total
issue, $7,000 bonds will draw 1 % interest and will mature on July 1:
$3,000
bonds
will
and pumping station
plant
distribution system and in
erecting
a
for
new
be
used in constructing a new
the
municipally owned water
500,000-galion storage tank.'
b
LOUISIANA
on
issue of city
1941 to 1944; the remaining $8,000 will draw 2 M%
$2,000 on Oct. 1 in 1941 to 1944.
It is said that
from date.
Bonds
1938 and $1,000,
in
BOARD OF SUPERVISORS OF LOUISIANA STATE UNIVERSITY
AGRICULTURAL
AND
MECHANICAL
COLLEGE—BONDS
AND
OFFERED TO PUBLIC—A syndicate composed of E. M. Rollins & Sons,
Ballman & Main, botn of Chicago, and Weil & Co. of New Orleans, is offer¬
interest and will mature
total of $8,000 bonds will be callable after two years
to be sold at not less than par and accrued interest.
a
t?
ing for public subscription at prices to yield from 2.00 to 4.05%, according
to interest rate and maturity, the following bonds, aggregating $500,000:
Kan.—BOND OFFERING—Sealed bids will be received
21 by W. E. Hart, Clerk of the Board of Education,
purchase of a $225,000 issue of 2% coupon School District No. 1
NEWTON,
Due on Oct. 1 as follows: $15,000, 1939;
$300,000 4M% revenue bonds.
$20,000, 1940 to 1943; $25,000, 1944 to 1949; $30,000, 1950, and
$25,000 in 1951.
200,000 4M% revenue bonds.
Due on Oct. 1 as follows: $10,000, 1951;
$35,000, 1952 to 1954; $50,000, 1955, and $45,000 in 1956.
until 8 p. m. on Sept.
for
the
building
Due
on
improvement bonds.
Denom. $1,000.
Dated May 1, 1937.
Aug. 1 as follows;
$11,000, 1938 to 1952; $12,000, 1953 to 1956,
May 1, 1957.
Prin. and int. (P. <& A.) payable at
and the last $12,000 on
the fiscal agency, tne
office of the State Treasurer in Topeka.
Dated April 1, 1937.
Coupon bonds of $1,000 denom., registerable as
to principal only or as to both principal and interest.
Coupon bonds and
registered bonds interchangeable.
Prin. and int. (A. & O.) payable at the
Manufacturers Trust Co., New York, the National Bank of Commerce in
New Orleans, or at the City National Bank, Baton Rouge.
Legality to be
approved by Thomson, Wood & Hoffman of New York.
Legality to
be approved by tne purchaser's bond attorney.
The transcript is ready
whicn has been approved by the State Auditor's office and the bonds
have been issued, registered and are ready to sell.
They are stated to be
payable from an unlimited ad valorem tax.
A certified check for 2% of
the bid is required.
Financial Statement
as
of Aug. 1, 1937
BOSSIER PARISH
Total bonded debt, including above issue
(P. O.
$306,810.45
4.000.0U
Sinking fund for general debt (None)
Tax anticipation and all other floating debt
Special assessment debt (not included above)
Assessed valuation
9,741,356.00
2,302,425.00
12,u43,781.00
,
Total assessed valuation
—
Actual valuation (estimated)
$1,000, 1937,
11,031; present (est.), 11,3uu).
Tax
rate
per
16.U57.UUO.OO
total
Never defaulted on the payment
$34.80.
Population
of principal or interest
(1930
on any
bond issue.
as
$154,780
27,770
Proportionate Share
(Ail of City in the
District.)
debt.
Note—Newton City's bonded debt in 1929 was $725,000 in addition to
School
1140—were awarded
in the district.
TOPEKA, Kan.—BONDS SOLD—It is reported that Beecroft, Cole &
Co. of Topeka, and Boettcher & Co. of Denver, jointly, purchased recently
total of $173,633.75 bonds, paying a premium of $1,394.27, equal to
LOUISIANA, State of—BUSINESS
a
INGS—Tax savings
basis of about 2.08%, on the bonds as follows:
manufacturers
$9,000, 1941, and $7,000 in 1942.
street
and alley paving bonds.
Dated Aug. 1, 1937.
1 as follows:
$1,307.10 in 1938; $1,000, 1939 to
1944, and $2,000, 1945 to 1947.
83,449.37 234% sewer bonds.
Dated Aug. 1, 1937.
Due on Aug. 1 as
follows: $7,449.37 in 1938; $9,000, 1939; $8,000, 1940 to 1944,
and $9,000, 1945 to 1947.
36,877.28 2% sewer bonds.
Dated Aug. 1, 1937.
Due on Aug. 1 as
follows:
$10,877.28 in 1938; $8,000,
1939; $7,000,
1940;
$6,000, 1941, and $5,000 in 1942.
WAKEENEY,
Kan.—BONDS SOLD—We
are
informed
that
approved
Kan.—BONDS SOLD—A syndicate composed of Lazard
Freres & Co., Inc., of New York, the Boatmen's National Bank of St.
Louis, and Callender, Burke & MacDonald of Kansas City, Mo., pur¬
chased on Sept. 7 a total of $229,552.70 in bonds, as follows:
$146,000.00 234% refunding bonds at a price of 100.03, a basis of about
2.24%.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows:
$14,000, 1938 to 1941, and $15,000 from 1942 to 1947. Inter¬
WICHITA,
est payable M. & S.
83,552.70 234% paving and sewer bonds at a price of 100.88, a basis of
about 2.32%.
Dated Aug. 1, 1937. Due on Aug. 1 as follows:
$8,552.70 in 1938, $9,000, 1939 to 1941, and $8,000 from
1942 to 1947.
Interest payable F. & A.
Legal approval to be furnished by Bowersock, Fizzell & Rhodes of Kan¬
sas
City.
State
of—REPORT
ON
VARIOUS
CONCERNS TO GET TAX SAV¬
have been assured national and local
Continental Can Co.; Compressed Industrial Gases, Inc.; Continental Oil
Co.; Cotton Baking Co.; Clinton Feed, Oil & Gin Plant* Gold Standard
Food Products* Iberia Sugar
Co-operative, Inc.: W. O. Nabors Co.; Solvay
Process Co.; Shell Petroleum Corp.; Swift & Co.;
Gaylord Container Corp.;
Roseland Manufacturing Co., Inc.; The S. & A.
Manufacturing Co., Inc.;
The J. R. Raible Co. of
Mississippi; Lake Charles Hardwood Co., Inc.; Dr.
Pepper Bottling Co.; N. J. Long Cooperage Co., Inc.
MANDEVILLE, La.—BOND SALE—The $48,000 issue of coupon or
registered street, drain and park extension bonds offered for sale on Sept. 7—
V. 145, p. 1295—was awarded to the Commercial Bank & Trust Co. of
Covington, La.,as5s, paying prem. of $2,500, equal to 105.208, according
Louis L. Manint, Town
Secretary.
Dated Sept. 1, 1937.
Due from
Sept. 1, 1938 to 1972 incl.
to
ST. HELENA PARISH SCHOOL DISTRICT NO. 3 (P. O. Greensburg), La.—BOND OFFERING—It is reported that sealed bids will be
,
received until Sept. 21 by J.
Board, for the purchase of
rate is not to exceed
KENTUCKY
KENTUCKY,
of $1,393,915
result of 29 contracts
factories.
Other companies to receive tax exemption for new construction work are:
Bird & Son, Inc.; Bass, Harless Lumber Co.,
Inc.; Bunkie Coca-Cola
Bottling Co.; Chalmette Petroleum Corp.; Chicago Mill & Lumber Co.;
by the City
at
the election held on Aug. 26—V. 145, p. 1455—the voters
the issuance of the $19,000 (not $20,000) in 334% municipal
building bonds by a count of 220 to 79, and the bonds have been sold. Due
$1,000 in 1938, and $2,000, 1939 to 1947, inclusive.
Clerk
as a
signed with Governor Richard W.
Leche, who is actively campaigning to bring new industries to this State,
according to an announcement on Aug. 23 by the newly created State
Department of Commerce and Industry.
The largest contracts are with the Ethyl Gasoline
Corp., a subsidiary of
E. I. du Pont de Nemours & Co., the Standard Oil Co. of Louisiana and the
Southern Kraft Corp.
Property tax exemptions are granted contractors for a period of 10 years
on all new construction undertaken within the
State.
As of Aug. 21 there
was
$24,242,000 in new construction contracted, most of whjjphjs started.
The present tax rate is $5 75 for each $1,000 in
property.
It is estimated that construction
employment will be giveif to 7,950 per¬
sons, and that later 14,600 persons will be employed in dperating the new
$40,000.00 2% public and civil works projects bonds.
Dated July 15,
1937.
Due on July 15 as follows:
$13,000. 1939; $11,000,1940;
Due on Aug.
p.
follows:
per acre per annum on all lands located in the district.
July 1 to June 30; date taxes are billed: Nov. 1; delin¬
quent date: first half after Dec. 20 and second half after June 20, following.
13,307.10 2)4%
as
2,100 drainage bonds sold to Mrs. Sallie Smith at par plus a premium of
$103, equal to 104.90.
Due on Nov. 1 as follows: $lu0, 1938 to
1946, and $200, 1947 to 1952.
These bonds are to be payable from
and secured by an ad valorem tax on all the taxable
property located
1936 collections are a little better to date than previous years.
Fiscal year dates:
a
$3u,000 issue of jail bonds.
$3,300 drainage bonds sold at par and interest to Chas. Fay and Elmer
Shutts, both of Lake Charles.
Due on Nov. 1 as follows: $100, 1938
and 1939; $200, 1940 to 1947, and $300, 1948 to 1952.
These bonds
are to be payable from and to be secured
by an acreage tax of 4 cents
Total Levy
Uncoil, at End of
Latest Available
(Not incl. spec, assess.) Year of Levy
Date (Apr .6, '37)
$57,458.26
$6,435.71
$1,953.70
98,993.38
9,5u2.03
3,394,29
100,891.98
8,531,25
5,3u2.39
-
100.802,
a
well), La .—BOND SALE— The $5,400 bonds offered Sept. 1—V. 145,
Uncollected at
1935
recently—V. 145, p. 1456—are in the denom. of $500 each,
Aug. 1, 1938 to 1952.
Prin. and int. F. & A. payable at
Commerce, New Orleans, or at the Caldwell Bank &
Legal approval by Chap¬
JEFFERSON DAVIS PARISH, GRAVITY SUB-DRAINAGE DIS¬
TRICT "A" GRAVITY DRAINAGE DISTRICT NO. 1 (P. O. Thorn-
General fund of this School District the same per cent of collections hold
1934.
noted here
Secretary of the Police Jury, for the purchase of
Report
for other funds.
Beginning—
1933---.
COUNTY
TAX
Oct.
L. Meadows, Secretary of the Parish School
a
$15,000 issue of school bonds.
Interest
6%, payable A. & O.
Dated Oct. 1, 1937.
Due from
1, 1940 to 1957.
RATES—Smaller counties in Kentucky have the highest tax rates, James
W. Martin, Commissioner of Revenue, reported on Aug
27.
Mr. Martin said the average levy for the current fiscal year on property
subject to the full county rates in the 120 Kentucky counties, grouped in
order of their assessed valuation, is:
fc Counties of over $96,000,000 assessed valuation, 40 cents per $100; from
$48,000,000 to $96,000,000, 53 cents; from $24,000,000 to $48,000,000, 64
$12,000,000 to $24,000,000, 61 cents; from $6,000,000 to $12,-
MAINE
DEER ISLE-SEDGWICK BRIDGE DISTRICT
(P. O. Stonington),
Me.—TO SELL BOND ISSUE—Raymond C.
Small, District Treasurer,
reports that
an issue of $490,000
bridge bonds will be offered for sale soon.
The District canceled an
offering announced for Nov. 16 last, of $385,000
bonds.
cents; from
000,000, 65 cents; from $3,000,000 to $6,000,000, 69 cents; under $3,000,000,
74 cents.
county tax rate for the State is 56 cents, Mr. Martin said.
Clark and Woodford counties, with assessed values of $24,000,000 and
$26,000,000, have the lowest rate in the State at 35 cents each.
Owsley
and'Wolfe, with assessed values of little over $1,000,000, have the highest
at $1.15 per $100, Mr. Martin said.
l
The average
LOUISVILLE, Ky.—BOND SALE—The $250,000 issue of coupon grade
crossing elimination bonds offered for sale on Sept. 8—V. 145, p. 1456—
was awarded to Halsey, Stuart & Co., Inc., of Chicago, as 2Ms. paying a
3
JEFFERSON DAVIS PARISH (P. O. Jennings), La.—BOND OFFER¬
ING—Sealed bids will be received until Sept. 23, according to report, by the
the School District's.
Fiscal Year
NO.
be received
Trust Co., Columbia, at the option of the holder.
man & Cutler of Chicago.
No county
Tax
DISTRICT
the National Bank of
This District's
(Less Sinking Funds)
Special
SCHOOL
and mature from
Gross Debt
Overlapping District—
general
a. m. on
CALDWELL PARISH SCHOOL DISTRICT NO. 14 (P. O.
Columbia),
La.—BONDSALE DETAILS—It is now reported that the $50,000 building
bonds purchased by Weil & Co. of New Orleans, as 4s, at a
price of 1U0.20,
census.
Overlapping Debt
Newton City,
CONSOLIDATED
La.—BOND OFFERING—Staled bids will
Oct.
7, by R. V. Kerr, Secretary of the Parish School Board,
for the purchase of a $35,000 issue of 6% school bonds.
Denom. $500.
Dated Oct. 1, 193/.
Due from 1938 to 1957.
Bids will also be received
for bonds bearing a lesser rate of interest than
6% Prin. and int. A. & O.
payable in Benton or at the Central Hanover Bank & Trust Co., New York.
The approving opinion of Chapman & Cutler of Chicago, will be furnished.
A certified check for $2,500, payable to the
Secretary, must accompany bid.
None
None
(1937):
Real property, tangible, being real and some personal
Personal property classed as intangible
Benton),
until 10
MARYLAND
ANNE ARUNDEL COUNTY (P. O.
Annapolis), Md.—TAX COLLEC¬
RECORD—Joseph H. Pepper, Treasurer of Anne Arundel
County, declared Aug. 30 that the collection of 1936 taxes had set a "high
point
in the county history.
TIONS SET
-.PS pointed out that only $50,498.45 remained
114,342.93 levied for 1936.
outstanding from the $1,-
This is covered by about 1,550 properties which
on Oct. 11.
On Aug. 19 Pepper advertised
have been advertised for sale
1.774 pieces of 1936 tax-delinquent property, but
their taxes since the first advertisement
appeared.
224
owners
have paid
Volume
Financial
145
FREDERICK, Md.—TAX RATE HIGHER—Tux rate for the fiscal
started Sept. 1 is $1.05 per $100 of assessed valuation, a 10 cent rise
last year's rate. The 15-cent rate on securities was continued.
year
over
119945432503
1956
BIDS—Supplementing the previous report
$300,000 notes to the National
discount, we give the following list
MALDEN, Mass .—OTHER
here—V.
145,
1619—of the award of
p.
Shawmut Bank of Boston, at 0.81%
of unsuccessful bids:
Discount
0.83% <
--0-§46%
---0.85%
Jackson & Curtis
0.86%
Faxon & Co
0.86%
Second National Bank of Boston
-0.93%
Salomon Bros. & Hutzler (Plus $2)
0.95%
Leavitt & Co
1.049%
NEWBURYPORT, Mass.—BOND OFFERING—Charles E. Houghton,
City Treasurer, will receive sealed bids until 12:15 p. m. (Daylight Saving
Tin e) on Sept. 10 for the purchase of $62,000 coupon municipal relief
bonds.
Dated Sept. 1, 1937.
Denom. $1,000. Due Sept. 1 as follows:
$7,000 in 1938 and 1939, and $6,000 from 1940 to 1947 incl. Bidder to name
the rate of interest in multiples of M of 1 %.
Principal and sen i-annual
interest payable at the Merchants National Bank of Boston.
These bonds
will be prepared under the supervision of and certified as to their genuine¬
ness 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.
Legal papers incident to the issue will
be filed with the Merchants National Bank of Boston, where they may be
Bidder—
OFFERING—
office, 20 Somerset
14 for the purchase
of $4,800,000 coupon, registerable as to prnicipal only, bonds.
Dated
Oct. 1, 1937.
Denom. $1,000.
Bids may be made for bonds carrying
interest at any of the following rates, as specified in each bid: 2 M %, 2 M %
or 2 M %.
Each bid shall be for all the bonds at a single authorized interest
rate, but bidders may submit more than one bid.
Maturities for the bonds
(on Oct. 1 of each year specified below) at each of the authorized rates will
BOSTON METROPOLITAN
19567820—as
DISTRICT, Mass.—BOND
follows:
2M%
2M%
$96,000
$96,000
98.000
98,000
1940-101,000
101.000
1941.
103,000
105,000
106,000
107,000
109,000
110,000
111,000
112,000
114,000
117,000
1946-.117,000
119,000
1947
120,000
122,000
1948123,000
126,000
126,000
130,000
129.000
133,000
132,000
136.000
1952
136.000
140,000
139,000
145,000
142,000
148,000
1955--146,000
152,000
159,000
156,000
154,000
161.000
157,000
165,000
161,000
170,000
165,000
"
174,000
170,000
179,000
1,695,000
1.598,000
Interest will be payable semi-annually.
Prin. and interest will be payable
at offices in New York and
Boston to be designated by the trustees of
the District.
The bonds will
bear the usual certification of a bank or
trust company in Boston.
The issue and sale of the bonds will be subject
to approval of legality by Ropes, Gray, Boyden & Perkins, Boston, whose
legal opinion will be furnished without charge to the purchaser.
Proposals
must be accompanied by a certified check for 1% of the principal amount
of the issue, payable to the order of the District.
The prin. and int. on the
bonds are exempt from Massachusetts taxes, including savings bank tax,
and the interest exempt from present Federal income tax.
The bonds are a
legal investment for savings banks by statute in Massachusetts.
These bonds of the District are duly authorized under Chapter 383 of the
Massachusetts Laws of 1929, Chapter 147 of the Laws of 1932. and Chapter
1938---
1939
—
—
-
-
—
—
357 of the Laws of 1937.
2M.%
$96,000
98,000
100,000
103,000
105,000
107,000
110,000
112,000
114,000
118.000
120,000
122,000
126,000
128.000
131.000
134,000
137,000
140,000
143.000
147.000
150.000
153,000
156,000
161,000
1,789,000
Said Chapter 357 of the Laws of 1937 authorizes
these bonds to be issued to provide funds for the purchase by the
of $4,800,000 aggregate principal amount of 25-year bonds of
Elevated Ry. Co., bearing an interest
on these bonds of the District.
Subject
to
the
approval
of the
District
Boston
rate 2% higher than the interest rate
Massachusetts
Utilities of the maturities and interest
Department of Public
rate of the bonds of the District,
purchaser on or about Oct. 1, 1937, at
m., in Boston, Mass., and are to be paid for on such delivery
by a certified check on, or a cashier's or treasurer's check of, a
responsible national bank or trust company in Boston, payable to the order
of Boston Metropolitan District.
The trustees reserve the right to reject any and all bids.
On rejection
of all bids or on failure to complete any purchase by a bidder whose bid is
accepted, the trustees reserve the right to sell any unsold bonds at private
sale without further advertising or notice.
Bids are to be accepted or re¬
jected within 24 hours after the opening of the bids, and bidders will be
deemed to agree that their bids remain in force until accepted or rejected
by vote of tne trustees within that time.
Upon such accpetance, the
accepted bid and vote of acceptance shall subject to the approval of the
Massachusetts Department of Public Utilities as aforesaid on or before
Sept. 18, 1937, constitute a binding contract between the District and the
bidder whose bid is accepted, on the terms stated in this offer for bids and
in the accepted bid.
(This report of the offering supersedes that given previously in these
columns.)
said bonds will be delivered to the
10 o'clock
a.
in cash or
District's Financial Condition Analyzed
the District has made public the
following text of a report on its financial standing which was compiled by
Arthur V. Grimes, certified public accountant:
In connection with the above offering,
Logan, Chairman,
Trustees of the Boston Metropolitan District,
85 Devonshire St.,
Boston, Mass.
requested by you, I am submitting the following information in con¬
nection with the proposed issue of $4,800,000 of Boston Metropolitan
bonds:
In accordance with information supplied by the office of the Com¬
missioner of Corporations and Taxation of the Commonwealth, based on
valuations made by the cities and towns, within the territory comprised
by the District, as indicated on their records as of Jan. 1. 1936, the assessed
valuation of the property subject to the taxing power of the District is
$2,650,617,860.
The office of the Commissioner is now compiling this
assessed valuation as of Jan. 1, 1937 and has it completed for all cities and
towns with the exception of the City of Boston which is expected to be
completed and available within a short time.
The valuation of the taxable
property wirhin the District as last established for State tax purposes
(Chapter 3 of the Acts of 1935) was $3,044,944,801.
(2) In accordance with the records of the Treasurer of the District the
total bonded debt of the District amounts to
$53,450,000 and after giving
effect
to
the presently
proposed issue of $4,800,000 will amount to
$58,250,000.
(3) The bonded debt of the District does not include the debt of any other
subdivision having power to levy taxes upon any or all of the property sub¬
ject to the taxing power of the District.
(4) The population of the District, according to the 1930 United States
was
1,468,364.
territory comprised by the
towns:
Arlington. Belmont,
includes the following
and
Boston, Brookline, Cambridge,
Chelsea, Everett, Maiden, Medford, Milton, Newton. Revere, Somerville
and Watertown, being parts of the counties of Middlesex, Norfolk and
Suffolk, and these cities, towns and counties and instrumentalities thereof
have power to levy taxes upon any and all of the property subject to the
District
taxing power of the District.
Figures relative to the bonded debts of these cities, towns and counties
are compiled by the Department of Corporations and Taxation of the Com¬
monwealth of Massachusetts and may be inspected at the office of that
department.
Respectfully submitted,
ARTHUR V. GRIMES,
Certified Public Accountant
BROCKTON, Mass.—BOND SALE—The $145,000 coupon municipal
relief bonds offered Sept. 9—V. 145, p. 1619—-were awarded to Newton,
Abbe & Co. of Boston, as 2s. at a price of 100.126, a basis of about 1.925%.
Dated Sept. 1, 1937 and due Sept. 1 as follows: $15,000, 1938 to 1942 incl.;
$14,000 from 1943 to 1947 incl.
Other bids, all of which named an interest
rate of 2 M %, were as follows:
Bidder—
Rate Bid
Bidder—
Rate Bid
100.539
Kidder, Peabody & Co
100.892 Brown Harriman & Co
Bancamerica-Blair Corp
100.096
Tyler & Co., Inc
100.85
100.089
Lazard Freres & Co
100.709 Halsey, Stuart & Co., Inc
First Boston Corp
100.708 Whiting, Weeks & Knowles, 100.08
Estabrook & Co
100.08
National Shawmut Bank
100.65
Goldman, Sachs & Co
100.559 Harris Trust & Savings Bankl00.077
Jackson & Curtis
100.555 Home Natl. Bapk, Brockton. 100.02
Financial Statement
.
Year
Uncollected Sept. 1, 1937
Levy
$40.42
$559,717.30
60.75
464,801.10
None
516,337.60
21,143.22
564,478.63
119,745.45
587,047.10
539,671.21
543,729.21
valuation, $12,392,930.
Tax titles Sept. 1, 1937, S85,-
,
1936.
1937
—
-
__
1937 assessed
Borrowed against tax
861.61.
Tax rate, 1937,
titles, $22,788.93.
$43.20.
Population, 14,815.
Bonds Outstanding as
Central Park and
of Sept. 1, 1937
$5,000.00
Playground
County T. B. Hospital
Financial year adjustment loan
High school bonds.____
Municipal relief loans.
Plum Island Bridge loan
School oonds
.
C229 A 1934
:
Sewer bonds
Street construction
9,000.00
18,000.00
326,000.00
121.000.00
<,274.91.00
St'non'no
36,000.00
—
-
8,000.00
-
Water bonds...
61,000.00
62,000.00
—- —
This issue
Total....
—
-
-
— -
$707,274.91
NEWBURYPORT, Mass.—BOND SALE— The $62,000 coupon mu¬
nicipal relief bonds offered Sept. 10 were awarded to Tyler & Co.,
of Boston as 2Ms at a price of 100.92, a basis of about 2.07%..
Dated
Sept. 1, 1937 and due Sept. 1 as follows:
$7,000 in 1938 and
$6,000 from 1940 to 1947 incl.
Merchants National Bank of Boston,
second high bidder, offered 100.75 for 2Ms.
Inc.,
1939, and
SPRINGFIELD, Mass.—NOTE SALE— The issue of $500,000 revenue
offered Sept. 7—V. 145, p. 1619—was awarded to Jackson & Curtis of
discount.
Due $300,000 March 10. 1938, and $200,000
on April 14, 1938.
The Merchants National Bank of Boston, second
bidder, named a rate of 0.55%.
notes
Boston, at 0.544%
high
Other bids were as follows:
'
Bidder—
Day Trust Co
--0-57%
-
HartfordBoston
National Bank of Boston—
0.635%
Mansfield & Co.,
Second National Bank of
First
-0-63/%
0.65%
—
—
■:
Whiting. Weeks & Knowles....--------—------—
Chace, Whiteside & Co_
We
Buy for Our Own
0.66%
0.66%
Account
MICHIGAN MUNICIPALS
Cray, McFawn Si Company
J
DETROIT
A. T. T. Tel.
Telephone CHerry *828
authorized the issuance of
DET 347
_
VOTED—At a recent election the voters
$8,000 street improvement
bonds.
SCHOOL DISTRICT NO. 11, Wayne
PLAN ANNOUNCED—C. E. Huyette,
ECORSE TOWNSHIP
Mich .—REFUNDING
(1)
The
inspected.
MICHIGAN
As
(5)
cities
193245
.
-
-
BEAULAH, Mich.—BONDS
Sir:
census
First National Bank of Boston
Maiden Trust Co
Sept. 1, 1937
,
Edward L.
District
.
First National Bank of Maiden
MASSACHUSETTS
Joseph Wiggin, Treasurer, will receive sealed bids at his
St., Boston, until noon (Daylight Saving Time) on Sept.
be
1773
Chronicle
County,
refunding
National Bank Bldg., Detroit, has issued a memorandum in¬
dicating the essential features of a plan for refunding of all of the indebted¬
ness of the above district outstanding as of Sept. 1, 1937.
The plan has
been approved by the Board of Education and is now before the Public
Debt Commission for approval.
It is anticipated that such approval will
be forthcoming within a reasonable period of time.
Payment of past due
interest in the amount of $40 per $1,000 bond will be made in cash at the
time of exchange.
District will bear all expenses in connection with the
refunding and, in order to expedite consummation of the exchange of bonds,
creditors of the district are asked to furnish the refunding agent, as early as
feasible, with an exact description of their holdings and an approval of the
plan of refinancing as set forth in the memorandum.
It is announced that
agent, 1859
should any
revisions be necessary which would likely to be less favorable
outlined, nothing will be done about the exchange without
than the plan
information be made available to creditors.
It is also pointed out
that the plan is acceptable to the Municipal Investors Association, which is
suing the district for payment of $83,137.50 in past due interest,
acceptance has also been recommended by the Municipal Advisory
further
and its
Council
of Michigan.
The debt to be
,
,
.
reduced includes $876,819.29 of bonds and tax anticipa¬
$179,839.98 of interest matured or accrued to Sept. 1937,
this amount representing the balance which will remain unpaid after the
cash payment of $40 per $1,000 to be made at the time of exchange.
Total
interest due to Sept. 1, 1937 is $214,911.75.
The bonds outstanding will
be refunded as "1937 refunding bonds series A, B, C and D, and the tax
notes as "1937 refunding bonds series E, F and G.
Unpaid interest will be
refunded with 3% certificates of indebtedness, dated Sept. 1, 1937 and
due Sept. 1, 1947.
All of the refunding bonds to be issued will be dated
Sept. 1, 1937 and bear interest as follows: 3% from Sept. 1, 1937 to Sept.
1, 1941; 4% from then on to Sept. 1, 1946, and at 4M% from date to
Sept. 1,1948.
From the latter date, until paid, the bonds will bear the same rate as the
obligation to be refunded.
The series A, B, C and D bonds will mature
Sept. 1, 1967, and series E, F and G on Sept. 1, 1952.
All refunding bond
and certificates of indebtedness will be callable at par and accrued interest
on any interest date, and subject to retirement by tender in accordance
with Act No. 13 of Public Acts of Michigan, First Extra session of 1932,
as amended.
Both types of obligations will bear the approving legal opinion
of Mr. Claude H. Stevens of Berry & Stevens, Detroit, which will be paid
for by the district.
Holders of the bonds are requested, when notified, to present them to
the exchange agent, which will be a bank or trust company located in
tion notes, also
Detroit.
GRASS
LAKE,
Clerk, will receive
Mich.—BOND OFFERING— Helen McCall, Village
sealed bids until 8 p. m. (Eastern Standard Time) on
interest water works
1940 to 1946 incl.;
1954 incl.; $2,500 from 1955 to
Sept. 15 for the purchase of $55,500 not to exceed 6%
bonds.
Dated Oct. 1, 1937.
Due as follows: $1,000,
$1,500, 1947 to
1951 incl.; $2,000, 1952 to
1774
Financial Chronicle
1962 incl. and $3,000 from 1963 to 1967 incl.
Interest payable semi-ann.
The bonds are general obligations of the
village.
A certified check for
$2,000 must accompany each proposal.
(A preliminary notice of this offering has already
columns.)—V. 145, p. 1619.)
HIGHLAND
PARK
SCHOOL
DISTRICT,
appeared
these
in
Mich.—TENDERS
WANTED—Mrs. Audrey M. Finley, Secretary of the Board of
Education,
that the Board will receive sealed tenders until 8
p.m. (Eastern
Standard Time) on Sept. 14 of offers for sale to the District of
up to ap¬
proximately $50,000 bonds presently outstanding.
Tenders should fully
describe bonds offered, giving serial numbers and
price plus accrued interest
to date of delivery for which the
obligations will be sold; also dollar value
and yield.
Delivery of bonds accepted for purchase to be made to Treas¬
at Manufacturers National Bank,
Detroit,
notice has been made of acceptance of tenders.
within
seven
Commission
ISSUE— Leo Adriansen,
City
that application was forwarded to the State Public
Debt
Aug. 31 for authority to issue $395,000 refunding bonds.
Approval of the Commission had
bonds proposed for sale are:
not been received
up
to recent date.
The
$222,000 series A of 1937 water refunding bonds.
Dated Aug. 1. 1937.
Denom. $1,000.
To mature Aug. 1 as follows: $10,000,1938 and
1939; $12,000, 1940; $15,000 from 1941 to 1946. incl., and $20,000
from 1947 to 1951, incl.
173,000 series B of 1937 general ref. bonds. Dated Aug. 1, 1937.
Denom.
$1,000.
To mature Aug. 1 as follows: $8,u00, 1938 and
1939;
$10,000, 1940; $12,000 from 1941 to 1946, incl., and $15,000 from
1947 to 1951, incl.
The bonds will be issued to bear interest
at a rate of not more than 3
%.
Principal and interest (F. & A.) payable at the City Treasurer's office.
They will not be callable prior to maturity.
The bonds to be refunded are
dated Aug. 1, 1936, and mature Aug.
1, 1951, although callable.
MACOMB COUNTY
(P. O. Mount Clemens), Mich.—TENDERS
WANTED—It is announced that in accordance with the
refunding plan
adopted by the Board of County Road Commissioners, the
heretofore
Board
will,
to Sept. 17, at 10 o'clock a. m., at the office of said
County Building, in the City of Mount Clemens, receive
for the sale to them for the
proper redemption funds of
Macomb County Highway
Refunding bonds as hereinafter set forth.
up
Board
in
sealed
tenders
the
Dist.
:Dist.
No.
Portion—
Amount
Portion—
District
94
County.
96
99
District
500
District
76
90
500
County
County.
74 Township
75 County
No.
$1,000
2,000
71
73
Amount
$6,000
1,000
3,000
3,000
1,000
District
500
101
77
500
102
78
County
County.
2,000
1,000
7,000
2,000
1,000
14,000
4,000
2,000
5,000
103
District
3,000
104
County
105
District
107
District—
108
County, twp. and district
County
County.
1,000
8,000
3,000
2,000
-
Township
County.
79 County
81
District-
82
83
Township
85
District
District
District
District
;
District-
86
87
89
el°Pes
111
122
OAKLAND COUNTY (P. O.
124
District
124
500
County
and interest claims on past due bonds of Drain Districts in the above
county
at less than face value.
A copy of the amendment has been filed with each
depositary and mailed to each depositor of county drain district bonds.
OWENDALE SCHOOL DISTRICT,
of
PORT
SANILAC,
Mich.—BOND
Sept. 25 the voters will
be asked
_
SUMMIT TOWNSHIP SCHOOL
cook
Lake),
Mich.—TENDERS
sealed
indebtedness, dated Aug.
Aug. 1, 1935.
449
be publicly opened and read,
a
some
vote of 76 to 53.
MUNICIPALS
Bond
NEW
Bell
492
Assessment district.
Macomb and St. Clair
Counties, townships and district.
Macomb County.
501
1120
BANK
ORLEANS, LA.
Teletype N. O. 182
Raymond 5409
Ail tenders
No tenders above par and accrued interest
be considered.
Balance in "Highway Note Sinking Fund" on this date is
General Fund balance on this date is..:
$1,771,771.61
5,845,607.39
Mississippi highway notes outstanding (l)^c. gaso¬
line tax piedged)
,13,432,000.00
Total bonded indebtedness of State of Mississippi as of this
date is (full faith and credit obligations)
36,978,000.00
On April 1, 1937, highway notes were called prior to ma¬
turity and paid out of the "Highway Note Sinking Fund"
in the amount of
668,000.00
Highway notes have been called for payment as of Oct. 1,
1937, in the amount of
615,000.00
Since Jan. 1, 1936, bonds have been called prior to maturity
and paid out of the general fund in the sum of
1,000,000.00
Since Jan. 1, 1936, bonds have been called prior to maturity
and refunded at a lower rate of interest in the sum of
2,500,000.00
All bonds and interest maturing since Jan. 1, 1934, have been
paid as they matured without issuing refunding bonds.
The total assessed valuation of all property in the State is—544,573,702.00
State of
.
shall be submitted in writing, sealed and marked "Tender of
Bonds" and shall
specify the road assessment district number, the bond
numbers, the obliger (whether township portion, county portion, or assess¬
ment district portion on individual
issues), and shall stipulate the lowast
price at which the owner will sell such bonds to the
sinking fund.
All bids shall remain firm
through Friday, Sept. 24, 1937.
Upon notice
of acceptance of the bids the bonds
shall be delivered to the paying agent
designated in the bond, on or before Sept. 24, 1937, accrued interest
being
computed to that date.
State of—NOTES NOT SOLD—We
are advised that
Governor Hugh L. White rejected the one bid submitted for the $4,000,000
highway notes, first series, sub-series D, that were offered on Sept. 10,
as noted in these columns
recently—V. 145, p .1457.
It is said that the
tender offered was a combined bid, submitted by two groups, one of which
was headed by John Nuveen & Co. the other headed by A. C. Allyn &
Co.,
both of Chicago, they having joined forces at the time of sale.
Dated Oct. 1,
1937.
Due from Oct. 1, 1938 to 1955, and redeemable before maturity
at the option of the State Highway Note Commission.
Counties, townships and district.
Lenawee, Monroe and Washtenaw Counties, townships & district.
Monroe, Washtenaw and Wayne Counties, townships and district.
Townships.
Oakland County.
492
Department
WHITNEY NATIONAL
MISSISSIPPI
Assessment district.
492
dated
Offerings Wanted:
MISSISSIPPI,
484
491
bonds,
LOUISIANA & MISSISSIPPI
for the following
475
474
1935,, and series A refunding
Obligation of—
475
473A.
1
The loan supplements that of $25,000 authorized
1,000
1,000
1,000
Assessment district.
Assessment district.
Assessment district.
Assessment district
Macomb County.
473
(P. O. VanderYoss, Secretary,
time ago.
Counties, townships and district.
467
8
500
Macomb and Oakland
Counties, townships and district
Monroe and Wayne
Counties, townships and district.
Oakland and Wayne
471
L.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 7, Mich.—BONDS
a recent election a $15,000 school building bond issue carried
"Monroe and Wayne Counties,
townships and district.
Macomb and St. Clair
463
NO.
VOTED—At
by
con taming
place they will
DISTRICT
WANTED—F.
that the Board of Education will receive until 4 p. m. on Oct. 5,
tenders of offers to sell to the Board outstanding certificates of
announces
Bonds,"
issues:
ELECTION—At an election on
an issue of $10,000 water
approve
SOUTH HAVEN, Mich.—BOND SALE—The $17,000 special assessment
paving bonds offered Sept. 7 were awarded to the Channer Securities Co.
of Chicago, at par plus a premium of $328, equal to 101.92.
Rate of interest
not stated.
Bonds mature Aug. 1 as follows: $2,000 from 1938 to 1944,
incl. and $1,000 from 1945 to 1947 incl.
Braun, Bosworth & Co. of Toledo,
second high bidder, offered a premium of $112.
&m., Sept. 20, at the office of the Director ofLansing, Mich., Highway
Finance, State
epartment, Room 332, State Office Building,
at which
and
to
RIVER ROUGE, Mich— BIDS REJECTED—The two bids submitted
at the Sept. 9 offering of $368,000 not to exceed 4% interest non-callable
refunding bonds—V. 145, p. 1619—were rejected.
Raymond J. Peters,
City Clerk, reports that the First of Michigan Corp. bid on a cost basis of
3.87%, while Stranahan, Harris & Co., Inc., Toledo, bid 4% basis.
The
bonds are dated Oct. 1, 1937 and mature Oct. 1, as follows: $21,000, 1938
to 1940, incl.; $22,000,1941 to 1943, incl.; $23,000, 1944; $24,000 from 1945
to 1953, inclusive.
MICHIGAN
time
an
bonds.
works
(State
of)—TENDERS
WANTED—Murray D.
Van
Wagoner, State Highway Commissioner, announces that sealed tenders of
assessment district
highway refunding bonds will be received up to 2 o-clock
described
Road No.
Mich.—BONDS VOTED—At
election held recently the proposal to issue $20,000 gymnasium construction
bonds carried by a vote of 67 to 23.
The bonds will mature $1,000 annually.
tenders should be plainly marked on the outside
together with the number of the road assessment
district and class of bonds offered.
Tender
Pontiac), Mich.—NOTICE TO DRAIN¬
DISTRICT
BONDHOLDERS—The
Bondholders'
Committee
for
Storm Sewer Drain Districts in Michigan announced under date of Sept. 3
that, pursuant to terms of deposit agreement dated Nov. 1, 1932, it has
amended the agreement to permit the disposal of past due interest coupons
AGE
us
on
$15,000, bearing 4H%'< $10,000 funding bonds of 1919, bearing
5%; $20,000 funding bonds of 1920, bearing 6%; $5,000 general improve¬
bonds of 1928, bearing 4M%; general improvement bonds of 1929,
in the amount of $5,000, bearing 4&
%; $5,000 general improvement bonds
of 1930, bearing 4J^ %; $5,000 general improvement bonds of 1931, bearing
4%; $5,000 general improvement bonds of 1932, bearing 5%; $5,000 gen¬
eral improvement bonds of 1933, bearing 5%, and $15,000 storm water
sewer bonds of 1931,
bearing 4}/*%.
Payment of the refunding bonds would be made at the rate of $3,000
annually from 1940 through 1942; $6,000 a year from 1943 through 1949,
and $7,000 yearly from 1950 through 1956.
days after
IRONWOOD, Mich.—PROPOSED BOND
Clerk, informs
amount of
ment
announces
urer
Sept. 11, 1937
tion in question calls for refunding of $10,000 street and sewer improvement
bonds of 1919, bearing 4 %%', storm water sewer bonds of 1923 to the
can
—
_
MONROE
COUNTY
Gillespie, Clerk of the
(P.
O.
Monroe), Mich.—BOND CALL—F. E.
Board of Road
Commissioners, announces that the
following described highway improvement refunding bonds of the issue
dated May 1, 1933, have been called
for payment on Nov. 1, 1937, at par
and interest.
They should be presented for such payment at the County
Treasurer's office or at the Monroe State
Savings Bank, Monroe:
Road Asst.
District
Total Matufg
Bond Nos.
28 to 31, incl.
35
47 to 54, incl.
14 and 15
37
5
39
Total
84,000
1940
57
21
$1,000
1942
7,500
1940
58
3
500
1944
2,000
1940
59
13, incl.
8,000
1940
60
18 to 27, incl.
14 to 18, incl.
10,000
1943
April.
24 to 28, incl.
39 to 45, incl.
17 and 18
5,000
1940
61
7,000
1940
62
1939
62
5 and 6
42
45 to
9,000
Amount May 1
4
1,500
52, incl.
37 to 42, incl.
1940
63
January..
February...
1941
1,000
1940
47
728,148
468,370
737,658
771,554
816,218
812,440
899,037
873,174
846,215
973,484
927,182
June...
2,000
1941
July
1943
August.
6,000
1940
64
13 to 16, incl.
3 to
5, incl.
3,000
1940
1,000
1940
65
17 to 22, incl.
6,000
1942
October
4,000
1940
65
23
1,000
1943
November
December
7
47
$703,557
May
5,000
48 to 51, incl.
43
45
1936
March
1940
6 to
4,000
52 to 62, incl.
11,000
48
21 to 25, incl.
5,000
1941
67
18 to 20, Incl.
3,000
5,000
1941
67
4,000
4,000
1940
68
21 to 24, incl.
13 and 14
1943
50
23 to 27, incl.
23 to 26, incl.
1942
50
27 to 29, incl.
2,000
3,000
1941
68
15 to 17, incl.
13 to 16, incl.
3,000
1943
4,000
1943
4,000
1942
3,000
1942
September
Payments to State Treasurer
Highway Note Sinking Fund
1937
$885,106
717,217
1936
1937
$132,464
$184,397
137,852
89,246
153,678
148,672
166,753
162,494
183,514
149,420
138,111
195,078
662,935
936,374
901,723
900,522
986,410
963,633
187,859
187,608
205,502
*200,756
176,507
207,607
202,809
193,163
1942
49
are
Gross Collections
Month—
District
Bond Nos.
we
1937:
Matufg
May 1
41
40
pleased to list below gasoline tax collections a,nd
payments into the State Treasury for credit of the Highway Note Sinking
Fund for the period beginning with January, 1936, and ending with August,
1,000
34
36
Amount
Road Asst.
As requested,
51
42 and 43
51
44 to 57, incl.
20 to 27, incl.
52
53
7 and 8
2,000
1941
1940
66
69
2
1,000
14,000
1941
70
7 to 10, incl.
8,000
1941
71
9 to
11, incl.
16, incl.
1,500
1940
72A
13 to
54
8 to 10, incl.
3,000
1940
72A
55
17 and 18
29 to 39, incl.
11,000
1941
72B
11 to 14,
8, incl.
4,000
1940
16 to 20, incl.
5,000
1941
1941
56
5 to
57
4,000
1943
2,000
incl.
1944
4,000
1942
$200,000
MONROE COUNTY
(P. O. Monroe), Mich.—NOTE OFFERING—
Joseph A. Doty Jr., County Treasurer, will receive sealed bids until
10 a. m.
(Eastern Standard Time) on Sept. 16 for the
purchase of $80,000 tax
anticipation notes.
Dated Aug. 25, 1937.
Denom. $1,000.
Due on or
1, 1939.
Notes will be secured
by general faith and credit of
and specifically by delinquent
county taxes for years 1928 to
Notes will bear no interest and will be sold
at a price not less than par.
before Nov.
fhe county
1935.
MUSKEGON, Mich.—TO
REFUND
$100,000 BONDS—A resolution
providing for the refunding of a block of $100,000 bonds of the total of
$203,000 maturing next year is reported to have been
approved by the
City Commission.
The refinancing will constitute a continuance of the
plan to equalize the city's debt burden over a period of
years.
The resolu¬
$9,557,052
„*
$6,953,924
$1,954,765
$1,448,734
Note—August, 1937, collections will be distributed and payment made
to Treasurer
on
Sept. 1, 1937.
The above information for the period beginning Jan. 1, 1936, and ending
April 30, 1936, was taken from the records of the State Auditor, who dur¬
ing that period administered the gasoline and oil excise tax law.
Informa¬
tion for the period
beginning May 1, 1936, and ending August, 1937, was
taken from the records of the Motor Vehicle
Commissioner, who is now
chaged with the administration of the gasoline and oil excise tax law.
NATCHEZ,
Miss.—BOND
AUTHORIZATION
PENDING—We
are
informed by Lemuel P. Conner, City Clerk, that application is pending for
an
amendment to the City Charter which, if granted, will authorize the
issuance of about $300,000 in factory construction bonds.
He states that
it will be some time before
any definite arrangements can be made for offer¬
ing these bonds.
WASHINGTON COUNTY (P. O. Greenville), Miss.—BOND SALE
DETAILS—We are now informed that the $250,000 issue of road bonds
purchased on Aug. 2 by the First National Bank, Bullington, Schas & Co.
and the Union Planters National Bank & Trust Co., all of Memphis, as
3at a price of 101.00, as noted in these columns at the time—V. 145,
p. 982—are more fully described as follows: Denom. $1,000. Dated Aug. 3,
1937.
Due on March 1 as follows: $15,000, 1942; $5,000, 1943; $15,000,
1944; $5,000, 1945; $15,000, 1946; $10,000, 1947; $15,000, 1948; $20,000,
1949 and 1950; $30,000,
1951 to 1953, and $40,000 in 1954.
Principal and
the Chase National Bank, New York City.
Legality approved by Charles & Trauernicht of St. Louis, Mo. These bonds
(M. & S.) payable at
interest
validated by Chancery Court.
have been
1775
Financial Chronicle
145
Volume
National Company of
pay
interest and principal of the
bonds as they mature
Board will not transfer control of said
MISSOURI
BONDS
bridge or release
person,
trust agreement shall provide.
Although it is believed these bonds will
and
_
not be exempted from
income taxes, it is anticipated that they will be ruled to
taxation in the various States inasmuch as the bridge has
COMPANY
SCHERCK, RICHTER
LANDRETH
BUILDING,
ST. LOUIS, MO.
MISSOURI
COUNTY (P. O. Clayton), Mo.—BOND SALE—The
$800,000 issue of judgment funding bonds offered for sale on Sept. 9—
V. 145, p. 1620—was awarded to Brown Harriman & Co., Inc., of New
York, the Northern Trust Co. of Chicago and Stix & Co. of St. Louis,
jointly, at a price of 100.16 on 3s, a basis of about 2.98%. Dated Sept. 1,
1937.
Due on Feb. 1 as follows: $10,000. 1945; $25,000, 1946 to 1950;
$200,000, 1951; $350,000, 1952, and $115,000 in 1953.
ST.
LOUIS
OFFERED FOR INVESTMENT—The successful
above bonds for public subscription at prices to
3.00%, according to maturity.
BONDS
offered
2.40
to
the
OFFERINGS
bidders reyield from
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
Inasmuch
been designated,
an
will
delivered.
as
As
as
funds
as
guarantee of
a
good faith and as a protection
against any possible
the Board reserves
bidder in such amount
loss resulting from non-fulfilment or avoidable delays
the right to require a deposit from the successful
and
judgment may appear
such conditions as in its
on
expedient.
delivery of said bonds at the
they are tendered by the Board.
It is stated in the official offering notice that these bonds are being issued
pursuant to the terms of an Act of Congress approved June 10, 1930, as
amended and extended, designating the above Board as an instrumentality
of the Federal Government and authorizing it to construct a bridge across
the Missouri River between the cities of Omaha, Neb., and Council Bluffs,
Iowa, and pursuant also to a resolution of the above Board passed on the
4th day of September, 1937, and on file at the office of Crossman, Munger &
Barton, attorneys for the Board, 1010 First National Bank Building, in
the City of Omaha, and in order to construct the aforesaid proposed bridge.
The successful bidder must agree to accept
First National Bank of Omaha, whenever
HAMPSHIRE
NEW
OFFERING— Sealed bids addressed to
of First National Bank, Concord,
Saving Tin e) on Sept. 13 for the
purchase of $35,000 coupon public improvement bonds. Dated Sept. 1,
1937. Denom $1,000. Due $5,000 annually on Sept. 1 from 1938 to 1944
incl.
Bidder to natre the rate of interest in a multiple of 34 of 1%.
Prin¬
cipal and interest (M. & S.) payable at the City Treasurer's office, or at
the option of the holder, at the National Shawm ut Bank, of Boston.
These
bonds will be engraved under the supervision of and authenticated as to their
genuineness by the National Shawn ut Bank of Boston.
This bank will
Further certify that the legality of issue has been approved by Storey,
Thorndike, Palmer & Dodge of Boston, a copy of whose opinion will ac¬
company the bonds when delivered, without charge to the purchaser.
All
legal papers incident to this issue, together with an affidavit certifying to
the proper execution of the bonds, will be filed with the National Shawm ut
Bank of Boston, where they n ay be inspected
Financial Statement, Aug. 15, 1937
■
' ■
!
N.
CONCORD,
H.
Carl
will
oe
H.—BOND
Foster, City Treasurer, care
received until noon (Daylight
.
Assessed valuation 1937, net
MUNICIPALS
Total debt
included)
(present loan
included in total debt.
included in total debt
(1930), 25,228.
Outside school debt, not
Population
SALT LAKE CITY
MUNICIPAL BONDS
Bell Teletype: SL K-372
Phone Wasatch 3221
(
-$32,195,052
744,000
214,000
300,000
—
Water deb;, not
FIRST SECURITY TRUST CO.
.
Federal
be exempt from
instrumentality of the Federal Government.
be immediately necessary in order that the
Board may obtain engineers' plans and specifications and to meet other
expenses incident to securing bids for construction, it will be necessary
for the successful bidder to agree to advance the Board such an amount,
up to $40,000, as may be necessary to pay the preliminary expenses.
Such
sum will be accepted by the Board as part payment on said bonds when
by Act of Congress,
and
MISSOURI, State of—BOND BID FINALLY ACCEPTED—The State
Commissioners on Sept. 4 ended the controversy over the
$3,000,000 3% State Building bonds and resold the issue to a syndicate
headed by the Mercantile-Commerce Bank & Trust Co. of St. Louis, on
the bid submitted recently by that group of 105.016.
These bonds original ly
were sold to Baum, Bernheimer & Co. of Kansas City, at a private nego¬
tiation, as we have reported in detail in these columns recently—V. 145,
p.1620—but that contract has been canceled and the bonds are being
offered by the new purchasers for public subscription at prices to yield
from 1.45% to 2.00%, according to maturity.
Associated with the abovenamed bank are;
The Mississippi Valley Trust Co.; Smith, Moore & Co.;
G. H. Walker & Co.; The St. Louis Union Trust Co., and the First National
Bank, all of St. Louis.
Dated Aug. 1, 1937.
Due on Aug. 1 as follows:
$250,000 from 1940 to 1943, and $500,000 in 1944.
In the opinion of counsel, they will constitute valid and legally binding
obligations of the State, payable from ad valorem taxes levied against all
the taxable property therein without limitation as to rate or amount.
They
are interest exempt from all present Federal income taxes, and in the opinion
of the bankers, are legal investment for savings banks in New York, Massa¬
chusetts, Connecticut and other States.
Board of Fund
and that the
control thereof to
firm, or corporation, or any State or political subdivision
without first making adequate provision for continued operation and for
the maintenance of the sinking fund on such conditions as the mortgage
any
County & Town Issues
said bonds shall contain
appropriate covenants for the benefit of holders thereof that as long as
any of the bonds are outstanding the bridge will be maintained and oper¬
ated and sufficient tolls will be charged to assure a sinking fund sufficient
to
Markets in all State,
provide for the issuance o
Omaha, trustee, and will
additional bonds ranking on a parity with these.
The proceedings authorizing the issuance of
Market Issues
Jersey and General
New
MONTANA
AND
FLATHEAD
38
(P.
O.
Bigfork),
LAKE
COUNTIES SCHOOL DISTRICT NO.
OFFERING—Sealed bids will be
Mont.—BOND
Sept. 27 by H. A. Vedder, District Clerk, for the
purchase of a $15,000 issue of school bonds. Interest rate is not to exceed
4)4%, payable A. & O. Dated Oct. 1, 1937. Amortization bonds will be
the first choice and serial bonds will be the second choice of the School
Board. The bonds, whether amortization or serial in form, will be redeem¬
able in full on any interest payment date from and after five years from the
date of issue. A $500 certified check must accompany the bid.
til
2 p.
MADISON
COUNTY SCHOOL
DISTRICT NO. 52 (P. O. Ennis),
of not to exceed 6% semi¬
Mont.—BONDS NOT SOLD—The $18,000 issue
annual building and refunding bonds offered on Sept. 8—V. 145. p. 1142—
was not sold as all bids were rejected, according to the District Clerk.
MONTANA
B. J. Van
57
Telephone: John 4-6364
WILLIAM STREET, N. Y.
Newark Tel.: Market
N. Y. 1-730
A. T. & T.:
New Jersey State and Municipal
3-3124
Bonds
(State of)—BONDS SOLD TO °WA—R. J. Kelly, Assistant
Secretary to the State Water Conservation Board,
4% bonds aggregating $400,000, have been sold
Colyer, Robinson $ Company
reports that the following
to the Public Works Ad-.
INCORPORATED
ministration;
$286,000 Ruby River Project bonds.
Due on Jan. 1 as follows: $6,000.
1941 and 1942; $7,000, 1943 to 1946; $8,000, 1947 to 1949: $9,000,
1950 to 1952; $10,000, 1953 and 1954; $11,000, 1955 to 1957;
$12,00n, 1958 and 1959;
1963; $15,000, 1964;
and
$13,000, 196 > and 1961: $14,000, 1962
$16,000. 1965 and 1966, and $17,000,
1180
Raymond Blvd., Newark
New
York
1940 to
Prin. and int.
at the Chase
bonds.
(J. & J.) payable at the Union
National Bank in New York.
Bank & Trust Co., Helena,
loan of $630,000 for Beaverhead Rock
Storage, approved by the PWA, will not sell bonds on this project.
It is also stated by Mr. Kelly
that
a
CLARKS, Neb.—BOND SALE DETAILS—We are now informed that
refunding bonds purchased by the Board of Educational
here in June—V. 144, p. 4384—were sold at
par.
Denom. $1,000, one for $500.
Coupon or registered bonds, maturing
in 20 years, optional at any time.
Interest payable M. & S.
the $59,500 3%
Lands and Funds, as reported
~OMAHXCOUNClL BLUFFS MISSOURI RI VE1CTYRI1*GE~ BOARD
(P. O. Omaha), Neb.—BOND OFFERING— Sealed bids will be received
(Central Standard Time) on Sept. 21 by Dr. M. E. O'Keefe
Secretary of the above Board, at the office of Wallace E. Spear, Trust
Officer, First National Bank of Omaha, 16th and Farnam Streets, Omaha,
for the purchase of at least $] ,500,000 bridge construction bonds.
Interest
rate is not to exceed 6%, stated in multiples of 34 of 1 %.
Bidders shall also
name maturity of said bonds, the bonds to be sinking fund bonds to mature
in not more than 20 years and to be redeemable on any interest date at not
exceeding 105.
Denom. $1,000.
Prin. and semi-annual int. payable in
lawful money of the United States at the First National Bank of Omaha,
or at the First National Bank of Chicago, at the option of the holder.
The
until 2 p. m.
Chapman & Cutler of Chicago will be furnished the
purchaser without cost at the time of delivery of said bonds.
Inasmuch as the amount that may be necessary to pay the cost of the
proposed bridge is, at present, undetermined owing to the fact that final
plans and specifications for the letting of construction bids are not yet
available, it will be necessary for the bidder to bid for a minimum of $1,500,000 principal amount, plus such additional amount as may be necessary
to finance the completed bridge and approaches, and costs incident thereto
including construction, interest during construction, right of way, condem¬
nation costs, engineers' and attorneys' fees, and other obligations of the
Board incident thereto.
Prior to delivery, however, the Board reserves
the right to deduct from the total amount required a sufficient number of
bonds in amount to offset the amount of Federal or State aid which may
have theretofore been received.
Said bonds will be obligations of the Omaha-Council Bluffs Missouri
River Bridge Board of Trustees, payable solely from the revenues derived
from tolls collected in the operation of the bridge to be constructed with
the proceeds of this bond issue and be secured by a first mortgage lien on
the property of the Omaha-Council Bluffs Missouri River
of Trustees as set forth under an indenture which will be
Bridge Board
filed with the
NWRK 24
JERSEY
N. J.—BOND OFFERING—S. Thomas Penna,
Borough Treasurer, will receive sealed bids until 10 a. m. (Daylight Saving
Time) on Sept. 21 for the purchase of $67,000 434% coupon or registered
jetty reconstruction bonds.
Dated Sept. 1, 1937. Denom. $1,000. Due
AVON-BY-THE SEA,
Sept. 1 as follows: $4,000 from 1938 to 1945
1952 incl.
Principal and interest (M. & S.)
incl. and $5,000 from 1946 to
payable at the First National
to the order of the
Beach. A certified check for 2%, payable
Treasurer, must accompany each proposal.
Bank, Bradley
Borough
opinion of
NEBRASKA
r
approving opinion ot
NEW
1 as follows: $1,000, 1941
Due on Jan. 1 as follows: $1,000.
1947: $2,000, 1948 to 1961, and $3,000, 1962 to 1967.
54.000 Ackley Lake Project
MArket 3-1718
A. T. & T. Teletype
Wire:
REctor 2-2055
1967.
50,000 Big Dry Project bonds.
Due on Jan.
to 1944. and $2,000, 1945 to 1967.
or
Ingen & Co. Inc.
m. on
Approving legal
Caldwell & Raymond of New York City will be furnished the
of bonds will be made at Borough offices on
successful bidder. Delivery
or
about Sept. 28, 1937.
SALE—The $85,000 coupon or registered
offered Sept. 9—V. 145, p. 1297—were awarded to Van& Co. of Newark, as 3)4s, at a price of 100.26, a basis of
about 3.22%.
Dated Oct. 1,1937 and due $5,000 annually on Oct. 1 from
1939 to 1955 incl.
N. J.—BOND
BOONTON,
refunding bonds
Deventer, Spear
EAST HANOVER TOWNSHIP, Morris County,
N. J .—BONDS
AUTHORIZED—The Township Committee recently passed on first reading
an ordinance providing for the issuance of $76,000 refunding bonds, the pro¬
ceeds of which will be used to pay off various indebtedness including taxes,
local county and State, or obligations represented thereby.
Issue will be
dated June 30, 1937, and mature Dec. 31 as follows: $6,000, 1938; $5,000 in
1939 and 1940; $6,000 from 1941 to 1943, incl., and $7,000 from 1944 to
1949, incl.
They will bear interest at 4% from June 30, 1937, to Dec. 31,
1943and 434 % thereafter to final maturity.
Interest payable June 30 and
Dec. 31.
Gordon W. Gould is Township Clerk.
Ordinance will receive
final reading at meeting of Committee on Sept. 13.
J.—TAX COLLECTIONS—The minutes of the Aug.
Municipal Finance Commission concerning the finances
FORT LEE, N.
meeting of the
19
of
borough contained the following'
The collections of 1937 taxes to date amount to $177,602.09 or 29.33%
of the 1937 levy of $605,394.20.
Collections of 1936 taxes for a corre¬
sponding period were $202,134.83 or 32.65% of the 1936 levy of $618,935.82.
This may be due to the fact that owing to bondholders litigation, the 1937
tax bills were not mailed out until Aug. 2, 1937.
Total collections of 1936 taxes now amount to $382,811.71 or 61.85%
of the levy of $618,935.82.
Total collections of 1935 taxes now amount to $461,089.93 or 69.49%
the above
of the levy of $663,443.26.
Collections of tax title liens
^
in 1937 to date amount to
$66,881.71 as
compared with $27,868.84 for a similar period in 1936.
Collections of assessment title liens amount to $12,325.54 as compared
with $4,488.02 for a corresponding period in 1936.
Collections of assessments receivable in 1937 to date amount to $9,449.59
as compared with $10,464.18 collected in 1936 for a similar period.
1776
Financial
ENCLEWOOD,
N. 3.—BONDED DEBT AT NEW LOW—OPERATIONS ON CASH BASIS—Englewood's
percentage of bonded indebted¬
ness
has decreased from 6,223. where it was
early _this year to a new
low record of 5.91, according to the
supplemental debtfstatement approved
by the State Auditor.
I It was also learned that in addition to the steady reduction of the bonded
debt of the city, the city officials under direction of
iPnance Chairman
Clarence A. Clough have not only put the city on a
strictly cash basis, but
have been successfully maintaining it on that basis
for some time.
There
have been no temporary bond issues—which used
to cost the city thousands
of dollars in interest annually—for months.
k This achievement has been possible largely because of the
improvement
in tax collections for 1937 so far total
60% of the tax levy of SI,573,419.
The total so far collected is more than 3
% higher than the amount collected
up to this time last year.
Reduction of the bonded indebtedness and
placing or city fiscal affairs
strictly cash basis have been the major objectives of the officials
since
Councilman Clough came into office during the
depression.
Steady reduction of the bonded indebtedness and the determined
effort
to avoid new bond issues for
anything but such essentials as the inci erator
has resulted in the new low record of
indebtedness for Englewood.
The percentage of bonded indebtedness has been
decreasing year by year,
the city
paying off more than $200,000 a year.
This year alone the city
is paying off $233,000.
By the end of the year when final payment is
made by the city, the
percentage of bonded indebtedness will be down con¬
siderably more, for there remains about $50,000 of the
year's $233,600 to
be paid.
The only new bond issue this year is the
$6,500 issue authorized last
week for the purpose of
installing storm drains to relieve the section of
Liberty Road west of Knickerbocker Road.
The only issue last
year was
the $95,000 incinerator
bonds, which project the city had put off until it
was impossible to
delay longer in view of the city wide complaints.
Chronicle
Sept.
11, 1937
Thomas Withers,
Secretary of the Board of Fire Commissioners, will be
received until Sept 17 for the purchase of
$12,000 not to exceed 5% interest
coupon or registered building bonds.
Dated Oct. 1, 1937. Denom. $1,000.
Due $1,000 each Oct.
1 from
1938 to 1949 incl.
Bidder to name a single
interest, expressed in a multiple of M or l-10th of 1%.
Principal
(A. & O.) payable at the Peoples National Bank of Patchogue,
with New York exchange.
A certified check for $200, payable to the order
of the district, must accompany each proposal.
The bonds are general
obligations of the fire district, payable from unlimited taxes.
Approving
legal opinion of Clay, Dillon & Vandewater of New York City will be
rate of
and interest
furnished the successful bidder.
ODESSA, N. Y.—PROPOSED BOND ISSUE— The Village Board re¬
cently adopted a resolution favoring the issuance of $38,500 bonds toward
a $70,000 water works
system.
The balance would be sought
as a grant from the Public Works Administration.
the cost of
on a
RARITAN, N. J.—BOND SALE POSTPONED—Angelo J. Soriano.
Town Clerk, reports that the sale
scheduled for Sept. 7 of $145,000 not to
exceed
6% interest sewage disposal, improvement and incinerator
bonds—
V. 145, p. 1458—was
postponed.
WALDWICK, N. 3.—BOND OFFERING—Charles A. Bearce,
Borough
Clerk, will receive sealed bids until 8 p. m. on
Sept. 17 for the purchase
$25,000 4M% coupon or registered improvement bonds of
1937. Dated
Aug. 1, 1937. Denom. $1,000. Due Aug. 1 as follows:
$4,000, 1938; $2,000
from 1939 to 1947 incl.; $1,000 from 1948 to
1950 incl.
Principal and
interest (F. & A.) payable at the North
Jersey Trust Co., Ridgewood.
Amount required to be obtained through sale of the
bonds is $25,000, and
no more
of
bonds will be issued than will
produce such sum plus an aadditional
than $1,000.
A certified check for 2% of the bonds
to the order of the borough, must
accompany each pro¬
posal.
Approving legal opinion of Hawkins, Delafield & Longfellow of
New York City will be furnished the successful
bidder. All of the borough's
taxable property will be subject to the
levy of unlimited ad valorem taxes
in order to provide for
payment of both
amount
of not more
offered, payable
(This issue
principal and interest.
originally offered Sept. 3, and the sale postponed.)
was
NEW
YORK
ISSUE BONDS—Everette E.
Allen, City
Comptroller, has announced that an issue of $175,000 school
building equip¬
ment bonds will be advertised for sale
about Oct. 10^
BROOKHAVEN COMMON SCHOOL DISTRICT NO. 8
(P. O. BroTT-
haven), N. Y.—BOND SALE—The
$46,000 coupon or registered school
bonds offered Sept. 10—V.
145, p. 1621—were awarded to Sherwood & Co.
and P. B. Roura &
Co., both of New York, jointly, as 3.40s, at a price of
100.37, a basis of about 3.36%.
Dated Sept. 1, 1937 and due April 1 as
follows: $1,700, 1938 to 1941
incl., $2,500 from 1942 to 1956 incl. and
$1,700 in 1957.
v.
CLARENCE WATER DISTRICT NO. MP. O.
Clarence), N. Y.—
BOND SALE—The $10,000
coupon or registered water construction bonds
offered Sept. 7—V. 145, p. 1458—were
awarded to the Bank of
Clarence, as
2.70s, at par plus a premium of $8.90, equal to
100.089, a basis of about
2.69%.
Dated Sept. 15, 1937 and due $1,000
annually on Sept. 15 from
1939 to 1948 incl.
f
were
as
T
follows;
InL Rate
2.70%
3.10%
3.90%
^
£? ^^Vs.el*gl™n & Co
O.E.WeinigCo
Marine Trust Co. of Buffalo-.
Rate Bid
100.04
100.56
100.35
FREEPORT, N. Y.—OTHER
BIDS—Following other bids were sub"
mitted at recent award of $200,000 series D
water bonds to
Halsey, Stuart
& Co., Inc., of New York, as
2%s, at par plus a premium of $580, equal to
100.29, a basis of about 2.725%, as previously reported in these
columns.—
V. 145, p. 1621:
Bidder—
Roosevelt & Weigold and
Campbell, Phelps & Co
Goldman, Sachs & Co
Int. Rate
$560.00
376.00
700.00
2.90%
3%
3%
3.10%
3.10%
______
B.
J. Van Ingen &
Co., Inc__
Manufacturers & Traders Trust Co
Charles Clark & Co. and Morse Bros. &
Co., Inc.
GLEN
Premium
2.75%
2.75%
Lehman Bros, and
George B. Gibbons & Co., Inc.
Rutter & Co., Safford,
Biddulph & Co. and A. C.
AJlyn& Co., Inc
333.33
bonds, reported previously in these columns,
we
SHERBURNE
CENTRAL
SCHOOL
DISTRICT.
N.
294.40
T— In connection with
interest various purposes
give the following:
SMITHTOWN COMMON SCHOOL DISTRICT NO. 8
(P. O. NesconN. Y.—BOND OFFERING—Clementine Vion, District Clerk, will
set),
receive sealed bids until 2 p. m. (Eastern Standard Time) oh Sept. 21 for
the purchase of $37,000 not to exceed 6% interest coupon or
registered school
bonds.
Dated Sept. 1, 1937.
Denom. $1,000.
Due
Sept. 1 as follows:
$2,000 from 1940 to 1948 incl. and $1,000 from 1949 to 1967 incl.
Bidder
single rate of interest, expressed in a multiple of M or l-10th of
1%.
Prin. and semi-ann. interest M. & S. payable at the Bank of Smithtown, Smithtown Branch.
A certified check for 2% must accompany each
proposal.
The approving opinion of Hawkins, Delafiled & Longfellow of
N. Y. City will be furnished the successful bidder.
to name a
UTICA, N. Y.—ADOPTS LOCAL LAW TO 0 FMIT DEBT INCURRENCE
City Council which, as previously reported here, voted to issue
$7,900,000 revenue bonds to finance acquisition of the Consolidated Water
Co., at the same meeting adopted a local law recommended by the Charter
Revision Commission and designed to bring about an eventual reduction
in the city's bonded debt of n ore than 12 million dollars.
The 1. easure sent
to Mayor Corrou provides the city shall in no
year issue bonds which total
more than 75% of the an ount in the same
year paid by the city on its debt.
Exceptions are 11 ade in event of emergencies or in instances where the bonds
are voted by the people.
•
The proposal was made in the report of the committee which
reported on
suggested changes in the local charter and is the only recommendation thus
far to receive consideration by the city
body.
Mayor Corrou recommended adoption of the measure designed to insure a
reduction rather than a continued increase in the
city debt, in a communica—The
tion to the council in which he predicted enactment of the law would result
within a few years in a substantial reduction in the debt and a resultant
decrease in the tax rate.
The measure, which was adopted by unanimous vote, will be subject of a
public hearing before the mayor at
a
date to be announced.
UTICA, N. Y.—WATER PLANT PURCHASE HEARING—The State
Water and Power Control Commission has set Sept. 13 as the date for con¬
sideration of the city's application for permission to acquire the Consolidated
Water Co. system, as provided for in an ordinance
recently passed by
council which includes pro\ision for the issuance of $7,900,000 revenue
bonds to finance the acquisition.
The Public Service
Commission, whose
approval is also necessary before the city can proceed with the project, was
scheduled to review the application on Wednesday, Sept. o.
WHITE PLAINS, N. Y.—BOND SALE—The $465,000 coupon
orregisbonds offered on Sept. 9—V. 145, p. 1622—were awarded to an
composed of E. II. Rollins & Sons, Inc.; A. C. Allyn & Co., Inc.;
Rutter & Co., and B. J. Van Ingen & Co.. Inc., all of New York, as
3.10s,
at a price of 100 1089, a basis of about
3.09%.
The sale consisted of:
$300,000 serias of 1937 debt equalization bonds.
Due Sept. 1 as follows:
$25,000 in 1944 and 1945, $80,000 from 1946 to 1948 incl., and
tered
account
$10,000 in 1949.
165,000 general city bonds issued to pay Works Progress Administraton
projects.
Due Sept. 1 as follows: $15,000 from 1939 to 1941,
incl. and $20,000 from 1942 to 1947, incl.
Each issue is dated Sept. 1, 1937.
The successful banking group is making public reoffering of the
obliga¬
tions at prices to yield from
1.75% to 3.10%, according to maturity.
They
are due from 1939 to 1949, incl., and
according to the bankers are legal
investment for savings banks and trust funds in New York StateOther
bids for the bonds
were as
follows:
Bidder—<
Int. Rate
Bros., Kean, Taylor & Co. and Adams,
McEntee & Co., Inc
3.10%
Goldman, Sachs & Co., Manufacturers & Traders
Trust Co., First of Michigan Corp. and Morse
Bros., Inc
.;
_3.20%
Halsey, Stuart & Co., Inc
3.20%
Bancamdrica-Blair Corp., George B. Gibbons & Co.,
Inc., and Roosevelt & Weigold
3.40%
Phelps, Fedd & Co., Bacon, Stevenson & Co. and
Mercantile Commerce Bank &
—
valuations,
real
property,
including
franchises
Total bonded debt,
including these issues
special
$24,860,947.00
2,087,939.53
The above statement of bonded debt does
not include the debt of
any
other subdivision
having power to levy taxes upon any or all of the
property
subject to the taxing power of the city.
Premium
Lehman
—
Financial Statement
Assessed
Y.—BONDS
VOTED—At a recent meeting the voters authorized the issuance of
$40,000
bonds to refund that amount of the District's present debt.
The bonds
would be dated Nov. 1, 1937 and mature Nov. 1 from 1938 to
1943, incl.
Denom. $1,000.
660.00
538.00
COVE, N. Y.—FINANCIAL STATEMEN
the Sept. 16 offering of $150,000 hot to exceed
5%
_
to
by the city include the following:
$400,000 series of 1937 debt equalization bonds.
Due on Sept. 1 as follows:
$25,000 in 1943 and 1944; $40,000,1945; $50,000 in 1946 and 1947;
$60,000, 1948; $75,000 in 1949 and 1950.
60,000 home relief bonds.
Due $6,000 annually on Sept. 1 from 1938
to 1947, incl.
Each issue will be dated Sept. 1, 1937 and bear interest at not more than
6%.
Prin. and semi-ann. int. payable at the Chase National Bank,
New York City.
;
BINGHAMTON, N. Y.—TO
Other bids
_
SCHENECTADY, N. Y —BONDS AUTHORIZED—Bonds proposed
be issued
$139.50
.
<
.
Trus£ Co
3.50%
744.00
553.35
1,255.50
1,381.05
Population, 1930 Federal Census—12,848.
Amount of Last
Four Preceding
Year—
1934
1935
1936
1937
Tax Levies
Amount of Such
Taxes Uncollected
of Fiscal Year
$99,445.04
$966,838.33
1,009,293.33
-
as
98,991.12
HARRISON, N. Y.—BOND SALE—The $17,900
EDGECOMBE COUNTY,
of Aug. 1,1937
$39,167.41
58,511.47
73,390.46
134,514.30
114,332.91
969,940.64
956,177.63
$20,000.00
Amount of Such
Uncollected
Taxes
at End
coupon
Due
F. W. CRAIGIE & COMPANY
registered
fire apparatus and
building bonds of Water District No. 2 (Fire Protection
District No. 2), offered Sept. 8—V.
145, p. 1459—were awarded to the
hirst National Bank of
Harrison, as 3s, at par.
Dated Aug. 1, 1937 and
due Aug. 1 as follows:
or
Richmond,
Phone 3-9137
$2,900, 1938; $3,000, 1939; $4,000 from 1940 to 1942
incl.
George B. Gibbons & Co., Inc., New York,
only other bidder, offered
100.20 for
4s.
HUNTINGTON, N. Y.—BOND
SALE— The issue of
$150,000 coupon
registered general improvement bonds offered
by the town on Sept. 10
was
awarded to the Manufacturers & Traders
Trust Co., Buffalo, and
or
Adams, McEntee
100.33, a basis of
Sept. 1 from 1938
&
Co., Inc., New York, jointly, as
2Ms, at a price of
2.45%.
Dated Sept. 1, 1937 and due $10,000 on
about
to
1952 incl.
LIBERTY, N. Y.—BOND OFFERING—John
urer, will receive sealed bids until
E.
Cessna, Village Treas¬
3p.m. (Eastern Standard Time) on Sept.
purchase of $9,000 not to exceed 3% interest
registered fire
apparatus bonds.
Dated Oct. 1, 1937.
Denom. $500.
Due Oct. 1 as
follows: $1,500 in 1938 and
1939, and $2,000 from 1940 to 1942, incl.
Bid¬
der to name a single rate of
interest.
The bonds are general obligations of
the village, payable from unlimited
taxes.
A certified check for
5% of the
amount bid, payable to the order
of the
village, must accompany each
proposal.
Principal and interest (A. & O.) payable at the National Bank of
Liberty, in New York exchange.
17
for
the
NEWBURGH, N. Y.—BOND SALE—The $60,000 land
acquisition and
improvement bonds offered Sept. 8—V. 145, p. 1621—were
awarded to the
Highland-Quassaick National Bank & Trust Co. of
Newburgh as 2%s
at par plus a premium of
$120, equal to 100.20, a basis of about 2.73%.
Dated Aug. 1.1937, and due $4,000 on
Aug. 1 from 1939 to 1953 inclusive.
NORTH
P.
O.
PATCHOGUE FIRE
DISTRICT
(Town
Patchogue, N. Y.—BOND OFFERING—Sealed
of
Brookhaven),
bids addressed
to
N. C. Road 4i/2s,
July 1965 @ 4.00% basis & int.
Va.
A. T. T. Tel. Rich. Va. 83
NORTH
CAROLINA
CABARRUS COUNTY (P. O. Concord), N. C.—BOND OFFERING—
Seamd bids will be received until 11 a. m. (Eastern Standard
Time) on Sept.
20 by John R. Boger, Clerk of the Board of
County Commissioners, for
bonds.
In¬
6%. payable M. & S.
Denom. $1,000.
Dated
Sept. 1, 1937.
Due on Sept. 1 as follows: $3,000, 1938 to 1945; $4,000,
1946 to 1949, and $5,000, 1950 to 1961.
The bonds are registerable as to
principal only and are authorized by Chapter 307, Public-Local Laws of
North Carolina, 1935, and an election at which
3,547 were registered and
the purchase of
an
issue of $100,000 coupon county hospital
terest rate is not to exceed
qualified to vote, 2,896 voted for the bonds and 85 against.
The bonds will
be awarded at the highest
price, not less than par and accrued interest,
offered for the lowest r
a of interest in a multiple of
M of 1 %.
The award
of the bonds will be
bubject to confirmation by the Local Government
Commission.
Prin. and int. payable in legal tender in N. Y. City.
Bids
by the above Clerk.
The approving opin¬
must be on form to be furnished
ion of
Massligh & Mitchell of New York win be furnished.
A $2,000 certi¬
fied check, payable to the State
Treasurer, must accompany the bid.
It
is stated that these bonds
special tax
on
are general obligations and
property in the county.
are
also secured by a
CRAVEN COUNTY (P. O. New
Bern), N. C .—REPORT ON PROGRESS
REFUNDING PLAN—The creditors and holders of certificates of
OF
deposit covering bonds and notes of the above county were advised under
date of Sept. 2 by the Bondholders'
Refunding Committee that to date it
has exchanged bonds and notes of the
county on deposit with it in a total
Volume
amount of $3,052,054.26 for refunding bonds.
This represents an exchange
of slightly more than 78% of the amount to be refunded.
Delivery of the
refunding bonds by the Chase National Bank, depositary of the committee,
to the depositors who have surrendered their certificates of deposit will
be made within the next few days.
Depositors are requested to forward
their certificates of deposit to the depositary.
When refunding bonds are
delivered, the bank will send each depositor with the bonds a check repre¬
senting interest due to Sept. 6, 1933, and the semi-annual interest on
the refunding bonds due Jan. 1, 1937 and July 1, 1937, less any interest
distributions which have been made by the committee and less 1 % of the
par value of deposited bonds for committee expenses.
It is now contemplated that the next exchange will take place about
the first week in October.
At the present time sufficient additional out¬
standing obligations of Craven County are pledged to the refunding plan
and should be exchanged at that time to bi ing the total of outstanding bonds
exchanged for refunding bonds to more than 87%.
To those holders of
bonds and notes of Craven County who have not surrendered their obliga¬
tions for exchange, the committee recommends that their securities be
promptly to the Chase National Bank, 11 Broad St., New
be included in the next
forwarded
York, N. Y., in order that their obligations may
exchange.
DURHAM COUNTY (P. O.
issues
—V.
Durham), N. C.—BOND SALE—The two
for sale on Sept. 7
of coupon bonds aggregating $72,000, offered
145, p. 1459—were awarded to R. S. Dickson &
follows:
Co. of Charlotte, as
Due $1,000 from Spet. 1,
$17,000 county home bonds as 3s, at par.
1939
1955 incl.
55,000 school building bonds as 3s, paying a premium of $80.50, equal to
100.146, a basis of about 2.983%.
Due on Sept. 1 as follows:
$2,000, 1939 and 1940, and $3,000 from 1941 to 1957 incl.
The second best bid was by Kirchofer & Arnold, Inc., of Raleigh, bidding
3M % for the first $13,000 county home bonds, and $4,000 at 2M %. with a
premium of $6, bidding 3 M % for the first $37,000 school bonds, the balance
at 2% % with a premium of $27.00.
KINSTON, N. C —BOND SALE—The $50,000 issue of electric light
plant impt. bonds offered on Sept. 7—V. 145, p. 1459—was awarded to
Kalman & Co., Inc., and the First National Bank, both of St, Paul, paying
a premium of $15, equal to 100.03, a net interest cost of about 3.32%, on
the bonds, divided as follows: $25,000 as 3 Ms. the remaining $25,000 as
to 1946; $3,000, 1947 to 1956, and $4,000 in 1957.
The second highest bid was submitted by Stranahan, Harris & Co. of
Toledo, offering a premium of $182.35 for the first $16,000 bonds at 3M%.
the remainder at 3%%.
LANDIS, N. C.—BOND SALE—The $25,000 issue of coupon or regis¬
tered street impt. bonds offered for sale on Sept. 7—V. 145, p. 1622—was
awarded to Kirchofer & Arnold, Inc., of Raleigh, paying a premium of
$11, equal to 100.044. on the bonds divided as follows; $21,000 as 5s, ma¬
turing on Sept. 1; $1,000, 1938 to 1952, and $2,000, 1953 to 1955; the
remaining $4,000 as 4 Ms. maturing $2,000 on Sept. 1, 1956 and 1957.
The second highest bidder was Lewis & Hall, Inc., of Greensboro, offering
a premium of $70 on 5M% bonds.
TABOR
CITY,
C.—BOND SALE—The $10,000 issue of coupon
N.
All of the bonds
are
in
$1,000 denoms.
Principal and semi-annual in¬
payble at the County Treasurer's office.
Provision is made for bidder
other than 3 M %. although where a fractional rate
is bid such fraction must be in multiples of M of 1 %.
Different rates may
terest
to name an interest rate
be named for the respective issues, but the same
all of tjje bonds of each loan.
A certified check for
rate must be named for
1 % of the bonds bid for,
payable to the order of the County Treasurer, must accompany each pro¬
posal.
Approving legal opinion of Squire, Sanders & Dempsey of Cleveland
will be furnished the successful bidder.
Delivery of the bonds must be
1,1937.
(These are the bonds
rejected at the Aug. 31 offering.
The terms of the
offering have been revised in that the original plan to make the bonds callable
prior to maturity has been eliminated.—V. 145, p. 1622.)|
accepted at Cleveland before 10 a. m. on Oct.
for which all bids were
Ohio—BOND OFFERING—H. M.
CLEVELAND HEIGHTS,
of the Director of Finance, must accompany
each proposal.
Ohio—TO SELL REFUNDING
asking approval
of the State Bureau of Inspection at Columbus for permission
to issue
$200,000 refunding bonds, to provide for payment of maturities on Oct. 1
and Dec. 3, 1937.
It is expected that with such approval, bids will be
asked sometime this month.
The District originally planned to refund
$311,000 bonds, but increased tax receipts made possible the reduction to
DAYTON CITY SCHOOL DISTRICT,
$200,000.
IRONTON,
OFFERING— Ralph
Ohio—BOND
F.
terest
rate
than
other
of M of 1%.
fractional rate is bid such
A certified check for $155.50,
payable to the order of the city, must accompany
bonds were originally offered for sale on Sept. 9.)|
IRONTON, Ohio—BOND A WARD DEFERRED—Ralph F. Mittendorf,
City Auditor, informs us that official award of the $21,617.72 funding
offered Sept. 9—V. 145, p. 1299—will not oe made until Friday
evening, Sept. 10.
According to the City Auditor, high bidder was J. S.
Todd & Co. of Cincinnati, on their tender of par and a premium of $28.13
for 3Ms.
This was followed by an offer of par and a premium of $186 for
3Ms, submitted by Charles A. Hinsch & Co., Inc., of Cincinnati.
JAMESTOWN, Ohio—BOND OFFERING—A. Y. Whitehead, Village
on Sept. 24 for the purchase or
Clerk, will receive sealed bids until noon
$30,000 5% sewage system and
be entertained.
Bids must be on a form to be furnished with additional information by
will
the undersigned,
and must be accompanied by a certified check upon an
incorporated bank or trust company, payable unconditionally to the order
of the State Treasurer of North Carolina for $1,280.
Thfe right to reject
all
bids is reserved.
York
City,
will
The approving opinion of
be furnished
Masslich & Mitchell, New
the purchaser.
COMMISSION,
GOVERNMENT
LOCAL
By W. E. Easterling, Secretary of the Commision,
NORTH
DAKOTA
Denom. $500.
Denom. $500.
Each issue is dated July 1. 1937.
Interest payable A. & O.
check for 1% of the bonds must accompany each proposal.
KENTON,
funding
purchased by a local
at 7%, paying par.
No other bid was received, according to the
Clerk.
Dated Aug. 30, 1937, and payable Aug. 30, 1938.i
investor
District
Aug. 30—V. 145, p. 1299—were
(P. O. Amidon), N. Dak.
—CERTIFICATES NOT SOLD—The $1,000 certificates of indebtedness
offered on Sept. 2—V. 145, p. 1406—were not sold, as there were no bids
received, according to the Clerk of the Board of Education.
CARROLL
DISTRICT NO.
SCHOOL
SCHOOL
FAIRVIEW
Dak.—CERTIFICATE
DISTRICT
8
NO.
(P.
40
bids
OFFERING—Sealed
O.
will
MARMARTH
SCHOOL
DISTRICT
NO.
12
(P.
Dak.—CERTIFICATE (.FFER.-N^—Sealed bids will
O. Marmarth), N.
be received until 2
Sept. 14, by Frank F. Mellmar, District Clerk, for the purchase of a
$5,000 issue of certificates of indebtedness.
Interest rate is not to exceed
p. m. on
5%.
Denom. $500.
Dated Oct. 1, 1937.
No bids at less than par
than 2% of the
will be considered.
Due on or before Oct. 1, 1939.
A certified check for not less
bid is required.
Ohio—BONDS NOT SOLD—The $18,000 4M% coupon
bonds offered Sept. 4—V. 145, p. 1299—were not sold.
due serially on April 1 from 1938 to 1946, incl.
«4l
$10,000 park and playground
7—V. 145, p. 1300—were awarded to
2Ms at par plus a premiun of $38.57,
equal to 100.385, a basis of about 2.11%.
Dated April 1, 1937 and due
$2,000 annually on Oct. 1 from 1938 to 1942, incl.
The following other bids were submitted:
Bidder—
Int. Rate
Premium
Seasongood & Mayer, Cincinnati
2M%
$26.85
15.00
10-00
7.00
BONDHOLDERS— It is officially an¬
2M%
Granberry & Co., Cincinnati
First National Bank, Norwood
Saunders, Stivers & Co.,
2M%
2M%
Cleveland
PARMA, Ohio—NOTICE TO
nounced that $3,364,422.87 bonds of the total outstanding debt of the city
representing in excess of 75% thereof, have been deposited or pledged to
the refunding plan.
Legislation proceedings covering issuance of the re¬
funding bonds was started by City Council, Aug. 23 and it is expected that
actual exchange should begin within the next few weeks.
It is further
stated that arrangements have been completed for the imn ediate payn ent
of all delinquent coupons and interest clain s up to and including April 1,
1936, on all bonds deposited for refunding.
Detailed inforn ation concerning
the refunding plan, deposit of bonds and payn ent of past due interest may
be obtained from Samuel S. Nowlin, City Auditor.
Ohio—BOND SALE—The $12,000 secondary
disposal plant construction bonds offered Aug. 21—V. 145, p. 986
sold to the Canal Winchester Bank of Canal Winchester, as 6s, at
Dated Sept. 1, 1937.
REYNOLDSBURG,
sewage
—were
par.
SEBRING, Ohio.—BOND ISSUE
purchased by the State, as
bonds to be
DETAILS—The $31,000 refunding
previously noted in these columns—
1622—will bear 4% interest, dated April 1, 1937, in $1,000
denoms. and mature Oct. 1 as follows: $1,000 in 1940 and 1941; $3,000,
1942; $7,000, 1943; $3,000 from 1944 to 1948, incl., and $4,000 in 1949.
V.
145.
p.
TOLEDO
CITY
SCHOOL
Ohio—NOTE SALE—The
DISTRICT,
$300,000 tax deficiency notes offered Sept. 7 were awarded to an account
composed of Mitchell, Herrick & Co., Otis & Co., McDonald-Coolidge &
Co., Johnson, Kase & Co., all of Toledo, and Assel, Goetz & Moerlein, Inc.,
Cincinnati, as 2s, at par and a premium of $482.40.
Dated Sept. 15, 1937,
and due in 2 years; callable in whole or in part Sept. 15, 1938, and semi¬
annually thereafter.
Second high bid of par and a premium of $467 for 2s was submitted by a
syndicate con posed of Ryan, Sutherland & Co., Braun, Bosworth & Co.,
Stranahan, Harris & Co., all of Toledo, and Provident Savings Bank &
Trust Co., Cincinnati.
f
The following is a complete list of bids submitted at the sale Sept.
Bidder—
Int. Rate
Mitchell, Herrick & Co., Cleveland; Otis & Co.,
Cleveland; McDonald, Coolidge & Co., Cleveland;
Premium
*
Assel, Goetz & Moerlein,
MUNICIPALS
700 CUYAHOGA
CANTON
AKRON
2%
COLUMBUS
Ryan, Sutherland & Co., all of Toledo_
Meyer Smith & O'Brien, Nelson, Browning
Seasongood & Mayer, Pohl & Co., Inc., all
2%
SPRINGFIELD
OHIO
CUYAHOGA COUNTY (P. O. Cleveland),
Ohio.—BOND OFFERING
Stabler, Clerk of the Board of Commissioners, will receive
sealed bids until 11a. m. (Eastern Standard Time) on Sept. 25 for the pur¬
H.
chase of $3,000,000 3M% coupon or registered
bonds, divided
as
follows:
$800,000 series A general refunding bonds, payable from taxes levied inside
limitations.
Dated Oct.
1, 1937.
Interest payable A. & O.
Due as follows: $29,000, April 1 and Oct. 1, from 1939 to 1946,
incl., and $28,000, April 1 and Oct. 1, from 1947 to 1952, incl.
200,000 series A general refunding bonds, payable from taxes levied inside
limitations.
Dated Sept. 15, 1937.
Interest payable M. & S.
15.
Due as follows: $8,000, March 15 and Sept. 15. in 1939 and
1940, and $7,000, March 15 and Sept. 15, from 1941 to 1952, incl.
2,000,000 series B refunding bonds.
Dated Oct. 1, 1937.
Interest payable
A. <fc O.
Due as follows: $71,000, April 1 and Oct. 1, from 1939
to 1946, incl., and $72,000, April 1 and Oct. 1, from 1947 to 1952,
t
|
incl.
467.00
& Co.,
of Cin2%
180.00
2M%
2M %
328.00
159.31
2M%
—
-
Securities Co., Columbus; Siler, Carpenter
Toledo
VanLahr, Doll & Isphording. Inc., Cincinnati
The First Cleveland Corp., Cleveland; Prudden &
& Roose,
Co., Inc., Toledo
* Successful bidders.
—George
$482.40
Trust Co., Cincinnati;
Braun, Bosworth & Co.,
378.00
Bancohio
BUILDING, CLEVELAND
CINCINNATI
Provident Savings Bank &
Stranahan, Harris & Co.,
cinnati!
MITCHELL, HERRICK & CO.
7:
Premium
Inc., Cincinnati; Johnson,
Kase & Co., Cleveland
OHIO
.
t
A certified
NORWOOD, Ohio—BOND SALE—The
Bottineau), N.
be received until
18 by A. C. Arneson, District Clerk, at the office of the
County Auditor in Bottineau, for the purchase of a $6,000 issue of cer¬
tificates of indebtedness.
Interest rate is not to exceed 7%, payable
semi-annually.
Denom. $500.
Dated Sept. 21, 1937.
Due $2,000 in
one year, 18 months, and two years from date.
No bids at less than par will
be considered.
A certified check for 2% of the bid is required.
2 p. m. on Sept.
_
improven ent bonds offered Sept.
Pohl & Co., Inc. of Cincinnati, as
CARPENTER SCHOOL DISTRICT NO. 25 (P. O. Rolla), N. Dak.—
$1,000 coupon certificates of indebtedness
on
„
.
Dated April 1,1937 and
CERTIFICATE SALE—The
offered for sale
divided
disposal plant construction bonds,
follows:
as
debt
interest
(These
each proposal.
bonds
C.—BOND OFFERING DETAILS— In connection with
exceed 6% semiann. coupon public impt.
bonds, noted in our issue of Sept. 4—V. 145,
p. 1622—we are furnished with the following information:
Bidders are requested to name the interest rate or rates, not exceeding
6% per ann. in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the Town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
N.
City
6%, although where a
fraction must be in multiples
$25,000 bonds.
5,000 bonds.
the offering scheduled for Sept. 14, of the $64,000 not to
Mittendorf,
Auditor, will receive sealed bids until noon on Sept. 23 for the purchase of
$15,550 6% funding bonds.
Dated Oct. 1, 1937.
One bond for $550,
others $1,000 each.
Due Oct. 1 as follows: $1,550 in 1944, and $2,000 from
1945 to 1951, incl.
Principal and interest (A. & O.) payable at the First
National Bank of Ironton.
Provision is made for bidder to name an in¬
plant bonds offered for sale on Sept. 7—V. 145, p. 1460—was awarded
to Kirchofer <fc Arnold, Inc., of Raleigh, as 6s, for a premium of $10, equal
to It 0.10. a basis of about 5.98%.
Dated July 1, 1937.
Due from 1940
to 1951, incl.
The second highest bid was submitted by the Farmers &
Merchants Bank of Tabor City, offering par on 6% bonds.
sewer
WILSON,
Kimpel,
Director of Finance, will receive sealed bids until noon on Sept. 25 for the
purchase of $100,000 4% coupon refunding bonds, first issue of 1937.
Dated Oct. 1, 1937.
Denom. $1,000.
Due $20,000 each Oct. 1 from 1942
to 1946, incl.
Prin. and int. (A. & O.) payable at the office of the Director
of Finance or at the option of the holder, at the office of the legal depository
of the City of Cleveland.
These bonds will refund obligations heretofore
issued in anticipation of special assessments and are payable from limited
taxes.
A certified check for 3% of the bonds bid for, payable to the order
ISSUE—The Board of Education has adopted a resolution
>
to
1777
Financial Chronicle
145
—
UHRICHSVILLE, Ohio—BOATD SALE—The $30,000 refunding bonds
offered Sept. 7—V. 145, p. 1461—were awarded to Prudden & Co. of
Toledo, as 2Ms, at par plus a premium of $57.50, equal to 100.19, a basis
of about 2.46%.
Dated Oct. 1, 1937, and due $3,000 on Oct. 1 from 1938
to 1947. incl.
First Cleveland Corp., second high bidder, named a rate of
2 M % and $110 premium.
WICKLIFFE,
of $983,611
PLAN—Holders
bonds, which matured
Ohio—ANNOUNCES REFUNDING
general obligation and special assessment
early as 1934, are being asked to approve of a plan of refinancing
an exchange will be made of new refunding bonds, to mature Oct.
as
whereby
1, 1961,
date.
The refundings would bear int. at 3% for 3M
years, 3M % for 2 years and 4% from then on to final maturity.
They will
bear approving legal opinion of Squire, Sanders & Dempsey of Cleveland,
and it is proposed to effect the exchange upon consent of holders of 75%
of each class of securities to the refunding program.
The Ohio Municipal
Advisory Council is reported to have approved of the project and is advising
bondholders to send in their bonds to the depositary, the Cleveland Trust
Co., Corporate Trust Dept., Cleveland.
callable on any int.
1778
Financial
Chronicle
issued
ratus,
for
Sept.
city
hall,1 Works
sidewalk_and^sewer
11, 1937
ProgressJAdministration projects, firejappa-
purposes
~
R. J. EDWARDS,
MOOSIC, Pa.—BOND SALE—The issue of $35,000 334% coupon'bonds
offered Sept. 3—V. 145, p. 1624—was sold to the Commonwealth of Penn¬
sylvania at a price of par. Dated Aug. 1, 1937, and due Aug. 1 as follows:
$1,000 from 1938 to 1946 incl.; $2,000 from 1947 to 1950 incl
and $3,000
Inc.
.
Municipal Bonds Since 1892
Oklahoma
from 1951 to 1956 incl.
City, Oklahoma
offered
Sept. 9—Y. 145,
of Bancamerica-Blair
AT&T
Ok
Cy 19
Long Distance 158
&
Co., both of
at
a
OKLAHOMA
SCHOOL
submitted.
p.
1300—were awarded
to
price of 101.6658,
1 as follows:
a
&
DISTRICT
NO.
14
(P.
O.
"TOPTON
SCHOOL
DISTRICT, Pa.—BOND SALE—The issuelof
improvement bonds offered Sept. 3—V. 145, P. 1301—Granam, Parsons & Co. of Pmladelphia as 2Ms at par
plus a premium of $155.55, equal to 101.03, a basis of about 2.10%.
Due
$1,000 annually on Sept. 1 from 1938 to 1952 incl.
Otner bids were as
$15,000
coupon
awarded
was
to
follows:
Denom. $500.
Cnandler & Co
Due $500 from 1941 to 1956, incl.
A certified check for
of the bid is required.
will be received until 2 p. m.
on Sept. 14, by J. C.
Barnhill, Town Clerk, for the purchase of three issues
of bonds aggregating $12,000, divided as follows:
Jan.
Leach
certified check for 2% of the bid is required.
OREGON
DOUGLAS COUNTY SCHOOL DISTRICT NO. 33
(P. O. Roseburg),
Ore.—BONDS SOLD—The $4,500 4% semi-ann. school bonds offered for
sale on Sept. 7—V. 145, p. 1461—were sold for a
premium of $54, equal to
101.20, a basis of about 3.70%.
Due from 1938 to 1946.
AND
40.50
130.50
28.00
24.00
75.00
334%
334 %
334 %
inc
E. H. Rollins & Sons, Inc
MARION
COUNTIES
SCHOOL
DISTRICT
NO.
129
Mill City), Ore.—WARRANTS OFFEREE—Sealed bids were re¬
ceived until 7 p. m. on Sept. 9, by D. B. Hill, District
Clerk, for the pur¬
chase of a $7,500 issue of interest
bearing warrants, the rate to be desig¬
nated by the purchaser.
Denom. $1,000, one for $500. Dated Sept. 1,1937.
Due on Sept. 1 as follows: $1,000, 1938 to 1944, and
$500 in 1945.
SOUTH
COUNTY
SCHOOL
DISTRICT NO. 118 (P. O.
Salem,
Route 6), Ore.— WARRANTS SOLD—The $3,600 interest
bearing warrants
offered for sale on Sept. 2—V. 145, p. 1623—were
purchased by Tripp &
McCleary, of Portland, according to the District Clerk.
PORT OF BANDON
(P. O. Bandon), Ore.— WARRANT OFFERING
—Sealed bids will be received until 8 p .m. on
Sept. 15 by J. E. Norton,
President of the Board of Commissioners, for the
purchase of a $25,000
issue of time warrants.
Interest rate is not to exceed 6%,
payable J. & J.
Denom.
Dated July
$500.
1942 inclusive.
1,
1937.
Due $5,000 from July
1,
1938 to
UMATILLA COUNTY SCHOOL DISTRICT NO. 80
(P. O. Ukiah),
Ore.—BOND OFFER1NG— Sealed bids will be received until 8
p.
m.
Sept. 13 by W. H. Scroggin, Chairman of the School Board, for the
purchase of a $6,000 issue of 6% school bonds.
Denom. $1,000.
A
certified check for $500 must accompany the bid.
Dated Oct. 1, 1937.
Due $1,000 from Dec. 1, 1939 to 1944, incl.
Prin. and int. (J. & D.)
on
Sayable at the County Treasurer's office. Portland will be furnished. of
'eai, Winfree, McCulloch, Shuler & Kelley of The approving opinion
CAROLINA
__
ROCK HILL,
S. C —BOND SALE—The $15,000
coupon water works
145, p. 1402—were awarded to the
Robinson-Humpnrey Co. of Atlanta as 3Ms, paying a premium of $163.50,
equal to 101.09, a basis of about 3.66%.
Dated July 1, 1937.
Due$l,000
from July 1, 1946 to I9o0, inclusive.
n* t
The second nignest bid was an offer of $27.50 premium on 3Ms. tendered
jointly by tne G. H. Crawford Co., Inc., of Columbia, S. C., and C.fcW.
Haynes & Co., also of Columbia.
bonds offered for sale
on
Sept. 3—V.
SOUTH
BIG STONE
DAKOTA
CITY, S. Dak.—BONDS SOLD—The $3,000 4%
semi-ann. improvement bonds offered for sale on Sept. 1—V. 145, p.
were sold to local investors at par,
according to the City Auditor.
O.
MARION
86.85
3%
3%
334%
McLean
i^ros.,
$166.50
126.00
3%
3%
Due $200 from Jan. 1, 1941. to 1951, and $300
Said bonds shall be sold to the bidder offering the lowest rate of interest
and agreeing to pay par and accrued interest.
These bonds are issued in
accordance with Sections 5929 and 5930, Oklahoma Statutes, 1931.
A
(P.
Johnson &
Prem.
Int. Rale
1. 1952.'
4,500 fire department bonds.
Due $300 from Jan. 1, 1941, to 1955. incl.
5,000 sewer bonds.
Due $300 from Jan. 1, 1941, to 1955, and $500 on
Jan. 1, 1956.
LINN
Bidder—
Singer, Deane & Scrioner, Inc
Mackey, Dunn & Co
S. K. Cunningham & Co
YUKON, Okla.—BOND OFFERING—Bids
on
composed
Stroud
ana
basis of about 2.81%.
Dated Sept. 1, 1937, and
to 1953 incl. and $17,000jrom
National Bank of Topton
$2,500 waterworks bonds.
account
McLean of Pittsburgh as 3s
$18,000 from 1938
Ramona), Okla.—BOND OFFERING—Sealed bids will be received until
2 p. m. on Sept. 15 by E. W. Margworth, District Clerk, for the
purchase
of an $8,000 issue of building bonds.
Bidders to name the rate of interest.
2%
an
Corp., New York; Butcher & feherrera
1954 to 1962 incl.
GATE SCHOOL DISTRICT (P. O. Gate). Okla.—BOND SALE—The
$8,000 issue of coupon school building bonds offered for sale on Aug. 31—V.
145, p. 1461—was awarded to Calvert & Canfield, of Oklahoma City, as 5s
at par.
Due $1,000 from 1940 to 1947, incl.
COUNTY
was
Philadelphia, and Johnson
due Sept.
WASHINGTON
No other bid
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT
(P. O. Mount
Lebanon), Pa.—BOND SALE—The $41,000 coupon school building bonds
BOWDLE
S.
INDEPENDENT
Dak.—PWA
SCHOOL
DISTRICT
LOAN APPROVE^—It is reported
(P.
O.
coupon
1301—
Bowdle),
by the District Clerk
that the Public Works Administration has approved a loan of $lu,000 for
building additions and he says that $9,UUU bonds have been voted for the
project, which bonds may be sold about Sept. 24. Due on Nor. 1 as follows:
$5uu, 193$ to 1953, and $1,U0U in 1954.
PLATTE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Platte),
S. Dak.—BOND OFFERING—It is stated that both sealed and oral bids
will be received until Sept. 17, at 8 p. m., by G. B. Vanderboom, Clerk
of the Board of Education, for the purchase of a $34,000 issue of refunding
bonds.
Interest rate is not to exceed 4%, payable M. & S.
Denom.
$1,000.
Dated Sept.
1, 1937.
Due on Sept.
1 as follows:
$1,000,
1940 and 1941; $2,000, 1942 to 1945; $3,000, 1946 to 1949, and $4,000.
1950 to 1952, all subject to redemption on Sept. 1, 1947, and on any
interest
payment date thereafter.
Prin. and int. payable at the First
National Bank, Minneapolis.
The approving opinion of Junell, Fletcher,
Dorsey, Barker & Colman of Minneapolis will be furnished.
HURLEY, S. Dak.—BOND SALE—The $20,000 issue of 4% semi-ann.
refunding bonds offered for sale on Sept. 6—V. 145, p. 1301—was pur¬
chased by the Northwest Security National Bank of Sioux Falls, paying
a premium of $75,
equal to 100.37, a basis of about 3.95%. Dated Sept. 1,
1937. Due $2,000 on Sept. 1, 1939, and $1,000 from 1940 to 1957 incl.
HURON, S. Dak.—PWA LOAN APPROVED—It is stated by Dow I.
Sears, City Manager, that the Public Works Administration has approved
loan of $200,000 for auditorium construction and the city is now awaiting
a
City of Philadelphia
the proposal of offer from the Federal
Price:
109.315 & Interest to Net
3.20%
Locust Street
The interest rate
on
VIBORG, S. Dak.—PRICE PAID—It is now reported by the City Audi¬
tor that the $8,000 4% semi-ann. water works extension bonds
purchased
by the Security National Bank of Yiborg, as noted here recently—V. 145,
p. 1624—were purchased at par.
Due $1,000 from Jan. 1, 1938 to 1945 incl.
Moncure Biddle & Co.
1520
Government.
the bonds to be issued has not as yet been determined but will not exceed
4%, payable on Jan. and July 1, at the City Treasurer's office.
Denom.
$l,u0o. Due as follows: $1,000, 1938 to 1944; $15,000, 1945 to 1956, and
$14,000 in 1957.
4^% Bonds due Dec. 1, 1975/45
Philadelphia
WITTEN INDEPENDENT SCHOOL DISTRICT (P. O.
Witten),
S. Dak.—BOND OFFERING— Sealed bids will be received until 8:30
p.m.
PENNSYLVANIA
AMBLER, Pa.—BOND OFFERING—Charles
on
H.
Finkbeiner, Borough
Secretary, will receive sealed bids until 8 p. m. on Sept. 28 for the
purchase
of $245,000 coupon, registerable as to
principal only, water works bonds,
to bear interest at one of the
following rates:
2, 2M, 2M, 2%, or 3%.
Dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as follows:
$5,000,
1938 to 1942 incl.; $10,000, 1943 to 1947
incl.; $15,000, 1948 to 1953 incl.;
$20,000 from 1954 to 1957 incl.
Bidder to name a single rate of interest
for all of the bonds.
of
the
of
amount
Interest payable A. & O.
bonds
A certified check for 2%
the order of the Borough
bid l'or, payable to
Treasurer, must accompany each proposal.
The bonds will be issued
subject to approving legal opinion of Townsend, Elliott & Munson of
Philadelphia.
CHARTIERS
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Washing¬
ton, R. D. No. 1), Pa.—BOND OFFERING—Sealed bids addressed to
Edison Welsh, District Secretary, will be
received until 8 p. m. (Eastern
Standard Time) on Sept. 2U for the
purchase of $120,000 not to exceed
4% interest coupon school bonds.
Due $8,0u0 annually on Feb. 1 from
1939 to 1953 incl. Rate of interest to be
expressed in multiples of M of 1%.
A certified check for $1,000 is
required.
$120,000 not to exceed 4% interest
1937, and issued in $1,000 denominations.
Edison Welsh, Secretary of Board of
National Bank Bldg., Houston.
Sale will
to
bonds will bear date of Aug. 1,
Sealed bids should be addressed
School Directors, at the First
be made subject to approval of
by the Department of Internal Affairs and approving legal opinion
of Birgwin, Scully & Churchill of
Pittsburgh.
issue
CRANBERRY TOWNSHIP SCHOOL DISTRICT
(P. O. 27 Seneca
McGill, District Secretary,
will receive sealed bids until 7:30
p. m. on Sept. 27 for the purchase of $9,000
school bonds to bear interest at not less than
2M% or more than 4 MDenom. $1,000.
Award will be made on the basis of the bid
figuring the
lowest net interest cost.
Principal and semi-annual interest (M. & N.)
payable at the Citizens Banking Co., Oil City.
Issue will mature $1,000
yearly on Nov. 15 from 1936 to 1948, incl.
Bonds will bear interest from
Oct. 1, 1937.
A certified check for $500 must
accompany each proposal.
Successful bidder will be furnished with
certificate of approval of the
Department of Internal Affairs and approving legal opinion of
Townsend,
Elliott & Munson of Philadelphia.
St., Oil City), Pa.—BOND OFFERING—J.
G.
HAZELTON, Pa.—BOND OFFERING DETAILS—As previously noted
in these columns, the city will sell on
Sept. 21 an issue of $95,000 improve¬
bonds.
Sealed bids will be received until 8
ment
p. m. (Eastern Standard
Time) on that date by Ira Mann, City Clerk. Bidder will be asked to name
single interest rate, making choice from 2, 2>£, 2M. 2M, 3,
3M, 334 or
4%.
Denom. $1,000.
Interest payable A. & O.
Bonds will mature as
follows: $5,000, 1948; $10,000, 1949; $15,000. from 1950 to
1953 incl.,
and $20,000 in 1954.
A certified check for 1% is
required.
The $95,000 improvement bonds will be
dated Oct. 1. 1937, mature
annually on that date, as already mentioned, and will be callable at
any
a
interest
date
on
principal only.
or after Oct.
1. 1948.
Coupon bonds, registerable as to
They will be issued subject to legality.
Bonds are being
Sept. 14 by Frances Einkopf, District Clerk, for the purchase of a
$23,000 issue of 4% semi-ann. refunding bonds.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows:
$1,000, 1938 to 1951; $2,000, 1952; $1,000,
1953; $2,000,1954; $1,000, 1955; $2,000, 1956, and $1,000 in 1957.optional
on any interest
payment date.
TENNESSEE
CHATTANOOGA, Tenn.—BOND SALE—The
works
bonds offered
for
sale
on
Sept.
8—V.
145,
$29,000 issue of public
1463—was awarded
p.
to the
Hamilton National Bank of Chattanooga as 4s, paying a premium
of $29. equal to 100.10, a basis of about
3.99%. Dated Sept. 1, 1937. Due
from Sept. 1, 1940 to 1954 incl.
COLUMBIA, Tenn.—BONDS SOLD—Of the $142,500 general obliga¬
tion bonds that
were originally scheduled for sale on
Sept. 3—V. 145, p.
1301—a block of $97,500 bonds was sold to the Harris Trust &
Savings
Bank of Chicago and Nunn, Schwab & Co. of
Nashville, jointly, as 3Ms,
at a discount of $150, a price of 99.84.
It is said that the Council did not sell the
remaining $45,000 bonds, to
refund purchase warrants, because of a legal
opinion that siich action would
be illegal without the consent of the
people.
Bonds are dated Sept. 1, 1937, in the denom. of $1,000
each, with one
bond for $500, and mature on Sept. 1 as follows:
$10,000, 1938 to 1942;
$5,000, 1943
to
1945; $10,000, 1952 and 1954, and $12,500 in 1955.
Prin.
Legality to be approved
and int. payable at the City Treasurer's office.
by Chapman & Cutler of Chicago.
ETOWAH, Tenn.—BOND ELECTION—It is stated that an election
will be held on Sept. 20 in order to vote on the issuance of
$400,000 in
bonds with which to build or buy a
power system for municipal distribution
of Tennessee
Valley Authority electricity.
FAYETTEVILLE, Tenn.—BONDS
refunding bonds
Nashville at
a
were
GAINESBORO,
semi-ann.
town
awarded to
after
a
purchased
on
SOLD—It is reported that $20,000
31 by J. W. Jakes & Co. of
Aug.
price of 100.78.
Tenn.—BOND
bonds offered for
local investor.
SALE—The
sale
on
$17,500 issue of 5%
Aug. 23—V. 145, p. 808—was
Due in 30 years, optional
Dated Sept. 1, 1937.
10 years.
KNOXVILLE, Tenn.—BOND
TENDERS INVITED—It is stated by
Wallace, Director of Finance, that he will receive sealed tenders
offering for sale 26-year refunding bonds to the city, dated Jan. 1, 1933,
and maturing on Jan. 1,
1958, to the amount of $25,000, for the purchase
by the Sinking Fund Board in compliance with the law authorizing same.
R.
Rex
Sealed tenders will be received until 10 a. m. on
Sept. 24.
Bidders may stipulate, if desired, that their tenders are for the
purchase
or none of the bonds
tendered, and shall state the time and place for
delivery of the bonds, the interest rate and number of bonds offered. The
of all
city prefers that delivery be made at the Hamilton National Bank, Knoxville.
Tenders shall be accompanied by a certified check
upon an incor¬
porated bank or trust company for 1% of the face amount of the bonds
tendered for purchase.
Volume
1779
Financial Chronicle
145
Increases in debts were shown by water control and improve¬
$25,347,224 to $27,834,690; and of irrigation districts
$2,063,280 to $2,228,849.
Road districts decreased their debt from $67,860, 67 to $65,990,287 and
totals of other districts which represented reductions were: Water improve¬
ment districts, $12,032,891; fresh water supply districts, $601,509; naviga¬
tion districts, $13,076,511; conservation and reclamation districts, $2,243,
237; levee improvement districts, $14,677,110, and drainage districts,
$2,857,316.
$1,646,837.
TEXAS
OFFERING—Sealed bids will be received
BIG SANDY, Texas—BOND
P
ment districts from
from
14 by E. V. Spence, City Manager, for the purchase
hospital site bonds.
Interest rate is not to exceed
5%, payable M. & S.
Denom. $1,000.
Dated Sept. 15, 1937.
Due on
Sept. 15 as follows:
$3,000, 1938; $4,000, 1939 to 1947; $2,000, 1948,
and $1,000, 1949 to 1957.
The last $9,000 of these bonds, maturing in
the years 1949 to 1957, will be callable at any interest paying date after
Sept. 15, 1949.
These bonds were approved by the voters on Aug. 26 by
a vote of 606 to 17, and will be general tax obligations of the city.
Rate
of interest to be in a multiple of M of 1 % and must be the same for all of
the bonds.
Prin. and int. payable in New York.
The approving opinion
of Chapman & Cutler of New York will be furnished.
A certified check
for 2% of the amount of bonds bid, payable to the city, is required.
until 8 p. m. on Sept.
of a $50,000 issue of
CHRISTI,
Texas—BOND TENDERS INVITED—It is
by the City Secretary that he will receive sealed offerings until
Sept. 25 of $55,000 city bonds.
CORPUS
stated
P* FORT
STOCKTON, Texas—BOND OFFERING— Sealed
by Ben A. Owen, Mayor, for
received until 8 p. m. on Sept. 10
bids will be
the purchase
$35,000 issue of 4% street improvement, series of 1937, bonds.
Denom.
$1,000.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows:
$1,000, 1938
to 1952, and $2,000, 1953 to 1962; bonds numbered 10 to 35 are redeemable
prior to maturity on any interest payment date on and after Sept. 1, 1947.
These bonds were approved by the voters on Aug. 24.
Prin .and int.
(M. & S.) payable at the Central Hanover Bank & Trust Co., New York.
The city will pay the shipping and bank charges incurred by it in delivering
the bonds to the purchaser at any responsible bank in a city containing a
Federal Reserve bank or branch thereof.
The bonds will be awarded to
of
a
the purchaser subject to the unqualified approving
Attorney General and of John D. McCall of Dallas.
cost of such opinions.
The city expects to make
on or
before Nov. 1, 1937.
A certified check for
opinion of the State's
The city will pay the
delivery of the bonds
$700, payable to the
Mayor, must accompany the bid.
Bonds and
Warrants Outstanding on Aug.
1, 1937
$41,000.00
8,000.00
13,500.00
Water works refunding bonds, 4K%, serial maturity
Water works funding warrants, 6%, serial maturity
Street improvement warrants,
6%, serial maturity
of
revenue
$62,500.00
paid from taxes
Total bond and warrant debt to be
Sewer
bonds, 4%, serial maturity,
only
secured by pledge
warrant due Feb. 1, 1938,
one
$108,000.00
Balance in
Sinking Funds on Aug. 1, 1937
$5,746.98
Cash..
$7,746.98
2,000.00
bonds)
Taxable Values
Valuations
as
shown on tax rolls for year 1936
$1,071,506.00
$1,100,000.00
*
Valuations for 1937 (estimated only)
The tax rate for year 1936 was—general purposes
—
—Interest and sinking funds
Total tax levy.
The city owns
0.30
0.80
$1.10
—
the water works system and sewer system.
The water
system is
leaving a
this leaves
shows a profit each year.
The gross revenues of water
about $17,000 per year, with operating expenses of about $8,000,
works
net
profit of about $9,000; after setting up depreciation reserve
available as a surplus.
sufficient to care for principal and interest
and to maintain and operate the system.
H»The city of Port Stockton has never defaulted in the payment of either
principal or interest on any bonds or warrants.
from $500 to $700 per month
r•
The
issues ol coupon
two
OAK
SCHOOL DISTRICT
(P. O. Longview), Texas—
are informed by Cora Mackey, County Superintendent
Schools, that $90,000 3% coupon school building bonds were purchased
by the Rembert National Bank, of Longview, paying a premium of $1,105,
equal to 101.227.
Dated June 1, 1937.
Due on Dec. 1, 1939.
Denom.
$1,000.
Interest payable J. & D.
WHITE
BONDS SOLD—We
of
WILLACY COUNTY ROAD DISTRICT NO. 2 (P. O. Raymondville), Texas—DETAILS ON REFUNDING PLAN— In connection with
the report given in these columns recently on the refunding program for
the above District—V. 145, p. 1625—we give herewith the text of a letter
issued to bondholders on Sept. 3 by the J. R. Phillips Investment Co.,
1414 Esperson Building, Houston:
"We are pleased to announce that on Aug. 14, Willacy County entrusted
to us the responsibility of placing on a satisfactory payable basis its approxi¬
mate $453,000 Road District No. 2 5H% bonds.
Our primary interest
in this situation was at the request of an owner of $197,000 bonds, as well
as
to
"
several smaller holders.
"As is well known, these non-State-aid bonds have been in default
both prin. and int. for many years, due to decline in valuation
as
and
the details of the refunding program
likely a slight reduction of int. and a
liberal extension of principal will be recommended.
"The complete picture on this situation will be announced just as soon
as possible, to include the history, requirements, extent of default, detailed
analysis of valuations, collections ana tax rates, and the refunding plan.
"Your present cooperation is requested by furnishing us with a complete
description of the bonds and past due coupons in which you are interested,
including serial numbers and maturities."
percentage of tax collections.
While
are yet to be definitely decided, most
UTAH
500.00
6%
Grand total
Bonds (city's own
Texas—BONDS NOT SOLD—The
45,000.00
sewer revenues
Floating debt,
WASKOM,
bonds aggregating $60,000, offered on June 25, as noted in these columns—
144, p. 4058—were not sold, according to Mayor W. L. Rudd.
The
issues are divided as follows: $40,000 water and $20,000 sewer bonds.
V.
OGDEN, Utah—BOND OFFERING—Sealed bids will be received until
4 p. m. (Mountain Standard Time) on Sept. 13 by E. O'N. Ballantyne,
City Recorder, for the purchase of a $200,000 issue of refunding bonds.
Dated not later than Dec. 1, 1937.
Due $20,000 from 1948 to 1957, inclu¬
sive.
Each bidder must state in his proposal the rate of interest which the
bonds are to bear.
It will be required of the successful bidder to purchase
on the market all, if possible, of $200,000 5% sanitary sewer bonds, due on
June 1, 1939, and tender them in exchange for the proposed issue of refund¬
ing bonds at par and accrued interest.
Acceptable proposals will not incur
any expense to be paid by the city, including legal opinion, the printing of
bonds and preparing and furnishing proceedings.
(This report supersedes the offering notice given in these columns re¬
cently—Y. 145. p. 1626.)
DISTRICT
SCHOOL
TINTIC
VOTED—The
of the
Clerk
(P.
O.
Eureka),
of Education states
Board
U tah—BONDS
that the voters
bonds, submitted
yet, it is reported.
approved the issuance of the $60,000 3% construction
at the Aug. 30 election.
No date of sale has been set as
sewer system revenues are
payments on bonds,
HARDIN COUNTY ROAD DISTRICT NO. 1 (P. O. Kountze),
Texas—FINANCIAL STATEMENT—The following information is fur¬
nished in connection with the offering scheduled for Sept. 13 of the $225,000
detail in our issue of Sept. 4—V. 145, p.
issue of road bonds, noted in
Taxable
Assessed
valuations,
of property
NORTHWESTERN MUNICIPALS
$1,469,940
326,850
1936—Real property
valuation
assessed
1625:
Values
Personal property.
The
VIRGINIA
Va.—BOND SALE—The $149,000 coupon refunding
bonds offered for sale on Sept. 7—V. 145, p. 1302—were awarded to Robert
Garrett & Sons, of Baltimore, as 3Hs, at a price of 100.89, a basis of about
3.39%. Dated Sept. 7, 1937. Due on Sept. 7, 1957; callable on Sept. 7, 1947.
COVINGTON,
in the district represents approxi¬
Washington—Oregon—Idaho—Montana
mately 50% of the actual value.
Outstanding Bonds
$2,000 of origina
(1)
ssue
of $34,000, dated Nov. 15, 1909, due Nov. 15,
1939.
(2) $65,000 of original issue of $150,000, dated May 20, 1936, due serially
to 1948, 4% interest.
(3) $45,000 of original issue of $100,000, dated Feb. 20, 1917, due 1957,
5% interest.
(4) $60,000 of original issue of $125,000, dated April 10, 1934, 534% iut.
Said road district has cash to the credit of the above outstanding in the
sum
3)rumWbr, Ehrltchman & IDhtb
Constitution, and Hardin County has no out¬
SCHOOL DISTRICT NO. 114 (P.O.Wenatchee),
OFFERING—Sealed bids will be received until 10 a. m.
CHELAN COUNTY
Wash.—BOND
General
ITeletype SF 296J
SEAT 188
WASHINGTON
No overlapping districts having bonds issued under
of $45,076.29.
Section 52, Article 3, of the
standing bonds issued thereunder.
SAN FRANCISCO
SEATTLE
Teletypes SEAT 187,
$25,000
semi¬
Sept. 18, by J. H. Auvil, County Treasurer, for the purchase of a
issue of school bonds.
Interest rate is not to exceed 6%, payable
on
Present
There are about ten miles of railroad,
The
population about 5,000.
about 50 miles of pipe line, two oil fields and a good farming section.
1936 tax rate for Road District No. 1, for all purposes, was $3.28.
PATTISON SCHOOL DISTRICT (P. O. Pattison), Texas—BONDS
$15,000 gymnasiumin these columns re¬
1301—have been purchased by the State Board of Edu¬
SOLD—It is stated by the District Secretary that the
auditorium bonds approved by the voters, as noted
cently—V. 145,
p.
cation.
payable at the County
bid is required.
Treasurer's office.
,
RIVER
FEATED—At
COUNTY
(P.
the election held
ROBSTOWN
O.
on
INDEPENDENT
Aug. 23—V.
SCHOOL
DISTRICT
(P.
O.
Robs-
town), Tex.—BOND SALE DETAILS—In connection with the sale of the
bonds to the State Board of Education, reported in these columns
school
stated by the Superintendent of Public
Schools that the bonds were sold as 4s at par, in the amount of $110,000,
maturing as follows: $1,000. 1938 to 1947; $3,000, 1948 to 1967, and $4,000,
recently—V. 145,
p.
1625—it is
now
A certified check for 5% of the
_
scheduled
ON
BOND
,
^
previously noted in these columns that
for sale on Aug. 20—Y. 145, p. 988.)
(We had
COWLITZ COUNTY (P. O.
Clarksville),
Texas—BONDS DE¬
145, p. 809—the voters
defeated the proposed issue of $175,000 in court house and jail construction
bonds, according to report.
RED
annually.
Denominations to be not less than $100 nor more than $500.
Dated Sept. 1, 1937.
Due within 20 years from date.
Prin. and int.
the above bonds were
Kelso), Wash.—PROGRESS REPORTED
READJUSTMENT—The following article is taken from
the
West" of Sept. 4:
"Troubles of the bondholders of Cowlitz County, Wash., bonds issued in
1925 to develop Longview, site of the establishment by Long-Bell Lumber
Co. of one of the West's largest sawmills, appear now to be in a fair way of
Minneapolis "Commercial
a<*,J^^agreement
was
_
t
^
reached Monday between the debt
readjustment
Longview Co., wholly owned subsidiary of Long-Bell, by
lands involved will be purchased and resold.
The cash
received will be applied on account of the bondholders, less costs of the
committee and
means
of which
1968 to 1977.
0P^The°st0ry
r SAN
ANTONIO, Texas—REFUNDING BONDS SOLD—We are now
Commissioners on Aug. 27 accepted the proposal of
Dewar, Robertson & Pancoast, of San Antonio, to buy $76,000 improvement
district refunding bonds at 4%, to take up 5% bonds issued in 1913.
(We
had previously reported the amountfas being $79,000 bonds.—V. 145,
p. 1625).
Ml
Cowlitz
informed that the City
5K % interest, all due Jan. 1, 1943. Of the total issue
$2425i500 are outstanding now, largely held in the Twin Cities and im¬
mediate Northwest.
_
.
.
,
,
'
"Proceeds of the bonds were employed to reclaim lands and develop the
city of Longview, laid out to accommodate a population of 50,000, but
which actually never exceeded 12,000.
;
"Along came the depression, hard times, failure to pay interest on the
bonds, tax delinquency of the lands involved, going to foreclosure at the
TEXAS, State of—INCREASE IN DEBTS OF MUNICIPALITIES
affairs of the political subdivisions of Texas
by State Auditor Tom C. King shows a decrease in au valorem tax collec¬
tions during 1936 and an increase in indebtedness of local units.
He re¬
ports the total net outstanding indebtedness of the counties,
cities and
districts of the State at the end of 1936 at $654,816,825, a
compared with
$647,665,457 in 1935, a gain of $7,151,368.
The total outstanding bonded
indebtedness and time warrants in 1936 were $698,162,106 and in the year
DISCLOSED—A study of fiscal
of these bonds is long and involved.
County Consolidated Dyking District No.
They were issued by
1 in the total sum of
$3 260 000, bearing
,
of this year.
"Under the agreement
end
remaining 23^%
.
.
,
^
.
,
interest payment rate is reduced to 3% and
will be placed in a sinking fund for amortization of
it
the
the
TiWnpi Tifl.1
Property owners paid ad valorem
local units last year compared with
bondholders' protective committee, which negotiated the agree¬
ment is comprised of N. P. Delander, Vice-President of the First National
Bank' St. Paul; T. A. Phillips, President of the Minnesota Mutual Life
Insurance Co., and C. F. Codere, Vice-President of the St. Paul Fire &
Marine Insurance Co., all of St. Paul.
S. R. Manske, Assistant Secretary
Ad valorem taxes collected by local units
of the Northwestern
preceding $693,700,037.
taxes of $125,383,465 to the State and
$133,429,149 in 1935, the report said.
totaled $105,529,660 and $107,271,189.
Collections of State ad valorem taxes dropped off to $18,853,804
last year from $26,157,960 in 1935, due to a reduction in the State rate from
74 cents to 62 cents and to increased tax remissions.
Mr. King estimated that $136,214,868 delinquent taxes are due the State,
counties and local units of government.
In the report for 1935 the esti¬
mated delinquency was $143,095,807.
Both figures were described as
incomplete.
Cities accounted for 35.1% of the total indebtedness, the largest of any
group, with a total of $230,078,208 compared with $233,338,251, or 24.4%
in 1935.
Counties rank next with 24.4%, or $160,270,154, compared with
$160,573,223, or 24.7%.
Indebtedness of independent school districts increased from $105,837,060
in 1935 to $110,728,266, while that of common school districts increased by
$330,000 to $10,550,954, and for rural high school districts by $260,000 to
"The
Municipal Association, is Secretary for the committee.
agreement and plan for readjustment may be ob¬
"Further details of the
Mr. Manske, municipal division, investment department,
First National Bank, St. Paul.
"The investment firm of Warrens, Bosch & Floan, Portland, Ore., is
tained
from
acting in liaison
ber Co."
capacity between the committee
and the Long-Bell Lum¬
COWLITZ COUNTY SCHOOL DISTRICT NO. 130
Wash.—BOND OFFERING—Sealed bids will be received
(P. O. Kelso),
until 10 a. m.
29, by H. D. Renner, County Treasurer, for the purchase of a
$23 689 48 issue of auditorium and gymnasium bonds.
Interest rate is not
to exceed 4%, payable semi-annually.
Denom. $100 each or some mul¬
on
Sept.
tiple thereof, not to
from 2 to 20 years;
exceed $500.
Bonds are to mature over a period of
right to
provided that said school district reserves the
1780
Financial
pay or redeem any or all of said
bonds, in numerical order, at any time after
two years from date of issue.
Prin. and int. payable at the County Treas¬
urer's office or the State Treasurer's office.
A certified check for 5% of the
bid is required.
"SEATTLE,
Wash.—BOND OFFERING— Sealed bids will be received
on Oct. 15, by H. W.
Carroll, City Comptroller, for the purchase
$3UU,0U0 issue of coupon general obligation sewer bonds.
Interest
rate is not to exceed 6%, payable
semi-annually.
Denom. $1,000.
Dated
Nov. 1, 1937.
Due annually, commencing with the second year and
ending
with the thirtieth year after said date of issue.
These bonds are part of a
total issue of $2,125,000, authorized at an election held on March
9, 1926.
Prin. and int payable at the fiscal agency of the State in New
York, or at
the City Treasurer's office.
The approving opinion of Thomson, Wood &
Hoffman, of New York, will be furnished.
The bonds will be registerable
as to principal, or as to both
principal and interest.
Bids to be on forms to
be furnished by the City Comptroller.
The bonds will be delivered in Seattle
New York, Chicago, Boston or
Cincinnati, at the option of the purchaser.
A certified check for 5%
payable to the City Comptroller, must accom¬
pany the bid.
Bidders snail be required to submit
upon blank forms furnished by the
City Comptroller separate bids, specifying (a) the lowest rate of interest and
the premium, if any, above par at which the bidder will
purchase said bonds;
or (b) the lowest rate of interest at
which the bidder will purchase said bonds
at par; said bids to be without
condition, interlineation or erasure.
until noon
of
a
SPO KANE COUNTY SCHOOL DISTRICT NO. 335
(P. O. Spokane),
Wash.—BOND OFFERING—Sealed bids will be received until 2
p. m. on
Sept. 24, by Paul J. Kruesel, County Treasurer, for the purchase of a $10,000
issue of school
bonds.
Interest rate is not to exceed
6%, payable semi¬
annually.
Dated when issued.
Bonds to run for a period of 10 years from
date of issue, commencing with the second
year after date of issue, with the
District reserving the right to
pay or redeem said bonds or any of them at
time after five years from date of issue.
Prin. and int. payable at the
County Treasurer's office, the State's fiscal agency in New York, or at the
any
State Treasurer's office.
A certified check for 5% of the bid is
required.
WHATCOM COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
(P. O. Bellingham), Wash.—BOND OFFERING—R. C.
Atwood,
County Treasurer, will receive sealed bids until 10 a. m. on Sept. 20 for
the purchase of a
$27,000 issue of school bonds.
Interest rate is not to
exceed 4M%, payable
semi-annually.
Dated Sept. 27. 1937.
Due in 20
years, beginning with the second year after date of
issuance, provided that
the bonds shall be redeemable on
and after five years from date of issuance.
Prin. and int. payable at the
County Treasurer's office, the fiscal agency
of the State in N. Y.
City, or at the State Treasurer's office.
A certified
check for 5% must
accompany the bid.
327
Chronicle
Sept. 11,
1937
$16,000 Cady St. Bridge bonds. Dated Feb. 1, 1937. Due $2,000 yearly on
Aug. 1 from 1938 to 1945. Interest payable Feb. 1 and Aug. 1.
8,000 Cady St. Bridge bonds, second series.
Dated Feb. 1, 1937. Due
$1,000 yearly on Aug. 1 from 1938 to 1945.
Interest payable
Feb. 1 and Aug. 1.
Denom. $500.
Bidders should bid separately on each issue.
Certified
check for 5% of amount of bid required.
The bonds have already been
printed by the city. Purchaser will pay for legal opinion if one is desired.
(This offering appeared incorrectly under the South Dakota items, as
"Watertown, S. Dak.," in our issue of Aug. 28.)
WILSON
COMMON
SCHOOL
Wis.—BONDS SOLD—We
are
NO. 5 (P. O. Wilson),
by Buchan & Federer, attorneys
DISTRICT
informed
of Sheboygan, that the above district recently sold $14,000 coupon school
house construction bonds to the Citizens Bank of Sheboygan, and the Oost-
burg State Bank, of Oostburg, jointly, as 3s, paying a premium of $10/.50,
equal to 100.767.
Denominations $100, $500 and $1,000.
Dated Sept. 1,
1937.
Due in instalments over a period of 15 years, redeemable in whole
or in part in the inverse order of maturity after 10 years from date of issue.
Interest payable on Sept. 1.
WYOMING
CHEYENNE, Wyo—BOND OFFERING—Sealed bids will be received
until 2.30 p. m. on Sept. 27, by J. K. Stoddard, City Clerk, for the
of an issue of $165,000 coupon municipal airport extension bonds.
purchase
Interest
2M %, payable A. & O.
Coupon bonds, dated Oct. 1,
1937.
Denom. $1,000.
Due in 30 years, optional after 10 years.
Prin.
and int. payable at the office of the City Treasurer.
Legality to be ap¬
proved by Myles P. Tallmadge of Denver, Colo., These bonds were ap¬
proved by the voters at an election held on Aug. 30.
A certified check for
5% of the par value of the bonds must accompany the bid.
rate is not to exceed
GOSHEN COUNTY SCHOOL DISTRICT NO. 15 (P. O. Huntley),
Wyo.—MATURITY—It is stated that the $39,000 school bonds purchased
jointly by the American National Bank, and the Stockgrowers National
Bank, both of Cheyenne, as 3 Ms, at a price of 101.40, as noted in these
columns in June—V. 144, p. 4390—are due on July 1 as follows: $1,000,
1938 to 1944; $1,500, 1945 to 1952, and $2,000, 1953 to 1962, giving a
basis of about 3.36%.
SUBLETTE COUNTY SCHOOL DISTRICT NO. 9 (P. O. Big
Piney),
Wyo.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Sept. 27, by Cornelia Fear, District Clerk, for the purchase of a $35,000
issue of coupon general obligation school bonds.
Interest rate is not to
exceed 4%, payable semi-annually.
Denom. $1,000.
Payments to be
amortized so that said bonds stiall be fully paid and discharged in approx¬
imately 26 years.
WISCONSIN
CALUMET COUNTY
(P. O. Chilton), Wis.—BOND SALE— The
$30,0UU issue of 3% semi-ann. highway
improvement, series F bonds offered
for sale on Sept. 7—V.
145, p. 1464—was awarded to the Milwaukee Co.
of
Milwaukee, paying
premium of $1,937, equal to 106.39,
1, 1937.
Due $20,000 on July 1,
a
about 2.4u%.
$10,000
on
highest bid
was
offer
an
of $1,584
Bartlett, Knight & Co. of Chicago.
premium,
tendered
by
i
BRAWLEY, CATHERS & CO.
CITY, Wis.—BOND OFFERING—Sealed
bids will
until 8 p. m. on Sept. 16,
by Francis
of $25,000 3% coupon general
be received
Philipps, City Clerk for the purchase
liability, water works improvement bonds.
Denom. $1,000.
Dated July 1, 1937.
Due on July 1 as follows: $1,000,
1938 to 1942; $1,500, 1943 and
1944; $2,000, 1945 to 1951, and $3,000 in
1952.
Prin. and annual int. payable at the Cuba
City State Bank. Bonds
will be certified by the
Attorney General.
Bonds are offered for sale at not
less than par with accrued interest from
July 1, 1937.
The city will furnish
ths b°nds,
any exPense incurred by purchaser in ascertaining the
legality
of bonds to be borne
by him.
A certified check for $1,000, payable to the
order of the City
Treasurer, must accompany the bid.
_
Financial Statement
,
Population,
Assessed
Real
Information and Markets
,
The second
CUBA
Canadian Municipals
basis of
1949, and
a
Dated July
July 1, 1950.
25
(assessed)
Personal property
(assessed)
Warrants and
certificates
1936
—
Total.
Tax Levies and Collections
1936
1935
Year Payable—
Amount levied
$23,811.60
Amount collected to date
22,154.18
.
1935
$808,795
$795,270
$790,495
101,400
79,865
80,995
$25,000 inclusive of this issue.
4,000 temporary bank loans.
29,000
Indebtedness: Bonds.
ELGIN
WEST. TORONTO
(Province
of)—STRONG
CASH POSITION CITED—
The "Financial r ost" of Toronto of Sept. 4 carried the following:
Though the chief instrument of dealing with its budget problems nas been
to repudiate the naif of its bond interest contracts, the Province of Alberta's
current cash standing is in good shape, according to its latest financial
to
For the first three months of the current fiscal year, that is, from April 1
June 30, Alberta's cash receipts were $1,611,367 ahead of the same
period
balance
1936.
in
on
Cash
income
were
down by $717,280.
The cash
$2,437,083, compared witn $108,435 a
payments
account
was
Sear ago at Junetotaled $1,065,970, leaving a surplus unemployment relief
30. Against this, net payments on of $1,371,113. The
y the Province
corresponding figure
a
year ago
was a
deficit of $661,134.
The cash position of Alberta at June 30 is reported as follows:
1934
1933
$25,908.39
$23,067.69
$23,751.08
22,083.42
22,907.01
delinquent: March 15 of each year; Wisconsin Statutes
1935 and 1936 to June and
July.
Receipts
Payments
$6,230,657.36
3,793,574.09
24,042.98
Date taxes become
extended time in
6438
statement.
1937
estate
ST.
CANADA
ALBERTA
1,150,
Valuation—
KING
$2,437,083.27
1,065,970.18
Unemployment net
I
'
_
,
Operating Statement Last Fiscal Year
.
Balance beginning of year
Receipts during last fiscal year.
Disbursements of last fiscal year.
_
43,342.63
.43,361.79
Balance end of last fiscal
year
Municipality has
211.39
defaulted
never
$230.55
on
principal
or
interest.
W DANE COUNTY (P. O. Madison), Wis.—NOTE SALE—The
$250,000
issue of 1M % corporate purpose notes offered
for sale on Sept. 10—V. 145,
p. 1626—was awarded to the Northwestern National Bank & Trust
Co.
of
Minneapolis, paying a premium of $630, equal to 100.254, a net interest
cost °f about 1.225%.
Dated Sept. 16, 1937.
Due on Aug. 1, 1938.
The second highest bidder was the
Securities Co. of Milwaukee, offering
a
premium of $620.
ELKHOR.n
SCHOOL
DISTRICT
held
(P.
O.
Elkhorn),
Wis.—BONDS
Aug. 31 the voters are said to have
defeated the proposal to issue $110,000 in not
to exceed 4% semi-annual
building bonds—V. 145, p. 1302.
on
ELLSWORTH, Wis.—BONDS
DEFEATED—It is stated by the Village
on Aug. 31 the voters
rejected the proposed
disposal plant bonds.
Clerk that at the election held
issuance of $38,000 in
sewage
®\REjpER.IC, Wis.—BOND
OFFERING—Sealed bids will be received
Mary Peake, Village Clerk, for the purchase
sanitary sewer and sewage disposal plant bonds.
exceed 3 M %
payable on Oct. 1.
Denoms. $250 and
until 7:3u p. m. on Sept. 20,
by
of a $21,500 issue of
Interest rate is not to
■
Dated Oct. 1. 1937.
Due on Oct. 1 as follows:
1951, and $1,250 from 1952 to 1959, all incl.
approved by the voters at the election held on
1941
p.
to
Aug.
1302.
3,
as
$500, 1940; $1,000,
These bonds
were
noted here.—V. 145,
Sept. 3—V. 145, p. 1302—were awarded to the Illinois Co. of
Chicago, as 2Ms, paying a premium of $197.03, equal to 100.323, a basis
of about 2.72%.
Dated Sept. 15, 1937.
Due on Sept. 15, 1949.
The second highest bid was submitted
by the First National Bank of
Chicago, an offer of $108 premium on 2 M % bonds.
on
NORTH
HUDSON
(P. O. Hudson),
reported by the Village Clerk that $5,000
purchased by the City of Hudson.
OZAUKEE COUNTY
RATE—We
(P. O.
Port
Wis.—BONDS
water
works
SOLD—It
bonds
have
is
been
Washington), Wis .—INTEREST
informed by Henry J. Adam, County
Clerk, that the
$30,000 coupon highway improvement bonds awarded on Sept. 3 to the
Harris Trust & Savings Bank, of
Chicago, at a price of 1U5.39, as noted in
these columns—V. 145, p. 1626—were sold as
3s, giving a basis of about
2.38%.
are
Due
on
now
June 1, 1947.
TWO
RIVERS, Wis.—BONDS AWARDED—It is now reported by the
City Clerk that the $75,000 grade school bonds scheduled for sale on Aug.
26, the award of which
was
deferred until Sept. 7, as noted in these columns
—V; 145, p. 1464—were sold to the Milwaukee
Co. of Milwaukee, on their
original bid of 104.204.
He does not state what interest rate was specified
in the bid.
Due on April 1 as follows:
$27,000, 1941; $28,000, 1942; and
$20,000 in 1943.
WATERTOWN,
Wis.—BOND
OFFERING—A.
H.
Stallman,
City
Clerk, will receive bids until 2 p. m. Sept. 9 for the purchase of $52,000
3% coupon bonds, divided into three issues, as follows:
$28,000 Division St. Bridge bonds. Dated Jan. 1, 1937. Due $2,000 yearly
on July 1 from 1938 to 1951.
Interest payable Jan. 1 and July 1.
receipts
Combined surplus
Dominion loans
Cash
on
$97,379.58
126,450.00
i
.
hand
$223,829.58
The quarterly statement indicates that
the Aberhart Government has
endangered its services by canceling recently its sales tax, whereby
some $600,000 anticipated revenue for
the remainder of the fiscal year
not
surrendered.
The buoyancy of revenues is revealed in the gain of $1,611,367 in receipts.
was
were $198,321 new revenue from sales tax; $158,512 increase
from corporations tax, chiefly due to increased taxation on banks; $39,754
increase from gasoline tax; $989,184 increase from automobile licenses,
and $72,920 from increased collections of
timber, grazing and oil dues and
rentals.
Liquor Board net income was up $60,075 in tne three months.
Decrease of payments Included $786,708 less debt charges, including
reduced interest rates and suspension of sinking fund payments.
The net funded and unfunded debt of Alberta was reported at June 30
$158,556,281. a decrease of $174,211.
Against an increase of $126,450
debt, the increase being in respect to two Treasury bills sold
the Federal Government, sinking funds increased by $72,365.
The
unfunded debt, of which Provincial savings certificates is the chief item,
decreased by $889,069. of which reduction $314,944 was represented in
redemptions of savings certificates.
Prosperity certificates, the ill-fated token currency issued last year,
to a total of $19,840 were still outstanding at June 30.
as
in
funded
to
CHATHAM,
dCENOSHA, Wis.—BOND SALE—The $61,000 refunding bonds offered
for sale
over
—
$1,371,113.09
1,273,733.51
Chief items
DEb EA1ED—At the election
$500.
Surplus
Capital payments
Ont.—TAX
COLLECTIONS
HIGHER—The
city
has
collected $272,285 out of the 1937 tax roll of $509,101, or 53.45% in the
months.
This compares with 50.97% collected in the first half
first six
of 1936.
Expenditures for the six months ended June 30, 1937, have been
$261,177 compared with $251,580 in the same period a year earlier.
GUELPH, Ont.—BOND SALE—The $55,500 3%
coupon, registerable
principal, housing loan bonds offered Sept. 2 were awarded to A. E.
Dated Oct. 1, 1937 and due
serially in five years.
Interest payable A. & O.
as
to
Ames & Co. of Toronto, at a price of 101.07.
WINDSOR,
Ont.—TWO
BONDHOLDERS'
REPRESENTATIVES
APPOINTED—William F. Parsons, London, Ont., and Henry E. Langford,
Toronto, have been named members of the bondholders' panel of the board
of trustees in connection with the refinancing plan.
The bondholders'
representative, Archibald McPherson, has power to name two members
of the panel, the senior member of which will take his place in the event
that he is unable to perform his duties at any time.
WINNIPEG,
Man.—TO
CONTINUE
POWER
DEVELOPMENT—
The
Finance Committee of the city refused the request of the home and
property owners associations protesting the installation and financing of
the third and fourth units of the Hydro's Slave Falls
development.
Hydro
has
$1,000,000 in depreciation reserve,which will be used to finance expansion.
Committe said J. G. Glassco, General Manager of Hydro, expected to be
able to sell power from third and fourth units by end of 1938.
TAX COLLECTION REPORT—At the end of July, 1937, the city had
$379,425 of the 1936 tax levy still unpaid.
An improvement in current
tax collections of
approximately 5% has taken place in the last four years.
No agreement has been reached between the City Council and the School
Board, but another $335,000 of the 1937 school levy has been paid to the
Board.
,
@FedFRASER